The Politics of Equity Finance in Emerging Markets

The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East.

Author: Kathryn C. Lavelle

Publisher: Oxford University Press

ISBN: 9780198038818

Category: Business & Economics

Page: 296

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Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
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The Politics of Equity Finance in Emerging Markets

Kathryn Lavelle examines the growth of equity markets , weaving together the economic , political , and social factors that are defining the financial ...

Author: Kathryn C. Lavelle

Publisher: Oxford University Press on Demand

ISBN: 0195174097

Category: Business & Economics

Page: 273

View: 373

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Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.
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Legislating International Organization

This book will reshape how we think about how the US Congress interacts with international institutions and more broadly about the relationship of domestic politics to global governance throughout the world.

Author: Kathryn C. Lavelle

Publisher: Oxford University Press

ISBN: 9780199877409

Category: Political Science

Page: 272

View: 169

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In Legislating International Organization, Kathryn Lavelle argues against the commonly-held idea that key international organizations are entities unto themselves, immune from the influence and pressures of individual states' domestic policies. Covering the history of the IMF and World Bank from their origins, she shows that domestic political constituencies in advanced industrial states have always been important drivers of international financial institution policy. This book will reshape how we think about how the US Congress interacts with international institutions and more broadly about the relationship of domestic politics to global governance throughout the world.
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Money and Banks in the American Political System

Lavelle argues that the political sources of instability in finance derive from the intersection of market innovation and regulatory arbitrage.

Author: Kathryn C. Lavelle

Publisher: Cambridge University Press

ISBN: 9781107028043

Category: Business & Economics

Page: 330

View: 147

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Lavelle argues that the political sources of instability in finance derive from the intersection of market innovation and regulatory arbitrage.
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Private Equity Investments in Emerging Markets

Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Münster (International Management), course: Seminar International Finance, language: English, ...

Author: Benjamin Heckmann

Publisher: GRIN Verlag

ISBN: 9783640412266

Category:

Page: 76

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Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Munster (International Management), course: Seminar International Finance, language: English, abstract: The paper deals with Private Equity Investments in Emerging Markets. This asset class is associated with attractive opportunities and appropriate risk-adjusted returns. The Private Equity industry in Emerging Markets showed strong growth over the last few years - after a period of disappointment and unmet expectations. Private Equity is a primary source of equity for small and medium sized companies. It is associated with higher default risk but offers the opportunity to receive higher returns. One special characteristic is the provision of 'smart money', the integration of investment banking and management consultancy. The environment of Emerging Markets is challenging. The term refers to capital markets in developing countries with outstanding growth opportunities. 35 countries from Latin America, Central and Eastern Europe, Asia, Middle East and Africa belong to the group of Emerging Markets. These markets are characterised by weak legal institutions, political and economic risk, dysfunctional capital markets and a low standard of corpo-rate governance. The combination of the high risk asset class Private Equity with the high risk environment of Emerging Markets results in high risk investments. But the superior return op-portunities attract more and more investors. After a period of disappointment and setbacks - due to an inappropriate approach - at the beginning of the 21st century this asset class took off. Fundraising figures from 2003 to 2006 are increasing strongly and the investors expect the growth to continue. The macroeconomic environment, the legal framework and the quality of capital markets are the main determinants for Emerging Markets Private Equity. The introduction of good corporate governance is essential f
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Private Equity Investing in Emerging Markets

Drawing on the author's four decades of experience as a practitioner and academician working with private equity investors, entrepreneurs, and policymakers in over 100 developing countries around the world, this book uses anecdotes and case ...

Author: R. Leeds

Publisher: Springer

ISBN: 9781137435354

Category: Business & Economics

Page: 286

View: 952

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Drawing on the author's four decades of experience as a practitioner and academician working with private equity investors, entrepreneurs, and policymakers in over 100 developing countries around the world, this book uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.
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Entrepreneurial Finance in Emerging Markets

This book presents a wide range of tools and techniques used in entrepreneurial finance in emerging markets. Among them, venture capital is perhaps the best known, understood, and researched mode of entrepreneurial finance.

