Browsing: Finance & Economics

Foundations of Financial Economics,
Market Efficiency and Active Management
Valuation Models and Alternative Investments

Finance & Economics

Past performance guarantees no future results

Oct 17th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Financial Economics Theory, Risk management, Business News, Risk Management Strategies & Processes, Finance & Economics

Since, as everyone says, “past performance is no guarantee of future results,” a history of close correlation between two assets, or between a single asset and a benchmark, is no guarantee of future correlation. The threat that a correlation upon which a particular investor has relied will cease to applyRead More


Bitcoin Derivatives Behaving Just Like Other Underlying Assets

Oct 15th, 2019 | Filed under: Newly Added, Derivatives, The A.I. Industry, The Global Economy & Currencies, Digital currencies, Other Issues in Private Investments, Risk Management Strategies & Processes, Frontier markets, Structured Products, Other Topics in A.I.

Bitcoin derivatives act a lot like the derivatives of other asset classes. Two scholars at the University of London recently looked at bitcoin’s “volatility smiles and skews” as found in the short and long dated maturity of options traded at the Deribit Exchange in 2019. Helyette Geman and Henry Price,Read More


Of Colossal Fools and Fossil Fuels

Oct 15th, 2019 | Filed under: Newly Added, What about beta?, Social investing, Socially responsible investing, The Global Economy & Currencies, Alternative energy, Business News, Economics, Climate change, SRI and Clean Energy, Macroeconomics, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association The saying “fool me once shame on you, fool me twice shame on me” has its origins all the way back to the 1600’s when most of the carbon now in our atmosphere was “safely” encased in limestone and other rock formations within theRead More


Meet the New Crisis: Looks Like the Old Crisis

Oct 13th, 2019 | Filed under: Newly Added, The A.I. Industry, The Global Economy & Currencies, Business News, Economics, Risk Management Strategies & Processes

Last month saw an extraordinary spike in the interest rates of the repo market—the market that consists of the (very) short-term, usually the overnight, borrowing of government securities. Hedge funds, along with other institutions such as trading firms and banks, regularly hand over US Treasury bills and the like inRead More


The Persistence of the Low-Risk Effect

Oct 10th, 2019 | Filed under: Newly Added, CAPM / Alpha Theory, Hedge Fund Strategies, The A.I. Industry, Financial Economics Theory, Alpha Strategies, Hedge Funds, Finance & Economics

The “volatility effect,” also known as the “low-risk effect,” is the subject of a new paper from Robeco. The gist of the “effect” is this: low-risk stocks “should” show a lesser return than high-risk stocks. The Capital Asset Pricing Model predicts a linear relationship between the risk of a securityRead More


Spoti-sly

Sep 30th, 2019 | Filed under: Newly Added, What about beta?, Retail Investing, Private Equity, Venture capital, Equity Types of Private Equity, Business News, Private Investments

By Bill Kelly, CEO, CAIA Association How do you turn a millennial into a capitalist? Sell her SNAP in the post-IPO market. A little hindsight here shows how ridiculous this all looked. The initial sellers of the shares were the founders and their VCs (just under 30% of the offering),Read More


When Exchanges are Complements, not Competitors

Sep 26th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Business News, Finance & Economics

One regular theme of coverage and analysis that involves the listed equities, including analysis of the pursuit of alpha, is that many of the users of these markets claim, often quite obstreperously, that the exchanges charge more than makes sense and some restructuring of the industry is in order. TheRead More


Climate Change and Artificial Intelligence as Investment Mega-Trends

Sep 24th, 2019 | Filed under: Newly Added, Technology, Artificial Intelligence, Private Equity, The A.I. Industry, Alpha Strategies, Venture capital, Emerging Alternative Investments, The Global Economy & Currencies, Other Issues in Private Investments, Private Investments, Frontier markets, SRI and Clean Energy, Other Topics in A.I.

A report from CREATE in collaboration with BNY Mellon looks at two related megatrends in investing—climate change and artificial intelligence. It asks in each case: how is this trend perceived in terms of opportunities and risks? What are the specific investment issues involved or solutions likely to be adopted? AndRead More


The Newest New Thing? Initial Exchange Offerings

Sep 11th, 2019 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Other Topics in A.I.

Initial Exchange Offerings, that is, offerings administered by a crypto exchange, on behalf of a startup—where the startup is trying to raise funds with newly issued tokens—has developed as an alternative to an older model, the Initial Coin Offering, where participants make their contributions to a smart contract. Hirander MisraRead More


Corporate Restructuring: United States vs. United Kingdom

Sep 2nd, 2019 | Filed under: Newly Added, Private Equity, Hedge Fund Strategies, The A.I. Industry, Debt Types of Private Equity, Insolvency, Regulatory Environment, Hedge Funds, Event-Driven Hedge Funds, Other Issues in Private Investments, Business News, Private Investments

David Stevenson, a US District Court Judge for the Northern District of Texas, has presented his analysis of the  differences between the law in the United Kingdom and the United States concerning “a debtor’s ability to approve a restructuring arrangement over the objection of creditors that disapprove.” This is moreRead More


What Hedge Funds Do When the Lights Go Out

Aug 13th, 2019 | Filed under: Newly Added, CAPM / Alpha Theory, The A.I. Industry, Equity Hedge Funds, Financial Economics Theory, Hedge Funds, Finance & Economics

A new paper looks at how hedge funds adjust their information acquisition and trading behavior as analyst coverage changes—and more specifically, when certain stocks cease to be covered by certain analysts. These authors considered the hypothesis that, faced with a murkier environment, hedge funds might become more cautious, reducing theirRead More


QUANT STRATEGIES: THEORY VS. REALITY

Aug 11th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Liquid Alternative Investiments, Hedge Funds, Smart Beta, Other Topics in A.I.

By Nicolas Rabener of FactorResearch (@FactorResearch) INTRODUCTION When pitching an investment product with a backtested history the frequent response from potential investors is that they have never seen a bad backtest. Naturally this is true as there is no point in marketing a strategy with a poor backtest as investorsRead More


The Verdict Is In: It’s a Soft Landing for the Global Economy

Aug 1st, 2019 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, The Global Economy & Currencies, Economics, Macroeconomics, Finance & Economics

Neuberger Berman has long pressed the investment thesis that the prolonged recovery from the depths of the Global Financial Crisis would end, when it ended, with a “soft landing.” There will be a slowing of growth, and with that an increase in volatility, but it need not involve a “hard”Read More


Active Risk Budgeting Gets Consistent Alpha

Jul 28th, 2019 | Filed under: Newly Added, CAPM / Alpha Theory, The A.I. Industry, Financial Economics Theory, Risk management, Risk Metrics and Measurement, Risk Management Strategies & Processes, Risk Management & Operations, Finance & Economics

A new paper takes an experimental look at “Active Risk Budgeting,” a method of portfolio construction that looks to build upon older and sometimes passive risk budgeting approaches, adding enough active management to allow the risk budget to change over time. For example, an institution might want its risk budgetRead More


Equity Differential: A Factor in Currency Returns

Jul 23rd, 2019 | Filed under: Newly Added, Currencies, The A.I. Industry, Forex, The Global Economy & Currencies, Commodities

A recent publication by two executives of State Street Associates identifies a new factor in currency turns, which it calls the “equity differential.” In effect, it argues for the viability of a trading strategy based on this factor. The paper argues that the differential in trailing equity market performance stronglyRead More


One Year Left to Run on Critical No-Action Letters for Investment Managers

Jul 18th, 2019 | Filed under: Newly Added, The A.I. Industry, Risk management, Business News, Risk Management Strategies & Processes

The Securities and Exchange Commission issued three no-action letters on the issue of research payments, in light of developments on that issue in Europe in 2017. Specifically, they dealt with the cross-border of Europe’s rules (MiFID II), which were scheduled to take effect, and which did take effect, on Jan.Read More


Tick Size and High-Frequency Trading

Jul 15th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Business News

A lot of hopes have been placed on changes in market tick sizes. In the 1990s there was a big push to reduce the tick sizes of securities, allowing them to get down to one cent or fractions thereof. In the new millennium came a sense of regret. Observers suspectedRead More


Quantum Computing Will Mess Up all Expectations

Jul 11th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Technology, Other Issues in Private Investments, Business News, Private Investments, Risk Management & Operations

There are reports that Google is preparing an announcement of “quantum supremacy” for later this year. If true, this is the biggest tech story since the transistor replaced vacuum tubes. It could be a disruptive development for just about every business with an IT department. Among much else, quantum supremacyRead More


ICE Futures Gets Its Speed Bump

Jun 4th, 2019 | Filed under: Newly Added, Commodities, Algorithmic and high-frequency trading, The A.I. Industry, Commodities, Business News

On Feb. 1, ICE Futures US Inc., informed the Commodity Futures Trading Commission that it was instituting a new “speed bump,” formally called the Passive Order Protection (or POP) Functionality for its gold daily and silver daily futures markets. The idea of POP is to limit the advantage that canRead More


Trade Tensions, Tariffs and European Volatility

May 30th, 2019 | Filed under: Newly Added, Derivatives, The A.I. Industry, The Global Economy & Currencies, Business News, Economics, Macroeconomics, Finance & Economics

By Mark Shore As the discussions of trade wars and tariffs persisted throughout 2018 and into 2019, it may have influenced a sense of uncertainty in the global financial and commodity markets as companies might have to rethink their supply chains and manage potential disruptions and at least in theRead More


Quants in China: Which Factors Work?

May 28th, 2019 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Hedge Funds, The Global Economy & Currencies, Emerging markets

The outperformance of the size, value, and reversal factors is strong, but the momentum factor, which has performed well in the U.S., does not work in China. This is the conclusion of a new white paper published by  Neuberger Berman about quantitative investing in China A shares. It has aRead More


The Two Faces of Investing in Renewables

May 27th, 2019 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Investing in Commodities, Equity Hedge Funds, Socially responsible investing, Hedge Funds, Event-Driven Hedge Funds, Emerging Alternative Investments, The Global Economy & Currencies, Emerging markets, Alternative energy, Commodities: Examples, Energy, Frontier markets, SRI and Clean Energy, Other Topics in A.I.

Renewable energy, however defined, is widely seen as a sustainable and socially responsible (and, if the investing is done right, very profitable) addition to one’s portfolio. Indeed, such entities as the Institute for Energy Economics and Financial Analysis, an Ohio based research-and-analysis shop, exist to show that renewables are theRead More


Interest Rate Derivatives, Announcements and HFT: It’s All About Timing

May 23rd, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Credit Derivatives, Structured Credit Products, Structured Products

Three scholars associated with the University of Wollogong, Australia, recently published a paper on the contribution of high-frequency traders to the absorption of new information by the markets, especially in relation to the prices of interest rate derivatives. The study is the work of Alex Frino, Michael Garcia, and IvyRead More


Price Discovery in the Bitcoin Markets

Apr 30th, 2019 | Filed under: Newly Added, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Frontier markets, Other Topics in A.I.

Tatja Karkkainen, a scholar on financial technology who is pursuing a PhD at the University of Glasgow, has written an illuminating paper on price discovery in the bitcoin markets. She begins with the observation that CBOE and CME introduced bitcoin futures in December 2017, “as the first institutional standard cryptocurrencyRead More


Hedge Funds and the EUR/CHF Trade

Apr 22nd, 2019 | Filed under: Newly Added, Hedge Fund Strategies, Currencies, The A.I. Industry, Equity Hedge Funds, Forex, Hedge Funds, Event-Driven Hedge Funds, The Global Economy & Currencies, Macroeconomics

Three scholars affiliated with JP Morgan Chase have written a paper on hedge fund behavior ahead of meetings of the Swiss National Bank, with the idea of shedding light on the consequences of the timing of central bank announcements more generally. They conclude that the SNB contributed to the volatilityRead More


The Illiquidity Premium and the Market for Private Assets

Apr 14th, 2019 | Filed under: Newly Added, Real Estate, Private Equity, The A.I. Industry, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Other Issues in Private Investments, Operationally Intensive Real Assets, Private Investments, Real Estate Equity Investments, Real Assets, Finance & Economics

The illiquidity premium is one of the most frequently discussed and hotly disputed subjects in financial economics. Speaking broadly, an investment is not a checking account. One generally cannot just “get the cash back” at a moment’s notice, by visiting some equivalent of an ATM. How long will it takeRead More


Ramsay on the Stay of the TFP: Reform will Proceed

Apr 9th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Business News

The Securities and Exchange Commission recently imposed a stay on part of its transaction fee pilot (TFP). There is understandably a good deal of debate about the significance of this stay. The TFP, initiated in December 2018 with the expectation that it would run for at least one year, andRead More


High-Frequency-Trading Firms: Fast, Faster, Fastest

Apr 2nd, 2019 | Filed under: Newly Added, Hedge Fund Industry Trends, Algorithmic and high-frequency trading, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Business News

Many high-frequency trading (HFT) firms have disappeared into larger firms as merger activity has increased recently. Those acquired include Chopper, Infinium, Teza, RGM Advisors, and Sun Trading. It also includes Getco, the Chicago-based firm founded in 1999 by two former floor traders that almost defined the field for some time.Read More


Frame It- Painting A Picture Investors Want To See

Apr 1st, 2019 | Filed under: Newly Added, Hedge Funds, Alternative Investments in Context, Macroeconomics, Finance & Economics

By Diane Harrison Hedge fund investors and marketers seem glad to let go of 2018 and its disappointing finish, down 3.41%, a marked decline from 2017’s 11.99% gain. And yet, 2019 markets started the year with an upswing, reflecting the hope that springs eternal in capital raising. Alternatives managers willRead More


BLACK SWANS, MAJOR EVENTS & FACTOR RETURNS

Mar 24th, 2019 | Filed under: Newly Added, The A.I. Industry, Risk management, The Global Economy & Currencies, Economics, Risk Management Strategies & Processes, Macroeconomics, Finance & Economics

By Nicolas Rabener of FactorResearch INTRODUCTION Investors fear black swan events, although it can be argued that this fear is irrational. The black swan theory is a metaphor that describes a surprise event that has a major impact and is often rationalized with hindsight. A recent example would be theRead More


Bayesian Probability Theory and a Hierarchical Learning Portfolio

Mar 19th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Financial Economics Theory, The Global Economy & Currencies, Business News, Finance & Economics

Two scholars working with Bayesian probability theory recently published a fascinating discussion of market timing and portfolio efficiency. They have proposed what they call a “hierarchical ensemble learning portfolio.” Yes, that sounds rather heavy on the jargon. We’ll break it down a bit in what follows. The authors of theRead More


Algorithms Moving into the Bond Markets

Mar 17th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Risk management, Risk Metrics and Measurement, Risk Management Strategies & Processes

Algorithmic trading may fairly be said to have conquered the public equities world, although there are still pockets of resistance and related controversies. The robots have now turned their attention to the bond markets. Bond markets are different from stock markets in a lot of ways, and many of theseRead More


World Currency: Who Needs a Numeraire?

Mar 10th, 2019 | Filed under: Newly Added, Currencies, The A.I. Industry, Forex, The Global Economy & Currencies, Finance & Economics

One startling fact about the new book, How Global Currencies Work: Past Present and Future, is to be found in the index. One would normally expect, from a title and subtitle like that, that there would be a lot of pages enumerated at the index heading “Bretton Woods.” After all,Read More


Transaction Fees: Market Structure Goes to Court

Feb 26th, 2019 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Business News, Finance & Economics

The NYSE, on Thursday, Feb. 14, Nasdaq, and Cboe Global Markets (the following day) have united to bring lawsuits against the Securities and Exchange Commission to stop its transaction fee pilot. These are the three largest US equity exchanges and their attitude toward their regulator is usually one of cooperation.Read More


Alpha: The Rise of the Middle Class in Emerging Markets

Feb 21st, 2019 | Filed under: Newly Added, The A.I. Industry, Investing in Commodities, Financial Economics Theory, The Global Economy & Currencies, Emerging markets, Commodities, Finance & Economics

A new paper from State Street Global Advisors takes a sociological approach to the search for alpha in emerging market nations. It contends that the “major theme for growth” in the emerging markets moving forward will be “based on the rise of the middle class and rising consumption in theseRead More


Can LIBOR Be Replaced?

Feb 12th, 2019 | Filed under: Newly Added, Derivatives, The A.I. Industry, Credit Derivatives, Economics, Macroeconomics, Structured Products, Finance & Economics

Given a long wave of scandals that lasted from 2008 until 2012, most of the derivatives industry, and most of its regulators, have agreed that the London Interbank Offered rate [Libor] ought to be replaced by a more tamper-resistant mechanism. Surely there must be an index that will measure theRead More


Smart Beta and Tail Events

Feb 5th, 2019 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, Liquid Alternative Investiments, Business News, Smart Beta, Finance & Economics, Other Topics in A.I.

A sound “portfolio optimization strategy” is one that takes into consideration how its assets are behaving in the bad times, those that represent the left-side tail of the bell curve. This is not all that novel an idea, but Maria Kartsakli and Felix Schlumpf, Zurich Insurance Company executives, give itRead More


Who Cares What Employees Think? Hedge Funds, That’s Who

Feb 3rd, 2019 | Filed under: Newly Added, The A.I. Industry, Equity Hedge Funds, Behavioral finance, Hedge Funds, Finance & Economics

The bosses of a publicly listed company had better care what their employees think about their company, because “Mr. Market” cares. That is one natural inference from a new paper by Jinfei Sheng, of the Paul Merage School of Business, University of California, Irvine, who looks at how the opinionsRead More


How Public Pension Funds are Subsidizing Infrastructure

Jan 29th, 2019 | Filed under: Newly Added, Infrastructure, The A.I. Industry, Institutional Investing, Socially responsible investing, Alternative energy, Operationally Intensive Real Assets, Institutional Asset Management, Frontier markets, Real Assets, SRI and Clean Energy

Public pension funds in the United States invest in infrastructure. Unfortunately, they aren’t very good at it. A recent working paper of the NBER concludes, indeed, that public pensions are so bad at such investments that they—and thus either the public or its retirees or both—are unwittingly subsidizing infrastructure projects.Read More


An Emerging Market Nation Defaults: A Case Study

Jan 24th, 2019 | Filed under: Newly Added, The A.I. Industry, Emerging markets, Finance & Economics

A new book by Hassan Malik may serve as a caution for alternative investors operating in the emerging markets, in the form of a case study about the politics of default. Malik is an emerging markets strategist at Ned Davis Research in London. His new book, Bankers and Bolsheviks, beganRead More


Nick Pollard: The View from Mumbai

Jan 21st, 2019 | Filed under: Newly Added, The A.I. Industry, Hedge Funds, The Global Economy & Currencies, Emerging markets, Economics, Macroeconomics

On Jan. 11,  the CFA Society India hosted the 9th Annual India Investment Conference in Mumbai. CAIA was a platinum sponsor of this event.  The theme of this year’s IIC was “investing insights for uncertain times.” Nick Pollard, Managing Director, Asia Pacific at CFA Institute, kicked things off with aRead More


CORPORATE DEBT IN THE CHINESE STOCK MARKET

Jan 17th, 2019 | Filed under: Newly Added, The A.I. Industry, The Global Economy & Currencies, Economics, Frontier markets, Macroeconomics, Finance & Economics

By Nicolas Rabener, CAIA, Factor Research Summary: China exhibits the world’s highest corporate debt as % of GDP However, Chinese stocks are not significantly more levered than U.S. stocks Asset and debt growth has stalled in 2018, likely indicating an economic slowdown INTRODUCTION The McKinsey Global Institute published an influentialRead More


How Bayesians Solve the Markowitz Problem

Jan 13th, 2019 | Filed under: Newly Added, CAPM / Alpha Theory, Financial Economics Theory, Behavioral finance, The Global Economy & Currencies, Macroeconomics, Finance & Economics

Understanding of the “Markowitz problem” has changed in the 60+ years since Harry Markowitz’ publication of an article in the Journal of Finance that outlined the basics of modern portfolio theory. The problem is that portfolio theory requires an investor to estimate risk, return, and correlation from market data, meaningRead More


‘Great Moderation?’ Forget about it, says new Fed working paper

Jan 10th, 2019 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, The Global Economy & Currencies, Economics, Macroeconomics, Finance & Economics

A new working paper from the Federal Reserve Bank of Chicago looks at the real risk-free interest rate over the last 30 years, where it has been trending, and why that trend hasn’t had the consequences one might intuitively have predicted. The paper, Accounting for Macro-Finance Trends, is the workRead More


Top 5 Alpha Stories of 2018

Dec 30th, 2018 | Filed under: Newly Added, Private Equity, Hedge Fund Strategies, The A.I. Industry, Regulatory Environment, Hedge Funds, Event-Driven Hedge Funds, Equity Types of Private Equity, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Other Issues in Private Investments, Private Investments

Five stories stand out as the dominant stories for and about pursuers of alpha in the year just passed. There is nothing arbitrary about the list below. We admit, though, that the order in which we present them is arbitrary: that is, it is not a ranking, and it isRead More


10 Years Later: Reflections on the Madoff Meltdown

Dec 23rd, 2018 | Filed under: Newly Added, Media Coverage of Hedge Funds, The A.I. Industry, Due Diligence Process, Insolvency, Regulatory Environment, Legislation/Court rulings, Alternative Investments in Context, Business News

It was just about 10 years ago (Dec. 10, 2008) that Bernie Madoff acknowledged to his sons, Mark and Andrew, that he had “absolutely nothing left” of the funds that had been entrusted to him; that the investment fund that bore his name was “just one big lie.” There isRead More


The Wright Stuff

Dec 17th, 2018 | Filed under: Newly Added, What about beta?, The Global Economy & Currencies, Alternative Investments in Context, Economics, Macroeconomics, Allocating to A.I., Finance & Economics

By Bill Kelly, CEO, CAIA Association One hundred and fifteen years ago today two Wrights tried to make it right when it came time to ponder the prospect of flying the friendly skies. On that day in an open field in a place called Kill Devil Hills, the first recorded airplane flight took off and safelyRead More


McKinsey on Asia’s Asset Managers

Dec 16th, 2018 | Filed under: Newly Added, The A.I. Industry, Industry Size & Managers, Asset Managers, Regulatory, Regulatory Environment, The Global Economy & Currencies, Emerging markets, Economics, Allocating to A.I.

Assets under management for Asia’s managers have ballooned in the last 10 years, with an increase on average of 9% annually. Performance has been such as to encourage inflow. A recent study by McKinsey suggests that the “good times” will “keep rolling.” But it also cautions that the opportunities inRead More


FACTOR INVESTING MADE IN CHINA Harvesting Factor Returns in the Middle Kingdom

Dec 13th, 2018 | Filed under: Newly Added, The A.I. Industry, The Global Economy & Currencies, Economics, Macroeconomics, Finance & Economics

By Nicolas Rabener, CAIA, Factor Research Summary: Common equity factors generated attractive risk-adjusted returns in the Chinese stock market Factor performance in China often mirrors global factor performance Indicates common factor drivers that permeate even emerging and isolated markets INTRODUCTION Economic news like changes in GDP growth are frequently usedRead More


ISSA Reports on the Crypto-Infrastructure

Dec 12th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Frontier markets, Other Topics in A.I.

This has been a terrible year for cryptocurrencies. Bitcoin, the flagship for the asset class, peaked in the middle of December 2017 at a value of above $17,000. By the end of January this year, it was below $10,000. By September BTC had settled into a price range of $6,500.Read More