- Google translation of a column by Can Yilmaz in Financial Investigator - The conventional method of cyber risk management is under pressure. Time pressure, mind you. After all, how do you arm yourself against the latest generation of AI models, which can find and exploit vulnerabilities ever faster?
- Column in Financial Investigator - De gangbare wijze van cyberrisicobeheersing staat onder druk. Tijdsdruk welteverstaan. Want hoe wapen je je tegen de nieuwste generatie AI-modellen, die kwetsbaarheden steeds sneller kunnen vinden en uitbuiten?
Institutionele beleggers zoeken impact vooral in private markten. Maar om echt op te schalen, zijn de honderden biljoenen op de beurs onmisbaar
Using a global sample of 740 open-ended equity funds that added an ESG-related term to their name between 2016 and 2022, the study examines investor flows, portfolio ESG characteristics and fees, finding that renamed funds on average meaningfully improve their ESG profile, while flow-driven incentives and fee increases are more limited than previously thought.
Using 14,261 cyber incidents across nearly two decades (2005–2023), we provide an empirical study of cyber vulnerability among publicly-traded U.S. firms, drawing on a rich dataset of publicly observable indicators: financial data, SSL certificate records, bug bounty programs, cyber-hygiene indicators from regulatory filings, executive and governance data, and detailed incident records.
Using backtests on a comprehensive global equity dataset covering 47 countries over 1985–2023, we analyze how portfolio performance varies with the number of stocks. Two main findings stand out. First, contrary to commonly cited evidence, portfolios of 30–40 stocks are not sufficient to fully diversify idiosyncratic risk.
Second, we identify a novel dimension of concentration risk, which we refer to as FOMO (fear of missing out). When portfolios are more concentrated, stock selection becomes critical for performance, and investors face a wide dispersion in outcomes depending on which stocks are included. Investors may thus experience regret about their portfolio choice ex post when other choices would have yielded better performance. This effect is economically large and persists even for portfolios with hundreds of stocks.
Jarenlang was beleggen overzichtelijk. Geopolitiek speelde nauwelijks een rol in portefeuilles, aandelen leverden rendement en obligaties boden veiligheid. In een
multipolaire wereld verdwijnen echter de zekerheden waarop die portefeuillelogica was gebaseerd.
For many years, investing was straightforward, with geopolitics playing a minor role, stocks yielding returns, and bonds offering safety; however, in a multipolar world, the certainties underpinning this portfolio logic are disappearing.
This study develops a transfer-learning framework that extends high-quality expected-return information from firms where proxies work well to the broader U.S. equity universe. The method first learns how firm characteristics map into high-signal expected-return proxies in a reliable “teacher” domain. It then applies a disciplined correction, using realized returns only as a calibration device, so that the predictions remain useful outside that original domain. The resulting measures cover U.S. equities from 1957 to 2023 and deliver near-unbiased forecasts relative to existing alternatives.
De Europese cryptomarkt is een nieuwe fase ingegaan. Nu de Markets in Crypto-Assets Regulation (Micar) van kracht is en ESMA richtsnoeren heeft gepubliceerd over de kennis en competenties van medewerkers, moeten ondernemingen zich niet alleen richten op regels en systemen, maar ook op de kennis en vaardigheden van hun personeel.
The EU crypto market has entered a new phase. With Markets in Crypto-Assets Regulation (Micar) now in force and ESMA having issued guidance on staff competence, firms no longer only have to rules and systems and but also on the knowledge and skills of their staff.
Informatie is overal en te allen tijde beschikbaar. Hoe moeten mensen al deze informatie filteren om beleggingsbeslissingen te nemen? Uit een survey van CFA Institute onder particuliere beleggers blijkt een duidelijk verschil tussen generaties in hoe beleggingsbeslissingen worden genomen. Met de aankomende overdracht van vermogen naar jongere generaties in de komende 25 jaar moet nu al worden ingespeeld op de veranderende behoefte van klanten.
‘Bedrog in het geding gepleegd.’ Het recente oordeel van de rechtbank Amsterdam over het handelen van toezichthouder DNB zette de financiële sector op scherp. De kwestie werd breed uitgemeten in de pers en leidde tot Kamervragen. Aanleiding om stil te staan bij ethiek in de praktijk.'