CHAPTER 13 - INTERNATIONAL EQUITY MARKETS STATISTICAL PERSPECTIVE ON INTL. EQUITY Update: 2007 Total Stock Mkt.

. Capitalization is about $60T 2003 - Total Mkt. Capitalization o !o"ld e#uit$ %a"kets !as %o"e t&an $32T. '() o t&is *$2'.2(T+ !as "o% 3, de-eloped count"ies. see /0&ibit ,3., on p. 3,1. ,2) dec"ease "o% ,(((-2003 o" Developed Countries. U.S. -,1) *-3.') pe" $ea"+. /u"ope -,3) *-3.1) pe" $ea"+. and 3apan -33) *-(.6) pe" $ea"+. /0&ibit ,3.2. p 3,2 - /%e"4in4 seconda"$ %a"kets in Developing Countries 5e" capita inco%e eit&e" lo! *6 $(00+. o" lo!e"-%iddle to %iddle inco%e "an4e *$(00-$,2.000+. So%e o t&ese count"ies &a-e la"4e" e#uit$ %a"kets t&an s%alle" de-eloped count"ies. e.4.. 7ussia. C&ina. 8"azil. S. 9 "ica. :o"ea. and Tai!an a"e la"4e" t&an ;e! <ealand. 9ust"ia. ="eland. >u0e%bou"4. ?inland. etc. @i4& 4"o!t& %a"kets &a-e been in t&e e%e"4in4 %a"kets. like C&ina *20) pe" $ea"+. 7ussia *(0) pe" $ea"+. and t&e$ &a-e att"acted inc"easin4 a%ounts o capital. ,((0s: T"end sta"ted o" in-est%ent in e%e"4in4 e#uit$ %a"kets. and so%e in-est%ent ad-iso"s su44est 20) o an ideal po"t olio b$ 2002 s&ould be in e%e"4in4 %a"kets like 9sia. >atin 9%e"ica and /aste"n /u"ope *7ussia+. 5"ediction: A=n 20 $ea"s C&ina. 7ussia and =ndia !ill be t&e bi44est stock %a"kets in t&e !o"ld. bi44e" t&an t&e U.S. and 3apan.A =n 2000. t&e"e !e"e ,70 e%e"4in4 %a"ket e#uit$ %utual unds and 27 e%e"4in4 %a"ket i0ed inco%e %utual unds. LIQUIDITY - Bne %easu"e o stock %a"ket li#uidit$ is t&e Turnover Ratio = Tota !a ue o" A Mar#et Tran$a%tion$ & Tota Sto%# Mar#et !a ue' Example: Total stock %a"ket -alue is $2%. and t&e"e is $,00% o %a"ket t"ansactions du"in4 t&e $ea". t&e tu"no-e" is $,00%C$2% o" 200. T&e a-e"a4e stock &as tu"ned o-e" 20 ti%es du"in4 t&e $ea". o" about e-e"$ 2.2 !eeks. =n 4ene"al. t&e &i4&e" t&e Tu"no-e" 7atio. t&e 4"eate" t&e li#uidit$ o t&e seconda"$ e#uit$ %a"ket. See /0&ibit ,3.3. p. 3,6. Tu"no-e" 7atios o" de-eloped count"ies. ?o" U.S.. t&e tu"no-e" !as ,230 in 2003. %eanin4 t&at t&e"e !as about $,.723 t"illion in annual stock %a"ket t"ansactions and $,1.26 t"illion o total %a"ket -alue *$,723 T C $,1.26 T D ,230+. U.S. !as one o t&e !o"ldEs %ost li#uid %a"ket. alon4 !it& S!eden. Spain. =tal$. etc. Most o t&e de-eloped %a"kets &ad tu"no-e" "atios o 20 o" &i4&e" *20-,20+. See /0&ibit ,3.1. p. 3,7 o" e%e"4in4 %a"kets. So%e o t&e e%e"4in4 %a"kets &a-e -e"$ lo! tu"no-e" "atios *Colo%bia. 5&ilippines. ;i4e"ia. etc.+. especiall$ t&e s%alle" %a"kets. T&e la"4e" %a"kets &a-e &i4&e" tu"no-e" *Tai!an. =ndia. :o"ea. C&ina. Tu"ke$. 8"azil. etc.+ 9lso. li#uidit$ is i%p"o-in4 o" %an$ e%e"4in4 %a"kets *=ndia. 7ussia. /4$pt. etc+ o-e" ti%eF ,3C33 count"ies &ad &i4&e" tu"no-e" in 2003 co%pa"ed to ,(((. Mar#et Con%entration - Measu"es &o! concent"ated a stock %a"ketEs -alue is o" t&e ten la"4est co%panies. ?o" e0a%ple. i t&e %a"ket concent"ation "atio is 20). t&at %eans t&at t&e ten la"4est co%panies "ep"esent 20) o t&e total %a"ket -alue o t&e stock %a"ket. T&e %o"e concent"ated t&e stock %a"ket is. t&e less desi"able t&e stock %a"ket is o" 4lobal di-e"si ication.
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See /0&ibit ,3.2 on p. 3,'. So%e count"ies &a-e beco%e less concent"ated "o% ,(((-2003. like Tu"ke$. C&ina. :o"ea. and <i%bab!e. Bt&e" count"ies &a-e beco%e %o"e concent"ated. e.4.. =ndia. =ndonesia. Me0ico. and Genezuela. Tra(e o"") @i4&e" t&e concent"ation "atio. t&e less selection o stocks a-ailable. @o!e-e". !&$ %i4&t a &i4&e" concent"ation "atio be a 4ood t&in4. o" a si4n o i%p"o-e%ent. e.4.. in C&ina o" 7ussiaH I&at is $ou" 4uess o t&e concent"ation "atio in t&e U.S. %a"ketH

