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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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Investing in Emerging and Developing Markets

Investing in Emerging and Developing Markets

Chapter:
(p.331) 16 Investing in Emerging and Developing Markets
Source:
International Finance
Author(s):

JENNY BERRILL

COLM KEARNEY

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0016

This chapter outlines the characteristics of investing in emerging and developing markets. It first clarifies the different definitions and interpretations of emerging markets and then provides a mean-variance analysis of emerging market investment and offers evidence on the recent performance of emerging markets. Next, the chapter details the main risks and problems associated with investing in emerging markets under the headings of liquidity, information asymmetry, corporate governance, and market efficiency. It further reviews the literature on the factors that influence country and stock selection. Having reviewed the benefits and risks from direct investment in emerging markets, the chapter closes by detailing the benefits and risks from indirect investment in emerging markets using domestic assets that represent claims on foreign assets.

Keywords:   emerging markets, portfolio investment, direct and indirect investment vehicles

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