New and Notable
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.
Mind the Gaps: Clarifying Corporate Carbon
The paper surveys the current state of corporate carbon disclosure, explores the challenges facing investors in using estimation strategies and introduces a new FTSE Russell carbon emission dataset for c. 10,000 companies.
17 May 2022 | FTSE Russell: John Simmons, Jaakko Kooroshy, Edmund Bourne, Mallika Jain, Lee Clements
WEBINAR: Common Pitfalls in Trading
What are the frequent mistakes made by traders? Recognize common pitfalls and discover how they can be minimized or avoided.
16 May 2022 | Cristina Gabaldon, CFA; CFA Society Philippines | Video: 2 hr 2 min.
The Big Mac on Asset Allocation: TINA Turnover
Although the case for equities relative to fixed income has been particularly strong lately, the macro backdrop has changed dramatically. As a result, TINA, or “there is no alternative,” may be falling out of fashion.
18 May 2022 | MFS Investment Management
WEBINAR SERIES: Non-Fungible Tokens (NFTs)
NFTs have become mainstream in developed countries, and they have also spurred interest and demand locally in Malaysia. In this series of three webinars, speakers share their views and insights on NFTs from the perspective of Malaysian law, look at the current NFT trends and trading strategies, and explore what makes NFTs tick behind the scenes and how to build a solid mental model for understanding them.
10 March 2022 | CFA Society Malaysia.
An Interpretation of the Yield Curves during the Covid-19 Pandemic: Introduction to Term Structure of Interest Rates
Since the outbreak of Covid-19 pandemic, the term structure of interest rates has been unstable, with positive and inverted yield curves occurring in United States. This article helps readers to develop a fundamental understanding of the scenario.
16 May 2022 | Dr. Yoke Yue Kan, CFA
WEBINAR: On the Job - A Research/Investment Analyst's Day
Discover what a research analyst's typical workday looks like, as finance professionals established in their roles share their usual activities and provide insights on how they perform their responsibilities.
11 May 2022 | Charles William Ang, CFA; CFA Society Philippines | Video: 51 min.
Compensation Survey 2021
The eFinancialCareers compensation guide offers detailed insights into pay for key front, middle and back office jobs in banks and the buy-side globally, plus salary and bonus information for jobs in M&A, sales and trading, quant, risk, research,
1 December 2021 | eFinancialCareers
WEBINAR: On the Job - A Trader's Day
Discover what a trader's typical workday looks like, as finance professionals established in their roles share their usual activities and provide insights on how they perform their responsibilities.
11 May 2022 | Rod Christopher Barit, CFA; CFA Society Philippines | Video: 56 min.
Careers in Banking and Financial Markets, 2021/2022: The definitive guide to working in banking and finance
Written by experienced industry insiders, the guide provides the unvarnished truth on the variety of roles in the finance industry, what the jobs actually involve, the skills you’ll need, how long you’ll work, and how much you’ll get paid.
1 December 2021 | eFinancialCareers
WEBINAR: Market Trends and Investment Strategies
How can changes in the market impact managed portfolios? What strategies do portfolio managers use? Learn how market movements can affect asset allocation decisions and what process can ensure that they stay aligned with objectives.
26 April 2022 | April Tan, CFA; CFA Society Philippines | Video: 1 hr 54 min.
WEBINAR: On the Job - A Portfolio Manager's Day
Discover what a portfolio manager's typical workday looks like, as finance professionals established in their roles share their usual activities and provide insights on how they perform their responsibilities.
10 May 2022 | Alessandra Araullo-Gonzalez, CFA; CFA Society Philippines | Video: 55 min.
Geothermal: Earth’s Natural Battery Power
We look at the scope, the technology, and industry players in the niche but important energy source on the path to net zero.
10 May 2022 | MioTech
WEBINAR: Basics of a Research Report
What makes a good research report? Listen in to know how research reports with maximum impact are prepared.
10 May 2022 | CFA Society Philippines | Video: 2 hr 4 min.
Bringing ESG Considerations to Australian Strategies
The S&P/ASX 200 ESG Index draws on the intelligence of the S&P DJI ESG Scores, which robustly measure companies’ ESG risk and performance factors to measure the performance of securities from the benchmark index that meet sustainability criteria.
21 April 2022 | S&P Dow Jones Indices
The S&P PACT Indices: Leading the Net Zero Charge for Two Years
Two years is a long time in the sphere of ESG. While the world wrestled with the worst pandemic in a century, S&P Dow Jones Indices (S&P DJI) shook the ESG indexing space and cemented its position as a leader in climate indices.
20 April 2022 | S&P Dow Jones Indices
How Asset Owners Prioritize Action on Climate Change: 2021 Global Survey Findings from Asset Owners
This report examines how assets owners around the world are prioritizing positive action on climate change and how they are actively engaging as shareholders to encourage corporates to accelerate their own climate-focused initiatives.
6 May 2022 | FTSE Russell
China's Cybersecurity Law and Personal Information Protection Law
We examine here the cybersecurity regulations worldwide, from EU’s GDPR (General Data Protection Regulation) enacted in 2018 and the recent federal and state level cybersecurity laws from the US.
31 December 2021 | Fay Wu, MioTech
S&P Kensho New Economies Commentary: Q1 2022
The S&P Kensho New Economy Indices seek to track the industries and innovation of the Fourth Industrial Revolution.
22 April 2022 | S&P Dow Jones Indices
WEBINAR: Checking and Reviewing a Financial Model
Financial Modeling is a discipline. A good model needs to tell a story and create confidence for the users and decision makers. Unfortunately, many financial models are a mess which increases the likelihood of errors.
5 May 2022 | CFA Society Philippines | Video: 1 hr 40 min.
WEBINAR: Value Investing - Evolution and Application
In this lecture, the speaker discusses the main tenets of value investing, history and evolution of value investing and how to apply value investing principles in investments, business and in life..
5 May 2022 | Philip Te, CFA Society Philippines | Video: 4 hr 21 min.
WEBINAR: Digital Wealth Management
Digital collaboration tools for HNWI clients, the emergence of robo-advisory solutions for the growing mass affluent sector, and the use of digital platforms to lower marginal costs are all high on the agenda of the wealth management industry.
5 May 2022 | CFA Society Philippines | Video: 1 hr 17 min.
On Greener Pastures: Global Sustainability Funds Development 2021-22
With global sustainability assets reaching US$2.74 trillion in 2021, how are investment pools developing and performing globally?
28 April 2022 | MioTech; Fay Wu
WEBINAR: Modern Slavery Webinar - Legal and Regulatory Landscape
Watch the recorded webinar as it discusses the current state of modern slavery risks, the impact of the COVID-pandemic and the evolving legal and regulatory landscape in several key markets like Australia and Thailand.
27 April 2022 | CFA Institute, Monash University
Russell US Indexes Spotlight Report - First Quarter 2022
Authored by FTSE Russell’s Global Investment Research team, this new quarterly publication provides a deep-dive into the performance and key market drivers of US equities through the lens of Russell large-cap , small-cap, Growth and Value indexes.
25 April 2022 | FTSE Russell
WEBINAR: Philippine Junior Finance and Investment Summit 2021 - Role as Market Trader - Reading the Markets: Must-watch Indicators
In the first session of the video, a panel of seasoned traders answered frequently asked questions about their roles. In the second session, speaker shared an overview of indicators being monitored for risk-taking and management decisions.
25 April 2022 | CFA Society Philippines
Reframing Fund Managers’ Increasing Climate Compliance Requirements
Ideas to encourage the early and robust application of the likes of the SFC's revised FMCC - it's based on science, starts with identifying/assessing, and makes so much sense from the five perspectives included (and more!)
22 April 2022 | Red Links; Fiona Donnelly
CAIA Insights: The Rise of India's Private Equity Market
In “CAIA Insights: The Rise of India’s Private Equity Market,” we showcase insights, spotlight opportunities, and summarize our call to action for India's fast- evolving Private Equity and Venture Capital (PEVC) sector.
21 April 2022 | CAIA Association
Measuring Modern Slavery Statement Disclosure Quality
Do the largest ASX-listed companies fully understand and disclose their modern slavery risks in their operations and supply chains, as required by Australia's Modern Slavery Act (2018)? Disappointingly, more than a third of them don't.
19 April 2022 | Monash Centre for Financial Studies, Nga Pham, Bei Cui, Ummul Ruthbah
Riskier than Equity: Case study of AT1 write-down of Yes Bank Limited
In this paper, we critically examine the legal provisions and implications relating to write-down of AT1 Bonds in India and whether the write-down in case of Yes Bank was in accordance with the public policy and the terms of contract.
