https://rpc.cfainstitute.org/ Latest publications from CFA Institute Research and Policy Center en CFA Insitute Research and Policy Center. All Rights Reserved https://rpc.cfainstitute.org/research/reports/2026/unlocking-agms-asia-pacific Thu, 12 Mar 2026 12:00:00 Z Mary Leung-new; Pankaj Sharma; Urav Soni; Phoebe Chan Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p><span>A look at how AGMs in Asia-Pacific can be unlocked, becoming better platforms for engagement that drive value creation, protect investors, and strengthen governance.</span></p> </div>]]> 125851 https://rpc.cfainstitute.org/research/multimedia/2026/conversations-with-frank-fabozzi-featuring-iro-tasitsiomi In this conversation with Frank Fabozzi, CFA, Tasitsiomi explains that sophisticated models add value only when paired with well-defined problems and high-quality data. Echoing Einstein, she argues that models should be made as simple as possible, but not simpler. She also shares when advanced machine learning techniques are most effective, particularly for capturing nonlinear relationships, working with unstructured data, or enabling unsupervised discovery. Wed, 11 Mar 2026 12:00:00 Z Frank Fabozzi RPC; Iro Tasitsiomi Generic Content 1.00 <![CDATA[<div class="tex2jax_process"><p><span>As artificial intelligence becomes increasingly embedded in investment workflows, distinguishing meaningful insights from unnecessary complexity has become an important challenge for investment leaders.</span></p> </div>]]> 125661 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-performance-small-business-investment-companies Tue, 10 Mar 2026 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>A large-sample analysis shows SBIC funds outperform non-SBIC peers across IRR, MOIC, and PME. Performance is strongest for funds using moderate SBA leverage and larger fund sizes, with equity strategies showing greater variability than debt funds.</span></p> </div>]]> 125826 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-adjusting-risk-effects-fixed-income-portfolios Tue, 10 Mar 2026 12:00:00 Z CFA Institute - Ogilvy Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>This study introduces a novel rebalancing algorithm to neutralize risk in credit portfolios, enabling accurate performance evaluation.</span></p> </div>]]> 125821 https://rpc.cfainstitute.org/research/reports/2026/mind-gender-gap-edition-3 Tue, 03 Mar 2026 12:00:00 Z CFA Institute Research and Policy Center; CFA Society India-ARX Generic Content 0.75 <![CDATA[<div class="tex2jax_process"><p>“Mind the Gender Gap, Edition 3” analyzes 300 Indian public companies. The findings reveal uneven representation for women and persistent senior-level pay gaps despite workforce growth, calling for proactive effort, disclosure, and accountability.</p> </div>]]> 125741 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/rethinking-variable-importance-in-machine-learning Fri, 27 Feb 2026 12:00:00 Z Yonghwan Jo ; Yong Kim Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>Which firm characteristics truly add economic value in ML portfolios? Out-of-sample tests show microcaps distort results, some predictors hurt returns, and liquidity and risk signals matter most.</p> </div>]]> Financial Analysts Journal 125761 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/value-versus-growth Fri, 27 Feb 2026 12:00:00 Z Linda Chen; Wei Huang; George Jiang Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p><span>Many stocks shift into value or growth each year. The value premium is stronger among these “new” stocks, especially in contractions, tightening cycles, and high-uncertainty periods, driven largely by across-industry effects.</span></p> </div>]]> Financial Analysts Journal 125746 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/response-uk-fca-mills-ai-retail-financial-services Tue, 24 Feb 2026 12:00:00 Z Olivier Fines; Rhodri Preece; Urav Soni; Phoebe Chan Generic Content <![CDATA[<div class="tex2jax_process"><p>CFA Institute responds to the FCA's Mills Review on AI in retail financial services – advocating tiered governance, AI-tailored Consumer Duty articulation, SM&amp;CR clarity on third-party AI dependencies, and hybrid talent as core UK competitive infrastructure.