CAMRI Research Digest: Academic Perspectives
CAMRI Academic Perspectives is a periodic compendium of academic research summaries & views edited by Associate Professor Johan Sulaeman, Research Director at CAMRI & Associate Professor and Dean's Chair of Finance at NUS Business School. We hope you enjoy reading our CAMRI Academic Perspectives digest.
The DEX Primer: A Novel Approach to Supplanting Traditional Financial Markets
by Dr Yao Qian, General Manager of the China Securities Depository and Clearing Corporation Limited and former Director-General, Digital Currency Research Lab, The People’s Bank of China (October 2018)
Private Equity in Emerging Asia Continues to Intrigue and Confound
by Markus Taussig (August 2014)
The Low-Down On Hedge Funds: Re-Examining The East-West Divide
by Joseph Cherian, Christine Kon and William Weng (May 2014)
Please click here for the full version of the updated paper entitled, "A Tail of Two Cities: On the Downside Risk and Loss Profile of Asian and North American Hedge Funds", by Joseph Cherian, Christine Kon and William Weng, The Journal of Alternative Investments, Summer 2016, v. 19, 55-77
Consumer Behaviors in Financial Markets: Financial Crisis and Policy Implications
by Sumit Agarwal (March 2014)
CAMRI Research Digest: Global Perspectives (by Dr Brian Fabbri)
CAMRI Global Perspectives is a digest of market research & views by Dr. Brian Fabbri, Visiting Senior Research Fellow at CAMRI & President of FABBRI Global Economics . We hope you enjoy reading our CAMRI Global Perspectives digest.
November 2018: Private and Sovereign Debt Review: Which Fuse Isn’t Lit
September 2018: The 21st Century: the Wealthy Become Wealthier
July 2018: The EU Suffers Most from Known Risks
March 2018: Is It Time to Take Away the Punch Bowl?
To view past Commentaries by Dr Brian Fabbri, please visit the following links:
Market Outlook Series
The CAMRI Market Outlook Series publishes thought leadership articles periodically, which carries the (medium-term) perspectives, views and/or outlooks of various NUS Business School and CAMRI-associated authors as they relate to markets, the economy, asset classes, etc., with a particular emphasis on - or implications for - Asia.
An Interview with Atsushi Yoshikawa: An Insider’s View of Japan & Financial Services
by Pranay Gupta (July 2018)
Over the last 40 years, Atsushi Yoshikawa has led and managed companies across the world for the Nomura Group, spanning businesses in Asset Management, Investment Banking and Real Estate. In a candid personal interview, he shares his views on Japan - a country revered as the harbinger of innovation, yet struggling as an economy for decades - and on the future of financial services.
Can McDonalds and Starbucks help solve the global retirement problem?
In a commentary, Pranay Gupta (Research Consultant, CAMRI) says that society makes saving for retirement much more difficult as compared to spending for consumption. The author provocatively suggests that next time you are at a Starbucks or McDonalds, the server should apart from asking, “Do you want fries with that?” or “Would that be a Tall or Grande?”, also ‘nudge’ you with, “Would you like to put $2 aside in your retirement account today?” He also states that just as a commuter doesn’t need to know how the engine of a bus works, who the bus driver is, or even what route the bus will take when getting from one location to another - as long as it gets you there safely and in a timely fashion - we all also understand the benefit of gaining $10 versus the pain of losing $5 when it comes to investing. As a consequence, it is not the investor that needs financial education, rather it’s the investment industry that needs to keep their bottomless pit cookbook of financial jargon covering alpha (and a portable version of it), beta (and a smart version of it), risk parity, all-weather, manager selection, options, structured products, equities, hard currency bonds, etc., to itself!
The Business Times (Thursday, 17 May 2018)
Infrastructure finance and the new economy: A case for tokenising
In a commentary, NUS Business School alumni Darius Sit and Mitchell Chan from QCP Capital and JL Capital respectively, also graduates of the CAMRI Student Managed Fund Track, say blockchain tokens, essentially part of a ledger where a copy is owned by every participant in a network, will only have new entries following majority consensus. Both say this ensures transparency, security and immutability, three crucial characteristics for investor confidence, and leading to more participation from the private sector in the region’s infrastructure projects.
The Business Times (Tuesday, 10 April 2018)
Beyond Bitcoin: Uncovering the Potential of Blockchain
In a commentary, Visiting Senior Research Fellow Emir Hrnjic (CAMRI) says blockchain technology has revolutionary potential, as it enables the transfer of value from one user to another without the need for an intermediary like a bank.
Channel NewsAsia (Tuesday, 13 March 2018)
A version of this article also appeared in ThinkBusiness.
A Unified Market Approach to the Infrastructure Finance Market
A working paper by Ranjan Chakravarty, Visiting Research Consultant at the Centre for Asset Management Research and Investments (CAMRI) at NUS Business School, Joseph Cherian, Practice Professor of Finance at the NUS Business School and Director of CAMRI, Kiyoshi Nishimura, CEO of the Credit Guarantee & Investment Facility (CGIF), an Asian Bond Markets Initiative funded by the Asian Development Bank and the governments of ASEAN, China, Japan & Korea, and Wong Heang Fine, Group CEO of Surbana Jurong, one of the largest Asia-based multi-disciplinary urban, infrastructure and management services consultancies, wholly owned by Temasek.
The gap in supply and demand of infrastructure project funding and institutional asset allocation needs to be closed, the market completed, and better risk-adjusted excess returns earned by the parties that perform this task. The current analysis, by writers from an academic institution, an Asian infrastructure consulting firm and a multilateral development bank, underscores that the solution to this conundrum is unique – based clearly on a global approach combining cutting-edge techniques in valuation, structured finance and capital markets – and which an intermediation role can be effectively played by global financial centers of the world. Origination in the infrastructure business lies in asset ownership, asset management and investible capital. The first is the sovereign in whose jurisdiction the asset exists or is being developed. The second is the asset manager who structures the asset’s finances on the sell-side and books it on the buy-side. The third is the source of investible capital, which are mainly the asset owners. The availability of long term savings and capital in local currencies to match the financing needs of long term infrastructure is hence paramount.
A version of this article also appeared in Asia Asset Management's May 2018 issue.
PPI Infrastructure Working Group - Summary of Discussions
by Pacific Pension & Investment Institute (25 October 2016)
CAMRI, a frequent partner to the Pacific Pension & Investment Institute’s Executive Seminar and Asia Roundtable Series, is pleased to announce that a summary of the discussion held by the PPI’s Infrastructure Working Group, which met on the sidelines of the PPI’s Asia Roundtable 2016 program in Hong Kong, is now available by clicking here.
The Pacific Pension & Investment Institute (PPI) is a U.S.-based, non-profit organization with a global network of pension and sovereign fund managers, endowments, consultants, asset managers and subject matter experts. The PPI’s Infrastructure Working Group, which convened in Hong Kong on 25 October 2016, comprises a group of 30 asset owners and influential stakeholders. This is just the first of a series of discussions by the PPI to:
a) Understand the roles, barriers and risks as viewed by project sponsors, asset owners, developers and investors
in the current infrastructure investment environment;
b) Support relevant investment platforms, whether currently in place or newly structured;
c) Unify a number of the fragmented approaches to the issues; and
d) Develop a set of recommendations that will be made available to PPI’s members so as to help move the
conversation on solving the infrastructure funding gap forward.
Prof Joseph Cherian, Director of CAMRI, served as the Moderator for the inaugural Infrastructure Working Group discussion session held in Hong Kong.
The long march to the future economy
By Joseph Cherian and Lee Kang Hoe (June 2016)
While governments should sweat the big stuff when funding and guiding science & technology basic research, a less interventionist approach on the small stuff will probably serve Singapore well. This article appeared in The Business Times (7 June 2016).
A version of this article also appeared in NUS Think Business, 22 June 2016, entitled, "The Long March to the future economy", and South China Morning Post, 11 November 2016, entitled, "To cultivate the industries of the future we need to invest in this intangible human quality."
The State of the Asset Management Industry: Tipping Points and Trends
By Ranjan Chakravarty and Joseph Cherian (November 2015)
This article appeared in Asia Asset Management's 20th Anniversary (2015) Special Edition Issue
Time ripe for Singapore to become Asian corporate bond trading hub
By Joseph Cherian and Marti Subrahmanyam (October 2015)
This article appeared in The Business Times.
Hazeonomics: Seeing through the smoke
By Joseph Cherian, Jack Loo and Ang Swee Hoon (September 2015)
This article appeared in The Malaysian Insider, The Jakarta Post, Inquirer.net and was cited in an INTER PRESS SERVICE (IPS) News Agency feature article entitled, "ASEAN Agreement on Haze? As Clear as Smoke."
Rudiments of Infrastructure Finance and the Case for Singapore
by Ranjan Chakravarty and Joseph Cherian (September 2015)
Oh, behave! Why the AIIB can be a win for China and Asia
By Joseph Cherian (August 2015)
Versions of this article appeared in NUS Think Business and The Business Times.
Seizing the day
by Joseph Cherian (August 2015)
This article appeared in Asia Asset Management
A version of this article also appeared in The Business Times, 10 September 2015, entitled, " Seeking Relevance in a Shrinking Sandbox."
The CPF: Making a Good Programme Even Better
by Joseph Cherian and Danny Yong (August 2014)
This article was carried by IPS Commons
Safeguarding India's Growth Prospects: A Macrofinance Perspective
by Ranjan Chakravarty and Joseph Cherian (July 2014)
This article was carried by NUS Think Business.
Evolving the Investment Framework for Private Wealth Investment Management
by Pranay Gupta (April 2014)
The Global Financial Centres Index 15
by Qatar Financial Centre Authority (March 2014)
Hazenomics: Facing the Fire
by Joseph Cherian (July 2013)
An edited version of this article was also carried by NUS Think Business (16 July 2013)
A recent commentary, based on the July 2013 original article, appeared as "Hazeonomics: seeing through the smoke", by Prof Joseph Cherian (Director, CAMRI), Mr Jack Loo (Associate Editor, Think Business) and Assoc Prof Ang Swee Hoon (Dept of Marketing)
The Malaysian Insider (Monday, 21 Sept 2015)
The Jakarta Post (Sunday, 20 Sept 2015)
Inquirer.net (Monday, 26 Oct 2015)
Musings of a Long-term Investor: Framing the Past (Part 1)
by James Cheng (April 2013)
The Interest Rate Conundrum: Interest Rates Are Too Low
by Brian Fabbri (February 2013)
Income Inequality and the Limits to Capitalism: The Haves and Have-Nots
by Brian Fabbri (October 2012)
Single Dimensional Thinking in A Prismatic World: A Multidimensional Word of Advice from An Investor in This Volatile Investing World
by Michael Yoshikami (August 2012)
Arithmetic Deniers and Global Financial Stress
by Randall Morck and Bernard Yeung (July 2012)
The Euro Crisis and Austerity: The Road to a Lost Decade
by Brian Fabbri (July 2012)
Is There Room for Commodities in Today's Investment Portfolio?
by Chew Loy Cheow (June 2012)
Permanent Market Volatility, Connectivity, Globalisation, and Synchronized Panic
by Michael Yoshikami (March 2012)
Europe's financial crisis: What does it mean for private equity?
by Veronica Eng (March 2012)
(Re-)Evaluating the Policy Response to the Eurozone Crisis and its Implications – A Reprise
by Ranjan Chakravarty and Joseph Cherian (December 2011)
The nagging Eurozone crisis and its implications for Asia
by Ranjan Chakravarty and Joseph Cherian (November 2011)
CAMRI Executive Roundtable Luncheon Series
The CAMRI Executive Roundtable Luncheon Series at NUS Business School is a small, by invitation only group discussion about a pertinent, relevant and timely financial economic topic. It is usually led by a CAMRI-affiliated faculty member or fellow, and the discussion takes place in the presence of senior leaders from the industry and academy. Our practice is to post meeting summaries right after the Roundtable Discussions.
Some Thoughts on Digital Currency (Strictly By-Invitation Only)
By Dr Yao Qian, Director-General of Digital Currency Research Lab, People’s Bank of China (Friday, 20 April 2018)
Quantum Technologies, AI, Big Data, & the Internet of Things
By Dr Steven E. Koonin, Director, Center for Urban Science and Progress at NYU (Friday, 5 January 2018)
The Potential for Shared-Use Infrastructure
By Ms Staci Warden, Executive Director, Center for Financial Markets at the Milken Institute (Monday, 11 January 2016)
Liquidity and the Development of Robust Corporate Bond Markets
By Professor Marti G. Subrahmanyam, Charles E. Merrill Professor of Finance and Economics, Stern School of Business at New York University (Monday, 2 February 2015)
To see the results from an audience e-survey we conducted during this Roundtable, please click here, Asian Bond Markets Survey Results (Sample Size = 32)
Now-casting and the Real Time Data Flow
By Professor Lucrezia Reichlin, Professor of Economics at the London Business School, and Non-Executive Director of UniCredit Banking Group and AGEAS Insurance Group (Thursday, 17 July 2014)
Investment Principles – Beliefs and Truths
By Mr Charles Brandes, Founder and Chairman, Brandes Investment Partners (Thursday, 13 March 2014)
To see the results from an audience e-survey we conducted during this Roundtable, please click here, Value Investing Principles Survey Results (Sample Size = 23)
The Third Party Plenum of the 18th National Congress
By Professor Anthony Neoh, QC, SC, JP, Member and former Chief Advisor of the International Advisory Board of the China Securities Regulatory Commission (CSRC); former Chairman of the Hong Kong Securities and Futures Commission (SFC); and Dean's Visiting Professor at NUS Business School (Wednesday, 22 January 2014)
To see the results from an audience e-survey we conducted during this Roundtable, please click here, Chinese Financial System Survey Results (Sample Size = 22)
Capital Flow Management: Elusive Global Consensus or Comprehensible Confusion?
By Dr Duvvuri Subbarao, former Governor, Reserve Bank of India & former Finance Secretary, Government of India (Friday, 15 November 2013)
To see the results from an audience e-survey we conducted during this Roundtable, please click here, Capital Flow Management Survey Results (Sample Size = 26)
To view the NUS Think Business video interview with Dr Subbarao, please click here.
By Dr Kim Sun Bae, NUS Business School Practice Professor & former Chief Economist - Asia, Goldman Sachs (Tuesday, 3 September 2013)
QE Tapering and Its Impact on Asia
By Dr Brian Fabbri, CAMRI Visiting Research Fellow & former Chief Economist – Americas, BNP Paribas (Thursday, 29 August 2013)