Categories
Financial Policy
  • The Investment Opportunity in China’s “New Era”

    Source: Vania Pang
    Date Submitted: 08 Jan 2018
    Views: 46
    Downloads: 0
    A long-term economic roadmap for China has been set at the 19th Party Congress of China for the new era.
  • CFA Societies Australia: Submission to the Australian Investment Securities Commission on the National Financial Literacy Strategy

    Source: Susan Morey
    Date Submitted: 11 Dec 2017
    Views: 337
    Downloads: 10
    CFA Societies Australia: Submission to the Australian Investment Securities Commission on the National Financial Literacy Strategy
     
  • Asset pricing implications of your mutual fund manager's constraints

    Source: Pratish Patel, Brian Ayash, Ziemowit Bednarek
    Date Submitted: 26 Nov 2017
    Views: 35
    Downloads: 1
    By the end of 2015, U.S. mutual funds managed $15 trillion in assets. These funds control about 25% of the equity and 40% of the commercial paper market. As a result, regulations affecting these funds have asset pricing implications. In this paper, we analyze the liquidity management constraint imposed on these funds by the Investment Company Act of 1940. Due to the Act, some funds do not trade illiquid stocks. The non-tradability of these stocks leads to sub-optimal risk sharing. In a competitive equilibrium, we show that this constraint generates the ``betting against beta'' phenomenon. Moreover, because of this constraint, alpha is non-zero in general. Adding factors to eliminate alpha is therefore a futile exercise. Lastly, we empirically corroborate the theory by offering an alternate explanation of the distress risk anomaly. 
  • Japanese Banks: BOJ's Take on Financial Stability

    Source: David Marshall
    Date Submitted: 30 Oct 2017
    Views: 51
    Downloads: 0
    • In its latest financial stability report the BOJ highlights the unusually low profitability of Japanese banks and expresses concerns about the soundness of some lenders and risks to the efficiency of credit allocation
    • Too many lenders are fighting for a shrinking market as the population and the number of firms declines
    • Nevertheless, domestic lending has been growing at around 3%, more strongly at the regional banks than the majors, led by real estate lending to SMEs
    • Overseas funding costs have risen which has led Japanese banks to slow their growth in overseas lending and securities investment to focus more on risk and returns
    • Domestically the banks have shed yen bonds as the BOJ has bought JGBs but holdings by the major banks have picked up recently and all the banks have increased holdings of investment trusts in pursuit of higher returns  
    • As domestic loan growth has exceeded GDP growth, Japan's credit/GDP ratio has been rising, but this comes after a declining trend that has lasted more than 20 years. Before its bubble burst, Japan's ratio peaked at something close to the level that China's corporate debt/GDP is now reaching
    • The BOJ sees Japan's banking system as basically stable, but facing profitability challenges from a shrinking customer base, low lending rates, inefficiency and limited income diversification.
  • Looking Ahead to China’s 19th National Congress

    Source: Vania Pang
    Date Submitted: 20 Oct 2017
    Views: 84
    Downloads: 0
    The reshuffling of the Politburo Standing Committee (PSC) members is crucial to the centralization of power for the new government, as well as the economic and social policies in the coming few years.
  • Policies on Foreign Direct Investments (FDI) towards Economic Development

    Source: Mark Jayson L. Almira
    Date Submitted: 15 Oct 2017
    Views: 50
    Downloads: 7
    This paper characterizes the current Foreign Direct Investments (FDI) in the Philippines and other Southeast Asian nations and proposes some policy that is geared toward the economic development. It also discusses the current laws and regulations directed to FDI in the Philippines. Key policy recommendation includes (1) Improvement of domestic spending; (2) Lower effective tax rate; (3) Targeted infrastructure spending; (4) Stronger financial sector; (5) Effectively enforce contracts; (6) Reducing international transaction costs; and (7) Maintain political stability and eliminate corruption.
  • Lifting Suspension of Usury Laws in the Philippines

    Source:
    Date Submitted: 15 Oct 2017
    Views: 44
    Downloads: 3
    This paper is about the possibility of lifting Centranl Bank Circular 905, series of 1982 which suspended the application of Usury Laws in the Philippines.
  • Inclusive Business in the Philippines

    Source:
    Date Submitted: 15 Oct 2017
    Views: 25
    Downloads: 6

    This paper tackles the role inclusive businesses play in our economic growth. We shall also be tackling specific companies and their programs geared towards inclusive business and poverty alleviation. Lastly, we shall seek means on promoting this business model so that more would participate in this initiative. 

  • Unifying Faith and Finance

    Source: Jazzle Eve L. Cruz
    Date Submitted: 14 Oct 2017
    Views: 45
    Downloads: 2
    This policy paper discusses how it is possible to earn competitive returns from socially- responsible investments. The BPI Catholic Values Equity Feeder Fund is the first of its kind in the Philippines which integrates ethical factors in making investments. This hallmark product presents a challenge and an opportunity for other financial institutions to follow the trend of unifying faith and finance.
  • 市值最大的 20 只中国概念股年初至今回报率达 27%

    Source: 新交所
    Date Submitted: 10 Oct 2017
    Views: 95
    Downloads: 0
    值最大的 20 只中国概念股年初至今回报率达 27%
    • 中国 2017 年 GDP 预测已向上修正为按季度增长 6.7%。推动中国经济增长的因素包括一带一路计划、供给侧结构性改革、国有企业改革、不断发展的中产阶级和国内消费以及“中国制造 2025”新经济计划。
    • 新交所接近四分之一(或 180 家)上市公司有至少 20% 收入来自中国,其中 80% 公司有一半或以上收入来自中国。这些公司为投资者提供从中国的经济增长中获得收入的机会。
    • 在市值最大且至少 50% 收入来自中国的 20 只股票中,有 16 只股票年初至今录得上涨。表现最出色的 5 只股票分别是赫比国际有限公司 (Hi-P Intl, +165.7%)、依利安达 (Elec & Eltek Intl Co, +66.4%)、中国尚舜化工控股 (China Sunsine Chem Hldgs, +59.0%)、普洛斯 (Global Logistic Properties, +49.1%) 和仁恒置地 (Yanlord Land Group, +25.0%)。
    中国拥有近 14 亿人口,是全球人口最多的国家以及全球最大的经济体(根据世界银行数据),2016年 GDP 超过 21 万亿美元。摩根士丹利的中国蓝皮书预计中国可以摆脱中等收入陷阱并在 2027 年实现人均国民总收入 (GNI) 超过 12,500 美元(2016 年的人均国民总收入为 8,100 美元)。
  • Central Bank Balance Sheet Policies and Spillovers to Emerging Markets 

    Source: HAOBIN WANG, MANMOHAN SINGH
    Date Submitted: 29 Sep 2017
    Views: 597
    Downloads: 17

    We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensionschanges in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional toolscapital controls and/or macro-prudential policyto complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing. 

  • Family Affair? - Insider Trading and Family Firms: Evidence from Thailand  

    Source: Rapeepat Ingkasit, Professor Arnat Leemakdej, DBA
    Date Submitted: 18 Sep 2017
    Views: 792
    Downloads: 29
    Thai insiders can earn significant abnormal returns from trading shares of their firms. The effect is more pronounced when trades occurred prior to earnings announcement. The results provide reasoning for regulation that prohibits the insiders to trade prior to earnings announcement. Both family ownership and control structure affects the magnitude of market reaction. The findings support the entrenchment effect in family firms. The presence of specific categories of blockholder has monitoring effect while some types of blockholder seem to enhance insiders’ signal and strengthen the market reaction. Significant reduction in abnormal returns earned by insiders in the firm with voluntary blackout policy suggest that the policy effectively forbid the insiders to trade when they possess valuable information that is not available to the public.
  • HKSFA's Comment on HKEX Consultation Paper on Review of the GEM and Changes to the GEM and Main Board Listing Rules and New Board Concept Paper

    Source: The Hong Kong Society of Financial Analysts
    Date Submitted: 05 Sep 2017
    Views: 808
    Downloads: 17
    HKSFA's comment on HKEX's Consultation Paper on Review of the GEM and Changes to the GEM and Main Board Listing Rules and New Board Concept Paper
  • Mergers and acquisitions: how do you view their underlying substance?

    Source: Hong Kong Institute of Certified Public Accountants
    Date Submitted: 30 Aug 2017
    Views: 2404
    Downloads: 69
    Are you a shareholder or analyst with an interest in mergers and acquisitions? 
    The accounting standard-setters need your expertise. 

    We are aware that M&As are common and can take the form of group restructurings or third party acquisitions. There is usually no question that there is underlying substance to acquisitions with third parties - the transaction price typically represents the fair market value of the acquired business. But M&As within a group might arguably be different.

    The findings of this M&A survey will be published and will help us consider whether all M&As should be accounted and reported in the same way. 

    To participate, click on this link: http://survey.hkicpa.org.hk/index.php?sid=57118&lang=en, or download and email us the attached survey: outreachhk@hkicpa.org.hk
  • Systematic risk, government policy intervention, and dynamic contrarian investments

    Source: Jiapeng Liu, Qizhi Tao, Wenxuan Hou, Ting Zhang
    Date Submitted: 17 Aug 2017
    Views: 117
    Downloads: 8
    When systematic risk is high, or the market crashes, most risk-averse investors choose to exit the market; however, there are some contrarian investors who opt to make investments. We model such contrarian behaviors by incorporating investors' expectations of government policies into the conventional risk–return trade-off framework. We show that when policy risk is low and there is a high probability that the market will recover subsequent to government intervention, the optimal solution is for investors to make investments. However, when the policy risk is high and the market has a high probability of deteriorating, the optimal investment decision is to exit. Our simulation results are consistent with the model predictions.
  • Who can get money? Evidence from the Chinese peer-to-peer lending platform

    Source: Qizhi Tao, Ziming Lin, Yizhe Dong
    Date Submitted: 17 Aug 2017
    Views: 103
    Downloads: 8
    This paper explores how borrowers’ financial and personal information, loan characteristics and lending models affect peer-to-peer (P2P) loan funding outcomes. Using a large sample of listings from one of the largest Chinese online P2P lending platforms, we find that those borrowers earning a higher income or who own a car are more likely to receive a loan, pay lower interest rates, and are less likely to default. The credit grade assigned by the lending platform may not represent the creditworthiness of potential borrowers. We also find that the unique offline process in the Chinese P2P online lending platform exerts significant influence on the lending decision. We discuss the implications of our results for the design of big data-based lending markets.
  • HKSFA's Comment on HKEX's Concept Paper on Weighted Voting Rights

    Source: HKSFA
    Date Submitted: 16 Aug 2017
    Views: 61
    Downloads: 10
    HKSFA express its views on whether, in concept, governance structures that give certain persons voting power or other related rights disproportionate to their shareholding (weighted voting right structures or “WVR structures”) should be permissible for companies currently listed or seeking to list on the Exchange.
  • Value at Risk and Expected Shortfall Estimation for China Securities Market

    Source: Yam-wing SIU
    Date Submitted: 07 Aug 2017
    Views: 188
    Downloads: 7
    Financial system stability matters for economic growth.  Instability generates adverse effects on the economy because of their spilled over effects as observed in the recent financial crisis.  Many US and European banks required governments capital injections to stay afloat.  In January 2016, Basel Committee on Banking and Supervision of Bank for International Settlements issued a new revised market risk framework – “Minimum capital requirements for market risk”.  One of the features of the revised framework is a shift to an expected shortfall measure of risk under stress.  In this paper, we performed both value-at-risk and expected shortfall estimations for US and China securities markets.  While we use S&P 500 index, SPX, for US market, we use the time series of iShares China Large-Cap ETF, FXI, as a proxy for the broad market indicator of China securities market.  It is because there is a corresponding volatility index, VXFXI, for this Large-Cap ETF.  In this study, efforts have been made to turn volatility index into a risk management tools in the context of value-at-risk and expected shortfall.  It is found that it would be inappropriate to simply scale up the 1-day volatility by multiplying the square root of time (or the number of days) ahead to determine the risk over a longer horizon of i days.  Instead, empirical constants that are used to multiply the levels of volatility indexes, VIX and VXFXI, for estimating value-at-risk and expected shortfall of various significance levels for 1 to 22 days ahead for SPX and FXI have been statistically determined using 16 years and 4.75 years of daily data respectively.  Results show that the shift to expected shortfall approach with significance level of 2.5% yields an unexpected impact on regulatory capital requirements from the value-at-risk approach with significance level of 1%.
  • The Business of Ethics

    Source: Dr Raymond Madden, CEO
    Date Submitted: 28 Jul 2017
    Views: 1082
    Downloads: 0
    "Restoring the trustworthiness of global business will be a long-haul and there are no short-cuts when it comes to trying to embed ethical behaviour in business DNA.  But the dialogue in global board rooms is beginning to change with the importance of corporate culture, behaviours and the causal links to incentives and rewards gradually being recognised.  Our international businesses will always have responsibilities that go way beyond compliance - you cannot regulate for good behaviour.  Sustainable improvements in culture and behaviour in banking and right across the business landscape can only be achieved if individual institutions, owners, investors and the people leading and managing them step up to the plate.  As Dr Madden's thought provoking book makes clear, responsibility and accountability have to move to the top of every Board agenda".  Dame Collete Bowe, Chairman, UK Banking Standards Board.
  • RMBI Newsletter Issue 13 (Financial Crime Risk: Anti-Money Laundering and The Rise of Text Mining in Financial Markets)

    Source: Tsang Chiu Yu, Derek, Wong Ching Ip, Venice, Chiu Hok He, Angus, Li Chin Wa, Chin
    Date Submitted: 26 Jul 2017
    Views: 175
    Downloads: 0
    In the latest issue (Issue 13 – August 2017), it covers the stories of:
     
    Financial Crime Risk : Anti-Money Laundering Practices in Banking
    To understand anti-money laundering, we have to understand what money laundering is. Money Laundering is the process of converting illegal funds into seemingly legitimate assets with the purpose of concealing the ownership or original source of these funds. This makes it difficult for the authorities to trace the origins of the funds. To counter this, the banking sector has established a set of internal regulations and system known as anti-money laundering. These are legal controls taken by financial institutions to investigate suspicious transactions to help prevent money laundering activities within the banking sector.
     
