Downloadable Q&As and Conversations


 

ICPM is excited to offer Downloadable Q&As and Conversations for our network. Each session below features an ICPM moderator and guest (or multiple) from our community, and are a variable format focusing on Q&A style interviews and discussions on relevant topics.

 

Session 1: Decentralized Finance and the Robinhood Trading Frenzy

Campbell Harvey | Professor of Finance at the Fuqua School of Business at Duke University

ICPM is pleased to introduce our 2021 Downloadable Q&A’s delivering topics of consequence and challenge to our research partners in a format that caters to your interest, your schedule, and your location.   

Inaugurating the Q&A series is Cam Harvey, Professor of Finance at the Fuqua School of Business at Duke University.  We asked Cam where the Robinhood trading frenzy fits into decentralized finance, or DeFi, and whether this ostensible disruption presents a strategic and tactical challenge to the investment programs of large pension plans.  

Tune in wherever you are, whenever you want, to hear what Cam has to say about the disruption coming to the financial structure from DeFi. 

To view DeFi and the Future of Finance, please see here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3711777

Session 2: Sustainable Investing

Paul Smeets, Maastricht University

Sustainable investing is top of mind these days.  Investor preferences and demands are driving change at the hard-end of asset allocation and security selection.  In the second of ICPM’s Downloadable Q&A’s, we asked Paul Smeets of Maastricht University about the research he and his fellow authors conducted into the investment preferences of pension plan members. 

The results may raise a few eyebrows, but at the very least this is a must-listen for all pension plans navigating the ever-demanding world of sustainable and impact investing.

You can view the paper here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3287430

Session #3: Economics in One Virus

Ryan Bourne

The policy response to the Covid-19 pandemic was improvised and reactive, and under the pressures of this one in one-hundred year event the consequences of decisions were not well considered.  Ryan Bourne of the CATO institute discusses some of the key lessons from the crisis uncovered in his book Economics in One Virus.

A number of key implications emerge from his analysis that speak to the need to think-through the consequences of policy decisions and the need to correct quickly for those policy decision that have negative and unintended consequences. 

Session #4: Moving Beyond Modern Portfolio Theory: Investing That Matters

Jim Hawley and Jon Lukomnik

In their new book Moving Beyond Modern Portfolio Theory: Investing That Matters, Jim Hawley and Jon Lukomnik argue provocatively that the guidance MPT brings to institutional investing focuses the most effort on what has the least impact.  

They assert with carefully chosen evidence that investors would achieve greater impact if they focused on managing undiversifiable risk rather than working hard to maximize the diversification benefit.  Their immodest proposal is that investors should not accept systematic risk as unmanageable, arguing that investment activities need to be refocused on what matters. 

Session 5: Harnessing the Disruptive Power of De-Fi

Richard Olsen, Founder and CEO of Lykke

The disruptive potential of decentralized finance, or De-Fi, has promises to reduce access costs charged by the legacy centralized financial system.  

Richard Olsen, CEO of Lykke Corporation argues that De-Fi will prompt a new round of cost reduction for pension plans by capturing improvements in transaction efficiency and back-office processing.  He further makes the case for pension plans to use De-Fi technology to leverage their liquidity advantage, adding a new source of return.  

Download our interview with Richard and explore how the adoption of De-Fi can bypass the centralized financial system, allowing pension plans to redirect the savings to fund returns