The task of the thesis is to elaborate on investment opportunities, wchich are described in detail and to determine the ideal portfolio, that will be financed by dollar-cost averaging. The main investments include stocks, bonds, precious metals, mutual funds and more. Subsequently, the state of individual investments, their opportunities, but also the risks associated with them will be evaluated.

The task of the thesis is to elaborate on investment opportunities, wchich are described in detail and to determine the ideal portfolio, that will be financed by dollar-cost averaging. The main investments include stocks, bonds, precious metals, mutual funds and more. Subsequently, the state of individual investments, their opportunities, but also the risks associated with them will be evaluated.

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Centre for Human Rights / unrestricted

There is an ongoing debate over the role that equity markets play in determining and influencing international equity flows. The first chapter of this dissertation describes the large portfolio equity flows into China and India, in order to understand the buying behavior of US investors. The rapid growth of the Chinese and Indian economies, coupled with the recent development and liberalization of their financial markets has attracted significant portfolio investment from U.S. investors. It is commonly assumed that domestic investors have an informational advantage over foreign investors; however, some recent empirical literature has questioned this assumption. Essay one dissects the nature of the relationship between foreign equity flows, equity returns, and related variables. The results of my empirical investigation provides evidence that U.S. institutional investors are making investment decisions based on long-run determinants of value rather than responding to price signals or ‘chasing returns'. I anticipate that the strong relationship between equity flows and fundamentals will strengthen as information asymmetries decline and US investors continue to develop more sophisticated methods of assessing underlying value in China and India. The second essay of this dissertation explores a new panel data set based on US gross cross-border equity flows to 20 industrialized nations combined with measures of market valuation for the period of 1977-2005. Empirical evidence of imperfect integration across world equity markets indicates that valuation matters. Consistent with relative value trading as a determinant of equity flow patterns, I find that equity flows decrease sharply with host-country market valuations—in particular the component of valuation that is forecasted to revert the following year. I also find that equity flows increase sharply with US equity market valuations. These results suggest the existence of a valuation channel for cross-border equity flows. The findings of this chapter show that US investors are informed about both domestic markets and foreign markets. Peripheral findings of this essay confirm the findings of other researches, but with a longer sample period. Consistent with existing literature, I find a negative influence of interest rates spreads, and information asymmetries on cross-border trade in equities.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-06-16T14:28:07Z No. of bitstreams: 1 Bernardo Baggio_.pdf: 416360 bytes, checksum: 14a4f642ac9d680221805c10bceda846 (MD5) / Made available in DSpace on 2017-06-16T14:28:07Z (GMT). No. of bitstreams: 1 Bernardo Baggio_.pdf: 416360 bytes, checksum: 14a4f642ac9d680221805c10bceda846 (MD5) Previous issue date: 2017-04-28 / UNISINOS - Universidade do Vale do Rio dos Sinos / Os fluxos de capitais globais estão associados tanto a benefícios quanto a malefícios de ordem econômica. Os investimentos de curto prazo em portfólio, em especial, por sua volatilidade intrínseca, ensejam um estudo a fim de analisar quais são os determinantes do seu ingresso em países suscetíveis a movimentos de capitais, como os países da América Latina, com destaque para o Brasil. A economia brasileira passou por crises domésticas e internacionais no período de 1999 a 2015, sofrendo com a forte volatilidade dos fluxos de capitais, gerando, assim, alterações na taxa de câmbio e nos ativos precificados em reais. Dessa forma, este trabalho tem como objetivo analisar quais são os determinantes do ingresso de capitais de curto prazo destinados à renda fixa e à renda variável no Brasil durante o período de estabilização econômica ocorrida no país. Por meio da aplicação do modelo VAR/VEC, a análise empírica sugere que o ingresso de capitais para ações esteja associado ao aumento nos preços das commodities, na elevação do próprio índice de ações, e, em menor intensidade, ao PIB e à inflação. Na renda fixa, o ingresso está associado ao aumento na taxa Selic. / Global capital flows are associated with economic benefits and ravages. Short-term portfolio investments, especially for its intrinsic volatility, lead to a study in order to analyze the determinants of their inflow into countries susceptible to these movements, such as the Latin Americans, specifically Brazil. Brazil’s economy experienced domestic and international crisis during 1999 to 2015, occurring a tough volatility on capital flows fathering changes in exchange rate and in assets priced in Brazilian real. With that said, the objective of this paper is to analyze the determinants of short-term capital inflows in fixed income and equities in Brazil during the period of economic stabilization. By applying the VAR/VEC model, the empirical analysis suggests that capital inflows into equities are associated to higher commodity prices and higher stock indexes, besides GDP and inflation in minor degree. When it comes to fixed income, the inflow is associated to the increase in the Selic rate.

