Global Market Inefficiencies

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Date: 14 November 2017, Tuesday

Time: 12.00pm to 2.00pm (Registration and lunch begins at 12pm; Talk starts at 12.30pm)

Venue: Capital Tower, FTSE Room, Level 9, 168 Robinson Road, Singapore 068912

(Eligible for 1 CE hour for CFA Singapore Members)


Prof. Söhnke M. Bartram use point-in-time accounting data to estimate monthly fair values of more than 25,000 stocks from 36 countries over more than two decades. Trading on deviations from fair value, which do not proxy for known anomalies, yields statistically and economically significant risk-adjusted returns in most regions, especially the Asia Pacific and emerging markets countries. Pre-transaction cost alphas are positively related to trading costs, but in most regions alphas also significantly exceed country-specific trading costs. Thus, global equity markets are inefficient, but are relatively less efficient in counties with quantifiable market frictions, particularly trading costs, that deter arbitrageurs.


CFA Singapore / Associate / Global Passport Programme Members: $0.00

CFA Candidates: $20.00

Non-Members: $40.00

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Global Passport Programme


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Prof. Söhnke M. Bartram - Professor of Finance Warwick Business School

Söhnke M. Bartram is a Professor in the Department of Finance at Warwick Business School. Prior to joining Warwick University, he held faculty positions at Lancaster University and Maastricht University. He is also a Charter Member of Risk Who's Who and a member of an international think tank for policy advice to the German government. His immediate research activities center around issues in international finance, corporate finance and financial markets, especially financial risk management. Dr. Bartram's work has been presented at conferences organized by the NBER, CEPR, the American Finance Association, the Western Finance Association, and the American Economic Association, published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis, and included in testimony before the U.S. Congress House Financial Services Committee. Various organizations and funding bodies have granted financial support for his research activities in the area of international and corporate finance, such as the U.S. Federal Deposit Insurance Corporation, the PricewaterhouseCoopers Global Competency Centre, the Leverhulme Trust, the British Academy, the Institute for Quantitative Investment Research, Netspar, and the International Centre for Research in Accounting. In 2003, the Federation of European Securities Exchanges awarded the Josseph de la Vega Prize for his work on derivatives market microstructure. In 2006, the Journal of Empirical Finance awarded its 3rd Biannual Best Paper Award for his work on foreign exchange rate exposure. In 2010, Financial Management awarded its 2nd Biannual Pearson/Prentice Hall Best Paper Award for his work on the use of derivatives by non-financial firms, which also received the Citations of Excellence Award by Emerald in 2013. Dr. Bartram has been awarded a higher doctorate, the degree of Doctor of Science (DSc), by the University of Warwick. He is currently on the Editorial Board of the Journal of Banking and Finance and the Financial Review. Dr. Bartram has been a Visiting Scholar with René M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics, at the Charles A. Dice Center for Research of Financial Economics at the Fisher College of Business/Ohio State University. He has also been a Visiting Scholar at the Kenan-Flagler Business School/University of North Carolina, the University of Texas at Austin, the Kiel Institute for the World Economy, the London School of Economics and the UCLA Anderson School of Management, and a Visiting Professor of Finance at London Business School, NYU Stern, the Center for Financial Studies at Goethe University and EIEF. He has received scholarships by the German Academic Exchange Service, the Fulbright Commission, the German National Merit Foundation and the German Federal Department of Commerce and Technology. Dr. Bartram worked for several years in quantitative investment research for State Street Global Advisors as Head of the London Advanced Research Center and is a consultant to various financial institutions and investment companies.

Tuesday, November 14, 2017-
Tuesday, November 14, 2017

12:00 p.m.-02:00 p.m.

Capital Tower
FTSE Room, Level 9, Capital Tower, 168 Robinson Road, Singapore 068912

Prof. Söhnke M. Bartram

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