JP Morgan on Emerging Markets Price-to-Book Ratio & Forward Returns

Since so much of Emerging Market exposure is through the EM's banks, price-to-book may actually make more sense than it does in developed markets with their emphasis on intellectual property and other intangibles.
From Wall Street Rant:

Here is an interesting look from J.P Morgan regarding the Price-to-Book ratio on Emerging Markets.

They then look at how those various Price-to-Book ratios relate to forward 1-year returns....In short, it looks good.

...MORE including a Rob Arnott drive-by.