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 4,000 posts, select "Research" in the upper left-hand corner of the page.
WEBINAR: The Future Trends of Impact Investing in Asia
The goal of impact investing is to generate financial returns alongside measurable and positive social and environmental impact. Such investments provide capital funding to address the world’s most pressing challenges in sectors such as sustainable agriculture, renewable energy, and affordable and accessible basic services, including housing, healthcare, and education.
22 February 2021 | Maud Savary-Mornet, Ronie Mak, Dina Pons, Pierrick Balmain, CFA, Piotr Zembrowski, CFA | Video: 1 hr 17 min.
The Case for Equal Weight Indexing
The current market environment may present an opportunity for investors to consider Equal Weight in order to diversify away from some of the largest market constituents.
27 January 2021 | S&P Dow Jones Indices: Hamish Preston
The Rise of the China Asset Class
There is growing global interest in mainland Chinese financial assets. The resulting capital inflows into China have buoyed the RMB, but also raised domestic policy concerns given the still restricted nature of the capital account.
20 February 2021 | RBC Capital Markets: Alvin Tan, Daniel Rico
Revising Japan's Corporate Governance Code: Notes from a Digital Reporting Workshop for Japanese Investors
As Japan’s FSA is preparing to revise the Corporate Governance Code, what issues have been discussed in other markets in the region? How are stakeholder interests discussed in the UK, Australia, as a management responsibility?
19 February 2021 | Chie Mitsui
An Introduction to Ginnie Mae Project Loans Agency CMBS
Ginnie Mae Project Loans, one of the major agency CMBS products, had a breakout year in 2020 as new issuance doubled since 2019. In this paper FTSE Russell provides an introduction to the project loans, and an overview of their characteristics.
18 February 2021 | FTSE Russell: Loy Weng, Luke Lu
Manage Drawdown and Recovery with Dynamic Allocation
In October 2019, S&P Dow Jones Indices launched the S&P ESG Global Macro Index, an ESG-themed, regionally diversified, volatility-managed, multi-asset index.
19 January 2021 | S&P Dow Jones Indices: Claire Yi
Asia Currencies and Commodities Insights
Upcoming Lunar New Year holidays have left a quiet trading environment for the Chinese yuan. CNH remains Asia’s best-performing currency. But compared with the gains through H2 2020, recent appreciation has been modest.
11 February 2021 | SGX Research
VIDEO: How Deeper Data Impacts ESG Investing
What’s the material impact of the ESG data and scores on index construction and risk/return? Join S&P DJI, UBS Asset Management, and S&P Global as they discuss the increasingly important role of market-leading ESG assessments.
25 January 2021 | S&P Dow Jones Indices: Jaspreet Duhra, Andrew Walsh, Manjit Jus | Video: 44 min.
ESG: New Investment Normal Post-Covid-19
Asian economies generally have transformed their business models as a result of the Covid-19 pandemic. ESG investing is expected to become part and parcel of the post-pandemic investment model.
15 February 2021 | Dr. Adnan Akhter, CFA
Why Bitcoin and Digital Assets are Bullish (And Not a Bubble!)
Digital assets saw incredible gains towards the end of 2020 and in early 2021. Although the price will likely see a natural retracement, we look at the macro, the technicals, and the maturity of the assets, and see incredible synergistic forces.
15 February 2021 | Thomas A Kuhn, CFA
Do Factors Carry Information about the Economic Cycle?
Part 1: The Investment Clock: Linking factor behavior to the economic cycle
Institutional investors are often faced with the question which factor strategies should be implemented in different phases of the economic cycle. In this paper, we examine how factors behave across economic cycles for the US market.
11 January 2021 | FTSE Russell: Marlies van Boven, PhD
Part 2: New Thinking: Rebooting the Investment Clock
The concept of a normalized cycle has come under pressure after the Global Financial Crisis. FTSE Russell focuses on the new thinking, rebooting the "investment clock" to link factor behavior to secular regime shifts in the US market.
11 February 2021 | FTSE Russell: Marlies van Boven, PhD
Are Asian Companies More Carbon Efficient Than Their Global Peers?
To compare the carbon efficiency of Asian companies with their global peers, we evaluated the carbon decile ranks of companies in the S&P Global BMI Series for Australia, Hong Kong SAR, Japan, South Korea, China, India, and Taiwan.
