Financial Analysts Journal

By CFA Institute

What's Financial Analysts Journal about?

Quick coverage of the leading practitioner journal in the investment management community. Get a quick overview of each issue with the Editor's Snapshot. Also find article summaries and more.

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Financial Analysts Journal episodes:

10.15.2021
Editor's Snapshot, Financial Analysts Journal, Fourth Quarter, 2021, Vol. 77 No. 4
Heidi Raubenheimer, CFA, managing editor of the Financial Analysts Journal, provides an overview of the Fourth Quarter issue of 2021, featuring the following articles: "Environmental, Social, and Governance Issues and the Financial Analysts Journal" "Capital Market Liberalization and Investment Efficiency:...
09.23.2021
ESG Rating Disagreement and Stock Returns
This is a summary of “ESG Rating Disagreement and Stock Returns,” by Rajna Gibson Brandon, Philipp Krueger, and Peter Steffen Schmidt, published in the Fourth Quarter 2021 issue of the Financial Analysts Journal.
09.22.2021
Capital Market Liberalization and Investment Efficiency: Evidence from China
This is a summary of “Capital Market Liberalization and Investment Efficiency: Evidence from China” by Liao Peng, Liguang Zhang, and Wanyi Chen, published in the Fourth Quarter 2021 issue of the Financial Analysts Journal.
09.21.2021
Tax-Loss Harvesting: An Individual Investor’s Perspective
This is a summary of “Tax-Loss Harvesting: An Individual Investor’s Perspective,” by Kevin Khang, Thomas Paradise, and Joel Dickson, published in the Fourth Quarter 2021 issue of the Financial Analysts Journal.
09.10.2021
Index + Factors + Alpha
This is a summary of “Index + Factors + Alpha,” by Andrew Ang, Linxi Chen, Michael Gates, and Paul D. Henderson, published in the Fourth Quarter 2021 issue of the Financial Analysts Journal.
09.06.2021
Hedge Funds vs. Alternative Risk Premia
This is a summary of “Hedge Funds vs. Alternative Risk Premia,” by Philippe Jorion, published in the Fourth Quarter 2021 issue of the Financial Analysts Journal.
08.30.2021
Boosting the Equity Momentum Factor in Credit
This is a CFA Institute summary of “Boosting the Equity Momentum Factor in Credit,” published in the Fourth Quarter 2021 issue of the Financial Analysts Journal.
07.15.2021
Editor's Snapshot, Financial Analysts Journal, Third Quarter, 2021, Vol. 77, No. 3
Heidi Raubenheimer, CFA, managing editor of the Financial Analysts Journal, provides an overview of the Third Quarter issue of 2021, featuring the following articles: "The Financial System Red in Tooth and Claw: 75 Years of Co-Evolving Markets and Technology" "Volmageddon...
06.23.2021
To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling
To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling This is a summary of “To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling,” by M. Bender, B. Clapham, P. Gomber,...
06.11.2021
Hedge Fund Performance: End of an Era?
This is a summary of “Hedge Fund Performance: End of an Era?,” by Nicolas P.B. Bollen, Juha Joenväärä, and Mikko Kauppila, published in the Third Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/research/financial-analysts-journal/2021/hedge-fund-performance
05.24.2021
Predicting Bond Returns: 70 Years of International Evidence
This is a summary of “Predicting Bond Returns: 70 Years of International Evidence” by Guido Baltussen, Martin Martens, and Olaf Penninga, published in the Third Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/research/financial-analysts-journal/2021/predicting-bond-returns
05.21.2021
Volmageddon and the Failure of Short Volatility Products
This is a summary of “Volmageddon and the Failure of Short Volatility Products,” published in the Third Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/research/financial-analysts-journal/2021/volmageddon-failure-short-volatility-products
05.19.2021
Chinese and Global ADRs: The US Investor Experience
This is a summary of “Chinese and Global ADRs: The US Investor Experience,” published in the Third Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2021/chinese-and-global-adrs
05.10.2021
Decarbonizing Everything
This is a summary of “Decarbonizing Everything,” by A. Cheema-Fox, CFA, B. LaPerla, G. Serafeim, D. Turkington, CFA, and H. Wang, published in the Third Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2021/decarbonizing-everything
04.20.2021
Risk Mitigation of Corporate Social Performance in US Class Action Lawsuits
This is a summary of “Risk Mitigation of Corporate Social Performance in US Class Action Lawsuits,” by Daniel V. Fauser and Sebastian Utz, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2021/risk-mitigation-csp-us-class-action-lawsuits
04.20.2021
Retirement Income Sufficiency through Personalised Glidepaths
This is a summary of “Retirement Income Sufficiency through Personalised Glidepaths,” by Michael E. Drew and Jason M. West, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2021/retirement-income-sufficiency-personalised-glidepaths
04.20.2021
Identifying Hedge Fund Skill by Using Peer Cohorts
This is a summary of “Identifying Hedge Fund Skill by Using Peer Cohorts” by David Forsberg, David R. Gallagher, and Geoffrey J. Warren, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/research/financial-analysts-journal/2021/identifying-hedge-fund-skill-using-peer-cohorts
04.20.2021
Maturity-Matched Bond Fund Performance
This is a summary of the article “Maturity-Matched Bond Fund Performance” by Markus Natter, Martin Rohleder, and Marco Wilkens, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2021/maturity-matched-bond-fund-performance
04.20.2021
Active Trading in ETFs: The Role of High-Frequency Algorithmic Trading
This is a summary of “Active Trading in ETFs: The Role of High-Frequency Algorithmic Trading,” by Archana Jain, Chinmay Jain, and Christine X. Jiang, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/research/financial-analysts-journal/2021/active-trading-in-etfs
04.20.2021
Equity Investing in the Age of Intangibles
This is a summary of “Equity Investing in the Age of Intangibles,” by Amitabh Dugar and Jacob Pozharny, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/research/financial-analysts-journal/2021/equity-investing-age-of-intangibles
04.15.2021
Editor's Snapshot, Financial Analysts Journal, Second Quarter, 2021. Vol. 77, No 2
Heidi Raubenheimer, managing editor of the Financial Analysts Journal, provides an overview of the Second Quarter issue of 2021, featuring the following articles: “Equity Investing in the Age of Intangibles” “Identifying Hedge Fund Skill Using Peer Cohorts" “Active Trading in...
04.14.2021
Enhanced Portfolio Optimization
This is a summary of “Enhanced Portfolio Optimization” by Lasse Heje Pedersen, Abhilash Babu, CFA, and Ari Levine, published in the Second Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2021/enhanced-portfolio-optimization
03.30.2021
Toward ESG Alpha: Analyzing ESG Exposures through a Factor Lens
This is a summary of “Toward ESG Alpha: Analyzing ESG Exposures through a Factor Lens” by Ananth Madhavan, Aleksander Sobczyk, and Andrew Ang, published in the First Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2020/toward-esg-alpha
03.30.2021
Should Mutual Fund Investors Time Volatility?
This is a summary of “Should Mutual Fund Investors Time Volatility?” by Feifei Wang, CFA, Xuemin (Sterling) Yan, and Lingling Zheng, published in the First Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2020/should-mutual-fund-investors-time-volatility
03.30.2021
Reports of Value’s Death May Be Greatly Exaggerated
This is a summary of “Reports of Value’s Death May Be Greatly Exaggerated,” by Robert D. Arnott, Campbell R. Harvey, Vitali Kalesnik, and Juhani T. Linnainmaa, published in the First Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2020/reports-of-values-death-may-be-greatly-exaggerated
03.30.2021
Portfolio Choice with Path-Dependent Scenarios
This is a summary of "Portfolio Choice with Path-Dependent Scenarios” by Mark P. Kritzman CFA, Ding Li Grace (TianTian) Qiu, David Turkington CFA, published in the First Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2020/0015198X-2020-1841539
01.19.2021
Levered and Inverse Exchange-Traded Products: Blessing or Curse?
This is a summary of “Levered and Inverse Exchange-Traded Products: Blessing or Curse?” by Colby J. Pessina and Robert E. Whaley, published in the First Quarter 2021 issue of the Financial Analysts Journal. Summary: https://www.cfainstitute.org/en/research/financial-analysts-journal/2020/levered-and-inverse-exchange-traded-products
01.18.2021
Editor's Snapshot, Financial Analysts Journal, First Quarter, 2021, Vol. 77, No. 1
Heidi Raubenheimer, managing editor of the Financial Analysts Journal, provides an overview of the First Quarter issue of 2021, featuring the following articles: “Levered and Inverse Exchange-Traded Products: Blessing or Curse?” “Should Mutual Fund Investors Time Volatility?” “Reports of Value's...
10.16.2020
Factor Exposure Variation and Mutual Fund Performance
A summary of “Factor Exposure Variation and Mutual Fund Performance,” by Manuel Ammann, Sebastian Fischer, and Florian Weigert, published in the Fourth Quarter 2020 issue of the Financial Analysts Journal. Summary http://www.cfainstitute.org/en/research/financial-analysts-journal/2020/factor-exposure-variation
10.16.2020
Provision of Longevity Insurance Annuities
A summary of “Provision of Longevity Insurance Annuities” by Dale Kintzel and John A. Turner, published in the Fourth Quarter 2020 issue of the Financial Analysts Journal. Summary https://www.cfainstitute.org/en/research/financial-analysts-journal/2020/provision-of-longevity-insurance-annuities
10.16.2020
Conditional Volatility Targeting
A summary of “Conditional Volatility Targeting” by Dion Bongaerts, Xiaowei Kang, CFA, and Mathijs van Dijk, published in the Fourth Quarter 2020 issue of the Financial Analysts Journal. Summary http://www.cfainstitute.org/en/research/financial-analysts-journal/2020/conditional-volatility-targeting
10.16.2020
When Equity Factors Drop Their Shorts
A summary of “When Equity Factors Drop Their Shorts” by David Blitz, Guido Baltussen, and Pim van Vliet, published in the Fourth Quarter 2020 issue of the Financial Analysts Journal. Summary http://www.cfainstitute.org/en/research/financial-analysts-journal/2020/when-equity-factors-drop-their-shorts
07.16.2020
An Empirical Evaluation of Tax-Loss-Harvesting Alpha
A summary of “An Empirical Evaluation of Tax-Loss-Harvesting Alpha” by S.E. Chaudhuri, T.C. Burnham, and A.W. Lo, published in the Third Quarter 2020 issue of the Financial Analysts Journal. Summary http://www.cfainstitute.org/en/research/financial-analysts-journal/2020/empirical-evaluation-tax-loss-harvesting-alpha
07.16.2020
A Framework for Constructing Equity-Risk-Mitigation Portfolios
A summary of “A Framework for Constructing Equity-Risk-Mitigation Portfolios,” by J. Baz, J. Davis, S. Sapra, N. Gillmann, and J. Tsai, published in the Third Quarter 2020 issue of the Financial Analysts Journal.
07.16.2020
Targeting Retirement Security with a Dynamic Asset Allocation Strategy
A summary of “Targeting Retirement Security with a Dynamic Asset Allocation Strategy,” by Adam Kobor, CFA, and Arun Muralidhar, published in the Third Quarter 2020 issue of the Financial Analysts Journal.
07.16.2020
Risk Management and Optimal Combination of Equity Market Factors
A summary of “Risk Management and Optimal Combination of Equity Market Factors,” by Roger Clarke, Harindra de Silva, CFA, and Steven Thorley, CFA, published in the Third Quarter 2020 issue of the Financial Analysts Journal.
07.16.2020
A New Framework for Analyzing Market Share Dynamics among Fund Families
A summary of “A New Framework for Analyzing Market Share Dynamics among Fund Families,” by Jan Jaap Hazenberg in the Third Quarter issue of the Financial Analysts Journal.
07.16.2020
Decentralized Efficiency? Arbitrage in Bitcoin Markets
A summary of “Decentralized Efficiency? Arbitrage in Bitcoin Markets,” by Sinan Krückeberg and Peter Scholz, published in the Third Quarter 2020 issue of the Financial Analysts Journal.
07.15.2020
Editor's Snapshot, Financial Analysts Journal, 2020. Vol. 76, No. 3
Managing Editor of the Financial Analysts Journal Heidi Raubenheimer provides an overview of the Third Quarter issue of 2020. We continue to celebrate 75 years in research publishing with our opening article. Six research articles follow, covering retirement saving, equity...
04.16.2020
Public Sentiment and the Price of Corporate Sustainability
A summary of “Public Sentiment and the Price of Corporate Sustainability,” by George Serafeim, published in the Second Quarter 2020 issue of the Financial Analysts Journal.
04.16.2020
The Equity Differential Factor in Currency Markets
A summary of “The Equity Differential Factor in Currency Markets,” by David Turkington, CFA, and Alireza Yazdani, published in the Second Quarter 2020 issue of the Financial Analysts Journal.
04.16.2020
When Managers Change Their Tone, Analysts and Investors Change Their Tune
A summary of “When Managers Change Their Tone, Analysts and Investors Change Their Tune,” by M. Druz, I. Petzev, A. Wagner, and R. Zeckhauser, published in the Second Quarter 2020 issue of the Financial Analysts Journal.
04.16.2020
Looking under the Hood of Active Credit Managers
A summary of the article “Looking under the Hood of Active Credit Managers,” by Diogo Palhares and Scott Richardson, published in the Second Quarter 2020 issue of the Financial Analysts Journal.
04.15.2020
Editor’s Snapshot, Financial Analysts Journal, 2020. Vol. 76, No. 2
We open with the first of our series celebrating 75 years of the Journal. Next “The Big Market Delusion” and four research articles: two using big data “Public Sentiment and the Price of Corporate Sustainability” followed by “When Managers Change...
01.16.2020
Option Investor Rationality Revisited: The Role of Exercise Boundary Violations
A summary of “Option Investor Rationality Revisited: The Role of Exercise Boundary Violations,” by Robert Battalio, Stephen Figlewski, and Robert Neal, published in the First Quarter 2020 issue of the Financial Analysts Journal.
01.16.2020
Net Share Issuance and Asset Growth Effects: The Role of Managerial Incentives
A summary of “Net Share Issuance and Asset Growth Effects: The Role of Managerial Incentives,” by Shingo Goto, Zhao Wang, and Shu Yan, published in the First Quarter 2020 issue of the Financial Analysts Journal.
01.16.2020
Change Is a Good Thing
A summary of “Change Is a Good Thing,” by David M. Blanchett, CFA, Michael S. Finke, and James A. Licato, published in the First Quarter 2020 issue of the Financial Analysts Journal.
01.16.2020
The Tax Benefits of Separating Alpha from Beta
A summary of “The Tax Benefits of Separating Alpha from Beta,” by Joseph Liberman, Clemens Sialm, Nathan Sosner, and Lixin Wang, published in the First Quarter 2020 issue of the Financial Analysts Journal.
01.15.2020
Editor’s Snapshot, Financial Analysts Journal, 2020. Vol. 76, No. 1
We open with “Dynamics of ETF Fees,” followed by five research articles: “Change Is a Good Thing,” highlighting the effectiveness of fund selection and switching; “The Tax Benefits of Separating Alpha from Beta”; an equity strategy in “Net Share Issuance...
11.14.2019
Buffett's Alpha: An Interview with Andrea Frazzini
Andrea Frazzini talks about the article “Buffett’s Alpha,” Graham and Dodd winner in 2018 from the Financial Analysts Journal. Warren Buffett’s Berkshire Hathaway returns appear to be neither luck nor magic but, rather, a reward for leveraging cheap, safe, high-quality...

What's Financial Analysts Journal about?

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Financial Analysts Journal episodes:

Editor's Snapshot, Financial Analysts Journal, Fourth Quarter, 2021, Vol. 77 No. 4

ESG Rating Disagreement and Stock Returns

Capital Market Liberalization and Investment Efficiency: Evidence from China

Tax-Loss Harvesting: An Individual Investor’s Perspective

Index + Factors + Alpha

Hedge Funds vs. Alternative Risk Premia

Boosting the Equity Momentum Factor in Credit

Editor's Snapshot, Financial Analysts Journal, Third Quarter, 2021, Vol. 77, No. 3

To Bundle or Not to Bundle? A Review of Soft Commissions and Research Unbundling

Hedge Fund Performance: End of an Era?

Predicting Bond Returns: 70 Years of International Evidence

Volmageddon and the Failure of Short Volatility Products

Chinese and Global ADRs: The US Investor Experience

Decarbonizing Everything

Risk Mitigation of Corporate Social Performance in US Class Action Lawsuits

Retirement Income Sufficiency through Personalised Glidepaths

Identifying Hedge Fund Skill by Using Peer Cohorts

Maturity-Matched Bond Fund Performance

Active Trading in ETFs: The Role of High-Frequency Algorithmic Trading

Equity Investing in the Age of Intangibles

Editor's Snapshot, Financial Analysts Journal, Second Quarter, 2021. Vol. 77, No 2

Enhanced Portfolio Optimization

Toward ESG Alpha: Analyzing ESG Exposures through a Factor Lens

Should Mutual Fund Investors Time Volatility?

Reports of Value’s Death May Be Greatly Exaggerated

Portfolio Choice with Path-Dependent Scenarios

Levered and Inverse Exchange-Traded Products: Blessing or Curse?

Editor's Snapshot, Financial Analysts Journal, First Quarter, 2021, Vol. 77, No. 1

Factor Exposure Variation and Mutual Fund Performance

Provision of Longevity Insurance Annuities

Conditional Volatility Targeting

When Equity Factors Drop Their Shorts

An Empirical Evaluation of Tax-Loss-Harvesting Alpha

A Framework for Constructing Equity-Risk-Mitigation Portfolios

Targeting Retirement Security with a Dynamic Asset Allocation Strategy

Risk Management and Optimal Combination of Equity Market Factors

A New Framework for Analyzing Market Share Dynamics among Fund Families

Decentralized Efficiency? Arbitrage in Bitcoin Markets

Editor's Snapshot, Financial Analysts Journal, 2020. Vol. 76, No. 3

Public Sentiment and the Price of Corporate Sustainability

The Equity Differential Factor in Currency Markets

When Managers Change Their Tone, Analysts and Investors Change Their Tune

Looking under the Hood of Active Credit Managers

Editor’s Snapshot, Financial Analysts Journal, 2020. Vol. 76, No. 2

Option Investor Rationality Revisited: The Role of Exercise Boundary Violations

Net Share Issuance and Asset Growth Effects: The Role of Managerial Incentives

Change Is a Good Thing

The Tax Benefits of Separating Alpha from Beta

Editor’s Snapshot, Financial Analysts Journal, 2020. Vol. 76, No. 1

Buffett's Alpha: An Interview with Andrea Frazzini

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