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Overview

ARX contains more than 200 articles, reports, webinars and videos that qualify for PL credit under the guidelines of the CFA Institute Professional Learning Program. Below is a selection of most recent posts. 

We encourage CFA Institute members to login to the PL tracking tool to self-document these credits.   

You can find more PL content in the "Webinars" section or by clicking on "Research" in the upper left-hand corner of the page and selecting the “Professional Learning” filter.


WEBINAR: Innovation in Islamic Banking

To compete with the conventional players, Islamic financial institutions must provide a unique and an attractive proposition to consumers and investors. They also have to navigate around the additional compliance responsibilities with Shariah requirements.

21 October 2020 | CFA Society Bangladesh, CFA Society Indonesia, CFA Society Malaysia, CFA Society Pakistan, CFA Institute | Video: 1 hr 38 min. | 1 PL

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WEBINAR: Handling Publicity and the Media Like a Pro

A media training workshop presented by CFA Society Malaysia, helps learn how to master a variety of situations naturally when it comes to speaking in public or on the air.

21 September 2020 | CFA Society Malaysia | Video: 1 hr 20 min. | 1 PL

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WEBINAR: Improving Transparency and Comparability of Investment Products with ESG-related Features

CFA Institute has issued a Consultation Paper on the CFA Institute ESG Disclosure Standards for Investment Products - a new, voluntary, global industry standard to establish disclosure requirements for investment products with ESG-related features.

21 September 2020 | CFA Institute: Chris Fidler, Deborah Kidd, Mary Leung, CFA | Video: 1 hr 28 min. | 1 PL

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WEBINAR: Opportunities and Challenges of ETFs in Asia Pacific: Should we worry about systemic risks?

Despite growth, ETFs in Asia Pacific still account for only 10% of the global ETF assets. What are the challenges facing ETFs in the region? Meanwhile, the immense popularity of ETFs in the United States has raised concerns of systemic risks, such as exacerbating market disruptions. How pertinent are such risks in Asia Pacific?

15 September 2020 | Simon Brailey, Deborah A. Fuhr, Anil Ghelani, CFA, Piotr Zembrowski, CFA | Video: 1 hr 3 min. | 1 PL

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WEBINAR: Timber, Pulp, and ESG Risk

This webinar helps financial practitioners understand the main ESG risks posed by the timber and pulp industry. The speakers discuss the challenges and opportunities they meet in the implementation of sustainable planting and forest management practices.

1 September 2020 | CFA Institute, ZSL SPOTT, CFA Society Singapore | Video: 1 hr 3 min. | 1 PL

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Money Left on the Table: Passive Investing and the Effects of Reconstitution

Passively managed funds own over half of the US equity market. Their performance suffers as they periodically adjust their portfolios when the underlying index is reconstituted.The negative impact of index reconstitution is exacerbated by thinly traded stocks and periods of low liquidity. How should investors reckon with this drag on performance? Can passive managers time their portfolio adjustments to minimize this effect?

26 August 2020 | Solactive AG | 0.5 PL

Download Part 1: Passive Investing and the Effects of Reconstitution (PDF) >

Download Part 2: Why You Should Think About the Timing of the Reconstitution (PDF) >

Download Part 3: A Deeper Look into the Effects of Liquidity and Reconstitution (PDF) > 


WEBINAR: Fundamental Principles of Islamic Finance

Islamic Finance is a rapidly growing segment of the global financial system with total AUM of USD2.4 trn. The webinar provides an overview of its fundamental principles: prohibition on charging interest, excessive uncertainty, and profit sharing.

26 August 2020 | CFA Society Indonesia, CFA Society Malaysia, CFA Society Pakistan, CFA Institute | Video: 1 hr 15 min. | 1 PL

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WEBINAR: REIT as an Asset Class from the Investor Perspective

REITs generate stable recurring long-term income, which makes them akin to fixed income products and attracts retail investors. But is the current low interest environment benefiting the REIT business model? A webinar in the series "Sector Analysis: A Framework for Investors" presented by CFA Institute and ACCA.

