Views on improving the integrity of global capital markets

COVID-19


Virus Fallout: Survey points to large-scale bankruptcies and growth of asset mispricing risks

Based on a global survey conducted in April, the report details CFA® charterholders’ observations on a wide range of issues. This article focuses on five key themes: market liquidity, asset price formation, government intervention, impact on the financial services industry, and risk of misconduct.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

A plethora of non-GAAP and alternative performance measures will arise throughout 2020 to explain the effects of the COVID-19 pandemic. Investors need to critically evaluate the nature of the adjustments, what the resulting measure is meant to communicate, why the new or revised measure is being presented by management, and why the measure is a better or more meaningful measure. This information should be used as a jumping-off point for a conversation with management.

Like capitalism, but worse.

The question Benjamin Braun poses himself is this: How does index fund dominance change the political economy of corporate governance? Our question: Is it time to address this more deeply?

Unlimited and Unchecked Stimulus: Are We Killing Capitalism?

Government must show courage and planning now to ensure that the stimulus lands where it is needed, that accountability is guaranteed, and that our experiment with whatever-it-takes intervention into free markets ends.

A closer look at the Commission-proposed quick fix of MiFID II within the EU capital market recovery package

Since CFA Institute has been focusing particularly on the impact of the MiFID II rules for the past two and half years (the directive entered into force on 3 January 2018), we will be looking only at the tweaks to this regulatory framework.

Capital Markets Americas Quarterly Update

This report highlights the activities of the CFA Institute Capital Markets Policy Group located in the Washington, DC, and Charlottesville, VA, offices of the America’s division.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

We encourage investors to “look under the hood” at the results — not for their predictive ability this quarter per se but rather for the ability of a company’s forward-looking statements to be evaluated and to make their own assessments of future prospects. Until there is a vaccine, company results and outlook will likely be filled with uncertainty, and these interim results can provide insight into the impact of the pandemic and how the business may respond in the future as the pandemic ebbs and flows over the next few years.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations

Due to the impact of COVID-19 on how companies are reporting during the second quarter/half year, investors likely need to perform their own going concern analysis.

Second Quarter 2020 Amid COVID-19: Investor and Audit Committee Considerations: Cash Is Not Just King, It Is Everything

As we noted in our introductory post on July 14, as the earnings season commences this week, we will undertake a series of posts over the next two weeks on issues we believe are important for… READ MORE ›

Notes on the German EU Presidency

A German EU presidency is no normal presidency. We hope the following thoughts on priorities are a useful contribution at a time when the EU’s economic and financial response to the COVID-19 crisis has been under intense scrutiny.



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