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Special Purpose Acquisition Companies (SPACs) – Part IV By Indexology; Jason Ye, Associate Director, Strategy Indices, S&P Dow Jones Indices In our previous blog, we’ve shown that SPACs tend to be small- and micro-cap companies that have low liquidity. Following the same framework, in this blog we will analyze SPACs’ performance. We found that relative to S&P SmallCap 600®, active SPACs underperformed when seeking the target, delivered abnormal returns during the deal announcement period, and underperformed again post-merger. SPACs’ Performance Peaks Leading Up to Announcement Day Exhibit 1 summarizes SPACs’ excess return over the S&P SmallCap 600 post-IPO and post-completion. ....
Accessing the Growth of the “New China” Economy By John Welling, Director, Equity Indices, S&P Dow Jones Indices As China’s economy matures, consumption and service-related industries are becoming structurally more important. Because the country’s stock market continues to have significant exposure to “old economy” sectors, many market participants are seeking alternative index solutions to participate more directly in China’s fastest growing areas. Launched in September 2016, the S&P New China Sectors Index provides access to Chinese companies operating in specific industries poised to benefit from the country’s transition to a consumer- and service-oriented economy. The index includes all Chinese share classes, including A-shares and offshore listings (including those listed in the U.S.), as well as companies with a Hong Kong domicile. To distribute exposure more evenly and improve liquidity, 10% single stock caps are applied semiannually, and selec ....
By Craig Lazzara, Managing Director and Global Head of Index Investment Strategy, S&P Dow Jones Indices For at least five years, we’ve noticed that, despite historical performance, active managers regularly proclaim that this year will at last be the time when active management shows its value. I suspect that most advocates of indexing derive at least some guilty pleasure from observing this ritual. (I know I do.) So, we want to ask, if you know that active management will outperform this year, did you also know that passive would outperform last year? If you knew, why didn’t you say so? And if you didn’t know then, why should we believe that you know now? ....
From Large Cap to All Cap: Introducing the S&P MidCap 400 ESG and S&P SmallCap 600 ESG Indices By Mona Naqvi, Senior Director, Head of ESG Product Strategy, North America, S&P Dow Jones Indices Whoever said size doesn’t matter, wasn’t talking about ESG. For years, we’ve known that larger companies tend to fare better when it comes to sustainability.[1] But thanks to the launch of the S&P MidCap 400 ® ESG Index, that may be about to change. As per the S&P ESG Index Series Methodology, the indices aim to offer benchmark-like returns and improved sustainability profiles relative to their benchmarks (see Exhibits 1-3). Above all, however, they represent a new sustainable frontier in a space left largely untouched by ESG indexing to date. Indeed, scant reporting of sustainability metrics among smaller-sized firms has thus far dampened ESG efforts below a certain cap size. But thanks to the rules-based selection process and direct company engagement of our an ....
Are Asian Companies More or Less Carbon Efficient Than Their Global Peers? By Liyu Zeng, Director, Global Research & Design, S&P Dow Jones Indices With the launch of the S&P Global Carbon Efficient Index Series in 2018, S&P DJI introduced the S&P Carbon Global Standard, a proprietary carbon classification system that assigns carbon deciles to companies within their respective industry groups. The framework uses carbon-to-revenue footprint (carbon intensity) for companies in the S&P Global LargeMidCap to determine carbon decile thresholds for each industry group and defines companies’ carbon deciles according to these thresholds. To compare the carbon efficiency of Asian companies with their global peers, we evaluated the carbon decile ranks of companies in the S&P Global BMI Series[1] for Australia, Hong Kong, Japan, South Korea, China, India, and Taiwan. We compared the distribution of companies across high- (1 ....