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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 two months.

To browse or search ARX's repository of more than 3000 posts, select "Research" in the upper left-hand corner of the page.


The Coronavirus Epidemic: Implications for Markets

The economic and market impacts of the COVID-19 coronavirus may be much larger than those of the 2003 SARS virus. Why? China is a much bigger part of the global economy than it was 17 years ago.

12 February 2020 | MSCI: Zhen Wei, Jun Wang, Thomas Verbraken

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India's Quality Bubble: How Long Can the Bipolar Market Continue?

Indian equity markets have never witnessed as high a valuation in a few stocks for such a prolonged period as we see today. We attempt to unearth and understand the valuation bubble in perceived quality stocks in India.

30 October 2018 | Sunil Singhania, CFA, Abakkus Asset Managers LLP

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Goodwill Amortization Debate

A series of papers in which the International Valuation Standards Council explores whether goodwill is economically a wasting asset, and if so, if the life and implicit decline in value can be reasonably estimated and supported.

8 January 2020 | International Valuation Standards Council (IVSC), Kevin Prall

Part 1: Is Goodwill a Wasting Asset? >

Part 2: Information Value of the Impairment Test >


What Goes Down Must Come Up: Investigating Companies with Negative Book Value

In this paper, we attempted to study the historical performance of US companies with negative book value relative to the broader US equities, as well as to identify the factors that drive the performance of companies with negative book value.

17 July 2019 | Solactive AG

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Indonesia Green Infrastructure Investment Opportunities

Indonesia plans to expand its green infrastructure to achieve positive environmental and economic benefits. The four key sectors are: renewable energy, low-carbon transport, sustainable water management, and sustainable waste management.

1 February 2020 | Climate Bonds Initiative: Kristiane Davidson, Monica Filkova, Nabilla Gunawan, Amanda Giorgi

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China Market Strategy - Outlook 2020: Going the Distance

The leading indicator of China’s economic cycle is peaking, and will likely moderate in the coming months. The swine flu epidemic will boost inflation. Industry leaders will continue to offer opportunities. The US is heading for new highs.  

11 November 2019 | Hong Hao, CFA

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This publication has been assigned 1 Continuing Education (CE) credit under the guidelines of the CFA Institute Continuing Education Program. We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. You can find more CE content in the Continuing Education section of ARX.


2020 ESG Trends to Watch

ESG themes are long-term, but some can emerge with sudden force. Five trends are expected to unfold in 2020: climate change innovation, new terms of capital, re-valuing real estate, transforming workforce, and accountability to new stakeholders.

13 January 2020 | MSCI ESG Research LLC: Linda-Eling Lee, Meggin Thwing-Eastman, Ric Marshall

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Rethinking Commodities

Commodities historically have been used for diversification and inflation protection. But they can also be used as building blocks to express investment themes, as tactical trading tools, and as a component of a multi-asset risk premia allocation.

5 February 2020 | S&P Dow Jones Indices: Fiona Boal, Jim Wiederhold

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Trend Factor in China: A 4-Factor Model for the Chinese Stock Market

The paper proposes a 4-factor model for the Chinese stock market by adding the trend factor to Liu, Stambaugh, and Yuan’s (2019) 3-factor model. The new model strongly outperforms existing factor models in explaining anomalies and mutual fund returns.  

This paper has been submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

18 November 2019 | Yang Liu, Guofu Zhou, Yingzi Zhu

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This publication has been assigned 1 Continuing Education (CE) credit under the guidelines of the CFA Institute Continuing Education Program. We encourage CFA Institute members to login to the CE tracking tool to self-document these credits. You can find more CE content in the Continuing Education section of ARX.


The Future of Asset Management in China

The FleishmanHillard report examines investors' attitudes and behavior in China and offers an analysis of the liberation trends of the asset management industry.

1 November 2019 | Patrick Yu, Paolo Danese | 1 CE

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Investing in Listed Real Estate: Practical Considerations

Real estate is a popular asset class. One of the ways to get exposure to it is via listed real estate companies. In this report we are looking at practical considerations of investing in listed real estate.

10 October 2019 | FTSE Russell

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Corporate Non-Financial (ESG) Incident Report 2018: Top 200 Korean Listed Companies

An overview of ESG incidents among Korea’s top 200 listed companies in 2018, based on Who's Good ESG Incident Analysis, a real-time AI-based corporate ESG risk analysis platform, which analyses incidents reported in news.

22 October 2019 | Who's Good, PBC

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Practitioner's Brief: A Digital Currency Valuation Framework is Born

Although many have dismissed Bitcoin as not having any intrinsic value, analysts and portfolio managers pioneering digital currency trading continue to wrestle with the task of assigning a fair market value to crypto-assets. In the paper “Tokenomics: Dynamic Adoption and Valuation,” Lin William Cong, Ye Li, and Neng Wang have taken a broad leap for the financial industry by providing the first dynamic asset-pricing model of digital coins on blockchain-based platforms.

21 October 2019 | Rich Blake

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Economic Analysis for Non-Economists: The Investment Case for Myanmar 2019

This technical note attempts to assist non-economists in the task of performing an initial economic analysis for an emerging market economy (using Myanmar as a case study), primarily for the purpose of underwriting a cross-border investment. 

27 December 2019 | Paul Anslow

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Factor Investing Considerations: Questions and Answers

Portfolio construction methods are many and varied, particularly when it comes to the creation of portfolios exposed to common factors, such as value, size and quality. In this paper, FTSE Russell addresses questions  frequently asked by clients.

4 December 2019 | FTSE Russell

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Investing in Emerging Market Equities: Developing and implementing strategies that balance risk and reward

The report sponsored by FTSE Russell, featuring whitepapers, interviews, and roundtable debates. It covers tensions, tariffs and trade wars; balancing risk and reward; the business growth cycle in global emerging markets and the role of China.

4 December 2019 | Clear Path Analytics, FTSE Russell

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How Climate Change Could Impact Sovereign Risk

Climate change has implications for sovereign risk in both advanced and emerging economies, via changes in fiscal policy, social contract and political stability. Physical risks correspond to the potential economic and financial losses caused by climate-related hazards. Transition risks can be defined as the risk of economic dislocation and financial losses associated with the process of adjusting to a low-carbon economy.

4 December 2019 | FTSE Russell

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Golfing for Information: Social Interactions and Economic Consequences

Social interactions of company directors at golf courses allows them to acquire information that helps realize higher profits. Such interactions help developers buy new land and sell new units at lower prices, but there are spillover effects.

Winner of the best paper award at the 32nd Australasian Finance and Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School, held in Sydney, Australia, on 16-18 December 2019. View all AFBC 2019 submissions.

19 November 2019 Sumit Agarwal, Yu Qin, Tien Foo Sing, Xiaoyu Zhang

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Predictability of ICO Success and Returns

An empirical study of 432 initial coin offerings (ICOs) identifies factors - such as investor sentiment, time horizon and correlation with other assets - that can provide predictability of an ICO’s success and its returns.

This paper has been submitted to the 2019 Australasian Finance & Banking Conference organised by the Institute of Global Finance and the School of Banking and Finance, UNSW Business School. See all AFBC 2019 submissions.

19 November 2019 | Tobias Dean, D Dulani Jayasuriya,  Alastair Marsden

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Bangladesh Steel Industry

Bangladesh is one of Asia's leading emerging steel markets and has a growing need for raw materials and steel-making technologies. Fortunately, the country has a proud heritage of steel making, with over 400 steel, re-rolling and auto-re-rolling mills.

29 December 2019 | Mohammad Asrarul Haque, Abdullah Arif

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Sector Analysis: A Framework for Investors

The key to a company’s success depends on how well it executes its business model. This calls for optimising the allocation of limited resources to generate sustainable cash flows, for investing in new products, technologies, and services in responding to the wider competitive landscape or societal changes and mega trends, as well as for devising appropriate responses in the face of an evolving macroeconomic, regulatory, and political environment.

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.

To help investors undertake proper due diligence on a company, CFA Institute has generated a framework of analysis designed to tease out whether the pertinent factors favour the firm in question, and  whether management is effective in executing its business model or value-generating strategies, while responding appropriately to its external environment.

The series of articles addresses individual sectors and incorporates interviews with professionals within those sectors.

1 November 2019 | CFA Institute | 1 CE

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About the Author(s)

ARX Editorial Team

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

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