ARX Series
New and Notable
Editor's selection
Overview
ARX receives up to 100 new submissions each month: academic papers, industry research, white papers, market analysis and others. Here is a curated selection of new and noteworthy posts from our institutional and individual contributors.
To browse or search ARX's repository of more than 3000 posts, select "Research" in the upper left-hand corner of the page.
WEBINAR: Understanding Cryptocurrency and the Future of Money
Aaron Tang, Country Manager of Luno Malaysia and Faridq Ridzuan, CFA, discuss the evolution of money and its value, cryptocurrency as an alternative asset class, and trading with cryptocurrency.
11 October 2020 | CFA Society Malaysia | Video: 1 hr 5 min.
The Sudden Rise of Decentralized Finance: Opportunities and Risks for Financial Services
Although decentralized finance has the potential to disrupt traditional finance, leaders in incumbent financial services also have the opportunity to participate in it and shape its impact on their businesses.
9 September 2020 | BCG Platinion: Igor Mikhaelev, Kaj Burchardi, Paul-Emmanuel Tasiaux. Crypto.com: Kendrick Lau, Erik Lie
線上研討會: 探討科技股分析重點
沒有人可以否認整個科技行業對於股票市場的重要性。無論是S&P500還是NASDAQ指數都已衝破其歷史高位，這是非常不可思議的，特別是在實體經濟仍然被疫情籠罩的前提下。
這股科技熱潮是否代表全球經濟踏入新常態（New normal）的開端? 還是已經出現泡沫？2021年會不會是2000年的翻版？我們又應當如何分析不同科技公司的生意模式？還有最重要的問題：如何評估其合理價值以及如何衡量風險？對於以上的問題，我們將會在這個科技行業論壇中和大家一一探討。
“Evaluation of New Economy Technology Companies” - a World Investor Week webinar presented by CFA Institute, The Hong Kong Investor and Financial Education Council, ACCA Hong Kong and CFA Society Hong Kong. (In Cantonese)
2020年10月8日 | CFA協會，投委會, ACCA | 片長: 1小時40分鐘
The S&P 500 ESG Index: Defining the Sustainable Core
The S&P 500 ESG Index, launched in April 2019, incorporates ESG values while offering benchmark-like performance. It includes over 300 of the original S&P 500 companies and reflects many of the attributes of the S&P 500.
22 September 2020 | S&P Dow Jones Indices: Mona Naqvi, Reid Steadman, Daniel Perrone
From Korea with Capital
The offshore private equity investment programme of South Korean financial institutions is a blueprint of their ambition to be substantial players on the global private equity platform.
1 October 2020 | Asia Private Equity Review
China A-Share Inclusion: An Update One Year Later
Marking the one-year anniversary of the initial inclusion of China A-shares in S&P DJI’s global benchmarks, this blog provides an update on key developments relating to A-share inclusion and examines the impact that A-shares have had.
24 September 2020 | S&P Dow Jones Indices: Michael Orzano
Currency Hedging U.S. Equities: A Practical Tool for Global Investing
This paper examines the mechanics and the potential benefits of currency hedging, using the U.S. equity market as an example, from the perspective of international investors. What factors to consider when overlaying a currency hedge on a portfolio?
30 September 2020 | S&P Dow Jones Indices: Tianyin Cheng, Claire Yi
Climate Change Concerns and Mortgage Lending
We examine whether beliefs about climate change affect loan officers’ mortgage lending decisions. We find that loan officers approve fewer mortgage applications and originate lower amount of loans in abnormally warm weather.
6 October 2020 | Tinghua Duan, Frank Weikai Li
Bangladesh: Swiftly Recovering Economy
Bangladesh is expected to grow faster than its peers as it recovers from the effects of Covid-19, thanks to an improved trade balance, strong foreign exchange reserves, high growth of remittances, and continuing growth of the private sector.
5 October 2020 | BRAC EPL Research: Ayaz Mahmud, CFA, Md Mahirul Quddus
Climate Risks and Market Efficiency
Climate science finds that the trend towards higher global temperatures exacerbates the risks of droughts. We investigate whether the prices of food stocks efficiently discount these risks, using data from 31 countries with listed food companies.
