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Author : Francesc Pons Sintes
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (316 download)
Download or read book Risk and Return in the Latin American Emerging Stock Markets written by Francesc Pons Sintes and published by . This book was released on 1994 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rishma Vedd
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Risk-Return Trade-Off of Investing in Latin American Emerging Stock Markets written by Rishma Vedd and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine risk-return trade-off of investing in Latin American emerging stock markets. In particular, the study seeks to examine whether equities from Latin American emerging markets might have offered the Canadian investor high returns for a relatively low level of risk when combined into a portfolio of Canadian shares. Optimal portfolios were derived based on historic (ex-post) observations and evaluated utilizing the mean return per unit of risk (MRPUR) performance measure. In particular, the performance of the MRPUR-optimal emerging market portfolio was compared with the MRPUR of a portfolio consisting solely of Canadian shares to determine whether any benefits resulted from diversifying into the emerging stock markets over the ten-year periods. The results revealed substantial differences in the risk-return characteristics of the MRPUR-optimal portfolios.
Author : Augusto de la Torre
Publisher : World Bank Publications
ISBN 13 : 0821365444
Total Pages : 232 pages
Book Rating : 4.8/5 (213 download)
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Author : Victor Silverio Posadas Hernandez
Publisher : Springer Science & Business Media
ISBN 13 : 3835091034
Total Pages : 205 pages
Book Rating : 4.8/5 (35 download)
Download or read book Stock Market Anomalies written by Victor Silverio Posadas Hernandez and published by Springer Science & Business Media. This book was released on 2007-11-03 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Victor Silverio Posadas Hernandez explores three sets of questions: What are the investment laws in the Latin American emerging markets (LAEM) and how do they compare to those of developed countries? How heterogeneous are the implicit trading costs in the LAEM and which factors are responsible for the heterogeneity? How does the predictability of stock returns in the LAEM differ from those documented for developed markets?
Author : Pascal Rakers
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (966 download)
Download or read book Emerging Latin American Stock Markets - An Empirical Analysis of Market Efficiency, Diversification Benefits and Risk written by Pascal Rakers and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis provides an overview for investors interested in the Latin American equity markets. In the beginning, recent trends and economic developments in the emerging markets are reviewed. After that, the diversification benefits of expanding the investment horizon by including Latin American stocks are evaluated. The Colombian and Peruvian market provided investors with high returns in the past and the Chilean stocks showed low risk. Therefore, the inclusion of these markets might prove to be beneficial. Market efficiency is inspected via variance ratio tests and technical trading strategies. Many markets are found to be inefficient. That is why investors need to check whether crucial information is currently reflected in the market price. At the same time, they can potentially generate excess returns by employing technical trading rules. Lastly, tail risk measures are depicted, risk premia are compared between the markets, and the influence of exchange rates on stock returns is explored. This allows investors to be aware of the potential consequences of extreme events, compare return rewards for risk between the markets, and the impact of exchange rates.
Author : Mauro Miranda
Publisher : CFA Institute Research Foundation
ISBN 13 : 194496049X
Total Pages : 137 pages
Book Rating : 4.9/5 (449 download)
Download or read book Latin American Local Capital Markets: Challenges and Solutions written by Mauro Miranda and published by CFA Institute Research Foundation. This book was released on 2018-06-15 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets, both for debt and equity securities, have allowed firms to secure funding for productive uses while providing investors with opportunities for portfolio diversification. The importance of capital markets for the development of economies and for the betterment of society cannot be overstated. This is just as true in emerging economies with free markets, such as those found in Latin America, as it is in developed markets. However, capital markets in the region are not being utilized to the fullest. The idea behind this collection of articles is to offer a primer on the development of local capital markets in several select countries in Latin America. We discuss not only their history and current status but also their future. To this end, seven authors contributed to this project, each writing about one of seven countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. Each author decided which issues they believe matter most to the progress of their local capital markets. Some authors chose a qualitative and institutional description of local markets, whereas others adopted a more quantitative approach.
Author : Eduardo E. Sandoval
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.:/5 (318 download)
Download or read book Risk, Return and Integration in Latin American Equity Markets written by Eduardo E. Sandoval and published by . This book was released on 2001 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : A. Brooks-Senftleben
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.A/5 ( download)
Download or read book International Portfolio Diversification written by A. Brooks-Senftleben and published by . This book was released on 1994 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ayaz Ahmed
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.F/5 ( download)
Download or read book Stock Market Interlinkages in Emerging Markets written by Ayaz Ahmed and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dinara Apiyeva
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (798 download)
Download or read book The Determinants of Stock Market Performance in Emerging Economies written by Dinara Apiyeva and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A phenomenal growth of emerging markets has not only attracted an enormous interest from international instinational and individual investors, but it has also proved that these markets cannot be treated in the same way as developed markets. This research is intended to identify the main determinants of the stock market performance in emerging economies of Latin America and Asia Pacific. The study has been motivated by the increasing importance of these equity markets on the international financial arena. The capital markets of emerging economies have not only become an important asset class for international investors, but also they have become a new and increasingly important source of foreign capital for these countries. This research examines a set of macroeconomic variables, including inflation, foreign exchange rates, market integration, the Institutional Investor's country ratings, the U.S interest rates and financial risk premiums, and their role in explaining the fluctuations in the total returns on the stock markets in six Latin American and four Asia Pacific countries. The results show that the Institutional Investor's country ratings and financial risk premium are the best determinants of the stock market performance in Latin American and Asian Pacific countries. The attempt to separate the financial and country risks has also been undertaken with the successful results in four out of ten countries. The further findings show that financial risk premiums are an important risk factor, which explains the stock market returns in seven out of ten countries and, moreover, financial risk premiums appear to be an aggregate risk factor, which can successfiilly replace five macroeconomic variables, and above that they contain incremental information, which successfully explain the variance in the stock market retums. The findings may have significant implications for international investors and national policymakers in the emerging markets. The findings highlight the significance of the country default risk in explaining the stock market performance in the Latin American and Asia Pacific economies.
Author : Kenroy Dowers
Publisher : IDB
ISBN 13 : 9781931003490
Total Pages : 572 pages
Book Rating : 4.0/5 (34 download)
Download or read book Focus on Capital written by Kenroy Dowers and published by IDB. This book was released on 2003 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local capital market development responds to the need to reduce the risk of financial crises that result from an excessive reliance on external borrowing -- for example, to avoid foreign exchange risk, reduce contagion, and decrease short-term external borrowing. In fact, as financial crises dwarf the role of financial intermediation, the problems of asymmetric information become even more severe, leading to greater public mistrust of financial institutions. The contributors in Focus on Capital tackle various aspects of developing Latin American capital markets. Macroeconomic and structural policies, accounting practices and standards, bond market development, market infrastructure, derivatives markets, corporate governance, ethics, human capital, and regional integration all play a role. One of the shortcomings of many strategies for capital market development -- more important than getting the sequencing wrong -- is failing to understand the links between the various components and the need for an overall strategy as well as plans for each component. Focus on Capital analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration.
Author : Campbell R. Harvey
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (318 download)
Download or read book Predictable Risk and Returns in Emerging Markets written by Campbell R. Harvey and published by . This book was released on 1994 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emergence of new equity markets in Europe, Latin America, Asia, the Mideast and Africa provides a new menu of opportunities for investors. These markets exhibit high expected returns as well as high volatility. Importantly, the low correlations with developed countries' equity markets significantly reduces the unconditional portfolio risk of a world investor. However, standard global asset pricing models, which assume complete integration of capital markets, fail to explain the cross-section of average returns in emerging countries. An analysis of the predictability of the returns reveals that emerging market returns are more likely than developed countries to be influenced by local information.
Author : Diego A. Agudelo
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (13 download)
Download or read book Do Foreign Portfolio Flows Increase Risk in Emerging Stock Markets? Evidence from Six Latin American Countries 1999-2008 written by Diego A. Agudelo and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign portfolio flows have been blamed for causing instability in emerging markets, especially during financial crises. This study measured the effect of foreign capital flows on volatility and exposure to world market risk in the six largest Latin American stock markets: Argentina, Brazil, Colombia, Chile, Mexico and Peru, for around 10 years including the 2008's World financial crisis. This will test whether these flows cause instability for those markets and increase their exposure to international stock market returns. A proprietary database, from Emerging Portoflio.com and time series models, both univariate (ARCH-GARCH) and multivariate (VAR), are used to estimate the effect foreign portfolio flows on the risk variables and the causality of these effects. We found no strong evidence to support the hypothesis that foreign flows cause instability in the Latin American stock markets, in spite of some evidence of causing price pressure. Instead, the evidence points to a strong dependence of market returns on international stock and foreign exchange markets, both in means and in volatility, instrumental to transmit crisis to those markets.
Author : Michael Molinski
Publisher : Bloomberg Press
ISBN 13 : 9781576600658
Total Pages : 320 pages
Book Rating : 4.6/5 (6 download)
Download or read book Investing in Latin America written by Michael Molinski and published by Bloomberg Press. This book was released on 1999-07-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of Latin America's growth potential reveals where to find the best investments, where specific economies are headed, and how to best use Brady Bonds and derivatives to exploit the market
Author : Bernhard Fischer
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book Institutional Investors and Capital Market Development written by Bernhard Fischer and published by . This book was released on 1995 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lado Beridze
Publisher : Nova Publishers
ISBN 13 : 9781600218507
Total Pages : 378 pages
Book Rating : 4.2/5 (185 download)
Download or read book Economics of Emerging Markets written by Lado Beridze and published by Nova Publishers. This book was released on 2008 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent significant research dealing the economics of emerging markets. The term emerging markets is commonly used to describe business and market activity in industrialising or emerging regions of the world. The term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China, India, Mexico, Brazil, much of Southeast Asia, countries in Eastern Europe, parts of Africa and Latin America. An emerging market is sometimes defined as "a country where politics matters at least as much as economics to the markets."
Author : Stijn Claessens
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4./5 ( download)
Download or read book The Cross-section of Stock Returns written by Stijn Claessens and published by World Bank Publications. This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
