Emerging Markets : Performance, Analysis and Innovation book cover
1st Edition

Emerging Markets
Performance, Analysis and Innovation

Edited By

Greg N. Gregoriou

ISBN 9781439804483
Published June 26, 2009 by CRC Press
868 Pages 67 B/W Illustrations

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Book Description

Although emerging market economies consist of 50% of the global population, they are relatively unknown. Filling this knowledge gap, Emerging Markets: Performance, Analysis and Innovation compiles the latest research by noteworthy academics and money managers from around the world. With a focus on both traditional emerging markets and new areas, such as the Balkan, Middle East, and North African regions, it looks at how these markets can serve as drivers of portfolios and a significant force over the long term.

This noteworthy collection sheds some light on what lies ahead for emerging markets with the most up-to-date research from academics and practitioners. It covers general issues in emerging markets and provides in-depth studies of regional markets experiencing transition, including the European Union, Latin America, and the Middle East. The book also explores Asian and Indian markets as well as financial instruments, such as bonds and funds, relative to these markets. It concludes with chapters on regulations, corporate governance, and corruption.

Table of Contents

The Growth Prospects of New and Old Emerging Markets. Are Emerging Stock Markets Less Efficient?: A Survey of Empirical Literature. How "Normal" Are Emerging Market Returns?. Emerging Markets Exposure: Equities or Hedge Funds?. Equity Returns in Emerging Markets: Prospects for the BRICs. Indices and Price Book, Price Earnings, and Dividend Yield Ratios in Emerging Financial Markets. The World Price of Covariance Risk with Respect to Emerging Markets. Do Jumps Matter in Emerging Market Portfolio Strategies?. Overreaction Hypothesis in Emerging Balkan Stock Markets. Does Currency Risk Depress the Flow of Trade?: Evidence from the European Union and Transition Countries. Stock Market Volatility of European Emerging Markets as Signals to Macroeconomic Activities. The Profitability of the Contrarian Strategy and the Overreaction Effect on the Istanbul Stock Exchange. What Determines Going Public in Latin America?. Preholiday Effect and Stock Returns in Mexican Financial Markets. Business-Cycle and Exchange-R ate Fluctuations in Emerging Market Economies in Asia, Latin America, and Central and Eastern Europe. Institutional Factors behind Capital Structure: Evidence from Chilean Firms. Private Equity in the MENA Region: An Exploratory Analysis. Examining the Implications of Linear and Nonlinear Dependencies on Efficiency and Conditional Volatility of MENA Markets: The Case of Egypt and Tunisia. A Study of Market Integration, Share Price Responses, and Global Portfolio Investments in the MENA Region. Empirical Analysis of Herding Behavior in Asian Stock Markets. Institutions and Investment Activities in the Venture Capital Industry: Evidence from China, Hong Kong, and India. Rating Skewness Spillovers in Equity and Currency Markets: Evidence from the Pacific Rim. Dealing with East Asian Equity Market Contagion: Some Policy Implications. The Response of Indian Equities to U.S. Stock Market Movements of the Prior Trading Day. Asset Pricing with Higher-Order Co-Moments and Alternative Factor Models: The Case of an Emerging Market. Market Risk Management for Emerging Markets: Evidence from the Russian Stock Market. Microstructure of the Bid–Ask Spreads of Russian Sovereign Bonds (1996–2000): Spreads as Indicators of Liquidity. Reaction of Fixed-Income Security Investors to Extreme Events: Evidence from Emerging Markets. Market Liquidity and Investor Sentiment: Evidence from International Closed-End Funds. Closed-End Funds in Emerging Markets. Financial Distress and Emerging Markets. The State of Corporate Governance in Ukraine. Accounting and Auditing Aspects of Corporate Governance in Emerging Economies. Emerging Market Firms and Bonding Benefits. Corruption and Public Governance: Evidence from Vietnam. An Empirical Test of New Theory of Economic Reform Using Indonesia as a Case Study (1988–2003). Ownership Structure and Firm Value: Evidence from the Turkish Financial Crisis. A Nonlinear Synthesis Approach Establishing a Banking or Financial Distress Early Warning System against Corruption. Corporate Governance in Emerging Markets: An Overview. Government Corruption and Transactional Impediments in Emerging Markets. Index.

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Greg N. Gregoriou is Professor of Finance in the School of Business and Economics at the State University of New York, Plattsburgh.


"Of all the standard asset classes, we know the least about emerging markets. The emerging markets research gap presents opportunities as well as risks. This comprehensive collection of research helps fill the gap."
—Campbell R. Harvey, J. Paul Sticht Professor of International Business, Fuqua School of Business, Duke University, Durham, North Carolina, USA, and Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts, USA

"This book presents the latest and exclusive research on emerging markets that have witnessed staggering growth in the GDP recently.  The articles in this collection should help money managers, practitioners, academics, and investors discover the benefits that the developing world has to offer over the long-run."
—Vikas Agarwal, Associate Professor of Finance, J. Mack Robinson College of Business, Georgia State University, Atlanta, USA

"Emerging markets is without doubt one of the most challenging fields in finance. Greg N. Gregoriou has established an outstanding volume which covers the relevant recent topics. Surely a must-have reference for anyone interested in regional market research as well as emerging markets policy making."
—Niklas Wagner, Professor of Finance and Financial Control, Passau University, Germany