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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.

Meeting Investors’ Needs in Emerging Markets Fixed Income

In this paper we profile our capabilities in emerging markets (EM) fixed income and demonstrate how our core EM bond index family is built using principles of accessibility, modularity and flexibility, forming a robust basis for ESG or smart overlays

28 November 2022 | Lydia Hamill; FTSE Russell

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Assessing the Impact of 20 Years of SPIVA

“SPIVA” stands for “S&P Indices Versus Active,” and it is the name for a regular series of research reports that compare the performances of actively managed funds to appropriate benchmarks.

26 October 2022 | Tim Edwards, PhD; Craig Lazzara, CFA; S&P Dow Jones Indices

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Which Chinese Local Governments Face Greater Fiscal Stress in 2022? / 2022年哪些地方政府财政压力更大?

Which Chinese Local Governments Face Greater Fiscal Stress in 2022?

截⾄ 2022 年 9 ⽉末,全国地⽅政府债务余额 347124 亿元,债务余额同⽐增 20.6%,相较上年末余额增 13.9%。预计本年度地⽅政府债务率整体进⼀步攀升,但积极财政政策驱动下的各省直接债务增速不⼀。

28 November 2022 | Jameson Zuo; Pengyuan

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ESG in Action: Linde

This case study highlights the importance of adopting a system-wide perspective on corporate emissions data accounting and reporting while pursuing workable solutions in the journey to net zero.

25 November 2022 | MFS Investment Management

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Endowment Funds in Pakistan

Endowment Funds in Pakistan have not fared well. A comparison with leading US endowments offers key lessons.

25 November 2022 | Laraib Mohib, CFA

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The Pension Time Bomb

Han Yik, Former Head of Institutional Investors at the World Economic Forum, discusses what he calls the Pension Time Bomb. What options are there to combat this, and why are governments hesitating to take action?

23 November 2022 | Han Yik; FTSE Russell

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Survey Report: The Direct Indexing Opportunity 2022

Direct indexing is set to accelerate within the industry. Our findings provide insight into opportunities, obstacles and priorities for wealth management firms.

22 November 2022 | FTSE Russell

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Natural Language Processing in Banking: Current Uses

This article will introduce a branch of Artificial Intelligence called Natural Language Processing (NLP) and dive into two popular NLP models, Word2vec and Bag of Words. Subsequently, the article will examine NLP applications in banking use cases like document search, investment analysis, and customer service. Finally, we will end with some key takeaways for banking executives.

22 November 2022 | Kevin Pereira; Rajendra Shroff

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Artificial Intelligence in Investment Management — Elevating Client Relationship and Return

AI stands to provide benefits to investment management. But how to identify their values and deploy them more effectively? Find out from ARX Business Model Investment Series now!

21 November 2022 | Kevin Pereira; Rajendra Shroff

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The COP27 Net Zero Atlas

Our Cop27 Net Zero Atlas builds on our inaugural report to systematically assess climate targets and mitigation strategies of G20 countries'. It also includes analysis of physical climate risk exposure for each G20 country for the first time.

14 November 2022 | Nicolas Lancesseur; Florian Gallo; Edmund Bourne; Claire Hugo; Jaakko Kooroshy; FTSE Russell

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Understanding ESG Investing in Asia-Pacific Emerging Markets

In collaboration with CFA Societies in APAC, ARX organized a closed-door roundtable among industry practitioners to examine ESG investing in emerging markets. Key topics included latest trends, regulations, and technological innovations.

November 2022 | CFA Institute

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WEBINAR: Modern Slavery Webinar Series - Tackling Modern Slavery through Investment Management

Presenting to you the Modern Slavery Webinar Series co-organized by CFA Societies Australia and Monash University! This second webinar focuses on how investors can identify and address exposure to modern slavery risks in portfolios.

10 November 2022 | CFA Societies Australia; Monash University; RIAA | Video: 59 mins.

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Measuring Board Gender Diversity across S&P ESG Indices

According to numerous studies, having a gender-diverse board is a key indicator of good corporate governance.  Using the S&P Global SFDR dataset we examine this metric in the context of the S&P ESG Indices.

19 October 2022 | Kieran Trevor; S&P Dow Jones Indices

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Equity Factor Behaviour During the Q3 Market Turmoil

Hear actionable insights on global and regional equity factor performances, sector exposures, rotation drivers and macro sensitivities in the third quarter.

08 November 2022 | FTSE Russell

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Finding the Narrative in Markets

In this episode, Richard Peterson, Chief Executive Officer of MarketPsych, discusses how narratives impact financial markets, how our minds influence investment decisions and which types of biases influence professional investors.

07 November 2022 | FTSE Russell

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A Trillion-Dollar Tweet / 万亿一推

Last week’s epic rally started around the nadir seen in first COVID outbreak in 2020. But we’re so much better now. Both US and Chinese growth assets victim to a growth slump. Hong Kong short covering.


06 November 2022 | Hao Hong, CFA; GROW Investment Group

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The Halloween Effect: Trick or Treat?

Autumn Fall-Crash Pattern - Elevated market volatility and black swan event risk proved scary to most investors as we marked the ominous Halloween festivity.

03 November 2022 | Ron William, CFTe, MSTA; Intensichi

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Analyzing High Dividend Yield Strategies in Korea

In this paper, we will take a deep dive into the Korean dividend market and analyze how the Korean high dividend yield strategy has performed historically.

17 October 2022 | Jason Ye; Izzy Wang; S&P Dow Jones Indices

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Why Having a Long-term View is Key

In this episode of FTSE Russell Convenes, Wayne Wicker, Chief Investment Officer at MissionSquare Retirement, discusses how to navigate through the current market environment and the key drivers to look out for in the next six to twelve months.

01 November 2022 | FTSE Russell

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Fixed Income Indices: From Benchmark to Investment Solution

In this paper, we explore the key trends driving the growth of fixed income passive funds and ETFs.

01 November 2022 | FTSE Russell

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Mai! Mai! Mai!

Hot money outflow is at its 2nd worst in history. But these are speculative weak hands. What is left is the strong hands with holding power. Foreign brokers in HK cutting stock positions, while the mainland counterparts holding still.

热钱外流历史次高。但那都是些投机性的市场弱手。大浪淘沙始见金,淘尽之后方见持重有力的市场强手。在港的外资券商正在减仓,而内资券商则咬定青山,按兵不动。港股 ETF 吸引着几乎规模空前的资金流入。尽管恒指还可能进一步下探,但值此非常时期,过度悲观的情绪早已于事无补,并开始与我们的逆向思维相左。

30 October 2022 | Hao Hong, CFA; GROW Investment Group

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《投資在「通脹、加息、經濟放緩」時》 投資者教育講座


13 October 2022 | CFA Institute; CFA Society Hong Kong; IFEC | Video: 1hr 17mins.

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The Merge – A Milestone Event in the DeFi Universe

Ethereum went through “the merge” in September this year. What was it about? To learn more, download ARX Business Model Investment Series now!

31 October 2022 | Kenneth Kwong, CFA

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A Critical Review of the Business Model Related Literature Universe

The study attempts to undertake a thorough analysis of the literature universe within the realm of business model related research.

31 October 2022 | Dr. Alan Lok, CFA

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Tripod for Scaling-up Climate Finance: NDC, NFV, and ESG

Korea submitted the reinforced NDC last year. The realized path so far has been above the target path. The Korean NFV was established this year. The presentation looks at the potential of streaming private ESG investment to public climate finance.

26 October 2022 | Ick Jin, PhD, CFA, CIPM

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REIT Watch - S-Reit ETFs continue to see inflows, doubling AUM in 2 years

The combined AUM of the 5 Reit ETFs listed on the SGX has doubled in 2 years, exceeding S$900m (Sep 2022), and representing over half the S$1.7b combined AUM of Reit ETFs in Asia-Pacific ex-Japan globally.

26 September 2022 | Emelia Tan; SGX

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Independent Directors in Pakistan - Regulations & Practice

This publication is prepared with respect to independent directors currently serving on boards of various companies in Pakistan. It mainly focuses on their role, responsibility, diversity, selection, remuneration, representation, and board terms.

25 October 2022 | Mohammad Shoaib, CFA; Shahzad Saleem, CFA; CFA Society Pakistan; The Pakistan Credit Rating Agency

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A Kaleidoscopic Perspective of the Belt and Road Initiative

Since 2013, China’s ‘‘Belt and Road Initiative’’ (BRI) has grown in number and become increasingly global in scope. Despite these trends, international business (IB) research on the BRI remains limited.

