Opportunities in Emerging Markets: Investing in the Economies of Tomorrow -- Copyright -- Contents -- Preface -- Selected List of Acronyms -- Part One: On the Selection and Classification of Developing Markets -- Chapter 1: On Developing Markets in General -- The Notion of Developing Markets -- The Nature and Structure of Emerging Markets -- The Spectacular Rise of Developing Markets -- Practical Perspective on Frontier Economies -- Some Factors to Consider in Frontier Markets -- Price Discovery -- Liquidity and Front-Running Liquidity -- Noncorrelation -- Conducting Research in Frontier Markets -- Conclusion -- Chapter 2: Developing Market Classifications and Categorizations -- Investable Emerging Market Classifications -- Standard & Poor's (S&P) -- FTSE International Country Classification -- MSCI Emerging Markets Index -- Dow Jones Emerging Markets -- Bloomberg Emerging Market Ranking -- BlackRock -- iShares/BlackRock -- Lipper/Thomson Reuters -- Rising Star -- HSBC Emerging Markets Index -- Goldman Sachs-Growth Environment Scores -- Morgan Stanley-Emerging Market Universe -- STOXX-Emerging Markets Index -- Frontier Market Categorizations -- S&P -- FTSE -- MSCI -- Morgan Stanley-Frontier Market Universe -- Bloomberg Emerging Market Ranking -- NASDAQ OMX -- Bank of New York Mellon -- Conclusion -- Chapter 3: Considerations on Emerging and Frontier Market Classifications -- Consequences of Classifications -- Issues with Classifications -- Lack of Differentiation between Investable Economies and Investable Securities -- Bias toward Large and Accepted Stock Markets -- The Dilemma of Country Classifications -- A Potential Leap in Classifications -- Indexing and Passive Investment: The Asian Investor Perspective -- Respondents' Usage and Perception of Standard Market Indexes.

Defining the Index Universe: Indexes for Subsegments of a Broader Universe -- Conclusion -- Chapter 4: Alternatives on Selecting Investable Developing Economies -- Investor Factors of Importance -- Essential Economic Freedoms -- Global Competitiveness -- Doing Business -- Governance Indicators -- Financial Centers Ranking -- Global Manufacturing Competitiveness -- Stock Market Aspects -- Conclusion -- Chapter 5: Private Equity Flows as a Lead Indicator -- Private Equity Flows: The Next Wave of Investable Markets -- Private Equity as Lead Indicator -- Emerging Markets Private Equity in Practice -- Enabling Conditions -- Business Conditions -- The Opportunity -- Risks -- Conclusion -- Chapter 6: A Different Selection of Investable Markets -- Part Two: The Investment Case for Developing Markets -- Chapter 7: Emerging Markets Investments-Short Term or Secular Theme -- The Confounded State of Industrial Nations -- Key Issues -- Global Trade -- Self-Generated Growth -- Competitiveness under Review -- Availability of Production Factors -- Consumer Developments -- Financial Crisis Uncovers Vulnerabilities -- Change in Global Power Balance -- The Rise and Fall of Superpowers -- Emerging Markets on the Growth Path -- Driving Framework Conditions -- Global Redistribution Has Only Started -- Conclusion -- Chapter 8: A Case for Frontier Markets -- New, Yet Familiar Territory -- The Evolution of Today's Mainstream Emerging Markets Provides a Roadmap -- Our Expanded Frontier Markets Universe -- Drawing from Experience -- Key Drivers of the Frontier Markets Opportunity Set -- Faster Growth -- Favorable Demographics -- Shrinking Current Account Deficits -- Lower Debt Levels -- Increased Foreign Direct Investment -- Integration with the Global Economy -- The Benefits of Technology -- The Benefits of Education -- Attractive Market Valuations -- Inefficient Markets.

Low Correlation to Other Markets -- Risks to Investing in Frontier Markets -- Market Illiquidity -- Inflation -- Political Risk -- Corruption and Investor Protection -- Systemic Risk Events That Stem from Developed Markets -- Conclusion -- Chapter 9: Subcontinents: Sub-Saharan Africa and Southeast Asia -- The Investment Case for Africa -- Investment Dynamics -- Correlations of African Markets to South Africa -- Fast-Paced Economic Growth -- Urbanization -- Improving Business Operating Conditions and Economic Stewardship -- Practical Aspects of the Africa Opportunity -- South and Southeast Asia Frontiers: Opportunities Abundant -- Why Invest in Asia Frontier Markets Today? -- Rapid Growth -- Youthful Population -- Low External Debt as a Percentage of GDP -- Globalization -- Market Valuations -- MSCI Inefficient Markets -- Why Are Stocks Mispriced? -- Lower Portfolio Volatility -- Issues of Concern for Investing in Frontier Markets -- Conclusion -- Chapter 10: Regions: Middle East, GCC, Levant, and North Africa -- The Soft Side of Business in MENA -- Investor Markets in MENA, GCC, North Africa, and Levant -- MENA Business Issues -- MENA Stock Markets -- The Case of Oman: Solid Foundations for Investment -- Oman Stock Market -- United Arab Emirates: Plentiful Business and Capital -- Conclusion -- Part Three: Pragmatic Investing in Developing and Unclassified Markets -- Chapter 11: Investments in China -- Seeing the Whole China Elephant -- The Whole Elephant: Now You See It . . . -- . . . Now You Don't -- China Investing, Chinese-Style -- History-The Tail: How Chinese History Influences Today's Business -- Politics/Policy-The Head and the Brains: How the Chinese Communist Party Runs Business from the Shadows -- Economics/Finance/Business-The Legs: How China State Capitalism Controls the Economy.

Society/Culture-The Heart: How Chinese Society/Culture Affects Analysis and Getting Deals Done -- Military-The Tusks: How the Chinese Military Influences Economic and Business Issues -- The Whole Elephant: How to Evaluate a China Investment -- The Tail-History -- The Head-Politics/Policy and the Tusks-the Army -- The Heart-Society/Culture -- The Legs-Economy/Finance/Business -- Conclusion -- Chapter 12: The Genesis of Markets: Colombia, Mongolia, and Haiti -- Colombia: From Drugs to Investment Destination -- Economic Fundamentals -- Colombia and Its Natural Resources -- Strategic Location -- Colombian Stock Market -- Government -- Taxation -- Main Deficiencies -- Outlook -- Mongolia: Opportunities in the New Frontier -- Inflation and Interest -- Stock Market -- Currency -- Exports and Imports -- Banking -- Mining -- Democracy -- Governance -- Haiti: Out of Tragedy to Future Frontier Market? -- The Unfavorable Starting Position -- The Road to Economic Recovery -- The Economy -- Attraction to Investors -- Investment Facilitation Center and Free Zones -- Trade Liberalization -- Legislative Framework -- Outlook -- Conclusion -- Chapter 13: Nascent Stock Markets: Myanmar, Laos, and Cambodia -- Myanmar: Change toward Long-Term Attraction? -- The Economy -- Stock Market -- Investor and Capital Market Legislation -- Lao People's Democratic Republic: Emerging from Isolation -- Recent Trends in the Lao Economy -- Foreign Investment Surge Since 2004 -- Strong Demand for the Resources of Laos -- Integration within ASEAN and with China -- Favorable Demographics: Laos Is Young and Hungry -- Overseas Lao: Providing Needed Capital and Entrepreneurial Expertise -- Laos Securities Exchange (LSX) -- Current Publicly Traded Securities: Eléctricité du Laos Generating Co. (EDL) -- IPO Pipeline -- Kingdom of Cambodia: A New Market -- Recent Trends in the Economy.

Cambodia Securities Exchange (CSX) -- First IPO: Phnom Penh Water Supplies (PPWSA) -- IPO Pipeline -- Conclusion -- Chapter 14: Credit and Real Estate Markets in Emerging Economies -- Credit Markets of Emerging Central and Eastern Europe -- The Recent History of CE and SEE Emerging Markets -- A Bird's-Eye Glance at the Credit Situation in the Region -- The Vienna Initiative as Response to CE and SEE Emerging Markets -- How Did CE and SEE Countries Fare on an Individual Basis? -- What Is the Effect on the Banking Systems of the Region? -- The Banks' Reaction to the Situation in the CE and SEE Credit Markets -- Do Banks in the Region Have a Uniform Policy to Deal with the Situation? -- Why Can the Situation Not Be Resolved Faster? -- Real Estate Market in the Mekong Region -- Thailand -- Vietnam -- Cambodia -- Lao People's Democratic Republic -- Myanmar -- Conclusion -- Chapter 15: Critical Business Issues in Developing Markets -- The Importance of Being Earnest: The UK Bribery Act Globally -- Drivers behind the New Act and the International Perspective -- Structure of the Act -- A Comparison of the US Foreign Corrupt Practices Act and the UK Bribery Act 2010 -- Information Technology in Developing Markets -- The Characteristics of Analytical Data -- Qualitative Factors -- Environmental Factors -- Volumes -- Analysis Tools -- Data for Analysis -- Conclusion -- Chapter 16: Operating in Emerging Markets -- The Substance of Marketing in Developing Markets -- Corruption Utile -- Business Styles and Requirements -- The Role of Business Styles -- A Question of Attitudes-East and West -- A Question of Time -- A Problem of Attention -- Differences in Verbal Communication -- The Gap in Nonverbal Communication -- Finalizing Agreements over Drinks and a Meal -- Manners Maketh the Businessman -- Conclusion -- About the Author and Editor -- About the Contributors.

Noël Amenc.