Practical analysis for investment professionals

Michael McMillan, CFA

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33 Posts

Biography

Michael McMillan, CFA, is director of ethics education at CFA Institute, where he is responsible for creating, sourcing, and developing educational content for CFA Institute members and investment professionals in the area of ethics and professional standards. Previously, he was a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business. Prior to his career in academia, McMillan was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and at Merus Capital Management. He is a certified public accountant (CPA) and a chartered investment counselor (CIC). McMillan holds a BA from the University of Pennsylvania, an MBA from Stanford University, and a PhD in accounting and finance from George Washington University. Topical Expertise: Financial Statement Analysis · Standards, Ethics, and Regulations (SER)

Author's Posts
What is Holding Back Economic Recovery in the Developed World?

Finance professor Amir Sufi of the University of Chicago Booth School of Business argues that the severe U.S. recession and Europe's ongoing economic woes can best be explained as aggregate demand and leverage problems that cannot be effectively treated through monetary policy initiatives alone.

Take 15: Investing Globally: The Rise of the Middle Class

John P. Calamos, Sr., discusses the rise of the middle class in emerging markets and what investors in these markets should focus on.

Five Reasons for a Uniform Fiduciary Standard

In order to have fair and transparent markets, all investors must feel confident that the investment advice, products, and services offered by investment professionals are not only suitable for them but also in their best interest. This can be accomplished by imposing a uniform fiduciary standard of care on all investment professionals that provide advice to clients.

Ethics and Social Media: Four Key Considerations for Investment Professionals

While some governments have provided guidance to the investment industry about the use of social media, many countries have yet to issued regulations. Regardless of what local bodies dictate, the CFA Code of Ethics and Standards of Professional Conduct provides an excellent framework for investment professionals to consider when representing themselves or their businesses online.

Performance Measurement: The What, Why, and How of the Investment Management Process

According to Carl Bacon, CIPM, chairman of StatPro, active investment managers must understand the “what, why, and how” of their past performance in order to effectively manage their current clients’ portfolios.

How to End Insider Trading: More Guidance and Fuller Disclosure

The easiest, least expensive, and most effective way to reduce information trafficking would be for public companies to be more open and honest with investors and shareholders.

Ethics Roundup: Widespread Insider-Trading Crackdown on the Horizon

“Even the most rational approach to ethics is defenseless if there isn’t the will to do what is right,” Alexander Solzhenitsyn said. This quote came to mind after reading about widening investigations into insider trading in the U.S. and U.K. governments.

Take 15: Global Demographic Trends and Investment Opportunities in Africa

Richard Hokenson discusses the investment implications of global demographic trends and the investment opportunities these trends represent for Africa.

Population Growth Bodes Well for African Economies

The world population has surpassed 7 billion people. As inhabitants of Earth first, and investors second, should we be concerned? According to economist and demographer Richard Hokenson the answer is no. Instead, we should be concerned that the world population is projected to shrink as it ages — and as a result the global labor force will soon be declining.

Three Questions about the Facebook IPO

Unless you have been living under a rock, you must be aware that Facebook, the “darling” of social media, is about to go public. But before investors slake their thirst for Facebook shares, market participants should consider three questions.



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