Director Joseph Charian [photo]

CAMRI Director's Message


Dear Readers,

It's been an exciting journey since our last update in April 2013. As many of you know, one of CAMRI's core missions is meaningful outreach related to the asset management industry. It's our responsibility as academic stewards to showcase the relevant issues and available research at hand to the public. To that, there were three events that we recently hosted, which we hope has made an impact. The first event was the Asset Owner's Dialogue (AOD) held in Beijing, China. The second was the CAMRI Executive Roundtable Luncheon Series that engages NUS Business School faculty, policy makers and industry practitioners to discuss, usually robustly, pertinent and timely topics of public and financial interest. Lastly, we launched the Influential Women in Banking & Investments Forum at NUS.

We hope you will take a few minutes to review and enjoy CAMRI's latest e-Newsletter, which not only have summaries of our other activities provided below, but also convenient clickable web-links to the associated full articles and commentaries. Finally, as we approach this Holiday Season, we would like to sincerely thank you for your continued support of CAMRI. We've hence prepared this special e-Greeting Card to wish all of you a Festive Holiday and Happy New Year.

Thought Leadership
CAMRI Executive Round Table Lecture Series
Past Events
Research Projects
Camri in the News
Upcoming Events
New Staff


Thought Leadership
Dr. Brian Fabbri [photo]

CAMRI Monthly Research Digest: Global Perspectives by Brian Fabbri


CAMRI Global Perspectives is a monthly digest of market research & views by Dr. Brian Fabbri, Visiting Research Fellow at CAMRI & President of FABBRI Global Economics.

. In Debt We Trust: An In-depth Analysis (a.k.a. A Case of Too Much Debt that Everyone Owns) . QE Comes and Goes
. Currency Conflict – A Hazy Outlook?
  . Financial Markets and the Economy
. Is the US Credit Crisis Over?    
. Watch What He Says    


October 2013: In Debt We Trust: An In-depth Analysis (a.k.a. A Case of Too Much Debt that Everyone Owns)
Too much has been written about the debt ceiling and political dysfunction in the US and it’s critical corroding effects on global confidence. Congress in the 12th hour did pass a debt ceiling increase to $14.7 trillion on October 15th, enough to keep the government functioning until early February when Congress has another opportunity to restore some of its tarnished image, or embarrass itself again. The most important action Congress could take would be to abolish the debt ceiling because it has proved to be not a good procedure to control budget deficits. Moreover, each episode of debt-ceiling crises has become a global weapon to undermine US political and financial credibility.

September 2013: Is the US Credit Crisis Over?
It is well known that Americans indulged on cheap and abundant credit during the last decade and it led many households to acquire more assets than they could afford. Debt service ratios soared and household liabilities climbed well above their disposable personal income. This debt to income ratio reached a threatening proportion of 134% in Q4 2007.

Financial institutions were also to blame for engaging in lax lending standards, securitizing their unworthy liabilities in complicated transactions, and distributing them globally to naive and careless investors. Federal fiscal oversight was equally negligent, relying upon presumed market discipline to expose, and then rein in the credit bubble. It didn’t. After nearly two years of recession, and almost four years of lackluster cyclical recovery, the economy has by most measures just climbed back to where it was before the debacle. However, is economic growth finally ready to accelerate above its recent meager pace and ascend up to its past growth rates? 

August 2013: Watch What He Says
In most action movies the protagonist is often asked, ‘You talk the talk, but do you walk the walk?’ This challenge is often asked of good and bad guys to back up their comments with action, and one who just talks and does not act is immediately ignored and disrespected. In financial markets the advice given to young traders about monetary policy a few decades ago was ‘watch what he does and not what he says.’ The ‘he’ referred to the Chairman of the Federal Reserve Board. Then, the chairman was often the only authoritative voice speaking for the Fed. However, there were several instances when the chairman publicly rebuked other committee members for speaking out of turn.

July 2013: QE Comes and Goes
Quantitative easing is not a new monetary policy tool. It has been used by the Federal Reserve and the Bank of England in past crisis more or less successfully and less so by a number of developing country central banks. Central banks resort to purchasing their own government’s debt (quantitative easing) during extreme financial crisis and when they run out of room to maneuver using traditional policy tools. In the present situation, advanced economy central banks lowered policy rates close to zero, effectively limiting further traditional easing actions. In the US the Federal Reserve also included mortgage backed securities (MBS) issued by Federal agencies to their purchases in a targeted approach to aid a severely stressed sector of the economy.

