Views on improving the integrity of global capital markets

Financial Reporting


Is the Proxy Advisory Industry in Danger?

The Securities and Exchange Commission (SEC or the Commission) appears set to unveil new oversight for firms that advise investors on voting their shares in public companies.

Nine Cursory Observations About WeWork

WeWork. Where to begin? Here’s a cursory look so far.

“Equity” or “Debt”? Standard-Setters Must Draw a Clear Line

The concepts of “debt” and “equity” are as old as human conversation.

Embracing the Inevitable: ESG Disclosures

When it comes to ESG reporting, survey respondents and roundtable participants say that they incorporate governance factors into their investment analysis to a greater extent than they incorporate environmental and social factors.

Reverse Factoring: Undisclosed Borrowing to Smooth Operating Cashflows Volatility

Creditor factoring generally delays payments to creditors to fund a company’s operations. While such arrangements may help companies in smoothing operating cashflow volatility, often it is used as a last resort to manage liquidity problems. Investors find out about this practice only when “other items” in current liabilities become too big to miss when it may be too late to take action.

SpaceX Is Opening Up the Next Frontier for HFT

It has been a few years now since the topic of high-frequency trading (HFT) has garnered mainstream attention, or even much coverage in the financial press.

A Rocky Road to Improved Investor Protection

For most of 2018, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry captured the attention of many in Australia. Unfortunately, the issue of mis-selling is a global one.

Dual-Class Shares: The Fear of Missing Out?

The fear of missing out (FOMO) typically refers to the uneasiness that one is not “in-the-know” or is “out of touch” with some social events, experiences, and interactions. 

Uber and Public Capital Markets: Shareholder Rights, Uninformative Prospectus, Weak Post-IPO Performance

The recent IPO of uber has been fascinating in terms of its relevance to many of the issues currently concerning participants in the public capital markets space. Is the capital raising ecosystem is still somehow out of kilter?

Equities versus fixed income: How ESG factors affect both asset classes

The content in this blog is based on a CFA-PRI survey of 1,100 financial professionals, mainly CFA members, from around the world, as well as workshops in 17 markets, as part of a best-practice report.

ESG and Sustainable Finance: Taking Climate Change Literally, But Not Seriously

Since my last blog on the issue, the topic of finance and climate change has risen to headline news, thanks to the Extinction Rebellion protests, including near the CFA Institute London offices at Bank Junction.

New Leasing Standard: Top Ten Considerations For Investors

At long last, a company’s lease obligations – formerly buried in the back of the footnotes of the financial statements – are moving front and center onto the balance sheet

The Time to Develop Standards to Audit Digital (XBRL) Filings Has Come

An Inline XBRL (eXtensible business reporting language) filing is a digital filing with two layers of information: one layer of data that can be read by human beings and another layer of data that can be read by machines.

ESG Integration in Europe, the Middle East, and Africa: Markets, Practices, and Data

CFA Institute and the Principles of Responsible Investment (PRI) have released the third in a series of four reports addressing the current state of global environmental, social, and governance



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