    The Rise of Text Mining in Financial Markets
    The world is awash in data. Financial markets are awash in data. We are generating around 2.5 quintillion (2.5×1018) bytes of information every day, and there is an average of 4,000 brokerage reports a day comprising around 36,000 pages in 53 languages. As market participants try to maximize their competitive edge from the growing mountain of information, the nancial world increasingly feels there is a need to harness the power of big data and it has been shaping the way they acquire, analyze and utilize data. The recent development is the rapid expansion of text mining. Hence, this article will focus on the development of Text Mining technology as well as Text Mining technique.
  • Earnings Management and Dividend Policy: Empirical Evidence from Major Sectors of Pakistan  

    Source: Farhan Ahmed, Neha Advani, Muhammad Kashif
    Date Submitted: 17 Jul 2017
    Views: 1004
    Downloads: 19
    This paper means to inspect the regression between Price earning (P/E) ratio as a proxy of earning management and payout proportion that is dividend policy. This paper utilises multivariate analysis to examine the relationship between price-earnings ratio and dividend policy. Using 10 years annual data from 2006-2016, this paper delivers new confirmation demonstrating that when the return on equity is more prominent than the required rate of return, the P/E ratio and dividend payout ratio shows a negative relationship and positive convexity or vice versa.
  • Title: A Resolution to the Problem of Multiple IRR: A Modified Capital Amortization Schedule (MCAS) Method for Non-Normal Cash flow (NNCF) to Obtain a Unique IRR (July 11, 2017).

    Source: Kannapiran C. Arjunan
    Date Submitted: 12 Jul 2017
    Views: 54
    Downloads: 0

    Title: A Resolution to the Problem of Multiple IRR: A Modified Capital Amortization Schedule (MCAS) Method for Non-Normal Cash flow (NNCF) to Obtain a Unique IRR 

     

     
    The problem of multiple IRR remained unresolved for almost a century. This problem is associated only with some of the non-normal net cash flow (NNCF) that wrongly includes reinvestment income as income or benefit stream. The reinvestment income, which is not a benefit from the investment or project under analysis, causes the multiple IRR problem. This is often misinterpreted as problem of IRR but its neither a problem with IRR nor NPV. It is a problem associated with some NNCF data and the failure to update the discounted cash flow (DCF) or capital amortization schedule (CAS) methods to handle such problem.
    Using NNCF data, analyses are conducted with special emphasis on topics such as:


    a.      A modified CAS (MCAS) method that eliminates multiple IRR associated with NNCF data;
    b.      Multiple IRR problem and the Descartes rule of sign and Norstrom’s criteria;
    c.      A NNCF data with a unique IRR under DCF / CAS methods vs IRR by MCAS method;
    d.      Resolving the problem of multiple IRR by MCAS Method Versus MIRR; and
    e.      A critical review of the GIRR and AIRR Methods to Estimate NNCF.
    The salient findings of the present analysis are:
    a.      The MCAS method, presented in this paper, identifies and eliminates the reinvestment income associated with NNCF investments (with positive opening balance in one or more years in the CAS) from the benefit stream;
    b.      This new method overcomes the multiple IRR problem and leads to a unique and real IRR; The effectiveness of MCAS to handle the NNCF data is illustrated with numerical analysis;
    c.      The assumption of reinvestment at IRR or at hurdle rate in NPV are false assertions in the cases of normal NCF and some of the NNCFs. However, such reinvestment is evident only with NNCFs with positive opening balance in one or more years under the CAS.
    d.      The reinvestment income under the benefit stream causes multiple IRRs and multiple NPVs too. As NPV is a static point estimate (at hurdle rate) the multiple NPVs are not exposed. Without eliminating the reinvestment income, none of the criterions viz. NPV, IRR or MIRR, is useful as a decision criterion. Neither NPV or MIRR is a preferred criterion, under such circumstances, as recommended in some published works.
    e.      The MCAS method is appropriate for both normal NCF and NNCF as illustrated in this paper. CAS or DCF method is appropriate only for normal NCF investments.
    f.       Even when there is no multiple IRRs with some NNCFs under DCF/CAS method, the MCAS method estimated IRR or NPV, without reinvestment income, are different from that of the DCF/CAS estimated IRR and NPV. For a consistent estimate of IRR and NPV, the MCAS method is most appropriate both for NCF and NNCF investments.
    g.      The generalized IRR (GIRR) and the Average IRR (AIRR) are also not appropriate estimates for NNCF and they are not NCF consistent as discussed in this paper. The problem of multiple IRR associated with the popular cases of NCF investments used in GIRR and AIRR, are also resolved now.
    In conclusion, the MCAS method resolves the problem of multiple IRR and leads to a unique IRR that is real and NCF-consistent. Neither the NPV nor the MIRR could resolve the problem of multiple IRR.

  • Interest in ESG Investing Poised to Grow Further in Asia Pacific

    Source: Chan Fook Leong, CFA
    Date Submitted: 10 Jul 2017
    Views: 1978
    Downloads: 0
    • CFA Institute further extends ARX ESG Investing Series to Singapore to discuss motivations for ESG integration in the region.
    • Panelists from S&P Dow Jones Indices, City Developments Ltd., ADL Infra Capital Myanmar, and ESGuru spoke to a full house of CFA Institute members and local practitioners on developments in green finance.
    • Participants concluded that despite challenges, green finance would continue to attract investor interest; supply of green instruments needs to catch-up.
    • Social and governance considerations still in their infancy in the region.
    • The question of alpha potential inconclusive.
    Dr. Tony Tan, CFA, head, global society advocacy engagement at CFA Institute kicked off the May 11, 2017 lunch-time talk entitled ‘Is green finance a fad? Or does it possess alpha potential?’ The event, organized by CFA Institute and CFA Society Singapore follows the first of the ARX ESG Investing Series, hosted in Hong Kong. This series has been developed in response to demand for ESG-related research on research platform, Asia-Pacific Research Exchange (www.arx.cfa).
     
  • 2016: A Quantum Leap for Indian Corporate Bond Market

    Source: Shagun Thukral, CFA
    Date Submitted: 20 Jun 2017
    Views: 3063
    Downloads: 47
    This paper was published in the Research Bulletin, The Institute of Cost Accountants of India, Vol. 43, No.I, April 2017 issue.  The paper seeks to establish 2016 as a turning point in the development of the corporate bond market in India while identifying the factors, using the RBI's 7i Framework, that have contributed to this push and where there remains room for further improvement.
  • Divided we fall, distributed we stand. - The professional accountant’s guide to distributed  ledgers and  blockchain

    Source: Narayanan Vaidyanathan
    Date Submitted: 20 Jun 2017
    Views: 251
    Downloads: 0
    A distributed or shared ledger is a digital database of records. These records contain information relevant to a group of participants within a network.

    In a distributed ledger all participants are looking at a common view of the records. This is in contrast to a typical situation currently where participants (for example, in different organisations) are looking at different databases that are independently managed and updated.

    As Distributed Ledger Technology (DLT) matures, the shared ledger’s common view of records and transparency of transaction history could reduce reconciliation across different databases and drive significant efficiencies. Business processes that are characterised by inefficiencies (eg trade finance), or exist because of a lack of trust (eg Know Your Customer requirements in financial services) or poor supply chain visibility (eg for global garment supply chains) are all key areas for distributed ledger applications.

    This report introduces and explores the concept of distributed ledgers, examines its commercial potential and how this relates to different aspects of professional accountancy.
  • Fintech - Transforming Finance

    Source: Jimmy Greer
    Date Submitted: 20 Jun 2017
    Views: 510
    Downloads: 0

    Financial Technology (FinTech) is here – sweeping through finance and, if some are to be believed, threatening traditional edifices that have stood for centuries.

    This great surge is being fronted by a host of new start-ups taking their lead from the big tech innovators. Their maverick approach is helping to push the FinTech industry into new territory across the financial services landscape, raising billions of dollars and worrying the incumbents.

    So what are the main trends and driving forces shaping FinTech today? Fintech – transforming finance explores the features of this new landscape, highlighting the many ways in which this revolution is taking place.

    For professional accountants, this new terrain will provide many opportunities as it permeates deeper and deeper into the fabric of society. From the promise of blockchain, to the demands of valuation in a digital era, finance more than ever needs an experienced, knowledgeable guide to make the most of the opportunities ahead.

  • Two insightful reports on Fintech and Distributed Ledger Technology (DLT) by Financial Services Development Council (FSDC)

    Source: Financial Services Development Council (FSDC)
    Date Submitted: 13 Jun 2017
    Views: 1492
    Downloads: 0
    Given most of the FinTech innovations, in particular the DLT, are developed for providing services directly to consumers, FinTech has initially been regarded as disruptive to the established financial institutions. However, a more recent development is that increasingly FinTech innovations are developed by, and in collaboration with, the well established incumbents in the financial sector. There are two very insightful reports on FinTech and DLT published by the FSDC in May 2017; which covers extensively the following areas including cybersecurity, payment and securities settlement, digital ID and KYC utility, WealthTech and InsurTech (including data analytics, automation and artificial intelligence), RegTech as well as Distributed Ledger Technology.  

    Attached are the two links to these two reports by FSDC.  

    http://www.fsdc.org.hk/sites/default/files/FSDC%20Paper_FinTech_E.pdf

    http://www.fsdc.org.hk/sites/default/files/FSDC%20Paper_DLT_E.pdf
     
  • The Finance Industry and Educational Providers Need Tight Relationships

    Source: Dan Daugaard
    Date Submitted: 12 Jun 2017
    Views: 137
    Downloads: 6
    A new CFA Institute study predicts large scale trends will have a significant impact on the investment industry. The landscape is expected to change dramatically and new skill sets will be necessary for investment professionals to be successful in this new environment. This is likely to produce fresh challenges for organisations providing education to the investment industry. They will need to adapt and construct educational services relevant for the industry of tomorrow. Some are evidently already moving towards a more engaged role. 
  • Bangladesh National Budget Review FY'18

    Source: EBLSL Research Team
    Date Submitted: 04 Jun 2017
    Views: 763
    Downloads: 130
    The 46th National Budget of Bangladesh and 11th by Finance Minister AMA Muhith has been proposed on 1st June, 2017. Proposed budget size for FY ’18 is BDT 4002.66 bn which is 18.0% of GDP. This is the largest budget in the history of Bangladesh. Target Revenue is BDT 2879.91 bn caused a deficit amounting to BDT 1122.75 bn which will be financed through domestic sources (BDT 603.52 bn) and External Borrowings (BDT 519.24 bn).
     
  • Beauties of the Emperor: Investigation of an Opaque Stock Market Bailout   

    Source: Yeguang Chi, Xiaoming Li
    Date Submitted: 26 May 2017
    Views: 285
    Downloads: 6

    During the 2015 stock market crash, the Chinese government conducted an opaque bailout by injecting over ¥1.25 trillion ($200 billion) into the stock market. Sixty-three out of 1,406 government-purchased companies actively announced their bailout status in August 2015. The other government-purchased companies passively disclosed their bailout status through earnings reports in October 2015. We find a significantly positive market response to the first wave of active announcements of government bailout. Following the second wave of passive disclosure, the positive response deteriorated and eventually disappeared. Finally, retail investors reacted slowly and eventually overreacted to the bailout news, whereas institutional investors reacted promptly to profit from the opportunity. 

  • Practitioner's Brief (video): ​The Power of Private Information

    Source: Research Gate
    Date Submitted: 25 May 2017
    Views: 1143
    Downloads: 0
    Despite a recent crackdown on insider trading in China an assumption persists regarding the relative information inefficiency and asymmetry of less developed markets. Researcher Chi asks: How much is private information exploited in a less developed financial market like China?
    As it turns out, quite a lot.
  • Valuation Insights - India Edition, May 2017

    Source: Varun Gupta
    Date Submitted: 09 May 2017
    Views: 1957
    Downloads: 0

    Valuation Insights is a quarterly e-newsletter that provides you with the latest news from Duff & Phelps and the trends and changes in valuation and accounting that could affect your business transactions in Asia.

    In this edition, our top stories cover the Financial Accounting Standards Board issuing an Accounting Standards Update, robust fair value measurement, the International Valuation Standards Council releasing the 2017 edition of its International Valuation Standards, and a recent Duff & Phelps study about fairness opinions.

    We will also look at important Duff & Phelps reports and articles, including a recorded forum presentation by Professor Damodaran and the Duff & Phelps Global Regulatory Outlook 2017.

  • Bond market boom? Hong Kong's latest trading link set to spur $10 trillion market

    Source:
    Date Submitted: 24 Mar 2017
    Views: 206
    Downloads: 0
    WiC's latest review of the key business stories from China
  • Three Arrows of "Abenomics" and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fiscal Consolidation, and Growth Strategy

    Source: Yoshino, Naoyuki, aghizadeh-Hesary, Farhad
    Date Submitted: 27 Feb 2017
    Views: 103
    Downloads: 3
    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad | August 2014
  • Fiscal Policy and Inclusive Growth in Advanced Countries: Their Experience and Implications for Asia

    Source: Heshmati, Almas, Kim, Jungsuk, Park, Donghyun
    Date Submitted: 27 Feb 2017
    Views: 83
    Downloads: 0
    Heshmati, Almas; Kim, Jungsuk; Park, Donghyun | June 2014
  • CSR Practice and Sustainable Business Performance: Evidence from the Global Financial Centre of China

    Source: Tai Min Wut, Artie Ng
    Date Submitted: 17 Feb 2017
    Views: 517
    Downloads: 6
    The Hong Kong Special Administrative Region of China (Hong Kong) has long been positioned not only as an international capital market but also as the global financial centre for China. To position themselves for overseas expansions, major enterprises in China are now listed with the Stock Exchange of Hong Kong and adopt internationally accepted corporate practices. In particular, there have been emphases by multinationals on Corporate Social Responsibility (CSR) practices for the potential benefits of enhanced business performance as demonstrated in prior studies. The aim of this paper is to explore the relationship between business performance and CSR practices among listed companies in Hong Kong. We have investigated and made comparisons between two groups of listed companies in Hong Kong -- those included in the Hang Seng Corporate Sustainability index and the other major ones in Hong Kong not included in the Index. It is found that there is a significant difference between the two groups in the sample. A direct association between adoption of CSR practice and sustainable business performance in financial aspects is observed over an extended period of time. However, we argue that there is not yet sufficient disclosure in relation to the quality of their overall CSR and sustainability performance.
  • The Pragmatic Governance of Chinese P2P Chaos: Improvement in Supervision Philosophy and Legal Arrangement

    Source: Fan Zhang
    Date Submitted: 06 Feb 2017
    Views: 110
    Downloads: 7
    As developments in Internet finance coupled with deregulation and the growth of the financial media have tended to reduce transaction costs and informational asymmetries, the significance and exclusivity of China’s traditional financial institutions as financial intermediaries have been identified as factors in the country’s rapid economic development. In this context, peer-to-peer lending (P2P) has emerged as a type of Internet financing that creates a direct linkage between borrowers and investors via online platforms that is replacing traditional financial intermediaries and effectively bridging the gap between formal and informal finance. Although the Chinese P2P industry provides financial services, it also brings disorder and chaos, particularly in the context of the “dualistic model” of the Chinese financial system. In this context, this article reviews the history, development and advantages/disadvantages of three P2P modes and then recommends changes to the regulatory philosophy and legal arrangements for the P2P industry by constructing internal risk controls and strong regulations in the external environment.
  • South Asia Project Brief: Nepal Rural Finance Sector Development Cluster Program

    Source: Asian Development Bank
    Date Submitted: 04 Feb 2017
    Views: 205
    Downloads: 5
    Asian Development Bank | May 2015
  • Financial Inclusion, Financial Regulation, and Financial Education in Thailand

    Source: Tambunlertchai, Kanittha
    Date Submitted: 03 Feb 2017
    Views: 334
    Downloads: 3
    Tambunlertchai, Kanittha | July 2015
  • The Fiscal Risk of Local Government Revenue in the People’s Republic of China

    Source: Fan, Ziying, Wan, Guanghua
    Date Submitted: 03 Feb 2017
    Views: 120
    Downloads: 1
    Fan, Ziying; Wan, Guanghua | April 2016
  • Financial Sector Legislative Reforms Commission (FSLRC) & Financial Sector Regulation in India

    Source: Bhagwati, Jaimini, Khan, M. Shuheb, Bogathi, Ramakrishna Reddy
    Date Submitted: 02 Feb 2017
    Views: 1404
    Downloads: 5
    Bhagwati, Jaimini; Khan, M. Shuheb; Bogathi, Ramakrishna Reddy | June 2016
  • Optimal Credit Guarantee Ratio for Asia

    Source: Yoshino, Naoyuki , Taghizadeh-Hesary, Farhad
    Date Submitted: 01 Feb 2017
    Views: 159
    Downloads: 2
    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad | July 2016
  • What Happens If Donald Gets In?

    Source: Matthew Peter
    Date Submitted: 28 Dec 2016
    Views: 213
    Downloads: 0
    As the US Presidential elections approach, polls are showing that the two candidates are running neck and neck. A Trump victory, that seemed so unlikely three weeks ago, is now a fifty/fifty bet. What would happen to the US and the global economy in the advent of a Trump administration?
  • US Presidential Election: Market Reactions and Economic Consequences

    Source: QIC
    Date Submitted: 28 Dec 2016
    Views: 408
    Downloads: 0
    America’s marathon presidential election, which kicked off last year with the party primaries, remains unresolved at the time of writing. However, Republican Party candidate Donald Trump has significantly outperformed pollsters’ expectations by leading in a clutch of swing states including Florida, North Carolina, and Michigan.
  • China Bears to Calm Down

    Source: QIC
    Date Submitted: 28 Dec 2016
    Views: 225
    Downloads: 0
    Then paramount leader Deng Xiaoping’s launch of China’s Open Door policy in 1978, after decades of Maoist isolation, ranks among the seminal geo-political developments of the past half century.
  • Australia Maintains Credit Rating But Fiscal Policy is a Drag: Ideas for a Better Budget Mix

    Source: QIC
    Date Submitted: 28 Dec 2016
    Views: 232
    Downloads: 0
    On the heels of a sharp public reaction to last year’s budget, the Federal Government’s prescription this year focused on growth and assistance for low-to-middle income earners. There was a small expansion in the deficit but the budget is still projected to return to surplus by 2019-20. In our view there is not much good news, but also no real bad news. Here is our analysis.
  • Potential of market discipline in Pakistan: The bank depositors’ perspective

    Source: Nawazish Mirza, PhD, Bushra Naqvi, PhD, FRM, Kumail Rizvi, PhD, CFA, FRM, Birjees Rahat
    Date Submitted: 01 Dec 2016
    Views: 285
    Downloads: 0
    This research was funded by a substantial grant from USAID and explores potential of market discipline in Pakistan's commercial banking sector.
  • AFM – A Tale of Two Consequences: Intended and Unintended Outcomes of the Japan TOPIX Tick Size Changes

    Source:
    Date Submitted: 20 Nov 2016
    Views: 184
    Downloads: 1
    We study the mechanisms that affect how securities are traded on an exchange, before delving into the tick size changes on the TOPIX 100 index names made by the Tokyo Stock Exchange (TSE) on Jan-14-2014 and Jul-22-2104. The intended consequence of the TSE change is price improvement and shorter time to execution. An unintended effect might be the reduction in execution sizes, which would then mean that institutions with large orders would have greater difficulty in sourcing liquidity.
  • AFBC - Slack-based directional distance function in the presence of bad outputs: Theory and Application to Vietnamese Banking

