In recent years, many countries have suffered severe financial crises, producing a staggering tollon their economies, particularly in emerging markets. One view blames fixed exchange rates--“soft pegs”--for these meltdowns. Adherents to that view advise countries to allow theircurrency to...

It is already well known that U.S. investors can achieve higher gains by investing directly in emerging markets (De Santis, 1997). Given the opportunity to invest directly in the shares of stocks in the developed (DCs) and emerging (EM) markets, it is interesting to know whether the U.S....

The first chapter of this dissertation examines the returns to frequent acquirers from emerging markets and analyzes the cross-country variations in cumulative abnormal returns. The sample consists of 5,147 transactions carried out by firms from 17 common and civil-law countries during the...

This paper provides a test of purchasing power parity (PPP) as an explanation for longterm foreign exchange rate movements. It essentially extends the analysis of Cheung and Lai (1993) to the South East Asian nations, Indonesia, the Philippines, Malaysia, South Korea, and Thailand. Consistent...

Emerging markets as represented by BRIC (Brazil, Russia, India and China) countries signify an enormous growth opportunity and a "must win" market for MNCs (multinational companies). It is estimated that by 2013, the middle class in BRIC countries will be larger than the population of Western...

This paper investigates the argument that privatization share pricing reflects a heightened political risk sensitivity, following Perotti (1995). We do by examining the relative performance in the short and medium term of privatization stocks in emerging markets. Our goal is to determine whether...

The launch of financial reforms in Central and Eastern Europe (CEE) at the beginning of the 1990s stimulated increased interest of investors and academics in the newly-born stock markets of this region. Most of the existing studies, however, consider a group of the CEE markets, stressing their...

In this thesis, I investigate diverse aspects of capital market efficiency in selected emerging markets. In chapter 2, the focus of analysis is on the role of trading volume and capitalisation in the process of information absorption by the stock prices. Empirical analysis is conducted for...

There was hardly another development which influenced the life on earth asmuch as the development of the communication technology in the last decades.The advantages of mobile communication brought the branch enormeousgrowth rates. However, for some years an increasing saturation has beenlooming...

It is well established in the financial economics literature that potential gains frominternational diversification are generated from the imperfect correlation betweennational stock market returns. This empirical study explores the factors that impedeperfect integration among national equity...