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 4,000 posts, select "Research" in the upper left-hand corner of the page.
Alpha Enhancement in Global Equity Markets with ESG Overlay on Factor-Based Investment Strategies
The paper finds that higher alpha can be harvested by restricting investment exposure to the ESG theme combined with various style characteristics, as they display low systematic and idiosyncratic tail risks.
8 June 2021 | Subhransu Mohanty, Odette Mohanty, Mike Ivanof
Climate Scenario Alignment, Net-Zero, and Uncertainty
The S&P Paris-Aligned & Climate Transition (PACT) Indices are designed to give investors confidence in following absolute decarbonization pathways.
6 May 2021 | Ben Leale-Green, S&P Dow Jones Indices
Enabling an Efficient Regulatory Environment for AI
ASIFMA proposes a set of regulatory principles for AI which will form the basis for an efficient regulatory environment while supporting customer and investor protection, market integrity, and financial and systemic stability.
29 June 2021 | Laurence Van der Loo, ASIFMA
How Is Covid-19 Affecting Global Pension Systems? Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 8 December 2020 webinar, which discusses the latest Mercer report on the Global Pension Index, and addresses questions about the changing pension landscape, including the direction of potential pension reforms.
19 January 2021 | CFA Institute
Measuring the Creditworthiness of China’s Corporates Using a Global Rating Scale
As China’s bond market continues to attract increasing interest from international investors, it is critical to assess the creditworthiness of China’s issuers using a global rating scale, allowing investors to compare investments on the same basis.
25 June 2021 | Ke Chen, Pengyuan Credit Rating (Hong Kong) Company
Tokenised Securities in APAC: A State of Play
The paper provides updates on key developments in the tokenised securities space and what market participants think about the state of the tokenised securities market and ecosystem.
29 June 2021 | Laurence Van der Loo, ASIFMA
Big Data for ESG Investing: Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 15 April 2021 webinar, which sheds some light on how WeBank, a Chinese digital-only bank, utilises AI and alternative data sources to generate proprietary real-time data for ESG investing
15 April 2021 | CFA Institute
Commercial Banks in Pakistan
In the turbulent 2020, Pakistan’s banking system stayed resilient to the economic shocks with the support of regulatory measures and relief incentives. These measures played a role in steering the future direction of the banks.
1 June 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Insia Raza
Investors' ESG Expectations: An Asian Perspective
ASIFMA’s Asset Management Group seeks to explain why companies in the Asia region should adopt and disclose sustainable business practices that take ESG issues into account. This paper also provides practical guidance for institutional investors.
29 June 2021 | Yvette Kwan, ASIFMA
Climate Change Integration in the Investment Process: Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 9 April 2020 webinar, on Climate Change and ESG Disclosures, which discusses a few of the most pressing questions that financial professionals have to guide them in making effective decisions.
9 April 2020 | CFA Institute
Asset Management Companies in Pakistan
Pakistan’s mutual funds holdings rose at a quick pace in 2020, with the AUM reaching PKR955bln in December. This growth is AUMs is attributable to both higher level of returns as well as new investments in mutual funds during the period.
1 June 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Insia Raza
Examining the Rise of Decentralised Finance: Trends, Challenges, and Opportunities: Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 8 December 2020 webinar, which covered the basic structure of Decentralized Finance, including key advantages and limitations, as well as how this concept may evolve in the future.
8 December 2020 | CFA Institute
WEBINAR: The Emerging Asia Pacific Capital Markets - India
After a massive capital markets transformation, India has two of the largest stock markets in the world and an expanding asset management industry. But further improvements will be needed for India’s markets and economy to achieve their potential.
8 July 2021 | CFA Institute | Video: 1 hr 4 min.
Future of Sustainability in Investment Management: Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 23 March 2021 webinar, which explored key trends in the shift to sustainability in investment management and the kind of future it envisions.
23 March 2021 | CFA Institute
WEBINAR: SRI Integration into Investment Decision Making
This webinar is the second in the series on sustainable and responsible investment organized in partnership with World Bank Group and CFA Society Malaysia. It focuses on the framework of integrating SRI in various aspects of the investment decision-making process. It presents real-life case studies to help investors better understand how leading investment practitioners are integrating SRI factors into their analysis and the investment process.
