American securities law is at an important crossroads, and the direction it takes will affect investors well into the future. For decades, federal securities law protected U.S. domiciled and citizen investors against fraud affecting the securities they purchased, even if purchased on foreign markets. Under the longstanding conduct and effects tests, the antifraud [...]
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Posted on February 6th, 2012
Posted on January 18th, 2012
Risk management through marginal rebalancing is important for institutional investors due to the size of their portfolios. This paper considers the problem of marginally improving portfolio VaR and CVaR through a marginal change in the portfolio return characteristics. The authors study the relative significance of standard deviation, mean, tail thickness, and skewness in [...] Posted on December 14th, 2011
This report presents the findings of the NAPF’s seventh annual survey of pension funds’ engagement with investee companies. The NAPF believes that engagement with investee companies is a vital part of the investment management process, and the NAPF survey provides evidence that UK pension funds do indeed take this responsibility seriously. The survey [...] Posted on December 12th, 2011
Several forces are converging to reshape global capital markets in the coming decade and reduce the role of listed equities. The most important of these is the rapid shift of wealth to emerging markets where private investors typically put less than 15 percent of their money into equities (compared to 30–40 percent in [...] Posted on December 11th, 2011
The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ‘mines’ for the shadow banking system. [...] 13 pages
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