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.

For over 60 years, the CFA Institute Research Foundation has championed independent research that challenges conventional thinking, explores new ideas, and advances the investment profession.

Supported by a dedicated endowment, the Foundation has the ability to invest selectively in research with the greatest potential to advance the profession. Every publication is chosen for one reason: to broaden perspectives, deepen understanding, and help investment professionals make better decisions.

Explore six decades of groundbreaking publications from the leading minds who are shaping the future of investment management.

Remembering Bill Fung, PhD

Bill joined the Research Foundation board of trustees in 2007, serving until his retirement from the investment industry in 2015. During that time, Bill was also a member of the Financial Analysts Journal editorial board. Bill returned to the Research Foundation board in 2017 and chaired its research and finance committees for several years. He remained active as an emeritus trustee until his passing. He was pivotal in advising the Research Foundation’s leadership, organizing its financial operations, helping to define and focus the organization’s mission, and inspiring new research topics.

Total Portfolio Approach: A Critical Literature Review

By Redouane Elkamhi and Jacky S.H. Lee

Investment Committees: Governance and Design Choices

By Bernhard (Bernd) Scherer

Module 2: Evaluating ETFs | A Comprehensive Guide to ETFs (2nd Edition)

By Joanne M. Hill, PhD, Elisabeth Kashner, CFA, and Dave Nadig

Browse More Research Foundation Content

Video

Exponential Wealth: Centuries of Stock and Bond Returns with Ibbotson and Siegel

Part 1 of 2

Roger G. Ibbotson, PhD, and Laurence B. Siegel join Lotta Moberg, PhD, CFA, to discuss Exponential Wealth: Centuries of Stock and Bond Returns, a forthcoming CFA Institute Research Foundation book

Video

Index Construction and Fundamental Indexing

Rob Arnott joins Lotta Moberg, PhD, CFA, to continue their conversation on indexing, focusing on how index construction decisions shape outcomes for investors.

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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CFA Institute Research Foundation welcomes CFA Societies, universities, corporations, and other organizations to use our content for educational, training, and academic purposes. Let us know if you are interested in using our content for training, in a course, or during a special event.

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.