This Stocks, Bonds, Bills, and Inflation® (SBBI®): 2021 Summary Edition enables investors to understand how to calculate, interpret, and use the US historical stock and bond data that the CFA Institute Research Foundation has made available to CFA Institute members.
This paper, “Money in COVID Times,” is an analysis of how the role of central banks in the market and the economy has changed since 2008. From this perspective, the COVID-19 situation has only exacerbated the transformation of central banks into entities that act as lender and market maker of last resort, every time markets experience a level of stress that could reverberate across money markets, including credit and financial assets used as collateral.
This paper estimates ex-ante crash probabilities for stocks via novel machine learning methodologies. It documents causal evidence that retail participation significantly increases stock crash risk. This effect is stronger for small firms.
The Global ESG Disclosure Standards for Investment Products are the first global voluntary standards for disclosing how an investment product considers ESG issues in its objectives, investment strategy, and stewardship activities.
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