1 January 2019 | Harrison Hong, Frank Weikai Li, Jiangmin Xu
Pakistan's Microfinance Sector
Microfinance institutions offer financial services to low income and underprivileged people in order to reduce poverty in the society. This research sheds light onto microfinance providers in Pakistan and the impact of COVID-19 on the sector.
15 September 2020 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Aimen Noor
SPIVA Australia Scorecard: Mid-Year 2020
The semi-annual SPIVA Australia Scorecard reports on the performance of Australian active funds against their benchmark indices over different time periods. It covers 910 Australian and 463 international equity funds, and 116 Australian bond funds.
27 September 2020 | S&P Dow Jones Indices: Priscilla Luk, Tim Wang, Arpit Gupta
Climate Change Governance: What can shareholders and bondholders do?
Four out of the top five risks facing the world today are related to climate change. They are recognized as material to the financial system. Uncontrolled climate change can severely affect financial performance of corporates in the coming decades.
1 October 2020 | Labanya Jena, CFA
A Case for Dividend Growth Strategies
An allocation to companies that have sustainable and growing dividends may provide exposure to high-quality stocks and greater income over time, therefore buffering against market volatility and addressing the risk of rising rates.
20 August 2020 | S&P Dow Jones Indices: Tianyin Cheng, Izzy Wang
Real Estate and Defined Contribution Plans
This paper profiles the advantages of investing in the real estate asset class, provides a more detailed breakdown of this sector, and lists the practical implications of accessing real estate through a defined contribution plan.
25 September 2020 | FTSE Russell
Have Foreign-listed Chinese Stocks Been a Bad Deal for Investors?
Contrary to the assertions of many critics, foreign-listed Chinese firms – particularly those listed in the U.S. – have provided attractive returns for investors over the past decade.
18 September 2020 | Seafarer Capital Partners, LLC: Nicholas Borst
Sector Primer Series: Utilities
Utilities had a lower price-to-book-value ratio and a lower 12-month trailing price-to-earnings ratio than market benchmarks. They had a higher price-to-sales ratios and indicated dividend yield. Utilities typically have a value tilt.
3 August 2020 | S&P Dow Jones Indices: Sherifa Issifu, Hamish Preston
Inverting Factor Strategies: No More "Monkey Business"
Factor exposures drive the performance of diversified portfolios. This paper analyses the paradox of portfolio strategy weight inversion and explains why beating the market is not so easy that “a monkey could do it”.
23 September 2020 | FTSE Russell: Sergiy Lesyk, Peter Gunthorp, Andy Dougan
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.
An Introduction to Sustainable Investment
What is sustainable investing? Who uses is? Why is interest in it on the rise? What impact does a sustainability focus have on performance? How can investors implement a sustainable investment portfolio?
22 September 2020 | FTSE Russell
Factor Investing in Singapore
Despite strong sector biases that give Singapore’s stock market unique features, no structural factor exposures over time can be seen. Investors can pursue factor investing to generate outperformance.
27 August 2020 | Factor Singapore: Nicolas Rabener
Sizing the Green Economy: Green Revenues and the EU Taxonomy
We explain the need for green taxonomies and summarize the approaches taken by the EU Taxonomy and FTSE Russell’s GRCS. We also explain how a Green Revenues data model can provide a stepping stone to comply with the EU Taxonomy regulation.
22 September 2020 | FTSE Russell: Jaakko Kooroshy, Lily Dai, Lee Clements
Life Insurance and Family Takaful in Pakistan
Although Pakistan’s life insurance market is dominated by a public sector entity, the private sector also has two major players with an impressive market share. Overall, the insurance industry has taken a hit due to the coronavirus outbreak.
22 June 2020 | The Pakistan Credit Rating Agency Limited: Jhangeer Hanif, Faraan Taimoor, Harris Ghaffar
Singapore’s Fast Growing Fintech Sector
As the established ASEAN capital of fintech, Singapore is estimated to be the base for over 40% of all fintech companies in Southeast Asia, with more than 750 entities.
17 July 2020 | SGX: Geoff Howie
Modaraba and Non-Banking Financial Companies in Pakistan
An overview of the trends and the breakup of assets in non-banking financial institutions and modaraba in Pakistan, as well as the investment finance and leasing companies.
1 April 2020 | The Pakistan Credit Rating Agency Limited: Jhangeer Hanif, Usama Liaquat, Bazah Tul Qamar
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.
