Advances in International Investments : Traditional and Alternative Approaches.

By: Fung, Hung-GayContributor(s): Xu, Xiaoqing Eleanor | Yau, JotMaterial type: TextTextPublisher: Singapore : World Scientific Publishing Co Pte Ltd, 2008Copyright date: ©2008Description: 1 online resource (309 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9789812770363Subject(s): Capital movements | International economic relations | Investments, ForeignGenre/Form: Electronic books.Additional physical formats: Print version:: Advances in International Investments : Traditional and Alternative ApproachesDDC classification: 332.673 LOC classification: HG4538 -- .A48 2008ebOnline resources: Click to View
Contents:
Intro -- Contents -- Dedication -- Preface -- About the Editors -- List of Contributors -- Part I: General Issues of International Investments -- Chapter 1: International Investment: Current State and Challenges from the US Perspective Hung-Gay Fung, Xiaoqing Eleanor Xu and Jot Yau -- 1. Introduction -- 2. International Portfolio Investment Flows -- 2.1 Pattern of International Capital Flows -- 2.2 Costs and Benefits of International Capital Flows -- 2.2.1 Economic Growth -- 2.2.2 Cost of Capital -- 2.2.3 Increased Financial Linkages -- 2.3 Home Bias -- 2.4 Development of New Markets and Globalization -- 3. Foreign Portfolio Investments in the US -- 4. Conclusions -- References -- Chapter 2: Socially Responsible Investing: Growth and Development in International Financial Markets Sheryl A. Law and Jot Yau -- 1. Introduction -- 2. What is SRI? -- 2.1 Why SRI? -- 2.1.1 Client Mandates: Financial and Non-Financial -- 2.1.2 Voting of Proxies -- 2.1.3 Long-Term Investment Horizons -- 3. SRI Screening Strategies and Indices -- 3.1 Screening Strategies -- 3.1.1 Exclusionary Screens -- 3.1.2 Inclusive Screens -- 3.2 SRI Indices -- 4. The Growth of SRI in the International Financial Markets -- 4.1 The Growth of SRI -- 4.2 Drivers of Growth -- 4.2.1 Business Case -- 4.2.2 Regulations -- 4.2.3 Engagement of Institutional Investors -- 4.3 Obstacles to the Growth of SRI: Under Developed Financial Markets -- 5. Other Supporting Factors for the Growth of SRI -- 5.1 Increasing Corporate Non-Financial Reporting -- 5.2 Emergence of Standards and Guidance Frameworks -- 5.3 Involvement of International Non-Governmental Organizations and Research Groups -- 6. Concluding Remarks -- References -- Part II: Traditional Investments -- A. Global Equity Investments -- Chapter 3: Global Equity Investments and Analysis Louis T. W. Cheng -- 1. The New Challenge.
2. Chapter Design -- 3. The Role of International Equity in a Portfolio -- 3.1 Increasing Linkage of Global Equity Markets -- 3.2 Home Bias and International Investments -- 3.3 Investment Culture and International Investments -- 4. The Channels for International Equity Investments -- 4.1. Institutional Investors and Their Role in International Equity Investments -- 4.2 International Markets and Investment Channels -- 5. Investment Strategies for International Equity -- 5.1 Asset Allocation -- 5.1.1. Strategic Asset Allocation -- 5.1.2 Tactical Asset Allocation -- 5.1.3 Dynamic Asset Allocation -- 5.2 Measuring Performance of Asset Allocation Strategies -- 5.2.1 Alpha -- 5.2.2 Tracking Error -- 5.2.3 Information Ratio -- 5.2.4 Hit Ratio -- 5.3 Empirical Evidence of Portfolio Performance due to Asset Allocation -- 5.4 Investment Opportunities in the Global Equity Market -- 5.4.1 Developed Market -- 5.4.2 Emerging Market -- 5.4.3 China -- Appendix 1: International Securities Listed Under the Pilot Program on the Main Board of HKEx (May 4, 2007) -- Appendix 2: List of Fund Categories for Credit Suisse/Tremont Hedge Fund Index -- Appendix 3: Market Capitalization of Selective Stock Markets as at December 2006 -- Appendix 4: Equity Return Performance of Selective Regions and Countries (All Returns are Annualized and Measured by MSCI Indices Ending on June 29, 2007) -- References -- Chapter 4: Exchange-Traded Funds Yiuman Tse -- 1. Introduction -- 2. How Are ETFs Created, Redeemed, and Traded? -- 3. Advantages of ETFs -- 3.1 Asset Allocation -- 3.2 Diversification -- 3.3 Tax Efficiency -- 3.4 Low Expense Ratios -- 4. Recent Developments of ETFs and Conclusions -- References -- B. Global Fixed Income Investments -- Chapter 5: Global Fixed Income Markets and Portfolio Management Xiaoqing Eleanor Xu -- 1. Introduction.
2. The Creation of the Euro and Its Impact on the Global Bond Market -- 3. Securitized Debt and Covered Bonds -- 4. Inflation-linked Bonds -- 5. Emerging Market Bonds -- 6. Risk Management of Global Fixed Income Portfolios -- References -- Part III: Alternative Investments -- Chapter 6: Hedge Funds Jot Yau and Grace K. Yeung -- 1. Introduction -- 1.1 Size and Growth -- 1.2 Private Equity and IPO -- 1.3 From Alpha to Hedge Fund Replication -- 2. Performance of Hedge Funds -- 2.1 Alpha Determination -- 2.2 Performance Measurement Biases20 -- 2.2.1 Survivor Bias -- 2.2.2 Stale Price Bias -- 2.2.3 Backfill Bias -- 2.3 Hedge Fund Indices and Benchmarks -- 2.3.1 Investable Hedge Fund Indices -- 3. Replication of Hedge Fund Returns -- 3.1 Factor-Model Based Replication -- 3.2 Tracking Portfolio Based Replication -- 3.3 Other Approaches to Hedge Fund Replication -- 4. Concluding Remarks -- References -- Chapter 7: International Real Estate Gary A. Patterson -- 1. Overview -- 2. Alternative Investments with International Real Estate -- 3. Motives for Direct Real Estate Investments -- 4. Investment Analysis of International Real Estate -- 5. Return (Yield) Analysis -- 6. Acquisition of Property -- 7. Real Estate Management Decisions -- 8. Differences in Real Estate Ownership Across Countries -- 9. Registration of Ownership -- 10. Impact of Corporate Real Estate on MNCs -- 11. Diversification Benefits -- 12. The Asian-Pacific Financial Crisis of 1997 -- 13. Indirect Real Estate Investment -- 15. Real Estate Investment Trusts (REITs) -- 16. Governance Structure of REITs -- 17. Expansion of International REITs -- 18. International Diversification -- 19. Property Firms -- References -- Books -- Chapter 8: Global Perspectives on Venture Capital and Private Equity Xiaoqing Eleanor Xu -- 1. Introduction -- 2. Global VC and PE Landscape.
3. Private Equity Investments in Europe -- 4. Private Equity Investments in the Asia-Pacific Region -- 5. Summary -- References -- Chapter 9: Managed Futures Aysegul Ates and George H. K. Wang -- 1. Introduction -- 2. General Background on Managed Futures -- 3. Trading Strategies -- 4 The Benefits of Managed Futures -- 5. The Risks of Managed Futures -- 6. Empirical Evidence on the Performance of Managed Futures -- 7. Summary -- References -- Part IV: Derivatives -- Chapter 10: Credit Derivatives: Trends, Challenges and Opportunities Gaiyan Zhang -- 1. Introduction -- 2. Market Developments and New Trends -- 2.1 History of Credit Derivatives -- 2.2 New Trends -- 3. Major Market Participants -- 3.1 Banks -- 3.2 Insurance Firms -- 3.3 Hedge Funds -- 3.4 Insider Information and Adverse Selection -- 4. Major Products -- 4.1 Credit Default Swaps -- 4.2 First Default Basket Products -- 4.3 CDOs -- 4.4 CDS Indices -- 4.5 Other Products -- 5. Risks and Challenges -- 5.1 Liquidity Risk -- 5.2 Operational Risk -- 5.3 Market Risk -- 6. Opportunities -- 6.1 Credit Risk Transfer -- 6.2 Price Discovery -- 6.3 Credit Risk Diversification -- 6.4 Credit Provision -- 6.5 Financial Stability -- 6.6 Opportunities to Individual Investors -- 7. Conclusion -- References -- Chapter 11: Currency Derivatives and Emerging Market Currencies: Strategies, Perspectives, and Trends Anthony L. Loviscek -- 1. Introduction -- 2. Currency Risk and Currency Derivatives -- 3. Hedging Strategies and Perspectives -- 4. Trends in Emerging Markets -- 4.1 Asia -- 4.2 Africa -- 4.3 Eastern and Central Europe -- 4.4 Latin America -- 4.5 Additional Developments -- 5. Additional Trends -- 6. Summary and Additional Perspectives -- References -- Index.
Summary: Key Features:Discusses current hot topics, such as new financial instruments, innovations, and strategiesContributors are experts in various aspects of international investmentsIncludes alternative investments.
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Intro -- Contents -- Dedication -- Preface -- About the Editors -- List of Contributors -- Part I: General Issues of International Investments -- Chapter 1: International Investment: Current State and Challenges from the US Perspective Hung-Gay Fung, Xiaoqing Eleanor Xu and Jot Yau -- 1. Introduction -- 2. International Portfolio Investment Flows -- 2.1 Pattern of International Capital Flows -- 2.2 Costs and Benefits of International Capital Flows -- 2.2.1 Economic Growth -- 2.2.2 Cost of Capital -- 2.2.3 Increased Financial Linkages -- 2.3 Home Bias -- 2.4 Development of New Markets and Globalization -- 3. Foreign Portfolio Investments in the US -- 4. Conclusions -- References -- Chapter 2: Socially Responsible Investing: Growth and Development in International Financial Markets Sheryl A. Law and Jot Yau -- 1. Introduction -- 2. What is SRI? -- 2.1 Why SRI? -- 2.1.1 Client Mandates: Financial and Non-Financial -- 2.1.2 Voting of Proxies -- 2.1.3 Long-Term Investment Horizons -- 3. SRI Screening Strategies and Indices -- 3.1 Screening Strategies -- 3.1.1 Exclusionary Screens -- 3.1.2 Inclusive Screens -- 3.2 SRI Indices -- 4. The Growth of SRI in the International Financial Markets -- 4.1 The Growth of SRI -- 4.2 Drivers of Growth -- 4.2.1 Business Case -- 4.2.2 Regulations -- 4.2.3 Engagement of Institutional Investors -- 4.3 Obstacles to the Growth of SRI: Under Developed Financial Markets -- 5. Other Supporting Factors for the Growth of SRI -- 5.1 Increasing Corporate Non-Financial Reporting -- 5.2 Emergence of Standards and Guidance Frameworks -- 5.3 Involvement of International Non-Governmental Organizations and Research Groups -- 6. Concluding Remarks -- References -- Part II: Traditional Investments -- A. Global Equity Investments -- Chapter 3: Global Equity Investments and Analysis Louis T. W. Cheng -- 1. The New Challenge.

2. Chapter Design -- 3. The Role of International Equity in a Portfolio -- 3.1 Increasing Linkage of Global Equity Markets -- 3.2 Home Bias and International Investments -- 3.3 Investment Culture and International Investments -- 4. The Channels for International Equity Investments -- 4.1. Institutional Investors and Their Role in International Equity Investments -- 4.2 International Markets and Investment Channels -- 5. Investment Strategies for International Equity -- 5.1 Asset Allocation -- 5.1.1. Strategic Asset Allocation -- 5.1.2 Tactical Asset Allocation -- 5.1.3 Dynamic Asset Allocation -- 5.2 Measuring Performance of Asset Allocation Strategies -- 5.2.1 Alpha -- 5.2.2 Tracking Error -- 5.2.3 Information Ratio -- 5.2.4 Hit Ratio -- 5.3 Empirical Evidence of Portfolio Performance due to Asset Allocation -- 5.4 Investment Opportunities in the Global Equity Market -- 5.4.1 Developed Market -- 5.4.2 Emerging Market -- 5.4.3 China -- Appendix 1: International Securities Listed Under the Pilot Program on the Main Board of HKEx (May 4, 2007) -- Appendix 2: List of Fund Categories for Credit Suisse/Tremont Hedge Fund Index -- Appendix 3: Market Capitalization of Selective Stock Markets as at December 2006 -- Appendix 4: Equity Return Performance of Selective Regions and Countries (All Returns are Annualized and Measured by MSCI Indices Ending on June 29, 2007) -- References -- Chapter 4: Exchange-Traded Funds Yiuman Tse -- 1. Introduction -- 2. How Are ETFs Created, Redeemed, and Traded? -- 3. Advantages of ETFs -- 3.1 Asset Allocation -- 3.2 Diversification -- 3.3 Tax Efficiency -- 3.4 Low Expense Ratios -- 4. Recent Developments of ETFs and Conclusions -- References -- B. Global Fixed Income Investments -- Chapter 5: Global Fixed Income Markets and Portfolio Management Xiaoqing Eleanor Xu -- 1. Introduction.

2. The Creation of the Euro and Its Impact on the Global Bond Market -- 3. Securitized Debt and Covered Bonds -- 4. Inflation-linked Bonds -- 5. Emerging Market Bonds -- 6. Risk Management of Global Fixed Income Portfolios -- References -- Part III: Alternative Investments -- Chapter 6: Hedge Funds Jot Yau and Grace K. Yeung -- 1. Introduction -- 1.1 Size and Growth -- 1.2 Private Equity and IPO -- 1.3 From Alpha to Hedge Fund Replication -- 2. Performance of Hedge Funds -- 2.1 Alpha Determination -- 2.2 Performance Measurement Biases20 -- 2.2.1 Survivor Bias -- 2.2.2 Stale Price Bias -- 2.2.3 Backfill Bias -- 2.3 Hedge Fund Indices and Benchmarks -- 2.3.1 Investable Hedge Fund Indices -- 3. Replication of Hedge Fund Returns -- 3.1 Factor-Model Based Replication -- 3.2 Tracking Portfolio Based Replication -- 3.3 Other Approaches to Hedge Fund Replication -- 4. Concluding Remarks -- References -- Chapter 7: International Real Estate Gary A. Patterson -- 1. Overview -- 2. Alternative Investments with International Real Estate -- 3. Motives for Direct Real Estate Investments -- 4. Investment Analysis of International Real Estate -- 5. Return (Yield) Analysis -- 6. Acquisition of Property -- 7. Real Estate Management Decisions -- 8. Differences in Real Estate Ownership Across Countries -- 9. Registration of Ownership -- 10. Impact of Corporate Real Estate on MNCs -- 11. Diversification Benefits -- 12. The Asian-Pacific Financial Crisis of 1997 -- 13. Indirect Real Estate Investment -- 15. Real Estate Investment Trusts (REITs) -- 16. Governance Structure of REITs -- 17. Expansion of International REITs -- 18. International Diversification -- 19. Property Firms -- References -- Books -- Chapter 8: Global Perspectives on Venture Capital and Private Equity Xiaoqing Eleanor Xu -- 1. Introduction -- 2. Global VC and PE Landscape.

3. Private Equity Investments in Europe -- 4. Private Equity Investments in the Asia-Pacific Region -- 5. Summary -- References -- Chapter 9: Managed Futures Aysegul Ates and George H. K. Wang -- 1. Introduction -- 2. General Background on Managed Futures -- 3. Trading Strategies -- 4 The Benefits of Managed Futures -- 5. The Risks of Managed Futures -- 6. Empirical Evidence on the Performance of Managed Futures -- 7. Summary -- References -- Part IV: Derivatives -- Chapter 10: Credit Derivatives: Trends, Challenges and Opportunities Gaiyan Zhang -- 1. Introduction -- 2. Market Developments and New Trends -- 2.1 History of Credit Derivatives -- 2.2 New Trends -- 3. Major Market Participants -- 3.1 Banks -- 3.2 Insurance Firms -- 3.3 Hedge Funds -- 3.4 Insider Information and Adverse Selection -- 4. Major Products -- 4.1 Credit Default Swaps -- 4.2 First Default Basket Products -- 4.3 CDOs -- 4.4 CDS Indices -- 4.5 Other Products -- 5. Risks and Challenges -- 5.1 Liquidity Risk -- 5.2 Operational Risk -- 5.3 Market Risk -- 6. Opportunities -- 6.1 Credit Risk Transfer -- 6.2 Price Discovery -- 6.3 Credit Risk Diversification -- 6.4 Credit Provision -- 6.5 Financial Stability -- 6.6 Opportunities to Individual Investors -- 7. Conclusion -- References -- Chapter 11: Currency Derivatives and Emerging Market Currencies: Strategies, Perspectives, and Trends Anthony L. Loviscek -- 1. Introduction -- 2. Currency Risk and Currency Derivatives -- 3. Hedging Strategies and Perspectives -- 4. Trends in Emerging Markets -- 4.1 Asia -- 4.2 Africa -- 4.3 Eastern and Central Europe -- 4.4 Latin America -- 4.5 Additional Developments -- 5. Additional Trends -- 6. Summary and Additional Perspectives -- References -- Index.

Key Features:Discusses current hot topics, such as new financial instruments, innovations, and strategiesContributors are experts in various aspects of international investmentsIncludes alternative investments.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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