EFFECTIVE USE OF INTERNATIONAL EXPERIENCE OF FINANCIAL ASSET VALUATION
Keywords:
Finance, International Asset Pricing, Firm’s Cost of Capital, Segmentation.Abstract
We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a sample of firms from developed and emerging countries.
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