This is a PowerPoint Presentation of my Honors Thesis. I presented this in front of three Hofstra Professors, including the chairperson of the Hofstra Finance Department. I received High Departmental Honors as a result of my research.
Strategy&’s 15th annual study of CEOs, Governance, and Success highlights the value lost by poor CEO succession planning and what companies can gain by better planning.
Analysis on the Performance of Technology Companies with Z-score ModeljournalBEEI
Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local
technology sector.
Strategy&’s 15th annual study of CEOs, Governance, and Success highlights the value lost by poor CEO succession planning and what companies can gain by better planning.
Analysis on the Performance of Technology Companies with Z-score ModeljournalBEEI
Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local
technology sector.
Regus Business Confidence Index - Issue 5 - October 2011Regus
This edition finds that job opportunity knocks despite a confidence dip.
More Regus research: http://www.regus.co.uk/corporate-workspace-solutions/resources/whitepapers.aspx?utm_campaign=slideshare
Julia Butler - The Fiduciary Group - Best Practices for Meeting Fiduciary Dut...Downey Brand LLP
In her presentation at the 2015 Savannah Fiduciary Seminar, Julia Butler of the Fiduciary Group describes how plan sponsors, trustees, and investment committees can best meet their fiduciary duties to manage the plan’s investments. She outlines what should be in an effective Investment Policy Statement, and lays out the fiduciary processes to select, monitor, and replace the plan’s investment options. She also explains how a Section 3(38) fiduciary investment advisor can significantly reduce or eliminate a plan sponsor’s fiduciary liability for plan investments.
Ever accelerating pace of globalization has opened a window of opportunity for innovative entrepreneurs to jump from spring board of their locally retained markets into promise lands of globally acclaimed high ranking business heavens. The other name of these business heavens is Emerging Markets. It is now a known fact that the growth advantage in emerging markets, if other things remain the same, is expected to translate into 62% of global growth. Multinationals expect about 70 percent of the world’s growth over the next few years to come from emerging markets, with 40 percent emanating from just two countries: China and India. In addition to growth rate advantage, expanding middle-class consumer base, impressive Doing Business regulatory reforms, more than half of $55 billion of global middle-class spending will come from Asia Pacific.
Gaming Technology for Emerging Markets - SkilrockSourabh Goyal
Splendid response to Skilrock Technologies at ICE, 2014
Skilrock Technologies are back to work in India after a hugely successful ICE Totally Gaming Event in London. This year marked the largest presence of Skilrock at ICE with added presence at India Gaming Summit, Picklive Stand, Skilrock’s own Stand and Partnering with FICCI.
The event was marked by fun and frolic with promotional Lottery draw where hundreds of participants were issued lottery tickets and many attendees were amongst the winners. Behind these light moments serious discussions around the wide range of terminals and our comprehensive gaming solution provided wholesome experience to our visitors.
Mr. Sujit Lahiry, Director said: "It’s just amazing that over 23,000 gaming industry professionals attended ICE this year inspite of 48 hour underground strike. What is just awesome is that we had hundreds of attendees connecting with us in some form or the other.”
Mr. Kamlesh Vijay, Group CEO also shared his views about the potential of Gaming Industry in India during the fully packed “India Gaming Summit” at ICE.
Skilrock showcased its Gaming solution for Retail and Mobile lottery along with its Online Casino Technology and 70+ innovative games, which attracted a diverse audience. Skilrock’s emerging market solution was unique in ICE and it was very well appreciated by the visitors from such markets.
Mr. Abhishek Kumbhat, Head of Technology said: "Our CCH strategy is a response to the market needs and is based on requirement of clients especially in emerging markets. Our Technology will help operators be agile and move as per the market needs without being bound by CCH i.e Channel, Content, Hardware”
Having had a successful event, we are already looking forward to ICE 2015. See you soon and keep watching this space for more from Skilrock Technologies.
Regus Business Confidence Index - Issue 5 - October 2011Regus
This edition finds that job opportunity knocks despite a confidence dip.
