Handbook of Frontier Markets - 1st Edition - ISBN: 9780128037768, 9780128038406

Handbook of Frontier Markets

1st Edition

The African, European and Asian Evidence

Editors: Panagiotis Andrikopoulos Greg N. Gregoriou Vasileios Kallinterakis
eBook ISBN: 9780128038406
Hardcover ISBN: 9780128037768
Imprint: Academic Press
Published Date: 2nd August 2016
Page Count: 304
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Description

Handbook of Frontier Markets: The European and African Evidence provides novel insights from academic perspectives about the behavior of investors and prices in several frontier markets. It explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets.

Frontier markets have now become a popular investment class among institutional investors internationally, with major financial services providers establishing index-benchmarks for this market-category. The anticipation for frontier markets is optimistic uncertainty, and many people believe that, given their growth rates, these markets will be economic success stories. Irrespective of their degrees of success, The Handbook of Frontier Markets can help ensure that the increasing international investment diverted to them will aid in their greater integration within the global financial system.

Key Features

  • Presents topics in the context of frontier markets and uses tests based on established methodologies from finance research
  • Draws from authors who are established university academics
  • Pays particular attention to financial institutions and applications of financial risk models
  • Explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets

Readership

Upper-division undergraduates, graduate students, and professionals studying and working in frontier and emerging markets and corresponding fields in accounting, business, regulation, and finance.

Table of Contents

  • List of Contributors
  • About the Editors
  • About the Contributors
  • Acknowledgment
  • Section A: Africa
    • Chapter 1: Testing for the Weak-Form Market Efficiency of the Dar es Salaam Stock Exchange
      • Abstract
      • 1. Introduction
      • 2. The Random Walk Theory and the Efficient Market Hypothesis
      • 3. Empirical Literature Review on Weak-Form Market Efficiency
      • 4. Data Sources
      • 5. Methodology
      • 6. Analyses and Presentation of the Results
      • 7. Conclusions and Recommendations
    • Chapter 2: Stock Returns and Inflation: The Case of Botswana
      • Abstract
      • 1. Introduction
      • 2. Literature Review
      • 3. Overview of the Economy of Botswana
      • 4. Data and Methodology
      • 5. Results
      • 6. Conclusions
    • Chapter 3: Modeling and Forecasting Stock Market Volatility in Frontier Markets: Evidence From Four European and Four African Frontier Markets
      • Abstract
      • 1. Introduction
      • 2. Background Information
      • 3. Data
      • 4. Methodology
      • 5. Findings and Discussions
      • 6. Conclusions and Further Research
    • Chapter 4: Herd Behavior in Frontier Markets: Evidence from Nigeria and Morocco
      • Abstract
      • 1. Introduction
      • 2. Methodology and Data
      • 3. Empirical Results
      • 4. Conclusions
    • Chapter 5: Effects of Interest Rates and Exchange Rates on Bank Stock Returns
      • Abstract
      • 1. Introduction
      • 2. Conclusions
    • Chapter 6: Financial Contagion From US to African Frontier Markets During the 2007–09 Global Financial Crisis
      • Abstract
      • 1. Introduction, Aims, and Literature
      • 2. Data and Descriptive Statistics
      • 3. Hypotheses and Methodology
      • 4. Results
      • 5. Discussions
      • 6. Conclusions
      • Appendix 1: Time-Varying Correlations of US with African Markets
      • Appendix 2: Time-Varying Correlations of US with Developed Markets
  • Section B: Europe
    • Chapter 7: An Assessment of the Real Development Prospects of the EU 28 Frontier Equity Markets
      • Abstract
      • 1. Introduction
      • 2. A Comparative Analysis of the EU 10 Frontier Markets
      • 3. Hypothesis, Data, and Research Results
      • 4. Discussions and Conclusions
    • Chapter 8: Are European Frontier Markets Efficient?
      • Abstract
      • 1. Introduction
      • 2. The Theory of Informational Market Efficiency
      • 3. The Empirical Literature on Frontier Markets and Informational Efficiency
      • 4. Methodology
      • 5. Overview of Eastern European Markets and Sample Selection
      • 6. Results
      • 7. Conclusions and Recommendations
    • Chapter 9: Another Look at Financial Analysts’ Forecasts Accuracy: Recent Evidence From Eastern European Frontier Markets
      • Abstract
      • 1. Introduction
      • 2. Conceptual Framework
      • 3. Data and Methodology
      • 4. Analysis of FAF on Eastern European Frontier Markets
      • 5. Conclusions
    • Chapter 10: Are There Herding Patterns in the European Frontier Markets?
      • Abstract
      • 1. Introduction
      • 2. Database
      • 3. Methodology
      • 4. Empirical Results
      • 5. Conclusions
      • Acknowledgment
  • Section C: Asia
    • Chapter 11: Is Bankruptcy a Systematic Risk? Evidence From Vietnam
      • Abstract
      • 1. Introduction
      • 2. Literature Review
      • 3. Research Design, Data, and Methodology
      • 4. Results of Analysis and Discussion of Findings
      • 5. Conclusions and Recommendations
    • Chapter 12: Investors’ Herding in Frontier Markets: Evidence From Mongolia
      • Abstract
      • 1. Introduction
      • 2. Mongolian Stock Exchange: A Brief Overview
      • 3. Data and Methodology
      • 4. Results and Conclusion
    • Chapter 13: Structural Breaks, Efficiency, and Volatility: An Empirical Investigation of Southeast Asian Frontier Markets
      • Abstract
      • 1. Introduction
      • 2. Literature Review
      • 3. Data and Methodology
      • 4. Empirical Results
      • 5. Conclusions
  • Index

Details

No. of pages:
304
Language:
English
Copyright:
© Academic Press 2016
Published:
Imprint:
Academic Press
eBook ISBN:
9780128038406
Hardcover ISBN:
9780128037768

About the Editor

Panagiotis Andrikopoulos

Dr. Panagiotis Andrikopoulos is the Associate Head for Applied Research at Coventry University Business School, University of Coventry. He is also an Adjunct Associate Professor in Finance in the School of Accounting Sciences at North-West University, South Africa. He has also lectured at De Montfort University, UK where he taught various finance courses such as Investment Theory and Analysis, Finance Theory, Corporate Finance, and Behavioural Finance. He has obtained his Ph.D. in finance at the University of Portsmouth studying the profitability of contrarian investments strategies in the U.K. setting.

Affiliations and Expertise

Coventry University Business School, University of Coventry, UK

Greg N. Gregoriou

Greg N. Gregoriou

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal.

Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc.

Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting work for numerous clients and investment firms in Montreal. He is a part-time lecturer in finance at McGill University, an advisory member of the Markets and Services Research Centre at Edith Cowan University in Joondalup (Australia), a senior advisor to the Ferrell Asset Management Group in Singapore and a research associate with the University of Quebec at Montreal's CDP Capital Chair in Portfolio Management. He is on the advisory board of the Research Center for Operations and Productivity Management at the University of Science and Technology (Management School) in Hefei, Anhui, China.

Affiliations and Expertise

School of Business and Economics, State University of New York, Plattsburgh, NY, USA

Vasileios Kallinterakis

Dr. Vasileios (Bill) Kallinterakis is currently Lecturer of Finance at the University of Liverpool Management School; he has also lectured at Durham University Business School (from where he also obtained his PhD) and Leeds University Business School. During his career, he has taught a variety of courses related to Behavioural Finance, Corporate Finance and Econometrics. His research interests focus on behavioural finance, institutional investors, market volatility and emerging markets.

Affiliations and Expertise

University of Liverpool Management School, UK

Reviews

"This is a very comprehensive handbook for graduate students, researchers, and practitioners who are interested in financial aspects of frontier markets. The book documents experiences of countries as diverse as Botswana, Morocco, Vietnam, and Slovenia, among many others. An excellent read!"  --Viviana Fernandez, Universidad Adolfo Ibáñez

"A comprehensive collection of high quality articles on a wide range of topics related to frontier financial markets. A solid reference for all those interested in this topic."  --Petre Caraiani, Institutul National de Cercetari Economice (INCE), Academia Romana