Student research group. Not licensed by MAS · Nothing here is financial advice or an investment recommendation · Educational purposes only
Darmine Capital · Research Working papers

Research.

We write where English-language coverage of Asia is thin or slow to arrive. Papers are posted as they clear internal review.

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Focus areas

01Policy Divergence

PBOC is easing while BSP, BI, and BOT hold or tighten. The CNY to ASEAN rate differential sits at decade highs and cross-asset pricing has not caught up. We map where the gaps are.

02FX Carry

APAC carry is not G10 carry. IDR and INR carry different drawdown profiles from MYR and THB. Most carry research focuses on DM pairs; the EM-Asia literature is thin, especially on risk-off behaviour.

03Equity Factors

Fama-French does not port cleanly to APAC. Liquidity premia are larger, momentum decays faster, and value traps cluster in specific markets (Korea, HK). We test which factors hold out of sample.

04Regime Detection

APAC markets tend to shift regime abruptly rather than drift. We study what precedes those turns: correlation breaks, implied-realised vol spreads widening, and sudden ETF flow reversals in KR, TW, and IN.

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Publications

20 papers, 2025 to 2026
How to read these. Each is a short working paper, seven to fifteen pages, argued from public data. Titles open the PDF; bylines name every author. When a view changes, we say so in the next paper instead of quietly editing the old one.