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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 4,000 posts, select "Research" in the upper left-hand corner of the page.

VIDEO: Priming the NextGen for a Sustainable Future

These leaders share how their organizations adapt and build teams with skillsets that cater to the future. A future that requires resilience while ensuring sustainability from an environmental, social or governance perspective.

28 August 2021 | CFA Society Malaysia | Video: 1 hr 8 min.

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Reporting Delays and the Information Content of Off-Market Trades

This paper examines the impact of reporting delays in off-market trades on informed trading and information efficiency. We examine this issue using a natural experiment in FTSE futures contracts provided by the ICE Exchange. 

15 September 2021 | Alex Frino, Luca Galati, Dionigi Gerace

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Ambiguity, Investor Disagreement, and Expected Stock Returns

This study measures investor disagreement and finds that stocks scoring high outperform those scoring low. The stocks with high investor disagreement values prior to earnings announcements earn higher earnings announcement returns. 

This paper has been submitted for the Asia Pacific Research Exchange Award at the 2021 New Zealand Finance Meeting.

15 September 2021 | Lawrence Hsiao

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VIDEO: The Battle of Elon Musk vs Masayoshi Son vs Jamie Dimon - The Lure of Entrepreneurship and Venture Capital

An entrepreneur, a venture capitalist, and an employee-entrepreneur-VC analyst share first-hand experience in digital startups, and how the CFA® Program helped them thrive in their careers.

24 August 2021 | CFA Society Malaysia | Video: 59 min.

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Do Patent Trolls Cause High-Tech Firms to Delist?

Using a sample of high-tech and patent intensive firms from the U.S. market between 2000 and 2019, we find that the frivolous patent trolling is positively associated with the delisting decision of the defendant firms.  

15 September 2021 | Sayla Siddiqui

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VIDEO: Evolution of Banking in a Digital Revolution

A deep-dive into digital transformation, potential career opportunities and skillsets required in the future of the banking industry. Learn how a  to navigate this changing environment.

26 August 2021 | CFA Society Malaysia | Video: 51 min.

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Corporate Acquisitions and Bank Relationships

Using a large dataset of firm-bank and ownership information for 23 European countries over 2008-2015, we study the dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. 

14 September 2021 | Steven Poelhekke, Razvan Vlahu, Vadym Volosovych

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VIDEO: Data Science - The Game Changer of the Industries

This forum discussed the strategic aspect of data analytics, real world examples related to governance of data science, and how it is becoming more important for one's career development.

25 August 2021 | CFA Society Malaysia | Video: 58 min.

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ETFs Turn 20 in Australia

Since its debut in April 2000, the S&P/ASX Index Series has helped to define the Australian equity market. As Australia’s chief market indicator, it serves as the de facto measure of the value and performance of the nation’s stock market.

31 August 2021 | S&P Dow Jones Indices

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WEBINAR: The Case for Asian Fixed Income - Conscious and Intelligent Investing

A panel discussion looking at current opportunities and challenges in Asian fixed income investments from a sustainability and return perspective.

14 September 2021 | CFA Institute, CFA Society Singapore | Video: 59 min.

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Competition Network, Distress Propagation, and Stock Returns

We build a competition network that links two industries through their common market leaders. Industries with higher centrality on the competition network have higher expected stock returns because of higher exposure to the cross-industry spillover.

13 September 2021 | Mingming Ao, Winston Wei Dou, Shane A. Johnson, Wei Wu

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Scenario Analysis as a Valuable Tool for Analyzing Climate Change Risks / 気候変動リスク対応としてのシナリオ分析

The paper describes what Japanese companies are doing in terms of disclosure in line with the TCFD recommendations, and describes scenario analysis as a valuable tool to evaluate climate change risk, focusing on NGFS.


13 September 2021 | Ryujiro Miki, CFA, Research Institute for Policies on Pension & Aging (RIPPA)

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Social Connectedness and Venture Capital Investment

This paper studies the role of social connectedness in venture capital (VC) investment decisions. We find that VC firms are more likely to invest in portfolio companies in regions to which they are more socially connected. 

