In 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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A Simple Theory of the Financial Crisis; or, Why Fischer Black Still Matters
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Photo gallery: FIS 2026 at Raffles Singapore
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Misaligned incentives, bank mismanagement and troubling policy implications
This paper by New York University’s Jonas Prager outlines the major changes in the financial structure as well as the focal events that characterised the 2007-2008 global financial crisis and considers the evidence for the crucial role played by misaligned incentives. Misaligned incentives, bank mismanagement, and troubling policy implications mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
CalPERS, CalSTRS champion for diversity
The Californian pension funds, CalPERS and CalSTRS, have taken a leadership role in promoting corporate board diversity, demonstrated in the launch at the NYSE this week of 3D with GMI Ratings, and membership in the Thirty Percent Coalition. 3D, which stands for Diverse Director DataSource, is a databank of pre-approved board candidates with an emphasis
Exchanges support
better disclosure
A line in the sand has been drawn on the short-term behaviour of all participants in capital markets – including companies, brokers, funds managers and investors – with the formal commitment of five stock exchanges to promote long-term, sustainable investment and improved environmental, social, and governance disclosure and performance among listed companies. With a combined
Laws add to
de-risking push
Recent legal changes governing how US corporate pension plans calculate their funding liabilities could increase moves to de-risk pension plans, particularly through lump sum payments to participants, says Matt Herrmann a retirement risk expert at asset consultant Towers Watson. Herrmann, leader of Towers Watson’s retirement-risk-management group, says the legislative changes that passed through both houses
Protected: Timing and macro concerns most common reasons to avoid European distressed debt
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Longevity is key to Dutch pension reforms
As the well-respected Dutch pension system sits in a state of reform limbo, long-time trustee and MKB-Nederland representative in the recent round of negotiations on pension reform, Benne van Popta, has particular ideas on how to improve the system. The combination of low interest rates, an ageing population and increasing life expectancy has prompted a
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