The Dynamics of Emerging Stock Markets Empirical Assessments and Imp
Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and emp
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Mohamed El Hedi Arouri Fredj Jawadi Duc Khuong Nguyen
The Dynamics of Emerging Stock Markets Empirical Assessments and Implications
Physica-Verlag A Springer Company
Contributions to Management Science
For further volumes: http://www.springer.com/series/1505
Mohamed El Hedi Arouri Duc Khuong Nguyen
l
Fredj Jawadi
l
The Dynamics of Emerging Stock Markets Empirical Assessments and Implications
Prof. Mohamed El Hedi Arouri University of Orleans Faculty of Law, Economics, and Management rue de Blois 45067 Orle´ans CX 02 France [email protected]
Prof. Fredj Jawadi Amiens School of Management 18 place Saint Michel 80000 Amiens CX France [email protected]
Prof. Duc Khuong Nguyen ISC Paris School of Management 22 Boulevard du Fort de Vaux 75848 Paris CX 17 France [email protected]
ISSN: 1431-1941 ISBN: 978-3-7908-2388-2 e-ISBN: 978-3-7908-2389-9 DOI 10.1007/978-3-7908-2389-9 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009936784 # Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: SPi Publishing Services Printed on acid-free paper Physica‐Verlag is a brand of Springer‐Verlag Berlin Heidelberg Springer‐Verlag is a part of Springer Science+Business Media (www.springer.com)
Preface
By the end of 2008, thirty-four developing countries were considered as “emerging markets” by the world’s leading index provider Standard and Poor’s according to a wide range of economic and financial criteria. Yet, the more we learn about the financial markets in developed countries, the more challenging and mysterious emerging markets look. Thirty years ago, they, the 32 emerging markets surveyed by the International Finance Corporation in 1982, started to attract attention from investors of developed countries. The simple reason is that exposure to emerging markets allows to take advantage of their enormous growth potential which generates distinctively equity returns superior to those on developed markets. Moreover, as far as diversification issues are concerned, adding emerging market assets into an existing portfolio would lead to improving its risk-adjusted return performance as they have a low correlation with developed
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