Which factors have worked since the opening of China’s stock markets two decades ago? Jason Hsu will explain his team’s findings from their research that applied well-studied factor strategies from the US equity anomalies literature to Chinese A-shares.
Jason reconciled conflicting results from the prior A-shares anomalies literature and will explain differences between US and Chinese factor investing experiences based on unique features of China’s evolving investing landscape including:
- Issues related to regulation
- Financial reporting standards
- Differences in market microstructure
- Investor behaviour
The research also demonstrates ways in which a deep institutional knowledge of Chinese financial markets leads to more effective investment strategies through factor design and portfolio construction tailored to novel features of A-shares.
Chairman and CIO, Rayliant Global Advisors
Jason Hsu is the Founder and Chairman of Rayliant Global Advisors. Throughout his accomplished career, Jason’s commitment to academic rigor and investor advocacy have led him to research, develop, and bring to market investment strategies that create significant value for investors. At Rayliant, Jason is continuing that commitment by educating investors and offering products to transform the investment ecosystem in Asia and beyond. Prior to his current role, Jason was the Co-Founder and Vice Chairman of Research Affiliates.
Jason is at the forefront of the smart beta revolution and is one the world’s most recognised thought leaders in that space. Building on his pioneering work on the RAFI Fundamental Index approach to investing with Rob Arnott in 2005, he has published numerous articles on the topic, notably his articles A Survey of Alternative Equity Index Strategies, which won a 2011 Graham and Dodd Scroll Award and the Readers’ Choice Award from CFA Institute; and The Surprising Alpha from Malkiel’s Monkey and Upside-Down Strategies, which won the 2013 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Paper in the Journal of Portfolio Management. In 2015, Jason received the Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for A Study of Low-Volatility Portfolio Construction Methods published in the Journal of Portfolio Management. He has twice received the William F. Sharpe Award for Best New Index Research (2005 and 2013), which is awarded by Institutional Investor Journals.
Jason is a Member of the Board of Directors at the Anderson School of Management at UCLA, as well as an Adjunct Professor in Finance. For his service to UCLA’s Anderson School, he received the 2009 Outstanding Service Award. He has also held visiting professorships at UC Irvine Merage Business School, Taiwan National Chengchi University and Kyoto University.
Jason has authored more than 40 peer-reviewed articles. He is an Associate Editor of the Journal of Investment Management and serves on the editorial board of the Financial Analysts Journal, the Journal of Index Investing, the Journal of Investment Consulting, and the Journal of Investment Management.
Jason graduated with a BS (summa cum laude) in physics from the California Institute of Technology, was awarded an MS in finance from Stanford University, and earned his PhD in finance from UCLA, where he conducted research on the equity premium, business cycles, and portfolio allocations.