INTERNATIONAL EQUITY INDE!ES 8enc&%a"ksCinde0es o inte"national stock %a"ket pe" o"%ance *"ep"esentin4 stocks t"aded on t&e seconda"$ %a"ket+ a"e i%po"tant. I&$H To !&o%H Se-e"al intl. stock %a"ket inde0es a"e a-ailable: ". St#nd#rd #nd Poors *SJ5+ publis&es co%pa"ati-e stock %a"ket statistics *e%e"4in4 and de-eloped %a"kets+ in its annual "epo"t A/%e"4in4 Stock Ma"kets ?actbook.A Kata in t&is c&apte" a"e "o% SJ5. $. %SCI & %org#n St#nle' C#pit#l Intern#tion#l issues a %ont&l$ publication o stock %a"ket dataCinde0es o" 21 de-eloped count"ies. alon4 !it& a !o"ld inde0. MSC= is also "epo"ted dail$ in t&e IS3 - count"$ inde0es and a !o"ld inde0 o 2.600 stocks "o% 23 count"ies. =nde0es "ep"esent at least 60) o %a"ket capitalization in eac& count"$. and a"e %a"ket--alue !ei4&ted *Example: ,00 co%panies in inde0. i one co%pan$ "ep"esents 3.2) o t&e %a"ket -alue. it 4ets 3.2) !ei4&t and not ,)+. MSC= also "eleases: ,+ 7e4ional inde0es: a+ /9?/ D /u"ope. 9ust"alia. and ?a" /ast *Io"ld - ;. 9%e"ica+. b+ ;o"t& 9%e"ica *U.S. and Canada+. 2+ =ndust"$ =nde0es *dozens+. 3+ 27 /%e"4in4 Ma"ket count"$ inde0es. and 1+ 7e4ional /%e"4in4 Ma"kets inde0es. (. Do) *ones +lo,#l Inde-es - publis&ed dail$ in t&e IS3 *Ko! 3ones+. See /0&ibits ,3.' and ,3.(. p. 323-321. and &andout. =n addition to its o!n inde0es. t&e IS3 also "epo"ts ot&e" %aLo" %a"ket stock inde0es. see /0&ibit ,3.(. See /0&ibit ,3.( on p. 321 o" so%e o t&e %aLo" stock %a"ket inde0es. iS.#res %SCI /ET0s1 /0c&an4e-t"aded count"$ unds. count"$-speci ic baskets o stocks t&at "eplicate t&e MSC= count"$ inde0es o 2, count"ies and 1 "e4ions. 9d-anta4e: lo! cost. con-enient !a$ to o!n di-e"si ied po"t olios o o"ei4n stocks. See p. 323.