What Drives the Growth of the Market: The Role of Earnings and Other Macro Factors
Earnings growth and valuation multiples are key drivers of the market return. Good governance and a conducive macro environment fuel earnings growth and sustainable market returns. Professional fund management is required to stabilize the market.
17 September 2020 | Md. Moniruzzaman, CFA
The Housing Crisis That Never Was – Not Yet Anyway
In contrast to 2008/09, when the US housing market and non-performing subprime mortgage-backed securities formed the epicenter of the global financial crisis, the housing market has so far proved more robust in 2020.
16 September 2020 | FTSE Russell: Jake Katz, Robin Marshall
A Brief Overview of US GAAP Reporting
The Securities Exchange Commission requires that US companies comply with US GAAP to be listed on the New York Stock Exchange. This paper provides a brief overview on the application of US GAAP and the Accounting Standards Code.
15 September 2020 | Rudy Soobaroyen
The Impact of the Coronavirus on Capital Markets in Pakistan
Credit conditions are under stress and this will impact credit quality of many entities and sectors. In this context, PACRA aims to provide analysis on how the ongoing outbreak of COVID-19 may impact the capital markets in Pakistan.
3 April 2020 | The Pakistan Credit Rating Agency Limited: Madiha Sohail
Fleeting Alpha Scorecard: The Challenge of Consistent Outperformance
A semiannual report combines the SPIVA® U.S. Scorecard and the Persistence Scorecard to show if funds that beat their benchmarks over three years continue to outperform during each of the next three one-year periods.
11 August 2020 | S&P Dow Jones Indices: Berlinda Liu, Gaurav Sinha
Navigating Personal Finance during the Coronavirus Pandemic
The government of Malaysia implemented a six-month moratorium on loan repayments and cash transfers, to protect its citizens from the impact of Covid-19 on the country’s economy. What are its implications for personal finance?
11 September 2020 | Mohd Sedek Jantan, Tiong Lih Joe, Abdul Aqil Abdul Rashid, Nurul Anis Abdul Halim, Lim Yit Xiang
Accelerating Green Finance in India: Definitions and Beyond
Green finance can play an important role in making India’s economy resilient to the impact of climate change. This can be achieved by collaborative actions that accelerate green capital flows, beginning with an agreed definition of green finance.
1 July 2020 | Climate Policy Initiative: Labanya Prakash Jena, Dhruba Purkayastha
Global Market Outlook: 2020 and Beyond
This webinar examines the status of key global market drivers including the macroeconomic, liquidity, valuation, EPS and factor cycles to assess what is already discounted and what constitutes potential positive drivers and potential threats to risk appetite over the next few months.
4 September 2020 | FTSE Russell: Philip Lawlor | Video: 29 min.
Commercial Banking Sector in Pakistan
An analysis of the deposits and profitability of large, medium and small commercial banks in Pakistan, including a snapshot of the performance of Islamic banks and an overview of the effects of Covid-19 on the risk environment.
1 June 2020 | The Pakistan Credit Rating Agency Limited: Muhammad Noor ul Haq, Jhangeer Hanif
Pakistan's Microfinance Sector
Microfinance institutions offer financial services to low income and underprivileged people in order to reduce poverty in the society. This research sheds light onto microfinance providers in Pakistan and how they operate.
2 September 2019 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Jhangeer Hanif
Passive Investment: Exposing Investors and the Earth to Climate Change Risk
A fully passive investment strategy is indifferent to climate change risk. Through carbon-neutral and or less-carbon intensive rule-based portfolio, stewardship, constant engagement, and proxy voting the climate change risk can be better managed.
10 September 2020 | Labanya Prakash Jena, CFA
FTSE Russell China Bond Research Report: Q2 2020
Foreign investors held a record amount of China bonds at the end of June; The People’s Bank of China continues to maintain its steady approach to avoid another credit crunch; China officially scrapped quota restrictions on QFII and RQFII.
9 September 2020 | FTSE Russell
Index Construction Matters: The S&P SmallCap 600
Most factor indices in Australia exhibit distinct return characteristics during up and down markets. We examine risk factor exposures, active risk, and excess return attribution for various S&P DJI Australian Factor Indices from 2004 to 2020.
6 August 2020 | S&P Dow Jones Indices: Hamish Preston
India Post Payments Bank and Financial Inclusion: A Case Study
India Post Payments Bank helps people in rural areas access basic and affordable financial services, boosting financial inclusion and moving the country closer to reaching the UN Sustainable Development Goals.
