Borys, Magdalena Morgese Borys - In: Czech Journal of Economics and Finance (Finance a uver) 61 (2011) 2, pp. 118-139
There is no consensus in the literature as to which model should be used to estimate stock returns and the cost of capital in the emerging markets. The Capital Asset Pricing Model (CAPM), which is most often used for this purpose in the developed markets, has a poor empirical record and is...