E!C2AN+E TRADED 0UNDS /ET0s1

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Usuall$ passi-el$ %ana4ed unds based on an e0istin4 stock o" bond inde0: SJ5 200. 7ussell 2000. ;asda# Co%posite. MSC= Me"%an$ =nde0. MSC= 8"azil =nde0. MSC= /u"ope =nde0. MSC= 3apan =nde0. MSC= 87=C =nde0. Ko! 3ones US 7e4ional 8ank =nde0. ;asda# 8iotec&nolo4$ =nde0. Gan4ua"d 7/=T =nde0. etc. ;ote: T&e iS&a"es /T?s a"e based on MSC= =nde0es. 9d-anta4es o /T?s -s. Mutual ?unds: ". Lo)er 3osts: 9-e"a4e annual e0pense "atio o" /T?s is 0.12) -s. ,.3) o" t"aditional %utual unds -s. 0.71) o" t"aditional inde0 %utual unds. E*a+, e) Gan4ua"d Total Stock Ma"ket =nde0 /T? &as annual e0pense "atio o 0.07). o" onl$ $70 total e0penses on a $,00.000 in-est%ent. 7eason: /-en inde0ed %utual und co%panies like Ganu4a"d &a-e to pa$ o" o ices. sta . custo%e" se"-ice. "eco"dkeepin4 o" accounts. !ebsites !it& online access to account in o"%ation. %ailin4s. sendin4 ta0 o"%s at t&e end o t&e $ea". etc. Note: 9 di e"ence bet!een 0.12) and ,.30) annual e0penses on $,00.000 !ould be $''0 pe" $ea". and $'.'00 o-e" a ten-$ea" pe"iod. $. T#- e44i3ien3': a+ I&en t"aditional %utual unds s&i ts stocks in t&e po"t olio. t&e"e is tu"no-e" in t&e po"t olio. and capital 4ains can be 4ene"ated. !&ic& a"e passed on to all in-esto"s. /T?s a"e based on inde0es. so t&e"e is al%ost no tu"no-e". /-en !it& inde0ed %utual unds. a la"4e "ede%ption %i4&t "e#ui"e a sale o stocks. !&ic& could t"i44e" capital 4ains o" all in-esto"s in t&e und. /T?s can "edee%s s&a"es o" baskets o t&e unde"l$in4 secu"ities. !&ic& is not a ta0able e-ent.
Through a regulatory loophole, ETFs are considered to be created by trading equivalent certificates (the ETF for the many stocks that make up the basket) in what is called an in-kind trade. This e change of essentially identical items does not trigger capital gains, according to the !"#. Traditional mutual funds must go into the open market and e change cash for stocks and vice versa, which trigger reali$ation of gains. !t%s a subtle difference, admittedly, but which results in an advantage for the ETF investor.

NouOll &a-e to pa$ capital 4ains e-entuall$ i $ou sell stocksC%utual undsC/T?s at a 4ain. but /T?s allo! bette" cont"ol o-e" t&e e0act ti%in4 o t&e capital 4ains t&an a %utual und.
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(. Tr#nsp#ren3'5 B!nin4 an /T?. $ou kno! dail$ e0actl$ !&atOs in t&e po"t olio dail$. co%pa"ed to o!nin4 an acti-el$-%ana4ed %utual und. !&e"e $ou %i4&t not kno! dail$ !&at t&e und %ana4e" is doin4: &o! %uc& cas& is bein4 &eld. i t&e %ana4e" is ollo!in4 t&e in-est%ent st"ate4$ o t&e und. 6. 0le-i,ilit': /T?s a"e t"aded like stocks and a"e p"iced t&"ou4&out t&e da$ like stocks. -e"sus %utual unds. !&ic& a"e p"iced onl$ once. at t&e close o t&e %a"ket. /T?s &a-e 4"eate" le0ibilit$ to ti%e pu"c&ases o" sales du"in4 t&e da$ to take ad-anta4e o p"ice luctuations. >ike stocks. $ou can a+ bu$ /T?s on %a"4in. b+ sell /T?s s&o"t. and c+ bu$Csell /T? options.

