We’re using cookies, but you can turn them off in Privacy Settings. If you use the site without changing settings, you are agreeing to our use of cookies. Learn more in our Privacy Policy.

view of bridge

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.


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

Download PDF > 


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

Download PDF > 


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

Read Article > 


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

Download PDF > 


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.

Watch Video > 


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

Download PDF > 


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

Download PDF > 


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.

Watch Webinar > 


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

Read Article > 


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

Download PDF > 


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

Read Article > 


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

Download PDF > 


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

Read Article > 


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

Read Article > 


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.

Watch Webinar > 


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

Read Article > 


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

Download PDF > 


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

Download PDF (English) >

Download PDF (Chinese) >


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.

Watch Webinar > 


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

Read Article > 


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

Download PDF > 


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

Download PDF > 


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

Download PDF > 


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

Read Article > 


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.

Watch Webinar > 


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

Download PDF > 


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.

Watch Webinar > 


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.

Watch Webinar > 


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

Download PDF > 


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

Download PDF > 


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

Download PDF > 


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

Download PDF > 


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

Download PDF (English) >

Download PDF (Chinese) >


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

Read Article > 


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

Download PDF > 


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

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

Download PDF > 


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.

Watch Webinar > 


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

Download PDF > 


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.

Watch Webinar > 


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:


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

Download PDF > 


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

Watch Webinar > 


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

Download PDF > 


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

Download PDF (English) >

Download PDF (Chinese) >


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

Download PDF >


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

Download PDF (English) >

Download PDF (Chinese) >


 

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

Download PDF >


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

Download PDF >


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

Download PDF >

Watch Webinar (Video: 1 hr 41 min) >


Earning Investors' Trust: How the Desire for Information and Innovation Shapes Client Relationships

What does it take for someone to put their capital at risk and entrust their funds to someone else to manage? The concept of trust lies at the heart of this question. CFA Institute's 2020 investor trust survey, fourth in a series, gauges the perceptions of investors toward the behavior of investment firms and professionals who are entrusted with their money.

18 June 2020 | CFA Institute: Rebecca Fender, CFA; Robert Stammers, CFA; Roger Urwin, FSIP; Rhodri Preece, CFA

Download PDF >


China's New Green Catalogue: Harmonizing Standards

China’s regulators have published a consultation version of their updated “Green Bond Endorsed Project Catalogue”, which harmonizes domestic standards with international ones, expands the range of qualifying projects, and adds technical detail. 

10 July 2020 | SynTao Green Finance: GUO Peiyuan, LIU Yujun, WU Yanjing, Grace GUAN

Download PDF >


Fintech Decoded: Tracking Investment Activity in Fintech Companies in Q1 2020

The impact of COVID-19 will reverberate across all sectors of the economy, fintech being no exception. In the sector, challenges are expected to surface on multiple fronts, but so are opportunities, as companies look to beat the odds and thrive.

10 July 2020 | Aranca: Ashish Rane, Bharat Ramnani

Download PDF >


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

Download PDF >


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.

Watch Webinar >


WEBINAR: Green Finance Development in China

As China actively pursues ecological and sustainable development, green finance serves a core function in the country’s financial ecosystem. Dr. Ma Jun, director of the Center for Finance and Development at Tsinghua University, chairman of China Green Finance Committee, and a member of the Monetary Policy Committee of the PBOC, and Rhodri G. Preece, CFA, head of industry research at CFA Institute, discuss green finance development in China.

29 June 2020 | CFA Institute | Video: 52 min.

Watch Webinar >


The Case for Mandatory Separation of Chairperson and CEO Roles in India

As the implementation of SEBI's mandated separation of the roles of chairperson and CEO in Indian companies is postponed, we asked members of CFA Institute in India and CFA Society India for their views on this issue. This report provides the results of the survey.

23 May 2020 | CFA Institute, CFA Society India: Sivananth Ramachandran, CFA

Download PDF >


Offshore Tax Evasion and Avoidance in the Belt and Road Initiative

Offshore tax evasion and avoidance are a threat to the financial and reputational integrity of the Belt and Road Initiative (BRI). Many BRI countries are vulnerable, as they are not party to global standards for financial and tax transparency.

