A Simple Theory of the Financial Crisis; or, Why Fischer Black Still Matters

Tyler CowenIn this month’s Financial Analysts Journal, Tyler Cowen professor of economics at George Mason University, Virginia makes sense of the current financial crisis by drawing on some of Fischer Black’s ideas.

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HMC to increase in-house management

Harvard Management Company, with responsibility for managing the $26 billion Harvard endowment fund, has hired a number of senior investment staff and reorganised its internal structure as it positions itself to bring more asset management in-house. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

GIC claws back half of 20 per cent investment loss

The Government of Singapore Investment Corporation (GIC) has recovered almost half of last financial year’s investment loss in recent months thanks to the revival in global stock markets, after recording a 20 per cent fall in assets in the year ending March 31, 2009. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

USS funded status plunges as assets fall 25 per cent

The £21.7 billion ($35 billion) Universities Superannuation Scheme (USS) is facing the prospect of having to initiate a recovery plan after a 25 per cent fall in its assets in the financial year ending March 2009 caused its funded status to drop by almost 30 per cent. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Ohio suspends incentive pay for investment staff

The investment department of the $56 billion State Teachers Retirement System of Ohio (STRSOH) will defer the $3.39 million earned in performance-based incentive pay to future fiscal years conditional on certain hurdles, and a compensation study for investment associates will be completed by November. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

SWFs return home after run of cross-border deals

Sovereign wealth funds (SWFs) piled a record $20 billion into foreign direct investment (FDI) transactions last year, continuing the big cross-border forays they began in 2005. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Infrastructure allocations below 3 per cent “meaningless”

Listed infrastructure drew attention last year for all the wrong reasons. Kristen Paech talks to Bruce Eidelson, San Diego-based director, real estate securities at Russell Investments, about the viability of the asset class post-crisis, and why privatisation in the US could boost US pension allocations. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

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