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Author: Ila Patnaik
Publisher: International Monetary Fund
ISBN: 1484335562
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant differences in exposure to systematic asset pricing factors between foreign and domestic investors. A quasi-experimental strategy is introduced, for comparing security selection after controlling for diferences in asset allocation. Our results show that foreign investors in India do remarkably poorly at security selection.
Author: Ila Patnaik
Publisher: International Monetary Fund
ISBN: 1484335562
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant differences in exposure to systematic asset pricing factors between foreign and domestic investors. A quasi-experimental strategy is introduced, for comparing security selection after controlling for diferences in asset allocation. Our results show that foreign investors in India do remarkably poorly at security selection.
Author: Punam Chuhan
Publisher: World Bank Publications
ISBN:
Category : Capital investments
Languages : en
Pages : 45
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Book Description
Major institutional investors in five industrial countries invest cautiously, and very little, in emerging market securities. But only in Germany are regulations on foreign investment a significant constraint.
Author: Maria Laura Gómez Mera
Publisher: World Bank Publications
ISBN: 9781464803710
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.
Author: Graciela Laura Kaminsky
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
January 2001 How do mutual funds behave when they invest in emerging economies? For one thing, mutual funds' flows are not stable. Withdrawals from emerging markets during recent crises were large, which squares with existing evidence of financial contagion. International mutual funds are one of the main channels for capital flows to emerging economies. Although mutual funds have become important contributors to financial market integration, little is known about their investment allocation and strategies. Kaminsky, Lyons, and Schmukler provide an overview of mutual fund activity in emerging markets. First, they describe international mutual funds' relative size, asset allocation, and country allocation. Second, they focus on fund behavior during crises, by analyzing data at the level of both investors and fund managers. Among their findings: Equity investment in emerging markets has grown rapidly in the 1990s, much of it flowing through mutual funds. Collectively, these funds hold a sizable share of market capitalization in emerging economies. Asian and Latin American funds achieved the fastest growth, but are smaller than domestic U.S. funds and world funds. When investing abroad, U.S. mutual funds invest more in equity than in bonds. World funds invest mainly in developed nations (Canada, Europe, Japan, and the United States). Ten percent of their investment is in Asia and Latin America. Mutual funds usually invest in a few countries within each region. Mutual fund investment was very responsive to the crises of the 1990s. Withdrawals from emerging markets during recent crises were large, which squares with existing evidence of financial contagion. Investments in Asian and Latin American mutual funds are volatile. Because redemptions and injections are large relative to total funds under management, funds' flows are not stable. The cash held by managers during injections and redemptions does not fluctuate significantly, so investors' actions are typically reflected in emerging market inflows and outflows. This paper--a product of Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to understand the operation of financial markets and the effects of financial globalization. The study was funded by the Bank's Research Support Budget under the research project "Mutual Funds in Emerging Markets." The authors may be contacted at
[email protected], lyons@haas. berkeley.edu, or
[email protected].
Author: Ila Patnaik
Publisher: International Monetary Fund
ISBN: 1484340469
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant differences in exposure to systematic asset pricing factors between foreign and domestic investors. A quasi-experimental strategy is introduced, for comparing security selection after controlling for diferences in asset allocation. Our results show that foreign investors in India do remarkably poorly at security selection.
Author: David J. Lynn
Publisher: John Wiley & Sons
ISBN: 0470901098
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
“This book is a comprehensive and insightful overview of international real estate focusing on three of the BRICs: China, India and Brazil. I was pleasantly surprised to find useful market data and industry profiles for each of the countries that were very consistent with my first hand experience. The book has a wealth of information for the real estate investment analyst and practitioner and will be very useful to those seeking guidance on what to expect in emerging markets.” —Joseph F. Azrack, Managing Partner, Real Estate, Apollo Global Management “David Lynn has set the bar with respect to real estate investment in the most compelling emerging markets. Lynn provides a framework for thinking about highly dynamic markets characterized by youthful populations, extraordinary demand, capital inefficiency and, most importantly, aspiration. This book will enlighten institutional investors and entrepreneurs alike. I look forward to another work by David Lynn addressing the frontier markets.” —Gary R. Garrabrant, CEO & Co-Founder, Equity International An informed look at investing in emerging market real estate Focusing primarily on private equity real estate investment in China, India, and Brazil this reliable resource develops a general approach to commercial real estate investment in emerging markets, and illustrates some common strategies and analytical methods that can be implemented within this arena. Filled with in-depth insights and expert advice, Emerging Market Real Estate Investment focuses on broad investment themes and strategies as well as economic and legal/institutional factors, rather than the minute details of local market analyses. Opening with two informative chapters that provide an overview of the fundamentals of commercial and international real estate investment, this practical guide then moves on to the country-specific chapters of China, India, and Brazil. Outlines various real estate investment options and strategies for emerging markets such as China, India, and Brazil Discusses the main features of each real estate market, including real estate foreign direct investment (FDI) Analyzes several primary real estate sectors in each country: office, retail, residential, industrial, and hotel where applicable Written with both institutional and private investors in mind, Emerging Market Real Estate Investment will put you in a better position to excel in emerging real estate markets. Praise for Emerging Market Real Estate Investment: “Emerging Market Real Estate Investment is written with a top down strategic orientation. It presents an excellent overview for US institutional investors planning to invest in offshore real estate in general and emerging markets and China, India and Brazil specifically. It covers all the key points my firm had to address before investing in China. I wish it had been available then.” —Robert H. Zerbst, Former Chairman & CEO, CB Richard Ellis Investors “This book does for international real estate what Samuelson’s primary Economics text did for economics students—it finally provides a new discipline with its first Bible. As cross-border real estate capital flows are on the rise, and investors increasingly seek compelling risk-adjusted returns in emerging markets, this book couldn’t have come at a better time in the market cycle. It is rich in content and filled with practical insights” —Kenneth A. Munkacy, Senior Managing Director, GID International Group/GID Investment Advisers, LLC “With American real estate in the doldrums, more investors will be looking abroad. David and Tim's analysis of international real estate investment, focused on three of the world’s most dynamic economies, provides exceptionally detailed knowledge concerning what real estate markets are really like in China, India, and Brazil. It is essential reading for investors considering those markets.” —Anthony Downs, Senior Fellow, the Brookings Institution “David Lynn and Tim Wang have written the 'must read' book for all real estate investors in emerging Brazil, China and India. They comprehensively cover the landscape of issues—economic, policy, legal, markets, sectors, entry, exit and strategies. Of noted value is their sanguine assessment of the risks and opportunities of alternative strategies in each country. The first outlay for all should be their book.” —Dr. Raymond G Torto, CRE, Global Chief Economist, CB Richard Ellis "Emerging Market Real Estate Investment is a powerful tool for those engaged in foreign investment generally, as well as in China, India and Brazil in particular. It combines a broad general view of competitive strategy with local detail on costs and legal aspects. The book is an intelligent and practical guide to foreign real estate investment." —Bowen H. McCoy, CRE, Formerly Partner and Managing Director, Morgan Stanley
Author: Atin Garg
Publisher:
ISBN:
Category :
Languages : en
Pages : 5
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Book Description
The Institutional Investors are called the elephants of the stock market because of their money power. They are the movers and shakers of the stock markets. If we talk about emerging markets like India they have strong influence on the stock market. We have done some review of the literature and found that there are two type of institutional investor are available one are called Domestic Institutional Investor and others are called Foreign Institutional Investors. The purpose of this study is to find that what is the trend & pattern of the institutional investor's investment in the Indian Stock Market and what is the relationship between Foreign Institutional Investors & Domestic Institutional Investors. The study is conducted on the monthly data for the period April 2007 till March 2015 making it total 96 observations for the net investments of institutional investors.
Author: Tarun Khanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.
Author: Saul Estrin
Publisher: Edward Elgar Publishing
ISBN: 9781781956465
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
"The book investigates foreign direct investment (FDI) strategies in four important emerging economies: Egypt, India, South Africa and Vietnam. These countries liberalized their economies in the 1990s with the intention of attracting greater FDI inflows. This book assesses whether they have been successful in achieving this goal. The authors adopt a comparative perspective and use a large enterprise survey plus three individual case studies in each country. They investigate the strategies of foreign direct investors focusing on the relationship between the investment climate, the mode of entry (acquisition, greenfield or joint venture), company performance, and spillovers to the host economy. The book outlines how the interactions between international businesses and the local policy environment influence the entry strategies of firms. Academics and researchers with an interest in international business, emerging markets, economic development and strategic management will find this book informative and insightful."--BOOK JACKET.
Author: Kulwant Singh Phull
Publisher:
ISBN: 9788177083767
Category : Capital market
Languages : en
Pages : 0
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Book Description
Since the 1990s, one of the major forces changing the face and structure of international capital markets has been the flow of cross-border portfolio investments, especially by Foreign Institutional Investors (FIIs) from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavored by highly intensive research and diversified investments. FIIs are specialized financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs - as reflected in the growing emphasis on equities of emerging market economies - include, inter alia: (a) increased accessibility of these markets after liberalization, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. This book provides a detailed account and examination of various dimensions, determinants, deterrents, and other aspects of investment flows into India through FIIs.