June 2013: Currency Conflict – A Hazy Outlook?
The noble effort to revive the moribund Japanese economy has caused tension among Japan’s Asian trading counterparts. The yen depreciated 28% again the dollar in the span of 9 months, propelling the Nikkei up by 66% over the same period. It has attracted international attention to the aggressive Japanese monetary strategy, and awakened domestic interest in their moribund equity market and economy. One early sign of success has been the improved demand for homes and mortgages. Fear struck Japanese home buyers that policy might become successful and send home prices and mortgage rates upwards. It is too early to judge whether the Prime Minister’s three-pronged strategy will succeed, but it has caused reactions among Japan’s Asian trading partners.

May 2013: Financial Markets and the Economy
The direction of an economy’s stock market has long been considered a good barometer of the health of that economy. Over the past several quarters stock markets throughout the world have been rising rapidly while the economies of the developed world have been stagnating and the growth in the economies of the developing world have been decelerating rapidly.  

Another very good market barometer of economic activity is the price of commodities. The relationship between global industrial production and virtually any broad index of commodity prices has been highly positively correlated over long periods of time. It still is: commodity prices have been falling for almost a year and the growth in global industrial production has been subsiding. Therein lies the contradiction between the soaring prices of stock markets and the dismal performance of the underlying global economies.


Market Outlook Series at CAMRI

These are thought-provoking and timely pieces carrying the perspectives, views and 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.

Hazenomics: Facing the Fire

by Joseph Cherian (July 2013)

An edited version of this article was also carried by NUS Think Business

Let's suppose you have a chain-smoking neighbour who happens to watch late-night TV with a lit cigarette in hand. You have repeatedly prevailed upon this person not to do so, given the fire risk – but to deaf ears. Sure enough, one night, a huge fire did break out at his home. It spreads to nearby homes, including yours. What would your reaction have been? To just point a finger at the puffer and blame him for not heeding your advice? Or – as soon as you have spotted the blaze – to immediately summon the fire brigade? The choice seems clear: Call the fire fighters. We are faced with a similar scenario with the recent haze, except that it's transboundary in nature, and there is no regional fire brigade to summon. Maybe it is time to have an ASEAN fire brigade.

Musings of a Long-term Investor: Framing the Past (Part 1)

by James Cheng (April 2013)

The past 25 years in the financial industry had been great fun for me; it was one great secular bull market. The Golden Age of Financial Globalization replaced the Era of Financial Repression (1945-1980). Moore's Law drove the information technology revolution from the 1980s, and that fundamentally changed the financial industry. The stars of practice, theory and technology were aligned, resulting in a virtuous cycle of innovation as the best and brightest were attracted to the industry. I rode the greatest leverage cycle and I got to work with a Wall Street Legend, Mr. Barton Biggs (1932-2012). One cannot ask for more in life!

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Esteemed Guest Lectures Series
The CAMRI Executive Roundtable Luncheon Series 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, fellow or visitor, 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, which can be read by clicking on the weblinks below, where available.

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.

India's Malaise

By Dr Kim Sun Bae, NUS Business School Practice Professor and 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 & President, FABBRI Global Economics
Thursday, 29 August 2013


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Past Events

Here are some of the highlights from CAMRI's various activities including conference, forum, public lecture and roundtable discussion:

ABFER Investments Roundtable "Investing in Asia: Research & Practice"

24 May 2013

ABFER Round Table [img]This Investments Roundtable featured prominent business leaders of traditional and alternative investment management firms in Asia, who covered the investment themes, challenges and opportunities associated with their lines of business. Spanning a range of important research and policy issues relevant to investing in Asia and beyond, the roundtable included a discussion on issues such as understanding and predicting markets in the liquid and illiquid space, investment regulations and policies, and portfolio risk management. 95 senior executives and academics attended the Roundtable. The Roundtable was moderated by CAMRI Director Professor Joseph Cherian.


