ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
In recent years, both developed and emerging capital markets have experienced numerous changes including removal of investment barriers, economic reforms, introduction of country funds and depository receipts (DRs) as well as other financial innovations. One of the aims of these changes is to develop financially integrated stock markets which should lead to a lower cost of capital, greater investment opportunities, and higher savings and growth made possible by international risk sharing (Carrieri et al., 2007; Stulz, 1999). The same period has known a succession of severe crises of different origins and effects: the 1997–1998 Asian crisis, the 2001 US recession, the 2007–2009 global crisis. These changes have increased the exposure of national markets to global risk factors as well as their degree of integration into the world market. However, since today's national markets are neither perfectly integrated nor strictly segmented markets (Arouri et al., 2012; Bekaert and Harvey, 1995; Carrieri et al., 2007). Investigating the effects of these integrating changes on the international risk-return trade-off and cost of capital of firms is crucial for rational decision-making and capital budgeting. In this paper, we present an international capital asset pricing model (CAPM) for partially segmented stock markets and use it to assess, under the hypothesis of partial segmentation, the pricing errors made by investors who use domestic or global asset pricing models to price assets and compute the cost of capital of firms.