7 January 2021 | S&P Dow Jones Indices: Liyu Zeng
Creditworthiness of Chinese Local Governments in 2021
A positive outlook for an economic recovery of China in 2021, with the GDP growth in many regions expected to surpass 8%, leads to a cautiously optimistic view of the creditworthiness of Chinese local governments in 2021.
8 February 2021 | Pengyuan International: Jameson Zuo
WEBINAR: Sustainable and Responsible Investment
Experts from World Bank Malaysia, Bursa Malaysia, Securities Commission Malaysia, MSCI, EPF, CFA Society Malaysia, and CFA Institute discuss industry trends, opportunities and challenges focusing on sustainable and responsible investment practices with a focus on Malaysia's ambition as a sustainability-first nation.
4 February 2021 | Justin Ong, CFA; Tan Sri Abdul Wahid Omar; Firas Raad, PhD; Mary Leung, CFA; Chitra Hepburn, Mohamed Rozani Osman, Salmah Bee Mohd Mydin, Rohaya Mohammad Yusof | Video: 1 hr 45 min.
China-Pakistan Economic Corridor: A Tightrope or a Boulevard to Prosperity?
The China–Pakistan Economic Corridor (CPEC) is a key component of the Belt and Road Initiative (BRI) through which China aims to connect East Asia with Europe through connected land and sea routes.
4 February 2021 | HKUST Institute for Emerging Market Studies (IEMS): Naubahar Sharif
High Credit Ratings of China’s State-Owned Enterprise Underplays Risk: Energy Giant CHG's Coal Power Business Faces Numerous Challenges
Fixed income investors learned some tough lessons in 2020 about the Chinese government’s newfound willingness to let SOEs default on debt obligations. Some tough questions should be considered in investment decision-making in light of ESG factors.
1 February 2021 | Institute for Energy Economics and Financial Analysis: Christina Ng
Which Countries Have Benefited the Most from China’s BRI?
Analysis of project-level data on China’s outbound FDI and construction projects finds that the Belt and Road Initiative has led to a large increase in China’s outbound FDI in Belt and Road (B&R) countries compared to non-B&R countries.
3 February 2021 | HKUST Institute for Emerging Market Studies (IEMS): Albert Park
The New Financial Paradigm of Risk, Return, and Impact: Presentations from CFA Society Japan Series of Webinars on Impact Investing
Presentations from five CFA Society Japan 2020 webinars on impact investing cover current trends, management techniques, case studies, capital market perspectives, impact evaluation, and the outlook for the future.
3 February 2021 | CFA Society Japan, Fumi Sugeno, Kotaro Sueyoshi, Chunmei Huang, Toshiyuki Imamura, Naoki Chiba, Matt Christensen
Protecting Foreign Direct Investment in the Belt and Road Countries
BRI is increasing FDI flows from China to BRI countries. Many BRI investments face substantial risk, because they feature large up-front capital expenditures that require long time horizons in order to generate returns.
2 February 2021 | HKUST Institute for Emerging Market Studies (IEMS): Dini Sejko
WEBINAR: Sustainable Finance and Tropical Forestry
Sustainable finance is crucial in helping to address issues such as climate change, deforestation, or human rights violations, and to rise to the challenge of the Sustainable Development Goals. Tropical timber and pulp products are everywhere and their production carries ESG risks, but the tropical forestry sector and its supply chains have been under-scrutinized.
27 January 2021 | CFA Institute, ZSL SPOTT, CFA Society Singapore | Video: 1 hr 3 min.
Do Place-Based Policies Work? Lessons from China's Economic Zone Program
Can special economic zones be an effective policy tool to increase foreign direct investment and employment? They allow governments to try out trade-oriented industrial policies before broader implementation.
1 February 2021 | HKUST Institute for Emerging Market Studies (IEMS): Jin Wang
Realizing Hong Kong’s Innovation Potential in the Greater Bay Area
Many stakeholders are concerned that Hong Kong is “losing its competitive edge”. A recent research report finds that non-positive interventionism no longer works and Hong Kong’s research funding model needs improvement.
30 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Naubahar Sharif
Power Generation Industry in Pakistan
Pakistan’s power generation sector comprises facilities in the public and private sectors, whose shares are almost equal. The plants include hydropower, thermal, nuclear, and renewable energy (wind, solar, bagasse/biomass).