6 July 2020 | HKUST Institute for Emerging Market Studies: Michael Tyrala

Download PDF >


 

Connecting the Disconnected: Digital Services Industry

The data centre, a central organ in digital conversations, has emerged as an asset keenly courted by investors. Since 2018, private equity investors’ deal volume in data centres has not only surged but deal sizes have also spiked. 

1 July 2020 | Asia Private Equity Review

Download PDF >


Evaluating Active Managers’ Performance through a Risk Lens: Risk-Adjusted SPIVA® Scorecard

As an extension of the standard SPIVA Scorecard, the Risk-Adjusted SPIVA Scorecard assesses the risk-adjusted returns of actively managed funds against their benchmarks on both a net-of-fees and gross-of-fees basis.

18 May 2020 | S&P Dow Jones Indices: Berlinda Liu, Gaurav Sinha

Download PDF >


Impairment of Assets and Liabilities during the COVID-19 Crisis

As the Covid-19 pandemic continues to spread, companies find it hard to forecast revenue and to evaluate assets and liabilities. Many have delayed the publication of financial statements. What disclosures are needed in this unprecedented situation? Notes from a Digital Reporting Workshop for Japanese investors.

27 May 2020 | Chie Mitsui

Download PDF >


The Retirement Puzzle

Present-day retirees may not be as well off as they expect during their retired life, as incentives exist for people to deplete their superannuation in the early years of retirement, with significant negative consequences for government finances.

30 June 2020 | Monash University: Ummul Ruthbah

Download PDF >


Impact of COVID-19 on USD Corporate Bond Liquidity

The COVID-19 crisis has impacted asset valuations, increased volatility and led to reduced liquidity in many cases. In this paper, FTSE Russell examines the effects of the crisis on the  liquidity of USD corporate bonds.

30 June 2020 | FTSE Russell: Mikhail Bezroukov,  Yu Zou 

Download PDF >


WEBINAR: Transformation through Purposeful Leadership

A masterclass session with Tan Sri Abdul Wahid Omar, Chairman of University Kebangsaan Malaysia (UKM) Board of Directors and Chairman of Bursa Malaysia, and Justin Ong, CFA, President of CFA Society Malaysia. A webinar presented by CFA Society Malaysia.

24 June 2020 | Tan Sri Abdul Wahid Omar, Justin Ong, CFA | Video: 1 hr 11 min

Watch Webinar >


Seeing Through Frosted Glass: Assessing Chinese Local Governments’ Creditworthiness

As Chinese local government debt is growing rapidly, an assessment of the creditworthiness of Chinese local governments uses a top-down rating approach which better reflects the nation’s vertically integrated governing structure. 

29 June 2020 | Pengyuan International: Jameson Zuo

Download PDF >


The Only Game in Town: Assessing Monetary Policy Tools in Response to COVID-19

As the Philippine central bank implements monetary actions to cushion the economic impact of the Covid-19 pandemic, what is the effect of these policy tools on the real economy? What other policy actions should the bank introduce?

29 June 2020 | Miguel N. Sevidal

Download PDF >


Growth vs Value Investing on the Bursa Malaysia during Covid-19 Pandemic

Performance of 885 stocks listed on the Bursa Malaysia is analysed based on their Price to Earnings (PE), Price to Book (PB), Dividend Yield (DY), and Debt to Equity ratio (DE), during the Covid-19 pandemic from January to early June 2020.

30 June 2020 | Shu Heng Chuan, CFA, Jaccob Thomas, Lim Yik Yin

Download PDF >


Related-Party Transactions in India

Related-party transactions – deals between parties that have a pre-existing relationship – create a principal-agent conflict and impact shareholders’ wealth. This study investigates such transactions in Indian companies.

27 June 2020 | Ashwini Damani, CFA; Ruchika Goel, CFA; Rajendra Kalur, CFA; Sivananth Ramachandran, CFA; Vidhu Shekhar, CFA; Shreenivas Kunte, CFA

Download PDF >


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

Watch Webinar >


COVID-19 Impact on Bangladesh Economy

Like in most other nations, the outbreak of COVID-19 pandemic is an unprecedented shock to the Bangladesh economy. The report explores the possible impact of the ongoing pandemic on the broad economy and major industries of the country. 

22 June 2020 | LankaBangla Asset Management Co. Ltd.

Download PDF >


About the Author(s)

ARX Editorial Team

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