The Politics of Equity Finance in Emerging Markets

The Politics of Equity Finance in Emerging Markets
Title The Politics of Equity Finance in Emerging Markets PDF eBook
Author Department of Political Science Case Western Reserve University Kathryn C. Lavelle Professor
Publisher Oxford University Press, USA
Pages 296
Release 2004-09-24
Genre Business & Economics
ISBN 9780195174090

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Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.

The Politics of Equity Finance in Emerging Markets

The Politics of Equity Finance in Emerging Markets
Title The Politics of Equity Finance in Emerging Markets PDF eBook
Author Kathryn C. Lavelle
Publisher Oxford University Press
Pages 296
Release 2004-10-14
Genre Business & Economics
ISBN 0190291710

Download The Politics of Equity Finance in Emerging Markets Book in PDF, Epub and Kindle

Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.

Emerging Capital Markets and Globalization

Emerging Capital Markets and Globalization
Title Emerging Capital Markets and Globalization PDF eBook
Author Augusto de la Torre
Publisher World Bank Publications
Pages 232
Release 2006-10-20
Genre Business & Economics
ISBN 0821365444

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Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets
Title Dealing with the Challenges of Macro Financial Linkages in Emerging Markets PDF eBook
Author Otaviano Canuto
Publisher World Bank Publications
Pages 307
Release 2013-10-29
Genre Business & Economics
ISBN 1464800030

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This book deals with the challenges of macro financial linkages in the emerging markets.

The Politics of Equity Finance in Emerging Markets

The Politics of Equity Finance in Emerging Markets
Title The Politics of Equity Finance in Emerging Markets PDF eBook
Author Kathryn C. Lavelle
Publisher
Pages 273
Release 2004
Genre Developing countries
ISBN 9780199835287

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Kathryn C. Lavelle uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock.

Private Equity Investing in Emerging Markets

Private Equity Investing in Emerging Markets
Title Private Equity Investing in Emerging Markets PDF eBook
Author R. Leeds
Publisher Palgrave Macmillan
Pages 0
Release 2015-03-10
Genre Business & Economics
ISBN 9781137435347

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Drawing on the author's four decades of experience as a practitioner and academician working with private equity investors, entrepreneurs, and policymakers in over 100 developing countries around the world, this book uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.

Globalizing Patient Capital

Globalizing Patient Capital
Title Globalizing Patient Capital PDF eBook
Author Stephen B. Kaplan
Publisher Cambridge University Press
Pages 411
Release 2021-07-15
Genre Business & Economics
ISBN 110718231X

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Examines China's overseas financial investments in the developing world, and its impact on national economic policymaking in the Americas.