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

USD $230.00

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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

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


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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