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CAMRI E-NEWSLETTER for December 2013  [header]
Director Joseph Charian [photo]   CAMRI Director's Message

Dear Readers,

CAMRI has set a few milestones for 2015. Our Student Managed Fund Track has expanded vastly, giving our students a greater number of Applied Portfolio Management courses to choose from, and a new Student Managed Fund with an Asian focus that will be launched shortly.

Our CAMRI Graduate Certificate in Applied Portfolio Management (g-CAPM)programme is underway, our inaugural session will take place from 18 - 24 May, 2015. There will be portfolio & risk management professionals from the asset owners, asset management and hedge fund community, and from various countries in Asia, attending the g-CAPM in May. We hope to offer the g-CAPM programme at least twice a year, with the second offering for this year taking place from 2 - 8 August.

2015 is also the fifth year of CAMRI's existence, and we are looking to celebrate this momentous occasion in August 2015, with the support of our colleagues from NUS Business School, the CAMRI Board and other CAMRI stakeholders.

Please take a few minutes to review and enjoy CAMRI's latest e-Newsletter, which not only have summaries of our activities provided below, but also convenient clickable web-links to the associated full articles and commentaries.

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

Past Events [photo] 2 February 2015
Joint 2015 CAMRI Executive Roundtable Luncheon Series with CAIA Association

Liquidity and the Development of Robust Corporate Bond Markets

While bank loans to corporations has the attendant benefit of monitoring, it suffers from the concentration of risks – credit, market, liquidity and operational – in the banking system. Corporate bond markets, on the other hand, are far less developed than other financial markets in terms of transparency, liquidity and ease of trading. These issues are accentuated by an archaic over-the-counter architecture that is typical of bond markets. These factors increase the premium for bonds trading, which leads to higher cost of debt for corporations. Professor Marti G. Subrahmanyam provided various thoughts on the development of bond markets, particularly as it pertains to Asia. This presentation is based on his recent academic research in this field.
17 November 2014
2nd Influential Women in Banking & Investments Forum




CAMRI's 2nd Influential Women in Banking & Investments Forum topic was, "How Does One Get More Women into Senior Management Roles." This year's moderator was Professor Veronica Eng, Founding Partner, Permira, Practice Professor (Finance), NUS Business School and a CAMRI Board Member. Opening remarks were given by Ms Deborah Ho, Managing Director, Barclays Capital. The panelists were: Deborah Ho, Ms Eleanor Seet, President, Nikko Asset Management, and Ms Elaine Yew, a Member of the Global Executive Committee and Managing Partner, Egon Zehnder. Closing remarks were made by Professor Susanna Leong, Vice-Dean of Graduate Studies, NUS Business School.

 
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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.

February 2015:
From QE to Cheap Currency: The Race to the Bottom
January 2015: 
Global Macro Policy: The Good, The Bad, and the Unresolved
December 2014: Year-end Look Ahead and Backward
November 2014:  Inflation in US: Where Has It Gone?
October 2014:  Saying Q.E.D. to QE? 
September 2014:  Macro Prudential Policies Work 

 
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Student Managed Fund (SMF) Update

We are still in the midst of creating various single country Asian multi-factor country models for the Student Managed Fund, Part 2. CAMRI's research analysts, ably assisted by our BBA and MBA student assistants working in the CAMRI Lab, have made good progress on the Asian Multifactor Model (MFM) build‐out and backtests. We have successfully completed the long‐only and long/short backtests of Singapore, Hong Kong, Japan, and India, and also backtested the individual countries on both a cap‐weighted and equal‐weighted basis in Barra. These portfolios will be structured as equal-weighted single country multi-factor model portfolios. We have already launched the paper portfolios for Hong Kong, Singapore, and Japan as of August 8, 2014.

Last but not least, we have also successfully disseminated the 2014 SMF e-Resume Book of students in the CAMRI Student Managed Fund Track at NUS Business School to IMAS, AIMA, CFA Singapore and our strategic partners in the investment management industry.


Case Studies Update by Emir Hrnjić

.Shanda Games: A Buyout of A Chinese Family Firm (Ivey Publishing, link coming soon)
   Authors: Emir Hrnjić and David Reeb, February 2015

.Suitwars: Men's Wearhouse Vs. Jos. A. Bank (Ivey Publishing, link coming soon)
   Authors: Emir HrnjićDavid Reeb and Wee Yong Yeo, February 2015

.Focus Media Holding Ltd. (Darden Publishing, UVA-F-1722)
   
Authors: Emir Hrnjić, Lianting Tu, Pedro Matos, 2014

.Alibaba's IPO Dilemma: Hong Kong or New York (Ivey Publishing, 12/2014, 9B14N035)
   Author: Emir Hrnjić, December 2014 


CAMRI Asia-based Case Study Grant (AY 2014/15)


The 2014 CAMRI Asia-based Case Study Grant funded by the generosity of CAMRI donors was awarded to Associate Professor Yupana Wiwattanakantang of the Finance Department for her proposal, “Toyota & the Toyoda Family Dynasty” and also awarded to Associate Professor Prem N Shamdasani of the Marketing Department for his proposal, “SPECS: Building a Sustainable Sports & Lifestyle Brand in Indonesia with Opportunities for Internationalization”. A total of $10,000 in case study grants was awarded.