</p> </div>]]> FCA 125731 https://rpc.cfainstitute.org/research/foundation/2026/strengthening-pension-savings-emerging-markets Tue, 24 Feb 2026 12:00:00 Z Carolina Cabrita Felix; Seda Peksevim Generic Content 1.75 <![CDATA[<div class="tex2jax_process"><p>This brief explores lessons from eight emerging economies on how behavioral design and digital tools — from automatic enrollment to mobile micropensions — can expand pension coverage, strengthen savings, and build trust in retirement systems.</p> </div>]]> Research Foundation Briefs 125721 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-thematic-investing Wed, 18 Feb 2026 12:00:00 Z CFA Institute - Ogilvy Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>This paper defines thematic investing through transient correlations in residual returns. Using a novel bootstrap method, it finds that statistically significant themes exhibit trending, offering predictive insight into returns.</span></p> </div>]]> 125711 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/regulating-cryptoasset-activities-consultation-response Tue, 17 Feb 2026 12:00:00 Z Olivier Fines; Suzanne Hsu; Urav Soni; Phoebe Chan Generic Content <![CDATA[<div class="tex2jax_process"><p>CFA Institute and CFA UK respond to the FCA's proposed rules for cryptoasset trading platforms, intermediaries, staking, and DeFi — advocating structural conflict prohibitions, best execution without carve-outs, and phased retail access to higher-risk products.</p> </div>]]> FCA 125701 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-big-data-meets-turbulent-oil-market Fri, 13 Feb 2026 12:00:00 Z CFA Institute - Ogilvy Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>Using topic modeling on millions of news articles, the paper creates novel NLP indicators that outperform standard variables in forecasting oil prices, volatility, production, inventories, and energy equity returns—both in-sample and out-of-sample.</span></p> </div>]]> 125696 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-financing-the-sustainable-development-goals Thu, 12 Feb 2026 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>A new SDG scoring method aligns government bond portfolios with sustainable goals, guiding capital to nations with strong SDG policies. It addresses income bias in sovereign ESG ratings and offers a practical framework for impactful investing.</span></p> </div>]]> 125691 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/financial-analysts-journal-first-quarter-2026-vol-82-no-1 Tue, 10 Feb 2026 12:00:00 Z CFA Institute - Ogilvy Generic Content 14.00 <![CDATA[<div class="tex2jax_process"><p><span>This PDF contains the complete First Quarter 2026 issue of the </span><em><span>Financial Analysts Journal</span></em><span>.</span></p> </div>]]> Financial Analysts Journal 125681 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/sec-roundtable-executive-compensation-disclosure-requirements Fri, 06 Feb 2026 12:00:00 Z Sandra Peters; Matthew Winters Generic Content <![CDATA[<div class="tex2jax_process"><p><span>CFA Institute’s consultation response to the </span>United States Securities and Exchange Commission’s roundtable on executive compensation disclosure.</p> </div>]]> U.S. Securities and Exchange Commission (SEC) 125706 https://rpc.cfainstitute.org/research/foundation/2026/five-financial-eras This monograph maps nine centuries of data into financial eras, showing how trade, war, inflation, and government drive shifting equity risk premia, bond returns, and regime-based asset allocation decisions today. Tue, 03 Feb 2026 12:00:00 Z Bryan Taylor Generic Content 4.25 <![CDATA[<div class="tex2jax_process"><p>This monograph maps nine centuries of data into financial eras, showing how trade, war, inflation, and government drive shifting equity risk premia, bond returns, and regime-based asset allocation decisions today.</p> </div>]]> Research Foundation Books 125651 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/big-data-meets-turbulent-oil-market Mon, 26 Jan 2026 12:00:00 Z Charles Calomiris; Nida Çakır Melek; Harry Mamaysky Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>Using topic modeling on millions of news articles, the paper creates novel NLP indicators that outperform standard variables in forecasting oil prices, volatility, production, inventories, and energy equity returns—both in-sample and out-of-sample.