International Journal of Emerging Markets (Int J Emerg Market)

Publisher: Emerald

Journal description

Comprising a part of the world economy that has approximately 4800 million people and 156 nations, emerging markets represent potentially some of the most important growth opportunities for companies. Among the pantheon of emerging markets, India and China stand out as offering the greatest and most far-reaching changes in distribution and growth of business activity in the contemporary world. The International Journal of Emerging Markets brings together the latest theoretical and empirical management research in emerging markets. IJoEM will offer both contributors and subscribers the opportunity to examine emerging markets from a comprehensive disciplinary and geographical perspective.

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Additional details

5-year impact 0.00
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Website International Journal of Emerging Markets website
Other titles International journal of emerging markets (Online)
ISSN 1746-8809
OCLC 67619938
Material type Document, Periodical, Internet resource
Document type Internet Resource, Computer File, Journal / Magazine / Newspaper

Publisher details


  • Pre-print
    • Author can archive a pre-print version
  • Post-print
    • Author can archive a post-print version
  • Conditions
    • Voluntary deposit by author of author's pre-print or author's post-print allowed on author's personal website or Institutional repository
    • If mandated by a funding agency, the author's post-print may be deposited in any open access repository after a 24 months embargo period
    • Author's pre-print and Author's post-print not allowed on subject-based repository
    • Must link to publisher version with DOI
    • Publisher's version/PDF cannot be used
    • Published source must be acknowledged with set statement
    • Non-commercial
    • Publisher last contacted on 02/04/2013
  • Classification

Publications in this journal

  • No preview · Article · Jan 2016 · International Journal of Emerging Markets
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    ABSTRACT: Purpose – The purpose of this paper is to discuss the role of institutions in emerging markets by sketching out the unique institutional features of these markets and their implications for multinational corporations (MNCs). Design/methodology/approach – The study is conceptual in nature and provides an examination and interrelation of some of the key developments of institution-based research in the context of emerging market studies. Findings – This paper examines several idiosyncratic institutional features of emerging markets, including institutional voids, the relative importance of informal compared to formal institutions, institutional pressures by local governments, as well as institutional change and transitions. Practical implications – The paper discusses key effects and implications of the unique institutional environments of emerging markets for managers of MNCs, such as the relevance and importance of context, political, economic and social adaptability, as well as institutional arbitrage. Social implications – The paper discusses institutional legitimacy pressures in emerging markets for MNCs’ social performance, the relevance and importance of social institutions in these markets, as well as the need for social adaptation in order to successfully do business in emerging markets. Originality/value – This paper provides a current and relevant discussion of the key formal and informal institutional idiosyncrasies of emerging markets compared to developed markets and forwards a number or practical prescriptions for how to navigate these different and unique institutional environments.
    No preview · Article · Jan 2016 · International Journal of Emerging Markets

  • No preview · Article · Jan 2016 · International Journal of Emerging Markets

  • No preview · Article · Sep 2015 · International Journal of Emerging Markets
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    ABSTRACT: Purpose – The purpose of this paper is to examine the performance of Chinese mutual funds during the period of January 2000 to July 2013. Emerging market funds provide investors with alternative risk exposure for their portfolios. The Chinese market has developed rapidly and differs from developed markets regarding wide range of market and economic characteristics, including size, liquidity, and regulation. The performance of these funds is investigated by using various risk adjusted measures. The study also compares performances of mutual fund subgroups and explains the factors influencing their performances. Design/methodology/approach – This is an empirical paper using various risk performance measures. These measures include the Sharpe ratio, Information ratio, Treynor ratio, M-squared and Jensen’s α. The data comprises 1,037 funds. These funds are further divided into ten subgroup of funds based on their classification: equity (484); aggressive allocation (95 funds); conservative allocation (18 funds); moderate allocation (85 funds); aggressive bond (92 funds); normal bond (52 funds); guaranteed (29 funds); money market (53 funds); and QDII funds (119 funds). A cross-sectional analysis of fund performance is performed using Sharpe and Jensen’s measures as dependent variables and fund-specific variables (Age, Turnover, Tenure, Frontload, Redemption fees, and Management fees), market-specific variables (P/E ratio, P/B ratio, Market capitalization), and fund types as independent variables. Findings – The findings show that Chinese funds generate positive αs for their investors. The highest return is provided with aggressive allocation funds followed by moderately aggressive allocation funds. The average Jensen’s α is the highest in aggressive allocation funds. QDII funds do not provide significant positive αs; in several instances αs are negative. Further analysis of sub-periods show that Chinese funds do not consistently provide excess returns and show great variations. The study also finds that older funds, funds with higher fees, high price to book ratio, and smaller funds continue to perform better than other funds. Originality/value – This study adds value by focussing on Chinese funds and risk/return characteristics of these funds. The research will further explore factors explaining these returns.
    No preview · Article · Sep 2015 · International Journal of Emerging Markets
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    ABSTRACT: Purpose – The purpose of this paper is to focus on whether the deviations from the cointegrating relationship possess long memory and the fractional cointegration analyses may capture a wider range of mean-reversion behaviour than standard cointegration analyses. Design/methodology/approach – This paper uses a fractional cointegration technique to test the purchasing power parity (PPP). Findings – The authors found that PPP held, but very weakly, in the long run between the Argentine, Brazil, Chile, Colombia, Indonesia, Korea, Mexico, Thailand and Venezuela and US exchange rate during our floating exchange rate period but that the deviations from it did not follow a stationary process. Nevertheless, it is also found that the deviations from PPP exists and can be characterized by a fractionally integrated process in nine out of 13 countries studied. Originality/value – The findings are consistent with the consensus of the empirical literature, reviewed earlier in this paper, on PPP between Argentine, Brazil, Chile, Colombia, Indonesia, Korea, Mexico, Thailand and Venezuela and the USA.
    No preview · Article · Sep 2015 · International Journal of Emerging Markets
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    ABSTRACT: Purpose – About 80 per cent of consumers in the world reside in emerging consumer markets (ECM). Thus, consumer behaviour theories and models should be tested for validation in ECM such as South Africa (socio-economically and culturally diverse). The purpose of this paper is to test three (human capital, stress and socialization) life-course theoretical perspectives on materialism among South African young adults. Employing the three life-course theoretical perspectives, it was posited that disruptive family events experienced during adolescence will affect materialism at young adulthood directly and indirectly through family resources received, perceived stress from family disruptions and peer communication about consumption. Design/methodology/approach – In total, 300 South African young adults were surveyed. Structural equation modelling was used to test eight hypotheses developed from the three life-course theoretical perspectives on materialism. Independent-samples t-test was first conducted to assess whether the respondents were materialistic. Findings – The South African young adults were found to be materialistic and this was explained by peer communication about consumption during adolescence (socialization life-course theoretical perspective). Disruptive family events experienced during adolescence significantly affected family resources negatively, and perceived stress positively, but these outcomes had no impact on materialism at young adulthood as the human capital and stress life-course theoretical perspectives suggest. Originality/value – The results reinforce the need to test the validity of western theories in an African context. The test can improve theories and can help advance knowledge about consumer diversity across cultures.
    No preview · Article · Sep 2015 · International Journal of Emerging Markets
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    ABSTRACT: Purpose – Momentum is an unresolved puzzle for the financial economists. The purpose of this paper is to dissect the sources of momentum profits and investigate the possible role played by the macro-economic variables in explaining them. Design/methodology/approach – The data for 493 companies that form part of Bombay Stock Exchange 500 index in India is used for calculating 6-6 momentum profits. Profits from the strategy are regressed on Capital Asset Pricing Model (CAPM) and Fama-French (FF) model to see whether they can explain these profits. Guided by prior research, three methodologies are used to see the possible role played by macro-economic variables in explaining momentum payoffs. Findings – The empirical results show that momentum profits are persistent in the intermediate horizon. CAPM and FF three-factor model fail to explain these returns. Price momentum seems to be explained in one of the model by lagged macro-economic variables which lend an economic foundation to the Carhart factor. The “Winner minus Loser” factor explains about 37 percent of abnormal returns on the winner portfolio that are missed by the FF model. The unexplained momentum profits seem to be an outcome of investors’ over-reaction to past information. Hence, the sources of price momentum profits seem to be partially behavioral and partially rational. Practical implications – The failure of risk models in fully explaining the momentum profits may be good news for portfolio managers who are looking out for stock market arbitrage opportunities. Originality/value – This paper fulfills an identified need to study the sources behind price momentum profits in Indian context.
    No preview · Article · Sep 2015 · International Journal of Emerging Markets
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    ABSTRACT: Purpose – The purpose of this paper is to provide an attempt to evaluate the risk-adjusted performance of international mutual funds using the risk statistic generated by the mean absolute deviation (MAD) and promote the ability of portfolio managers and investors to make the logical decisions for selecting different funds using the new optimized measures. Design/methodology/approach – This study evaluates the performance of 50 international mutual funds using optimized risk-adjusted measures by the MAD over the monthly period 2001-2010. Using 50 linear programming models, the MAD is first computed by the linear programming models, and then seven performance measures of Treynor, Sharpe, Jensen’s α, M2, information ratio (IR), MSR, and FPI are optimized and proposed by the MAD to evaluate the mutual funds. Findings – The empirical evidence detects that the MAD is an important determinant to evaluate the funds’ performance. Using the MAD statistic, this paper shows that new optimized measures are mostly over-performed by the benchmark index; in addition, these optimized measures have close correlation with each other. The results, therefore, detect the importance of using new optimized measures in evaluating the mutual funds’ performance. Practical implications – The result of this study can be directly used as an initial data for decision of investors and portfolio managers who are seeking the possibility of participating in the global stock market by the international mutual funds. Originality/value – This paper is the first study which optimizes the variance of returns in the MAD framework for each fund to propose new seven optimized measures of Treynor, Sharpe, Jensen’s α, M2, IR, MSR, and FPI.
    No preview · Article · Sep 2015 · International Journal of Emerging Markets