CAMRI Public Lecture with Nobel Laureate Robert C. Merton: "On a New Approach for Analyzing and Managing Macrofinancial Risks"

27June 2013

In a globalised economy, as financial institutions around the world have become more connected, the financial system itself has become simultaneously both more stable and more vulnerable, Nobel Laureate Robert C. Merton said during the public lecture at NUS Business School.

"As they get more connected that's not necessarily bad, but it tells us potentially that there is a greater vulnerability", he said at the event organised by the Centre for Asset Management Research and Investments (CAMRI).

He also told the NUS audience that the financial system globally is increasingly connected, demonstrating this by explaining how intertwined banks and sovereign governments have become. In many cases, that interconnectedness means that there are fewer risks, but the interdependence also means that when one part of the system gets hit there are ripples almost everywhere. Around 200 senior executives, alumni, faculty members, students and staff attended the Public Lecture.

5th Wee Cho Yaw Singapore-China Finance and Banking Forum, Shanghai

31 July 2013

The Wee Cho Yaw Finance and Banking Forum was held in Shanghai at the end of July, attended by some 300 NUS alumni and participants from the finance industry. Organised by the Centre for Asset Management Research and Investments (CAMRI) at NUS Business School, the session explored the challenges and opportunities faced by China's asset management industry.

As economic growth slows in China, funding for stock market listings and start-ups has become increasingly difficult to source, with bank lending stretched to the limit. One of the panellists, Anthony Neoh, Dean's Visiting Professor at the School and former Chief Adviser to the China Securities Regulatory Commission, stated during the session that the Chinese equity markets had become 'dysfunctional' and structural reforms were needed. Other panellists spoke about the outlook for their own sectors, such as trust and fund management companies, as well as private equity. The event garnered extensive media coverage in various Asian and US publications (see CAMRI in the News section below).

NUS Provost Professor Tan Eng Chye and Professor Bernard Yeung also took part in the Wee Cho Yaw Forum by giving opening and closing remarks, respectively, during the half-day event. CAMRI Director Professor Joseph Cherian moderated the panel discussion.

This was the fifth edition of the Wee Cho Yaw Singapore-China Finance and Banking Forum, which takes place annually either in Shanghai or Singapore. Last year the Forum, held at NUS in June, focused on moves to internationalise China’s currency. That event also received wide media publicity, and indeed proved timely as Singapore was later named the first regional financial centre outside China to have a yuan-clearing bank.

View our ThinkBusiness video of the 5th Wee Cho Yaw Singapore-China Finance and Banking Forum:

Seventh Singapore International Conference on Finance

6 - 7 August 2013

This highly competitive international finance conference, with a 5% acceptance rate out of more than 160 academic submissions, brought together a diverse group of scholars in Corporate Finance, Asset Pricing, Financial Intermediation, and Market Microstructure. This annual conference presents an excellent opportunity for financial economists and researchers in both financial institutions and universities to discuss and exchange ideas on the latest developments in the field of academic financial research. More than 80 practitioner-researchers and professors attended this insightful conference. It was co-organized by the Finance Department and CAMRI at NUS Business School, with CAMRI Research Director, Professor Sumit Agarwal, serving on the organizing committee, along with Professors Anand Srinivasan and David Reeb.

CAMRI Asset Owners' Dialogue, Beijing (AOD)

