面包屑导航
Extended Viewer
HTML Displayer Portlet
Contributions by ${journalArticleTool.getArticleHelper($renderRequest.getAttribute('com.msci.webmasters.liferay.contentviewer.resourcePrimKey').toString()).getArticle().getTitle($themeDisplay.getLocale())}
Extended-lister
-
Investors may want to understand not only if their portfolios are aligned with global climate goals but why they may (or may not) fall short of the mark. A performance-attribution analysis can help them understand how “hot” or “cold” their portfolios are.
-
The global food system is one of the major drivers of climate change, biodiversity loss and depletion of freshwater resources. We looked at traditional plant-based and alternative proteins trends and potential transition risks to food companies’ valuations.
-
PAPER
The Protein Transformation: A Critical Driver of the Net-Zero Economy
Jan 18, 2022
Download Document -
Investors and policymakers are increasingly focused on the fact that a transition to a low-carbon economy could result in “greenflation,” which could put upward pressure on long-term interest rates and in turn lead to downward repricing of bond portfolios.
-
Private-asset investors are waking up to the urgency of the climate crisis, while dealing with other long-term disruptive trends that accelerated during the pandemic. We may see a substantial reallocation of capital as investors respond to these challenges.
-
Whether due to stimulus, deglobalization, decarbonization or an overheating economy, higher inflation could have an impact on style-factor and sector performance. We investigate this impact in the context of two potential economic-growth regimes.
-
During this unprecedented time, we are observing severe spikes in liquidity parameters. In order to keep you informed, we have created the MSCI Liquidity Risk Monitor Special Report, a weekly interim report, demonstrating the behavior of several liquidity risk indicators during the global COVID-19 crisis. Use this report to view movement of key liquidity indicators, as well as to communicate these trends with your internal and external stakeholders.
-
Securitizations for U.S. agency adjustable-rate mortgages have declined since the 2008 global financial crisis. But could a loan-limit increase by the government-sponsored enterprises, boost issuance of agency-ARM mortgage-backed securities?
-
As the world’s biggest companies work toward net-zero, corporations ask: What do we do about our suppliers? Meanwhile, ESG investing truly has gone mainstream (with the regulatory attention to prove it). We review these trends and emerging risks.
-
-
If economic expansion and higher inflation continue in 2022, interest rates could rise around the world. As investors re-evaluate equity portfolios, we look at factor-index performance in different U.S. interest-rate and yield-curve regimes.
-
Real estate is an illiquid asset class. But liquidity can also vary considerably between different assets, markets and time periods. Have differences in liquidity within real estate had an impact on investment returns?
-
It’s not just Santa’s North Pole headquarters that are at risk from global warming. Around 75% of the world’s toys are made in China — most coming from the country’s coastal provinces which face an increasing threat of flooding as global temperatures rise.
-
If uncertainties over deglobalization persists, the performance divide between Europe and the U.S. could widen further. Have European firms been more at risk, given they have had more international revenue than U.S. companies?
-
Inflation watchers, aware of how COVID-19 led to trillions of dollars of stimulus, may want to note the longer-term shift toward deglobalization. As these forces collide, they may lead to rising global inflation and affect asset-allocation strategies.
-
PAPER
2022 ESG Trends to Watch
Dec 7, 2021 Linda-Eling Lee , Meggin Thwing Eastman
Download Document -
Using Implied Temperature Rise — an intuitive metric that can be used to assess net-zero alignment — we analyze temperatures for climate-focused indexes designed to meet or exceed the requirements of the EU Paris-Aligned Benchmarks standard.
-
With COP26 over, the hard work begins as investors seek to limit temperature rise to less than 2°C above preindustrial levels in their portfolios. We investigate how they can understand whether a portfolio or fund is aligned with temperature targets.
-
The holiday season may only exacerbate supply-chain challenges affecting the availability and prices of goods. In this inaugural edition of Spotlight on the Markets, we analyze performance and how investors are working to rise to the occasion.
-
Over the past two years, a growing number of governments have stepped up their plans to protect biodiversity. The most affected industry: Food products, which may face rising regulatory costs and reduced fiscal subsidies. What are the risks to investors?
-
PAPER
Net-Zero Alignment: Portfolio Construction Approaches for Investors
Dec 1, 2021 Guillermo Cano , Saurabh Katiyar
Download Document -
-
PAPER
How ESG Affected Corporate Credit Risk and Performance
Nov 30, 2021 Hitendra Varsani , Rohit Mendiratta , Guido Giese Download DocumentEnvironmental, social and governance (ESG) investing is a very broad field with many different investment approaches addressing various investment objectives across asset classes. While there are many studies relating to ESG in equities, the risk assessment of ESG considerations within fixed income may be equally if not more important. Bonds have limited upside, but in a negative scenario, investors can potentially lose all their invested capital. At a top level, we can break down ESG investing into three main areas that each has its own investment objective: first, ESG incorporation, in which the key objective is to improve the risk-return characteristics of a portfolio; second, values-based investing, in which investors seek to align their portfolio with their norms and beliefs; and third, impact investing, in which investors want to use their capital to trigger change for social or environmental purposes — for example, to accelerate the decarbonization of the economy. In this paper, we focus on the first investment objective — ESG as a means to achieve financial objectives in portfolio management in the context of corporate bonds. ©2021 With Intelligence. Republished with permission from the Journal of Impact & ESG Investing, from: Mendiratta, Rohit, Varsani, Hitendra D., and Giese, Guido. 2021. “How ESG Affected Corporate Credit Risk and Performance.” Journal of Impact & ESG Investing 2, no. 2 (Winter).
