We’re using cookies, but you can turn them off in Privacy Settings.  Otherwise, you are agreeing to our use of cookies.  Accepting cookies does not mean that we are collecting personal data. Learn more in our Privacy Policy.

view of bridge


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 5,000 posts, select "Research" in the main menu.

Recorded Webinar: Climate Finance with CFA Institute and ACCA: An Introduction to the Course for Business and Finance Professionals

In this information session, representatives from CFA Institute and ACCA explained the rationale behind constructing the climate finance online course, introduced the course curriculum and e-learning system and answered any questions you may have.

19 September 2023 | CFA Institute; ACCA | Video:51mins

Watch Webinar >

Fairy Tails: Lessons from 150 years of Drawdowns

This whitepaper examines 150 years of US stock market data to determine the causes and drivers of downside tail events and identify which types of tail hedge strategies were most effective at mitigating each respective event.

01 Sep 2023 | Ashwin Alankar; Allan Maymin; Philip Maymin; and Myron Scholes; The Journal of Portfolio Management

Download PDF >

iBoxx USD Asia ex-Japan Monthly Commentary

August began with an announcement from Fitch Ratings that it would downgrade its U.S. rating from AAA to AA+, which was attributed to fiscal deterioration. U.S. Treasuries, as represented by the iBoxx $ Treasuries, fell 0.60% in August.

06 Sep 2023 | Jessica Tan; S&P Dow Jones Indices

Download PDF >

Closing the Gap to 1.5°: What can We Learn from Marginal Abatement Cost Curves?

We explore which sectors and technologies might deliver the required emissions abatement to help the G20 ‘get-back-on track’ for 1.5°C alignment by 2030.

06 Sep 2023 | FTSE Russell

Download PDF >

Market Maps: Fixed Income Insights (Japan) - September 2023

JGB curve steepens on higher growth and flexing of curve control. 

06 Sep 2023 | FTSE Russell

Download PDF >

Policy Combo, Mumbo Jumbo? / 难念的经

Jackson Hole shows divergence in global central banks and dyssynchronization in global economic cycle. Yield surging to new highs and splitting from gold. A paradigm shift is afoot, but near term the US sell-off is abating.


28 Aug 2023 | Hao Hong, CFA; GROW Investment Group

Download PDF (English) >

Download PDF (Chinese) >

Climate Uncertainty and Investor Learning in Sustainable Funds

This paper presents a novel view on the effect of climate uncertainty on investor learning about managerial skills. We utilize a large sample of mutual funds domiciled in Australia and New Zealand to test our ideas.

23 Aug 2023 | Sara Ali; Ihsan Badshah; Riza Demirer; Prasad Hegde; Lavinia Rognone

Download PDF >

Lessons from Japan / 中日历史的较量

SOE developers’ sales still rising strongly, and their stock prices are diverging from those of POEs. Thus, housing demand is probably delayed, not disappearing.


21 Aug 2023 | Hao Hong, CFA; GROW Investment Group

Download PDF (English) >

Download PDF (Chinese) >

The Increasing Need to Reach Deeper Into the Tool Box

We have begun a new regime, where investors will need to do a lot more homework and may find it advantageous to use a mosaic of not only valuation, but also fundamental tools, to help guide the way through this cycle.

17 Aug 2023 | Robert M. Almeida, Jr; MFS Investment Management

Download PDF >

A Deep Dive into Sustainability Sector Indices

Investing in sectors has grown dramatically over recent years, as investors look to express a view on the broader economic conditions while maintaining diversification and mitigating single-stock risk.

11 Aug 2023 | Stephanie Rowton; S&P Dow Jones Indices

Download PDF >

Market Maps: Fixed Income Insights (China) - August 2023

Chinese bonds stabilise awaiting Politburo guidance on fiscal policy. Get the latest insights on the Chinese fixed income market.

