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 5,000 posts, select "Research" in the main menu.
Assessing Natural Capital Risks and Opportunities in the Food Sector
This ESG in Depth examines the topic of natural capital and how it, along with the ecosystem services its provides, poses a material systematic risk and at the same time presents opportunities in several key sectors.
10 August 2022 | MFS Investment Management
Blue Suits and Greenflation: Exploring ESG Integration
Our fixed income ESG analyst explains what "greenflation" is and discusses why ESG integration into an active fixed income investment process matters so much.
10 August 2022 | MFS Investment Management
What do C-suite executives need to know about indices?
Read this detailed educational document for a deeper understanding of index basics like what an index is, the benefits of index inclusion, the relationship between liquidity and index inclusion, and about the FTSE UK Index Series.
10 August 2022 | David Sol, FTSE Russell
Market Maps: Fixed Income Insights China Edition - August 2022
Chinese government bond returns were modest in July, compared to their global peers, following concerns over the global economic downturn. YTD Chinese $ high yield credit losses deepened compared to those of US HY, which rallied.
08 Aug 2022 | FTSE Russell
WEBINAR: Asia-Pacific FinTech Month - Virtual Assets
Watch our recorded webinar to hear from cryptoassets experts discussing valuating crypto assets, emerging opportunities and trends of virtual assets in APAC from different stakeholders' perspectives and advise to investment professionals.
04 August 2022 | CFA Institute | Video: 1hr 31mins.
ZSL releases new research on the timber and pulp industry
This year’s ZSL SPOTT assessments saw 100 timber & pulp producers, processors and traders assessed against 179 environmental, social and governance (ESG) indicators. See the results to find out the key sustainability issues across the sector.
03 Aug 2022 | Fergus Campbell, Zoological Society of London - ZSL SPOTT.
Market Maps: Performance Insights (USD Edition) - August 2022
Equities and high-yield bonds rebounded in July, lifted by hopes that deteriorating economic data and falling commodity prices could give central banks (but mostly the Fed) leeway to dial back their tightening campaigns.
02 August 2022 | FTSE Russell
Singapore Banks Begin Reporting 1H22 Results Tomorrow
This year the trio of DBS, UOB and OCBC have contributed more than 25% of the average daily turnover of the Singapore stock market, while averaging a 3% YTD total return following the 25% average total return in 2021.
28 July 2022 | GEOFF HOWIE, SGX RESEARCH
STI Clocks Up 6-week High on S$97 million of Net Fund Inflows
The STI posted a 2.7% gain last week, in-line with the FTSE APAC Index, returning the Singapore benchmark to levels last traded 6 weeks ago on 10 June. Global stocks were led by consumer cyclicals, industrial and technology sectors over the week.
25 July 2022 | GEOFF HOWIE, SGX RESEARCH
What's Yours is Mine and What's Mine is Mine
This article seeks to curb the prevalence of non-compliant related party transactions (RPTs) on the Lusaka Securities Exchange (LuSE) by increasing awareness of such RPTs, examining the harm that they inflict, and proposing actions to mitigate this harm.
27 July 2022 | Sumeet Jain, Godfrey Mwanza, CFA
Tracking Australia's Growing Agribusiness Sector
With 70% of its agricultural production exported today, Australia could play an integral role in meeting increased demand from the global supply chain.
07 July 2022 | S&P Dow Jones Indices
WEBINAR: The Rise of Indian Private Equity and Venture Capital
In this recorded webinar, Shreekant Daga of CAIA briefly made a presentation on the Indian private equity and venture capital industry. He then joined our panel of experts and discussed the investment landscape and opportunities, the regulatory and policy environment, and the risk factors fund managers should consider before investing.
21 July 2022 | CFA Institute; CAIA Association | Video: 61 min.
Navigating Social and Sustainability Bonds
This research paper aims to help investors and other market participants to better understand the development, trends, challenges and opportunities of the social and sustainability bond market.
20 July 2022 | Alan Meng, Lee Clements, Lily Chung, FTSE Russell
Mortgage Research Report: CLO Monthly Overview - July 2022
The report comprises an overview of current US CLO market, covering CLO issuance, performance, rating updates and CLO manager performance. Authors also discuss about the current market risks and challenges, and highlight emerging themes and trends.
14 July 2022 | Miles Li, Luke Lu, Loy Weng, Andrei Iusan, Yield Book
Bangladesh Budget FY2022-23: Targeting both Protection & Prosperity
In the FY23 budget, the Government of Bangladesh is expected to maintain socio-economic stability amid external pressures and continuing economic recovery in an inflationary environment as primary priorities, in a pre-election landscape.
06 June 2022 | BRAC EPL RESEARCH
Dhaka Stock Exchange (DSE) Performance in H1'22
During the H1’22, majority of the emerging and frontier market witnessed sluggish trend riding on macro-economic variables. DSE closed in 5.6% negative from 31 Dec 2021. The market turnover experienced 35.3% de-growth YoY in H1'22.
03 July 2022 | BRAC EPL RESEARCH
Should I Stay or Should I Go?
This paper examines considerations for asset allocation strategies across growth and value in today’s market environment.
14 July 2022 | Ross Cartwright, MFS Investment Management
WEBINAR: The Case for Venture Capital During Market Volatility
More disciplined financing rounds, emerging managers adding value, and startups learning the fundamentals earlier on are all bright spots in uncertain times. Listen to the recorded webinar where speakers discussed whether investors should be running towards or away from early venture capital.
14 July 2022 | CFA Institute | Video: 61 min.
Chartbook: Singapore REITs & Property Trusts
Singapore has 43 REITs & Property Trusts with a combined market cap of S$111B, representing 12% of Singapore’s overall listed stocks. This document provides an overview on the performance of respective SREITs and Trusts, index and ETFs.
16 June 2022 | EMELIA TAN, SGX RESEARCH
Dealing with income bias in sovereign ESG scores: Sovereign ESG revisited
Using a simple statistical framework and our proprietary Sovereign Risk Monitor (SRM) methodology, we estimate a log-linear relationship between the income level of economies and their respective E, S and G performance assessment.
12 July 2022 | Julien Moussavi, Lazar Karapandza, FTSE Russell
eFinancialCareers 2022 APAC Compensation Report
The new eFinancialCareers 2022 APAC compensation report looks at the comparative compensation for people working in the sell-side and the buy-side in Hong Kong and Singapore, plus average hours worked and how pay evolves with experience.
11 July 2022 | eFinancialCareers
Impact of Black Swan Events on ESG Relevance
We analyse the active return of the HSI ESG Enhanced Index (the “Index”) by attributing returns into different groups according to ESG performance and conduct back-testing to examine if the Index outperformed the HSI during various black swan events.
08 July 2022 | Hang Seng Indexes Company Limited
Developed Market Sovereign Bonds: ESG Factors Under the Spotlight
This whitepaper examines MFS's approach to developed market sovereign debt analysis and the importance of explicitly integrating ESG factors into the research process.
08 July 2022 | MFS Investment Management
What Is Internal Carbon Pricing And How Can It Help Achieve Net-Zero Goal?
CDP published a report on ICP in collaboration with CPLC. The report looks at the importance of carbon pricing in allowing businesses to transition to more sustainable operations, with a key focus on emerging economies.
1 May 2022 | CDP, The Carbon Pricing Leadership Coalition
An Index Approach to Factor Investing in India
Interest in factor investment solutions have significantly risen in the past decade. In general, factor investing refers to an approach that targets stock characteristics that drive the difference in expected returns over the long term.
4 July 2022 | Jason Ye, CFA, S&P Dow Jones Indices
Market Maps by FTSE Russell: Performance Insights - July 2022
Equities and corporate bonds fell further in June, deepening first-half losses, as investors repriced for higher-for-longer inflation, a synchronized central-bank tightening cycle and elevated risks of recession.
4 July 2022 | FTSE Russell
Focuses of FY23 Bangladesh Monetary Policy Statement by EBLSL
EPL Securities believes the central bank of Bangladesh will pursue a cautious policy stance to contain inflation, to reduce pressure on exchange rate depreciation and to protect foreign exchange reserves. Download the report to read more.
30 June 2022 | EBLSL Research
Fixed Income Innovation: Applying ESG and Carry Factors to an Emerging Markets Portfolio
The need for a new generation of ESG fixed income indices is changing the fixed income landscape. Index providers adapt their existing passive, market-weight indices to meet this rapidly changing dynamic.
23 June 2022 | Michael Hampden-Turner, FTSE Russell
A-Share Companies’ Sustainability Disclosures: 2021 Overview
In 2021, 1,412 China A-share companies have disclosed sustainability-related reports, up by 22% from the previous year. The reporting rate has reached 30% for the first time.
17 June 2022 | MioTech Research
ETFs in Insurance General Accounts – 2022
In 2021, U.S. insurance companies added USD 1.5 billion in exchange-traded funds (ETFs) to their general account portfolios. By year-end 2021, U.S. insurers increased their ETF AUM by 15% from 2020.
25 May 2022 | S&P Dow Jones Indices
Factor Dynamics Through the Cycle
In this paper we analyze factor dynamics through the US economic cycle and show that fluctuations in economic activity and economic cycle phases can be relevant to factor performance.
16 June 2022 | MFS Investment Management
Will FinTech Law Help Countries Achieve Sustainable Development Goals?
Most central bankers and finance ministers in Asia look to financial technologies (FinTech) as a way to increase their UN Sustainable Development Goal (SDG) scores. We review legal developments and perform econometrics to provide guidance.
10 December 2021 | Bryane Michael
WEBINAR: Enhancing Investors Trust - 2022 CFA Institute Investor Trust Study
The 2022 CFA Institute Investor Trust Study gauges the state of investor trust among retail and institutional investors across 15 geographic markets, and explores the factors influencing trust, such as technology, product innovation, personalization, and sustainability.
14 June 2022 | CFA Institute | Video: 58 min.
WEBINAR: ESG Talent Development Trends and Strategies
CFA Institute is proud to offer the Certificate in ESG Investing to help firms and individuals stay competitive, and to equip them with skills to better integrate ESG factors into their investment analysis and client conversations. This information session highlights the latest trends and opportunities in the ESG investment space, presents details of the curriculum of the Certificate in ESG Investing, and offers a discussion with industry leaders on how they are filling the ESG talent gap in their companies.
7 June 2022 | CFA Institute | Video: 1 hr 32 min.
China’s State-owned Enterprises and Competitive Neutrality
The advantageous position of state-owned enterprises in China results in a poor competitive business environment, with the automotive sector being furthest away from competitive neutrality.
12 June 2021 | Alicia García-Herrero, Gary Ng, HKUST Institute for Emerging Market Studies (IEMS)
Building a Bridge over Muddy Waters: Findings from a Survey of Hong Kong SME's on GBA Initiatives
The Greater Bay Area (GBA) initiative started with an ambitious goal: integrating the Pearl River Delta into a single economic region with the mass of Greater Tokyo, the wealth of New York City, and the innovativeness of the San Francisco Bay Area.
12 June 2021 | Joon Nak Choi, HKUST Institute for Emerging Market Studies (IEMS)
Linking the Greater Bay Area with Southeast Asia: Hong Kong Service Companies as the Bridge
Can Hong Kong better connect two rising economic regions: the Mainland cities of the Greater Bay Area and Southeast Asia? Results of a survey of executives from small and medium-sized enterprises in Hong Kong.
12 September 2021 | Joon Nak Choi, HKUST Institute for Emerging Market Studies (IEMS)
How Resilient are Urban Megaprojects in the Age of Covid-19?
Smart cities are emerging as major engines for deploying intelligent systems to enhance urban development and contribute to the UN 2030 Sustainable Development Goals.
12 September 2021 | Yujia He, Angela Tritto, HKUST Institute for Emerging Market Studies (IEMS)
One Currency, Two Markets: China’s Attempt to Internationalize the Renminbi
The global financial crisis in 2007-2009 caused a shortage of the US dollar all over the world. This sounded an alarm, reminding China that the dollar-based international monetary system (IMS) could be quite unreliable.
12 September 2021 | Edwin L.-C. Lai, HKUST Institute for Emerging Market Studies (IEMS)
The Transition Pathway to Net Zero for the Japanese Market
Japanese companies face climate transition risks, in addition to the physical risks of climate change. What are Japan’s net-zero ambitions and how can indices help integrate climate considerations into passive investment strategies.
9 June 2022 | Atsuhito Mori, FTSE Russell
Factor Demand and Factor Returns
Stocks experience predictable price pressure resulting from mutual funds’ factor rebalancing behavior. When a fund’s factor demand is persistent, it needs to rebalance the portfolio’s factor exposure, leading to predictable stock trading.
8 June 2022 | Cameron Peng, Chen Wang
VIDEO: Bringing Transparency to Green Bonds
As the global green bond market continues to grow, how are indices helping investors assess greenium and the potential opportunity set?
23 May 2022 | S&P Dow Jones Indices | Length: 10 min.
WEBINAR: Real Estate Investment Trust Fund
CFA Society Philippines presents an investor webinar series: Investment Products in the 21st Century. The webinar presents basic mechanics of a product, market conventions, investment process, and the benefits and risks of investing in the product.
2 June 2022 | Raul Ruiz, CFA, CFA Society Philippines | Length: 1 hr 27 min.
The (Re)Balancing Act of the S&P 500 ESG Index
The 2022 annual rebalancing of the S&P 500 ESG Index resulted in the exclusion of Tesla, world’s largest electric car maker. The process aims to balance broad-based market exposure with meaningful and measurable sustainability-focused enhancements.
17 May 2022 | S&P Dow Jones Indices
#WhyESGMatters: The Handbook - 2nd Edition
Sourced from HSBC's global network of over 300 analysts, this handbook aims to help you broaden your knowledge of key areas of the increasingly important and fast moving world of ESG.
4 May 2022 | Wai-Shin Chan, HSBC Global Research
Asia Credit: Inflation Winners and Losers
Asian USD bond issuers are not only grappling with the impact of inflation in their domestic markets, but also with the second-order effects of rising US inflation. Which sectors or companies in the Asian USD bond universe will benefit?
31 May 2022 | CreditSights: Sandra Chow, CFA; Pramod Shenoi; Zerlina Zeng, CFA; Lakshmanan R, CFA, FRM
Impact Investment and Fiduciary Duty: The legal environment for GPIF to engage in impact investment
GPIF does not engage in impact investment because it is mandated to invest "exclusively for the (financial) benefit of the insured." This paper examines the legality of GPIF “investing for sustainability impact” as its fiduciary duty.
27 April 2022 | Ryujiro Miki, CFA, Research Institute for Policies on Pension and Aging
Driving Toward a Green Future
Climate change is disrupting the global economy and affecting everyone. The transition from fossil fuel vehicles to electric vehicles (EVs) is often considered a critical step in decarbonizing the global transportation system.
16 May 2022 | S&P Dow Jones Indices
Rising to the Challenge: How Companies in Asia Pacific are Preparing for the Net-Zero Economy
CDP, in partnership with South Pole, analyses the climate disclosures of almost 4000 Asia Pacific companies. Despite increased commitment toward emissions reduction, there is a significant ambition gap in meeting the Paris Agreement goals.
31 March 2022 | CDP, South Pole
Mind the Gaps: Clarifying Corporate Carbon
The paper surveys the current state of corporate carbon disclosure, explores the challenges facing investors in using estimation strategies and introduces a new FTSE Russell carbon emission dataset for c. 10,000 companies.
17 May 2022 | FTSE Russell: John Simmons, Jaakko Kooroshy, Edmund Bourne, Mallika Jain, Lee Clements
WEBINAR: Common Pitfalls in Trading
What are the frequent mistakes made by traders? Recognize common pitfalls and discover how they can be minimized or avoided.
16 May 2022 | Cristina Gabaldon, CFA; CFA Society Philippines | Video: 2 hr 2 min.
The Big Mac on Asset Allocation: TINA Turnover
Although the case for equities relative to fixed income has been particularly strong lately, the macro backdrop has changed dramatically. As a result, TINA, or “there is no alternative,” may be falling out of fashion.
18 May 2022 | MFS Investment Management
WEBINAR SERIES: Non-Fungible Tokens (NFTs)
NFTs have become mainstream in developed countries, and they have also spurred interest and demand locally in Malaysia. In this series of three webinars, speakers share their views and insights on NFTs from the perspective of Malaysian law, look at the current NFT trends and trading strategies, and explore what makes NFTs tick behind the scenes and how to build a solid mental model for understanding them.
10 March 2022 | CFA Society Malaysia.
An Interpretation of the Yield Curves during the Covid-19 Pandemic: Introduction to Term Structure of Interest Rates
Since the outbreak of Covid-19 pandemic, the term structure of interest rates has been unstable, with positive and inverted yield curves occurring in United States. This article helps readers to develop a fundamental understanding of the scenario.
16 May 2022 | Dr. Yoke Yue Kan, CFA
WEBINAR: On the Job - A Research/Investment Analyst's Day
Discover what a research analyst's typical workday looks like, as finance professionals established in their roles share their usual activities and provide insights on how they perform their responsibilities.
11 May 2022 | Charles William Ang, CFA; CFA Society Philippines | Video: 51 min.
Compensation Survey 2021
The eFinancialCareers compensation guide offers detailed insights into pay for key front, middle and back office jobs in banks and the buy-side globally, plus salary and bonus information for jobs in M&A, sales and trading, quant, risk, research,
1 December 2021 | eFinancialCareers
WEBINAR: On the Job - A Trader's Day
Discover what a trader's typical workday looks like, as finance professionals established in their roles share their usual activities and provide insights on how they perform their responsibilities.
11 May 2022 | Rod Christopher Barit, CFA; CFA Society Philippines | Video: 56 min.
Careers in Banking and Financial Markets, 2021/2022: The definitive guide to working in banking and finance
Written by experienced industry insiders, the guide provides the unvarnished truth on the variety of roles in the finance industry, what the jobs actually involve, the skills you’ll need, how long you’ll work, and how much you’ll get paid.
1 December 2021 | eFinancialCareers
About the Author(s)
Senior Director: Scott Lee
Project Specialist: Natalie Yiu