12 Great Papers from January to October 2016
As we move into Q4 2016, and head towards the Savvy Awards in December, our Research Team has looked back over the last nine months to select some of the most popular papers from 2016 so far.
The list below is in no particular order, and has been filtered to present a spread of topics and companies - it doesn't provide any pointers to the likely winners of the Savvy Awards in December. Nevertheless, there are some great papers here for you to enjoy, most of which have received over 1000 views.
Expected Returns 2017-2021: It’s Always Darkest Just Before Dawn (Robeco)
Sentiment among professional investors seems to have reached new lows. The authors of this paper by Robeco discuss in detail their expectations of a number of global market issues over the next five years.
Academic Lessons on Factor Investing (EDHEC, 2016)
This paper examines what academic research has to say on equity factors. The authors seek to provide investors with important lessons to learn, particularly in terms of designing and evaluating factor indices.
A framework for institutional portfolio construction (Vanguard, 2016)
Typically, institutional investors pursue one of four investment goals choosing from one of four different investment approaches. This paper considers which are the best combinations for investors building their portfolio.
The Coming Pensions Crisis (Citi, August 2016)
This paper by Citi examines the growing pensions crisis globally from both the private and public side. It makes some recommendations to help keep the global pensions system afloat.
The Rise of Indices Is Changing the Face of Investing (S&P Dow Jones Indices)
This paper examines how indices are changing the face of investing. Specifically, it examines whether passive investing can grow too large and what the possible implications of this are for active management.
Reflections on the Ten Attributes of Great Investors (Michael J. Mauboussin, Aug 2016)
Michael J. Mauboussin started on Wall Street in 1986. It goes without saying that he has seen dramatic events and change during that time. Here, he reflects on what makes great investment managers.
Equity/Bond Correlation: Historical Reflections and Future Prospects (BlackRock, July 2016)
In this 6-page paper, Nuno Luis and David Caplan of BlackRock examine the history of the equity/bond correlation and discuss the likely future path.
Death of the Risk-Free Rate (Research Affiliates, July 2016)
The concept of the risk-free rate underpins much of investment theory and practice. The author here argues that its absence should impact the way we view not just monetary policy, but also investment risk and portfolio allocations.
ESG - Road Blocks or the Road to Integration? (FTSE Russell, Apr 2016)
This 7-page study explores some of the perceived obstacles to applying an ESG framework to the stock selection process, and sets out practical ways of achieving a successful integration.
Understanding and measuring the illiquidity risk premium (Willis Towers Watson, 2016)
Illiquidity risk is a potentially appealing means of generating additional yields in a low-return world. The authors of this 10-page document discuss three different dimensions of illiquidity risk premium that investors should demand for a given asset.
The Future of Asset Management (Robeco, June 2016)
The business of investment management will change significantly in the years ahead. This paper examines the forces that are driving change, and how this will transform the industry.
Best Practices in Formal Meetings with Investment Consultants (Greenwich Associates, 2016)
Formal meetings with investment consulting firms can be make-or-break moments for asset managers. This paper by Greenwich Associates helps guide managers through the formal meeting process from start to finish.