logging in or signing up EquitiesPresentation Baverly_gal Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 35 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: February 19, 2008 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Todd Moss, Vijaya Ramachandran, and Scott Standley : Todd Moss, Vijaya Ramachandran, and Scott Standley Why Doesn’t Africa get More Portfolio Investment? Frontier Stock Markets, Firm Size, and Asset Allocations of Global Emerging Market Funds Why relevant?: Why relevant? Finance & development debate Push vs Pull determinants Inform efforts to promote cap flows Market failure? Market works?Frontier equity markets: Frontier equity markets 15 mkts SA dominates Others small, low liquidity Few large blocks available But not unusualSlide4: Log market capitalization vs. Log GDPSlide5: Log value traded vs. Log market capitalizationRegional Funds: Regional FundsSlide7: GEM fund investment, 1995-2005Slide8: South Africa GEM investment, 1996-2004 (3 year moving averages)Slide9: GEM investment in Frontier SSA (1996-2004, 3yr moving averages)Slide10: Share of GEM investment vs. Log market capitalization No country with market cap under $50 bn receives more than 1% of total GEM investment Market cap = $50 bnSlide11: Share of GEM investment vs. Log value traded Value traded = $10 bn No country with value traded under $10 bn receives more than 1% of total GEM investmentSlide12: Log GEM investment vs. Log market capitalizationSlide13: Log GEM investment vs. Log value tradedSlide14: Share of GEM funds vs. Log market capitalizationSlide15: Share of GEM funds vs. Log market capitalization >90% of funds and >$150 bn market cap Outgrown asset class <10% of funds and <$20 bn market capSlide16: Share of GEM funds vs. Log value tradedSlide17: Share of GEM funds vs. Log value traded >90% of funds and >$75-100 bn value traded Outgrown asset class <10% of funds and <$2 bn value tradedWhy are SSA firms small?: Why are SSA firms small? Cost Structures, Firm-Level Average by Country (Eifert, Gelb and Ramachandran, 2005) Why are SSA firms small?: Why are SSA firms small? Gross and Net Value Added per Worker, $ Adjusted (Eifert, Gelb and Ramachandran, 2005) Why are SSA firms small?: Why are SSA firms small? Percentage of Annual Revenues Lost in Unofficial Payments (World Bank Investment Climate Assessments, various) Conclusions: Conclusions Target regional funds Leverage JSE Focus on supply constraints/barriers to firm entry and growth Privatization? Private equity? SME finance?END: END ENDSlide23: Log GEM investment vs. Log market capitalizationSlide24: Share of GEM investment vs. Log market capitalization Market cap = $50 bn No country with market cap under $50 bn receives more than 1% of total GEM investmentSlide25: Log GEM investment vs. Log GDPSlide26: Share of GEM funds vs. Log GDPSlide27: Share of GEM funds vs. Log GDP >90% of funds and >$200 bn GDP 10%-90% of funds and $60-$200 bn GDP Outgrown asset class <10% of funds and <$60 bn GDPSlide28: Share of GEM investment vs. Log GDP GDP = $100 bn No country with GDP under $100 bn receives more than 1% of total GEM investment You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
EquitiesPresentation Baverly_gal Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 35 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: February 19, 2008 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Todd Moss, Vijaya Ramachandran, and Scott Standley : Todd Moss, Vijaya Ramachandran, and Scott Standley Why Doesn’t Africa get More Portfolio Investment? Frontier Stock Markets, Firm Size, and Asset Allocations of Global Emerging Market Funds Why relevant?: Why relevant? Finance & development debate Push vs Pull determinants Inform efforts to promote cap flows Market failure? Market works?Frontier equity markets: Frontier equity markets 15 mkts SA dominates Others small, low liquidity Few large blocks available But not unusualSlide4: Log market capitalization vs. Log GDPSlide5: Log value traded vs. Log market capitalizationRegional Funds: Regional FundsSlide7: GEM fund investment, 1995-2005Slide8: South Africa GEM investment, 1996-2004 (3 year moving averages)Slide9: GEM investment in Frontier SSA (1996-2004, 3yr moving averages)Slide10: Share of GEM investment vs. Log market capitalization No country with market cap under $50 bn receives more than 1% of total GEM investment Market cap = $50 bnSlide11: Share of GEM investment vs. Log value traded Value traded = $10 bn No country with value traded under $10 bn receives more than 1% of total GEM investmentSlide12: Log GEM investment vs. Log market capitalizationSlide13: Log GEM investment vs. Log value tradedSlide14: Share of GEM funds vs. Log market capitalizationSlide15: Share of GEM funds vs. Log market capitalization >90% of funds and >$150 bn market cap Outgrown asset class <10% of funds and <$20 bn market capSlide16: Share of GEM funds vs. Log value tradedSlide17: Share of GEM funds vs. Log value traded >90% of funds and >$75-100 bn value traded Outgrown asset class <10% of funds and <$2 bn value tradedWhy are SSA firms small?: Why are SSA firms small? Cost Structures, Firm-Level Average by Country (Eifert, Gelb and Ramachandran, 2005) Why are SSA firms small?: Why are SSA firms small? Gross and Net Value Added per Worker, $ Adjusted (Eifert, Gelb and Ramachandran, 2005) Why are SSA firms small?: Why are SSA firms small? Percentage of Annual Revenues Lost in Unofficial Payments (World Bank Investment Climate Assessments, various) Conclusions: Conclusions Target regional funds Leverage JSE Focus on supply constraints/barriers to firm entry and growth Privatization? Private equity? SME finance?END: END ENDSlide23: Log GEM investment vs. Log market capitalizationSlide24: Share of GEM investment vs. Log market capitalization Market cap = $50 bn No country with market cap under $50 bn receives more than 1% of total GEM investmentSlide25: Log GEM investment vs. Log GDPSlide26: Share of GEM funds vs. Log GDPSlide27: Share of GEM funds vs. Log GDP >90% of funds and >$200 bn GDP 10%-90% of funds and $60-$200 bn GDP Outgrown asset class <10% of funds and <$60 bn GDPSlide28: Share of GEM investment vs. Log GDP GDP = $100 bn No country with GDP under $100 bn receives more than 1% of total GEM investment