Selected international investment portfolios

書誌事項

Selected international investment portfolios

edited by James C. Baker

(Series in international business and economics / series editor, Khosrow Fatemi)

Elsevier, 1998

  • : hbk

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注記

Bibliography: p. 187-202

Includes indexes

内容説明・目次

内容説明

This text addresses many of the issues which arise in the funding and settlement of cross-border financial transactions, covering a broad spectrum of the international finance issues encountered in global business operations. Global and regional capital markets are becoming increasingly important. Accounting differences in reporting financial information, and innovations in these financial markets, are examined. Theoretical issues in international finance are addressed by applying a neural network model to the effects of foreign exchange rates, using cluster analysis and Chernoff's faces to explain historical mutual fund performance, and examining the impact of asymmetric information in trade balance announcements on prices of financial assets. Portfolio investment and foreign direct investment are addressed by examining the diversification benefits of reducing risk and enhancing return in selected Latin American capital markets, and the role of various firm-, industry- and country-specific variables which influence the entry mode in foreign markets through foreign direct investment. Foreign exchange, futures, equity and debt markets are explored, including a strategy of borrowing in low interest rate countries and lending in high interest rate countries, foreign exchange issues affecting intra-firm cross-border trade, the risk and return of emerging-market debts relative to emerging-market equities, and the socio-ethical and economic effects of international debt in developing economies. Studies devoted to national issues include an analysis of foreign direct investment in the United States and a study of the financial ratio distribution of Japanese firms.

目次

Contributors. Preface. Part I: Global and Regional Markets. Developing comparable accounting information for global capital markets (A.M. Agami, T. McKee). Financial innovation in emerging markets: a framework for analysis (K.R. Jesswein). Part II: Theoretical Issues. A neural network categorization of stock markets (J.Roy, J-M. Suret). International vs. global mutual funds: multivariate analysis of historical performance (R. Solis). Asymmetric impact of news on asset prices and exchange rates: empirical evidence for balance of trade announcements (R. Aggarwal, D.C. Schirm). Part III: Investments. Evidence on the benefit of portfolio investment in emerging capital markets in Latin America (M.M. Islam, A.J. Rodriguez). Foreign direct investment and entry mode choice: the influence of factors related to information costs (M. Mutineli, L. Piscitello). Part IV: Foreign Exchange and Debt. A risk-adjusted examination of currency-futures speculation (J.A. Stocker, D.L. Rayome). Was the depreciation of the U.S. dollar an effective way to deter the U.S. intra-firm import in the 1980s? (Xiaohong He). Latin America's emerging markets: evidence on debt and equity returns (G. Goswami et al.). Ethical and economical affordability of developing nations' repayment of international debt (K.D. Parhizgar, K.R. Jesswein). Part V: National Studies. Announcement effects of foreign direct investment on stock prices of U.S. firms (D.L. Rayome, J.C. Baker). The spatial distribution of foreign-owned firms in the United States: the current state of knowledge (C.C. Coughlin). Cross-sectional distribution properties of financial ratios in Japanese food and transportation equipment manufacturing industries (G. Meric et al.). References. Author index. Subject index.

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