The Internationalization of Equity Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Internationalization of Equity Markets write by Jeffrey A. Frankel. This book was released on 2008-04-15. The Internationalization of Equity Markets available in PDF, EPUB and Kindle. This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.
The Internationalization of Equity Markets
The Internationalization of Equity Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Internationalization of Equity Markets write by Jeffrey A. Frankel. This book was released on 2010. The Internationalization of Equity Markets available in PDF, EPUB and Kindle. This introduction to a forthcoming NBER volume on 'The Internationalization of Equity Markets' argues that the existing finance literature has in some respects not kept pace with world trends. Most empirical studies fail to take due account of the diversity of assets offered by countries around the world, the diversity of locales in which investors live, and the diversity of institutional peculiarities that characterize the markets in which assets and investors are brought together. Four of the papers in the volume are econometric studies of asset pricing and home-country bias in internationally integrated equity markets. The other four examine such issues as emerging markets, country funds, trading volume, location, taxes, controls, and other imperfections in international markets.
The Internationalization of China’s Equity Markets
The Internationalization of China’s Equity Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Internationalization of China’s Equity Markets write by Juan J. Cortina. This book was released on 2023-02-10. The Internationalization of China’s Equity Markets available in PDF, EPUB and Kindle. China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index.
The Internationalization of Emerging Equity Markets Domestic Market Development or Retardation?
The Internationalization of Emerging Equity Markets Domestic Market Development or Retardation? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Internationalization of Emerging Equity Markets Domestic Market Development or Retardation? write by Kent W. Hargis. This book was released on 2008. The Internationalization of Emerging Equity Markets Domestic Market Development or Retardation? available in PDF, EPUB and Kindle. Why have emerging equity markets grown so rapidly since 1990? This paper examines the link between foreign investment liberalizations and the expansion of these markets in Latin America. First, it is shown how international listings can transform a segmented local equity market from an equilibrium of low liquidity and market capitalization to an integrated market with high liquidity, diversifiable risk and market capitalization by altering the incentives of individuals to participate in the market. Second, benefits of liberalization for domestic stock market development and welfare across emerging equity markets are shown to be negatively related to both the degree of correlation between the domestic and world equity market and the relative size of the domestic equity market. Third, the price impact of international listing is shown to depend on the liquidity conditions in the domestic market prior to listing. Fourth, the relative benefits of various forms of investment liberalization for domestic stock market development are compared.
International Capital Flows
International Capital Flows - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook International Capital Flows write by Martin Feldstein. This book was released on 2007-12-01. International Capital Flows available in PDF, EPUB and Kindle. Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
