Alternative investments in emerging markets: A review and new trends

Emerging Markets Review - Tập 29 - Trang 1-23 - 2016
Douglas Cumming1, Yelin Zhang1
1York University — Schulich School of Business, 4700 Keele Street, Toronto, Ontario, M3J 1P3, Canada

Tài liệu tham khảo

Abdallah, 2016, Investor protection, institutional characteristics and investment: the case of the MENA region Abdullahi, 2016, Integration of financial markets, financial development and growth: is Africa different?, J. Int. Financ. Mark. Inst. Money, 42, 43, 10.1016/j.intfin.2016.01.003 Abugri, 2009, Emerging market hedge funds: do they perform like regular hedge funds?, J. Int. Financ. Mark. Inst. Money, 19, 834, 10.1016/j.intfin.2009.07.002 Ahlstrom, 2006, Venture capital in emerging economies: networks and institutional change, Enterp. Theory Pract., 30, 299, 10.1111/j.1540-6520.2006.00122.x Allen, 2013, Understanding informal financing, 10.29310/wp.2013.09 Anderson, 2011 Anderson, 2013, Modeling global wine markets to 2018: exchange rates, taste changes, and China's import growth, J. Wine Econ., 8, 131, 10.1017/jwe.2013.31 Anderson, 2015, Asia's evolving role in global wine markets, China Econ. Rev., 35, 1, 10.1016/j.chieco.2015.05.003 Armour, 2006, The legislative road to Silicon Valley, Oxf. Econ. Pap., 58, 596, 10.1093/oep/gpl007 Ayyagari, 2010, Formal versus informal finance: evidence from China, Rev. Financ. Stud., 23, 3048, 10.1093/rfs/hhq030 Bao, 2016, Do political connections matter in accessing capital markets? Evidence from China, Emerg. Mark. Rev., 29, 24, 10.1016/j.ememar.2016.08.009 Bertoni, 2014, Cross-border investments and venture capital exits in Europe, Corp. Gov., 22, 84, 10.1111/corg.12056 Blazy, 2016, When secured and unsecured creditors recover the same: the emblematic case of the Tunisian corporate bankruptcies, Emerg. Mark. Rev., 10.1016/j.ememar.2016.08.021 Bruton, 2003, An institutional view of China's venture capital industry: explaining the differences between China and the West, J. Bus. Ventur., 18, 233, 10.1016/S0883-9026(02)00079-4 Bruton, 2004, Understanding venture capital in East Asia: the impact of institutions on the industry today and tomorrow, J. World Bus., 39, 72, 10.1016/j.jwb.2003.08.002 Bruton, 2005, Institutional influences on the worldwide expansion of venture capital, Entrep. Theory Pract., 29, 737, 10.1111/j.1540-6520.2005.00106.x Buchner, 2016, Dealing with non-normality when estimating abnormal returns and systematic risk of private equity: a closed-form solution, J. Int. Financ. Mark. Inst. Money, 10.1016/j.intfin.2016.06.001 Buchner, 2016, Risk-adjusting the returns of private equity using the CAPM and multi-factor extensions, Financ. Res. Lett., 16, 154, 10.1016/j.frl.2015.10.023 Cao, 2015, Cross-border LBOs, J. Bank. & Fin., 50, 69, 10.1016/j.jbankfin.2014.08.027 Chen, 2014, Family control, regulatory environment, and the growth of entrepreneurial firms: international evidence, Corp. Gov., 22, 132, 10.1111/corg.12060 Cheng, 2016, Venture capital investors and foreign listing choices of Chinese companies, Emerg. Mark. Rev., 29, 42, 10.1016/j.ememar.2016.08.007 Chorruk, 2010, New evidence on the pricing and performance of initial public offerings in Thailand, 1997–2008, Emerg. Mark. Rev., 11, 285, 10.1016/j.ememar.2010.04.001 Cole, 2016, Do banks or VCs spur small firm growth?, J. Int. Financ. Mark. Inst. Money, 41, 60, 10.1016/j.intfin.2015.12.005 Cosh, 2009, Outside entrepreneurial capital, Econ. J., 119, 1494, 10.1111/j.1468-0297.2009.02270.x Cressy, 2014, Stairway to heaven or gateway to hell? A competing risks analysis of delistings from Hong Kong's growth Enterprise market, Int. Rev. Financ. Anal., 36, 195, 10.1016/j.irfa.2014.02.008 Cumming, 2008, Contracts and exits in venture capital finance, Rev. Financ. Stud., 21, 1947, 10.1093/rfs/hhn072 Cumming, 2011, Misinforming the public about public policy towards venture capital, Ventur. Cap., 13, 99, 10.1080/13691066.2010.543541 Cumming, 2011, Review essay: public policy and the creation of active venture capital markets, Ventur. Cap., 13, 75, 10.1080/13691066.2010.492989 Cumming, 2014, Public economics gone wild: lessons from venture capital, Int. Rev. Financ. Anal., 36, 251, 10.1016/j.irfa.2013.10.005 Cumming, 2013, Debt investments in private firms: legal institutions and investment performance in 25 countries, J. Fixed Income, 102, 10.3905/jfi.2013.23.1.102 Cumming, 2015, Corporate defaults, workouts and the rise of the distressed asset investment industry, Bus. Hist. Rev., 89, 305, 10.1017/S000768051500029X Cumming, 2016, Taking China private: the Carlyle group, leveraged buyouts and financial capitalism in greater China, Bus. Hist., 58, 345, 10.1080/00076791.2015.1122703 Cumming, 2013 Cumming, 2016, Crowdfunding and entrepreneurial internationalization Cumming, 2012, Disclosure, venture capital, and entrepreneurial spawning, J. Int. Bus. Stud., 43, 563, 10.1057/jibs.2012.9 Cumming, 2013, Public policy, entrepreneurship, and venture capital in the United States, J. Corp. Financ., 23, 345, 10.1016/j.jcorpfin.2013.09.005 Cumming, 2003, A cross-country comparison of full and partial venture capital exits, J. Bank. Financ., 27, 511, 10.1016/S0378-4266(02)00389-8 Cumming, 2006, Crowding out private equity: Canadian evidence, J. Bus. Ventur., 21, 569, 10.1016/j.jbusvent.2005.06.002 Cumming, 2007, Mutual funds that invest in private equity? An analysis of labour sponsored investment funds, Camb. J. Econ., 31, 445, 10.1093/cje/bel041 Cumming, 2004, Private equity returns and disclosure around the world Cumming, 2010, Private equity returns and disclosure around the world, J. Int. Bus. Stud., 41, 727, 10.1057/jibs.2009.62 Cumming, 2016, Political instability, access to private debt, and innovation investment in China, Emerg. Mark. Rev., 29, 68, 10.1016/j.ememar.2016.08.013 Cumming Cumming, 2004, Legality and venture capital governance around the world Cumming, 2006, Legality and venture capital exits, J. Corp. Financ., 12, 214, 10.1016/j.jcorpfin.2004.12.004 Cumming, 2009, Corporate relocation in venture capital finance, Enterp. Theory Pract., 33, 1121, 10.1111/j.1540-6520.2009.00337.x Cumming, 2010, Legality and venture capital governance around the world, J. Bus. Ventur., 25, 54, 10.1016/j.jbusvent.2008.07.001 Cumming, 2013 Cumming, 2015, Cleantech crowdfunding Cumming Cumming, 2016, ‘Cleantech’ venture capital around the world, Int. Rev. Financ. Anal., 44, 86, 10.1016/j.irfa.2016.01.015 Cumming, 2016, Do international investors enhance private firm value? Evidence from venture capital, J. Int. Bus. Stud., 47, 347, 10.1057/jibs.2015.46 Da Gbadji, 2015, International analysis of venture capital programs of large companies and financial institutions, Entrep. Theory Pract., 39, 1213, 10.1111/etap.12105 Dai, 2012, Cross-border venture capital investments in Asia: selection and performance, J. Bus. Ventur., 27, 666, 10.1016/j.jbusvent.2011.04.004 DeGennaro, 2014, Expected returns to stock investments by angel investors in groups, Eur. Financ. Manag., 20, 739, 10.1111/eufm.12002 Dehner, 2014, Equity based crowdfunding outside the USA, Univ. Cinci. Law Rev., 83, 413 Deng, 2016, Overreaction in ChiNext IPOs' initial returns: how much and what cause it?, Emerg. Mark. Rev., 29, 82, 10.1016/j.ememar.2016.08.012 Ding, 2014, Angel investors' selection criteria: a comparative institutional perspective, Asia Pac. J. Manag., 31, 705, 10.1007/s10490-014-9374-z Dong, 2014, Ownership structure and risk-taking: comparative evidence from private and state-controlled banks in China, Int. Rev. Financ. Anal., 36, 120, 10.1016/j.irfa.2014.03.009 Elinga, 2010, The performance of hedge funds and mutual funds in emerging markets, J. Bank. Financ., 34, 1993, 10.1016/j.jbankfin.2010.01.008 Fonseka, 2014, Effects of regulator's announcements, information asymmetry and ownership changes on private equity placements: evidence from China, J. Int. Financ. Mark. Inst. Money, 29, 126, 10.1016/j.intfin.2013.11.008 Fung, 2000, Do hedge funds disrupt emerging markets?, 377 Geertsema, 2016, A game-theoretic model of underpricing and over-subscription in Chinese IPO's, Financ. Res. Lett., 17, 93, 10.1016/j.frl.2016.02.001 Gilson, 2003, Venture capital structure: a tax explanation for convertible preferred stock, Harv. Law Rev., 116, 875, 10.2307/1342584 Groh, 2009, How attractive is central Eastern Europe for risk capital investors?, J. Int. Money Financ., 28, 625, 10.1016/j.jimonfin.2009.01.006 Groh, 2011, The first step of the capital flow from institutions to entrepreneurs: the criteria for sorting venture capital funds, Eur. Financ. Manag., 17, 532, 10.1111/j.1468-036X.2010.00583.x Groh, 2016, Determinants of venture capital investments in emerging markets, Emerg. Mark. Rev., 29, 104, 10.1016/j.ememar.2016.08.020 Groh, 2012, Emerging economies' attraction of foreign direct investment, Emerg. Mark. Rev., 13, 210, 10.1016/j.ememar.2012.03.005 Groh, 2010, The European venture capital and private equity country attractiveness indices, J. Corp. Financ., 16, 205, 10.1016/j.jcorpfin.2009.09.003 Güçbilmez, 2014, Why do some Chinese technology firms avoid ChiNext and go public in the US?, Int. Rev. Financ. Anal., 36, 179, 10.1016/j.irfa.2014.02.010 Guler, 2010, Institutions and the internationalization of US venture capital firms, J. Int. Bus. Stud., 41, 185, 10.1057/jibs.2009.35 Hu, 2014, The people's funding of China: legal developments of equity crowdfunding progress, proposals and prospects, Univ. Cinci. Law Rev., 83, 445 Imad'Eddine, 2013, International capital flow into the European private equity market, Eur. Financ. Manag., 19, 366, 10.1111/j.1468-036X.2012.00604.x Iriyama, 2010, Spiky globalization of venture capital investments: the influence of prior human networks, Strateg. Entrep. J., 4, 128, 10.1002/sej.87 Jeng, 2000, The determinants of venture capital funding: evidence across counties, J. Corp. Financ., 6, 241, 10.1016/S0929-1199(00)00003-1 Johan, 2014, Does the quality of lender–borrower relationships affect small business access to debt? Evidence from Canada and implications in China, Int. Rev. Financ. Anal., 36, 206, 10.1016/j.irfa.2014.01.006 Johan, 2016, Private equity exits in emerging markets, Emerg. Mark. Rev., 29, 133, 10.1016/j.ememar.2016.08.016 Joy, 2004, Framing considerations in the