</p> </div>]]> Financial Analysts Journal 125621 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/best-defensive-strategies Thu, 22 Jan 2026 12:00:00 Z Guido Baltussen; Martin Martens; Lodewijk van der Linden Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>Analyzing 220 years of global data, the authors find that defensive equity factors help reduce downside risk, but Defensive Absolute Return and trend-following strategies provide the most robust, complementary protection against drawdowns.</p> </div>]]> Financial Analysts Journal 125671 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/performance-small-business-investment-companies Thu, 22 Jan 2026 12:00:00 Z Gregory Brown; Wendy Hu; David Robinson; William M. Volckmann II Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p><span>A large-sample analysis shows SBIC funds outperform non-SBIC peers across IRR, MOIC, and PME. Performance is strongest for funds using moderate SBA leverage and larger fund sizes, with equity strategies showing greater variability than debt funds.</span></p> </div>]]> Financial Analysts Journal 125601 https://rpc.cfainstitute.org/research/foundation/2026/stocks-for-the-long-run-revisited Tue, 20 Jan 2026 12:00:00 Z Paul McCaffrey Generic Content 0.75 <![CDATA[<div class="tex2jax_process"><p><span>Foreword by </span><a href="https://rpc.cfainstitute.org/voices-of-influence/larry-b-siegel" data-entity-type="external"><span>Laurence B. Siegel</span></a><span>.</span></p> <p>Long-run stock returns look extraordinary, yet few investors became rich. This brief explains why dividend reinvestment assumptions overstate historical equity returns, reframing the equity risk premium as “the return nobody got.”</p> </div>]]> Research Foundation Briefs 125596 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/concept-release-foreign-private-issuer-eligibility Wed, 14 Jan 2026 12:00:00 Z Sandra Peters Generic Content <![CDATA[<div class="tex2jax_process"><p><span>CFA Institute’s consultation response to the </span>United States Securities and Exchange Commission’s concept release on foreign private issuer eligibility.</p> </div>]]> U.S. Securities and Exchange Commission (SEC) 125591 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-many-facets-stock-momentum Wed, 14 Jan 2026 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>By isolating stock-specific momentum from earnings announcements, the study shows it predicts returns across the US, Europe, and Japan. This approach avoids factor momentum bias, supports underreaction theories, and revives interest in the post-earnings drift.</span></p> </div>]]> 125581 https://rpc.cfainstitute.org/research/multimedia/2026/conversations-with-frank-fabozzi-featuring-alicia-vidler Wed, 14 Jan 2026 12:00:00 Z Frank Fabozzi RPC; Alicia Vidler Generic Content 1.00 <![CDATA[<div class="tex2jax_process"><p><span>Watch this illuminating conversation with Alicia Vidler, PhD, a seasoned expert at the intersection of artificial intelligence and financial markets. Vidler maps out the challenges and opportunities for institutional finance embedded in Agentic AI. Programming and coding are table stakes today, but developing sophisticated AI models that can think and make decisions will be akin to learning to play an orchestral instrument in the future, she tells Frank Fabozzi, CFA.</span></p> </div>]]> 125526 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/esg-ratings-esg-news-sentiment-firm-credit-risk-perception Tue, 13 Jan 2026 12:00:00 Z Fangfang Wang; Florina Silaghi; Steven Ongena; Miguel García-Cestona Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p><span>CDS spreads rise sharply after ESG downgrades — most notably within the social pillar and among financially constrained firms — while upgrades show little effect. Positive ESG sentiment and transparency can mitigate these adverse credit impacts.</span></p> </div>]]> Financial Analysts Journal 125561 https://rpc.cfainstitute.org/research/in-practice-briefs/2026/in-practice-brief-regime-based-strategic-asset-allocation Mon, 12 Jan 2026 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p><span>Authors propose regime-based strategic asset allocation by modeling economic regimes as mixtures of distributions. The approach builds robust portfolios using macro regime information, often outperforming traditional asset-based methods.