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
Institutional Factors behind Capital Structure: Evidence from Chilean Firms
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
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
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
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