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EDHEC-Risk Days Asia 2012

Bringing Research Insights to Investment Professionals


9-10 May, 2012 Marina Bay Sands Conference Centre Singapore

conference

Advances in Equity Investment


Managing the Volatility and Downside Risks of Asian Equity Markets Assessing New Approaches to Equity Portfolio Construction Protecting Equity Investments against Sovereign Risks Finding True Asian Exposure in Asia-listed Equities Combining Diversification, Hedging and Insurance to Optimise Risk Management

Indexing and Passive Investment


Presenting the Results of an Exclusive Survey on Indices and Passive Management in Asia Assessing the Quality of the Major Equity Indices in Asia Weighing Alternatives to Capitalisation-weighted Indices

Alternative Investments
Allocating to Hedge Funds a View from the Buy-Side Hedge Fund Modelling and Performance Presenting New Evidence on the Performance of Private Equity Assessing the Benefits of Long-Short Commodity Investing Reviewing the State and Challenges of Infrastructure Financing and Investing Introducing a New Class of Volatility Indices for Asia Evaluating Skewness as an Asset Class

Regulatory Developments
Evaluating the Impact of Regulatory Measures Aimed at Reducing Volatility Measuring the Impact and Economic Consequences of High-Frequency Trading Addressing Myths and Misconceptions about the Risks of ETFs

Organised by an academic research centre for the benefit of professionals, EDHEC-Risk Days Asia presents the research done by EDHEC-Risk Institute and discusses it with the institutional investment and wealth management communities. As such, the Institute wishes to enable participants at EDHEC-Risk Days Asia 2012 to have access to the latest conceptual advances and research results in investment and risk management and to discuss their implications and applications with researchers who combine expertise in analytical and research methods with a sound awareness of their relevance for the investment industry.

The indexing and passive investment matters examined will be focused on Asia: the results of the first academic study of indices and passive management in Asia will be unveiled, they will document the level of adoption of passive investment in the region and highlight the latest trends in the use of indices by Asian investors; the major Asian equity indices will be assessed for biases, stability, efficiency and representativeness; and regulatory development affecting ETFs in the region will be discussed. Alternative to traditional equity indices will also be reviewed and assessed.

On the second day, the conference will focus on The event is structured to appeal to institutional alternative strategies and review traditional, modern, investors, traditional and alternative investment and emerging alternative investments. EDHEC-Risk managers and policy-makers. The conference includes Institute researchers will present their latest results two exclusive fora, multiple plenary and stream on the determinants of private equity performance, sessions, and workshops that will allow professionals to next-generation commodity investing, and hedge review major industry challenges, explore state-of-the- fund allocation, modelling and performance. They will art investment techniques and benchmark practices to also discuss developments in infrastructure investing, research advances. present a new class of volatility indices for Asia and evaluate skewness as an asset class. Each day will open with an exclusive forum at which On the first day, the conference will focus on advances leading figures from the investment industry and senior in equity investment and equity portfolio construction, officers of supervisory authorities will discuss ongoing and on passive investment and indexing. regulatory initiatives that will impact the future of investing. On the first day, the Asia Investment Forum The advances in equity investment discussed will include will discuss smart regulation in Asia looking at what tools both global issuesin particular, new approaches to the regulatory authorities can use to reduce volatility equity portfolio construction, the protection of equity and promote markets stability without inflicting too portfolios against sovereign risks, and optimisation much damage on the competitiveness of the financial of risk management via the combination of risk industry and on overall economic efficiency. On the diversification, risk hedging and risk insuranceand second day, the High-Frequency Trading Forum will topics with a distinctive regional dimensionnotably, discuss the market impact and economic consequences volatility management and downside risk control on of high-frequency trading and review recent and ongoing Asian equity markets and the search for true Asian regulatory developments affecting this practice. exposure on the regions public equity markets. The EDHEC-Risk Days Asia 2012 Asia Investment Forum and High-Frequency Trading Forum exclusive media partners are:
and

EDHEC-Risk Days Asia 2012 is endorsed by: and

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Day One: Asia Investment Forum Advances in Equity Investment Indexing and Passive Investment
Asia Investment Forum
Central Banks and Financial Markets Stability: Is Regulatory Intervention Required? Evaluating the direct and indirect impact of competing measures aimed at reducing stock market volatility and ensuring orderly financial markets
> Transactions taxes, short-sale constraints, leverage limits, margin requirements, VaR-based risk ceilings: what do we know about the effectiveness of such measures? > How do these impact asset prices, risk premia, portfolio management, trading volume and the real economy? > How will regulations introduced by one country impact the real and financial sectors of other countries?

