TY - JOUR T1 - How Attractive Are Emerging Markets Equities? <em>The Importance of Price/Book-Value Ratios for Future Returns</em> JF - The Journal of Investing SP - 117 LP - 121 DO - 10.3905/joi.2017.26.1.117 VL - 26 IS - 1 AU - Michael Keppler AU - Peter Encinosa Y1 - 2017/02/28 UR - https://pm-research.com/content/26/1/117.abstract N2 - Emerging markets have long offered attractive characteristics compared to developed markets. The authors show the negative relationship between the price/book-value ratios of the MSCI Emerging Markets Index and the ensuing four-year annualized total net returns. Low valuations are associated with high future returns and, vice versa, high valuations tend to lead to lower returns. Although the expected total returns are promising, there are some caveats of which investors should be aware.TOPICS: Emerging, fundamental equity analysis ER -