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Month published

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CFA Institute Content & Product Pipeline

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CFA Institute and CFA Society network are leaders in providing in-depth insights about the investment world of today and what that means for the industry of tomorrow. Here is a glimpse at what we’re working on now and into the future. Dates are subject to change.

September 2022

September 2022

Allocating to Thematic Investments

In Market

Allocating to thematic investments can be difficult because they have exposures to multiple risk factors. The authors propose using a framework based on robust portfolio optimization to make themes fit in traditional multi-asset portfolios.

September 2022

2023 Refresher Readings

In Market

Members can stay current on what's important in the constantly evolving investment industry with readings taken directly from the CFA Program curriculum.

October 2022

October 2022

2022 Mercer CFA Institute Global Pension Index

In Market

The Mercer CFA Institute Global Pension Index uses three sub-indices—adequacy, sustainability and integrity—to measure each retirement income system against more than 50 indicators. The Index is published by Mercer, in collaboration with CFA Institute and the Monash Centre for Financial Studies.

01 October 2022

ESG Investment Outcomes, Performance Evaluation, and Attribution

In Market

This paper highlights key challenges faced by ESG investors and portfolio managers implementing ESG investment mandates. It then addresses these challenges focusing on relevant fund reporting, provides guidance on the information required to make informed ESG investing decisions, and proposes a performance evaluation and attribution framework to support the ESG investment management process.

October 2022

Ethics and Artificial Intelligence in Investment Management: A Framework for Professionals

In Market

Increasing use of AI in investment management poses new ethical challenges for firms and professionals. This paper examines good ethical practices for the design, development, and deployment of AI in investment processes.

October 2022

Python and Data Science for Investment Professionals (October Session)

Accepting Registrations

October 2022

Comment Letter on SEC and CFTC Proposed Amendments to Form PF

In Market

The SEC and the CFTC jointly proposed amendments to Form PF that would significantly increase the amount of information required to be included on the form. This comment letter addressed performance-related components of the proposal.

October 2022

Response to Public Consultation on the Review of the G20/OECD Principles of Corporate Governance

Target Release: October

The OECD Corporate Governance Committee is conducting a public consultation on revisions to the G20/OECD Principles of Corporate Governance. The overall objective of the review is to update the Principles in light of recent evolutions in capital markets and corporate governance policies and practices.

November 2022

November 2022

Climate Finance

In Market

Gain practical guidance around climate change and climate-related finance matters in this online course. (USD 309 member/339 nonmember)

November 2022

Integrating Natural Capital and Biodiversity in the Investment Process

In Market

More than half of the world's total gross domestic product involves activities that are moderately or highly dependent on nature. This white paper outlines the issues, provides investors with best practices, discusses tools to incorporate natural capital in the investment process, and presents case studies to provide practical examples.

Theme: Addressing Sustainability Challenges

November 2022

Fun and Games: Investment Gamification and Implications for Capital Markets

In Market

In the financial services context, gamification and other trends are here to stay, and we need to develop the right set of approaches to maximize their benefits. As we discuss more fully in this paper, our recommended approach is three-pronged—comprising principles, conduct, and disclosures.

Theme: Strengthening Capital Markets

November 2022

Understanding ESG Investing in Asia-Pacific Emerging Markets

In Market

In collaboration with CFA Societies in APAC, ARX organized a closed-door roundtable among industry practitioners to examine ESG investing in emerging markets. Key topics included latest trends, regulations, and technological innovations.

November 2022

Trading Informativeness in Modern Markets

In Market

The authors demonstrate that trade informativeness is highest for institutions and lowest for the retail group of traders. Algorithmic trading generally provides advantages versus manual trading, especially in certain scenarios.

Theme: Strengthening Capital Markets

November 2022

Supply Chain Climate Exposure

In Market

All companies, even green ones, can have material climate exposure. The authors propose a better measure of supply-chain climate risks that captures price movements, shows performance patterns, and can be applied to portfolio decisions.

Theme: Addressing Sustainability Challenges

December 2022

December 2022

Targeting Macroeconomic Exposures in Equity Portfolios: A Firm-Level Measurement Approach for Out-of-Sample Robustness

In Market

The authors propose a method that uses firm-level measures of macroeconomic exposures to produce better estimations for equity strategies versus standard methods. This approach has applications for equity portfolio construction.

December 2022

EU Digital Agenda and Issues for Investment Management/Impact of Fintech on the European Landscape

Target Release: December

This joint report with CFA Society Spain will focus on the impact of the impact of the EU digital agenda and fintech legislation, and map the EU regulatory agenda on fintech, as well as any regulatory changes on fintech taking place in member states. The report will be based on an informal survey that was conducted with the CFA Society network in Europe.

Theme: Using Data and Technology Developments

December 2022

Redefining the Optimal Retirement Income Strategy

In Market

This paper introduces a cohesive series of models designed to improve retirement income projections. The framework can produce guidance that differs from the advice generated by models that use more basic assumptions.

Theme: Strengthening Capital Markets

December 2022

Translation into English of the CFA Society Germany Position Paper "Reform of State-Subsidized Old-Age Provisions in Germany"

In Market

This English translation of CFA Society Germany's position paper will assist in outreach activities on pensions in the EU together with the Mercer CFA Institute Global Pension Index.

Theme: Strengthening Capital Markets

January 2023

January 2023

AI Adoption in Investment Management

In Market

The piece considers the risks and rewards that firms must balance as they adopt AI in the investment management space. The piece also considers impending regulations.

Theme: Data analytics and technology

January 2023

Consultation with ESAs on Potential Greenwashing Practices

In Market

Consultation on sustainability disclosure requirements and investment labels.

Theme: Sustainability

January 2023

Cryptoassets: Beyond the Hype

In Market

This research paper is a practitioner-focused analysis of the manner in which investment professionals have considered integrating crypto-assets and crypto-currencies into their investment decision-making processes. 

Theme: Using Data and Technology Developments

January 2023

Guidance for Integrating ESG Information into Equity Analysis and Research Reports

In Market

This guide to integrating ESG information draws from a number of CFA Institute publications to present a framework for identifying ESG information, assessing the materiality of ESG information, integrating ESG information into analysis and valuation, and presenting ESG information in research reports.

Theme: Sustainability

January 2023

Global Survey on Inducements

In Market

This is an update of a previous survey, conducted in 2013, “Restricting Sales Inducements,” that focused on the issue of the mis-selling of financial products and the implications of the inducements practice.

Theme: Structural resilience of capital markets

February 2023

February 2023

Diversification during Hard Times

In Market

Analysis of long-term stock data from 48 developed and emerging markets indicates that international diversification is the best risk-reduction tool. The benefits are countercyclical and persist through negative events and crisis periods.

February 2023

The Low-Risk Effect in Equities: Evidence from Industry Data in an Earlier Time

In Market

Analysis of data from 1871 to 1925 finds that low-risk industries earned higher risk-adjusted returns and that the low-risk industry effect is not a result of data mining in earlier studies. Behavioral biases and liquidity may be key factors.

February 2023

Examination Procedures for the Global ESG Disclosure Standards for Investment Products

In Market

These procedures provide guidance to independent third parties for providing assurance on the design and implementation of the policies and procedures underlying an investment product’s ESG approaches for compliance with the Global ESG Disclosure Standards for Investment Products.

Theme: Sustainability

February 2023

Comment Letter to PCAOB on Audit Quality

In Market

February 2023

How Could Pension System Design Features Help Lower Public Pension Spending?

In Market

Public pensions pose major challenges for governments, with costs rising as a result of demographic and economic trends. This study analyzes policy implications and recommends reforms to boost private retirement savings.

Theme: Structural resilience of capital markets

February 2023

Comment Letter to FASB on Segment Disclosures

In Market

February 2023

Comment Letter to the SEC on Swing Pricing

In Market

March 2023

March 2023

Handbook on AI and Big Data Applications in Investments

In Market

The handbook will provide investment and data science professionals with an up-to-date reference on FinTech. It will focus on AI and big data applications from the angle of an analyst, portfolio manager, trader, and private wealth manager, respectively.

Theme: Data analytics and technology

March 2023

The Audit Gender Gap: Has the Gap Narrowed?

In Market

A 2018 CFA Institute study found that women rarely run the biggest audits at Big Four accounting firms. A new report examines updated data to determine whether the gap has changed and how much progress is still needed.

March 2023

Consultation with CFA Society UK on DP22/6: Future Disclosure Framework

Target Release: March

Consultation on mandatory client disclosures, linked to previous work on PRIIPs.

March 2023

Mind the Gender Gap: Analysis of Women's Participation, Pay, and Other Measures in Indian Public Companies

In Market

The Securities and Exchange Board of India (SEBI) released the Business Responsibility and Sustainability Framework (BRSR), a comprehensive set of sustainability disclosures covering environmental, social, and governance issues. For the first time, companies were asked to report from FY2023 on a variety of topics such as the composition of the labour force, pay, turnover rates, and other factors, split by gender.

March 2023

Forbearance in Institutional Investment Management: Evidence from Survey Data

In Market

External asset managers are often fired for poor performance, but a surprising amount of tolerance for underperformance also exists. To understand the drivers of such forbearance, the authors surveyed major institutional investors around the world.

01 March 2023

Survey of Broker Representatives on Cryptocurrencies

In Market

A survey of members of the Financial Services Institute conducted in November 2022 finds that most brokerages prohibit solicited sales of cryptoassets. Moreover, 67% of financial advisors said they would not sell such investments to clients even if they could. But the survey also reveals a generational divide, with early-career advisors expressing the most openness to cryptoassets and late-career advisors expressing the least interest.

March 2023

Comment letter to SEC on Bundled Research

In Market

The letter urges the SEC to let its no-action letter expire in July without extension.

March 2023

Securities and Futures Commission (SFC) Consultation on Proposals to Regulate Virtual Asset Trading Platforms

In Market

April 2023

April 2023

GIPS Standards Benchmark Guidance Statement for Asset Owners

Target Release: April

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.

April 2023

Impact of Regulation and MiFID on Market for Research Report

Target Release: April

This joint project with CFA Society France will review the claim that regulation in general and MiFID II in particular is responsible for the observed drop in market research coverage in Europe since 2000.

Theme: Structual resilience of capital markets

April 2023

What Do TIPS Say about Real Interest Rates and Required Returns?

In Market

This study applies a new arbitrage-free model to decompose yields on Treasury inflation-protected securities (TIPS) into expected real rates, real frictionless term premiums, and liquidity premiums. The analysis points to several key findings.

April 2023

Momentum Crashes and the 52-week High

In Market

Momentum strategies suffer from large drawdowns known as momentum crashes. Partially explained by a pattern of investor speculation focusing on the 52-week high of stocks, these crashes can be mitigated by a revised strategy.

April 2023

Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks

Target Release: April

Analyzing long-run shareholder outcomes for global stocks over 30 years, the authors find that most US and non-US stocks underperformed one-month US Treasury bills. Moreover, the top-performing 2.4% of stocks accounted for all net wealth creation.

April 2023

Investing in Deflation, Inflation, and Stagflation Regimes

Target Release: April

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.

April 2023

GIPS Standards Policies and Procedures Manual Template for Firms

Target Release: April

Firms that comply with the GIPS® standards are required to document their policies and procedures for attaining and maintaining compliance with the GIPS standards. This template provides a template and guidance to firms that wish to create a policies and procedures manual for complying with the GIPS standards.

April 2023

Beyond Fama-French Factors: Alpha from Short-Term Signals

In Market

Traditional asset pricing models do not account for short-term alpha signals. This study finds that investors can obtain net alpha by combining such signals and mitigating transaction costs. This alpha is uncorrelated with Fama–French factors.

April 2023

Earning Alpha by Avoiding the Index Rebalancing Crowd

In Market

When unloved stocks are removed from cap-weighted indexes and frothy growth stocks are added, the price impact is large. Deleted stocks also materially outperform additions over the next year. Trading rules based on these patterns produce benefits.

April 2023

Intangibles Survey Report

Target Release: April

May 2023

May 2023

Lifetime Financial Advice

Target Release: May

01 May 2023

Survey on Digital Finance

Target Release: May

Through this joint project with CFA Society Spain, we aim to understand the impact of Fintech developments in the EU on local markets in Europe, and on members of European CFA Societies.

Theme: Structural resilience of capital markets

May 2023

Report on the EU Listing Act

Target Release: May

This joint report will analyse the current functioning of EU primary markets and provide recommendations for EU policy-makers on measures to make primary markets more attractive for EU companies and, in general, how to facilitate access to capital markets for companies, including SMEs.

May 2023

Research Paper on Greenwashing/Anti-Greenwashing Guidelines

Target Release: May

May 2023

Revisiting the Equity Risk Premium

Target Release: May

Monograph based on the virtual event marking the 20th anniversary of the November 8, 2001 Equity Risk Premium Forum.

Theme: Structural resilience of capital markets

May 2023

Future State of the Investment Industry

Target Release: May

This work will revisit the first "Future State of the Investment Profession" paper that was published 2016-2017, reviewing the megatrends and new scenarios for the industry over the next 5 - 10 years.

May 2023

Updated Code of Ethics and Standards of Professional Conduct

Target Release: May

The proposed revised Code of Ethics and Standards of Professional Conduct have been issued for public comment. The 60-day comment period ends 6 March 2023.

May 2023

Valuation Guide to Crypto Assets

Target Release: May

This report offers an analysis of the fundamental valuation methods for crypto assets. It reviews the valuation factors and methods for different types of digital assets, with input from practitioners on the relevance and usage of these methods.

Theme: Structural resilience of capital markets

June 2023

June 2023

GIPS Standards Detailed Verification Procedures

Target Release: June

The GIPS standards recommend that firms and asset owners that claim compliance should be verified by an independent third party, to add credibility to the claim of compliance. The GIPS Standards for Verifiers include the minimum requirements for conducting a verification. These procedures provide additional guidance to verifiers for conducting such engagements.

June 2023

Finfluencers: Social Media, Investment Recommendations, and Promotions

Target Release: June

This report considers the role of social media influencers in investor decision-making and the adequacy of the regulatory framework in a world where social media is a predominant channel for news and information dissemination.

Theme: New insights into the investment profession

July 2023

July 2023

Beyond Passive Investing

Target Release: July

July 2023

Unstructured Data, AI, and Analytical Methods: Using NP to Examine ESG

Target Release: July

This report offers an overview of unstructured data, reviews the analytical methods and tools to extract such data, and applies these techniques to Twitter data on ESG.

September 2023

September 2023

Macro-Economic Drivers

Target Release: September

November 2023

01 November 2023

Transition Finance

Target Release: November

June 2024

June 2024

Views of Investors n Crypto Assets: CBDCs

Target Release: June

The paper will focus on CBDCs and the implication their introduction may have on capital markets functioning and financial stability. This would make use of a member survey to gauge the current level of understanding of the effect the introduction of CBDCs may have on traditional mechanisms related to money supply, monetary policy, trading and price formation.

Theme: Structural reslience of capital markets

September 2022

September 2022

Allocating to Thematic Investments

In Market

September 2022

2023 Refresher Readings

In Market

October 2022

October 2022

2022 Mercer CFA Institute Global Pension Index

In Market

01 October 2022

ESG Investment Outcomes, Performance Evaluation, and Attribution

In Market

October 2022

Ethics and Artificial Intelligence in Investment Management: A Framework for Professionals

In Market

October 2022

Python and Data Science for Investment Professionals (October Session)

Accepting Registrations

October 2022

Comment Letter on SEC and CFTC Proposed Amendments to Form PF

In Market

October 2022

Response to Public Consultation on the Review of the G20/OECD Principles of Corporate Governance

Target Release: October

November 2022

November 2022

Climate Finance

In Market

November 2022

Integrating Natural Capital and Biodiversity in the Investment Process

In Market

November 2022

Fun and Games: Investment Gamification and Implications for Capital Markets

In Market

November 2022

Understanding ESG Investing in Asia-Pacific Emerging Markets

In Market

November 2022

Trading Informativeness in Modern Markets

In Market

November 2022

Supply Chain Climate Exposure

In Market

December 2022

December 2022

Targeting Macroeconomic Exposures in Equity Portfolios: A Firm-Level Measurement Approach for Out-of-Sample Robustness

In Market

December 2022

EU Digital Agenda and Issues for Investment Management/Impact of Fintech on the European Landscape

Target Release: December

December 2022

Redefining the Optimal Retirement Income Strategy

In Market

December 2022

Translation into English of the CFA Society Germany Position Paper "Reform of State-Subsidized Old-Age Provisions in Germany"

In Market

January 2023

January 2023

AI Adoption in Investment Management

In Market

January 2023

Consultation with ESAs on Potential Greenwashing Practices

In Market

January 2023

Cryptoassets: Beyond the Hype

In Market

January 2023

Guidance for Integrating ESG Information into Equity Analysis and Research Reports

In Market

January 2023

Global Survey on Inducements

In Market

February 2023

February 2023

Diversification during Hard Times

In Market

February 2023

The Low-Risk Effect in Equities: Evidence from Industry Data in an Earlier Time

In Market

February 2023

Examination Procedures for the Global ESG Disclosure Standards for Investment Products

In Market

February 2023

Comment Letter to PCAOB on Audit Quality

In Market

February 2023

How Could Pension System Design Features Help Lower Public Pension Spending?

In Market

February 2023

Comment Letter to FASB on Segment Disclosures

In Market

February 2023

Comment Letter to the SEC on Swing Pricing

In Market

March 2023

March 2023

Handbook on AI and Big Data Applications in Investments

In Market

March 2023

The Audit Gender Gap: Has the Gap Narrowed?

In Market

March 2023

Consultation with CFA Society UK on DP22/6: Future Disclosure Framework

Target Release: March

March 2023

Mind the Gender Gap: Analysis of Women's Participation, Pay, and Other Measures in Indian Public Companies

In Market

March 2023

Forbearance in Institutional Investment Management: Evidence from Survey Data

In Market

01 March 2023

Survey of Broker Representatives on Cryptocurrencies

In Market

March 2023

Comment letter to SEC on Bundled Research

In Market

March 2023

Securities and Futures Commission (SFC) Consultation on Proposals to Regulate Virtual Asset Trading Platforms

In Market

April 2023

April 2023

GIPS Standards Benchmark Guidance Statement for Asset Owners

Target Release: April

April 2023

Impact of Regulation and MiFID on Market for Research Report

Target Release: April

April 2023

What Do TIPS Say about Real Interest Rates and Required Returns?

In Market

April 2023

Momentum Crashes and the 52-week High

In Market

April 2023

Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks

Target Release: April

April 2023

Investing in Deflation, Inflation, and Stagflation Regimes

Target Release: April

April 2023

GIPS Standards Policies and Procedures Manual Template for Firms

Target Release: April

April 2023

Beyond Fama-French Factors: Alpha from Short-Term Signals

In Market

April 2023

Earning Alpha by Avoiding the Index Rebalancing Crowd

In Market

April 2023

Intangibles Survey Report

Target Release: April

May 2023

May 2023

Lifetime Financial Advice

Target Release: May

01 May 2023

Survey on Digital Finance

Target Release: May

May 2023

Report on the EU Listing Act

Target Release: May

May 2023

Research Paper on Greenwashing/Anti-Greenwashing Guidelines

Target Release: May

May 2023

Revisiting the Equity Risk Premium

Target Release: May

May 2023

Future State of the Investment Industry

Target Release: May

May 2023

Updated Code of Ethics and Standards of Professional Conduct

Target Release: May

May 2023

Valuation Guide to Crypto Assets

Target Release: May

June 2023

June 2023

GIPS Standards Detailed Verification Procedures

Target Release: June

June 2023

Finfluencers: Social Media, Investment Recommendations, and Promotions

Target Release: June

July 2023

July 2023

Beyond Passive Investing

Target Release: July

July 2023

Unstructured Data, AI, and Analytical Methods: Using NP to Examine ESG

Target Release: July

September 2023

September 2023

Macro-Economic Drivers

Target Release: September

November 2023

01 November 2023

Transition Finance

Target Release: November

June 2024

June 2024

Views of Investors n Crypto Assets: CBDCs

Target Release: June

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