Advances in Equity Investment

How to Protect Equity Investments against Sovereign Risks


> Why sovereign risk is not solely a concern for bond investors > How to measure the exposure of equity investments to sovereign risk > How to optimise the decorrelation between bond and equity investments a low sovereign beta approach

Optimising Equity Portfolio Construction


> Modern portfolio theory: strengths and weaknesses > Current models of portfolio selection: out-of-sample performance > New approaches for portfolio construction: using better constraints > New approaches for portfolio construction: using information in stock-option prices

Structured Equity Investment Strategies for Long-Term Asian Investors


> Exploring the empirical characteristics of Asian equity markets > Comparing the risk-return profiles of equity strategies when volatility is stochastic > Designing structured equity strategies to capture the equity premium while managing total volatility and downside risk

A Post-crisis Framework for Investment Management


> What are the benefits and limits of diversification > Beyond diversification: understanding the role of hedging and insurance > Implementing risk diversification, risk hedging and risk insurance in practice

In search of true Asian Exposure in Asia-listed Equities


> How to measure the economic representativeness of indices? > Assessing the Asian beta of major stocks listed in the region > How to build portfolios that are representative of the Asia growth story?

Indexing and Passive Investment

Presenting the results of EDHEC-Risk Institute first Asian Survey on Indices and Passive Management
> What are the perceived benefits, drawbacks and limitations of passive investment for Asian investors? > What are Asian investors usages and perceptions of standard market indices? > What indices are favoured for portfolio construction?

Assessing the Quality of the Major Equity Indices in Asia


> Understanding the biases of major equity indices > Assessing Asian equity indices based on stability and efficiency > Challenging the representativeness of Asian indices

Alternatives to Cap-Weighted Indices


> Beyond cap-weighting > In search of representative indices > Designing efficient investment benchmarks > Alternative weighting schemes: conditions for optimality > Concept selection vs. concept diversification

Addressing Myths and Misconceptions about the Risks of ETFs


> Do ETFs deserve specific regulatory attention? > What are the risks of physical vs. synthetic replication ETFs? > What are the latest regulatory developments affecting ETFs across Asia and are there blind spots?
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Day One: Asia Investment Forum Advances in Equity Investment Indexing and Passive Investment
08:1509:00 Registrations, Coffee and Tea 09:0009:15 Opening Address

MORNING PLENARY SESSION


09:1510:45 Asia Investment Forum: Central Banks and Financial Markets Stability: Is Regulatory Intervention Required?

Asia Investment Forum


> Transactions taxes, short-sale constraints, leverage limits, margin requirements, VaR-based risk limits: what do we know

Evaluating the direct and indirect impact of competing measures aimed at reducing stock market volatility and ensuring orderly financial markets

about the effectiveness of such measures? > How do these impact asset prices, risk premia, portfolio management, trading volume and the real economy? > How will regulations introduced by one country impact the real and financial sectors of other countries? Presentation followed by roundtable discussion Speaker:

Raman Uppal, Member, EDHEC-Risk Institute and Professor of Finance, EDHEC Business School

11:0011:30 Morning Break

MORNING STREAM SESSIONS


11:3012:30 Presenting the results of EDHEC-Risk Institute First Asian Survey on Indices and Passive Management
> What are the perceived benefits, drawbacks and

11:30-12:30 A Post-crisis Framework for Investment Management


> What are the benefits and limits of diversification? > Beyond diversification: understanding the role of

hedging and insurance > Implementing risk diversification, risk hedging and risk insurance in practice Q&A session with the audience Speaker:
Stoyan Stoyanov, Head of Research, EDHEC Risk InstituteAsia and Professor of Finance, EDHEC Business School

limitations of passive investment for Asian investors? > What are Asian investors usages and perceptions of standard market indices? > What indices are favoured for portfolio construction? Q&A session with the audience Speaker:
Felix Goltz, Head of Applied Research, EDHEC-Risk Institute

