We study a pricing model for global and local sources of risk in six Eastern European emerging stock markets. Utilizing … these markets display considerable segmentation; the aggregate emerging market risk, as opposed to global market risk, is … the significant driver for their stock market returns. It also appears that currency risk is priced into stock prices. The …

ratios in emerging financial markets -- The world price of covariance risk with respect to emerging markets -- Do jumps … risk depress the flow of trade? : evidence from the European Union and transition countries -- Stock market volatility of …