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 3000 posts, select "Research" in the upper left-hand corner of the page.
Dissecting Performance Characteristics of Growth Factors in Australia
In this blog, we examine the performance cyclicality, factor exposure, risk/return decomposition, and factor correlation for the long-term growth factor portfolios.
19 October 2020 | S&P Dow Jones Indices: Arpit Gupta
The Right ETF Starts with the Right Index
There are many different passive strategies to choose from, but having so much choice for each situation can be confusing. Advisers need to understand how indexes work in order to help their clients achieve their goals.
17 November 2020 | FTSE Russell
Charting a Course for the Continued Rise of Passive in India
While India has taken to passive investing in a big way, there are still a few hurdles preventing serious growth. We explore how passive’s rise in other markets could help inform a path forward in India.
26 October 2020 | S&P Dow Jones Indices: Tyler Carter
CMBS and the Fed: Is There a Crisis Brewing in the Office?
To prevent a re-run of the 2008/09 collapse in the US financial system, the US Fed again stepped into the agency-Mortgage Backed Securities market, after the COVID-19 shock emerged in Q1, buying almost $600 billion of agency-MBS in Q2 2020 alone.
12 November 2020 | FTSE Russell: Robin Marshall, Luke Lu
WEBINAR: Employee, Shareholder, and Banking Email Fraud
Kevin Bowers, partner at Bowers, a Hong Kong law firm, speaks about fraud in shareholder disputes, employee fraud, how to recover money lost in email bank fraud, and how to insure yourself against IT fraud.
28 August 2020 | CFA Society Hong Kong, Kevin Bowers | Video: 1 hr 13 min.
Indian Investments in Global Equities: From Zero to Hero
Indian investors have for a long time strongly favoured domestic assets. But there is a compelling case for global diversification, which can help balance country risks and access returns.
22 October 2020 | S&P Dow Jones Indices: Koel Ghosh
WEBINAR: Invest in Your Career to Reach the Top: Equity Research
Equity research analysts work at a variety of companies, such as asset managers, investment banks, insurance, hedge funds, pension funds, and brokerages, which need to crunch data to spot trends or to decide on a valuation.
11 November 2020 | CFA Society Philippines: Charles William Ang, CFA | Video: 1 hr 2 min.
Continued Dominance of Growth Style Investing
Growth style investing has outperformed value for over a decade but its relative returns against value so far in 2020 have been unprecedented.
12 October 2020 | S&P Dow Jones Indices: Hamish Preston
The Asia Pacific IOI Charter
The Asia Pacific IOI Charter is a supplement to the 2017 AFME/IA Framework for Indications of Interest, providing additional guidance for market participants who issue and react to Indications of Interest (IOIs) on a bilateral basis in Asia Pacific.
10 November 2020 | ASIFMA: Lyndon Chao
A Brain-Focused Approach to the Equity Premium Puzzle
A new unified explanation for the equity premium puzzle, the countercyclical equity premia, the value effect, and the size effect emerges from an analysis of the human brain as the ultimate scarce, efficient, and rational resource.
10 November 2020 | Hammad Siddiqi
The Great Covid Conundrum: An update on the market and the economy
A general overview of the financial markets during the Covid-19 pandemic and the measures taken by the central banks of the USA and India, and by the Indian government, to help mitigate the effect of the crisis.
9 November 2020 | Siddhartha Chabria
SPIVA Japan Scorecard: Mid-Year 2020
The semi-annual 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.
6 November 2020 | S&P Dow Jones Indices: Priscilla Luk, Arpit Gupta
Investing in Water for a Sustainable Future
The world is facing water shortages. Companies that address the crisis represent long-term opportunities. The S&P Global Water Index provides a liquid, diversified exposure to companies involved in water-related business activities.
8 October 2020 | S&P Dow Jones Indices: Tianyin Cheng, Claire Yi
Global Emerging Markets Chartbook: October 2020
Key rating trends and drivers for emerging market sovereigns, financial institutions and non-financial corporates.
29 October 2020 | Moody's Investors Service
SPIVA India Scorecard: Mid-Year 2020
The semi-annual 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.
22 October 2020 | S&P Dow Jones Indices
S-REITs Continued to Pursue Acquisitions in October 2020
In October, five S-REITs - ARA Logos Logistics Trust, Mapletree Logistics Trust, Elite Commercial REIT, Suntec REIT and Lendlease Global Commercial REIT - announced proposed property acquisitions.
28 October 2020 | SGX Research: Geoff Howie
Integration of ESG in Valuation – A Summary
With ample empirical evidence on how ESG factors affect corporates’ operating and financial performance, ESG has become a factor in investment decision making, presenting material risks and opportunities.
14 October 2020 | CFA Society India: Labanya Prakash Jena
VIDEO: Assessing Gold's Ascent
What’s driving demand for gold this year? S&P DJI’s Jim Wiederhold and CME Group’s Blu Putnam explore what’s pushing gold prices up and how investors are putting the precious metal to work in portfolios.
6 October 2020 | S&P Dow Jones Indices | Video: 8 min.
WEBINAR: Digitising for A More Agile Capital Market
Chin Wei Min, Executive Director of Digital Strategy and Innovation at Securities Commission Malaysia, and Justin Ong, CFA, President of CFA Society Malaysia, discuss the digital and innovation agenda for the Malaysian capital market, and the road ahead to foster greater innovation in the industry through the use of technology.
5 November 2020 | CFA Society Malaysia: Chin Wei Min, Justin Ong, CFA | Video: 1 hr 4 min.
The Firm as a Data-Generating Mechanism
Big data is a strategically important resource. It is more likely to be a source of competitive advantage if it is generated in-house. Firms will be larger and more diversified because data analysis benefits from economies of scale.
5 November 2020 | Mark A DeWeaver
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 | CFA Institute: Mary Leung, CFA, Eugene Hsiao, CFA
ESG-Screening and Factor-Risk-Adjusted Performance: The Concentration Level of ESG-Screening Does Matter
The benefit of ESG-screening outweighs the cost of increasing diversifiable risk until about 50% of low score funds are excluded from the eligible universe. Investors need to treat the concentration level of ESG-screening as a search parameter.
29 October 2020 | Ick Jin
Evaluating Passive Value Strategies
Value investing is a well-known strategy that seeks to exploit perceived differences between a security’s price and an assessment of its true underlying worth. An investor should consider carefully which is the most appropriate value index to use.
25 September 2020 | S&P Dow Jones Indices: Jason Giordano, Jason Ye
Fixed Income ETFs Show Maturity in March Market Mayhem
There is little evidence that the liquidity infrastructure around ETFs, driven by authorized participants, failed during the March/April 2020 period, and trading spreads were much narrower in fixed income ETFs than in the underlying bonds.
28 October 2020 | FTSE Russell: Robin Marshall
ESG Taxonomy for Securitized Products
Investors increasingly recognize the value of incorporating sustainable investment principles in financial analysis, but integration of these within fixed income has typically lagged behind equity due to complexity and data reliability.
28 October 2020 | FTSE Russell: Katie Prideaux, Vlad-lonut Ene
How to Build a Climate-Adjusted Government Bond Index
As climate risks accelerate, they are increasingly gaining attention from government bond investors, However, there remains a lack of climate-based investment products in fixed income, particularly in sovereigns.
28 October 2020 | FTSE Russell: Douglas Bourne Analyst, Lee Clements, Guillaume Emin, Thomas Lorans
Examining Small-Cap Growth Strategies in Australia
Many market participants invest in small-cap equities seeking high-growth potential and portfolio diversification. How have growth factors performed in Australian small-cap equities?
21 September 2020 | S&P Dow Jones Indices: Arpit Gupta
The Growth of Multi-Asset Investing
Multi-asset investing has grown dramatically in popularity during the last decade. Together with passive investing, it is currently one of the fastest-growing segments of the global asset management business.
28 October 2020 | FTSE Russell
WEBINAR: The Future of Blockchain - Blockchain Pushes Information Economics to the Next Stage, Trust Economics
Prof. Eric Maskin of Harvard University and Chen Long, Luohan Academy Executive Director, discuss the operation and mechanism design of blockchain technology, information asymmetry, signaling and other economic issues.
25 October 2020 | Luohan Academy: Ming Qiu, Ruobing Han | Video: 1 hr 3 min.
Eye in the Sky: Private Satellites and Government Macro Data
Relying on government announcements for macro information creates a potential conflict of interest and macro uncertainty. Many private entities have started using alternative data strategies to predict macro numbers.
22 October 2020 | Abhiroop Mukherjee, George Panayotov, Janghoon Shon
The Third Phase of China’s Belt and Road Initiative
The Covid-19 pandemic represents a third phase of China’s Belt and Road Initiative, even as its underlying aims remain the same. Infrastructure projects will face challenges and BRI will focus on the Health Silk Road and the Digital Silk Road.
27 August 2020 | HKUST Institute for Emerging Market Studies (IEMS): James Crabtree
Did Australian Active Funds Outperform Benchmarks amid COVID-19?
With the COVID-19 pandemic, equity markets around the world experienced massive declines with heightened volatility, and the Australian equity market was not immune. This article explains how Australian funds performed against their benchmarks.
6 October 2020 | S&P Dow Jones Indices: Priscilla Luk
WEBINAR: Innovation in Islamic Banking
To compete with the conventional players, Islamic financial institutions must provide a unique and an attractive proposition to consumers and investors. They also have to navigate around the additional compliance responsibilities with Shariah requirements.
21 October 2020 | CFA Society Bangladesh, CFA Society Indonesia, CFA Society Malaysia, CFA Society Pakistan, CFA Institute | Video: 1 hr 38 min.
Sector Effects During Elections
The importance of sectors tends to be greater than average during the Novembers when U.S. federal (and especially presidential) elections are held, thus given sector allocation decisions the potential to add or subtract greater value in these months.
3 September 2020 | S&P Dow Jones Indices: Craig Lazzara, Anu R. Ganti
WEBINAR: Understanding Cryptocurrency and the Future of Money
Aaron Tang, Country Manager of Luno Malaysia and Faridq Ridzuan, CFA, discuss the evolution of money and its value, cryptocurrency as an alternative asset class, and trading with cryptocurrency.
11 October 2020 | CFA Society Malaysia | Video: 1 hr 5 min.
WEBINAR: Handling Publicity and the Media Like a Pro
A media training workshop presented by CFA Society Malaysia, helps learn how to master a variety of situations naturally when it comes to speaking in public or on the air.
21 September 2020 | CFA Society Malaysia | Video: 1 hr 20 min.
The Sudden Rise of Decentralized Finance: Opportunities and Risks for Financial Services
Although decentralized finance has the potential to disrupt traditional finance, leaders in incumbent financial services also have the opportunity to participate in it and shape its impact on their businesses.
9 September 2020 | BCG Platinion: Igor Mikhaelev, Kaj Burchardi, Paul-Emmanuel Tasiaux. Crypto.com: Kendrick Lau, Erik Lie
線上研討會: 探討科技股分析重點
沒有人可以否認整個科技行業對於股票市場的重要性。無論是S&P500還是NASDAQ指數都已衝破其歷史高位，這是非常不可思議的，特別是在實體經濟仍然被疫情籠罩的前提下。
這股科技熱潮是否代表全球經濟踏入新常態（New normal）的開端? 還是已經出現泡沫？2021年會不會是2000年的翻版？我們又應當如何分析不同科技公司的生意模式？還有最重要的問題：如何評估其合理價值以及如何衡量風險？對於以上的問題，我們將會在這個科技行業論壇中和大家一一探討。
“Evaluation of New Economy Technology Companies” - a World Investor Week webinar presented by CFA Institute, The Hong Kong Investor and Financial Education Council, ACCA Hong Kong and CFA Society Hong Kong. (In Cantonese)
2020年10月8日 | CFA協會，投委會, ACCA | 片長: 1小時40分鐘
The S&P 500 ESG Index: Defining the Sustainable Core
The S&P 500 ESG Index, launched in April 2019, incorporates ESG values while offering benchmark-like performance. It includes over 300 of the original S&P 500 companies and reflects many of the attributes of the S&P 500.
22 September 2020 | S&P Dow Jones Indices: Mona Naqvi, Reid Steadman, Daniel Perrone
From Korea with Capital
The offshore private equity investment programme of South Korean financial institutions is a blueprint of their ambition to be substantial players on the global private equity platform.
1 October 2020 | Asia Private Equity Review
China A-Share Inclusion: An Update One Year Later
Marking the one-year anniversary of the initial inclusion of China A-shares in S&P DJI’s global benchmarks, this blog provides an update on key developments relating to A-share inclusion and examines the impact that A-shares have had.
24 September 2020 | S&P Dow Jones Indices: Michael Orzano
Currency Hedging U.S. Equities: A Practical Tool for Global Investing
This paper examines the mechanics and the potential benefits of currency hedging, using the U.S. equity market as an example, from the perspective of international investors. What factors to consider when overlaying a currency hedge on a portfolio?
30 September 2020 | S&P Dow Jones Indices: Tianyin Cheng, Claire Yi
Climate Change Concerns and Mortgage Lending
We examine whether beliefs about climate change affect loan officers’ mortgage lending decisions. We find that loan officers approve fewer mortgage applications and originate lower amount of loans in abnormally warm weather.
6 October 2020 | Tinghua Duan, Frank Weikai Li
Bangladesh: Swiftly Recovering Economy
Bangladesh is expected to grow faster than its peers as it recovers from the effects of Covid-19, thanks to an improved trade balance, strong foreign exchange reserves, high growth of remittances, and continuing growth of the private sector.
5 October 2020 | BRAC EPL Research: Ayaz Mahmud, CFA, Md Mahirul Quddus
Climate Risks and Market Efficiency
Climate science finds that the trend towards higher global temperatures exacerbates the risks of droughts. We investigate whether the prices of food stocks efficiently discount these risks, using data from 31 countries with listed food companies.
1 January 2019 | Harrison Hong, Frank Weikai Li, Jiangmin Xu
Pakistan's Microfinance Sector
Microfinance institutions offer financial services to low income and underprivileged people in order to reduce poverty in the society. This research sheds light onto microfinance providers in Pakistan and the impact of COVID-19 on the sector.
15 September 2020 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Aimen Noor
SPIVA Australia Scorecard: Mid-Year 2020
The semi-annual SPIVA Australia Scorecard reports on the performance of Australian active funds against their benchmark indices over different time periods. It covers 910 Australian and 463 international equity funds, and 116 Australian bond funds.
27 September 2020 | S&P Dow Jones Indices: Priscilla Luk, Tim Wang, Arpit Gupta
Climate Change Governance: What can shareholders and bondholders do?
Four out of the top five risks facing the world today are related to climate change. They are recognized as material to the financial system. Uncontrolled climate change can severely affect financial performance of corporates in the coming decades.
1 October 2020 | Labanya Jena, CFA
A Case for Dividend Growth Strategies
An allocation to companies that have sustainable and growing dividends may provide exposure to high-quality stocks and greater income over time, therefore buffering against market volatility and addressing the risk of rising rates.
20 August 2020 | S&P Dow Jones Indices: Tianyin Cheng, Izzy Wang
Real Estate and Defined Contribution Plans
This paper profiles the advantages of investing in the real estate asset class, provides a more detailed breakdown of this sector, and lists the practical implications of accessing real estate through a defined contribution plan.
25 September 2020 | FTSE Russell
Have Foreign-listed Chinese Stocks Been a Bad Deal for Investors?
Contrary to the assertions of many critics, foreign-listed Chinese firms – particularly those listed in the U.S. – have provided attractive returns for investors over the past decade.
18 September 2020 | Seafarer Capital Partners, LLC: Nicholas Borst
Sector Primer Series: Utilities
Utilities had a lower price-to-book-value ratio and a lower 12-month trailing price-to-earnings ratio than market benchmarks. They had a higher price-to-sales ratios and indicated dividend yield. Utilities typically have a value tilt.
3 August 2020 | S&P Dow Jones Indices: Sherifa Issifu, Hamish Preston
Inverting Factor Strategies: No More "Monkey Business"
Factor exposures drive the performance of diversified portfolios. This paper analyses the paradox of portfolio strategy weight inversion and explains why beating the market is not so easy that “a monkey could do it”.
23 September 2020 | FTSE Russell: Sergiy Lesyk, Peter Gunthorp, Andy Dougan
WEBINAR: Improving Transparency and Comparability of Investment Products with ESG-related Features
CFA Institute has issued a Consultation Paper on the CFA Institute ESG Disclosure Standards for Investment Products - a new, voluntary, global industry standard to establish disclosure requirements for investment products with ESG-related features.
21 September 2020 | CFA Institute: Chris Fidler, Deborah Kidd, Mary Leung, CFA | Video: 1 hr 28 min.
An Introduction to Sustainable Investment
What is sustainable investing? Who uses is? Why is interest in it on the rise? What impact does a sustainability focus have on performance? How can investors implement a sustainable investment portfolio?
22 September 2020 | FTSE Russell
Factor Investing in Singapore
Despite strong sector biases that give Singapore’s stock market unique features, no structural factor exposures over time can be seen. Investors can pursue factor investing to generate outperformance.
27 August 2020 | Factor Singapore: Nicolas Rabener
Sizing the Green Economy: Green Revenues and the EU Taxonomy
We explain the need for green taxonomies and summarize the approaches taken by the EU Taxonomy and FTSE Russell’s GRCS. We also explain how a Green Revenues data model can provide a stepping stone to comply with the EU Taxonomy regulation.
22 September 2020 | FTSE Russell: Jaakko Kooroshy, Lily Dai, Lee Clements
Life Insurance and Family Takaful in Pakistan
Although Pakistan’s life insurance market is dominated by a public sector entity, the private sector also has two major players with an impressive market share. Overall, the insurance industry has taken a hit due to the coronavirus outbreak.
22 June 2020 | The Pakistan Credit Rating Agency Limited: Jhangeer Hanif, Faraan Taimoor, Harris Ghaffar
Singapore’s Fast Growing Fintech Sector
As the established ASEAN capital of fintech, Singapore is estimated to be the base for over 40% of all fintech companies in Southeast Asia, with more than 750 entities.
17 July 2020 | SGX: Geoff Howie
Modaraba and Non-Banking Financial Companies in Pakistan
An overview of the trends and the breakup of assets in non-banking financial institutions and modaraba in Pakistan, as well as the investment finance and leasing companies.
1 April 2020 | The Pakistan Credit Rating Agency Limited: Jhangeer Hanif, Usama Liaquat, Bazah Tul Qamar
WEBINAR: Opportunities and Challenges of ETFs in Asia Pacific: Should we worry about systemic risks?
Despite growth, ETFs in Asia Pacific still account for only 10% of the global ETF assets. What are the challenges facing ETFs in the region? Meanwhile, the immense popularity of ETFs in the United States has raised concerns of systemic risks, such as exacerbating market disruptions. How pertinent are such risks in Asia Pacific?
15 September 2020 | Simon Brailey, Deborah A. Fuhr, Anil Ghelani, CFA, Piotr Zembrowski, CFA | Video: 1 hr 3 min.
What Drives the Growth of the Market: The Role of Earnings and Other Macro Factors
Earnings growth and valuation multiples are key drivers of the market return. Good governance and a conducive macro environment fuel earnings growth and sustainable market returns. Professional fund management is required to stabilize the market.
17 September 2020 | Md. Moniruzzaman, CFA
The Housing Crisis That Never Was – Not Yet Anyway
In contrast to 2008/09, when the US housing market and non-performing subprime mortgage-backed securities formed the epicenter of the global financial crisis, the housing market has so far proved more robust in 2020.
16 September 2020 | FTSE Russell: Jake Katz, Robin Marshall
A Brief Overview of US GAAP Reporting
The Securities Exchange Commission requires that US companies comply with US GAAP to be listed on the New York Stock Exchange. This paper provides a brief overview on the application of US GAAP and the Accounting Standards Code.
15 September 2020 | Rudy Soobaroyen
The Impact of the Coronavirus on Capital Markets in Pakistan
Credit conditions are under stress and this will impact credit quality of many entities and sectors. In this context, PACRA aims to provide analysis on how the ongoing outbreak of COVID-19 may impact the capital markets in Pakistan.
3 April 2020 | The Pakistan Credit Rating Agency Limited: Madiha Sohail
Fleeting Alpha Scorecard: The Challenge of Consistent Outperformance
A semiannual report combines the SPIVA® U.S. Scorecard and the Persistence Scorecard to show if funds that beat their benchmarks over three years continue to outperform during each of the next three one-year periods.
11 August 2020 | S&P Dow Jones Indices: Berlinda Liu, Gaurav Sinha
Navigating Personal Finance during the Coronavirus Pandemic
The government of Malaysia implemented a six-month moratorium on loan repayments and cash transfers, to protect its citizens from the impact of Covid-19 on the country’s economy. What are its implications for personal finance?
11 September 2020 | Mohd Sedek Jantan, Tiong Lih Joe, Abdul Aqil Abdul Rashid, Nurul Anis Abdul Halim, Lim Yit Xiang
Accelerating Green Finance in India: Definitions and Beyond
Green finance can play an important role in making India’s economy resilient to the impact of climate change. This can be achieved by collaborative actions that accelerate green capital flows, beginning with an agreed definition of green finance.
1 July 2020 | Climate Policy Initiative: Labanya Prakash Jena, Dhruba Purkayastha
Global Market Outlook: 2020 and Beyond
This webinar examines the status of key global market drivers including the macroeconomic, liquidity, valuation, EPS and factor cycles to assess what is already discounted and what constitutes potential positive drivers and potential threats to risk appetite over the next few months.
4 September 2020 | FTSE Russell: Philip Lawlor | Video: 29 min.
Commercial Banking Sector in Pakistan
An analysis of the deposits and profitability of large, medium and small commercial banks in Pakistan, including a snapshot of the performance of Islamic banks and an overview of the effects of Covid-19 on the risk environment.
1 June 2020 | The Pakistan Credit Rating Agency Limited: Muhammad Noor ul Haq, Jhangeer Hanif
Pakistan's Microfinance Sector
Microfinance institutions offer financial services to low income and underprivileged people in order to reduce poverty in the society. This research sheds light onto microfinance providers in Pakistan and how they operate.
2 September 2019 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Jhangeer Hanif
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
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
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
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
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.
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
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
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.
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
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
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
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
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
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
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.
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
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
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
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.
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu