The (most recent)eighth edition of the KPMG Survey of Corporateresponsibility reporting.
Category: Investment
Japan Exchange Group – “Policy Recommendations from JPX Financial and Capital Markets Workshop”
Japan Exchange Group, Inc. (JPX) was launched in January 2013 with the future vision of becoming the most preferred exchange in the Asian region. However, Tokyo Market relatively loses its international competitiveness, as Hong Kong/Singapore's development, the rise of Asian countries, and accelerated financial system reform in China.
The market conditions looks sustaining it's strong economic performance thanks to the effect of Abenomics, but as Japanese financial and capital markets, there still remains many issues to be resolved.
Turkey “How Is the First-Time Used Electronic General Meeting System Received?”
Excerpt: Investors Are Generally Content With the System –
As for investors’ reaction, comments from investors conveyed to our association note mostly that e-GEM system is an easy way of voting. It wouldn’t be wrong to say, at least on the basis of comments we received, that “investors are content”.
ISS’ New “Benchmark Policy Consultation” for Japan and Other Countries
On ISS' web site: Each year, the ISS Global Policy Board invites all financial market participants to provide feedback on proposed updates to ISS' benchmark proxy voting guidelines prior to releasing our final updates in November. In conjunction with the release of our 2014 policy updates on Nov. 21, we are opening a new consultation period on ISS' policy approaches to certain policies for consideration for longer term policy changes (beyond 2014).
GPIF Panel Report: “Panel for Sophisticating the Management of Public/Quasi-public Funds”
This can be downloaded at the link at the bottom. Here is the TOC:
I Introduction ………………………….. 1
II Revising investment in view of the post-deflationary economy
1 Objectives of investment ……………………………………………………… 3
2 Investment targets and policies …………………………………………………… 3
(1) Revising portfolios that heavily invest in domestic bonds
“To Catch a Thief: Can Forensic Accounting Help Predict Stock Returns?”
Messod D. Beneish, Charles M.C. Lee, D. Craig Nichols August 15, 2011 Abstract: An earnings manipulation detection model based on forensic accounting principles (Beneish 1999) has substantial out-of-sample ability to predict crosssectional returns. We show that the model correctly identified, ahead of time, 12 of the 17 highest profile fraud cases in the period 1998-2002.
“Fraud Detection and Expected Returns”
ByMessod D. Beneish, Charles M.C. Lee, D. Craig Nichols; January 31, 2012 Abstract: An accounting-based model has strong out-of-sample power not only to detectfraud, but also to predict cross-sectional returns.
“Is Japan Really a “Buy”? The Corporate Governance, Cash Holdings, and Economic Performance of Japanese Companies”
Abstract; April 2011; revised, June 2012 –
Over the past ten years there has been much discussion about whether corporate governance in Japan has improved and, if so, whether this results in improved corporate performance. We investigate whether observed changes in Japanese firms’ cash holdings and payout policy are consistent with improved governance.
Nomura’s report ‘In Japan’s growth strategies, M&As pose challenges beyond industry and size’
Nomura Securities published a report on the Japanese In-Out M&A trend, forcasting increase of it beyond industy and corporate size as one of core growth strategies. PMI (Post Merger Integration) becomes more and more important.
Glass Lewis: ” Establishing the Japanese Stewardship Code”
From Glass Lewis' blog: In order to improve lagging corporate governance practices, the Financial Services Agency of Japan (the “FSA”) is currently in the process of establishing a Japanese version of the UK Stewardship Code, which was introduced in 2010 by the Financial Reporting Council of the United Kingdom.