< The Finance Professionals' Post: December 2012

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8 posts from December 2012

12/26/2012

Twenty Financial Services Firms That Will be Hiring in 2013

EfinancialCareers

It’s been a turbulent year in finance, with layoffs, scandals, and depressing balance sheets making most of the headlines. Large banks have cut tens of thousands of employees, hedge funds are closing on a daily basis and compensation is being cut across the board.

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12/24/2012

Ten Cult Films on Finance to Watch (or Re-watch) This Christmas

EfinancialCareers

The moment is approaching. Having partaken of the festive food orgy, it won’t be long before you get to elongate yourself on the sofa and watch a selection of films on your home cinema system/television. Rather than watching the Dark Knight Rises or The Chronicles of Narnia (again), why not choose a film about finance?

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12/19/2012

Three Questions with Joseph Longino

With the Securities and Exchange Commission’s (SEC) decision on the possible incorporation of International Financial Reporting Standards (IFRS) into the US system still outstanding, many are wondering about the implications for their work and organizations.

In anticipation of the potential upcoming changes, IASeminars and NYSSA will host the 18th Annual NYSSA International Financial Reporting Conference & Workshops January 8-10, 2013. In the following interview, we spoke with Joseph Longino, principal of Sandler O'Neill + Partners, L.P., and a primary resource to the firm’s clients on supervisory, regulatory, and accounting matters. Longino is also a member of the Financial Accounting Standards Advisory Council (FASAC), a diverse group of senior accounting experts who advise the Financial Accounting Standards Board (FASB) on a broad range of matters affecting financial accounting and reporting standards in the private sector, and co-chair of the US chapter of the Corporate Reporting Users’ Forum (CRUF), an international discussion forum committed to engaging the FASB and IASB as they set accounting standards.

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12/17/2012

Recent Research: Highlights from December 2012

"Framework for Hedge Fund Return and Risk Attribution"
The Journal of Investing (Winter 2012)
Rob Brown

This article provides a framework for hedge fund return and risk attribution through the construction of a relevant benchmark. It is shown that volatility is a source of systematic risk, volatility measures based on equity market returns are more robust, fees have averaged between one-half and one-third of total gross returns, and high explanatory power can be achieved without the use of exotic systematic risk factors. Finally, the article suggests that alpha and systematic risk loadings are best estimated when regressed on gross returns and that systematic risk exposures are multi-dimensional and effectively modeled using a four-factor model. Hedge fund performance is determined by exposure, skill, and cost. The framework presented here provides robust attribution to exposure, skill, and cost.

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12/12/2012

Four Questions with Pinto Suri

With the Securities and Exchange Commission’s (SEC) decision on the possible incorporation of International Financial Reporting Standards (IFRS) into the US system still outstanding, many are wondering about the implications for their work and organizations. In anticipation of the potential upcoming changes, IASeminars and NYSSA will host the 18th Annual NYSSA International Financial Reporting Conference & Workshops January 8-10, 2013.

Here, we spoke with Pinto Suri, a principal of Prudential Fixed Income’s Credit Research Group where he covers the insurance sector. Suri has been an active member of the Corporate Reporting Users Forum, a global organization formed to enable professional investors and analysts to engage in the debate on current and future corporate reporting issues. Prudential Fixed Income, a business of Prudential Financial, Inc., is one of the largest fixed income asset managers in the US with $348 billion in assets under management as of June 30, 2012.

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12/10/2012

The Courage Deficit: Why Regulators Must Act More Decisively in Equity Trading Markets

Public confidence in the integrity of equity trading markets appears to be at a once-in-a-generation low. The flash crash, the 45-minute path to near-insolvency at Knight Trading, and the large losses for investors in Facebook have not instilled confidence that the public can engage fairly in US equity markets.

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12/05/2012

Great Famines: Lessons from the Nineteenth Century

Of all horsemen of the Apocalypse, Famine has the most connection with economics. The final death toll in most famines is mostly determined by another horseman, Pestilence, which follows famines through many obvious and less obvious channels. My purpose is a study of economic, not medical, history, so I’ll refer to “famine,” although most excess deaths can be attributed to epidemics.

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12/03/2012

Wall Street Survives One Storm but Now Faces Another

Now that Wall Street’s huge bet on presidential candidate Mitt Romney has failed, banks face four more years of a less than sympathetic ear in the Oval Office.

The world’s major capital market banks are in bad shape. They are trading well below book value, were recently downgraded and the majority of them have failed for more than two years to earn a return on equity greater than its cost.

Seven of the top 10 banks have had chief executive changes since 2009, three of these being made “effective immediately.”

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