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.
Exploring the Case of Farm RETIS in Pakistan
This piece is based on Pakistan’s two main sectors: Agriculture/Farming and Real Estate. A case is being made for launching Farm REITs in Pakistan as it offers the best combination to achieve multiple objectives for capital markets and economy.
29 Mar 2023 | Laraib Mohib, CFA
The Draft of New Revision G20/OECD Principles of Corporate Governance
G20/OECD Principles of Corporate Governance was updated this year. Many Asian countries are following these principles. In this workshop, we discussed about the background, opinions from investors, and the situation of Asian countries.
28 Mar 2023 | Chie Mitsui
CAIA Association & ComplianceAsia: APAC’s Compliance & Regulatory Landscape
APAC’s Compliance and Regulatory Landscape continues to evolve. Watch to hear from ComplianceAsia’s Founder and CEO, Philippa Allen, and CAIA’s APAC Managing Director, Jo Murphy, as they shared insights on core themes impacting the field.
27 Mar 2023 | CAIA Association; ComplianceAsia
FSRG Briefs - Green Finance
An update on characteristics and current trends in markets for green bonds, green and sustainability linked loans and green mortgages, with particular attention to Hong Kong's role.
21 Feb 2023 | Alexandra Tracy; David von Eiff; Phoebe Chan; Financial Services Research Group
Conversation with Troy Prince, Founder and CEO, Wall Street Bound, Inc.
In this episode, Bill chats with Troy Prince, CEO and Founder of Wall Street Bound – a New York City-based nonprofit finance education and training organization.
24 Mar 2023 | CAIA Association
Conversation with Dr. Margaret Cullen of Think Governance, Ltd.
In this episode, Bill welcomes Dr. Margaret Cullen to the discussion about all things governance. A preeminent person in the field of governance in Ireland, Dr. Cullen brings fascinating insight into the world of corporate and investment fund admin.
24 Mar 2023 | CAIA Association
FSRG Briefs - Virtual Assets
Overview of the current state of the market for virtual assets in Hong Kong, covering legal and regulatory frameworks, fund management, trends and opportunities, plus a snapshot of the development of central bank digital currencies.
16 Feb 2023 | Jason Chan; Financial Services Research Group
Retail Investor Survey - Index Strategies: 2023's Untapped Opportunity
The results of FTSE Russell's inaugural wealth survey offer an abundance of good news for financial advisors, with U.S. retail investors looking to increase their investments in index strategies in 2023.
20 March 2023 | FTSE Russell
WEBINAR: Up your ESG Game: Plugging the Talent Gap
In this webinar, key topics included the Certificate in ESG Investing, government support, and employer recognition.
14 March 2023 | CFA Institute; CFA Society Hong Kong | Video: 61 mins.
The Big Mac on Fixed Income Opportunities
The case for fixed income has become much stronger over the past year, and, in our view, there are compelling opportunities across the global fixed income universe that could support a range of investment objectives.
9 March 2023 | Benoit Anne; MFS Investment Management
Corporate Governance Issues Relevant for the REIT Business Model
Our latest publication examined corporate governance practices within the APAC REIT industry.
6 March 2023 | Dr. Alan Lok, CFA
Blockchain – The Underlying Technology of Cryptocurrency
Blockchain technology has potential beyond crypto. Discover its characteristics and use cases in our latest article now!
6 March 2023 | Kenneth Kwong, CFA
Analyzing High Dividend Yield Strategies in Australia
In this paper, we will examine the Australian dividend market in depth and analyze the historical performance of the Australian high dividend yield strategy.
10 February 2023 | Jason Ye, CFA; Izzy Wang; S&P Dow Jones Indices
Mind the Gender Gap
Recent data indicate that women who want to pursue financial careers in India face significant barriers, including lack of advancement and lagging compensation. This report analyzes the findings and offers recommendations.
1 March 2023 | Sivananth Ramachandran, CFA, CIPM; Jolly Balva, CFA; Meera Siva, CFA; CFA Institute; CFA Society India
Bringing ESG Considerations to Equal-Weight Indices
There is a pressing need for the world to reduce its greenhouse gas emissions to decrease the risks and impacts of climate change. Responsible action is required by all stakeholders, including investors.
14 February 2023 | Ben Leale-Green; Barbara Velado; Kieran Trevor; S&P Dow Jones Indices
The Start and End of a Recession: Multi-Asset Signals - Part I
Arguably the biggest question investors are asking at the start of 2023 is: will there be a recession in 2023? We look at some forward-looking indicators from the two biggest asset classes, fixed income and equities, to find clues to the answer.
22 February 2023 | Indrani De, CFA; Robin Marshall; Mark Barnes; FTSE Russell
Rethinking the Sovereign Environmental Score Assessment
This paper introduces comprehensive enhancements to the Environmental Pillar Score of the FTSE Russell Sovereign Risk Methodology, which is designed to measure financially material risk from ESG factors for sovereign issuers.
22 February 2023 | Julien Moussavi; Astrid Sofia Flores Moya; FTSE Russell
Co-movements Dynamics and Spillovers among SRI and International Capital Market
This study covers the literature on Socially Responsible Investment, its correlations, and co-movements. We include the dataset of 9 variables of SRI, Islamic, and conventional indices. By using DCC - GARCH and Cointegration models.
21 February 2023 | Saif Siddiqui; Ziya Batul Rizvi
WEBINAR: 2023 ESG & Climate Trends to Watch - The APAC View
We are proud to partner with MSCI for a ESG webinar series! Our first webinar explored 2023 ESG and climate trends in APAC. Check out the recording now!
28 February 2023 | CFA Institute; MSCI | Video: 61 mins.
Currency Risk under Capital Controls
EM Currencies with more stringent capital controls earn lower average returns. Such pattern concentrates in debtor countries. A quantitative model explains the pattern through reduced exchange exposure to sudden stops.
17 February 2023 | Xiang Fang; Sining Liu; Yang Liu
Rethinking Sustainable Investing Approaches
An effective sustainable investment approach will require an understanding of the challenges that asset managers are facing today. MFS and Eurasia Group convened a series of discussions to flesh out these challenges.
17 February 2023 | Pilar Gomez-Bravo; Vishal Hindocha; Shari Friedman; Jens Larsen; MFS Investment Management
Investor (Mis)Reaction, Biased Beliefs, and the Mispricing Cycle
A new measure, the "Return-Earnings Gap" (REG), captures the disparity between stock returns and earnings surprises. REG predicts analyst forecast errors and a build-up of mispricing, and reveals how analyst and investor biases reinforce each other.
17 February 2023 | Azi Ben-Rephael, Steffen Hitzemann, Yuanyuan Xiao
Fixed Income is Attractive, but Beware of “Fake” Yield
While higher yields have generally made bonds more attractive, a more difficult operating environment ahead will require careful consideration.
17 February 2023 | Robert M. Almeida, Jr.; MFS Investment Management
The Effect of Regulation-Induced Pollution on Corporate Philanthropy
We investigate the role of charitable giving as a form of reputation insurance by analyzing donations to nonprofits from philanthropic foundations of polluting firms.
07 December 2022 | Seungho Choi; Raphael Jonghyeon Park; Simon Xu
Individual Investors' Housing Income and Interest Rates Fluctuations
Using tax-filing data from Australia, we show that 20% of retirees are landlords. Their participation is increased by 80% in the last twenty years, driven by cuts in interest rates, making their income more exposed to local shocks.
07 December 2022 | Antonio Gargano; Marco Giacoletti
WEBINAR: Fun and Games - Investment Gamification and Implications for Capital Markets
In this webinar, Sivananth Ramachandran, CFA, CIPM, described the various gamification techniques and how they act on investor biases. He also described the capital market implications of gamification, and some recommendations on how these techniques can be made to work for investors, rather than against their interests.
9 February 2023 | CFA Institute | Video: 58 mins.
Is Bangladesh Mirroring Sri Lanka & Pakistan?
With Sri Lanka & Pakistan struggling to keep their heads above water due to a lack of FX reserves to pay off debt & import bills, the recent dip in reserves in Bangladesh has many wondering if the country is next in line for an economic crisis.
30 January 2023 | UCB Asset Management
Market Maps: Fixed Income Insights (China Edition) February 2023
Chinese $ HY credit lost 30% in 2022, led by property, though easing of Covid restrictions and property sector support drove a strong Q4 rally.
06 February 2023 | FTSE Russell
A Deadcat, or A New Bull? / 是死猫跳，还是牛回头？
The peak of the current rally was 22,700, just 1% from our price target of 23,000 set in late October 2022. The market bottom we called in late October 2022 is indeed a secular turning point. The itch to take profit cannot be denied.
恒指涨势于 22,700 点停滞不前，与我们于 2022 年 10 月底设定的 23,000点目标，以及 22,500 点 850 周期线仅一步之遥。
06 February 2023 | Hao Hong, CFA; GROW Investment Group
Nissan: Shift expectations with an SLB?
AFII proposes an SLB for Nissan based on its existing sustainable finance framework. We provide hypothetical pricing, which shows that Nissan could achieve an estimated discount of 14bp on its 5y financing spreads.
05 February 2023 | Cedric Rimaud, CFA; Josephine Richardson; Ulf Erlandsson; Anthropocene Fixed Income Institute
Hao Hong: Savings Glut Fuel for Spring Rally / 洪灝：超额储蓄加油春季行情
Consensus is mistakenly over analyzing the activity data during the Spring Festival. Good data mean recovery, bad data suggest more stimulus. Indeed, PBoC’s balance sheet expansion has heralded a positive turn in economic cycle.
共识过分关注和解读春节数据，其实是不得要领。数据好就是复苏，数据差就是更多的刺激。其实，央行资产负债表的扩张早已预示经济周期回暖。数据真空之际，一场投机鏖战拉开序幕。中国的超额储蓄被共识视作极度风险厌恶的迹象，但在我们看来，其实是春季攻势的动力引擎。磨砺以须，继续看多做多。
30 January 2023 | Hao Hong, CFA; GROW Investment Group
Market Maps: Equity Factor Insights (January 2023)
Most factors fared better than their respective benchmarks in the 2022 rout, with robust Q4 rebounds extending Value/Yield leadership.
23 January 2023 | FTSE Russell
Monetary Policy Statement H2’FY23: A Flexible Stance, Ahead of Challenges
Acknowledging the external and internal worries, BB revises its inflation, broad money, credit growth and a number of targets. Notable policy moves include raising policy rates, removing deposit rate floor as well as partial loan rate ceilings.
22 January 2023 | BRAC EPL STOCK BROKERAGE LIMITED
Assessment of the Asset Management Industry in the Philippines: The Case of the VUL Sector
This is the third and last phase of the Society’s study on the Asset Management Industry in the Philippines which covers the UITF, Mutual Fund, and VUL sectors.
31 January 2023 | Arlene Gutierrez; CFA Society Philippines
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
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
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
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
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
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
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
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
About the Author(s)
Senior Director: Scott Lee
Project Specialist: Natalie Yiu
Coordinator: Christy Leung