The saturation of Western markets, strong and predatory competition, and the end of supranational state units, all these factors have contributed to eminent interest of multinational companies in the newly created markets of the Commonwealth of Independent States. For that reason, the thesis discusses marketing theories as well as a wide range of marketing strategies and tools tailored to local specific cosmetics markets based on executed situation analysis.

<p>ABSTRACT</p><p>The world-wide globalisation that has taken place over the past decades has led to a revolution on the stock markets. Nowadays, it is more simple, cheap and convenient to access financial information. As a result investing in mutual funds has increase.</p><p>There has been a renewed interest to investigate the performance of the mutual fund industry. The researcher has chosen to perform a comparative analysis of the performance of Swedish mutual funds invested in Sweden and, Swedish mutual funds invested in emerging markets.</p><p>The primary aim of this research is to examine whether the investment in mutual funds is more profitable in Sweden or in the Emerging markets. The research endeavors to answer the following questions:</p><p>Considering risk and return factors, is it more profitable to invest in Swedish equity funds or invest in equity funds from emerging markets?</p><p>Was the Swedish mutual funds performance better than the performance of the Swedish index?</p><p>Was the Emerging markets mutual funds performance better than the performance of the emerging markets index?</p><p>A quantitative method with a positivistic epistemology was used for the research. 4 mutual funds investing in Sweden and 4 mutual funds investing in emerging markets were studied in this research. To estimate the performance of the mutual funds, historical data from Jan. 2000 to Sep. 2007 was analyzed using:</p><p>(i) Treynor’s index</p><p>(ii) Sharpe’s index</p><p>(iii) Jensen’s index</p><p>Descriptive statistics were obtained using the Statgraphs program, the excel program and the Metastock program. The results showed that the Emerging markets funds had a better performance during the period studied.</p><p>The result showed, in addition, that the Swedish funds outperformed the Swedish MCSI index whereas the Emerging markets funds under performed against the Emerging Markets MCSI index.</p>

<p>Denna uppsats undersöker huruvida ett antal aktiemarknader på Balkan tillfredställer den svaga formen av marknadseffektivitet under perioden 2003-2007. Svag marknadseffektivitet innebär att priset på en finansiell tillgång reflekterar all historisk prisinformation. Om en marknad är svagt effektiv leder analys av historisk kursinformation inte till överavkastning eftersom all historisk information redan är diskonterad av marknaden. För att pröva den svaga formen av effektivitet för Kroatien, Makedonien, Montenegro, Serbien och Slovenien genomförs olika statistiska tester såsom autokorrelationstest, runs test, varianskvottest och regressionsanalys.</p><p>Samtliga tester i studien genomförs på dagsavkastningar. Resultatet av undersökningen visar att samtliga avkastningsserier lider av positiv autokorrelation, vilket innebär att den historiska avkastningen i viss mån kan användas för att predicera den framtida avkastningen. Detta behöver dock inte betyda avvikelse från den effektiva marknadsmodellen då den ekonomiska signifikansen är relativt låg med en genomsnittlig förklarningsgrad under fem procent.</p>

<p>This paper uses a new measure of volatility based on extreme day return occurrences and examines the relative prevailing volatility among worldwide stock markets during 1997-2009. Using several global stock market indexes of countries categorized as an emerging and developed capital markets are utilized. Additionally this study investigates well known anomalies namely Monday effect and January effect. Further using correlation analysis of co movement and extent of integration highlights the opportunities for international diversification among those markets. Evidences during this time period suggest volatility is not the only phenomena of emerging capital markets. Emerging markets offer opportunities of higher returns during volatility. Cross correlation analysis depicts markets have become more integrated during this time frame; still opportunities for higher returns prevail through global portfolio diversification.</p>

Denna uppsats undersöker huruvida ett antal aktiemarknader på Balkan tillfredställer den svaga formen av marknadseffektivitet under perioden 2003-2007. Svag marknadseffektivitet innebär att priset på en finansiell tillgång reflekterar all historisk prisinformation. Om en marknad är svagt effektiv leder analys av historisk kursinformation inte till överavkastning eftersom all historisk information redan är diskonterad av marknaden. För att pröva den svaga formen av effektivitet för Kroatien, Makedonien, Montenegro, Serbien och Slovenien genomförs olika statistiska tester såsom autokorrelationstest, runs test, varianskvottest och regressionsanalys. Samtliga tester i studien genomförs på dagsavkastningar. Resultatet av undersökningen visar att samtliga avkastningsserier lider av positiv autokorrelation, vilket innebär att den historiska avkastningen i viss mån kan användas för att predicera den framtida avkastningen. Detta behöver dock inte betyda avvikelse från den effektiva marknadsmodellen då den ekonomiska signifikansen är relativt låg med en genomsnittlig förklarningsgrad under fem procent.

ABSTRACT The world-wide globalisation that has taken place over the past decades has led to a revolution on the stock markets. Nowadays, it is more simple, cheap and convenient to access financial information. As a result investing in mutual funds has increase. There has been a renewed interest to investigate the performance of the mutual fund industry. The researcher has chosen to perform a comparative analysis of the performance of Swedish mutual funds invested in Sweden and, Swedish mutual funds invested in emerging markets. The primary aim of this research is to examine whether the investment in mutual funds is more profitable in Sweden or in the Emerging markets. The research endeavors to answer the following questions: Considering risk and return factors, is it more profitable to invest in Swedish equity funds or invest in equity funds from emerging markets? Was the Swedish mutual funds performance better than the performance of the Swedish index? Was the Emerging markets mutual funds performance better than the performance of the emerging markets index? A quantitative method with a positivistic epistemology was used for the research. 4 mutual funds investing in Sweden and 4 mutual funds investing in emerging markets were studied in this research. To estimate the performance of the mutual funds, historical data from Jan. 2000 to Sep. 2007 was analyzed using: (i) Treynor’s index (ii) Sharpe’s index (iii) Jensen’s index Descriptive statistics were obtained using the Statgraphs program, the excel program and the Metastock program. The results showed that the Emerging markets funds had a better performance during the period studied. The result showed, in addition, that the Swedish funds outperformed the Swedish MCSI index whereas the Emerging markets funds under performed against the Emerging Markets MCSI index.

The purpose of this research paper is to find how much risk is involved in investing emerging market debt. Emerging markets are becoming a hub for foreign investors either that is an equity or debt investment. The risk is the important element for investors. As for emerging markets the most important risk that investor can face is exchange rate and political risk. I used Augmented Dickey-Fuller to carry out unit roots and johansen cointegration analysis of exchange rates and political risk in emerging markets. My result shows that individual variables are integrated order one, means unit root exist. This shows that political risk tends to follow a random walk. My finding suggests that there is a long run relationship between political risk and exchange rate. As the political risk increase exchange rate also fluctuate with relation to political situation.

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{page:Section1;} --> <!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} --> <!--[endif]--> The overall purpose of the paper is to see how crediting institutions assess risks in emerging market countries. The paper describes prevalent economic and social conditions for each of the selected emerging market countries (Brazil, China, Kazakhstan, India, Russia and Ukraine) as examples of recent attractive investment locations in quest of higher returns.  Second, recognizing the importance of ratings for risk management in credit institutions, the authors show what determines country ratings made by main rating agencies by running a linear regression on several macroeconomic indicators and the country ratings. It is also explained what the most widely-used ratings mean and described the correlation between the ratings as well as between the macroeconomic indicators and the ratings. The authors also describe the characteristic approach of a Scandinavian bank towards dealing with risk factors in emerging market countries. Concluding comments: risks happen to be inbound in the bank interest rates; there is no common pattern for banks to apply to all the emerging market countries and each market should be analyzed separately. Nordic banks have a relatively safe and careful strategy concerning lending in the emerging markets.

Title:  Brand Brazil – A study on brand equity in an emerging market  Authors:  Anders Andersson &amp; Jonathan Karlsson  Subject:  Bachelor thesis in marketing, 15 credits  Keywords:  Brand equity, Emerging markets, Brand awareness, Brand associations, Perceived quality, Brand loyalty  Purpose:  The purpose of this thesis is to gain deeper understanding of how a company operating on an emerging market can work with brand equity, and what benefits it provides to the brand owner.  Theoretical framework:  The chapter begins with a description of brand equity to be further decomposed to its four dimensions; brand awareness, brand associations, perceived quality, brand loyalty  Methodology:  A qualitative research method with a deductive approach is conducted, where interviews with Brand/Marketing coordinators for the Brazilian subsidiaries of Volkswagen, Toyota and General Motors, are performed.  Empirical framework:  The chapter presents performed interviews that are supposed to describe our case studies’ work and benefits from brand equity.  Conclusion:  This study shows that companies operating on an emerging market are working actively with brand equity, often in accordance with theory. The companies also experience positive effects from increased brand equity. / Titel:  Brand Brazil – En studie om brand equity på en emerging market  Författare:  Anders Andersson &amp; Jonathan Karlsson  Ämne:  Kandidatuppsats i marknadsföring, 15 hp  Nyckelord:  Brand equity, Emerging markets, Märkeskännedom, Märkesassociationer, Upplevd kvalitet, Märkeslojalitet  Syfte:  Syftet med uppsatsen är att få ökad förståelse för hur företag verksamma på en emerging market kan arbeta med brand equity, samt vilken nytta det ger varumärkesinnehavaren.  Teoretisk referensram:  Kapitlet inleds med en beskrivning av brand equity för att sedan brytas ner i de fyra dimensionerna; märkeskännedom, märkesassociationer, upplevd kvalitet och märkeslojalitet.  Metod:  En kvalitativ studie med deduktiv ansats där Brand/Marketing coordinators för de brasilianska dotterbolagen till Volkswagen, Toyota och General Motors är intervjuade.  Empiri:  I empirikapitlet presenteras genomförda intervjuer vilka är tänkta att beskriva respektive fallföretags arbete och nytta av brand equity.  Slutsatser:  I denna undersökning framgår att företag verksamma på en emerging market arbetar aktivt med brand equity, ofta i enlighet med teori. Dessutom upplever företagen positiva effekter av ökad brand equity.

Abstract Title: Closing the gap between frugal and reverse innovation – Lessons learned from the case of the Tata Nano Authors: Martin Aschmoneit (martin.aschmoneit@gmail.com) Dijana Janevska (dijana.janevska@gmail.com) Supervisor: Malin Tillmar Date: May 27, 2013 Background: Emerging markets are growing and have become increasingly important for the global economy, while the growth of developed markets has slowed down. Emerging economies are the home of a new type of innovation that can help multinationals (both Western and local) to achieve further growth. Reverse innovation is a new approach that entails developing frugal products in emerging markets that are later introduced in advanced economies. Aim: To develop a framework of reverse innovation, and to use this framework to find critical issues necessary for the Tata Nano to enter developed economies. Hence, we develop our own definition and a model of reverse innovation that will be used in the analysis of the Nano, with a specific focus on: the search for reverse innovation features present in the case and the problems/obstacles in the reverse innovation process. Methodology: Qualitative approach using a single-case study based on predominantly secondary data. The case study of the Tata Nano was chosen due to its compatibility with our research aims. Completion and results: The case of the Tata Nano fulfills all but one of the requirements for a reverse innovation: the last step of the process or the transition of the innovation to a developed market. Several critical issues regarding the reversal process were identified and discussed. Keywords: reverse innovation, frugal innovation, emerging markets, multinational companies, Tata Nano.