</span></p> </div>]]> 125586 https://rpc.cfainstitute.org/research/financial-analysts-journal/2026/mutual-fund-selection-when-borrowing-is-restricted Tue, 06 Jan 2026 12:00:00 Z Moshe Levy Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>Under realistic borrowing limits, the Sharpe ratio fails to align with investor utility. The geometric mean — and its shrinkage-based generalized version — offer superior estimates of future performance and improve mutual fund selection outcomes.</p> </div>]]> Financial Analysts Journal 125556 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/proposed-ammendments-sasb-standards-ifrs-s2-guidelines Tue, 06 Jan 2026 12:00:00 Z Sandra Peters Generic Content <![CDATA[<div class="tex2jax_process"><p>CFA Institute’s consultation response to the International Sustainability Standards Board’s proposed amendments to the SASB Standards and consequential amendments to the industry-based guidance on implementing IFRS S2.</p> </div>]]> International Sustainability Standards Board (ISSB) 125536 https://rpc.cfainstitute.org/research/financial-analysts-journal/2025/adjusting-for-risk-effects-fixed-income-portfolios Fri, 19 Dec 2025 12:00:00 Z Gunther Hahn; Lars Rickenberg; Desislava Vladimirova Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>This study introduces a novel rebalancing algorithm to neutralize risk in credit portfolios, enabling accurate performance evaluation.</p> </div>]]> Financial Analysts Journal 125541 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/consultation-uk-fca-cp25-28-part-1 Thu, 04 Dec 2025 12:00:00 Z Olivier Fines; Amit Bisaria; Jinming Sun; Urav Soni; Phoebe Chan Generic Content <![CDATA[<div class="tex2jax_process"><p>CFA UK and CFA Institute welcome the FCA’s support for technological innovation, with fund tokenisation being a prime example of the tangible application of technology in the investment sector. Many of our members work across asset management, trading platforms, and investment operations. They share an interest in a regulatory framework that promotes productivity and competitiveness while safeguarding investor protection.</p> </div>]]> U.K. Financial Services Authority (UKFSA) 125501 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-only-other-spending-rule-article Tue, 02 Dec 2025 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>This article presents a practical retirement income strategy using only US stocks and a TIPS ladder. It shows how ARVA-based decumulation offers higher, safer lifetime income than traditional financial advisor strategies.</p> </div>]]> 125491 https://rpc.cfainstitute.org/research/foundation/2025/chapter-10-ethical-ai-in-finance Tue, 18 Nov 2025 12:00:00 Z Anna Martirosyan Generic Content 0.25 0.25 <![CDATA[<div class="tex2jax_process"><p>This chapter examines how institutions can harness AI responsibly by embedding ethical principles — transparency, accountability, and privacy — into systems, helping risk officers, investment managers, and regulators balance innovation with trust.</p> </div>]]> Research Foundation Books 125456 https://rpc.cfainstitute.org/research/foundation/2025/chapter-9-quantum-computing-for-finance Tue, 18 Nov 2025 12:00:00 Z Oswaldo Zapata Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>This chapter is a practical guide in quantum computing for finance. It explains NISQ limits, hybrid quantum–classical methods, and where quantum helps now. It urges immediate migration to post-quantum cryptography and QKD for ultra-secure links.</p> </div>]]> Research Foundation Books 125451 https://rpc.cfainstitute.org/research/foundation/2025/chapter-8-machine-learning-commodity-futures Tue, 18 Nov 2025 12:00:00 Z Tony Guida Generic Content 0.75 <![CDATA[<div class="tex2jax_process"><p>Commodity futures are an underexplored frontier for machine learning. This chapter shows how theory-grounded signals make them interpretable and investible.</p> </div>]]> Research Foundation Books 125446 https://rpc.cfainstitute.org/research/foundation/2025/chapter-7-natural-language-processing Tue, 18 Nov 2025 12:00:00 Z Francesco Fabozzi Generic Content 0.75 <![CDATA[<div class="tex2jax_process"><p>This chapter explores how natural language processing (NLP) and large language models (LLMs) are transforming financial analysis, investment research, and risk monitoring across the finance industry.