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Strengthening the Structural Resilience of the Capital Markets

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Survey Report

The Dollar's Exorbitant Privilege: CFA Institute Global Survey on the US Debt and the Role of the US Dollar

by Olivier Fines, CFA, and Urav Soni This report analyzes US public finance sustainability and the future of the US dollar as the dominant reserve currency, highlighting risks from rising debt and deficits, while exploring potential global investor confidence loss.
Declining-Correlations-Global-Markets-since-COVID-19
Financial Analysts Journal

The Importance of Joining Lifecycle Models with Mean-Variance Optimization

By Paul D. Kaplan, CFA, and Thomas M Idzorek, CFA For almost three quarters of a century, lifecycle finance models and mean–variance optimization remained separate, but recent breakthroughs have produced combined models that answer critical financial planning questions linked to portfolio choice.
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Research Foundation

Beyond Active and Passive Investing: The Customization of Finance

By Marc R. Reinganum, and Kenneth A. Blay Although conventional wisdom predicts that passive investing will dominate the future, analysis of key trends indicates that active management will become more prevalent.
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Survey Report

Private Markets: Governance Issues Rise to the Fore

By Stephen Deane, CFA Private markets have ballooned since the Great Financial Crisis. While advocates hail their efficiency, critics call for more regulation. This report illuminates how private markets function and uses the results from our global survey to inform recommendations for investors and policymakers.

Featured Blog

A Reality Check on Private Markets: Part II
Enterprising Investor 

A Reality Check on Private Markets: Part II

15 Nov 2024 This blog is the second in a three-part weekly series in which Ludovic Phalippou, PhD., frames the problem with how private markets are reported to produce superior performance—due to an excessive use of IRR as the de-facto performance measurement metric; offers techniques for critical evaluation of fund performance reports; and proposes alternative approaches to metrics and benchmarks.

How does the internal rate of return (IRR) work and why do investors need to be careful not to view the metric as an equivalent measure to a rate of return on investments? Ludovic Phalippou, PhD, offers a critical examination of how IRR is often misinterpreted in private markets. In this second of his three-part series, he shares a simple smell test investors can use to evaluate fund managers’ performance claims.

Policy in Action

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Comment Letter

Comment Letter to UK FRC on the Sustainability Assurance Market

20 Jun 2024 CFA Institute and CFA Society United Kingdon comment on the FRC’s market study on the Assurance of Sustainability Reporting.
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Comment Letter

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.
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Research Report

CFA Institute and BETTER FINANCE Report on the Review of the Listing Rules in the EU

04 Apr 2024 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.

Be Informed

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Quarterly Report

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 Wealth Management
Curated Content Collection

Private Wealth Management

Explore insights on Private Wealth Management with curated articles & expert analysis from the CFA Institute's Research and Policy Center.
Stephen Foerster, CFA
Podcast

Stephen Foerster, CFA: Trailblazers, Heroes, and Crooks

Stephen Foerster, CFA, discusses his new book, Trailblazers Heroes and Crooks: Stories to Make You a Smarter Investor." In the book, Professor Foerster shares intriguing stories that illustrate valuable lessons for investors, drawing from diverse topics such as professional sports, fraud cases, and even wildlife encounters.
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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.
Capital Markets

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.

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