Academic research
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Academic researchBeyond modern portfolio theory – how investors can mitigate systemic risk through the portfolio
The near universally adopted modern portfolio theory (MPT) put forward by Nobel laureate Harry Markowitz in 1952 is blind to the effect of portfolio investment on the capital markets’ overall risk/return profile and on the macro systems upon which the market relies for stability.
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Academic research
Long-term social issues drive economic growth, so why aren't investors behind the wheel?
Long-term social issues – the ‘S’ in ESG – matter for investors. They are key factors determining both long-term GDP growth and the level of equilibrium of interest rates.
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Academic research
Fintech: Reshaping the investment industry
Within the space of six years, finance technology – fintech – has gone from a technology that skirted the edges of the investment sphere to receiving billing at this year’s G20 summit where the world’s industrial leaders described its impact as something akin to a new industrial revolution.
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Academic research
Are investment consultants' reputations the next stranded assets
A paper from Ben Caldecott and Dane Rook lays out why investment consultants are not having a bigger influence on the uptake of green investment practices by asset owners.
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Academic research
Long-term capitalism
In these articles, Barton and Wiseman outline their view that the short-term approaches to managing and investing in companies, approaches which were responsible for the financial crisis, still exist.
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Academic research
RI Quarterly Vol. 3: Long-termism in financial markets
Why is there so little academic research on long termism in financial markets?
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Academic research
The public fiduciary: a Canadian perspective
In this paper Waitzer and Sarro examine the role of pension fund trustees in Canada, and how the Supreme Court of Canada has developed a framework for fiduciary duty that has adapted to changing social and governance challenges.
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Academic research
The basis of fiduciary duty in investment in the United States
In this paper Youngdahl outlines the history and development of the concept of fiduciary duty in the United States.
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Academic research
Fiduciary duty and sin stocks: is vice really nice?
This paper investigates whether fiduciary duty obliges pension fund trustees to invest over-proportionally in ‘sin stocks’, i.e. companies operating in sectors traditionally considered unethical such as tobacco, alcohol, gambling and defence.
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Academic research
Uncertain times, plural rationalities and the pension fiduciary
Huang et al in this paper explore the application of the theory of plural rationality to defined benefit pension fund decision-making.
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Academic research
Fiduciary duty and the search for a shared conception of sustainable investment
This paper reviews the historical legal background to the evolution of fiduciary duty in the UK, with reference to the parallel evolution of the concept in the US.
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Academic research
The role of investment tools, investment beliefs and industry convention in changing interpretations of fiduciary duty
This paper examines how investment tools, beliefs and industry conventions impact the interpretation of fiduciary duty in the investment industry.
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Academic research
The voice of the beneficiary
Berry and Scanlan argue that beneficiaries should be consulted on the general policies of their pension fund, and that trustees should take their wishes into account when making investment decisions.
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Academic research
RI Quarterly Vol. 2: Fiduciary duty
In this second volume of the PRI Academic Network’s RI Quarterly we focus on the issue of fiduciary duty.
