June Newsletter
Keep up to date on the latest CQA news.
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The New York Trading event was well attended. Christos Koutsoyannis and the SQA team put together an impressive speaker list. The new Blackrock offices at Hudson Yards are impressive and we're hoping they will host the event again next year. The papers are available by contacting Melissa at melissa@cqa.org directly and requesting a link.
The Academic Review Session in usually held each year in Boston in the first week of July. The last few years we've had to proceed with the selection process virtually and we'll be taking that approach once again this year. Please join us in helping to select the 3 finalists that will present in September. It's a rather informal online get-together where opinions are shared regarding the submitted papers. The download of papers is available to all members, even if you choose not to be involved with the selection process. If you have any connections in the academic world, please encourage them to get the word out on the competition and share the submission guidelines.
We will be finalizing the September speaker lineup in early July. Please shoot me a note if you have any ideas for speakers or topics. We have a good start on the program with speakers such as Larry Siegel, but the program is still a work in progress.
Check out the info below on the European Finance Association meetings in Amsterdam. There are at least six other CQA members who will be joining me at the event this year. If you've never attended the EFA, this might be a good one to attend.
Dan Cardell
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After a 3 year hiatus, the NYC trading session is back. We partnered with the SQA and the event was well attended. Please see the list of speakers below.
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Academic Review Session
Virtual Event - July 6 - 3:00 p.m. Eastern
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Once again this year the Academic Review session will be held virtually. Please join us if you are available. You can register using the button below. All members who are registered will be sent both a link to download the papers and the call-in information for the zoom session. We encourage and appreciate everyone's insights as we choose the top three papers that will be presented at the upcoming Chicago conference in September.
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 Laurence B. Siegel will be speaking at this year's Chicago conference. Larry is the Gary P. Brinson Director of Research at CFA Institute Research Foundation and an independent consultant. He has authored, edited, or co-edited six CFA Institute Research Foundation monographs as well as the book Fewer, Richer, Greener. Siegel serves on the editorial boards of several prominent journals and on the board of directors of the Q Group and the American Business History Center. He has assisted a variety of nonprofit organizations in the role of investment committee chair or member. Previously, Siegel was director of research in the Investment Division of the Ford Foundation. Before that, he served as a managing director at Ibbotson Associates (now Morningstar). Siegel received a BA in urban geography and an MBA in finance from the University of Chicago.
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CQA Academic Competition
Call for Submissions
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The CQA Annual Academic Competition will be held at the Chicago conference on Thursday, September 21st. PLEASE send this link to any colleagues you feel might have research that is applicable. Competitive papers are invited from all non-tenured faculty and students who wish to apply. Preference will be given to those papers which have direct applicability to investment management in one or more of the following areas: Security Valuation/Pricing, Factor Models, Strategic or Tactical Asset Allocation, Risk Budgeting, Optimizing the Allocation of Risk Capital, Multi-period Portfolio Problems, and Performance Attribution.
Click here for more information and submission requirements.
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European Finance Association
Amsterdam, Netherlands - August 16-18
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The EFA will hold their annual meeting in Amsterdam this summer. In past years the CQA and NASDAQ have co-sponsored the Doctoral Colloquium at the EFA, where the winner was offered a speaking slot at the September CQA meeting. Going forward we have decided to open up the "CQA Prize" to any speaker at the conference. Several CQA members attend the event each year and we encourage you to check it out. With only 700 or so participants, it is much smaller than the ASSA meetings in the U.S., and the host cities are known for their excellent hospitality.
EFA 2023 Highlights:
To celebrate the 50th Annual Meeting, there will be two special events:
- Nobel Laureates Panel: Three Nobel laureates will be present at the EFA to discuss the next 50 years of research in financial economics.
- Finance+Humor Program: This program features two rising-star stand-up comedians from California who both have strong academic backgrounds. There are two activities:
- “Using Humor To Communicate Finance Ideas” workshop (Wednesday, 4:30-6:15)
- “Finance Meets Comedy: A talk show" (Saturday, 1:30-3:30)
Keynote Speaker
The Editor of the Journal of Finance, Professor Antoinette Schoar (MIT), will give the keynote speech on Friday afternoon.
Networking Events
Participants can catch up with one another and broaden their network during the social events in the evening.
- On Wednesday, EFA 2023 opens with a Welcome Reception at the Vrije Universiteit Amsterdam.
- On Thursday, there is a Get Together reception at the local modern-art museum (Stedelijk), where you will also have private access to a new exhibition: MODERN — Van Gogh, Rietveld, Léger, and others.
- On Friday, there is a Conference Dinner at the iconic Muziekgebouw.
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Generative AI Investment Opportunity
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Those of you who attended the Spring CQA Conference will recall the “live interview” with a Large Language Model harnessing GPT, where an avatar spoke the model’s responses back to the audience. Since April there already have been several more landmark improvements in the technology, vivid evidence of the break-neck pace of change in the world of generative AI.
The co-presenter who helped moderate the “interview” was Kayan Mishra. Kayan has founded an AI venture studio and consulting firm called KAI Venture Partners. His business model addresses the industry chaos we are witnessing. The consulting arm can generate revenues right away, while the venture studio nurtures a small portfolio of start-ups (currently three) that share AI commonalities. KAI Venture Partners is a minority owner in its portfolio companies, so as they spin out, investors in KAI Venture Partners will see proportional proceeds passed through to them. The longer term plan is for the venture studio to bring new start-up founders onto the platform from other vertical industries as the more mature portfolio companies are spun off to larger acquirers.
Kayan is opening up the current seed capital round to CQA members via an aggregator vehicle called Sydecar. This structure has the advantage of letting small investors participate on the same terms as the lead investors, while keeping the firm’s cap table sparse. The investment takes the form of a SAFE (Simple Agreement for Future Equity), at a 20% discount on the next priced round.
Tune into the Zoom call on July 12 at 4pm ET to listen to Kayan present his pitch deck. The call credentials are:
https://us05web.zoom.us/j/86320200049?pwd=S1FGd0pmcHBjWWVBVVQ0MWxMbGk5Zz09
Meeting ID: 863 2020 0049
Passcode: wd9giN
More information on KAI Venture Partners is available here, and on their website at www.kaiventurepartners.com. To take advantage of this time-limited investment opportunity, please contact Kayan Mishra directly at Kayan@kaiventurepartners.com.
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"Macro-Based Factors for the Cross-Section of Currency Returns"
The paper introduces mIPCA, a powerful method for analyzing financial data, improving the understanding of asset returns, and informing risk management and portfolio optimization.
Read
“A Prolegomena To Any Future Monetary Policy”
Andrew B. Weisman, Managing Partner and Chief Investment Strategist at Windham Capital Management, offers a thought-provoking challenge to traditional approaches to monetary policy and proposing a more holistic framework that addresses current economic and social challenges.
Read
The Practice of Groundedness: A Transformative Path to Success That Feeds--Not Crushes--Your Soul
In addition to his blog, Andrew has authored a book which emphasizes mindfulness, self-awareness, and emotional intelligence to help readers achieve professional success without sacrificing their personal well-being.
Read
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CQA Fall 2023 Conference
Chicago - September 20-21
The conference will be held in the large conference center room on the 5th floor of the Gleacher Center in Downtown Chicago. Please note that due to space availability issues, the event is one week later than our usual September date.
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Inquire-Europe Autumn Seminar
Bergisch Gladbach, Germany - September 24-26
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