13 September 2021 | My Nguyen, Giang Nguyen, Anh Pham, Man Pham

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WEBINAR: Overview of "ESG Integration Framework" for Investment Analysis

CFA Institute partnered with The Securities and Exchange Commission Thailand to conduct a webinar to help enhance the knowledge of ESG investing for local practitioners. The webinar is targeting local intermediaries, with aims to equip them with fundamental understanding and knowledge in providing ESG-related services to investors.

7 September 2021 | CFA Institute, SEC Thailand, CFA Society Thailand | Video: 1 hr 32 min.

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The Conglomerate Network

This paper proposes a network model of the economy in which conglomerate firms transmit idiosyncratic shocks from one industry to another. It shows that industry growth rates comove more strongly within closely connected industry pairs. 

13 September 2021 | Kenneth Ahern, Lei Kong, and Xinyan Yan

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Bitcoin: Jumps, Convenience Yields, and Option Prices

We develop a theoretical jump-diffusion model for pricing bitcoin options admitting both jumps and stochastic convenience yield and use simulations to evaluate parameter estimates.

This paper has been submitted for the Asia Pacific Research Exchange Award at the 2021 New Zealand Finance Meeting.

11 September 2021 | Jimmy E. Hilliard, Julie Thuy Dung Ngo

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Global Investment ESG Trends for Hong Kong Companies to Focus On / 香港企業值得關注的全球四大ESG投資趨勢

Asset managers and investee companies are under pressure to deliver more when it comes to ESG, including demands from owners in more ESG mature/sophisticated markets.  We present our top four global investment ESG trends that are looming.

3 September 2021 | The Chamber of Hong Kong Listed Companies: Fiona Donnelly, Christian Plath

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The Coming Kansayaku's Fightback: The Role of Audit and Supervisory Boards in Japan's Corporate Governance

Kansayaku’s role encompasses management supervision and accounting auditing functions. Its history goes back 130 years. It is important for foreign investors to understand this role in order to avoid negative surprises caused by corporate scandals.

10 September 2021 | Ryujiro Miki, CFA

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WEBINAR: The Emerging Asia Pacific Capital Markets - ASEAN

CFA Institute Research Foundation presents the results of its overview of emerging markets in Asia Pacific. This webinar, the third in a series, covers Indonesia, Malaysia and the Philippines.

7 September 2021 | CFA Institute | Video: 1 hr 3 min.

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VIDEO: Exploring the Potential Implications of Market Reversals

How has the market’s response to the pandemic impacted the potential opportunity set? S&P DJI’s Anu Ganti and Hamish Preston examine where market reversals took place and what they could mean for active management and asset allocation strategies.

11 August 2021 | S&P Dow Jones Indices | Video: 8 min.

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China’s Property Developers Struggle to Deleverage

China’s policy stance is expected to remain tight as it aims to strike a balance between financial stability and deleveraging. As more bank loans are replaced by lower seniority funding sources, Chinese developers will see their liquidity strained. 

31 August 2021 | Pengyuan International: Winnie Guo, Brian Lam

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What does “Common Prosperity” Mean for China’s Stock Market? / “共同富裕”对中国股市意味着什么?

As China adopts “common prosperity” as its political and economic goal, and some foreign investors head for the exit, changing social confidence suggests that domestic investors will be clear winners.


25 August 2021 | Hao Hong, CFA, BOCOM International

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VIDEO: Capturing Future Tech with Index-Based Tools

Discover how index-based strategies are expanding access to technology and innovation factors with S&P DJI’s Anu Ganti, Direxion’s Dave Mazza, and ProShares’ Simeon Hyman.

6 July 2021 | S&P Dow Jones Indices | Video: 19 min.

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A Dynamic Multi-Asset Approach to Inflation Hedging

In this paper, we construct a multi-asset index for inflation protection.  First, we look into forecasting inflation.  Next, we analyze the inflation sensitivity of various asset classes.  Then, we identify strategies for different inflation regimes.

2 August 2021 | S&P Dow Jones Indices

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Forecasting Long-term Equity Returns: A Comparison of Popular Methodologies

This white paper examines the empirical performance of two different approaches to forecasting future ten-year equity returns: a regression methodology using CAPE and a more traditional “building block” approach.