11 August 2020 | Eunice Chu, FCCA, Alan Lok, CFA, Victor S. Yeung, CFA, Luna Fong | Video: 1 hr 16 min. | 1 PL

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Credit Risk for Unsustainable versus Sustainable Businesses

There is increasing evidence of higher credit risk for unsustainable, low-ESG, high-fossil fuel businesses, and a lower credit risk for sustainable, high-ESG, clean, regenerative, and renewable businesses. Investors, banks and regulators take note.

10 August 2020 | David Maywald | 0.5 PL

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Stewardship 2.0: Awareness, Effectiveness, and Progression of Stewardship Codes in Asia Pacific

An overview of stewardship codes in Australia, Hong Kong SAR, India, Japan, Malaysia, Singapore, South Korea, Taiwan, and Thailand shows how institutional investors apply them in their professional capacity.

10 August 2020 | CFAInstitute: Mary Leung, CFA, Eugene Hsiao, CFA | 3 PL

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Addressing Market Fragmentation Through the Policymaking Lifecycle

An analysis of the risks and global impact of regulation-driven market fragmentation, its drivers, and its impact on markets, economies and individuals, offers holistic solutions to avoid or mitigate its effects in the future.

6 August 2020 | ASIFMA: Matthew Chan | 1 PL

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An Evolving Process: Analysis of China A-share ESG Ratings 2020 / A股上市公司ESG评级分析报告2020

A study of more than 1,700 listed companies based on SynTao’s own methodology analyzes their 2018-2020 ESG rating results, with a focus on A-share companies represented by the CSI 800 index constituent stocks.

近年间,我国监管部门、投资机构、上市公司及行业协会对ESG的重视日益提升,根据中国证券投资基金业协会调查统计,有87%的投资机构对ESG投资有所关注。上市公司的ESG表现成为市场在衡量企业投资价值时的重要维度。基于商道融绿 STαR ESG数据库及ESG风险雷达系统,我们对数据库收录的超过1700家上市公司进行分析,并重点系统分析以中证800指数3成分股为代表的A股上市公司2018-2020三年间ESG评级结果。

6 August 2020 | SynTao Green Finance - 商道融绿 | 1 PL

Download PDF (English) >

Download PDF (Chinese) > 


Chinese Bond Market: Evolution and Characteristics

The Chinese government bond market exceeds that of UK gilts and German Bunds. Recent reforms and the inclusion of Chinese bonds in global bond indices have helped increase foreign participation in the market and reduce currency-hedging costs.

5 August 2020 | FTSE Russell: Robin Marshall, Zhaoyi Yang | 1 PL

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WEBINAR: Bonds 101

A webinar presented by CFA Society Philippines in partnership with Bureau of Treasury offers an introduction to bond investing. It presents key concepts and terminology that helps investors navigate the ins and outs of investing in bonds. 

4 August 2020 | Atty. Erwin Sta. Anna, Mr. Arturo Trinidad II, Mr. Ricky Maddatu, CFA | Video: 1 hr 49 min. | 1 PL

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WEBINAR: ESG in Fixed Income

Webinar Series: ESG in Credit - Part I, presented by CFA Institute and Fitch Ratings

The growth of ESG investing has created a demand for ESG products and services that meet the needs of asset owners and investment managers. Initially focused on equities, investors are nowalso looking at the much bigger fixed income universe, which includes corporate bonds, public finance, project finance, and structured debt. How do ESG factors affect credit risk and how is this reflected in credit ratings?

4 August 2020 | Mervyn Tang, CFA; Mary Leung, CFA | Video: 1 hr 4 min. | 1 PL

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WEBINAR: ESG Disclosure Practice and Dialogue

The growing recognition of the impact that material ESG factors have on companies’ long-term prospects has resulted in the strong demand for quality ESG reporting from investors, stock exchanges and regulators. Do companies face any challenges in complying with these reporting standards? What strategic benefits do they see in producing insightful and top-quality reports? Are investors able to articulate the ESG information disclosed?

28 July 2020 | CFA Institute, GRI, Business Environment Council | 1.5 PL

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Bangladesh Banking Sector Report

Banks in Bangladesh were already struggling with a challenging environment before Covid-19 struck. The pandemic is worsening the impact of recent policy measures, creating an ill-timed double whammy of lending/deposit rate cap and legacy high NPLs.

8 July 2020 | Asian Tiger Capital Partners: Md. Nafeez Al Tarik, CFA, FRM; Shohana Ahmed; Saad Niamatullah; Tofayel Ahamed | 1 PL

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WEBINAR: Toward Greater Trust: Fees, Disclosures, and Professionalism

What does it take for someone to entrust their savings to someone else to manage? The newest trust survey by CFA Institute shows a decline in client trust in Australia and Singapore. What are the reasons and how should the industry respond?

7 July 2020 | CFA Institute: Mary Leung, CFA; Maria Wilton, CFA; Daryl Liew, CFA; Piotr Zembrowski, CFA | Video: 1 hr 5 min. | 1 PL

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WEBINAR: An Assessment of the Unit Investment Trust Fund Sector in the Philippines

An assessment of the current status, challenges, and prospects of the Unit Investment Trust Fund (UITF) sector in the Philippines from the supply and demand sides. Results of a study conducted by the CFA Society Philippines, the Asian Institute of Management, and the Fund Managers Association of the Philippines. 

5 July 2020 | Arlene C. Gutierrez, Center for Sustainable Finance Asian Institute of Management; CFA Society Philippines | 1 PL

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Watch Webinar (Video: 1 hr 41 min) >


Covid-19 in ASEAN-5: Policy Response Provides Some Support

The support packages vary in scale and scope, and are largely contingent in nature. While they will broadly help reduce some of the negative effects of the crisis, they will not offset the rising recessionary or credit risks for most sectors.

25 June 2020 | Moody's Investors Service | 1 PL

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How Smart Beta Strategies Work in the Australian Market

As the interest in smart beta strategies increases, this paper examines the effectiveness of six well-known risk factors in the Australian equity market: size, value, low volatility, momentum, quality, and dividends.

24 June 2020 | S&P Dow Jones Indices: Liyu Zeng, Priscilla Luk | 1 PL

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WEBINAR: Assessing Insurance Companies in Turbulent Times

Tighter regulatory regimes, geopolitical uncertainty, the ongoing digitization of the economy, and the Covid-19 pandemic have caused fundamental changes in the traditional insurance business. How should investors assess insurance companies?

16 June 2020 | Eunice Chu, FCCA; Charles Chui, CFA; Jennifer Law, MD; Mike Goodall; Stratos Pourzitakis, PhD | Video: 1 hr 2 min | 1 PL

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The Dragon Awaits: China Market Strategy Outlook for the Second Half of 2020

The current market shows similarities to the internet bubble of 2000. Despite broad optimism, caution is needed. Value stocks are set to outperform. The strength of cyclicals can be misconstrued. Shanghai and Hong Kong offer long-term value.

10 June 2020 | BOCOM International: Hao Hong, CFA | 0.5 PL

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WEBINAR: ESG Investing Post-Covid 19

MioTech's co-founder Jason Tu compares shareholder value vs. social value, explains how technology and data readiness improves ESG adoption, and discusses regulatory drivers of sustainable investing in Greater China.

10 June 2020 | Jason Tu, Mary Leung, CFA | Video: 1 hr 9 min | 1 PL

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WEBINAR: AI Ethics in the Corporate World

As the applications of artificial intelligence proliferate, will there be a radical shift in how people behave and make critical decisions? Will AI strengthen or weaken the role of ethics? A webinar presented by CFA Institute and Tencent Finance Academy (Hong Kong)

3 June 2020 | Alan Lok, CFA, Dorothy Chau, PhD, Laurel Teo, CFA, Justin Ong, CFA | Video: 1 hr 41 min | 1 PL

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WEBINAR: How Green Are Green Bonds?