1 January 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Qurat-ul-Ain
Uneven Regulatory Playing Field and Bank Transparency Abroad
Restrictive home-country regulations lead to degraded transparency abroad and exert negative externalities on the global banking system. Negative externalities primarily exist in countries with weak supervisory powers.
29 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Tai-yuan Chen
Does the Game Stop with GameStop?
The GameStop squeeze on short-sellers is an extraordinary event in markets, where at face value, retail traders and investors have worked together in an attempt to put some of the largest Wall Street institutions out of business.
29 January 2021 | Thomas Kuhn, CFA
Decrement Indices Explained
Decrement indices, which deduct a predefined (synthetic) dividend from a total return index on a daily basis, have gained popularity as the underlying assets of equity-linked structured products in Europe and Asia.
4 January 2021 | S&P Dow Jones Indices: Izzy Wang
The Role of Banks in Illiquid Credit Markets: The Disruption and Evolution of Credit Portfolio Management
The combination of new entrants, new technologies and (unintended) consequences of regulatory and accounting rules are driving banks to collect more data and to develop sophisticated tools when designing ever more robust credit portfolio strategies.
31 January 2020 | Moody's Analytics: Dr. Amnon Levy, Dr. Pierre Xu
The Covid-19 Crisis is an Opportunity to Reform the Global Economic System
The Covid-19 crisis represents one of the most devastating events of the 21st century, and as the disease shows few signs of abating despite prolonged lockdowns, projections show the worst is yet to come in the form of severe economic hardship.
26 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Donald Low, Michael Tyrala
VIDEO: Core Considerations - Why Liquidity Matters
CME Group’s Tim McCourt and State Street Global Advisors’ Rob Forsyth join S&P DJI’s Craig Lazzara to discuss how the liquidity and interconnectivity of the S&P 500 ecosystem benefits market participants.
14 December 2020 | S&P Dow Jones Indices: Craig Lazzara, Tim McCourt, Rob Forsyth | Video: 10 min.
Resource Allocation Among Competing Innovators
In allocating resources to competing innovators, a trade-off exists between the risk of innovation failure and rent dissipation. Venture capital and public funding authorities need to consider the incentives of entrepreneurs when providing support.
25 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Yangguang (Sunny) Huang
WEBINAR: Global Factor Performance: Is Value's rebound sustainable?
November 2020 was a great month for Value. Are we on the cusp of a sustained Value rotation? What are the catalysts for a sustained Value reversal? FTSE Russel’s Mark Barnes and Marlies van Boven answer these and other questions.
22 January 2021 | FTSE Russell Global Investment Research: Mark Barnes, Marlies van Boven | Video: 20 min.
Why Do Migrant Domestic Workers in Hong Kong Borrow So Much?
Many migrant domestic workers (MDWs) in Hong Kong appear to finance foreseen expenditures through high-interest loans rather than through savings, thereby incurring a sizable cost.
22 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Sujata Visaria
How to Invest in Bitcoin: A look at Bitcoin's investment profile for institutional investment
At various times Bitcoin has been seen as a technology asset, a store of value, a hedging instrument and for pure speculation. We take a brief look at these use-cases for institutional investors.
22 January 2021 | Thomas Kuhn, CFA
How to Create a Digital Asset Portfolio: Ideas for investors in a new asset class
Digital assets are an exciting new asset class without consensus on how they should be treated. We discuss various assets available to investors and consider how portfolios may be constructed in sound ways.
22 January 2021 | Thomas Kuhn, CFA
Brokerage Firms in Pakistan - An Overview
More than 200 licensed brokerage firms operate in Pakistan. Nine of them are listed on the Pakistan Stock Exchange. It is common for brokerage firms to offer other financial services, such as money management, tax advice and financial consultation.
1 January 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Insia Raza
Russell Growth and Value Indexes: The enduring utility of style
The first Russell US Style indexes, the Russell 1000 Growth and Value Indexes, which split the market into growth and value buckets, were developed to provide benchmarks for active managers that specialized in growth or value investing.
22 January 2021 | FTSE Russell Global Investment Research: Mark Barnes
WEBINAR: The Impact of Covid-19 on Pensions
Industry experts discuss the changes to the 2020 Mercer CFA Institute Global Pensions Index and the diverse efforts by governments across the world to support their communities’ health and finances.