3 September 2018 | Amy Xie, PGIM

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Groundbreakers: Gen Z and the Future of Accountancy

In the rapidly evolving world of work, as organizations strive to adopt business practices that are more inclusive, sustainable, and recognise environmental and social impacts, how they engage with Generation Z workforce is critical.

5 May 2021 | Jamie Lyon, ACCA

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VIDEO: Making Innovation Accessible

Explore strategies and practices for identifying, selecting, and delivering innovation and disruptive technologies with Kim D. Arthur, Ben McMillan, Bruce P. DeLaurentis, and Benjamin M. Lavine.

1 July 2021 | S&P Dow Jones Indices | Video: 40 min.

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The Diversity of Real Assets: Portfolio Construction for Institutional Investors

What is the role of real assets in institutional portfolios? To answer, we first identify the major real asset classes, both public and private, review their salient features, and measure their performance since 1996.

22 April 2019 | PGIM: Harsh Parikh, Wenbo Zhang

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When the Dust Flies... How Volatility Events Affect Asset Class Performance

We investigate asset class performance before, during, and after volatility events. Specifically, how do stocks and bonds perform during such events? Is asset class performance leading into an event different than after the event?

27 April 2018 | Amy Xie, PGIM

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WEBINAR: Assessment of the Asset Management Industry in the Philippines - The Mutual Fund Sector

Results of a research study on the asset management industry in the Philippines, conducted by CFA Society Philippines in partnership with Asian Institute of Management, and Fund Managers Association of the Philippines.

13 August 2021 | CFA Society Philippines | Video: 1 hr 43 min.

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Harnessing the Potential of Private Assets: A Framework for Institutional Portfolio Construction

We present a cash flow-driven asset allocation framework that analyzes how top-down asset allocation and bottom-up private investing interact to affect portfolio’s ability to respond to liquidity demands in a multi-asset, multi-period setting.

3 June 2021 | PGIM: Junying Shen, Michelle (Yu) Teng, Ding Li, Grace (Tiantian) Qiu

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Institutional Gold!

There is a place for gold-related assets in portfolios separate from commodities and energy equities for its diversification and macroeconomic hedging benefits.

29 November 2019 | Harsh Parikh, PGIM

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Analyzing Empirical Returns and Risks of Factor Investing Strategies

This study will examine the dependencies between well-known factors and portfolio performance metrics, explore the application of K-means clustering in factor investing, and build a portfolio return and risk model using Machine Learning algorithms.

15 August 2021 | Armin Paul Allado, Yutaka Higashiyama

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Riders in the Storm: How Volatility Events Affect Private Asset Class Performance

We examine the average performance of the broad equity, fixed income, and private asset markets during a spike in VIX spike and in the pre- and post-volatility spike periods.

21 June 2020 | Junying Shen, PGIM

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The Journey to Net Zero

The landmark Paris Agreement marked a sea change in the global fight against climate change. Groundbreaking new datasets and index innovation are emerging, enabling investors to play an expanded role in achieving the goals.

28 July 2021 | S&P Dow Jones Indices: Mona Naqvi

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Company Makeover for Massive Profits: Finding the Right Root Cause of Problems to Implement the Right Solutions

Why some companies outperform others? Leadership and strategy certainly play a role, but the system and infrastructure of the company are equally important. The right system impacts all stakeholders: shareholders, employees, suppliers, and customers.

29 October 2020 | Ronawati Wongso, CFA

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Anticipating the Climate Change Risks for Sovereign Bonds

In the run-up to COP 26, reconciling the competing national agendas towards the global climate crisis remains a challenge. Understanding of the potential economic and financial risks, in the event of a disorderly transition or no transition at all.

10 August 2021 | FTSE Russell: Nicolas Lancesseur, Ph.D., Julien Moussavi, Ph.D.

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WEBINAR: Responsible Investing - The ESG-Efficient Frontier

The question of whether ESG improves risk-adjusted returns continues to be debated. The investor's problem can be reduced to a trade-off between ESG and Sharpe ratio, and under this framework equilibrium asset prices satisfy an ESG-adjusted capital asset pricing model, showing when ESG increases or lowers the required return.

