Climate change has far-reaching implications for the global economy and is increasingly being recognized by investors as a long-term investment theme. As more investors take note of companies that are well positioned to handle climate change, a common factor may account, in part, for the share...

China has taken steps to develop offshore markets for renminbi trading and to liberalize exchange-rate determination in its onshore market. We examine the interaction between onshore and offshore markets with attention to how the interaction has been affected by widening of the onshore trading...

Value investing is a common investment strategy, but like all other strategies it has suffered during certain periods, such as the tech rally in the late nineties. This paper examines the value cycle globally and considers the impact of possible drivers, including those involving the overall...

From time to time, Value portfolios may experience higher risk (relative to other portfolios) or increased tracking error. To better understand these occurrences, this paper considers the volatility cycle of Value stocks globally. Corresponding to tracking error and total risk, the volatility of...

Value investing is a common investment strategy, but like all other strategies it has suffered during certain periods, such as the tech rally in the late nineties. This paper examines the Value cycle globally, as well as specifically for Asia Pacific, and considers the impact of possible...

This paper considers the changing value of the yen and its impact on the Japanese stock market during the last three decades, examining how this currency sensitivity has varied substantially across Japanese firms and during the observed period. In addition, we found the response to a rising or...

This paper looks through the lens of the Barra Japan Equity model (JPE3) to analyze how the Japan equity market reacted to the recent earthquake on March 11. We also review the Japan equity market just after Kobe Earthquake in 1995, and see if there are similarities or differences in the...

In 2009, emerging market bonds were among the top-performing assets in comparison to both the global equity and fixed income asset classes. The recent, rapid rise in US Treasury yields and the concern over tightening monetary policies in certain countries led us to evaluate the relationship...

This paper examines the holdings data of various active funds in China to analyze their risk and style characteristics over the last five years. We show that fund managers were quick to increase their equity exposure at the beginning of the bull market, and they started to cut their equity...

Catastrophic events can lead to change in established practices. This paper argues that organizations may get a competitive advantage by applying practices used in Business Continuity Planning (BCP) to the management of institutional portfolios. We propose a framework to prepare for extreme...