    Source: Manh D. Pham, Valentin Zelenyuk
    Date Submitted: 15 Nov 2016
    Views: 246
    Downloads: 5
    Slack-based directional distance function in the presence of bad outputs: Theory and Application to Vietnamese Banking
  • ESG Reporting and Firm Performance in Indian economy

    Source: Dipasha Sharma, Shagun Thukral , Sonali Bhattacharya
    Date Submitted: 09 Nov 2016
    Views: 2572
    Downloads: 34
    The primary motive of any firm has always been to generate profits and maximize value for its shareholders. However with global economic crisis unfolding one after the other since the start of the millennium there has been a shift in the focus of governments, regulators, investors and corporations to a more “socially responsible” behavior by firms in addition to profit maximization. This includes the importance given by firms to areas such as sustainability, environmental, social and governance (ESG) concerns and ethical considerations. This has generated lot of research interest in comparison of performance of firms that do show due consideration to these factors versus those that do not. In this study we highlight the gaps in the existing literature and follows econometric modelling to discuss following hypothesis: Hypothesis 1: High Level of Corporate Sustainable Performance in terms of Environmental, Social and Governance will be associated with high financial performance Hypothesis 2: Size of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance. Hypothesis 3: Industry classification of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance.
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 8

    Source: Wong Yuen Man, Wong Cheuk Fun
    Date Submitted: 07 Nov 2016
    Views: 440
    Downloads: 0
    Humans always learn from history and our students should also learn from the past. This is the first time a case study is used as the main topic in the RMBI Newsletter series.London Whale Risk in 2012 is chosen as the topic of this chapter. This issue mainly focuses on the risks involved, including operational risks, analysis of VAR modeling aswell asthe influence of the Basel regulatory stan­ dard.
  • Do Franking Credits Matter? Exploring the Financial Implications of Dividend Imputation

    Source: Andrew Ainsworth, Graham Partington, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 311
    Downloads: 1
    Examines the implications of dividend imputation for stock prices and returns, cost of capital, project evaluation, capital structure, payout policy and investor portfolios. it is argued that its removal would be detrimental.
  • MySuper: A New Landscape for Default Superannuation Funds

    Source: Warren Chant, Mano Mohankumar, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 215
    Downloads: 1
    This report examines the Australian superannuation default fund landscape following the introduction of MySuper at the beginning of 2014.
  • MySuper vs. KiwiSaver: Retirement Saving for the Less Engaged

    Source: Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 357
    Downloads: 3
    Comparison of New Zealand's KiwSaver with Australia's MySuper default pension funds.
  • Delegation, trust and defaulting in retirement savings: Perspectives from plan executives and members

    Source: Adam Butt, Scott Donald, Doug Foster, Susan Thorp, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 319
    Downloads: 1
    Australian superannuation fund members are surveyed to gauge motivations behind defaulting, as well as their wants and needs from their pension fund. Comparison is made with findings from interviews of fund executives.
  • MySuper: A Stage in an Evolutionary Process

    Source: Adam Butt, Scott Donald, Doug Foster, Susan Thorp, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 205
    Downloads: 0
    Reports on interview with Australian superannuation fund executives about how their organisations responded to the MySuper regulatory framework for default retirement savings funds that was put in place at the beginning of 2014.
  • CIFR Project SUP002 on Default Superannuation Funds: Summary of Main Findings and Implications

    Source: Adam Butt, Scott Donald, Doug Foster, Susan Thorp, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 300
    Downloads: 0
    Summary of CIFR project examining the ‘MySuper’ default superannuation fund regime. Outputs includes 5 working papers plus multiple journal articles; and includes industry analysis, interviews with executives and a member survey.
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 9

    Source: Wong Yuen Man, Kwong Wing Man, Chan Ling Fung, Lo Ka Chun, Ng Wing Leong, Tam Kiu Fai, Lee Tung Kiu, Lee Kwok Ho
    Date Submitted: 02 Nov 2016
    Views: 410
    Downloads: 0
    In this issue, we discuss about the current situation of Hong Kong's Logistics Industry, including ogictics business cycle and its embbeded risk, big data and new technologies, as well as the future development and suggestions to the logistics industry. Basel III, the histroy and its evolution, impact on locan banks and lessons leanred from overseas.
  • Crises and Central Banks

    Source: Ishwar Chidambaram
    Date Submitted: 02 Nov 2016
    Views: 3422
    Downloads: 286
    A post-crisis look at the increasingly fragmented monetary policies of global Central Banks and the implications for Main Street
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 10

    Source: LEUNG Chung Wai , HAN Tianwei , CHEUNG Ngan Yeung , NG Wing Leong , SIU Hon San
    Date Submitted: 27 Oct 2016
    Views: 316
    Downloads: 0
    Shanghai-Hong Kong Stock Connect Review: How to Apply Big Data Analytics to Risk Management? Shanghai-Hong Kong Stock Connect is a pilot program launched on 17 November 2014 which links the stock markets in Shanghai and Hong Kong. Under the program, investors in Hong Kong and Mainland China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. Under this arrangement, Hong Kong and foreign investors can trade stocks listed on the Shanghai Stock Exchange (SSE) through Northbound trading while Mainland investors can trade stocks listed on the Hong Kong Stock Exchange (SEHK) through Southbound trading. How to Solve the Problem of China’s “Ghost Towns”? In recent years, China's economy has taken off and there is a boom in the financial industry, so the government has shifted the core of reform to urbanization. Investors have invested money in the property market. The real estate industry, which many have been optimistic about, should have bloomed under the current reforms in China, but the result is the widely-known term "Ghost Town".
  • AFBC - The Effect of Monetary Policy on Bank Wholesale Funding

    Source: Hyun-Soo Choi, Dong Beom Choi
    Date Submitted: 20 Oct 2016
    Views: 252
    Downloads: 4
    AFBC-The Effect of Monetary Policy on Bank Wholesale Funding
  • A new breed of adviser for the modern-day enterprise

    Source: Global Forum for SMEs
    Date Submitted: 14 Oct 2016
    Views: 218
    Downloads: 0
    This discussion paper presents views and recommendations on the growing implications, for both the finance profession and aspiring entrepreneurs, of the changing business landscape.
  • Making The Whole Greater Than The Sum Of Its Parts

    Source: Eddie Chan
    Date Submitted: 14 Oct 2016
    Views: 346
    Downloads: 8
    The investigative work of Professional Conduct has always been associated with words like secretive, mysterious, or private. That is only part of our story in Professional Conduct. Read on to find out more about our work in Professional Conduct and volunteering opportunities to help make a meaningful difference -- the CFA brand is important to protect, so is market integrity and ethical standards.
  • AFBC - Differences in the Reliability of Fair Value Hierarchy Measurements: A Cross-Country Study

    Source: Kevin Ow Yong,Chu Yeong Lim,Jeffrey Ng,Gary Pan
    Date Submitted: 25 Sep 2016
    Views: 300
    Downloads: 11
    Submission of conference paper to the 29th Australasian Finance and Banking Conference (AFBC) to be considered for the CFA Institute Research Awards available to papers presented at the conference.
  • AFBC-Asset diversification and efficiency: Evidence from the Chinese banking sector

