Director Joseph Charian [photo]   CAMRI Director's Message

Dear Readers,

CAMRI celebrated our 5th Anniversary on 24 November 2015, in conjunction with the 3rd Influential Women in Banking & Investments Forum and the Asia Asset Management (AAM) - CAMRI Prize in Asset Management. Our biannual CAMRI Graduate Certificate in Applied Portfolio Management (g-CAPM) programme held in November was a success, garnering good overall participation, ratings and feedback. The next programme (30 May - 5 June 2016) is now open for registration. There already are portfolio & risk management professionals from the asset owner, asset management and hedge fund community from various countries in Asia registered to attend the g-CAPM this May. So please hurry up and contact us if you would like to attend or learn more about our programme.

Please find CAMRI’s latest e-Newsletter herewith. It not only has summaries of our activities provided, but also convenient clickable web-links to the associated full articles and commentaries. I wish you happy reading!

Best regards,

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upcoming events30 May - 5 June 2016 – Apply Now!
CAMRI's Graduate Certificate in Applied Portfolio Management Programme (g-CAPM)

This 7-day state-of-the-art applied portfolio management training programme at NUS Business School, Singapore, is developed by academic professionals for investment professionals, and conducted at the world's most advanced Investment Management & Trading Lab. By the end of this course participants are expected to be able to research, write, and publish equity & fixed income investment reports,  build simple multifactor models for screening and alpha generation purposes, analyse live & backtested portfolio investment strategies to develop their macro, equity research, stock-picking and credit skills, and perform portfolio optimisation and risk management analysis. To find out more information, please click here.

14 July 2016
8th Wee Cho Yaw Singapore-China Finance and Banking Forum, Singapore

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Here are some of the highlights from CAMRI's various activities including conferences, forums and, lectures:

Past Events [photo]

17 March 2016
My Money @ Campus Seminar: Building an Affordable Investment Portfolio

Mr Michael Zink, Head of ASEAN and Country Officer for Singapore, Citibank, shared his financial management journey and tips on building one's financial knowledge and capabilities with students at NUS University Town. This was followed by a moderated dialogue between Michael Zink and the students that was chaired by Professor Joseph Cherian, Director of CAMRI. Professor Sumit Agarwal, the Vice-Dean of Research and the Low Tuck Kwong Professor at the NUS Business School provided some perspectives on investor biases in financial decision making, as his research has shown investors are not necessary rational or optimal in their decision-making. He went on to provide ways in which to overcome these biases. We also had Mr Albert Tse, Head of Intermediary Business (South East Asia) and Private Banks (Asia) at Schroders, who shared how one can build an affordable investment portfolio, while Mr Francis Tan, an Economist from UOB, spoke on current macro trends in financial markets. The auditorium was packed with close to 400 in the audience, a majority of whom were students from NUS.

11 January 2016

CAMRI Executive Roundtable Luncheon Series

The Potential for Shared-Use Infrastructure, Staci Warden, Executive Director, Center for Financial Markets at the Milken Institute

With the global economy facing headwinds, the need for more efficient capital usage by natural resource companies and governments is creating opportunities for commercial shared-use infrastructure in emerging and frontier markets. Shared-use infrastructure is financed, constructed, owned, and operated independently of its users through a special-purpose vehicle, and backed by at least one investment-grade anchor client. Infrastructure built to support natural resource extraction often can be shared among industry users operating close to one another, and under some circumstances can also be shared with other users, benefiting local industries and communities. Historically, natural resource companies operating in emerging and frontier markets have favored vertically-integrated infrastructure solutions for which they provide most of the capital and over which they maintain exclusive control and use. This contrasts with “open-access” model adopted in developed countries. At this CAMRI Lunch Discussion, Ms Staci Warden shared examples of existing successful shared-use infrastructure in developed and developing markets, her thoughts on why the integrated model is becoming less viable in emerging markets today, the perspectives of the natural resource companies towards shared-infrastructure, as well as the financial and political barriers for the shared natural resource infrastructure model. 

24 November 2015
3rd Influential Women in Banking & Investments Forum

3rd Influential Women in Banking & Investments Forum

The 3rd Influential Women in Banking & Investments Forum’s topic was, “Financial Literacy and Savings – What's Holding Women Back?" Financial literacy refers to an individual's ability to make informed judgments and effective decisions about the use and management of his/her money. It is often observed in the academic and industry literature that there is a gender and confidence gap between men and women with respect to financial literacy and retirement savings. Women differ from men when it comes to financial planning, perhaps because women face higher financial hurdles due to longer life expectancies, higher lifetime health care costs, lower median savings and lower median income. Being more risk averse than men, women have been shown to be better investors, yet the confidence gap persists. The panel discussion, moderated by Ang Swee Hoon, Associate Professor of Marketing, NUS Business School, discussed these issues, including whether financial literacy is necessary for independence and financial empowerment.

Our distinguished panellists were Baljeet Kaur Grewal, Advisor, Asian Development Bank; Andress Goh, Managing Director, Global Co-Head and Head of Singapore Office, Allianz Capital Partners GmbH (ACP); Owi S. Ruivivar, Managing Director, Fixed Income Emerging Markets Debt, Goldman Sachs Asset Management – Singapore; and Qian Wenlan, Assistant Professor of Finance, NUS Business School. We were very honoured to have Veronica Eng, Practice Professor and CAMRI Board Member, NUS Business School deliver the opening remarks at the forum. Approximately 100 students, senior executives and alumni attended the forum.

24 November 2015
Asia Asset Management (AAM) - CAMRI Prize in Asset Management Awards Ceremony

Asia Asset Management (AAM) magazine, in collaboration with CAMRI, launched the AAM-CAMRI Prize in Asset Management. The Prize, which is worth US$15,000, not only recognises but celebrates excellence in applied research, be it empirical or theoretical, that is original and breaks new ground in the thinking, practice, policies and issues affecting the Asian asset management industry. It is awarded to only one paper each year. The awarding of the 2015 Prize coincided with AAM's 20th Anniversary and CAMRI’s 5th Anniversary celebrations; therefore, the 2015 Prize was awarded to the winner in two locations: in Singapore on 24 November 2015 and in Hong Kong on 26 November 2015.The winning paper of the 2015 AAM-CAMRI Prize (from over 50 excellent applications from the around the world) was titled, “The Returns to Hedge Fund Activism: An International Study.” It is co-authored by Marco Becht (Solvay Brussels School, Université libre de Bruxelles, CEPR and ECGI), Julian Franks (London Business School, CEPR and ECGI), Jeremy Grant (CM-CIC Securities) and Hannes F. Wagner (Bocconi University). Hannes Wagner presented a practitioner version of the winning paper to the invited guests present at the Mandarin Orchard Hotel, Singapore. He then received the AAM-CAMRI Prize from Mr Tan Lee Hock (Founder, Asia Asset Management), Joseph Cherian (Director, CAMRI) and David Reeb (Research Director at CAMRI and the Mr & Mrs Lin Jo Yan Professor of Banking and Finance at NUS Business School).

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Dr. Brian Fabbri [photo]
CAMRI Monthly Research Digest: Global Perspectives by Brian Fabbri

CAMRI Global Perspectives is the monthly digest of market research & views by Dr. Brian Fabbri, Visiting Research Fellow at CAMRI & President of FABBRI Global Economics. The most recent articles by Dr. Fabbri can be read by clicking on the web-links below.

Mar 2016: The Rash of Economic Forecast Downgrades?
Feb 2016:  On a Swing and a Prayer: Are Financial Markets Trying to Tell Us Something?
Dec 2015: ‘Tisn’t the Season to be Jolly: Another Dismal Economic
Nov 2015:   Thanksgiving: A Good Time for Reflection and Sharing
Oct 2015: Are Financial Bubbles Building?
Sep 2015: Are Interest Rates too Low for Savings?

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Student Managed Fund (SMF) Update

CAMRI’s long-only Asian multifactor stock-selection models (MFM) are used by students enrolled in the BBA (Hons) course, "Equity Research Seminar", taught by Professor James Cheng, and ably supported by all the other lecturers teaching in the SMF Track (Profs Lee Hon Sing, Richard Yeh and Joe Cherian). The country long-only models serve as stock selection universes and indicators that inform the students’ bottom-up analysis; stock recommendations by students are then incorporated into the Student Managed Fund following careful evaluation by an Investment Committee, comprised of lecturers from the SMF Track, CAMRI research personnel and practitioners from the industry.

Case Studies Update by Emir Hrnjić

Toyota's Innovative Share Issue 
Author: Emir Hrnjić, November 2015

Suntech Power: Competition and Financing in China's Solar Industry (Ivey Publishing, 10/2015, 9B15N019) 
Authors: Emir Hrnjić, and Sunil Gupta, October 2015

Fairfax and Thomas Cook India: Permanent Capital, Private Equity and Public Markets,( Ivey Publishing, 10/2015, 9B15N016)
Authors: Emir Hrnjić, Nupur Pavan Bang, Vikram Kuriyan and Sanjay Bakshi, October 2015

Call For Applied Finance Research Proposals (AY 2016/17)

CAMRI is seeking to create and disseminate an applied finance research programme in the area of asset management and beyond through both direct and indirect support of NUS Business School's faculty below the Full Professor rank.  Based on a recent gift to CAMRI, which was provided in order to support research that will broadly benefit the investment management industry in Singapore, CAMRI is looking to fund an applied finance research proposal of up to S$10,000 in the areas of:

  1. Delegated Portfolio Management (Unit Trusts, Mutual Funds, Hedge Funds, Private Equity)
  2. Commodities, Derivatives, Asset Pricing (Empirical & Theory)
  3. Financial Market Microstructure, Market Design, Trading Strategies
  4. Market Efficiency, Behavioural Finance
  5. Consumer Finance and Investing Research
The submission deadline is 30 June 2016. Applications will be evaluated by CAMRI’s Research Committee headed by Professor David Reeb, Research Director at CAMRI. Applicants will be informed of the outcome of the review within 2 weeks of the deadline. For more submission information, please click here.

CAMRI Visiting Fellow Programme (AY 2016/17)

CAMRI is developing a Visiting Fellow Programme across a broad range of financial economics topics. CAMRI is looking to fund one-week visits by “Tier 1” scholars, particularly those from Hong Kong, China, India, etc., working in Asian applied financial economics disciplines, so as to conduct research at CAMRI. The Fellowship will fund economy class airfare, a University-serviced apartment, and ground transportation. Our goal is to bring a few visiting scholars in economics or finance to Singapore each year to help build the research community and fraternity in Asia. 

Please click here for more information.

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ribbon CAMRI In The News
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.

University Student Investment Advised To Be In Small Amount For Starting (Lianhe Zaobao, 28 Feb 2016)
This article speaks about the rise in student interest in investments. Prof Joseph Cherian (Director, CAMRI) commented that this is a good sign and went on to share CAMRI’s experience on this front. A sampling is provided below:

Call for GIC to invest CPF in local stocks stirs debate (The Business Times, 8 Jan 2016)
Singapore companies need more help to cope with challenging environment: SBF (Channel News Asia Online, 6 Jan 2016)
Prof Joseph Cherian (Director, CAMRI) was quoted in reports and interviewed on TV on the Singapore Business Federation's recommendation to use Central Provident Fund monies to invest in the Singapore stock market.

Singapore suffering from Indonesia's smog, bond default on weak rupiah (BusinessMirror Online, 21 Oct 2015)
Singapore set to suffer Indonesia's defaults as well as its smog (Bloomberg, 20 Oct 2015)
Singapore set to suffer Indonesia's defaults as well as its smog (Business Times Online, 20 Oct 2015)
Singapore's bond market is bracing for the latest unfortunate export from Indonesia: debt defaults. The city state, shrouded in smog from forest fires, is also starting to feel the impact of Indonesia's currency woes. Articles feature comments from Dr Emir Hrnjic (Director of Education and Outreach, CAMRI).

Wild markets bring equity risk premium debate to the fore (The Business Times, 6 Oct 2015)
Industry practitioners and academics have yet to reach a consensus on the computation of equity risk premiums for a country's stock market and how the figure should be used in investment decisions. Article features comments from Prof Joseph Cherian (Director, CAMRI).

Op-eds & Commentaries

Singapore as global hub for infrastructure finance (The Business Times, 6 Jan 2016)
Commentary by Prof Joseph Cherian (Director, CAMRI) and Mr Ranjan Chakravarty (Visiting Research Consultant, CAMRI) on how Singapore has been able to maintain its status as the global hub for infrastructure finance.

The State of the Asset Management Industry: Tipping Points and Trends (November 2015) 
By Ranjan Chakravarty and Joseph Cherian
This article appeared in Asia Asset Management's 20th Anniversary (2015) Special Edition Issue

Time ripe for Singapore to become Asia’s corporate bond trading hub (The Business Times, 7 Oct 2015)
Commentary by Prof Joseph Cherian (Director, CAMRI) and Prof Marti G Subrahmanyam (NYU Stern School of Business) on why Singapore should be Asia's bond trading hub, and the need for a research database on Asian bonds akin to TRACE in the U.S. 

Please read the more detailed CAMRI-related news articles here. Please read the more detailed CAMRI-related news articles here.
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Centre for Asset Management Research
& Investments (CAMRI)

Telephone : +65 6601 1047
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