| Introduction |
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ix | |
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1 Why Bother Investing in Emerging Markets? |
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1 | (20) |
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The Bull Market in Global Investing |
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2 | (2) |
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4 | (1) |
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Four Ways to Recognize an Emerging Market |
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5 | (1) |
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6 | (2) |
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The Case for Emerging Markets |
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8 | (4) |
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Five Misconceptions about Emerging Market Stocks |
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12 | (2) |
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Twenty-Five Trends That Will Change the Way You Invest |
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14 | (7) |
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21 | (14) |
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What Is the World's Wealth Made of? |
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21 | (1) |
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How Much Money Is Available around the World for Investment? |
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22 | (2) |
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24 | (3) |
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The Flow of Capital to Emerging Markets |
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27 | (2) |
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29 | |
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What Can We Learn from Looking at Capital Flows? |
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38 | |
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What Causes Capital Flows to Change Direction? |
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30 | (1) |
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The Importance of Liquidity |
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31 | (1) |
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Liquidity and Stock Market Forecasting |
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31 | (1) |
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Potential Problems with Capital Flow |
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32 | (2) |
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Money Flows in the Future |
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34 | (1) |
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3 Where the Action Is in Emerging Markets |
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35 | (34) |
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36 | (11) |
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47 | (9) |
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56 | (7) |
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The Middle East and North Africa |
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63 | (3) |
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66 | (3) |
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69 | (16) |
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The Origins of Global Investing |
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69 | (2) |
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The Rise of Emerging Stock Markets |
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71 | (1) |
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The Rebirth of Global Stock Markets |
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72 | (2) |
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Building a Credible Exchange |
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74 | (1) |
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75 | (2) |
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Stock Market Development and Emerging Market Growth |
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77 | (1) |
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Are These Stock Exchanges Ready for Prime Time? |
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78 | (4) |
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The Key Players in Emerging Stock Markets |
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82 | (1) |
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The Future of Emerging Stock Markets |
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83 | (2) |
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5 ADRs and GDRs: Emerging Market Stocks in the USA |
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85 | (16) |
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How to Invest When You Don't Know Much about Foreign Securities |
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86 | (1) |
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87 | (1) |
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88 | (3) |
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91 | (1) |
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How Companies Benefit from ADRs |
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92 | (1) |
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How Investors Benefit from ADRs |
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93 | (2) |
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95 | (2) |
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Creating an ADR Portfolio |
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97 | (4) |
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6 Privatizations: The Blue Chips of Emerging Market Stocks |
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101 | (20) |
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Chile: Making Privatization Work |
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102 | (1) |
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Why Governments Choose Privatization |
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103 | (2) |
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Good for Investors, But Not Necessarily Good for Citizens |
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105 | (1) |
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What to Watch for When Investing in Privatizations |
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106 | (3) |
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109 | (1) |
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Direct Investment in Privatizations |
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109 | (1) |
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Privatization Around the World |
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110 | (7) |
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The Current Outlook for Privatization |
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117 | (4) |
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7 Bonds: Investing in Emerging Market Debt |
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121 | (16) |
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Whoops! The Banks and Emerging Market Debt |
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122 | (1) |
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122 | (1) |
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Emerging Market Debt: An Overview |
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123 | (3) |
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126 | (2) |
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The Mechanics of Brady Bonds |
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128 | (3) |
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Other Types of Emerging Market Debt |
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131 | (1) |
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Derivatives for Emerging Markets |
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132 | (1) |
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The Risks of Emerging Market Bonds |
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133 | (1) |
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International Credit Ratings |
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134 | (1) |
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Emerging Markets Bond Index |
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134 | (3) |
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8 Currencies: The Hidden Emerging Market Investment |
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137 | (18) |
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Exchange Rates and Emerging Market Investing |
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138 | (1) |
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The Currency Market: A Global Weather Map |
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139 | (1) |
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Purchasing Power: Indicator of Value |
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140 | (2) |
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What Moves the Currency Markets? |
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142 | (2) |
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Currency as an Asset Class |
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144 | (1) |
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Toward a "Convertible" Currency |
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144 | (2) |
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Devaluation and the Market |
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146 | (1) |
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147 | (1) |
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How to Dodge the Fluctuation Bullet |
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148 | (2) |
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150 | (1) |
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151 | (1) |
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A More Prudent Alternative: Foreign CDs |
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151 | (2) |
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A Few Words about Currency Speculation |
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153 | (2) |
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9 Emerging Market Indexes |
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155 | (20) |
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How to Tell if an Index Is Useful |
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156 | (2) |
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158 | (4) |
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Overview of the Major Emerging Market Indexes |
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162 | (1) |
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162 | (5) |
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Morgan Stanley Emerging Market Indexes |
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167 | (3) |
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170 | (1) |
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171 | (1) |
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Investing with Indexes: Passive Management |
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172 | (3) |
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10 Emerging Market Mutual Funds |
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175 | (14) |
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Which Mutual Funds Buy Emerging Market Stocks? |
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176 | (7) |
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Closed-End Single-Country Funds |
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183 | (3) |
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Using Mutual Funds to Build an Emerging Markets Portfolio |
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186 | (3) |
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11 Constructing an Emerging Market Portfolio |
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189 | (14) |
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189 | (2) |
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191 | (6) |
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Special Situations: Investing in Frontier Markets |
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197 | (2) |
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199 | (2) |
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201 | (3) |
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12 Selecting Emerging Market Stocks |
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203 | (24) |
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Growth versus Value Stocks in Emerging Markets |
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204 | (4) |
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Which Works Better in Emerging Markets: Growth or Value? |
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208 | (2) |
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Screening Emerging Market Stocks |
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210 | (5) |
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215 | (2) |
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217 | (4) |
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Emerging Market Checklist |
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221 | (6) |
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227 | (32) |
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The Key Risk Factors in Emerging Market Investing |
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235 | (3) |
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238 | (3) |
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Why Bother Monitoring Country Risk? |
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241 | (8) |
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Do-It-Yourself Risk Analysis |
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249 | (1) |
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Professional Risk Analysis |
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250 | (9) |
| Appendix A Emerging Market ADRs |
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259 | (42) |
| Appendix B Country Profiles |
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301 | (46) |
| Appendix C Emerging Market Web Sites |
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347 | (14) |
| Appendix D Nasdaq Emerging Market Listings |
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361 | (4) |
| Index |
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365 | |