PRC: creating value in the contemporary Chinese art market, Consum. Mark. Cult., 7, 307, 10.1080/1025386042000316306 Kaplan, 2007, How do legal differences and experience affect financial contracts?, J. Financ. Intermed., 16, 273, 10.1016/j.jfi.2007.03.005 Khaire, 2010, Changing landscapes: the construction of meaning and value in a new market category—modern Indian art, Acad. Manag. J., 53, 1281, 10.5465/AMJ.2010.57317861 Kotkatvuori-Örnberg, 2011, Geographical focus in emerging markets and hedge fund performance, Emerg. Mark. Rev., 12, 309, 10.1016/j.ememar.2011.05.001 Kraeussl, 2010, Emerging art markets, Emerg. Mark. Rev., 11, 301, 10.1016/j.ememar.2010.07.002 Lean, 2012, Calendar anomalies and risk in the wine exchange market, Asian Acad. Manag. J. Account. Financ., 8, 25 Leleux, 2003, Public versus private venture capital: seeding or crowding out? A pan-European analysis, J. Bus. Ventur., 18, 81, 10.1016/S0883-9026(01)00078-7 Lerner, 2009 Lerner, 2004, Does legal enforcement affect financial transactions? The contractual channel in private equity Lerner, 2005, Does legal enforcement affect financial transactions? The contractual channel in private equity, Q. J. Econ., 120, 223 Lerner, 2015, The globalization of angel investments: evidence across countries, 16 Li, 2014, An exploratory study of business angels in China: a research note, Ventur. Cap., 16, 69, 10.1080/13691066.2013.833370 Li, 2014, National distances, international experience, and venture capital investment performance, J. Bus. Ventur., 29, 471, 10.1016/j.jbusvent.2013.08.002 Li, 2016, Policies of promoting entrepreneurship and angel investment: evidence from China, Emerg. Mark. Rev., 29, 154, 10.1016/j.ememar.2016.08.011 Li, 2016, Heterogeneous venture capital, M&A activity, and market response, Emerg. Mark. Rev., 29, 168, 10.1016/j.ememar.2016.08.008 Liao, 2014, Venture capital, corporate governance, and financial stability of IPO firms, Emerg. Mark. Rev., 18, 19, 10.1016/j.ememar.2013.11.002 Liao, 2015, The role of internal and external social Capital in Crowdfunding: evidence from China, Rev. Res. Soc. Interv., 49, 187 Liu, 2007, Business angel investment in the China market, Singap. Manag. Rev., 29, 89 Liu, 2015, Optimal investment of private equity, Financ. Res. Lett., 14, 76, 10.1016/j.frl.2015.05.013 Liu, 2014, The Chinese wine market: a market segmentation study, Asia Pac. J. Mark. Logist., 26, 450, 10.1108/APJML-07-2013-0089 Madhavan, 2009, Understanding global flows of venture capital: human networks as the “carrier wave” of globalization, J. Int. Bus. Stud., 40, 1241, 10.1057/jibs.2009.6 Majumdar Makela, 2006, Interorganizational commitment in syndicated cross-border venture capital investments, Enterp. Theory Pract., 30, 273, 10.1111/j.1540-6520.2006.00121.x Marakkath, 2015, Can microfinance crowdfunding reduce financial exclusion? Regulatory issues, Int. J. Bank Mark., 33, 624, 10.1108/IJBM-06-2014-0080 Masset, 2016, Red obsession: the ascent of fine wine in China, Emerg. Mark. Rev., 29, 200, 10.1016/j.ememar.2016.08.014 McCahery, 2016, Venture capital 2.0: from venturing to partnering, Ann. Corp. Gov., 1, 95, 10.1561/109.00000007 Megginson, 2004, Toward a global model of venture capital?, J. Appl. Corp. Financ., 16, 89, 10.1111/j.1745-6622.2004.tb00599.x Nahata, 2008, Venture capital reputation and investment performance, J. Financ. Econ., 90, 127, 10.1016/j.jfineco.2007.11.008 Nahata, 2014, Success in global venture capital investing: do institutional and cultural differences matter?, J. Financ. Quant. Anal., 49, 1039, 10.1017/S0022109014000568 Otchere, 2016, Venture capitalist participation and the performance of Chinese IPOs, Emerg. Mark. Rev., 29, 226, 10.1016/j.ememar.2016.08.010 Pablo, 2016, The effect of ownership concentration and composition on dividends: evidence from Latin America, Emerg. Mark. Rev. Park, 2015, Emerging market hedge funds in the United States, Emerg. Mark. Rev., 22, 25, 10.1016/j.ememar.2014.11.004 Park, 2016, The effect of listing switches from a growth market to a main board: an alternative perspective, Emerg. Mark. Rev., 29, 246, 10.1016/j.ememar.2016.08.006 Peltomäki, 2008, Emerging market hedge funds and the yen carry trade, Emerg. Mark. Rev., 9, 220, 10.1016/j.ememar.2008.05.001 Petrakis, 2009, Informal financing of small–medium enterprise sector: the case of Greece, J. Serv. Sci. Manag., 2009, 378 Qiou, 2013, Wine tourism phenomena in China: an emerging market, Int. J. Contemp. Hosp. Manag., 25, 1115, 10.1108/IJCHM-06-2012-0087 Reeb, 2012, Endogeneity in international business research, J. Int. Bus. Stud., 43, 211, 10.1057/jibs.2011.60 Robb, 2014, The capital structure decisions of new firms, Rev. Financ. Stud., 27, 153, 10.1093/rfs/hhs072 Sabarinathan, 2014, Understanding angel investing in India — an exploratory study based on publicly available data Scheela, 2009, Business angel investing in an emerging Asian economy, J. Priv. Equity, 12, 44, 10.3905/JPE.2009.12.4.044 Scheela, 2012, Do institutions matter for business angel investing in emerging Asian markets?, Vent. Cap., 14, 289, 10.1080/13691066.2012.672020 Shi, 2016, An empirical study of crowdfunding campaigns: evidence from jing dong crowdfunding Platform, 1 Teo, 2009, The geography of hedge funds, Rev. Financ. Stud., 22, 3531, 10.1093/rfs/hhp007 Tykvová, 2014, Geographical and institutional distances in venture capital deals: how syndication and experience drive internationalization patterns Wang, 2012, Economic freedom and cross-border venture capital performance, J. Empir. Financ., 19, 26, 10.1016/j.jempfin.2011.10.002 Wright, 2004, Venture capital investors, capital markets, valuation and information: US, Europe and Asia, J. Int. Entrep., 2, 305, 10.1007/s10843-004-0131-0 Wright, 2005, International venture capital research: from cross-country comparisons to crossing borders, Int. J. Manag. Rev., 7, 135, 10.1111/j.1468-2370.2005.00113.x Xu, 2016, Configurational paths to sponsor satisfaction in crowdfunding, J. Bus. Res., 69, 915, 10.1016/j.jbusres.2015.06.040 Yang, 2016, Pay-performance sensitivity and risk-taking: evidence from closed-end funds, Emerg. Mark. Rev., 29, 274, 10.1016/j.ememar.2016.08.015 Ye, 2014, Intentions to participate in wine tourism in an emerging market: theorization and implications, J. Hosp. Tour. Res., 10.1177/1096348014525637 Zahra, 2014, Public and corporate governance and young global entrepreneurial firms, Corp. Gov., 22, 77, 10.1111/corg.12059 Zattoni, 2012 Zheng, 2014, The role of multidimensional social capital in crowdfunding: a comparative study in China and US, Inf. Manag., 51, 488, 10.1016/j.im.2014.03.003 Zheng, 2016, The role of trust management in reward-based crowdfunding, Online Inf. Rev., 40, 97, 10.1108/OIR-04-2015-0099 Zhou, 2010, Chinese IPO activity, pricing, and market cycles, Rev. Quant. Finan. Acc., 34, 483, 10.1007/s11156-009-0147-6