    Source: Kai Du, Andrew C. Worthington, Valentin Zelenyuk
    Date Submitted: 20 Sep 2016
    Views: 400
    Downloads: 11
    This paper investigates the impact of earning asset diversification on Chinese bank efficiency from 2006 to 2011. To do so, we adapt the Simar and Wilson (2007) (Journal of Econometrics) approach to panel data context so that approach allows for technology change over time. Regression results reveal that increasing the asset share of other earning assets (including securities and derivatives) is positively associated with bank efficiency. Decreasing the share of nonearning assets in total assets or increasing total equity has a similar impact. Our results also suggest that financial reforms currently being undertaken in China, including removing the regulatory requirement concerning the ratio of loans to deposits (a new draft amendment to the existing commercial banking law) and interest rate liberalization (a proposed draft amendment), are likely to induce a significant positive effect on bank efficiency in China.
  • Frontier Special Report - Construction powers growth in credit to Private Sector

    Source: Frontier Research
    Date Submitted: 11 Sep 2016
    Views: 352
    Downloads: 5
    An Analysis that looks at the role the Construction Sector in Sri Lanka has played in fueling credit growth in the economy. The report presents some key charts to illustrate key recent developments.
  • Tokyo as an International Financial Centre

    Source: Laurel Teo, CFA
    Date Submitted: 18 Jul 2016
    Views: 477
    Downloads: 16
    PPT presentation pertaining to the official launch of the research paper by the Japan CFA Society on the 15th of July 2016.
  • 東京は国際金融センターになれるか?

    Source: 原田 武嗣, CFA, 瀬尾 周一, CFA
    Date Submitted: 18 Jul 2016
    Views: 436
    Downloads: 14
    Research paper by the Japan CFA Society publicly released on the 15th of July 2016.
  • Tokyo as an International Financial Centre

    Source: Taketsugu Harada, CFA,Shuichi Seo, CFA
    Date Submitted: 18 Jul 2016
    Views: 503
    Downloads: 12
    Research paper by the Japan CFA Society publicly released on the 15th of July 2016.
  • Domestic Debt Market in India

    Source: Dr. Vighneswara Swamy, Professor of Finance, IBS-Hyderabad, India
    Date Submitted: 23 Jun 2016
    Views: 591
    Downloads: 21
    As India is projected to be the world’s most populous country by 2025, the growing needs of the economy, with expanding population, in the recent years have placed intense stress on physical infrastructure. In order to meet the deficit in the provision of infrastructure, mid-term appraisal of the twelfth plan suggests that to attain 9 percent real Gross Domestic Product (GDP) growth rate, infrastructure investment should be on average almost 10 percent of GDP during the Twelfth Plan which translates into INR 65795 billion (about One trillion dollar). Though there has been a progressive involvement of the private sector in infrastructure investments, the government has to play a proactive role in developing a well-structured platform for raising the required investments in Indian infrastructure. Given the huge demand of US$ 1 trillion for infrastructure investments during the 12th plan period, there is a greater emphasis on creating a domestic debt market with special focus on bond market as an alternate source of funding for bank finance, which is faced with myriad problems of stress assets, asset restructuring, etc.
  • 投资者向审计师 寻求更大价值

    Source: Vincent Papa, CFA
    Date Submitted: 14 Jun 2016
    Views: 289
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2. The original article appears on CFA Magazine, July/August 2013, Vol. 24, No. 4: 8.
  • 书评: 美联储与金融危机

    Source: Marc L. Ross, CFA
    Date Submitted: 14 Jun 2016
    Views: 300
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2013 issue, season 1.
  • Elements of an Investment Policy Statement for Institutional Investors

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 296
    Downloads: 3
    This paper appeared on CFA Institute's website in May 2010.
  • Elements of an Investment Policy Statement for Individual Investors

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 266
    Downloads: 0
    This paper appeared on CFA Institute's website in May 2010.
  • Periodic Reporting for Retail Investment Funds in Asia Pacific—An Investor’s Perspective

    Source: Lee Kha Loon, CFA
    Date Submitted: 12 Jun 2016
    Views: 271
    Downloads: 1
    This paper appeared on CFA Institute's website in January 2013.
  • A Comprehensive Business Reporting Model: Financial Reporting for Investors

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 270
    Downloads: 1
    This paper appeared on CFA Institute's website in July 2007.
  • eXtensible Business Reporting Language: A Guide for Investors

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 259
    Downloads: 0
    This paper appeared on CFA Institute's website in April 2009
  • Financial Reporting Disclosures: Investor Perspectives on Transparency, Trust, and Volume

    Source: Mohini Singh, ACA , Sandra J. Peters, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 264
    Downloads: 1
    This paper appeared on CFA Institute's website in July 2013.
  • Financial Crisis Insights on Bank Performance Reporting (Part 2): Relationship between Disclosed Loan Fair Values, Impairments, and the Risk Profile of Banks

    Source: Vincent T. Papa, PhD, CFA, Sandra J. Peters, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 259
    Downloads: 4
    This paper appeared on CFA Institute's website in July 2014.
  • Financial Crisis Insights on Bank Performance Reporting (Part 1): Assessing the Key Factors Influencing Price-to-Book Ratios

    Source: Vincent T. Papa, PhD, CFA, Sandra J. Peters, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 259
    Downloads: 2
    This paper appeared on CFA Institute's website in July 2014.
  • Forward-Looking Information: A Necessary Consideration in the SEC’s Review on Disclosure Effectiveness: Investor Perspectives

    Source: Sandra J. Peters, CPA, CFA, Kurt N. Schacht, JD, CFA
    Date Submitted: 12 Jun 2016
    Views: 239
    Downloads: 0
    This paper appeared on CFA Institute's website in July 2014.
  • Addressing Financial Reporting Complexity: Investor Perspectives

    Source: Mohini Singh, ACA, Sandra Peters, CPA, CFA, Kurt N. Schacht, JD, CFA
    Date Submitted: 12 Jun 2016
    Views: 411
    Downloads: 1
    This paper appeared on CFA Institute's website in January 2015.
  • Analyzing Bank Performance: Role of Comprehensive Income

    Source: Vincent T. Papa, PhD, CFA, Sandra J. Peters, CPA, CFA, Kurt N. Schacht, JD, CFA, Siquan Lu
    Date Submitted: 12 Jun 2016
    Views: 365
    Downloads: 3
    This paper appeared on CFA Institute's website in February 2015.
  • Materiality: Investor Perspectives

    Source: Mohini Singh, ACA, Sandra J. Peters, CFA, CPA
    Date Submitted: 12 Jun 2016
    Views: 266
    Downloads: 1
    This paper appeared on CFA Institute's website in December 2015.
  • Watching the “Top Line”: Areas for Investor Scrutiny on Revenue Recognition Changes

