By Frederick J. Grede, Ho Yew Mun, Robert G. Zielinski, Hon W. Cheung, Harold Y. Kim, Richard H. Lawrence Jr., Robin J.G. Fox, Greg Robinson
The authors during this court cases percentage their insights at the evolution of fairness markets. They conceal the hot diversifications that the exchanges have made, technology's influence at the markets and valuation ways, Asia-specific porfolio building strategies and spinoff ideas, and what the longer term appears like for international buying and selling.
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Extra resources for Evolution in Equity Markets: Focus on Asia
Zielinski, CFA Question: What happens to investment analysts and investment research as your e-finance crisis model develops? Are analysts out of a job? Zielinski: No. In fact, the value of analysts is enhanced because they can recognize fog when they see it. The only problem is that analysts cannot monetize their reports. Right now, because brokerage commissions have come down so much, firms simply have no money to pay analysts. Question: What are your views on the fund management industry in light of e-finance?
Cheung Question: Table 2 shows a clear increase in correlation over the years. Does this suggest that country allocation is diminishing in importance? Cheung: Yes. This observation exists not only in Asia but also in other markets. We operate in global capital markets, and these markets are getting more integrated all the time. In Europe, for example, with the euro being introduced and European markets beginning to converge, the correlation patterns will, I think, increase significantly. Trying to project into the future in Asia, say the next 5–10 years, is still difficult because Asia is a region of as much dissimilarity as similarity: Hong Kong is very different from Indonesia, Thailand, and so on.
Thus, by using the bootstrapping technique, managers can find and adopt a relatively safe benchmark based on historical results. Although the use of such techniques allows ©2001, Association for Investment Management and Research® Portfolio Construction Techniques for Asia managers to be more certain of what they can achieve, there is still a chance that what appears to be a safe 30/70 benchmark could earn a low or negative return even over a five-year horizon. Benchmark Rebalancing. Another portfolio construction issue related to benchmarking is how often and under what circumstances the adopted benchmark should be rebalanced.
Evolution in Equity Markets: Focus on Asia by Frederick J. Grede, Ho Yew Mun, Robert G. Zielinski, Hon W. Cheung, Harold Y. Kim, Richard H. Lawrence Jr., Robin J.G. Fox, Greg Robinson