19 January 2021 | CFA Institute | Video: 1 hr 7 min.
VIDEO: Indexing Biodiversity: Examining Water as an Asset Class
Water is one of the world’s most essential commodities, but it is at risk from overuse, pollution, and soaring demand. S&P DJI’s Tianyin Cheng joins Redsand Ventures’ Colleen Becker to explore new tools for accessing water assets.
18 January 2021 | S&P Dow Jones Indices: Tianyin Cheng; Colleen Becker | Video: 8 min.
Hong Kong’s Intermediary Role on Funding the BRI: How Does it Fare Against Singapore?
Given the scale and cross-border nature of the Belt and Road Initiative, it is clear that major offshore centers should play a role in funding, but is Hong Kong well placed to have a central role in intermediating overseas capital for BRI projects?
21 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Alicia Garcia-Herrero, Hanrui Li, Gary Ng
Regional Innovation Policy Experiments in China: Should City E-Hailing Measures be Generalized?
A case study of four Chinese cities shows that measures designed to regulate the business e-hailing have not been generalized across all regions/cities in China, but instead reflect conditions and factors that are specific to each of the cities.
20 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Naubahar Sharif
Funders of Last Resort: Legal Issues in Using Central Bank Balance Sheets to Bolster Growth
Central banks can promote growth when they directly buy their country companies' stocks and bonds. However, in some countries, such 'developmental' purchases may make managers lazy. We review the best legal provisions for each jurisdiction.
20 January 2021 | Bryane Michael
Oil Refinery Industry - An Overview
An overview of the global and Pakistan’s oil refinery industry and its performance following the economic slowdown caused by the Covid-19 pandemic and a decline in energy consumption.
2 November 2020 | The Pakistan Credit Rating Agency Limited: SaniyaTauseef, Sarmad Masood
The FinTech Dividend: How Much Money Is FinTech Likely to Mobilize for Sustainable Development?
Does FinTech offer a new way of funding sustainable development? We find that roughly 3%-13% of funding required for the UN’s Sustainable Development Goals – or around $50 billion to $125 billion – could come from a FinTech dividend.
20 January 2021 | Bryane Michael
Covid-19, City Lockdowns, and Air Pollution: Evidence from China
The rapid spread of Covid-19 is a global public health challenge. To prevent the escalation of its transmission, China locked down one-third of its cities and strictly restricted personal mobility and economic activities.
18 January 2021 | HKUST Institute for Emerging Market Studies (IEMS): Guojun He
Survey: Making ESG Mainstream in Asian Portfolios
Although sustainable investment themes and practices are making steady in-roads across the region, the pace would increase with greater asset choice and standardised data, finds the latest AsianInvestor / S&P Dow Jones Indices ESG poll.
7 December 2020 | S&P Dow Jones Indices, AsianInvestor
SFC Consultation Paper on Climate-related Risks: A Response by CFA Institute and CFA Society Hong Kong
CFA Institute and CFA Society Hong Kong respond to the Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers, issued by the Securities and Futures Commission in Hong Kong SAR.
15 January 2021 | CFA Institute: Mary Leung, CFA; CFA Society Hong Kong: Richard Mak, CFA
WEBINAR: Navigating 2021 - Market Outlook Forum
With COVID-19 being one of the biggest determinants of financial markets over the past year and as we move into 2021, CFA Society Malaysia proudly welcomes you to our panel forum on the market outlook for global and local markets for 2021.
15 January 2021 | CFA Society Malaysia: Faridq Ridzuan, CFA, Woon Khai Jhek, CFA, Yeoh Keat Seng, CFA, Teng Yue Xiang, CFA | Video: 1 hr 39 min.
A Commitment to Professional Development at Moody's: Case Study
This case study aims to understand the origins and development of an internal CFA community within Moody’s and how the company has become an exemplary employer that supports CFA Institute and CFA® Program.
15 January 2021 | CFA Institute
How to Build a Simple ML-Powered Stock Movement Classifier
We harness computing power and machine learning to build a classifier tool to predict whether a stock will go up or down on any given day. It helps investment managers boost their predicting power in their investment management practices.
5 January 2021 | Analytics Vidhya: Zain Farrukh
2021 Real Estate Trends to Watch
COVID-19 has significantly accelerated a number of secular shifts that were already starting to have fundamental impacts on the role real estate plays in the economy as well as investment portfolios. We’ve identified the five key real estate trends.