-
Private-capital funds, which can quickly make large investments in specific targets, are potentially powerful agents in the fight against climate change. But where do private-equity and -debt funds stand in terms of their estimated carbon-emission intensities?
-
PAPER
In Transition to a New Economy Corporate Bonds and Climate Change Risk
Nov 24, 2021 Guido Giese , Rohit MendirattaPortfolio Construction and Optimization
Download Document -
ESG ratings are widely used in active management and ESG indexes, with a growing focus on climate change. This has increased debate around two questions: Why are ESG ratings so different across providers? And how do ESG ratings reflect climate risk?
-
The precise measurement of social impact is in its early stages. But some property sectors like affordable housing have obvious links to social themes, and investment in these “social properties” has increased significantly over the last 10 years.
-
We looked at ways to mitigate some of the performance drag of stock-specific risk on value strategies over the last decade by directly controlling for this risk without negatively affecting value-factor exposures or contributions.
-
BLOG
After Evergrande: Bond Liquidity of Chinese Property Developers
Nov 17, 2021Fixed Income , Risk Management , Global Investing
Learn MoreEvergrande, one of China’s largest and most indebted property developers, had a recent close brush with bankruptcy that generated considerable concern among global bond investors. In this time of distress, how has market liquidity responded?
-
Investors increasingly seek to build portfolios that have reduced exposure to climate-transition risk. How might these changes in investor behavior have affected prices in the corporate-bond market?
-
In the face of increasingly frequent and severe climate hazards around the globe, water constraints appear to be emerging as an important factor impacting the Taiwanese semiconductor industry and global supply chains.
-
-
PAPER
Foundations of Dedicated China Allocations: Part 3
Nov 4, 2021 Shuo Xu , Wei Xu , Wei ZhenAsset Allocation and Asset Liability Management , Factor and Risk Modeling , Investing (Investment Management) , Performance Analysis , Portfolio Construction and Optimization , Responsible Investing , Risk Management , Asset Pricing and Valuation
Download Document -
PAPER
Understanding MSCI Climate Indexes: Methodologies, Facts and Figures
Nov 2, 2021 Guillermo Cano , Saurabh Katiyar , Guido Giese
Download Document -
PAPER
Fund ESG Transparency Q3 2021 Spotlight: Thematic Funds
Oct 29, 2021 Rumi Mahmood
Download Document -
Market fundamentals may not be significantly affected by new regulations in China. But, given the regulations’ focus on ESG-related issues, investors can use ESG data as they seek to identify risks and opportunities across industries and securities.
-
即使整体市场基本面可能不会受到监管的显著影响，鉴于监管对 ESG 相关问题的关注，投资者可以利用 ESG 数据来寻找跨行业和跨单个证券的风险和机遇。
-
BLOG
How Climate Change Could Impact Credit Risk
Oct 20, 2021ESG Research , Fixed Income , Risk Management
Learn MoreInvestors are increasingly focused on gauging the risks related to climate change. We investigated how various climate scenarios could impact the credit risk of portfolios. In one scenario, 16% of investment-grade issuers could migrate to high yield.
-
BLOG
Could Factors Help Explain Asset-Level Real Estate Performance?
Oct 19, 2021Real Estate Investing , Factor Investing
Learn MoreFor real estate investors, property type and geography segmentations are the primary lens through which they measure and manage their portfolios. Testing five potential real estate style factors, however, were we able to better explain asset-level variation.
-
How can investors help accelerate the net-zero transition? This was the central question at MSCI’s 2021 Global Investing Conference. We present the core takeaways from the two-day event, which featured senior corporate and investment thought leaders.
-
Public companies and managers of listed assets face growing disclosure requirements. But private companies have not received the same level of scrutiny. How can investors in private assets calculate their exposure to carbon emitters, and what can they do about it?
-
Institutional investors may have more exposure to cryptocurrency risk than they realize. We find that cryptocurrencies were a part of business for at least 52 companies covered by MSCI ESG Research, including 26 MSCI ACWI Index constituents.
-
How quickly companies implement net-zero pledges can affect the value of investments. Stress testing can be used to test how the valuation of a portfolio could change under different climate transition speeds or scenarios chosen by the investor.
-
Throughout the third quarter, investors shifted attention to risks from inflation, tapering and potential interest-rate rises. We analyze global equities and the rotation toward defensive factors.
-
While investors around the world are committing to bring the carbon footprints of their portfolios to net-zero by 2050, figuring out how to do so is not a simple matter. What alternatives do investors have?
-
We expand on our analysis of industry momentum to assess the persistence of a premium across different regions and the ability of a rules-based strategy to help investors as they seek to capture this premium.
-
COVID-19 has weighed heavily on the financial positions of companies that hold leases for commercial real estate. Property investors can track the covenant quality of their tenants and translate it into a probability of default over the length of the lease.
-
PAPER
Net-Zero Alignment: Objectives and Strategic Approaches for Investors
Sep 20, 2021 Zoltán Nagy , Guido Giese
Download Document -
Regulatory changes in China have investors wondering how different industries could be affected. Evaluating the changes through a thematic lens can provide insight into the growth and crowding levels of megatrends, as industries react and evolve.
-
中国最近的一系列监管变化让一些投资者对不同的行业反应和影响产生了疑问。