Authors Christopher Armstrong from The Wharton School University of Pennsylvania, Ian Gow of Harvard Business School and David Larcker from the Graduate School of Business Rock Center for Corporate Governance, Stanford University, look at the efficacy of shareholder voting. The study examines the effects of shareholder support for equity compensation plans on subsequent chief executive … Read more
Investors are taking an increasingly sophisticated view of their passive equity allocations, aiming to capture the benefits of a range of risk premiums, while also lowering the volatility and improving the risk/adjusted returns – all at a considerably lower cost than active management. Wyoming Retirement System (WRS) turned to risk-premium mandates as part of a … Read more
Norway’s 3496 billion kroner (US$582.7 billion) sovereign wealth fund could suffer significant losses in a range of climate-change scenarios if it fails to hedge its risk by investing in climate-sensitive assets, the release of a confidential report shows. Norway’s Ministry of Finance recently released an extensive study by asset consultant Mercer on the effects of … Read more
EDHEC-Risk Institute research associate Hilary Till looks at the risk management of commodity derivatives trading and the lessons that can be learned from recent high profile trading debacles. Till, a principal, at Premia Capital Management, LLC, analysed several case studies and looks at risk management at large institutions, proprietary trading firms and at hedge funds. … Read more
Advocating the use of financial models a six-year-old could understand and warning that the dogmatic belief in overly complex and unrealistic models contributed to the financial crisis were some of the challenging views put to the attendees of the recent CFA Institute’s annual conference. Throwing down the gauntlet was GMO asset-allocation team member James Montier, … Read more
In its most simple form, CalPERS defines sustainability as the “ability to continue”. This year CalPERS turns 80 and clearly “continuing” is something it wants to do. The strategy paper, presented to and endorsed by the board, explains the fiduciary framework the fund has adopted to integrate sustainability across the entire fund and sets out … Read more
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