The reforms initiated in 1991 have transformed India's economy and capital market. The book offers a comprehensive evaluation of developments in both sectors from an investor's viewpoint. The potential growth of India's stockmarket is examined as the country progresses with its economic liberalisation. The insights offered into investing in India can be profitably applied by seasoned investors as well as by non-professionals. This exclusive analysis of the Indian market will be of interest to students and policy makers as much as to anyone interested in investing in one of the major markets to have emerged from its seclusion and opened itself up to global investors.

Paul J.J. Welfens and Holger C. Wolf While the economies of Asia and, more recently, South as well as North America have enjoyed sustained high growth, the growth performance of western Europe and in particular continental Europe has been rather modest. Coupled with sizable improvements in labor productivity and - at best - steady capital productivity, growth proved insufficient to sustain employment levels, much less to replicate the US job creation success. Relative inflation performance has been much better: in the run-up to European Monetary Union inflation rates have dramatically converged towards the lower end of the distribution while risk premia on formerly high inflation economies have fallen. Yet, looking forward, the undoubted success in achieving price stability is mitigated by the lackluster growth -and in particular employment -performance. Indeed, the relative little attention paid to initiatives directed at raising economic growth is startling, not only in the light of the US policy record but also in light of the remarkable rebound of those European economies which have aggressively tackled the structural problems, most prominently the UK and Ireland.

Get your slice of the economic pie and then some, in the UK and beyond Investing in shares can help build anyone's financial standing-move over, economic elite! People from all walks of life can easily grow their wealth and secure money for the future. Investing in Shares For Dummies takes a friendly, non-jargony approach for new and not-quite-advanced-yet shareholders. This book walks you through the investment orchard so you can cherry-pick shares that will turn you a tidy profit (mmm, tasty.) You'll also learn to stay calm and ride the unavoidable waves of the markets. Over the long term, you stand to earn greater returns (translation: more money) than if you invested in real estate or bonds alone. And who isn't keen on the idea of more money? This latest edition is up-to-date with the top investing apps, investing with ETFs, thematic investing, trading shares in the US and other nations, and everything else you might be curious about as you start building a rock-solid portfolio. With Investing in Shares For Dummies, you will: Get to know the stock markets to decide if shares investing is right for you Plan your investing strategy and take risks that make sense for your financial situation Research shares before you buy: analyse industries, read stock charts and find company data Make investment decisions that maximise profits, lower costs and minimise your tax bill Investing in Shares For Dummies gives you the sound advice and proven tactics you need to play the markets and watch your profits grow.

This book argues that the development of equity market is a crucial in the construction of a viable financial system for many developing countries. Drawing upon the Emerging Markets Database of the International Finance Corporation (World Bank) and analyzing a wide range of previously unavailable data, Sudweeks identifies the factors conducive to equity market development, and why these markets may be of interest to international portfolio managers. The book is written in non-technical language and brings together for the first time a variety of different views and experience in equity market development from the private, public, and academic sectors.

Following a general introduction, Sudweeks addresses the theory behind the development of equity markets. Separate chapters discuss the benefits and costs of equity markets in developing countries, the general conditions for equity market development, measures to develop the supply and demand of shares, and portfolio implications of investing in developing countries. Three case studies examine equity market development in Brazil, India, and Korea to determine which factors have had an impact on market development. Sudweeks concludes that equity market development must be part of an overall financial development program, that equity market development is a complex, but somewhat predictable activity, and that successful equity market development requires a long-term commitment on the part of governments and key players.

Cross-Border Investing: The Case of Central and Eastern Europe offers a view that reflects two main hypotheses: -You cannot understand foreign direct investment (FDI) trends and developments unless you understand the company's motives to invest, -You cannot understand a company's cross-border investment decision-making unless you understand what the investment area offers.
This is the reason why this text builds up a relationship between the world of companies' decision-makers and that of the policy makers in the public sector. It does so by linking the business processes to the factors that together constitute the location profile of a country or a region.
Based on more than 15 years of practical experience as well as research in the field of FDI, Dr Julia Djarova offers a Cross-Border Investment Model to describe the logic behind the decision-making process concerning foreign investments made by companies. The model is illustrated by a number of case studies of multinationals.

