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.

Strengthening Pension Savings in Emerging Markets: The Role of Behavioral and Technological Tools

By Carolina Cabrita Felix, PhD, and Seda Peksevim, PhD

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

Browse More Research Foundation Content

Video

How LLMs Transform Investment Workflows: Fine-Tuning, RAG & Agents

With Francesco Fabozzi, PhD, Managing Editor of the Journal of Financial Data Science (Part 2 of 2)

Video

How NLP Evolved: From Word Counts to Transformers

With Francesco Fabozzi, PhD, Managing Editor of the Journal of Financial Data Science (Part 1 of 2)

Financial Thought Exchange Podcast

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

The Efficient Markets Hypothesis and the Professional Status of the Investment Management.

With Stephen Brown, PhD, 2025 Vertin Award Winner - watch the recording.

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.