12 January 2021 | MSCI Inc: Will Robson
Saudi Arabia Government Bonds: An Investible Asset Class with Modest Valuations
The Kingdom of Saudi Arabia embarked upon a significant economic reform program in 2016 (Vision 2030), seeking to diversify away from oil dependence and high economic cyclicality, and to increase the size of the non-oil and private sectors.
11 January 2021 | FTSE Russell: Robin Marshall
Factors in Focus: Val-come Back! Shifting Factors as the Cycle Turns
We reflect on the historical relationships between factor returns and macro cycles, which have provided useful information for investors looking to take an active stance on factor exposures based on their outlook.
11 January 2021 | MSCI Inc: Hitendra D Varsani, Waman Virgaonkar
Appraising Home Bias Exposure: Mexico
Despite the increased integration of the world’s economies and financial markets, studies show that pension funds worldwide continue to skew their portfolios to domestic securities. This paper looks at investment effects of home bias in Mexico.
11 January 2021 | FTSE Russell: Sandrine Soubeyran, Marcos Morales
How Exposed Are U.S. Investors to China?
U.S. investors have invested more in China than the official statistics indicate, but remain less important as a financing source for Chinese companies than policymakers and the media may imagine.
8 January 2021 | Seafarer Capital Partners, LLC: Nicholas Borst
Why the US Dollar is Losing Trust
We look at the US dollar as a store of value, a settlement currency, its holdings in strategic portfolios, and the US policy decision-making. We find that it has been losing trust within the global financial system it dominates.
8 January 2021 | Thomas Kuhn, CFA
VIDEO: How and Why Are Market Participants Accessing REITs in the Current Climate?
Can REITs help unlock potential income opportunities in today’s markets? S&P DJI’s Priscilla Luk and Samsung Asset Management’s Alex Yang take a closer look at practical applications for REITs in the current environment.
7 January 2021 | S&P Dow Jones Indices | Video: 10 min.
ASIFMA IBOR Transition Readiness Survey Results and Action Plan
In August of 2020, ASIFMA conducted a regional survey among its members to identify key issues that require attention before end-2021. In general, four main themes emerged from the survey results with regard to transition away from LIBOR.
7 January 2021 | ASIFMA
EU Low Carbon Benchmark Regulation: FAQ
The EU Low Carbon Benchmark Regulation, effective as of 23 December 2020, requires administrators of benchmarks to comply with new requirements to disclose ESG factors in their methodology documents and benchmark statements.
22 December 2020 | S&P Dow Jones Indices
Australia Persistence Scorecard: Mid-Year 2020
Does past performance matter? We track how likely it is for a fund that outperforms its peers and benchmark to keep up the pace over the course of three- and five-year periods.
14 December 2020 | S&P Dow Jones Indices: Priscilla Luk
2021 ESG Trends to Watch
Climate, ESG bubbles, disclosure, social inequality, biodiversity — the topics don’t get much bigger or more systemic. Here’s our analysis of the five ESG trends that will matter most to companies and their investors in 2021.
7 December 2020 | MSCI Inc: Linda-Eling Lee, Meggin Thwing Eastman, Arne Philipp Klug
China Tech Investing: An Indexed Approach
Cutting overcapacity and finding new areas of growth have been the top priorities for the Chinese authorities. During the past few years, technological innovation was identified as a key enabler to transform China’s economy into a dynamic economy.
2 December 2020 | MSCI Inc: Wei Xu, Kumar Neeraj, Devika Ghatech
Nusantara’s Sovereign Tapestry
Japan and the US are making significant commitments to Indonesia’s SWF, foreshadowing the country’s central position in ASEAN’s economy and geopolitics.
16 December 2020 | CAPER
Geographic Links and Predictable Returns
Using detailed information on establishments owned by U.S. public firms, we construct a novel measure of geographic linkage between firms. We show a significant lead-lag return effect among geography-linked firms.
19 December 2020 | Zuben Jin, Frank Weikai Li
Information Acquisition and Expected Returns
Using a novel dataset containing investors' access of company filings through the SEC's EDGAR system, we show that the abnormal number of IPs searching for firms' financial statements strongly predicts future stock returns and firm fundamentals.
8 August 2018 | Frank Weikai Li, Chengzhu Sun
Is Carbon Risk Priced in the Cross Section of Corporate Bond Returns?