19 April 2022 | SKI Capital Services Limited, Anivesh Bharadwaj, Manick Wadhwa
REIT Watch - Data centre S-REITs committed to sustainable growth
Is there a place for data centres in a carbon conscious future? Moratorium on new data centres in Singapore was lifted earlier this year, with certain criteria on energy efficiency.
18 April 2022 | SGX RESEARCH, CANDACE LI
The Reform of Tokyo Stock Exchange's Market Structure
The Tokyo Stock Exchange (TSE) completed the market reform which has been discussed since 2018. Will it really improve Japanese companies' corporate governance? The importance would be the continuous engagement from investors to comply CG code.
14 April 2022 | Chie Mitsui
12 April 2022 | 金融市场研究; 王文，刘锦涛
Equity Styles and Factors During Periods of High Inflation
While inflation hasn’t been this high for a long time, there have been multiple episodes of high inflation throughout history to learn from. In this paper, we discuss how equity styles or factors have performed over different inflation environments.
11 April 2022 | MFS Investment Management
Highlights of Panel Discussion on SRI Taxonomy
Part 5 of the SRI series focused on taxonomy of sustainable investing. The document comprises summarized views on topics like principles-based taxonomy, classification of environmental objectives, financing credit transitions and transition strategy.
8 April 2022 | CFA Society Malaysia
WEBINAR: APAC ESG Investment Strategy: Identifying APAC's ESG Trend-setters
Watch the recorded webinar on 2022 ESG trends to watch and trend-setters in the APAC region, with a zoom-in on climate change, biodiversity and supply chains.
7 April 2022 | CFA Institute, MSCI
China Strives to Reduce Fiscal Strength Discrepancies of Local Governments
The surging fiscal transfer from the central government is expected to bolster the budgetary revenue of local governments this year, particularly those with weaker fiscal self-sufficiency.
4 April 2022 | Jameson Zuo, Pengyuan International
The 2021 China PE Memo
China’s 2021 private equity market has been able to maintain its pole position despite stringent regulatory measures ...
3 April 2022 | CAPER
Green or Brown: Which Overpriced Stock to Short Sell?
This research shows a negative relationship between firm’s ESG performance and short selling demand among overpriced stocks. Shorting overpriced stocks with high ESG scores exposes the trader to higher risk.
31 March 2022 | Weiming Zhang
Integrating ESG into Core Japanese Benchmarks
The FTSE Blossom Japan Index helps investors integrate ESG considerations and enhance ESG exposure, while maintaining the index characteristics of a broad market benchmark. It also provides a strong basis for corporate engagement.
31 March 2022 | Atsuhito Mori, FTSE Russell
Valuation of Loyalty Tokens
Valuation of tokens is a wager on the platform adoption. This study investigates the effect of platform adoption on the valuation of loyalty tokens and the contingent claims with the token as an underlying.
15 February 2022 | Anand Shah
Collaborating Efficiently in the Rise of Remote Work
The onset of the COVID-19 pandemic has caused tremendous changes to the economic and social world, completely revamping the way we communicate and collaborate in the work environment.
10 March 2022 | S&P Dow Jones Indices
Hang Seng A-shares Indexes: Tracking of A-shares by Approaches from Purely Market Value to Multi-factor
China’s capital markets have closely reflected the structural change in national economy’s shift to New Economy sectors since 2015, as driven in large part by urbanisation and a consumption-led growth model.
24 March 2022 | Hang Seng Indexes Company Limited
氣候變化危機與ESG投資機遇 : 投資者教育講座
17 March 2022 | CFA Institute, CFA Society Hong Kong, IFEC
Gauging Opportunities from the Hydrogen Economy
The Fourth Industrial Revolution will be driven by renewable energy, and in the context of energy transition, hydrogen could play a vital role.
7 March 2022 | S&P Dow Jones Indices
WEBINAR: IPO Opportunities for Startups in Asia
The interest of venture investors in Southeast Asia has been growing. The Tokyo Stock Exchange is seen as one of the most attractive venues for exit strategies by startups and venture capital in the region, as exemplified by two cross-border IPOs listed on the Exchange in 2021.
16 March 2022 | CFA Society Japan, Tokyo Stock Exchange
Foundations of Dedicated China Allocations
China’s rise in global economic influence, increased market size, improved market accessibility and entrance into global equities and fixed-income indexes has led more investors to consider a dedicated China allocation. Due to the complexity of China’s market landscape and investment opportunity set, however, it is no simple task. (Available in English and Chinese.)