More Regus research: http://www.regus.co.uk/corporate-workspace-solutions/resources/whitepapers.aspx?utm_campaign=slideshare
Julia Butler - The Fiduciary Group - Best Practices for Meeting Fiduciary Dut...Downey Brand LLP
In her presentation at the 2015 Savannah Fiduciary Seminar, Julia Butler of the Fiduciary Group describes how plan sponsors, trustees, and investment committees can best meet their fiduciary duties to manage the plan’s investments. She outlines what should be in an effective Investment Policy Statement, and lays out the fiduciary processes to select, monitor, and replace the plan’s investment options. She also explains how a Section 3(38) fiduciary investment advisor can significantly reduce or eliminate a plan sponsor’s fiduciary liability for plan investments.
Ever accelerating pace of globalization has opened a window of opportunity for innovative entrepreneurs to jump from spring board of their locally retained markets into promise lands of globally acclaimed high ranking business heavens. The other name of these business heavens is Emerging Markets. It is now a known fact that the growth advantage in emerging markets, if other things remain the same, is expected to translate into 62% of global growth. Multinationals expect about 70 percent of the world’s growth over the next few years to come from emerging markets, with 40 percent emanating from just two countries: China and India. In addition to growth rate advantage, expanding middle-class consumer base, impressive Doing Business regulatory reforms, more than half of $55 billion of global middle-class spending will come from Asia Pacific.
Gaming Technology for Emerging Markets - SkilrockSourabh Goyal
Splendid response to Skilrock Technologies at ICE, 2014
Skilrock Technologies are back to work in India after a hugely successful ICE Totally Gaming Event in London. This year marked the largest presence of Skilrock at ICE with added presence at India Gaming Summit, Picklive Stand, Skilrock’s own Stand and Partnering with FICCI.
The event was marked by fun and frolic with promotional Lottery draw where hundreds of participants were issued lottery tickets and many attendees were amongst the winners. Behind these light moments serious discussions around the wide range of terminals and our comprehensive gaming solution provided wholesome experience to our visitors.
Mr. Sujit Lahiry, Director said: "It’s just amazing that over 23,000 gaming industry professionals attended ICE this year inspite of 48 hour underground strike. What is just awesome is that we had hundreds of attendees connecting with us in some form or the other.”
Mr. Kamlesh Vijay, Group CEO also shared his views about the potential of Gaming Industry in India during the fully packed “India Gaming Summit” at ICE.
Skilrock showcased its Gaming solution for Retail and Mobile lottery along with its Online Casino Technology and 70+ innovative games, which attracted a diverse audience. Skilrock’s emerging market solution was unique in ICE and it was very well appreciated by the visitors from such markets.
Mr. Abhishek Kumbhat, Head of Technology said: "Our CCH strategy is a response to the market needs and is based on requirement of clients especially in emerging markets. Our Technology will help operators be agile and move as per the market needs without being bound by CCH i.e Channel, Content, Hardware”
Having had a successful event, we are already looking forward to ICE 2015. See you soon and keep watching this space for more from Skilrock Technologies.
2017 Market Outlook - Emerging Markets DebtT. Rowe Price
Portfolio Manager Samy Muaddi, CFA, discusses his perspective on the current emerging markets debt environment and what investors could expect to see in 2017.
In the Business Perspectives for Emerging Markets 2012-2017 Report from GIA, 431 large and mid-sized companies reveal their true goals and intentions. This presentation shows selected slides from a GIA white paper. To download the entire white paper that you are interested in, please visit http://bit.ly/GIAinsightWP
1. 70% say they want to gain a foothold for long term success
2. 51% say they were keen to gain global market share
3. 4 out of 10 have followed their customers to Emerging Markets
4. A third are looking for growth outside established markets with lackluster growth and profits
5. 1 out of 4 are keen to diversify their risks, as well as tap into short to medium term profits and growth
6. Only 17% said it was to lower supply costs
Many still favor BRIC countries as their top focus between 2012 and 2017, with similar emphasis on individual markets across 10 industries.
However, 91% admit to wanting to have done things differently in their Emerging Market strategies. The main regrets are not adapting more to local conditions, not entering sooner and not acquiring better market intelligence.
Over half say that information on Emerging Markets is not readily available in their organizations, with three out of four doubting the accuracy and completeness of the information that they do have.