14 October 2013

The CAMRI Asset Owners’ Dialogue (AOD) is an industry leadership forum held annually for asset owners from around the world (sovereign wealth funds, pension plans, endowments & foundations, and single family offices). This dialogue provides a confidential and academically-moderated environment, where about 30 industry leaders from the asset owner community obtains an opportunity to meet and discuss the latest applicable research, set priorities, share ideas, brainstorm, and work towards establishing norms, best practices and, where applicable, suggest policies for the Asset Management industry. During the AOD on 14 October 2013 in Beijing, one panelist argued, by using a macro perspective, that the traditional asset owner organizational and asset management structure is perhaps anachronistic given the new “world macroeconomic order” we live in, and 2) the medium-term to long-term view on China reveals it is reaching a critical turning point of historic proportions in terms of reforms and liberalizations, and from being export-driven to more consumption-driven, that he thinks will have non-trivial implications on the way in which assets are managed and allocated to going forward.  Another stressed the short-term risk factors in China remain large and real. They include falling investment returns and lower total factor productivity since 2008.  A significantly underfunded pension plan’s CEO lamented that as a consequence of their funding position, they realized that in order to get to their dollar-based funded goal, they had to be extremely averse to downside returns. During the regulatory discussion, a panelist noted that one problem is that Asia, in particular, tends to receive regulation as opposed to coming up with its own regulation, this despite it being a significant and fast growing assets under management hub. The evening ended with the Keynote Speech at a joint dinner delivered by Nobel laureate, Professor Robert C. Merton of MIT, entitled “Foundations of Asset Management - A Practitioner’s Perspective,” where emphasized that the first step to managing a fund is to set the correct goals for the fund and the function of the portfolio, which he referred to as “goals-based investing & decision making”.  For example, although the management of sovereign wealth funds, currency reserves, and sovereign debt policy can be decentralized, the objective function from which the optimal policies for each are derived should reflect an integrated, comprehensive ALM perspective on overall country risk exposures. The AOD in Beijing also saw the launch of the NUS-Cornell Global CIO Academic Survey.

Please click here to view the AOD full meeting notes and recommendations.

Influential Women in Banking & Investments Forum

7 November 2013

This inaugural forum at NUS Business School showcased eminent female leaders in Banking and Investments in Singapore who shared their professional and personal experiences - both their successes and obstacles - and gave guidance and advice to women at NUS Business School. It was not only an opportunity for women at NUS Business School to hear from the motivational and insightful panelists, but also an opportunity for attendees, especially our students, to learn how to network appropriately to help further their careers. More than 80 female students, guests, faculty members and staff attended the Forum.

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Reasearch Projects

Student Managed Fund Update

The Student Managed Fund (SMF) is a live long / short equity market neutral fund, which is part of CAMRI's core mission of impactful & experiential education. The live management of the SMF is the culmination point for our BBA (Honours) and MBA students who have participated in the Student Managed Fund Track, which comprises 4 courses in fund management and 1 independent studies module. Our hope is that an SMF e-Resume book of graduating students can be distributed annually to relevant members of the asset management industry upon the students' completion of the SMF Track.

New Case Studies

CAMRI has started featuring case studies, which focus on Asia, that are written by CAMRI-affiliated faculty.  New Asian-based case studies written by the Director for Education and Outreach at CAMRI, Dr Emir Hrnjic, include:

East Meets West: Rothschild's Investment in Indonesian Bakrie Group
Authors: Morten Bennedsen, Emir Hrnjic and Yupana Wiwatannakantang, November 2013

Emirates Airline: A Billion-Dollar Sukuk-Bond Issue
Authors: Emir Hrnjic, Harun Kapetanović and David Reeb, November 2013

Financing Alibaba’s Buyback of Yahoo!’s Stake: Syndicated Loans In Asia
Authors: Emir Hrnjic and David Reeb, October 2013


CAMRI Real Retirement Income Fund Calculator

The CAMRI Real Retirement Income Fund Calculator hypothetically calculates the requisite monthly household contributions necessary so as to provide for a dignified standard of living upon retirement. This calculator is based on the Real Retirement Life Income Fund (student-managed) Project, as described in the Working Paper written by our former MBA students involved in the project. Since then, numerous other students from the NUS Business School, NUS School of Computing, and other schools from across NUS, have been involved at CAMRI in improving the Calculator’s features, analytics, and capabilities. It includes the publication of an online User Guide with user-friendly help screens on using the CAMRI Retirement Calculator. Up until November 2013, more than 600 individuals have used this calculator. Please try this calculator out, and then please do give us your feedback.


Smart Finance Blog

Prof Sumit Agarwal
, Research Director at CAMRI, aims to unravel the complexity of how small investors & households make financial decisions, by offering clarity, comment, analysis and advice for consumers and policy-makers alike (in collaboration with Think Business at NUS Business School).

