国际投资（第六版）课件 SolMcL_6e_ch05.pptVIP

Chapter 5 Equity: Markets and Instruments Introduction In this chapter we cover: Historical differences in market organization. Market size Liquidity Concentration Practical aspects (taxes, market indexes, information availability) Alternatives to direct international investing (ADRs, GDRs, ETFs, Open-end funds, Closed-end funds) Historical Differences in Market Organization Every stock exchange has its own unique characteristics and legal organization. All exchanges have evolved from one of three organization types: Private Bourses Public Bourses Bankers’ Bourses Historical Differences in