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Event Registration - Distinguished Lecture Series: Do Stocks Outperform Treasury Bills?

Wednesday, March 17, 2021
2:00 PM - 3:30 PM Eastern Daylight Time
Distinguished Lecture Series: Do Stocks Outperform Treasury Bills?


We all know that the broad stock markets have provided long-term returns that far exceed those on low risk investments such as U.S. Treasury bills. In fact, the degree of stock market outperformance is so large that there is widespread reference to the “equity premium puzzle.” Yet, the fact is that most stocks underperform Treasury bills in the long run.  Indeed, the median long run return to an individual stock is negative, and the modal outcome is a total or near-total loss of investment. Stated alternatively, the positive long run return premium to the broad stock markets is driven by extreme returns on a relatively few stocks. While the original study documenting these results considered U.S. stocks since 1926, this presentation will provide results for global stocks and also for U.S. equity mutual funds since 1990. Implications for portfolio strategies and the evaluation of investment performance will be discussed.

CFA Society Boston and New Frontier Institute are proud to present a Distinguished Lecture Series of highly topical presentations by widely acknowledged authorities on issues of particular interest to asset management practitioners. The Series consists of four monthly lectures beginning in February and ending in May 2021. The presentations include an analysis of the pension fund management crisis, the surprising long-term performance of equities, defining ESG for asset management, and the latest research in cryptocurrencies.   

Speaker Bio

Hendrik (Hank) Bessembinder is Professor of Finance, and holds the Labriola Chair, at the W.P. Carey School of Business of Arizona State University.  He completed his Ph.D. in Finance at the University of Washington in 1986, and previously held faculty positions at the Eccles Business School of the University of Utah, the Goizueta Business School of Emory University, and the Simon School of Business of the University of Rochester.  

Hank’s research and teaching interests include Stock Markets, Foreign Exchange Markets, Energy Markets, Commodities Markets, Trading Costs, Trading Strategies, and Financial Risk Management.  His research has been extensively published in the top refereed Finance journals.  He is Managing Editor of the Journal of Financial and Quantitative Analysis, Associate Editor of the Journal of Financial Economics and the Journal of Financial Markets, and past Associate Editor of the Journal of Finance.  

Hank has been a consultant to the New York Stock Exchange, Goldman Sachs, Barclay’s Global Investors, Interactive Data Corporation, Compass Lexecon, Baillie Gifford & Co., the United States Department of Justice, the United States Securities and Exchange Commission, the Federal Energy Regulatory Commission, and the Commodities Futures Trading Commission, among others.


Members | Complimentary
Non Members | Complimentary

Professional Learning Credits
CFA Boston has determined that this event qualifies for 1 PL credit hour under the guidelines of CFA Institute's Professional Learning Program.  If you are a CFA Institute member and a CFA Society Boston member, PL credit for your participation in this event will be automatically recorded in your PL tracking tool. Otherwise, you may upload 1 PL credit to your CFA Institute account in the PL tracking tool. 

Members can register by logging into their Boston specific account. Non-members and CFA Society Global members must create an account, or log into their Boston specific account, to register for this program. Zoom details will be sent following registration. If you do not receive a confirmation email, please ensure you have completed the entire checkout process. 

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