Researchers, policymakers and commentators have long debated the patterns through which adverse shocks in a few markets may quickly spread to a range of apparently disconnected financial markets causing widespread losses and turmoil. This book uses modern linear and non-linear econometric methods to characterize how shocks to the yield of risky fixed income securities, such as sub-prime asset-backed or low-credit rating sovereign bonds, are transmitted to the yields in other markets. These include equity and corporate bond markets as well as relatively risk-free fixed income securities, such as highly rated asset-backed securities and sovereign bonds from core Eurozone countries. The authors analyse and compare the results from linear and non-linear models to identify and assess four distinct contagion channels characterizing both US and European financial markets. These include the correlated information, risk premium, flight-to-liquidity, and flight-to quality channels. The results of this study support the theory that both investors and policy-makers ought to pay special attention to liquidity and commonalities in the perceptions of the probabilities of default, as channels through which financial shocks propagate.

A BUSINESSWEEK BESTSELLER

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Based on a major study of market winners from 1880 to 2009, this expanded edition gives you: Proven techniques for finding winning stocks before they make big price gains Tips on picking the best stocks, mutual funds, and ETFs to maximize your gains 100 new charts to help you spot today's most profitable trends

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"I dedicated the "2004 Stock Trader's Almanac" to Bill O'Neil: 'His foresight, innovation, and disciplined approach to stock market investing will influence investors and traders for generations to come.'"
--Yale Hirsch, publisher and editor, "Stock Trader's Almanac" and author of "Let's Change the World Inc."

""Investor's Business Daily" has provided a quarter-century of great financial journalism and investing strategies."
--David Callaway, editor-in-chief, MarketWatch

""How to Make Money in Stocks" is a classic. Any investor serious about making money in the market ought to read it."
--Larry Kudlow, host, CNBC's "The Kudlow Report"

Money and Capital Markets provides the most up-to-date, practical coverage of the pricing and analysis of financial instruments and transactions available for Australian and international capital markets.Here you have the underlying tools and techniques for the valuation and risk management of short-term money market and capital market securities and their derivatives. In a clear and direct way, Michael Sherris covers fixed interest securities, forwards, futures, swaps, options and interest rate derivatives (new in the Second Edition). Everything - from yield calculations to tax and horizon effects to interest rate risk measures - is lucidly explained and extensively illustrated with examples.An invaluable reference for money market professionals, Money and Capital Markets is essential reading for tertiary students of finance, accounting and actuarial studies.

Building upon a wide range of literatures, this book argues that international regulatory institutions become stronger when oligopolistic institutional arrangements decay and competitive pressures intensify. This is shown to be the case for global finance by the study of two inter-state institutions - the Basle Committee on Banking Supervision and the International Organization of Securities Commissions, and of the international banking and securities industries which they seek to regulate. There is also the development of the concept of "private" regimes.

This text brings together a number of research studies, all of which examine the behaviour of foreign exchange rates. The main focus of the collection is on empirical characterization of high-frequency exchange rate data. The pioneering studies demonstrate and explain, amongst other things, the regular patterns in intra-day foreign exchange rate activity, the effects of macroeconomic news of rates and analyze the profitability of technical trading rules in these markets. The collection should be of use to students, academics and practitioners who are interested in exchange rate dynamics.

Many large corporations delegate investment decision-making authority to their divisions. Because they are better informed, divisional managers should be able to make better decisions than corporate headquarters. However, they can use this informational advantage to pursue their own interests. The objective of this work is to analyze the problem of delegated decision-making within firms when investment projects are characterized by the possibility to make subsequent decisions after the initial investment decision has been made. By analyzing this question, the monograph combines and unifies two important lines of literature: on the one hand the literature on controlling investment decisions, on the other hand the investment valuation literature.

Frontier Emerging Equity Markets Securities Price Behavior and Valuation uses the Russian example to illustrate the intricate mechanics of frontier emerging equity market analysis. Frontier markets are those equity markets that do not benefit from the same degree of securities transparency and information dissemination as future emerging markets. In many cases, frontier equity markets are those which have been created almost literally overnight, without the infrastructure and institutional readiness of the nations in which they are located. During the 1990s, frontier emerging markets have formed a new investment asset class which requires a very different set of valuation metrics from mature emerging markets. In developing a multi-stage approach to the understanding and valuing of such markets, this book uses the case of the Russian frontier equity market to illustrate topics such as the relationship between equity market infrastructure and valuation during the genesis' period of an emerging financial market; evolving market efficiency; and the crucial role of depository receipt programs in the development of these markets. Further, this book develops the first comprehensive framework for valuing a frontier equity market. The role of equity risk premium, as it affects early dynamic equity valuation, is also covered in order to illuminate important drivers of securities price performance. The book closes by discussing the philology of the frontier market valuation debate, in which every market participant is an important purveyor of information and a contributor to the final valuation dimension of equities. The main asset used to present the empirical concepts is a complete research database drawn from actual frontier market investing, which previously had been unavailable to academic researchers. As an active institutional asset management professional at a major Wall Street investment firm, the author marries academic theories, such as market efficiency and market segmentation, to the real world of high stakes and high risk frontier market investing. This book illustrates the applicability and, in some cases, the uselessness of financial theory when applied to this new and rising asset class. It opens the discussion of equity valuation theory for an environment where many conventional rules of asset price determination need to be rewritten. As the first research-level monograph exclusively dedicated to frontier emerging equity market analysis, it offers a unique dual perspective on how academic financial research finds it a complementary and sometimes antagonistic counterpart of real-life investment decision-making. This book can help both professional investors and students of finance to understand frontier equity market valuation and development.

In 1884, Charles Dow, the Wall Street Journal's famous first editor, published the first stock market average... and in the years after, he formulated, through his editorials, a wide-ranging economic philosophy that has come to be known as "Dow's Theory." In fact, S.A. Nelson coined the term when he collected Dow's editorials together in this 1902 volume. Topics discussed include: methods of reading the market cutting losses short the danger in overtrading the recurrence of crises the tipster and much more. Dow's observations and Nelson's commentary sound strikingly modern even a century later, and remain vital components of an intelligent understanding of fundamental concepts of the stock market. S.A. NELSON was a reporter for The Wall Street Journal during the early 20th-century.

This book discusses the theory, methods, and applications of flow of funds analysis. The book integrates the basic principles of economic statistics, financial accounts, international finance, econometric models, and financial network analysis, providing a systematic and comprehensive introduction to the interconnection between these research fields. It thus provides the reader with the intellectual groundwork indispensable for understanding the workings and interactions of today's globalized financial markets. The main focus of the book is how to observe the flow of funds in macroeconomics, how to measure the global flow of funds (GFF), and how to use GFF data to carry out an analysis. Based on the statistical framework for measuring GFF under the System of National Accounts, the book identifies the systematic relationship of financial linkages among economic sectors and with the rest of the world while integrating data sources that include stock data, geographically broken down by country-region, and selected financial instruments. It sets out the GFF concept and constructs a GFF matrix (metadata) on a from-whom-to-whom basis within a country-by-country pattern. Lastly, an established GFF matrix table is used to conduct an empirical study including an econometric model and financial network analysis.

This book provides a comprehensive overview for various segments of the global credit default swap (CDS) markets, touching upon how they were affected by the recent financial turmoil. The book uses empirical analysis on credit default swap markets, applying advanced econometric methodologies to the time series data. It covers not only well-studied sovereign credit default swap markets but also sector credit default swap indices (i.e., CDS index for the banking sector) and corporate credit default swap indices (i.e., Markit iTraxx Japan CDS index), which have not been fully examined by the previous literature. The book also investigates causality and co-movement among several credit default swap markets, or between CDS and other financial markets.

This book is the first to directly address Asia's new rich with an easy-to-follow guide to investment and the world of global finance. There are currently approximately 15 million high net worth households in the world today, a number that is growing by 900,000 new millionaires in the world each year. Many of the Asian new rich, however, lack even basic information about investment strategies and how to put their wealth to work. With rich experience in the private sector, Bruce Von Cannon makes it seem easy in this enjoyable and readable new book.

Expert guidance on managing credit risk in bond portfolios

Managing Credit Risk in Corporate Bond Portfolios shows readers how to measure and manage the risks of a corporate bond portfolio against its benchmark. This comprehensive guide explores a wide range of topics surrounding credit risk and bond portfolios, including the similarities and differences between corporate and government bond portfolios, yield curve risk, default and credit migration risk, Monte Carlo simulation techniques, and portfolio selection methods.

Srichander Ramaswamy, PhD (Basel, Switzerland), is Head of Investment Analysis at the Bank for International Settlements (BIS) in Basel, Switzerland, and Adjunct Professor of Banking and Finance, University of Lausanne.

Praise for "Invest Like A Fox. . . Not Like A Hedgehog"

"We've known Bob for years as Trustee and Chairman at Fairfax County Employees' Retirement System. Under Bob's leadership, Fairfax County has moved ahead of the curve by pursuing forward-looking and innovative investment solutions that are enormously beneficial for its members. We pay very close attention to what Bob has to say."
--Dan Bernstein, Director of Research, Bridgewater Associates, Inc.

"A thoughtful, thorough evaluation of the dynamic processes required to achieve investment success. This book clearly establishes that the only formula for success is a disciplined focus on the way to analyze markets, not on statistical formulas that trigger preprogrammed responses. The essential focus on managing risk and the willingness to pursue strategies that diverge from the crowd are pearls of wisdom that would be worthwhile reading for individual and institutional investors alike."
--Thomas H. Weaver, CFA, Managing Director, FrontPoint Partners, Morgan Stanley Investment Management

In the competitive world of investing, most individuals earn less than 7% annually--even during good markets. Individual investors are not the only ones reaping lower than expected returns. Many institutional investors, such as mutual funds and pension plans, frequently earn less than their targeted goals.

While making money in today's investment arena can be difficult, the key to success lies in acquiring the adaptability of a fox and abandoning the rigid beliefs that define a hedgehog. With Invest Like a Fox . . . Not Like a Hedgehog, financial professional Robert Carlson will show you exactly how this can be accomplished.

Written in a straightforward and accessible style, "Invest Like a Fox . . . Not Like a Hedgehog" outlines a proven approach to long-term investing that focuses on reducing risk while improving returns. Filled with in-depth insights and expert advice, this detailed guide will change the way you think about investing and assist you in developing an investment strategy that will work in today's dynamic markets.

The global value of trading in index futures is about $20 trillion per year and rising and for many countries the value traded is similar to that traded on their stock markets. This book describes how index futures markets work and clearly summarises the substantial body of international empirical evidence relating to these markets. Using the concepts and tools of finance, the book also provides a comprehensive description of the economic forces that underlie trading in index futures. Stock Index Futures 3/e contains many teaching and learning aids including numerous examples, a glossary, essay questions, comprehensive references, and a detailed subject index. Written primarily for advanced undergraduate and postgraduate students, this text will also be useful to researchers and market participants who want to gain a better understanding of these markets.

This book focuses on the latest developments in the Asia-Pacific community in terms of how deregulation and privatization are bringing more risk to energy companies. In the light of these market changes, interest in energy risk management has grown substantially and is becoming a fiduciary responsibility of energy companies. As energy trading, power exchanges and hedging techniques establish themselves in the oil, power and gas sectors, so then do newer derivatives markets emerge in LNG hedging, whether derivatives or freight hedging. Fusaro and James, as seasoned market practitioners in the region, focus on these market changes and examine the future of Asian energy hedging.

This book contains original readings on Reserves Management for central banks and sovereign wealth funds. It aims to outline best practice in respect of strategic asset allocation, facilitating knowledge-sharing across organizations and encouraging collaboration and dialogue between reserves and asset management specialists in the organizations.

In the last two decades the Tokyo Stock Exchange implemented several important reforms in regulations, market trading mechanisms, and IT trading systems. In this book we analyze the impact of the evolution of the Tokyo Stock Exchange (TSE), at the same time discussing reforms in stock trading by related accounting standards and legal regulations. With daily stock return and market microstructure data, we analyze how these reforms have significantly influenced the pricing structure and price discovery process of traded stocks, as well as the trading style of institutional investors, individual investors, and high frequency traders. The research methodology we employ is primarily standard market microstructure tests as well as methods used in conventional empirical financial economics. We simultaneously use the most relevant concepts in these fields for our empirical tests and provide a comprehensive picture of trading, price discovery, pricing structure, and public vs. private information dissemination.