Presentation

Intelligent Financial Research & Consulting

IFRC

Intelligent Financial
Research & Consulting

Address:Thien Son Plaza, Office 3.12, 800 Nguyen Van Linh, Phu My Hung, District 7, Ho Chi Minh city, VIET NAM
Phone:+84(08) 54 17 13 28

The Women CEO Project is GLOBAL and the first step of a larger project on the relationship between corporate performance and governance. Other topics will be the presence of women on the board.

 

This will be achieved using two approaches:

  • The first is academic, through empirical researches, publications in financial journals verifying the existence of this relationship, seeking the influence of factors such as the development (frontiers, emerging or developed markets), culture, religion, education… of the countries in question.
  • The second is financial by creating a financial portfolio strategy as measured by an index into the final objective to propose investable products as funds or structured products. The index thus constructed will be somehow a continuous measurement of the performance if any. In the second step, if the data are available, we extend this research to private equities.

 

Outside the academic and financial interests of the Women CEO Project, this project also has significant social aspects:

  • Motivate and embolden women to contribute to society and the economy, inspire women managers/leaders and young businesswomen.
  • Promote the empowerment of women and public awareness of women’s roles, especially in economic leadership, offer further evidence for policy-makers to devise more women empower policies.

 

This project started from Vietnam in 2013, will be extended this year to Asia and Europe, and finally cover most of countries in the world in 2015 (see Newsletter for calendar).

 

After Vietnam VNX WOMEN CEO Indexes Series - VNX TOP 10 WOMEN CEO index, VNX TOP 25 WOMEN CEO index, VNX WOMEN CEO index, IFRC launches new WOMEN CEO ASEAN indexes with Equal Weighting and Capi Weighting:

 

 

 

  • The Project

    Vietnam

    • VNX Women CEO Indexes have been launched in 2013 succesfully. They are the second indexes, besides S&P 500, in the world:
    • VNX Women CEO index serves as benchmark and covers all eligible companies; and
    • VNX Top 10 Women CEO and VNX Top 25 Women CEO Indexes are Tradable with the largest capitalisation, liquid stocks. These indexes are specially designed to decrease the fund management costs as possible.

    Other locations

    • Vietnam is where we took our first step of a broader scheme with the great successful launch of the Vietnam Women CEO Indexes Series in early 2013 (www.vnxindex.com) and then presented to World Bank Forum in Hanoi in 2013.
    • Our next step is to create Regional Women CEO Indexes for Southeast Asian and Asian Nations in preparations for the Annual Conference organized by Women Corporate Directors in Singapore in September 2014.
    • We and our partners are now making researches and indexes for Eurozone and European Markets that will be launched in Q3 2014.
    • We are also willing to support and foster empirical researches in Vietnam by implementation of VIETNAM Economics & Financial Research Center (www.vnefrc.com), an academic cooperative project, that centralises in a single point of access to different sources and types of data and documentation useful for research in Finance.

3 Indexes
Last update: 2017-12-12

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  • 12th Annual Women s Leadership Conference, 2016

    16 - 17 June, 2016. New York Marriott Marquis, New York, NY

     

    Women now head some of the largest corporations in the US, yet women still lag men in advancement, compensation, and leadership.  Indeed, the numbers and percentage of women at the highest corporate levels and board positions have remained constant.  Women still face challenges in moving to senior positions in corporations. 

    At The Conference Board's 12th Annual Women’s Leadership Conference, learn how women can move effectively to and through the executive levels of their organizations, seeking practical guidance from successful leaders.

    www.conference-board.org/conferences/conferencedetail.cfm?conferenceid=2759&cid=di&wa=2&de=Y&des=1
  • 2016 Forbes Women's Summit

    May 11-12, 2016. New York City

     

    The 2016 Forbes Women’s Summit will explore how and why significance has become the new success—how leaders today, across industries and generations, are redefining pathways to power to deepen their impact and drive meaningful change in their businesses, in their personal lives and within the communities around them.

    www.forbesconferences.com/event/2016-forbes-womens-summit/
  • Féminisation & Performance Durable, 2016

    Lundi 7 mars - 18 h 45, dans les locaux du NUMA 39, rue du Caire Paris 2e arrondissement

     

    Michel Ferrary, professeur de Management à SKEMA Business School et fondateur de l'Observatoire de la féminisation des entreprises, présentera en exclusivité les résultats 2016 de l'analyse de la féminisation de la direction et du management des 60 plus grandes entreprises françaises. Pour le 10e anniversaire de l'Observatoire, le prix Féminisation & Performance Durable sera remis à l'entreprise du CAC40 et next 20 qui a le mieux combiné égalité professionnelle et performances boursières sur ces dix ans.

