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Alpha investment strategies in emerging markets: Assessing the potential and competitiveness of Latin American firms

机译：新兴市场中的Alpha投资策略：评估拉丁美洲公司的潜力和竞争力

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摘要

Capital flows into Emerging Markets and Developing Economies (EMDEs) have grown significantly in the last decades and have even intensified in recent years. In the current environment, characterized by high levels of uncertainty and risk, Latin American firms face the challenges of making themselves known to investors and taking advantage of these resources to sustain growth, consolidate operations and internationalize business. The purpose of the paper is to propose a methodology that would allow advisors to match investors' preferences with the sources of value of firms. The paper starts with: 1) an analysis of the push and pull factors that determine the patterns of international capital flows and investments; 2) an analysis of the role of country, industry and company factors in top-down and bottom-up investment selection strategies; and, 3) a review of the theoretical foundations of the sources of value of a company. The methodology proceeds in three stages. First, we use discriminant analysis techniques to determine if there is a correlation between a country's risk factors and the performance of firms. Second, the investment selection strategies of investors, based on their risk preferences, are aligned with the operational and financial potential of firms. Finally, based on the results of the first stages, we suggest a strategy for firms to access financial and capital markets to improve their competitiveness and ensure their successful integration into the global economy. (C) 2016 Published by Elsevier Inc.
机译：在过去的几十年中，流入新兴市场和发展中经济体（EMDE）的资金有了显着增长，近年来甚至有所增加。在当前具有高度不确定性和风险的环境中，拉丁美洲公司面临着使投资者了解自己并利用这些资源来维持增长，巩固运营和业务国际化的挑战。本文的目的是提出一种方法，使顾问可以使投资者的偏好与公司的价值来源相匹配。本文从以下几个方面入手：1）分析决定国际资本流动和投资方式的推动和拉动因素； 2）分析国家，行业和公司因素在自上而下和自下而上的投资选择策略中的作用； 3）审查公司价值来源的理论基础。该方法分三个阶段进行。首先，我们使用判别分析技术来确定一个国家的风险因素与企业绩效之间是否存在关联。其次，基于投资者的风险偏好，投资者的投资选择策略与公司的运营和财务潜力保持一致。最后，根据第一阶段的结果，我们建议企业进入金融和资本市场的策略，以提高其竞争力并确保其成功融入全球经济。 （C）2016由Elsevier Inc.发布

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