 
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20 March 2015
CAMRI Executive Lecture: Mr Arun Kohli, Managing Director and Chief Operating Officer, Morgan Stanley, Asia Pacific, NUS Business School

18 - 24 May 2015
CAMRI's Graduate Certificate in Applied Portfolio Management Programme (g-CAPM), NUS Business School

18 June 2015
7th Wee Cho Yaw Singapore-China Finance and Banking Forum, Beijing, China


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Arun Kohli is a Managing Director and Chief Operating Officer for Morgan Stanley, Asia Pacific. Prior to this, Arun was a Managing Director in Morgan Stanley's Firm Strategy & Execution group in New York, where he was responsible for leading the Firm's strategic planning, driving Morgan Stanley's strategy across businesses, and executing specific Business Unit strategy and principal M&A-related projects. Arun has also been closely involved in developing the Firm's strategic alliance with MUFG.

Arun joined Morgan Stanley in 2007 from McKinsey's Financial Institutions group in New York. Prior to that Arun spent five years with CRISIL (the Indian subsidiary of S&P) where he was the lead analyst for financial sector ratings.

Arun attended the University of Delhi where he graduated with Honours in Engineering and received a Master of Business Administration with Honours from the Wharton School of the University of Pennsylvania. He became a member of the CAMRI Board of Directors as of February 2015.

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Our CAMRI faculty continue to impact views and policies in the financial industry by being interviewed by the media on hot-button issues, writing op-eds, commentaries and outlooks, and by appearing on live TV. A record number of articles and media interviews were registered since our last e-Newsletter.

Uber是否能带我们去兜风?
Business Review Online (Wednesday, 11 Mar 2015)
Commentary by Prof Sumit Agarwal (Research Director, CAMRI) on why the issues facing Uber may just be the tip of the iceberg, and what policymakers need to consider, reproduced from Think Business.

Technology helps banks engage clients beyond physical branch (Channelnewsasia.com, 4 Mar 2015)
Singapore Tonight: As banks go digital (Channel NewsAsia, 3 Mar 2015)
Technology is helping to level the playing field between foreign and local banks in Singapore. Industry experts say that while digital platforms enable banks to engage their customers outside the physical branch, the personal touch is still required. Stories feature comments from Prof Sumit Agarwal (Research Director, CAMRI).

Singapore Tonight: Changes to CPF system 
Channel NewsAsia (Tuesday, 17 Feb 2015)
A ‘live’ interview with CPF Advisory Panel member Prof Joseph Cherian (Director, CAMRI) on the various changes recommended by the panel. 

Talkback: The CPF Advisory Panel's first batch of recommendations 
938Live (Wednesday, 11 Feb 2015)
A ‘live’ interview with CPF Advisory Panel member Prof Joseph Cherian (Director, CAMRI) on the group’s recommendations. Prof Cherian also took calls from listeners.

CPF reform: Nudge people to make optimal choices 
The Straits Times (Monday, 9 Feb 2015)
Commentary by Prof Sumit Agarwal (Research Director, CAMRI) on why the Government should, to some extent, take a paternalistic stance when it comes to helping people save for retirement.

Exercise withdrawal option with care, says panel (Today, 5 Feb 2015)
How much does one need to retire? The answer varies greatly (Today, 5 Feb 2015)
Articles feature interviews with CPF Advisory Panel member Prof Joseph Cherian (Director, CAMRI) on the panel’s recommendations, which have been accepted by the Government.

Why do companies delist? (Channelnewsasia.com, 3 Feb 2015)
Primetime Asia: Wave of delistings (Channel NewsAsia, 2 Feb 2015)
More companies are pulling out of stock exchanges, citing reasons such as low trading volumes or the cost of maintaining a listing. Story features comments from Dr Emir Hrnjic (Director of Education & Outreach, CAMRI).

Please read the more detailed CAMRI-related news articles here.
http://bschool.nus.edu/tabid/2215/NewsID/481/Default.aspx 

 
Centre for Asset Management Research
& Investments (CAMRI)

Telephone : +65 6601 1047
Email: CAMRI@nus.edu.sg
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