9 September 2020 | M Neelakandan
VIDEO: How Does Passive Investing Work in Uncertain Times?
Can active managers protect investments in the time of crisis? S&P DJI’s Brent Kopp and Berlinda Liu take a closer look at the impact of Covid-19 on the performance of active and passive investments.
8 September 2020 | S&P Dow Jones Indices: Brent Kopp, Berlinda Liu | Video: 7 min.
Bangladesh Power Sector
Progressive efforts from policymakers, effective participation from private entrepreneurs and support from development partners has transformed Bangladesh power sector into almost self-reliant within a short span of time.
3 September 2020 | EBL Securities Ltd.: Mohammad Asrarul Haque
Pakistan's Asset Management Sector
This research study aims to provide information relating to asset management companies from a global point of view as well as market share of different players in Pakistan and how this financial sector is performing against what's expected.
1 June 2020 | The Pakistan Credit Rating Agency Limited: Madiha Sohail, Afnan Iqbal, Shahzad Aslam
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.
What’s Inside the S&P DJI Australian Factor Indices?
Most factor indices in Australia exhibit distinct return characteristics during up and down markets. We examine risk factor exposures, active risk, and excess return attribution for various S&P DJI Australian Factor Indices from 2004 to 2020.
6 August 2020 | S&P Dow Jones Indices: Liyu Zeng
Sri Lanka's Motorcycle Market
A review and analysis of the motorcycle and scooter market of Sri Lanka focusing on key trends in the motor sector, vehicle leasing and competitive analysis.
2 September 2020 | Frontier Research (Pvt) Ltd: Travis Gomez
India’s Rising Forex Reserves and Its Significance
For the first time in history, on June 5, Indian forex reserves crossed the USD500 billion milestone, which can cover more than a year’s worth of the country’s imports. Now, India should also focus on increasing returns on it to reduce net costs.
21 August 2020 | Aranca: Rohan Gupta
Is Malaysia's Stock Market Overheated? A Study of January - August 2020 Data
Stocks traded on Bursa Malaysia have recovered to pre-Covid-19 levels, rebounding by 34% from their lowest point in March 2020. What is the market’s intrinsic valuation? Is it still time to buy or is the market overheated?
1 September 2020 | Dr. Yoke Yue Kan, CFA
The S&P/ASX 200 ESG Index: Integrating ESG Values into Core in Australia
The S&P/ASX 200 ESG Index is designed for investors wishing to integrate ESG factors into their core investments, while not straying far from the overall profile of the S&P/ASX 200.
25 August 2020 | S&P Dow Jones Indices: Daniel Perrone
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
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) >
Amazon's M&A Strategy in India: Right Investments at the Right Time!
Amazon's India M&A strategy report serves as a primer for those seeking insights on the company’s key investment activities in India and development plans to expand services in its attempt to become an unbeatable “ecosystem” player.
27 August 2020 | Aranca: Ashish Rane
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.
Relevancy of S&P 500® and Dow Jones Industrial Average® Futures in Asia
This paper presents the regional relevancy of the S&P 500 and DJIA futures for hedging and risk management use by Asian investors, by evaluating their liquidity, co-movements with Asian markets, and flexibility.
11 August 2020 | S&P Dow Jones Indices: Tianyin Cheng, Izzy Wang
360° of Climate – Indices for Every Objective
As the need to decrease the risks and impacts of climate change becomes urgent, S&P DJI’s climate change indices help investors reach climate objectives, such as divestment, decarbonization, de-risking, and holistic, science-based 1.5°C alignment.
15 July 2020 | S&P Dow Jones Indices: Jaspreet Duhra
China Market Strategy: The Historic ChiNext Reform / 创业板历史性改革：如何交易，及其意义
The ChiNext Board - "China’s Nasdaq" - is about to introduce registration-based IPOs and higher daily price change limits. How will the market react? An online survey shows that investors are likely to be cautious.
基于博弈的逻辑，再加上“看得见的手”的帮助，创业板的表现反而有可能会好于预期。随着估值较低的股票获得买盘支持，我们这段时间以来一直在宣扬的价值投资原则可能会更被市场所接纳。
24 August 2020 | BOCOM International: Hao Hong, CFA
WEBINAR: Covid-19 - A Disconnect between the Stock Market and the Economy?
