ARX Series
Most Read on ARX
(August - October 2021)
Overview
ARX is designed to bring together investment professionals in Asia Pacific and other regions to share their views, knowledge and experience, so that they can learn from their peers and thought-leaders. Below are the most often downloaded posts in the last three months.
To browse or search ARX's repository of more than 4,000 posts, select "Research" in the upper left-hand corner of the page.
Sector Analysis: A Framework for Investors
Different industries often require very different business models; and even within the same industry, the model that does add value to the business may vary somewhat from company to company. CFA Institute presents a series of articles detailing a framework for analysis of investment fundamentals of industries.
2019 - 2021 | CFA Institute
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
China Beyond Evergrande: Contagion or Containment?
Despite Evergrande's seemingly “too big to fail” scale, we expect Beijing to resolve the debt woes by prioritizing an orderly restructuring of the company, instead of offering direct support.
24 September 2021 | PineBridge Investments: Arthur Lau, Andy Suen, Fan Zhang
COVID-19 Impact on Bangladesh Economy
Like in most other nations, the outbreak of COVID-19 pandemic is an unprecedented shock to the Bangladesh economy. The report explores the possible impact of the ongoing pandemic on the broad economy and major industries of the country.
22 June 2020 | LankaBangla Asset Management Co. Ltd.
WEBINAR: The Emerging Asia Pacific Capital Markets - Asian Frontier Markets
CFA Institute Research Foundation presents the results of its overview of emerging markets in Asia Pacific. This webinar, the fourth in a series, covers Bangladesh, Cambodia, Mongolia, Sri Lanka, and Vietnam.
5 October 2021 | CFA Institute | Video: 1 hr 35 min.
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.
Property Bubble, Aging Demographics, and Common Prosperity / 房地产变局，人口老龄化对于共同富裕的意义
China’s aging demographics and slowing investment suggest higher consumption ahead. High asset allocation to property at peak price portends re-allocation to other assets, such as equity. China must adapt its growth model despite near-term costs.
中国面临的真正挑战，是如何在面对短期成本的前提下调整其未来的经济增长模式。人口老龄化和投资放缓意味着未来消费将愈发重要；在房价触顶之际，高比例房地产配置预示着资产配置向诸如股票等其他资产的再调整；城镇化进程放缓意味着城乡再平衡行稳致远，最终迈向共同富裕的康庄大道。
18 October 2021 | Hao Hong, CFA, BOCOM International
WEBINAR: T-Shaped Teams - The Roadmap for AI and Big Data Adoption in Investments
Incorporating artificial intelligence and big data techniques in the investment process is critical for the success of the future investment firms and investment professionals alike. And yet, many are struggling to find out where to begin and what to do to prepare themselves for the inevitable change. We discuss how investment organizations build T-shaped teams to connect the investment and technology functions for success.
15 September 2021 | CFA Institute | Video: 1 hr 7 min.
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.
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
WEBINAR: Ethical and Sustainable Business Models in the Banking, Insurance and REIT Industry
Capital market experts discuss whether the ethical business model still holds importance among listed companies in the banking, insurance, and REIT industries. If so, why? And how do we as investors analyze whether top management are fully committed to their ESG and CSR goals?
20 October 2021 | CFA Institute, ACCA | Video: 1 hr 33 min.
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.
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
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.
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
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.
从不同投资者群体持有的指数之间表现的差异可以看出，对于中国倡导的“共同富裕”这个概念，海外与国内投资者的理解截然不同。很显然，未来国内投资者将是中国实现“共同富裕”这一伟大目标更大的赢家。
25 August 2021 | Hao Hong, CFA, BOCOM International
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
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
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
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
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
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
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
Examining the Rise of Decentralised Finance: Trends, Challenges, and Opportunities: Practitioner's Brief
This practitioner's brief summarizes the CFA Institute 8 December 2020 webinar, which covered the basic structure of Decentralized Finance, including key advantages and limitations, as well as how this concept may evolve in the future.
8 December 2020 | CFA Institute
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
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
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
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
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.) >
Bangladesh Bank Monetary Policy Statement FY 2020-21
Bangladesh bank has announced an expansionary policy stance for the fiscal year 2020/21, with a high money growth rate and reduced policy rates, in response to the additional fund requirements for restoring the country’s economy affected by Covid-19. We present two papers analysing the policy statement:
- EBLSL Research: Monetary Policy Statement FY’21 Highlights (29 July 2020)
About the Author(s)
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu