returns in terms of their integration into the international market. We use data on 5 developed countries and 5 emerging … reforms, Tunisian financial markets became more and more integrated to the international market (excess returns and … unconditional beta consistent with predictions). However, conditional APT does not accurately explain Tunisian market returns. This …

Perfect consumption risk sharing requires both, frictionless goods as well as frictionless financial market integration … that the degree of financial market integration and the time horizon considered, substantially alter the extent of …