Has the Covid-19 pandemic caused a disconnect between the real economy and the stock market? What are the real forces that are driving Malaysia's market now?
20 August 2020 | CFA Society Malaysia: Woon Khai Jhek, CFA, Jaccob Thomas, CF, Shu Heng Chuan, CFA, Phua Lee Kerk, CFA | Video: 1 hr 15 min.
Yes Bank Fiasco: End of AT1 Bond Issuance in India?
One of the casualties of the proposed restructuring of India's Yes Bank are the AT1 bondholders, whose entire investments would be written down and rendered worthless. Is the solution viable and what would be the impact on AT1 bond market?
20 March 2020 | Aranca: Swati Bashyam
Industry Credit Guidelines for Global Automobile Manufacturers: Request for Comments
Hong Kong-based credit rating agency Pengyuan International publishes new industry credit guidelines for global automobile manufacturers and invites comments from investors and other market participants.
17 August 2020 | Pengyuan International: Danny Chen
Better Than Cash: bKash and the Bangladesh payments industry
This report analyzes the payments industry in Bangladesh with a key focus on the actions of bKash. It highlights that Bangladesh could bypass the debit/credit card segment and move directly into mobile payments.
31 October 2019 | EDGE Research & Consulting Limited: Waseem Khan, Mustavi Zaman Khan, Nasrin Akter Proma
China Market Strategy: The Puzzle of Economizing Food
China’s food inflation remains high, calls are heard to economize and the demand is subdued. Increased unemployment and shrinking disposable income have negatively impacted the growth of retail sales, so the inflation is driven by supply constraints.
17 August 2020 | BOCOM International: Hao Hong, CFA
Extraordinary times? Extraordinary measures: Five ways that boards will never be the same again
Now is the perfect time to consider the future of a board’s operating model. TPB Founder, Pat Dwyer, discusses how boards should look to pivot post COVID-19 and five ways they can get started.
22 June 2020 | The Purpose Business: Pat Dwyer
WEBINAR: Covid-19 and Its Impact on the Investment Management Industry: Presentation to CFA Society Pakistan
CFA Institute surveyed its global membership to analyze the effects of the current economic crisis caused by COVID-19 on the global economy. Mary Leung, CFA, head of advocacy, APAC, CFA Institute presented results of the survey specific to Pakistan.
6 August 2020 | CFA Society Pakistan | Video: 1 hr 7 min.
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
WEBINAR: Malaysia’s Capital Market 2021 and Beyond
In this Masterclass session, Datuk Zainal Izlan, CFA, Deputy Chief Executive of the Securities Commission Malaysia and Justin Ong, CFA, discuss the outlook on Malaysia's capital market and its economy in 2021 and beyond.
13 August 2020 | CFA Society Malaysia: Datuk Zainal Izlan Zainal Abidin, CFA, Justin Ong, CFA | Video: 1 hr 11 min.
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.
Bangladesh Startup Ecosystem: The Untapped Digital Goldmine of Asia
Bangladesh startup ecosystem is coming of age, riding on strong economy vitals, a demographic bulge with the right skill-sets, international investments from corporate investors and VCs, and government support.
11 August 2020 | LightCastle Partners: Mehad ul Haque, Ishtiak Mourshed, Md. Risalat Huda
Investment in Innovation: Opportunities for Outperformance Across the Market-Cap Spectrum
This research paper expands on the S&P Kensho New Economy Indices, the positive impact of the security selection effect, and the benefits of a robust, disciplined, and transparent framework when investing in innovation and growth.
14 July 2020 | S&P Dow Jones Indices: John Van Moyland
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
Integrating Sustainability and Responsible Investment into Asset Allocation
High-ESG assets having measurably lower risk, as well as historically higher returns. Sustainable Investment has practical applications for all aspects of AA. This presentation reviews current practices, and significantly expands into new territory.
1 August 2020 | David Maywald
China Market Strategy: What the China-US Rivalry Means for Stocks / 中美角力对股市的影响
The Chinese economic data continue to show improvement, but consumer confidence remains subdued. It suggests an uneven economic recovery, but the heightened yield spread leaves a leeway for policy to cushion some downside risks for stocks.
