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ARX receives up to 100 new submissions each month: academic papers, industry research, white papers, market analysis and others. Here is a curated selection of new and noteworthy posts from our institutional and individual contributors.

To browse or search ARX's repository of more than 5,000 posts, select "Research" in the main menu.

What Might the Next Cycle Look Like?

MFS Chief Economist Erik Weisman suspects the next business cycle will feature a bit more growth, a little more inflation and Main Street beating out Wall Street.

19 January 2023 | Erik S. Weisman, Ph.D.; MFS Investment Management

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Key Themes Influencing the Macroeconomic and Capital Markets Environment in 2023

As we enter 2023, there are several key themes that will likely influence the macroeconomic and capital markets environment.

19 January 2023 | Jonathan W. Hubbard, CFA; Benoit Anne; Jamie Coleman; MFS Investment Management

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Sectoral Decarbonization Pathway (SDP) Whitepaper on Automotive

The SDP is a series of proprietary decarbonization pathway research that Robeco has developed to inform investors of the risks and challenges faced by companies and sectors across the global economy as they decarbonize their operations and products.

17 January 2023 | Gabriella Abderhalden, CFA; Giacomo Melegati; Robeco

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ESG and Climate Trends to Watch for 2023

Discover what trends may shape the environment for investors and companies in the year ahead.

16 January 2023 | MSCI

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From A Fishing Village to the IFC Mall - Introduction of “Rise from Crises”

This volume comprises essays from 30 investment practitioners and tells the tales of how Hong Kong has risen from crises in the past 30 years. 

12 January 2023 | Alvin Ho, CFA; CFA Society Hong Kong

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Market Maps: Performance Insights (USD Edition) January 2023

Global stock and bond markets endured one of the worst years in decades in 2022 as central banks launched increasingly aggressive measures to bring rampant (partly war-fueled) inflation under control.

09 January 2023 | FTSE Russell

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Dhaka Stock Exchange (DSE) Performance in 2022

Bangladesh Market, in line with other markets, remained sluggish during the year riding on macro-economic pressures like high inflation and pressure on currency. DSEX lost 8.1% in 2022, followed by a year of 25.1% return.

08 January 2023 | BRAC EPL RESEARCH

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An Index Approach to World Cup Success

The World Cup sees many who attempt to identify trends or patterns that may contribute to a nation’s success. This blog follows competing countries included in the S&P Global BMI and S&P Frontier BMI.

08 December 2022 | Sean Freer; S&P Dow Jones Indices

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Hang Seng Indexes Company 2022 ESG Annual Review

The Hong Kong Quality Assurance Agency sustainability performance assessment released in 2022 reveals that the Hong Kong universe has continued to deliver a better ESG performance compared with the A-shares universe.

23 December 2022 | Hang Seng Indexes Company Limited

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Stewardship at MFS in Practice: ExxonMobil Case Study

This MFS Case Study illustrates our collaborative, security-specific approach to proxy voting.

22 December 2022 | MFS Investment Management

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Looking Ahead to 2023: End and Beginning of an Earnings Cycle

Rob Almeida reflects on 2022 and breaks down key market and investment considerations, including the rate of inflation, recession risks and earnings expectations for the year ahead.

22 December 2022 | Robert M. Almeida, Jr.; MFS Investment Management

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How do indices really work?

In this episode of FTSE Russell Convenes, David Sol, Head of Policy at FTSE Russell, discusses how the methodologies underpinning indices are assessed and evolve, and what indices investors are most interested in today.

17 October 2022 | David Sol; FTSE Russell Convenes

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Chinese QE? / 中国量宽?

The PBoC continues to ease. Interest rate/RRR cuts should be expected, property will be supported, leverage will rise. While not QE, it is not petty. There is plenty of liquidity in the system, a cyclical recovery is underway.


19 December 2022 | Hao Hong, CFA; GROW Investment Group

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China Offshore Bond Market 2023 Outlook: Safety Comes First Amid Challenging Environment

The tightened policies on the use of proceeds from LIDC bond issuance, ongoing defaults and credit events of Chinese property developers and higher offshore financing costs due to the sharp Fed rate hike led to the decline in the new issuance amount.

13 December 2022 | Toni Ho; Ben Yau; Dr. Stan Ho; Lianhe Global

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WEBINAR: ESG Competencies for Your Career - Key Updates to the Certificate in ESG Investing

In our latest webinar “ESG Competencies for Your Career”, speakers shared their perspectives on ESG talent development. Key updates to our Certificate in ESG Investing, which aims to meet the growing demand for ESG talent from financial institutions, were also provided.

9 December 2022 | CFA Institute  | Video: 63 mins.

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Fun and Games - Investment Gamification and Implications on Capital Markets

Gamification and other behavioral techniques have many positive uses, such as education, but these methods could also be exploited to promote excessive trading. This paper analyzes the main issues and recommends reforms to prevent abuses.

16 November 2022 | CFA Institute

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A Look into the iBoxx Asian Bond Fund (ABF) Pan-Asia

In this paper, we will highlight some of the key developments and provide insights into notable changes in the index methodology since its launch in 2005.

01 November 2022 | Kangwei Yang; Wilson Mak; Jessica Tan; S&P Dow Jones Indices

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Insider Trading and Corporate Board Reforms International Evidence

Using board reforms in 41 countries and regions, we find that corporate governance deters insider trading and its profits in our difference-in-difference models. Board reforms mitigate information asymmetry, which helps curb insider trading.

08 December 2022 | Dien-Giau Bui; Harvey Nguyen; Mia Hang Pham

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Portfolio Allocation and Business Connections: Evidence from Mutual Fund Misconduct

I find that mutual fund families significantly increase investment portfolio weights on their pension clients after mutual fund advisory misconduct is revealed to public.

07 December 2022 | Jaejin Lee

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Near Is Dear: Remoteness, Soft Information, and Stock Returns

We document a causal link between geographic remoteness and lack of soft news in the market. The remoteness of a firm's headquarter and its information implications impact the stock return behaviors.

07 December 2022 | Chao Gao

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ESG Materiality and Responsible Investments: Evidence from Real Estate Investment Trusts

This study indicates that material/immaterial ESG negatively/positively predict expected returns. Investors in REITs are found to be more rational than environmental driven, and they price assets regardless of ESG materiality.

07 December 2022 | Kwok Yuen Fan; Jianfu Shen; Eddie Chi-man Hui; Louis T.W. Cheng

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Earnings Extrapolation and Predictable Stock Market Returns

The U.S. stock market’s return during the first month of a quarter correlates strongly with returns in future months, but the correlation is negative if the future month is the first month of a quarter, and positive if it is not.

07 December 2022 | Hongye Guo

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Market Maps: Performance Insights (USD Edition) December 2022

Stock and bond markets powered in November as central banks signaled greater willingness for slowing the pace of future tightening moves amid weakening economic data. Financials and industrials outpaced energy and defensives.

05 December 2022 | FTSE Russell

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Farewell, COVID-0 / 再见了,“清零”

The direction is clear - China gradually reopens. Cases will surge, confusion will grow, and market will be volatile. Stay positive. The longer-term trend of the Dollar begins to turn down, boding well for risk assets.


05 December 2022 | Hao Hong, CFA; GROW Investment Group

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China’s Civil Aviation Recovery not Affirmed, but Government Support Remain / 中国民航业恢复态势不确定,政府仍大力支持国有航空公司

While we believe air traffic in China should return to recovery mode soon as restrictions on domestic and international travel gradually ease, any changes in the outbreak could pose a risk to traffic flows, as has happened over the past two years.

展望未来,国际航协仍然预测全球航空客运量整体有望在 2024 年恢复到疫情前水平,而中国则需要等到 2025 年。尽管我们认为随着中国逐渐放松国内和国外出行限制,中国航空客运量很快将恢复常态,但正如过去两年那样,疫情形势发生的任何变化都将对旅客运输量带来风险。

2 December 2022 | Vincent Ha, CFA; Pengyuan

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Risk-Neutral Pricing of SLBs and Step-down Structures

This paper analyses Sustainability-Linked Bonds (SLBs) through a risk-neutral present value scenario approach.

29 October 2022 | Ulf Erlandsson; Stephanie Mielnik; Josephine Richardson; Cedric Rimaud; Anthropocene Fixed Income Institute

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Ecosystem Growth: Japanese ESG Indices and Passive Investing Blossom

This analysis looks at the attribution analysis of the FTSE Blossom Japan Index Series compared to the broad-market index, and the growth of index-linked SGX FTSE Blossom Japan Index Futures.

30 November 2022 | Atsuhito Mori; Ken Hirose; FTSE Russell (Written in collaboration with SGX)

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Meeting Investors’ Needs in Emerging Markets Fixed Income

In this paper we profile our capabilities in emerging markets (EM) fixed income and demonstrate how our core EM bond index family is built using principles of accessibility, modularity and flexibility, forming a robust basis for ESG or smart overlays

28 November 2022 | Lydia Hamill; FTSE Russell

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Assessing the Impact of 20 Years of SPIVA

“SPIVA” stands for “S&P Indices Versus Active,” and it is the name for a regular series of research reports that compare the performances of actively managed funds to appropriate benchmarks.

26 October 2022 | Tim Edwards, PhD; Craig Lazzara, CFA; S&P Dow Jones Indices

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Which Chinese Local Governments Face Greater Fiscal Stress in 2022? / 2022年哪些地方政府财政压力更大?

Which Chinese Local Governments Face Greater Fiscal Stress in 2022?

截⾄ 2022 年 9 ⽉末,全国地⽅政府债务余额 347124 亿元,债务余额同⽐增 20.6%,相较上年末余额增 13.9%。预计本年度地⽅政府债务率整体进⼀步攀升,但积极财政政策驱动下的各省直接债务增速不⼀。

28 November 2022 | Jameson Zuo; Pengyuan

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ESG in Action: Linde

This case study highlights the importance of adopting a system-wide perspective on corporate emissions data accounting and reporting while pursuing workable solutions in the journey to net zero.

25 November 2022 | MFS Investment Management

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Endowment Funds in Pakistan

Endowment Funds in Pakistan have not fared well. A comparison with leading US endowments offers key lessons.

25 November 2022 | Laraib Mohib, CFA

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WEBINAR: Guidelines for ESG Integration in Equity Analysis and Presentation in Analyst Research Reports

Co-hosted by the Securities and Exchange Commission Thailand and CFA Society Thailand, the webinar covered various approaches to ESG integration and their respective case studies.

24 November 2022 | CFA Institute; CFA Society Thailand; Securities and Exchange Commission Thailand | Video: 2hrs 1min.

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The Pension Time Bomb

Han Yik, Former Head of Institutional Investors at the World Economic Forum, discusses what he calls the Pension Time Bomb. What options are there to combat this, and why are governments hesitating to take action?

23 November 2022 | Han Yik; FTSE Russell

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Survey Report: The Direct Indexing Opportunity 2022

Direct indexing is set to accelerate within the industry. Our findings provide insight into opportunities, obstacles and priorities for wealth management firms.

22 November 2022 | FTSE Russell

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Natural Language Processing in Banking: Current Uses

This article will introduce a branch of Artificial Intelligence called Natural Language Processing (NLP) and dive into two popular NLP models, Word2vec and Bag of Words. Subsequently, the article will examine NLP applications in banking use cases like document search, investment analysis, and customer service. Finally, we will end with some key takeaways for banking executives.

22 November 2022 | Kevin Pereira; Rajendra Shroff

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China Outlook 2023: A Cyclical Recovery / 展望2023:或跃在渊

China finetuning “COVID-Zero”; flames of “Dual Circulation” turning blue. Economic cycle near turning point, but arduous property recovery likely. Shanghai ~3-3,500, Hang Seng ~16-23,000, with bouts of volatility.


21 November 2022 | Hao Hong, CFA; GROW Investment Group

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Artificial Intelligence in Investment Management — Elevating Client Relationship and Return

AI stands to provide benefits to investment management. But how to identify their values and deploy them more effectively? Find out from ARX Business Model Investment Series now!

21 November 2022 | Kevin Pereira; Rajendra Shroff

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The COP27 Net Zero Atlas

Our Cop27 Net Zero Atlas builds on our inaugural report to systematically assess climate targets and mitigation strategies of G20 countries'. It also includes analysis of physical climate risk exposure for each G20 country for the first time.

14 November 2022 | Nicolas Lancesseur; Florian Gallo; Edmund Bourne; Claire Hugo; Jaakko Kooroshy; FTSE Russell

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Understanding ESG Investing in Asia-Pacific Emerging Markets

In collaboration with CFA Societies in APAC, ARX organized a closed-door roundtable among industry practitioners to examine ESG investing in emerging markets. Key topics included latest trends, regulations, and technological innovations.

November 2022 | CFA Institute

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WEBINAR: Modern Slavery Webinar Series - Tackling Modern Slavery through Investment Management

Presenting to you the Modern Slavery Webinar Series co-organized by CFA Societies Australia and Monash University! This second webinar focuses on how investors can identify and address exposure to modern slavery risks in portfolios.

10 November 2022 | CFA Societies Australia; Monash University; RIAA | Video: 59 mins.

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Measuring Board Gender Diversity across S&P ESG Indices

According to numerous studies, having a gender-diverse board is a key indicator of good corporate governance.  Using the S&P Global SFDR dataset we examine this metric in the context of the S&P ESG Indices.

19 October 2022 | Kieran Trevor; S&P Dow Jones Indices

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Equity Factor Behaviour During the Q3 Market Turmoil

Hear actionable insights on global and regional equity factor performances, sector exposures, rotation drivers and macro sensitivities in the third quarter.

08 November 2022 | FTSE Russell

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Finding the Narrative in Markets

In this episode, Richard Peterson, Chief Executive Officer of MarketPsych, discusses how narratives impact financial markets, how our minds influence investment decisions and which types of biases influence professional investors.

07 November 2022 | FTSE Russell

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A Trillion-Dollar Tweet / 万亿一推

Last week’s epic rally started around the nadir seen in first COVID outbreak in 2020. But we’re so much better now. Both US and Chinese growth assets victim to a growth slump. Hong Kong short covering.


06 November 2022 | Hao Hong, CFA; GROW Investment Group

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The Halloween Effect: Trick or Treat?

Autumn Fall-Crash Pattern - Elevated market volatility and black swan event risk proved scary to most investors as we marked the ominous Halloween festivity.

03 November 2022 | Ron William, CFTe, MSTA; Intensichi

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Analyzing High Dividend Yield Strategies in Korea

In this paper, we will take a deep dive into the Korean dividend market and analyze how the Korean high dividend yield strategy has performed historically.

17 October 2022 | Jason Ye; Izzy Wang; S&P Dow Jones Indices

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Why Having a Long-term View is Key

In this episode of FTSE Russell Convenes, Wayne Wicker, Chief Investment Officer at MissionSquare Retirement, discusses how to navigate through the current market environment and the key drivers to look out for in the next six to twelve months.

01 November 2022 | FTSE Russell

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Fixed Income Indices: From Benchmark to Investment Solution

In this paper, we explore the key trends driving the growth of fixed income passive funds and ETFs.

01 November 2022 | FTSE Russell

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Mai! Mai! Mai!

Hot money outflow is at its 2nd worst in history. But these are speculative weak hands. What is left is the strong hands with holding power. Foreign brokers in HK cutting stock positions, while the mainland counterparts holding still.

热钱外流历史次高。但那都是些投机性的市场弱手。大浪淘沙始见金,淘尽之后方见持重有力的市场强手。在港的外资券商正在减仓,而内资券商则咬定青山,按兵不动。港股 ETF 吸引着几乎规模空前的资金流入。尽管恒指还可能进一步下探,但值此非常时期,过度悲观的情绪早已于事无补,并开始与我们的逆向思维相左。

30 October 2022 | Hao Hong, CFA; GROW Investment Group

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《投資在「通脹、加息、經濟放緩」時》 投資者教育講座


13 October 2022 | CFA Institute; CFA Society Hong Kong; IFEC | Video: 1hr 17mins.

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The Merge – A Milestone Event in the DeFi Universe

Ethereum went through “the merge” in September this year. What was it about? To learn more, download ARX Business Model Investment Series now!

31 October 2022 | Kenneth Kwong, CFA

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A Critical Review of the Business Model Related Literature Universe

The study attempts to undertake a thorough analysis of the literature universe within the realm of business model related research.

31 October 2022 | Dr. Alan Lok, CFA

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Tripod for Scaling-up Climate Finance: NDC, NFV, and ESG

Korea submitted the reinforced NDC last year. The realized path so far has been above the target path. The Korean NFV was established this year. The presentation looks at the potential of streaming private ESG investment to public climate finance.

26 October 2022 | Ick Jin, PhD, CFA, CIPM

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REIT Watch - S-Reit ETFs continue to see inflows, doubling AUM in 2 years

The combined AUM of the 5 Reit ETFs listed on the SGX has doubled in 2 years, exceeding S$900m (Sep 2022), and representing over half the S$1.7b combined AUM of Reit ETFs in Asia-Pacific ex-Japan globally.

26 September 2022 | Emelia Tan; SGX

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Independent Directors in Pakistan - Regulations & Practice

This publication is prepared with respect to independent directors currently serving on boards of various companies in Pakistan. It mainly focuses on their role, responsibility, diversity, selection, remuneration, representation, and board terms.

25 October 2022 | Mohammad Shoaib, CFA; Shahzad Saleem, CFA; CFA Society Pakistan; The Pakistan Credit Rating Agency

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A Kaleidoscopic Perspective of the Belt and Road Initiative

Since 2013, China’s ‘‘Belt and Road Initiative’’ (BRI) has grown in number and become increasingly global in scope. Despite these trends, international business (IB) research on the BRI remains limited.

04 July 2022 | Jiatao Li; HKUST Institute for Emerging Market Studies (IEMS)

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About the Author(s)

ARX Editorial Team

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