Details

Opportunities in Emerging Markets

Investing in the Economies of Tomorrow
Wiley Finance 1. Aufl.

von: Gordian Gaeta
72,99 €
Verlag:	Wiley
Format:	EPUB
Veröffentl.:	27.11.2012
ISBN/EAN:	9781118247181
Sprache:	englisch
Anzahl Seiten:	350

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Beschreibungen

Titelbeschreibung

The practical guide to investing in emerging markets Though potentially risky, investing in emerging markets can offer extremely attractive returns. Opportunities in Emerging Markets offers practical advice for investors based on the real life experiences—both positive and negative—of practitioners, pioneer investors, and local heroes with experience in frontier markets. Exploring how every developing market has its own unique regional cultures and social structures that change the way investors invest, and must be understood in order to make wise investments, the book combines standard approaches to investing with the exigencies of frontier markets to create an invaluable framework for success. A collection of useful ideas that investors—institutions, general partners, limited partners, or shareholders—can draw upon when investing money in emerging markets, the book includes essential information on one of the most attractive opportunities for beating traditional markets and investments. If access, downside, and predictability can be managed, there's a great deal of money to be made in emerging markets, and this book shows how. Both investors and investment managers need to understand fundamental success factors, real framework conditions, and hidden pitfall and in Opportunities in Emerging Markets, author Gordian Gaeta analyses these intricacies in depth. <ul> <li>Gives investors of all kinds the information they need to succeed in emerging markets</li> <li>Incorporates real life experiences—both good and bad—to help readers avoid common mistakes and maximize their returns</li> <li>Includes interviews with Mark Mobius, Jim Rogers, Marc Faber, and other leading names in the emerging markets sector</li> </ul> For those traders brave enough to engage in high-risk/high-return investing, Opportunities in Emerging Markets is an excellent overview of the world's toughest frontier markets and how to conquer them. Featuring interviews with some of the top investors in the field, this is the definitive guide to the perils and pitfalls of investing in these highly volatile markets.

Inhaltsverzeichnis

Preface xi Selected List of Acronyms xvii PART ONE On the Selection and Classification of Developing Markets 1 CHAPTER 1 On Developing Markets in General 7 The Notion of Developing Markets 7 The Nature and Structure of Emerging Markets 9 The Spectacular Rise of Developing Markets 12 Practical Perspective on Frontier Economies 16 Conclusion 22 CHAPTER 2 Developing Market Classifications and Categorizations 25 Investable Emerging Market Classifications 25 Frontier Market Categorizations 44 Conclusion 50 CHAPTER 3 Considerations on Emerging and Frontier Market Classifications 53 Consequences of Classifications 54 Issues with Classifications 64 A Potential Leap in Classifications 71 Indexing and Passive Investment: The Asian Investor Perspective 73 Conclusion 82 CHAPTER 4 Alternatives on Selecting Investable Developing Economies 85 Investor Factors of Importance 87 Essential Economic Freedoms 89 Global Competitiveness 94 Doing Business 96 Governance Indicators 97 Financial Centers Ranking 100 Global Manufacturing Competitiveness 101 Stock Market Aspects 103 Conclusion 105 CHAPTER 5 Private Equity Flows as a Lead Indicator 107 Private Equity Flows: The Next Wave of Investable Markets 107 Private Equity as Lead Indicator 114 Emerging Markets Private Equity in Practice 122 Conclusion 130 CHAPTER 6 A Different Selection of Investable Markets 133 PART TWO The Investment Case for Developing Markets 141 CHAPTER 7 Emerging Markets Investments—Short Term or Secular Theme 145 The Confounded State of Industrial Nations 146 Change in Global Power Balance 163 Emerging Markets on the Growth Path 166 Global Redistribution Has Only Started 172 Conclusion 175 CHAPTER 8 A Case for Frontier Markets 177 New, Yet Familiar Territory 179 Key Drivers of the Frontier Markets Opportunity Set 181 Risks to Investing in Frontier Markets 195 Conclusion 199 CHAPTER 9 Subcontinents: Sub-Saharan Africa and Southeast Asia 201 The Investment Case for Africa 201 South and Southeast Asia Frontiers: Opportunities Abundant 212 Conclusion 229 CHAPTER 10 Regions: Middle East, GCC, Levant, and North Africa 231 The Soft Side of Business in MENA 232 Investor Markets in MENA, GCC, North Africa, and Levant 236 The Case of Oman: Solid Foundations for Investment 244 Oman Stock Market 248 United Arab Emirates: Plentiful Business and Capital 250 Conclusion 252 PART THREE Pragmatic Investing in Developing and Unclassified Markets 255 CHAPTER 11 Investments in China 259 Seeing the Whole China Elephant 259 China Investing, Chinese-Style 262 The Whole Elephant: How to Evaluate a China Investment 274 Conclusion 277 CHAPTER 12 The Genesis of Markets: Colombia, Mongolia, and Haiti 279 Colombia: From Drugs to Investment Destination 279 Mongolia: Opportunities in the New Frontier 288 Haiti: Out of Tragedy to Future Frontier Market? 297 Conclusion 305 CHAPTER 13 Nascent Stock Markets: Myanmar, Laos, and Cambodia 309 Myanmar: Change toward Long-Term Attraction? 309 Lao People’s Democratic Republic: Emerging from Isolation 316 Kingdom of Cambodia: A New Market 326 Conclusion 331 CHAPTER 14 Credit and Real Estate Markets in Emerging Economies 335 Credit Markets of Emerging Central and Eastern Europe 335 Real Estate Market in the Mekong Region 344 Conclusion 350 CHAPTER 15 Critical Business Issues in Developing Markets 353 The Importance of Being Earnest: The UK Bribery Act Globally 353 Information Technology in Developing Markets 366 Conclusion 374 CHAPTER 16 Operating in Emerging Markets 377 The Substance of Marketing in Developing Markets 377 Corruption Utile 383 Business Styles and Requirements 385 Conclusion 389 About the Author and Editor 391 About the Contributors 393 Bibliography 405 Index 413

Autorenportrait

Dr. GORDIAN GAETA is an active private equity investor and advisor specializing in complex and distressed equity and alternative investments and transactions predominantly in the developing economies of Asia. He participates on boards, investment and finance committees, and in executive functions of fund managers, investment firms, and financial services companies. Gaeta started his career as a banker in several countries before becoming a management consultant. A former academic, he also lectured at several universities; served as director, professor, or dean of private academies certifying financial services professionals on investment; and co-chaired the Asian Banker Summit. Gaeta contributes regularly to an investment column as well as investment publications and is the author, coauthor, or editor of various books related to finance, business, and investing, including Frontiers in Credit Risk (Wiley).

Back cover copy

Praise for Opportunities in Emerging Markets "With the attention of asset allocators now shifting from under-performing public bond and stock markets in the OECD economies to the emerging—or growth—markets, particularly in Asia, it is timely to have a book written by practitioners in these markets, which examines them in detail. Too often, the emerging markets have been bracketed together under various acronyms —BRIC, etc.—which hide wide differences and mask the potential and dangers that exist. It is essential to see these markets in detail and with enough solid evidence (and war stories) so future investors can grasp the opportunities that abound. This volume casts a spotlight on a number of emerging and so-called frontier economies that gives investors the beginning of a toolkit for detailed analysis and assessment." —Robert Binyon, Chairman of Aureos Capital "Gordian Gaeta has put together an impressive range of contributions on how to invest in emerging markets. As the book's thesis indicates, investing in emerging markets can be quite different from that of developed markets. But there are also patterns that one can recognize, and the authors of the book have done a good job in describing what the patterns are. I was especially attracted by the section on China authored by Malcolm Riddell who's been working on Greater China business issues for many years. Riddell's views and recommendations are insightful and helpful to the reader." —Edward Tse, Senior Partner and Chairman, Greater China, Booz & Company "Opportunities in Emerging Markets is an excellent contribution to the understanding of the economic potential of developing countries and the great long-term investment opportunities they offer." —Marc Faber, "Doctor Gloom" (http://new.gloomboomdoom.com) and Director of Marc Faber Limited