自 2017 年以来，特朗普的工作满意程度调查与上证综指，以及中概股指数的表现密切 相关。同时，特朗普的民调结果还领先上证大约 30 至 50 个交易日。最近，特朗普的工作满意程度调查结果确实有所改善，这可能是因为美 国第二次新冠疫情爆发的高峰可能已经过去，也可能是因为他对中国的鹰派立 场为他在保守人群的眼里加分。鉴于历史上的相关性，中国股市短期将继续面临强劲的阻力。
交易员博弈未来货币政策方向的空间是有限的。因此，3500点仍是上证的一个重要障碍。
10 August 2020 | BOCOM International: Hao Hong, CFA
Does Your Board Pass the ESG Acid Test?
ESG is the ultimate business-critical issue, yet do board-members know enough about the material ESG aspects of their business and do they have the right approach, strategy and reporting in place to fulfil their increasing obligations.
1 July 2020 | The Purpose Business: Fiona Donnelly
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
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
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
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.
Coupon Stripping of Domestic Sovereign Bonds
CFA Society Pakistan has proposed to the Ministry of Finance the introduction of coupon stripping to improve bond market depth. This research report provides an overview of best practices and policies in three key markets: India, the USA and the UK.
5 August 2020 | CFA Society Pakistan
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.
Bangladesh Bank Monetary Policy Statement FY 2020-21
Bangladesh bank has announced an expansionary policy stance for the fiscal year 2020/21, with a high money growth rate and reduced policy rates, in response to the additional fund requirements for restoring the country’s economy affected by Covid-19. We present two papers analysing the policy statement:
- EBLSL Research: Monetary Policy Statement FY’21 Highlights (29 July 2020)
Corporate Social Performance and Credit Risk
The financial sector can play a role in aligning private sector incentives with sustainable development, without incurring additional financial risk or sacrificing returns, but the CSP-credit risk relationship is dependent on country sustainability.
29 July 2020 | CFA Society Malaysia: Dr Lutfi Abdul Razak, Prof Dr Mansor H Ibrahim, Dr Adam Ng
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
Persistence of Australian Active Funds: Year-End 2019
A semi-annual scorecard measures the performance persistence of Australian active funds which outperformed their peers and benchmarks over consecutive three- and five-year periods. It also analyzes their transition matrices over subsequent periods.
22 June 2020 | S&P Dow Jones Indices: Priscilla Luk, Arpit Gupta, Tim Wang
China Market Strategy: Policy Signs / 中国市场策略: 政策的信号
While long-term valuation is supportive of the large caps, the instinct to trade out of human avarice will blind the longer-term picture of a future in five or more years. The volatility in the expensive ChiNext will continue to roil sentiment.
尽管长期估值支持尤其是大盘蓝筹股为主的股票，但出于人类贪婪的本性而进行交易的本能，将使未来5年或更长时间之后才会出现的那些长期前景在交易员眼里变得模糊。昂贵的创业板指数的波动将继续扰乱市场情绪。因此，市场仍将很难稳定。
27 July 2020 | BOCOM International: Hao Hong, CFA
ETFs in Insurance General Accounts: United States - 2020
ETFs represent a small fraction of assets held by insurance companies, but their use is growing. A detailed analysis of admitted assets of U.S. insurers shows what products they use and how they allocate their assets.
29 May 2020 | S&P Dow Jones Indices: Raghu Ramachandran
Debt Analysis of Prefecture-level City Local Governments in Zhejiang and Jiangsu Provinces / 浙江省与江苏省地级市地方政府债务简析
Bordering on the municipality of Shanghai, the coastal provinces Zhejiang and Jiangsu are major economic areas with vigorous development and highest GDP per capita, ranking at the top of China’s provincial-level regions. We believe that prefecture-level local governments in these provinces have a strong ability to support debt repayment, backed by their advanced economies and solid budgetary revenues.
江苏省和浙江省作为中国东部沿海省份，两省相邻，同属于长江下游区域且接壤上海市。两省均为我国经济大省，经济发展十分活跃，实力居全国前列，人均地区生产总值在中国大陆省级地区。进行比较分析，我们认为，得益于两省发达的经济、良好的预算收入（包含一般公共预算和政府性基金预算），整体上两省地级市地方政府财力对债务的支持能力较强。
16 July 2020 | Pengyuan International: Jameson Zuo
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu