Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
The Superiority Of Adrs Over Country Funds As A Tool For International Diversification
Download The Superiority Of Adrs Over Country Funds As A Tool For International Diversification full books in PDF, epub, and Kindle. Read online The Superiority Of Adrs Over Country Funds As A Tool For International Diversification ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis The Superiority of Adrs Over Country Funds as a Tool for International Diversification by : Mary Schmid Daugherty
Download or read book The Superiority of Adrs Over Country Funds as a Tool for International Diversification written by Mary Schmid Daugherty and published by . This book was released on 2002 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the appropriateness of country funds versus American Depository Receipts (ADRs) for international diversification for small domestic investors. During the past decade as more country funds have become available small domestic investors have embraced these funds as a tool for international diversification. During this same time period more and more ADRs are available but have been largely ignored by these same investors. This study shows that investors holding a diversified portfolio of ADRs would have realized a higher relative return on their investment than the same dollar investment in closed-end indexed country funds. A portfolio of all available ADRs from a specific country (i.e. ADR index) should provide similar returns to an indexed country fund. But ADRs offer distinct advantages over country funds. Because the ADRs have fewer costs associated with ownership this study proves that the advantages of ADRs over country funds make them a superior international investment for the small domestic investor. First, country funds trade at a discount to NAV and have liquidity issues that create a downward bias in absolute returns. This downward bias contributed to every individual country ADR index in our study earning higher average returns over the comparable country fund during the same investment time period. Secondly, the correlation with the Samp;P 500 Index is in most cases lower for the individual country ADR index versus the specific country fund. Hence the benefits of diversification are better with ADRs. Thirdly, ADRs are individual stock issues so there is no management fee. And, finally, ADRs as individual stock issues can be bought and sold as deemed appropriate by the investor hence all tax implications (capital gains and losses) are determined by the direct actions of the investor as opposed to the actions of the fund manager.
Book Synopsis International Diversification Through IShares and Their Rivals by : Jie Cao
Download or read book International Diversification Through IShares and Their Rivals written by Jie Cao and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the diversification benefits of iShares in comparison to closed-end country funds (CECFs) and American Depository Receipts (ADRs) between April 1996 and December 2013. iShares are country-specific exchange traded funds that track specific Morgan Stanley Capital International (MSCI) country indices and thus are expected to provide superior diversification gains than their rivals. The main findings are: first, although all of these financial instruments exhibit significant exposure to U.S. market, they retain significant exposure to their home markets and provide important diversification benefits. Second, mean-variance spanning and Sharpe ratio test results provide strong evidence that iShares can neither outperform nor replace CECFs and ADRs for international diversification. Finally, a combination of these domestically traded securities could exhaust the gains from unattainable direct foreign investment.
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 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 World Bank Publications. This book was released on 1993 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Portfolio Preferences of Foreign Institutional Investors by : Reena Aggarwal
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Issues in Emerging Economies by : Rita Biswas
Download or read book Financial Issues in Emerging Economies written by Rita Biswas and published by Emerald Group Publishing. This book was released on 2020-11-10 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This special issue focuses on a gamut of topics ranging from monetary policy to corporate governance in emerging economies. Of the eleven papers it includes, five were selected from the II International Conference on Economics and Finance (ICEF-II) in Bengaluru, India.
Book Synopsis International Financial Management by : Thummuluri Siddaiah
Download or read book International Financial Management written by Thummuluri Siddaiah and published by Pearson Education India. This book was released on 2009 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Traded Funds as an Investment Option by : A. Meziani
Download or read book Exchange Traded Funds as an Investment Option written by A. Meziani and published by Springer. This book was released on 2016-02-02 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange Traded Funds (ETF's) are a relatively new open- ended investment vehicle. Launched in 1993, their appeal as an important and unique financial product has compelled institutional and retail investors to look anew at their almost endless possibilities. This has led to their dramatic expansion. Meziani draws from his academic and corporate expertise to straddle both theory and practice. Using this book, practitioners, academics and students alike will find a thorough explanation of the theoretical ideas underlying ETF's, along with their detailed analysis, communicated in practical and clear terms.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
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.
Book Synopsis Study Guide to Accompany Foundations of Multinational Financial Management, 5th Edition by : Alan C. Shapiro
Download or read book Study Guide to Accompany Foundations of Multinational Financial Management, 5th Edition written by Alan C. Shapiro and published by . This book was released on 2004-08-27 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Work more effectively and gauge your progress along the way! This Study Guide is designed to accompany Shapiro’s Foundations of Multinational Financial Management, 5th Edition. It contains detailed chapter outlines and a number of solved questions and problems. Now updated and reorganized, Alan Shapiro's Foundations of Multinational Financial Management, 5th Edition, emphasizes broad concepts and practices, and provides a clear conceptual framework for analyzing key financial decisions in multinational firms. The text treats international financial management as a natural and logical extension of the principles learned in the foundations course in financial management. Thus, it builds on and extends the valuation framework provided by domestic corporate finance to account for dimensions unique to international finance.
Book Synopsis International Financial Operations by : I. Moosa
Download or read book International Financial Operations written by I. Moosa and published by Springer. This book was released on 2003-03-13 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-border transactions involve a variety of financial operations, including arbitrage, hedging, speculation, financing and investment. These inter-related operations give rise to foreign exchange exposure and affect the overall financial performance of multinational firms. The book aims to provide an integrated treatment of multinational financial operations, whilst taking into account some real world complexities such as bid/offer spreads, transaction costs, capital rationing, and market imperfections.
Book Synopsis International Finance by : H. Kent Baker
Download or read book International Finance written by H. Kent Baker and published by Oxford University Press. This book was released on 2013-01-17 with total page 701 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Book Synopsis The Entrepreneur's Dictionary of Business and Financial Terms by : Khwaja Masoom
Download or read book The Entrepreneur's Dictionary of Business and Financial Terms written by Khwaja Masoom and published by PartridgeIndia. This book was released on 2013-09-11 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you want to succeed in business, you need to know the language. Fortunately, this reference volume presents all the necessary words are in one place. The Entrepreneur's Dictionary of Business and Financial Terms includes terms from academic and business environments and is ideal for - students focusing on economics, business, finance, and management; - professionals in management, administration, finance, project management, and related fields; - researchers and instructors in business-related fields; and - movers and shakers, bankers, brokers, and investors. This dictionary is compiled from a vast range of modern sources and includes more than nine thousand definitions from the fields of business, finance, accounting, and associated fields. The explanations provide complete and thorough insights into some of the most complex business terms you'll ever encounter. Whether you're seeking to establish a career in business, to improve your upward mobility or role, or just to broaden your horizons, you'll find a wealth of knowledge in this business dictionary.
Book Synopsis SEC Docket by : United States. Securities and Exchange Commission
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 1985 with total page 1712 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Navigate the Noise by : Richard Bernstein
Download or read book Navigate the Noise written by Richard Bernstein and published by John Wiley & Sons. This book was released on 2005-08-15 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transform today's surplus of investment information into a high-level investment strategy In an investment climate characterized by rapidly increasing access to information, it has become a real problem to sort out the legitimate financial advice, grounded in traditional analysis, from the constant stream of useless information, or "noise." Such "noise", through technological advances such as the Internet, has become widespread. This overload of information is hurting investors, since it makes real analysis based on factual inference harder to come by. This book steers investors through the "noise" to show them where and how to find solid investment information. This step-by-step guide is based on a very popular presentation the author makes to new private clients at Merrill Lynch. Richard Bernstein (New York, NY) is First Vice President and Chief Quantitative Strategist at Merrill Lynch & Company. Prior to joining Merrill Lynch, he worked for E. F. Hutton and Tucker Anthony. He has been voted to the Institutional Investor All-America Research Team in each of the last eight years, and has appeared on Wall Street Week with Louis Rukeyser.
Book Synopsis Equity Home Bias in International Finance by : Kavous Ardalan
Download or read book Equity Home Bias in International Finance written by Kavous Ardalan and published by Routledge. This book was released on 2019-05-17 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle – that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment – the bonding that occurs between individuals and their meaningful environments – as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book’s unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.
Book Synopsis Financial Markets and Development by : Alison Harwood
Download or read book Financial Markets and Development written by Alison Harwood and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together market practitioners, policymakers, development specialists, and academics from developed and emerging market countries to examine the underlying causes of the Asian financial crisis and ways of preventing future crises in emerging markets. Contents of the volume include: •"The Asian Crisis: Causes and Consequences" by Richard Cooper, Harvard University •"A Closer Look at Equity Flows to Emerging Markets" by Michael Barth, Capital Markets Development Department, The World Bank, and Konstantinos Tsatsaronis, Monetary and Economic Department, Bank for International Settlements •"Corporate Governance and the Treatment of Minority Shareholders," by Kenneth Scott, Stanford Law School •"Foreign Investment in Asia" by Jarrod Wilcox, PanAgora Asset Management •"The Future of Emerging Markets Investing" by Michael Adler, Columbia Graduate School of Business •"Lessons of the Asian Crisis for Latin America" by Sebastian Edwards, University of California at Los Angeles •"Global Capital Markets: What Do They Mean?" by Ian Giddy, Stern School of Business, New York University Copublished with the World Bank
