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 5,000 posts, select "Research" in the main menu.
Drugs Over Diet: Recent Advances in the Weight Loss Drug Category
We provide a high-level overview of recent developments in the weight loss drug category and explore how they may impact other industries. These highly effective drugs were born out of research to treat diabetes but have additional benefits.
24 Apr 2024 | MFS Investment Management
CFA Society Beijing Podcasts: China Charter Chat
「特许金融街」是一档由北京金融分析师协会(CFA Society Beijing)发起，面向社会各界听众的金融访谈类播客，我们会邀请各金融细分领域的朋友们一起探讨资本市场热点，圈内秘闻，金融职场等与金融相关的热点话题。
22 Apr 2024 | CFA Society Beijing
Artificial Intelligence Opening Up New Investment Horizons
As artificial intelligence applications get more intertwined with our daily lives, this paper looks at size and outlook of artificial intelligence market. The paper also looks at various HSIL indexes which track performance of AI-theme companies.
18 Apr 2024 | Hang Seng Indexes Company Limited
eFinancialCareers 2024 Compensation Guide
The eFinancialCareers2024 salary & bonus survey had over 6,000 responses across dozens of the world’s most prominent financial services centers, asking respondents about their salaries, bonuses, work hours, job satisfaction, and more.
15 Apr 2024 | eFinancialCareers
Fixed Income Insights (China) – April 2024
China expands fiscal support in 2024 by issuing special government bonds, in addition to monetary policy stimulus. Chinese bond yields fell further in Q1 on monetary easing, but wide rate differentials drove sovereign spreads lower and a weaker yuan.
11 Apr 2024 | FTSE Russell
Recorded Webinar: 「金融網紅興起為投資者帶來的機遇與風險」投資者教育網上講座
是次網上講座將從多個角度探討金融網紅市場，讓投資者了解最新動態，並在參考金融網紅意見時需考慮的相關因素。
27 March 2024 | CFA Institute; CFA Society Hong Kong; IFEC | Video: 1hr
The Relative Price Premium: Output price dispersion impacts risk premia
This study examines the implications of relative price dispersion for asset prices. Firms that sell goods and services that have increased (decreased) in price relative to the headline inflation rate earn high (low) returns.
24 Mar 2024 | Yun Joo An; Fotis Grigoris; Christian Heyerdahl-Larsen; Preetesh Kantak
Exploring China A-Share Dividends and High Yield Strategy Performance
This paper undertakes a comprehensive examination of the Chinese dividend market, providing insights into the historical performance of the high dividend yield strategy.
27 Feb 2024 | Jason Ye, CFA; Izzy Wong; S&P Dow Jones Indices
Recorded Webinar: Interview with Mark Higgins, CFA – Implications from U.S. Financial History
Watch this on-demand webinar to hear from Mark Higgins, CFA, as he revealed the important lessons from financial history and their impacts on investment decision-making.
15 March 2024 | CFA Institute | Video: 61mins
Merger Arbitrage and ESG Impact Investing
A merger arbitrage portfolio can boost ESG scores by nearly 50% while offering attractive returns, appealing to investors seeking impactful ESG outcomes alongside profits, outperforming traditional ESG investments.
17 Mar 2024 | Deepak Gurnani; Ludger Hentschel; Neetu Jhamb; Versor Investments
Decision Tree Analysis Using Real Options to Give Value to Funding Rounds
This study introduces a novel framework based on decision tree analysis, integrating real options theory to provide a nuanced valuation model for technology startups.
13 Mar 2024 | Marco Luis P. Austriaco; Nathaniel B. Mariano; Juan Miguel M. Reynante; Victor Malcom J. Medina; Raphael Mika Tolentino
Great Expectations
Financial markets appear optimistic to start the year, while investors currently believe inflation will slow, rates fall, and profits rise. Rob Almeida explains why those beliefs may be contradictory.
15 Jan 2024 | Robert M. Almeida, Jr.; MFS Investment Management
Declining Interest Rates Have Signaled Positive Relative Performance
The report examines how low-volatility stocks may perform considering the market consensus rate assumptions, which currently anticipate rates cuts, and a declining rate environment for 2024.
2 Feb 2024 | James C. Fallon; Molly O'Brien; MFS Investment Management
CFA Society Beijing Podcasts: 漫谈美股上市二三事
「特许金融街」是一档由北京金融分析师协会(CFA Society Beijing)发起，面向社会各界听众的金融访谈类播客，我们会邀请各金融细分领域的朋友们一起探讨资本市场热点，圈内秘闻，金融职场等与金融相关的热点话题。
4 March 2024 | CFA Society Beijing
Recorded Webinar: What is the “Equity?” – Proposed Amendments of IFRS
The IASB has published the Exposure Draft. It aims to address challenges in how a company that issues financial instruments distinguishes financial liabilities from equity instruments. Learn more.
4 March 2024 | CFA Society Japan | Video: 1hr 23mins
Tao and Speculation in the Chinese Market / 道与中国市场投机艺术
Change is the immutable Tao. Forecasting is to recognize subtle changes in their germinal state to shape the outcome of the future. And so, we are not blindly accepting our fate, but taking charge of our destiny.
易变，乃天道之常。预测，即是于情势生变之时观变于未萌，并随之而动、调吾策以应之，以图未来之局。故而，命由天定，运在人谋。
03 Mar 2024 | Hao Hong, CFA; GROW Investment Group
Recorded Webinar: 2024 Sustainability & Climate Trends to Watch — The APAC View
Watch this recorded webinar to take a deep dive into specific areas, such as climate disclosure regulation and natural capital, to see how they shape APAC’s investment landscape and more.
27 February 2024 | CFA Institute; MSCI | Video:61 mins
High Interest Rate Environment Lead Investors to Pursue High Dividend Yield Strategy
Hang Seng Indexes finds that investor appetite for high dividend yield investment products remains high, with a strong net inflow for dividend related exchange-traded funds (‘ETFs’) in APAC during the previous three years.
22 Feb 2024 | Hang Seng Indexes Company Limited
China Making Strategic Moves to Enhance Shareholder Returns
Regulatory authority and government recently issued guidelines to encourage A-shares companies and SOEs undertaking more shareholder-friendly initiatives. We look at relevant HSIL indexes which track performance of corresponding companies.
22 Feb 2024 | Hang Seng Indexes Company Limited
Navigating Global Macro Complexity: Insights from Jurrien Timmer, CMT
Explore the intellectually thrilling world of global macro analysis with Jurrien Timmer, CMT, Director of Global Macro at Fidelity Investments. Gain invaluable insights into market trends & investment strategies that will reshape your perspective.
23 Sep 2022 | Jurrien Timmer, CMT; David Lundgren CMT, CFA; Tyler Wood, CMT; CMT Association
Decoding Market Behavior: Fear, Greed, and the Human Element
Dive into the dynamics of fear-driven markets with our guest this month, David Keller, CMT, an expert in technical analysis and behavioral finance. Join us as we explore his insights on investor behavior and market dynamics in today's equity markets.
05 Aug 2022 | David Keller, CMT; David Lundgren, CMT, CFA; Tyler Wood, CMT; CMT Association
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
About the Author(s)
Senior Director: Scott Lee
Project Manager: Natalie Yiu
Coordinator: Christy Leung