Stock Analysts' Perception of Current State of Emerging Countries Stock Markets - A Survey

Abstract

The purpose of the study is to investigate investors' perception of current state of emerging countries stock markets. Data gathered from 84 Chief Investment Officers, Mutual Fund Managers and Equity Research Analysts are analyzed using Mean Scores, Percentage Inclinations, Factor Analysis and Chi Square Test. Results indicate investors' opinion about arbitrage opportunities, significance of macroeconomic and market risk factors in influencing stock performance and relevance of investor behavior in investment decision making differ across investment analysis techniques. Also, emerging countries stock markets are believed to be semi strong efficient presenting arbitrage opportunities for investors. Lastly, investors' view regarding present stock market conditions in emerging economies differ across investment analysis techniques based on asset pricing, market efficiency, fundamental analysis.