tailieunhanh - STOCK SELECTION IN EMERGING MARKETS

METHODS There are two methods of amortization, the straight-line and effective interest methods. Straight line is simpler and is much more common in practice, but the effective interest method is preferable because it provides a constant yield on the recorded value of the investment. Both methods will be illustrated in this chapter. The effective interest method must be used whenever the premium or discount is , straight line may be used when the results are not materially different than the effective interest method. Fortunately, this is a common outcome! EXAMPLE: EFFECTIVE INTEREST AMORTIZATION Using the effective interest amortization method, interest income is measured as a constant percentage. | Q-Group Santa Fe - October 1998 Stock Selection in Emerging Markets PRESENTED BY Campbell R. Harvey Duke University and National Bureau of Economic Research Stock Selection in Emerging Markets 1. Introduction Research coauthored with Dana Achour Greg Hopkins Clive Lang conducted jointly at Duke University and at Merrill Lynch Global Asset Management 1 Stock Selection in Emerging Markets 1. Introduction Issue Two decisions are important Asset Allocation country picks Asset Selection equity picks Stock Selection in Emerging Markets 1. Introduction Issue Considerable research on the asset allocation side The allocation is enormously important given the recent bloodbath in many emerging markets Research has paid off in that many models avoided overvalued Asian markets 2 Stock Selection in Emerging Markets 1. Introduction Issue Little research on the stock selection side. Why - Sparse data on individual stocks - Information asymmetries among local and global investors Extremely high transactions costs Stock Selection in Emerging Markets 1. Introduction With recent plummet in emerging markets stock selection is important. If market is deemed cheap as many asset allocation models would now suggest which stocks do we select

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