</p> </div>]]> Research Foundation Books 125441 https://rpc.cfainstitute.org/research/foundation/2025/chapter-6-reinforcement-learning-inverse-reinforcement-learning Tue, 18 Nov 2025 12:00:00 Z Igor Halperin; Petter Kolm; Gordon Ritter Generic Content 1.00 <![CDATA[<div class="tex2jax_process"><p>This chapter covers reinforcement learning (RL) and inverse reinforcement learning (IRL) basics in finance, with use cases and implementation, detailing how to manage risk, understand intent, and apply policies using offline-sim-online methods.</p> </div>]]> Research Foundation Books 125436 https://rpc.cfainstitute.org/research/foundation/2025/chapter-5-deep-learning Tue, 18 Nov 2025 12:00:00 Z Paul Bilokon; Joseph Simonian Generic Content 0.50 <![CDATA[<div class="tex2jax_process"><p>Deep learning in trading and finance enables millisecond pricing, risk assessment, and signal discovery, making it one of the most practical AI tools for modern markets. This chapter demonstrates deploying systems for trading and risk management.</p> </div>]]> Research Foundation Books 125431 https://rpc.cfainstitute.org/research/foundation/2025/chapter-4-ensemble-learning-investment Tue, 18 Nov 2025 12:00:00 Z Alireza Yazdani Generic Content 0.50 <![CDATA[<div class="tex2jax_process"><p>This chapter shows how ensemble learning enhances financial forecasting and risk management, outperforming traditional models by combining diverse predictors for accuracy, scalability, and explainability — delivering proven value for investment leaders.</p> </div>]]> Research Foundation Books 125426 https://rpc.cfainstitute.org/research/foundation/2025/chapter-3-support-vector-machines Tue, 18 Nov 2025 12:00:00 Z Maxim Golts Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>This chapter demonstrates that Support Vector Machines (SVMs) can offer accurate and robust classification, prediction, and portfolio optimization in finance, effectively handling complex data for improved investment and risk management outcomes.</p> </div>]]> Research Foundation Books 125421 https://rpc.cfainstitute.org/research/foundation/2025/chapter-2-unsupervised-learning-network-theory Tue, 18 Nov 2025 12:00:00 Z Gueorgui S. Konstantinov; Agathe Sadeghi Generic Content 0.75 <![CDATA[<div class="tex2jax_process"><p>This chapter shows how network theory, extended with modern data methods, can be applied to practical investment problems.</p> </div>]]> Research Foundation Books 125416 https://rpc.cfainstitute.org/research/foundation/2025/chapter-1-unsupervised-learning-techniques Tue, 18 Nov 2025 12:00:00 Z Joseph Simonian Generic Content 0.50 <![CDATA[<div class="tex2jax_process"><p>This chapter explores how unsupervised learning — a branch of machine learning that finds hidden patterns and structures in data — can help investors adapt to changing markets and enhance portfolio construction without relying on labeled data.</p> </div>]]> Research Foundation Books 125411 https://rpc.cfainstitute.org/research/foundation/2025/ai-in-asset-management-book Tue, 18 Nov 2025 12:00:00 Z Joseph Simonian Generic Content 5.50 0.25 <![CDATA[<div class="tex2jax_process"><p><strong>Edited by Joseph Simonian, PhD</strong>, this book demonstrates how AI is transforming portfolio design, risk oversight, and investment decision-making.</p> </div>]]> Research Foundation Books 125351 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/consultation-response-uk-fca-cp25-part-11 Fri, 14 Nov 2025 12:00:00 Z Olivier Fines; Amit Bisaria; Phoebe Chan Generic Content <![CDATA[<div class="tex2jax_process"><p>CFA Institute and CFA UK welcome the opportunity to respond to Part II of the CP25/25. This response addresses Chapters 1–5 of the consultation and builds on our previous submission on Chapters 6–7.</p> </div>]]> U.K. Financial Services Authority (UKFSA) 125481 https://rpc.cfainstitute.org/research/financial-analysts-journal/2025/financing-sustainable-development-goals Wed, 12 Nov 2025 12:00:00 Z Laurens Swinkels; Jan Anton van Zanten; Bruno Rein; Rikkert Scholten Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>A new SDG scoring method aligns government bond portfolios with sustainable goals, guiding capital to nations with strong SDG policies. It addresses income bias in sovereign ESG ratings and offers a practical framework for impactful investing.</p> </div>]]> Financial Analysts Journal 125461 https://rpc.cfainstitute.org/research/financial-analysts-journal/2025/financial-analysts-journal-fourth-quarter-2025-vol-81-no-4 Tue, 04 Nov 2025 12:00:00 Z CFA Institute - Ogilvy Generic Content 10.50 <![CDATA[<div class="tex2jax_process"><p>This PDF contains the complete Fourth Quarter 2025 issue of the <em>Financial Analysts Journal</em>.</p> </div>]]> Financial Analysts Journal 125401 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-spot-bitcoin-etfs Fri, 31 Oct 2025 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>Spot Bitcoin ETFs, launched January 11, 2024, have gained $75B in assets, offering a safe, convenient way to invest in Bitcoin. This study reviews their first-year performance, regulatory challenges, and advantages over futures-based Bitcoin ETFs.</p> </div>]]> 125376 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-true-value-investing Fri, 31 Oct 2025 12:00:00 Z CFA Institute - Ogilvy Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>Traditional bond value factors profit from both mispricings and risk. A machine learning–based factor earns 79% from repricing, outperforming others after costs. It better controls risk, offering a more accurate approach to “true” value investing.</p> </div>]]> 125371 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-fractional-solution-stock-market-mystery Fri, 31 Oct 2025 12:00:00 Z CFA Institute - Ogilvy Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>Starting in 2021, BRK.A's volume surged due to FINRA rules and fractional share trading, creating phantom volume, distorting BRK.B’s relationship, and limiting arbitrage. A 2024 rule change reduced this, highlighting the need for market transparency.</p> </div>]]> 125366 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-optimal-factor-timing-0 Fri, 24 Oct 2025 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>The authors propose using intrinsic value (defined as equity book value plus the present value of future economic profits) as an alternative for measuring fundamentals. This approach produces significant alpha when applied to historical data.</p> </div>]]> 125386 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-optimal-factor-timing Fri, 24 Oct 2025 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>Authors propose a framework for equity factor timing in a high-dimensional setting, using shrinkage to enhance out-of-sample performance. Empirical results show sizable gains, even for factors built solely from large-cap stocks.</p> </div>]]> 125381 https://rpc.cfainstitute.org/research/reports/2025/flourish-test-page Thu, 23 Oct 2025 12:00:00 Z Genevieve Hayman; Raymond Pang Generic Content 1.25 <![CDATA[<div class="tex2jax_process"><p>This report shows how viewing financial markets as complex, interconnected systems can reveal new ways to understand risk, strengthen portfolios, and navigate an increasingly dynamic global economy.</p> </div>]]> Research Reports 125406 https://rpc.cfainstitute.org/research/foundation/2025/geoeconomic-decade Thu, 23 Oct 2025 12:00:00 Z Joachim Klement Generic Content 1.00 <![CDATA[<div class="tex2jax_process"><p>This brief examines how geopolitics influences markets, from conflicts and energy prices to supply chain shifts, renewable energy, and Treasury risks — and what these influences mean for investment returns.</p> </div>]]> Research Foundation Briefs 125346 https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems Thu, 23 Oct 2025 12:00:00 Z Genevieve Hayman; Raymond Pang Generic Content 1.25 <![CDATA[<div class="tex2jax_process"><p>This report shows how viewing financial markets as complex, interconnected systems can reveal new ways to understand risk, strengthen portfolios, and navigate an increasingly dynamic global economy.</p> </div>]]> Research Reports 125341 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-investor-emotions Tue, 21 Oct 2025 12:00:00 Z CFA Institute - Ogilvy Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>This study introduces an emotion-based market sentiment measure, showing that stocks with high emotion sensitivity outperform others, generating a 6–9% annualized alpha. The effect persists for up to six months, revealing exploitable mispricing.</p> </div>]]> 125321 https://rpc.cfainstitute.org/codes-and-standards/codes/inclusion-code-europe Tue, 21 Oct 2025 12:00:00 Z CFA Institute Generic Content <![CDATA[<div class="tex2jax_process"><p>The voluntary CFA Institute Inclusion Code (Europe) provides investment industry organizations with a structured framework for supporting executive leaders, investment professionals, Inclusion specialists, and HR professionals in crafting impactful and measurable strategies to enable better people management.