CFA Institute Research Foundation

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Providing independent, high-quality research to infuse the finance community with knowledge, education, and ideas for better investment decision-making.

Five Financial Eras: How Financial Markets Transformed the World

By Bryan Taylor, PhD, Chief Economist at Global Financial Data

Stocks for the Long Run Revisited: Dividends and “The Return Nobody Got”

By Paul McCaffrey. Forward by Laurence B. Siegel

AI in Asset Management: Tools, Applications, and Frontiers

Edited by Joseph Simonian, PhD - Explore the book

Browse More Research Foundation Content

Video

Quantum Computing Challenges in Finance - Part 2 of 3

With Oswaldo Zapata, PhD co‑founder of the Quantum Finance Boardroom and contributor to the CFA Institute Research Foundation monograph AI in Asset Management.

Video

Quantum Computing Basics for Finance - Part 1 of 3

With Oswaldo Zapata, PhD co‑founder of the Quantum Finance Boardroom and contributor to the CFA Institute Research Foundation monograph AI in Asset Management.

Financial Thought Exchange Podcast

The Financial Thought Exchange Podcast offers listeners invaluable insights from top financial thought leaders across various sectors.

Celebrating 60 Years of the Research Foundation

CFA Institute Research Foundation has been sponsoring independent investment research since 1965. Some of our most popular and instructive pieces are listed and summarized on this page.

Research Foundation Board of Trustees

CFA Institute Research Foundation Trustees are diverse finance experts, chosen annually for their varied backgrounds and global perspectives.

Vertin Award

This award was established in 1996 to honor James R. Vertin, CFA, for his outstanding leadership in promoting excellence and relevancy in research and education.

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More from the Research Foundation

Private Credit Panel: Is There an Oversupply of Capital?

A lively debate on the state of the private credit market, recorded live from the CFA Institute Annual Conference! Financial historian Mark Higgins and alternative investment strategist Alfonso Ricciardelli face off on a critical question of whether the massive influx of capital into private credit is a dangerous bubble or a new, permanent structural shift.

Hosted by Lotta Moberg, this panel explores the risks of "herd behavior," the importance of setting realistic investor expectations, and the vast alpha opportunities in underserved markets. Mark shares historical context, while Alfonso provides a structural counterpoint. This discussion is essential for anyone seeking to understand the future of alternative investments and the crucial role of manager selection.