A review of green bond regulations in ASEAN with a focus on their alignment with global standards and on the progress Thailand, the Philippines and Malaysia are making in the development of their green bond markets.

21 May 2020 | Mary Leung, CFA; Yoon Mee Yeong, CFA; Juliette Macresy, CFA; Cedric Rimaud, CFA | Video: 1 hr 8 min | 1 PL

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Emerging Market Fixed Income: Development and Characteristics of the Asset Class

A look at the characteristics and evolution of Emerging Market fixed income since the 1980s, shows that it has grown into a substantial and investible asset class. The report debunks some frequent misperceptions of Emerging Market bonds.

20 May 2020 | FTSE Russell | 1 PL

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Fintech 2020: Technological Innovations in the Financial Services Industry

This report highlights a handful of fintech innovators in Islamic finance from around the globe. It defines the fintech landscape, presents recent trends, and helps understand how fintech can revolutionize the industry and Islamic finance.

19 May 2020 | CFA Society Pakistan | 2 PL

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China's Transition Toward Electric Vehicles

With strong manufacturing base in battery and battery components - the core parts in electric vehicles - China has evolved to be sufficiently competitive in the global battery manufacturing battleground against Korea and Japan.

13 May 2020 | Pengyuan International: Danny Chen, Tony Tang | 1 PL

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WEBINAR: Deep Dive into VIX and Market Volatility

Known as the market's "fear gauge", the VIX index and its related measures covering equity, currency and fixed income markets across the globe, have become go-to measures of uncertainty and turmoil in markets. How does VIX encode meaningful predictions about the future behaviour of the markets? 

12 May 2020 | Tim Edwards, PhD; Franki Chung, CFA | 1 PL

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Are All Bond Ratings the Same? A Comparative Analysis of China's Domestic and Global Bond Ratings

We select a sample of China’s corporate issuers and asset-backed securities (ABS) with domestic and global credit ratings, to compare and analyse the differences in the two rating scales and the reasons behind such differences.

11 May 2020 | Pengyuan International: Ke Chen | 1 PL

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WEBINAR: Corona Financial Crisis: Is This Time Different?

Dr. Duvvuri Subbarao, 22nd Governor of the Reserve Bank of India discusses the impact of Covid-19 on India’s economy. The moderator is Dr. Samiran Chakraborty, Managing Director and Chief Economist for India at Citigroup.

13 April 2020 | Dr. Duvvuri Subbarao, Dr. Samiran Chakraborty, CFA Society India | Video: 1 hr 18 min. | 1 PL

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WEBINAR: Cashless Payment Industry - Sector Analysis

The webinar explores the growth potential and the evolving landscape of the cashless payment industry. It highlights the most important competencies a company needs to thrive in this sector.

29 April 2020 | CFA Institute: Eunice Chu, FCCA; Danny Leong; Alan Lok, CFA; Serhii Karpenko; Rostyslav Dyuk | 1 PL

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ESG in Credit 2020: White Paper

Interest in the application of ESG to debt capital markets is growing, as asset owners demand reports on ESG performance of their investments. Fitch’s ESG Relevance Scores provide insight on how ESG factors affect credit risk. 

17 April 2020 | Fitch Ratings: Andrew Steel, Mervyn Tang | 1 PL

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China’s ABS through the Lens of Domestic Structured Finance Ratings

China's asset-backed securities market has seen tremendous growth in recent years. This report reviews unique characteristics of the market and analyses rating transitions of the structured finance ratings issued by domestic rating agencies in China.

27 April 2020 | Pengyuan International: Ke Chen, Shiyu Wang | 1 PL

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WEBINAR: Sales Inducements in Asia Pacific

Based on a report by CFA Institute, the webinar reviews regulatory and industry practices around sales and distribution of mutual funds in Australia, Hong Kong, India and Singapore, with a focus on sales commissions, fees and their effect on mis-selling.

24 April 2020 | CFA Institute: Mary Leung, CFA, Sara Cheng, JD | 1 PL

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WEBINAR: ESG Risks in the Natural Rubber Sector

Natural rubber industry is dominated by smallholders who often are unable to absorb the costs of sustainable practices. The sector to be overlooked by global sustainability initiatives. Negative social and environmental impacts present a risk to downstream companies and investors.

16 April 2020 | CFA Society Singapore, CFA Institute Asia-Pacific Research Exchange | Video: 1 hr 8 min. | 1 PL

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WEBINAR: Climate Change Integration in the Investment Process

Climate change presents a range of physical and transition risks for business and the financial industry. Investment professionals need education and tools to analyse and mitigate these risks. CFA Institute's Matt Orsagh presents an overview of the topic, followed by a panel discussion of industry experts in Asia-Pacific. 

9 April 2020 | CFA Institute | Video: 1 hr 11 min.| 1 PL

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In Focus: Addressing Investor Needs in Business Reporting on the SDGs

"Business Reporting on the Sustainable Development Goals (SDGs)" is a collaborative effort of the Global Reporting Initiative (GRI) and the United Nations Global Compact. It aims to provide guidance to businesses and accelerate reporting on the SDGs.

18 July 2018 | GRI, PRI, the UN Global Compact | 1 PL

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Eye in the Sky: Private Satellites and Government Macro Data

Advancements in satellite technology have made it possible to estimate macro-economic variables using commercial satellite data. Research suggests that such estimates can undermine governments’ control over macro-economic announcements.

31 December 2019 | Abhiroop Mukherjee, George Panayotov, Janghoon Shon | 1 PL

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WEBINAR: Using ESG Data to Simplify the Complex

As the interest in ESG investments continues to grow, data is critical to ESG portfolio construction. It can inform decision making and provide grater transparency. Data scientists explore the practical applications for investors.

4 March 2020 | S&P Dow Jones Indices: Steven Bullock, Jaspreet Duhra, Manjit Jus | Webinar: 58 min. | 1 PL

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SRI Investing and Islamic Finance: Similarities and Differences

Although Islamic finance and sustainable, responsible, and impact (SRI) investing appear unrelated, they share key similarities. Emerging trends may enable financial services providers to develop products that satisfy criteria of both approaches.

3 February 2020 | CFA Institute: Usman Hayat, CFA | 1 PL

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Economic Analysis for Non-Economists: The Investment Case for Myanmar 2019

This technical note attempts to assist non-economists in the task of performing an initial economic analysis for an emerging market economy (using Myanmar as a case study), primarily for the purpose of underwriting a cross-border investment. 

27 December 2019 | Paul Anslow | 1 PL

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Target Factor Exposure: Investment Applications and Solutions

Factor portfolio construction typically focuses on selecting stocks with desirable factor characteristics. An alternative approach — tilting — achieves desired increases in factor exposure while maintaining appropriate levels of diversification.

19 February 2020 | FTSE Russell: Andy Dougan | 1 PL

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Of Fogs and Bogs: Does Litigation Risk Make Financial Reports Less Readable

Companies’ financial reports are often deemed to be opaque and difficult to digest, deepening information frictions and impairing stock liquidity. What role does litigation risk play in the clarity and readability of financial reports?

Winner of the CFA Institute ARX Best Paper Award at the 24th Annual New Zealand Finance Colloquium held on 13-14 February 2020 at Auckland University of Technology in Auckland, New Zealand. 

18 February 2020 | Mark Humphery-Jenner, Yun Liu, Vikram Nanda, Sabatino Silveri, Minxing Sun | 1 PL

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The Coronavirus Epidemic: Implications for Markets

The economic and market impacts of the COVID-19 coronavirus may be much larger than those of the 2003 SARS virus. Why? China is a much bigger part of the global economy than it was 17 years ago.

12 February 2020 | MSCI: Zhen Wei, Jun Wang, Thomas Verbraken | 0.5 PL

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The Potential for Quant in the China A-Share Market: A Global Investor's Perspective

The paper takes an objective look at the China A-share market, and with global markets as a reference, attempts to assess the viability and potential challenges of deploying quantitative strategies in China's local market.

5 February 2020 | Eastspring Investments: Ben Dunn, Jie Lu | 1 PL

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2020 ESG Trends to Watch

ESG themes are long-term, but some can emerge with sudden force. Five trends are expected to unfold in 2020: climate change innovation, new terms of capital, re-valuing real estate, transforming workforce, and accountability to new stakeholders.

13 January 2020 | MSCI ESG Research LLC: Linda-Eling Lee, Meggin Thwing-Eastman, Ric Marshall | 1 PL

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The Next Decade: The Ebbing Waves

The report extends a theory about the short-to-intermediate economic cycle into the longer term. In theory, the short and intermediate cycles should join into a conjuncture in which interplay of movements makes up the direction of the economy.

30 December 2019 | Hao Hong, CFA | 1 PL

Download PDF: < English >  < Chinese >


Bridging the Gap in Green Bond Standards Between China and the West

Based on the different views of the concept of ecological civilization, the paper identifies major differences in green bond standards between China and the West, and makes suggestions for a better coordinated development of the global green bond market. 

28 November 2019 | Suyang Liu, Zhiting Yun, Ziyue Zhou | 0.5 PL

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Trend Factor in China: A 4-Factor Model for the Chinese Stock Market

The paper proposes a 4-factor model for the Chinese stock market by adding the trend factor to Liu, Stambaugh, and Yuan’s (2019) 3-factor model. The new model strongly outperforms existing factor models in explaining anomalies and mutual fund returns.  

This paper was submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

18 November 2019 | Yang Liu, Guofu Zhou, Yingzi Zhu | 1 PL

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The Impact of Ownership Concentration and Agency Problems on Firm Value

Using data from Korean firms, the study examines the impact of ownership concentration on M&A activity and outcomes, from the point of view of the agency theory. Do the outcomes change if the acquirer chooses a cash payment method?

This paper was submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

20 November 2019 | Seonhyeon Kim, Jin-young Jung | 1 PL

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Costly Information Acquisition and Investment Decisions: Quasi-Experimental Evidence

This study analyzes how information costs affect the acquisition of private information and investment decisions. Using data on Chinese mutual fund managers’ visits to geographically dispersed firm headquarters, it exploits the introduction of high-speed rail lines as a source of quasi-experimental variation in the cost of acquiring information.

This paper was submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

19 Nov 2019 | David Xiaoyu Xu | 1 PL

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China Market Strategy - Outlook 2020: Going the Distance

The leading indicator of China’s economic cycle is peaking, and will likely moderate in the coming months. The swine flu epidemic will boost inflation. Industry leaders will continue to offer opportunities. The US is heading for new highs.  

11 November 2019 | Hong Hao, CFA | 1 PL

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Improving Market Timing of Time Series Momentum in the Chinese Stock Market

A study examines the profitability of time-series momentum strategies on stocks in the Chinese stock market. It shows that such active technical strategies significantly outperform, on average, buy-and-hold strategies.

This paper was submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

6 November 2019 | Yafeng Qin, Guoyao Pan, Min Bai | 1 PL

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Asset Class Switching Behaviour of Australian Superannuation Funds

A study of the switching behaviour of Australian superannuation funds across four broad asset classes shows that smaller funds tend to be active during stable periods while larger funds tend to switch during volatile periods.

This paper was submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

19 November 2019 | Emawtee Bissoondoyal-Bheenick, Robert Brooks, Hung Xuan Do | 1 PL

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The Future of Asset Management in China

The FleishmanHillard report examines investors' attitudes and behavior in China and offers an analysis of the liberation trends of the asset management industry.

1 November 2019 | Patrick Yu, Paolo Danese | 1 PL

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Sales Inducements in Asia Pacific: A review of sales and distribution of mutual funds

The report examines regulations and practices regarding sales commissions and fees paid to financial advisers in Australia, Hong Kong SAR, India, and Singapore. It evaluates regulatory initiatives intended to reduce conflicts of interest and improve customer outcomes. 

