Download or read book Diversification Benefits of Emerging Markets Subject to Portfolio Constraints written by Kai Li and published by . This book was released on 2009 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the international diversification benefits subject to portfolio constraints -- in particular, constraints on short selling. We show that the international diversification benefits remain substantial for U.S. equity investors when they are prohibited from short selling in emerging markets. This result is robust to investment restrictions on non-native individuals. It is also unaffected by the fact that the U.S. equity index portfolio is not on the efficient frontier spanned by U.S. securities. The integration of world equity markets reduces, but does not eliminate, the diversification benefits of investing in emerging markets subject to short-sale constraints.

Download or read book Diversification Benefits of Emerging Markets Subject to Portfolio Constraints written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Finance Division of the Faculty of Commerce and Business Administration at the University of British Columbia in Vancouver, British Columbia, Canada, presents the full text of a working paper entitled "Diversification Benefits of Emerging Markets Subject to Portfolio Constraints," by Kai Li, Asani Sarkar, Zhenyu Wang. The paper examines the international diversification benefits subject to portfolio constraints.

Download or read book Should Us Investors Hold Foreign Stocks written by Kai Li and published by . This book was released on 2011 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the international diversification benefits when short-selling is not allowed. We show that the benefits remain substantial for US equity investors when they are prohibited from short-selling in emerging markets. This result is also true for emerging market stocks that are 'investable' for US investors. In contrast, the benefits of investing in developed countries, that are small to begin with, disappear if short-selling is not allowed. The integration of world equity markets reduces, but does not eliminate, the diversification benefits of investing in emerging markets subject to short-sale constraints.

Download or read book To Assess the Diversification Performance of Emerging Market Equity Portfolios written by Trevor Thabang Mokoena and published by . This book was released on 2008 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Assessing the Impact of Short sale Constraints on the Gain from International Diversification written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper examines the impact of short-sale constraints on the magnitude of international diversification benefit for U.S. investors during the period of 1976-1998. The diversification benefit is measured as the increase in expected return when switching from the U.S. equity index portfolio to the efficient international portfolio with equal variance. Although short-sale constraints reduce the diversification benefit, we find that the reduction caused by the constraints on emerging markets is small. This result holds in both pre- and post-liberalization periods. They are also unaffected by the fact that the U.S. index portfolio is not on the efficient frontier spanned by U.S. securities"--Federal Reserve Bank of New York web site.

Download or read book The Benefit of International Portfolio Diversification in Asian Emerging Markets to the U S Investors written by Faranak Roshani Zafaranloo and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Diversification Integration and Emerging Market Closed end Funds written by Geert Bekaert and published by . This book was released on 1995 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using an extensive new data set on U.S. and U.K.-traded closed- end funds, we examine the diversification benefits from emerging equity markets and the extent of their integration with global capital markets. To measure diversification benefits, we exploit the duality between Hansen-Jagannathan bounds [1991] and mean-standard deviation frontiers. We find significant diversification benefits for the U.K. country funds, but not for the U.S. funds. The difference appears to relate to differences in portfolio holdings. To investigate global market integration, we compute the reduction in expected returns an investor would be willing to accept to avoid investment barriers in six countries. We find evidence of investment restrictions for Indonesia, Taiwan and Thailand, but not for Korea, the Philippines or Turkey.

Download or read book The Benefits of Portfolio Diversification Into Emerging Market Equities written by Adriána Kluková and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this thesis is to provide a deeper understanding of investing into Emerging Markets (EMs), the investors motivation for including the EMs in their portfolios and more importantly it examines the fact whether investing into EMs still provide diversification possibilities even nowadays with the increasing trend of globalization. The thesis further places an emphasis on FED interest rate changes announcements and it focuses on whether the announcements are immediately reflected on share prices. Moreover, it also attempts to find out whether there is a possibility of offsetting the risk of FED interest rate increases by diversifying the portfolios into EM equities.*****The aim of this thesis is to provide a deeper understanding of investing into Emerging Markets (EMs), the investors motivation for including the EMs in their portfolios and more importantly it examines the fact whether investing into EMs still provide diversification possibilities even nowadays with the increasing trend of globalization. The thesis further places an emphasis on FED interest rate changes announcements and it focuses on whether the announcements are immediately reflected on share prices. Moreover, it also attempts to find out whether there is a possibility of offsetting the risk of FED interest rate increases by diversifying the portfolios into EM equities.

Download or read book Three Essays on Portfolio Capital Flows to Emerging Markets written by Hui Miao and published by . This book was released on 1997 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Do Emerging Markets Provide Currency Diversification Benefits written by Ines Chaieb and published by . This book was released on 2013 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the role of emerging markets in providing currency diversification benefits. We use global sectoral portfolios for developed and emerging markets. Our empirical tests based on a conditional international asset pricing model show that on average the prices of currency risks are very close to zero but they increase significantly during crisis periods. We find that the currency exposures and risk premia are lowest for the G7 portfolios augmented with a small set of eight emerging markets over most of the time period for almost all sectors. Finally, holding a most diversified portfolio of developed and emerging markets may not provide additional benefits.

Download or read book The Effect of Extreme Markets on the Benefits of International Portfolio Diversification written by Daniella Acker and published by . This book was released on 2016 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the effects of bull and bear markets on correlations between developed and emerging country equity returns, and on the benefits of combining international markets in a portfolio. Contrary to most other studies we find that correlations fall in both bull and bear markets, although far more in the former; that emerging markets provide both additional diversification benefits for investors in developed markets and, especially, some protection during bear markets.

Download or read book Portfolio Diversification written by Francois-Serge Lhabitant and published by Elsevier. This book was released on 2017-09-26 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Portfolio Diversification provides an update on the practice of combining several risky investments in a portfolio with the goal of reducing the portfolio's overall risk. In this book, readers will find a comprehensive introduction and analysis of various dimensions of portfolio diversification (assets, maturities, industries, countries, etc.), along with time diversification strategies (long term vs. short term diversification) and diversification using other risk measures than variance. Several tools to quantify and implement optimal diversification are discussed and illustrated. Focuses on portfolio diversification across all its dimensions Includes recent empirical material that was created and developed specifically for this book Provides several tools to quantify and implement optimal diversification

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.

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."

Download or read book Risk Management in Emerging Markets written by S. Motamen-Samadian and published by Springer. This book was released on 2005-10-11 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough analysis of risk management in emerging markets. A collection of eight studies, each chapter examines the range of risks that investors face in an emerging market, and the methods that should be used to manage these risks. It includes the latest empirical studies on the role of insider trading and the extent of information efficiency of these markets, and a comprehensive assessment of the suitability of the Value at Risk models to emerging markets.

Download or read book Economic Benefits of Export Diversification in Small States written by Arnold McIntyre and published by International Monetary Fund. This book was released on 2018-04-11 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the period of 1990-2015 and found those more diversified experienced lower output volatility and higher average growth than most other small states. Our findings are consistent with conventional economic theories but we found that export diversification has a more significant impact on reducing output volatility than improving long run growth in small states. Diversification requires fundamental changes and should be contemplated in the context of a cohesive development strategy.

Download or read book Comprehensible Science written by Tatiana Antipova and published by Springer Nature. This book was released on 2021-08-27 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers selected papers that were submitted to the 2021 International Conference on Comprehensible Science (ICCS 2021) that aims to make available the discussion and the publication of papers on all aspects of single and multi-disciplinary research on conference topics. ICCS 2021 held on June 18–19, 2021. An important characteristic feature of conference is the short publication time and worldwide distribution. Written by respected researchers, the book covers a range of innovative topics related to: artificial intelligence research; big data and data mining; blockchain and cryptocurrency; business, finance and accounting and statistics; cyber security systems; ecology systems; educational technologies; engineering and technology; innovative economics; media technologies; medicine, public health and rehabilitation; nutrition and diet researches; physical and material sciences; and smart cities and contracts. This book may be used for private and professional non-commercial research and classroom use (e.g., sharing the contribution by mail or in hard copy form with research colleagues for their professional non-commercial research and classroom use); for use in presentations or handouts for any level students, researchers, etc.; and for the further development of authors’ scientific career (e.g., by citing and attaching contributions to job or grant application).