Congratulations to the Prof. Abhiroop Mukherjee for receiving the CFAM-ARX Best Paper Award. The award is jointly sponsored by the Asia-Pacific Research Exchange of the CFA Institute (ARX) and the CFA Society of Melbourne (CFAM). The award presentation ceremony was held at the Finance Down Under Conference in Melbourne, and the award was granted to the paper with the most relevance to the Asia-Pacific region and the asset management industry.

Professor Mukherjee’s paper was titled “Eye in the Sky: Private Satellites and Government Macro Data” and was jointly written by Professor George PANAYOTOV and PhD student Janghoon SHON, both from the Department of Finance.

The paper looked at an innovative approach to pinpoint whether government data can be provided through alternative technological advancements, including the rise of commercial satellite-based macro estimates. By measuring “the extent to which satellite estimates affect the value of a government macro announcement using its asset price impact...some satellite estimates are now so effective that markets are no longer surprised by government announcements.” The key findings are, indeed, significant and sufficiently indicate a future where the resolution of macro uncertainty will be more effortless while governments’ control over macro information will diminish.