Effects on House Prices and Time on Market Due to Ethnic Quotas in HDB Housing
9 December 2013

Does Language Effect Economic Behavior?
8 December 2013

Information and Grading Companies
10 November 2013

Are There Gender Differences in Bankruptcy Filings in Singapore?
7 November 2013

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Camri in the News

News Pulse at Midnight: US President says no winners after budget crisis
Channel NewsAsia (Monday, 21 October 2013)

In a speech after signing legislation that ended a government shutdown, US President Barack Obama warned that the political dysfunction in the US had encouraged its enemies and depressed its friends, and said the crisis had left no winners in Washington. This Channel NewsAsia story featured a ‘live’ interview with Dr Brian Fabbri (Visiting Research Fellow, CAMRI) on the implications of the stand-off. Unfortunately the video cannot be displayed on the CAMRI website due to copyright reasons.

How much does it cost to retire? 
The Bigger Picture Program, Business FM 89.9 (Thursday, 26 September 2013) 

A radio interview with Joseph Cherian, Director of CAMRI, on Business FM 89.9 in Malaysia. The interview covered financial planning for seniors, the importance of saving for retirement from an early age, and the retirement savings situation in Malaysia and Singapore. Other topics discussed included financial literacy for seniors/retirees and the role of government in national social security savings schemes, especially in ensuring that citizens invest appropriately & safely for retirement over their lifecycle.

How the Fed merrily strings us along 
The Business Times (Thursday, 26 September 2013)

Commentary by Dr Brian Fabbri (Visiting Research Fellow, CAMRI) on how the US Federal Reserve is using ‘forward guidance’, or the anticipation of policy actions, almost as a monetary tool in itself. This was reproduced from Think Business.

It Figures: Your home, your nest egg?
Channel NewsAsia (Tuesday, 3 September 2013)

This episode examined whether the purchase of HDB flats and the appreciation of prices would pay off in one's silver years, given that Singapore has one of the highest home-ownership rates in the world. Features comments from Prof Joseph Cherian (Director, CAMRI)

Raffles Conversation with CAMRI Public Lecture Speaker, Nobel laureate Robert C. Merton
Business Times (Saturday, 10 August 2013)

Professor Robert Merton of MIT shared his views on financial innovation, risks and crises, and the misconceptions surrounding them. The financial tools for risk management are not to blame for the recent crisis as much as its misuse by the financial players. History has after all shown that well-functioning financial markets, institutions and innovations are critical to economic development and growth. Example, central banks around the world now thrive and function on bilateral and multilateral interest rate and currency swaps, especially during times of global financial crisis where these innovations can act as stabilizing mechanisms. That being said, financial instruments such as derivatives can also be misused, just as any handyman’s tool can be misused. But that doesn't mean they are intrinsically bad and should be over-regulated or be outlawed. The same way one shouldn’t get rid of food because of a severe obesity problem in the population.


Various comments on CAMRI's Fifth Wee Cho Yaw Singapore-China Finance and Banking Forum (as of 12 August 2013)

The Forum was held in Shanghai on 31st July and entitled, “China’s Asset Management Industry: The Opportunities and Challenges”. The Forum, which saw close to 300 people in attendance, profiled five expert panelists from the legal profession, trust business, fund management, asset management consulting, and private equity - they were (1) Professor Anthony Neoh, of the Hong Kong Bar, Dean's Visiting Professor at NUS Business School and former Chief Adviser to the China Securities Regulatory Commission; (2) Dr Qian Jun, Chief Executive Officer of Hwabao Trust; (3) Ms Jasmine Lim, Deputy General Manager of Ping An–UOB Fund Management (and our alumnus); (4) Mr Peter Alexander, Managing Director of Z-Ben Advisors; and (5) Mr Huang Jingsheng, Partner of TPG. The panel was moderated by Prof. Joe Cherian. Media coverage of the event included comments that China’s QFII quota system will likely be dropped in three to five years and the country’s equity market has become dysfunctional after the regulator halted share sales and investors shifted to wealth-management products.

  1. 第五届黄祖耀新中金融与银行业论坛在沪举办 (经济日报 [Jin Ji Ri Bao])
  2. 华宝信托钱骏:信托业不存在很大风险 (财新网 [Caixin])
  3. 新中金融与银行业论坛在沪举办 探讨中国资产管理行业机遇与挑战 (人民网 [People's Daily])
  4. QFII和RQFII配额废除有望 (国际金融报 [Guo Ji Jin Rong Bao])
  5. 第五届黄祖耀新中金融与银行业论坛在沪举办 (中新网 - 上海新闻网 [China News])
  6. 证监会前顾问梁定邦:QFII配额制度望3-5年取消 (腾讯财经 [Tencent])
  7. China stock market dysfunctional amid IPO freeze, Neoh says (Bloomberg)
  8. 中国富商对私募股权投资心动 (Lianhe Zaobao)
  9. 第五届黄祖耀新中金融 与银行业论坛在沪举行 (上海证券报 [Shanghai Securities News], Sina)
  10. 第五届黄祖耀新中金融与银行业论坛举行 (中国经济周刊 [CEWeekly])
  11. 前香港证监会主席:中国不缺钱 政府应有效引导资金进入资本市场 (Xinhua News Agency)
  12. QFII和RQFII配额在沪2-3年内或废除 (新闻晚报 [Shanghai Evening Post])
  13. 探讨中国资产管理行业机遇与挑战 第五届黄祖耀新中金融与银行业论坛开讲 (上海商报 [Shanghai Shang Bao])
  14. 第五届黄祖耀新中金融 与银行业论坛在沪举行 (环球时报 [Huan Qiu Shi Bao])
  15. China trust industry growth to slow by half, Huabao says (Bloomberg News)  

Asia Business Report: Australia takes steps against insider trading
BBC World News (Friday, 12 July 2013)

Australia's corporate watchdog will conduct random checks on companies this reporting season to ensure discussions with analysts do not break insider trading laws. Features an interview with Assoc Prof Sumit Agarwal (Research Director, CAMRI) on the risks.

Singapore Censures 20 Banks on Traders’ Bids to Manipulate Rates 
Bloomberg (Friday, 14 June 2013)

Proactive and transparent steps in the right direction taken by the regulators in Singapore on the possible rigging in the interest-rate and currency markets continue to instill confidence about the prudence, reliability and rule-of-law enforcement ability of the regulators in this jurisdiction. Joseph Cherian, Director of CAMRI, said that the punishment meted out will provide a clear signal that manipulation and other forms of financial shenanigans, riggings and violations of the law will not be tolerated in a well-respected global financial center like Singapore.


Does ‘free money’ really boost spending? 
Today, Malaysian Insider (Thursday, 13 June 2013)

Commentary by Assoc Prof Sumit Agarwal (Research Director, CAMRI) on whether the Growth Dividends issued in 2011 were an effective way to help low-income households.


Various comments on monetising HDB (Public Housing) flats
(6 - 7 June 2013)

Elderly Singaporeans have shown little interest in using their HDB flats to get extra cash, according to a recent Ministry of National Development study. Various media and TV outlets featured comments from Prof Joseph Cherian (Director, CAMRI) on the need to simplify government schemes that help senior citizens monetise their flats. He proposes a simple home-for-annuity program for the lower-income elderly citizens in Singapore, i.e., a reverse mortgage program that converts the monetized value of their home into a life annuity (example, CPF Life) that is jointly administered by the CPF (life annuity part) and HDB (mortgage part). There could be private sector involvement in the reverse mortgage, but it has to be regulated by the government and have a “no-eviction” clause over the life of the mortgagor. And to the former point, the mortgage borrowing rate has to be non-punitive, and perhaps even concessionary. At the termination of the program (i.e., upon death), any surplus funds from the appreciated home value being larger than the outstanding loan value, is retained by the estate of the deceased, any shortfalls due to depreciating home values (a.k.a. “underwater” loans) are absorbed by the govt. This “benevolent” home-for-annuity program should not be open to all segments of Singapore society, rather just its lower-income elderly citizens.    

  1. Schemes to monetise flats 'can be simpler' (Straits Times)
  2. Elderly in S’pore not keen on using HDB flats to make money (Today)
  3. 虽可赚租金却怕没隐私年长组屋屋主仅一成出租房子或空房 (Lianhe Zaobao)
  4. Singapore Tonight: Simplify housing monetisation policies and ensure the elderly are better off, say experts (Channel NewsAsia)
  5. News 5 Tonight: Housing experts say schemes to help elderly grow retirement income through HDB flats should be simplified (Channel 5)
  6. 狮城6点半:住屋问题全国对话会 (Channel 8)
  7. Vasantham Tamil News (Vasantham)
  8. A relook of housing policies that help the elderly grow their retirement income through their HDB flats (938Live)
  9. 隐私安全比钱重要 25万年长组屋屋主 9成不出愿出租 (Shin Min Daily News)
  10. Our Singapore Conversation on Housing - Experts weigh in on monetisation options for the elderly (YouTube)

Govt rebates: Spend or save?
The Straits Times (Thursday, 6 June 2013) 

Features a full-length commentary by Assoc Prof Sumit Agarwal (Research Director, CAMRI) on whether the “Growth Dividends” (government cash rebates) issued in 2011 were an effective way to help low-income households. Sumit reports a number of interesting findings. First, the consumption by consumers rose significantly after the announcement and disbursement. Second, consumers started to increase their spending during the two-month period before the cash payout. Third, the consumption response was concentrated in debit card and credit card spending. Fourth, there wasn’t any significant change in the number of debit transactions in checking accounts as captured by ATM usage, branch and online transactions. In fact, while consumption rose primarily in the non-food, discretionary category, it also rose for low-income households. Young, unmarried, non-university educated and possibly liquidity-constrained consumers responded most strongly with increased debit card spending. As expected, low-income households spend the money, while high-income households save it. As a consequence, it would be prudent for the Government to aim future stimulus programmes primarily at low-income households.


Reuters LiveChat with National University of Singapore Professor Joseph Cherian
Thomson Reuters Global Markets Forum Newsletter (Wednesday, 17 April 2013)

A Reuters LiveChat interview-commentary conducted in New York with Prof Joseph Cherian, Director at CAMRI, on Singapore's property market & high-tech sector, and on Abenomics.


A savings strategy from Singapore
Wall Street Journal MarketWatch (Tuesday, 16 April 2013)

Features a full-length interview in New York with Prof Joseph Cherian, Director at CAMRI, on how inflation-linked bonds and inflation-linked annuities can help both US and Asian retirement savers have a more worry-free, secure and comfortable life in retirement.

Please read the more detailed CAMRI-related news articles here:


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Upcoming Events

January 2014
CAMRI Executive Roundtable Luncheon Series by Anthony Neoh, QC, SC, JP, Member and Former Chief Advisor, International Advisory Board, China Securities Regulatory Commission and Dean's Visiting Professor, NUS Business School

February 2014
5th NUS Asian MBA Stock Pitch Competition (SPC)

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Emir Hrnjic [photo]

Emir Hrnjic has recently been appointed the Director for Education and Outreach at the Center for Asset Management Research & Investments (CAMRI) and Visiting Research Fellow in the Finance Department at NUS Business School. Dr Emir obtained a Ph.D. in Finance from Tulane University and has held visiting positions at several major research universities such as the University of Maryland, University of Southern California and Virginia Tech University.  

Dr Emir wrote a number of Asian-based case studies and research papers in the areas of equity issuance, investor sentiment and Islamic Finance and frequently gets invited to speak at industry and academic forums. He was the Keynote Speaker at the 6th International Conference of the School of Economics & Business (ICES 2012) held in Sarajevo, and a speaker and chairperson at the ASEAN Banking Conference 2013 organized by ASLI in Kuala Lumpur, Malaysia. Dr Emir’s papers have been presented at over 40 universities in the US, Europe, Asia and Australia, and several leading academic conferences such as the American Finance Association (AFA), European Finance Association (EFA) and Financial Intermediation Research Society (FIRS). He has also taught various courses at the Undergraduate, MBA and Ph.D. levels at Tulane, Virginia Tech and NUS, and received a Teaching Honor Roll award at Tulane University.

Yuzheng [photo] Zhang Yuzheng is a Research Analyst at the Centre for Asset Management Research & Investments (CAMRI) at NUS Business School. She is working on several research projects related to the Student Managed Fund including the U.S. Multi-factor Model back testing, the Black-Litterman Model and building an Asian Multi-factor Model. Prior to joining CAMRI, she worked as a Finance Executive at Brian Chang Holdings Limited, where she gained extensive exposure to corporate finance in the energy industry. She was involved in several investment projects including coal mining project financing in Indonesia, and building & owning property projects in Singapore. She was also in charge of dealing with issues related to international tax and maritime law. Yuzheng holds a Bachelor of Science in Quantitative Finance with a second major in Economics from National University of Singapore.
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