    Source: Vincent Papa, PhD, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 401
    Downloads: 0
    This paper appeared on CFA Institute's website in April 2016.
  • User Perspective on Financial Instrument Risk Disclosures Under International Financial Reporting Standards

    Source: Vincent Papa, PhD, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 252
    Downloads: 1
    This paper appeared on CFA Institute's website on May 2016.
  • Planning, Budgeting and Forecasting: An eye on the future

    Source: O'Mahony, J., Lyon, J.
    Date Submitted: 10 Jun 2016
    Views: 487
    Downloads: 11
    A global report (first of three) jointly commissioned by the ACCA and KPMG to evaluate how the Enterprise Performance Management capability within finance functions is providing the business with insightful profitability and cost analysis through appropriate people, processes and technology.
  • Ending Late Payment: Part 3 - Reflection on the evidence

    Source: Schizas, M.
    Date Submitted: 10 Jun 2016
    Views: 316
    Downloads: 3
    This is the third of a series of three reports on the problem of late payment and how businesses and governments can work together to alleviate it. It summarises the ACCA’s findings on this important issue and is a call to action for governments, financial services firms, large corporates and small businesses.
  • Ending Late Payment: Part 2 - What works?

    Source: Schizas, M.
    Date Submitted: 10 Jun 2016
    Views: 310
    Downloads: 4
    This is the second of a series of three reports on the problem of late payment and how businesses and governments can work together to alleviate it. It brings together evidence from a wealth of ACCA-commissioned publications and other research as well as 36 case studies involving ACCA members around the world to help define good practice in both business and policy.
  • Ending Late Payment: Part 1 - Taking stock

    Source: Schizas, M.
    Date Submitted: 10 Jun 2016
    Views: 306
    Downloads: 2
    This is the first of a series of three reports on the problem of late payment and how businesses and governments can work together to alleviate it. It combines an extensive literature review with quantitative data from ACCA’s member surveys to correctly define late payment, trace its precise origins and document its impact on the global economy.
  • Performance Reporting: An eye on the facts

    Source: O'Mahony, J., Lyon, J.
    Date Submitted: 08 Jun 2016
    Views: 331
    Downloads: 4
    Performance Reporting at its best should enable a business to link its operational activity and decision making with the attainment of its strategy. It gives organisations the essential information to make more confident and effective decisions, focuses the attention of management on activities that truly matter, and provides a consistent view of actual performance across the business. A joint KPMG-ACCA report examines the form and nature of performance reporting, and how such reporting perceived by CFOs.
  • The Valuation Effects of Prime Rate Revisions: Is There an Advantage of Being First?

    Source: Asjeet S. Lamba, Mohamed Ariff
    Date Submitted: 07 Jun 2016
    Views: 370
    Downloads: 0
    US banks making prime rate revisions are known to suffer stock price declines, which is consistent with the Stiglitz-Weiss adverse selection theory, given the relative stickiness of interest rates. If banks suffer price declines, then why are some banks consistent leaders when revising prime rates? This research question is the focus of our paper and is examined in the relatively concentrated banking system of Singapore. Lead banks in Singapore initiating a large number of rate increases earned an average abnormal return of 5.2%, while non-lead banks also experienced positive abnormal returns of 3.9%, a result not in agreement with US-specific evidence. We argue that the rate increases (decreases) resulting in a significant stock price increase (decrease) for lead banks are consistent with a valuation effect in a concentrated banking system. Our results could be explained as a valuation effect from anticipated higher profits or as reward for being first. The first mover advantage may thus also have signaling value on quality.
  • 高频交易之乱局—市场激励机制的扭曲导致部分高频交易策略误入歧途

    Source: Dennis Dick, CFA
    Date Submitted: 07 Jun 2016
    Views: 301
    Downloads: 6
    This article appears on CFA Institute hedge fund journal 2014 issue, season 1. The original article appears on CFA Magazine, January/February 2013 | Vol. 24 | No. 1 | 2 pages
  • 浅谈中国对冲基金的过去,现在和未来

    Source: 费飞
    Date Submitted: 07 Jun 2016
    Views: 479
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2014 issue, season 1.
  • 国债期货的现货基础

    Source: 孙志鹏, CFA
    Date Submitted: 07 Jun 2016
    Views: 330
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2014 issue, season 1.
  • Investors Gain As India Tightens Reins on Asset Managers and Financial Advisers

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 261
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 March 2012.
  • AIJ Fallout Casts Harsh Spotlight on Japan’s Pension Fund Managers

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 278
    Downloads: 0
    This is a blog posted on CFA Institute's website on 7 March 2012.
  • Insider Trading: Is China Serious about Cleaning Up Its Capital Market?

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 287
    Downloads: 1
    This is a blog posted on CFA Institute's website on 25 February 2015.
  • Portfolio Pumping in Singapore — What the Numbers Tell Us

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 413
    Downloads: 1
    This is a blog posted on CFA Institute's website on 27 December 2015.
  • China’s Circuit Breaker: Boon or Bane?

    Source: Alan Lok
    Date Submitted: 20 May 2016
    Views: 371
    Downloads: 9
    This is a blog posted on CFA Institute's website on 14 January 2016.
  • From Stocks and Bonds to Crowdfunding, China’s Capital Markets Regulatory Scene

    Source: Alan Lok
    Date Submitted: 20 May 2016
    Views: 329
    Downloads: 3
    This is a blog posted on CFA Institute's website on 3 February 2016.
  • China’s Money Market Reforms Aim to Stem Risk, Allow Funds to Thrive in Fintech Era

    Source: Alan Lok
    Date Submitted: 20 May 2016
    Views: 519
    Downloads: 7
    This is a blog posted on CFA Institute's website on 13 April 2016.
  • New Zealand: Seeking to be a World Leader Regardless of Limited Resources

    Source:
    Date Submitted: 29 Mar 2016
    Views: 316
    Downloads: 5
    This commentary provides some information on financial research environment in New Zealand.
  • Identifying the Key Catalysts of the Indian Research Environment

    Source:
    Date Submitted: 20 Mar 2016
    Views: 335
    Downloads: 11
    The findings of academic research carried out in developed markets such as India and published in scholarly journals are perceived to be remotely related to the real world of practitioners and moreover. Investment managers who apply scientific theory proven in developed market environment seldom get what they desire in developing markets. In a real world where investment practitioners look for actionable solution, academic scholars are perceived to complexify issues in their attempt to theorize real world problem by considering all possible manifestations and contingencies.
  • Board of Director Effectiveness and Earnings Conservatism: Preliminary Australian Analysis

    Source: Nigar Sultana, J-L-W. Mitchell Van der Zahn, Inderpal Singh
    Date Submitted: 24 Feb 2016
    Views: 280
    Downloads: 11
    Overarching objective is to examine influence of board of director effectiveness on the extent of earnings conservatism among Australian listed firms.