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Emerging markets differ structurally from modern economies. As Khanna and Palepu (2010, p. 6) note: “emerging markets reflect those transactional arenas where buyers and sellers are not easily or efficiently able to come together.” Differences between emerging and more developed markets can be found, for example, from markets’ capacity to tolerate external shocks and to provide stabile enough operational environment for market actors to operate. Differences can also be found from the capacity of public institutions to support entrepreneurial activities, to provide financial opportunities for market actors, and to generate long-term predictability to the markets (Khanna and Palepu 1997). Due to these differences, modern markets have traditionally attracted more investments than emerging markets. This development, however, is changing, and during the past few decades, emerging markets have become significantly stronger...
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