28 June 2021 | CFA Institute | Video: 1 hr 37 min.
Growth Beyond China: Mass and Prestige Beauty Are Accelerating Across Asia
While China is certainly leading the way in Asia for cosmetics, beauty brands and investors should pay close attention to other Asian markets, too. Interest in and access to mass and prestige beauty products are on the rise across the continent.
18 June 2021 | GLG: Jean-Philippe Charrier
Is the 2021 Market Bust Imminent?
We take a look at potentially imminent risks to risk in markets in a historical context. We argue that historical monetary policy has failed, and that participant positioning with margin in the U.S. S&P500 create a trigger to expose this failure.
20 June 2021 | Thomas Kuhn, CFA
Trends in Chinese Luxury E-commerce: Strong Growth in the Digital Era
E-commerce is growing among luxury brands. Due to the impact of COVID-19, the youth-led change in luxury consumption behavior, and the trend of e-commerce livestreaming, a growing number of brands have increased e-commerce investments.
18 June 2021 | GLG: Zhang Peng
Crowdlending and Credit Models
In this article we briefly describe the most used models among the classical and machine learning techniques. Our explanation is intended for non-technical readers. We provide simple illustrations to complement our description.
17 June 2021 | Pearpilai Jutasompakorn
AUDIO: A Guide to EU Financial Politics and Policy Development
ESG experts talk about the current obstacles to corporate accountability and protection of shareholder rights, and the effects of ESG integration in EU companies’ business models.
16 June 2021 | CFA Institute: Josina Kamerling | Length: 28 min.
AUDIO: Board Accountability in Corporate Governance in the Wake of the Pandemic
Hear from Leena Linnainmaa, Secretary General at Directors' Institute Finland, Chair of the European Confederation of Directors Associations, an expert on corporate governance, company law, securities law, and women in leadership.
16 June 2021 | CFA Institute: Josina Kamerling | Length: 29 min.
Why the S&P 500 Matters to China
Underallocation to international equities, including U.S. equities, means Chinese investors may be foregoing potential diversification benefits.
19 May 2021 | S&P Dow Jones Indices: Tianying Cheng, Hamish Preston, Jason Ye
Understanding the Demand for Southeast Asian Data Centers
Throughout Southeast Asia, the race is on to build and expand data centers. To find out what’s driving the movement and learn where it’s headed, GLG recently assembled a panel of experts to discuss this topic.
15 June 2021 | GLG: Hak Kiat Chng, Fredrik Johansson, Matt Pfile
VIDEO: When Active Management Looks Easier
How can style bias impact the perception of active manager outperformance? S&P DJI’s Craig Lazzara and Anu Ganti discuss how a better understanding of style bias can help market participants interpret active manager performance.
13 May 2021 | S&P Dow Jones Indices: Craig Lazzara, Anu Ganti | Length: 7 min.
Understanding Australian Telecoms and Towers
The Australian telecommunications industry is in the midst of significant change. To find out where it’s headed, GLG recently asked two specialists in the field Sue Bryant and Barry Lerner to give us a brief idea what the future of 5G would be.
15 June 2021 | GLG: Susan Bryant, Barry Lerner
How Companies Can Protect Against Securities Class Action Lawsuits
Securities class action lawsuits are arguably the most significant litigation risk for firms listed in the US, UK, Australia and Canada, with an average settlement of $3.4 billion USD in the US in the last decade.
10 Jun 2021 | HKUST Institute for Emerging Market Studies (IEMS): Allen Huang
Fleeting Alpha Scorecard: Year-End 2020
The Fleeting Alpha Scorecard combines elements of the SPIVA® U.S. Scorecard and the Persistence Scorecard to show how outperforming mutual funds from one three-year period continue to perform thereafter.
24 May 2021 | S&P Dow Jones Indices: Berlinda Liu; Gaurav Sinha
2021下半年展望：价值依然王者归来
在现在水平上，债券收益率是否会因持续的通胀压力而进一步上行则并不重要：收益率进一步上升将有损于经济和股市；反之，则预示着一次经济增长放缓之际的避险事件。无论如何，当前市场的情况都不像去年6月和11月我们发布展望报告时那样明确地有利于逐险。
7 Jun 2021 | BOCOM International: 洪灝，CFA
China Market Strategy: Outlook for the Second Half of 2021 - Value Still Striking Back
China’s PPI-CPI gap is approaching its historical peak last seen during the 2016 supply-side reform. It is another sign that the cyclical strength is about to crest. Concurrently, the PBoC’s balance sheet expansion will likely moderate.
