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In this paper we examine the quantitative effects of margin regulation on volatility in asset markets. We consider a general equilibrium infinite-horizon economy with heterogeneous agents and collateral… more

As recently as 2012, the possibility of an Asian fund passport — a scheme that would allow investment funds to be sold across borders within Asia — was viewed with skepticism by many asset managers. While… more

Exchange-traded funds that provide exposure to US small-cap companies are among the largest in the world, and investors have been rewarded for their participation in this subset of the US equity… more

It's important that investors understand how companies with complex corporate structures are addressed by indexes’ underlying methodologies – or risk missing out on big opportunities like Alibaba. more

The Russell Index Country Guidebook provides clients with insights into the factors considered in defining a country’s risk classification as "developed," "emerging" or "frontier." more

This paper discusses how a combination of traditional styles and new factor strategies may provide the best solution for institutional investment needs. more

We examine the response of equity mutual fund flows to sovereign rating changes in a wide sample of countries during the crisis prone years from 1996-2002. We find that Sovereign downgrades are strongly… more

REITs vary, sometimes considerably, in the way they are regulated, managed and taxed. This fact, and the nature of the differences, is often not well understood. There is an extra layer of complexity… more

Indices serve both as templates for passive investment vehicles and as benchmarks for the evaluation of active managers. Over the past 50 years, the nature of passive investing has changed dramatically… more

Positive equity returns and a slight increase in discount rates in June helped to improve the funded status of our representative pension plans. Yield levels are still only marginally above 2014 lows… more

> Why February 3 was a key date in the first quarter > Equities remain the center of our risk-taking strategy > We favor emerging market debt in the fixed-income space more

ASIFMA, together with Standard Chartered and Thomson Reuters, today launched the “RMB Roadmap”, a new white paper which advocates and anticipates more open capital markets and increased global usage of… more

Emerging market equities have had a difficult time over the last few months. In USD terms, the 12 month return to 31 March 2014 for the MSCI World index was 19.7% compared to -1.1% for the MSCI Emerging… more

Recently, there have been reports that China will allow 10 provinces and cities to sell bonds on their own credit, similar to the municipal bonds seen in the western world. Currently, local Chinese governments… more

As a fundamental, bottom-up and research-driven equity manager focused on long-term investing, we believe it is imperative to have constructive dialogue with companies’ top management. Topics of discussion… more

For the past few months Global Markets Intelligence (GMI) Research has been referring to the U.S. housing market as "the weak link in the chain" as far as the generally rosy outlook for the U.S. economy… more

Relative to the pace seen in previous years, flows into ETFs started slower this year than many expected, but gained strength as the industry took in over $89.5BN through the end of May. While this is… more

It can be challenging to see through complexity due to the “Allure of the Expert.” Simplicity seems to be the theme of the day in much of society, and is best illustrated in products such as those from… more

This paper studies channels through which well-known benchmark indexes impact asset allocations and capital flows across countries. The study uses unique monthly micro-level data of benchmark compositions… more

The export of funds management (FM) services has become an increasingly significant component of the Australian funds management sector in recent years. The sector now has $2.3 trillion in funds under… more