Rethinking the Equity Risk Premium

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Source: Research Foundation of CFA Institute
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56 min, audio webcast, recorded on 16 May 2012

P. Brett Hammond is managing director and chief investment strategist at TIAA-CREF Asset Management. His group is responsible for asset allocation modeling and institutional advising, economic and market commentary, and investment product and portfolio research. Previously, he was responsible for performance attribution modeling, the creation of inflation-linked bond and life-cycle funds, and pension research at TIAA-CREF. Dr. Hammond has also held positions at the National Academy of Sciences, the University of California, Los Angeles, and the University of California, Berkeley. He holds AB degrees in economics and political science from the University of California, Santa Cruz, and a PhD from MIT.

This information is accurate as of the date of recording.
Martin L. Leibowitz, the first inductee into the Fixed Income Analysts Society's Hall of Fame in 1995, is a leading authority in bond analysis and portfolio allocation strategies. He is the author of six books and more than 130 articles, 10 of which received the Graham and Dodd Award for excellence in financial writing. AIMR (the predecessor organization to CFA Institute) honored Dr. Leibowitz with two of its highest and most selective awards, the Nicholas Molodovsky Award and the James R. Vertin Award. 

This information is accurate as of the date of recording.
Laurence B. Siegel is director of investment policy research at the Ford Foundation. Previously, he served as a managing director at Ibbotson Associates, an investment consulting firm that he helped establish in 1979. Mr. Siegel is the author of Benchmarks and Investment Management, an AIMR Research Foundation monograph. He chairs the investment committee of the Trust for Civil Society in Central and Eastern Europe and serves on the investment committee of the NAACP Legal Defense Fund. Mr. Siegel is also a member of the editorial board of the Journal of Portfolio Management and the research review board of the Research Foundation of AIMR. He holds a BA in urban studies and an MBA in finance from the University of Chicago. 

This information is accurate as of the date of recording.
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Summary

Many investors regard the past decade as an unusual one for market returns. One of the key features of this turbulent period is the renewed uncertainty about what may be the most important measure in all of finance — namely, the equity risk premium, or the expected return for equities in excess of a risk-free rate. Industry luminaries review the topic in this thought-provoking session. Please see the related Research Foundation Publication, "Rethinking the Equity Risk Premium."

This is an archived recording of a live event that took place on 16 May 2012.

Topics
Equity Investments
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  • Equity Market Valuation and Return Analysis
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Fixed Income
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  • Influence of Equity Market Changes on Bond Pricing
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Portfolio Management
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  • Portfolio Concepts from Capital Market Theory
Credits · About the CE Program
1 CE (including 0 SER) Manage CE Credits

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