7 Jun 2021 | BOCOM International: Hao Hong, CFA
Independent Directors in Asia Pacific: Regulations and Practice in Selected Markets
An overview of regulations and practices concerning independent non-executive directors in listed companies in Australia, Hong Kong SAR, India, Japan, Malaysia, and Singapore.
21 June 2021 | Sivananth Ramachandran, CFA, Piotr Zembrowski, CFA, Sara Cheng, JD, Mary Leung, CFA
Bangladesh FY 2021-22 Budget: Aiming for a Faster Recovery
Bangladesh's 2021-22 budget focuses on faster recovery from the economic effects of the pandemic, enhancement of the revenue base through financial inclusion, and improving local competitiveness, food safety, and human resources.
3 June 2021 | BRAC EPL Research
WEBINAR: ESG and Sustainability - International Policies and Reporting Frameworks
As ESG and sustainable investing become centre stage, concerns that the inconsistency and variation in ESG-related disclosures, terminology, and investment approaches may give rise to confusion and misunderstanding has also risen. A slew of new regulations and standards globally are being implemented to tackle the issue of greenwashing, raise transparency and disclosure for the benefit of investor protection and product development.
9 June 2021 | CFA Institute | Video: 1 hr 15 min.
Cashless Payments Industry: Sector Analysis - Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 29 April 2020 webinar, which explored the growth potential and the evolving landscape of the cashless payment industry. It highlights the most important competencies a company needs to thrive in this sector.
29 April 2020 | CFA Institute
WEBINAR: Social and Sustainable Sukuk (Part 4 of the Islamic Finance Webinar Series)
With the global issuance of sustainable bonds reaching a record US$100 billion in the second quarter of 2020, and Shari’ah principles supporting profit-based initiatives with socio-economic impact, it should come as no surprise that social impact Sukuk are fast becoming a popular financing instrument.
3 June 2021 | CFA Institute | Video: 1 hr 39 min.
Interest Rate Effects on Personal Investors amidst Covid-19 Pandemic
This paper explores the consequences of ultra-low interest rates for personal investors after the outbreak of the Covid-19 pandemic. The aim is to help investors understand potential challenges when low interest rates persist.
4 June 2021 | Yoke Yue Kan
Mapping the Growth Trajectory of ESG Investing
After years on the fringe, sustainability concerns and those involving social, environmental, and governance (ESG) issues are now firmly part of mainstream investment thinking. Find out where ESG investing is headed.
4 June 2021 | Libby Bernick, GLG
The Chinese Enterprise: Secrets to Building a Global Brand
Recently, an increasing number of Chinese companies have gained more mindshare among overseas consumers and performed well in mobile, cross-border e-commerce, fintech, automotive, and other industries. However, cultural challenges remain.
4 June 2021 | Xu Linfeng, GLG
The Electric Vehicles Race: Tesla vs. Legacy Car Companies
Tesla has been on a hot streak. Reacting to the company’s latest earnings, CEO Elon Musk said, “We’ve seen a real shift in customer perception of electric vehicles, and our demand is the best we’ve ever seen.”
4 June 2021 | GLG: Jeff Yanssens, Dr. Arnold Lamm, Dr. Claudiu Bucur
China's 14th Five-Year Plan at a Glance
While the Five-Year Plan’s format is largely the same as in past plans, there are important differences that reflect shifting policy priorities.
31 May 2021 | Eurasia Group, SGX Research
Carbon Neutral Bonds: Has China Set the Bar Too Low? Further Reforms Are Needed to Encourage Market Participation
China’s carbon neutral bonds fail to restrict the use of funds to green projects and are adding to the working capital of coal-dominated SOEs. Deeper reforms to green finance standards are needed to mobilise investment to fund President Xi's ambition.
1 June 2021 | Christina Ng, Institute for Energy Economics and Financial Analysis
COP26: Bridging the Gap of Climate Ambition
This paper reviews the impact of strengthened climate action on investors. Its sections include: how 2020 highlighted the climate change; the COP26 momentum; the gap between countries’ commitments and climate goals, and economic and policy pathways.