07 Aug 2023 | FTSE Russell

Download PDF >

Hang Seng SCHK Central SOEs Index – SOEs Stepping Into Center Stage

To track the performance of central state-owned enterprises listed in Hong Kong, Hang Seng Indexes Company Limited (‘Hang Seng Indexes Company’) recently launched the Hang Seng SCHK Central State-owned Enterprises Index (‘HSSCSOE’).

01 Aug 2023 | Hang Seng Indexes Company Limited

Download PDF >

The Monash/C2ZERO Real Carbon Price Index

The Real Carbon Price Index provides a weighted composite measure of the physical price of carbon across all jurisdictions that have a mandatory carbon price and tracks its evolution over time.

27 Aug 2023 | Bei Cui; Ummul Ruthbah; Roger Cohen; Jan Ahrens; Nga Pham; C2Zero; Monash University; SparkChange

Download PDF >

Market Intraday Momentum: APAC Evidence

This study examines the market intraday momentum (IMOM) in ETFs from the selected APAC markets including China, Hong Kong SAR, Japan, Singapore & South Korea.

04 Jul 2023 | Manapon Limkriangkrai; Daniel Chai; Gaoping Zheng; Pacific-Basin Finance Journal

Download PDF >

China Civil Aviation on Recovery Path with Outlook Turning More Favourable

Macro trends appear favourable to warrant further passenger traffic and earnings recovery for Chinese airlines.

26 Jul 2023 | Vincent Ha; Brian Lam; CSPI Ratings

Download PDF >

The Big Mac on Macro Regimes

The prevailing macro regime, the “fear of the Fed,” is likely to end in the near future. A shift away from it should bring better prospects for fixed income returns, and in our view it may be time to consider raising allocations to fixed income.

20 Jul 2023 | Benoit Anne; MFS Investment Management

Download PDF >

Bank Sector Performance and Earnings Update 2022 & Q1‘23

A glance at the current scenario of the Banking sector of Bangladesh and how the listed banks performed in 2022 and Q1 of 2023, along with the ratings assigned by EBLSL Research based on their performances.

19 Jul 2023 | EBL Securities Ltd.

Download PDF >

Under Pressure: The Economy and the End of Cheap Money

A conversational interview delving into New Zealand's financial affairs and the factors shaping it.

7 Jun 2023 | Dr Oliver Hartwich; Craig Stobo; CFA Society New Zealand | Video: 46 mins.

Watch Presentation >

Democratisation or the New Wild West?

Key stakeholders in the New Zealand market discuss the impact and ethics of online investing.

23 Jun 2023 | Leighton Roberts; Anthony Edmonds; Paul Gregory; Alister Van Der Maas; CFA Society New Zealand | Video: 48 mins.

Watch Presentation >

Terminator Finance: Are we Ready for Robots to Take over Our Portfolios?

Machine learning, artificial intelligence and coding in investment management - Advantages and limitations of new developments and how they will affect organisations and careers.

6 Jun 2023 | Dr Michele Aghassi; Dr Paul Geertsema; Kathryn Kerner; CFA Society New Zealand | Video: 46 mins.

Watch Presentation >

Numbers and Narrative: Modelling, Story Telling and Investing

Aswath Demodaran shares his investment valuation techniques and processes and illustrates the biggest enemies and mistakes in valuation. Examples include Uber, ChatGPT and others.

29 May 2023 | Aswath Damodaran; CFA Society New Zealand | Video: 48 mins.

Watch Presentation >

Farm and Fortune: Issues Shaking up the Investment Landscape

During this session, speakers discussed about the fundamental issues that are shaking up the investment landscape - Geopolitics & deglobalization, sustainable investing, food price inflation and natural resources scarcity.

2 Jun 2023 | Kelly Eckhold; Dr Sebastian Gehricke; Dr Jacqueline Rowarth; CFA Society New Zealand | Video: 50 mins.

Watch Presentation >

Brace for Impact: Finance’s Evolution from Profit to Purpose

The finance industry is changing to address the demand for non-financial considerations. In this panel discussion, speakers defined what impact investing is and ways to measure the impact by sharing great examples in New Zealand.

21 Jun 2023 | Barry Coates; Maria English; Justine Sefton; John Horrell, CFA; CFA Society New Zealand | Video: 46 mins.

Watch Presentation >

Behavioral Finance: The Third Generation; Finding Well-being

In his presentation at 2023 CFA Society New Zealand Investment Conference, Professor Meir Statman illustrated various aspects of finding well-being among the third generation, and the roles of advisors in promoting them.

01 Jun 2023 | Meir Statman; CFA Society New Zealand | Video: 41 mins.

Watch Presentation >

CFA Society Beijing Podcasts: 金融职场揭秘系列

「特许金融街」是一档由北京金融分析师协会(CFA Society Beijing)发起,面向社会各界听众的金融访谈类播客,我们会邀请各金融细分领域的朋友们一起探讨资本市场热点,圈内秘闻,金融职场等与金融相关的热点话题。

17 Jul 2023 | CFA Society Beijing

Listen to the Podcasts >

(第二届)2023中国未来金融分析师大赛优秀行业研究报告 – 第1至16名得奖作品

历经数月,由北京市地方金融监督管理局指导,北京市金融发展促进中心与CFA Institute联合主办的2023第二届中国未来金融分析师大赛决赛于2023年5月20日成功举办。


17 Jul 2023 | CFA Institute

Download PDF >

Agriculture Tax. What to do and What not to do

Agriculture tax has become popular discussion topic in Pakistan especially in the light of current macro-economic challenges. The piece attempts to learn what are the ways to balance the growth of agriculture sector and Govt's fiscal targets.

14 Jul 2023 | Laraib Mohib, CFA

Download PDF >

Consultation Paper on Enhancement of Climate-related Disclosures Under the Environmental, Social and Governance Framework

CFA Institute and CFA Society co-responded to HKEX’s recent consultation on enhanced climate disclosures. We appreciate this proposal in enabling Hong Kong to be an early adopter of ISSB-aligned disclosures.

14 Jul 2023 | CFA Institute; CFA Society Hong Kong

Download PDF >

Webinar: Markets in Focus: Looking Beyond the Rate Hikes

Co-hosted with MSCI, our recent webinar examined the dynamic world of index investing. MSCI experts discussed indexes' reactions to rate-cycle pauses and pivots, and the evolving role of equity factors in asset allocation.

13 July 2023 | CFA Institute; MSCI | Video: 1hr 11mins.

Watch Webinar >

Deliberate Decarbonisation: Measuring Transition Intent with TPI MQ Scores

TPI MQ scores measure the quality of companies’ climate management and their decarbonisation intent, allowing investors to identify those more likely to decarbonise in the future.

12 Jul 2023 | FTSE Russell

Download PDF >

Weighted Average Green Revenue (WAGR): Integrating Climate Solutions into Portfolio Construction

We show the value of FTSE Russell Green Revenues data and the use of Weighted Average Green Revenue to assess and integrate climate solutions into portfolios.

12 Jul 2023 | FTSE Russell

Download PDF >

Webinar: Deep Dive into ESG Ratings and Scores – Opportunities to Enhance Investment Decisions

Watch the webinar on-demand to understand about ESG rating methodologies, integration into investment decision making and future growth opportunities.

11 July 2023 | CFA Institute; Morningstar | Video: 58 mins.

Watch Webinar >

Sustainable Investments Insights - July 2023

Green equities continue strong recovery in Q2. Get the latest insights on sustainable investment from our Market Maps report.

10 Jul 2023 | FTSE Russell

Download PDF >

Establishing a Landing Scenario: Hard, Soft or No Landing

It discusses 3 possible landing scenarios based on future real GDP growth and inflation rate, its influence on the Fed's dual mandate of "price stability" and "full employment" and consequent policy rate decision that may be taken by the Fed.

7 Jul 2023 | Siddhartha Chabria, CFA

Download PDF >

Webinar: Q&A on the Evolution of the CFA Program

In this recorded webinar, Grace Yeung, CFA, senior director of exam development, walks through the six updates to CFA® Program and what the changes mean for candidates, and answers questions submitted by webinar participants.   

