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1、CHAPTER13INTERNATIONALEQUITYMARKETSSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.GetacurrentcopyofTheWallStreetJournalandfindtheDowJonesCountryIndexeslistinginSectionCofthenewspaper.Examinetheyear-to-datepercentagechangesinU.S.dollarsforthevariousnationalind
2、exes.Howdothechangesfromyourtablecomparewiththeyear-to-datepercentagechangesfromthesampleprovidedinthetextbookasExhibit13.8?Arethesamenationalindexespositiveandnegativeinbothlistings?Discussyourfindings.Answer:Thisquestionisdesignedtoprovideanintuitiveunderstandingofthebenefitsfrominter
3、nationaldiversificationofequityportfolios.Itisveryunlikelythatthestudentwillfindmany,ifany,nationalmarketindexesthathaveyear-to-datereturnsthatareevenclosetothesamelevelasinExhibit13.8.Overdifferenttimeperiods,differentmarketforceswillaffecteachnationalmarketinuniquewaysandtheexchangera
4、teswillbedifferent.Somemarketsthatpreviouslyyieldedapositivereturnwillnowshowanegativereturn,andviceversa.Similarly,somemarketsthathadyieldedalargepositive(negative)returnmaynowshowonlyasmallpositive(negative)return.2.Asaninvestor,whatfactorswouldyouconsiderbeforeinvestingintheemergings
5、tockmarketofadevelopingcountry?Answer:Aninvestorinemergingmarketstocksneedstobeconcernedwiththedepthofthemarketandthemarket’sliquidity.Depthofthemarketreferstotheopportunitiestoinvestinthecountry.Onemeasureofthedepthofthemarketistheconcentrationratioofacountry’sstockmarket.Theconcentrat
6、ionratiofrequentlyiscalculatedtoshowthemarketvalueofthetenlargeststocktradedasafractionofthetotalmarketcapitalizationofallequitiestraded.Thehighertheconcentrationratio,thelessdeepisthemarket.Thatis,mostvalueisconcentratedinonlyafewcompanies.Whilethisdoesnotnecessarilyimplythatthelargest
7、stocksintheemergingmarketarenotgoodinvestments,itdoes,however,suggestthattherearefewopportunitiesforinvestmentinthatcountryandthatproperdiversificationwithinthecountrymaybedifficult.Intermsofliquidity,aninvestorwouldbewisetoexaminethemarketturnoverratioofthecountry’sstockmarket