29 May 2021 | FTSE Russell: Guillaume Emin, Patrick Hubert Senior, Nicolas Lancesseur
Sovereign Risk Monitor Methodology: How to assess sovereign risk including ESG issues?
This paper lays out a methodology that integrates holistically, and objectively, ESG performance and traditional economic and financial metrics in the sovereign risk analysis.
29 May 2021 | FTSE Russell: Julien Moussavi, Ph.D., Rayane Hanifi
A Study on Key Management Compensation: A review of compensation of key management personnel in India
Excessive executive remuneration, not linked to performance, is a growing problem in India. This study reviews key trends and presents observations on the remuneration of key managerial personnel in Indian companies.
27 May 2021 | CFA Society India: Ashwini Damani, CFA; Alekhya Nag, CFA; Rajendra Kalur, CFA
Approaches to Benchmarking Listed Infrastructure
Investors could be attracted to the long-term, low-risk, and inflation-linked profile that can come with infrastructure assets, and may find that it is an alternative asset class that could provide new sources of return and diversification of risk.
9 April 2021 | S&P Dow Jones Indices: Tianyin Cheng, Claire Yi, Izzy Wang
The Long Waves in Commodities: Three Centuries of Evidence
Our proprietary wave index, based on three centuries of historical commodity price data meticulously collated by our predecessors, shows that a period of elevated and intense commodity price movements lies ahead.
25 May 2021 | BOCOM International: Hao Hong, CFA
大宗商品的长波：来自三个世纪的证据
如果我们对于过去几百年长波结构的观察是正确的，那么未来一段时期的商品价格将会在剧烈的震荡中上升。
25 May 2021 | BOCOM International: 洪灝，CFA
WGBI Inclusion Confirms China’s Arrival on Global Bond Stage
In this paper, we assess the impact following the recent announcement that Chinese government bonds will join the FTSE Russell World Government Bond Index over a period of 36 months. We consider both private sector and official holdings.
21 May 2021 | FTSE Russell: Robin Marshall Director, Zhaoyi Yang
Employee Happiness Predicts Higher Stock Prices: Do Health and Safety Play a Part in Your Investment Strategies?
ESG analysis that used NLP processing discovered that companies with safe and happy employees outperform their peers in the public markets. How can ESG analysis of workplace sentiment help investors seeking outperformance?
28 April 2021 | Richard Peterson
Achieving Scale in Active Ownership and Engagement through Index Investing
This paper explores the evolution of ESG engagement and passive investing, especially the role of index providers in marrying passive investing and scalable engagement.
17 May 2021 | FTSE Russell: David Harris, Arne Staal
A Matter of Degrees: Aligning ESG Strategies with the Paris Agreement
Having already witnessed some of the consequences of climate change around the world, more and more investors are now factoring ESG into their investment decisions. Enter the S&P PACT™ Indices.
9 April 2021 | S&P Dow Jones Indices: Jaspreet Duhra
“30·60目标”下如何完善中国 绿色债券市场？
How to Improve and Perfect Chinese Green-bonds Market to Reach the "30·60" Target
2020年，中国提出了力争于2030年前达到二氧化碳排放峰值、2060年前实现碳中和的长期目标，彰显了中国积极应对气候变化、走绿色低碳发展的坚定决心。本文就全球绿色债券市场整体概况及国内绿色债券市场运行情况进行了梳理，同时就当前国内绿色债券市场存在的问题进行分析，并针对相关问题提出建议，以进一步完善中国绿色债券市场。
25 February 2021 | 金融市场研究
Style Bias and Active Performance
Style bias plays a major role in explaining active managers' outperformance across the capitalization spectrum.
10 March 2021 | S&P Dow Jones Indices: Craig Lazzara, Anu Ganti
Hidden in Plain Sight: U.S. Equities beyond the S&P 500
Mid- and small-cap U.S. equities represent a significant piece of the global market, but they are overlooked by many international investors.
