Page 3 - CCFA Journal - Fourth Issue

加中金融

编辑寄语 Editor’s Message

已经到了多伦多最美丽的夏季时光。疫苗的有效覆盖让这个沉寂许久的北美大都市又灵动起来。 经历了十几个月
在家学习的孩子对九月开学充满期待. 而在家工作的大人呢，超过一半的办公室人员在最新的调研中表达了一周
在家工作三天的愿望。新冠改变了许多习惯。

好公司是无畏逆境顺境变化的，新冠之后的一个投资重点的改变是投资人偏好 ESG，目光聚焦在可持续发展的公
司。我们跟 Paula 一起聊聊 ESG 的前世今生，以及财报以外 ESG 投资注重的公司有哪些方面。好公司得亲睐必然
有那些末位落后的公司在疫情之后，作生存的挣扎。宣布破产还是重组再向市场求一个机会。疫情之后多少公司
面临着绝境求生的风险。来自皇后大学 Smith 商学院的王玮教授和他的专家伙伴们给我们展示公司重组的清晰视
角。
加中金融协会每年也有几次机会把中国和北美的学者经济学家的专家的全球视角带给我们，这次来卓越演讲者系
列作客畅谈的有来自香港的高滨教授和多伦多大学的卢海教授。在格林威治论坛的 Bruce 主持下，就当下地缘政
治相关的热点话题展开精彩讨论。

而处于地缘政治压力下的中国国内强势启动了双循环模式以应对疫情后经济发展。贾康老师剖析了对双循环经济
理解的可能误区和几个瓶颈，挑战。

不知不觉新冠改变了许多，而世界唯一不变的是始终变化。Harel Jacobson 回顾了波动率模型发展一文中最后总
结道“市场是生命有机体，所以波动率及其衍生品也在不断演变”。

本期的最后，CCFA 的全明星导师们关于职场的讲座分享在不断变化的市场中，如何掌握主动乘风破浪。

希望大家有一个愉快的仲夏。
Summer is here, some say it is the best season in Toronto. Effective vaccine coverage has revived this temporarily dormant North
American city. Children are looking forward to going back to school in September, and more than half of the office workers, after
working from home for near 15 months, indicated their interest in a flexible work-home arrangement in a recent survey. Covid
has certainly changed a lot of things.
Good companies are resilient in both good and bad times, and one of the major trends in investment management during the
pandemic is ESG which focus on the social responsibility and sustainable side of investing. In this edition, we have Paula Glick
from Honeytree talking about ESG's history and what are some extra factors beyond the financial reports. On the other side,
some companies are still struggling from the pandemic, and they must consider between declaring bankruptcy or restructuring..
Professor Wang Wei from Smith Business School at Queen's University and his team of experts in corporate restructuring will
share their insights on the trends of leveraged financial markets.

CCFA had the opportunity to bring together the global perspective of Chinese and North American scholars, economists and
experts to speak at the virtual Distinguished Speaker Series late last year. Professor Gao Bin from the PBC School of Finance at
Tsinghua, Professor Hai Lu from the Rotman School of Business at the University of Toronto, and Bruce McGuire from the
Greenwich Economic Forum presented a fascinating perspective on some of the hottest geopolitical topics that would impact the
market in the next few years.
While the world is responding to a changing China, China has stepped up its economic evolution by launching a dual-circulation
model to boost its post-pandemic economy. Mr. Jia Kang from the China Academy of New Supply-side Economics shared some
potential bottlenecks and challenges with this system.
COVID has changed the status quo of a lot of existing systems, and reminds us that the only constant in the world is change.
Harel Jacobson, a quantitative portfolio manager at Oporto Delta in Israel, makes the following comment after reviewing the
development of volatility models, “markets are living organisms, so volatility and its derivatives are constantly evolving.”
Finally, CCFA shares some useful insights from its recent All-Star mentorship event, diving deep into what are the most important
factors in building a successful career in this constantly evolving market.

Have a enjoyable summer.

Emily Gu

From the Editor’s Desk

CCFA JOURNAL OF FINANCE June 2021
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