1st Edition

Emerging Markets Performance, Analysis and Innovation

Edited By Greg N. Gregoriou Copyright 2009
    868 Pages 67 B/W Illustrations
    by CRC Press

    868 Pages 67 B/W Illustrations
    by CRC Press

    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.

    The Growth Prospects of New and Old Emerging Markets

    Anastasia Petraki and Anna Zalewska

    Are Emerging Stock Markets Less Efficient?: A Survey of Empirical Literature

    Kian-Ping Lim and Robert D. Brooks

    How "Normal" Are Emerging Market Returns?

    Craig Ellis and Maike Sundmacher

    Emerging Markets Exposure: Equities or Hedge Funds?

    Vassilis N. Karavas, Nikos S. Thomaidis, and George D. Dounias

    Equity Returns in Emerging Markets: Prospects for the BRICs

    R. McFall Lamm, Jr.

    Indices and Price Book, Price Earnings, and Dividend Yield Ratios in Emerging Financial Markets

    Oktay Tas, Cumhur Ekinci, and Kaya Tokmakçioglu

    The World Price of Covariance Risk with Respect to Emerging Markets

    David E. Allen and Joseline Chimhini

    Do Jumps Matter in Emerging Market Portfolio Strategies?

    Massimo Guidolin and Elisa Ossola

    Overreaction Hypothesis in Emerging Balkan Stock Markets

    Dimitris Kenourgious and Aristeidis Samitas

    Does Currency Risk Depress the Flow of Trade?: Evidence from the European Union and Transition Countries

    M. Nihat Solakoglu and Ebru Guven Solakoglu

    Stock Market Volatility of European Emerging Markets as Signals to Macroeconomic Activities

    Bülent Köksal and Mehmet Orhan

    The Profitability of the Contrarian Strategy and the Overreaction Effect on the Istanbul Stock Exchange

    Mehmet A. Civelek and M. Banu Durukan

    What Determines Going Public in Latin America?

    Samuel Mongrut, Aaron Garay, and Alonso Valenzuela

    Preholiday Effect and Stock Returns in Mexican Financial Markets

    Dermott Tennyson and Begona Torre Olmo

    Business-Cycle and Exchange-R ate Fluctuations in Emerging Market Economies in Asia, Latin America, and Central and Eastern Europe

    Marcelo Sánchez

    Institutional Factors behind Capital Structure: Evidence from Chilean Firms

    Viviana Fernandez

    Private Equity in the MENA Region: An Exploratory Analysis

    Thomas Lagoarde-Segot and Laurence Le Poder

    Examining the Implications of Linear and Nonlinear Dependencies on Efficiency and Conditional Volatility of MENA Markets: The Case of Egypt and Tunisia

    Imed Chkir, Lamia Chourou, and Samir Saadi

    A Study of Market Integration, Share Price Responses, and Global Portfolio Investments in the MENA Region

    Mohamed El Hedi Arouri and Duc Khuong Nguyen

    Empirical Analysis of Herding Behavior in Asian Stock Markets

    Thomas C. Chiang and Lin Tan

    Institutions and Investment Activities in the Venture Capital Industry: Evidence from China, Hong Kong, and India

    Anson L.K. Wong and Michael C.S. Wong

    Rating Skewness Spillovers in Equity and Currency Markets: Evidence from the Pacific Rim

    Sirimon Treepongkaruna and Eliza Wu

    Dealing with East Asian Equity Market Contagion: Some Policy Implications

    Thomas J. Flavin and Ekaterini Panopoulou

    The Response of Indian Equities to U.S. Stock Market Movements of the Prior Trading Day

    Silvio John Camilleri

    Asset Pricing with Higher-Order Co-Moments and Alternative Factor Models: The Case of an Emerging Market

    Javed Iqbal, Robert D. Brooks, and Don U.A. Galagedera

    Market Risk Management for Emerging Markets: Evidence from the Russian Stock Market

    Dean Fantazzini

    Microstructure of the Bid–Ask Spreads of Russian Sovereign Bonds (1996–2000): Spreads as Indicators of Liquidity

    Peter B. Lerner and Chunchi Wu

    Reaction of Fixed-Income Security Investors to Extreme Events: Evidence from Emerging Markets

    Spyros Spyrou

    Market Liquidity and Investor Sentiment: Evidence from International Closed-End Funds

    Paul Brockman and Gary McCormick

    Closed-End Funds in Emerging Markets

    Michael F. Bleaney and R. Todd Smith

    Financial Distress and Emerging Markets

    Stephen J. Lubben

    The State of Corporate Governance in Ukraine

    Robert W. McGee

    Accounting and Auditing Aspects of Corporate Governance in Emerging Economies

    Robert W. McGee

    Emerging Market Firms and Bonding Benefits

    Eline van Niekerk, Peter Roosenboom, and Willem Schramade

    Corruption and Public Governance: Evidence from Vietnam

    Thuy Thu Nguyen and Mathijs A. van Dijk

    An Empirical Test of New Theory of Economic Reform Using Indonesia as a Case Study (1988–2003)

    Carolyn V. Currie

    Ownership Structure and Firm Value: Evidence from the Turkish Financial Crisis

    Berna Kirkulak

    A Nonlinear Synthesis Approach Establishing a Banking or Financial Distress Early Warning System against Corruption

    Terry J. O’Neill, Jack Penm, and R.D. Terrell

    Corporate Governance in Emerging Markets: An Overview

    Serdar Özkan and A. Fatih Dalkiliç

    Government Corruption and Transactional Impediments in Emerging Markets

    Mark D. Griffiths and Jill R. Kickul



    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