12:3013:45 Lunch Break

11:30-12:30 How to Protect Equity Investments against Sovereign Risks


> Why sovereign risk is not solely a concern for bond

WORKSHOPS
13:4514:45 Advances in Variance and Risk Optimisation of Index Portfolios
Organised by: STOXX Ltd
> Reviewing the benefits of variance optimised indices > Evolution of Min Var indices over time > Introducing factor model based optimisations > Showcases and examples for the Asian markets

investors > How to measure the exposure of equity investments to sovereign risk > How to optimise the decorrelation between bond and equity investments a low sovereign beta approach Q&A session with the audience Speaker:
Fahd Rachidy, Senior Quantitative Financial Analyst, EDHEC-Risk Institute

Konrad Sippel, Head of Product Development, Executive Director, STOXX Ltd

Speaker:

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13:4514:45 Asset Allocation Techniques to Manage Volatility without Sacrificing Growth with Practical Solutions using ETFs
Organised by: SPDR ETFs, State Street Global Advisors
> Asian investors top concerns are how to deal with

16:30-17:30 Structured Equity Investment Strategies for Long-Term Asian Investors


> Exploring the empirical characteristics of Asian equity

market volatility in a low return environment. What are the investment solutions available to overcome these challenges? > How a rule based asset allocation overlay can help achieve a targeted volatility portfolio > How defining market risk regime can enhance tactical decisions > How shifting from asset allocation to risk allocation can mitigate downside risks > Practical portfolio solutions will be given using the ever expanding ETF tool kit Speaker:
Thomas Poullaouec, Head of Product Engineering, Asia ex-Japan, State Street Global Advisors

markets > Comparing the risk-return profiles of equity strategies when volatility is stochastic > Designing structured equity strategies to capture the equity premium while managing total volatility and downside risk Q&A session with the audience Chair:
Pierre Trcourt, Managing Director, Cross-Asset Solutions Head of Fixed Income Solutions & Institution Asia Pacific, Socit Gnrale

Speaker:

Stoyan Stoyanov, Head of Research, EDHEC Risk InstituteAsia and Professor of Finance, EDHEC Business School

AFTERNOON STREAM SESSIONS


14:55-15:55 Assessing the Quality of the Major Equity Indices in Asia
> Understanding the biases of major equity indices > Assessing Asian equity indices based on stability and

16:30-17:30 Addressing Myths and Misconceptions about the Risks of ETFs


> Do ETFs deserve specific regulatory attention? > What are the risks of physical vs. synthetic replication

ETFs? > What are the latest regulatory developments affecting ETFs across Asia and are there blind spots? Q&A session with the audience Speaker:
Frdric Ducoulombier, Director, EDHEC Risk InstituteAsia

efficiency > Challenging the representativeness of Asian indices Q&A session with the audience Speaker:
Felix Goltz, Head of Applied Research, EDHEC-Risk Institute

16:30-17:30 Alternatives to Cap-Weighted Indices


> Beyond cap-weighting > In search of representative indices > Designing efficient investment benchmarks > Alternative weighting schemes: conditions for optimality > Concept selection vs. concept diversification

14:55-15:55 Optimising Equity Portfolio Construction


> Modern portfolio theory: strengths and weaknesses > Current models of portfolio selection: out-of-sample

performance > New approaches for portfolio construction: using better constraints > New approaches for portfolio construction: using information in stock-option prices Q&A session with the audience Speaker:
Raman Uppal, Member, EDHEC-Risk Institute and Professor of Finance, EDHEC Business School

Q&A session with the audience Speaker:


Felix Goltz, Head of Applied Research, EDHEC-Risk Institute

AFTERNOON PLENARY SESSION


17:40-18:40 In Search of True Asian Exposure in Asia-listed Equities
> How to measure the economic representativeness of

15:5516:30 Afternoon Break

indices? > Assessing the Asian beta of major stocks listed in the region > How to build portfolios that are representative of the Asia growth story? Speaker
Marc Rakotomalala, Senior Quantitative Financial Analyst, EDHEC Risk InstituteAsia

18:40 End of Day One


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Day Two: High-Frequency Trading Forum Alternative Investments


High-Frequency Trading Forum
The Market Impact and Economic Consequences of Algorithmic and High-Frequency Trading Evaluating the impact of algorithmic and high-frequency trading on liquidity, volatility and the informational efficiency of prices
> What is the impact of algorithmic and high-frequency trading on market liquidity? > How does algorithmic and high-frequency trading affect price discovery process and the informational efficiency of prices? > What is the impact of such trading on intraday and daily volatility? > What factors make algorithmic trading beneficial or harmful; which firms or markets, if any, would benefit from regulatory restrictions on fast trading? > What are the longer-term effects of increasing algorithmic trading intensity?

Alternative Investments

A New Class of Volatility Indices for Asia


> The specificities of volatility and volatility hedging on Asian equity markets > Introducing a new set of efficient and tractable proxies of idiosyncratic volatility for Asian equity markets > Providing reliable proxies for volatility when option-based implied volatility measures are not available

Skewness as an Asset Class


> Exploring the empirical properties of skewness > Understanding implied and realised skewness and the informational content of skewness indicators > Measuring the benefits of skewness exposure

The State and Challenges of Infrastructure Financing and Investing


> What exactly is an infrastructure asset? > The infrastructure risk/return mismatch > Recent hurdles, the credit cycle and long-term solutions

Long-Short Commodity Investing: Implications for Portfolio Risk and Market Regulation
> Measuring the returns earned by long-short commodity investors > Long-short commodity portfolios as a hedge against extreme equity risk > Are long-short investors destabilising commodity markets by increasing volatility and cross market linkages?

New Evidence on the Performance of Private Equity


> Analysing the return drivers of more than 10,000 private-equity investments (speed, firm structure, investment size, business cycle, exit route) > Are quick-flips the norm? > Which firm characteristics impact returns most? > Do private-equity firms add value? And if so, how?

Allocating to Hedge Funds A View from the Buy Side


> Looking at the current state of the hedge fund industry > Reviewing the myths and limits of hedge fund investing > Including hedge funds into strategic asset allocation > Managing the liquidity and operational risks of hedge fund investments

Non-parametric Hedge Fund Modelling and Implications for Hedge Fund Performance Evaluation and Asset Allocation Decisions
> Limitations of traditional approaches to modelling hedge fund payoffs > Advantage of a stochastic discount factor approach to modelling hedge fund risks > Aligning allocation decisions with performance measurement in the hedge fund universe

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Day Two: High-Frequency Trading Forum Alternative Investments


08:3009:00 Registrations, Morning Coffee and Tea

MORNING PLENARY SESSION


9:0010:30 High-Frequency Trading Forum: The Market Impact and Economic Consequences of Algorithmic and High-Frequency Trading

High-Frequency Trading Forum


Evaluating the impact of algorithmic and high-frequency trading on liquidity, volatility and the informational efficiency of prices
> What is the impact of algorithmic and high-frequency trading on market liquidity? > How does algorithmic and high-frequency trading affect price discovery process and the informational efficiency of

prices? > What is the impact of such trading on intraday and daily volatility? > What factors make algorithmic trading beneficial or harmful; which firms or markets, if any, would benefit from regulatory restrictions on fast trading? > What are the longer-term effects of increasing algorithmic trading intensity? Presentation followed by roundtable discussion Speaker:
Ekkehart Boehmer, Member, EDHEC-Risk Institute and Professor of Finance, EDHEC Business School

WORKSHOPS
10:40-11:40 Efficient Exposure to Emerging Markets
Organised by: Deutsche Bank
> Critical assessment of index investment vehicles and

STREAM SESSIONS
12:15-13:15 A New Class of Volatility Indices for Asia
> The specificities of volatility and volatility hedging on

replication techniques > Pros and cons of different wrappers > Considerations on legal, liquidity and tax constraints Speaker:
Marco Montanari, Head of db X-trackers ETFs and db-X funds, Asia, Deutsche Bank

Asian equity markets > Introducing a new set of efficient and tractable proxies of idiosyncratic volatility for Asian equity markets > Providing reliable proxies for volatility when optionbased implied volatility measures are not available Q&A session with the audience Speaker:
Stoyan Stoyanov, Head of Research, EDHEC Risk InstituteAsia and Professor of Finance, EDHEC Business School

11:40-12:15 Morning Break

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12:15-13:15 Long-Short Commodity Investing: Implications for Portfolio Risk and Market Regulation
> Measuring the returns earned by long-short

14:30-15:30 The State and Challenges of Infrastructure Financing and Investing


> What exactly is an infrastructure asset? > The infrastructure risk/return mismatch > Recent hurdles, the credit cycle and long-term solutions

commodity investors > Long-short commodity portfolios as a hedge against extreme equity risk > Are long-short investors destabilising commodity markets by increasing volatility and cross-market linkages? Q&A session with the audience Chair:
Julien Le Noble, Head of the Asia-Pacific Office, CME Group

Q&A session with the audience Speaker:


Frdric Blanc-Brude, Research Director, EDHEC Risk Institute Asia

15:30-16:00 Afternoon Break 16:00-17:00 New Evidence on the Performance of Private Equity
> Analysing the return drivers of more than 10,000

Speaker:

Jolle Miffre, Member, EDHEC-Risk Institute and Professor of Finance, EDHEC Business School

13:1514:30 Lunch Break 14.30-15.30 Non-parametric Hedge Fund Modelling and Implications for Hedge Fund Performance Evaluation and Asset Allocation Decisions
> Limitations of traditional approaches to modelling

private-equity investments (speed, firm structure, investment size, business cycle, exit route) > Are quick-flips the norm? > Which firm characteristics impact returns most? > Do private-equity firms add value? And if so, how? Q&A session with the audience Speaker:
Florencio Lpez-de-Silanes, Member, EDHEC-Risk Institute and Professor of Finance, EDHEC Business School

hedge fund payoffs > Advantage of a stochastic discount factor approach to hedge fund modelling risks > Aligning allocation decisions with performance measurement in the hedge fund universe Q&A session with the audience Speaker:
Ren Garcia, Academic Director, PhD in Finance, EDHEC-Risk Institute, and Professor of Finance, EDHEC Business School

16:00-17:00 Allocating to Hedge Funds A View from the Buy Side


> Looking at the current state of the hedge fund industry > Including hedge funds into strategic asset allocation > Reviewing the myths and limits of hedge fund investing > Managing the liquidity and operational risks of hedge

fund investments

Q&A session with the audience

14.30-15.30 Skewness as an Asset Class


> Exploring the empirical properties of skewness > Understanding implied and realised skewness and the

Speaker:

informational content of skewness indicators > Measuring the benefits of skewness exposure Q&A session with the audience Speaker:

Franois Serge Lhabitant, Affiliate Professor of Finance, EDHEC Business School and Chief Executive Officer, Kedge Capital

17:00 End of the Conference

Stoyan Stoyanov, Head of Research, EDHEC Risk InstituteAsia and Professor of Finance, EDHEC Business School

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Global Event Partners


Deutsche Bank One Raffles Quay, #18-00 South Tower, Singapore 048583 Tel.: +65 6238 8868 - www.dbxtrackers.com.sg
Deutsche Bank db X-trackers is one of the worlds largest ETF providers with more than US$50 billion in assets under management. With more than 190 db X-trackers ETFs on various asset classes including equities, fixed income, credit (long/short), money market, currencies and commodities, investors are able to implement a wide range of market strategies in a transparent, flexible and efficient manner. db X-trackers ETFs are supported by a range of market makers and are listed on different exchanges all over Europe (Borsa Italiana, Frankfurt Xetra, Paris Euronext, London Stock Exchange and Zurich SIX Swiss Exchange). db X-trackers ETFs are now also available in Asia on The Stock Exchange of Hong Kong Limited (SEHK) and the Singapore stock exchange (SGX-ST) where Deutsche Bank is the largest ETF provider by product offerings. db X-trackers ETFs seek to combine superior index tracking, liquidity, transparency and innovation. They are designed to replicate the relevant index performance one-for-one before fees which creates transparency. All db X-trackers ETFs are built on the solid and stable foundations of Deutsche Bank and provide peace of mind as they are supervised under the UCITS III regulations. db X-trackers was named the winner of multiple awards including AsianInvestors Exchange-traded funds, Asia Pacific Award two years in a row, 2010 and 2011.

Stoxx Limited Selnaustrasse 30 8021 Zurich - Switzerland Tel.: +41 (0)58 399 59 00 - www.stoxx.com
STOXX Ltd. is an established and leading index specialist of European origins. The launch of the first STOXX indices in 1998, including the EURO STOXX 50 index, marked the beginning of a unique success story, based on the companys neutrality and independence. Since then, STOXX has been at the forefront of market developments, continuously expanding its portfolio of innovative indices and now operating on a global level, across all asset classes. STOXX Limited is committed to delivering its high-quality, reliable and trusted index offerings to its global client base. The indices are licensed to more than 400 companies among the worlds largest financial products issuers, capital owners, and asset managers. They are used not only as underlyings for financial products such as ETFs, futures and options, and structured products, but also for risk and performance measurement. In addition, STOXX Ltd. is the marketing agent for the indices of Deutsche Brse AG and SIX Group AG, among them the DAX and the SMI indices. For more information, please visit www.stoxx.com

SPDR ETFs, State Street Global Advisors 168 Robinson Road, #33-01 Capital Tower, Singapore, 068912 Tel.: +65 6826 7500 www.spdrs.com.sg
Offered by State Street Global Advisors (SSGA), SPDR ETFs are a family of exchange traded funds that provide investors with the flexibility to select investments that are precisely aligned to their investment strategy. Recognized as the industry pioneer, State Street Global Advisors created the first ETF in 1993 SPDR S&P 500 which is currently the worlds largest ETF1. SSgA introduced ETFs in Asia Pacific in 1999 when it launched the Tracker Fund of Hong Kong2. Since then, SSgA has introduced Singapores first ETF, the SPDR Straits Times Index ETF. Currently, State Street Global Advisors manages approximately US$274 billion of ETF assets worldwide.3
1 Bloomberg, as of 31 December 2011. 2 The ETFs mentioned herein are offered in limited jurisdictions only and may not be available for certain investors. 3 As of 31 December 2011. This AUM includes the assets of the SPDR Gold Trust (approx. US$63 billion as of 31 December 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.

Exhibitors
Eurex Exchange 50 Raffles Place #21-05 Singapore Land Tower, Singapore 048623 Tel.: +65 6304 5251 - www.eurexchange.com
Eurex Exchange is a member of Eurex Group, one of the worlds leading derivatives exchanges. 1,650 products across 11 asset classes on one single platform provide customers with new business opportunities. Our innovative and reliable technology gives 430 members and 8,300 traders in 30 countries worldwide access to our products and services. Futures and options on EUR-denominated government bonds (Bund, Bobl, Schatz) and derivatives on the European benchmark indexes DAX and EURO STOXX 50 are important parts of our customers portfolios in Asia Pacific. Eurex branch and representative offices have been established in Hong Kong, Singapore and Tokyo. Contact: Henk Huitema Tel.: +65 6304 5251 | Email: henk.huitema@eurexchange.com

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Fora Exclusive Media Partners

Professional Organisations Endorsing the Conference

Research Publisher and Scientific Journals Associated with the Conference

Media Partners

EDHEC-Risk Days Asia 2012 l 11 l Bringing Research Insights to Investment Professionals

Thank You
Without the support of the industry over the past ten years, EDHEC-Risk Institute would never have been able to develop the ambitious research programmes that allow it to combine academic excellence and business relevance today.

EDHEC-Risk Days Asia 2012 l 12 l Bringing Research Insights to Investment Professionals

Industry surveys: comparing research advances with industry best practices EDHEC-Risk Institute regularly conducts surveys on the state of the European asset management industry. These look specifically at the application of recent research advances within investment management companies and at best practices in the industry. Survey results receive considerable attention from professionals and are extensively reported on by the international financial media. Recent industry surveys conducted by EDHEC-Risk Institute

EDHEC-Risk Institute is part of EDHEC Business School, one of Europes leading business schools and a member of the select group of institutions worldwide to have earned all three international academic accreditations (AACSB, EQUIS, AMBA). Established in 2001, EDHEC-Risk Institute has become the premier centre for financial research and its applications. In partnership with the industry, its team of 66 permanent professors, engineers and support staff implements six research programmes and fourteen research chairs and strategic research projects focusing on asset allocation and risk management in the traditional and alternative investment universes. The results of the research programmes and chairs are disseminated through the three EDHEC-Risk Institute locations in London, Nice and Singapore. EDHEC-Risk Institute validates the academic quality of its research through publications in leading scholarly journals, implements a multifaceted communications policy to inform investors and asset managers on state-of-the-art concepts and techniques, and forms business partnerships to launch innovative products. Its executive education arm helps professionals to upgrade their skills with advanced risk and investment management seminars and degree courses, including the EDHEC-Risk Institute PhD in Finance.
Executive Education Activities EDHEC-Risk Institute provides a range of executive courses in investment management and joint seminars with CFA Institute. EDHEC-Risk Institute is registered with CFA Institute as an Approved Provider of the Continuing Education programme.
EDHEC-Risk Institute offers a PhD in Finance designed for professionals who aspire to higher intellectual levels and aim to redefine the investment banking and asset management industries. Drawing its faculty from the worlds best universities and enjoying the support of the research centre with the greatest impact on the European financial industry, the EDHEC-Risk Institute PhD in Finance creates an extraordinary platform for professional development and industry innovation.

EDHEC-Risk Institute Research for Business The EDHEC-Risk Institute website puts EDHEC-Risks analyses and expertise in the field of risk and investment management at the disposal of professionals. The site examines the latest academic research from a business perspective, and provides a critical look at the most recent industry news.

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EDHEC-Risk Days Asia 2012 Day One - 9 May


Synopsis
8:15 9:00 9:15
ASIA INVESTMENT FORUM Central Banks and Financial Markets Stability: Is Regulatory Intervention Required? Registrations, Morning Coffee and Tea Opening Address

11:00 11:30
STREAM SESSION How to Protect Equity Investments against Sovereign Risks

Morning break

STREAM SESSION Presenting the Results of EDHEC-Risk Institute First Asian Survey on Indices and Passive Management

STREAM SESSION A Post-crisis Framework for Investment Management

12:30 13:45
WORKSHOP Advances in Variance and Risk Optimisation of Index Portfolio STOXX

Lunch break

WORKSHOP Asset Allocation Techniques to Manage Volatility without Sacrificing Growth with Practical Solutions using ETFs SPDR ETFs

WORKSHOP

14:45
STREAM SESSION Optimising Equity Portfolio Construction STREAM SESSION Assessing the Quality of the Major Equity Indices in Asia

15:55 16:30
STREAM SESSION Structured Equity Investment Strategies for Long-Term Asian Investors

Afternoon break

STREAM SESSION Alternatives to Cap-Weighted Indices

STREAM SESSION Addressing Myths and Misconceptions about the Risks of ETFs

17:40
AFTERNOON PLENARY SESSION In Search of True Asian Exposure in Asia-listed Equities

18:40

End of day one

Day 1

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EDHEC-Risk Days Asia 2012 Day Two - 10 May


Synopsis
8:30 9:00
HIGH-FREQUENCY TRADING FORUM The Market Impact and Economic Consequences of High-Frequency Trading Registrations, Morning Coffee and Tea

10:40
WORKSHOP Efficient Exposure to Emerging Markets db X-trackers ETFs, Deutsche Bank

WORKSHOP

WORKSHOP

11:40 12:15
STREAM SESSION A New Class of Volatility Indices for Asia

Morning break

STREAM SESSION Long-Short Commodity Investing: Implications for Portfolio Risk and Market Regulation

13:15 14:30

Lunch break

STREAM SESSION Skewness as an Asset Class

STREAM SESSION The State and Challenges of Infrastructure Financing and Investing

STREAM SESSION Non-parametric Hedge Fund Modelling and Implications for Hedge Fund Performance Evaluation and Asset Allocation Decisions

15:30 16:00

Afternoon break

STREAM SESSION New Evidence on the Performance of Private Equity

STREAM SESSION Allocating to Hedge Funds A View from the Buy Side

17:00

End of conference

Day 2

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EDHEC-Risk Days Asia 2012

9-10 May Marina Bay Sands Conference Centre Singapore 10 Bayfront Avenue Singapore
Delegate Fee GST (7%) Delegate Fee GST included

CFA Institute and CAIA Association member rate Standard rate Investor rate: pension schemes, charities, endowments, foundations, insurance companies (third party asset management excluded), government and regulatory bodies, single family offices and financial executives from non-financial companies should contact: eridays2012asia@edhec-risk.com or +65 6631 8578 for registration. Senior executive/investment officer rate: senior executive officers (members of the supervisory board, members of the board of directors, chief executive officers, executive committee members) and senior investment officers (chief investment officers, heads of units, portfolio and risk managers) of leading asset/wealth management firms, investment/private banks, and alternative funds and funds of funds should contact: eridays2012asia@edhec-risk.com or +65 6631 8578 for registration.

SGD1125 SGD1500

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FREE

The registration fee includes buffet lunch, refreshments and full conference documentation. Delegates may be refused admission if payment is not received prior to the conference. CANCELLATION POLICY Given the moderate conference fee, we do not accept cancellations; invoiced sums will remain payable in full. If a registered delegate is unable to attend, a substitute delegate from the same organisation is welcome.

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