10 March 2022 | MSCI: Dr. Zhen Wei, Wei Xu, Shuo Xu
Advent of ESG Ecosystem In India
In India, there is a growing recognition of the importance of ESG factors and their material impact on corporate sustainability. This recognition is coming from all the stakeholders of the markets.
1 March 2022 | Mohd Merajuddin Inamdar, Dr. (CA) Minaxi A Rachchh
Breaking Down Real Estate Net-Zero Targets
In this report, we outline an approach to evaluate real estate funds’ and companies’ decarbonization and net-zero commitments and targets. The goal is to help the wider industry set comprehensive, ambitious and feasible net-zero commitments.
10 March 2022 | MSCI: Antonios Panagiotopoulos, Bert Teuben
2022 ESG Trends to Watch / 2022 年 ESG 趋势展望
Over the last decade, ESG has gone from fringe to mainstream. Investors and companies have seen increased regulation, demands for transparency and a quest for standards. MSCI presents ten ESG trends to watch in 2022.
2022 年和未来十年会有哪些趋势？ 近年来，气候变化已经超越公司治理，成为最紧迫且备受投资者关注的环境、社会、公司治理（ESG）议题。与此同时，ESG 投资也已经真正成为主流的投资方式，(并持续受到监管机构的关注）。然而，未来十年，企业、投资者和我们所在的地球都将面临更多新的风险，考验我们能否从过去的经历中吸取教训。
10 March 2022 | MSCI: Linda-Eling Lee, Meggin Thwing Eastman
Back to Reality: The Important Role of Active Management in Defined Contribution Plans
Three common misconceptions have led to the increased prevalence of passive investments in defined contribution plans. We conduct a reality check on each misconception, referencing fiduciary principles and market and member survey data.
8 March 2022 | MFS Investment Management
Sustainable Investments Insights: Quarterly Report - February 2022
Decarbonization and green-technology strategies suffered most from surging fossil-fuel prices and the resulting selloff in alternative energy stocks. Yield-curve steepening weighed on sustainable strategies that have large underweights in financials.
2 March 2022 | FTSE Russell
WEBINAR: A Spotlight on Investing in China Equities in 2022 and Beyond - Part 1
CFA Institute and T. Rowe Price present a virtual panel discussion that explores the historic trends in investing in China, future growth opportunities, recent market volatility, ESG in China, and the case for a dedicated allocation to China equities.
22 February 2022 | CFA Institute, T. Rowe Price
WEBINAR: A Spotlight on Investing in China Equities in 2022 and Beyond - Part 2
In the second webinar in the series presented by CFA Institute and T. Rowe Price the panelists discuss the historic trends of investing in china, future growth opportunities and the topics that are at the forefront of investors' minds.
1 March 2022 | CFA Institute, T. Rowe Price
VIDEO-ON-DEMAND: CFA Institute Alpha Summit APAC
To help investors see beyond the horizon, the CFA Institute 2022 Alpha Summit APAC offered two days of dedicated content focusing on the investment industry’s most important trends and challenges across Asia Pacific. All nine thematic sessions of the virtual conference, which took place on 10-11 February 2022, have been recorded and are available for viewing on demand.
11 February 2022 | CFA Institute
WEBINAR: CFA Society Malaysia Market Outlook Forum - Navigating 2022
Malaysia's growth trajectory in 2022 is expected to improve, following the normalisation of economic activities. Yet, new Covid variants are emerging, and central banks are preparing to pull back monetary stimulus and to hike interest rates.
13 January 2022 | CFA Society Malaysia
Sustainability in the Natural Rubber Supply Chain: Getting the Basics Right
Downstream companies and financial institutions hold the key to driving significant environmental and social changes in the natural rubber industry by committing to and applying sustainable practices and improving sourcing procedures.
21 January 2022 | Fabrice Inkonkoy, Zoological Society of London
An Introduction to Freddie K: Agency CMBS
Freddie Mac Multifamily K-deals (Freddie K) is one of the major agency CMBS products. Learn all about its loan characteristics, underwriting, securitization, loan performance, prepayment behavior, and prepayment drivers.
25 February 2022 | FTSE Russell: Loy Weng, Luke Lu
Concentration within Sectors and Its Implication for Equal Weighting
Concerns about the degree of concentration in cap-weighted indices like the S&P 500® seem to arise whenever performance is dominated by mega-cap names—as it has recently been.
7 February 2022 | S&P Dow Jones Indices
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu