Emerging Capital Markets AG907
|
|
- Gavin Barber
- 7 years ago
- Views:
Transcription
1 Emerging Capital Markets AG907 M.Sc. Investment & Finance M.Sc. International Banking & Finance Lecture 1 Defining & Characterizing Emerging Capital Markets Ignacio Requejo Glasgow, 2010/2011
2 Overview of Lecture 1. Introduction 2. Definition of Emerging Markets 3. About the Indices 4. Characteristics of Emerging Markets 1
3 1. Introduction Emerging financial markets Several definitions Importance of emerging capital markets No clear guidelines for valuation of assets & securities in emerging markets Different from developed markets: transparency, governance, liquidity, volatility, transaction costs, etc. Increasing investment flows to emerging markets Faster rate of economic growth 2
4 2. Definition of Emerging Markets Tier of economies below developed economies S&P/IFC indices Emerging markets should meet one of the following two criteria Low-, lower-middle, or upper-middle income economy as defined by World Bank (World Bank s main classification criterion GNI per capita) Low investable market capitalisation relative to most recent GDP figures 3
5 2. Definition of Emerging Markets S&P/IFC indices Developed markets should meet both of the following conditions GNI per capita exceeds the World Bank s upper-middle income threshold for at least three consecutive years Investable market capitalization to GDP in the top 25 percent of the emerging market universe for three consecutive years S&P/IFC indices use other criteria to categorise countries into developed, emerging, frontier & unclassified markets 4
6 3. About the indices S&P Global BMI covers approximately 10,000 companies in 45 countries MSCI ACWI IMI covers over 9,000 securities in 45 countries In both cases all 45 countries are classified as either developed or emerging 5
7 S&P Emerging BMI S&P Global BMI covers approximately 10,000 companies in 45 countries All listed stocks at least US$ 100 million in float adjusted market capitalization & value traded of at least US$ 50 million for last 12-months 45 constituent countries classified as developed or emerging S&P Developed BMI and S&P Emerging BMI 6
8 S&P Global BMI: Countries S&P Developed BMI North America: CAN, USA Europe: AUS, BEL, DEN, FIN, FRA, GER, GRE, IRE, ITA, LUX, NET, NOR, POR, SPA, SWE, SWI, UK Asia Pacific: AUS, HK, JAP, NZ, SIN, SK Middle East & Africa: ISR S&P Emerging BMI Latin America: BRA, CHILE, MEX, PER Europe: CR, HUN, POL, RUS, TUR Asia Pacific: CHI, INDI, INDO, MAL, PHI, TAIW, THAI Middle East & Africa: EGY, MOR, SA 7
9 S&P Global BMI 8
10 S&P IFCI Liquid and investable subset of S&P Emerging Plus BMI S&P Emerging BMI plus South Korea Company eligibility criteria a stock must have floatadjusted market capitalization of US$ 200 million or greater (constituents that fall below US$ 200 million but remain above US$ 150 million remain in the index) 9
11 S&P IFCI 10
12 S&P Emerging BMI vs. S&P IFCI S&P Emerging BMI S&P IFCI 11
13 S&P Frontier Indices Equity markets with less liquid stocks from lesser known emerging markets Include S&P Frontier BMI, S&P Extended Frontier 150 and S&P Select Frontier S&P Frontier BMI measures performance of 37 relatively small & illiquid markets (individual country indices include all publicly listed equities representing at least 80% of market capitalization in each market) 12
14 S&P Frontier BMI Country coverage Index portfolio characteristics 13
15 MSCI Developed Markets Indices Country coverage The MSCI World Index covers over 6,000 securities in 24 developed markets countries, spanning large, mid, small and micro cap securities which can be segmented across styles and sectors 14
16 MSCI Emerging Markets Indices Country coverage The MSCI Emerging Markets Indices cover over 2,600 securities in 21 markets currently classified as EM countries spanning large, mid and small cap securities and can be segmented across styles and sectors 15
17 MSCI Frontier Markets Indices Country coverage The MSCI Frontier Markets Indices include 31 countries taking investability requirements into consideration within each market and comprising large, mid and small cap representation 16
18 MSCI International Equity Indices (Country & Market Coverage) 17
19 MSCI ACWI IMI Index 18