We study the pricing of a firm's carbon risk in the cross-section of corporate bond returns. Contrary to the "carbon risk premium" hypothesis, we find bonds of firms with higher carbon emissions earn significantly lower returns.
12 October 2020 | Tinghua Duan, Frank Weikai Li, Quan Wen
Security Analysts and Capital Market Anomalies
We examine the value and efficiency of analyst recommendations through the lens of capital market anomalies. We find that analysts do not fully use the information in anomaly signals when making recommendations.
1 July 2018 | Li Guo, Frank Weikai Li, K.C. John Wei
Short Selling ETFs
We provide novel evidence that arbitrageurs use exchange-traded funds (ETFs) as an avenue to circumvent short-sale constraints at the stock level.
1 May 2018 | Frank Weikai Li, Qifei Zhu
The Information Content of Sudden Insider Silence
We find routine-based insiders strategically choose to be silent when they possess private information not yet reflected in stock prices. A long-short strategy that exploits insiders' strategic silence generates abnormal returns of 6% to 10% annually.
14 February 2018 | Claire Yurong Hong, Frank Weikai Li
Effective Scoring to Capture Quality and Value in China
We evaluate two methods used to normalize and combine the financial ratios—z-scores and SNDZ-scores—on how they resulted in different portfolio characteristics for quality and value in the China A market from 2006 through 2019.
19 November 2020 | S&P Dow Jones Indices: Priscilla Luk, Liyu Zeng
Physical versus Synthetic Gold: Know Your Gold Exposure
Two of the more popular gold investment instruments professional investors use are gold futures, including financial instruments based on gold futures, and exchange-traded products (ETPs) based on physical gold.
5 November 2020 | S&P Dow Jones Indices: Fiona Boal
Blended Finance: Catalysing Bankable Nature Solutions
Bankable Nature Solutions aim to reduce negative pressure on ecosystems, drive sustainability, and generate positive returns. Through blended finance, they create an environment for private investors to adopt a financially self-sustaining approach.
11 December 2020 | Thiaga Nadeson, Adam Ng, Katherine Lim, Siti Rizkiah, Norizan Mohd Mazlan, Sharon Lo, and Belinda Lip
Exploring S&P PACT Indices Weight Attribution
We aim to provide transparency around the S&P PACT Indices, a sophisticated index solution to align with a 1.5°C trajectory and mitigate a range of potential financial risks, while assessing opportunities companies may face from climate change.
4 December 2020 | S&P Dow Jones Indices: Ben Leale-Green, Barbara Velado
Korean Listed Companies 2019 ESG Incident Report
This report is based on Who’s Good ESG Incident Analysis, powered by artificial intelligence algorithms and news data from 90+ local and national news media providers in Korea. It provides an overview of the corporate ESG incidents in 2019 for Korean listed companies.
11 December 2020 | Who's Good: Duk Chan Yoon, Maxim Nam, Vasundhara Dehiya, Soo Young Kim, Ju Yeon Lee, Emily Kim
SREITs and Property Trusts Chartbook: December 2020
Singapore has 43 REITs & Property Trusts with a combined market cap S$104B, representing c.12% of Singapore’s overall listed stocks. SGX Research presents its quarterly overview of the sector's performance.
7 December 2020 | SGX Research: Candace Li, Emelia Tan
Does ESG Affect Fundamentals?
ESG investing market has shown significant growth over the past decade, and it continues to grow rapidly. It has been proved that systematic analysis of ESG incidents in addition to using traditional ESG scores improves portfolio's returns.
11 December 2020 | Who's Good: Maxim Nam
VIDEO: Evolution in Investment Management - What Is Happening, and Why?
S&P DJI’s Craig Lazzara examines the effectiveness of indexing in building a stable core and takes a closer look at why passive investing is here to stay in markets around the globe. (Video: 20 min.)
26 November 2020 | S&P Dow Jones Indices: Craig Lazzara | Video: 24 min.
WEBINAR: Practices and Opportunities in Islamic Capital Markets
Capital market practitioners and Islamic finance experts discuss the fundamental principles of Shariah law governing capital markets, opportunities for companies to issue sukuk for funding projects, and more. Part 3 of the Islamic finance webinar series.
15 December 2020 | CFA Institute, CFA Society Indonesia, CFA Society Malaysia, CFA Society Pakistan | Video: 1 hr 32 min.
