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04/20/2011

Pushing the Threshold: New Uses for Exposures Analysis

When we began building our Security Exposures Analysis functionality, the focus was on understanding an exposure to particular criteria—what I call “thematic exposures.” For example, our clients could understand their total firm or group exposure, across every portfolio, to Japanese companies, or big oil. Since then, users have branched out into entirely new analysis methods. They have used exposures analysis to fit a variety of different settings. In all of our conversations with clients, the way people used the product suggested another approach to the analysis being performed: One that focused not on thematic exposures only but also on threshold exposures.

Continue reading "Pushing the Threshold: New Uses for Exposures Analysis" »

04/04/2011

Reputational Risk

The global financial crisis of 2007–2009 was associated with an unprecedented degree of financial and economic damage. For investors and financial intermediaries, the estimates seem to have risen to over $4 trillion or so worldwide by the time things began to stabilize, according to the International Monetary Fund (2009). Along with the financial damage has come substantial reputational damage for the financial services industry, for financial intermediaries and asset managers, and for individuals.

Continue reading "Reputational Risk" »

03/24/2011

Structured Product Portfolio Managers are Faring Well

EFinancialCareersDon’t believe the hype. Despite the negative profile structured credit products have received during the past few years, some jobs in the space remain pretty secure. Maybe the people on the trading and sell side weren’t so lucky, but the jobs of portfolio managers with a specialized skill never went away. Even as banks were forced to slough off some of their exotic products, hedge funds and pure asset managers firms stayed in the game.

Continue reading "Structured Product Portfolio Managers are Faring Well" »

03/22/2011

Hedge Fund Hiring, Apprentice-Style

With all the Wall Street types who are looking for jobs, and those eager to jump ship, Aram Fuchs, a partner at Fertilemind Capital, figured it’d be no problem filling a senior and junior analyst position at his hedge fund. But when his networking, interviews and other efforts didn’t yield the kind of candidates he was looking for, he decided to take another tack: hold a contest à la Donald Trump’s the Apprentice and award the gigs to the winners.

Continue reading "Hedge Fund Hiring, Apprentice-Style" »

03/02/2011

A Blueprint for Mortgage Finance Reform

JUMP TO: TIMELINE | Q&A | THE ADMINISTRATION'S PLAN

The goal of reforming housing finance should be to ensure economic efficiency, both in the primary mortgage market (origination) as well as in the secondary mortgage market (securitization). By economic efficiency, we have in mind a housing finance system that

  • corrects any market failures if they exist; notably in this case is the externality from originators and securitizers undertaking too much credit and interest rate risk as this risk is inherently systemic in nature;
  • maintains a level-playing field between the different financial players in the mortgage market to limit a concentrated build-up of systemic risk; and
  • does not engender moral hazard issues in mortgage origination and securitization.

Motivated from economic theory, we argue that such a mortgage finance system should be primarily private in nature. It should involve origination and securitization of mortgages that are standardized and conform to reasonable credit quality. The credit risk underlying the mortgages should be borne by market investors, perhaps with some support from private guarantors. There should be few guarantees, if any, from the government.

Continue reading "A Blueprint for Mortgage Finance Reform" »

12/07/2010

What’s Your Risk? Single Name Security Exposure Analysis

FACTSETOver the last two months, I’ve visited many of our portfolio analytics clients in the U.S. to gather feedback on FactSet’s new Single Name Security Exposures tool. Single Name Security Exposures lets you look across all portfolios or a subset of portfolios to quantify your exposure to a security, an issuer, an industry, a country, or a specific set of securities. Simply put, it tells you how much you own and where you own it.

Continue reading "What’s Your Risk? Single Name Security Exposure Analysis" »

12/01/2010

Does Past Performance Matter? The S&P Persistence Scorecard

S&PInvestment professionals often consider measures of past performance and related metrics when selecting funds. So how much does past performance really matter? To help answer this important question, the S&P Persistence Scorecard, produced twice a year, tracks the consistency of top performers over consecutive annual periods. The latest Scorecard shows that very few funds manage to consistently repeat top-half or top-quartile performance. In fact, over the five years ending September 2010, only 4.1% of large-cap funds maintained a top-half ranking over five consecutive 12-month periods. 

How to Fake Charisma

EFinancialCareersIf you’re going for any client-facing role in an investment bank, it will help if you have it. It will also help if you want to get promoted. And it will help if you’re interviewing 20 times at Goldman Sachs to establish your fit likeability in the eyes of potential colleagues.

But what happens if you’re not charismatic? What happens if you have the magnetism of a cucumber? Fortunately, this can be overcome.

Click here to read the full article. 

11/10/2010

Four Simple Steps to Improve Your Relationships with Recruiters

EFinancialCareersThough more and more companies are actively seeking candidates online, nothing can yet compare to the advantages of using a flesh-and-blood recruiter who specializes in your field. eFinancialCareers provides some quick tips for getting the most out of your interaction with recruiters.

Click here to read the full article.

11/02/2010

UBS Really Needs to Stop Paying So Much, but Absolutely Insists It Won’t

EFinancialCareerseFinancialCareers takes a look at the recently released financial results from UBS. Despite the fact that UBS is absolutely nowhere near reaching its targets, UBS insists that it WILL pay its investment bankers this year.

Click here to read the full article. 

10/19/2010

Cold Calling: How to Break Through the Secretary

EFinancialCareersWe've all been there; having found the key person in the business to speak to about a possible job in your area of expertise, you fire up for a cold call in an attempt to sell yourself. Unfortunately, rather than the man himself, you end up having to try and persuade his assistant you're worthy of his attentions.

Click here to read the article.

10/13/2010

Access to Volatility via Listed Futures

Standard & Poor'sWhile it is impossible to directly access spot volatility (VIX(r)), futures and futures-based indices can provide broad access to what has been dubbed the "investor fear gauge." Though they do not track the spot VIX perfectly, these indices have a strong negative correlation with the S&P 500(r) index. The term structure of volatility has a profound impact on index characteristics and is key to efficient usage of these instruments.

To learn more, read the latest research.

10/06/2010

Strategies for Avoiding Hiring Freezes

eFinancialCareersAs usual, at this time of year, hiring is becoming increasingly frozen. If anything, it may be worse this year because: (a) banks got a little carried away and may have hired too many people, and (b) they’ve announced redundancies and can’t be seen to be recruiting anyone while they’re trying to reallocate internally.

Click here to read the full article.

10/05/2010

Why Have REITs Been So Strong?

FTSE Logo Despite the recent slump in the real estate economy, publicly traded REITs (real estate investment trusts) have been outperforming dramatically. REITs are also significantly ahead of the stock market, beating year to date returns of 2.3% for the S&P 500 and 5.2% for the Russell 2000 (see Table 1).  That’s not much of a surprise, since REITs have surpassed the stock market over nearly any historical period since inception of the FTSE NAREIT U.S. Real Estate Indexes in January 1972.

Continue reading "Why Have REITs Been So Strong?" »

09/14/2010

Equity Research, Management Consultancy, and FIG: Where You Could Possibly Get Hired Before the End of the Year

eFinancialCareers As a salve for the selection of recent articles about hiring freezes and redundancies, here’s something more uplifting: an affirmation that there is hiring happening, somewhere.

Here’s where:

1) Equity research

Yes, there IS hiring in equity research. Financial News today reports that MF Global wants 20 equity analysts "across the world" before the end of the year. According to one equity research headhunter, six of these hires will be taking place in London.

Click here to read the full article.

 

08/30/2010

Five Things NOT to do if You Want to Pass the CFA Exam

eFinancialCareersSuffice to say, considering the relatively low pass rate, getting through the rigors of all three exams to become a CFA charterholder is not an easy task. But there are many ways you can shoot yourself in the foot.

Aside from not putting in the study time—recommended at around 300 hours per level—there are surprisingly common mistakes or assumptions people taking the exam make, which often make the different between a pass and a fail.

Click here to read the full article.

08/02/2010

Six Reasons Why Wall Street's Hiring Recovery Bypassed You

eFinancialCareersHardly a day goes by without a fresh headline about Wall Street firms adding jobs or wrestling each other for possession of a star banker or trader. Yet you're not only still looking—what gives?

Click here to read the article.

07/01/2010

New Data Uncovers Opportunities in the IPO Market

FTSEThis white paper, authored by Renaissance Capital, examines how and why the IPO market attracts such a significant amount of capital, and explains the benefits of incorporating IPOs into the asset allocation strategy and shows that if structured properly, IPOs can add superior risk-adjusted returns to a portfolio. Renaissance highlights the FTSE Renaissance IPO Composite Index, which is the first comprehensive benchmark index to track the activity and performance of the US IPO market. This index can be used to accurately compare the performance of the IPO market to the broader equity market. 

Click here to read the white paper "New Data Uncovers Opportunities in the IPO Market."

The FTSE Renaissance IPO Index Series, includes a set of indexes designed to give investors unparalleled exposure to the investable US IPO market.

06/02/2010

REITS: Real Estate With A Return Premium

FTSE The FTSE NAREIT US Real Estate Index Series is designed to present investors with a comprehensive family of REIT performance indexes that span the commercial real estate space across the US economy, offering exposure to all investment and property sectors. The product suite provides investors with an index series that has additional transparency that acts as a catalyst for growth in the ETF and index fund arena.

This research, compiled by NAREIT provides a detailed comparison of the investment performance of publicly traded REITs and private equity real estate funds, as well as the reasons for REITs outperformance. NAREIT used the FTSE NAREIT Equity REIT Index (an index of 106 U.S. REITs with an aggregate market capitalization of $295 billion whose constituents manage estimated property assets of $500 billion) to measure the performance of REITs.

Click here to read the special report REITS: Real Estate With A Return Premium.

05/06/2010

Our Take: Sub-Prime CDO Fraud and Your Career

eFinancialCareersWe interrupt this earnings season for a bulletin: Practices that were considered business as usual in the securitization market a few years ago can suddenly land you in a heap of trouble.

Click here to read the article. 

04/06/2010

A New Approach to Equity Investing

FTSEFTSE has partnered with Westpeak Global Advisors to launch a new equity style index offering. The new FTSE ActiveBeta Index Series is based on research from Westpeak identifying that momentum and value—two widely used approaches to active management—are, in fact, systematic sources of returns and should therefore be viewed as additional forms of beta (or market) returns, or ‘active betas’. The research also provides evidence of the counter-cyclical nature of momentum and value returns, which implies that the combined capture of momentum and value should provide superior risk-adjusted performance compared to the capture of either momentum or value alone.

Click here to read the white paper.

04/05/2010

Human Collateral: How to Keep Unemployment from Sinking Your Marriage

eFinancialCareersDivorce rates during the past recession fell slightly. Experts attribute this to the fact that a) divorce is cost-prohibitive during down times, and b) tough economies bring people closer to their loved ones and core values. But there's little doubt that a lack of funds hurts matters at home.

Emma Johnson, a columnist for eFinancialCareers, examines the impact that strained finances can have on a marriage in this article

03/22/2010

Google as an Income Play? Huh?

Market TopographerEspecially in today’s fast-changing market, it doesn’t matter whether you are a value investor, momentum investor, research analyst or manager of a long/short portfolio. Having the ability to objectively validate, contextualize and compare the expectations and risk that drive a stock’s price are crucial for maintaining consistently strong investment performance. Click here to try the Market TopographerTM web-based stock analysis platform and see for yourself.

What do you think would happen if tomorrow, Google’s management announced that its days of exceptional growth were coming to an end? That looking out beyond the next couple of years, it no longer saw opportunities to sustain 17%+ growth due to the competitive environment and its sheer size. Instead it was looking at a long term sustainable growth rate of 10% going forward.

Continue reading "Google as an Income Play? Huh? " »

Currency Indexing: The Forward Rate Bias as an Alternative Beta

FTSEAlthough currency is often referred to as an asset class, the arguments to treat it as such have not been compelling enough to draw serious attention from the global institutional investor community. One possible reason for this is the absence of a universal view on the “beta” or market return available from currency investment.

Continue reading "Currency Indexing: The Forward Rate Bias as an Alternative Beta " »

Added Transparency in Securities Lending

Standard & Poor'sThe recent financial crisis heightened awareness of the securities lending market; however, as an over-the-counter, historically opaque area of the financial markets, relatively little information about the securities lending market is publicly available. With the launch of the S&P Securities Lending Indices, S&P Indices has created a useful tool for a variety of analytical purposes including the identification of potential new trading, hedging, and investment opportunities. 

Click here to read the white paper.

A Comparison of the Returns Performance for Reported and Revised Measures of Cash Flow

Cash_Flow_Analytics_webTraditional measures of cash flow are typically based on GAAP-defined calculations of operating cash flow. However, as documented extensively in Financial Warnings (Mulford and Comiskey, 1996), The Financial Numbers Game: Detecting Creative Accounting Practices (Mulford and Comiskey, 2002), and especially, Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance (Mulford and Comiskey, 2005), cash flow measures based on GAAP are easily open to manipulation and, because they exclude the implied cash effects of non-cash transactions, are often misleading. 

Continue reading "A Comparison of the Returns Performance for Reported and Revised Measures of Cash Flow" »

Investment Opportunities for a Low Carbon World

FTSEAs markets globally struggle with recession, a core part of the message from many political leaders to their citizens is that economic growth can be stimulated in part by investment in the technologies, infrastructure and services that will enable the transition to a low carbon economy.

Continue reading "Investment Opportunities for a Low Carbon World " »

Are Growth Stocks Experiencing Déjà Vu All Over Again? Don’t be Fooled This Time!

Market TopographerEspecially in today’s fast-changing market, it doesn’t matter whether you are a value investor, momentum investor, research analyst or manager of a long/short portfolio. Having the ability to objectively validate, contextualize and compare the expectations and risk that drive a stock’s price are crucial for maintaining consistently strong investment performance. Click here for a free trial of the Market TopographerTM web-based stock analysis platform and see for yourself. 

Continue reading "Are Growth Stocks Experiencing Déjà Vu All Over Again? Don’t be Fooled This Time!" »

03/19/2010

Added Transparency in Securities Lending

Standard & Poor'sThe recent financial crisis heightened awareness of the securities lending market; however, as an over-the-counter, historically opaque area of the financial markets, relatively little information about the securities lending market is publicly available. With the launch of the S&P Securities Lending Indices, S&P Indices has created a useful tool for a variety of analytical purposes including the identification of potential new trading, hedging, and investment opportunities. 

Click here to read the white paper.

A Beta for Sentiment?

Standard & Poor'sThe interaction of human emotion and asset pricing has been the focus of much behavioral finance research. Sentiment indicators, which seek to quantify the emotional states of market participants, play an important role in understanding and guiding action based upon this dynamic. In response to the lack of a tradable sentiment index, S&P Indices proposes a frequently-calculated, tradable Sentiment Beta index composed of six metrics of sentiment.

Click here to read the paper. 

03/18/2010

Anchoring Valuation of U.S. Stocks in a Fast-Changing Marketplace

Market Tophographer

Relatively early in the financial crisis and before the most severe market dislocations were to occur, Federal Reserve Chairman Ben Bernanke was asked while speaking at a luncheon at the Economic Club of New York, what information he would find most useful in developing a strategy to navigate the financial crisis? He said “I’d like to know what those damn things are worth”, referring to the toxic assets and complex derivatives which were valued based on black box algorithms. Given the uncertainty and rapid change that have enveloped the equity markets over the past two years, the same could be safely said about the valuation of common stocks as well.

Continue reading "Anchoring Valuation of U.S. Stocks in a Fast-Changing Marketplace" »

Trends in Free Cash Margin

Cash Flow AnalyticsIn the current study, Dr. Charles W. Mulford, CPA, looks at trends in free cash margin for U.S. nonfinancials using a series of rolling twelve-month measurement periods over a time frame that includes two recessions. 

Click here to read the article. 

For more information on free cash margin and Cash Flow Analytics’ other proprietary metrics, please go to www.cashflowanalytics.com/register.php and register to learn more about Cash Flow Analytics’ quantitative and qualitative investment research and analysis solutions.

Keeping Up With Styles

Standard & Poor'sWhile there is no universally accepted definition of “growth” or “value,” and there is much debate about the merit of adhering to style boxes, style benchmarks serve important benchmarking, risk management, and asset allocation needs by measuring style box movements in a manner congruent with broadly accepted definitions of style factors. Periodic reviews and incremental adjustments at intervals of 5 to 10 years provide a basis for style benchmarks to stay relevant through time. 

Click here to find a case study on the periodic recalibration of style benchmark factors.

03/17/2010

Investing in Healthcare Information Technology

MorningstarFor more information on healthcare information technology, please go to www.morningstar.com/goto/NYSSA for a subscription to the Healthcare Observer, where our lead healthcare information technology analyst, Patrick Dunn, provides a detailed overview of the industry.

Over the past couple of decades, medical groups have increasingly looked to healthcare information technology as a way to improve efficiency and profitability. The growing interest in new healthcare software combined with the Obama administration’s budget of $19 billion for healthcare information technology should spark industry growth. However, the healthcare technology industry remains highly fragmented and in a relatively early phase of its development, which increases the challenge of investing in the favorable secular trends.

Continue reading "Investing in Healthcare Information Technology" »

Real Estate Portfolio Allocation and Today’s Marketplace: While Private Real Estate Struggles, Listed Real Estate Begins to Rebound

FTSE-logo-webAfter a rocky end to 2008 and a tumultuous market environment through first quarter 2009, individual and institutional investors worldwide are closely examining their portfolios—assessing losses, identifying opportunities, and looking for signals from the marketplace as to what may be next. Despite the looming credit crisis, equity markets have improved, and there have been optimistic whispers that the worst may be behind us. But what is going on in the real estate market?

Continue reading "Real Estate Portfolio Allocation and Today’s Marketplace: While Private Real Estate Struggles, Listed Real Estate Begins to Rebound " »

The Competitive Dynamics along the Drug Supply Chain

MorningstarFor more information on the drug supply chain and related companies, please go to http://healthcare.morningstar.com/ for a subscription to the Healthcare Observer, where our health-care team presents a detailed analysis of which industries in the drug supply chain hold the strongest position.

What is the Drug Supply Chain?

Surprisingly, drugs change hands several times from the original manufacturers to the patients. Along this path, several industries serve as middlemen offering both physical distribution and financing for the drugs. The major players include drug companies, distributors, retail pharmacies, pharmacy benefit managers (PBMs), payors and patients. Each of these players strives to negotiate deals from suppliers and customers in order to maximize their profits.

Continue reading "The Competitive Dynamics along the Drug Supply Chain " »

03/16/2010

Outlook for Healthcare Reform and Healthcare Stocks

MorningstarU.S. Healthcare Spending Appears Unsustainable 

The U.S. spends twice the average of most other developed nations on health care for only comparable care, which has led many to question the efficiency of the U.S. health-care system. Further, the high health-care spending represents approximately 17% of U.S. GDP and has grown faster than GDP over several decades. These high costs--along with the desire for universal health-care coverage and the U.S. government's dwindling resources for funding health-care programs--are driving the calls for major health-care reform. 

Continue reading "Outlook for Healthcare Reform and Healthcare Stocks" »

S&P SmallCap 600 versus the Russell 2000: A Tale of Two Benchmarks

Standard & Poor'sIt is well documented that the returns of two leading small-cap benchmarks, the S&P SmallCap 600 and the Russell 2000, have diverged over the last 15 years. Since its launch in 1994, the S&P SmallCap 600 has outperformed the Russell 2000 in 11 out of the 15 years. Standard & Poor’s research report determines that approximately half of the excess returns are attributable to the impact of the July effect, which is caused by the annual Russell reconstitution in June. The remaining excess return can be explained by fundamental differences in construction of the indices. 

Click here to access the full report.

Standard & Poor's Tracks Carbon Footprints

Standard & Poor'sThe new S&P U.S. Carbon Efficient Index is the first broad market U.S. index that can be used to create financial products that provide investors with reduced Carbon Footprint exposure. This index also seeks to avoid a trade-off in performance by frequently optimizing the index to closely track the return of the S&P 500, its parent index.

Click here to watch a video.

03/15/2010

Benchmarking Target Date Funds, 2009

Standard & Poor'sIn the target date world, one challenge has been benchmarking. Since these funds hold multiple asset classes and vary cross-sectionally by asset class inclusion and weight, traditional single-asset class benchmarks are not appropriate. In this research paper, Standard & Poor’s discusses several benchmarking approaches for target date funds.

Click here to read the research paper.

Majority of Active Fund Managers Underperform Benchmarks Across All Categories Over Past Five Years

Standard & Poor'sStandard & Poor’s Index Versus Active Fund Scorecard (SPIVA) year-end 2008 report shows that over the five year market cycle from 2004 to 2008, the S&P 500 outperformed 71.9% of actively managed large-cap funds, the S&P MidCap 400 outperformed 75.9% of mid-cap funds, and the S&P SmallCap 600 outperformed 85.5% of small-cap funds. 

To view the complete SPIVA report click here.

03/12/2010

Directional Exposure to Volatility Via Listed Futures

Standard & Poor'sVolatility has emerged as an important asset class in the last decade. It is actively traded through over-the-counter (OTC) variance and volatility swaps, and through exchange listed VIX futures and options. While VIX® has achieved widespread recognition, it remains very challenging to replicate spot VIX. The S&P 500 VIX Short-Term Futures Index is the first index to offer directional exposure to volatility through publicly traded futures markets. This paper provides a background on the construction, replicability, and characteristics of this index. 

Click here to read this paper.

03/10/2010

Moody’s Updated Modeling Parameters for Rating Corporate Synthetic CDOs and Cash Flow CLOs

In recent months, as the credit crisis that started in the summer of 2007 has spread across various sectors, and economies around the world are confronted with a deep and long recession, synthetic CDOs and cash flow CLOs—whose ratings have been relatively stable—have started seeing substantial downgrades.

During the past few months, Moody’s has revised and updated the key modeling parameter assumptions that it uses to rate and monitor CDOs and CLOs backed by corporate debt. These changes alone have led Moody’s to downgrade—in many cases by several notches—a large number of CDO and CLO tranches, and many remain on review for possible further downgrade.

Continue reading "Moody’s Updated Modeling Parameters for Rating Corporate Synthetic CDOs and Cash Flow CLOs" »

Value Investor Insight's Words of Investing Wisdom

Value Investor Insight's Words of Investing Wisdom Value Investor Insight has compiled excerpts from each of the 46 issues of Value Investor Insight which celebrate both the similarities and differences in how the best investors apply their craft. Topics include: Finding an Edge, Field of Play, Uncovering Value, Research and Analysis, Portfolio Management, Learning Curve, Of Sound Mind, and the Craft of Investing. 

Click here for your electronic copy.

Rent-Price Index in U.S. Housing Market

Standard & Poor's Standard & Poor’s Index Services examines the relationship between house prices and rents across eight major metropolitan areas in the United States. The analysis indicates that low rent-price ratios are associated with periods of low or negative house price changes. 

To access the full report and the complete findings, click here.

03/09/2010

Benchmarking Target Date Funds, 2008

Standard & Poor'sThe target date fund market is growing strongly because of adoption within defined contribution plans and investors’ desire for one-stop shopping for retirement investment solutions. There are, however, significant differences in glide paths and asset class exposure across the target date fund universe which creates difficulties for benchmarking and defining passive exposure to the available universe.

Click here to read a concept paper on benchmarking target date funds.

The Shrinking Index Effect—A Global Perspective

Standard & Poor'sIs the “index effect” shrinking? To answer this question, S&P does a 10-year review of constituent changes in headline indices of five of the biggest equity markets in the world: S&P 500, Nikkei 225, FTSE 100, S&P/TSX 60 and DAX 30. The conclusions include that excess returns for index additions have diminished over the past five years. The median excess return of S&P 500 additions was 3.8% for the past five years, compared to 6.0% for the five years prior. The declining pattern is also observed in Nikkei 225, S&P/TSX 60 and DAX 30. 

To learn why the index effect is shrinking, click here for the full report.

Capturing the Index Effect via Options

Standard & Poor'sIn this concept paper, Srikant Dash and Berlinda Liu analyze a less-known but profound impact of additions to the S&P 500—the impact on publicly traded options of the added company. Their analysis sheds new light into the enormous magnitude of index change related price movements in the options market, and provides insights on replicable trading strategies.

Volatility Arbitrage Indices—A Primer

Standard and Poor'sVolatility arbitrage strategies are morphing from niche institutional strategies to mass-market, index-linked products that provide diversified alpha to a traditional portfolio of stocks and bonds. Standard & Poor’s concept paper, “Volatility Arbitrage Indices—A Primer,” provides a background on the volatility arbitrage strategy, indexation of such strategies, and the payoff of the indexes. Click here to read the entire concept paper.

03/08/2010

Linkages Between Housing and Municipal Bond Markets

Standard and Poor'sThe housing recession has multiple flow-through effects, among them a potential for negatively impacting the financial condition of municipalities, and therefore, the municipal bond market. In this paper Keith Loggie and Philip Murphy explore links between the housing and municipal bond markets at the county level. The data suggests an asymmetric relationship between home prices and municipal bond spreads, whereby the effect of home prices on municipal bond spreads is only prevalent in falling housing markets. 

Click here to read the concept paper.

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