    www.gazellecommunication.fr/clients/skema/2016/index.html
  • Gender Summit 7 Europe 2015

    6 - 7 November 2015, dbb forum, Berlin, Germany

     

    Europe is leading the world in the effort to make science more aware of and responsive to the consequences of gender inequality and gender bias in science practice and knowledge. The Summit will advance understanding of when, how and why gender issues in research can produce different outcomes for women and men, and, like its predecessors, it will demonstrate important intellectual, societal and economic benefits of gender mainstreaming. The Summit takes place in Berlin and precedes the Falling Walls celebration as a reminder that gender inequality is a ‘wall’ that also must fall. GS7-Europe will demonstrate how to apply the gender lens to improve effectiveness of research and innovation, and how to transform policy context through strategic, high-level policy alliances to enable lasting change to take place

    www.globalwomenceo.com/www.gender-summit.com/gs7-about
  • The 2014 Fortune Most Powerful Women Summit will be held October 6-8, 2014 in Laguna Niguel CA.

    This year’s theme is “The New Connected Leadership”, and the agenda will feature one-on one interviews, panel discussions, interactive breakout sessions and high level networking with your peers.

     

    What started as a list 16 years ago has evolved into the world’s most extraordinary leadership community, convening the preeminent women in business along with selected leaders in government, philanthropy, education, and the arts for wide ranging and inspiring discussions.

     

    At the 2013 Fortune Most Powerful Women Summit (clockwise from top right): Clinton Foundation Vice Chair  Chelsea Clintonin, IMF Managing Director  Christine Lagarde, Facebook COO  Sheryl Sandberg, Yahoo CEO  Marissa Mayer,  Xerox CEO  Ursula Burns, Actress Glenn Close with Berkshire Hathaway CEO  Warren Buffett .

  • WomenCorporateDirectors (WCD) 2014 Asia Institute Singapore

    September 3rd and 4th, 2014 held at the Ritz-Carlton Millenia Hotel

     

    WCD's 2014 Asia Institute will be a historic gathering of more than 100 women directors from all over Asia and around the world. This distinguished conference will consist of a reception and dinner on the 3rd and a conference on the 4th, followed by a reception. This will be a high-powered idea forum exploring compelling issues on the minds of today’s Asian directors. The program will frame critical topics, discuss innovative ideas, and help directors to reach constructive solutions. This forum will consist of keynotes, Conversations with CEOs of global companies, panels, roundtable discussion groups, and synergistic engagement in a community of trust that brings a diversity of perspectives together.

  • WOMEN LEADING THE FUTURE CONFERENCE

    ANNUAL WOMEN'S CONFERENCE

    Hosted by Ladies America, Saturday June 14th, 2014

     

    Ladies America will host the "Women Leading the Future" day-long women’s conference. This conference brings some of the most dynamic women in America together to discuss major issues and topics that are important to women today. Focusing on women making a difference in the world, discussions will deal with where women are today and how they can become stronger, more effective leaders and why their leadership is critical as we head into the future.

  • WomenCorporateDirectors (WCD) 2014 Global Institute New York, NY

    May 14th-15th: Global Institute at JPMorgan, One Chase Manhattan Plaza with a Get Acquainted Dinner for all Attendees on the Evening of May 13th

    May 14th: 2014 Visionary Awards Gala Dinner at the Marriott Marquis, Times Square

    May 13th: NEW! Two Optional Programs: Chairs and Lead Directors Roundtable and a New Directors Program

     

    WCD's 2014 Global Institute will be a historic gathering of more than 275 women directors from around the world. This distinguished conference will consist of a two-day, high-powered idea forum exploring compelling issues on the minds of today’s global directors. The program will frame critical topics, discuss innovative ideas, and help directors to reach constructive solutions. This forum will consist of keynotes, conversations with CEOs of global companies, panels, roundtable discussion groups, the Visionary Awards dinner, receptions, and synergistic engagement in a community of trust that brings a diversity of perspectives together.

  • The Entrepreneurship Of Everything (May 14-15, 2014 - New York City)

    Power does not come in a one-size-fits-all package, and at ForbesWoman we are redefining what power means. Traditionally, power has been defined as the ability to effect change, but to be truly powerful today, one has to possess an entrepreneurial mindset, spirit, and approach.

     

    Whether it’s leading a multinational firm focused on innovation, launching a startup solving a decades-old challenge, or spearheading a social movement that will improve the lives of millions, it’s all entrepreneurship. It defines every aspect of our lives. Hosted by Moira Forbes, this multi-generational gathering of influencers will forge partnerships, find solutions and take actions to make the world a better place.

