Rediscovering risk in emerging markets: A Country Risk Premium update
Investors have a mixed relationship with risk, forgetting that it exists in the good times and obsessing about in bad times, and nowhere is this dysfunction more visible than in emerging markets. After...
View ArticleDeveloped versus Emerging Markets: Convergence or Divergence?
In my last post, I looked at country risk first from both a bondholder perspective (with ratings, default spreads and CDS spreads) as well as an equity investor perspective (with my estimates of equity...
View ArticleMarket Multiples: Global Comparison and Analysis
In my last two posts, I looked first at measures of country risk, both from a default risk and an equity market perspective, and then at stock pricing, using earnings and book value multiples, across...
View ArticleMarket Mood Swings: Facebook Euphoria
Facebook's stock price briefly hit $38, its IPO price, just before today's opening bell. In the 15 months since it went public, the stock had certainly had its ups and downs as evidenced in this graph:...
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