{"product_id":"frontier-emerging-equity-markets-securities-price-behavior-and-valuation-von-oliver-s-kratz","title":"Frontier Emerging Equity Markets Securities Price Behavior and Valuation","description":"\n                                \n                \u003cem\u003eFrontier Emerging Equity Markets Securities Price Behavior  and\u003c\/em\u003e\n                                 \n                \n                \u003cem\u003eValuation\u003c\/em\u003e\n                                 uses the Russian example to illustrate the  intricate mechanics of frontier emerging equity market analysis.  Frontier markets are those equity markets that do not benefit from the  same degree of securities transparency and information dissemination  as future emerging markets. In many cases, frontier equity markets are  those which have been created almost literally overnight, without the  infrastructure and institutional readiness of the nations in which  they are located. During the 1990s, frontier emerging markets have  formed a new investment asset class which requires a very different  set of valuation metrics from mature emerging markets. \n                \n                \u003cbr\u003e\n                                  In developing a multi-stage approach to the understanding and valuing  of such markets, this book uses the case of the Russian frontier  equity market to illustrate topics such as the relationship between  equity market infrastructure and valuation during the `genesis' period  of an emerging financial market; evolving market efficiency; and the  crucial role of depository receipt programs in the development of  these markets. Further, this book develops the first comprehensive  framework for valuing a frontier equity market. The role of equity  risk premium, as it affects early dynamic equity valuation, is also  covered in order to illuminate important drivers of securities price  performance. The book closes by discussing the philology of the  frontier market valuation debate, in which every market participant is  an important purveyor of information and a contributor to the final  valuation dimension of equities. \n                \n                \u003cbr\u003e\n                                  The main asset used to present the empirical concepts is a complete  research database drawn from actual frontier market investing, which  previously had been unavailable to academic researchers. As an active  institutional asset management professional at a major Wall Street  investment firm, the author marries academic theories, such as market  efficiency and market segmentation, to the real world of high stakes  and high risk frontier market investing. This book illustrates the  applicability and, in some cases, the uselessness of financial theory  when applied to this new and rising asset class. It opens the  discussion of equity valuation theory for an environment where many  conventional rules of asset price determination need to be rewritten.  As the first research-level monograph exclusively dedicated to  frontier emerging equity market analysis, it offers a unique dual  perspective on how academic financial research finds it a  complementary and sometimes antagonistic counterpart of real-life  investment decision-making. This book can help both professional  investors and students of finance to understand frontier equity market  valuation and development.\n            \n            \u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9780792385851\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9781441950956\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Hardcover - 9780792385851","offer_id":50828597190,"sku":"9780792385851","price":106.99,"currency_code":"EUR","in_stock":true},{"title":"Softcover - 9781441950956","offer_id":39415516889181,"sku":"9781441950956","price":106.99,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/6a4566cb-f07a-439d-943a-b807382e6aab.jpg?v=1769576572","url":"https:\/\/shop.autorenwelt.de\/products\/frontier-emerging-equity-markets-securities-price-behavior-and-valuation-von-oliver-s-kratz","provider":"Autorenwelt Shop","version":"1.0","type":"link"}