Forward-thinking investors are constantly looking for the next BRIC-what foreign market is on the brink of expansive growth? Will these investments payoff, or are the potential risks too great? Investing in these emerging markets requires a careful analysis of potential risks and benefits which vary greatly from country to country and even from day to day. In Cracking the Emerging Markets Enigma, emerging markets expert Andrew Karolyi outlines a practical strategy for evaluating the opportunities and-more importantly-the risks of investing in emerging markets. Karolyi's proposed system evaluates multiple dimensions of the potential risks faced by prospective investors. These categories of risk reflect the uneven quality or fragility of the various institutions designed to assure integrity in capital markets-political stability, corporate opacity, limits placed on foreign investors, and more. By distilling these analyses into a numerical scoring system, Karolyi has devised a way to assess with ease emerging markets by different dimensions of risk and across all dimensions together. This novel assessment framework already has been tested in the market to great success. Researchers, students, firms, and both seasoned and novice investors are poised to gain a clear understanding of how to evaluate potential investments in emerging markets to maximize profits.
Innovation is sweeping the globe at breakneck speed, and emerging markets are where tremendous growth and opportunity reside. Jerry Haar and Ricardo Ernst delve into the forces and drivers that shape innovation in emerging markets and present case studies, along with a summation of the key features and outlook for innovation over the next decade.
Author: Robert Grosse
Publisher: Kogan Page Publishers
The traditional dominance of international markets by companies from the US, Western Europe and Japan can no longer be taken for granted. Emerging market economies, from the powerhouse Chinese economy (set to pass the US in national income by 2020) to dynamic players such as Mexico, South Africa and Indonesia, are rapidly changing the competitive landscape. Companies who can successfully enter these emerging markets may reap rewards and benefits from cost reductions and market opportunities. By understanding their positioning in the global continuum of companies and customers - the global value chain - businesses can build their strategies for better competition, more effective resource allocation and cost reduction, and heightened awareness of risks and benefits. Packed with in-depth case studies of multinationals from both sides of emerging markets, including Accenture, Walmart, Google, Nike, Novartis, PetroChina, Embraer, Tata Group and FEMSA, Emerging Markets is essential reading for anyone wanting to understand the new competitive landscape and how to maximise their business opportunities there. Online supporting resources for this book include lecture slides of each chapter.
Investing in Frontier Markets
Author: Gavin Graham, Al Emid, David Feather
Publisher: John Wiley & Sons
The only comprehensive guide to reaping big returns investing in the hottest new growth markets This book makes a compelling case that, just as today's well-rounded portfolio includes emerging market funds, tomorrow's well-rounded portfolio will include frontier market funds. More importantly, it alerts you to the vast opportunities and potential pitfalls of investing in frontier markets while providing expert advice and guidance on how to research and invest in the most promising frontier growth markets. Widely considered to be the next emerging markets, frontier markets, such as those of certain sub-Saharan African, Eastern European, Asian, and Central and South American countries, are showing strong signs of reaching economic critical mass. If you are an investor on the lookout for authoritative, actionable information on the next big investment opportunity, this book is for you. Provides sector-by-sector analyses that let you assess opportunities and risks in each frontier market Provides strategies and tools for determining the most efficient methods for executing, monitoring, and exiting investments Guides you through the wide diversity within frontier markets, showing how to differentiate countries on the basis of economic development and wealth distribution and other factors
Author: M. Ayhan Kose, Eswar S. Prasad
Publisher: Brookings Institution Press
Emerging market economies (EMEs) have become the darlings of international investors and the focus of enormous attention in academic, media, and policy circles. M. Ayhan Kose and Eswar Prasad present the definitive account of the evolution of EMEs and use the lens of the global financial crisis to evaluate their strengths and weaknesses. Led by a set of large and dynamic countries—including Brazil, China, India, and Russia—EMEs have become a dominant presence in the world economy. They now account for a substantial share of world output and have been a major driver of global growth during the past decade. They are significant players in international trade and financial flows and are beginning to exert rising clout in global policy debates. However, the financial crisis of 2007–09 and the worldwide recession that followed cast a pall over the notion that EMEs had become self-reliant and "decoupled" from demand conditions in and financial flows from advanced countries. Kose and Prasad, prominent experts on emerging market economies and globalization, draw on their extensive research to assess the resilience of EMEs in the face of the global financial crisis. Their analysis shows that EMEs, as a group, weathered the crisis much better than the advanced countries, and most of these economies have bounced back rapidly from the global recession. The authors track down the reasons for this resilience and explain why some countries in this group have done better than others. Based on this analysis, they draw lessons for the durability and sustainability of these economies' long-term growth. This book is important reading for anyone trying to anticipate the future growth of emerging markets or contemplating business opportunities in these economies.
Author: Marko Dimitrijević
Publisher: Columbia University Press
Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's seventy-five fastest-growing economies and 19 percent of the world's GDP. Yet many investors ignore them. Fueled by new access to technology and information, frontier markets are emerging even faster than their predecessors, making them an essential component of a globally diversified portfolio. In Frontier Investor, Dimitrijevic shows through colorful case studies, compelling charts, and fascinating travel anecdotes that it is not only possible but prudent to invest in these unfamiliar and undervalued options. Dimitrijevic explains how frontier markets such as Nigeria, Panama, and Bangladesh are poised to follow the similar paths of Chinese, Indian, and Russian markets, which were considered exotic two decades ago. He details a strategy for how and where to invest, directly or indirectly, to profit from frontier growth. Dimitrijevic covers the risks, political and otherwise, of these markets, the megatrends that promise exciting investment opportunities in the coming years, and the prospects for countries beyond the frontier, including Myanmar, Cuba, and even Iran. Rich with experience and insight, Frontier Investor opens up a whole new world—and worldview—to investors.
FINDING TOMORROW'S MARKETS FIRST Tomorrow's booming economies are today's emerging markets. Overlooked by most investors, these markets offer serious opportunities for those prepared to move ahead of the crowd and take their investing off the beaten path. If you're an investor unafraid of the unfamiliar and looking to carve out extraordinary opportunities in new markets, this book should be your starting point. THE EMERGING MARKETS HANDBOOK provides investors with a highly detailed examination of 18 countries that could host the stock market stars of the future - from Chile and China to Thailand and Turkey. At its heart is an analysis of the 18 economies' strength and potential for growth. This assessment is based on the ten crucial drivers of growth, including demographics, business conditions, capital markets and more. Following exhaustive research into the numbers behind each of these drivers, Pran Tiku is able to draw on a wealth of data from respected sources to form conclusions about the current position and future prospects of each market. He illustrates this data with explanatory charts and tables, allowing readers to trace recent trends and compare this to where the countries stand now. Providing a groundbreaking ranking of all emerging markets, the author goes on to sort them into standouts, in-betweeners and strugglers. This means you can truly see which markets offer the most commanding opportunities, which have room for development and which currently present a poorer investment case. Finally, the HANDBOOK concludes with a look at investment vehicles that can be used to access emerging market investments and a survey of the industries and companies that are likely to be the primary players within these 18 economies in the future. THE EMERGING MARKETS HANDBOOK is your indispensable guide to finding the future's hottest markets. No investor can afford to be left behind.
Author: Gavin Serkin
Publisher: John Wiley & Sons
Get ahead of emerging markets with top-performer picks for up-and-comers Frontier helps investors successfully navigate markets that are yet to “emerge,” with expert advice on spotting opportunities and minimising risks. With first-hand insights into frontier markets as we travel with big-name fund managers from Mark Mobius to Morgan Stanley, this practical guide ranks countries, stocks and bonds on a five- to ten-year horizon to steer investors toward the most promising destinations. Written in a compelling and accessible travelogue narrative, each chapter covers a specific country, providing invaluable market analysis and a deep understanding of the political, economic, and social background of those most likely to outperform. The key focus is on fresh ideas, based on the assessments from top performing money managers when meeting challenges, hostilities or adversity, and observations after interviewing high-level government officials and executives. With advanced economies shackled by debt and sluggish growth, investors are increasingly turning to emerging markets for better returns. Yet the money managers who came out on top in China, India, and Brazil are now focusing their attention on markets that have not yet emerged. This book applies the perspective of ten of the most successful fund managers in their field, providing an unparalleled guide to assessing investment potential in places better known for conflict, poverty and corruption. · Discover which markets have the best prospects, and which are potential disasters · Analyse individual markets by metrics including macro data, global relative value comparisons of stocks and bonds, buy/ sell triggers, and more · Learn which industries, stocks and bonds should be considered in each market · Examine each country through real-life on-the-ground assessment of corruption, conflict and other risks as well as inspirational breakthroughs that signal opportunities This is a practical manual for all investors - whether students or professionals - wanting to get to know the most promising new markets while avoiding the pitfalls. A must-read for corporate executives seeking global capital, Frontier provides a better understanding of the changing international investment dynamic. Robin Wigglesworth, FT: “Invaluable.” Mark Mobius, Templeton: “I love it! Beautiful descriptive writing.” Aliko Dangote, Wealthiest African: “Captivating tales, masterly woven.”
Winning in Emerging Markets
Author: Tarun Khanna, Krishna G. Palepu
Publisher: Harvard Business Press
The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Krishna Palepu and Tarun Khanna. In Winning in Emerging Markets, these leading scholars on the subject present a decidedly different framework for making this crucial choice. The authors argue that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. While such "institutional voids" present challenges, they also provide major opportunities-for multinationals and local contenders. Palepu and Khanna provide a playbook for assessing emerging markets' potential and for crafting strategies for succeeding in those markets. They explain how to: · Spot institutional voids in developing economies, including in product, labor, and capital markets, as well as social and political systems · Identify opportunities to fill those voids; for example, by building or improving market institutions yourself · Exploit those opportunities through a rigorous five-phase process, including studying the market over time and acquiring new capabilities Packed with vivid examples and practical toolkits, Winning in Emerging Markets is a crucial resource for any company seeking to define and execute business strategy in developing economies.
This book considers management theories and approaches specifically in the context of developing countries. In recent years, international business scholarship has increased its focus on the developing world, which represents 80 percent of the global population and has doubled its share of value-added trade in the past two decades. This text will help readers to manage successfully in this region by learning to assess, apply, and adapt established practices in developing countries. Punnett begins by identifying the characteristics of the developing world—Africa, Asia, the Caribbean, India, Latin America, and the Middle East—and the companies therein to help students understand how the reality of these countries influences business and management. By tracking a fictional product through the internationalization process, students will navigate the challenges of operating an international company from a developing country base, using a traditional model of management focused on planning, organizing, staffing, leading, and controlling. They will also gain insight into ethical considerations likely to arise, such as differential treatment based on personal characteristics and age dispersion. Cases, discussion questions, personal stories, and end-of-chapter exercises will help readers to grapple with issues and test their learning. Complete with chapter objectives and "Lessons Learned" boxes to facilitate understanding, Managing in Developing Countries is an excellent supplement for international business or international management students with a special interest in the developing world.
In Exchange-Traded Funds and the New Dynamics of Investing, Ananth Madhavan examines the quiet transformation of asset management through the rise of passive or index investing. A closely-related phenomenon is the rise of exchange-traded funds (ETFs). An ETF is an investment vehicle that trades intraday and seeks to replicate the performance of a specific index. ETFs have grown substantially in size, diversity, and market significance in recent years. These trends have generated considerable interest, especially from retail and institutional investors and increasingly from academics, regulators and the press. ETFs have the power to be a disruptive innovation to today's asset management industry because many traditional active managers and hedge funds deliver a significant fraction of their active returns via static exposures to factors like value. Indeed, for the first time ever, assets in global ETFs exceeded $3 trillion in 2015, passing the amount in hedge funds.
In the 2nd edition of Asset Pricing and Portfolio Choice Theory, Kerry E. Back offers a concise yet comprehensive introduction to and overview of asset pricing. Intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level with extensive exercises and a solutions manual available for professors, the book is also an essential reference for financial researchers and professionals, as it includes detailed proofs and calculations as section appendices. The first two parts of the book explain portfolio choice and asset pricing theory in single-period, discrete-time, and continuous-time models. For valuation, the focus throughout is on stochastic discount factors and their properties. A section on derivative securities covers the usual derivatives (options, forwards and futures, and term structure models) and also applications of perpetual options to corporate debt, real options, and optimal irreversible investment. A chapter on "explaining puzzles" and the last part of the book provide introductions to a number of additional current topics in asset pricing research, including rare disasters, long-run risks, external and internal habits, asymmetric and incomplete information, heterogeneous beliefs, and non-expected-utility preferences. Each chapter includes a "Notes and References" section providing additional pathways to the literature. Each chapter also includes extensive exercises.
Real strategies, tactics & solutions for succeeding in emerging markets now Attract non-consumers and upscale current customers Reflect local culture, tradition, and preferences across your business Make your products easier to find, buy, and use Strengthen your brand and deliver on your brand promises Engage and serve all your stakeholders Build a sustainable, profitable business How big is your emerging market opportunity? Potential annual consumption will hit $30 trillion by 2025, with $10 trillion in India and China alone. Emerging economies are transforming markets worldwide–attracting multinationals, strengthening domestic firms, and launching local brands onto the global stage. Best of all, there are now proven best practices for succeeding in these markets. They’ve been developed the hard way: through the experiences of pioneers who’ve learned from mistakes and listened to their customers. This book’s brand stories reflects these winning strategies. You’ll learn from high-profile leaders like Gillette, Levi’s, Starbucks, Alibaba, GlaxoSmith-Kline, and WeChat–and from great companies you’ll discover for the first time. Linking theory to practice, the authors offer expert guidance on attracting non-users, adapting products, aligning with local culture, optimizing channels, building brands, upscaling, strengthening relationships, and much more. You’ve never had an opportunity this enormous. Nobody has. Get it right–with the right advice, right from the trenches. Emerging markets offer the biggest growth opportunity in the history of capitalism. This practical guide offers a comprehensive, strategic marketing perspective tailored to these new markets. Leading experts demonstrate how companies can succeed both today and tomorrow, no matter what happens in the global economy. Breakout Strategies for Emerging Markets integrates insights drawn from the authors’ extensive primary research worldwide, their pioneering academic research and case development, practical consulting and management experience, and their conversations with industry leaders on several continents. You will learn about the experiences and actions of both local and global enterprises in industries ranging from consumer goods to entertainment, apparel to finance. The authors share new insights for attracting non-users by developing products, aligning with local traditions, upscaling, selecting channels, financing, brand messaging, using e-commerce, building relationships, and more. Discover how to… Convert non-users: Optimize acceptability, affordability, accessibility, and awareness Create “functional Fusion”: Adapt products to blend western and local elements Design “cultural fusion”: Embed local tradition, history, language, and taste Democratize the offer: Make products more affordable, financially and psychologically Upscale the offer: Upgrade choices and experiences across the income spectrum Manage reach: Get your channels and supply chains right Reinvent reach: Leverage revolutionary channels and payment methods Build brand identity: Align your brand essence with your customer’s experience Engage stakeholders: Serve the needs of every entity you touch
Author: Andrew Ang
Publisher: Oxford University Press
In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Clearly written yet full of the latest research and data, Asset Management is indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, to harvest them efficiently in their portfolios, and to embark on the search for true alpha.
Drawing on the author's four decades of experience as a practitioner and academician working with private equity investors, entrepreneurs, and policymakers in over 100 developing countries around the world, this book uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.