Practical analysis for investment professionals

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The Competing Incentives and Pressures that Influence Sell-Side Analysts

A recent study designed to decipher the “black box” of sell-side analyst decision making sheds new light on the driving forces behind two important outputs of their work: earnings estimates and stock recommendations.

Economics Debrief: Continued Fallout from the Crisis and the Challenges Ahead

Among the abnormalities of the Great Depression in the 1930s were the brutal violence of the economic cycle and the grim persistence of unemployment — which resonates with us today. This time around very different economic dimensions have emerged, including excessive public debt made worse by bank bailouts, income inequality, and intergenerational warfare.

Dodd-Frank Extraterritoriality: OTC Derivatives Reform in Asia, Europe, and Beyond

Dodd-Frank includes provisions that could extend its reach extraterritorially to Asia, Europe, and beyond. Participants in the OTC derivatives market in these regions are assessing the potential cross-border compliance obligations.

Current Thinking on the Financial Crisis and the Way Forward

A great crisis can produce great leaps forward in thought and human achievement. So is there any evidence that the epic financial crisis of 2008 will leave a legacy of fruitful ideas for our financial system?

Book Review: Financing Failure: A Century of Bailouts

In this comprehensive historical analysis of several decades’ worth of decisions to bail out troubled banking firms, the author suggests that the 2008–09 interventions were ill conceived and inadequately justified. He argues that misguided government policies were largely responsible for the financial crises that necessitated such bailouts.

Poll: At What Level Should the Basel Committee Set Its Minimum Leverage Ratio?

When the Basel III rules become operative in January, banks will have to meet a new leverage standard that will cap the leverage permitted under other Basel rules. In a poll conducted earlier this week, we asked readers at what level the Basel Committee on Banking supervision should set its minimum leverage ratio.

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.

Book Review: The Financial Crisis Inquiry Report and In the Wake of the Crisis

These books deepen our knowledge of the key issues surrounding the global financial crisis. Although both works suffer somewhat from a myopic viewpoint, together they enhance the finance professional’s understanding of the crisis and its causes.

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.

Can Korea Successfully Cultivate a Home-Grown Hedge Fund Industry?

The hurdles for the Korean hedge fund industry may appear daunting, but Korea has an enviable track record when it comes to building new industries.



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