Showing 611 - 619 of 619 entries
MethodologyMSCI ALL PAKISTAN SELECT 25/50 INDEX METHODOLOGY
MethodologyMSCI All Market Indexes Methodology
Research PaperSome Like It Hot
As part of the MSCI Research series on global equity implementation, this paper reviews the active management opportunity in different market segments, and discusses the role of very active mandates across segments in a core-satellite portfolio structure. Our research based on manager performance data over the last 10 years indicates that there is little evidence that average emerging markets or small cap managers have produced higher or more persistent risk-adjusted returns relative to...
Research PaperThe "New Classic" Equity Allocation?
The recent financial crisis led many institutional investors to review their asset allocation policies and explore alternative approaches to implementation. MSCI recently held discussions around the world with major pension plans, asset managers, and investment consultants to understand different approaches to implementing equity allocation. Following these consultations, we provide a framework for the implementation of global equity allocation. Our research suggest that global equity...
Research PaperRevisiting Global Small Cap
The small cap as a source of equity risk premia has been well documented in finance literature. Although small-cap stocks are often perceived as risky relative to their large-cap counterparts, they have other characteristics that may provide an opportunity for portfolio diversification and return enhancement. In particular, moving beyond the universe of large- and mid-cap stocks into the small-cap segment triples the opportunity set in terms of number of stocks available for investors. Also,...
Research PaperA Fresh Look at the Strategic Equity Allocation of European Institutional Investors
MSCI Barra has recently published three research papers that examine the current equity asset allocation practices in the US, UK, and Japan and identify an increasing adoption of a global approach to equity allocation. This paper reviews the current strategic equity allocation policies of European institutional investors. It discusses the evidence that challenges the separation of equity policy portfolio into domestic/international allocations or regional allocations at the strategic level,...
Research PaperHome is Where the Hurt Is: The Effects of Equity Policy Benchmark Decisions in the UK
Unprecedented political, economic, and technological developments in the last 20 years have resulted in a high degree of integration across companies, industries, and markets around the world. Institutional equity portfolio construction appears to be lagging behind, with most institutional portfolios still suffering from significant home bias effects. Using data from the UK market, we have shown that adopting a market-cap weighted global policy benchmark instead of a traditional home bias...
Research PaperQuantifying the Cost of Home Bias - A Japan Perspective
This Research Insight reviews the evolution of the equity allocation policy of Japanese institutional investors and discusses how globalization has altered the global equity landscape and created the basis for a major rethinking of the investment process of global investors. We present the key rationales for an integrated global equity investment process, and explore potential implementation paths for Japanese institutional investors.
Research PaperGlobalization of Equity Policy Portfolios
Globalization has brought about a major rethinking of the equity investment. Thought leaders in the industry are questioning the merit of the existing equity allocation practices and are increasingly looking towards an integrated global equity investment process. The partitioned domestic/non-domestic approach to equity investing may have been built on the grounds of segmented economies, high levels of foreign investment restrictions, and heavily domestically-focused companies but its validity...