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Emerging equity markets: tapping into global investment flows

Author: Walter, Ingo INSEAD Area: Economics and Political ScienceIn: ASEAN Economic Bulletin, vol. 1, no. 10, sep. 1993 Language: EnglishDescription: p. 1-19.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: Many developing countries have undertaken important policy reforms, including measures intended to stimulate domestic and international investor interest in locally issued and traded shares, in order to professionalize local equity markets and mobilize investor capital for future, more complex stages of economic growth. This study assesses emerging-market characteristics: market capitalization, trading volumes, turnover ratios and cross-border equity flows. It then links these developments to international investor interest, particularly in the light of the low correlations that exist between the return performance of emerging and developed equity markets and the resulting unusually high value to asset-holders of international portfolio diversification. We then identify the principal quantitative and structural factors that appear to explain the differential growth and development of emerging equity markets, both conceptually and empirically, using straight-forward pooled regression methodology
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Many developing countries have undertaken important policy reforms, including measures intended to stimulate domestic and international investor interest in locally issued and traded shares, in order to professionalize local equity markets and mobilize investor capital for future, more complex stages of economic growth. This study assesses emerging-market characteristics: market capitalization, trading volumes, turnover ratios and cross-border equity flows. It then links these developments to international investor interest, particularly in the light of the low correlations that exist between the return performance of emerging and developed equity markets and the resulting unusually high value to asset-holders of international portfolio diversification. We then identify the principal quantitative and structural factors that appear to explain the differential growth and development of emerging equity markets, both conceptually and empirically, using straight-forward pooled regression methodology

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