Strengthening the Structural Resilience of the Capital Markets
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Enterprising Investor
State Capitalism in Private Markets: Mission Creep
Governments relish mingling in markets. Yet, if past policies are any guide, taxpayers are being shortchanged, argues Sebastien Canderle.
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.
Research Report
Valuation of Cryptoassets: A Guide for Investment Professionals
Valuation of Bitcoin, Ethereum, and other cryptoassets is a challenge for the investment industry. We review the tools available to value cryptoassets, and in doing so, we aim to help practitioners better understand the dynamics of cryptoassets.
Featured Blog
Policy in Action
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.
Codes and Standards
GIPS Standards Benchmark Guidance Statement for Asset Owners
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.
Be Informed
Podcast
Andy Lee: The Potential of Tax Receivable Agreements
In this episode of Enterprising Investor, host Mike Wallberg, CFA, engages with Andy Lee, founder of Parallaxes Capital, to uncover the hidden gems within tax receivable agreements. Andy shares his insights on how these agreements, akin to pharmaceutical and musical royalties of past decades, offer investors long-term cash flow opportunities often overlooked by many.
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.
Podcast
Mark Higgins, CFA: Lessons from US Financial History
On this episode of the Enterprising Investor podcast, host Mike Wallberg, CFA, interviews Mark Higgins, CFA, author of "Investing in US Financial History."
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.