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 | | Frontier Emerging Equity Markets Securities Price Behavior and Valuation by Oliver S. Kratz ISBN-10: 9780792385851 ISBN-10: 0-7923-8585-3 ISBN-13: 9780792385851 ISBN-13: 978-0-7923-8585-1 Hardcover 1999-08-31 Springer Find Lowest Price |
Editorials | ||
Product Description Frontier Emerging Equity Markets Securities Price Behavior and Valuation 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. 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. 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. | ||
Reviews | ||
Foremost Authority Dr. Kratz is certainly the foremost authority on this subject. His command of the intricacies of developing markets in Eastern Europe is exceptional. His understanding led the Deutsche European Equity Fund to its 5 star number 1 rank among stock funds in its category. One would be well-advised to listen to his insights into these exciting and critical markets. | ||
Good book I read Dr Kratz's expose of frontier emerging markets. A very good book. He masters this asset class and the details which make a good and savvy investor in frontier markets. It is by far one of the most interesting fields of international investing, and I am sure this book is just the beginning of many more to follow on the field - it's a primer. I recommend the book to students and practitioners of finance and investments. Dr Kratz strikes a healthy balance between academic thinking and practial experience and application. | ||
Finally someone who understands frontier markets Dr. Kratz's new book on frontier markets is essential to the understanding of this new genre within the equity asset class. It offers a unique journey through the creation of a young emerging equity market and supports conclusions with strong empirical analysis. It supports the notion that valuation in "frontier markets" is more an art than a science, but in order to truly understand such markets one has to be open-minded and a keen observer of what Kratz calls the philology of the frontier market valuation debate. This is new, and sure to fuel the debate on the subject of asset pricing in an environment with little objective and hard data to come by. | ||