17 August 2021 | CFA Societies Australia, CFA Society Singapore | Video: 1 hr

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Profiling Minimum Volatility

When it comes to low volatility portfolios, there are different approaches to index construction that yield different characteristics and results. In the U.S., the S&P 500 Minimum Volatility Index is one way to pursue lower risk in a systematic way.

29 June 2021 | S&P Dow Jones Indices: Fei Mei Chan, Craig Lazzara

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Creditworthiness of Prefecture-Level Governments in China

In this report, we assess the creditworthiness of 327 prefecture-level governments in China for which sufficient data are available. In most of them, debt burden is increasing but remains manageable, and liquidity is generally sufficient.

9 August 2021 | Pengyuan International: Ke CHEN, Jameson ZUO

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Divergent Opinions on Social Media

In this study, we analyze the informational value of tweets in which opinions diverge from the consensus one. We identify them using the most positive and negative intraday Twitter sentiments for each firm.

This paper has been submitted for the Asia Pacific Research Exchange Award at the 2021 New Zealand Finance Meeting.

7 August 2021 | Kotaro Miwa

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Ensuring All Retirees Find a Suitable Retirement Solution

This study reflects on the developing direction of retirement income policy in Australia. It argues that super fund trustees be required to engage with members so they can choose the process by which a suitable retirement strategy is selected.

4 August 2021 | Conexus Institute: David Bell, Geoff Warren

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ETFs in Insurance General Accounts – 2021

In our sixth annual study of ETF usage in U.S. insurance general accounts, for the first time we analyzed the trading of ETFs by insurance companies in addition to the holding analysis.

26 May 2021 | Raghu Ramachandran, S&P Dow Jones Indices

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WEBINAR: The Emerging Asia Pacific Capital Markets - Pakistan

Following liberalization measures in the 1990s, Pakistan’s stock market has modernized its operational architecture. The country offers attractive valuations relative to other emerging markets and an economy driven by strong domestic consumption.

5 August 2021 | CFA Institute | Video: 1 hr 4 min.

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The Consequences of Ultra-Easy Policies: Global Economic Recovery, Markets, and Rising Policy Concerns

We examine the intended and unintended consequences of Covid-19 monetary and fiscal policies on economic recovery and the equity and bond markets. We also share comments on responses of central banks to address the rising policy concerns.

25 July 2021 | Aditya Bhatia, Yash Shah

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Turbulent Times Ahead for Hard-to-Decarbonize Industries

There are challenges to decarbonize certain industries under intense pressure to do it quickly. The overhaul cost is high and it is uncertain who will be in the race. Investment in forestry offers diversification benefits.

26 June 2021 | CFA Society India: Labanya Prakash Jena

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VIDEO: Why Disruptive Innovation Matters to Advisors

Ric Edelman, Founder of RIA Digital Assets Council, explores the new economy, its potential sources of growth, and the importance of "future proofing" client strategies.

24 June 2021 | S&P Dow Jones Indices | Length: 18 min.

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The Effect of Tightening Fundraising Policies on China's LGFVs

Overall, we see the recent series of tightening measures imposed by various regulatory bodies help prevent system-wide defaults by LGFVs, as the oversight of systemic risk remains a priority for the regulators.

19 July 2021 | Pengyuan International

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Benchmarking the Green Bond Market: Adding impact to your fixed income strategy

In this paper FTSE Russell presents: an update on the growth in the impact of green bond markets; an outline of the evolving standards for defining green bonds and their role; and the importance of green bond indexes in measuring performance.

15 July 2021 | FTSE Russell: Joanne Saleeba, Lily Dai, Lily Chung

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The Role of Diversification Return in Factor Portfolios

The Diversification Return has long been supposed to represent the incremental return associated with portfolios that are regularly rebalanced. Is a traditional factor-based explanation of such portfolio's performance more appropriate?

14 July 2021 | FTSE Russell: Sergiy Lesyk, Andrew Dougan

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CFA Society Malaysia FinTech Forum 2021

CFA Society Malaysia presents the inaugural FinTech Forum 2021 - a three-part series of webinars, which spotlight leading finance and investment industry speakers and practitioners.

2-16 June 2021 | CFA Society Malaysia

FinTech Forum 2021 >

The Impact of the Pandemic on Insurance Companies: Practitioner's Brief

This practitioner's brief summarizes the CFA Institute 16 June 2021 webinar, which discusses how tighter regulatory regimes, geopolitical uncertainty, the ongoing digitization of the economy, and the Covid-19 pandemic have caused fundamental changes in the traditional insurance business.

26 July 2021 | CFA Institute, ACCA, CFA Society Hong Kong

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The Role of Venture Capital in Modern Capital Markets: Practitioner's Brief

This practitioner's brief summarizes the CFA Institute 13 April 2021 webinar, which discusses the origins, current trends and the future of venture capital.

26 July 2021 | CFA Institute

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VIDEO: Invest in Your Career to Reach the Top

CFA Society Philippines presents a series of pre-recorded webinars in which experienced financial professionals talk about opportunities and challenges of pursuing a career in their respective areas.

8 July 2021 | CFA Society Phlippines 

Corporate Finance (Video Length: 1 hr 4 min.) >

Data Science (Video Length: 47 min.) >

Fund Management (Video Length: 1 hr 24 min.) >

Regulatory Authority (Video Length: 58 min.) >

Risk Management (Video Length: 42 min.) >

Trading (Video Length: 1 hr 3 min.) >

Consulting (Video Length: 55 min.) >

Anticipating the Climate Change Risks for Sovereign Bonds - Part 2: Insights on the financial impacts

This paper provides an innovative and practical methodology that measures the financial impact of climate change risks on sovereign fixed-income assets.

8 July 2021 | FTSE Russell: Julien Moussavi, Thomas Lorans 

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SI Indexes: Top-Down Targets or Bottom-Up Aesthetics?

A debate is brewing as to whether headline, or “top-down”, Sustainable Investment targets, such as carbon emission reductions or ESG uplifts, are consistent with stock level, or “bottom-up”, conditions required for successful corporate engagement.

8 July 2021 | FTSE Russell: Andrew Dougan, Elizaveta Nebykova

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Building a Better Benchmark

Financial market indexes are nearly a century old and their role has evolved over time. Initially, indexes were used as an information tool. In the last few decades, indexes have assumed a central place in the investment business.

8 July 2021 | FTSE Russell: Catherine Yoshimoto

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Comparing Value Factor Performance in Global Equity Markets

The purpose of this analysis is not to identify the reasons for the slump in Value, but to analyze its performance by region and the differences in the sources of Value performance.

8 July 2021 | FTSE Russell: Tamura Hiromichi, Alex Chen

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An introduction to Collateralized Loan Obligations (CLOs)

We discuss key features of leveraged loans and collateralized loan obligations, which are a major financing source to the leveraged loan market. CLOs offer investors access to a diversified non-investment grade corporate credit portfolios.

8 July 2021 | FTSE Russell: Luke Lu, Elizabeth Han

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The S&P/ASX 200 ESG Index: Defining the Sustainable Core in Australia

The S&P/ASX 200 ESG Index is designed to align investment objectives with ESG values and can serve as a benchmark, as well as the basis for index-linked investment products.

24 June 2021 | S&P Dow Jones Indices: Daniel Perrone, Ryan Christianson

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Fiduciary Duties – ESG and the Risk of Director Negligence

An overview of board members' ESG responsibilities and risks, and what role governance professionals can play in ensuring directors comply with their fiduciary duties.

23 June 2021 | The Hong Kong Institute of Chartered Secretaries: Fiona Donnelly, Kevin Bowers

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COMPASS: The Methodology for Comparing and Assessing Impact

The GIIN published the COMPASS Methodology to offer investors insight into three critical impact performance figures: scale, pace, and efficiency. This effort seeks to standardize the components for and process of impact performance analysis.

19 May 2021 | Global Impact Investing Network (GIIN): Rachel Bass, Dean Hand, Kelly McCarthy, Sophia Sunderji, Noshin Nova

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Reducing Carbon Exposure in Australian Equities

An innovative way to reduce the carbon footprint of portfolios while constraining active risk is proposed in this paper, which evaluates the adoption of the S&P Global Carbon Efficient Index Methodology by the broad-based S&P/ASX 300.

4 May 2021 | S&P Dow Jones Indices: Akash Jain, Priscilla Luk, Tim Wang, Anurag Kumar

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Alpha Enhancement in Global Equity Markets with ESG Overlay on Factor-Based Investment Strategies

The paper finds that higher alpha can be harvested by restricting investment exposure to the ESG theme combined with various style characteristics, as they display low systematic and idiosyncratic tail risks. 

8 June 2021 | Subhransu Mohanty, Odette Mohanty, Mike Ivanof

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Climate Scenario Alignment, Net-Zero, and Uncertainty

The S&P Paris-Aligned & Climate Transition (PACT) Indices are designed to give investors confidence in following absolute decarbonization pathways.

6 May 2021 | Ben Leale-Green, S&P Dow Jones Indices

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Enabling an Efficient Regulatory Environment for AI

ASIFMA proposes a set of regulatory principles for AI which will form the basis for an efficient regulatory environment while supporting customer and investor protection, market integrity, and financial and systemic stability.

29 June 2021 | Laurence Van der Loo, ASIFMA

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How Is Covid-19 Affecting Global Pension Systems? Practitioner's Brief

This practitioner's brief summarizes the CFA Institute 8 December 2020 webinar, which discusses the latest Mercer report on the Global Pension Index, and addresses questions about the changing pension landscape, including the direction of potential pension reforms.

19 January 2021 | CFA Institute

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Measuring the Creditworthiness of China’s Corporates Using a Global Rating Scale

As China’s bond market continues to attract increasing interest from international investors, it is critical to assess the creditworthiness of China’s issuers using a global rating scale, allowing investors to compare investments on the same basis.

25 June 2021 | Ke Chen, Pengyuan Credit Rating (Hong Kong) Company

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Tokenised Securities in APAC: A State of Play

The paper provides updates on key developments in the tokenised securities space and what market participants think about the state of the tokenised securities market and ecosystem.

29 June 2021 | Laurence Van der Loo, ASIFMA

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Big Data for ESG Investing: Practitioner's Brief

This practitioner's brief summarizes the CFA Institute 15 April 2021 webinar, which sheds some light on how WeBank, a Chinese digital-only bank, utilises AI and alternative data sources to generate proprietary real-time data for ESG investing

15 April 2021 | CFA Institute

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Commercial Banks in Pakistan

In the turbulent 2020, Pakistan’s banking system stayed resilient to the economic shocks with the support of regulatory measures and relief incentives. These measures played a role in steering the future direction of the banks.

1 June 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Insia Raza

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Investors' ESG Expectations: An Asian Perspective

ASIFMA’s Asset Management Group seeks to explain why companies in the Asia region should adopt and disclose sustainable business practices that take ESG issues into account. This paper also provides practical guidance for institutional investors.

29 June 2021 | Yvette Kwan, ASIFMA

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Climate Change Integration in the Investment Process: Practitioner's Brief

This practitioner's brief summarizes the CFA Institute 9 April 2020 webinar, on Climate Change and ESG Disclosures, which discusses a few of the most pressing questions that financial professionals have to guide them in making effective decisions.

9 April 2020 | CFA Institute

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Asset Management Companies in Pakistan

Pakistan’s mutual funds holdings rose at a quick pace in 2020, with the AUM reaching PKR955bln in December. This growth is AUMs is attributable to both higher level of returns as well as new investments in mutual funds during the period.

1 June 2021 | The Pakistan Credit Rating Agency Limited: Saniya Tauseef, Insia Raza

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WEBINAR: The Emerging Asia Pacific Capital Markets - India

After a massive capital markets transformation, India has two of the largest stock markets in the world and an expanding asset management industry. But further improvements will be needed for India’s markets and economy to achieve their potential.

8 July 2021 | CFA Institute | Video: 1 hr 4 min.

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About the Author(s)

ARX Editorial Team

Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu