Browsing: Emerging Alternative Investments

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Emerging Alternative Investments

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


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


Earth to Kerth… It’s Our Day 

Apr 22nd, 2019 | Filed under: Newly Added, What about beta?, Socially responsible investing, Emerging Alternative Investments, Alternative energy, Climate change, SRI and Clean Energy, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association The Urban Dictionary turned 20 years old last month. If staying power means anything, perhaps it is time to use it as a citable source for modern day lexicon of words like Kerth. It seems Kerth is a name for someone who connotes sweetness, politeness,Read More


ICOs Versus VC Funding for New Ventures

Apr 4th, 2019 | Filed under: Newly Added, The A.I. Industry, Venture capital, Emerging Alternative Investments, Digital currencies, Private Investments

Yes, venture capital manager, we understand that you want a piece of that unicorn yonder. But does the unicorn want you? That is the question raised by a new paper from two scholars affiliated with New York University, Yannis Bakos and Hanna Halaburda, “Funding New Ventures with Digital Tokens.” Specifically,Read More


Was 2014 a Turning Point for ESG Investing?

Mar 7th, 2019 | Filed under: Newly Added, Social investing, The A.I. Industry, Institutional Investing, Socially responsible investing, Emerging Alternative Investments, Institutional Asset Management, SRI and Clean Energy

Amundi, the French asset management firm that, less than a year ago, launched the world’s largest green bond and emerging markets-focused investment, has just posted a scholarly discussion, “How ESG Investing Has Impacted the Asset Pricing in the Equity Market.”  The paper begins by saying that academic study of ESG firmsRead More


Modeling the Volatility of Crypto Exchange Rates

Jan 31st, 2019 | Filed under: Newly Added, The A.I. Industry, Regulatory Environment, Emerging Alternative Investments, Digital currencies, Risk Metrics and Measurement, Risk Management & Operations, Other Topics in A.I.

GARCH (Generalized Autoregressive Conditional Heteroskedasticity) models are very useful for estimating the volatility for a lot of more traditional assets (stocks and bonds) and their indices, which is why they’ve been around since the 1980s. But when they’re used for Bitcoin, Ethereum, Ripple, and Litecoin they yield incorrect predictions forRead More


Next Stop, The Opportunity Zone

Jan 28th, 2019 | Filed under: Newly Added, What about beta?, Qualified Opportunity Zones, Emerging Alternative Investments, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association Witness if you will… This was often the opening line of Rod Serling, the creator and narrator of The Twilight Zone series. Launched on CBS television 60 years ago, it dealt with human morality superimposed over what were almost always surreal or otherwise unusual circumstances. Serling’s narrative at both the beginning and the end of eachRead More


Do the Capital Markets Reward Low-Carbon Business Models?

Jan 15th, 2019 | Filed under: Newly Added, Commodities, The A.I. Industry, Investing in Commodities, Socially responsible investing, Natural Resources and Land, Emerging Alternative Investments, oil, Alternative energy, Commodities, Commodities: Examples, Climate change, Real Assets, SRI and Clean Energy, Other Topics in A.I.

A new study by two scholars, an American and an Italian, presents evidence that financial markets are pricing the risk of reliance upon carbon, penalizing carbon-intensive assets and rewarding low-carbon assets. Irene Monasterolo and Luca de Angelis, respectively of Boston University and the University of Bologna, begin with the ParisRead More


Risks & Rewards: The Future of Finance in Blockchain

Jan 6th, 2019 | Filed under: Newly Added, The A.I. Industry, Risk management, Technology, Operations, Emerging Alternative Investments, Digital currencies, ETFs, Smart Beta, Risk Management Strategies & Processes, Risk Management & Operations, Other Topics in A.I.

A new article by Dave Dowsett and Heather Wied, both of Invesco, looks at blockchains and the way this new technology, precisely as it divorces itself from its original significance as a feature of the cryptocurrencies, is ready to transform finance. Dowsett and Wied contend that blockchain “offers the possibilityRead More


ETF Arbitrage and Its Consequences

Jan 1st, 2019 | Filed under: Newly Added, Retail Investing, The A.I. Industry, Emerging Alternative Investments, Alternative Investments in Context, ETFs, Other Topics in A.I.

A new paper by Ilias Filippou and two other scholars looks at ETF arbitrage. This is a trading strategy that plays off of discrepancies between the value of the exchange-traded funds on the one hand and the value of their underlying stocks on the other. ETF arb is not new,Read 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


Leveraging and Enhancing Catastrophe Models

Dec 27th, 2018 | Filed under: Newly Added, The A.I. Industry, Risk management, Operations, Emerging Alternative Investments, Risk Metrics and Measurement, Risk Management Strategies & Processes, Risk Management & Operations, Other Topics in A.I.

I write these words soon after reading the news from Sundra Strait, Indonesia. In recent days, the eruption and collapse of a volcano there has set off a tsunami that in turn has devastated the coastal regions of Banten and Lampung, also in Indonesia. Much time may have to passRead 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


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


Tiptoe Thru’ the Cryptos With Yale

Oct 9th, 2018 | Filed under: Newly Added, What about beta?, Institutional Investing, Emerging Alternative Investments, Digital currencies, Endowments & Foundations, Institutional Asset Management, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association Fifty years ago, Tiny Tim, the ukulele-wielding father of falsetto, released his self-aggrandizing album entitled God Bless Tiny Tim. Love it or hate it, those of a certain generation will never forget Track 2 entitled “Tiptoe Thru’ The Tulips With Me.” In the modernRead 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


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


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


Cryptocurrencies: Alpha and Malta

Aug 30th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, The Global Economy & Currencies, Digital currencies, Other Topics in A.I.

Malta was the first jurisdiction within the EU to develop a regulatory system for collective investment schemes that invest in cryptocurrencies. A new paper offering what it calls a “top-down analysis” of hedge funds involved with cryptos details the regulatory framework now in force in Malta, highlighting the set-up andRead More


New SEC Commissioner Dissents on a Bitcoin ETF

Aug 9th, 2018 | Filed under: Newly Added, The A.I. Industry, Regulatory, Crowdfunding, Regulatory Environment, Emerging Alternative Investments, Commodities, Other Topics in A.I.

The U.S. Securities and Exchange Commission recently (on July 26) disapproved of proposed rules changes that would have greenlit listing of the Winklevoss Bitcoin Trust on the Bats BZX Exchange.  In essence, the SEC has now rejected the listing of a Bitcoin exchange-traded product (ETP) on a national exchange. TheRead More


Centralized Exchanges and Cryptocurrencies

Jul 26th, 2018 | Filed under: Newly Added, Currencies, Investing in Commodities, Financial Economics Theory, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Commodities, Finance & Economics

Cryptocurrencies are increasingly traded on centralized exchanges, such as Gemini and Coinbase. This fact itself has generated some resentment in the crypto world, because the very idea of  centralized exchange seems to violate the original anarchic animating spirit of the cryptocurrencies, even of “Satoshi” himself. Vitalik Buterin, who as the creatorRead More


Travails from the Crypt

Jul 23rd, 2018 | Filed under: Newly Added, What about beta?, Digital currencies

Cryptography is the practice and study of hiding information. While that does not necessarily define cryptoassets, it does begin to underscore the challenges that need to be overcome before we can see wide institutional adoption. The issues around valuation, liquidity, regulation, and even speculation have grabbed many of the recent headlines, but it might be the more boring world of custody and safekeepingRead More


BarclayHedge Numbers Show Cryptocurrency Dive

Jul 19th, 2018 | Filed under: Newly Added, Currencies, CTA, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Commodities, Macro and Managed Futures Funds, Other Topics in A.I.

BarclayHedge says that its flash estimate for the Barclay CTA Index shows a 0.05% loss in June, and a 2% loss year to date. More remarkably, the flash estimate shows a 16.23% drop in June and a 45.43% drop YTD for the CryptoCurrency Traders Index. The founder and president ofRead More


Chain Blockers

Jul 16th, 2018 | Filed under: Newly Added, What about beta?, Emerging Alternative Investments, Digital currencies, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association The base case for distributed ledger technology (or DLT, and often used interchangeably with blockchain) is to create a trusted network of participants where there is just one ledger of account records shared by all and there is no central recordkeeper. Transactions are digitalRead More


The Crypto ‘Bubble’ as Seen From Boston College

Jul 5th, 2018 | Filed under: Newly Added, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Other Topics in A.I.

Two scholars affiliated with Boston College, Carroll School of Management, have published a study of initial coin offerings (ICOs), that has given a mixed verdict on the common contention that cryptocurrencies in general and ICOs in particular constitute a “bubble” akin to, say, 17th century tulips or the mortgage derivativesRead More


The Efficiency of the Markets in Crypto-Currencies

Jun 28th, 2018 | Filed under: Newly Added, Currencies, Financial Economics Theory, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics

Three scholars affiliated with Johns Hopkins have evaluated cryptocurrency investing, in a new paper available at SSRN, and have concluded that “near-term cryptocurrency markets are semi-strong form efficient.” That bit of finance theorist jargon means that all publicly available information gets discounted quickly into an asset’s price, so that neitherRead More


A Talk on the What and Whys of Cryptocurrencies

Jun 20th, 2018 | Filed under: Newly Added, Currencies, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

The Battle of the Quants came to New York City on Wednesday, June 20, and the CAIA Association was one of its media sponsors. Much of the event involved cryptocurrencies, including an exchange between John D’Agostino (the global head of investor engagement at DMS Governance) and Nouriel Roubini, Chairman ofRead More


Africa Still Rising (but Patience May Be Required)

Jun 12th, 2018 | Filed under: Newly Added, Private Equity, Emerging Alternative Investments, The Global Economy & Currencies, High-net-worth investors, Emerging markets, Private Investments, Other Topics in A.I.

The Emerging Markets Private Equity Association, in a new report, suggests that the “Africa Rising” narrative of a few years ago is behind us. Africa is seen still as having enormous potential. But the report also says, “the commodity downturn of the last several years has had a severe impactRead More


A Microfinance Fund for Central Java, Indonesia

May 13th, 2018 | Filed under: Newly Added, Microfinance, Emerging Alternative Investments, Digital currencies, Other Topics in A.I.

Blossom Finance, an investment consultancy that describes its business model as “commercial financing with social benefits,” announced recently open enrollment for an Islamic microfinance fund designed to bolster micro-businesses and traditional market sellers in the province of Central Java, Indonesia. This will be a crypto-currency infused fund: participants can investRead More


Distressed Digital Exchanges as Buyout Targets

May 10th, 2018 | Filed under: Newly Added, Emerging Alternative Investments, Digital currencies, Other Topics in A.I.

Tanzeel Akhtar has written a story for BraveNewCoin in which she discusses the availability of distressed digital exchanges as a means by which large companies can cheaply gain their own toeholds in the cryptocurrency world. Surely, risk arbs in the world of alternative investment will find this paper a valuableRead More


Crowdfunding in the Absence of Liquidity Constraints

May 8th, 2018 | Filed under: Newly Added, Crowdfunding, Emerging Alternative Investments, Other Topics in A.I.

A forthcoming issue of the Journal of the European Economic Association will carry a study arguing that crowdfunding in the absence of liquidity constraints is a superior method of equity financing–superior to “traditional financing forms,” that is, unless those traditional financiers are fully competitive and perfectly informed.  By one estimate,Read More


Bitcoin Futures ETFs: SEC Requests Comment

Apr 8th, 2018 | Filed under: Newly Added, Currencies, Financial Economics Theory, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

In December last year the NYSE Arca Inc. filed a proposed rule change that would allow for the creation of Exchange Traded Funds investing in Bitcoin futures contracts, and, potentially, in other related Financial Instruments. In January 2018 the U.S. Securities and Exchange Commission extended its review of this proposal.Read More


The PE Lifecycle Can Be Audited by Blockchain

Mar 27th, 2018 | Filed under: Newly Added, Emerging Alternative Investments, Digital currencies, Other Issues in Private Investments, Private Investments, Other Topics in A.I.

On March 19, Northern Trust announced that it has enhanced its blockchain technology for private equity to the point where it can be employed by auditors. The audit firm can have its own blockchain node, which will enable access to real-time fund data. Pete Cherecwich, who runs Corporate & InstitutionalRead More


Eurekahedge: Greater China Mandates Pay Off for January

Feb 20th, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Commodities, Hedge Fund Strategies, The A.I. Industry, Investing in Commodities, Indexes, Hedge Funds, Emerging Alternative Investments, oil, Digital currencies, Commodities, Commodities: Examples, Energy, Gold, Other Topics in A.I.

A new Index Flash Update from Eurekahedge says that hedge funds are off to a positive start to 2018. The industry globally gained 2.26% in January. Among developed world mandates, North American hedge funds were up 1.89%, followed by those of Japan and Europe, which gained 1.28% each. Higher numbersRead More


Ceres Report Evaluates Value of Early-Stage Clean Energy

Feb 4th, 2018 | Filed under: Newly Added, Private Equity, Venture capital, Socially responsible investing, Emerging Alternative Investments, Alternative energy, Other Issues in Private Investments, Commodities: Examples, Energy, Private Investments, SRI and Clean Energy, Other Topics in A.I.

A recent publication from Ceres, a nonprofit organization devoted to promoting sustainability as a goal in both investing and corporate governance, looks at the value that early-stage clean energy products offer venture capitalists. The publication is the work of a team of five “lead authors and key contributors,” including threeRead More


What CTAs Think about Bitcoin Futures

Jan 25th, 2018 | Filed under: Newly Added, Currencies, CTA, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Commodities, Macro and Managed Futures Funds, Finance & Economics, Other Topics in A.I.

A new BarclayHedge study indicates that the majority of commodity trading advisers surveyed are unenthusiastic about the new Bitcoin futures. Specifically, asked “do you consider Bitcoin futures to be a valuable/useful addition to a diversified futures portfolio?” nearly three quarters (73%) said “no.” The sample for this survey included firmsRead More


CRYPTOCURRENCIES – HOT BUY OR HOT AIR?

Jan 17th, 2018 | Filed under: Newly Added, Currencies, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Other Topics in A.I.

By Diane Harrison With traditional stock markets offering robust gains in 2017 and looking poised to continue their attractiveness in 2018, investors need strong persuasion to shift their equity allocations elsewhere. Enter the latest media darling: cryptocurrencies. The alternatives news feeds are awash in stories extolling the meteoric rise ofRead More


A Proposal for a Monthly Art Market Index

Jan 9th, 2018 | Filed under: Newly Added, Emerging Alternative Investments, Real Assets, Other Topics in A.I.

It has long been understood that ownership of works of art isn’t just a collection or a hobby, or a way to brighten up the walls of one’s home. It’s a portfolio decision. But it is a portfolio decision that involves non-fungible and very infrequently traded assets.  So: how doesRead More


Benchmarking Distributed Ledger Technology

Dec 21st, 2017 | Filed under: Newly Added, Emerging Alternative Investments, Digital currencies, Other Topics in A.I.

Two scholars affiliated with the Cambridge Centre for Alternative Finance, in Great Britain, have prepared a fascinating overview of the present state of blockchain and distributed ledger technology (DLT). Dr. Garrick Hileman and Michel Rauchs, respectively a Research Fellow and a research assistant, have gathered data from more than 200Read More


The Transformation of the Global Reinsurance Industry

Dec 14th, 2017 | Filed under: Newly Added, Emerging Alternative Investments, Other Issues in Private Investments, Other Topics in A.I.

A new paper from Milliman, a consultant to the insurance and financial services industries, discusses the ongoing transformation in and of the global reinsurance industry that alternative investment has created. About 20 years ago, in the wake of Hurricane Andrew and the Northridge earthquake, catastrophe bonds caught on as aRead More


Deloitte on Initial Coins Offerings (ICOs) as IPOs

Dec 10th, 2017 | Filed under: Newly Added, Currencies, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Other Issues in Private Investments, Private Investments, Other Topics in A.I.

An October 2017 white paper from Deloitte discusses the extent to which the offerings of tokens built upon blockchains have become the new IPOs of the crypto era. There are no binding rules about how to execute an initial coin offering (ICO). Nonetheless, there have been enough of these soRead More


Regulatory Challenges Posed by Crypto Funds

Dec 5th, 2017 | Filed under: Newly Added, Currencies, Hedge Funds, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Commodities, Finance & Economics

A forthcoming paper in the Stanford Journal of Law, Business, and Finance looks at the cryptocurrency markets (bitcoin and its kin), the hedge funds that look to make money from them and the operational issues involved. Two independent scholars collaborated on writing the paper: Edmund Mokhtarian and Alexander Lindgren. AlthoughRead More


QUANT STRATEGIES IN THE CRYPTOCURRENCY SPACE

Nov 21st, 2017 | Filed under: Newly Added, Emerging Alternative Investments, Digital currencies, Other Topics in A.I.

By Nicolas Rabener, FactorResearch Factor Investing in the Wild West of Financial Markets Summary: Cryptocurrencies have reached a market capitalisation of > $150bn Backtesting quantitative strategies is difficult given a limited trading history & universe Short-term Momentum works very well, classic factor investing strategies less so INTRODUCTION The year 2017Read More


Can We All Participate in The Next Unicorn?

Aug 28th, 2017 | Filed under: Newly Added, Retail Investing, The A.I. Industry, Crowdfunding, Emerging Alternative Investments, Other Topics in A.I.

Excerpted from the Alternative Investment Analyst Review, Volume 6, Issue 1 The Alternative Investment Analyst Review is the official publication of the CAIA Association. Access to the most current issue is an exclusive benefit of CAIA Membership while archived issues are available to the public in the Perspectives section atRead More


Blockchains, Innovations, and Intermediaries

Aug 17th, 2017 | Filed under: Newly Added, Emerging Alternative Investments, Digital currencies, Other Topics in A.I.

A new paper by Wulf A. Kaal, an Associate Professor at the University of St. Thomas in Minnesota, looks at the proliferation of blockchain-related innovations in the world of private investment funds. In an earlier paper, Kaal discussed the impact this is having on the fee structure of that industry.Read More


Wine: French Producers, U.S. Consumers, the World’s Investors        

Jul 4th, 2017 | Filed under: Newly Added, Natural Resources and Land, Emerging Alternative Investments, Real Assets, Other Topics in A.I.

Agrifrance recently posted a report looking at the French wine industry, with an especial focus on export to the United States. The U.S. “has been the world’s leading wine market by value since 2013,” says the company head, Benoit Léchenault, in a preface to the report. France is the secondRead More


Marketplace Lending: Just Because I’m Disruptive Doesn’t Mean We Can’t Be Friends!

May 23rd, 2017 | Filed under: Newly Added, Microfinance, Emerging Alternative Investments, Other Issues in Private Investments, Private Investments, Other Topics in A.I.

Mark Shore, chief research officer of Shore Capital Research, and an adjunct professor at DePaul University, has prepared an “overview” of marketplace lending for institutional investors and wealth managers. The practice under discussion is also known as peer-to-peer, or even in these character economizing days as P2P, lending. Shore explainsRead More


The Cryptocurrency Ecosystem: A New Benchmark Study

May 16th, 2017 | Filed under: Newly Added, Currencies, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

It is clear by now to even the most hardened skeptic that cryptocurrency, the class of assets of which bitcoin is the paradigm, is much more than a passing fad. Yes, the field may once have been too closely associated with survivalists, cranks, and bit players in the story ofRead More


On the Bitcoin Blockchain: Looking Under the Hood

Jan 19th, 2017 | Filed under: Newly Added, Algorithmic and high-frequency trading, Currencies, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Business News, Finance & Economics

More than a year ago, the Capco Institute Journal of Financial Transformation (Journal) ran a “critical assessment,” by Robert Sams, of bitcoin blockchains as a means of distributed clearing. With both bitcoins and blockchains newly in the news, Sams’ informed assessment is worth another look. Two years ago, Nasdaq announcedRead More


Ammar on the Implied Volatility Smile

Dec 22nd, 2016 | Filed under: Newly Added, Emerging Alternative Investments, Other Issues in Private Investments, Risk Management Strategies & Processes, Risk Management & Operations

In a new working paper, a scholar at the School of Finance, at the University of St Gallen, Switzerland,   Semir Ben Ammar, has analyzed the relationship between catastrophe risk and the “implied volatility smile” in stock options.  Along the way, he has proposed what may be a novel type ofRead More