Michael Woodford, former president and CEO of Olympus Corporation, was controversially fired after revealing widespread company fraud. Woodford recounts his experience and discusses the role and perception of whistleblowers today.
For years, researchers have used historical returns as proxies for estimating equity risk premium. This approach is problematic, however, because the resulting estimates don't vary from one year to the next, even though equity market returns can be wildly divergent from year to year. Katsunari Yamaguchi, CFA, has developed a new method for estimating equity premiums.
Ng Kok Song, former group chief investment officer of the Government of Singapore Investment Corporation (GIC), and Jason Voss, CFA, discuss an increasingly meaningful tool in the investment toolkit: meditation.
Nate Silver, author of The Signal and the Noise and founder and editor-in-chief of FiveThirtyEight, explains how to differentiate between “signal” and “noise,” and discusses the danger of false signals, in a recent Take 15 interview with Lauren Foster.
Is Chinese economic data reliable? Carsten Holz, professor of economics at the Hong Kong University of Science and Technology, discusses common misconceptions about China’s GDP figures and its future economic outlook.
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Goldman Sachs has brought to Cboe Global Markets an exchange-traded fund that invests in US dollar-denominated fixed-income securities with effective durations of one year or less. The Goldman Sachs Access Ultra Short Bond ETF is actively managed. ETF (17 Apr.)
Bank of England Governor Mark Carney and Francois Villeroy de Galhau, governor of the Bank of France, have joined the Network for Greening the Financial System in signing an open letter that warns of the risks climate change poses to the global economy. The NGFS this week published its first comprehensive report on the matter. BBC (18 Apr.)
Intercontinental Exchange is considering approaching the New York Department of Financial Services for a token-custody license for the Bakkt platform in hopes of easing resistance from the Commodity Futures Trading Commission, sources say. State bank and trust licenses are recognized by the CFTC, but the regulator might still require a period of public comment. Bloomberg (tiered subscription model) (18 Apr.)
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