20 MSCI Indices Evolution Country Indices Market Reclassification Date* MSCI Israel Index From Emerging to Developed Markets May 2010 MSCI Bangladesh Index From Standalone to Frontier Markets May 2010 MSCI Argentina Index From Emerging to Frontier Markets May 2009 MSCI Pakistan Index** From Standalone to Frontier Markets May 2009 MSCI Trinidad & Tobago Index From Standalone to Frontier Markets May 2009 MSCI Jordan Index From Emerging to Frontier Markets November 2008 MSCI Lithuania Index From Standalone to Frontier Markets November 2008 MSCI Serbia Index From Standalone to Frontier Markets November 2008 MSCI Sri Lanka*** From Standalone to Frontier Markets November 2007 MSCI Venezuela Index**** From Emerging to Standalone May 2006 MSCI Greece Index From Emerging to Developed Markets May 2001 MSCI Portugal Index From Emerging to Developed Markets November 1997 *As of the close of the last business day of the month; **Pakistan was removed from the MSCI Emerging Market Index in December 2008 and maintained as a standalone country index; ***Sri Lanka was removed from the MSCI Emerging Markets Index in June 2001 and maintained as a standalone country index; ****Index was discontinued on January 2,
21 4. Characteristics of Emerging Markets Two important characteristics when valuing assets in EMs Information available about the investment Risk of the investment relative to global markets Size, transparency & liquidity of a market have important implications for state & accessibility of relevant data The quality & amount of available information also varies among emerging countries 20
22 Macroeconomic Characteristics EMs have higher levels of income & financial market depth than FMs; but EMs have lower GDP per capita & lower investable market cap than DMs Difference between EMs & DMs much greater than between FMs & EMs EMs fall just below DMs most are upper-middle income countries (World Bank) & ratio of market cap to GDP is at upper end of economies outside developed world 21
23 Macroeconomic Characteristics (Nominal GDP per Capita for EMs & DMs) CAGR* EM Asia 1,407 2,659 3,743 3,549 5, % EM Latam 2,203 3,325 4,623 3,426 6, % EM Emea 3,069 3,375 4,613 4,848 9, % Emerging Markets 2,226 3,120 4,327 3,941 7, % Europe 13,872 22,084 23,035 23,840 40, % Developed Markets 13,685 19,983 25,149 24,507 35, % 22
24 Macroeconomic Characteristics (Real GDP Growth Rates for EMs & DMs) EM Asia 6.10% 7.00% 6.70% 3.40% 6.30% EM Latam 2.40% 2.30% 4.50% 0.70% 5.60% EM EMEA 3.3% 1.0% 2.9% 3.4% 5.3% Emerging Markets 4.1% 3.6% 4.7% 2.7% 5.8% Europe 2.4% 2.6% 2.6% 3.0% 2.6% Developed Markets 3.1% 2.8% 3.1% 3.0% 3.0% 23
25 Measures of Market Size (Relative market capitalization) EMs highest average market cap relative to FMs No clear pattern between EMs & DMs Clear distinction between FMs & EMs 24
26 Measures of Market Size (No. listed companies & company market cap) 25
27 Measures of Market Size (Openness of a market to foreign investment) S&P/IFCI index tries to capture global exposure of a market stocks legally & practically available to foreign investors Most common restrictions include Special classes of shares for foreign owners Sector ownership restrictions Limits on ownership by a single foreign investor Company ownership limits different from national law National limits on aggregate foreign ownership 26
28 Market Liquidity Tendency towards illiquidity factor that differentiates EMs from DMs Major consideration for investors in EMs liquidity of their financial positions Liquidity ability to get in & out of investments quickly & at low cost 27
29 Transparency, Competitiveness & Corruption Transparency Measure: Opacity Index / O-Factor designed by PwC Competitiveness Measure: International Institute for Management Development (IMD) World Competitiveness Index Corruption Measure: Corruption Perception Index (CPI) provided by Transparency International 28
30 Risk & return characteristics of EMs 29
31 Risk & return characteristics of EMs 30
32 Recommended Readings Hawksworth, J. and Tiwari, A. (2011): The World in The accelerating shift of global economic power: challenges and opportunities. PwC, London Dimitrijevic, M. (2009): Why the phrase emerging markets no longer applies. Financial Times. 31
Emerging Capital Markets AG907
Emerging Capital Markets AG907 M.Sc. Investment & Finance M.Sc. International Banking & Finance Lectures 5 & 6 Ownership Structure in Emerging Capital Markets Ignacio Requejo Glasgow, 2010/2011 Overview
More informationMSCI Global Investable Market Indices Methodology
MSCI Global Investable Market Indices Methodology Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indices Contents Outline of the Methodology Book...
More informationMSCI Global Investable Market Indices Methodology
MSCI Global Investable Market Indices Methodology Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indices Contents Outline of the Methodology Book...
More informationINDEXES INDEX DEFINITIONS. Index Marketing. February 2015
INDEXES INDEX DEFINITIONS Index Marketing February 2015 FEBRUARY 2015 CONTENTS MSCI Regional Equity Indexes... 3 MSCI Index Variants... 7 Definition of Terms for MSCI Indexes... 9 MSCI.COM PAGE 2 OF 12
More informationMSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes June 2016 JUNE 2016 CONTENTS
More informationINVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets
INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions
More informationExpert Series: FTSE vs. MSCI: Vanguard's Switch And What It Means To Investors. Sponsored by:
Expert Series: FTSE vs. MSCI: Vanguard's Switch And What It Means To Investors Sponsored by: Speakers: Matt Hougan President of ETF Analytics, Global Head of Editorial IndexUniverse Joel Dickson Senior
More informationThe Emerging Markets The Evolving View From a Developed Perspective
The Emerging Markets The Evolving View From a Developed Perspective CFA Society Pittsburgh May 22, 2014 John Parsons Partner & Manager, Institutional Marketing MSCI Classification of Global Equity Markets
More informationQuantitative investing in upcoming emerging markets
WHITE PAPER July 14, 2014 For professional investors Quantitative investing in upcoming emerging markets Consequences of the recent upgrade of Qatar and UAE to emerging markets Wilma de Groot, CFA Weili
More informationInvesting in frontier markets with a high dividend strategy: the best of both worlds
Investing in frontier markets with a high dividend strategy: the best of both worlds In 1996 the World Bank-related International Finance Corporation introduced the term Frontier Markets. tend to be low-income
More informationMarket Reclassification Implementation Q&A
Market Reclassification Implementation Q&A On June 11, 2013 MSCI announced the results of the 2013 Annual Market Classification Review. The purpose of this document is to address commonly asked questions
More informationEmerging Markets Value Stock Fund
SUMMARY PROSPECTUS PRIJX March 1, 2016 T. Rowe Price Emerging Markets Value Stock Fund A fund seeking long-term growth of capital through investments in undervalued stocks of companies in emerging market
More informationHow To Explain Euro Area Imbalances
GLOBAL IMBALANCES, CAPITAL FLOWS, AND THE CRISIS Gian Maria Milesi-Ferretti International Monetary Fund Global imbalances have declined.. Even though stock positions are still expanding 20 15 Net foreign
More informationVIP Benchmark Glossary
VIP Benchmark Glossary Benchmark descriptions in this document are effective as of December 12, 2014. A benchmark is an industry-standard method to measure the overall performance of specific types of
More informationEmerging Market Volatility
EGA Wealth Management Expert Series Emerging Market Volatility Remedies for the Chronically Underweight Wealth managers often contemplate aligning emerging market (EM) allocations with global market capitalization
More informationStock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014
Stock Exchanges Holiday Schedule Availability for Single Stock Futures Contracts for the remainder of 2014 Single Stock Futures Contracts will not be available for trading on those days where the stock
More informationFEDERATION INTERNATIONALE DE GYMNASTIQUE
Individual Competitions Qualifications C-I 22, 23, 24 and 25 September 2014 1st day of qualification 2nd day of qualification 3rd day of qualification 4th day of qualification 22 September 2014 23 September
More informationClassifying South Korea as a Developed Market
WHITE PAPER REPORT FTSE PUBLICATIONS Classifying South Korea as a Developed Market JANUARY 2013 Christopher Woods Managing Director, Governance & Policy, FTSE The success of FTSE s market indices is founded
More informationDow Jones Titans Indices Methodology
Dow Jones Titans Indices Methodology March 2014 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 4 Highlights and Index Family 4 Eligibility Criteria and Index Construction 7 Dow
More informationInternational Equity Investment Options for 401(k) Plans
International Equity Investment Options for 401(k) Plans Considerations for Plan Sponsors Authored by: Adam D. Brown, T. Rowe Price Defined Contribution Investment Specialist Executive Summary T. Rowe
More informationThe Emerging Markets Update
The Emerging Markets Update 2015 Review and 2016 Perspectives EGA Investment Strategy Commentary January 2016 155 W 19th St. New York, NY 10011 +1 888 800 4347 emergingglobaladvisors.com 1 THE EMERGING
More informationCONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES
THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure
More informationCategory Definitions
Category Definitions Thailand Morningstar Methodology Paper October 2014 Introduction The Morningstar Categories for funds in the Thailand universe were first established in the year 2009 to help investors
More informationTHE NT EUROPE (EX-UK) EQUITY INDEX FUND SUPPLEMENT TO THE PROSPECTUS DATED 17 NOVEMBER 2014 FOR NORTHERN TRUST INVESTMENT FUNDS PLC
THE NT EUROPE (EX-UK) EQUITY INDEX FUND SUPPLEMENT TO THE PROSPECTUS DATED 17 NOVEMBER 2014 FOR NORTHERN TRUST INVESTMENT FUNDS PLC 1 2 Supplement dated 17 November 2014 to the Prospectus dated 17 November
More informationPublic Equity Portfolio Overview May 29, 2013
Public Equity Portfolio Overview May 29, 2013 Agenda Equity Markets Overview Portfolio Profile Portfolio Structure Activities/Accomplishments Global Equity Initiatives Hedged Equity Portfolio 2 General
More informationMEDAL STANDINGS. WU23CH Racice, Czech Republic 23-26 July 2009. As of SUN 26 JUL 2009. INTERNET Service: www.worldrowing.com.
MEDAL STANDINGS As of SUN 26 JUL 2009 Men G S B Total Women G S B Total Total G S B Total 1 GER - Germany 3 3 3 9 2 3 1 6 5 6 4 15 1 2 NZL - New Zealand 3 3 1 1 3 1 4 3 3 ITA - Italy 2 1 1 4 1 1 2 2 1
More informationMSCI Announces the Results of the 2011 Annual Market Classification Review
MSCI Announces the Results of the 2011 Annual Market Classification Review Geneva June 21, 2011 MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, including indices,
More informationOECD Health Data 2012 U.S. health care system from an international perspective
OECD Health Data 2012 U.S. health care system from an international perspective Released on June 28, 2012 http://www.oecd.org/health/healthdata Why is the US health spending so high? 5 388 5 270 5 056
More informationOctober 2007. Trust in Advertising. a global Nielsen
October 2007 Trust in Advertising a global Nielsen consumer report Word-of-mouth the most powerful selling tool: Nielsen Survey Traditional Media Advertising Still More Credible Worldwide Than Ads on Search
More informationCategory Definitions. Europe/Asia and South Africa Morningstar Methodology Paper April 2015. Ver 8.7
Category Definitions Europe/Asia and South Africa Morningstar Methodology Paper April 2015 Ver 8.7 Contents 1 2 26 34 48 49 53 58 60 61 62 75 Introduction Equity 20 Sector Equity 24 Property Indirect Allocation
More informationGLOBAL LISTED INFRASTRUCTURE
JUNE 2016 GLOBAL LISTED INFRASTRUCTURE A Case for Investing Jeremy Anagnos, CFA Chief Investment Officer - Infrastructure INTRODUCTION Listed appeals to investors in many ways. It has a history of attractive
More informationMSCI CORE REAL ESTATE INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI CORE REAL ESTATE INDEXES METHODOLOGY Index Construction and Maintenance Methodology for the MSCI Core Real Estate Indexes July 2016 JULY 2016 CONTENTS 1 Introduction... 3 2 Eligible
More informationHealth financing policy: performance and response to economic crisis
Division of Health Systems & Public Health Health financing policy: performance and response to economic crisis Tamás Evetovits Head of Office a.i., Senior Health Financing Specialist WHO Barcelona Office
More informationVULNERABILITY OF SOCIAL INSTITUTIONS
VULNERABILITY OF SOCIAL INSTITUTIONS 2 December 2014 Paris Seminar in Demographic Economics Falilou FALL Senior Economist OECD Economics Department 1 Introduction and outline Social institutions and the
More information第 29 届 奥 林 匹 克 运 动 会 乒 乓 球 比 赛 The Games of the XXIX Olympiad PRACTICE SCHEDULE FOR THE DAYS 9 TH 12 TH AUGUST
FOR THE DAYS 9 TH 12 TH AUGUST Peking University Gymnasium Beijing, July 30 th, 2008 Dear Delegates, We keep with the preparation for the Olympic Games and in the next 4 pages you may find the practice
More informationRules-Based Investing
Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:
More informationPOLAND Modern and Strong Economy
POLAND Modern and Strong Economy Business opportunities for Korean companies in Poland Consulate General of the Republic of Poland in Istanbul Mr Grzegorz Rybarski 1st Counsellor/Consul Filip Hewelke Embassy
More informationThe Macroeconomic Implications of Financial Globalization
The Macroeconomic Implications of Financial Globalization Eswar Prasad, IMF Research Department November 10, 2006 The views expressed in this paper are those of the author(s) ) only, and the presence of
More informationShould U.S. Investors Hold Foreign Stocks?
FEDERAL RESERVE BANK OF NEW YORK IN ECONOMICS AND FINANCE March 2002 Volume 8 Number 3 Should U.S. Investors Hold Foreign Stocks? Asani Sarkar and Kai Li U.S. investors have traditionally been reluctant
More informationLucerne, Switzerland 13th-15th July 2007 OVERALL STANDING
OVERALL STANDING Rk Nation Pts. LinzAmster. Lucern W1x M1x W2- M2- W2x M2x M4- LW2x LM2x LM4- W4x M4x W8+ M8+ 1 GBR 161 62 40 59 6 4 4 6 6 3 5 8 8 1 4 4 2 GER 112 47 32 33 6 5 6 4 6 6 3 CHN 101 38 58 5
More informationInvesting in Emerging Markets It Is Not What It Used To Be
Investing in Emerging Markets It Is Not What It Used To Be Brian J. Gibson, CFA Senior Vice President, Public Equities Alberta Investment Management Corporation Background and History Over the decades,
More informationFÉDÉRATION INTERNATIONALE DE GYMNASTIQUE. 22 nd FIG TRAMPOLINE GYMNASTICS WORLD AGE GROUP COMPETITIONS Sofia (BUL) - 14-17 November 2013.
FÉDÉRATION INTERNATIONALE DE GYMNASTIQUE 22 nd FIG TRAMPOLINE GYMNASTICS WORLD AGE GROUP COMPETITIONS Sofia (BUL) - 14-17 November 2013 Draw of Lots Individual Trampoline Boys GROUP 4 GROUP 5 St. N Fed.
More informationSummary of Quota allocation as per 23.12.2013
Nation Summary of Quota allocation as per 23.12.213 AL CC JP NK FS SB Quota Quota Quota Quota Quota Quota Total ALB 1 1 ALG 1 1 AND 4 1 1 6 ARG 8 1 9 ARM 1 3 4 AUS 5 3 18 13 39 AUT 19 7 7 5 7 17 62 AZE
More informationRules-Based Investing
Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:
More informationCategory Definitions. Europe/Asia and South Africa Morningstar Methodology Paper October 2014. Ver8.4
Category Definitions Europe/Asia and South Africa Morningstar Methodology Paper October 2014 Ver8.4 Contents 1 2 26 33 46 47 51 56 58 59 60 73 Introduction Equity 20 Sector Equity 24 Property Indirect
More informationDow Jones Titans Indices Methodology
Dow Jones Titans Indices Methodology S&P Dow Jones Indices: Index Methodology May 2016 Table of Contents Introduction 3 Highlights and Index Family 3 Eligibility Criteria and Index Construction 5 Dow Jones
More informationIncorporating Environmental, Social, and Governance (ESG) into the Investment Process
August 212 Incorporating Environmental, Social, and Governance (ESG) into the Investment Process Jeffrey A. Urbina, CFA, Partner Portfolio Manager The UN Principles of Responsible Investing Aspirational
More informationIOOF QuantPlus. International Equities Portfolio NZD. Quarterly update
IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure
More informationDecember 2012. Emerging Markets Small Cap: The Undiscovered Frontier
December 212 Emerging Markets Small Cap: The Undiscovered Frontier 1 23481 The EM Small Cap Opportunity Set Global Small Cap Universe Number of Companies Emerging markets small cap comprises approximately
More informationLazard EMERGING MARKETS EQUITY
FEATURING Lazard EMERGING MARKETS EQUITY Currently, emerging-markets equities (as measured by the MSCI Emerging Markets Index) have generated higher financial productivity and carry an almost 20 percent
More informationCountry tables. Change making it more difficult to do business. Reform making it easier to do business
Country tables Afghanistan South Asia GNI per capita (US$) 680 Ease of doing business rank (1 189) 177 Overall distance to frontier (DTF) score (0 100) 40.58 Population (m) 31.3 Starting a business (rank)
More informationLaw and Finance: Would Improved Investor Protection help the ECMU?
Law and Finance: Would Improved Investor Protection help the ECMU? Professor Florencio Lopez de Silanes EDHEC Business School U.S. National Bureau of Economic Research October, 2015 Brussels Why do some
More informationTime to Invest in Frontier Market Stocks? By Susan Weiner July 1, 2008
Time to Invest in Frontier Market Stocks? By Susan Weiner July 1, 2008 If you remember China 20 years ago, you get a sense of the potential for frontier markets today. These were the words of Larry Speidell,
More informationNew Insights into the Case for Emerging Market Equities
www.brandes.com/institute New Insights into the Case for Emerging Market Equities The robust economic growth associated with emerging markets has attracted the attention of many institutional and private
More informationCountry and industry factors in returns: evidence from emerging markets stocks
Emerging Markets Review Ž. 1 2000 127 151 Country and industry factors in returns: evidence from emerging markets stocks Ana Paula Serra CEMPRE, Faculdade de Economia do Porto, Portugal Received 21 February
More informationProspectus. Morgan Stanley SICAV
Morgan Stanley Investment Management Prospectus Morgan Stanley SICAV August 4 The Company and the Funds 6 Investment objectives and policies 16 Risk factors 18 Fund transactions 19 Net asset value 22 Publication
More informationIS THERE SUCH A THING AS HAVING TOO MUCH CASH? An Examination of the Links Between Cash Usage and Bad Behavior
IS THERE SUCH A THING AS HAVING TOO MUCH CASH? BY HUGH THOMAS AND KEVIN MELLYN An Examination of the Links Between Cash Usage and Bad Behavior Anyone who has ever negotiated a purchase knows why it might
More informationResearch & Analytics. Low and Minimum Volatility Indices
Research & Analytics Low and Minimum Volatility Indices Contents 1. Introduction 2. Alternative Approaches 3. Risk Weighted Indices 4. Low Volatility Indices 5. FTSE s Approach to Minimum Variance 6. Methodology
More informationFTSE Global Small Cap Index
FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving
More informationIndexes and ETFs. Rohtas Handa July 2010
Indexes and ETFs Rohtas Handa July 2010 Outline Understanding investor objectives Evolution of indices for ETFs Benchmarking has evolved from roots in academia ETF case studies How will indices change
More informationEmerging Markets Local Currency Debt and Foreign Investors
Emerging Markets Local Currency Debt and Foreign Investors Recent Developments Daniela Klingebiel Pension & Endowments Departments Nov. 20, 2014 Outline Structural trends in emerging markets (EM) external
More informationrisk management Insights on... Asset Allocation Trends & Challenges An evaluation of changing asset allocations from 2001 to 2011.
Insights on... risk management Asset Allocation Trends & Challenges An evaluation of changing asset allocations from 2001 to 2011. The chaos of 2008 and early 2009 yielded to relative financial stability
More informationComparing Levels of Development
2 Comparing Levels of Development Countries are unequally endowed with natural capital. For example, some benefit from fertile agricultural soils, while others have to put a lot of effort into artificial
More informationMacro trends in asset management flows
Macro trends in asset management flows Trends & Morningstar Fund Summit 26 February 2014 Key concepts on asset managers valuation The value of an asset manager can be defined as the net present value of
More informationRecent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013
Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for
More informationVerdict Financial: Wealth Management. Data Collection and Forecasting Methodologies
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global
More informationAverage Annualized Return as of 11/30/2015 1. YTD 1 Year 3 Years 5 Years
Investment Options at a glance Current performance may be lower or higher than performance data shown. Performance data quoted represents past performance and is not a guarantee or prediction of future
More informationInvesting on Business Climate and Reform in Emerging Markets: An Equity Portfolio Performance Evaluation
Investing on Business Climate and Reform in Emerging Markets: An Equity Portfolio Performance Evaluation Facundo Martin, Camilo Mondragón-Vélez and Laura Vila International Finance Corporation World Bank
More informationB Financial and Human Resources
Chapter B Financial and Human Resources Invested In Education Education at a Glance OECD 2011 203 chapter B Classification of al expenditure Educational expenditure in this chapter is classified through
More informationtrading the index September/October 2012 www.indexuniverse.eu/joi
www.indexuniverse.eu/joi trading the index September/October 2012 Trading Costs And Index Design Konrad Sippel Index Tradeability Xiaowei Kang and Daniel Ung An Index Impact Analysis Gareth Parker ETF
More informationA DEA STUDY OF TELECOMMUNICATIONS SERVICES IN OECD COUNTRIES
A DEA STUDY OF TELECOMMUNICATIONS SERVICES IN OECD COUNTRIES Gabriel Tavares RUTCOR, Rutgers University, 640; Bartholomew Road, Piscataway, NJ 08854-8003, USA. Email: gtavares@rutcor.rutgers.edu Carlos
More informationInternational comparisons of road safety using Singular Value Decomposition
International comparisons of road safety using Singular Value Decomposition Siem Oppe D-2001-9 International comparisons of road safety using Singular Value Decomposition D-2001-9 Siem Oppe Leidschendam,
More informationEsteban Pérez Caldentey Development Studies Section Economic Commission for Latin America and the Caribbean (ECLAC)
The Challenge of Financing Business in Latin America and the Caribbean The Future of the Financial Services Industry after the Crisis 14th Caribbean Business Executive Seminar Port-of of-spain, Trinidad
More informationDeutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research
The Pacific Alliance A bright spot in Latin America May 2014 Agenda 1 2 3 What is it about? Combined strengths Challenges ahead 1 What is it about? A next generation free trade agreement Mexico Colombia
More informationExcerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services
Excerpt Sudan Fixed Telecommunications: Low Penetration Rates Get a Boost from Broadband Internet and VoIP Services This report is part of Pyramid Research s series of Africa & Middle East Country Intelligence
More informationInternational Investing get the facts
International Investing get the facts How You Can Learn More About Foreign Companies and Markets PRESENTED BY: United States Securities and Exchange Commission Division of Corporation Finance mutual funds
More informationI N T E R N A T I O N A L S K A T I N G U N I O N
I N T E R N A T I O N A L S K A T I N G U N I O N Communication No. 1825 Judges Draw by number for ISU Figure Skating Championships 2014 Further to Rule 582, Rule 660 and Rule 972 of the ISU Special Regulations
More informationSPDR S&P Software & Services ETF
SPDR S&P Software & Services ETF Summary Prospectus-October 31, 2015 XSW (NYSE Ticker) Before you invest in the SPDR S&P Software & Services ETF (the Fund ), you may want to review the Fund's prospectus
More informationTRADE WATCH DATA JANUARY T RVSFRRTVL
Public Disclosure Authorized TRADE WATCH DATA JANUARY T RVSFRRTVL Public Disclosure Authorized A C F D H T W B DECRG Public Disclosure Authorized Public Disclosure Authorized *TRADE WATCH is a monthly
More informationStrategy Insights. Moving toward an all-market approach to investing in China
Strategy Insights Moving toward an all-market approach to investing in China As China transitions from an economy that is driven by manufacturing to one led by its consumers, we are seeing the Chinese
More informationGround Rules. FTSE EPRA/NAREIT Global Real Estate Index Series v6.7
Ground Rules FTSE EPRA/NAREIT Global Real Estate Index Series v6.7 ftserussell.com December 2015 Contents 1.0 Introduction... 4 2.0 Statement of Principles... 6 3.0 Management Responsibilities... 7 4.0
More informationCountry tables. Reform making it easier to do business Reform making it more difficult to do business
145 Country tables AFGHANISTAN South Asia GNI per capita (US$) 585 Ease of doing business (rank) 168 Low income Population (m) 35.3 Starting a business (rank) 28 Registering property (rank) 174 Trading
More informationTD Mutual Funds Fund Profiles
TD Mutual Funds Fund Profiles Global Equity Funds TD Global Low Volatility Fund TD Global Dividend Fund TD Global Value Fund TD Global Growth Fund July 27, 2011 TD Global Equity Portfolio TD Global Multi-
More informationFIFA Big Count 2006: 270 million people active in football
FIFA 270 million people active in football There are now 265 million footballers (male and female) worldwide and 270 million people are actively involved in football if referees and officials are included.
More informationInternational Equities: Another Turn of the Wheel
International Equities: Another Turn of the Wheel May 6, 2015 by David Ruff of Forward Investing Non-U.S. equities have recently surged after a long spell of underperformance. Does this signal a new market
More informationIntereffekt Frontier Markets. High Dividend Strategies. Frontier Markets Team February 2015
Intereffekt Frontier Markets High Dividend Strategies Frontier Markets Team February 2015 Intereffekt Global Frontier High Dividend Funds Frontier Markets Team: Wytze Riemersma Marco Balk Tau van Ngo CIO
More informationMSCI Dividend Masters Indexes Methodology
Index Methodology MSCI es Methodology July 2014 msci.com Contents 1 Introduction... 3 2 Index Construction Methodology... 3 Section 2.1: Applicable Universe... 3 Section 2.2: Security Selection... 3 Section
More informationTHE NT EUROPE (ex-uk) EQUITY INDEX FUND
THE NT EUROPE (ex-uk) EQUITY INDEX FUND 1 2 02 Supplement to the Prospectus Northern Trust Investment Funds plc THE NT EUROPE (ex-uk) EQUITY INDEX FUND 3 This Supplement contains specific information in
More informationAppendix. Appendix Figure 1: Trends in age-standardized cardiometabolic (CVD and diabetes) mortality by country.
Appendix Appendix Figure 1: Trends in age-standardized cardiometabolic (CVD and diabetes) mortality by country. Men Age standardized cardiometabolic death rate per 100,000 800 700 600 500 400 300 200 800
More informationDECODING CAPITAL MARKETS UNION
INVESTOR NEWSLETTER ISSUE N 3 FALL 2005 DECODING CAPITAL MARKETS UNION MEASURING THE POTENTIAL FOR GROWTH ACROSS EUROPE S FRAGMENTED CAPITAL MARKETS June 2015 by William Wright and Laurence Bax > Encouraging
More informationDECODING CAPITAL MARKETS UNION
INVESTOR NEWSLETTER ISSUE N 3 FALL 2005 www.newfinancial.eu DECODING CAPITAL MARKETS UNION MEASURING THE POTENTIAL FOR GROWTH ACROSS EUROPE S FRAGMENTED CAPITAL MARKETS June 2015 by William Wright and
More informationVersion 5.8 June 2014 GROUND RULES FOR THE FTSE EPRA/NAREIT GLOBAL REAL ESTATE INDEX SERIES
GROUND RULES FOR THE FTSE EPRA/NAREIT GLOBAL REAL ESTATE INDE SERIES TABLE OF CONTENTS 1.0 Introduction 2.0 Statement of Principles 3.0 Status of Real Time Indices 4.0 Management Responsibilities 5.0 Algorithms
More informationNASDAQ OMX MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS
MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS JOIN THE WORLD S MOST RECOGNIZED BRANDS Listed Companies 2 OUR GLOBAL LISTINGS BUSINESS 8 LISTING OPPORTUNITIES U.S. NORDICS BALTICS LISTINGS
More informationBMO Global Asset Management (Asia) Limited 11 February 2016
Product Key Facts BMO MSCI EUROPE QUALITY HEDGED TO USD ETF BMO Global Asset Management (Asia) Limited 11 February 2016 Quick facts This is an exchange traded fund. This statement provides you with key
More informationCross-country comparison of health care system efficiency
Cross-country comparison of health care system efficiency Isabelle Joumard, OECD, Economics Department IMF conference, June 21, 2011 Public Health Care Reforms: Challenges and Lessons for Advanced and
More informationContact Centers Worldwide
A Contact Centers Worldwide Country Tel.no. Supported lang. Contact Center Albania Algeria 852 665 00 +46 10 71 66160 Angola 89900 +34 91 339 2121 (Port) and Portuguese +34 913394044 +34 913394023 (Por)
More informationWhat Every Investor Needs to Know About Investing Internationally
S T R A T E G I C G L O B A L A D V I S O R S, L L C What Every Investor Needs to Know About Investing Internationally In this report, you will discover what every investor needs to know about international
More informationGraduation Day: The Broadening Opportunity Set of MSCI Emerging Markets
Graduation Day: The Broadening Opportunity Set of MSCI Emerging Markets Last week, as students across the United States marched in commencement ceremonies, MSCI acknowledged the possible future inclusion
More informationComposition of Premium in Life and Non-life Insurance Segments
2012 2nd International Conference on Computer and Software Modeling (ICCSM 2012) IPCSIT vol. 54 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V54.16 Composition of Premium in Life and
More informationGovernment Pension Fund Global strategic benchmark index for equity investments
Finansdepartementet Boks 8008 Dep. 0030 Oslo Date: 2 February 2012 Your ref.: Our ref.: Government Pension Fund Global strategic benchmark index for equity investments In this letter, Norges Bank provides
More information