The characterization of asset price returns is an important subject in modern finance. Traditionally, the dynamics of stock returns are assumed to lack any temporal order. Here we present an analysis of the autocovariance of stock market indices and unravel temporal order in several major stock markets. We also demonstrate a fundamental difference between developed and emerging markets in the p...

Background: Liquidity is, in practice of portfolio investment, an important attribute of stocks and measuring illiquidity presents a real challenge for researchers, primarily on developed stock markets. Moreover, there is a lack of research dealing with (il)liquidity on emerging markets. In the paper, the problem of applicability and validity of two well-known illiquidity measures, ILLIQ and TU...

This paper explores the differences between communicating with consumers in emerging economies compared with those in more developed economies. The nature of emerging markets is discussed in order to highlight differences due to culture, political and legal, economic, infrastructural and educational factors, that may impact on communicating with buyers in those markets. A typical communications...