13 April 2021 | S&P Dow Jones Indices: Tim Edwards, Sherifa Issifu
SPIVA Japan Scorecard: Year-End 2020
The SPIVA Japan Scorecard reports on the performance of actively managed Japanese mutual funds against their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
26 April 2021 | S&P Dow Jones Indices
Singapore Is at the Heart of Asia’s Green Energy Revolution
Hydrogen is emerging as a key element of the clean energy transition, with governments around the world enacting green policies as part of their COVID-19 recovery efforts.
30 April 2021 | Eurasia Group, SGX Research
Proposed Revisions of Japan’s Corporate Governance Code: Consultation Response by CFA Society Japan
On 7 April 2021, the Financial Services Agency and Tokyo Stock Exchange issued a proposal to revise Japan’s Corporate Governance Code. CFA Society Japan conducted a survey of members and market practitioners to solicit their views on the proposal.
6 May 2021 | CFA Society Japan Advocacy Committee
WEBINAR: Financial Performance of Impact Investments (Part 2 of the Impact Investing webinar series)
Impact investing aims to generate measurable environmental or social outcomes alongside financial return. Impact objectives must be considered together with financial objectives, risk, liquidity and resource capacity. When making investment decisions, impact investors seek to balance these factors, and optimize the way in which they deploy capital, in order to maximize their desired outcomes.
27 May 2021 | CFA Institute | Video: 1 hr 3 min.
WEBINAR: ESG Integration in Sovereign Bonds (Part 4 of the webinar series "ESG in Credit")
As appetite for ESG investments has grown, so has the question of if and how ESG factors may affect the analysis of sovereign debt issues. Risks from climate change, including the associated policy responses, have been under particular focus. For example, countries that are major fossil fuel exporters are most exposed to climate change transition risk, giving rise to stranded assets and significant uncertainties, with knock-on implications for debt servicing and repayment capabilities.
25 May 2021 | CFA Institute, Fitch Ratings | Video: 1 hr 18 min.
SGX's Consultation on Proposed Listing Framework for SPACs: Response by CFA Institute and CFA Society Singapore
CFA Institute and CFA Society Singapore submit a response to the consultation paper issued by Singapore Exchange Regulation on a proposed listing framework for special purpose acquisition companies (SPACs).
28 April 2021 | CFA Institute, CFA Society Singapore
Food Delivery Industry in India
Food delivery holds great promise with much value still to be captured. The existing business model of companies might make headlines because of the growth of new users or revenue, but profitability often eludes them.
6 May 2021 | Gaurav Arora
AUDIO: The Emergence of Central Bank Digital Currencies
How do central bank digital currencies (CBDCs) differ from traditional money and cryptocurrencies? Why are CBDCs appealing to policymakers? Will CBDCs loosen the pre-eminent role of the US dollar in the global FX market?
11 April 2021 | City National Bank: Alvin Tan, David Atkinson | Audio: 18 min.
A Guide to S&P Decrement Indices
Decrement indices aim to provide a solution to the challenges faced by structured product issuers to design attractive products.
17 MArch 2021 | S&P Dow Jones Indices: Tianyin Cheng, Izzy Wang
Taiwan's Competence and Sustainability in the EV Industry | 从Model 3看台湾电动车行业竞争力与永续发展
This report discusses Taiwan’s advantages in the electric vehicles sector as well as challenges it faces, and makes comparisons with other Asian economies where appropriate, using Tesla Model 3 to examine Taiwan’s role as supplier.
过去的一年可谓是电动车行业之元年，尽管全球疫情仍然严峻，经济增长不及预期，电动车却仍独占鳌头，不仅 2020 年全球电动汽车总销量大涨 43%，突破 300 万大关，甚至全球多地车市电动和燃油汽车销量出现涨跌互现之景，英国去年汽车销量跌至 28 年来最低水平，而纯电动汽车销量却增至接近前年三倍，尽管台湾市场容量较小，去年特斯拉全车系在台挂牌数也达 5746 辆，比 2019 年 3136 辆几近翻番，并以超过 90.35%的市占领跑台湾电动汽车市场。
26 April 2021 | Mioying Financial Technology (MioTech)
VIDEO: Exploring Equal Weight's Impact on Risk/Return
S&P DJI's Hamish Preston and Tim Edwards explore what's driving the mega-cap trend, multi-decade highs in S&P 500 concentration, and potential applications for the S&P 500 Equal Weight Index.
