Award-winning research published in the Financial Analysts Journal addresses the real impact of the most aggressive unconventional US monetary policy on record.
New York, January 23, 2023 /PRNewswire/ — The CFA Institute, a global association of investment professionals, has 2022 Graham and Dodd Excellence AwardsThese prestigious awards are given annually for the best research papers published in academic journals. financial analyst journal, It is the flagship publication of the CFA Institute and recognizes the contribution of its articles to the practice of investment management. The name of the award is Benjamin Graham When David L. Dodd For his enduring contributions to the field of investment analysis.
2022 Winner Graham and Dodd Top Awards teeth From Free Markets to Fed Markets: The Impact of Modern Monetary Policy on Equity Markets, financial analyst journalby Tālis J. Putniņš, University Technology of sydney and the Stockholm School of Economics of Riga.
The study addresses the real impact of the most aggressive U.S. monetary policy on record, with the Federal Reserve (Fed) doubling its balance sheet during the COVID-19 pandemic. The study found a strong relationship between the Fed’s balance sheet and stock market prices. Equity markets are more sensitive to shrinking Fed balance sheets than to expanding balance sheets, while the Fed (through asset purchases) responds more strongly to negative equity market returns, the study found. The timing of the market’s reaction suggests that the stock market reacts more strongly to realized balance sheet changes, as opposed to announcement effects that imply an early reaction, according to Reuters. Moreover, the expansion of the Fed’s balance sheet during COVID-19 accounts for at least a third of the stock market’s recovery after the 2018 crash. March 2020.
The study helps asset managers model the Fed’s behavior and better understand the impact of current monetary policy on portfolio risk and return. The authors show that two-way feedback between asset markets and monetary authorities is of paramount importance to investors and policymakers, especially in times of macroeconomic turmoil.
2022 Winner Graham and Dodd Scroll Award teeth What corporate ESG news does the market react to?, financial analyst journalGeorge Serafeim and Aaron YunProfessor Serafeim is the Charles M. Williams Professor of Business Administration. Harvard Business School He co-leads the Climate and Sustainability Impact AI Lab. Professor Yoon is an Assistant Professor of Accounting and Information Management. Northwestern University – Kellogg School of Management.
In this article, we analyze a proprietary dataset that tracks the daily ESG news of over 3,000 companies to create sentiment scores for ESG news to determine whether investors respond to various ESG-related releases. , and find out how they react. In this study, price responded only to industry-specific, financially material ESG news, and price response was positive, received more news coverage, and was less sensitive to his ESG news related to social capital issues. It was found to be larger than
Margaret FranklinCFAPresident and CEO, CFA Institute,comment:
“For over 60 years, Graham and Dodd Award Selected number recognized financial analyst journal Article for outstanding contribution to the global body of rigorous, peer-reviewed investment research. We are thrilled by the quality of research these annual awards continue to surface. These winning articles are a meaningful addition to our collective knowledge as industry practitioners. I highly recommend them to anyone with a deep interest and curiosity in how investment markets work. “
William Getzman, Editor-in-chief financial analyst journal,comment:
“This year’s winner is Graham and Dodd the award was impressive financial analyst journal The editorial team and jury make research that is innovative, practical, well-written, timely, and of interest to both investment practitioners and academia. These studies provide critical, data-rich learnings and observations about markets, investor behavior, and monetary policy during one of the most challenging economic times in modern history. “
Research articles of current and past winners can be accessed here.
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Note to editors
About the Graham and Dodd Excellence Award
The Graham and Dodd Awards of Excellence consist of a top award for the best article and up to two scroll awards. Winners are selected through her two-step selection process. financial analyst journal The Editorial Board and Advisory Board are invited to vote, financial analyst journal throughout the year.Second, the Graham and Dodd Award Excellence Working Group recognizes the leadership, board, and financial analyst journal The editorial team collectively determines the winners from the shortlist.
About Financial Analysts Journal
CFA Institute financial analyst journal is the leading practitioner’s journal for the investment management community. Since its inception in 1945, the journal has advanced knowledge and understanding of investment management practices through the publication of peer-reviewed, practitioner-relevant research.of financial analyst journal Published four times a year, it is a benefit of membership in the CFA Institute, which includes more than 190,000 CFA certified individuals in investment management, research, consulting and other roles. Over 3,200 of his financial institutions and university libraries worldwide use subscription access. The Taylor & Francis Press Pass gives journalists free access to: financial analyst journal article.
About CFA Institute
The CFA Institute is a global association of investment professionals that sets the standard for professional excellence and credentials. The organization is an advocate for ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment in which investors’ interests come first, markets perform at their best, and economies thrive. There are over 190,000 CFA Charterholders in 160 markets around the world. CFA Institute has 9 offices and 160 regional associations worldwide. For more information, visit www.cfainstitute.org or follow us at: link in and @CFAInstitute on Twitter.
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