Strengthening the Structural Resilience of the Capital Markets

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Resiliency of the Capital Markets

CFA Institute Research and Policy Center addresses how changes to the structure of capital markets affect the formation of capital, the providers of financial services, and the consumers of these services.

The theme Strengthening the Structural Resilience of the Capital Markets underscores our commitment to the dynamic relationship among asset managers, asset owners, and individual investors/savers through the capital markets, given the backdrop of trends in the regulatory and policy environment.

Our research considers market developments and policy matters using our core values and principles—investor protection, market integrity, and professionalism—as our base.

Research Report

Cryptoassets: Beyond the Hype

04 Jan 2023 This paper looks dispassionately at the state of crypto investing. Based on a series of interviews with investment professionals and crypto experts, it explores three key themes: valuation, fiduciary duty, and safe custody.

Financial Analysts Journal

Investing in Deflation, Inflation, and Stagflation Regimes

25 Apr 2023 Starting in 1875, this study finds that equity and bond premiums vary across inflationary regimes, turning negative during stagflation. By contrast, factor premiums remain consistently positive across all inflationary regimes.

CFA Institute Global Survey on Central Bank Digital Currencies

25 Jul 2023 This report gauges demand for central bank digital currencies by examining the attitudes of a significant segment of potential CBDC end-users. It is based on a CFA institute global membership survey.

Research Foundation

Revisiting the Equity Risk Premium

06 Jun 2023 Held once a decade since 2001, the Equity Risk Premium Forum gathers leading investment minds to discuss new ERP research and key trends. The 2021 consensus was lower expected returns in the future. The publication includes contributor updates from 2023.

Enterprising Investor

Crypto’s Unanswered Question: At What Price?

23 Aug 2023 How do you make buy and sell decisions in a cryptocurrency portfolio? Franklin J. Parker, CFA, has been asking that question since 2011. He still hasn't found an answer.

FASB Proposes Crypto Assets Accounting Standards Update

08 Aug 2023 CFA Institute comments on the Financial Accounting Standard Board’s proposed accounting standards update for Intangibles—Goodwill and Other—Crypto Assets.

Report on the Use and Digitalisation of Issuer Data: CFA Society France Member Survey

20 Sep 2023 This report examines the impact of current technological and regulatory developments in the digitalisation of corporate data for finance practitioners. It draws on the results of a survey of CFA charterholders based in France in March and April 2023.

Codes and Standards

GIPS Standards Benchmark Guidance Statement for Asset Owners

12 Apr 2023 Asset owners that comply with the GIPS® standards are required to include benchmark returns in GIPS Reports. This guidance statement provides guidance to asset owners for selecting an appropriate benchmark.

Systemic Risk Council Quarterly Report

The Quarterly Systemic Report (QSR) summarizes the CFA Institute Systemic Risk Council’s recent activities and highlights the key systemic challenges affecting global markets and regulators. See the latest QSR.

Private Markets Webinar Series: Is Diversification Living up to the Promise?

This first in a series of three CFA Institute Private Markets webinars sponsored by PGIM discussed the promise of diversification typically offered by alternative investment allocations and whether they are truly able to mitigate risk and enhance returns.

Private Markets Webinar Series: Liquidity Risk in the Alts World

In this second in a series of three CFA Institute Private Markets webinars sponsored by PGIM, leading experts addressed the opportunities and risks investors are seeing from high demand for liquidity for a large amount of private equity assets, coupled with limited capital on the buy-side.

Private Markets Webinar Series: Misalignment in Approaches to Private and Public Valuations

This third and final webinar in the CFA Institute Private Markets series sponsored by PGIM addressed valuation in private markets. Earlier webinars covered the topics of diversification and liquidity risk in alternative assets, and valuation was a key element in both conversations.