25 November 2019 | Mary Leung, CFA; Sara Cheng, JD; Piotr Zembrowski, CFA | 3 PL

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Understanding the Investment Fundamentals of Construction and Engineering Sector

The construction industry is being revolutionized by technological advancement. This shift, termed "Industry 4.0" is akin to the changes already happening in the finance and insurance space (fintech and insurtech). Companies are realizing they can enhance product and service delivery through data-based services.

2 October 2019 | CFA Institute | 1 PL

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For more PL content from the series "Understanding Investment Fundamentals", visit the Sector Analysis page.


What Goes Down Must Come Up: Investigating Companies with Negative Book Value

In this paper, we attempted to study the historical performance of US companies with negative book value relative to the broader US equities, as well as to identify the factors that drive the performance of companies with negative book value.

17 July 2019 | Solactive AG | 1 PL

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Reporting of Common Control Combinations in Hong Kong 2013-2015

Many Hong Kong-listed companies are controlled by a family or an SOE. Business combinations often involve companies controlled by the same entity. Under HKFRS, such combinations use a different reporting method than those between unrelated firms.

21 October 2019 | Hong Kong Institute of Certified Public Accountants | 1 PL

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China Icebergs: Forces That Could Reshape the World

This report by Economist Intelligence Unit, sponsored by PineBridge Investments, examines hidden strengths in the Chinese economy—“icebergs”—that existing and potential investors into the world’s second-largest economy should be watching.

2 October 2019 | PineBridge Investments | 1 PL

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Comparing China Green Definitions with the EU Sustainable Finance Taxonomy

This briefing provides a preliminary analysis on China's Green Bond Endorsed Project Catalogue, the Green Industry Guiding Catalogue and the EU Sustainable Finance Taxonomy in terms of their guiding principles, users, classification and screening.

10 September 2019 | Climate Bonds Initiative | 1 PL

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Diversifier, Hedge & Safe Heaven Properties of Cryptocurrencies: The Case Against Asian Fiat Currencies

The hedging property of Bitcoin is limited but reasonably strong for Stellar, Monero and Ripple. Safe haven is a common property among tested cryptocurrencies.

This paper was submitted to the 2019 “Finance, Property, Technology and Economy Conference” at University of South Australia.

3 October 2019 | Ruzita Abdul-Rahim, Ling Pick Soon | 1 PL

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An Old Merger Arbitrage Technique Ripe for Takeover: Practitioner's Brief

In this Practitioner’s Brief, veteran financial journalist Rich Blake explores so-called toehold variables in the Australian mergers and acquisitions market. A toehold is a holding of between a 5% stake in a company, which is subject to disclosure, and a 20% stake, which should trigger a tender offer. Toehold stakes have been used as signals of a potential takeover.

2 October 2019 | Rich Blake | 1 PL

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Time Horizons and Diversification Benefits of Japanese REITs

The paper assesses the diversification potential of REITs for investors in stock market and real estate. It derives the correlations between J-REITs, direct real estate assets, and stocks, as well as their volatilities, using a model that accounts both for the long-run relationship between these assets and their short-term dynamics. 

This paper was submitted to the 2019 “Finance, Property, Technology and Economy Conference” at University of South Australia.

25 September 2019 | Damian Damianov, Nigar Hashimzade, Muhammad Zaim Razak | 1 PL

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Green Infrastructure Investment Opportunities: Australia 2019

The report advocates increasing green investment in the real economy to support Australia’s transition to a low carbon economy. It aims to facilitate greater engagement between project owners, governments and institutional investors.

31 August 2019 | Climate Bonds Initiative | 1 PL

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Integrating Low-Carbon and Factor Strategies in Asia

This paper investigates the impact of low-carbon screening on traditional market-cap-weighted portfolios and factor portfolios (quality, value, momentum, and low volatility) across seven Asian markets: Australia, China, Hong Kong, India, Japan, South Korea, and Taiwan.

29 August 2019 | S&P Dow Jones Indices | 1 PL

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About the Author(s)

ARX Editorial Team

Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu