An Analysis Of Equity Investments In Central European Emerging Stock Markets In Times Of The Current Crisis
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Private Equity Investments in Emerging Markets
| Author | : Benjamin Heckmann |
| Publisher | : GRIN Verlag |
| Total Pages | : 77 |
| Release | : 2009-09 |
| Genre | : Business & Economics |
| ISBN | : 3640412265 |
Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Münster (International Management), course: Seminar International Finance, language: English, abstract: The paper deals with Private Equity Investments in Emerging Markets. This asset class is associated with attractive opportunities and appropriate risk-adjusted returns. The Private Equity industry in Emerging Markets showed strong growth over the last few years - after a period of disappointment and unmet expectations. Private Equity is a primary source of equity for small and medium sized companies. It is associated with higher default risk but offers the opportunity to receive higher returns. One special characteristic is the provision of 'smart money', the integration of investment banking and management consultancy. The environment of Emerging Markets is challenging. The term refers to capital markets in developing countries with outstanding growth opportunities. 35 countries from Latin America, Central and Eastern Europe, Asia, Middle East and Africa belong to the group of Emerging Markets. These markets are characterised by weak legal institutions, political and economic risk, dysfunctional capital markets and a low standard of corpo-rate governance. The combination of the high risk asset class Private Equity with the high risk environment of Emerging Markets results in high risk investments. But the superior return op-portunities attract more and more investors. After a period of disappointment and setbacks - due to an inappropriate approach - at the beginning of the 21st century this asset class took off. Fundraising figures from 2003 to 2006 are increasing strongly and the investors expect the growth to continue. The macroeconomic environment, the legal framework and the quality of capital markets are the main determinants for Emerging Markets Private Equity. The introduction of good corporate governance is essential f
An Analysis of Equity Investment in the Emerging Stock Markets of Central and Eastern Europe
| Author | : Calum A. J. Middleton |
| Publisher | : |
| Total Pages | : |
| Release | : 2006 |
| Genre | : Accounting |
| ISBN | : |
Invest in Europe Now!
| Author | : David R. Kotok |
| Publisher | : John Wiley & Sons |
| Total Pages | : 210 |
| Release | : 2010-03-02 |
| Genre | : Business & Economics |
| ISBN | : 0470617586 |
An insider's guide to investing in Europe With the U.S. market in shambles, investors are looking for other places to put their money. Europe has become the destination of choice, and will continue to be for the foreseeable future. Using the different perspectives of an author who lives in Europe and an author who lives in the United States, Invest in Europe Now! is one the most informative guides to making money outside North America. It outlines the best ways to take advantage of the rapidly shifting global financial environment and shows you what indicators to follow, what instruments and markets are best poised for growth, and how to avoid various pitfalls along the way. Outlines the safest ways to invest in Europe and secure the returns you desire Written by a unique author team, which represent both the U.S. and European perspective Discusses how some European markets and stocks are relatively more attractive than their American counterparts Throughout this book, David Kotok and Vincenzo Sciaretta reveal the realities of investing in Europe and how you can benefit from doing so.
Stock Market Crises and Portfolio Diversification in Central and Eastern Europe
| Author | : Plamen Patev |
| Publisher | : |
| Total Pages | : 30 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
We investigate the Central and Eastern European equity market co-movements before, during and after major emerging market crises. Our study is based on the concept of co-integration. We examine the impact caused by the crisis on the gains of international portfolio diversification in Central and Eastern Europe. The results of the co-integration tests indicate that there is no long-run relationship between the US and the four Central European stock markets. We find a feedback effect and causality in one direction during and after the crisis period. Portfolio benefits decrease in the crisis period but they increase in the post-crisis period.
Equity Markets in Transition
| Author | : Reto Francioni |
| Publisher | : Springer |
| Total Pages | : 612 |
| Release | : 2017-01-17 |
| Genre | : Business & Economics |
| ISBN | : 3319458485 |
This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.
Appetite for Risk in Emerging Stock Markets
| Author | : Paulina Roszkowska |
| Publisher | : |
| Total Pages | : 21 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Based on qualitative empirical research, we examine the extent to which Central European emerging stock markets were affected by the recent international financial crisis, and how the current investment climate influences investments in Polish equities. We find that global financial crisis induced changes to domestic and international investors' appetite for risk related to equity investments in emerging stock markets: (i) investors are more prudent about emerging markets but Warsaw stock exchange still shows substantial growth potential and positively distinguishes itself among other Central European stock exchanges; (ii) capital market practitioners' feel that the risks attached to investing in the Warsaw stock exchange have evolved but have at their disposal tools to manage said risks; (iii) emerging markets equities are an attractive component of the international portfolio diversification, provided trading strategies are adjusted to the contemporary investment environment. With insights from practitioners we also contribute to the international debate on investor protection and regulations that can improve the investment processes.
Emerging Equity Markets
| Author | : Mr.Robert Alan Feldman |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 1994-03-01 |
| Genre | : Business & Economics |
| ISBN | : 1451971214 |
Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.
Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets
| Author | : Nasha Ananchotikul |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2014-08-19 |
| Genre | : Business & Economics |
| ISBN | : 1498340229 |
In recent years, portfolio flows to emerging markets have become increasingly large and volatile. Using weekly portfolio fund flows data, the paper finds that their short-run dynamics are driven mostly by global “push” factors. To what extent do these cross-border flows and global risk aversion drive asset volatility in emerging markets? We use a Dynamic Conditional Correlation (DCC) Multivariate GARCH framework to estimate the impact of portfolio flows and the VIX index on three asset prices, namely equity returns, bond yields and exchange rates, in 17 emerging economies. The analysis shows that global risk aversion has a significant impact on the volatility of asset prices, while the magnitude of that impact correlates with country characteristics, including financial openness, the exchange rate regime, as well as macroeconomic fundamentals such as inflation and the current account balance. In line with earlier literature, portfolio flows to emerging markets are also found to affect the level of asset prices, as was the case in particular during the global financial crisis.
Emerging Capital Markets and Globalization
| Author | : Augusto de la Torre |
| Publisher | : World Bank Publications |
| Total Pages | : 232 |
| Release | : 2006-10-20 |
| Genre | : Business & Economics |
| ISBN | : 0821365444 |
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.
