Though practitioners and academics rely on similar conceptual frameworks when valuing illiquid equity securities, they emphasize different aspects of the framework. In contrast to academics, practitioners emphasize market multiples, implied equity market risk premiums, industry betas, and market...

Though practitioners and academics rely on similar conceptual frameworks when valuing international equities in general and emerging market equities in particular, they emphasize different aspects of the framework. In contrast to academics, practitioners adjust discount rates as opposed to cash...

The goal of this paper is to test empirically whether emerging-market portfolios appear on the meanvariance efficient frontier, investigate whether particular markets provide better diversification benefits, and to ascertain if these relationships are time-invariant. Countries that are more...

This paper reexamines the evidence on purchasing power parity in the long run. Previous studies have generally been unable to reject the hypothesis that the real exchange rate follows a random walk. If true, this implies that purchasing power parity does not hold. In contrast, this paper casts...