%AR7ET STRUCTURE Seconda"$ %a"ket o" e#uit$ se"-es t!o pu"poses: 1' Mar#eta-i it. - 9llo!s bu$e"s in t&e p"i%a"$ %a"ket *=5B+ to subse#uentl$ sell s&a"es. Iould be &a"d to sell stock in p"i%a"$ %a"ket i t&e"e !asnEt a seconda"$ %a"ket. /' S0are ,ri%e va uation - 9cti-e t"adin4 in seconda"$ %a"kets establis&es a t"ue ai" %a"ket -alue o stock *-s. p"i-atel$ &eld stock like U5S be o"e ,(((+. Seconda"$ Ma"kets a"e set up as eit&e": ". De#ler %#r8et - BTC. deale" net!o"k. like ;9SK9P. !&e"e about 120 deale"s *A%a"ket %ake"sA+ specialize in bu$in4Csellin4 ce"tain stocks. Nou a"e bu$in4 *sellin4+ t&e stock "o% *to+ t&e deale". not "o% *to+ anot&e" in-esto". !&o &olds t&e stock in &isC&e" account. 8id *deale" bu$s+- 9sk *deale" sells+ Sp"ead is t&e deale"Es co%%ission. e.4.. $2*bid+-$2.02*ask+. ,) sp"ead. T&e"e a"e about 20 acti-e deale"sC%a"ket %ake"s o" t&e a-e"a4e. acti-el$ t"aded stocks. close to ,00 deale"s o" &i4& -olu%e stocks like Kell Co%pute". 72 o" /ba$. 67 o" Sta"bucks. 2' o" ?i t& T&i"d 8ank. Bt&e" ;9SK9P stocks: 9%azon. To$ota. Mic"oso t. Na&ooQ. Cisco. Sun. MC=. ;issan. etc. Bnl$ #uotations a"e auto%ated. actual t"ades do not take place t&"ou4& t&e co%pute" s$ste%. but "e#ui"e di"ect contact bet!een t&e deale" and a b"oke". $. Agen3' %#r8et - like ;NS/. 9M/R. T&e b"oke" takes a bu$ *sell+ o"de" "o% a clientCin-esto"Ct"ade". and %atc&es it !it& a sell *bu$+ o"de" "o% anot&e" clientCt"ade". Mo"e o an auction %a"ket. 8ot& BTC and e0c&an4e %a"kets a"e Continuous Ma"kets. !&e"e t"adin4 takes place continuall$ du"in4 t&e t"adin4 da$. Most e icient. especiall$ o" acti-el$ t"aded issues. ;on-continuous t"adin4 s$ste%s include t&e call %a"ket in ?"ance and t&e c"o!d t"adin4 in Spain. 3. 9not&e" s$ste% is t&e 0ull' Auto9#ted Tr#ding s'ste9 co%%on in To"onto. ;e! <ealand. 9ust"alia. etc. !&e"e t"adin4 is co%pletel$ auto%ated. Si%ila" to ;9SK9P. but #uotations and t"adin4
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takes place di"ectl$ b$ co%pute". B"de"s a"e illed aste". and t&e"e is -e"$ e! people a"e needed to ope"ate an e0c&an4e. See /0&ibit ,3.7 on p. 32,-322. TRADIN+ IN INTERNATIONAL EQUITIES Ie &a-e seen inc"eased 4lobal inte4"ation o !o"ld e#uit$ %a"kets due to: ,. =n-esto"s seekin4 inte"national po"t olio di-e"si ication. 2. =nc"eased %a,ita +o-i it.. 8a""ie"s to intl. capital lo!s *eli%ination o i0ed co%%issions. de"e4ulation o inancial %a"kets. etc.+ &a-e been "educed. =nt"oduction o /u"o &as inte4"ated /u"opean inancial %a"kets. 3. 9d-ances in =n o"%ation Tec&nolo4$ &a-e acilitated capital lo!s. "esea"c& and intl. in-estin4. 1. M;Cs &a-e e0panded 4lobal ope"ations. and &a-e taken ad-anta4e o 4lobal capital %a"kets. Cross&Listing o4 S.#res is !&en a i"% *M;C+ listsCsells its s&a"es on one o" %o"e o"ei4n e0c&an4es in addition to t&e do%estic e0c&an4e. Example: MM %i4&t list on ;NS/. and on t&e e0c&an4es in >ondon and 5a"is. @onda. To$ota and Na%a&a list on t&e ;NS/. in addition to Tok$o. See /0&ibit ,3.,0 on p. 326. ;NS/ &as 20) o"ei4n listin4s *,2) o ne! listin4s+. ;9SK9P &as ,0.1) o"ei4n listin4s. 9M/R &as (.'7) *2,) ne!+. >u0e%bou"4 &as ',.') o"ei4n listin4s. S!itze"land 3,). Man$ count"ies a"e al%ost e0clusi-el$ (o+e$ti%: =tal$. 9"4entina. To"onto. :o"ea. Tok$o. 9ust"alia. ;o"!a$. T&ailand and ?inland a"e all (2-,00) (o+e$ti%' :.' Cross&List; ,. =nc"eased li#uidit$. b"oade" in-esto" base. =nc"eased 4lobal de%and %a$ suppo"t a &i4&e" stock p"ice. 2. C"oss-listin4 i%p"o-es na%e "eco4nition 4loball$ in ne! capital %a"kets. Ma$ %ake it easie" in utu"e to "aise additional e#uit$ o" debt capital 4loball$. 4et a &i4&e" p"ice o" stock. lo!e" inte"est "ate o" debt. 3. Co%pan$ %a$ bene it as %o"e consu%e"s and in-esto"s beco%e a%ilia" !it& t&e co%pan$ and it p"oducts. Consu%e"s !&o like t&e co%pan$Es p"oducts %a$ be %o"e likel$ to in-est in t&e co%pan$. and in-esto"s in t&e co%pan$ %a$ be %o"e likel$ to beco%e consu%e"s o t&e co%pan$Es p"oducts. ;ike custo%e"s %a$ bu$ ;ike stock. and ;ike in-esto"s %a$ bu$ ;ike p"oducts. 1. Ma$ %ake it &a"de" o" an un!anted. &ostile takeo-e" due to t&e di-e"si ied. 4lobal stock&olde" base. 9d-anta4e o" Kisad-anta4eH C"oss-listin4 "e#ui"es a M;C to con o"% to secu"ities la!s in bot& count"ies. ?o"ei4n i"%s c"osslisted in U.S. %ust %eet S/C "e#ui"e%ents o" inancial disclosu"e and inancial "epo"tin4. ?i"%s %ust "econcile accountin4 and inancial state%ents to U.S. standa"ds. !&ic& can be -e"$ di icult and ti%e consu%in4. = o"ei4n i"%s can sell s&a"es onl$ to la"4e. institutional in-esto"s in U.S.. less "i4o"ous accountin4 and disclosu"e standa"ds appl$. A9eri3#n Depositor' Re3eipts /ADRs1 & t&e %ost e icient and co%%on %et&od o sellin4 o"ei4n stocks in t&e U.S. %a"ket. 9K7s a"e an e0a%ple o inancial en4inee"in4. t&e c"eation and %a"ketin4
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o ne! secu"ities "o% unde"l$in4 secu"ities. e.4.. st"ipped ze"o coupons. Mo"t4a4e 8acked Secu"ities *M8Ss+ like CMBs and pass-t&"ou4&s. 9K7 p"ocess: ,. 9 nu%be" o o"ei4n s&a"es *stock ce"ti icates+ a"e placed on deposit *in esc"o!+ in t&e &o%e count"$ *7ussia. C&ina. o" =ndia+ !it& a custodian bank o" inancial inte"%edia"$. 2. T&e 9K7s a"e t&en t"aded in t&e U.S. stock %a"ket. on ;NS/ o" ;9SK9P. like stocks *>e-el ==+.

A(vanta1e$ o" A2R$) ,. 9K7s a"e p"iced in dolla"s. t"ade on a U.S. e0c&an4e. and can be pu"c&ased t&"ou4& a "e4ula" b"oke". = o"ei4n s&a"es !e"e pu"c&ased di"ectl$. it !ould in-ol-e a+ !o"kin4 !it& a b"oke" in 7ussia o" C&ina. b+ o"ei4n cu""enc$ e0c&an4e. and c+ a""an4e o" s&ip%ent o stock ce"ti icates. 2. Ki-idends o" 9K7s a"e collected and con-e"ted to dolla"s b$ t&e custodian. 3. >ike U.S. stocks. 9K7s clea" in t&"ee da$s. 1. 9K7s a"e "e4iste"ed s&a"es. not bea"e" secu"ities like %an$ o"ei4n s&a"es. o e"in4 4"eate" p"otection o o!ne"s&ip "i4&ts. 2. 9K7s can be easil$ t"aded b$ t"ans e""in4 t&e deposito"$ "eceipt to anot&e" in-esto" in t&e U.S. %a"ket. 6. 9K7s t$picall$ t"ade at a %ultiple o t&e unde"l$in4 s&a"es. to adLust t&e p"ice up *o" do!n+ to a no"%al t"adin4 "an4e o" U.S. *$2-$20+. e.4.. "atios o ,:,0 o" ,:.22. ADR tr#ding5 BTC *>e-el =+ - %o"e t&an ,.000 9K7s a"e t"aded. >e-el ==s: ;9SK9P *300 9K7s+. ;NS/ *320 9K7s+. and 9M/R *3 9K7s+. Note: Bne co%pan$ can &a-e se-e"al 9K7s listed at once. and can also be listed on %o"e t&an one e0c&an4e. Level I ADRs a"e sold BTC. /asiest. least e0pensi-e and least "e4ulated !a$ o" o"ei4n co%panies to %a"ket 9K7s in U.S.. "e#ui"e %ini%al S/C "e4ist"ation. ?o"ei4n co%panies can build a p"esence &e"e and 4ene"ate inte"est a%on4 in-esto"s. >e-el = 9K7s cannot be used to "aise ne! capital. ;ot as li#uid as >e-el == 9K7s. Level II ADRs a"e sold on ;9SK9P. ;NS/ and 9M/R. st"icte" S/C "e#ui"e%ents. %o"e li#uid %a"ket. Level III ADRs a"e used to "aise ne! e#uit$ capital in U.S. %a"kets. T$pical count"ies "ep"esented in 9K7 %a"kets: 7ussia. 8"azil. C&ina. Tu"ke$. Sout& 9 "ica. Me0ico. =ndia. etc. T$pical indust"ies: 8ankin4. %inin4. c&e%icals. te0tiles. oil and 4as. ai"lines. elect"ic utilities. %ac&ine"$. "eal estate. etc. T$pical co%panies: 9e"o lot. Ial-Ma"t Me0ico. Gol-o. Iip"o.
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8US 166C266: =nte"national ?inance C@ ,3