8 April 2021 | S&P Dow Jones Indices | Video: 12 min.
Non-Bank Financial Institutions and Modarabas in Pakistan
Non-Bank Financial Institutions and Modarabas are essential for the economic development of Pakistan. Small and medium enterprises significantly rely on NBFIs for borrowing, with conventional financial institutions meeting only 15-20% of demand.
1 April 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Asad Ahmed
Path to Carbon Net-Zero: China's Electric Vehicle Industry | 通向零碳之路：中国造车新势力
This paper takes a look at China’s electric vehicles industry, in particular the flourishing start-ups NIO, Xpeng and LI Auto, in the context of ESG issues.
本报告从 ESG 的视角观察中国的新能源汽车 (NEV) 行业，尤其是以蔚来、小鹏和理想 为代表的新势力造车企业。本文结合政府政策、金融市场和能源行业等不同方面来分 析新势力造车的前景，并探讨它们如何能通过贯彻 ESG 实践为自己创造更多机遇。
26 April 2021 | Mioying Financial Technology (MioTech)
Pakistan's Mutual Fund Industry
Pakistan’s mutual funds industry has grown at a quick pace as the economy gradually recovers from the impact of Covid-19. The industry’s AUM reached PKR 995 bn (USD 6.5 bn) in December 2020, as a result of high returns and new investments.
1 April 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Insia Raza
Sukuk Bond Market-Making at the London Stock Exchange, 2011-20
We examine the evolution and the explosive growth rate of sukuk on the London Stock Exchange, and then provide directions on future research aimed at sukuk pricing and market-making.
26 April 2021 | Mohamed Ariff, Calvin W. H. Cheong
Commodities Index Innovation: The Next 30 Years
The next 30 years could bring disruptive changes to commodities. In this paper, we look at trends that could become ascendant over the next 30 years of commodities index innovation.
12 April 2021 | S&P Dow Jones Indices: Fiona Boal, Jim Wiederhold
SREITs & Property Trusts Chartbook: April 2021
Singapore has 43 REITs and property trusts with a combined value of S$110 billion, representing c.12% of Singapore’s listed stocks, with the average dividend yield of 5.8%, the 10-year annualised total return of 8.9%, and the gearing ratio of 37.2%.
13 April 2021 | SGX Research: Emelia Tan
SPIVA India Scorecard: Year-End 2020
The SPIVA India Scorecard compares the performance of actively managed Indian mutual funds with their respective benchmark indices over 1-, 3-, 5-, and 10-year investment horizons.
8 April 2021 | S&P Dow Jones Indices: Akash Jain, Arpit Gupta
SGX Asia Currencies and Commodities Insights
CNH has traded well against most currencies, and flows remain strong. Therefore, recent USD/CNH rise will likely be temporary; Industrial commodity prices consolidating at high levels; Iron ore prices have bounced by 6% over the past two weeks.
12 April 2021 | SGX Research
Looking at Indonesia Pension System: Opportunities for Continuous Transformations
We highlight Indonesia’s position in the 2020 Mercer CFA Institute Global Pension Index, and issue recommendations for continuous transformation of the country’s pension system, in pursuit of the Mercer CFA Institute "Ideal Retirement System".
22 April 2021 | CFA Society Indonesia: Siti Rakhmawati, CFA
The Determinants of Positive Cases and Death from COVID-19 at Different Quantiles
The study aims to investigate factors that might significantly contribute to the number of positive cases and death from pandemic COVID19 in the most affected countries in the world. A quantile regression method is adopted on cross-section data.
22 April 2021 | Jarita Duasa, Siti Fatimah Mohamed Noor
ASEAN Credibility at Risk
The sudden change of the political regime in Myanmar on 1st Feb is reshaping the political and economic landscape of Southeast Asia. Can it erode the credibility and disrupt the stability of the Southeast Asian economic bloc?
1 April 2021 | CAPER
ESG – The Next Big Investment Theme in India
Investing is all about anticipating future events and pricing future risks and opportunities in today’s investment decisions. ESG risk and opportunities must be incorporated in the valuation of securities.
