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Frontier Emerging Equity Markets Securities Price Behavior and Valuation (Hardcover, 1999 ed.)
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Frontier Emerging Equity Markets Securities Price Behavior and Valuation (Hardcover, 1999 ed.)
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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.
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