CFA Institute: CFA Institute Conference Proceedings Quarterly: Table of Contents

Letter from the Editor

cfapubs@cfainstitute.org (Daniel J. Larocco) — Wed, 13 Feb 2008 18:59:28 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: iii-iii.

The Liquidity Conundrum

cfapubs@cfainstitute.org (Paul A. McCulley) — Wed, 13 Feb 2008 18:59:28 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 1-4.
For many years, economists believed that liquidity was a phenomenon that could be explained by a consideration of the monetary aggregates. But if the problems of the subprime mortgage market teach us anything, it should be that ...

Investment Opportunities in Clean Energy

cfapubs@cfainstitute.org (John T. Preston et al) — Wed, 13 Feb 2008 18:59:34 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 5-13.
At first glance, the outlook for energy could not be worse. Demand for energy is increasing much more rapidly than anticipated, even as supply from traditional sources appears to be dwindling. In addition, the world is becoming ...

Beyond Active Alpha

cfapubs@cfainstitute.org (Robert B. Litterman) — Wed, 13 Feb 2008 18:59:35 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 14-21.
Today, the capital asset pricing model (CAPM) is regarded as an elegant theory but not particularly descriptive of reality. Nevertheless, departures from the CAPM can indicate exploitable opportunities for the active manager in ...

Emotional and Cognitive Perceptions of Risk

cfapubs@cfainstitute.org (Nicholas Barberis) — Wed, 13 Feb 2008 18:59:26 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 22-28.
The efficient market hypothesis (EMH) is an elegant theory that relies on overall investor rationality. But research in the field of behavioral finance has shown that investors are prone to emotional decision making and cognitive ...

Market Liquidity and Short-Term Credit: The Financial Crisis

cfapubs@cfainstitute.org (Stephen G. Cecchetti) — Wed, 13 Feb 2008 18:59:34 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 29-39.
Central bank intervention halted what otherwise could have been a dramatic meltdown in global financial markets in August 2007. The symptoms of the crisis were almost exclusively experienced in the short-term fixed-income markets, ...

Alternative Strategies in Fixed Income

cfapubs@cfainstitute.org (Kent Wosepka) — Wed, 13 Feb 2008 18:59:29 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 40-46.
Volatility trades using options and credit default swaps offer attractive trading opportunities for absolute return fixed-income portfolios. Derivatives open the door to sophisticated strategies that allow investors to pinpoint the ...

Consulting to the Ultra Affluent

cfapubs@cfainstitute.org (Scott D. Welch) — Wed, 13 Feb 2008 18:59:30 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 47-56.
The ultra affluent expect a great many things of a wealth manager, although their priorities might not be exactly what one would expect. Success in the wealth management business requires that a wealth manager recognize that the model ...

Is a Bubble Brewing in Private Equity Markets?

cfapubs@cfainstitute.org (Gary Fencik) — Wed, 13 Feb 2008 18:59:29 GMT

CFA Institute Conference Proceedings Quarterly Mar 2008, Vol. 25, No. 1: 57-63.
The minimum 10-year commitment to private equity makes it a challenging asset class to invest in. And success is often determined by the price paid going in. Therefore, the question of whether private equity is in a bubble is a highly ...