12 April 2021 | Labanya Prakash Jena
Structural Change in Bond Markets: The Role of ETFs
Bond market structure changed in recent years as regulatory change, concern about bank capital adequacy, and the GFC combined to move bond markets towards exchanges and electronic venues. ETFs facilitated the developments, helping underlying liquidity.
20 April 2021 | FTSE Russell: Robin Marshall
Review of LGFVs’ Risk Characteristics Based on Non-standard Product Defaults
China’s local government financing vehicles (LGFVs) have reported more cases of non-standard product defaults since 2018 after the government strengthened the regulatory efforts and oversight over the sector’s financing.
20 April 2021 | Pengyuan International: Brian Lam
ESG Scores and Beyond: Contribution of themes to ESG Ratings - a statistical assessment
With the attention of investors being increasingly focused on sustainability issues, awareness of ESG ratings characteristics is essential, as it enables a better understanding of their meaning. This paper answers “What themes matter most in ESG?"
20 April 2021 | FTSE Russell: Kevin Ratsimiveh, Ruben Haalebos
Property Firms’ ABS Accounting Treatment and its Impact
Regulatory oversight of the Chinese property industry has been considerably tightened since 2016, with traditional financing channels of these companies coming under more strict controls.
20 April 2021 | Pengyuan International: Winnie Guo
Why Are Chinese Stocks Underperforming in a Recovery? / 为什么经济跑赢，股票跑输？
The return spread of high-yield vs. investment-grade bonds is now at one of its highest levels of the past decade, and appears to be rolling over. It hints at the market’s waning risk appetite.
垃圾债与投资级债券的回报率差目前处于过去10年的最高水平附近，而且似乎在继续收窄。这暗示着市场的风险偏好正在减弱。
15 April 2021 | BOCOM International, Hao HONG
WEBINAR: Japan Reinventing Itself as a Global Financial Hub: Challenges and Policy Choices
Despite its many advantages, Japan trails other financial centres, especially with regards to attracting foreign talent and playing a regional role. This webinar, organized by CFA Society Japan and FSA explores how Japan can revitalize its financial sector and expand its role as an international financial hub.
26 April 2021 | CFA Society Japan, Financial Services Agency | Video: 1 hr 5 min.
WEBINAR: ESG Financing Requirements in Tropical Forestry
Although the forestry industry is an important contributor to the activities of countless sectors, it contributes to unsustainable pressure on the world’s forests, particularly in tropical regions. What kind of sustainability requirements do financial institutions place on forestry sector companies to address ESG risk and how do they follow up on compliance and progress?
21 April 2021 | FA Institute, CFA Society Singapore, ZSL SPOTT | Video: 1 hr 5 min.
WEBINAR: Challenging the Investment Industry
An International Women's Day webinar presented by CFA Society Malaysia. Distinguished female leaders in Malaysia's financial industry speak about their roles as leaders in their respective organizations, the challenges they encountered in their careers, and what habits are needed for a successful career.
14 April 2021 | CFA Society Malaysia | Video: 1 hr 12 min.
WEBINAR: Big Data for ESG Investing
Haishan Wu, vice general manager of AI department at Webank, shares insights on how Webank leverages AI to generate proprietary real-time data for ESG investing from a variety of sources, including satellite images, media reporting, and social media sentiment.
15 April 2021 | CFA Institute, Institute of Financial Technologists of Asia | Video: 1 hr 17 min.
WEBINAR: Economic and Market Impacts of Climate Change
A presentation of the CFA Institute report “Climate Change Analysis in the Investment Process”, followed by a discussion of economic and market implications of climate change, carbon pricing, and recent developments in carbon markets.
2 February 2021 | CFA Institute | Video: 59 min.
WEBINAR: Venture Capital: What Does It Hold for the Global Capital Market of Tomorrow?
Venture Capital (VC) has been an important part the modern capital markets. The success or failure of a growing private company has often been gauged by the size of their round B or C funding. Has the traditional route of private company relying on organic growth and bank loans disappeared?
13 April 2021 | CFA Institute | Video: 60 min.
A Foreign Investor's Guide to Sri Lanka: The Pearl of the Indian Ocean
In this introductory paper we look to provide some high-level insights for foreign investors on Sri Lanka’s economy, political anatomy and capital markets.
19 April 2021 | Aran Nagendra, Kassapa Manathunga
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu