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The Investment Technology Of Foreign And Domestic Institutional Investors In An Emerging Market
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Book Synopsis The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market by : Ila Patnaik
Download or read book The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market written by Ila Patnaik and published by International Monetary Fund. This book was released on 2013-04-22 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant differences in exposure to systematic asset pricing factors between foreign and domestic investors. A quasi-experimental strategy is introduced, for comparing security selection after controlling for diferences in asset allocation. Our results show that foreign investors in India do remarkably poorly at security selection.
Book Synopsis New Voices in Investment by : Laura Gómez-Mera
Download or read book New Voices in Investment written by Laura Gómez-Mera and published by World Bank Publications. This book was released on 2014-12-03 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.
Book Synopsis Are Institutional Investors an Important Source of Portfolio Investment in Emerging Markets? by : Punam Chuhan
Download or read book Are Institutional Investors an Important Source of Portfolio Investment in Emerging Markets? written by Punam Chuhan and published by World Bank Publications. This book was released on 1994 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Major institutional investors in five industrial countries invest cautiously, and very little, in emerging market securities. But only in Germany are regulations on foreign investment a significant constraint.
Book Synopsis Have Institutional Investors Destabilized Emerging Markets? by : Mr.Brian J. Aitken
Download or read book Have Institutional Investors Destabilized Emerging Markets? written by Mr.Brian J. Aitken and published by International Monetary Fund. This book was released on 1996-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years there has been a large increase in portfolio capital flows into emerging markets, mostly fueled by mutual funds and other institutional investors. Based on a simple variance ratio test, this paper finds that emerging stock markets as a group experienced a sharp increase in autocorrelation in total returns at a time when institutional investors began to significantly expand their holdings in these markets. These results are consistent with the view that institutional investor sentiment toward emerging markets as an asset class can at times play a critical role in determining asset prices, with shifts in sentiment resulting in periods of bubble-like booms and busts and asset price overshooting.
Book Synopsis Mutual Fund Investment in Emerging Markets by : Graciela Laura Kaminsky
Download or read book Mutual Fund Investment in Emerging Markets written by Graciela Laura Kaminsky and published by World Bank Publications. This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: January 2001 How do mutual funds behave when they invest in emerging economies? For one thing, mutual funds' flows are not stable. Withdrawals from emerging markets during recent crises were large, which squares with existing evidence of financial contagion. International mutual funds are one of the main channels for capital flows to emerging economies. Although mutual funds have become important contributors to financial market integration, little is known about their investment allocation and strategies. Kaminsky, Lyons, and Schmukler provide an overview of mutual fund activity in emerging markets. First, they describe international mutual funds' relative size, asset allocation, and country allocation. Second, they focus on fund behavior during crises, by analyzing data at the level of both investors and fund managers. Among their findings: Equity investment in emerging markets has grown rapidly in the 1990s, much of it flowing through mutual funds. Collectively, these funds hold a sizable share of market capitalization in emerging economies. Asian and Latin American funds achieved the fastest growth, but are smaller than domestic U.S. funds and world funds. When investing abroad, U.S. mutual funds invest more in equity than in bonds. World funds invest mainly in developed nations (Canada, Europe, Japan, and the United States). Ten percent of their investment is in Asia and Latin America. Mutual funds usually invest in a few countries within each region. Mutual fund investment was very responsive to the crises of the 1990s. Withdrawals from emerging markets during recent crises were large, which squares with existing evidence of financial contagion. Investments in Asian and Latin American mutual funds are volatile. Because redemptions and injections are large relative to total funds under management, funds' flows are not stable. The cash held by managers during injections and redemptions does not fluctuate significantly, so investors' actions are typically reflected in emerging market inflows and outflows. This paper--a product of Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to understand the operation of financial markets and the effects of financial globalization. The study was funded by the Bank's Research Support Budget under the research project "Mutual Funds in Emerging Markets." The authors may be contacted at [email protected], lyons@haas. berkeley.edu, or [email protected].
Book Synopsis Institutional Investors In Global Capital Markets by : Narjess Boubakri
Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Book Synopsis The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market by : Ila Patnaik
Download or read book The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market written by Ila Patnaik and published by International Monetary Fund. This book was released on 2013-04-22 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant differences in exposure to systematic asset pricing factors between foreign and domestic investors. A quasi-experimental strategy is introduced, for comparing security selection after controlling for diferences in asset allocation. Our results show that foreign investors in India do remarkably poorly at security selection.
Book Synopsis Portfolio Investment Flows to Emerging Markets by : Sudarshan Gooptu
Download or read book Portfolio Investment Flows to Emerging Markets written by Sudarshan Gooptu and published by . This book was released on 1993 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is important that policymakers know the source of portfolio inflows to their countries-- to help them gauge whether they are temporary, and to make policy decisions for dealing with large future inflows and outflows.
Book Synopsis Investment Strategies in Emerging Markets by : Saul Estrin
Download or read book Investment Strategies in Emerging Markets written by Saul Estrin and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The book investigates foreign direct investment (FDI) strategies in four important emerging economies: Egypt, India, South Africa and Vietnam. These countries liberalized their economies in the 1990s with the intention of attracting greater FDI inflows. This book assesses whether they have been successful in achieving this goal. The authors adopt a comparative perspective and use a large enterprise survey plus three individual case studies in each country. They investigate the strategies of foreign direct investors focusing on the relationship between the investment climate, the mode of entry (acquisition, greenfield or joint venture), company performance, and spillovers to the host economy. The book outlines how the interactions between international businesses and the local policy environment influence the entry strategies of firms. Academics and researchers with an interest in international business, emerging markets, economic development and strategic management will find this book informative and insightful."--BOOK JACKET.
Book Synopsis Concentrated Corporate Ownership by : Randall K. Morck
Download or read book Concentrated Corporate Ownership written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-12-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos
Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Book Synopsis International Friction and Cooperation in High-Technology Development and Trade by : National Research Council
Download or read book International Friction and Cooperation in High-Technology Development and Trade written by National Research Council and published by National Academies Press. This book was released on 1997-10-10 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IMF Research Bulletin June 2013 by : Mr.Ayhan Kose
Download or read book IMF Research Bulletin June 2013 written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2013-06-20 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The June issue of the IMF Research Bulletin looks at the role of IMF programs and capacity building in fostering structural reforms and the economics of Arab countries undergoing political transitions. The Q&A analyzes the neutral interest rate through the experiences of several Latin American countries. The Research Bulletin also includes its regular features: a listing of IMF Working Papers and Staff Discussion Notes, information on the forthcoming IMF Economic Review and the Fourteenth Jacques Polack Annual Research Conference, and recommended readings from IMF Publications.
Book Synopsis International Capital Flows by : Martin Feldstein
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Book Synopsis Green Finance and Investment Green Infrastructure in the Decade for Delivery Assessing Institutional Investment by : OECD
Download or read book Green Finance and Investment Green Infrastructure in the Decade for Delivery Assessing Institutional Investment written by OECD and published by OECD Publishing. This book was released on 2020-10-06 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building green is not only imperative to achieve global climate and development commitments in this “decade for delivery”, but will also be critical to sustain socio-economic development during the COVID-19 recovery. Private investment in particular is needed to bridge the infrastructure investment gap, given institutional investors’ large pools of long-term capital.
Book Synopsis Investment Management (Security Analysis and Portfolio Management), 19th Ed. by : V.K.Bhalla
Download or read book Investment Management (Security Analysis and Portfolio Management), 19th Ed. written by V.K.Bhalla and published by S. Chand Publishing. This book was released on 2008-06 with total page 1112 pages. Available in PDF, EPUB and Kindle. Book excerpt: SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT. This 5th Edition , is thoroughly revised and updated. It describes techniques, vehicles, and strategies of the funds of an individual investor(s).For the students of Management, Commerce, Professional Course of CA, CS, ICWA, Professional of Financial Institutions and Policy Makers.
Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