     

    Entrepreneurs don’t just come up with ideas. They make things happen. 

     

97 Articles
2017

Investing in women

JPMorgan Chase & Co

Recognizing that women face unique barriers to professional success, JPMorgan Chase launched Women on the Move in 2013. The program began as a series of town halls for the firm's female employees in New York and offered an opportunity to collectively explore the challenges women face in the workplace and share ideas on how to best support career development.

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2016

Is Gender Diversity Profitable? Evidence from a Global Survey

Marcus Noland - Tyler Moran - and Barbara Kotschwar

Peterson Institute for International Economics

Analysis of a global survey of 21,980 firms from 91 countries suggests that the presence of women in corporate leadership positions may improve firm performance. This correlation could reflect either the payoff to nondiscrimination or the fact that women increase a firm’s skill diversity.

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2015

Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project

Ben-Amar W. - Chang M. - McIlkenny P.

Journal of Business Ethics

This paper investigates the effect of female representation on the board of directors on corporate response to stakeholders’ demands for increased public reporting about climate change-related risks. We rely on the Carbon Disclosure Project as a sustainability initiative supported by institutional investors. Greenhouse gas emissions measurement and its disclosure to investors can be thought of as a first step toward addressing climate change issues and reducing the firm’s carbon footprint. Based on a sample of publicly listed Canadian firms over the period 2008–2014, we find that the likelihood of voluntary climate change disclosure increases with women percentage on boards. We also find evidence that supports critical mass theory with regard to board gender diversity. These findings reinforce initiatives being undertaken around the world to promote gender diversity in corporate governance while demonstrating board effectiveness in stakeholder management.

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2015

CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation

Faccio M. - Marchica M.-T. - Mura R.

Social Science Research Network

We extend the literature on how managerial traits relate to corporate choices by documenting that firms run by female CEOs have lower leverage, less volatile earnings, and a higher chance of survival than otherwise similar firms run by male CEOs. Additionally, transitions from male to female CEOs (or vice-versa) are associated with economically and statistically significant reductions (increases) in corporate risk-taking. The results are robust to controlling for the endogenous matching between firms and CEOs using a variety of econometric techniques. We further document that this risk-avoidance behavior appears to lead to distortions in the capital allocation process. These results have important macroeconomic implications for long-term economic growth.

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2015

Do female and ethnically diverse executives endure inequity in the CEO position or do they benefit from their minority status? An empirical examination

Hill A. D. - Upadhyay A. D. - Beekun R. I.

Strategic Management Journal

We present competing hypotheses regarding whether gender and ethnic minority CEOs endure inequities resulting in lower compensation and higher likelihood of job exit or benefit from their valuable, rare, and inimitable minority status, resulting in higher compensation and lower likelihood of job exit. Using a longitudinal sample, we find support for the resource-based hypothesis regarding compensation that suggests CEOs benefit from their minority status to receive higher compensation than white male CEOs receive. However, we also find fixed support or our hypotheses relating CEO minority status to the likelihood of exit. We find that the effects of minority status on likelihood of exit are significantly different for female and ethnic minority CEOs such that the former relationship is negative while the latter is positive.

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2015

Do Women Leaders Promote Sustainability? Analyzing the Effect of Corporate Governance Composition on Environmental Performance

Glass C. - Cook A. - Ingersoll A. R.

Business Strategy and the Environment

In this study, we investigate the impact women leaders have on the corporate environmental strategies of organizations. Using a dataset of all Fortune 500 CEOs and boards of directors for a ten-year period, we examine several aspects of gender in leadership on environmental strategy. Specifically, we test the impact of women CEOs, the proportion of women on the BOD, the number of interlinks women board members hold, and the interactive and cumulative effects of women CEOs and gender diverse boards. Findings suggest that firms characterized by gender diverse leadership teams are more effective than other firms at pursuing environmentally friendly strategies. This study contributes to research on corporate governance and environmental performance by showing how the gender composition of leaders affects corporate practice.

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2015

Does Board Gender Diversity Influence Financial Performance? Evidence from Spain

Reguera-Alvarado N. - de Fuentes P. - Laffarga J.

