BEST ARTICLES FOR 2024 ANNOUNCED BY SAAJ
The Securities Analysts Association of Japan (SAAJ) announced that the following two articles won the Securities Analysts Journal Prize for 2024:
- The Economic Function of Sustainable Investing and Its Application to Portfolio Selection
- Hiroko Niikura / Tomonori Uchiyama, CMA / Kazuo Kakuma, CMA
Sustainable investing addresses environmental and social issues by influencing firms’ cost of capital through non-pecuniary investor preferences. Pecuniary returns and risks are also important to investors. The authors develop an optimal portfolio within a straightforward framework and demonstrate its application to equity and bond investments. Additionally, they discuss the expected returns of sustainable investing using a two-factor model that incorporates the market and ESG factors. To read this article, click here
- On the Persistence of Japanese Equity Mutual Fund Performance: An Analysis Using Stock Holding Data
- Toshihiro Shimada, CMA
This paper investigates the performance of Japanese equity mutual funds using stock holding data. The author found that: 1) on average, style-adjusted stock selection skills are evident in the before-cost-deduction performance of these funds, 2) mid and small cap funds are the high performers, and 3) performance does persist. Thus, it is important to select funds exhibiting high style-adjusted stock selection skills and to manage their investment styles accurately in order to enhance investment portfolio performance stability. To read this article, click here
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