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How to estimate the equity risk premium
Given the importance of equity risk premium, it is surprising how haphazard the estimation of equity risk premiums remains in practice. This paper by Aswath Damodaran at the New York University Stern School of Business examines a number of different approaches to determining the equity risk premium and why different approaches yield different values. It
Former SEC head hits out at Dodd-Frank
Former head of the US Securities Exchange Commission, Harvey L Pitt, has one simple piece of advice for investors wondering if, a year after the sweeping Dodd-Frank reforms were enacted, regulation has been adequately strengthened to avoid another financial crisis.
Mercer commits to specialist alternatives research
Mercer has carved out the alternatives research for its multi-manager funds management products under a new head, Bill Muysken, who returned to the firm in London last month. Greg Bright reports.
Are pension funds really long-term investors?
Pension funds used to be considered long-term investors, but the reactionary behaviour of a recent prudence* of pension funds globally has changed my view of their time-horizons and subsequent role in capital markets. *Prudence is the newly-crowned collective noun for pension funds as per the competition in our newsroom. Have your say in our poll.
Abu Dhabi Fund eyes equities but hits valuation wall
A big, multi-billion dollar scheme, the Abu Dhabi Retirement Pensions and Benefits Fund began deploying its capital across global markets in 2005. Simon Mumme speaks to chief investment officer Stefan Cowell about the fund’s current investment appetite and the steep learning curve it is charting.
Advisory resolutions help owners
Investors in all jurisdictions need tools designed to let their AGM votes truly express their commitment to responsibility. A manoeuvre popular this year may fill the gap until reform arrives.
Sustainability in members interest academic says
Asset owners have a responsibility to consider whether their investment strategies are potentially damaging to long-term sustainable wealth creation and are, therefore, not in the best interests of beneficiaries, Harvard University’s David Wood says.
Inversion therapy:
the investor as benchmark
The pension and funds management industry needs to redefine performance to an absolute return measure, according to The Influential Investor: How Investor Behaviour is Redefining Performance, a paper that is the result of 12 months of research with more than 3000 investors and investment providers across 68 countries. The report, which sought to uncover the
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