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The All-Inclusive Buffet

May 21, 2018 Comments (0)

By: Bill Kelly, CEO, CAIA Association We have all seen it. The Sunday brunch, the Caribbean vacation, or the cruise to nowhere or everywhere that touts the all-inclusive offer when it comes to food and drink. The behavioral aspects of these arrangements are common and predictable. More choice often yields toRead More

Private Debt and Impact Investors

May 20, 2018 Comments (0)

A new study by the Symbiotics and GIIN research teams looks at private debt impact funds (PDIFs); that is, “independent investment vehicles that allocate on average more than 85% of their portfolios to private debt” and that look to the environmental and/or social impact their allocations will have.   The goalRead More

KPMG on Real Estate Funds

May 17, 2018 Comments (0)

The outsourcing of fund administration tasks in real estate is not a new idea. But, as KPMG says in a new paper, the marketplace has been slow to take the administrators up on their offerings.  So it may still be the wave of the future even though it has aRead More

Operating Expenses, Strategies, and Scale

May 15, 2018 Comments (0)

Meketa Investment Group has issued a paper on the state of hedge fund operating expenses, the point of which is to offer actual and potential fund investors and their managers alike a benchmarking tool. By definition operating costs are those costs associated with day-to-day operations and the needs of anRead More

A Microfinance Fund for Central Java, Indonesia

May 13, 2018 Comments (0)

Blossom Finance, an investment consultancy that describes its business model as “commercial financing with social benefits,” announced recently open enrollment for an Islamic microfinance fund designed to bolster micro-businesses and traditional market sellers in the province of Central Java, Indonesia. This will be a crypto-currency infused fund: participants can investRead More

Distressed Digital Exchanges as Buyout Targets

May 10, 2018 Comments (0)

Tanzeel Akhtar has written a story for BraveNewCoin in which she discusses the availability of distressed digital exchanges as a means by which large companies can cheaply gain their own toeholds in the cryptocurrency world. Surely, risk arbs in the world of alternative investment will find this paper a valuableRead More

Crowdfunding in the Absence of Liquidity Constraints

May 8, 2018 Comments (0)

A forthcoming issue of the Journal of the European Economic Association will carry a study arguing that crowdfunding in the absence of liquidity constraints is a superior method of equity financing–superior to “traditional financing forms,” that is, unless those traditional financiers are fully competitive and perfectly informed.  By one estimate,Read More

The CBOE and VIX: The Appearance of Manipulation

May 6, 2018 Comments (0)

On April 23, 2018, the chairman and the president of the Chicago Board Options Exchange issued an open letter to address concerns that the CBOE Volatility Index (VIX) is subject to manipulation. There were at least two incitements behind this letter. First, its authors, Chairman Ed Tilly and President ChrisRead More

Thoughts on the European Regulation on Short Selling

May 3, 2018 Comments (0)

A new paper by Marco Dell’Erba and Giovanni Patti takes a look at a recent crisis involving the stock of the Monte dei Paschi di Siena (MPS), as a way of studying the pragmatics of the European Regulation on short selling (SSR). Dell’Urba is affiliated with the New York UniversityRead More

Revising the ICAPM to Reflect Effects of Style Investing

May 1, 2018 Comments (0)

A recent paper by Michael Stutzer, of the University of Colorado at Boulder, Leeds School of Business, suggests that the intertemporal version of the capital asset pricing model (ICAPM) needs some revision in light of the market dominance of style investors. A more full statement of that might be: itRead More