Author: Darek Klonowski

Publisher: Springer Nature

ISBN: 9783030462208

Category: Business & Economics

Page: 390

View: 845

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This book presents a wide range of tools and techniques used in entrepreneurial finance in emerging markets. Among them, venture capital is perhaps the best known, understood, and researched mode of entrepreneurial finance. However, a significant focus of the book is dedicated to other modes of entrepreneurial finance such as ‘bootstrapping,’ angel financing, bank financing, and other alternative means of financing, which could include government assistance programs, business incubation, technology parks, or family financing. In addition, the book highlights how new and innovative financial technologies (comprised of software, business processes, and other modern technologies), known under the term of FinTech, may support, enable, and enhance the provision of different modes of entrepreneurial finance in emerging markets. The book also discusses entrepreneurial finance in emerging markets in the context of women entrepreneurs. A comprehensive analysis of entrepreneurial finance in emerging market countries, this book will appeal to academics, researchers, and students of entrepreneurial finance, venture capital and private equity, entrepreneurship, and international business.
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Private Equity in Emerging Markets

This collected edition captures the essence of private equity development in emerging markets, examining the evolution of the private equity industry as well as exit opportunities, financial performance, and anticipated future trends.

Author: D. Klonowski

Publisher: Springer

ISBN: 9781137309433

Category: Business & Economics

Page: 301

View: 174

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This collected edition captures the essence of private equity development in emerging markets, examining the evolution of the private equity industry as well as exit opportunities, financial performance, and anticipated future trends. It also discusses the 'hands-on' aspects of private equity investing in emerging markets.
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Economics of Emerging Markets

This book presents recent significant research dealing the economics of emerging markets.

Author: Lado Beridze

Publisher: Nova Publishers

ISBN: 1600218504

Category: Business & Economics

Page: 361

View: 754

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This book presents recent significant research dealing the economics of emerging markets. The term emerging markets is commonly used to describe business and market activity in industrialising or emerging regions of the world. The term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China, India, Mexico, Brazil, much of Southeast Asia, countries in Eastern Europe, parts of Africa and Latin America. An emerging market is sometimes defined as "a country where politics matters at least as much as economics to the markets."
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Emerging Markets For Dummies

Emerging Markets For Dummies provides readers with an understanding of emerging markets and their place in our economy.

Author: Ann C. Logue, MBA

Publisher: John Wiley & Sons

ISBN: 9780470878934

Category: Business & Economics

Page: 384

View: 364

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Emerging Markets For Dummies provides readers with an understanding of emerging markets and their place in our economy. Savvy investors and business managers will find the important information and advice they need to incorporate these growth areas into their business and investment plans.
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The Rise the Fall and the Emerging Recovery of Project Finance in Transport

Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999.

Author: Antonio Estache

Publisher: World Bank Publications

ISBN:

Category: Bank Debt

Page: 31

View: 831

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Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999. Many projects failed, victim of everything from overoptimistic forecasts to excessive debt to an inability to refinance bridge loans. As available financing dried up, many projects went bankrupt, had to be renegotiated, or were taken over by the government. What have we learned from all this?
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Emerging Markets in an Upside Down World

But this book is about more than emerging markets.

Author: Jerome Booth

Publisher: John Wiley & Sons

ISBN: 9781118879665

Category: Business & Economics

Page: 280

View: 363

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The world is upside down. The emerging market countries are more important than many investors realise. They have been catching up with the West over the past few decades. Greater market freedom has spread since the end of the Cold War, and with it institutional changes which have further assisted emerging economies in becoming more productive, flexible, and resilient. The Western financial crisis from 2008 has quickened the pace of the relative rise of emerging markets - their relative economic power, and with it political power, but also their financial power as savers, investors and creditors. Emerging Markets in an Upside Down World - Challenging Perceptions in Asset Allocation and Investment argues that finance theory has misunderstood risk and that this has led to poor investment decisions; and that emerging markets constitute a good example of why traditional finance theory is faulty. The book accurately describes the complex and changing global environment currently facing the investor and asset allocator. It raises many questions often bypassed because of the use of simplifying assumptions and models. The narrative builds towards a checklist of issues and questions for the asset allocator and investor and then to a discussion of a variety of regulatory and policy issues. Aimed at institutional and retail investors as well as economics, finance, business and international relations students, Emerging Markets in an Upside Down World covers many complex ideas, but is written to be accessible to the non-expert.
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The Little Book of Emerging Markets

In this book, he reduces the complexities of the subject to entertaining reading; provides simplicity that masks the intricacies of underlying theories and practicalities; and offers clarity of compelling logic in advice and conclusions." ...