</p> </div>]]> 88441 https://rpc.cfainstitute.org/codes-and-standards/codes/inclusion-code-uk Tue, 21 Oct 2025 12:00:00 Z CFA Institute Generic Content <![CDATA[<div class="tex2jax_process"><p>The voluntary CFA Institute Inclusion Code (UK) provides investment industry organizations with a structured framework for supporting executive leaders, investment professionals, Inclusion specialists, and HR professionals in crafting impactful and measurable strategies to enable better people management.</p> </div>]]> 88436 https://rpc.cfainstitute.org/research/reports/2025/impact-investing Mon, 20 Oct 2025 12:00:00 Z Nicole Gehrig; Chris Fidler; Deborah Kidd; Bruno Bertocci Generic Content 0.50 <![CDATA[<div class="tex2jax_process"><p>This report explores the challenges in achieving environmental and social impact through investments in listed equities, and provides guidance and solutions to overcome these challenges.</p> </div>]]> 125326 https://rpc.cfainstitute.org/research/in-practice-briefs/2025/in-practice-brief-carbon-emissions-net-zero-transition Fri, 17 Oct 2025 12:00:00 Z CFA Institute Research and Policy Center Generic Content 0.25 <![CDATA[<div class="tex2jax_process"><p>The paper explores how climate change introduces physical and transition risks that affect portfolio performance. It highlights carbon intensity as a financial risk factor, urging investors to integrate emission metrics into investment strategies.</p> </div>]]> 125391 https://rpc.cfainstitute.org/research/financial-analysts-journal/2025/first-80-years-financial-analysts-journal Thu, 16 Oct 2025 12:00:00 Z Bruce Jacobs; Kenneth Levy Generic Content 0.75 <![CDATA[<div class="tex2jax_process"><p>Spanning nine financial eras, this study analyzes 80 years of the <em>Financial Analysts Journal</em> to rank leading contributors and identify significant themes and seminal ideas that helped define investment thinking.</p> </div>]]> Financial Analysts Journal 125331 https://rpc.cfainstitute.org/research/financial-analysts-journal/2025/many-facets-of-stock-momentum Wed, 15 Oct 2025 12:00:00 Z Xavier Gérard; Laura Jehl Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>By isolating stock-specific momentum from earnings announcements, the study shows it predicts returns across the US, Europe, and Japan. This approach avoids factor momentum bias, supports underreaction theories, and revives interest in the post-earnings drift.</p> </div>]]> Financial Analysts Journal 125311 https://rpc.cfainstitute.org/policy/comment-letters/2025-2029/response-to-uk-fca-cp25-25 Wed, 15 Oct 2025 12:00:00 Z Olivier Fines; Amit Bisaria; Phoebe Chan Generic Content <![CDATA[<div class="tex2jax_process"><p>CFA Institute and CFA UK have submitted a joint response to the Financial Conduct Authority’s Consultation Paper CP25/25 on the<em> Application of the FCA Handbook for Regulated Cryptoasset Activities.</em></p> </div>]]> FCA 125301 https://rpc.cfainstitute.org/research/reports/2025/mercer-cfa-institute-global-pension-index-2025 Wed, 15 Oct 2025 12:00:00 Z Mercer; CFA Institute - Ogilvy Generic Content 1.25 <![CDATA[<div class="tex2jax_process"><p>This report rates global pension systems, recommending reforms to improve outcomes and participant trust in an era of aging populations and increasing government intervention.</p> </div>]]> Research Reports 125286 https://rpc.cfainstitute.org/codes-and-standards/codes/inclusion-code-australia Tue, 14 Oct 2025 12:00:00 Z CFA Institute Generic Content <![CDATA[<div class="tex2jax_process"><p>The voluntary CFA Institute Inclusion Code (Australia) provides investment industry organizations with a structured framework for supporting executive leaders, investment professionals, Inclusion specialists, and HR professionals in crafting impactful and measurable strategies to enable better people management.</p> </div>]]> 125291 https://rpc.cfainstitute.org/research/financial-analysts-journal/2025/regime-based-strategic-asset-allocation Mon, 06 Oct 2025 12:00:00 Z Eric Bouyé ; Jérôme Teiletche Generic Content 2.00 <![CDATA[<div class="tex2jax_process"><p>Authors propose regime-based strategic asset allocation by modeling economic regimes as mixtures of distributions. The approach builds robust portfolios using macro regime information, often outperforming traditional asset-based methods.</p> </div>]]> Financial Analysts Journal 125271