Journal of Business Ethics

In recent years, several countries have enacted guidelines and/or mandatory laws to increase the presence of women on the boards of companies. Through these regulatory interventions, the aim is to eradicate the social and labor grievances that women have traditionally experienced and which has relegated them to smaller-scale jobs. Nevertheless, and despite the advances achieved, the female representation in the boardroom remains far from the desired levels. In this context, it is now necessary to enhance the advantages of board gender diversity from both ethical and economic points of view. This article examines the relation between board gender diversity and economic results in Spain: the second country in the world to legally require gender quotas in boardrooms and historically characterized by a minimal female participation in the workforce. Based on a sample of 125 non-financial firms listed on the Madrid Stock Exchange from 2005 to 2009, our findings show that in the period analyzed the increase of the number of women on boards was over 98 %. This suggests that compulsory legislation offers an efficient framework to execute the recommendation of Spanish codes of good governance by means of the increase in the number of women in the boards of firms. Furthermore, we find that the increase in the number of women on the boards is positively related to higher economic results. Therefore, both results suggest that gender diversity in boardrooms should be incremented, mandatory laws being a key factor to do so.

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2015

Does boardroom gender diversity matter? Evidence from a transitional economy

Nguyen T. - Locke S. - Reddy K.

International Review of Economics & Finance

This research investigates the relationship between board gender diversity and firm financial performance in the context of a transitional economy characterized by an underdeveloped corporate governance system. Using a sample of 120 publicly listed companies in Vietnam covering a 4-year period from 2008 to 2011, we examine this relationship in a dynamic modelling framework, which controls for potential sources of endogeneity. We find that board gender diversity appears to have an effect on firm performance. This finding remains robust when alternative proxies for gender diversity are employed and is consistent with the perspectives of agency theory and resource dependence theory. The number of female directors in the boardroom also matters, supporting the view that if female board representation affects firm outcomes, this effect is more pronounced when the number of female directors increases. It is observed, furthermore, that the marginal positive performance effect of board gender diversity ceases when the percentage of female directors reaches a breakpoint of about 20%. This finding suggests that there is perhaps a potential trade-off between the costs and benefits of board gender diversification. Our findings significantly contribute to the growing literature of non-US based studies, by providing robust empirical evidence from a transitional economy in East Asia.

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2015

Gender and Ethnic Diversity on Boards and Corporate Responsibility: The Case of the Arts Sector

Azmat F. - Rentschler R.

Journal of Business Ethics

This study provides insights on sector-specific characteristics, challenges and issues that affect corporate responsibility (CR) in relation to ethnicity and gender on arts boards. Using stakeholder theory, the study explores how arts board composition (e.g. gender and ethnicity) sets the scene for dynamics that affect CR. Data analysis is based on interviews with 92 board members and stakeholders sitting on 66 arts boards in Australia. Results suggest that the dynamism of gender and ethnic diversity on arts boards makes them responsive to CR; however, their presence does not always lead to CR. For diverse boards to lead to CR, our findings indicate the significance of board member attributes of passion, skill and capability of developing networks, irrespective of gender and ethnicity. The article advances understanding of the implications and relevance of ethnic and gender diversity on nonprofit boards and contributes to an important yet underresearched body of literature.

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2015

Gender Diversity and Board Performance: Women's Experiences and Perspectives

Kakabadse N. K. - Figueira C. - Nicolopoulou K.

Human Resource Management

Despite considerable progress that organizations have made during the past 20 years to increase the representation of women at board level, they still hold few board seats. Drawing on a qualitative study involving 30 companies with women directors in the United Kingdom, the United States, and Ghana, we investigate how the relationship between gender in the boardroom and corporate governance operates. The findings indicate that the presence of a minority of women on the board has an insignifi cant effect on board performance. Yet the chairperson’s role is vital in leading the change for recruiting and evaluating candidates and their commitment to the board with diversity and governance in mind. Our study also sheds light on the multifaceted reasons why women directors appear to be resisting the discourse of gender quotas.

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34 Articles
2016

What does 2016 have in store for women on boards?

Frances Dickens

Elite Business Magazine

For those who are passionate about expanding the diversity of Britain’s boardrooms, 2016 is potentially a year of great opportunity – but there is still work to be done.

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2016

Could legislation help boost women on boards?

Jena McGregor

The Washington Post

For years, the statistics have been glacial and disheartening. The percentage of women in the board rooms of the largest U.S. companies has crept up from 15 percent in 2005 to about 20 percent a full decade later.

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2016

Women on Boards: Getting On and Adding Value

Harvard T.H.Chan, School of Public Health

Gender disparity on boards of directors is well recognized and documented, whether in the for-profit, non-profit, or government sectors.

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2015

Profiles of Women Leaders

Sheryl Sandberg, COO of Facebook

Women's Leadership: Empowerment of Women in the Era of International Integration

The profile of women leaders

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2015

The number of female CEOs replacing men surges 70%

Quentin Fottrell

marketwatch.com

Male chief executives may want to watch their backs. Turnover among the nation’s CEOs reached a six-year high last year, and women replacing men as CEO soared by 70%.

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2015

Women CEOs of the S&P 500

Catalyst

catalyst.org

This is a list of women who currently hold CEO positions at S&P 500 companies. Women currently hold 4.6% of CEO positions at S&P 500 companies. There are 23 women CEOs out of 500 companies.

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  • ASEAN Women CEO Performance

    The WOMEN CEO project is the first step of a larger project on the relationship between performance and governance. We are doing in parallel other topics such as women on board, capital held by the state, or foreign investors, or family ownership. Starting from Vietnam, we extend this project to global listed companies.

    This report compares companies run by woman CEO in ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam), and other companies in term of number, market capitalisation and stock performance following different group levels: country, sector, and size.

    We calculate WOMEN CEO Equal Weighted indexes for countries having at least 10 companies led by woman (Malaysia, Philippines, Singapore, Thailand and Vietnam. and the WOMEN CEO ASEAN index comprising all companies. These indexes start at 1,000 at December 31, 2008.

     

    Conclusion

    Our first results clearly show that the companies grouped by country, sector, or size have a superior return compared to their national index or ASEAN area benchmark index. They overperform about 15% per year from 2009.

    The WOMEN CEO ASEAN Indexes Series will be extended to the capitalisation weighting, and the tradable WOMEN CEO ASEAN 40 ndex. This index could be an investment opportunity for financial products. Their figures and other information will be updated on the www.globalwomenceo.com website.

    Next steps

    With our academic partners, VCREME, ICN, EDC and SKEMA Business Schools (France) and University of Economics and Laws (Vietnam), we are trying to explain why WOMEN CEO companies outperform by controling other corporate performance measures (fundamental ratios for example), and factors such as gender, and CEO profil (experience, education, compensation, ...).

    In the second step, we will study the Executives Board of each company, and calculate the presence ratio of women. Like women CEO companies study, we will analyse the relation of the firm characteristics, the executive profile and the stock market or corporate performance of the company for about 40,000 companies of 41 countries of our universe.

    www.globalwomenceo.com/article/detail/asean-women-ceo-performance.html
  • Alpha

    Alpha is a coefficient that measures the performance, positive or negative, produced by an index relative to what could justify risk. A positive alpha indicates the profitability of the fund or portfolio or index is higher than its market and vice versa.

    The estimate of alpha is given by the Ordinary Least Squares in the Capital Asset Pricing Model (CAPM).

  • Arbitrage

    Attempting to profit by exploiting price references of identical or similar commodities or financial instruments on different markets or in different forms. Arbitrage opportunities (If they exist) provide riskless profit opportunities.

  • Ask price

    The ask price or offer price is the price a seller is willing to accept for a security.

  • At the money

    A situation where an option's strike price is identical to the price of the underlying security.

  • Base date

    The base date is the reference date for an index. It is the date from which the base value is chosen. The base date could be different to the first date.

  • Base value

    For an index, the base value is often arbitrary figure used as the initial value. Generally, it is 100 or 1,000.

  • Bear Call Spread

    A bear call spread contains two calls with the same expiration but different strikes.

    The strike price of the short call is below the strike of the long call, which means this strategy will always generate a net cash inflow (net credit) at the outset.

  • Bear Put Spread

    A bear put spread contains two puts with the same expiration but different strikes.

    The strike price of the short put is below the strike of the long put. Because of the way the strike prices are selected, this strategy requires a net cash outlay (net debit) at the outset.

  • Bear Spread Spread

    This strategy is the combination of a bear call spread and a bear put spread.

    This strategy consists of being short one call and long another call with a higher strike; also long one put and short another put with a lower strike

  • Futures products

    A futures contract ( or Futures as in English) is a firm delivery standard, whose characteristics are known in advance, covering:

    - A specific amount of an underlying asset precisely defined,

    - To date, called maturity

    - A given place, and traded on an organized futures exchange.

  • Contract Specification

    A derivative exchange designs its own products and publishes a contract specification setting out the details of the derivative contract. This will include the size or unit of trading and the underlying, maturity months, quotation and minimum price movement and value together with trading times, methods and delivery condition.

  • Futures

    In finance, a futures contract (more colloquially, futures) is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality for a price agreed upon today (the futures price) with delivery and payment occurring at a specified future date, the delivery date, making it a type of derivative instrument.

  • Futures Contract

    An agreement between two parties, a buyer and a seller, to purchase an asset or currency at a later date at a fix price and that trades on a futures exchange and is subject to a daily settlement procedure to guarantee to each party that claims against the other parties will be paid.

  • Implied Volatility

    In financial mathematics, the implied volatility of an option contract is that value of the volatility of the underlying instrument which, when input in an option pricing model will return a theoretical value equal to the current market price of the option.

  • In the money

    For a call option, when the option's strike price is below the market price of the underlying asset. For a put option, when the strike price is above the market price of the underlying asset.

  • Index

    An index is a statistical measure of the changes in a portfolio of stocks representing a portion of the overall market.

  • Initial Margin

    The minimum amount of money that must be in and investment account on the day of a transaction. On futures accounts, the initial margin must be met on any day in which the opening balance starts off below the maintenance margin requirement.

  • LP (Population)

    Population is a World Bank estimate for mid-year population, based, in most cases, on a de facto definition, which counts all residents regardless of legal status or citizenship.

  • LUR (Unemployment rate)

    Unemployment rate can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The OECD harmonized unemployment rate gives the number of unemployed persons as a percentage of the labor force (the total number of people employed plus unemployed). [OECD Main Economic Indicators, OECD, monthly] As defined by the International Labour Organization, "unemployed workers" are those who are currently not working but are willing and able to work for pay, currently available to work, and have actively searched for work.

  • PCPI (Inflation, average consumer prices)

    Inflation is a sustainable increase in the general price level, often measured by an index of consumer prices. The rate of inflation is the percentage change in the price level in a given period.

    Data for inflation are averages for the year, not end-of-period data.

  • Alpha

    Alpha is a coefficient that measures the performance, positive or negative, produced by an index relative to what could justify risk. A positive alpha indicates the profitability of the fund or portfolio or index is higher than its market and vice versa.

    The estimate of alpha is given by the Ordinary Least Squares in the Capital Asset Pricing Model (CAPM).

  • Arbitrage

    Attempting to profit by exploiting price references of identical or similar commodities or financial instruments on different markets or in different forms. Arbitrage opportunities (If they exist) provide riskless profit opportunities.

  • Ask price

    The ask price or offer price is the price a seller is willing to accept for a security.

  • At the money

    A situation where an option's strike price is identical to the price of the underlying security.

  • Base date

    The base date is the reference date for an index. It is the date from which the base value is chosen. The base date could be different to the first date.

  • Base value

    For an index, the base value is often arbitrary figure used as the initial value. Generally, it is 100 or 1,000.

  • Benchmark

    Reference Index (or Benchmark) is an index representing a market, a country, a region, ...

    It is characterized by a high number of values, variables and generally high level of representation in terms of capitalization and trading volume.

  • Beta

    The beta of a stock or an index measures the risk against a benchmark market that can be represented by a benchmark index. An index with a low risk will have low beta and vice versa. The beta is estimated by the CAPM model using ordinary least squares (OLS).

  • Bid Ask Spread

    The Bid Ask Spread is the difference in price between the highest price that a buyer is willing to pay (Best Ask) for an asset and the lowest price for which a seller is willing to sell it (Best Bid).

  • Bid price

    The bid price is the price a buyer is willing to pay for a security.

  • Free float

    Free float is a proportion (often expressed as a percentage) of shares that are actually traded in the market. This is a factor that’s taken into account of the weight ​​of an index, especially Blue Chip or Tradable indexes.

  • Free float banding

    The floating, in the free float of a listed company is part of actions that can effectively affect the stock market. It can be expressed in value or more frequently as a percentage of capitalization.

    It is difficult to estimate a given floating due to the absence of certain information. It is necessary to round the estimate to smooth out errors.

    The float will be rounded to 5%, 10% or more depending on the data providers. STOXX even offers a float to two decimal places.

  • Long/Short Index

    The Long/Short 130/30 is an active investment strategy. It can invest (take a long position) up to 130% of the "best" stocks by selling (shorting) 30% of "bad" stocks. The classification of values is done on a quantification criterion. New releases of the strategy could help to track well-built portfolio values more easily, and to invest in products like ETFs directly.

  • Month to Date (MTD)

    Month to Date (MTD) is a period, starting from the end of precedent month to the present day.

  • Number of components

    The number of stocks ​​in an index can be variable or fixed. For general indices (All-Share or Composite), this number is variable because the index includes a set of components​​. By contrast, for "negotiable" indices , the number is usually fixed, often rounded and easy to remember.

  • Price index

    Price index is an index calculated without reinvestment of dividends received by companies in the index components. Most indices support derivatives (such as CAC40, FTSE, AEX, S&P 500, ...) are price indices. Note an exception as DAX and SMI indices are Total Return Indices.

  • Price or Return

    Price index is an index calculated without dividends.

    Total return index is calculated with dividends reinvested: Gross return index takes into account of all dividends while net return index takes account of only the after-tax return.

  • Sharpe ratio

    The Sharpe Ratio is a measure for calculating risk- adjusted return.

  • Smart Beta index

    For the past 35 years, investors have had two choices: passive or active portfolio investment. If they believed markets were largely efficient, they chose to invest through capitalization-weighted index funds. If they believed markets were inefficient, they picked active management. But both approaches are inherently flawed. Both approaches have their problems: Capitalisation weighted equity index funds tend to overweight overvalued securities and underweight undervalued ones.

    Active management is not transparent, comes with high fees, and tends to underperform the benchmark over long time periods. Smart beta strategies, such as non-price-weighted indices, offer an alternative choice. These strategy indices retain the benefits of traditional capitalization-weighted indices, such as broad market exposure, diversification, liquidity, transparency, and low cost access to markets. At the same time, they offer the opportunity to achieve superior performance over the cap-weighted benchmark.

  • Strategy index

    Strategy index is index that tracks the performance of a complex trading strategy. These strategies are until now reserved to professional investors only. But via the ETF instruments, the strategy index could be bought or sold like a stock and is also usable by retailers. They offer an alternative investment to the classical capitalization weighted country, market or sector indexes.

  • Bear Call Spread

    A bear call spread contains two calls with the same expiration but different strikes.

    The strike price of the short call is below the strike of the long call, which means this strategy will always generate a net cash inflow (net credit) at the outset.

  • Bear Put Spread

    A bear put spread contains two puts with the same expiration but different strikes.

    The strike price of the short put is below the strike of the long put. Because of the way the strike prices are selected, this strategy requires a net cash outlay (net debit) at the outset.

  • Bear Spread Spread

    This strategy is the combination of a bear call spread and a bear put spread.

    This strategy consists of being short one call and long another call with a higher strike; also long one put and short another put with a lower strike

  • Bull Call Spread

    A bull call spread contains two calls with the same expiration but different strikes.

    The strike price of the short call is higher than the strike of the long call, which means this strategy will always require an initial outlay (debit). The short call's main purpose is to help pay for the long call's upfront cost.

  • Bull Put Spread

    A bull put spread involves being short a put option and long another put option with the same expiration but with a lower strike.

    The strike price of the short put is higher than the strike of the long put. Because of the relationship between the two strike prices, the investor will always receive a premium (credit) when initiating this position.

  • Bull Spread Spread

    This strategy consists of being long one call and short another call with a higher strike, and short one put with a long put on a lower strike.

    Typically, the call strikes are above and the put strikes below the current level of underlying stock, and the distance between the call strikes equals the distance between the put strikes. All options must have the same expiration date.

  • Cash-Secured Put

    The cash-secured put involves writing an at-the-money or out-of-the-money put option and simultaneously setting aside enough cash to buy the stock.

    The goal is to be assigned and acquire the stock below today's market price. Whether or not the put is assigned, all outcomes are presumably acceptable. The premium income will help the net results in any event.

  • Collar

    An investor writes a call option and buys a put option with the same expiration as a means to hedge a long position in the underlying stock.

    The investor will select a call strike above and a long put strike below the starting stock price.There is latitude, but the strike choices will affect the cost of the hedge as well as the protection it provides. These strikes are referred to as the 'floor' and the 'ceiling' of the position, and the stock is 'collared' between the two strikes.

  • Covered Call

    An investor who buys or owns stock and writes call options in the equivalent amount can earn premium income without taking on additional risk.

    The premium received adds to the investor's bottom line regardless of outcome. It offers a small downside 'cushion' in the event the stock slides downward and can boost returns on the upside.

  • Covered Put

    The idea is to sell the stock short and sell a deep-in-the-money put that is trading for close to its intrinsic value. 

    The profit would then be the interest earned on what is essentially a zero outlay. The danger is that the stock rallies above the strike price of the put, in which case the risk is open-ended.


  • Global Women CEO Project

    The Women CEO Project is global and the first step of a larger project on the relationship between corporate performance and governances

    Other topics will be the presence of women on boards.

    This will be achieved using two approaches:

    • The first is academic, through empirical researches, publications in financial journals verifying the existence of this relationship, seeking the influence of factors such as the development (frontiers, emerging or developed markets), culture, religion, education… of the countries in question.
    • The second is financial by creating a financial portfolio strategy as measured by an index into the final objective to propose investable products as funds or structured products. The index thus constructed will be somehow a continuous measurement of the performance if any. In the second step, if the data are available, we extend this research to private equities.

    www.globalwomenceo.com
  • IFRC

    IFRC is a multi-services company. IFRC’s principal products and services are Financial Services and Products for Capital Markets, Research, Training, Management Consulting and IT services

    Customized index, created by our team of index professionals, in our flagship product.

    We are committed to provide the highest quality services and products throughout the index creation and maintenance process such as: data mining, design, development, dissemination, maintenance, support, education and research.

    www.ifrc.fr
  • IFRC Education

    Special portal of IFRC for Education. IFRC offers some specific courses about Financial, Derivatives Market and Products.

    With a team of experienced experts in Finance, particularly in Europe financial market and in Viet Nam financial market, IFRC provides financial courses on demand:   Financial markets and products, Portfolio management, Technical analysis, Hedging, Derivatives financial instrument, Applied mathematical.

    www.ifrcedu.com
  • IFRC Indexes

    IFRC Indexes and Services

    International Indexes Observatory provide index specifications and performance figures

    IFRC can then help you in promotion and marketing of your indexes. We also have consulting services on issues related to index.

    Through our website, you can get huge information about Viet Nam indexes and international indexes as well. Thanks to specialized tools for index, we compare and analyze by yourself the different indexes that interest you.

    www.ifrcindex.com
  • IFRC Research

    IFRC France and Vietnam want to contribute to the empirical research in Finance in Vietnam

    Our company has already initiated several projects related to research: Global Women CEO, VIETNAM Economics & Financial Research Center (VNEFRC), VIETNAM Derivatives Market Initiatives (VNDMI).

    www.ifrcresearch.com
  • IFRC VNX Indexes

    Intelligent Financial Research & Consulting (IFRC) initiatives to create a Vietnam geographical economic index measuring the economic efficiency of provinces, cities and regions in Vietnam.

    This family comprises of 400 representative indices, including Benchmark, Size, Sectors, Blue Chips, Strategy and Theme indexes, calculated in Price and Total return versions and converted into 4 different major currencies: VND, USD, EUR and JPY. They are historically reconstructed since 2008.

    They bring to investor:

    • A measure coherent with international standards that reflects Vietnam index performance Information with high transparence about how the index family is designed, selected and managed day to day
    • Complete index data available for the investors research
    • Tradable indexes that can serve as basis for structured products and other index-linked investment vehicles as response to the development of the Vietnam market

    www.vnxindex.com
  • Vietnam Derivatives Market Initiatives

    Vietnam Derivatives Market Initiatives (vndmi.com) is an online trading platform which simulates a real trading environment and allows participants a risk-free opportunity to learn and trade derivatives

    VNDMI simulates a real trading environment and allows participants a risk-free opportunity to learn and trade derivatives on equities, bonds, or commodities as well as test their trading knowledge and market savvy.

    www.vndmi.com
  • Vietnam Economics & Financial Research Center

    Vietnam Derivatives Market Initiatives (vndmi.com) is an online trading platform which simulates a real trading environment and allows participants a risk-free opportunity to learn and trade derivatives

    The information mainly cover Vietnam and Asian regions. Comparative data from other countries and regions are also available.

    Empirical research concerning financial markets is currently hindered by several factors, among others the high access costs to financial and stock exchange data and the difficulty to obtain quality data. That is why the VNEFRC works to create verified, controlled and homogeneous databases over long periods, the same way CRSP does with American data, or EUROFIDAI for Europe.

    The database covers different areas: economics, commodities, currencies, interest rates, bonds, equities, indexes, mutual funds, ... for vietnamese and international markets. The second mission consists of building a bibliographical database on the research production in finance in universities and research centers, indexing finance theses and working papers, along with links to the original documents.

    The third mission is to offer high output computing capabilities, available to researchers who are interested in short term access to high performance and volume computing. With cloud computing technology and servers, the VNEFRC can provide researchers with an on-demand computer cluster for the required short period.

    www.vnefrc.com
  • VNX Provincial indexes

    Intelligent Financial Research & Consulting (IFRC) initiatives to create a Vietnam geographical economic index measuring the economic efficiency of provinces, cities and regions in Vietnam.

    At the national level, Vietnam is trying to improve its competitiveness and international integration. Within the scope of local, regional leaders (province, city) were also eager to reform and develop policies and strategies for local economic development. The competition is silent, drastic and effective but has not been evaluated completely.

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