ARX Series
Most Popular on ARX
(January - March 2024)
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 5,000 posts, select "Research" in the main menu.
Forward Beta that Includes Market and Stock Fundamentals
Beta (using past prices) is probably the largest source of error in equity valuation. It is the only factor that is based on history while all others are forward-looking. This paper proposes using forward looking beta based on fundamentals factors.
22 Dec 2023 | Susheel Narula
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
Sector Analysis - A Framework for Investors
CFA Institute and ACCA present a series of articles detailing a framework for analysis of investment fundamentals of industries.
2020 | CFA Institute
The Hidden Impact of Private Money Creation on Stock Returns
Using the FinTech reform as an exogenous shock, we provide difference-in-differences evidence that the hidden impact of private money creation on cross-sectional return predictability is amplified by more than 100 percent following the shock.
07 Dec 2023 | Xing Han; Wenqiong Liu; Yuliang Wu
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
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
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
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
Why Do Dividends Matter?
Income generation may be sought out by a variety of market participants, including those nearing retirement and those seeking a source of passive income.
11 Oct 2023 | Jason Ye, CFA; Andrew Geoghegan; S&P Dow Jones Indices
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
ESG Disclosure and Investors’ Attention: Evidence from Mutual Fund Prospectuses
This study explores the impact of specific vs. generic ESG disclosures in U.S. equity mutual funds' prospectuses on fund flows and flow-performance sensitivity, finding that specific disclosures enhance flow and sensitivity.
04 Dec 2023 | Huayu Shi; Helen Lu; John Lee
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
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
Do Different Measures of Stock Market Volatility Risks Have the Same Price?
Common measures of aggregate volatility are priced differently in the cross-section of stock returns. This finding is hard to reconcile with existing theories, but potentially consistent with partial segmentation between equity and options markets.
03 Dec 2023 | Guanglian Hu
Climate-Related Stress-Testing and Net-Zero Valuation: A Case Study for Selected Energy-Intensive Companies
In this paper, we align the MIT EPPA projections with company level financial statements in order to build investment guide ratios for both equity and corporate bonds. We introduce a novel top down methodology for transition risk analysis.
28 Nov 2023 | Theo Le Guenedal; Henry Y.H. Chen; Sergey Paltsev; Yassine Derbel; Frederic Lepetit; Rami Mery; Benjamin Duval; Mathieu Jouanneau; Matthieu Keip; Le Berthe Tegwen
Carbon pricing and firms’ GHG emissions
This study investigates the impacts of carbon pricing policies on firms' greenhouse gas (GHG) emissions. We include two carbon pricing policies: carbon tax and emission trading scheme (ETS) at national and sub-national (province) levels.
01 Dec 2023 | Hai Le; Dina Azhgaliyeva
Recorded Webinar: Unleashing the Power of AI: Exploring Data Science for Investment Professionals
During the webinar, Charles Cheung, PhD, Solutions Architect Manager and Deputy Director, AI Technology Center of Nvidia and Ginny Wong, PhD, Data Scientist of Nvidia shared their insights on the evolving AI landscape, and how AI is impacting the finance and investment industry from business operations and investment decision-making point of views.
7 November 2023 | CFA Institute | Video:1 hour 13 mins
Investing in China: Does the Opportunity Outweigh the Risk?
This research focuses on China’s equity market and review its constant evolution, growth and diversification across sectors and industries, offering reasonable growth adjusted valuations.
07 Dec 2023 | Jie Cai; Linlin Yang; Yan Yan; FTSE Russell
Tracking the Evolving Yield Landscape with Indices
S&P DJI's Randolf Tantzscher joins SSGA's Kheng Siang Ng for a closer look at how indices are helping investors track the development of global fixed income markets and assess potential shifts in the search for yield.
02 Dec 2023 | Kaman Luk; Kheng Siang Ng; Randolf Tantzscher; S&P Dow Jones Indices
A Tactical Look at Sectors
How are advisors using sector data to understand market trends and inform investment decisions? S&P DJI's Anu Ganti joins Fairlead Strategies' Katie Stockton to discuss practical applications for sector indices.
20 Nov 2023 | Anu Ganti; Katie Stockton; S&P Dow Jones Indices
The Effect of Divestment from ESG Exchange Traded Funds
This paper aims to empirically investigate whether divestment by, predominantly passive, Environmental, Social and Governance (ESG) Exchange Traded Funds (ETFs) can affect firm level share prices and cost of capital, as a channel of impact.
03 Dec 2023 | Sebastian Gehricke; Pakorn Aschakulporn; Tahir Suleman; Ben Wilkinson
Recorded Webinar: Managing Climate-Related Risks and Opportunities in Equity Analysis and Investment
The Securities Exchange Commission Thailand and CFA Institute co-hosted a webinar in which expert speakers shared their experiences, provided insight into the difficulties of addressing climate change in equity analysis and investment management, global best practices, and discussed how we can improve disclosure and governance to ensure our sustainability goals can be met.
23 November 2023 | CFA Institute; The Securities Exchange Commission Thailand; CFA Society Thailand | Video:1 hr 40 mins
How Climate Transition Risk May Impact Sovereign Bond Yields
How might climate transition risk affect government bond portfolio performance? In this paper, MSCI quantified the impact of transition risk on sovereign bond yields using their Sovereign Bond Climate Value-at-Risk model.
31 Mar 2023 | Bhaveer Shah; MSCI ESG Research
Webinar: Markets in Focus: Looking Beyond the Rate Hikes
Co-hosted with MSCI, our recent webinar examined the dynamic world of index investing. MSCI experts discussed indexes' reactions to rate-cycle pauses and pivots, and the evolving role of equity factors in asset allocation.
13 July 2023 | CFA Institute; MSCI | Video: 1hr 11mins.
Webinar: Changes to the International Valuation Standards (IVS) – Public Consultation on the Exposure Draft
In this event, two technical directors of the IVSC, Alexander Arohnson and Nicolas Konialidis went through the proposed changes and explain their rationales. The IVSC looks forward to receiving feedback both from individuals writing in their personal capacity and from organisations.
4 July 2023 | CFA Institute; IVSC | Video: 1hr 28mins.
The Elephant in the Investing Room: Self-Awareness
The role of behavioral finance is increasingly getting acknowledged in decision-making. I demonstrate how self-awareness is key to the applications of behavioral finance. I draw in from personal observations and global examples.
16 Oct 2023 | Jolly Balva, CFA; CFA Society India
Crypto Assets Investment Risk & Opportunities
In this panel discussion of 2023 World Investor Week forum in Taiwan, speakers illustrated some use cases of crypto in the corporate world and the finance industry. They also discussed the risks and opportunities of crypto investment.
2 November 2023 |I.C. Liu, CFA; Alex Liu; Gerald Goh; CFA Society Taiwan | Video: 39 mins.
Fixed Income Investing in US Recessions
During economic downturns, fixed income has been shown to provide diversification benefits and reduce the volatility of portfolios that include risk assets such as equities.
19 Nov 2023 | David Peterson, CFA; Zachary Knope, CFA; MFS Investment Management
Estimating Long-Term Expected Returns
We run a horse race of the abilities of different frameworks and input proxies within each framework to estimate 10- and 20-year out-of-sample returns over 140-year and more recent time periods.
20 Nov 2023 | Rui Ma; Ben R. Marshall; Nhut H. Nguyen; Nuttawat Visaltanachoti
Outlook 2024: A Year of Normalization / 展望 2024：无往不复
Year two of normalization with similar trading range. CNY weakness/China-US yield gap at extremes and set to normalize. PBOC sterilization to wane after strong liquidity growth; fiscal policies coming.
复常的第二年，交易区间延续。人民币弱势/中美利差臻至极点，并应均值回归。流动性充足，央行冲销力度减弱在即；财政政策有望发力。
8 Nov 2023 | Hao Hong, CFA; GROW Investment Group
About the Author(s)
Senior Director: Scott Lee
Project Manager: Natalie Yiu
Coordinator: Christy Leung