Download the Business Perspectives for Emerging Markets 2012-2017 Report (Global Results) from GIA, to find out how companies say they will tackle Emerging Markets and what they see as the success factors and threats for their individual industries. The wide ranging Emerging Markets survey covered questions such as:
- How do you define Emerging Markets in your company?
- Which are the top Emerging Markets for your industry over the next five years?
- What key factors will determine whether foreign companies succeed in Emerging Markets?
- What are the biggest threats to succeeding in Emerging Markets?
- What are your company’s main reasons for investing in Emerging Markets?
- What share of your company’s global revenue do you expect to come from Emerging Markets?
- Which one aspect of your Emerging Markets strategy would you go back and change if you could?
Industries covered include: Manufacturing & Industrial; Telecommunication, Technology & Media; Professional & Business Services; Financial Services; Consumer & Retail; Pharmaceuticals & Healthcare; Energy, Resources & Environment; Automotive; Chemicals; Logistics & Transportation.
A look at the shifts in focus in Silicon Valley as mobile has taken technology to a global scale. This presentation looks at the impact of mobile and emerging markets on how people consume and the disruption coming to traditional industries, such as food, CPG, and spirits.
Growth in emerging markets is slowing. This is concerning. Senior Economist Marcus Wright considers two questions. What are the problems in emerging market economies? Why does that matter to us?
This revision presentation provides an overview of the topic of emerging markets. It highlights some examples of how businesses have pursued a growth strategy in emerging markets and also how developed economies have seen investment coming in the opposite direction. A brief overview of the methods and benefits/drawbacks of international expansion is also provided.
Anagnorisis is a creative expression of the young generation's take on peace. It is a collection of poems, essays, short stories, artworks and photographs that present the converging and diverging perspectives of the youth on the notion of peace.
Learning Better Context Characterizations: An Intelligent Information Retriev...Carlos Lorenzetti
This paper proposes an incremental method that can be used by an intelligent system to learn better descriptions of a thematic context. The method starts with a small number of terms selected from a simple description of the topic under analysis and uses this description as the initial search context. Using these terms, a set of queries are built and submitted to a search engine. New documents and terms are used to refine the learned vocabulary. Evaluations performed on a large number of topics indicate that the learned vocabulary is much more effective than the original one at the time of constructing queries to retrieve relevant material.
1.Market Potential Index
2.Global Competitive Index
3.Global Political Risk Index
4.International Product Life Cycle
5.International Monetary System
.6.Fixed and Floating Exchange
7.FDI Confidence Index
8.Modes of Payment in International Trade
9.Advance Payment
10.Recoverable & Non recoverable Letter of credit 11.Consignment Sales
12.Open Account
Global Capital Confidence Barometer | How can you reshape your future before ...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Thought Leadership Consulting, a Euromoney Institutional Investor company. Our panel comprises select global EY clients and contacts and regular Thought Leadership Consulting contributors.
COVID-19 has disrupted the global financial market and our team sought to exploit these arbitrage opportunities presented to create a U$500MM active portfolio across Equities, Fixed Income, FX, Cash, and Commodities. Our portfolio uses Markowitz Mean-Variance Optimization in allocating weights and its performance is constantly monitored against the benchmark FundX, which compromises of MSCI World Index (Equities), iShares Core U.S. Aggregate Bond ETF (Bond) and S&P GSCI Index (Commodities). We considered the risk and return tradeoffs, macroeconomic and microeconomic catalysts, quantitative data as well as qualitative information in our asset selections.
Team members: Emily Pope, Sharon Lee and Jayson Chaplin
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Honors Thesis Presentation - "An Analysis of Emerging Markets"
1. AN ANALYSIS OF EMERGING MARKETS An in-depth look on the current status of emerging markets through the analysis of diversified emerging market equity mutual funds
2. Emerging Market Characteristics A nation with a low or medium per capita income Speedy economic progression Strong Middle Class Increased Consumer Spending Economic Reform Increased FDI
3. All examined mutual funds were from the “diversified emerging market equity fund”category.
4. Diversified Emerging Market Equity Funds Less concentrated than BRIC Funds. Less concentrated than regional or sector funds More emerging markets are taken into account.
9. Brazil’s Foreign Direct Investment Heavy FDI from countries in the EuroZone. Significant FDI inflows from China $20 billion of FDI in first half of 2010 Invested in Infrastructure, Electrical Projects and Natural Resources
10. BRAZIL’S STRONG MIDDLE CLASS 30 million Brazilians added to middle class in past ten years. Successful anti-poverty programs Increased wages, disposable income and consumer spending. Young Brazilian Women = Unique Consumer Sector Increased E-commerce sales and credit card usage.
13. ASIA-PACIFIC REGION Massive amount of interregional trade Hong Kong – 67.1% of exports Thailand – 54.9% of exports. Decreased dependence on Western Hemisphere. Increase in GDP 8.0% GDP in 2010.
16. VIETNAM Middle class prosperity and economic reform Jumped 10 spots in the “Ease of Doing Business” World Ranking Increase in average income and disposable income. 60% of the population is below the age of 30
17. SOUTH KOREA 16th in the “Ease of Doing Business” ranking. 5.7% GDP Growth Percentage in 2010 Annual Average Income: 12,053,224 Won to 14,840,339 Won between 2005-2009
18. HONG KONG Ranked 2nd in “Ease of Doing Business” ranking Benefited from the recovery of China GDP Growth Percentage of 6.0%
20. Strategies of Emerging Market Fund Managers Bottom-Up Strategy Detailed Company Research Templeton Small-Cap Emerging Market Fund Fundamental Analysis Dimensional Fund Advisors Core Portfolio – Price-Multiple Analysis Virtus Emerging Markets Opportunities Fund – Profitability Ratios
21. Strategies of Emerging Market Fund Managers Combination of Bottom-Up and Top-Down Strategy Causeway Funds Alpha Model that is 2/3rd Firm Specific, 1/3rd Country Specific Schroeder's Global Emerging Market Funds Country Specific Factors Exchange Rate, GDP and Interest Rate Fundamental Research Valuation Model for Three-Year Earnings Forecasts
23. Key Emerging Market Equity Holdings Vale SA Samsung Taiwan Semiconductor Manufacturing Frequently found in the top ten percentage of holdings. Gazprom HTC Corporation Kia Motors Corporation Found through a look of the percentage returns of 26 mutual funds.
24. VALE SA A world leader in metals and mining Significant emphasis on logistics strategy 9 billion dollars in the past 6 years. Emphasis on Mineral Exploration $5.92 billion dollars = 4th quarter profit of 2010.
27. SAMSUNG Vision 2020 Goal of earning 400 billion dollars in revenue in 2020. Supreme Innovation Created the world’s first ever 512 MB Dynamic RAM Drive Released the first ever 3D TV Model in 2010. Financial Superiority 41.87 trillion won in revenue = 4th quarter of 2010 2010 = Most successful year in terms of revenue.
29. Taiwan Semiconductor Manufacturing World’s first dedicated semiconductor foundry Expanded into the solar and lighting industries in 2009 Expansive Quality Management System
46. 1st quarter of 2011 = best quarter ever in terms of sales.
47.
48. A Measure of Emerging Market Risk vs. Return
49. Risk & Risk to Return Indicators Risk Indicators Downside Risk Risk to Return Indicators Excess Return Information Ratio Jenson’s Alpha
50. Downside Risk Measures the likelihood of an asset to decline in value as well as the extent of the asset’s decline. Measurement: Measured the downside risk of 39 emerging market funds vs the MSCI Emerging Market Index. (Source: Bloomberg) Less or more than the benchmark?
51. Downside Risk Results 26 of the 39 emerging market equity mutual funds had a downside risk that was higher than the benchmark.
52. Risk to Return Factors - Excess Return Measurement of the additional profits made in excess of the riskless rate or a major benchmark index. Measured the excess returns of 42 emerging market funds vs the MSCI Emerging Market Index. Positive or Negative?
61. Jensen’s Alpha A measurement that calculates the distinction between the total return on a portfolio and the total portfolio return based on the CAPM. Measured the Jenson’s Alpha ratios of 42 emerging market funds vs.the MSCI Emerging Market Index. Positive or Negative?
63. Summary of Results Risk-to Return Results Downside Risk Results 26 out of 39 mutual funds exceeded the MSCI Emerging Market Index Excess Return = 24 positive excess returns out of 42 mutual funds. Information Ratio = 24 positive information ratios out of 42 mutual funds. Jensen’s Alpha = 22 positive Jenson’s Alpha out of 42 mutual funds.
65. Price-Multiple Analysis Analyzed 41 mutual funds. Benchmark = Peer Average (Source: Standard & Poors) Price Multiple Ratios Price to Earnings Ratio Price to Book Ratio
66. Results: Price to Earnings Ratio = 24Undervalued, 17 Overvalued. Price to Book Ratio = 25Undervalued, 16 Overvalued.
67. Are emerging markets undervalued? Emerging Market P/E Ratios underpriced vsstock indexes. As of April 7th 2011 = Brazil, Indonesia, Mexico, South Africa and India. MSCI Emerging Market Index undervalued vs. the MSCI U.S Equity Index.
78. Rising commodity prices benefit energy and materials sectors. Oppenheimer Developing Markets Fund 7.9% Weight, 23.4% Return = Materials Sector Wells Fargo Adventure Fund Outpaced Index in Return Despite being Underweight Invesco Emerging Markets Fund Success for Russia and South Africa
80. Status of Emerging Markets Immense Future Potential Consumer Consumption Emerging Market Middle Class spends 7 trillion dollars/year, $20 trillion/yr by 2020. Price-Multiple Analysis Results = More Emerging Market Growth. Emerging Market Risk is compensated with Return. Risk vs. Return Analysis Inflation = A huge impediment. Central banks have a hard time stopping inflation. Huge Monetary Inflows Inflation will be solved – Continual Interest Rate Hikes
According to a study done by Citywire Analysis, Brazil has been the nation of choice for some of the best emerging market investment managers over the past five years. (Simpson)
Young females in Brazil are joining the workforce and declaring their financial freedom. (Consumer Lifestyles: Brazil) They have become a unique consumer sector as they have taken advantage of career opportunities and have spearheaded consumer demand in household items
As you can see in this graph, the Asia-Pacific region of Hong Kong, Philippines, South Korea, Thailand, Vietnam, China continue to export more to their own region than any other region.
Recently, the Vietnamese government has announced that they intend to privatize government-owned firmsVietnam’s annual average income dramatically increased from 7,907,330 Vietnam Dongs in 2005 to 15,684,284 Vietnam Dongs in 2009. (Vietnam: Consumer Lifestyles) Annual disposable income nearly doubled from 6,689,701 in 2005 to 13,360,354 in 2009. (Vietnam: Consumer Lifestyles) A powerful aspect of the Vietnamese economy is that almost 60% of the population is under the age of 30. Annual disposable income nearly doubled from 6,689,701 in 2005 to 13,360,354 in 2009. (Vietnam: Consumer Lifestyles) A powerful aspect of the Vietnamese economy is that almost 60% of the population is under the age of 30. (Vietnam: Consumer Lifestyles) They are taking advantage of increased annual disposable incomes. (Vietnam: Consumer Lifestyles) This can be reflected in the rapid rise in Internet and mobile phone usage. Internet usage in Vietnam has increased by 112.5% since 2005. (Vietnam: Consumer Lifestyles) Mobile phones went from taking up 7.5% of all households in 2005 to 27.5% of Vietnamese homes in 2009.
South Korea has recoverd tremendously from the global economic crisis.South Korea’s GDP Growth Percentage was 5.7% in 2010. This is a tremendous recovery from a meager 01% total in 2009. Consumer lending has increased by 19.1% between 2005-2009. The annual average income of citi
It is the 2nd best place in the world to do business in. Wealthy Businessman pay a meager amount of taxes and business competittion is very limited.Hong Kong exports approximately 51% of it’s exports to China. Therefore, the recovery of China helped to reinvograte the trading relationship between China and Hong Kong. Unemployment rate has dropped and consumer lending has increased.GDP’s growth rate was 6.0%, a recovery from the -2.8% contraction in 2009
I found that the most prevailing strategy is the Bottom-Up Strategy. A bottom-up strategy focuses on detailed company research and fundamental analysis.Investment managers at the Templeton Small-Cap Emerging Market Fund visit up to 1500 firms per year in order to evaluate a firm’s administration. Along with fundamental research and bottom-up stock selection, a common strategy that is currently used by investment managers is to find underpriced emerging market equities through price-multiple analysis. Templeton Investment managers looked at the price-earnings ratio as a key ratio in which to find value stocks for their portfolio. (FRANKLIN TEMPLETON) In the Dimensional Fund Advisors Core Portfolio, investment managers determine a stock’s value in a mutual fund portfolio via the price-earnings ratio, price to cash flow ratio and its book to market value. (Emerging Markets Core Portfolio) In addition, investment managers seek the equities with effective profitability. Virtus Emerging Markets Opportunities Fund screen equities with a sufficient return on equity and return on assets.
Causeway Funds combines a detailed research for firms with superior earnings forecasts that are attractively priced with the tactic of finding a nation with strong macroeconomic factors such as GDP and industrial protection statistics.Schroeder’s analyzes a nation’s valuation through price-multiple analysis. It also looks at the nation’s potential growth through earnings growth and return on earnings. (Schroeders Fund) Schroeder also looks at a country’s exchange rate, GDP and real interest rate. At the same time, Schroeder’s incorporates detailed fundamental research on firms. (Schroeders Fund) They use a detailed valuation model that generates forecasts for three-year earnings and cash flows. In addition, they use price-multiple ratios such as price to cash flow and price to net asset value. (Schroeders Fund)
I decided to take two approaches to finding which mutual fund equity holdings were driving the emerging market sector the most. The first three equity holdings were stocks that I frequently found as top holdings in diversified emerging equity mutual fund holdings. There were unavoidable. Vale SA, Samsung, Taiwan Semiconductor Manufacturing are examples of stocks that I found time and time again. The other list was found through a look at the top percentage returns of 26 mutual funds. Out of these 26 mutual funds, these equities were most frequently found in the top ten percentage returns. Gazprom, HTC Corporation and the Kia Motors Corporation were the equities that were most frequently found among the lists. These emerging market equities have had an impact on emerging markets for a long time. Samsung Electronics, HTC Corporation and Taiwan Semiconductor Manufacturing were listed as the Top 25 Emerging Market Mulitinationals in a book written by Antoine Von Agtmael….called the “Emerging Markets Century”this is the same person who coined the tern”emerging markets”
Vale SA was a world leader in metals and mining firm in the world in terms of market capitalization.A critical aspect of Vale’s growth strategy is mineral exploration. The company travels to more than twenty nations across the world to secure new natural resources and find many key metalsVale operates in the following lines of business: ferrous minerals, (iron ore, manganese ore) non ferrous minerals, (nickel, copper, aluminum, fertilizer nutrients) coal and infrastructure.Vale has combined its logistics strategy with its mining ventures. (Vale Across the World) They utilize railroads, ports and nautical means of transport in order to help transport key metals to strategic areas. Currently, Vale has nine ports and terminals used for its logistics strategy. Vale has invested 9 billion dollars towards its logistics strategy in the past 6 years. Vale operates in the following lines of business: ferrous minerals, (iron ore, manganese ore) non ferrous minerals, (nickel, copper, aluminum, fertilizer nutrients) coal and infrastructure. (Vale-Mining) Vale is the globe’s largest iron ore producer as well as one of the world’s top nickel producers.
Semiconductors, Digital Machines, Media, TVs, CELL Phones, Laptops, Blu-Ray and DVD Players. It’s the goal of earning 400 billion dollars in revenue by 2020. Samsung also hoped to become the second most recgonizable brand by 2020.
In microelectronics, the foundry model refers to the separation of a semiconductor fabrication plant operation from an integrated circuitdesign operation, into separate companies or business units.This company is the world’s first dedicated semiconductor foundry.TSMC expanded into the solar and lighting industries in 2009 to get involved with renewable energy and green industries. The circuit foundry expanded into the solar and lighting industries in 2009.Their quality management system is emphasized by 6 major processes: design services, wafer manufacturing, mask masking, backend service, customer satisfaction and technology development
The department that is responsible for gas delivery to foreign consumers is Gazprom’s Central Operations and Dispatch Department, which is responsible for the gas supply of Russia. (Central Operations and Dispatch Department) The firm also hopes to use its geographic setting to capitalize on business in the markets of Europe and Asia.
HTC was originally built to be a maker of mobile handsets.First Palm Size Color PC in 1999Microsoft 3G Phone in 2005.HTC was named the 31st most inventive firm according to Fast Company Magazine in February 2010.
356,268 units = This was more than 50,000 units more than what Kia Motors had sold in 2009. KiaKia also broke records in terms of revenue and overall profits.
It is an estimate of the potential percentage or dollar amount by which a security may fall in the near-term.
These downside risk results seem to be a clear indicator that emerging market mutual funds have a greater deal of risk and sensitivity when it comes to adverse market condition.
is a measurement of the additional profits made in excess of the riskless rate or a major benchmark index. This shows that mutual funds managers are constantly exceeding the risk-free rate of return or the returns of major indexes such as the MSCI Emerging Market Index.
Sp-i = Tracking error (standard deviation of the difference between returns of the portfolio and the returns of the index) A high information ratio measues the investment’s manager to generate returns that exceed the benchmark.
0.5 to 1 = a great ratio.1 = an exceptional ratio. According to Research done by a CFA expert in 2009, The Median Information Ratio vs. the S and P 500 was 0.35. Thus, I decided to measure how many mutual funds were below the benchmark. 0.5 TO 1 = The final category underscores the difficulty of investment managers to obtain an exceptional ratio and dramatically outperform the benchmark.
A POSITIVE Jenson’s Alpha means that a portfoilio manager has thoroughly outperformed the market.
Price-Earnings Ratio - P/E RatioWhat Does Price-Earnings Ratio - P/E Ratio Mean?A valuation ratio of a company's current share price compared to its per-share earnings.Also sometimes known as "price multiple" or "earnings multiple". What Does Price-To-Book Ratio - P/B Ratio Mean?A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. A lower P/B ratio could mean that the stock is undervalued. However, it could also mean that something is fundamentally wrong with the company. As with most ratios, be aware that this varies by industry.
MSCI Emerging Market Index Book Ratio = 2.1MSCI U.S Equity Index Book Ratio = 2.3MSCI Emerging Market Index P/E Ratio = 14.1MSCI U.S Equity Index P/E Ratio = 16.3
Aberdeen Asset Management pointed to the recent tightening of interest rates in the emerging markets of India, Hungary, South Korea and China. Columbia Emerging Markets Funds emphasized the urgency of inflationary pressures in emerging markets by pointing out that the consumer price indexes in emerging market nations are primarily geared food items. Oppenheimer Funds – stressed urgency of inflation situation by pointing out the amount of foof price items that take place in India and ChinaVan Eck Funds
China’s consumer price rose by 5.4% by March 2011. (IBTimes) Brazil’s consumer prices increase rose by 6.3% This marks the largest inflationary increase in three years (IBTimes) India’s consumer prices rose by nearly 9% as of March 2011. (IBTimes) South Korea’s CPI rose 4.7% in March 2011, the biggest monthly increase in more than two years. A recent report by the Institute of International Finance estimated that 1 trillion dollars of privately invested cash may reach emerging markets during this year. (Talley) In addition, a recent EPFR Global report showed that emerging market equity funds posted almost 1.6 billion dollars in a week in April. Recently, India has increased its interest rate for a ninth time in the past 15 months. (BBC News) They have recently increased their interest rate by 50 basis points to 7.25%. (BBC News) China’s central bank increased its interest rate on April 5th by 25 basis points to 6.31%. (Censky) On April 21st 2011, Brazil increased its interest rate by 0.25% to 12% in a grand effort to curb the inflation rate. (
Wells-Fargo Adventure Fund was underweight against the index in the materials sector by -2.84% and -4.31% and yet outpaced the index in 0.72% and 0.46% by return (Wells Fargo).. Invesco Emerging Markets Equity Funds noted that Russia and South Africa had spearheaded emerging market performance with double digit gains in the 4th quarter of 2010. (Invesco) Their increases were 16.5% and 13.12% respectively.
