Retail investors again seem to think they can make money in the emerging world, and have sent money pouring back in. But where, exactly, can they find value?
Most emerging markets were inefficient and illiquid in the first place (earning them the “emerging” tag), and the indiscriminate waves in and out of the sector during the last decade should have created some inefficiencies along the way.
Here are two possible systematic mispricings. First, there is the disjunction between the Chinese A-share market, largely restricted to domestic investors but opening slowly, and the market for H-shares, quoted in Hong Kong and accessible internationally.
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