Author: Mark Mobius

Publisher: John Wiley & Sons

ISBN: 9781118153819

Category: Business & Economics

Page: 208

View: 470

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A guide to emerging-market investing discusses reasons to invest, different ways to do it, the risks involved, picking viable areas to invest in, and when and how to get out.
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Equities

In equities: An Introduction to the Core Concepts, he provides a strong introduction to equity markets and equity analysis. Anyone wanting to know more about these topics would be well-served to spend some time with this book.

Author: Mark Mobius

Publisher: John Wiley & Sons

ISBN: 9780470821442

Category: Business & Economics

Page: 234

View: 278

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An introduction to the world of bonds, from financial expert Mark Mobius Part of The Mark Mobius Master Class, which introduces readers to both the theory and practice of modern global financial markets through the eyes of one of the most recognized and respected fund managers in the world, Bonds: An Introduction to the Core Concepts cuts through the jargon and mystique of the world of bonds. Packed with everything you need to understand how bonds work and how you can use them, this is the only book you need to make the most of the market. Filled with useful summaries and questions throughout, Bonds offers a comprehensive learning experience, illuminated with anecdotes and cartoons that bring the subject matter to life. Features clear definitions of financial terms, worked examples of transactions and contracts, and much more Contains everything you need to know to understand the world of bonds, from financial guru Mark Mobius Features real life anecdotes from Mobius's own remarkable experiences in the markets Compelling reading, Bonds: An Introduction to the Core Concepts contains everything novice traders and investors need to explain the markets, in plain English.
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The Volatility Machine

This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies.

Author: Michael Pettis

Publisher: Oxford University Press on Demand

ISBN: 0195143302

Category: Business & Economics

Page: 245

View: 493

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This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
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Project Finance in Emerging Markets

It has experienced a rapid development and growth in the last decades both in developed and developing countries. The aim of this dissertation is to study and deepen the Project Finance in Emerging Markets framework.

Author: Niccolò Viti

Publisher: GRIN Verlag

ISBN: 9783346119032

Category: Business & Economics

Page: 88

View: 651

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Thesis (M.A.) from the year 2014 in the subject Business economics - Investment and Finance, grade: 105, University of Siena, course: MSc in Finance, language: English, abstract: Project Finance approach is an important financing mechanism because of its intrinsic features and differences with respect to the conventional corporate finance. It has experienced a rapid development and growth in the last decades both in developed and developing countries. The aim of this dissertation is to study and deepen the Project Finance in Emerging Markets framework. After a brief introduction of the main general features of this approach, it will focus on the developing countries context: the historical evolution overview, the risks evaluation, the international institutions involved and the economic impact of project finance in this scenario. Furthermore, financial feasibility study will be conducted in order to evaluate a project over several financial and economic aspects. Finally, all these theoretical issues will be empirically applied to the PMESA case study. It regards a hydroelectric power plant built in Brazil in the early 2000s through the project finance approach. The project evaluation is time located in these years because Brazil was considered an emerging market and it presented some peculiar economic and financial characteristics.
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Emerging Equity Markets

This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.

Author: Mr.Robert Alan Feldman

Publisher: International Monetary Fund

ISBN: 9781451971217

Category: Business & Economics

Page: 34

View: 291

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Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.
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Equity Markets Valuation and Analysis

This book helps you grow your investing skills and profits." —Vesa Puttonen, Professor of Finance, Aalto University School of Business "Equity Markets, Valuation, and Analysis is a welcome book and is a must-read for students and ...

Author: H. Kent Baker

Publisher: John Wiley & Sons

ISBN: 9781119632931

Category: Business & Economics

Page: 448

View: 158

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Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: · The latest trends and research from across the globe · The controversial issues facing the field of valuation and the future outlook for the field · Empirical evidence and research on equity markets · How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.
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The Political Economy of Emerging Markets

This book takes a cross-disciplinary look at the financial markets of emerging markets in Latin America.

Author: J. Santiso

Publisher: Springer

ISBN: 9781403973788

Category: Political Science

Page: 255

View: 989

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This book takes a cross-disciplinary look at the financial markets of emerging markets in Latin America. The author wants to disassemble the black box that is the financial market: what are the motivations and interests of the various actors, both institutional and individual?; How do these interact with each other?; How does this information help us understand the Mexican crisis in the 90s and the current crisis in Argentina? The author has conducted extensive interviews with brokers, asset managers, economists, strategists, and analysts in the US, UK, Europe, and Latin America, providing significant material for this study.
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