Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/69578
Authors: 
Arouri, Mohamed El Hedi
Rault, Christophe
Sova, Robert
Sova, Anamaria
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper: Monetary Policy and International Finance 4097
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.
Subjects: 
finance
international asset pricing
firm's cost of capital segmentation
JEL: 
C32
F36
G15
Document Type: 
Working Paper

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