04 July 2022 | Jiatao Li; HKUST Institute for Emerging Market Studies (IEMS)

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Contemporary Islamic Finance Practices 2022

Given its growing importance, multiple CFA societies in the APAC region collaborated to conduct a series of Islamic finance webinars, which took a deep dive into the framework, guidelines, and industry landscape as well as emerging opportunities in this increasingly important market segment.

21 October 2022 | CFA Society Bangladesh; CFA Society Indonesia; CFA Society Malaysia; CFA Society Pakistan

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India Telecom: 5G Launched Officially

5G telecom services were officially launched in India. We provide our thoughts on the 5G mobile outlook in India and how the major telecom players are positioned.

20 October 2022 | Jonathan Tan; Lakshmanan R, CFA,FRM; Rohan Kapur, CFA; CreditSights

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China Property: Investor Meeting FAQs

How do assets managers and banks think about the sales recovery within China property sector and stability of the local developers? Learn more from the interviews CreditSights conducted with clients in Asia, Europe and the US.

20 October 2022 | Nicholas Chen; Sandra Chow, CFA; Nicole Chua; CreditSights

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APAC Banks: The Environment Toughens

A review by CreditSights on selected Asian economies and banking systems given the deteriorating global economic outlook.

20 October 2022 | Pramod Shenoi; Lim Ze Hao; Yustina Quek, CFA; CreditSights

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Midterm U.S. election preview: Gridlock ahead?

As the US congressional elections in November draw nearer, we highlight past midterm electoral cycles and discuss key issues and potential outcomes relevant to investors.

18 October 2022 | MFS Investment Management

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Whose Confidence Is Gold? / 谁的情绪靠谱?

Confidence of various market participants is neutral to contrarianly positive, against a backdrop of better monetary environment. As the 20th Congress proceeds and uncertainties subside, Chinese market will likely consolidate and even stumbling higher.


16 October 2022 | Hao Hong, CFA; GROW Investment Group

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Demographics Tell the Future

In this episode of FTSE Russell Convenes, Amlan Roy, Founder of Global Macro Demographics, discusses the importance of considering different demographics, the impacts of an ageing population on investing and the demographic shifts he is seeing.

17 October 2022 | Amlan Roy; FTSE Russell Convenes

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The Future of Electric Vehicles in Asia

Much attention is being paid to electric vehicles (EVs) in the green transition because the technology already exists to help governments reduce emissions at reasonable costs.

04 March 2022 | Alicia Garcia Herrero; HKUST Institute for Emerging Market Studies (IEMS)

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How Can a World Recovery Fund Relieve Developing Countries from Debt...

After a pandemic with major social and economic consequences, emerging and developing countries need to swiftly address a two-pronged policy objective.

04 January 2022 | Alicia Garcia Herrero; HKUST Institute for Emerging Market Studies (IEMS)

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Innovation Policy Within the Greater Bay Area: HK and Shenzhen's Cross-Border Regional Innovation System

The innovation policy landscapes in Hong Kong and Shenzhen differ considerably, with Hong Kong’s largely fragmented and duplicative and Shenzhen’s concentrated but less extensive.

04 November 2021 | Naubahar Sharif; HKUST Institute for Emerging Market Studies (IEMS)

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Saving Hong Kong

Chinese PPI, Chinese 10-year yield and US NFIB hiring data suggest US inflation has peaked. These are obscure indicators/relationships. But slowing inflation augurs for a US recession – it is not a cause for rejoice. 

中国 PPI,十年期债券收益率和美国就业数据表明美国通胀已然见顶,但通胀放缓也预示着美国经济的衰退。不同于美国市场,股债之间的对冲关系在中国仍然行之有效。中国还是一个正常运转的市场,因此其资产价格蕴含的信息应更有前瞻性。中国十年期债券收益率上行,与中概股背道而驰。鉴于中国通胀不温不火,若债券收益率上升意味着增长复苏,那么中概股迟早应迎头赶上。买者自负:其他地缘政治因素也不可小觑。港股严重超卖。尽管美国衰退风险黑云压城,但这里应该有一个交易机会。

09 October 2022 | Hao Hong, CFA; GROW Investment Group

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Market Maps: Sustainable Investment Insights - October 2022

Whilst the bounce back in Alternative Energy stocks helped lift green-technology-focused Environmental Opportunities in Q3, it was a headwind for the ESG and Climate focused indexes, FTSE4Good and ESG Low Carbon Target.

10 October 2022 | FTSE Russell

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Market Maps: Fixed Income Insights China Edition - October 2022

Chinese government bond returns were positive in the third quarter in local currency terms, but the appreciation of the US dollar reduced yuan-based returns for dollar investors. 

10 October 2022 | FTSE Russell

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Can Property Save the Day - Again? /全球最大的资产 - 尚能饭否?

Chinese property sector now a zero-sum game and inversely correlates with the overall market. Property easing doesn’t necessarily mean broad market rally.


25 September 2022 | Hao Hong, CFA; GROW Investment Group

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“Chill” about CNY Beyond 7

The CNY weakness reflects deteriorating global fundamentals. Shadow CNY suggests further USD strength and corresponding CNY weakness. A weakening CNY augurs for looming global risks. Stay put.

19 September 2022 | Hao Hong, CFA; GROW Investment Group

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Market Maps: Performance Insights (USD Edition) - October 2022

Rising recession risks rocked markets anew in September, intensifying the worst rout for global stocks and bonds in a decade or more. 

04 October 2022 | FTSE Russell

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Green Equity Exposure in a 1.5°C Scenario

Produced in collaboration with the IIGCC, this paper will inform climate investment decision-making, building the green economy exposure of their equity portfolios and climate benchmarks in line with a 1.5°C temperature scenario.

28 September 2022 | Lily Dai; William Nicolle; Jaakko Kooroshy; Lee Clements; FTSE Russell

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Indexing Islamic REITs

Shariah-compliant real estate indices are designed to provide Islamic investors with a wider range of tools to evaluate the performance of Shariah-compliant real estate equity funds and to support ETFs and other index-based financial products.

17 August 2022 | Michael Orzano; S&P Dow Jones Indices

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Assessment of the Asset Management Industry in the Philippines

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.

23 September 2022 | Arlene Gutierrez; CFA Society Philippines

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Investor Series: Derivatives/Structured Notes

The investor series aims to provide basic mechanics of investment products, market convention, and process on how people can invest. This webinar focuses on derivatives and structured notes.

23 September 2022 | Mari Toni Bautista, CFA; CFA Society Philippines

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Using Indices to Help Align ESG Goals and Values

Take a closer look at the importance of index construction and underlying data across the ESG spectrum with S&P DJI’s Ben Leale-Green.

24 August 2022 | S&P Dow Jones Indices

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Manufacturing-Related Stocks That Have Led Net Fund Flows

iEdge SG Advanced Manufacturing Index constituents have seen net institutional inflows of close to S$10 million in 3Q22 through to 7 Sep, while the Index generated a decline of 4% in total return.

08 September 2022 | GEOFF HOWIE; SGX RESEARCH

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Impact Investing for Public Pensions as Asset Owners: A Trial Report on the GPIF “Impact Report”

First, explain the overlapping area of impact investing and ESG investing, and the reasons why public pension funds should consider impact investing. Then discuss what kind of impact assessment should be analysed and disclosed.

07 September 2022 | Ryujiro Miki, CFA; Research Institute for Policies on Pension Ageing (RIPPA) in Japanese

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China EV market: 2Q22 Earnings & Outlook for 2H22 Production Ramp

Nio, XPeng and Li Auto reported weaker deliveries and margins in 2Q22 amidst challenges from COVID-19 lockdowns in China, extreme weather conditions, as well as supply chain uncertainties.

09 September 2022 | LIONEL LIN; SGX RESEARCH

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WEBINAR: Future of Skills and Learning: Planning Your Career for the Industry of Tomorrow

In this recorded webinar, Rhodri Preece, CFA and Ryan Munson present key findings from the latest CFA Institute Research report, The Future of Work in Investment Management: Skills and Learning.  The authors discuss the factors disrupting the investment industry today and how job roles will be affected. 

20 September 2022 | CFA Institute | Video: 62 mins.

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Schrödinger’s Carbon: Intensity and Paris Alignment

A case study illustrates the importance of considering both point-in-time and forward-looking analysis in understanding ESG index performance results, as well as the value of sector-based perspectives.

28 July 2022 | Maya Beyhan, S&P Dow Jones Indices

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About the Author(s)

ARX Editorial Team

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