Browsing: The A.I. Industry

The A.I. Industry

Jeff Diehl: The View from SuperReturn Japan 2018, Part II

Dec 6th, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Debt Types of Private Equity, Venture capital, Equity Types of Private Equity, Other Issues in Private Investments, Alternative Investments in Context, Private Investments

On Dec. 6, in Tokyo, Japan, the SuperReturn Japan 2018 event concluded. CAIA was a sponsor of this event, which was billed as “the world’s gateway to Japanese private equity and venture capital.” This is the second part and conclusion of our interview with Jeff Diehl, managing director at AdamsRead More


Jeff Diehl: The View from SuperReturn Japan, Part I

Dec 4th, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Debt Types of Private Equity, Venture capital, Equity Types of Private Equity, The Global Economy & Currencies, Other Issues in Private Investments, Economics, Private Investments, Frontier markets, Macroeconomics, Finance & Economics

On Wednesday, December 5, in Tokyo, Japan, the SuperReturn Japan 2018 event convenes. CAIA is a sponsor of this event. Jeff Diehl, managing partner at Adams Street Partners, a multi-national investment manager with more than $35 billion in assets under management, is attending. He will participate in a panel WednesdayRead More


Who Killed the Brokaw Paper Mill?  Not the usual hedge fund suspects

Dec 2nd, 2018 | Filed under: Newly Added, The A.I. Industry, Equity Hedge Funds, Insolvency, Hedge Funds, Event-Driven Hedge Funds, Business News

A new paper in the Journal of Business, Entrepreneurship, and the Law looks at the “Brokaw bill” of 2016 and at the facts said to have motivated it. This turns out to be an object lesson in how scary hedge funds, especially activist hedge funds, look to legislators, and theRead More


CEOs and the effect of education on use of convertible bonds

Nov 29th, 2018 | Filed under: Newly Added, Derivatives, The A.I. Industry, Credit Derivatives, Equity-linked Structured Products, Structured Credit Products, Structured Products, Finance & Economics

Three scholars affiliated with the University of Manchester have  published a paper that reaches a striking view of corporate leadership and the decision to issue convertible bonds. Cynics have long suspected that Wall Street smart-alecks have roped the executives of corporations into issuing instruments that are contrary to the bestRead More


Steamrollers, Geniuses and Market Crashes

Nov 27th, 2018 | Filed under: Newly Added, Hedge Fund Operations and Risk Management, The A.I. Industry, Risk management, Operations, Hedge Funds, The Global Economy & Currencies, Risk Management Strategies & Processes, Relative Value Hedge Funds, Risk Management & Operations, Finance & Economics

McGraw Hill Education has brought out a new book by Bruce I. Jacobs, of Jacobs Levy Equity Management. The book, Too Smart for our Own Good, concerns “ingenious investment strategies, illusions of safety, and market crashes.” The thesis is that the financial crises of recent decades are the consequence ofRead More


Eurekahedge: Hedge Funds Failing to Perform in 2018

Nov 25th, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Indexes, Hedge Funds, Event-Driven Hedge Funds, Macro and Managed Futures Funds, Allocating to A.I.

The newest Eurekahedge report says that hedge funds globally are experiencing their worst year since 2008. They are down -2.15% for 2018 to date and in the first 10 months of 2008 they were down a full 9.55%. Other Year-to-Date Numbers Only a minority (roughly 47%) of hedge fund managersRead More


The Rise of the Net Short Debt Activist

Nov 23rd, 2018 | Filed under: Newly Added, The A.I. Industry, Hedge Funds, Event-Driven Hedge Funds

A memorandum prepared by law firm Wachtell Lipton looks at what it calls the “rise of the net short debt activist.” Wachtell Lipton earned its wings on Wall Street as a defender of established managements when those managements find themselves facing activism or takeover. Indeed, one of the founding partners,Read More


Digitization of alternative investments: the rise of technology

Nov 20th, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Venture capital, Technology, Operations, Hedge Funds, Other Issues in Private Investments, Private Investments, Risk Management & Operations

KPMG, the auditing giant based in the Netherlands, has put out a white paper on the “digitization mandate” in the alternative investment space.  It maintains that fund managers who “dawdle” in digitizing their business are acting foolishly, falling behind the expectations of their actual and potential investors. Consider fees. PreqinRead More


Canadian Mutual Funds Readying to Launch Liquid Alternatives

Nov 18th, 2018 | Filed under: Newly Added, Retail Investing, The A.I. Industry, Liquid Alternative Investiments, Alternative Mutual Funds, Liquid Alts, Smart Beta, Sales & Marketing in the AI Industry, Other Topics in A.I.

Scotiabank recently released what it calls a “high-level guide for mutual fund companies interested in launching liquid alternative products.” The creation of this guide was stimulated by a reform of the regulations of the Canadian Securities Administrators, aimed at making liquid alternatives more readily available to investors in Canada. OnRead More


THE RISE OF ZOMBIE STOCKS: The Dead versus the Living

Nov 16th, 2018 | Filed under: Newly Added, The A.I. Industry, Other Topics in A.I.

By Nicolas Rabener, CAIA, Factor Research The Bank for International Settlements (BIS) recently published research on the rise of zombie companies, which are firms where operating profits are below interest rate payments. The research highlights that the number of these companies is proportionally increasing and that these are less productiveRead More


M&A Worldwide Near-Term: New Numbers from Intralinks

Nov 15th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Event-Driven Hedge Funds, Family Offices, Allocating to A.I.

The Intralinks Deal Flow Predictor is forecasting a lot of  deals for the first quarter of 2019: 20% year-over-year growth. However, if one looks at a broader frame, the last quarter of this year and the first quarter of the next, the year-over-year growth looks less impressive, at 6% worldwide.Read More


EY Reports on Alternative Investments and Artificial Intelligence

Nov 13th, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Private Equity, Hedge Fund Strategies, The A.I. Industry, Risk management, Hedge Funds, Private Investments

The twelfth annual report of what used to be known as the EY Global Hedge Fund Survey has been re-christened the EY Global Alternative Fund Survey. As it has under the earlier name, EY again records the views of fund managers and investors around the globe on a wide rangeRead More


Panayiotis Lambropoulos: The View from a Public Pension Manager’s Office

Nov 11th, 2018 | Filed under: Newly Added, Hedge Fund Operations and Risk Management, The A.I. Industry, Due Diligence Process, Institutional Investing, Alpha Hunters, Risk management, Asset allocation, Hedge Funds, Asset Allocation Models, Alternative Investments in Context, Institutional Asset Management, Risk Management Strategies & Processes, Risk Management & Operations, Allocating to A.I.

On Nov. 13, the 24th Annual National Pension and Institutional Investment Summit convenes in Dallas Texas. CAIA is a sponsor of this event. Panayiotis Lambropoulos, portfolio manager of hedge funds at the Employees Retirement System of Texas, will offer his insights at a panel on emerging hedge fund managers. Lambropoulos’Read More


Altman: 30 Years of Distressed Debt Strategies

Nov 8th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Debt Types of Private Equity, Financial Economics Theory, Hedge Funds, Private Investments, Finance & Economics

In the late 1980s, the chairman of The Foothill Group approached Edward I. Altman, already then well known for the creation of the Z-score used for predicting bankruptcy. The chairman asked Altman to develop a descriptive and analytical white paper on distressed debt. He obliged, writing first a paper onRead More


Avoiding Over-Allocation to Alternative Investments

Nov 6th, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Institutional Investing, Risk management, Asset allocation, Hedge Funds, Asset Allocation Models, Risk Metrics and Measurement, Institutional Asset Management, Private Investments, Risk Management Strategies & Processes

A new white paper from New York Life looks at the role of alternatives in portfolio construction and argues that usual risk-return based approaches can underestimate risk and lead to over-allocation to the alternatives. The paper, by Amit Soni, an NYL portfolio manager, proposes a new method “to quantify performanceRead More


A Preqin Prequel? 

Nov 5th, 2018 | Filed under: Newly Added, What about beta?, The A.I. Industry, Industry Size & Managers, Private Investments, Real Assets, Allocating to A.I.

By Bill Kelly, CEO, CAIA Association In the world of cinema, by most accounts, it is The Godfather Part II that holds the top spot for best movie prequel. Interestingly, by design and title, it is also a sequel. Sequels at the box office are often panned but this production wasRead More


Volatility & Creative Destruction: Some Pieces of the Larger Puzzle

Nov 4th, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Hedge Funds, Private Investments

The President’s Letter at the start of the latest Investment Quarterly from Neuberger Berman, the investment management spin-off from the late Lehman Brothers, looks at US stock market volatility through October, and fits it into the broader business-cycle picture. President (and CIO) Joseph Amato observes that optimists will look atRead More


50 Years of Put-Call Parity

Nov 1st, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, The A.I. Industry, Financial Economics Theory, Finance & Economics

It will be 50 years ago next year (1969) that Hans R. Stoll came out with “The Relationship between Put and Call Option Prices,” establishing the principle of put-call parity. Stoll’s article in The Journal of Finance was a landmark in the developing scholarship about derivatives. It preceded the workRead More


The View from Toronto: Ratios Aren’t Set in Stone

Oct 30th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Asset allocation, Hedge Funds, High-net-worth investors, Asset Allocation Models, Institutional Asset Management, Family Offices, Allocating to A.I.

On Oct. 29, the AIMA Canada Investor Forum 2018 convened at Sheraton Centre, Toronto. The event focused on new innovations in the world of alternative finance, brought about by a combination of investor demand and technological change. The forum kicked off with a discussion about the current role of hedgeRead More


Rhetoric Done Right

Oct 30th, 2018 | Filed under: Newly Added, Investor Relations, The A.I. Industry, Sales & Marketing in the AI Industry

In the business of money management, influencing others is a skill that rivals investment expertise. If one can’t earn someone’s trust, and money, then one can’t run a true investment management business, no matter how talented a financial player one may be. To gain the support and gather assets ofRead More


Marks on the Market

Oct 29th, 2018 | Filed under: Newly Added, What about beta?, The A.I. Industry

Just about 70 years ago, Benjamin Graham wrote the timeless book titled simply The Intelligent Investor. This work and others, along with his distinguished career as an economist and an investor, earned him the title of the “Father of Value Investing.” His fictional investor in this referenced book was aptly named Mr. Market andRead More


10 Climate Change Actions for Pension Fund Managers

Oct 28th, 2018 | Filed under: Newly Added, Consultants, Social investing, The A.I. Industry, Institutional Investing, Socially responsible investing, Climate change, Institutional Asset Management, SRI and Clean Energy, Other Topics in A.I.

The International Centre for Pension Management (ICPM) has put out a paper on climate change and on the difference it makes for investments. The issue of climate change has, in recent years, gone from “being considered a niche issue to one of potentially major financial consequences for all investors,” oneRead More


SEC No-Action Letter: Eases Transactions with Affiliates

Oct 25th, 2018 | Filed under: Newly Added, The A.I. Industry, Regulatory, Regulatory Environment

The Division of Investment Management of the Securities and Exchange Commission issued a no-action letter Oct. 12 that may make life easier for mutual fund boards and business development companies that have reason to engage in “affiliated transactions” as defined by the 1940 Act. In response to a request fromRead More


The Trinity Of Errors In Financial Models: An Introductory Analysis

Oct 24th, 2018 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, Macroeconomics, Finance & Economics

By Deepak Kanungo, Founder and CEO of Hedged Capital LLC In this introductory article, we explore three types of errors inherent in all financial models. We examine these errors using a simple probabilistic model that can be used for predicting the federal funds rate, an interest rate of seminal importanceRead More


Quantifying High Performance Dispersion Risk in Alternatives

Oct 24th, 2018 | Filed under: Newly Added, Performance, Analytics & Metrics, The A.I. Industry, Alpha & Beta, Institutional Investing, Risk management, Asset allocation, Asset Allocation Models, Risk Metrics and Measurement, Institutional Asset Management, Risk Management Strategies & Processes, Risk Management & Operations, Allocating to A.I.

By Amit Soni, Portfolio Manager, Strategic Asset Allocation, New York Life Investments Lofty valuations in traditional assets have encouraged investors to explore alternatives. Unfortunately, the lack of a holistic investment framework to incorporate alternatives poses a challenge. Traditional risk-return based approaches, alone, over-allocate to alternatives–a result of underestimation of risksRead More


 Shariah Finance, Volatility, Clientele Effects

Oct 23rd, 2018 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, The Global Economy & Currencies, Emerging markets, Frontier markets, Finance & Economics

Two recent scholarly papers take distinctive looks at the sukuk market in Malaysia. Accordingly, each contributes to the ongoing discussions and evaluations of the place of Islamic finance within the broader global (and alpha-seeking) picture. Sukuk are bond-like instruments structured to pay profit, not interest, that are sold chiefly toRead More


Hedge Funds in a Time of Wear and Tear

Oct 21st, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Indexes, Hedge Funds, Event-Driven Hedge Funds, Relative Value Hedge Funds

The latest report from Eurekahedge tells us that Asia-focused strategies in the hedge fund universe are showing the wear and tear of the US/China trade dispute. The Eurekahedge Greater China Hedge Fund Index shows losses of 8.16% through the first nine months of the year. The Eurekahedge commentary observes thatRead More


Some Clarity from the Delaware Supreme Court for Activists

Oct 18th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Regulatory, Regulatory Environment, Hedge Funds, Event-Driven Hedge Funds, Legislation/Court rulings

The Delaware Supreme Court, on Oct. 9, upheld the Chancery Court’s dismissal of a buyout/squeeze-out related lawsuit. In the process, it issued an opinion that indicates that the room for activist investors to use litigation or the threat of litigation to derail controlling shareholder transactions may be quite small, andRead More


A Brief History of Asset Allocation

Oct 16th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Algorithmic and high-frequency trading, Hedge Fund Strategies, The A.I. Industry, Financial Economics Theory, Risk management, Crowdfunding, Hedge Funds, Emerging Alternative Investments, Risk Metrics and Measurement, Business News, Risk Management Strategies & Processes, Finance & Economics, Other Topics in A.I.

Glassbridge has put out an ambitious white paper about the “evolution of asset allocation across the investment management industry,” one that begins with the basics of the Capital Asset Pricing Model and ends with quantitative analysis and crowdsourcing. The premise is that new strategies, and new ranges of data, areRead More


National Market System: What to End; What to Mend

Oct 14th, 2018 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Regulatory, Regulatory Environment, Commodities, Business News

The Principal Traders Group of the Futures Industry Association (FIA PTG) recently offered its thoughts on market structure, outlining one direction of reform for the Securities and Exchange Commission’s Reg NMS. Reg NMS (National Market System) was promulgated in 2005, in order to ensure competition among markets, and in theRead More


Pensions and Real Estate: CEM Benchmarking

Oct 11th, 2018 | Filed under: Newly Added, Real Estate, The A.I. Industry, Institutional Investing, Asset allocation, Asset Allocation Models, Operationally Intensive Real Assets, Institutional Asset Management, Real Assets, Allocating to A.I.

A new paper by Alexander D. Beath and Chris Flynn examines the significance of real estate investing within the portfolios of large European institutional investors from 2005 to 2016. Beath is a senior research analyst with CEM Benchmarking, with a PHD. from McGill University on condensed matter and materials physics.Read More


Hedge Funds in the Slow-down Phase

Oct 9th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Event-Driven Hedge Funds, Macro and Managed Futures Funds, Relative Value Hedge Funds

Fidante Partners, part of the Challenger Limited Group, has issued a white paper on the performance of hedge funds of various strategies in the slowdown and recession phases of a business cycle. The report, written by Joachim Klement, Fidente’s head of investment research, posits that the world is now inRead More


Self-Organizing Maps for Selecting Hedge Funds

Oct 9th, 2018 | Filed under: Newly Added, Performance, Analytics & Metrics, Hedge Fund Strategies, The A.I. Industry, Asset allocation, Benchmarking & Performance Attribution, Hedge Funds, Asset Allocation Models, Risk Management Strategies & Processes, Allocating to A.I.

A new paper by Claus Huber, of Rodex Risk Advisers, looks at machine learning for risk analysis, working especially from the “self-organizing maps” associated with Finnish Professor Teuvo Kohonen. A SOM is a low-dimensional representation of input space (thinking of it as two dimensional makes the “map” analogy intuitive, andRead More


Goldman Sachs Equity Hedge Fund Report Deep Dives 13Fs

Oct 7th, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Alpha Strategies, Risk management, Hedge Funds, Risk Management Strategies & Processes, Structure of the Hedge Funds Industry

Working from a database drawn from 13F filings, authors of a new report from Goldman Sachs Asset Management maintain: (1) hedge funds tend to overweight equities in three markets: information technology, consumer discretionary, healthcare; (2) quarter-on-quarter turnover for equity hedge funds’ portfolios is limited; and (3) a long-only sample portfolioRead More


Peeling the Onion of Equity Hedge Fund Alpha

Oct 4th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Financial Economics Theory, Hedge Funds, Finance & Economics

The founder of CEO of MSR Indices, a Parsippany, N.J.-based index-investors consultancy, has authored a white paper on target volatility, also known as intertemporal risk parity. The gist of the paper is that: (1) equity hedge funds do secure alpha for their investors, obvious if one measures their performance againstRead More


Women-owned Businesses: Over a Threshold

Oct 2nd, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Venture capital, Angel investing, Private Investments

In a new report on the condition of women-owned businesses, part of an annual ongoing examination of business trends by American Express, researchers first take a big picture view (1972 to the present) and then do a swoop-down into the details of 2018.   The conclusion of the study isRead More


Substance Over Form

Oct 1st, 2018 | Filed under: Newly Added, Investor Relations, Alternative Investments in Context, Sales & Marketing in the AI Industry

By Diane Harrison In the final months of 2018, a mid-term election year here in the U.S., rhetoric is forming and tempers are soaring as candidates try to create narratives that suit their political objectives. It calls to mind the phrase “form over substance,” where what is said often bearsRead More


Modi Operandi

Oct 1st, 2018 | Filed under: Newly Added, What about beta?, The A.I. Industry, The Global Economy & Currencies, Emerging markets, Frontier markets, Macroeconomics

By Bill Kelly, CEO, CAIA Association What’s your liquidity M.O.? If you are less than certain, it is time to look east toward the country of India and the land of Modi. After all, when 1.3 billion people cough there is a decent chance the rest of the world justRead More


European Hedge Funds and their Prime Brokers

Sep 30th, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Structure of the Hedge Funds Industry

A recent article by three Deloitte risk advisory executives looked at what European hedge fund managers value most in their prime brokers. The short answer: counterparty strength; good working relationships; competitiveness of fees; and the performance of core PB roles at a high level. Let’s drill down a bit intoRead More


Cryptocurrency Arbitrage: Two Looks

Sep 27th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

Do investors arbitrage cryptocurrencies? Two recent studies offer a “yes” answer, though they in certain other respects differ significantly in their conclusions. Specifically, one study shows that in one respect arbitrage has done its duty and effectively eliminated the opportunities for arb profits, enforcing efficiency. In other situations, though, theRead More


Cracking the Illiquidity Code

Sep 26th, 2018 | Filed under: Newly Added, Performance, Analytics & Metrics, Private Equity, The A.I. Industry, Benchmarking & Performance Attribution, Equity Types of Private Equity, Other Issues in Private Investments, Risk Metrics and Measurement, Private Investments

By Tom Keck, Partner & Head of Research; Lisa Larsson, Vice President, Research Researchers at StepStone Group, a global private markets firm, recently released a white paper that puts the illiquidity of private equity into perspective. A fund’s life they reckon is too coarse a measure; the picture comes into focusRead More


Intralinks/Global Fund Media Survey of LPs Shows Satisfaction

Sep 25th, 2018 | Filed under: Newly Added, Real Estate, Private Equity, The A.I. Industry, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Institutional Investing, Hedge Funds, Equity Types of Private Equity, High-net-worth investors, Other Issues in Private Investments, Endowments & Foundations, Institutional Asset Management, Private Investments, Real Estate Equity Investments, Family Offices, Real Assets, Allocating to A.I.

Intralinks has once again collaborated with Global Fund Media in a survey of limited partners on their satisfaction with recent results and on how they see global investment opportunities near-term. As to satisfaction: 18% of LPs say that their results from alternative investments have been better than they expected. ARead More


The View from Las Vegas: Quiet Buying? Aggressive Buying?

Sep 23rd, 2018 | Filed under: Newly Added, The A.I. Industry, Emerging Alternative Investments, Emerging markets, Digital currencies, Commodities, Personalities in AI, Alternative Investments in Context, Commodities: Examples, Gold

On Sept. 24, the 9th Annual Inside Alternatives and Asset Allocation event convenes at Wynn Las Vegas, with CAIA sponsorship. The purpose of the event: to look beyond traditional alternative investments and strategies, to take the measure of a new breed of alternatives, including impact/SRIs, cryptocurrencies, and the application ofRead More


10 Years Later: Glasner Looks Back at the GFC

Sep 20th, 2018 | Filed under: Newly Added, The A.I. Industry, Equity Hedge Funds, Hedge Funds, The Global Economy & Currencies, Macroeconomics, Finance & Economics

David Glasner, an economist with the Federal Trade Commission, in a new Mercatus Research Paper, offers what he calls a “deeper explanation of the financial crisis of 2008 and the subsequent recovery.” Deeper than what? Deeper than attributing the bust to the bursting of the housing price bubble. Glasner’s newRead More


Prepping for an Emerging Market Rebound

Sep 17th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, The Global Economy & Currencies, Emerging markets, Finance & Economics

Two executives at the Neuberger Berman Group have prepared a paper on what they call the “overall case for a recovery in emerging market debts” in the months to come. Investors will want to “be around” for such a rebound, they say. There are obviously now, and there will continueRead More


D’oh!

Sep 17th, 2018 | Filed under: Newly Added, What about beta?, Regulatory Environment, Risk Management & Operations

Much has been written this week about the fall of the house of Lehman. Too big to fail became “someone has to” and the rest is history. The demise of Lehman has been one of the many sign posts that defined the GFC and now, ten years on, traditional and socialRead More


Are ICOs Encoding Their Governance Promises?

Sep 16th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

Scholars affiliated with the University of Pennsylvania recently produced a paper about digital currencies and initial coin offerings, “Coin Operated Capitalism.” The gist of the paper is that the purchase of such tokens may be riskier than investors have thus far been led to expect and may entail more risk thanRead More


Oil Trading and Round Number Effects

Sep 13th, 2018 | Filed under: Newly Added, The A.I. Industry, Investing in Commodities, Financial Economics Theory, Behavioral finance, oil, Commodities, Commodities: Examples, Finance & Economics

The “round number effect” is an endless source of fascination in the worlds of both trading and statistics. Human brains, after all, tend to think in round numbers. A market pundit on television may say, “If the price of stock XYZ gets below $8.00, it’ll be worth buying.” He won’tRead More


The Connection between Audit Fees and Derivative Hedging

Sep 11th, 2018 | Filed under: Newly Added, Hedge Fund Operations and Risk Management, The A.I. Industry, Risk management, oil, Commodities, Commodities: Examples, Risk Management Strategies & Processes

It is generally acknowledged that there exists a positive association between business risk and audit fees. There is room for dispute as to what that means. On the one hand, the riskier clients for whom an audit firm works might simply be the ones that have the most complicated books,Read More


McKinsey Study: Where are the women in financial services?

Sep 9th, 2018 | Filed under: Newly Added, The A.I. Industry, Industry Size & Managers, Institutional Asset Management

A new report from McKinsey looks at the women in the financial services industry in North America, in the expectation that the findings will be pertinent even beyond the expanses of North America, that the insights and implications will “have global relevance.” The research is part of a collaborative effortRead More