Pakistan's Rice Industry: A Global Perspective
Most rice is grown and consumed in Asia. China is the largest consumer, while India is the largest exporter, accounting for nearly 30% of rice trade. Rice is the second main staple food crop for Pakistan.
1 November 2020 | The Pakistan Credit Rating Agency Limited: SaniyaTauseef, Qurat-ul-Ain
WEBINAR: The Rise of Decentralized Finance: Disruption or Opportunity?
Decentralized finance (DeFi) – financial products and services based on the blockchain technology – has seen a surge of interest and new developments in 2020. New applications in areas such as lending, insurance, derivatives, and exchanges, expand our understanding of what services DeFi can support. Experts from BCG Platinion and Crypto.com discuss trends, challenges, and opportunities in decentralized finance.
8 December 2020 | CFA Institute, BCG Platinion, Crypto.com | Video: 1 hr 14 min.
WEBINAR: The Battle for Business Ethics
To celebrate the Global Ethics Day 2020, ACCA and CFA Institute collaborated for the first time to launch an Ethics Essay Competition for our members and student population. The competition endeavored to promote ethics and integrity in finance and investment management.
3 December 2020 | CFA Institute, ACCA | Video: 1 hr
Indexing Risk Parity Strategies
The S&P Risk Parity Index Series provides a transparent, rules-based benchmark for equal-risk-weighted parity strategies. It uses futures to represent multiple asset classes and the risk/return characteristics of funds in the risk parity space.
14 October 2020 | S&P Dow Jones Indices: Berlinda Liu, Tianyin Cheng, Phil Brzenk
Oil Marketing Companies: An Overview
Oil has the highest share of ~33% in the global energy mix. The industry holds a strategic importance in the Pakistani economy as well as a vital position in the country's oil and gas sector, contributing ~9% to the GDP.
1 November 2020 | The Pakistan Credit Rating Agency Limited: SaniyaTauseef, Aimen Noor
Climate Finance Markets and the Real Economy: Sizing the Global Need and Defining the Market Structure to Mobilize Capital
The report calls for coordinated and concerted action by the public, social, and private sectors to significantly scale the Climate Finance Market Structure (CFMS) over the next three decades.
7 December 2020 | GFMA, BCG
VIDEO: Understanding the Market Impact of the U.S. Election
Sam Stovall shares his post-election outlook for global equities, walking us through what history has to say about which sectors and markets could benefit most from an evolving political landscape. (Video: 24 min.)
30 November 2020 | S&P Dow Jones Indices: Sam Stovall | Video: 24 min.
Institutional Factors and the Value Relevance of Accounting Information: Evidence from Chinese AH Shares
Research shows that the IFRS convergence could promote higher quality of accounting information in China, as the value relevance increases when Chinese firms switched from complying with the China GAAP to the IFRS-based accounting standards.
16 November 2020 | Feng Zou, Ervina Alfan
Where Do You See Yourself in 5 Years? China Stocks Up ahead of 5-Year Plan
Recent rebounds in economic data points point to an increased appetite from China for industrial metals compared to what was witnessed during the doldrums of the COVID-19 global lockdown earlier this year and in the past two years.
17 November 2020 | S&P Dow Jones Indices: Jim Wiederhold
Maintaining Confidence in Financial Markets
This paper explores the ethical issues surrounding disclosures of material non-public information, stock-based compensation, and insider trading, particularly as they relate to the case of Eastman Kodak disclosures and compensation.
3 December 2020 | Adrian (Ching-Hsiang) Chan
TCFD Disclosure on the IFRS Financial Statements: Notes from an online workshop for Japanese Investors
The TCFD final report requires companies to discuss the impact of climate change in their financial statements. Japanese investors discuss whether such disclosures are feasible and useful, considering the impact of Covid-19.
2 December 2020 | Chie Mitsui
Operational Challenges in Hong Kong and Singapore Capital Markets
The report sets out the operational challenges identified in Hong Kong and Singapore during the COVID-19 pandemic and proposed solutions to address or alleviate these operational challenges in the short-term and/or the long-term.
30 November 2020 | ASIFMA; Latham & Watkins; PwC Hong Kong
Is the S&P 500 Doing Its Job?
Have all the changes made over the years by the Index Committee helped the index accurately represent the U.S. large-cap market?
6 October 2020 | S&P Dow Jones Indices: Raymond McConville
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu