Strengthening the Structural Resilience of the Capital Markets
More Capital Markets Content
Financial Analysts Journal
Nonlinear Factor Returns in the US Equity Market
Using 1964–2023 data for the largest 1,000 US stocks, this study analyzes nonlinear return-to-characteristic relationships for five factors: value, momentum, small size, low beta, and profitability. Larger information ratios are a key finding.
Research Foundation
The Economics of Private Equity: A Critical Review
Private equity is a $3 trillion asset class, attracting many investors. This literature review synthesizes the main insights of the academic literature on private equity, focusing on its performance, value creation, and key aspects for investors.
Research Foundation
An Introduction to Alternative Credit
In this book, practitioners introduce the key features of the alternative credit asset class. They spotlight leading transactions to evaluate those features and their implications for investors. They also discuss the market’s anticipated continued growth and potential evolution.
Featured Blog
Policy in Action
Comment Letter
Comment Letter to UK FRC on the Sustainability Assurance Market
CFA Institute and CFA Society United Kingdon comment on the FRC’s market study on the Assurance of Sustainability Reporting.
Comment Letter
FASB Proposes Crypto Assets Accounting Standards Update
CFA Institute comments on the Financial Accounting Standard Board’s proposed accounting standards update for Intangibles—Goodwill and Other—Crypto Assets.
Research Report
CFA Institute and BETTER FINANCE Report on the Review of the Listing Rules in the EU
This joint CFA Institute and BETTER FINANCE report (with input from the Federation of European Securities Exchanges) analyses the obstacles European companies face when seeking access to capital markets and obtaining funding through public markets.
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Asset Valuations
Join us for a compelling conversation between two distinguished experts in asset valuation and management strategies
Podcast
Alfonso Ricciardelli: Alternative Credit
In this episode of the Enterprising Investor podcast, host Mike Wallberg, CFA, interviews Alfonso Ricciardelli, CFA, about alternative credit. Alfonso co-edited “An Introduction to Alternative Credit” for the CFA Institute Research Foundation.
Certificate
Private Markets and Alternative Investments Certificate
Understand key features and differences between private equity, private credit, real estate and infrastructure, commodities, and hedge funds.
Building Resilience: Exploring Capital Market Structural Dynamics and Policy Development
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.