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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 5,000 posts, select "Research" in the main menu.


Consumers’ Reaction to Corporate ESG Performance: Evidence from Store Visit

We investigate end-consumers’ attitudes toward firms’ ESG behavior, and the ability of consumers to affect firms’ ESG policies, using micro-level data. We find that consumers care about firms’ approach toward ESG, and consumers’ behavior can impact firms' ESG policies, using micro-level data.

11 Feb 2024 | Tinghua Duan; Frank Weikai Li; Roni Michaely

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Irreplaceable Venture Capitalists

We identify the sources of value creation by individual venture capitalists (VCs). A VC’s network and reputation are key irreplaceable assets, which are critical for a firm's access to financing and long-run success.

09 Feb 2024 | Michael Ewens; Denis Sosyura

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Career Concerns, Short-Termism, and Real Options

We study real options in the labor market for investment managers and show their importance for the delegated investment management market.

09 Feb 2024 | Jules van Binsbergen; Jungsuk Han; Hongxun Ruan; Ran Xing

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S&P Kensho New Economies Commentary: Q4 2023

The fourth quarter saw a broad recovery of the equities market from the previous quarter’s weakness to reach near all-time highs.

29 Jan 2024 | S&P Dow Jones Indices

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Navigating Idiosyncratic Risk: A Conversation with Patrick Kent, CMT, CFA

Gain insights into market confirmation, innovative approaches to idiosyncratic risk and denial of fundamental theses from the lead Portfolio Manager of US Opportunistic Equity strategies.

26 Jan 2023 | Patrick Kent, CMT, CFA; David Lundgren, CMT, CFA; Tyler Wood, CMT, CFA; CMT Association

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Recorded Webinar: Understanding Carbon Market Opportunities - Pricing Methodologies and Trading Strategies

Watch this recorded webinar to learn about the evolution of carbon prices over time, trends in carbon pricing across various regions, companies' internal carbon prices, and the differences between the voluntary and mandatory carbon markets and more.

25 January 2024 | CFA Institute; Monash University | Video:61 mins

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The Big Mac on Fixed Income Allocation - FIFOMO

In this edition of the Big Mac, we discuss how the Fixed Income Fear Of Missing Out (FIFOMO) is going to be the new fear that fixed income investors will soon be facing.

25 Jan 2024 | Benoit Anne; MFS Investment Management

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Exploring the Halo Effect in ESG Investing in Indian Equities

Exploring the impact of ESG scores on Indian equity market returns (2013-2023) across 700+ companies, our study finds no systematic outperformance for high-ESG portfolios, challenging the narrative of ESG as a key financial driver.

06 Nov 2023 | Rajan Raju; SSRN

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Decrypting Cryptocurrencies and Market Dynamics with Jamie Coutts

Explore the global crypto landscape with Jamie Coutts, CMT, CFTe, Bloomberg Intelligence's Crypto Market Analyst. Gain insights and stay updated on market trends, regulatory shifts, and institutional developments, cryptocurrencies and digital assets.

20 Jul 2023 | Jamie Coutts, CMT, CFTe; David Lundgren, CMT, CFA; Tyler Wood, CMT; CMT Association

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2024 6 Key Themes

Read this article to learn about several key themes that MFS believes will likely influence the macroeconomic and capital markets environment - Reglobalization, geopolitics, fiscal deficits and more.

25 Jan 2024 | Jonathan W. Hubbard, CFA; Benoit Anne; Brad Rutan, CFA; MFS Investment Management

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Monetary Policy Statement H2’FY24: Money To Turn Costlier Ahead

Bangladesh Bank has increased policy rate by 25 bps and narrowed Interest Rate Corridor. The Bank intends to introduce crawling peg system for exchange rate management. Meanwhile, broad money and credit growth targets have been lowered.

17 Jan 2024 | BRAC EPL Stock Brokerage Limited

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Exploring Investment Frontiers with Clint Sorenson, CMT, CFA

In Fill the Gap Episode #31, Clint Sorenson, CMT, CFA, Co-Founder of WealthShield LLC, discusses trend following in private equity, Eminem's impact on client communications, and the benefits of macro volatility for active investors.

21 Aug 2023 | Clint Sorenson, CFA, CMT; Tyler Wood, CMT; David Lundgren, CFA, CMT; CMT Association

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Aligning Index Strategies with the UN Sustainable Development Goals

This paper explains the role SDGs can play in building effective, transparent and consistent indices that align with society’s broader objectives, as measured by the SDGs. 

09 Jan 2024 | Stephanie Rowton; S&P Dow Jones Indices

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Fixed Income Insights China - January 2024

The PBoC maintained its easy monetary policy in 2023, reducing policy rates and providing liquidity to the banking system. China also eased fiscal policy, funded by more bond issuance in Q4. 

12 Jan 2024 | FTSE Russell

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Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing

From 2011 to 2018, the Bank of Japan purchased equity index exchange-traded funds (ETFs) worth about 3.5% of GDP. What are the positive and negative impacts to these domestic corporations being invested, and what lessons can we learn from there?

15 Oct 2020 | Ben Charoenwong; Randall Morck; Yupana Wiwattanakantang 

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Why Do Dividends Matter?

Income generation may be sought out by a variety of market participants, including those nearing retirement and those seeking a source of passive income.

11 Oct 2023 | Jason Ye, CFA; Andrew Geoghegan; S&P Dow Jones Indices

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Forward Beta that Includes Market and Stock Fundamentals

Beta (using past prices) is probably the largest source of error in equity valuation. It is the only factor that is based on history while all others are forward-looking. This paper proposes using forward looking beta based on fundamentals factors.

22 Dec 2023 | Susheel Narula

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The End of Declining Capital Intensity

MFS examines how a shift from supply chain efficiency to resiliency will likely affect a company's return on capital. What type of companies are positioned to navigate this paradigm shift, and which companies are not?

14 Dec 2023 | Robert M. Almeida, Jr.; MFS Investment Management

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How the Capital Cycle Could Impact 2024

How might investors think about the year ahead? The capital cycle fuels the engine of progress, but it can also create excesses and inefficiencies. Rob examines why that’s relevant today and going forward.

14 Dec 2023 | Robert M. Almeida, Jr.; MFS Investment Management

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How Climate Transition Risk May Impact Sovereign Bond Yields

How might climate transition risk affect government bond portfolio performance? In this paper, MSCI quantified the impact of transition risk on sovereign bond yields using their Sovereign Bond Climate Value-at-Risk model.

31 Mar 2023 | Bhaveer Shah; MSCI ESG Research

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A Tactical Look at Sectors

How are advisors using sector data to understand market trends and inform investment decisions? S&P DJI's Anu Ganti joins Fairlead Strategies' Katie Stockton to discuss practical applications for sector indices.

20 Nov 2023 | Anu Ganti; Katie Stockton; S&P Dow Jones Indices

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The Hidden Impact of Private Money Creation on Stock Returns

Using the FinTech reform as an exogenous shock, we provide difference-in-differences evidence that the hidden impact of private money creation on cross-sectional return predictability is amplified by more than 100 percent following the shock.

07 Dec 2023 | Xing Han; Wenqiong Liu; Yuliang Wu

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Does Green Die in Opportunism?

This study analyses the effects of opportunistic non-practicing entity (NPE) litigation activity on green corporate innovation (GCI) strategies.

07 Dec 2023 | Piers Herring; Wenquan Li; Suman Neupane

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Fixed Income Insights (China) - December 2023

The PBoC increased loans to the banking system to ease liquidity, after bond issuance to finance the Q4 fiscal stimulus had strained liquidity.

07 Dec 2023 | FTSE Russell

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Investing in China: Does the Opportunity Outweigh the Risk?

This research focuses on China’s equity market and review its constant evolution, growth and diversification across sectors and industries, offering reasonable growth adjusted valuations.

07 Dec 2023 | Jie Cai; Linlin Yang; Yan Yan; FTSE Russell

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Tracking the Evolving Yield Landscape with Indices

S&P DJI's Randolf Tantzscher joins SSGA's Kheng Siang Ng for a closer look at how indices are helping investors track the development of global fixed income markets and assess potential shifts in the search for yield.

02 Dec 2023 | Kaman Luk; Kheng Siang Ng; Randolf Tantzscher; S&P Dow Jones Indices

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Rising Contingent Liabilities Risk? China Retains Policy Spaces to Navigate / 或有负债风险?中国仍具备应对挑战的政策空间

China's current government debt burden remains at a moderate level. With effective policy responses, it is expected that the fiscal strength and external position will remain robust.

在全球范围来看,中国当前的政府债务负担仍处于适中水平。鉴于中国有充足的空间和有效的政策应对记录,我们对中国长期的可持续增长有较大的信心,我们相信中国的财政实力和外部头寸将仍然保持强劲。

05 Dec 2023 | Ke Chen; Leon Li, CFA; CSPI Ratings

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Recorded Webinar: Fighting the Shadows: Unraveling Modern Slavery Reporting and Compliance

In this webinar, we invited speakers from the investment and corporate world to discuss initiatives companies have taken to combat modern slavery and the challenges they face to meet the growing expectations of regulators, investors, and society.

5 December 2023 | CFA Institute; Monash University | Video:61 mins

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ESG Disclosure and Investors’ Attention: Evidence from Mutual Fund Prospectuses

This study explores the impact of specific vs. generic ESG disclosures in U.S. equity mutual funds' prospectuses on fund flows and flow-performance sensitivity, finding that specific disclosures enhance flow and sensitivity.

04 Dec 2023 | Huayu Shi; Helen Lu; John Lee

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The Effect of Divestment from ESG Exchange Traded Funds

This paper aims to empirically investigate whether divestment by, predominantly passive, Environmental, Social and Governance (ESG) Exchange Traded Funds (ETFs) can affect firm level share prices and cost of capital, as a channel of impact.

03 Dec 2023 | Sebastian Gehricke; Pakorn Aschakulporn; Tahir Suleman; Ben Wilkinson

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Do Different Measures of Stock Market Volatility Risks Have the Same Price?

Common measures of aggregate volatility are priced differently in the cross-section of stock returns.  This finding is hard to reconcile with existing theories, but potentially consistent with partial segmentation between equity and options markets.

03 Dec 2023 | Guanglian Hu

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China - The Winds Of Change In The Economy And Markets

Herald Van Der Linde and Jolly Balva, CFA dig into the sectoral aspects, policy response as well as the geopolitical implications for China's economy. The conversation then goes on to cover what these updates might mean for its markets, inflows

04 Nov 2023 | Herald van der linde, Jolly Balva, CFA; CFA Society India

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About the Author(s)

ARX Editorial Team

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

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