Finance in Emerging Markets  book cover
1st Edition

Finance in Emerging Markets

Edited By

Vihang Errunza

ISBN 9781138795846
Published October 20, 2015 by Routledge
1856 Pages 115 B/W Illustrations

SAVE ~ $420.00
was $1,400.00
USD $980.00

Prices & shipping based on shipping country


Book Description

To help advanced students and researchers make sense of a large—and rapidly growing—corpus of scholarship and practical thinking on the principles that underpin finance in emerging markets, and the many associated issues and controversies that this topic generates, Routledge announces Finance in Emerging Markets. A new addition to its acclaimed Critical Concepts in Finance series, this four-volume set is a ‘mini library’ that brings together the foundational and the very best cutting-edge research.

The collection is edited by Vihang Errunza (McGill University, Canada), co-creator of the Emerging Markets Database, widely regarded as the most comprehensive source for information and guidance on emerging markets, and an adviser to the World Bank, the United Nations, national governments, and many investment-management companies.

Furnished with a comprehensive introduction, newly written by the editor, which places the assembled materials in their historical and intellectual context, Finance in Emerging Markets is an essential collection, and is certain to be recognized as a vital one-stop resource for reference and research.

Table of Contents

Volume I: Diversification and Valuation

Part 1: Diversification Gains

1. V. Errunza, 1977, ‘Gains from Portfolio Diversification into Less Developed Countries’ Securities’, Journal of International Business Studies, 83–99.

2. V. Errunza, K., Hogan, and M-W., Hung, 1999, ‘Can the Gains from International Diversification Be Achieved Without Trading Abroad’, Journal of Finance, 54, 2075–107.

3. W. Goetzmann, L. Li, and G. Rouwenhorst, 2005, ‘Long-Term Global Market Correlations’, Journal of Business, 78, 1–38.

4. D. Berger, K. Pukthuanthong, and J. Yang, 2011, ‘International Diversification with Frontier Markets’, Journal of Financial Economics, 101, 227–42.

5. P. Christoffersen, V. Errunza, K. Jacobs, and H. Langlois, 2012, ‘Is the Potential for International Diversification Disappearing?’, Review of Financial Studies, 25, 3711–51.

Part 2: Equity Valuation

6. R. Stulz, 1981, ‘On the Effects of Barriers to International Investment’, Journal of Finance, 36, 923–34.

7. V. Errunza and E. Losq, 1985, ‘International Asset Pricing Under Mild Segmentation: Theory and Test’, Journal of Finance, 40, 105–24.

8. C. Eun and S. Janakiramanan, 1986, ‘A Model of International Asset Pricing with a Constraint on the Foreign Equity Ownership’, Journal of Finance, 1986, 41, 897–914.

9. V. Errunza and E. Losq, 1989, ‘Capital Flow Controls, International Asset Pricing and Investors’ Welfare: A Multi Country Framework’, Journal of Finance, 1989, 44, 1025–37.

10. I. Chaieb and V. Errunza, 2007, ‘International Asset Pricing Under Segmentation and PPP Deviations’, Journal of Financial Economics, 86, 543–78.

11. S. Andrade, 2009, ‘A Model of Asset Pricing Under Country Risk’, Journal of International Money and Finance, 28, 671–95.

12. B. Solnik and L. Zuo, 2012, ‘A Global Equilibrium Asset Pricing Model with Home Preference’, Management Science, 58, 273–92.

Volume II: Market Integration

Part 1: Measuring Market Integration

13. G. Bekaert and C. Harvey, 1995, ‘Time-varying World Market Integration’, Journal of Finance, 50, 403–45.

14. F. Carrieri, V. Errunza, and K. Hogan, 2007, ‘Characterizing World Market Integration Through Time’, Journal of Financial and Quantitative Analysis, 42, 915–40.

15. K. Pukthuanthong-Le and R. Roll, 2009, ‘Global Market Integration: An Alternative Measure and its Application’, Journal of Financial Economics, 94, 214–32.

Part 2: Consequences of Market Integration

16. P. Henry, 2000, ‘Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices’, Journal of Finance, 55, 529–64.

17. V. Errunza and D. Miller, 2000, ‘Market Segmentation and the Cost of Capital in International Equity Markets’, Journal of Financial and Quantitative Analysis, 35, 577–600.

18. P. Henry, 2003, ‘Capital Account Liberalization, the Cost of Capital, and Economic Growth’, American Economic Review, 93, 91–6.

19. A. Chari and P. Henry, 2004, ‘Risk Sharing and Asset Prices: Evidence from a Natural Experiment’, Journal of Finance, 59, 1295–324.

20. K.-H. Bae, W. Bailey, and C. Mao, 2006, ‘Stock Market Liberalization and the Information Environment’, Journal of International Money and Finance, 25, 404–28.

Part 3: Impact of Capital-Flow Restrictions

21. W. Bailey and J. Jagtiani, 1994, ‘Foreign Ownership Restrictions and Stock Prices in the Thai Capital Market’, Journal of Financial Economics, 36, 57–87.

22. M. Desai, C. Foley, and J. Hines Jr., 2006 ‘Capital Controls, Liberalizations, and Foreign Direct Investment’, Review of Financial Studies, 19, 1433–64.

Part 4: Barriers to Globalization

23. R. Stulz, 2005, ‘The Limits of Financial Globalization’, Journal of Finance, 60, 1595–638.

24. G. Bekaert, C. Harvey, C. Lundblad, and S. Siegel, 2011, ‘What Segments Equity Markets?’, Review of Financial Studies, 24, 3841–90.

25. F. Carrieri, I. Chaieb, and V. Errunza, 2013, ‘Do Implicit Barriers Matter for Globalization?’, Review of Financial Studies, 26, 1694–739.

Volume III: Cross-listings, Risk, and Returns

Part 1: Country Funds and ADRs

26. G. Alexander, C. Eun, and S. Janakiramanan, 1988, ‘International Listings and Stock Returns: Some Empirical Evidence’, Journal of Financial and Quantitative Analysis, 135–51.

27. V. Errunza, L. Senbet, and K. Hogan, 1998, ‘The Pricing of Country Funds from Emerging Markets: Theory and Evidence’, International Journal of Theoretical and Applied Finance, 1, 111–43.

28. S. Foerster and A. Karolyi, 1999, ‘The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the U.S.’, Journal of Finance, 54, 981–1013.

29. S. Sarkissian and M. Schill, 2004, ‘The Overseas Listing Decision: New Evidence of Proximity Preference’, Review of Financial Studies, 17, 769–809.

30. A. Karolyi, 2004, ‘The Role of ADRs in the Development of Emerging Equity Markets’, Review of Economics and Statistics, 86, 670–90.

31. H. Edison and F. Warnock, 2008, ‘Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets’, Journal of International Money and Finance 27, 1013–27.

Part 2: Risk and Returns

32. W. Bailey and P. Chung, 1995, ‘Exchange Rate Fluctuations, Political Risk, and Stock Returns: Some Evidence from an Emerging Market’, Journal of Financial and Quantitative Analysis, 30, 541–61.

33. G. Bekaert, C. Harvey, and C. Lundblad, 2007. ‘Liquidity and Expected Returns: Lessons from Emerging Markets’, Review of Financial Studies, 20, 1783–831.

34. J. Griffin, P. Kelly, and F. Nardari, 2010, ‘Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets’, Review of Financial Studies, 23, 3225–77.

35. S. Lau, L. Ng, and B. Zhang, 2010, ‘The World Price of Home Bias’, Journal of Financial Economics, 97, 191–217.

36. G. Bekaert, C. Harvey, C. Lundblad, and S. Siegel, 2014, ‘Political Risk Spreads’, Journal of International Business Studies, 45, 471–93.

Volume IV: Corporate Finance, Development, and Growth

Part 1: Governance, Ownership, and Financing

37. M. Dahlquist, L. Pinkowitz, R. Stulz, and R. Williamson, 2003,‘Corporate Governance, Investor Protection, and the Home Bias’, Journal of Financial and Quantitative Analysis, 87–110.

38. M. Lemmon and K. Lins, 2003, ‘Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis’, Journal of Finance, 58, 1445–68.

39. G. Allayannis, G. Brown, and L. Klapper, 2003, ‘Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia’, Journal of Finance 58, 2667–709.

40. C. Doidge, G. A. Karolyi, K. Lins, D. Miller, and R. Stulz, 2009, ‘Private Benefits of Control, Ownership, and the Cross-Listing Decision’, Journal of Finance, 64, 425–66.

41. B.-C. Kho, R. Stulz, and F. Warnock, 2009,‘Financial Globalization, Governance, and the Evolution of the Home Bias’, Journal of Accounting Research, 47, 597–635.

Part 2: Economic and Financial Development

42. R. Rajan and L. Zingales, 1998, ‘Financial Dependence and Growth’, American Economic Review, 88, 559–86.

43. T. Beck, A. Demirgüç-Kunt, and R. Levine, 2003, ‘Law, Endowments and Finance’, Journal of Financial Economics, 70, 137–81.

44. S. Claessens and L. Laeven, 2003, ‘Financial Development, Property Rights and Growth’, Journal of Finance, 58, 2401–36.

45. K. B. Luintel, M. Khan, P. Arestis, and K. Theodoridis, 2008. ‘Financial Structure and Economic Growth’, Journal of Development Economics, 86, 181–200.

46. N. Gupta and K. Yuan, 2009, ‘On the Growth Effect of Stock Market Liberalizations’, Review of Financial Studies, 22, 4715–52.

47. F. Allen, I. Otchere, and L. Senbet, 2011, ‘African Financial Systems: A Review’, Review of Development Finance, 1, 79–113.

View More