5"o esso" Ma"k 3. 5e""$

Na%a&a. GI. Gi"4in 9i"lines. S&a"p /lect"onics. Sa%sun4. 7olls 7o$ce. Mitsubis&i. 9didas. etc. See !eb site at: &ttp:CC!!!.ad".co% . SJ5 no! &as t&e S<P ADR Inde- o 260 U.S.-listed 9K7s. at le-els == and === and 4lobal s&a"es *see belo!+. Mutual unds can be set up to bu$ t&e SJ5 9K7 =nde0. Lust like t&e SJ5 200 =nde0. 5assi-e app"oac& to in-est%ent. +lo,#l Registered S.#res *M7S+ sta"ted as ne! e#uit$ s&a"es !&en C&"$sle" and Me"cedes %e"4ed in ,(('. to o"% Kai%le"C&"$sle". &ead#ua"te"ed in Me"%an$. Co%pa"ed to 9K7s *!&ic& a"e "eceipts o" bank deposits o &o%e-%a"ket s&a"es t"aded on o"ei4n %a"ket+ M7S a"e one class o s&a"es t&at a"e t"aded 4loball$. usuall$ in bot& dolla"s and /u"os. !it& e0actl$ t&e sa%e -otin4 "i4&ts and e#ual status as do%estic s&a"es. S&a"es a"e un4ible *inte"c&an4eable+. so $ou can bu$ M7Ss in U.S. and sell in Me"%an$. 2i$a(vanta1e o" 3RS: Mo"e e0pensi-e to establis& a 4lobal "e4ist"a" and clea"in4 acilit$. See /0a%ple ,3., on p. 332 about Kai%le"-C&"$sle" M7S in ;N and ?"ank u"t. C@ ,2 co-e"s inte"national in-est%ent and inte"national po"t olios.
Updated: December 28, 2013

8US 166C266: =nte"national ?inance C@ ,3

5"o esso" Ma"k 3. 5e""$