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Cracking the Emerging Markets Enigma
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 ri...
International Capital Markets
The editors of this work have selected the most important papers on the subject of international capital markets to make an authoritative collection. Volume I considers theories of international portfolio choice and asset pricing, and also looks at empirical evidence on international asset pricing models. Volume II covers international portfolio diversification, as well as interest and exchange rates. Volume III includes articles on theories of barriers to international investments; empirical evidence on impact barriers to international investments; international capital flows; and anomalies in international capital markets. The book is designed to be an valuable source of reference for researchers and students alike.
The Gravity of Culture for Finance
Scholarship in finance has paid relatively little attention to the role of culture in financial decision-making relative to other business disciplines and economics. This paper will review what research has been done to date including a critical assessment of the key databases used to measure differences in cultural values. Notwithstanding the concerns with the measures of cultural values, I conduct an empirical analysis of the role of cultural distance for explaining the foreign bias in international portfolio holdings using traditional gravity models in economics. I affirm the statistical explanatory power of culture for these investment biases and outline several new potential directions for research.
Huaneng Power International
SUBJECT AREAS: Privatization, international valuation, investment banking, international cross-listing of sharesCASE SETTING: 1994, U.S. and ChinaIn early October 1994, Huaneng Power International (HPI), an independent power producer in the Peoples' Republic of China (PRC) is in the process of executing a global equity issue to raise funds for the construction of new power plants. The company is planning to list the new shares through an American Depositary Receipt (ADR) program on the New York Stock Exchange (NYSE). The company has recently reduced the price of the issue due to poor market conditions and investor resistance to the price range stated in the preliminary prospectus. In this ca...
Hutchison Whampoa Limited - Yankee Bond Offering
Subject Areas: Global financing strategies; Pricing new bond issues; Political risk.Case Setting: June 1997, Hong Kong.Situation:In June 1997, Hutchison Whampoa Finance Ltd. was preparing the offering circular for a US$1 billion bond offering. Until now, the company had drawn on short- and medium-term loan facilities underwritten by banking syndicates for external financing. But with Hutchison Whampoa's diverse and expanding operations, the needs of the group were beginning to extend beyond the local banking community. The need for long-term financing was also prompted by the recent reorganization of the Cheung Kong (Holdings) group which resulted in Hutchison Whampoa acquiring an 84.58 per ...
The Coming Wave
Private investors from emerging market economies are increasingly putting their funds in overseas assets. Understanding the volumes and patterns of the various outflows -- sovereign and private -- and analyzing what influences them will help shed light on how the landscape of international capital flows is likely to change as emerging market economies become more integrated into global financial markets. We look at the types of capital outflows from emerging markets and describe some preliminary results.
