Emerging Markets Performance, Analysis and Innovation

Although emerging market economies consist of 50% of the global population, they are relatively unknown. Filling this knowledge gap, Emerging Markets: Performance, Analysis and Innovation compiles the latest research by noteworthy academics and money managers from around the world. With a focus on both traditional emerging markets and new areas, such as the Balkan, Middle East, and North African regions, it looks at how these markets can serve as drivers of portfolios and a significant force over the long term. This noteworthy collection sheds some light on what lies ahead for emerging markets with the most up-to-date research from academics and practitioners. It covers general issues in emerging markets and provides in-depth studies of regional markets experiencing transition, including the European Union, Latin America, and the Middle East. The book also explores Asian and Indian markets as well as financial instruments, such as bonds and funds, relative to these markets. It concludes with chapters on regulations, corporate governance, and corruption.

The Growth Prospects of New and Old Emerging Markets Anastasia Petraki and Anna Zalewska Are Emerging Stock Markets Less Efficient?: A Survey of Empirical Literature Kian-Ping Lim and Robert D. Brooks How "Normal" Are Emerging Market Returns? Craig Ellis and Maike Sundmacher Emerging Markets Exposure: Equities or Hedge Funds? Vassilis N. Karavas, Nikos S. Thomaidis, and George D. Dounias Equity Returns in Emerging Markets: Prospects for the BRICs R. McFall Lamm, Jr. Indices and Price Book, Price Earnings, and Dividend Yield Ratios in Emerging Financial Markets Oktay Tas, Cumhur Ekinci, and Kaya Tokmakçioglu The World Price of Covariance Risk with Respect to Emerging Markets David E. Allen and Joseline Chimhini Do Jumps Matter in Emerging Market Portfolio Strategies? Massimo Guidolin and Elisa Ossola Overreaction Hypothesis in Emerging Balkan Stock Markets Dimitris Kenourgious and Aristeidis Samitas Does Currency Risk Depress the Flow of Trade?: Evidence from the European Union and Transition Countries M. Nihat Solakoglu and Ebru Guven Solakoglu Stock Market Volatility of European Emerging Markets as Signals to Macroeconomic Activities Bülent Köksal and Mehmet Orhan The Profitability of the Contrarian Strategy and the Overreaction Effect on the Istanbul Stock Exchange Mehmet A. Civelek and M. Banu Durukan What Determines Going Public in Latin America? Samuel Mongrut, Aaron Garay, and Alonso Valenzuela Preholiday Effect and Stock Returns in Mexican Financial Markets Dermott Tennyson and Begona Torre Olmo Business-Cycle and Exchange-R ate Fluctuations in Emerging Market Economies in Asia, Latin America, and Central and Eastern Europe Marcelo Sánchez Institutional Factors behind Capital Structure: Evidence from Chilean Firms Viviana Fernandez Private Equity in the MENA Region: An Exploratory Analysis Thomas Lagoarde-Segot and Laurence Le Poder Examining the Implications of Linear and Nonlinear Dependencies on Efficiency and Conditional Volatility of MENA Markets: The Case of Egypt and Tunisia Imed Chkir, Lamia Chourou, and Samir Saadi A Study of Market Integration, Share Price Responses, and Global Portfolio Investments in the MENA Region Mohamed El Hedi Arouri and Duc Khuong Nguyen Empirical Analysis of Herding Behavior in Asian Stock Markets Thomas C. Chiang and Lin Tan Institutions and Investment Activities in the Venture Capital Industry: Evidence from China, Hong Kong, and India Anson L.K. Wong and Michael C.S. Wong Rating Skewness Spillovers in Equity and Currency Markets: Evidence from the Pacific Rim Sirimon Treepongkaruna and Eliza Wu Dealing with East Asian Equity Market Contagion: Some Policy Implications Thomas J. Flavin and Ekaterini Panopoulou The Response of Indian Equities to U.S. Stock Market Movements of the Prior Trading Day Silvio John Camilleri Asset Pricing with Higher-Order Co-Moments and Alternative Factor Models: The Case of an Emerging Market Javed Iqbal, Robert D. Brooks, and Don U.A. Galagedera Market Risk Management for Emerging Markets: Evidence from the Russian Stock Market Dean Fantazzini Microstructure of the Bid–Ask Spreads of Russian Sovereign Bonds (1996–2000): Spreads as Indicators of Liquidity Peter B. Lerner and Chunchi Wu Reaction of Fixed-Income Security Investors to Extreme Events: Evidence from Emerging Markets Spyros Spyrou Market Liquidity and Investor Sentiment: Evidence from International Closed-End Funds Paul Brockman and Gary McCormick Closed-End Funds in Emerging Markets Michael F. Bleaney and R. Todd Smith Financial Distress and Emerging Markets Stephen J. Lubben The State of Corporate Governance in Ukraine Robert W. McGee Accounting and Auditing Aspects of Corporate Governance in Emerging Economies Robert W. McGee Emerging Market Firms and Bonding Benefits Eline van Niekerk, Peter Roosenboom, and Willem Schramade Corruption and Public Governance: Evidence from Vietnam Thuy Thu Nguyen and Mathijs A. van Dijk An Empirical Test of New Theory of Economic Reform Using Indonesia as a Case Study (1988–2003) Carolyn V. Currie Ownership Structure and Firm Value: Evidence from the Turkish Financial Crisis Berna Kirkulak A Nonlinear Synthesis Approach Establishing a Banking or Financial Distress Early Warning System against Corruption Terry J. O’Neill, Jack Penm, and R.D. Terrell Corporate Governance in Emerging Markets: An Overview Serdar Özkan and A. Fatih Dalkiliç Government Corruption and Transactional Impediments in Emerging Markets Mark D. Griffiths and Jill R. Kickul Index

Greg N. Gregoriou is Professor of Finance in the School of Business and Economics at the State University of New York, Plattsburgh.