William Burckart’s Post

Call for papers! ➡️ APPLIED research papers will be presented on the research track at our Alternative Investments Conference on March 27. (Last year, we had papers from Ares Management Corporation, BlackRock, Goldman Sachs, MSCI Private Capital Solutions, StepStone Group, PGIM and more) ➡️ ACADEMIC research papers for the Spring Research Symposium on March 28 - with Gregory Brown and Christian T. Lundblad, UNC Kenan-Flagler Business School #privateequity #privatecredit #capitalmarkets #alternatives #alternativeinvestments

Congratulations to University of Colorado Boulder - Leeds School of Business #finance Prof. Ran Shi for winning the Jack Treynor Prize, awarded by the Q Group, Institute for Quantitative Research in Finance, a forum for investment professionals: "The Q Group’s annual Jack Treynor Prize recognizes superior academic working papers with potential applications in the fields of investment management and financial markets." Prof Shi had this to say about this high praise and recognition: "My co-author and I are honored to receive the Jack Treynor prize from the Q group this year. The Q Group offers a platform for circulating applied finance research with investment professionals, and it is an honor to be (even very remotely) associated with Jack Treynor, a key figure behind the textbook Capital Asset Pricing Model. This recognition is perhaps a reflection that we are working on a problem that industry practitioners care about and that our solutions to the problem seem to make sense. This style is reflected in many of my colleagues' research tastes, from which I take much inspiration.” #Congratulations Prof. Shi https://lnkd.in/gu8EaeiV #appliedfinanceresearch #capitalassetpricingmodel #investmentmanagement #portfoliomanagement #thoughtleader

🎉Congratulations to Ruggero Jappelli! Our researcher was awarded the John A. Doukas Ph.D. Best Paper Award at the 2024 Annual Meeting of the EFMA - European Financial Management Association for his paper "Asset Pricing with Dynamic and Static Investors" on 29 June 2024. Ruggero’s paper introduces a capital asset pricing model that differentiates between dynamic investors, whose asset allocation responds to news, and static investors, who hold a constant allocation across asset classes even if risk and return change over time. His study proposes the "asset class effect," whereby the wealth invested in the equity asset class to implement static allocation strategies increases the aggregate valuation of the set of stocks, which is thus above the aggregate discounted dividend stream. The John A. Doukas Ph.D. Best Paper Award is assigned to the best Ph.D. student solo-authored paper submitted to the EFMA Annual Meeting. This award recognizes outstanding research with significant potential impact within the finance community. Ruggero has recently received his Ph.D. from Goethe-Universität Frankfurt and is part of the Financial Markets department headed by Loriana Pelizzon. #finance #phd #award

It was great having my coauthor (Johnathan Loudis) present our paper, "The Subjective Risk and Return Expectations of Institutional Investors" at the Northern Finance Association (NFA) conference this past weekend. In some of our recent research, we provide evidence that institutional investors have expectations that are more rational (or consistent with what actually happens in the market) than than those of individual, retail investors. Paper 1: The Subjective Risk and Return Expectations of Institutional Investors https://lnkd.in/g4h9RsgB Paper 2: Institutional Investors' Subjective Risk Premia: Time Variation and Disagreement https://lnkd.in/gHKRNxTX This is joint work with Andrei Goncalves (at The Ohio State University) and Johnathan Loudis (at University of Notre Dame). Yicheng Liu (at The Ohio State University) is also a coauthor on the second paper. Accountability Report: I'll report about the entire week on Saturday, but it's going great!!! (Thank you all for your support!) University of Southern California USC Alumni Association USC Sol Price School of Public Policy USC Marshall School of Business USC Lusk Center for Real Estate USC Dollinger Master of Real Estate Development USC MREFA USC Trojan Real Estate Association #finance #assetpricing #institutionalinvestors #subjectivebeliefs #expectations #capitalmarketassumptions #capitalmarketexpectations

In this conversation, Joshua Kahr and Norm Miller, a professor emeritus at the University of San Diego, discuss various aspects of real estate investment. He explains the evolution of family offices and the challenges of benchmarking in real estate. Miller emphasizes the importance of long-term thinking and net present value in investment decisions. He also highlights the significance of storytelling and track records in the industry. Additionally, Miller discusses the role of risk, branding, and niche segments in real estate investment. He concludes by expressing optimism about the future of the real estate market.

Get to know our 2024 graduate cohort!    Our program has given 2024 graduate Jamie the opportunity to combine his studies in economics with his passion for sustainability.   Learn more about our Graduate Development Program 👉 https://bit.ly/3W8cmK0

Congratulations to UTS Finance Department PhD #graduate Dr Justin Hitchen. His #thesis was “Factor Failures: The Limitations and Pitfalls of Factor Models in Empirical Asset Pricing”. Justin would like to thank his #supervisors, Vitali Alexeev, Gerhard Hambusch, PhD, CFA, GAICD, and David Michayluk who have each provided significant #feedback, #guidance, and #encouragement throughout the #PhD process. He would also thank the UTS Finance Department staff for their #support during his #studies. He would particularly like to thank Kristoffer Glover, Hardy Hulley, Marco Navone, Vinay Patel, Kenny Phua, and Talis Putnins. He would also like to single out Christina Nikitopoulos, who served in the unenviable role of PhD Coordinator for the majority of his PhD studies and helped ensure he fulfilled the administrative requirements of the PhD. Finally, he would like to express his immense #gratitude to his wife and family who have indulged his pursuit of a PhD despite the financial and time sacrifices it imposed. Download thesis: https://lnkd.in/gDtuWTKn Factor return models are widely used throughout #finance in both #academic #research and #industry practice. They are one of the primary tools for evaluating the #performance (#risk and risk-adjusted #returns) of an #asset or #investment strategy. This thesis examines #econometric inconsistencies between the parameter estimates obtained via common applications of factor models and their interpretation by #academics and #practitioners. We demonstrate that common estimation techniques are plagued by material estimation #biases that severely diminish the usefulness of the parameters estimated. As consequence, practitioners are making misguided investment evaluations whilst academics may also be drawing invalid inferences in their own research. #phdthesis #factorreturnmodels #assetpricing #investmentstrategy #education #estimationbias #factormodels #financialmarkets #investing

#FAQs-Timeless Strategies of Highly Effective Investment Committees  Based on an interview conducted by Nikki Kraus, CFA with Charles “Charley” Ellis, Founder of Greenwich Associates and Former Chair of the Yale University Investment Committee, these FAQs, published by AGB (Association of Governing Boards of Universities and Colleges), provide valuable insights for investment committees.  🗝 Key Takeaways: 1. Board Composition: Diverse committee members with complementary skills lead to better decision-making. 2. Investment Policy Statement (IPS): A well-crafted IPS guides the committee’s actions and maintains consistency. 3. Institutional Memory: Learning from past experiences informs better decision-making. 4. Assessment and Review: Regularly assessing performance and adherence to the IPS is essential. These strategies have stood the test of time and can benefit investment committees today! 🎥 Watch the interview linked in the first comment. #investmentmanagement #governance #investmentcommittees #investmentstrategies #financialwisdom #charleyellis #nikkikraus #AGB #strategicinvestmentgroup #ocio

This is why you should invest in Princeton Point! See below

When it comes to academic research, impact can take many forms. Our latest Core Insights article on award winning research by Cesare Robotti, Philippe Mueller, and Alexander Dickerson at University of Warwick - Warwick Business School is a great example. They identified crucial flaws in the data that researchers used to create a new four-factor model for predicting returns in the corporate bond market. The model had been widely cited by academics and used by the asset management industry - creating misleading information for investors. In other words, it had a negative impact. It has now been retracted. Meanwhile, the Warwick Business School paper has prompted a new wave of research contributing to the literature on corporate bonds. It recently won the prestigious FAMA-DFA Prize for its positive impact. Congratulations to everyone involved in this important research. You can read the Core Insights article here: 👉 https://lnkd.in/eK73AVj8 #CoreInsights #WarwickBusinessSchool #WBS #research #finance #markets #corporatebonds