Francesca Carrieri

1David Koslowsky
1Kate Phylaktis
1Mathijs A Van Dijk
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We investigate the impact of investabilty on asset pricing based on a new IAPM. We decompose the risk premia of 18 emerging markets into a global premium, a conditional local premium and a conditional local discount. The discount factor consists of investable portions of partially investable securities. We document that when non-investable …rms become(More)
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