Thailand has been one of significant recipients of foreign direct investment (FDI) among developing countries over the last 30 years, and has recorded rapid and sustained growth rates in a number of different industrial categories. Thailand has shown a clear policy transition for foreign investment over time from an import-substitution regime to an export-oriented regime. Before the 1997 Asian Financial Crisis (1985-1996), Thailand had the fastest growing level of exports in manufactured goods among Asian economies. FDI plays a significant role in the Thai economy. Thailand has been pursuing different foreign investment policies at different times depending on the development objectives and economic situation in the country. The main objective of this research is to evaluate the determinants of FDI and foreign portfolio investment (FPI) in Thailand using the extended Gravity Model. Panel data is used to estimate and evaluate the empirical results based on the data for the years 1980 to 2004. It also examines the FDI flows between different locations and their geographical distances in Thailand. The primary research question addresses what factors motivate, attract, and sustain the FDI and FPI in Thailand. In addition, this study also examines the effects of the 1997 Asian Financial Crisis on the inflows of FDI and FPI into Thailand. The results show that the inflows of FDI in Thailand, which are supply-driven, are significantly influenced by its 21 largest investing partners. The 1997 Asian Financial Crisis has no impact on the determinants of the inflows of FDI into Thailand, but positively influences the inflows of FPI into Thailand. Our results also show that increases in GDP and trade between investing partners and Thailand potentially attract more FDI and FPI into Thailand. Investing partners closer to Thailand draw more portfolio investment into Thailand than distant partners – emphasising that distance has a negative impact on the portfolio investment but a negligible impact on the FDI.

This thesis analyzes the factors that determine the portfolio investments to Turkey in the period from 1989:04 to 2008:12. The factors that are examined are budget balance, current account balance, nominal exchange rate between the Turkish Lira and the US dollar, Turkish domestic interest rate, US 3-months Treasury Bill rate, annual inflation rate in Turkey and ISE 100 Index. A Vector Autoregressive Model is used for the purpose of examining the impacts of these variables on the level of portfolio investments to Turkey. The results of the model show that the portfolio investment in Turkey was affected positively by domestic interest rates and negatively by ISE 100 Index in the period before 2001. On the other hand, it is affected positively by exchange rate and US interest rate in the post-crisis period. It is also found that current account deficit affect portfolio investments negatively.

The object of this thesis is the description of foreign direct and portfolio investment flows between European Union and Brazil and consequent evaluation of these flows regarding global affairs, development in the economic sectors and business obstacles. It is followed by estimation of investment flows between this subjects in the future. The thesis is based on statistical data of Eurostat, International Monetary Fund and brazilian central bank.

Inflows of Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) into Sub Saharan Africa (SSA) between 2000 and 2014 remained a minute fraction (at only 2% and 1% respectively) of global inflows. This study seeks to explain this phenomenon by examining the push (global) and pull (domestic) factors that may help to explain inflows of FDI and FPI in SSA and the mechanisms through which these factors affect inflows (the how). As ongoing regional integration efforts in Africa through trading blocs, the study also discusses the role of regional trading blocs in explaining capital flows into SSA. In the process, the research challenges some of the established theories and contributes to policy for managing international capital inflows. The study identifies possible explanatory variables from existing theory and empirical studies. Data on possible determinants of FDI and FPI is largely extracted from the World Bank and IMF databases. The determinants considered are macro-economic, infrastructural, institutional, resource endowment and geographical related. These are modeled into econometric model of FDI and FPI. Several hypotheses on the possible determinants are then tested using panel regressions with random effects. The results indicate that SSA's FDI during the period reviewed is mainly pulled by macroeconomic dynamics, infrastructure and human resources factors and pushed by global macroeconomic performance. Likewise, FPI is largely pulled by GDP and infrastructure factors. The results further show that FDI and FPI inflows in regional trading blocs of SADC, COMESA and ECOWAS are affected by different risk, return, macroeconomic, trade and distance factors. The effects of factors such as distance and macroeconomic factors also vary across the regional trading blocs, suggesting their importance of these blocs in capital flows.

Magister Legum - LLM / This thesis seeks to unpack the measures and structures that a developing nation can put into place to establish itself as a good investment destination. It discusses the three theories of corporate governance, and how the adoption of the Enlightened Shareholder approach is the ideal theory for developing economies to adopt. It reviews the practices of the Republic of South Africa and the Peoples Republic of China to investigate what developing nations can learn from their legislation. The purpose of this thesis is to identity strong areas of corporate governance to better assist developing nations in their establishment of their corporate governance measures.