ARX Series
Most Popular on ARX
(February - April 2024)
Overview
ARX is designed to bring together investment professionals in Asia Pacific and other regions to share their views, knowledge and experience, so that they can learn from their peers and thought-leaders. Below are the most often downloaded posts in the last three months.
To browse or search ARX's repository of more than 5,000 posts, select "Research" in the main menu.
（第二届）2023中国未来金融分析师大赛优秀行业研究报告 – 第1至16名得奖作品
历经数月，由北京市地方金融监督管理局指导，北京市金融发展促进中心与CFA Institute联合主办的2023第二届中国未来金融分析师大赛决赛于2023年5月20日成功举办。
随着数字经济的到来，金融业格局不断革新，金融人才的需求不断变化，此次大赛紧跟当前热点，以“数字引领未来”为主题，获得全球共82个国家数百万人关注，共吸引来自国内外300余所高校（含20余所海外知名高校）的2000余名学生参与，201支队伍撰写并提交以“数字化背景下，科技赋能金融高质量发展”为题的研究报告。经过来自总部位于北京的20家一线金融机构的评审专家综合评定，现将排名前60名的优秀行业研究报告展出。
17 Jul 2023 | CFA Institute
Recorded Webinar: Interview with Mark Higgins, CFA – Implications from U.S. Financial History
Watch this on-demand webinar to hear from Mark Higgins, CFA, as he revealed the important lessons from financial history and their impacts on investment decision-making.
15 March 2024 | CFA Institute | Video: 61mins
Sector Analysis - A Framework for Investors
CFA Institute and ACCA present a series of articles detailing a framework for analysis of investment fundamentals of industries.
2020 | CFA Institute
Great Expectations
Financial markets appear optimistic to start the year, while investors currently believe inflation will slow, rates fall, and profits rise. Rob Almeida explains why those beliefs may be contradictory.
15 Jan 2024 | Robert M. Almeida, Jr.; MFS Investment Management
The Relative Price Premium: Output price dispersion impacts risk premia
This study examines the implications of relative price dispersion for asset prices. Firms that sell goods and services that have increased (decreased) in price relative to the headline inflation rate earn high (low) returns.
24 Mar 2024 | Yun Joo An; Fotis Grigoris; Christian Heyerdahl-Larsen; Preetesh Kantak
Decoding Market Behavior: Fear, Greed, and the Human Element
Dive into the dynamics of fear-driven markets with our guest this month, David Keller, CMT, an expert in technical analysis and behavioral finance. Join us as we explore his insights on investor behavior and market dynamics in today's equity markets.
05 Aug 2022 | David Keller, CMT; David Lundgren, CMT, CFA; Tyler Wood, CMT; CMT Association
Monetary Policy Statement H2’FY24: Money To Turn Costlier Ahead
Bangladesh Bank has increased policy rate by 25 bps and narrowed Interest Rate Corridor. The Bank intends to introduce crawling peg system for exchange rate management. Meanwhile, broad money and credit growth targets have been lowered.
17 Jan 2024 | BRAC EPL Stock Brokerage Limited
Exploring the Halo Effect in ESG Investing in Indian Equities
Exploring the impact of ESG scores on Indian equity market returns (2013-2023) across 700+ companies, our study finds no systematic outperformance for high-ESG portfolios, challenging the narrative of ESG as a key financial driver.
06 Nov 2023 | Rajan Raju; SSRN
Declining Interest Rates Have Signaled Positive Relative Performance
The report examines how low-volatility stocks may perform considering the market consensus rate assumptions, which currently anticipate rates cuts, and a declining rate environment for 2024.
2 Feb 2024 | James C. Fallon; Molly O'Brien; MFS Investment Management
Recorded Webinar: 2024 Sustainability & Climate Trends to Watch — The APAC View
Watch this recorded webinar to take a deep dive into specific areas, such as climate disclosure regulation and natural capital, to see how they shape APAC’s investment landscape and more.
27 February 2024 | CFA Institute; MSCI | Video:61 mins
Merger Arbitrage and ESG Impact Investing
A merger arbitrage portfolio can boost ESG scores by nearly 50% while offering attractive returns, appealing to investors seeking impactful ESG outcomes alongside profits, outperforming traditional ESG investments.
17 Mar 2024 | Deepak Gurnani; Ludger Hentschel; Neetu Jhamb; Versor Investments
S&P Kensho New Economies Commentary: Q4 2023
The fourth quarter saw a broad recovery of the equities market from the previous quarter’s weakness to reach near all-time highs.
29 Jan 2024 | S&P Dow Jones Indices
Navigating Idiosyncratic Risk: A Conversation with Patrick Kent, CMT, CFA
Gain insights into market confirmation, innovative approaches to idiosyncratic risk and denial of fundamental theses from the lead Portfolio Manager of US Opportunistic Equity strategies.
26 Jan 2023 | Patrick Kent, CMT, CFA; David Lundgren, CMT, CFA; Tyler Wood, CMT, CFA; CMT Association
Forward Beta that Includes Market and Stock Fundamentals
Beta (using past prices) is probably the largest source of error in equity valuation. It is the only factor that is based on history while all others are forward-looking. This paper proposes using forward looking beta based on fundamentals factors.
22 Dec 2023 | Susheel Narula
The Hidden Impact of Private Money Creation on Stock Returns
Using the FinTech reform as an exogenous shock, we provide difference-in-differences evidence that the hidden impact of private money creation on cross-sectional return predictability is amplified by more than 100 percent following the shock.
07 Dec 2023 | Xing Han; Wenqiong Liu; Yuliang Wu
Recorded Webinar: Understanding Carbon Market Opportunities - Pricing Methodologies and Trading Strategies
Watch this recorded webinar to learn about the evolution of carbon prices over time, trends in carbon pricing across various regions, companies' internal carbon prices, and the differences between the voluntary and mandatory carbon markets and more.
25 January 2024 | CFA Institute; Monash University | Video:61 mins
Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing
From 2011 to 2018, the Bank of Japan purchased equity index exchange-traded funds (ETFs) worth about 3.5% of GDP. What are the positive and negative impacts to these domestic corporations being invested, and what lessons can we learn from there?
15 Oct 2020 | Ben Charoenwong; Randall Morck; Yupana Wiwattanakantang
Exploring Investment Frontiers with Clint Sorenson, CMT, CFA
In Fill the Gap Episode #31, Clint Sorenson, CMT, CFA, Co-Founder of WealthShield LLC, discusses trend following in private equity, Eminem's impact on client communications, and the benefits of macro volatility for active investors.
21 Aug 2023 | Clint Sorenson, CFA, CMT; Tyler Wood, CMT; David Lundgren, CFA, CMT; CMT Association
Why Do Dividends Matter?
Income generation may be sought out by a variety of market participants, including those nearing retirement and those seeking a source of passive income.
11 Oct 2023 | Jason Ye, CFA; Andrew Geoghegan; S&P Dow Jones Indices
Recorded Webinar: What is the “Equity?” – Proposed Amendments of IFRS
The IASB has published the Exposure Draft. It aims to address challenges in how a company that issues financial instruments distinguishes financial liabilities from equity instruments. Learn more.
4 March 2024 | CFA Society Japan | Video: 1hr 23mins
ESG Disclosure and Investors’ Attention: Evidence from Mutual Fund Prospectuses
This study explores the impact of specific vs. generic ESG disclosures in U.S. equity mutual funds' prospectuses on fund flows and flow-performance sensitivity, finding that specific disclosures enhance flow and sensitivity.
04 Dec 2023 | Huayu Shi; Helen Lu; John Lee
CFA Society Beijing Podcasts: 漫谈美股上市二三事
「特许金融街」是一档由北京金融分析师协会(CFA Society Beijing)发起，面向社会各界听众的金融访谈类播客，我们会邀请各金融细分领域的朋友们一起探讨资本市场热点，圈内秘闻，金融职场等与金融相关的热点话题。
4 March 2024 | CFA Society Beijing
Do Different Measures of Stock Market Volatility Risks Have the Same Price?
Common measures of aggregate volatility are priced differently in the cross-section of stock returns. This finding is hard to reconcile with existing theories, but potentially consistent with partial segmentation between equity and options markets.
03 Dec 2023 | Guanglian Hu
Climate-Related Stress-Testing and Net-Zero Valuation: A Case Study for Selected Energy-Intensive Companies
In this paper, we align the MIT EPPA projections with company level financial statements in order to build investment guide ratios for both equity and corporate bonds. We introduce a novel top down methodology for transition risk analysis.
28 Nov 2023 | Theo Le Guenedal; Henry Y.H. Chen; Sergey Paltsev; Yassine Derbel; Frederic Lepetit; Rami Mery; Benjamin Duval; Mathieu Jouanneau; Matthieu Keip; Le Berthe Tegwen
Carbon pricing and firms’ GHG emissions
This study investigates the impacts of carbon pricing policies on firms' greenhouse gas (GHG) emissions. We include two carbon pricing policies: carbon tax and emission trading scheme (ETS) at national and sub-national (province) levels.
01 Dec 2023 | Hai Le; Dina Azhgaliyeva
Recorded Webinar: Unleashing the Power of AI: Exploring Data Science for Investment Professionals
During the webinar, Charles Cheung, PhD, Solutions Architect Manager and Deputy Director, AI Technology Center of Nvidia and Ginny Wong, PhD, Data Scientist of Nvidia shared their insights on the evolving AI landscape, and how AI is impacting the finance and investment industry from business operations and investment decision-making point of views.
7 November 2023 | CFA Institute | Video:1 hour 13 mins
Investing in China: Does the Opportunity Outweigh the Risk?
This research focuses on China’s equity market and review its constant evolution, growth and diversification across sectors and industries, offering reasonable growth adjusted valuations.
07 Dec 2023 | Jie Cai; Linlin Yang; Yan Yan; FTSE Russell
Tracking the Evolving Yield Landscape with Indices
S&P DJI's Randolf Tantzscher joins SSGA's Kheng Siang Ng for a closer look at how indices are helping investors track the development of global fixed income markets and assess potential shifts in the search for yield.
02 Dec 2023 | Kaman Luk; Kheng Siang Ng; Randolf Tantzscher; S&P Dow Jones Indices
A Tactical Look at Sectors
How are advisors using sector data to understand market trends and inform investment decisions? S&P DJI's Anu Ganti joins Fairlead Strategies' Katie Stockton to discuss practical applications for sector indices.
20 Nov 2023 | Anu Ganti; Katie Stockton; S&P Dow Jones Indices
The Effect of Divestment from ESG Exchange Traded Funds
This paper aims to empirically investigate whether divestment by, predominantly passive, Environmental, Social and Governance (ESG) Exchange Traded Funds (ETFs) can affect firm level share prices and cost of capital, as a channel of impact.
03 Dec 2023 | Sebastian Gehricke; Pakorn Aschakulporn; Tahir Suleman; Ben Wilkinson
About the Author(s)
Senior Director: Scott Lee
Project Manager: Natalie Yiu
Coordinator: Christy Leung