6 July 2023 | CFA Institute | Video: 45 mins.

Watch Webinar >

Webinar: Changes to the International Valuation Standards (IVS) – Public Consultation on the Exposure Draft

In this event, two technical directors of the IVSC, Alexander Arohnson and Nicolas Konialidis went through the proposed changes and explain their rationales. The IVSC looks forward to receiving feedback both from individuals writing in their personal capacity and from organisations.

4 July 2023 | CFA Institute; IVSC | Video: 1hr 28mins.

Watch Webinar >

Market Maps: Performance Insights (USD Edition) July 2023

Resilient economic data (particularly in the US), stable interest rates and a weaker US dollar reenergized global equity and corporate bond markets in June, sending them sharply higher for Q2 and year to date.

03 Jul 2023 | FTSE Russell

Download PDF >

Dhaka Stock Exchange (DSE) Performance in H1'23

Bangladesh Market marginally improved during the year despite macro-economic pressures like inflation, weak demand, and pressed foreign exchange reserve. DSEX gained 2.2% YTD while Average Daily Turnover declined 35.9% YTD in 2023.


Download PDF >

More Equal than Others: 20 Years of the S&P 500 Equal Weight Index

It is over 20 years since S&P Dow Jones Indices launched the S&P 500 Equal Weight Index; since then, its live performance has attracted both academic interest and investor capital in related products.

14 Jun 2023 | Grace Stoddart; Tim Edwards; Davide Di Gioia; S&P Dow Jones Indices

Download PDF >

A Steady Ship in Stormy Waters: Fixed Income Markets in the Spotlight

While storm clouds continue to hover over the markets, this is an interesting time for investors in fixed income.

20 Jun 2023 | Pilar Gomez-Bravo, CFA; MFS Investment Management

Download PDF (English) >

Download PDF (Chinese) >

Bangladesh Monetary Policy Statement H1'24 Highlights by EBLSL

The Bangladesh Bank has unveiled its contractionary monetary policy stance for H1 FY'24 to contain inflation and ensure exchange rate stability by introducing a market-driven reference lending rate and an uniform exchange rate regime.

19 Jun 2023 | EBL Securities Ltd.

Download PDF >

Equities Ignore Recession, Profit Risks

With the financial markets sending mixed signals, how can investors make sense of it all? For equity investors, it is of paramount importance to closely monitor the potential effects of increasing financial stresses on earnings expectations.

15 Jun 2023 | Robert M. Almeida, Jr.; MFS Investment Management

Download PDF >

Banking salaries and bonuses: eFinancialCareers compensation report 2023

Which are the highest paying jobs in banking and finance? What are salaries and bonuses like for different jobs in investment banking and finance? How many hours do you work? Which jobs pay the most per hour? How does pay progress with experience?

07 Jun 2023 | eFinancialCareers

Download PDF >

Greenwashing and how to avoid it: An introductory guide for Asia’s finance industry

New guide aims to provide best practices for financial actors to minimise risk of greenwashing.

26 Apr 2023 | Asia Investor Group on Climate Change (AIGCC); ClientEarth

Download PDF >

2023 Chinese Offshore USD Bond Investor Survey Report (Part Two)

The survey is based on the data and feedback from 32 Chinese offshore USD bond investors, of which 23 are based in Hong Kong. This part two report summarized the views on the Investment Strategy in Chinese Offshore USD Bond market.

7 Jun 2023 | Shingas Cheung; Lianhe Ratings Global

Download PDF >

2023 Chinese Offshore USD Bond Investor Survey Report (Part One)

This survey is based on the data and feedback from 32 Chinese offshore USD bond investors of which 23 are based in Hong Kong. This part one report concludes the views on Macroeconomy and views on Chinese Offshore USD Bond Market

7 Jun 2023 | Shingas Cheung; Lianhe Ratings Global

Download PDF >

About the Author(s)

ARX Editorial Team

Senior Director: Scott Lee
Project Manager: Natalie Yiu
Coordinator: Christy Leung