id sid tid token lemma pos issue-93 1 1 baltic baltic PROPN issue-93 1 2 journal journal PROPN issue-93 1 3 of of ADP issue-93 1 4 economic economic ADJ issue-93 1 5 studies study NOUN issue-93 1 6 135 135 NUM issue-93 1 7 vol vol NOUN issue-93 1 8 . . PROPN issue-93 2 1 2 2 NUM issue-93 2 2 , , PUNCT issue-93 2 3 no no INTJ issue-93 2 4 . . NOUN issue-93 2 5 2 2 NUM issue-93 2 6 , , PUNCT issue-93 2 7 2016 2016 NUM issue-93 2 8 corresponding correspond VERB issue-93 2 9 author author NOUN issue-93 2 10 : : PUNCT issue-93 2 11 1 1 NUM issue-93 2 12 department department NOUN issue-93 2 13 of of ADP issue-93 2 14 finance finance NOUN issue-93 2 15 and and CCONJ issue-93 2 16 credit credit NOUN issue-93 2 17 , , PUNCT issue-93 2 18 yurii yurii VERB issue-93 2 19 fedkovich fedkovich ADJ issue-93 2 20 chernivtsy chernivtsy PROPN issue-93 2 21 national national PROPN issue-93 2 22 university university NOUN issue-93 2 23 . . PUNCT issue-93 3 1 e e X issue-93 3 2 - - NOUN issue-93 3 3 mail mail NOUN issue-93 3 4 : : PUNCT issue-93 3 5 v.semenyuk@chnu.edu.ua v.semenyuk@chnu.edu.ua ADJ issue-93 3 6 pragmatics pragmatic NOUN issue-93 3 7 of of ADP issue-93 3 8 using use VERB issue-93 3 9 a a DET issue-93 3 10 modified modified ADJ issue-93 3 11 capm capm NOUN issue-93 3 12 model model NOUN issue-93 3 13 for for ADP issue-93 3 14 estimating estimate VERB issue-93 3 15 cost cost NOUN issue-93 3 16 of of ADP issue-93 3 17 equity equity NOUN issue-93 3 18 on on ADP issue-93 3 19 emerging emerge VERB issue-93 3 20 markets market NOUN issue-93 3 21 vitaliy vitaliy ADV issue-93 3 22 semenyuk1 semenyuk1 PROPN issue-93 3 23 yurii yurii ADJ issue-93 3 24 fedkovich fedkovich ADJ issue-93 3 25 chernivtsy chernivtsy PROPN issue-93 3 26 national national PROPN issue-93 3 27 university university PROPN issue-93 3 28 , , PUNCT issue-93 3 29 ukraine ukraine PROPN issue-93 3 30 abstract abstract NOUN issue-93 3 31 . . PUNCT issue-93 4 1 the the DET issue-93 4 2 aim aim NOUN issue-93 4 3 of of ADP issue-93 4 4 the the DET issue-93 4 5 work work NOUN issue-93 4 6 is be AUX issue-93 4 7 to to ADP issue-93 4 8 forming form VERB issue-93 4 9 pragmatic pragmatic ADJ issue-93 4 10 recommendations recommendation NOUN issue-93 4 11 for for ADP issue-93 4 12 the the DET issue-93 4 13 development development NOUN issue-93 4 14 and and CCONJ issue-93 4 15 implementation implementation NOUN issue-93 4 16 the the DET issue-93 4 17 modified modified ADJ issue-93 4 18 capm capm PROPN issue-93 4 19 model model NOUN issue-93 4 20 in in ADP issue-93 4 21 the the DET issue-93 4 22 process process NOUN issue-93 4 23 of of ADP issue-93 4 24 estimating estimate VERB issue-93 4 25 the the DET issue-93 4 26 equity equity NOUN issue-93 4 27 value value NOUN issue-93 4 28 on on ADP issue-93 4 29 emerging emerge VERB issue-93 4 30 markets market NOUN issue-93 4 31 . . PUNCT issue-93 5 1 original original ADJ issue-93 5 2 capm capm PROPN issue-93 5 3 model model NOUN issue-93 5 4 allows allow VERB issue-93 5 5 estimating estimate VERB issue-93 5 6 the the DET issue-93 5 7 cost cost NOUN issue-93 5 8 of of ADP issue-93 5 9 equity equity NOUN issue-93 5 10 on on ADP issue-93 5 11 the the DET issue-93 5 12 developed develop VERB issue-93 5 13 capital capital NOUN issue-93 5 14 markets market NOUN issue-93 5 15 . . PUNCT issue-93 6 1 at at ADP issue-93 6 2 the the DET issue-93 6 3 same same ADJ issue-93 6 4 time time NOUN issue-93 6 5 it it PRON issue-93 6 6 requires require VERB issue-93 6 7 the the DET issue-93 6 8 information information NOUN issue-93 6 9 received receive VERB issue-93 6 10 on on ADP issue-93 6 11 the the DET issue-93 6 12 market market NOUN issue-93 6 13 data data NOUN issue-93 6 14 basis basis NOUN issue-93 6 15 . . PUNCT issue-93 7 1 but but CCONJ issue-93 7 2 , , PUNCT issue-93 7 3 as as SCONJ issue-93 7 4 show show VERB issue-93 7 5 recent recent ADJ issue-93 7 6 empirical empirical ADJ issue-93 7 7 research research NOUN issue-93 7 8 , , PUNCT issue-93 7 9 the the DET issue-93 7 10 classical classical ADJ issue-93 7 11 model model NOUN issue-93 7 12 does do AUX issue-93 7 13 not not PART issue-93 7 14 always always ADV issue-93 7 15 produce produce VERB issue-93 7 16 acceptable acceptable ADJ issue-93 7 17 results result NOUN issue-93 7 18 of of ADP issue-93 7 19 the the DET issue-93 7 20 equity equity NOUN issue-93 7 21 estimation estimation NOUN issue-93 7 22 . . PUNCT issue-93 8 1 in in ADP issue-93 8 2 addition addition NOUN issue-93 8 3 , , PUNCT issue-93 8 4 capm capm PROPN issue-93 8 5 model model NOUN issue-93 8 6 in in ADP issue-93 8 7 its its PRON issue-93 8 8 classical classical ADJ issue-93 8 9 form form NOUN issue-93 8 10 ca can AUX issue-93 8 11 n’t not PART issue-93 8 12 be be AUX issue-93 8 13 used use VERB issue-93 8 14 to to PART issue-93 8 15 estimate estimate VERB issue-93 8 16 the the DET issue-93 8 17 cost cost NOUN issue-93 8 18 of of ADP issue-93 8 19 equity equity NOUN issue-93 8 20 for for ADP issue-93 8 21 countries country NOUN issue-93 8 22 with with ADP issue-93 8 23 emerging emerge VERB issue-93 8 24 markets market NOUN issue-93 8 25 . . PUNCT issue-93 9 1 this this PRON issue-93 9 2 is be AUX issue-93 9 3 due due ADJ issue-93 9 4 with with ADP issue-93 9 5 lower low ADJ issue-93 9 6 efficiency efficiency NOUN issue-93 9 7 in in ADP issue-93 9 8 emerging emerge VERB issue-93 9 9 markets market NOUN issue-93 9 10 , , PUNCT issue-93 9 11 with with ADP issue-93 9 12 lower low ADJ issue-93 9 13 level level NOUN issue-93 9 14 of of ADP issue-93 9 15 liquidity liquidity NOUN issue-93 9 16 and and CCONJ issue-93 9 17 capitalization capitalization NOUN issue-93 9 18 , , PUNCT issue-93 9 19 which which PRON issue-93 9 20 makes make VERB issue-93 9 21 the the DET issue-93 9 22 information information NOUN issue-93 9 23 obtained obtain VERB issue-93 9 24 from from ADP issue-93 9 25 these these DET issue-93 9 26 markets market NOUN issue-93 9 27 not not PART issue-93 9 28 entirely entirely ADV issue-93 9 29 reliable reliable ADJ issue-93 9 30 . . PUNCT issue-93 10 1 therefore therefore ADV issue-93 10 2 in in ADP issue-93 10 3 practice practice NOUN issue-93 10 4 are be AUX issue-93 10 5 increasingly increasingly ADV issue-93 10 6 using use VERB issue-93 10 7 different different ADJ issue-93 10 8 modification modification NOUN issue-93 10 9 capm capm NOUN issue-93 10 10 models model NOUN issue-93 10 11 , , PUNCT issue-93 10 12 that that PRON issue-93 10 13 allow allow VERB issue-93 10 14 consider consider VERB issue-93 10 15 for for ADP issue-93 10 16 more more ADV issue-93 10 17 specific specific ADJ issue-93 10 18 factors factor NOUN issue-93 10 19 which which PRON issue-93 10 20 affect affect VERB issue-93 10 21 the the DET issue-93 10 22 cost cost NOUN issue-93 10 23 of of ADP issue-93 10 24 equity equity NOUN issue-93 10 25 . . PUNCT issue-93 11 1 these these DET issue-93 11 2 factors factor NOUN issue-93 11 3 , , PUNCT issue-93 11 4 which which PRON issue-93 11 5 are be AUX issue-93 11 6 not not PART issue-93 11 7 considered consider VERB issue-93 11 8 in in ADP issue-93 11 9 the the DET issue-93 11 10 classical classical ADJ issue-93 11 11 capm capm PROPN issue-93 11 12 model model NOUN issue-93 11 13 , , PUNCT issue-93 11 14 include include VERB issue-93 11 15 the the DET issue-93 11 16 size size NOUN issue-93 11 17 of of ADP issue-93 11 18 the the DET issue-93 11 19 corporation corporation NOUN issue-93 11 20 and and CCONJ issue-93 11 21 country country NOUN issue-93 11 22 risk risk NOUN issue-93 11 23 . . PUNCT issue-93 12 1 the the DET issue-93 12 2 first first ADJ issue-93 12 3 factor factor NOUN issue-93 12 4 is be AUX issue-93 12 5 actual actual ADJ issue-93 12 6 for for ADP issue-93 12 7 developed developed ADJ issue-93 12 8 and and CCONJ issue-93 12 9 emerging emerge VERB issue-93 12 10 markets market NOUN issue-93 12 11 and and CCONJ issue-93 12 12 needed need VERB issue-93 12 13 to to PART issue-93 12 14 account account VERB issue-93 12 15 during during ADP issue-93 12 16 the the DET issue-93 12 17 equity equity NOUN issue-93 12 18 estimation estimation NOUN issue-93 12 19 and and CCONJ issue-93 12 20 modification modification NOUN issue-93 12 21 the the DET issue-93 12 22 capm capm PROPN issue-93 12 23 model model NOUN issue-93 12 24 . . PUNCT issue-93 13 1 country country NOUN issue-93 13 2 risk risk NOUN issue-93 13 3 is be AUX issue-93 13 4 associated associate VERB issue-93 13 5 with with ADP issue-93 13 6 differences difference NOUN issue-93 13 7 and and CCONJ issue-93 13 8 peculiarities peculiarity NOUN issue-93 13 9 of of ADP issue-93 13 10 the the DET issue-93 13 11 economies economy NOUN issue-93 13 12 different different ADJ issue-93 13 13 countries country NOUN issue-93 13 14 and and CCONJ issue-93 13 15 in in ADP issue-93 13 16 the the DET issue-93 13 17 first first ADJ issue-93 13 18 place place NOUN issue-93 13 19 should should AUX issue-93 13 20 be be AUX issue-93 13 21 taken take VERB issue-93 13 22 into into ADP issue-93 13 23 account account NOUN issue-93 13 24 when when SCONJ issue-93 13 25 estimating estimate VERB issue-93 13 26 the the DET issue-93 13 27 cost cost NOUN issue-93 13 28 of of ADP issue-93 13 29 equity equity NOUN issue-93 13 30 in in ADP issue-93 13 31 emerging emerge VERB issue-93 13 32 capital capital NOUN issue-93 13 33 markets market NOUN issue-93 13 34 , , PUNCT issue-93 13 35 which which PRON issue-93 13 36 are be AUX issue-93 13 37 considered consider VERB issue-93 13 38 by by ADP issue-93 13 39 investors investor NOUN issue-93 13 40 as as ADP issue-93 13 41 more more ADV issue-93 13 42 risky risky ADJ issue-93 13 43 for for ADP issue-93 13 44 investment investment NOUN issue-93 13 45 . . PUNCT issue-93 14 1 this this DET issue-93 14 2 factor factor NOUN issue-93 14 3 should should AUX issue-93 14 4 also also ADV issue-93 14 5 be be AUX issue-93 14 6 taken take VERB issue-93 14 7 into into ADP issue-93 14 8 account account NOUN issue-93 14 9 in in ADP issue-93 14 10 estimating estimate VERB issue-93 14 11 the the DET issue-93 14 12 cost cost NOUN issue-93 14 13 of of ADP issue-93 14 14 equity equity NOUN issue-93 14 15 . . PUNCT issue-93 15 1 methodology methodology NOUN issue-93 15 2 in in ADP issue-93 15 3 the the DET issue-93 15 4 process process NOUN issue-93 15 5 of of ADP issue-93 15 6 constructing construct VERB issue-93 15 7 a a DET issue-93 15 8 modified modified ADJ issue-93 15 9 capm capm PROPN issue-93 15 10 model model NOUN issue-93 15 11 , , PUNCT issue-93 15 12 theoretical theoretical ADJ issue-93 15 13 and and CCONJ issue-93 15 14 methodological methodological ADJ issue-93 15 15 provisions provision NOUN issue-93 15 16 were be AUX issue-93 15 17 used use VERB issue-93 15 18 , , PUNCT issue-93 15 19 which which PRON issue-93 15 20 are be AUX issue-93 15 21 set set VERB issue-93 15 22 out out ADP issue-93 15 23 in in ADP issue-93 15 24 the the DET issue-93 15 25 work work NOUN issue-93 15 26 r. r. PROPN issue-93 15 27 banz banz PROPN issue-93 15 28 , , PUNCT issue-93 15 29 g. g. PROPN issue-93 15 30 bekaert bekaert PROPN issue-93 15 31 , , PUNCT issue-93 15 32 m. m. NOUN issue-93 15 33 goedhart goedhart PROPN issue-93 15 34 , , PUNCT issue-93 15 35 r. r. PROPN issue-93 15 36 grabowski grabowski PROPN issue-93 15 37 , , PUNCT issue-93 15 38 r. r. PROPN issue-93 15 39 grinold grinold PROPN issue-93 15 40 , , PUNCT issue-93 15 41 d. d. PROPN issue-93 15 42 vessels vessels PROPN issue-93 15 43 , , PUNCT issue-93 15 44 a. a. NOUN issue-93 15 45 damodaran damodaran NOUN issue-93 15 46 , , PUNCT issue-93 15 47 m. m. NOUN issue-93 15 48 dempsey dempsey PROPN issue-93 15 49 , , PUNCT issue-93 15 50 j. j. PROPN issue-93 15 51 zhang zhang PROPN issue-93 15 52 , , PUNCT issue-93 15 53 r. r. PROPN issue-93 15 54 ibbotson ibbotson PROPN issue-93 15 55 , , PUNCT issue-93 15 56 p. p. PROPN issue-93 15 57 kaplan kaplan PROPN issue-93 15 58 , , PUNCT issue-93 15 59 t. t. PROPN issue-93 15 60 koller koller PROPN issue-93 15 61 , , PUNCT issue-93 15 62 k. k. PROPN issue-93 15 63 kroner kroner PROPN issue-93 15 64 , , PUNCT issue-93 15 65 l. l. PROPN issue-93 15 66 kruschwitz kruschwitz PROPN issue-93 15 67 , , PUNCT issue-93 15 68 m. m. NOUN issue-93 15 69 long long ADV issue-93 15 70 , , PUNCT issue-93 15 71 a. a. NOUN issue-93 15 72 lofler lofler NOUN issue-93 15 73 , , PUNCT issue-93 15 74 g. g. PROPN issue-93 15 75 mandl mandl PROPN issue-93 15 76 , , PUNCT issue-93 15 77 m. m. NOUN issue-93 15 78 miller miller PROPN issue-93 15 79 , , PUNCT issue-93 15 80 f. f. PROPN issue-93 15 81 modilyani modilyani PROPN issue-93 15 82 , , PUNCT issue-93 15 83 k. k. PROPN issue-93 15 84 nunes nunes PROPN issue-93 15 85 , , PUNCT issue-93 15 86 d. d. PROPN issue-93 15 87 peterson peterson PROPN issue-93 15 88 , , PUNCT issue-93 15 89 s. s. PROPN issue-93 15 90 pratt pratt PROPN issue-93 15 91 , , PUNCT issue-93 15 92 l. l. PROPN issue-93 15 93 siegel siegel PROPN issue-93 15 94 , , PUNCT issue-93 15 95 y. y. PROPN issue-93 15 96 fama fama PROPN issue-93 15 97 , , PUNCT issue-93 15 98 p. p. PROPN issue-93 15 99 fernandes fernandes PROPN issue-93 15 100 , , PUNCT issue-93 15 101 k. k. PROPN issue-93 15 102 harvey harvey PROPN issue-93 15 103 , , PUNCT issue-93 15 104 d. d. PROPN issue-93 15 105 harrington harrington PROPN issue-93 15 106 , , PUNCT issue-93 15 107 s. s. PROPN issue-93 15 108 hassett hassett PROPN issue-93 15 109 . . PUNCT issue-93 16 1 results result NOUN issue-93 16 2 in in ADP issue-93 16 3 result result NOUN issue-93 16 4 of of ADP issue-93 16 5 research research NOUN issue-93 16 6 received receive VERB issue-93 16 7 a a DET issue-93 16 8 modified modified ADJ issue-93 16 9 capm capm PROPN issue-93 16 10 model model NOUN issue-93 16 11 , , PUNCT issue-93 16 12 which which PRON issue-93 16 13 can can AUX issue-93 16 14 be be AUX issue-93 16 15 used use VERB issue-93 16 16 to to PART issue-93 16 17 determine determine VERB issue-93 16 18 the the DET issue-93 16 19 cost cost NOUN issue-93 16 20 of of ADP issue-93 16 21 equity equity NOUN issue-93 16 22 in in ADP issue-93 16 23 developed develop VERB issue-93 16 24 and and CCONJ issue-93 16 25 emerging emerge VERB issue-93 16 26 capital capital NOUN issue-93 16 27 markets market NOUN issue-93 16 28 . . PUNCT issue-93 17 1 practical practical ADJ issue-93 17 2 implications implication NOUN issue-93 17 3 received receive VERB issue-93 17 4 model model NOUN issue-93 17 5 in in ADP issue-93 17 6 result result NOUN issue-93 17 7 of of ADP issue-93 17 8 research research NOUN issue-93 17 9 may may AUX issue-93 17 10 have have VERB issue-93 17 11 practical practical ADJ issue-93 17 12 use use NOUN issue-93 17 13 in in ADP issue-93 17 14 the the DET issue-93 17 15 process process NOUN issue-93 17 16 of of ADP issue-93 17 17 estimating estimate VERB issue-93 17 18 the the DET issue-93 17 19 equity equity NOUN issue-93 17 20 value value NOUN issue-93 17 21 and and CCONJ issue-93 17 22 designed design VERB issue-93 17 23 to to PART issue-93 17 24 determine determine VERB issue-93 17 25 the the DET issue-93 17 26 rate rate NOUN issue-93 17 27 of of ADP issue-93 17 28 return return NOUN issue-93 17 29 required require VERB issue-93 17 30 by by ADP issue-93 17 31 investors investor NOUN issue-93 17 32 for for ADP issue-93 17 33 investing invest VERB issue-93 17 34 money money NOUN issue-93 17 35 in in ADP issue-93 17 36 equity equity NOUN issue-93 17 37 of of ADP issue-93 17 38 corporations corporation NOUN issue-93 17 39 on on ADP issue-93 17 40 emerging emerge VERB issue-93 17 41 markets market NOUN issue-93 17 42 . . PUNCT issue-93 18 1 value value NOUN issue-93 18 2 / / SYM issue-93 18 3 originality originality NOUN issue-93 18 4 described describe VERB issue-93 18 5 modified modified ADJ issue-93 18 6 capm capm PROPN issue-93 18 7 model model NOUN issue-93 18 8 takes take VERB issue-93 18 9 into into ADP issue-93 18 10 account account NOUN issue-93 18 11 the the DET issue-93 18 12 effect effect NOUN issue-93 18 13 of of ADP issue-93 18 14 a a DET issue-93 18 15 greater great ADJ issue-93 18 16 number number NOUN issue-93 18 17 of of ADP issue-93 18 18 factors factor NOUN issue-93 18 19 that that PRON issue-93 18 20 determine determine VERB issue-93 18 21 the the DET issue-93 18 22 cost cost NOUN issue-93 18 23 of of ADP issue-93 18 24 capital capital NOUN issue-93 18 25 on on ADP issue-93 18 26 emerging emerge VERB issue-93 18 27 markets market NOUN issue-93 18 28 and and CCONJ issue-93 18 29 ensures ensure VERB issue-93 18 30 a a DET issue-93 18 31 correct correct ADJ issue-93 18 32 estimate estimate NOUN issue-93 18 33 of of ADP issue-93 18 34 the the DET issue-93 18 35 equity equity NOUN issue-93 18 36 value value NOUN issue-93 18 37 in in ADP issue-93 18 38 absences absence NOUN issue-93 18 39 of of ADP issue-93 18 40 reliable reliable ADJ issue-93 18 41 information information NOUN issue-93 18 42 from from ADP issue-93 18 43 emerging emerge VERB issue-93 18 44 markets market NOUN issue-93 18 45 . . PUNCT issue-93 19 1 key key ADJ issue-93 19 2 words word NOUN issue-93 19 3 : : PUNCT issue-93 19 4 equity equity NOUN issue-93 19 5 , , PUNCT issue-93 19 6 build build VERB issue-93 19 7 - - PUNCT issue-93 19 8 up up ADP issue-93 19 9 method method NOUN issue-93 19 10 , , PUNCT issue-93 19 11 risk risk NOUN issue-93 19 12 - - PUNCT issue-93 19 13 free free ADJ issue-93 19 14 rate rate NOUN issue-93 19 15 , , PUNCT issue-93 19 16 industry industry NOUN issue-93 19 17 risk risk NOUN issue-93 19 18 premium premium NOUN issue-93 19 19 , , PUNCT issue-93 19 20 equity equity NOUN issue-93 19 21 risk risk NOUN issue-93 19 22 premium premium NOUN issue-93 19 23 , , PUNCT issue-93 19 24 country country NOUN issue-93 19 25 risk risk NOUN issue-93 19 26 premium premium NOUN issue-93 19 27 , , PUNCT issue-93 19 28 idiosyncratic idiosyncratic ADJ issue-93 19 29 risk risk NOUN issue-93 19 30 , , PUNCT issue-93 19 31 fundamental fundamental ADJ issue-93 19 32 measures measure NOUN issue-93 19 33 . . PUNCT issue-93 20 1 jel jel PROPN issue-93 20 2 classification classification PROPN issue-93 20 3 : : PUNCT issue-93 20 4 g10 g10 PROPN issue-93 20 5 , , PUNCT issue-93 20 6 g11 g11 PROPN issue-93 20 7 , , PUNCT issue-93 20 8 g12 g12 NOUN issue-93 20 9 , , PUNCT issue-93 20 10 g13 g13 PROPN issue-93 20 11 , , PUNCT issue-93 20 12 g15 g15 PROPN issue-93 20 13 1 1 NUM issue-93 20 14 . . PUNCT issue-93 21 1 introduction introduction NOUN issue-93 21 2 in in ADP issue-93 21 3 the the DET issue-93 21 4 modern modern ADJ issue-93 21 5 corporate corporate ADJ issue-93 21 6 finances finance NOUN issue-93 21 7 , , PUNCT issue-93 21 8 the the DET issue-93 21 9 numerous numerous ADJ issue-93 21 10 approaches approach NOUN issue-93 21 11 to to ADP issue-93 21 12 the the DET issue-93 21 13 evaluation evaluation NOUN issue-93 21 14 of of ADP issue-93 21 15 the the DET issue-93 21 16 stock stock NOUN issue-93 21 17 capital capital NOUN issue-93 21 18 cost cost NOUN issue-93 21 19 . . PUNCT issue-93 22 1 the the DET issue-93 22 2 carm carm PROPN issue-93 22 3 model model NOUN issue-93 22 4 which which PRON issue-93 22 5 is be AUX issue-93 22 6 widely widely ADV issue-93 22 7 used use VERB issue-93 22 8 by by ADP issue-93 22 9 financial financial ADJ issue-93 22 10 analysts analyst NOUN issue-93 22 11 in in ADP issue-93 22 12 the the DET issue-93 22 13 whole whole ADJ issue-93 22 14 world world NOUN issue-93 22 15 is be AUX issue-93 22 16 the the DET issue-93 22 17 most most ADV issue-93 22 18 distributed distribute VERB issue-93 22 19 model model NOUN issue-93 22 20 . . PUNCT issue-93 23 1 but but CCONJ issue-93 23 2 by by ADP issue-93 23 3 the the DET issue-93 23 4 results result NOUN issue-93 23 5 of of ADP issue-93 23 6 recent recent ADJ issue-93 23 7 empirical empirical ADJ issue-93 23 8 researches research NOUN issue-93 23 9 ( ( PUNCT issue-93 23 10 dempsey dempsey NOUN issue-93 23 11 , , PUNCT issue-93 23 12 2013 2013 NUM issue-93 23 13 ; ; PUNCT issue-93 23 14 grabowski grabowski PROPN issue-93 23 15 , , PUNCT issue-93 23 16 2015 2015 NUM issue-93 23 17 ; ; PUNCT issue-93 23 18 fernandez fernandez PROPN issue-93 23 19 , , PUNCT issue-93 23 20 2015 2015 NUM issue-93 23 21 ) ) PUNCT issue-93 23 22 , , PUNCT issue-93 23 23 in in ADP issue-93 23 24 practice practice NOUN issue-93 23 25 the the DET issue-93 23 26 classic classic ADJ issue-93 23 27 capm capm NOUN issue-93 23 28 often often ADV issue-93 23 29 give give VERB issue-93 23 30 not not PART issue-93 23 31 quite quite ADV issue-93 23 32 correct correct ADJ issue-93 23 33 results result NOUN issue-93 23 34 . . PUNCT issue-93 24 1 in in ADP issue-93 24 2 connection connection NOUN issue-93 24 3 with with ADP issue-93 24 4 this this DET issue-93 24 5 question question NOUN issue-93 24 6 it it PRON issue-93 24 7 is be AUX issue-93 24 8 updated update VERB issue-93 24 9 modifications modification NOUN issue-93 24 10 to to PART issue-93 24 11 better well ADV issue-93 24 12 taking take VERB issue-93 24 13 into into ADP issue-93 24 14 account account NOUN issue-93 24 15 factors factor NOUN issue-93 24 16 that that PRON issue-93 24 17 affect affect VERB issue-93 24 18 the the DET issue-93 24 19 cost cost NOUN issue-93 24 20 of of ADP issue-93 24 21 equity equity NOUN issue-93 24 22 . . PUNCT issue-93 25 1 especially especially ADV issue-93 25 2 this this DET issue-93 25 3 problem problem NOUN issue-93 25 4 is be AUX issue-93 25 5 actual actual ADJ issue-93 25 6 for for ADP issue-93 25 7 countries country NOUN issue-93 25 8 which which PRON issue-93 25 9 develop develop VERB issue-93 25 10 the the DET issue-93 25 11 capital capital NOUN issue-93 25 12 market market NOUN issue-93 25 13 , , PUNCT issue-93 25 14 and and CCONJ issue-93 25 15 are be AUX issue-93 25 16 not not PART issue-93 25 17 always always ADV issue-93 25 18 objective objective ADJ issue-93 25 19 market market NOUN issue-93 25 20 information information NOUN issue-93 25 21 available available ADJ issue-93 25 22 . . PUNCT issue-93 26 1 by by ADP issue-93 26 2 the the DET issue-93 26 3 way way NOUN issue-93 26 4 it it PRON issue-93 26 5 ’s ’ VERB issue-93 26 6 important important ADJ issue-93 26 7 groundings grounding NOUN issue-93 26 8 the the DET issue-93 26 9 approaches approach NOUN issue-93 26 10 for for ADP issue-93 26 11 practical practical ADJ issue-93 26 12 using using NOUN issue-93 26 13 of of ADP issue-93 26 14 formed form VERB issue-93 26 15 using use VERB issue-93 26 16 . . PUNCT issue-93 27 1 in in ADP issue-93 27 2 connection connection NOUN issue-93 27 3 with with ADP issue-93 27 4 this this PRON issue-93 27 5 , , PUNCT issue-93 27 6 the the DET issue-93 27 7 forming forming NOUN issue-93 27 8 of of ADP issue-93 27 9 practical practical ADJ issue-93 27 10 recommendations recommendation NOUN issue-93 27 11 for for ADP issue-93 27 12 development development NOUN issue-93 27 13 and and CCONJ issue-93 27 14 implementation implementation NOUN issue-93 27 15 of of ADP issue-93 27 16 modified modified ADJ issue-93 27 17 model model NOUN issue-93 27 18 in in ADP issue-93 27 19 evaluation evaluation NOUN issue-93 27 20 of of ADP issue-93 27 21 capm capm PROPN issue-93 27 22 capital capital NOUN issue-93 27 23 assets asset NOUN issue-93 27 24 in in ADP issue-93 27 25 the the DET issue-93 27 26 process process NOUN issue-93 27 27 of of ADP issue-93 27 28 assessing assess VERB issue-93 27 29 the the DET issue-93 27 30 equity equity NOUN issue-93 27 31 value value NOUN issue-93 27 32 in in ADP issue-93 27 33 emerging emerge VERB issue-93 27 34 markets market NOUN issue-93 27 35 ( ( PUNCT issue-93 27 36 emerging emerge VERB issue-93 27 37 markets market NOUN issue-93 27 38 ) ) PUNCT issue-93 27 39 , , PUNCT issue-93 27 40 is be AUX issue-93 27 41 the the DET issue-93 27 42 main main ADJ issue-93 27 43 purpose purpose NOUN issue-93 27 44 of of ADP issue-93 27 45 the the DET issue-93 27 46 job job NOUN issue-93 27 47 . . PUNCT issue-93 28 1 for for ADP issue-93 28 2 established establish VERB issue-93 28 3 purpose purpose NOUN issue-93 28 4 reaching reach VERB issue-93 28 5 it it PRON issue-93 28 6 ’s ’ VERB issue-93 28 7 necessary necessary ADJ issue-93 28 8 to to PART issue-93 28 9 give give VERB issue-93 28 10 the the DET issue-93 28 11 characteristics characteristic NOUN issue-93 28 12 to to ADP issue-93 28 13 the the DET issue-93 28 14 main main ADJ issue-93 28 15 components component NOUN issue-93 28 16 of of ADP issue-93 28 17 capm capm PROPN issue-93 28 18 , , PUNCT issue-93 28 19 identify identify VERB issue-93 28 20 opportunities opportunity NOUN issue-93 28 21 for for ADP issue-93 28 22 baltic baltic ADJ issue-93 28 23 journal journal PROPN issue-93 28 24 of of ADP issue-93 28 25 economic economic ADJ issue-93 28 26 studies study NOUN issue-93 28 27 136 136 NUM issue-93 28 28 vol vol NOUN issue-93 28 29 . . PROPN issue-93 29 1 2 2 NUM issue-93 29 2 , , PUNCT issue-93 29 3 no no INTJ issue-93 29 4 . . NOUN issue-93 29 5 2 2 NUM issue-93 29 6 , , PUNCT issue-93 29 7 2016 2016 NUM issue-93 29 8 its its PRON issue-93 29 9 improvement improvement NOUN issue-93 29 10 based base VERB issue-93 29 11 on on ADP issue-93 29 12 recent recent ADJ issue-93 29 13 research research NOUN issue-93 29 14 to to PART issue-93 29 15 substantiate substantiate VERB issue-93 29 16 the the DET issue-93 29 17 specifics specific NOUN issue-93 29 18 of of ADP issue-93 29 19 using use VERB issue-93 29 20 the the DET issue-93 29 21 modified modified ADJ issue-93 29 22 model model NOUN issue-93 29 23 of of ADP issue-93 29 24 equity equity NOUN issue-93 29 25 capital capital NOUN issue-93 29 26 evaluation evaluation NOUN issue-93 29 27 for for ADP issue-93 29 28 emerging emerge VERB issue-93 29 29 markets market NOUN issue-93 29 30 . . PUNCT issue-93 30 1 2 2 X issue-93 30 2 . . X issue-93 30 3 characteristic characteristic NOUN issue-93 30 4 of of ADP issue-93 30 5 components component NOUN issue-93 30 6 in in ADP issue-93 30 7 original original ADJ issue-93 30 8 capm capm PROPN issue-93 30 9 model model NOUN issue-93 30 10 stock stock NOUN issue-93 30 11 capital capital PROPN issue-93 30 12 cost cost NOUN issue-93 30 13 is be AUX issue-93 30 14 the the DET issue-93 30 15 important important ADJ issue-93 30 16 criterion criterion NOUN issue-93 30 17 which which PRON issue-93 30 18 defines define VERB issue-93 30 19 the the DET issue-93 30 20 corporate corporate ADJ issue-93 30 21 financial financial ADJ issue-93 30 22 possibilities possibility NOUN issue-93 30 23 by by ADP issue-93 30 24 the the DET issue-93 30 25 personal personal ADJ issue-93 30 26 capital capital NOUN issue-93 30 27 attraction attraction NOUN issue-93 30 28 . . PUNCT issue-93 31 1 from from ADP issue-93 31 2 the the DET issue-93 31 3 position position NOUN issue-93 31 4 of of ADP issue-93 31 5 modern modern ADJ issue-93 31 6 corporate corporate ADJ issue-93 31 7 finances finance NOUN issue-93 31 8 , , PUNCT issue-93 31 9 the the DET issue-93 31 10 stock stock NOUN issue-93 31 11 capital capital NOUN issue-93 31 12 cost cost NOUN issue-93 31 13 is be AUX issue-93 31 14 a a DET issue-93 31 15 profitability profitability NOUN issue-93 31 16 , , PUNCT issue-93 31 17 which which PRON issue-93 31 18 requires require VERB issue-93 31 19 shareholders shareholder NOUN issue-93 31 20 for for ADP issue-93 31 21 investing invest VERB issue-93 31 22 in in ADP issue-93 31 23 the the DET issue-93 31 24 acquisition acquisition NOUN issue-93 31 25 of of ADP issue-93 31 26 shares share NOUN issue-93 31 27 of of ADP issue-93 31 28 a a DET issue-93 31 29 particular particular ADJ issue-93 31 30 corporation corporation NOUN issue-93 31 31 . . PUNCT issue-93 32 1 most most ADJ issue-93 32 2 of of ADP issue-93 32 3 the the DET issue-93 32 4 dominant dominant ADJ issue-93 32 5 concepts concept NOUN issue-93 32 6 of of ADP issue-93 32 7 today today NOUN issue-93 32 8 the the DET issue-93 32 9 cost cost NOUN issue-93 32 10 of of ADP issue-93 32 11 equity equity NOUN issue-93 32 12 are be AUX issue-93 32 13 based base VERB issue-93 32 14 on on ADP issue-93 32 15 the the DET issue-93 32 16 relationship relationship NOUN issue-93 32 17 of of ADP issue-93 32 18 risk risk NOUN issue-93 32 19 and and CCONJ issue-93 32 20 return return NOUN issue-93 32 21 . . PUNCT issue-93 33 1 the the DET issue-93 33 2 basis basis NOUN issue-93 33 3 of of ADP issue-93 33 4 this this DET issue-93 33 5 relationship relationship NOUN issue-93 33 6 is be AUX issue-93 33 7 a a DET issue-93 33 8 simple simple ADJ issue-93 33 9 principle principle NOUN issue-93 33 10 : : PUNCT issue-93 33 11 the the DET issue-93 33 12 more more ADJ issue-93 33 13 risk risk NOUN issue-93 33 14 associated associate VERB issue-93 33 15 with with ADP issue-93 33 16 owning own VERB issue-93 33 17 a a DET issue-93 33 18 certain certain ADJ issue-93 33 19 action action NOUN issue-93 33 20 , , PUNCT issue-93 33 21 the the DET issue-93 33 22 higher high ADJ issue-93 33 23 profitability profitability NOUN issue-93 33 24 will will AUX issue-93 33 25 require require VERB issue-93 33 26 shareholders shareholder NOUN issue-93 33 27 on on ADP issue-93 33 28 their their PRON issue-93 33 29 investment investment NOUN issue-93 33 30 , , PUNCT issue-93 33 31 and and CCONJ issue-93 33 32 accordingly accordingly ADV issue-93 33 33 , , PUNCT issue-93 33 34 the the DET issue-93 33 35 cost cost NOUN issue-93 33 36 of of ADP issue-93 33 37 equity equity NOUN issue-93 33 38 will will AUX issue-93 33 39 increase increase VERB issue-93 33 40 . . PUNCT issue-93 34 1 in in ADP issue-93 34 2 fact fact NOUN issue-93 34 3 , , PUNCT issue-93 34 4 the the DET issue-93 34 5 cost cost NOUN issue-93 34 6 of of ADP issue-93 34 7 equity equity NOUN issue-93 34 8 reflects reflect VERB issue-93 34 9 the the DET issue-93 34 10 profitability profitability NOUN issue-93 34 11 that that PRON issue-93 34 12 an an DET issue-93 34 13 investor investor NOUN issue-93 34 14 expects expect VERB issue-93 34 15 to to PART issue-93 34 16 receive receive VERB issue-93 34 17 as as ADP issue-93 34 18 a a DET issue-93 34 19 result result NOUN issue-93 34 20 of of ADP issue-93 34 21 an an DET issue-93 34 22 investment investment NOUN issue-93 34 23 of of ADP issue-93 34 24 money money NOUN issue-93 34 25 in in ADP issue-93 34 26 a a DET issue-93 34 27 corporation corporation NOUN issue-93 34 28 . . PUNCT issue-93 35 1 in in ADP issue-93 35 2 assessing assess VERB issue-93 35 3 , , PUNCT issue-93 35 4 the the DET issue-93 35 5 value value NOUN issue-93 35 6 of of ADP issue-93 35 7 equity equity NOUN issue-93 35 8 need need VERB issue-93 35 9 to to PART issue-93 35 10 consider consider VERB issue-93 35 11 the the DET issue-93 35 12 risks risk NOUN issue-93 35 13 associated associate VERB issue-93 35 14 with with ADP issue-93 35 15 investing invest VERB issue-93 35 16 in in ADP issue-93 35 17 the the DET issue-93 35 18 capital capital NOUN issue-93 35 19 stock stock NOUN issue-93 35 20 of of ADP issue-93 35 21 a a DET issue-93 35 22 corporation corporation NOUN issue-93 35 23 . . PUNCT issue-93 36 1 all all DET issue-93 36 2 existing exist VERB issue-93 36 3 methods method NOUN issue-93 36 4 of of ADP issue-93 36 5 stock stock NOUN issue-93 36 6 capital capital NOUN issue-93 36 7 cost cost NOUN issue-93 36 8 evaluation evaluation NOUN issue-93 36 9 ( ( PUNCT issue-93 36 10 re re NOUN issue-93 36 11 ) ) PUNCT issue-93 36 12 have have VERB issue-93 36 13 common common ADJ issue-93 36 14 structure structure NOUN issue-93 36 15 which which PRON issue-93 36 16 consists consist VERB issue-93 36 17 of of ADP issue-93 36 18 non non ADJ issue-93 36 19 - - ADJ issue-93 36 20 risk risk ADJ issue-93 36 21 rate rate NOUN issue-93 36 22 of of ADP issue-93 36 23 interest interest NOUN issue-93 36 24 ( ( PUNCT issue-93 36 25 rf rf NOUN issue-93 36 26 ) ) PUNCT issue-93 36 27 and and CCONJ issue-93 36 28 additional additional ADJ issue-93 36 29 premium premium NOUN issue-93 36 30 for for ADP issue-93 36 31 risk risk NOUN issue-93 36 32 ( ( PUNCT issue-93 36 33 risk risk NOUN issue-93 36 34 premium premium NOUN issue-93 36 35 rp rp NOUN issue-93 36 36 ) ) PUNCT issue-93 36 37     SPACE issue-93 36 38 – – PUNCT issue-93 36 39 a a DET issue-93 36 40 payment payment NOUN issue-93 36 41 for for ADP issue-93 36 42 the the DET issue-93 36 43 risks risk NOUN issue-93 36 44 associated associate VERB issue-93 36 45 with with ADP issue-93 36 46 the the DET issue-93 36 47 shares share NOUN issue-93 36 48 of of ADP issue-93 36 49 the the DET issue-93 36 50 particular particular ADJ issue-93 36 51 corporation corporation NOUN issue-93 36 52 . . PUNCT issue-93 37 1 the the DET issue-93 37 2 basic basic ADJ issue-93 37 3 structure structure NOUN issue-93 37 4 allows allow VERB issue-93 37 5 evaluating evaluate VERB issue-93 37 6 stock stock NOUN issue-93 37 7 capital capital NOUN issue-93 37 8 cost cost NOUN issue-93 37 9 may may AUX issue-93 37 10 be be AUX issue-93 37 11 written write VERB issue-93 37 12 in in ADP issue-93 37 13 a a DET issue-93 37 14 follow follow NOUN issue-93 37 15 way way NOUN issue-93 37 16 : : PUNCT issue-93 37 17 re re VERB issue-93 37 18 = = NOUN issue-93 37 19 rf+rp rf+rp NOUN issue-93 37 20 . . PUNCT issue-93 38 1 ( ( PUNCT issue-93 38 2 1 1 X issue-93 38 3 ) ) PUNCT issue-93 38 4 all all DET issue-93 38 5 existing exist VERB issue-93 38 6 models model NOUN issue-93 38 7 differ differ VERB issue-93 38 8 from from ADP issue-93 38 9 each each DET issue-93 38 10 other other ADJ issue-93 38 11 with with ADP issue-93 38 12 approaches approach NOUN issue-93 38 13 , , PUNCT issue-93 38 14 which which PRON issue-93 38 15 are be AUX issue-93 38 16 used use VERB issue-93 38 17 for for ADP issue-93 38 18 premium premium ADJ issue-93 38 19 calculation calculation NOUN issue-93 38 20 for for ADP issue-93 38 21 stock stock NOUN issue-93 38 22 capital capital NOUN issue-93 38 23 risk risk NOUN issue-93 38 24 . . PUNCT issue-93 39 1 capital capital NOUN issue-93 39 2 assets asset NOUN issue-93 39 3 pricing pricing NOUN issue-93 39 4 model model NOUN issue-93 39 5 ( ( PUNCT issue-93 39 6 carm carm PROPN issue-93 39 7 ) ) PUNCT issue-93 39 8 is be AUX issue-93 39 9 one one NUM issue-93 39 10 of of ADP issue-93 39 11 the the DET issue-93 39 12 most most ADV issue-93 39 13 distributed distribute VERB issue-93 39 14 method method NOUN issue-93 39 15 in in ADP issue-93 39 16 stock stock NOUN issue-93 39 17 capital capital NOUN issue-93 39 18 cost cost NOUN issue-93 39 19 evaluation evaluation NOUN issue-93 39 20 which which PRON issue-93 39 21 allows allow VERB issue-93 39 22 considering consider VERB issue-93 39 23 the the DET issue-93 39 24 interconnection interconnection NOUN issue-93 39 25 of of ADP issue-93 39 26 risk risk NOUN issue-93 39 27 and and CCONJ issue-93 39 28 profitability profitability NOUN issue-93 39 29 . . PUNCT issue-93 40 1 the the DET issue-93 40 2 classic classic ADJ issue-93 40 3 capm capm NOUN issue-93 40 4 equation equation NOUN issue-93 40 5 is be AUX issue-93 40 6 as as SCONJ issue-93 40 7 follows follow VERB issue-93 40 8 ( ( PUNCT issue-93 40 9 sharpe sharpe NOUN issue-93 40 10 , , PUNCT issue-93 40 11 1964 1964 NUM issue-93 40 12 ): ): PUNCT issue-93 40 13 re re VERB issue-93 40 14 = = NOUN issue-93 40 15 rf+βe×(rm rf+βe×(rm PROPN issue-93 40 16 - - PUNCT issue-93 40 17 rf rf NOUN issue-93 40 18 ) ) PUNCT issue-93 40 19 ( ( PUNCT issue-93 40 20 2 2 NUM issue-93 40 21 ) ) PUNCT issue-93 40 22 or or CCONJ issue-93 40 23 re re VERB issue-93 40 24 = = NOUN issue-93 40 25 rf+βe×rpm rf+βe×rpm X issue-93 40 26 . . PUNCT issue-93 41 1 ( ( PUNCT issue-93 41 2 3 3 X issue-93 41 3 ) ) PUNCT issue-93 41 4 the the DET issue-93 41 5 main main ADJ issue-93 41 6 components component NOUN issue-93 41 7 of of ADP issue-93 41 8 carm carm PROPN issue-93 41 9 model model PROPN issue-93 41 10 is be AUX issue-93 41 11 the the DET issue-93 41 12 nonrisk nonrisk ADJ issue-93 41 13 rate rate NOUN issue-93 41 14 of of ADP issue-93 41 15 interest interest NOUN issue-93 41 16 ( ( PUNCT issue-93 41 17 rf rf NOUN issue-93 41 18 ) ) PUNCT issue-93 41 19     SPACE issue-93 41 20 – – PUNCT issue-93 41 21 is be AUX issue-93 41 22 the the DET issue-93 41 23 profitability profitability NOUN issue-93 41 24 rate rate NOUN issue-93 41 25 by by ADP issue-93 41 26 the the DET issue-93 41 27 non non ADJ issue-93 41 28 - - ADJ issue-93 41 29 risk risk ADJ issue-93 41 30 securities security NOUN issue-93 41 31 ( ( PUNCT issue-93 41 32 usually usually ADV issue-93 41 33 us us PROPN issue-93 41 34 government government NOUN issue-93 41 35 securities security NOUN issue-93 41 36 ) ) PUNCT issue-93 41 37 ; ; PUNCT issue-93 41 38 beta beta ADJ issue-93 41 39 coefficient coefficient NOUN issue-93 41 40 ( ( PUNCT issue-93 41 41 βe βe NOUN issue-93 41 42 ) ) PUNCT issue-93 41 43     SPACE issue-93 41 44 – – PUNCT issue-93 41 45 the the DET issue-93 41 46 level level NOUN issue-93 41 47 of of ADP issue-93 41 48 riskiness riskiness NOUN issue-93 41 49 of of ADP issue-93 41 50 the the DET issue-93 41 51 stock stock NOUN issue-93 41 52 compared compare VERB issue-93 41 53 to to ADP issue-93 41 54 market market NOUN issue-93 41 55 risk risk NOUN issue-93 41 56 ; ; PUNCT issue-93 41 57 market market NOUN issue-93 41 58 yield yield NOUN issue-93 41 59 securities security NOUN issue-93 41 60 ( ( PUNCT issue-93 41 61 rm rm NOUN issue-93 41 62 ) ) PUNCT issue-93 41 63     SPACE issue-93 41 64 – – PUNCT issue-93 41 65 expected expect VERB issue-93 41 66 return return NOUN issue-93 41 67 on on ADP issue-93 41 68 a a DET issue-93 41 69 diversified diversified ADJ issue-93 41 70 portfolio portfolio NOUN issue-93 41 71 of of ADP issue-93 41 72 common common ADJ issue-93 41 73 shares share NOUN issue-93 41 74 . . PUNCT issue-93 42 1 let let VERB issue-93 42 2 's us PRON issue-93 42 3 move move VERB issue-93 42 4 to to ADP issue-93 42 5 the the DET issue-93 42 6 more more ADV issue-93 42 7 detailed detailed ADJ issue-93 42 8 characterization characterization NOUN issue-93 42 9 of of ADP issue-93 42 10 the the DET issue-93 42 11 individual individual ADJ issue-93 42 12 components component NOUN issue-93 42 13 in in ADP issue-93 42 14 the the DET issue-93 42 15 capm capm PROPN issue-93 42 16 . . PUNCT issue-93 43 1 the the DET issue-93 43 2 basic basic ADJ issue-93 43 3 element element NOUN issue-93 43 4 of of ADP issue-93 43 5 the the DET issue-93 43 6 model model NOUN issue-93 43 7 is be AUX issue-93 43 8 the the DET issue-93 43 9 risk risk NOUN issue-93 43 10 - - PUNCT issue-93 43 11 free free ADJ issue-93 43 12 interest interest NOUN issue-93 43 13 rate rate NOUN issue-93 43 14 . . PUNCT issue-93 44 1 risk risk NOUN issue-93 44 2 - - PUNCT issue-93 44 3 free free ADJ issue-93 44 4 interest interest NOUN issue-93 44 5 rate rate NOUN issue-93 44 6 is be AUX issue-93 44 7 ( ( PUNCT issue-93 44 8 rf rf NOUN issue-93 44 9 ) ) PUNCT issue-93 44 10 on on ADP issue-93 44 11 securities security NOUN issue-93 44 12 , , PUNCT issue-93 44 13 for for ADP issue-93 44 14 which which PRON issue-93 44 15 the the DET issue-93 44 16 expected expect VERB issue-93 44 17 return return NOUN issue-93 44 18 is be AUX issue-93 44 19 the the DET issue-93 44 20 same same ADJ issue-93 44 21 as as ADP issue-93 44 22 the the DET issue-93 44 23 actual actual ADJ issue-93 44 24 , , PUNCT issue-93 44 25 such such ADJ issue-93 44 26 securities security NOUN issue-93 44 27 are be AUX issue-93 44 28 considered consider VERB issue-93 44 29 riskfree riskfree ADJ issue-93 44 30 . . PUNCT issue-93 45 1 as as ADP issue-93 45 2 the the DET issue-93 45 3 risk risk NOUN issue-93 45 4 - - PUNCT issue-93 45 5 free free ADJ issue-93 45 6 rate rate NOUN issue-93 45 7 yu yu PROPN issue-93 45 8 . . PROPN issue-93 45 9 fama fama PROPN issue-93 45 10 ( ( PUNCT issue-93 45 11 fama fama PROPN issue-93 45 12 , , PUNCT issue-93 45 13 1967 1967 NUM issue-93 45 14 ) ) PUNCT issue-93 45 15 which which PRON issue-93 45 16 proposes propose VERB issue-93 45 17 to to PART issue-93 45 18 use use VERB issue-93 45 19 the the DET issue-93 45 20 rate rate NOUN issue-93 45 21 on on ADP issue-93 45 22 long long ADJ issue-93 45 23 - - PUNCT issue-93 45 24 term term NOUN issue-93 45 25 us us PROPN issue-93 45 26 government government NOUN issue-93 45 27 bonds bond NOUN issue-93 45 28 . . PUNCT issue-93 46 1 in in ADP issue-93 46 2 practice practice NOUN issue-93 46 3 , , PUNCT issue-93 46 4 to to PART issue-93 46 5 assess assess VERB issue-93 46 6 the the DET issue-93 46 7 value value NOUN issue-93 46 8 of of ADP issue-93 46 9 the the DET issue-93 46 10 share share NOUN issue-93 46 11 capital capital NOUN issue-93 46 12 as as ADP issue-93 46 13 a a DET issue-93 46 14 risk risk NOUN issue-93 46 15 - - PUNCT issue-93 46 16 free free ADJ issue-93 46 17 rate rate NOUN issue-93 46 18 of of ADP issue-93 46 19 return return NOUN issue-93 46 20 is be AUX issue-93 46 21 selected select VERB issue-93 46 22 rate rate NOUN issue-93 46 23 for for ADP issue-93 46 24 10 10 NUM issue-93 46 25 or or CCONJ issue-93 46 26 20 20 NUM issue-93 46 27 years year NOUN issue-93 46 28 us us PROPN issue-93 46 29 treasury treasury PROPN issue-93 46 30 bonds bond NOUN issue-93 46 31 ( ( PUNCT issue-93 46 32 t t NOUN issue-93 46 33 - - PUNCT issue-93 46 34 bonds bond NOUN issue-93 46 35 ) ) PUNCT issue-93 46 36 , , PUNCT issue-93 46 37 to to PART issue-93 46 38 assess assess VERB issue-93 46 39 the the DET issue-93 46 40 shortterm shortterm PROPN issue-93 46 41 investments investment NOUN issue-93 46 42 can can AUX issue-93 46 43 be be AUX issue-93 46 44 used use VERB issue-93 46 45 short short ADJ issue-93 46 46 - - PUNCT issue-93 46 47 term term NOUN issue-93 46 48 interest interest NOUN issue-93 46 49 rate rate NOUN issue-93 46 50 on on ADP issue-93 46 51 treasury treasury PROPN issue-93 46 52 bonds bond NOUN issue-93 46 53 ( ( PUNCT issue-93 46 54 t t NOUN issue-93 46 55 - - PUNCT issue-93 46 56 bills bill NOUN issue-93 46 57 ) ) PUNCT issue-93 46 58 . . PUNCT issue-93 47 1 another another DET issue-93 47 2 important important ADJ issue-93 47 3 component component NOUN issue-93 47 4 of of ADP issue-93 47 5 the the DET issue-93 47 6 model model NOUN issue-93 47 7 is be AUX issue-93 47 8 the the DET issue-93 47 9 capm capm PROPN issue-93 47 10 is be AUX issue-93 47 11 the the DET issue-93 47 12 equity equity NOUN issue-93 47 13 risk risk NOUN issue-93 47 14 premium premium NOUN issue-93 47 15 of of ADP issue-93 47 16 the the DET issue-93 47 17 share share NOUN issue-93 47 18 capital capital NOUN issue-93 47 19 ( ( PUNCT issue-93 47 20 erp erp PROPN issue-93 47 21 ) ) PUNCT issue-93 47 22 . . PUNCT issue-93 48 1 very very ADV issue-93 48 2 often often ADV issue-93 48 3 in in ADP issue-93 48 4 the the DET issue-93 48 5 scientific scientific ADJ issue-93 48 6 and and CCONJ issue-93 48 7 practical practical ADJ issue-93 48 8 literature literature NOUN issue-93 48 9 uses use VERB issue-93 48 10 the the DET issue-93 48 11 term term NOUN issue-93 48 12 market market NOUN issue-93 48 13 risk risk NOUN issue-93 48 14 premium premium NOUN issue-93 48 15 ( ( PUNCT issue-93 48 16 market market NOUN issue-93 48 17 rpm rpm NOUN issue-93 48 18 ) ) PUNCT issue-93 48 19 . . PUNCT issue-93 49 1 these these DET issue-93 49 2 two two NUM issue-93 49 3 categories category NOUN issue-93 49 4 are be AUX issue-93 49 5 interchangeable interchangeable ADJ issue-93 49 6 used use VERB issue-93 49 7 to to PART issue-93 49 8 characterize characterize VERB issue-93 49 9 the the DET issue-93 49 10 level level NOUN issue-93 49 11 of of ADP issue-93 49 12 extra extra ADJ issue-93 49 13 yield yield NOUN issue-93 49 14 over over ADP issue-93 49 15 the the DET issue-93 49 16 yield yield NOUN issue-93 49 17 of of ADP issue-93 49 18 risk risk NOUN issue-93 49 19 - - PUNCT issue-93 49 20 free free ADJ issue-93 49 21 securities security NOUN issue-93 49 22 , , PUNCT issue-93 49 23 which which PRON issue-93 49 24 investors investor NOUN issue-93 49 25 require require VERB issue-93 49 26 a a DET issue-93 49 27 fee fee NOUN issue-93 49 28 for for ADP issue-93 49 29 the the DET issue-93 49 30 risk risk NOUN issue-93 49 31 of of ADP issue-93 49 32 investing invest VERB issue-93 49 33 in in ADP issue-93 49 34 the the DET issue-93 49 35 market market NOUN issue-93 49 36 portfolio portfolio NOUN issue-93 49 37 of of ADP issue-93 49 38 common common ADJ issue-93 49 39 stocks stock NOUN issue-93 49 40 that that PRON issue-93 49 41 are be AUX issue-93 49 42 included include VERB issue-93 49 43 in in ADP issue-93 49 44 the the DET issue-93 49 45 base base NOUN issue-93 49 46 of of ADP issue-93 49 47 the the DET issue-93 49 48 stock stock NOUN issue-93 49 49 index index NOUN issue-93 49 50 . . PUNCT issue-93 50 1 the the DET issue-93 50 2 market market NOUN issue-93 50 3 risk risk NOUN issue-93 50 4 premium premium NOUN issue-93 50 5 ( ( PUNCT issue-93 50 6 rpm rpm NOUN issue-93 50 7 ) ) PUNCT issue-93 50 8 in in ADP issue-93 50 9 generalized generalized ADJ issue-93 50 10 form form NOUN issue-93 50 11 defined define VERB issue-93 50 12 as as ADP issue-93 50 13 : : PUNCT issue-93 50 14 rpm rpm PROPN issue-93 50 15 = = PROPN issue-93 50 16 rm rm NOUN issue-93 50 17 - - PUNCT issue-93 50 18 rf rf NOUN issue-93 50 19 . . PUNCT issue-93 50 20 ( ( PUNCT issue-93 50 21 4 4 NUM issue-93 50 22 ) ) PUNCT issue-93 50 23 among among ADP issue-93 50 24 the the DET issue-93 50 25 theorists theorist NOUN issue-93 50 26 and and CCONJ issue-93 50 27 practitioners practitioner NOUN issue-93 50 28 of of ADP issue-93 50 29 corporate corporate ADJ issue-93 50 30 finance finance NOUN issue-93 50 31 , , PUNCT issue-93 50 32 there there PRON issue-93 50 33 is be VERB issue-93 50 34 no no DET issue-93 50 35 common common ADJ issue-93 50 36 point point NOUN issue-93 50 37 of of ADP issue-93 50 38 view view NOUN issue-93 50 39 on on ADP issue-93 50 40 the the DET issue-93 50 41 methodology methodology NOUN issue-93 50 42 for for ADP issue-93 50 43 calculating calculate VERB issue-93 50 44 the the DET issue-93 50 45 market market NOUN issue-93 50 46 risk risk NOUN issue-93 50 47 premium premium NOUN issue-93 50 48 of of ADP issue-93 50 49 the the DET issue-93 50 50 share share NOUN issue-93 50 51 capital capital NOUN issue-93 50 52 . . PUNCT issue-93 51 1 dzh dzh PROPN issue-93 51 2 . . PUNCT issue-93 52 1 ravi ravi PROPN issue-93 52 2 and and CCONJ issue-93 52 3 v. v. ADP issue-93 52 4 dzheniu dzheniu NOUN issue-93 52 5 ( ( PUNCT issue-93 52 6 ravi ravi NOUN issue-93 52 7 , , PUNCT issue-93 52 8 zhenyu zhenyu NOUN issue-93 52 9 , , PUNCT issue-93 52 10 1996 1996 NUM issue-93 52 11 ) ) PUNCT issue-93 52 12 propose propose VERB issue-93 52 13 to to PART issue-93 52 14 use use VERB issue-93 52 15 to to PART issue-93 52 16 assess assess VERB issue-93 52 17 the the DET issue-93 52 18 market market NOUN issue-93 52 19 risk risk NOUN issue-93 52 20 premium premium NOUN issue-93 52 21 of of ADP issue-93 52 22 equity equity NOUN issue-93 52 23 spread spread NOUN issue-93 52 24 default default NOUN issue-93 52 25 model model NOUN issue-93 52 26 ( ( PUNCT issue-93 52 27 default default NOUN issue-93 52 28 spread spread NOUN issue-93 52 29 model model NOUN issue-93 52 30 , , PUNCT issue-93 52 31 dsm dsm PROPN issue-93 52 32 ) ) PUNCT issue-93 52 33 . . PUNCT issue-93 53 1 at at ADP issue-93 53 2 the the DET issue-93 53 3 heart heart NOUN issue-93 53 4 of of ADP issue-93 53 5 this this DET issue-93 53 6 model model NOUN issue-93 53 7 is be AUX issue-93 53 8 the the DET issue-93 53 9 assumption assumption NOUN issue-93 53 10 that that SCONJ issue-93 53 11 the the DET issue-93 53 12 longterm longterm ADJ issue-93 53 13 average average ADJ issue-93 53 14 risk risk NOUN issue-93 53 15 premium premium NOUN issue-93 53 16 for for ADP issue-93 53 17 equity equity NOUN issue-93 53 18 is be AUX issue-93 53 19 a a DET issue-93 53 20 constant constant ADJ issue-93 53 21 , , PUNCT issue-93 53 22 and and CCONJ issue-93 53 23 the the DET issue-93 53 24 reason reason NOUN issue-93 53 25 for for ADP issue-93 53 26 deviation deviation NOUN issue-93 53 27 from from ADP issue-93 53 28 this this DET issue-93 53 29 value value NOUN issue-93 53 30 is be AUX issue-93 53 31 this this DET issue-93 53 32 long long ADJ issue-93 53 33 - - PUNCT issue-93 53 34 term term NOUN issue-93 53 35 average average ADJ issue-93 53 36 volatility volatility NOUN issue-93 53 37 of of ADP issue-93 53 38 default default NOUN issue-93 53 39 spread spread NOUN issue-93 53 40 . . PUNCT issue-93 54 1 s. s. PROPN issue-93 54 2 hasset hasset PROPN issue-93 54 3 ( ( PUNCT issue-93 54 4 hasset hasset ADJ issue-93 54 5 2010 2010 NUM issue-93 54 6 ) ) PUNCT issue-93 54 7 contributed contribute VERB issue-93 54 8 to to ADP issue-93 54 9 the the DET issue-93 54 10 development development NOUN issue-93 54 11 of of ADP issue-93 54 12 the the DET issue-93 54 13 methodology methodology NOUN issue-93 54 14 for for ADP issue-93 54 15 calculating calculate VERB issue-93 54 16 the the DET issue-93 54 17 market market NOUN issue-93 54 18 risk risk NOUN issue-93 54 19 premium premium NOUN issue-93 54 20 ; ; PUNCT issue-93 54 21 given give VERB issue-93 54 22 that that SCONJ issue-93 54 23 on on ADP issue-93 54 24 the the DET issue-93 54 25 basis basis NOUN issue-93 54 26 of of ADP issue-93 54 27 empirical empirical ADJ issue-93 54 28 research research NOUN issue-93 54 29 , , PUNCT issue-93 54 30 he he PRON issue-93 54 31 identified identify VERB issue-93 54 32 a a DET issue-93 54 33 link link NOUN issue-93 54 34 between between ADP issue-93 54 35 the the DET issue-93 54 36 risk risk NOUN issue-93 54 37 - - PUNCT issue-93 54 38 free free ADJ issue-93 54 39 interest interest NOUN issue-93 54 40 rate rate NOUN issue-93 54 41 , , PUNCT issue-93 54 42 yield yield NOUN issue-93 54 43 s s PROPN issue-93 54 44 & & CCONJ issue-93 54 45 p500 p500 PROPN issue-93 54 46 , , PUNCT issue-93 54 47 real real ADJ issue-93 54 48 interest interest NOUN issue-93 54 49 rates rate NOUN issue-93 54 50 and and CCONJ issue-93 54 51 real real ADJ issue-93 54 52 gdp gdp NOUN issue-93 54 53 growth growth NOUN issue-93 54 54 relative relative ADJ issue-93 54 55 to to ADP issue-93 54 56 s s PROPN issue-93 54 57 & & CCONJ issue-93 54 58 p500 p500 PROPN issue-93 54 59 index index NOUN issue-93 54 60 over over ADP issue-93 54 61 time time NOUN issue-93 54 62 . . PUNCT issue-93 55 1 during during ADP issue-93 55 2 the the DET issue-93 55 3 process process NOUN issue-93 55 4 of of ADP issue-93 55 5 a. a. NOUN issue-93 55 6 damodarian damodarian PROPN issue-93 55 7 ( ( PUNCT issue-93 55 8 damodaran damodaran VERB issue-93 55 9 , , PUNCT issue-93 55 10 2010 2010 NUM issue-93 55 11 ) ) PUNCT issue-93 55 12 determination determination NOUN issue-93 55 13 the the DET issue-93 55 14 potential potential ADJ issue-93 55 15 market market NOUN issue-93 55 16 risk risk NOUN issue-93 55 17 premium premium NOUN issue-93 55 18 first first ADV issue-93 55 19 finds find VERB issue-93 55 20 the the DET issue-93 55 21 discount discount NOUN issue-93 55 22 rate rate NOUN issue-93 55 23 , , PUNCT issue-93 55 24 which which PRON issue-93 55 25 compares compare VERB issue-93 55 26 the the DET issue-93 55 27 current current ADJ issue-93 55 28 value value NOUN issue-93 55 29 of of ADP issue-93 55 30 the the DET issue-93 55 31 s s PROPN issue-93 55 32 & & CCONJ issue-93 55 33 p500 p500 PROPN issue-93 55 34 index index NOUN issue-93 55 35 from from ADP issue-93 55 36 the the DET issue-93 55 37 cash cash NOUN issue-93 55 38 flow flow NOUN issue-93 55 39 distribution distribution NOUN issue-93 55 40 estimates estimate NOUN issue-93 55 41 in in ADP issue-93 55 42 future future ADJ issue-93 55 43 periods period NOUN issue-93 55 44 . . PUNCT issue-93 56 1 then then ADV issue-93 56 2 he he PRON issue-93 56 3 takes take VERB issue-93 56 4 a a DET issue-93 56 5 rate rate NOUN issue-93 56 6 of of ADP issue-93 56 7 return return NOUN issue-93 56 8 on on ADP issue-93 56 9 10 10 NUM issue-93 56 10 treasury treasury NOUN issue-93 56 11 bonds bond NOUN issue-93 56 12 of of ADP issue-93 56 13 the the DET issue-93 56 14 us us PROPN issue-93 56 15 government government NOUN issue-93 56 16 per per ADP issue-93 56 17 year year NOUN issue-93 56 18 . . PUNCT issue-93 57 1 in in ADP issue-93 57 2 a a DET issue-93 57 3 way way NOUN issue-93 57 4 the the DET issue-93 57 5 market market NOUN issue-93 57 6 premium premium NOUN issue-93 57 7 for for ADP issue-93 57 8 stock stock NOUN issue-93 57 9 capital capital NOUN issue-93 57 10 risk risk NOUN issue-93 57 11 which which PRON issue-93 57 12 may may AUX issue-93 57 13 be be AUX issue-93 57 14 used use VERB issue-93 57 15 in in ADP issue-93 57 16 the the DET issue-93 57 17 process process NOUN issue-93 57 18 of of ADP issue-93 57 19 the the DET issue-93 57 20 share share NOUN issue-93 57 21 capital capital NOUN issue-93 57 22 evaluation evaluation NOUN issue-93 57 23 . . PUNCT issue-93 58 1 the the DET issue-93 58 2 last last ADJ issue-93 58 3 and and CCONJ issue-93 58 4 important important ADJ issue-93 58 5 component component NOUN issue-93 58 6 of of ADP issue-93 58 7 original original ADJ issue-93 58 8 capm capm NOUN issue-93 58 9 model model NOUN issue-93 58 10 is be AUX issue-93 58 11 the the DET issue-93 58 12 beta beta ADJ issue-93 58 13 coefficient coefficient NOUN issue-93 58 14 . . PUNCT issue-93 59 1 beta beta ADJ issue-93 59 2 acts act NOUN issue-93 59 3 as as ADP issue-93 59 4 the the DET issue-93 59 5 indicator indicator NOUN issue-93 59 6 of of ADP issue-93 59 7 market market NOUN issue-93 59 8 system system NOUN issue-93 59 9 risk risk NOUN issue-93 59 10 evaluation evaluation NOUN issue-93 59 11 . . PUNCT issue-93 60 1 systemic systemic ADJ issue-93 60 2 risk risk NOUN issue-93 60 3 affects affect VERB issue-93 60 4 all all DET issue-93 60 5 corporations corporation NOUN issue-93 60 6 regardless regardless ADV issue-93 60 7 of of ADP issue-93 60 8 size size NOUN issue-93 60 9 and and CCONJ issue-93 60 10 industry industry NOUN issue-93 60 11 . . PUNCT issue-93 61 1 beta beta NOUN issue-93 61 2 ( ( PUNCT issue-93 61 3 β β NOUN issue-93 61 4 ) ) PUNCT issue-93 61 5     SPACE issue-93 61 6 – – PUNCT issue-93 61 7 this this PRON issue-93 61 8 is be AUX issue-93 61 9 the the DET issue-93 61 10 regression regression NOUN issue-93 61 11 coefficient coefficient NOUN issue-93 61 12 between between ADP issue-93 61 13 the the DET issue-93 61 14 yield yield NOUN issue-93 61 15 of of ADP issue-93 61 16 individual individual ADJ issue-93 61 17 stocks stock NOUN issue-93 61 18 and and CCONJ issue-93 61 19 the the DET issue-93 61 20 overall overall ADJ issue-93 61 21 market market NOUN issue-93 61 22 ( ( PUNCT issue-93 61 23 stock stock NOUN issue-93 61 24 index index NOUN issue-93 61 25 ) ) PUNCT issue-93 61 26 . . PUNCT issue-93 62 1 beta beta ADJ issue-93 62 2 ratio ratio NOUN issue-93 62 3 serves serve VERB issue-93 62 4 as as ADP issue-93 62 5 a a DET issue-93 62 6 measure measure NOUN issue-93 62 7 of of ADP issue-93 62 8 systemic systemic ADJ issue-93 62 9 risk risk NOUN issue-93 62 10 , , PUNCT issue-93 62 11 its its PRON issue-93 62 12 economic economic ADJ issue-93 62 13 essence essence NOUN issue-93 62 14 lies lie VERB issue-93 62 15 in in ADP issue-93 62 16 the the DET issue-93 62 17 fact fact NOUN issue-93 62 18 those those DET issue-93 62 19 different different ADJ issue-93 62 20 corporations corporation NOUN issue-93 62 21 differently differently ADV issue-93 62 22 amenable amenable ADJ issue-93 62 23 to to ADP issue-93 62 24 the the DET issue-93 62 25 influence influence NOUN issue-93 62 26 of of ADP issue-93 62 27 the the DET issue-93 62 28 same same ADJ issue-93 62 29 type type NOUN issue-93 62 30 of of ADP issue-93 62 31 risk risk NOUN issue-93 62 32 . . PUNCT issue-93 63 1 if if SCONJ issue-93 63 2 the the DET issue-93 63 3 coefficient coefficient NOUN issue-93 63 4 is be AUX issue-93 63 5 β<1 β<1 NOUN issue-93 63 6 , , PUNCT issue-93 63 7 so so SCONJ issue-93 63 8 the the DET issue-93 63 9 corporation corporation NOUN issue-93 63 10 is be AUX issue-93 63 11 amenable amenable ADJ issue-93 63 12 to to PART issue-93 63 13 risk risk VERB issue-93 63 14 , , PUNCT issue-93 63 15 to to ADP issue-93 63 16 a a DET issue-93 63 17 lesser less ADJ issue-93 63 18 extent extent NOUN issue-93 63 19 , , PUNCT issue-93 63 20 if if SCONJ issue-93 63 21 β<1 β<1 NOUN issue-93 63 22 , , PUNCT issue-93 63 23 then then ADV issue-93 63 24 the the DET issue-93 63 25 corporations corporation NOUN issue-93 63 26 are be AUX issue-93 63 27 more more ADV issue-93 63 28 risky risky ADJ issue-93 63 29 , , PUNCT issue-93 63 30 the the DET issue-93 63 31 market market NOUN issue-93 63 32 average average ADJ issue-93 63 33 value value NOUN issue-93 63 34 of of ADP issue-93 63 35 this this DET issue-93 63 36 ratio ratio NOUN issue-93 63 37 is be AUX issue-93 63 38 1 1 NUM issue-93 63 39 , , PUNCT issue-93 63 40 which which PRON issue-93 63 41 is be AUX issue-93 63 42 equivalent equivalent ADJ issue-93 63 43 to to ADP issue-93 63 44 the the DET issue-93 63 45 average average ADJ issue-93 63 46 market market NOUN issue-93 63 47 risk risk NOUN issue-93 63 48 level level NOUN issue-93 63 49 . . PUNCT issue-93 64 1 it it PRON issue-93 64 2 should should AUX issue-93 64 3 be be AUX issue-93 64 4 noted note VERB issue-93 64 5 that that SCONJ issue-93 64 6 in in ADP issue-93 64 7 the the DET issue-93 64 8 original original ADJ issue-93 64 9 capm capm NOUN issue-93 64 10 beta beta NOUN issue-93 64 11 ( ( PUNCT issue-93 64 12 .beta .beta PROPN issue-93 64 13 . . PUNCT issue-93 64 14 ) ) PUNCT issue-93 64 15 considers consider VERB issue-93 64 16 only only ADV issue-93 64 17 the the DET issue-93 64 18 systematic systematic ADJ issue-93 64 19 ( ( PUNCT issue-93 64 20 market market NOUN issue-93 64 21 ) ) PUNCT issue-93 64 22 risk risk NOUN issue-93 64 23 assets asset NOUN issue-93 64 24 , , PUNCT issue-93 64 25 this this DET issue-93 64 26 type type NOUN issue-93 64 27 of of ADP issue-93 64 28 risk risk NOUN issue-93 64 29 can can AUX issue-93 64 30 be be AUX issue-93 64 31 minimized minimize VERB issue-93 64 32 by by ADP issue-93 64 33 diversification diversification NOUN issue-93 64 34 . . PUNCT issue-93 65 1 baltic baltic PROPN issue-93 65 2 journal journal PROPN issue-93 65 3 of of ADP issue-93 65 4 economic economic ADJ issue-93 65 5 studies study NOUN issue-93 65 6 137 137 NUM issue-93 65 7 vol vol NOUN issue-93 65 8 . . PROPN issue-93 66 1 2 2 NUM issue-93 66 2 , , PUNCT issue-93 66 3 no no INTJ issue-93 66 4 . . NOUN issue-93 66 5 2 2 NUM issue-93 66 6 , , PUNCT issue-93 66 7 2016 2016 NUM issue-93 66 8 the the DET issue-93 66 9 beta beta NOUN issue-93 66 10 ( ( PUNCT issue-93 66 11 β β NOUN issue-93 66 12 ) ) PUNCT issue-93 66 13 measures measure VERB issue-93 66 14 the the DET issue-93 66 15 risk risk NOUN issue-93 66 16 of of ADP issue-93 66 17 individual individual ADJ issue-93 66 18 stock stock NOUN issue-93 66 19 relative relative ADJ issue-93 66 20 to to ADP issue-93 66 21 the the DET issue-93 66 22 market market NOUN issue-93 66 23 index index NOUN issue-93 66 24 , , PUNCT issue-93 66 25 which which PRON issue-93 66 26 acts act VERB issue-93 66 27 a a DET issue-93 66 28 kind kind NOUN issue-93 66 29 of of ADP issue-93 66 30 measure measure NOUN issue-93 66 31 of of ADP issue-93 66 32 the the DET issue-93 66 33 market market NOUN issue-93 66 34 . . PUNCT issue-93 67 1 in in ADP issue-93 67 2 this this DET issue-93 67 3 connection connection NOUN issue-93 67 4 , , PUNCT issue-93 67 5 depending depend VERB issue-93 67 6 on on ADP issue-93 67 7 the the DET issue-93 67 8 industryspecific industryspecific ADJ issue-93 67 9 shares share NOUN issue-93 67 10 of of ADP issue-93 67 11 the the DET issue-93 67 12 corporation corporation NOUN issue-93 67 13 or or CCONJ issue-93 67 14 the the DET issue-93 67 15 other other ADJ issue-93 67 16 may may AUX issue-93 67 17 be be AUX issue-93 67 18 more more ADV issue-93 67 19 or or CCONJ issue-93 67 20 less less ADV issue-93 67 21 sensitive sensitive ADJ issue-93 67 22 to to ADP issue-93 67 23 the the DET issue-93 67 24 volatility volatility NOUN issue-93 67 25 of of ADP issue-93 67 26 the the DET issue-93 67 27 market market NOUN issue-93 67 28 index index NOUN issue-93 67 29 , , PUNCT issue-93 67 30 which which PRON issue-93 67 31 finds find VERB issue-93 67 32 its its PRON issue-93 67 33 expression expression NOUN issue-93 67 34 in in ADP issue-93 67 35 greater great ADJ issue-93 67 36 or or CCONJ issue-93 67 37 lesser less ADJ issue-93 67 38 value value NOUN issue-93 67 39 of of ADP issue-93 67 40 the the DET issue-93 67 41 beta beta ADJ issue-93 67 42 coefficient coefficient NOUN issue-93 67 43 ( ( PUNCT issue-93 67 44 β β NOUN issue-93 67 45 ) ) PUNCT issue-93 67 46 . . PUNCT issue-93 68 1 the the DET issue-93 68 2 beta beta NOUN issue-93 68 3 is be AUX issue-93 68 4 more more ADJ issue-93 68 5 for for ADP issue-93 68 6 the the DET issue-93 68 7 corporations corporation NOUN issue-93 68 8 , , PUNCT issue-93 68 9 the the DET issue-93 68 10 demand demand NOUN issue-93 68 11 for for ADP issue-93 68 12 products product NOUN issue-93 68 13 , , PUNCT issue-93 68 14 which which PRON issue-93 68 15 are be AUX issue-93 68 16 more more ADV issue-93 68 17 dependent dependent ADJ issue-93 68 18 on on ADP issue-93 68 19 market market NOUN issue-93 68 20 conditions condition NOUN issue-93 68 21 . . PUNCT issue-93 69 1 conversely conversely ADV issue-93 69 2 , , PUNCT issue-93 69 3 if if SCONJ issue-93 69 4 the the DET issue-93 69 5 production production NOUN issue-93 69 6 corporation corporation NOUN issue-93 69 7 have have VERB issue-93 69 8 a a DET issue-93 69 9 stable stable ADJ issue-93 69 10 purchasing purchasing NOUN issue-93 69 11 power power NOUN issue-93 69 12 , , PUNCT issue-93 69 13 the the DET issue-93 69 14 shares share NOUN issue-93 69 15 owned own VERB issue-93 69 16 by by ADP issue-93 69 17 such such ADJ issue-93 69 18 corporations corporation NOUN issue-93 69 19 lower low ADJ issue-93 69 20 coefficient coefficient NOUN issue-93 69 21 beta beta NOUN issue-93 69 22 . . PUNCT issue-93 70 1 in in ADP issue-93 70 2 the the DET issue-93 70 3 classic classic ADJ issue-93 70 4 version version NOUN issue-93 70 5 of of ADP issue-93 70 6 the the DET issue-93 70 7 beta beta ADJ issue-93 70 8 coefficient coefficient NOUN issue-93 70 9 is be AUX issue-93 70 10 measured measure VERB issue-93 70 11 on on ADP issue-93 70 12 the the DET issue-93 70 13 basis basis NOUN issue-93 70 14 of of ADP issue-93 70 15 stock stock NOUN issue-93 70 16 market market NOUN issue-93 70 17 data datum NOUN issue-93 70 18 , , PUNCT issue-93 70 19 in in ADP issue-93 70 20 particular particular ADJ issue-93 70 21 the the DET issue-93 70 22 volatility volatility NOUN issue-93 70 23 of of ADP issue-93 70 24 individual individual ADJ issue-93 70 25 security security NOUN issue-93 70 26 returns return NOUN issue-93 70 27 and and CCONJ issue-93 70 28 the the DET issue-93 70 29 volatility volatility NOUN issue-93 70 30 of of ADP issue-93 70 31 the the DET issue-93 70 32 stock stock NOUN issue-93 70 33 market market NOUN issue-93 70 34 ( ( PUNCT issue-93 70 35 stock stock NOUN issue-93 70 36 index index NOUN issue-93 70 37 ) ) PUNCT issue-93 70 38 as as ADP issue-93 70 39 a a DET issue-93 70 40 whole whole NOUN issue-93 70 41 . . PUNCT issue-93 71 1 however however ADV issue-93 71 2 , , PUNCT issue-93 71 3 for for SCONJ issue-93 71 4 countries country NOUN issue-93 71 5 with with ADP issue-93 71 6 emerging emerge VERB issue-93 71 7 market market NOUN issue-93 71 8 capital capital NOUN issue-93 71 9 to to PART issue-93 71 10 use use VERB issue-93 71 11 this this DET issue-93 71 12 option option NOUN issue-93 71 13 for for ADP issue-93 71 14 calculating calculate VERB issue-93 71 15 the the DET issue-93 71 16 beta beta ADJ issue-93 71 17 coefficient coefficient NOUN issue-93 71 18 is be AUX issue-93 71 19 not not PART issue-93 71 20 always always ADV issue-93 71 21 available available ADJ issue-93 71 22 , , PUNCT issue-93 71 23 because because SCONJ issue-93 71 24 very very ADV issue-93 71 25 often often ADV issue-93 71 26 the the DET issue-93 71 27 markets market NOUN issue-93 71 28 are be AUX issue-93 71 29 low low ADJ issue-93 71 30 liquid liquid ADJ issue-93 71 31 and and CCONJ issue-93 71 32 do do AUX issue-93 71 33 not not PART issue-93 71 34 reflect reflect VERB issue-93 71 35 the the DET issue-93 71 36 real real ADJ issue-93 71 37 price price NOUN issue-93 71 38 situation situation NOUN issue-93 71 39 . . PUNCT issue-93 72 1 one one NUM issue-93 72 2 of of ADP issue-93 72 3 the the DET issue-93 72 4 more more ADV issue-93 72 5 affordable affordable ADJ issue-93 72 6 ways way NOUN issue-93 72 7 to to PART issue-93 72 8 measure measure VERB issue-93 72 9 the the DET issue-93 72 10 beta beta ADJ issue-93 72 11 coefficient coefficient NOUN issue-93 72 12 for for ADP issue-93 72 13 the the DET issue-93 72 14 countries country NOUN issue-93 72 15 with with ADP issue-93 72 16 developing develop VERB issue-93 72 17 capital capital NOUN issue-93 72 18 markets market NOUN issue-93 72 19     SPACE issue-93 72 20 – – PUNCT issue-93 72 21 is be AUX issue-93 72 22 to to PART issue-93 72 23 use use VERB issue-93 72 24 for for ADP issue-93 72 25 this this DET issue-93 72 26 purpose purpose NOUN issue-93 72 27 the the DET issue-93 72 28 fundamental fundamental ADJ issue-93 72 29 indicators indicator NOUN issue-93 72 30 of of ADP issue-93 72 31 the the DET issue-93 72 32 corporation corporation NOUN issue-93 72 33 . . PUNCT issue-93 73 1 a. a. PROPN issue-93 73 2 damodaran damodaran PROPN issue-93 73 3 ( ( PUNCT issue-93 73 4 damodaran damodaran VERB issue-93 73 5 , , PUNCT issue-93 73 6 2010 2010 NUM issue-93 73 7 ) ) PUNCT issue-93 73 8 believes believe VERB issue-93 73 9 that that SCONJ issue-93 73 10 the the DET issue-93 73 11 beta beta NOUN issue-93 73 12 ( ( PUNCT issue-93 73 13 β β NOUN issue-93 73 14 ) ) PUNCT issue-93 73 15 the the DET issue-93 73 16 corporation corporation NOUN issue-93 73 17 is be AUX issue-93 73 18 determined determine VERB issue-93 73 19 by by ADP issue-93 73 20 the the DET issue-93 73 21 following follow VERB issue-93 73 22 three three NUM issue-93 73 23 factors factor NOUN issue-93 73 24 : : PUNCT issue-93 73 25 the the DET issue-93 73 26 type type NOUN issue-93 73 27 of of ADP issue-93 73 28 activity activity NOUN issue-93 73 29 , , PUNCT issue-93 73 30 the the DET issue-93 73 31 level level NOUN issue-93 73 32 of of ADP issue-93 73 33 operating operating NOUN issue-93 73 34 leverage leverage NOUN issue-93 73 35 , , PUNCT issue-93 73 36 financial financial ADJ issue-93 73 37 leverage leverage NOUN issue-93 73 38 . . PUNCT issue-93 74 1 the the DET issue-93 74 2 level level NOUN issue-93 74 3 of of ADP issue-93 74 4 operating operate VERB issue-93 74 5 leverage leverage NOUN issue-93 74 6 ( ( PUNCT issue-93 74 7 operating operating NOUN issue-93 74 8 leverage leverage NOUN issue-93 74 9 , , PUNCT issue-93 74 10 ol ol PROPN issue-93 74 11 ( ( PUNCT issue-93 74 12 lev lev PROPN issue-93 74 13 . . PUNCT issue-93 74 14 ) ) PUNCT issue-93 74 15 ) ) PUNCT issue-93 75 1 the the DET issue-93 75 2 corporation corporation NOUN issue-93 75 3 is be AUX issue-93 75 4 determined determine VERB issue-93 75 5 by by ADP issue-93 75 6 the the DET issue-93 75 7 structure structure NOUN issue-93 75 8 of of ADP issue-93 75 9 its its PRON issue-93 75 10 costs cost NOUN issue-93 75 11 and and CCONJ issue-93 75 12 is be AUX issue-93 75 13 expressed express VERB issue-93 75 14 as as ADP issue-93 75 15 a a DET issue-93 75 16 ratio ratio NOUN issue-93 75 17 between between ADP issue-93 75 18 fixed fix VERB issue-93 75 19 and and CCONJ issue-93 75 20 variable variable ADJ issue-93 75 21 costs cost NOUN issue-93 75 22 . . PUNCT issue-93 76 1 the the DET issue-93 76 2 corporation corporation NOUN issue-93 76 3 , , PUNCT issue-93 76 4 in in ADP issue-93 76 5 the the DET issue-93 76 6 structure structure NOUN issue-93 76 7 where where SCONJ issue-93 76 8 there there PRON issue-93 76 9 is be VERB issue-93 76 10 a a DET issue-93 76 11 significant significant ADJ issue-93 76 12 proportion proportion NOUN issue-93 76 13 of of ADP issue-93 76 14 the the DET issue-93 76 15 costs cost NOUN issue-93 76 16 of of ADP issue-93 76 17 fixed fix VERB issue-93 76 18 costs cost NOUN issue-93 76 19 , , PUNCT issue-93 76 20 has have VERB issue-93 76 21 a a DET issue-93 76 22 higher high ADJ issue-93 76 23 level level NOUN issue-93 76 24 of of ADP issue-93 76 25 operating operating NOUN issue-93 76 26 leverage leverage NOUN issue-93 76 27 , , PUNCT issue-93 76 28 resulting result VERB issue-93 76 29 in in ADP issue-93 76 30 greater great ADJ issue-93 76 31 volatility volatility NOUN issue-93 76 32 in in ADP issue-93 76 33 operating operating NOUN issue-93 76 34 profit profit NOUN issue-93 76 35 ( ( PUNCT issue-93 76 36 operating operate VERB issue-93 76 37 income income NOUN issue-93 76 38 , , PUNCT issue-93 76 39 oi oi INTJ issue-93 76 40 . . PUNCT issue-93 76 41 ) ) PUNCT issue-93 76 42 , , PUNCT issue-93 76 43 and and CCONJ issue-93 76 44 a a DET issue-93 76 45 larger large ADJ issue-93 76 46 beta beta NOUN issue-93 76 47 coefficient coefficient NOUN issue-93 76 48 ( ( PUNCT issue-93 76 49 β β NOUN issue-93 76 50 ) ) PUNCT issue-93 76 51 . . PUNCT issue-93 77 1 the the DET issue-93 77 2 level level NOUN issue-93 77 3 of of ADP issue-93 77 4 financial financial ADJ issue-93 77 5 leverage leverage NOUN issue-93 77 6 ( ( PUNCT issue-93 77 7 financial financial ADJ issue-93 77 8 leverage leverage NOUN issue-93 77 9 , , PUNCT issue-93 77 10 f f PROPN issue-93 77 11 ( ( PUNCT issue-93 77 12 lev lev PROPN issue-93 77 13 . . PUNCT issue-93 77 14 ) ) PUNCT issue-93 77 15 ) ) PUNCT issue-93 78 1 the the DET issue-93 78 2 corporation corporation NOUN issue-93 78 3 is be AUX issue-93 78 4 determined determine VERB issue-93 78 5 by by ADP issue-93 78 6 the the DET issue-93 78 7 capital capital NOUN issue-93 78 8 structure structure NOUN issue-93 78 9 and and CCONJ issue-93 78 10 is be AUX issue-93 78 11 expressed express VERB issue-93 78 12 as as ADP issue-93 78 13 a a DET issue-93 78 14 ratio ratio NOUN issue-93 78 15 between between ADP issue-93 78 16 equity equity NOUN issue-93 78 17 and and CCONJ issue-93 78 18 borrowed borrow VERB issue-93 78 19 capital capital NOUN issue-93 78 20 ( ( PUNCT issue-93 78 21 d d NOUN issue-93 78 22 / / SYM issue-93 78 23 e e NOUN issue-93 78 24 ) ) PUNCT issue-93 78 25 . . PUNCT issue-93 79 1 the the DET issue-93 79 2 corporation corporation NOUN issue-93 79 3 , , PUNCT issue-93 79 4 in in ADP issue-93 79 5 which which PRON issue-93 79 6 the the DET issue-93 79 7 structure structure NOUN issue-93 79 8 more more ADJ issue-93 79 9 capital capital NOUN issue-93 79 10 share share NOUN issue-93 79 11 of of ADP issue-93 79 12 debt debt NOUN issue-93 79 13 capital capital NOUN issue-93 79 14 , , PUNCT issue-93 79 15 has have VERB issue-93 79 16 a a DET issue-93 79 17 higher high ADJ issue-93 79 18 level level NOUN issue-93 79 19 of of ADP issue-93 79 20 financial financial ADJ issue-93 79 21 leverage leverage NOUN issue-93 79 22 and and CCONJ issue-93 79 23 , , PUNCT issue-93 79 24 as as ADP issue-93 79 25 a a DET issue-93 79 26 result result NOUN issue-93 79 27 , , PUNCT issue-93 79 28 the the PRON issue-93 79 29 higher high ADJ issue-93 79 30 the the DET issue-93 79 31 beta beta NOUN issue-93 79 32 ( ( PUNCT issue-93 79 33 β β NOUN issue-93 79 34 ) ) PUNCT issue-93 79 35 . . PUNCT issue-93 80 1 the the DET issue-93 80 2 beta beta NOUN issue-93 80 3 characterizes characterize VERB issue-93 80 4 operating operate VERB issue-93 80 5 riskiness riskiness NOUN issue-93 80 6 scope scope NOUN issue-93 80 7 of of ADP issue-93 80 8 the the DET issue-93 80 9 corporation corporation NOUN issue-93 80 10 depends depend VERB issue-93 80 11 on on ADP issue-93 80 12 the the DET issue-93 80 13 risk risk NOUN issue-93 80 14 associated associate VERB issue-93 80 15 with with ADP issue-93 80 16 financial financial ADJ issue-93 80 17 leverage leverage NOUN issue-93 80 18 . . PUNCT issue-93 81 1 financial financial ADJ issue-93 81 2 leverage leverage NOUN issue-93 81 3 multiplying multiply VERB issue-93 81 4 the the DET issue-93 81 5 risks risk NOUN issue-93 81 6 associated associate VERB issue-93 81 7 with with ADP issue-93 81 8 the the DET issue-93 81 9 corporation corporation NOUN issue-93 81 10 's 's PART issue-93 81 11 operations operation NOUN issue-93 81 12 , , PUNCT issue-93 81 13 thus thus ADV issue-93 81 14 increasing increase VERB issue-93 81 15 the the DET issue-93 81 16 beta beta NOUN issue-93 81 17 ratio ratio NOUN issue-93 81 18 . . PUNCT issue-93 82 1 in in ADP issue-93 82 2 the the DET issue-93 82 3 context context NOUN issue-93 82 4 of of ADP issue-93 82 5 the the DET issue-93 82 6 relationship relationship NOUN issue-93 82 7 of of ADP issue-93 82 8 capital capital NOUN issue-93 82 9 structure structure NOUN issue-93 82 10 ( ( PUNCT issue-93 82 11 financial financial ADJ issue-93 82 12 leverage leverage NOUN issue-93 82 13 ) ) PUNCT issue-93 82 14 and and CCONJ issue-93 82 15 the the DET issue-93 82 16 beta beta ADJ issue-93 82 17 coefficient coefficient NOUN issue-93 82 18 is be AUX issue-93 82 19 sufficiently sufficiently ADV issue-93 82 20 valuable valuable ADJ issue-93 82 21 r. r. PROPN issue-93 82 22 hamady hamady PROPN issue-93 82 23 equation equation NOUN issue-93 82 24 ( ( PUNCT issue-93 82 25 hamada hamada PROPN issue-93 82 26 1972 1972 NUM issue-93 82 27 ) ) PUNCT issue-93 82 28 , , PUNCT issue-93 82 29 which which PRON issue-93 82 30 in in ADP issue-93 82 31 a. a. PROPN issue-93 82 32 damodarana damodarana PROPN issue-93 82 33 ( ( PUNCT issue-93 82 34 damodaran damodaran VERB issue-93 82 35 , , PUNCT issue-93 82 36 2010 2010 NUM issue-93 82 37 ) ) PUNCT issue-93 82 38 has have VERB issue-93 82 39 a a DET issue-93 82 40 number number NOUN issue-93 82 41 of of ADP issue-93 82 42 modifications modification NOUN issue-93 82 43 : : PUNCT issue-93 83 1 βl βl PROPN issue-93 83 2 = = NOUN issue-93 83 3 βu×(1+(1 βu×(1+(1 NOUN issue-93 83 4 - - PUNCT issue-93 83 5 t)×d t)×d NOUN issue-93 83 6 / / SYM issue-93 83 7 e e NOUN issue-93 83 8 ) ) PUNCT issue-93 83 9 ( ( PUNCT issue-93 83 10 5 5 NUM issue-93 83 11 ) ) PUNCT issue-93 83 12     SPACE issue-93 83 13 – – PUNCT issue-93 83 14 basic basic ADJ issue-93 83 15 modification modification NOUN issue-93 83 16 when when SCONJ issue-93 83 17 βd βd ADP issue-93 83 18 ratio ratio NOUN issue-93 83 19 = = SYM issue-93 83 20 0 0 PUNCT issue-93 83 21 ( ( PUNCT issue-93 83 22 borrowed borrow VERB issue-93 83 23 capital capital NOUN issue-93 83 24 risk risk NOUN issue-93 83 25 - - PUNCT issue-93 83 26 free free ADJ issue-93 83 27 ) ) PUNCT issue-93 83 28 ; ; PUNCT issue-93 83 29 βl βl PROPN issue-93 83 30 = = NOUN issue-93 83 31 βu×(1+d βu×(1+d NOUN issue-93 83 32 / / SYM issue-93 83 33 e e NOUN issue-93 83 34 ) ) PUNCT issue-93 83 35 ( ( PUNCT issue-93 83 36 6 6 NUM issue-93 83 37 ) ) PUNCT issue-93 83 38     SPACE issue-93 83 39 – – PUNCT issue-93 83 40 a a DET issue-93 83 41 modification modification NOUN issue-93 83 42 which which PRON issue-93 83 43 does do AUX issue-93 83 44 not not PART issue-93 83 45 take take VERB issue-93 83 46 into into ADP issue-93 83 47 account account NOUN issue-93 83 48 the the DET issue-93 83 49 tax tax NOUN issue-93 83 50 effect effect NOUN issue-93 83 51 ; ; PUNCT issue-93 83 52 βl βl ADJ issue-93 83 53 = = NOUN issue-93 83 54 βu×(1+(1 βu×(1+(1 NOUN issue-93 83 55 - - PUNCT issue-93 83 56 t)×d t)×d NOUN issue-93 83 57 / / SYM issue-93 83 58 e)-βd×(1 e)-βd×(1 NOUN issue-93 83 59 - - PUNCT issue-93 83 60 t)×d t)×d NOUN issue-93 83 61 / / SYM issue-93 83 62 e e NOUN issue-93 83 63 ) ) PUNCT issue-93 83 64 ( ( PUNCT issue-93 83 65 7 7 NUM issue-93 83 66 ) ) PUNCT issue-93 83 67     SPACE issue-93 83 68 – – PUNCT issue-93 83 69 modification modification NOUN issue-93 83 70 , , PUNCT issue-93 83 71 when when SCONJ issue-93 83 72 the the DET issue-93 83 73 coefficient coefficient NOUN issue-93 83 74 β_d>0 β_d>0 X issue-93 83 75 despite despite SCONJ issue-93 83 76 the the DET issue-93 83 77 significant significant ADJ issue-93 83 78 prevalence prevalence NOUN issue-93 83 79 in in ADP issue-93 83 80 practice practice NOUN issue-93 83 81 , , PUNCT issue-93 83 82 the the DET issue-93 83 83 use use NOUN issue-93 83 84 of of ADP issue-93 83 85 a a DET issue-93 83 86 base base NOUN issue-93 83 87 modification modification NOUN issue-93 83 88 r. r. X issue-93 83 89 hamady hamady PROPN issue-93 83 90 equation equation NOUN issue-93 83 91 , , PUNCT issue-93 83 92 it it PRON issue-93 83 93 has have VERB issue-93 83 94 several several ADJ issue-93 83 95 drawbacks drawback NOUN issue-93 83 96 , , PUNCT issue-93 83 97 since since SCONJ issue-93 83 98 it it PRON issue-93 83 99 is be AUX issue-93 83 100 based base VERB issue-93 83 101 on on ADP issue-93 83 102 the the DET issue-93 83 103 provisions provision NOUN issue-93 83 104 of of ADP issue-93 83 105 the the DET issue-93 83 106 second second ADJ issue-93 83 107 law law NOUN issue-93 83 108 of of ADP issue-93 83 109 m. m. NOUN issue-93 83 110 miller miller PROPN issue-93 83 111 and and CCONJ issue-93 83 112 f. f. PROPN issue-93 83 113 mollyani mollyani PROPN issue-93 83 114 . . PUNCT issue-93 84 1 he he PRON issue-93 84 2 involves involve VERB issue-93 84 3 risk risk NOUN issue-93 84 4 - - PUNCT issue-93 84 5 free free ADJ issue-93 84 6 nature nature NOUN issue-93 84 7 of of ADP issue-93 84 8 corporate corporate ADJ issue-93 84 9 debt debt NOUN issue-93 84 10 ( ( PUNCT issue-93 84 11 i.e. i.e. X issue-93 84 12 , , PUNCT issue-93 84 13 borrowed borrow VERB issue-93 84 14 capital capital NOUN issue-93 84 15 is be AUX issue-93 84 16 attracted attract VERB issue-93 84 17 by by ADP issue-93 84 18 the the DET issue-93 84 19 risk risk NOUN issue-93 84 20 - - PUNCT issue-93 84 21 free free ADJ issue-93 84 22 interest interest NOUN issue-93 84 23 rate rate NOUN issue-93 84 24 ) ) PUNCT issue-93 84 25 the the DET issue-93 84 26 absence absence NOUN issue-93 84 27 of of ADP issue-93 84 28 transaction transaction NOUN issue-93 84 29 costs cost NOUN issue-93 84 30 and and CCONJ issue-93 84 31 the the DET issue-93 84 32 availability availability NOUN issue-93 84 33 of of ADP issue-93 84 34 taxation taxation NOUN issue-93 84 35 . . PUNCT issue-93 85 1 in in ADP issue-93 85 2 reality reality NOUN issue-93 85 3 , , PUNCT issue-93 85 4 the the DET issue-93 85 5 borrowed borrow VERB issue-93 85 6 capital capital NOUN issue-93 85 7 is be AUX issue-93 85 8 not not PART issue-93 85 9 risk risk NOUN issue-93 85 10 - - PUNCT issue-93 85 11 free free ADJ issue-93 85 12 , , PUNCT issue-93 85 13 so so CCONJ issue-93 85 14 the the DET issue-93 85 15 neglect neglect NOUN issue-93 85 16 of of ADP issue-93 85 17 this this DET issue-93 85 18 factor factor NOUN issue-93 85 19 can can AUX issue-93 85 20 lead lead VERB issue-93 85 21 to to ADP issue-93 85 22 some some DET issue-93 85 23 inaccuracies inaccuracy NOUN issue-93 85 24 in in ADP issue-93 85 25 the the DET issue-93 85 26 calculations calculation NOUN issue-93 85 27 . . PUNCT issue-93 86 1 from from ADP issue-93 86 2 our our PRON issue-93 86 3 point point NOUN issue-93 86 4 of of ADP issue-93 86 5 view view NOUN issue-93 86 6 , , PUNCT issue-93 86 7 the the DET issue-93 86 8 process process NOUN issue-93 86 9 of of ADP issue-93 86 10 evaluating evaluate VERB issue-93 86 11 the the DET issue-93 86 12 equity equity NOUN issue-93 86 13 value value NOUN issue-93 86 14 of of ADP issue-93 86 15 more more ADV issue-93 86 16 pragmatic pragmatic ADJ issue-93 86 17 in in ADP issue-93 86 18 terms term NOUN issue-93 86 19 of of ADP issue-93 86 20 developing develop VERB issue-93 86 21 the the DET issue-93 86 22 capital capital NOUN issue-93 86 23 market market NOUN issue-93 86 24 to to PART issue-93 86 25 determine determine VERB issue-93 86 26 the the DET issue-93 86 27 coefficient coefficient NOUN issue-93 86 28 betaβl betaβl NOUN issue-93 86 29 . . PUNCT issue-93 87 1 r. r. PROPN issue-93 87 2 hamady hamady PROPN issue-93 87 3 is be AUX issue-93 87 4 precisely precisely ADV issue-93 87 5 the the DET issue-93 87 6 equation equation NOUN issue-93 87 7 , , PUNCT issue-93 87 8 since since SCONJ issue-93 87 9 it it PRON issue-93 87 10 allows allow VERB issue-93 87 11 you you PRON issue-93 87 12 to to PART issue-93 87 13 take take VERB issue-93 87 14 into into ADP issue-93 87 15 account account NOUN issue-93 87 16 the the DET issue-93 87 17 systematic systematic ADJ issue-93 87 18 risk risk NOUN issue-93 87 19 inherent inherent ADJ issue-93 87 20 to to ADP issue-93 87 21 βu βu PRON issue-93 87 22 corporations corporation NOUN issue-93 87 23 whose whose DET issue-93 87 24 securities security NOUN issue-93 87 25 are be AUX issue-93 87 26 traded trade VERB issue-93 87 27 on on ADP issue-93 87 28 the the DET issue-93 87 29 capital capital NOUN issue-93 87 30 market market NOUN issue-93 87 31 development development NOUN issue-93 87 32 and and CCONJ issue-93 87 33 specific specific ADJ issue-93 87 34 financial financial ADJ issue-93 87 35 risk risk NOUN issue-93 87 36 a a DET issue-93 87 37 private private ADJ issue-93 87 38 corporation corporation NOUN issue-93 87 39 , , PUNCT issue-93 87 40 which which PRON issue-93 87 41 is be AUX issue-93 87 42 expressed express VERB issue-93 87 43 in in ADP issue-93 87 44 the the DET issue-93 87 45 d d PROPN issue-93 87 46 / / SYM issue-93 87 47 e e NOUN issue-93 87 48 ratio ratio NOUN issue-93 87 49 . . PUNCT issue-93 88 1 in in ADP issue-93 88 2 this this DET issue-93 88 3 regard regard NOUN issue-93 88 4 , , PUNCT issue-93 88 5 the the DET issue-93 88 6 influence influence NOUN issue-93 88 7 of of ADP issue-93 88 8 the the DET issue-93 88 9 proportion proportion NOUN issue-93 88 10 of of ADP issue-93 88 11 contingent contingent NOUN issue-93 88 12 define define VERB issue-93 88 13 the the DET issue-93 88 14 kind kind NOUN issue-93 88 15 of of ADP issue-93 88 16 corporate corporate ADJ issue-93 88 17 activity activity NOUN issue-93 88 18 stage stage NOUN issue-93 88 19 1 1 NUM issue-93 88 20 to to PART issue-93 88 21 find find VERB issue-93 88 22 the the DET issue-93 88 23 similar similar ADJ issue-93 88 24 corporates corporate NOUN issue-93 88 25 which which PRON issue-93 88 26 participate participate VERB issue-93 88 27 such such ADJ issue-93 88 28 type type NOUN issue-93 88 29 activity activity NOUN issue-93 88 30 . . PUNCT issue-93 89 1 their their PRON issue-93 89 2 stocks stock NOUN issue-93 89 3 , , PUNCT issue-93 89 4 which which PRON issue-93 89 5 are be AUX issue-93 89 6 actual actual ADJ issue-93 89 7 on on ADP issue-93 89 8 the the DET issue-93 89 9 developed develop VERB issue-93 89 10 market market NOUN issue-93 89 11 capital capital NOUN issue-93 89 12 . . PUNCT issue-93 90 1 to to PART issue-93 90 2 calculate calculate VERB issue-93 90 3 the the DET issue-93 90 4 beta beta NOUN issue-93 90 5 with with ADP issue-93 90 6 the the DET issue-93 90 7 help help NOUN issue-93 90 8 , , PUNCT issue-93 90 9 which which PRON issue-93 90 10 it it PRON issue-93 90 11 may may AUX issue-93 90 12 be be AUX issue-93 90 13 , , PUNCT issue-93 90 14 found find VERB issue-93 90 15 the the DET issue-93 90 16 average average NOUN issue-93 90 17 . . PUNCT issue-93 91 1 𝛽𝛽𝑢𝑢 𝛽𝛽𝑢𝑢 PRON issue-93 91 2 = = PUNCT issue-93 92 1 𝛽𝛽𝑎𝑎/(1 𝛽𝛽𝑎𝑎/(1 PROPN issue-93 92 2 + + X issue-93 92 3 ( ( PUNCT issue-93 92 4 1 1 NUM issue-93 92 5 − − PROPN issue-93 92 6 𝑡𝑡 𝑡𝑡 ADJ issue-93 92 7 ) ) PUNCT issue-93 92 8 × × NOUN issue-93 92 9 ( ( PUNCT issue-93 92 10 𝐷𝐷/𝐸𝐸𝑎𝑎 𝐷𝐷/𝐸𝐸𝑎𝑎 PROPN issue-93 92 11 ) ) PUNCT issue-93 92 12 rate rate NOUN issue-93 92 13 average average ADJ issue-93 92 14 beta beta ADJ issue-93 92 15 coefficient coefficient NOUN issue-93 92 16 excluding exclude VERB issue-93 92 17 debt debt NOUN issue-93 92 18 burden burden NOUN issue-93 92 19 for for ADP issue-93 92 20 this this DET issue-93 92 21 type type NOUN issue-93 92 22 ( ( PUNCT issue-93 92 23 𝛽𝛽𝑢𝑢 𝛽𝛽𝑢𝑢 NOUN issue-93 92 24 ) ) PUNCT issue-93 92 25 of of ADP issue-93 92 26 the the DET issue-93 92 27 following follow VERB issue-93 92 28 formula formula NOUN issue-93 92 29 : : PUNCT issue-93 92 30 𝛽𝛽𝑎𝑎 𝛽𝛽𝑎𝑎 NOUN issue-93 92 31 the the DET issue-93 92 32 average average ADJ issue-93 92 33 beta beta ADJ issue-93 92 34 coefficient coefficient NOUN issue-93 92 35 for for ADP issue-93 92 36 corporate corporate ADJ issue-93 92 37 peers peer NOUN issue-93 92 38 , , PUNCT issue-93 92 39 shares share NOUN issue-93 92 40 of of ADP issue-93 92 41 which which PRON issue-93 92 42 turn turn VERB issue-93 92 43 into into ADP issue-93 92 44 the the DET issue-93 92 45 open open ADJ issue-93 92 46 stock stock NOUN issue-93 92 47 market market NOUN issue-93 92 48 ; ; PUNCT issue-93 92 49 𝐷𝐷/𝐸𝐸𝑎𝑎 𝐷𝐷/𝐸𝐸𝑎𝑎 X issue-93 92 50 is be AUX issue-93 92 51 average average ADJ issue-93 92 52 ratio ratio NOUN issue-93 92 53 of of ADP issue-93 92 54 debt debt NOUN issue-93 92 55 /equity /equity PUNCT issue-93 93 1 peers peer VERB issue-93 93 2 corporations corporation NOUN issue-93 93 3 . . PUNCT issue-93 94 1 rate rate NOUN issue-93 94 2 beta beta ADJ issue-93 94 3 coefficient coefficient NOUN issue-93 94 4 excluding exclude VERB issue-93 94 5 the the DET issue-93 94 6 debt debt NOUN issue-93 94 7 burden burden NOUN issue-93 94 8 for for ADP issue-93 94 9 the the DET issue-93 94 10 corporate corporate NOUN issue-93 94 11 investigated investigate VERB issue-93 94 12 on on ADP issue-93 94 13 the the DET issue-93 94 14 basis basis NOUN issue-93 94 15 of of ADP issue-93 94 16 the the DET issue-93 94 17 weighted weight VERB issue-93 94 18 average average ADJ issue-93 94 19 𝛽𝛽𝑢𝑢 𝛽𝛽𝑢𝑢 PRON issue-93 94 20 for for ADP issue-93 94 21 different different ADJ issue-93 94 22 types type NOUN issue-93 94 23 of of ADP issue-93 94 24 work work NOUN issue-93 94 25 covered cover VERB issue-93 94 26 by by ADP issue-93 94 27 the the DET issue-93 94 28 corporation corporation NOUN issue-93 94 29 , , PUNCT issue-93 94 30 using use VERB issue-93 94 31 as as ADP issue-93 94 32 weights weight NOUN issue-93 94 33 the the DET issue-93 94 34 share share NOUN issue-93 94 35 of of ADP issue-93 94 36 the the DET issue-93 94 37 cost cost NOUN issue-93 94 38 of of ADP issue-93 94 39 each each DET issue-93 94 40 activity activity NOUN issue-93 94 41 . . PUNCT issue-93 95 1 rate rate VERB issue-93 95 2 the the DET issue-93 95 3 market market NOUN issue-93 95 4 value value NOUN issue-93 95 5 of of ADP issue-93 95 6 debt debt NOUN issue-93 95 7 and and CCONJ issue-93 95 8 equity equity NOUN issue-93 95 9 and and CCONJ issue-93 95 10 corporate corporate ADJ issue-93 95 11 investigated investigate VERB issue-93 95 12 calculated calculate VERB issue-93 95 13 based base VERB issue-93 95 14 on on ADP issue-93 95 15 the the DET issue-93 95 16 coefficient coefficient NOUN issue-93 95 17 𝐷𝐷/𝐸𝐸 𝐷𝐷/𝐸𝐸 NOUN issue-93 95 18 of of ADP issue-93 95 19 the the DET issue-93 95 20 corporation corporation NOUN issue-93 95 21 of of ADP issue-93 95 22 the the DET issue-93 95 23 corresponding corresponding ADJ issue-93 95 24 𝛽𝛽𝐿𝐿. 𝛽𝛽𝐿𝐿. PROPN issue-93 95 25 it it PRON issue-93 95 26 ’s ’s AUX issue-93 95 27 obtained obtain VERB issue-93 95 28 such such DET issue-93 95 29 a a DET issue-93 95 30 way way NOUN issue-93 95 31 𝛽𝛽𝐿𝐿coefficient 𝛽𝛽𝐿𝐿coefficient NOUN issue-93 95 32 called call VERB issue-93 95 33 " " PUNCT issue-93 95 34 ascending ascend VERB issue-93 95 35 beta beta ADJ issue-93 95 36 coefficient coefficient NOUN issue-93 95 37 " " PUNCT issue-93 95 38 . . PUNCT issue-93 96 1 stage stage NOUN issue-93 96 2 2 2 NUM issue-93 96 3 stage stage NOUN issue-93 96 4 3 3 NUM issue-93 96 5 stage stage NOUN issue-93 96 6 4 4 NUM issue-93 96 7 stage stage NOUN issue-93 96 8 5 5 NUM issue-93 96 9 fig fig NOUN issue-93 96 10 . . PUNCT issue-93 97 1 1 1 X issue-93 97 2 . . X issue-93 97 3 algorithm algorithm NOUN issue-93 97 4 of of ADP issue-93 97 5 βl βl PROPN issue-93 97 6 coefficient coefficient PROPN issue-93 97 7 calculation calculation NOUN issue-93 97 8 baltic baltic PROPN issue-93 97 9 journal journal PROPN issue-93 97 10 of of ADP issue-93 97 11 economic economic ADJ issue-93 97 12 studies study NOUN issue-93 97 13 138 138 NUM issue-93 97 14 vol vol NOUN issue-93 97 15 . . PROPN issue-93 98 1 2 2 NUM issue-93 98 2 , , PUNCT issue-93 98 3 no no INTJ issue-93 98 4 . . NOUN issue-93 98 5 2 2 NUM issue-93 98 6 , , PUNCT issue-93 98 7 2016 2016 NUM issue-93 98 8 capital capital NOUN issue-93 98 9 increase increase NOUN issue-93 98 10 will will AUX issue-93 98 11 be be AUX issue-93 98 12 reflected reflect VERB issue-93 98 13 adequately adequately ADV issue-93 98 14 in in ADP issue-93 98 15 the the DET issue-93 98 16 model model NOUN issue-93 98 17 and and CCONJ issue-93 98 18 as as ADP issue-93 98 19 a a DET issue-93 98 20 result result NOUN issue-93 98 21 will will AUX issue-93 98 22 increase increase VERB issue-93 98 23 the the DET issue-93 98 24 cost cost NOUN issue-93 98 25 of of ADP issue-93 98 26 equity equity NOUN issue-93 98 27 . . PUNCT issue-93 99 1 we we PRON issue-93 99 2 believe believe VERB issue-93 99 3 that that SCONJ issue-93 99 4 the the DET issue-93 99 5 cost cost NOUN issue-93 99 6 of of ADP issue-93 99 7 equity equity NOUN issue-93 99 8 is be AUX issue-93 99 9 determined determine VERB issue-93 99 10 to to ADP issue-93 99 11 a a DET issue-93 99 12 greater great ADJ issue-93 99 13 extent extent NOUN issue-93 99 14 is be AUX issue-93 99 15 capital capital NOUN issue-93 99 16 structure structure NOUN issue-93 99 17 , , PUNCT issue-93 99 18 rather rather ADV issue-93 99 19 than than ADP issue-93 99 20 the the DET issue-93 99 21 interest interest NOUN issue-93 99 22 rate rate NOUN issue-93 99 23 at at ADP issue-93 99 24 which which PRON issue-93 99 25 attract attract VERB issue-93 99 26 borrowed borrow VERB issue-93 99 27 capital capital NOUN issue-93 99 28 . . PUNCT issue-93 100 1 in in ADP issue-93 100 2 this this DET issue-93 100 3 case case NOUN issue-93 100 4 , , PUNCT issue-93 100 5 all all DET issue-93 100 6 the the DET issue-93 100 7 risks risk NOUN issue-93 100 8 associated associate VERB issue-93 100 9 with with ADP issue-93 100 10 the the DET issue-93 100 11 involvement involvement NOUN issue-93 100 12 of of ADP issue-93 100 13 borrowed borrow VERB issue-93 100 14 capital capital NOUN issue-93 100 15 , , PUNCT issue-93 100 16 which which PRON issue-93 100 17 is be AUX issue-93 100 18 adequately adequately ADV issue-93 100 19 reflected reflect VERB issue-93 100 20 in in ADP issue-93 100 21 its its PRON issue-93 100 22 value value NOUN issue-93 100 23 . . PUNCT issue-93 101 1 considering consider VERB issue-93 101 2 the the DET issue-93 101 3 above above NOUN issue-93 101 4 , , PUNCT issue-93 101 5 for for ADP issue-93 101 6 the the DET issue-93 101 7 determination determination NOUN issue-93 101 8 of of ADP issue-93 101 9 the the DET issue-93 101 10 coefficient coefficient NOUN issue-93 101 11 practice practice NOUN issue-93 101 12 βl βl PROPN issue-93 101 13 a.damodaran a.damodaran PROPN issue-93 101 14 ( ( PUNCT issue-93 101 15 damodaran damodaran VERB issue-93 101 16 , , PUNCT issue-93 101 17 2010 2010 NUM issue-93 101 18 ) ) PUNCT issue-93 101 19 suggests suggest VERB issue-93 101 20 the the DET issue-93 101 21 following follow VERB issue-93 101 22 sequence sequence NOUN issue-93 101 23 of of ADP issue-93 101 24 actions action NOUN issue-93 101 25 ( ( PUNCT issue-93 101 26 figure figure NOUN issue-93 101 27 1 1 NUM issue-93 101 28 ) ) PUNCT issue-93 101 29 . . PUNCT issue-93 102 1 the the DET issue-93 102 2 thus thus ADV issue-93 102 3 obtained obtain VERB issue-93 102 4 " " PUNCT issue-93 102 5 upstream upstream ADJ issue-93 102 6 betas beta NOUN issue-93 102 7 " " PUNCT issue-93 102 8 in in ADP issue-93 102 9 terms term NOUN issue-93 102 10 a. a. NOUN issue-93 102 11     SPACE issue-93 102 12 damodarana damodarana PROPN issue-93 102 13 perfect perfect ADJ issue-93 102 14 in in ADP issue-93 102 15 comparison comparison NOUN issue-93 102 16 with with ADP issue-93 102 17 beta beta ADJ issue-93 102 18 regression regression NOUN issue-93 102 19 coefficients coefficient NOUN issue-93 102 20 for for ADP issue-93 102 21 the the DET issue-93 102 22 following follow VERB issue-93 102 23 reasons reason NOUN issue-93 102 24 : : PUNCT issue-93 102 25 each each DET issue-93 102 26 regression regression NOUN issue-93 102 27 coefficient coefficient NOUN issue-93 102 28 β β ADP issue-93 102 29 estimated estimate VERB issue-93 102 30 standard standard ADJ issue-93 102 31 error error NOUN issue-93 102 32 , , PUNCT issue-93 102 33 has have VERB issue-93 102 34 a a DET issue-93 102 35 lower low ADJ issue-93 102 36 standard standard ADJ issue-93 102 37 error error NOUN issue-93 102 38 of of ADP issue-93 102 39 the the DET issue-93 102 40 mean mean ADJ issue-93 102 41 value value NOUN issue-93 102 42 with with ADP issue-93 102 43 a a DET issue-93 102 44 multiple multiple ADJ issue-93 102 45 regression regression NOUN issue-93 102 46 coefficients coefficient NOUN issue-93 102 47 ; ; PUNCT issue-93 102 48 " " PUNCT issue-93 102 49 bottom bottom ADJ issue-93 102 50 - - PUNCT issue-93 102 51 up up ADP issue-93 102 52 beta beta ADJ issue-93 102 53 coefficient coefficient NOUN issue-93 102 54 " " PUNCT issue-93 102 55 can can AUX issue-93 102 56 be be AUX issue-93 102 57 used use VERB issue-93 102 58 to to PART issue-93 102 59 reflect reflect VERB issue-93 102 60 the the DET issue-93 102 61 changes change NOUN issue-93 102 62 in in ADP issue-93 102 63 the the DET issue-93 102 64 activities activity NOUN issue-93 102 65 of of ADP issue-93 102 66 the the DET issue-93 102 67 corporation corporation NOUN issue-93 102 68 and and CCONJ issue-93 102 69 its its PRON issue-93 102 70 assets asset NOUN issue-93 102 71 ; ; PUNCT issue-93 102 72 " " PUNCT issue-93 102 73 bottom bottom ADJ issue-93 102 74 - - PUNCT issue-93 102 75 up up ADP issue-93 102 76 beta beta ADJ issue-93 102 77 coefficient coefficient NOUN issue-93 102 78 " " PUNCT issue-93 102 79 takes take VERB issue-93 102 80 into into ADP issue-93 102 81 account account NOUN issue-93 102 82 the the DET issue-93 102 83 current current ADJ issue-93 102 84 changes change NOUN issue-93 102 85 in in ADP issue-93 102 86 the the DET issue-93 102 87 capital capital NOUN issue-93 102 88 structure structure NOUN issue-93 102 89 of of ADP issue-93 102 90 the the DET issue-93 102 91 corporation corporation NOUN issue-93 102 92 , , PUNCT issue-93 102 93 which which PRON issue-93 102 94 are be AUX issue-93 102 95 expressed express VERB issue-93 102 96 in in ADP issue-93 102 97 changing change VERB issue-93 102 98 factor factor NOUN issue-93 102 99 d d NOUN issue-93 102 100 / / SYM issue-93 102 101 e e NOUN issue-93 102 102 ; ; PUNCT issue-93 102 103 " " PUNCT issue-93 102 104 rising rise VERB issue-93 102 105 betas beta NOUN issue-93 102 106 " " PUNCT issue-93 102 107 allow allow VERB issue-93 102 108 none none NOUN issue-93 102 109 taking take VERB issue-93 102 110 into into ADP issue-93 102 111 account account NOUN issue-93 102 112 the the DET issue-93 102 113 stock stock NOUN issue-93 102 114 prices price NOUN issue-93 102 115 of of ADP issue-93 102 116 corporations corporation NOUN issue-93 102 117 . . PUNCT issue-93 103 1 this this DET issue-93 103 2 advantage advantage NOUN issue-93 103 3 is be AUX issue-93 103 4 especially especially ADV issue-93 103 5 important important ADJ issue-93 103 6 for for ADP issue-93 103 7 countries country NOUN issue-93 103 8 , , PUNCT issue-93 103 9 which which PRON issue-93 103 10 do do AUX issue-93 103 11 not not PART issue-93 103 12 have have VERB issue-93 103 13 a a DET issue-93 103 14 developed develop VERB issue-93 103 15 stock stock NOUN issue-93 103 16 market market NOUN issue-93 103 17 , , PUNCT issue-93 103 18 but but CCONJ issue-93 103 19 there there PRON issue-93 103 20 is be VERB issue-93 103 21 a a DET issue-93 103 22 need need NOUN issue-93 103 23 to to PART issue-93 103 24 assess assess VERB issue-93 103 25 the the DET issue-93 103 26 value value NOUN issue-93 103 27 of of ADP issue-93 103 28 corporate corporate ADJ issue-93 103 29 equity equity NOUN issue-93 103 30 . . PUNCT issue-93 104 1 in in ADP issue-93 104 2 practice practice NOUN issue-93 104 3 , , PUNCT issue-93 104 4 the the DET issue-93 104 5 classical classical ADJ issue-93 104 6 model model NOUN issue-93 104 7 of of ADP issue-93 104 8 capm capm PROPN issue-93 104 9 does do AUX issue-93 104 10 not not PART issue-93 104 11 always always ADV issue-93 104 12 produce produce VERB issue-93 104 13 correct correct ADJ issue-93 104 14 results result NOUN issue-93 104 15 is be AUX issue-93 104 16 evidenced evidence VERB issue-93 104 17 by by ADP issue-93 104 18 a a DET issue-93 104 19 number number NOUN issue-93 104 20 of of ADP issue-93 104 21 empirical empirical ADJ issue-93 104 22 studies study NOUN issue-93 104 23 such such ADJ issue-93 104 24 as as ADP issue-93 104 25 the the DET issue-93 104 26 research research NOUN issue-93 104 27 m. m. NOUN issue-93 104 28 dempsi dempsi PROPN issue-93 104 29 ( ( PUNCT issue-93 104 30 dempsey dempsey PROPN issue-93 104 31 , , PUNCT issue-93 104 32 2013 2013 NUM issue-93 104 33 ) ) PUNCT issue-93 104 34 , , PUNCT issue-93 104 35 r. r. PROPN issue-93 104 36 grabovski grabovski PROPN issue-93 104 37 ( ( PUNCT issue-93 104 38 grabowski grabowski PROPN issue-93 104 39 , , PUNCT issue-93 104 40 harrington harrington PROPN issue-93 104 41 , , PUNCT issue-93 104 42 nunes nune NOUN issue-93 104 43 , , PUNCT issue-93 104 44 2015 2015 NUM issue-93 104 45 ) ) PUNCT issue-93 105 1 p. p. NOUN issue-93 105 2 fernandes fernandes PROPN issue-93 105 3 ( ( PUNCT issue-93 105 4 fernandez fernandez PROPN issue-93 105 5 , , PUNCT issue-93 105 6 2015 2015 NUM issue-93 105 7 ) ) PUNCT issue-93 105 8 . . PUNCT issue-93 106 1 the the DET issue-93 106 2 main main ADJ issue-93 106 3 disadvantages disadvantage NOUN issue-93 106 4 of of ADP issue-93 106 5 the the DET issue-93 106 6 capm capm PROPN issue-93 106 7 model model NOUN issue-93 106 8 lie lie VERB issue-93 106 9 in in ADP issue-93 106 10 the the DET issue-93 106 11 theoretical theoretical ADJ issue-93 106 12 assumptions assumption NOUN issue-93 106 13 of of ADP issue-93 106 14 functioning function VERB issue-93 106 15 models model NOUN issue-93 106 16 : : PUNCT issue-93 106 17 the the DET issue-93 106 18 absence absence NOUN issue-93 106 19 of of ADP issue-93 106 20 transaction transaction NOUN issue-93 106 21 costs cost NOUN issue-93 106 22 , , PUNCT issue-93 106 23 the the DET issue-93 106 24 absence absence NOUN issue-93 106 25 of of ADP issue-93 106 26 bankruptcy bankruptcy NOUN issue-93 106 27 costs cost NOUN issue-93 106 28 , , PUNCT issue-93 106 29 limited limited ADJ issue-93 106 30 corporations corporation NOUN issue-93 106 31 in in ADP issue-93 106 32 finance finance NOUN issue-93 106 33 , , PUNCT issue-93 106 34 investment investment NOUN issue-93 106 35 portfolio portfolio NOUN issue-93 106 36 is be AUX issue-93 106 37 fully fully ADV issue-93 106 38 diversified diversify VERB issue-93 106 39 . . PUNCT issue-93 107 1 in in ADP issue-93 107 2 addition addition NOUN issue-93 107 3 , , PUNCT issue-93 107 4 the the DET issue-93 107 5 classical classical ADJ issue-93 107 6 model model NOUN issue-93 107 7 does do AUX issue-93 107 8 not not PART issue-93 107 9 take take VERB issue-93 107 10 into into ADP issue-93 107 11 account account NOUN issue-93 107 12 a a DET issue-93 107 13 number number NOUN issue-93 107 14 of of ADP issue-93 107 15 risks risk NOUN issue-93 107 16 that that PRON issue-93 107 17 affect affect VERB issue-93 107 18 the the DET issue-93 107 19 cost cost NOUN issue-93 107 20 of of ADP issue-93 107 21 equity equity NOUN issue-93 107 22 . . PUNCT issue-93 108 1 these these DET issue-93 108 2 risks risk NOUN issue-93 108 3 include include VERB issue-93 108 4 the the DET issue-93 108 5 risk risk NOUN issue-93 108 6 of of ADP issue-93 108 7 corporate corporate ADJ issue-93 108 8 size size NOUN issue-93 108 9 ( ( PUNCT issue-93 108 10 as as SCONJ issue-93 108 11 shown show VERB issue-93 108 12 by by ADP issue-93 108 13 a a DET issue-93 108 14 recent recent ADJ issue-93 108 15 study study NOUN issue-93 108 16 investors investor NOUN issue-93 108 17 view view VERB issue-93 108 18 small small ADJ issue-93 108 19 companies company NOUN issue-93 108 20 as as ADP issue-93 108 21 riskier risky ADJ issue-93 108 22 and and CCONJ issue-93 108 23 therefore therefore ADV issue-93 108 24 it it PRON issue-93 108 25 leads lead VERB issue-93 108 26 to to ADP issue-93 108 27 an an DET issue-93 108 28 increase increase NOUN issue-93 108 29 in in ADP issue-93 108 30 the the DET issue-93 108 31 equity equity NOUN issue-93 108 32 value value NOUN issue-93 108 33 ) ) PUNCT issue-93 108 34 , , PUNCT issue-93 108 35 specific specific ADJ issue-93 108 36 ( ( PUNCT issue-93 108 37 non non ADJ issue-93 108 38 - - ADJ issue-93 108 39 diversified diversified ADJ issue-93 108 40 ) ) PUNCT issue-93 108 41 risk risk NOUN issue-93 108 42 of of ADP issue-93 108 43 a a DET issue-93 108 44 particular particular ADJ issue-93 108 45 corporation corporation NOUN issue-93 108 46 , , PUNCT issue-93 108 47 country country NOUN issue-93 108 48 risk risk NOUN issue-93 108 49 , , PUNCT issue-93 108 50 which which PRON issue-93 108 51 expresses express VERB issue-93 108 52 the the DET issue-93 108 53 increased increase VERB issue-93 108 54 riskiness riskiness NOUN issue-93 108 55 of of ADP issue-93 108 56 developing develop VERB issue-93 108 57 countries country NOUN issue-93 108 58 . . PUNCT issue-93 109 1 accounting account VERB issue-93 109 2 for for ADP issue-93 109 3 these these DET issue-93 109 4 types type NOUN issue-93 109 5 of of ADP issue-93 109 6 risks risk NOUN issue-93 109 7 that that PRON issue-93 109 8 are be AUX issue-93 109 9 not not PART issue-93 109 10 reflected reflect VERB issue-93 109 11 in in ADP issue-93 109 12 the the DET issue-93 109 13 classical classical ADJ issue-93 109 14 capm capm NOUN issue-93 109 15 model model NOUN issue-93 109 16 is be AUX issue-93 109 17 the the DET issue-93 109 18 basis basis NOUN issue-93 109 19 for for ADP issue-93 109 20 its its PRON issue-93 109 21 further further ADJ issue-93 109 22 modification modification NOUN issue-93 109 23 . . PUNCT issue-93 110 1 particularly particularly ADV issue-93 110 2 relevant relevant ADJ issue-93 110 3 is be AUX issue-93 110 4 its its PRON issue-93 110 5 adaptation adaptation NOUN issue-93 110 6 to to PART issue-93 110 7 assess assess VERB issue-93 110 8 equity equity NOUN issue-93 110 9 to to ADP issue-93 110 10 emerging emerge VERB issue-93 110 11 market market NOUN issue-93 110 12 equity equity NOUN issue-93 110 13 . . PUNCT issue-93 111 1 3 3 X issue-93 111 2 . . X issue-93 111 3 development development NOUN issue-93 111 4 of of ADP issue-93 111 5 modified modified ADJ issue-93 111 6 model model NOUN issue-93 111 7 сарм сарм VERB issue-93 111 8 some some DET issue-93 111 9 corporate corporate ADJ issue-93 111 10 finance finance NOUN issue-93 111 11 theorists theorist NOUN issue-93 111 12 hold hold VERB issue-93 111 13 the the DET issue-93 111 14 thought thought NOUN issue-93 111 15 that that SCONJ issue-93 111 16 the the DET issue-93 111 17 cost cost NOUN issue-93 111 18 of of ADP issue-93 111 19 market market NOUN issue-93 111 20 risk risk NOUN issue-93 111 21 is be AUX issue-93 111 22 the the DET issue-93 111 23 remuneration remuneration NOUN issue-93 111 24 received receive VERB issue-93 111 25 in in ADP issue-93 111 26 excess excess NOUN issue-93 111 27 of of ADP issue-93 111 28 the the DET issue-93 111 29 expected expect VERB issue-93 111 30 rate rate NOUN issue-93 111 31 of of ADP issue-93 111 32 return return NOUN issue-93 111 33 ( ( PUNCT issue-93 111 34 in in ADP issue-93 111 35 excess excess NOUN issue-93 111 36 of of ADP issue-93 111 37 the the DET issue-93 111 38 yield yield NOUN issue-93 111 39 , , PUNCT issue-93 111 40 which which PRON issue-93 111 41 provide provide VERB issue-93 111 42 a a DET issue-93 111 43 risk risk NOUN issue-93 111 44 - - PUNCT issue-93 111 45 free free ADJ issue-93 111 46 securities security NOUN issue-93 111 47 ) ) PUNCT issue-93 111 48 . . PUNCT issue-93 112 1 however however ADV issue-93 112 2 , , PUNCT issue-93 112 3 empirical empirical ADJ issue-93 112 4 studies study NOUN issue-93 112 5 ( ( PUNCT issue-93 112 6 grabowski grabowski PROPN issue-93 112 7 , , PUNCT issue-93 112 8 harrington harrington PROPN issue-93 112 9 , , PUNCT issue-93 112 10 nunes nune NOUN issue-93 112 11 , , PUNCT issue-93 112 12 2015 2015 NUM issue-93 112 13 ) ) PUNCT issue-93 112 14 show show VERB issue-93 112 15 that that SCONJ issue-93 112 16 the the DET issue-93 112 17 market market NOUN issue-93 112 18 estimates estimate NOUN issue-93 112 19 and and CCONJ issue-93 112 20 other other ADJ issue-93 112 21 types type NOUN issue-93 112 22 of of ADP issue-93 112 23 risks risk NOUN issue-93 112 24 , , PUNCT issue-93 112 25 one one NUM issue-93 112 26 of of ADP issue-93 112 27 these these DET issue-93 112 28 risks risk NOUN issue-93 112 29 is be AUX issue-93 112 30 a a DET issue-93 112 31 risk risk NOUN issue-93 112 32 - - PUNCT issue-93 112 33 sized sized ADJ issue-93 112 34 corporation corporation NOUN issue-93 112 35 . . PUNCT issue-93 113 1 the the DET issue-93 113 2 essence essence NOUN issue-93 113 3 of of ADP issue-93 113 4 this this DET issue-93 113 5 type type NOUN issue-93 113 6 of of ADP issue-93 113 7 risk risk NOUN issue-93 113 8 is be AUX issue-93 113 9 that that SCONJ issue-93 113 10 investors investor NOUN issue-93 113 11 as as SCONJ issue-93 113 12 more more ADV issue-93 113 13 risky risky ADJ issue-93 113 14 in in ADP issue-93 113 15 comparison comparison NOUN issue-93 113 16 with with ADP issue-93 113 17 the the DET issue-93 113 18 major major ADJ issue-93 113 19 evaluate evaluate VERB issue-93 113 20 small small ADJ issue-93 113 21 corporations corporation NOUN issue-93 113 22 . . PUNCT issue-93 114 1 accordingly accordingly ADV issue-93 114 2 , , PUNCT issue-93 114 3 investors investor NOUN issue-93 114 4 are be AUX issue-93 114 5 buying buy VERB issue-93 114 6 shares share NOUN issue-93 114 7 of of ADP issue-93 114 8 small small ADJ issue-93 114 9 corporations corporation NOUN issue-93 114 10 will will AUX issue-93 114 11 demand demand VERB issue-93 114 12 compensation compensation NOUN issue-93 114 13 for for ADP issue-93 114 14 this this DET issue-93 114 15 type type NOUN issue-93 114 16 of of ADP issue-93 114 17 risk risk NOUN issue-93 114 18 in in ADP issue-93 114 19 the the DET issue-93 114 20 form form NOUN issue-93 114 21 of of ADP issue-93 114 22 a a DET issue-93 114 23 premium premium NOUN issue-93 114 24 for for ADP issue-93 114 25 the the DET issue-93 114 26 size size NOUN issue-93 114 27 of of ADP issue-93 114 28 the the DET issue-93 114 29 corporation corporation NOUN issue-93 114 30 ( ( PUNCT issue-93 114 31 rps rps PROPN issue-93 114 32 ) ) PUNCT issue-93 114 33 . . PUNCT issue-93 115 1 the the DET issue-93 115 2 so so ADV issue-93 115 3 - - PUNCT issue-93 115 4 called call VERB issue-93 115 5 " " PUNCT issue-93 115 6 size size NOUN issue-93 115 7 effect effect NOUN issue-93 115 8 " " PUNCT issue-93 115 9 is be AUX issue-93 115 10 based base VERB issue-93 115 11 on on ADP issue-93 115 12 empirical empirical ADJ issue-93 115 13 observations observation NOUN issue-93 115 14 , , PUNCT issue-93 115 15 which which PRON issue-93 115 16 demonstrate demonstrate VERB issue-93 115 17 that that SCONJ issue-93 115 18 the the DET issue-93 115 19 corporation corporation NOUN issue-93 115 20 smaller small ADJ issue-93 115 21 investors investor NOUN issue-93 115 22 associated associate VERB issue-93 115 23 s s VERB issue-93 115 24 great great ADJ issue-93 115 25 risk risk NOUN issue-93 115 26 and and CCONJ issue-93 115 27 therefore therefore ADV issue-93 115 28 have have VERB issue-93 115 29 a a DET issue-93 115 30 higher high ADJ issue-93 115 31 cost cost NOUN issue-93 115 32 of of ADP issue-93 115 33 equity equity NOUN issue-93 115 34 . . PUNCT issue-93 116 1 one one NUM issue-93 116 2 of of ADP issue-93 116 3 the the DET issue-93 116 4 first first ADJ issue-93 116 5 studies study NOUN issue-93 116 6 that that PRON issue-93 116 7 reflect reflect VERB issue-93 116 8 the the DET issue-93 116 9 relationship relationship NOUN issue-93 116 10 between between ADP issue-93 116 11 the the DET issue-93 116 12 value value NOUN issue-93 116 13 of of ADP issue-93 116 14 the the DET issue-93 116 15 share share NOUN issue-93 116 16 capital capital NOUN issue-93 116 17 and and CCONJ issue-93 116 18 the the DET issue-93 116 19 size size NOUN issue-93 116 20 of of ADP issue-93 116 21 the the DET issue-93 116 22 corporation corporation NOUN issue-93 116 23 , , PUNCT issue-93 116 24 is be AUX issue-93 116 25 a a DET issue-93 116 26 research research NOUN issue-93 116 27 r. r. PROPN issue-93 116 28 banza banza NOUN issue-93 116 29 ( ( PUNCT issue-93 116 30 banz banz PROPN issue-93 116 31 , , PUNCT issue-93 116 32 1981 1981 NUM issue-93 116 33 ) ) PUNCT issue-93 116 34 , , PUNCT issue-93 116 35 who who PRON issue-93 116 36 analyzed analyze VERB issue-93 116 37 the the DET issue-93 116 38 yield yield NOUN issue-93 116 39 on on ADP issue-93 116 40 the the DET issue-93 116 41 nyse nyse PROPN issue-93 116 42 stock stock PROPN issue-93 116 43 corporations corporation NOUN issue-93 116 44 with with ADP issue-93 116 45 low low ADJ issue-93 116 46 and and CCONJ issue-93 116 47 high high ADJ issue-93 116 48 capitalization capitalization NOUN issue-93 116 49 for for ADP issue-93 116 50 the the DET issue-93 116 51 period period NOUN issue-93 116 52 1926 1926 NUM issue-93 116 53 - - SYM issue-93 116 54 1975 1975 NUM issue-93 116 55 years year NOUN issue-93 116 56 . . PUNCT issue-93 117 1 in in ADP issue-93 117 2 addition addition NOUN issue-93 117 3 , , PUNCT issue-93 117 4 m. m. NOUN issue-93 117 5 long long PROPN issue-93 117 6 dzh dzh PROPN issue-93 117 7 . . PUNCT issue-93 118 1 zhang zhang PROPN issue-93 118 2 ( ( PUNCT issue-93 118 3 long long ADV issue-93 118 4 , , PUNCT issue-93 118 5 zhang zhang PROPN issue-93 118 6 , , PUNCT issue-93 118 7 2004 2004 NUM issue-93 118 8 ) ) PUNCT issue-93 118 9 . . PUNCT issue-93 119 1 it it PRON issue-93 119 2 ’s ’s AUX issue-93 119 3 noted note VERB issue-93 119 4 that that SCONJ issue-93 119 5 small small ADJ issue-93 119 6 corporations corporation NOUN issue-93 119 7 have have VERB issue-93 119 8 risk risk NOUN issue-93 119 9 characteristics characteristic NOUN issue-93 119 10 that that PRON issue-93 119 11 are be AUX issue-93 119 12 different different ADJ issue-93 119 13 from from ADP issue-93 119 14 the the DET issue-93 119 15 risk risk NOUN issue-93 119 16 of of ADP issue-93 119 17 large large ADJ issue-93 119 18 corporations corporation NOUN issue-93 119 19 . . PUNCT issue-93 120 1 large large ADJ issue-93 120 2 corporations corporation NOUN issue-93 120 3 have have VERB issue-93 120 4 more more ADJ issue-93 120 5 opportunities opportunity NOUN issue-93 120 6 in in ADP issue-93 120 7 the the DET issue-93 120 8 resource resource NOUN issue-93 120 9 sector sector NOUN issue-93 120 10 , , PUNCT issue-93 120 11 in in ADP issue-93 120 12 management management NOUN issue-93 120 13 , , PUNCT issue-93 120 14 in in ADP issue-93 120 15 access access NOUN issue-93 120 16 to to ADP issue-93 120 17 capital capital NOUN issue-93 120 18 markets market NOUN issue-93 120 19 , , PUNCT issue-93 120 20 making make VERB issue-93 120 21 them they PRON issue-93 120 22 more more ADV issue-93 120 23 resistant resistant ADJ issue-93 120 24 to to ADP issue-93 120 25 the the DET issue-93 120 26 economic economic ADJ issue-93 120 27 downturn downturn NOUN issue-93 120 28 . . PUNCT issue-93 121 1 all all DET issue-93 121 2 these these DET issue-93 121 3 differences difference NOUN issue-93 121 4 lead lead VERB issue-93 121 5 to to ADP issue-93 121 6 the the DET issue-93 121 7 fact fact NOUN issue-93 121 8 that that SCONJ issue-93 121 9 investors investor NOUN issue-93 121 10 demand demand VERB issue-93 121 11 a a DET issue-93 121 12 higher high ADJ issue-93 121 13 rate rate NOUN issue-93 121 14 of of ADP issue-93 121 15 return return NOUN issue-93 121 16 for for ADP issue-93 121 17 investments investment NOUN issue-93 121 18 in in ADP issue-93 121 19 small small ADJ issue-93 121 20 corporations corporation NOUN issue-93 121 21 . . PUNCT issue-93 122 1 this this DET issue-93 122 2 additional additional ADJ issue-93 122 3 yield yield NOUN issue-93 122 4 is be AUX issue-93 122 5 expressed express VERB issue-93 122 6 in in ADP issue-93 122 7 the the DET issue-93 122 8 additional additional ADJ issue-93 122 9 premium premium NOUN issue-93 122 10 for for ADP issue-93 122 11 corporate corporate ADJ issue-93 122 12 size size NOUN issue-93 122 13 ( ( PUNCT issue-93 122 14 rps rps PROPN issue-93 122 15 ) ) PUNCT issue-93 122 16 . . PUNCT issue-93 123 1 the the DET issue-93 123 2 prize prize NOUN issue-93 123 3 for for ADP issue-93 123 4 the the DET issue-93 123 5 size size NOUN issue-93 123 6 of of ADP issue-93 123 7 the the DET issue-93 123 8 corporation corporation NOUN issue-93 123 9 , , PUNCT issue-93 123 10 which which PRON issue-93 123 11 is be AUX issue-93 123 12 defined define VERB issue-93 123 13 by by ADP issue-93 123 14 duff duff PROPN issue-93 123 15 & & CCONJ issue-93 123 16 phelps phelps PROPN issue-93 123 17 ( ( PUNCT issue-93 123 18 grabowski grabowski PROPN issue-93 123 19 , , PUNCT issue-93 123 20 harrington harrington PROPN issue-93 123 21 , , PUNCT issue-93 123 22 nunes nune NOUN issue-93 123 23 , , PUNCT issue-93 123 24 2015 2015 NUM issue-93 123 25 ) ) PUNCT issue-93 123 26 adapted adapt VERB issue-93 123 27 to to ADP issue-93 123 28 the the DET issue-93 123 29 capm capm PROPN issue-93 123 30 model model NOUN issue-93 123 31 and and CCONJ issue-93 123 32 can can AUX issue-93 123 33 be be AUX issue-93 123 34 integrated integrate VERB issue-93 123 35 into into ADP issue-93 123 36 it it PRON issue-93 123 37 as as SCONJ issue-93 123 38 take take VERB issue-93 123 39 into into ADP issue-93 123 40 account account NOUN issue-93 123 41 the the DET issue-93 123 42 risks risk NOUN issue-93 123 43 that that PRON issue-93 123 44 are be AUX issue-93 123 45 not not PART issue-93 123 46 reflected reflect VERB issue-93 123 47 in in ADP issue-93 123 48 the the DET issue-93 123 49 beta beta ADJ issue-93 123 50 coefficient coefficient NOUN issue-93 123 51 ( ( PUNCT issue-93 123 52 β β NOUN issue-93 123 53 ) ) PUNCT issue-93 123 54 . . PUNCT issue-93 124 1 the the DET issue-93 124 2 scientific scientific ADJ issue-93 124 3 and and CCONJ issue-93 124 4 practical practical ADJ issue-93 124 5 literature literature NOUN issue-93 124 6 devoted devote VERB issue-93 124 7 to to ADP issue-93 124 8 corporate corporate ADJ issue-93 124 9 finance finance NOUN issue-93 124 10 can can AUX issue-93 124 11 be be AUX issue-93 124 12 found find VERB issue-93 124 13 two two NUM issue-93 124 14 ways way NOUN issue-93 124 15 of of ADP issue-93 124 16 calculating calculate VERB issue-93 124 17 the the DET issue-93 124 18 premium premium NOUN issue-93 124 19 for for ADP issue-93 124 20 corporate corporate ADJ issue-93 124 21 size size NOUN issue-93 124 22 : : PUNCT issue-93 124 23 the the DET issue-93 124 24 method method NOUN issue-93 124 25 of of ADP issue-93 124 26 " " PUNCT issue-93 124 27 policy policy NOUN issue-93 124 28 portfolio portfolio NOUN issue-93 124 29 » » PUNCT issue-93 124 30 ( ( PUNCT issue-93 124 31 guideline guideline NOUN issue-93 124 32 portfolio portfolio NOUN issue-93 124 33 method method PROPN issue-93 124 34 ) ) PUNCT issue-93 124 35 and and CCONJ issue-93 124 36 the the DET issue-93 124 37 method method NOUN issue-93 124 38 of of ADP issue-93 124 39 regression regression NOUN issue-93 124 40 equation equation NOUN issue-93 124 41 ( ( PUNCT issue-93 124 42 regression regression NOUN issue-93 124 43 equation equation NOUN issue-93 124 44 method method NOUN issue-93 124 45 ) ) PUNCT issue-93 124 46 . . PUNCT issue-93 125 1 the the DET issue-93 125 2 first first ADJ issue-93 125 3 method method NOUN issue-93 125 4 is be AUX issue-93 125 5 relevant relevant ADJ issue-93 125 6 for for ADP issue-93 125 7 corporations corporation NOUN issue-93 125 8 whose whose DET issue-93 125 9 shares share NOUN issue-93 125 10 are be AUX issue-93 125 11 traded trade VERB issue-93 125 12 on on ADP issue-93 125 13 the the DET issue-93 125 14 open open ADJ issue-93 125 15 stock stock NOUN issue-93 125 16 market market NOUN issue-93 125 17 , , PUNCT issue-93 125 18 as as SCONJ issue-93 125 19 it it PRON issue-93 125 20 requires require VERB issue-93 125 21 information information NOUN issue-93 125 22 about about ADP issue-93 125 23 the the DET issue-93 125 24 company company NOUN issue-93 125 25 's 's PART issue-93 125 26 capitalization capitalization NOUN issue-93 125 27 . . PUNCT issue-93 126 1 the the DET issue-93 126 2 second second ADJ issue-93 126 3 approach approach NOUN issue-93 126 4 is be AUX issue-93 126 5 more more ADV issue-93 126 6 versatile versatile ADJ issue-93 126 7 and and CCONJ issue-93 126 8 can can AUX issue-93 126 9 be be AUX issue-93 126 10 used use VERB issue-93 126 11 for for ADP issue-93 126 12 companies company NOUN issue-93 126 13 whose whose DET issue-93 126 14 shares share NOUN issue-93 126 15 are be AUX issue-93 126 16 traded trade VERB issue-93 126 17 on on ADP issue-93 126 18 developed develop VERB issue-93 126 19 stock stock NOUN issue-93 126 20 market market NOUN issue-93 126 21 , , PUNCT issue-93 126 22 and and CCONJ issue-93 126 23 corporations corporation NOUN issue-93 126 24 do do AUX issue-93 126 25 not not PART issue-93 126 26 have have VERB issue-93 126 27 a a DET issue-93 126 28 quoted quote VERB issue-93 126 29 market market NOUN issue-93 126 30 price price NOUN issue-93 126 31 is be AUX issue-93 126 32 correct correct ADJ issue-93 126 33 . . PUNCT issue-93 127 1 the the DET issue-93 127 2 latter latter ADJ issue-93 127 3 is be AUX issue-93 127 4 particularly particularly ADV issue-93 127 5 important important ADJ issue-93 127 6 for for ADP issue-93 127 7 developing develop VERB issue-93 127 8 capital capital NOUN issue-93 127 9 markets market NOUN issue-93 127 10 ( ( PUNCT issue-93 127 11 emerging emerge VERB issue-93 127 12 markets market NOUN issue-93 127 13 ) ) PUNCT issue-93 127 14 which which PRON issue-93 127 15 include include VERB issue-93 127 16 and and CCONJ issue-93 127 17 ukraine ukraine ADJ issue-93 127 18 . . PUNCT issue-93 128 1 the the DET issue-93 128 2 method method NOUN issue-93 128 3 of of ADP issue-93 128 4 regression regression NOUN issue-93 128 5 equation equation NOUN issue-93 128 6 ( ( PUNCT issue-93 128 7 regression regression NOUN issue-93 128 8 equation equation NOUN issue-93 128 9 method method NOUN issue-93 128 10 ) ) PUNCT issue-93 128 11 allows allow VERB issue-93 128 12 you you PRON issue-93 128 13 to to PART issue-93 128 14 calculate calculate VERB issue-93 128 15 the the DET issue-93 128 16 risk risk NOUN issue-93 128 17 premium premium NOUN issue-93 128 18 corporations corporation NOUN issue-93 128 19 which which PRON issue-93 128 20 is be AUX issue-93 128 21 based base VERB issue-93 128 22 on on ADP issue-93 128 23 the the DET issue-93 128 24 following follow VERB issue-93 128 25 indicators indicator NOUN issue-93 128 26 that that PRON issue-93 128 27 characterize characterize VERB issue-93 128 28 the the DET issue-93 128 29 size size NOUN issue-93 128 30 of of ADP issue-93 128 31 the the DET issue-93 128 32 corporation corporation NOUN issue-93 128 33 : : PUNCT issue-93 128 34 the the DET issue-93 128 35 market market NOUN issue-93 128 36 value value NOUN issue-93 128 37 of of ADP issue-93 128 38 equity equity NOUN issue-93 128 39 ( ( PUNCT issue-93 128 40 mve mve NOUN issue-93 128 41 ) ) PUNCT issue-93 128 42 , , PUNCT issue-93 128 43 the the DET issue-93 128 44 market market NOUN issue-93 128 45 value value NOUN issue-93 128 46 of of ADP issue-93 128 47 invested invest VERB issue-93 128 48 capital capital NOUN issue-93 128 49 ( ( PUNCT issue-93 128 50 mvic mvic PROPN issue-93 128 51 ) ) PUNCT issue-93 128 52 , , PUNCT issue-93 128 53 the the DET issue-93 128 54 book book NOUN issue-93 128 55 value value NOUN issue-93 128 56 of of ADP issue-93 128 57 equity equity NOUN issue-93 128 58 ( ( PUNCT issue-93 128 59 bve bve PROPN issue-93 128 60 ) ) PUNCT issue-93 128 61 , , PUNCT issue-93 128 62 the the DET issue-93 128 63 size size NOUN issue-93 128 64 of of ADP issue-93 128 65 the the DET issue-93 128 66 total total ADJ issue-93 128 67 assets asset NOUN issue-93 128 68 at at ADP issue-93 128 69 book book NOUN issue-93 128 70 value value NOUN issue-93 128 71 ( ( PUNCT issue-93 128 72 ta ta PROPN issue-93 128 73 ) ) PUNCT issue-93 128 74 , , PUNCT issue-93 128 75 the the DET issue-93 128 76 average average ADJ issue-93 128 77 annual annual ADJ issue-93 128 78 net net ADJ issue-93 128 79 profit profit NOUN issue-93 128 80 for for ADP issue-93 128 81 the the DET issue-93 128 82 last last ADJ issue-93 128 83 5 5 NUM issue-93 128 84 years year NOUN issue-93 128 85 ( ( PUNCT issue-93 128 86 ni ni NOUN issue-93 128 87 ) ) PUNCT issue-93 128 88 , , PUNCT issue-93 128 89 the the DET issue-93 128 90 average average ADJ issue-93 128 91 amount amount NOUN issue-93 128 92 of of ADP issue-93 128 93 income income NOUN issue-93 128 94 before before ADP issue-93 128 95 interest interest NOUN issue-93 128 96 , , PUNCT issue-93 128 97 depreciation depreciation NOUN issue-93 128 98 and and CCONJ issue-93 128 99 taxes taxis NOUN issue-93 128 100 for for ADP issue-93 128 101 the the DET issue-93 128 102 last last ADJ issue-93 128 103 5 5 NUM issue-93 128 104 years year NOUN issue-93 128 105 ( ( PUNCT issue-93 128 106 ebitda ebitda NOUN issue-93 128 107 ) ) PUNCT issue-93 128 108 , , PUNCT issue-93 128 109 net net ADJ issue-93 128 110 income income NOUN issue-93 128 111 ( ( PUNCT issue-93 128 112 ns ns NUM issue-93 128 113 ) ) PUNCT issue-93 128 114 , , PUNCT issue-93 128 115 number number NOUN issue-93 128 116 of of ADP issue-93 128 117 employees employee NOUN issue-93 128 118 ( ( PUNCT issue-93 128 119 ne ne NOUN issue-93 128 120 ) ) PUNCT issue-93 128 121 . . PUNCT issue-93 129 1 this this DET issue-93 129 2 approach approach NOUN issue-93 129 3 allows allow VERB issue-93 129 4 us we PRON issue-93 129 5 to to PART issue-93 129 6 calculate calculate VERB issue-93 129 7 a a DET issue-93 129 8 premium premium NOUN issue-93 129 9 for for ADP issue-93 129 10 the the DET issue-93 129 11 size size NOUN issue-93 129 12 of of ADP issue-93 129 13 the the DET issue-93 129 14 corporation corporation NOUN issue-93 129 15 as as ADP issue-93 129 16 the the DET issue-93 129 17 basis basis NOUN issue-93 129 18 of of ADP issue-93 129 19 market market NOUN issue-93 129 20 information information NOUN issue-93 129 21 , , PUNCT issue-93 129 22 as as ADV issue-93 129 23 well well ADV issue-93 129 24 as as ADP issue-93 129 25 based base VERB issue-93 129 26 on on ADP issue-93 129 27 the the DET issue-93 129 28 financial financial ADJ issue-93 129 29 statements statement NOUN issue-93 129 30 . . PUNCT issue-93 130 1 from from ADP issue-93 130 2 our our PRON issue-93 130 3 point point NOUN issue-93 130 4 of of ADP issue-93 130 5 view view NOUN issue-93 130 6 , , PUNCT issue-93 130 7 this this DET issue-93 130 8 approach approach NOUN issue-93 130 9 is be AUX issue-93 130 10 more more ADV issue-93 130 11 versatile versatile ADJ issue-93 130 12 and and CCONJ issue-93 130 13 can can AUX issue-93 130 14 be be AUX issue-93 130 15 applied apply VERB issue-93 130 16 to to ADP issue-93 130 17 companies company NOUN issue-93 130 18 whose whose DET issue-93 130 19 securities security NOUN issue-93 130 20 are be AUX issue-93 130 21 baltic baltic ADJ issue-93 130 22 journal journal PROPN issue-93 130 23 of of ADP issue-93 130 24 economic economic ADJ issue-93 130 25 studies study NOUN issue-93 130 26 139 139 NUM issue-93 130 27 vol vol NOUN issue-93 130 28 . . PROPN issue-93 131 1 2 2 NUM issue-93 131 2 , , PUNCT issue-93 131 3 no no INTJ issue-93 131 4 . . NOUN issue-93 131 5 2 2 NUM issue-93 131 6 , , PUNCT issue-93 131 7 2016 2016 NUM issue-93 131 8 traded trade VERB issue-93 131 9 on on ADP issue-93 131 10 emerging emerge VERB issue-93 131 11 capital capital NOUN issue-93 131 12 markets market NOUN issue-93 131 13 . . PUNCT issue-93 132 1 in in ADP issue-93 132 2 this this DET issue-93 132 3 situation situation NOUN issue-93 132 4 it it PRON issue-93 132 5 is be AUX issue-93 132 6 possible possible ADJ issue-93 132 7 to to PART issue-93 132 8 calculate calculate VERB issue-93 132 9 the the DET issue-93 132 10 average average ADJ issue-93 132 11 premium premium NOUN issue-93 132 12 for for ADP issue-93 132 13 the the DET issue-93 132 14 size size NOUN issue-93 132 15 of of ADP issue-93 132 16 the the DET issue-93 132 17 corporation corporation NOUN issue-93 132 18 on on ADP issue-93 132 19 the the DET issue-93 132 20 basis basis NOUN issue-93 132 21 of of ADP issue-93 132 22 six six NUM issue-93 132 23 fundamental fundamental ADJ issue-93 132 24 parameters parameter NOUN issue-93 132 25 describing describe VERB issue-93 132 26 the the DET issue-93 132 27 size size NOUN issue-93 132 28 of of ADP issue-93 132 29 the the DET issue-93 132 30 corporation corporation NOUN issue-93 132 31 , , PUNCT issue-93 132 32 obtained obtain VERB issue-93 132 33 on on ADP issue-93 132 34 the the DET issue-93 132 35 basis basis NOUN issue-93 132 36 of of ADP issue-93 132 37 financial financial ADJ issue-93 132 38 statements statement NOUN issue-93 132 39 of of ADP issue-93 132 40 the the DET issue-93 132 41 estimated estimate VERB issue-93 132 42 corporation corporation NOUN issue-93 132 43 . . PUNCT issue-93 133 1 r. r. PROPN issue-93 133 2 grabovski grabovski PROPN issue-93 133 3 , , PUNCT issue-93 133 4 dzh dzh PROPN issue-93 133 5 . . PUNCT issue-93 133 6 harrington harrington PROPN issue-93 133 7 and and CCONJ issue-93 133 8 k. k. PROPN issue-93 133 9 nyunz nyunz PROPN issue-93 133 10 to to PART issue-93 133 11 calculate calculate VERB issue-93 133 12 the the DET issue-93 133 13 premium premium NOUN issue-93 133 14 amount amount NOUN issue-93 133 15 for for ADP issue-93 133 16 the the DET issue-93 133 17 corporation corporation NOUN issue-93 133 18 ( ( PUNCT issue-93 133 19 rps rps PROPN issue-93 133 20 ) ) PUNCT issue-93 133 21 offer offer VERB issue-93 133 22 equation equation NOUN issue-93 133 23 described describe VERB issue-93 133 24 in in ADP issue-93 133 25 ( ( PUNCT issue-93 133 26 grabowski grabowski PROPN issue-93 133 27 , , PUNCT issue-93 133 28 harrington harrington PROPN issue-93 133 29 , , PUNCT issue-93 133 30 nunes nune NOUN issue-93 133 31 , , PUNCT issue-93 133 32 2015 2015 NUM issue-93 133 33 ) ) PUNCT issue-93 133 34 . . PUNCT issue-93 134 1 with with ADP issue-93 134 2 the the DET issue-93 134 3 help help NOUN issue-93 134 4 of of ADP issue-93 134 5 these these DET issue-93 134 6 equations equation NOUN issue-93 134 7 ( ( PUNCT issue-93 134 8 table table NOUN issue-93 134 9 1 1 NUM issue-93 134 10 ) ) PUNCT issue-93 134 11 it it PRON issue-93 134 12 is be AUX issue-93 134 13 possible possible ADJ issue-93 134 14 to to PART issue-93 134 15 calculate calculate VERB issue-93 134 16 the the DET issue-93 134 17 additional additional ADJ issue-93 134 18 premium premium NOUN issue-93 134 19 for for ADP issue-93 134 20 the the DET issue-93 134 21 size size NOUN issue-93 134 22 of of ADP issue-93 134 23 the the DET issue-93 134 24 corporation corporation NOUN issue-93 134 25 , , PUNCT issue-93 134 26 which which PRON issue-93 134 27 must must AUX issue-93 134 28 be be AUX issue-93 134 29 taken take VERB issue-93 134 30 into into ADP issue-93 134 31 account account NOUN issue-93 134 32 in in ADP issue-93 134 33 the the DET issue-93 134 34 modified modify VERB issue-93 134 35 capm capm NOUN issue-93 134 36 as as ADP issue-93 134 37 an an DET issue-93 134 38 additional additional ADJ issue-93 134 39 additive additive ADJ issue-93 134 40 component component NOUN issue-93 134 41 . . PUNCT issue-93 135 1 another another DET issue-93 135 2 important important ADJ issue-93 135 3 element element NOUN issue-93 135 4 that that PRON issue-93 135 5 does do AUX issue-93 135 6 not not PART issue-93 135 7 take take VERB issue-93 135 8 into into ADP issue-93 135 9 account account NOUN issue-93 135 10 the the DET issue-93 135 11 classical classical ADJ issue-93 135 12 capm capm PROPN issue-93 135 13 model model NOUN issue-93 135 14     SPACE issue-93 135 15 – – PUNCT issue-93 135 16 is be AUX issue-93 135 17 the the DET issue-93 135 18 difference difference NOUN issue-93 135 19 in in ADP issue-93 135 20 the the DET issue-93 135 21 level level NOUN issue-93 135 22 of of ADP issue-93 135 23 risk risk NOUN issue-93 135 24 the the DET issue-93 135 25 economies economy NOUN issue-93 135 26 of of ADP issue-93 135 27 different different ADJ issue-93 135 28 countries country NOUN issue-93 135 29 . . PUNCT issue-93 136 1 according accord VERB issue-93 136 2 to to ADP issue-93 136 3 this this DET issue-93 136 4 approach approach NOUN issue-93 136 5 , , PUNCT issue-93 136 6 the the DET issue-93 136 7 economies economy NOUN issue-93 136 8 of of ADP issue-93 136 9 developing develop VERB issue-93 136 10 countries country NOUN issue-93 136 11 are be AUX issue-93 136 12 considered consider VERB issue-93 136 13 as as ADP issue-93 136 14 more more ADV issue-93 136 15 risky risky ADJ issue-93 136 16 for for ADP issue-93 136 17 investments investment NOUN issue-93 136 18 in in ADP issue-93 136 19 connection connection NOUN issue-93 136 20 with with ADP issue-93 136 21 the the DET issue-93 136 22 impact impact NOUN issue-93 136 23 of of ADP issue-93 136 24 political political ADJ issue-93 136 25 , , PUNCT issue-93 136 26 economic economic ADJ issue-93 136 27 , , PUNCT issue-93 136 28 financial financial ADJ issue-93 136 29 and and CCONJ issue-93 136 30 institutional institutional ADJ issue-93 136 31 risks risk NOUN issue-93 136 32 . . PUNCT issue-93 137 1 considering consider VERB issue-93 137 2 this this DET issue-93 137 3 factor factor NOUN issue-93 137 4 a. a. NOUN issue-93 137 5 damodaran damodaran PROPN issue-93 137 6 ( ( PUNCT issue-93 137 7 damodaran damodaran VERB issue-93 137 8 , , PUNCT issue-93 137 9 2010 2010 NUM issue-93 137 10 ) ) PUNCT issue-93 137 11 to to PART issue-93 137 12 estimate estimate VERB issue-93 137 13 the the DET issue-93 137 14 cost cost NOUN issue-93 137 15 of of ADP issue-93 137 16 equity equity NOUN issue-93 137 17 for for ADP issue-93 137 18 countries country NOUN issue-93 137 19 with with ADP issue-93 137 20 developing develop VERB issue-93 137 21 capital capital NOUN issue-93 137 22 markets market NOUN issue-93 137 23 ( ( PUNCT issue-93 137 24 emerging emerge VERB issue-93 137 25 markets market NOUN issue-93 137 26 ) ) PUNCT issue-93 137 27 , , PUNCT issue-93 137 28 proposes propose VERB issue-93 137 29 to to PART issue-93 137 30 take take VERB issue-93 137 31 into into ADP issue-93 137 32 account account NOUN issue-93 137 33 the the DET issue-93 137 34 risk risk NOUN issue-93 137 35 premium premium NOUN issue-93 137 36 for for ADP issue-93 137 37 a a DET issue-93 137 38 particular particular ADJ issue-93 137 39 country country NOUN issue-93 137 40 ( ( PUNCT issue-93 137 41 country country NOUN issue-93 137 42 risk risk NOUN issue-93 137 43 premium premium NOUN issue-93 137 44 , , PUNCT issue-93 137 45 rpc rpc NOUN issue-93 137 46 ) ) PUNCT issue-93 137 47 . . PUNCT issue-93 138 1 use use NOUN issue-93 138 2 of of ADP issue-93 138 3 this this DET issue-93 138 4 award award NOUN issue-93 138 5 as as ADP issue-93 138 6 a a DET issue-93 138 7 supplement supplement NOUN issue-93 138 8 to to ADP issue-93 138 9 the the DET issue-93 138 10 capm capm PROPN issue-93 138 11 model model NOUN issue-93 138 12 is be AUX issue-93 138 13 widely widely ADV issue-93 138 14 used use VERB issue-93 138 15 in in ADP issue-93 138 16 practice practice NOUN issue-93 138 17 , , PUNCT issue-93 138 18 although although SCONJ issue-93 138 19 very very ADV issue-93 138 20 often often ADV issue-93 138 21 the the DET issue-93 138 22 discussion discussion NOUN issue-93 138 23 . . PUNCT issue-93 139 1 in in ADP issue-93 139 2 particular particular ADJ issue-93 139 3 in in ADP issue-93 139 4 the the DET issue-93 139 5 l. l. PROPN issue-93 139 6 krushvitsa krushvitsa PROPN issue-93 139 7 , , PUNCT issue-93 139 8 a. a. NOUN issue-93 139 9 loflera loflera NOUN issue-93 139 10 and and CCONJ issue-93 139 11 g. g. PROPN issue-93 139 12 mandla mandla PROPN issue-93 139 13 ( ( PUNCT issue-93 139 14 kruschwitz kruschwitz PROPN issue-93 139 15 , , PUNCT issue-93 139 16 löffler löffler NOUN issue-93 139 17 , , PUNCT issue-93 139 18 mandl mandl NOUN issue-93 139 19 , , PUNCT issue-93 139 20 2012 2012 NUM issue-93 139 21 ) ) PUNCT issue-93 139 22 is be AUX issue-93 139 23 subjected subject VERB issue-93 139 24 to to ADP issue-93 139 25 sharp sharp ADJ issue-93 139 26 criticism criticism NOUN issue-93 139 27 of of ADP issue-93 139 28 the the DET issue-93 139 29 concept concept NOUN issue-93 139 30 of of ADP issue-93 139 31 the the DET issue-93 139 32 use use NOUN issue-93 139 33 of of ADP issue-93 139 34 the the DET issue-93 139 35 risk risk NOUN issue-93 139 36 premium premium NOUN issue-93 139 37 of of ADP issue-93 139 38 the the DET issue-93 139 39 country country NOUN issue-93 139 40 ( ( PUNCT issue-93 139 41 country country NOUN issue-93 139 42 risk risk NOUN issue-93 139 43 premium premium NOUN issue-93 139 44 , , PUNCT issue-93 139 45 rpc rpc NOUN issue-93 139 46 ) ) PUNCT issue-93 139 47 and and CCONJ issue-93 139 48 approaches approach VERB issue-93 139 49 the the DET issue-93 139 50 whole whole ADJ issue-93 139 51 a. a. NOUN issue-93 139 52 damodarana damodarana PROPN issue-93 139 53 . . PUNCT issue-93 140 1 indicating indicate VERB issue-93 140 2 the the DET issue-93 140 3 author author NOUN issue-93 140 4 noted note VERB issue-93 140 5 these these DET issue-93 140 6 contradiction contradiction NOUN issue-93 140 7 prize prize NOUN issue-93 140 8 ideas idea NOUN issue-93 140 9 capm capm PROPN issue-93 140 10 as as ADP issue-93 140 11 country country NOUN issue-93 140 12 risk risk NOUN issue-93 140 13 is be AUX issue-93 140 14 weakly weakly ADV issue-93 140 15 correlated correlate VERB issue-93 140 16 with with ADP issue-93 140 17 the the DET issue-93 140 18 global global ADJ issue-93 140 19 systemic systemic ADJ issue-93 140 20 risk risk NOUN issue-93 140 21 . . PUNCT issue-93 141 1 this this DET issue-93 141 2 risk risk NOUN issue-93 141 3 can can AUX issue-93 141 4 be be AUX issue-93 141 5 almost almost ADV issue-93 141 6 completely completely ADV issue-93 141 7 minimized minimize VERB issue-93 141 8 by by ADP issue-93 141 9 the the DET issue-93 141 10 diversification diversification NOUN issue-93 141 11 of of ADP issue-93 141 12 the the DET issue-93 141 13 global global ADJ issue-93 141 14 capital capital NOUN issue-93 141 15 market market NOUN issue-93 141 16 ; ; PUNCT issue-93 141 17 with with ADP issue-93 141 18 a a DET issue-93 141 19 portfolio portfolio NOUN issue-93 141 20 , , PUNCT issue-93 141 21 investor investor NOUN issue-93 141 22 should should AUX issue-93 141 23 not not PART issue-93 141 24 require require VERB issue-93 141 25 additional additional ADJ issue-93 141 26 profitability profitability NOUN issue-93 141 27 for for ADP issue-93 141 28 it it PRON issue-93 141 29 . . PUNCT issue-93 142 1 in in ADP issue-93 142 2 other other ADJ issue-93 142 3 words word NOUN issue-93 142 4 l. l. PROPN issue-93 142 5 krushvits krushvits PROPN issue-93 142 6 , , PUNCT issue-93 142 7 a. a. NOUN issue-93 142 8 lofler lofler NOUN issue-93 142 9 and and CCONJ issue-93 142 10 g. g. PROPN issue-93 142 11 mandl mandl PROPN issue-93 142 12 ( ( PUNCT issue-93 142 13 kruschwitz kruschwitz PROPN issue-93 142 14 , , PUNCT issue-93 142 15 löffler löffler NOUN issue-93 142 16 , , PUNCT issue-93 142 17 mandl mandl NOUN issue-93 142 18 , , PUNCT issue-93 142 19 2012 2012 NUM issue-93 142 20 ) ) PUNCT issue-93 142 21 come come VERB issue-93 142 22 to to ADP issue-93 142 23 the the DET issue-93 142 24 conclusion conclusion NOUN issue-93 142 25 that that PRON issue-93 142 26 eliminates eliminate VERB issue-93 142 27 the the DET issue-93 142 28 need need NOUN issue-93 142 29 for for ADP issue-93 142 30 the the DET issue-93 142 31 capm capm PROPN issue-93 142 32 ( ( PUNCT issue-93 142 33 rpc rpc PROPN issue-93 142 34 ) ) PUNCT issue-93 142 35 . . PUNCT issue-93 143 1 in in ADP issue-93 143 2 response response NOUN issue-93 143 3 to to ADP issue-93 143 4 that that DET issue-93 143 5 criticism criticism NOUN issue-93 143 6 a. a. NOUN issue-93 143 7 damodaran damodaran PROPN issue-93 143 8 ( ( PUNCT issue-93 143 9 damodaran damodaran VERB issue-93 143 10 , , PUNCT issue-93 143 11 2012 2012 NUM issue-93 143 12 ) ) PUNCT issue-93 143 13 acknowledges acknowledge VERB issue-93 143 14 the the DET issue-93 143 15 theoretical theoretical ADJ issue-93 143 16 weakness weakness NOUN issue-93 143 17 of of ADP issue-93 143 18 his his PRON issue-93 143 19 position position NOUN issue-93 143 20 . . PUNCT issue-93 144 1 however however ADV issue-93 144 2 , , PUNCT issue-93 144 3 at at ADP issue-93 144 4 the the DET issue-93 144 5 same same ADJ issue-93 144 6 time time NOUN issue-93 144 7 , , PUNCT issue-93 144 8 it it PRON issue-93 144 9 notes note VERB issue-93 144 10 that that SCONJ issue-93 144 11 the the DET issue-93 144 12 emerging emerge VERB issue-93 144 13 capital capital NOUN issue-93 144 14 markets market NOUN issue-93 144 15 ( ( PUNCT issue-93 144 16 emerging emerge VERB issue-93 144 17 markets market NOUN issue-93 144 18 ) ) PUNCT issue-93 144 19 objectively objectively ADV issue-93 144 20 , , PUNCT issue-93 144 21 there there PRON issue-93 144 22 are be VERB issue-93 144 23 additional additional ADJ issue-93 144 24 risks risk NOUN issue-93 144 25 and and CCONJ issue-93 144 26 they they PRON issue-93 144 27 should should AUX issue-93 144 28 be be AUX issue-93 144 29 such such ADJ issue-93 144 30 as as ADP issue-93 144 31 to to PART issue-93 144 32 take take VERB issue-93 144 33 into into ADP issue-93 144 34 account account NOUN issue-93 144 35 . . PUNCT issue-93 145 1 in in ADP issue-93 145 2 addition addition NOUN issue-93 145 3 , , PUNCT issue-93 145 4 until until ADP issue-93 145 5 that that DET issue-93 145 6 time time NOUN issue-93 145 7 , , PUNCT issue-93 145 8 until until ADP issue-93 145 9 a a DET issue-93 145 10 reasonable reasonable ADJ issue-93 145 11 assessment assessment NOUN issue-93 145 12 of of ADP issue-93 145 13 the the DET issue-93 145 14 theory theory NOUN issue-93 145 15 of of ADP issue-93 145 16 this this DET issue-93 145 17 type type NOUN issue-93 145 18 of of ADP issue-93 145 19 risk risk NOUN issue-93 145 20 it it PRON issue-93 145 21 considers consider VERB issue-93 145 22 it it PRON issue-93 145 23 possible possible ADJ issue-93 145 24 to to PART issue-93 145 25 use use VERB issue-93 145 26 the the DET issue-93 145 27 premium premium NOUN issue-93 145 28 for for ADP issue-93 145 29 country country NOUN issue-93 145 30 risk risk NOUN issue-93 145 31 ( ( PUNCT issue-93 145 32 rpc rpc NOUN issue-93 145 33 ) ) PUNCT issue-93 145 34 . . PUNCT issue-93 146 1 to to PART issue-93 146 2 calculate calculate VERB issue-93 146 3 the the DET issue-93 146 4 premium premium NOUN issue-93 146 5 for for ADP issue-93 146 6 country country NOUN issue-93 146 7 risk risk NOUN issue-93 146 8 ( ( PUNCT issue-93 146 9 rpc rpc NOUN issue-93 146 10 ) ) PUNCT issue-93 146 11 a. a. NOUN issue-93 146 12     SPACE issue-93 146 13 damodaran damodaran PROPN issue-93 146 14 ( ( PUNCT issue-93 146 15 damodaran damodaran VERB issue-93 146 16 , , PUNCT issue-93 146 17 2010 2010 NUM issue-93 146 18 ) ) PUNCT issue-93 146 19 suggests suggest VERB issue-93 146 20 using use VERB issue-93 146 21 two two NUM issue-93 146 22 approaches approach NOUN issue-93 146 23 : : PUNCT issue-93 146 24 based base VERB issue-93 146 25 on on ADP issue-93 146 26 the the DET issue-93 146 27 volatility volatility NOUN issue-93 146 28 of of ADP issue-93 146 29 the the DET issue-93 146 30 stock stock NOUN issue-93 146 31 market market NOUN issue-93 146 32 , , PUNCT issue-93 146 33 based base VERB issue-93 146 34 on on ADP issue-93 146 35 the the DET issue-93 146 36 assessment assessment NOUN issue-93 146 37 of of ADP issue-93 146 38 default default NOUN issue-93 146 39 spread spread NOUN issue-93 146 40 ( ( PUNCT issue-93 146 41 country country NOUN issue-93 146 42 default default NOUN issue-93 146 43 spread spread NOUN issue-93 146 44 ) ) PUNCT issue-93 146 45 on on ADP issue-93 146 46 sovereign sovereign ADJ issue-93 146 47 bonds bond NOUN issue-93 146 48 of of ADP issue-93 146 49 the the DET issue-93 146 50 country country NOUN issue-93 146 51 . . PUNCT issue-93 147 1 the the DET issue-93 147 2 essence essence NOUN issue-93 147 3 of of ADP issue-93 147 4 the the DET issue-93 147 5 first first ADJ issue-93 147 6 approach approach NOUN issue-93 147 7 is be AUX issue-93 147 8 the the DET issue-93 147 9 calculation calculation NOUN issue-93 147 10 of of ADP issue-93 147 11 the the DET issue-93 147 12 premium premium NOUN issue-93 147 13 for for ADP issue-93 147 14 the the DET issue-93 147 15 country country NOUN issue-93 147 16 risk risk NOUN issue-93 147 17 based base VERB issue-93 147 18 on on ADP issue-93 147 19 the the DET issue-93 147 20 ratio ratio NOUN issue-93 147 21 of of ADP issue-93 147 22 the the DET issue-93 147 23 volatility volatility NOUN issue-93 147 24 of of ADP issue-93 147 25 the the DET issue-93 147 26 local local ADJ issue-93 147 27 stock stock NOUN issue-93 147 28 market market NOUN issue-93 147 29 volatility volatility NOUN issue-93 147 30 in in ADP issue-93 147 31 the the DET issue-93 147 32 us us PROPN issue-93 147 33 stock stock NOUN issue-93 147 34 market market NOUN issue-93 147 35 , , PUNCT issue-93 147 36 which which PRON issue-93 147 37 is be AUX issue-93 147 38 multiplied multiply VERB issue-93 147 39 by by ADP issue-93 147 40 the the DET issue-93 147 41 historical historical ADJ issue-93 147 42 market market NOUN issue-93 147 43 risk risk NOUN issue-93 147 44 premium premium NOUN issue-93 147 45 in in ADP issue-93 147 46 the the DET issue-93 147 47 united united PROPN issue-93 147 48 states states PROPN issue-93 147 49 . . PUNCT issue-93 148 1 the the DET issue-93 148 2 use use NOUN issue-93 148 3 of of ADP issue-93 148 4 this this DET issue-93 148 5 approach approach NOUN issue-93 148 6 is be AUX issue-93 148 7 limited limit VERB issue-93 148 8 to to ADP issue-93 148 9 countries country NOUN issue-93 148 10 with with ADP issue-93 148 11 illiquid illiquid ADJ issue-93 148 12 stock stock NOUN issue-93 148 13 markets market NOUN issue-93 148 14 , , PUNCT issue-93 148 15 which which PRON issue-93 148 16 include include VERB issue-93 148 17 ukraine ukraine NOUN issue-93 148 18 . . PUNCT issue-93 149 1 country country NOUN issue-93 149 2 risk risk NOUN issue-93 149 3 premium premium NOUN issue-93 149 4 ( ( PUNCT issue-93 149 5 rpc rpc NOUN issue-93 149 6 ) ) PUNCT issue-93 149 7 using use VERB issue-93 149 8 the the DET issue-93 149 9 second second ADJ issue-93 149 10 approach approach NOUN issue-93 149 11 depends depend VERB issue-93 149 12 on on ADP issue-93 149 13 the the DET issue-93 149 14 credit credit NOUN issue-93 149 15 rating rating NOUN issue-93 149 16 of of ADP issue-93 149 17 the the DET issue-93 149 18 country country NOUN issue-93 149 19 and and CCONJ issue-93 149 20 from from ADP issue-93 149 21 the the DET issue-93 149 22 spread spread NOUN issue-93 149 23 of of ADP issue-93 149 24 default default NOUN issue-93 149 25 ( ( PUNCT issue-93 149 26 default default NOUN issue-93 149 27 spread spread NOUN issue-93 149 28 ) ) PUNCT issue-93 149 29 on on ADP issue-93 149 30 government government NOUN issue-93 149 31 bonds bond NOUN issue-93 149 32 . . PUNCT issue-93 150 1 although although SCONJ issue-93 150 2 the the DET issue-93 150 3 risk risk NOUN issue-93 150 4 of of ADP issue-93 150 5 default default NOUN issue-93 150 6 on on ADP issue-93 150 7 government government NOUN issue-93 150 8 bonds bond NOUN issue-93 150 9 are be AUX issue-93 150 10 not not PART issue-93 150 11 directly directly ADV issue-93 150 12 associated associate VERB issue-93 150 13 with with ADP issue-93 150 14 the the DET issue-93 150 15 risk risk NOUN issue-93 150 16 of of ADP issue-93 150 17 the the DET issue-93 150 18 share share NOUN issue-93 150 19 capital capital NOUN issue-93 150 20 , , PUNCT issue-93 150 21 but but CCONJ issue-93 150 22 the the DET issue-93 150 23 country country NOUN issue-93 150 24 's 's PART issue-93 150 25 credit credit NOUN issue-93 150 26 ratings rating NOUN issue-93 150 27 take take VERB issue-93 150 28 into into ADP issue-93 150 29 account account NOUN issue-93 150 30 the the DET issue-93 150 31 many many ADJ issue-93 150 32 factors factor NOUN issue-93 150 33 that that PRON issue-93 150 34 equally equally ADV issue-93 150 35 affect affect VERB issue-93 150 36 both both DET issue-93 150 37 government government NOUN issue-93 150 38 bonds bond NOUN issue-93 150 39 and and CCONJ issue-93 150 40 shares share NOUN issue-93 150 41 . . PUNCT issue-93 151 1 these these DET issue-93 151 2 factors factor NOUN issue-93 151 3 include include VERB issue-93 151 4 political political ADJ issue-93 151 5 instability instability NOUN issue-93 151 6 , , PUNCT issue-93 151 7 economic economic ADJ issue-93 151 8 recession recession NOUN issue-93 151 9 , , PUNCT issue-93 151 10 high high ADJ issue-93 151 11 inflation inflation NOUN issue-93 151 12 , , PUNCT issue-93 151 13 currency currency NOUN issue-93 151 14 fluctuations fluctuation NOUN issue-93 151 15 , , PUNCT issue-93 151 16 and and CCONJ issue-93 151 17 others other NOUN issue-93 151 18 . . PUNCT issue-93 152 1 the the DET issue-93 152 2 spread spread NOUN issue-93 152 3 of of ADP issue-93 152 4 default default NOUN issue-93 152 5 is be AUX issue-93 152 6 calculated calculate VERB issue-93 152 7 as as ADP issue-93 152 8 the the DET issue-93 152 9 difference difference NOUN issue-93 152 10 between between ADP issue-93 152 11 the the DET issue-93 152 12 rate rate NOUN issue-93 152 13 of of ADP issue-93 152 14 return return NOUN issue-93 152 15 on on ADP issue-93 152 16 government government NOUN issue-93 152 17 securities security NOUN issue-93 152 18 in in ADP issue-93 152 19 the the DET issue-93 152 20 local local ADJ issue-93 152 21 market market NOUN issue-93 152 22 ( ( PUNCT issue-93 152 23 eg eg NOUN issue-93 152 24 market market NOUN issue-93 152 25 of of ADP issue-93 152 26 ukraine ukraine NOUN issue-93 152 27 ) ) PUNCT issue-93 152 28 and and CCONJ issue-93 152 29 the the DET issue-93 152 30 rate rate NOUN issue-93 152 31 of of ADP issue-93 152 32 return return NOUN issue-93 152 33 government government NOUN issue-93 152 34 securities security NOUN issue-93 152 35 developed develop VERB issue-93 152 36 markets market NOUN issue-93 152 37 ( ( PUNCT issue-93 152 38 eg eg VERB issue-93 152 39 us us PROPN issue-93 152 40 treasuries treasury NOUN issue-93 152 41 ) ) PUNCT issue-93 152 42 . . PUNCT issue-93 153 1 as as SCONJ issue-93 153 2 the the DET issue-93 153 3 risk risk NOUN issue-93 153 4 premium premium NOUN issue-93 153 5 is be AUX issue-93 153 6 taken take VERB issue-93 153 7 the the DET issue-93 153 8 average average ADJ issue-93 153 9 value value NOUN issue-93 153 10 of of ADP issue-93 153 11 the the DET issue-93 153 12 spread spread NOUN issue-93 153 13 of of ADP issue-93 153 14 default default NOUN issue-93 153 15 for for ADP issue-93 153 16 countries country NOUN issue-93 153 17 with with ADP issue-93 153 18 the the DET issue-93 153 19 same same ADJ issue-93 153 20 credit credit NOUN issue-93 153 21 rating rating NOUN issue-93 153 22 . . PUNCT issue-93 154 1 from from ADP issue-93 154 2 our our PRON issue-93 154 3 point point NOUN issue-93 154 4 of of ADP issue-93 154 5 view view NOUN issue-93 154 6 , , PUNCT issue-93 154 7 the the DET issue-93 154 8 most most ADV issue-93 154 9 pragmatic pragmatic ADJ issue-93 154 10 approach approach NOUN issue-93 154 11 for for ADP issue-93 154 12 the the DET issue-93 154 13 calculation calculation NOUN issue-93 154 14 of of ADP issue-93 154 15 premiums premium NOUN issue-93 154 16 for for ADP issue-93 154 17 country country NOUN issue-93 154 18 risk risk NOUN issue-93 154 19 ( ( PUNCT issue-93 154 20 rpc rpc NOUN issue-93 154 21 ) ) PUNCT issue-93 154 22 for for ADP issue-93 154 23 countries country NOUN issue-93 154 24 where where SCONJ issue-93 154 25 the the DET issue-93 154 26 capital capital NOUN issue-93 154 27 market market NOUN issue-93 154 28 is be AUX issue-93 154 29 developing develop VERB issue-93 154 30 ( ( PUNCT issue-93 154 31 emerging emerge VERB issue-93 154 32 markets market NOUN issue-93 154 33 ) ) PUNCT issue-93 154 34 is be AUX issue-93 154 35 an an DET issue-93 154 36 approach approach NOUN issue-93 154 37 that that PRON issue-93 154 38 is be AUX issue-93 154 39 based base VERB issue-93 154 40 on on ADP issue-93 154 41 the the DET issue-93 154 42 credit credit NOUN issue-93 154 43 rating rating NOUN issue-93 154 44 of of ADP issue-93 154 45 government government NOUN issue-93 154 46 bonds bond NOUN issue-93 154 47 and and CCONJ issue-93 154 48 the the DET issue-93 154 49 calculation calculation NOUN issue-93 154 50 of of ADP issue-93 154 51 the the DET issue-93 154 52 spread spread NOUN issue-93 154 53 of of ADP issue-93 154 54 default default NOUN issue-93 154 55 according accord VERB issue-93 154 56 a.damodarana a.damodarana ADP issue-93 154 57 methodology methodology NOUN issue-93 154 58 . . PUNCT issue-93 155 1 to to PART issue-93 155 2 justify justify VERB issue-93 155 3 the the DET issue-93 155 4 use use NOUN issue-93 155 5 of of ADP issue-93 155 6 this this DET issue-93 155 7 approach approach NOUN issue-93 155 8 has have VERB issue-93 155 9 a a DET issue-93 155 10 number number NOUN issue-93 155 11 of of ADP issue-93 155 12 empirical empirical ADJ issue-93 155 13 studies study NOUN issue-93 155 14 and and CCONJ issue-93 155 15 g. g. PROPN issue-93 155 16 bekaerta bekaerta PROPN issue-93 155 17 k. k. PROPN issue-93 155 18 harvi harvi PROPN issue-93 155 19 ( ( PUNCT issue-93 155 20 bekaert bekaert NOUN issue-93 155 21 , , PUNCT issue-93 155 22 harvey harvey NOUN issue-93 155 23 , , PUNCT issue-93 155 24 2014 2014 NUM issue-93 155 25 ) ) PUNCT issue-93 155 26 , , PUNCT issue-93 155 27 which which PRON issue-93 155 28 are be AUX issue-93 155 29 based base VERB issue-93 155 30 on on ADP issue-93 155 31 data datum NOUN issue-93 155 32 from from ADP issue-93 155 33 emerging emerge VERB issue-93 155 34 capital capital NOUN issue-93 155 35 markets market NOUN issue-93 155 36 ( ( PUNCT issue-93 155 37 emerging emerge VERB issue-93 155 38 markets market NOUN issue-93 155 39 ) ) PUNCT issue-93 155 40 . . PUNCT issue-93 156 1 studies study NOUN issue-93 156 2 have have AUX issue-93 156 3 shown show VERB issue-93 156 4 that that SCONJ issue-93 156 5 the the DET issue-93 156 6 movement movement NOUN issue-93 156 7 spread spread VERB issue-93 156 8 defaulting default VERB issue-93 156 9 country country NOUN issue-93 156 10 government government NOUN issue-93 156 11 bond bond NOUN issue-93 156 12 yields yield NOUN issue-93 156 13 and and CCONJ issue-93 156 14 equity equity NOUN issue-93 156 15 table table NOUN issue-93 156 16 1 1 NUM issue-93 156 17 the the DET issue-93 156 18 basic basic ADJ issue-93 156 19 equation equation NOUN issue-93 156 20 to to PART issue-93 156 21 calculate calculate VERB issue-93 156 22 the the DET issue-93 156 23 smoothed smooth VERB issue-93 156 24 bonuses bonus NOUN issue-93 156 25 for for ADP issue-93 156 26 corporate corporate ADJ issue-93 156 27 size size NOUN issue-93 156 28 ( ( PUNCT issue-93 156 29 rps rps PROPN issue-93 156 30 ) ) PUNCT issue-93 156 31 № № NOUN issue-93 156 32 indicator indicator NOUN issue-93 156 33 characterizes characterize VERB issue-93 156 34 the the DET issue-93 156 35 corporate corporate ADJ issue-93 156 36 calculational calculational ADJ issue-93 156 37 equation equation NOUN issue-93 156 38 ( ( PUNCT issue-93 156 39 rps rps PROPN issue-93 156 40 ) ) PUNCT issue-93 156 41 1 1 NUM issue-93 156 42 market market NOUN issue-93 156 43 value value NOUN issue-93 156 44 of of ADP issue-93 156 45 equities equity NOUN issue-93 156 46 ( ( PUNCT issue-93 156 47 mve mve NOUN issue-93 156 48 ) ) PUNCT issue-93 156 49 rps=12,505%-2,585%×log(mv rps=12,505%-2,585%×log(mv NOUN issue-93 156 50 ) ) PUNCT issue-93 156 51 2 2 NUM issue-93 156 52 balance balance NOUN issue-93 156 53 value value NOUN issue-93 156 54 of of ADP issue-93 156 55 equities equity NOUN issue-93 156 56 ( ( PUNCT issue-93 156 57 bve bve PROPN issue-93 156 58 ) ) PUNCT issue-93 156 59 rps=8,469%-1,599%×log(bv rps=8,469%-1,599%×log(bv NOUN issue-93 156 60 ) ) PUNCT issue-93 156 61 3 3 NUM issue-93 156 62 national national ADJ issue-93 156 63 income income NOUN issue-93 156 64 by by ADP issue-93 156 65 last last ADJ issue-93 156 66 5 5 NUM issue-93 156 67 years year NOUN issue-93 156 68 ( ( PUNCT issue-93 156 69 ni ni NOUN issue-93 156 70 ) ) PUNCT issue-93 156 71 rps=7,428%-1,743×log(ni rps=7,428%-1,743×log(ni PROPN issue-93 156 72 ) ) PUNCT issue-93 156 73 4 4 NUM issue-93 156 74 market market NOUN issue-93 156 75 value value NOUN issue-93 156 76 of of ADP issue-93 156 77 invested invest VERB issue-93 156 78 capital capital NOUN issue-93 156 79 ( ( PUNCT issue-93 156 80 mvic mvic ADJ issue-93 156 81 ) ) PUNCT issue-93 156 82 rps=11,936%-2,355%×log(mvic rps=11,936%-2,355%×log(mvic ADJ issue-93 156 83 ) ) PUNCT issue-93 156 84 5 5 NUM issue-93 156 85 total total ADJ issue-93 156 86 assets asset NOUN issue-93 156 87 by by ADP issue-93 156 88 balanced balanced ADJ issue-93 156 89 value value NOUN issue-93 156 90 ( ( PUNCT issue-93 156 91 ta ta NOUN issue-93 156 92 ) ) PUNCT issue-93 156 93 rps=9,690%-1,736%×log(ta rps=9,690%-1,736%×log(ta PROPN issue-93 156 94 ) ) PUNCT issue-93 156 95 6 6 NUM issue-93 156 96 the the DET issue-93 156 97 average average ADJ issue-93 156 98 amount amount NOUN issue-93 156 99 of of ADP issue-93 156 100 income income NOUN issue-93 156 101 before before ADP issue-93 156 102 interest interest NOUN issue-93 156 103 , , PUNCT issue-93 156 104 depreciation depreciation NOUN issue-93 156 105 and and CCONJ issue-93 156 106 taxes taxis NOUN issue-93 156 107 by by ADP issue-93 156 108 the the DET issue-93 156 109 last last ADJ issue-93 156 110 5 5 NUM issue-93 156 111 years year NOUN issue-93 156 112 ( ( PUNCT issue-93 156 113 abitda abitda NOUN issue-93 156 114 ) ) PUNCT issue-93 156 115 rps=8,239%-1,723%×log(ebitda rps=8,239%-1,723%×log(ebitda NOUN issue-93 156 116 ) ) PUNCT issue-93 156 117 7 7 NUM issue-93 156 118 net net ADJ issue-93 156 119 profit profit NOUN issue-93 156 120 ( ( PUNCT issue-93 156 121 np np INTJ issue-93 156 122 ) ) PUNCT issue-93 156 123 , , PUNCT issue-93 156 124 rps=8,662%-1,405%×log(s rps=8,662%-1,405%×log(s PROPN issue-93 156 125 ) ) PUNCT issue-93 156 126 8 8 NUM issue-93 156 127 number number NOUN issue-93 156 128 of of ADP issue-93 156 129 employees employee NOUN issue-93 156 130 ( ( PUNCT issue-93 156 131 ne ne NOUN issue-93 156 132 ) ) PUNCT issue-93 156 133 . . PUNCT issue-93 157 1 rps=10,011%-1,612%×log(ne rps=10,011%-1,612%×log(ne NOUN issue-93 157 2 ) ) PUNCT issue-93 157 3 source source NOUN issue-93 157 4 : : PUNCT issue-93 157 5 calculated calculate VERB issue-93 157 6 by by ADP issue-93 157 7 author author NOUN issue-93 157 8 at at ADP issue-93 157 9 the the DET issue-93 157 10 basis basis NOUN issue-93 157 11 of of ADP issue-93 157 12 ( ( PUNCT issue-93 157 13 grabowski grabowski PROPN issue-93 157 14 , , PUNCT issue-93 157 15 harrington harrington PROPN issue-93 157 16 , , PUNCT issue-93 157 17 nunes nune NOUN issue-93 157 18 , , PUNCT issue-93 157 19 2015 2015 NUM issue-93 157 20 ) ) PUNCT issue-93 157 21 baltic baltic ADJ issue-93 157 22 journal journal NOUN issue-93 157 23 of of ADP issue-93 157 24 economic economic ADJ issue-93 157 25 studies study NOUN issue-93 157 26 140 140 NUM issue-93 157 27 vol vol NOUN issue-93 157 28 . . PUNCT issue-93 158 1 2 2 NUM issue-93 158 2 , , PUNCT issue-93 158 3 no no INTJ issue-93 158 4 . . NOUN issue-93 158 5 2 2 NUM issue-93 158 6 , , PUNCT issue-93 158 7 2016 2016 NUM issue-93 158 8 markets market NOUN issue-93 158 9 are be AUX issue-93 158 10 correlated correlate VERB issue-93 158 11 with with ADP issue-93 158 12 each each DET issue-93 158 13 other other ADJ issue-93 158 14 , , PUNCT issue-93 158 15 which which PRON issue-93 158 16 indicates indicate VERB issue-93 158 17 that that SCONJ issue-93 158 18 they they PRON issue-93 158 19 have have VERB issue-93 158 20 the the DET issue-93 158 21 same same ADJ issue-93 158 22 source source NOUN issue-93 158 23 of of ADP issue-93 158 24 risk risk NOUN issue-93 158 25 . . PUNCT issue-93 159 1 figure figure NOUN issue-93 159 2 2 2 NUM issue-93 159 3 reflects reflect VERB issue-93 159 4 the the DET issue-93 159 5 dynamics dynamic NOUN issue-93 159 6 of of ADP issue-93 159 7 the the DET issue-93 159 8 credit credit NOUN issue-93 159 9 rating rating NOUN issue-93 159 10 , , PUNCT issue-93 159 11 default default NOUN issue-93 159 12 spreads spread NOUN issue-93 159 13 of of ADP issue-93 159 14 government government NOUN issue-93 159 15 bonds bond NOUN issue-93 159 16 of of ADP issue-93 159 17 ukraine ukraine NOUN issue-93 159 18 and and CCONJ issue-93 159 19 the the DET issue-93 159 20 country country NOUN issue-93 159 21 risk risk NOUN issue-93 159 22 premium premium NOUN issue-93 159 23 in in ADP issue-93 159 24 2006 2006 NUM issue-93 159 25 - - SYM issue-93 159 26 2015 2015 NUM issue-93 159 27 ( ( PUNCT issue-93 159 28 data datum NOUN issue-93 159 29 are be AUX issue-93 159 30 given give VERB issue-93 159 31 at at ADP issue-93 159 32 the the DET issue-93 159 33 beginning beginning NOUN issue-93 159 34 of of ADP issue-93 159 35 each each DET issue-93 159 36 year year NOUN issue-93 159 37 ) ) PUNCT issue-93 159 38 . . PUNCT issue-93 160 1 as as SCONJ issue-93 160 2 can can AUX issue-93 160 3 be be AUX issue-93 160 4 seen see VERB issue-93 160 5 from from ADP issue-93 160 6 figure figure NOUN issue-93 160 7 2 2 NUM issue-93 160 8 the the DET issue-93 160 9 credit credit NOUN issue-93 160 10 rating rating NOUN issue-93 160 11 of of ADP issue-93 160 12 bonds bond NOUN issue-93 160 13 of of ADP issue-93 160 14 ukraine ukraine NOUN issue-93 160 15 for for ADP issue-93 160 16 2006 2006 NUM issue-93 160 17 - - SYM issue-93 160 18 2016 2016 NUM issue-93 160 19 fell fall VERB issue-93 160 20 significantly significantly ADV issue-93 160 21 , , PUNCT issue-93 160 22 default default NOUN issue-93 160 23 spread spread NOUN issue-93 160 24 has have AUX issue-93 160 25 increased increase VERB issue-93 160 26 from from ADP issue-93 160 27 400 400 NUM issue-93 160 28 to to PART issue-93 160 29 1000 1000 NUM issue-93 160 30 basis basis NOUN issue-93 160 31 points point NOUN issue-93 160 32 ( ( PUNCT issue-93 160 33 4.10 4.10 NUM issue-93 160 34 % % NOUN issue-93 160 35 ) ) PUNCT issue-93 160 36 , , PUNCT issue-93 160 37 the the DET issue-93 160 38 premium premium NOUN issue-93 160 39 for for ADP issue-93 160 40 the the DET issue-93 160 41 country country NOUN issue-93 160 42 risk risk NOUN issue-93 160 43 has have AUX issue-93 160 44 increased increase VERB issue-93 160 45 from from ADP issue-93 160 46 6 6 NUM issue-93 160 47 % % NOUN issue-93 160 48 in in ADP issue-93 160 49 early early ADJ issue-93 160 50 2006 2006 NUM issue-93 160 51 to to ADP issue-93 160 52 14.9 14.9 NUM issue-93 160 53 % % NOUN issue-93 160 54 at at ADP issue-93 160 55 the the DET issue-93 160 56 beginning beginning NOUN issue-93 160 57 of of ADP issue-93 160 58 2016 2016 NUM issue-93 160 59 , , PUNCT issue-93 160 60 which which PRON issue-93 160 61 indicates indicate VERB issue-93 160 62 an an DET issue-93 160 63 increase increase NOUN issue-93 160 64 in in ADP issue-93 160 65 the the DET issue-93 160 66 riskiness riskiness NOUN issue-93 160 67 of of ADP issue-93 160 68 investing invest VERB issue-93 160 69 in in ADP issue-93 160 70 ukraine ukraine NOUN issue-93 160 71 as as ADP issue-93 160 72 a a DET issue-93 160 73 whole whole NOUN issue-93 160 74 and and CCONJ issue-93 160 75 equity equity NOUN issue-93 160 76 in in ADP issue-93 160 77 particular particular ADJ issue-93 160 78 . . PUNCT issue-93 161 1 in in ADP issue-93 161 2 order order NOUN issue-93 161 3 to to PART issue-93 161 4 take take VERB issue-93 161 5 into into ADP issue-93 161 6 account account NOUN issue-93 161 7 the the DET issue-93 161 8 country country NOUN issue-93 161 9 risk risk NOUN issue-93 161 10 premium premium NOUN issue-93 161 11 for for ADP issue-93 161 12 the the DET issue-93 161 13 capm capm PROPN issue-93 161 14 model model NOUN issue-93 161 15 are be AUX issue-93 161 16 three three NUM issue-93 161 17 possibilities possibility NOUN issue-93 161 18 . . PUNCT issue-93 162 1 according accord VERB issue-93 162 2 to to ADP issue-93 162 3 the the DET issue-93 162 4 first first ADJ issue-93 162 5 approach approach NOUN issue-93 162 6 , , PUNCT issue-93 162 7 the the DET issue-93 162 8 premium premium NOUN issue-93 162 9 for for ADP issue-93 162 10 country country NOUN issue-93 162 11 risk risk NOUN issue-93 162 12 is be AUX issue-93 162 13 simply simply ADV issue-93 162 14 added add VERB issue-93 162 15 to to ADP issue-93 162 16 the the DET issue-93 162 17 model model NOUN issue-93 162 18 as as ADP issue-93 162 19 an an DET issue-93 162 20 independent independent ADJ issue-93 162 21 variable variable NOUN issue-93 162 22 . . PUNCT issue-93 163 1 the the DET issue-93 163 2 second second ADJ issue-93 163 3 approach approach NOUN issue-93 163 4 involves involve VERB issue-93 163 5 the the DET issue-93 163 6 approach approach NOUN issue-93 163 7 that that SCONJ issue-93 163 8 the the DET issue-93 163 9 country country NOUN issue-93 163 10 risk risk NOUN issue-93 163 11 premium premium NOUN issue-93 163 12 for for ADP issue-93 163 13 the the DET issue-93 163 14 market market NOUN issue-93 163 15 increases increase VERB issue-93 163 16 the the DET issue-93 163 17 risk risk NOUN issue-93 163 18 premium premium NOUN issue-93 163 19 already already ADV issue-93 163 20 obtained obtain VERB issue-93 163 21 value value NOUN issue-93 163 22 is be AUX issue-93 163 23 multiplied multiply VERB issue-93 163 24 by by ADP issue-93 163 25 a a DET issue-93 163 26 beta beta ADJ issue-93 163 27 coefficient coefficient NOUN issue-93 163 28 . . PUNCT issue-93 164 1 the the DET issue-93 164 2 third third ADJ issue-93 164 3 approach approach NOUN issue-93 164 4 taking take VERB issue-93 164 5 into into ADP issue-93 164 6 account account NOUN issue-93 164 7 the the DET issue-93 164 8 premium premium NOUN issue-93 164 9 for for ADP issue-93 164 10 country country NOUN issue-93 164 11 risk risk NOUN issue-93 164 12 in in ADP issue-93 164 13 capm capm PROPN issue-93 164 14 model model NOUN issue-93 164 15 involves involve VERB issue-93 164 16 the the DET issue-93 164 17 use use NOUN issue-93 164 18 of of ADP issue-93 164 19 a a DET issue-93 164 20 correction correction NOUN issue-93 164 21 factor factor NOUN issue-93 164 22 λ λ PROPN issue-93 164 23 , , PUNCT issue-93 164 24 which which PRON issue-93 164 25 reflects reflect VERB issue-93 164 26 the the DET issue-93 164 27 degree degree NOUN issue-93 164 28 of of ADP issue-93 164 29 sensitivity sensitivity NOUN issue-93 164 30 of of ADP issue-93 164 31 country country NOUN issue-93 164 32 risk risk NOUN issue-93 164 33 exposure exposure NOUN issue-93 164 34 to to ADP issue-93 164 35 a a DET issue-93 164 36 particular particular ADJ issue-93 164 37 stock stock NOUN issue-93 164 38 corporation corporation NOUN issue-93 164 39 . . PUNCT issue-93 165 1 from from ADP issue-93 165 2 our our PRON issue-93 165 3 point point NOUN issue-93 165 4 of of ADP issue-93 165 5 view view NOUN issue-93 165 6 , , PUNCT issue-93 165 7 the the DET issue-93 165 8 most most ADV issue-93 165 9 versatile versatile ADJ issue-93 165 10 and and CCONJ issue-93 165 11 practical practical ADJ issue-93 165 12 to to PART issue-93 165 13 use use VERB issue-93 165 14 a a DET issue-93 165 15 third third ADJ issue-93 165 16 approach approach NOUN issue-93 165 17 , , PUNCT issue-93 165 18 which which PRON issue-93 165 19 takes take VERB issue-93 165 20 into into ADP issue-93 165 21 account account NOUN issue-93 165 22 the the DET issue-93 165 23 impact impact NOUN issue-93 165 24 of of ADP issue-93 165 25 an an DET issue-93 165 26 individual individual ADJ issue-93 165 27 country country NOUN issue-93 165 28 risk risk NOUN issue-93 165 29 on on ADP issue-93 165 30 shares share NOUN issue-93 165 31 of of ADP issue-93 165 32 the the DET issue-93 165 33 corporation corporation NOUN issue-93 165 34 as as ADP issue-93 165 35 part part NOUN issue-93 165 36 of of ADP issue-93 165 37 corporations corporation NOUN issue-93 165 38 , , PUNCT issue-93 165 39 especially especially ADV issue-93 165 40 those those PRON issue-93 165 41 who who PRON issue-93 165 42 work work VERB issue-93 165 43 on on ADP issue-93 165 44 the the DET issue-93 165 45 global global ADJ issue-93 165 46 world world NOUN issue-93 165 47 market market NOUN issue-93 165 48 are be AUX issue-93 165 49 less less ADV issue-93 165 50 amenable amenable ADJ issue-93 165 51 to to ADP issue-93 165 52 the the DET issue-93 165 53 risk risk NOUN issue-93 165 54 of of ADP issue-93 165 55 a a DET issue-93 165 56 country country NOUN issue-93 165 57 . . PUNCT issue-93 166 1 conversely conversely ADV issue-93 166 2 , , PUNCT issue-93 166 3 if if SCONJ issue-93 166 4 the the DET issue-93 166 5 corporate corporate ADJ issue-93 166 6 activity activity NOUN issue-93 166 7 is be AUX issue-93 166 8 concentrated concentrate VERB issue-93 166 9 in in ADP issue-93 166 10 only only ADV issue-93 166 11 one one NUM issue-93 166 12 country country NOUN issue-93 166 13 , , PUNCT issue-93 166 14 in in ADP issue-93 166 15 this this DET issue-93 166 16 case case NOUN issue-93 166 17 , , PUNCT issue-93 166 18 λ λ PROPN issue-93 166 19 coefficient coefficient NOUN issue-93 166 20 becomes become VERB issue-93 166 21 1 1 NUM issue-93 166 22 , , PUNCT issue-93 166 23 and and CCONJ issue-93 166 24 means mean VERB issue-93 166 25 that that SCONJ issue-93 166 26 this this DET issue-93 166 27 corporation corporation NOUN issue-93 166 28 completely completely ADV issue-93 166 29 amenable amenable ADJ issue-93 166 30 to to ADP issue-93 166 31 country country NOUN issue-93 166 32 risk risk NOUN issue-93 166 33 . . PUNCT issue-93 167 1 in in ADP issue-93 167 2 view view NOUN issue-93 167 3 of of ADP issue-93 167 4 the the DET issue-93 167 5 above above NOUN issue-93 167 6 , , PUNCT issue-93 167 7 the the DET issue-93 167 8 modified modified ADJ issue-93 167 9 capm capm PROPN issue-93 167 10 model model NOUN issue-93 167 11 , , PUNCT issue-93 167 12 which which PRON issue-93 167 13 can can AUX issue-93 167 14 be be AUX issue-93 167 15 used use VERB issue-93 167 16 to to PART issue-93 167 17 estimate estimate VERB issue-93 167 18 the the DET issue-93 167 19 cost cost NOUN issue-93 167 20 of of ADP issue-93 167 21 equity equity NOUN issue-93 167 22 in in ADP issue-93 167 23 emerging emerge VERB issue-93 167 24 capital capital NOUN issue-93 167 25 markets market NOUN issue-93 167 26 should should AUX issue-93 167 27 include include VERB issue-93 167 28 an an DET issue-93 167 29 additional additional ADJ issue-93 167 30 premium premium NOUN issue-93 167 31 for for ADP issue-93 167 32 the the DET issue-93 167 33 size size NOUN issue-93 167 34 of of ADP issue-93 167 35 the the DET issue-93 167 36 corporation corporation NOUN issue-93 167 37 ( ( PUNCT issue-93 167 38 rps rps PROPN issue-93 167 39 ) ) PUNCT issue-93 167 40 calculated calculate VERB issue-93 167 41 using use VERB issue-93 167 42 regression regression NOUN issue-93 167 43 equations equation NOUN issue-93 167 44 developed develop VERB issue-93 167 45 by by ADP issue-93 167 46 financial financial ADJ issue-93 167 47 analysts analyst NOUN issue-93 167 48 duff duff PROPN issue-93 167 49 & & CCONJ issue-93 167 50 phelps phelps PROPN issue-93 167 51 r. r. PROPN issue-93 167 52 grabovski grabovski PROPN issue-93 167 53 , , PUNCT issue-93 167 54 j. j. PROPN issue-93 167 55 harrington harrington PROPN issue-93 167 56 , , PUNCT issue-93 167 57 k. k. PROPN issue-93 167 58 nyunz nyunz PROPN issue-93 167 59 ( ( PUNCT issue-93 167 60 grabowski grabowski PROPN issue-93 167 61 , , PUNCT issue-93 167 62 harrington harrington PROPN issue-93 167 63 , , PUNCT issue-93 167 64 nunes nune NOUN issue-93 167 65 , , PUNCT issue-93 167 66 2015 2015 NUM issue-93 167 67 ) ) PUNCT issue-93 167 68 and and CCONJ issue-93 167 69 an an DET issue-93 167 70 additional additional ADJ issue-93 167 71 premium premium NOUN issue-93 167 72 for for ADP issue-93 167 73 country country NOUN issue-93 167 74 risk risk NOUN issue-93 167 75 ( ( PUNCT issue-93 167 76 rps rps PROPN issue-93 167 77 ) ) PUNCT issue-93 167 78 . . PUNCT issue-93 168 1 in in ADP issue-93 168 2 this this DET issue-93 168 3 regard regard NOUN issue-93 168 4 , , PUNCT issue-93 168 5 a a DET issue-93 168 6 modified modified ADJ issue-93 168 7 capm capm NOUN issue-93 168 8 model model NOUN issue-93 168 9 will will AUX issue-93 168 10 look look VERB issue-93 168 11 like like ADP issue-93 168 12 the the DET issue-93 168 13 following following NOUN issue-93 168 14 : : PUNCT issue-93 168 15 re re NOUN issue-93 168 16 = = NOUN issue-93 168 17 rf+βe×rpm+rps+λ×rpc rf+βe×rpm+rps+λ×rpc X issue-93 168 18 . . PUNCT issue-93 169 1 ( ( PUNCT issue-93 169 2 8) 8) NUM issue-93 169 3 this this DET issue-93 169 4 model model NOUN issue-93 169 5 is be AUX issue-93 169 6 compared compare VERB issue-93 169 7 with with ADP issue-93 169 8 the the DET issue-93 169 9 classical classical ADJ issue-93 169 10 model model NOUN issue-93 169 11 takes take VERB issue-93 169 12 into into ADP issue-93 169 13 account account NOUN issue-93 169 14 a a DET issue-93 169 15 number number NOUN issue-93 169 16 of of ADP issue-93 169 17 specific specific ADJ issue-93 169 18 risks risk NOUN issue-93 169 19 that that PRON issue-93 169 20 are be AUX issue-93 169 21 not not PART issue-93 169 22 reflected reflect VERB issue-93 169 23 in in ADP issue-93 169 24 the the DET issue-93 169 25 model model NOUN issue-93 169 26 and and CCONJ issue-93 169 27 are be AUX issue-93 169 28 particularly particularly ADV issue-93 169 29 relevant relevant ADJ issue-93 169 30 for for ADP issue-93 169 31 emerging emerge VERB issue-93 169 32 market market NOUN issue-93 169 33 capital capital NOUN issue-93 169 34 . . PUNCT issue-93 170 1 therefore therefore ADV issue-93 170 2 , , PUNCT issue-93 170 3 from from ADP issue-93 170 4 our our PRON issue-93 170 5 point point NOUN issue-93 170 6 of of ADP issue-93 170 7 view view NOUN issue-93 170 8 , , PUNCT issue-93 170 9 this this DET issue-93 170 10 model model NOUN issue-93 170 11 has have VERB issue-93 170 12 a a DET issue-93 170 13 high high ADJ issue-93 170 14 explanatory explanatory ADJ issue-93 170 15 power power NOUN issue-93 170 16 equity equity NOUN issue-93 170 17 value value NOUN issue-93 170 18 and and CCONJ issue-93 170 19 can can AUX issue-93 170 20 be be AUX issue-93 170 21 used use VERB issue-93 170 22 in in ADP issue-93 170 23 practice practice NOUN issue-93 170 24 as as ADP issue-93 170 25 an an DET issue-93 170 26 effective effective ADJ issue-93 170 27 tool tool NOUN issue-93 170 28 to to PART issue-93 170 29 assess assess VERB issue-93 170 30 the the DET issue-93 170 31 value value NOUN issue-93 170 32 of of ADP issue-93 170 33 equity equity NOUN issue-93 170 34 in in ADP issue-93 170 35 emerging emerge VERB issue-93 170 36 capital capital NOUN issue-93 170 37 markets market NOUN issue-93 170 38 . . PUNCT issue-93 171 1 4 4 X issue-93 171 2 . . X issue-93 171 3 conclusions conclusion NOUN issue-93 171 4 in in ADP issue-93 171 5 modern modern ADJ issue-93 171 6 conditions condition NOUN issue-93 171 7 there there PRON issue-93 171 8 is be VERB issue-93 171 9 a a DET issue-93 171 10 need need NOUN issue-93 171 11 to to PART issue-93 171 12 develop develop VERB issue-93 171 13 pragmatic pragmatic ADJ issue-93 171 14 models model NOUN issue-93 171 15 to to PART issue-93 171 16 estimate estimate VERB issue-93 171 17 the the DET issue-93 171 18 cost cost NOUN issue-93 171 19 of of ADP issue-93 171 20 equity equity NOUN issue-93 171 21 of of ADP issue-93 171 22 corporations corporation NOUN issue-93 171 23 whose whose DET issue-93 171 24 securities security NOUN issue-93 171 25 are be AUX issue-93 171 26 traded trade VERB issue-93 171 27 on on ADP issue-93 171 28 emerging emerge VERB issue-93 171 29 capital capital NOUN issue-93 171 30 markets market NOUN issue-93 171 31 . . PUNCT issue-93 172 1 very very ADV issue-93 172 2 often often ADV issue-93 172 3 , , PUNCT issue-93 172 4 these these DET issue-93 172 5 markets market NOUN issue-93 172 6 are be AUX issue-93 172 7 illiquid illiquid ADJ issue-93 172 8 and and CCONJ issue-93 172 9 inefficient inefficient ADJ issue-93 172 10 , , PUNCT issue-93 172 11 and and CCONJ issue-93 172 12 therefore therefore ADV issue-93 172 13 there there PRON issue-93 172 14 is be VERB issue-93 172 15 no no DET issue-93 172 16 real real ADJ issue-93 172 17 opportunity opportunity NOUN issue-93 172 18 to to PART issue-93 172 19 use use VERB issue-93 172 20 market market NOUN issue-93 172 21 data datum NOUN issue-93 172 22 to to PART issue-93 172 23 estimate estimate VERB issue-93 172 24 the the DET issue-93 172 25 value value NOUN issue-93 172 26 of of ADP issue-93 172 27 corporate corporate ADJ issue-93 172 28 equity equity NOUN issue-93 172 29 . . PUNCT issue-93 173 1 in in ADP issue-93 173 2 order order NOUN issue-93 173 3 to to PART issue-93 173 4 correctly correctly ADV issue-93 173 5 assess assess VERB issue-93 173 6 , , PUNCT issue-93 173 7 the the DET issue-93 173 8 value value NOUN issue-93 173 9 of of ADP issue-93 173 10 equity equity NOUN issue-93 173 11 in in ADP issue-93 173 12 emerging emerge VERB issue-93 173 13 capital capital NOUN issue-93 173 14 markets market NOUN issue-93 173 15 need need VERB issue-93 173 16 to to PART issue-93 173 17 use use VERB issue-93 173 18 the the DET issue-93 173 19 information information NOUN issue-93 173 20 obtained obtain VERB issue-93 173 21 from from ADP issue-93 173 22 the the DET issue-93 173 23 developed develop VERB issue-93 173 24 capital capital NOUN issue-93 173 25 markets market NOUN issue-93 173 26 , , PUNCT issue-93 173 27 which which PRON issue-93 173 28 is be AUX issue-93 173 29 adjusted adjust VERB issue-93 173 30 to to ADP issue-93 173 31 the the DET issue-93 173 32 characteristics characteristic NOUN issue-93 173 33 of of ADP issue-93 173 34 individual individual ADJ issue-93 173 35 corporations corporation NOUN issue-93 173 36 and and CCONJ issue-93 173 37 the the DET issue-93 173 38 risks risk NOUN issue-93 173 39 that that PRON issue-93 173 40 accompany accompany VERB issue-93 173 41 its its PRON issue-93 173 42 economic economic ADJ issue-93 173 43 activity activity NOUN issue-93 173 44 . . PUNCT issue-93 174 1 the the DET issue-93 174 2 study study NOUN issue-93 174 3 received receive VERB issue-93 174 4 a a DET issue-93 174 5 modified modify VERB issue-93 174 6 model model NOUN issue-93 174 7 of of ADP issue-93 174 8 the the DET issue-93 174 9 capm capm PROPN issue-93 174 10 , , PUNCT issue-93 174 11 which which PRON issue-93 174 12 can can AUX issue-93 174 13 be be AUX issue-93 174 14 used use VERB issue-93 174 15 to to PART issue-93 174 16 determine determine VERB issue-93 174 17 the the DET issue-93 174 18 cost cost NOUN issue-93 174 19 of of ADP issue-93 174 20 equity equity NOUN issue-93 174 21 for for ADP issue-93 174 22 both both DET issue-93 174 23 developed develop VERB issue-93 174 24 and and CCONJ issue-93 174 25 developing develop VERB issue-93 174 26 capital capital NOUN issue-93 174 27 markets market NOUN issue-93 174 28 . . PUNCT issue-93 175 1 described describe VERB issue-93 175 2 in in ADP issue-93 175 3 the the DET issue-93 175 4 modified modified ADJ issue-93 175 5 capm capm PROPN issue-93 175 6 model model NOUN issue-93 175 7 takes take VERB issue-93 175 8 into into ADP issue-93 175 9 account account NOUN issue-93 175 10 the the DET issue-93 175 11 effect effect NOUN issue-93 175 12 of of ADP issue-93 175 13 a a DET issue-93 175 14 greater great ADJ issue-93 175 15 number number NOUN issue-93 175 16 of of ADP issue-93 175 17 factors factor NOUN issue-93 175 18 determining determine VERB issue-93 175 19 the the DET issue-93 175 20 cost cost NOUN issue-93 175 21 of of ADP issue-93 175 22 capital capital NOUN issue-93 175 23 in in ADP issue-93 175 24 emerging emerge VERB issue-93 175 25 capital capital NOUN issue-93 175 26 markets market NOUN issue-93 175 27 and and CCONJ issue-93 175 28 ensure ensure VERB issue-93 175 29 a a DET issue-93 175 30 more more ADV issue-93 175 31 correct correct ADJ issue-93 175 32 estimate estimate NOUN issue-93 175 33 of of ADP issue-93 175 34 the the DET issue-93 175 35 cost cost NOUN issue-93 175 36 of of ADP issue-93 175 37 equity equity NOUN issue-93 175 38 capital capital NOUN issue-93 175 39 under under ADP issue-93 175 40 conditions condition NOUN issue-93 175 41 of of ADP issue-93 175 42 lack lack NOUN issue-93 175 43 of of ADP issue-93 175 44 reliable reliable ADJ issue-93 175 45 information information NOUN issue-93 175 46 from from ADP issue-93 175 47 emerging emerge VERB issue-93 175 48 stock stock NOUN issue-93 175 49 markets market NOUN issue-93 175 50 . . PUNCT issue-93 176 1 the the DET issue-93 176 2 resulting result VERB issue-93 176 3 research research NOUN issue-93 176 4 model model NOUN issue-93 176 5 has have VERB issue-93 176 6 a a DET issue-93 176 7 practical practical ADJ issue-93 176 8 use use NOUN issue-93 176 9 in in ADP issue-93 176 10 the the DET issue-93 176 11 process process NOUN issue-93 176 12 of of ADP issue-93 176 13 assessing assess VERB issue-93 176 14 the the DET issue-93 176 15 equity equity NOUN issue-93 176 16 value value NOUN issue-93 176 17 . . PUNCT issue-93 177 1 4,00 4,00 X issue-93 178 1 3,50 3,50 NUM issue-93 178 2 3,50 3,50 NUM issue-93 178 3 6,50 6,50 NUM issue-93 178 4 5,50 5,50 NUM issue-93 179 1 5,00 5,00 X issue-93 179 2 5,00 5,00 PROPN issue-93 179 3 6,00 6,00 NUM issue-93 180 1 7,50 7,50 NUM issue-93 180 2 10,00 10,00 NOUN issue-93 180 3 10,00 10,00 PROPN issue-93 180 4 6,00 6,00 NUM issue-93 180 5 5,25 5,25 NUM issue-93 180 6 5,25 5,25 NUM issue-93 180 7 9,75 9,75 NUM issue-93 180 8 8,25 8,25 NUM issue-93 180 9 7,50 7,50 NUM issue-93 180 10 7,50 7,50 SYM issue-93 180 11 9,00 9,00 NUM issue-93 180 12 11,25 11,25 NUM issue-93 180 13 15,00 15,00 NUM issue-93 180 14 14,90 14,90 NOUN issue-93 180 15 0,00 0,00 PROPN issue-93 180 16 2,00 2,00 PROPN issue-93 180 17 4,00 4,00 NUM issue-93 180 18 6,00 6,00 NUM issue-93 181 1 8,00 8,00 NOUN issue-93 182 1 10,00 10,00 NUM issue-93 182 2 12,00 12,00 NUM issue-93 182 3 14,00 14,00 NUM issue-93 182 4 16,00 16,00 PROPN issue-93 182 5 в1 в1 PROPN issue-93 182 6 в1 в1 PROPN issue-93 182 7 в1 в1 VERB issue-93 182 8 в1 в1 PROPN issue-93 182 9 в2 в2 VERB issue-93 182 10 в2 в2 VERB issue-93 182 11 в2 в2 VERB issue-93 182 12 в3 в3 VERB issue-93 182 13 саа1 саа1 NOUN issue-93 182 14 саа3 саа3 NOUN issue-93 182 15 саа3 саа3 VERB issue-93 182 16 2006 2006 NUM issue-93 182 17 2007 2007 NUM issue-93 182 18 2008 2008 NUM issue-93 182 19 2009 2009 NUM issue-93 182 20 2010 2010 NUM issue-93 182 21 2011 2011 NUM issue-93 182 22 2012 2012 NUM issue-93 182 23 2013 2013 NUM issue-93 182 24 2014 2014 NUM issue-93 182 25 2015 2015 NUM issue-93 182 26 2016 2016 NUM issue-93 182 27 default default NOUN issue-93 182 28 spred,% spred,% NOUN issue-93 182 29 rpc rpc NOUN issue-93 182 30 ( ( PUNCT issue-93 182 31 ukraine),% ukraine),% NUM issue-93 182 32 figure figure NOUN issue-93 182 33 2 2 NUM issue-93 182 34 . . PUNCT issue-93 182 35 credit credit NOUN issue-93 182 36 rating rating NOUN issue-93 182 37 dynamics dynamic NOUN issue-93 182 38 , , PUNCT issue-93 182 39 spread spread VERB issue-93 182 40 default default NOUN issue-93 182 41 ( ( PUNCT issue-93 182 42 default default NOUN issue-93 182 43 spread spread NOUN issue-93 182 44 ) ) PUNCT issue-93 182 45 on on ADP issue-93 182 46 government government NOUN issue-93 182 47 bonds bond NOUN issue-93 182 48 of of ADP issue-93 182 49 ukraine ukraine NOUN issue-93 182 50 and and CCONJ issue-93 182 51 the the DET issue-93 182 52 premium premium NOUN issue-93 182 53 for for ADP issue-93 182 54 country country NOUN issue-93 182 55 risk risk NOUN issue-93 182 56 ( ( PUNCT issue-93 182 57 rpc rpc NOUN issue-93 182 58 ) ) PUNCT issue-93 182 59 in in ADP issue-93 182 60 the the DET issue-93 182 61 years year NOUN issue-93 182 62 2006 2006 NUM issue-93 182 63 - - SYM issue-93 182 64 2016 2016 NUM issue-93 182 65 ( ( PUNCT issue-93 182 66 damodaran damodaran VERB issue-93 182 67 , , PUNCT issue-93 182 68 2016 2016 NUM issue-93 182 69 ) ) PUNCT issue-93 182 70 baltic baltic ADJ issue-93 182 71 journal journal NOUN issue-93 182 72 of of ADP issue-93 182 73 economic economic ADJ issue-93 182 74 studies study NOUN issue-93 182 75 141 141 NUM issue-93 182 76 vol vol NOUN issue-93 182 77 . . PROPN issue-93 183 1 2 2 NUM issue-93 183 2 , , PUNCT issue-93 183 3 no no INTJ issue-93 183 4 . . NOUN issue-93 183 5 2 2 NUM issue-93 183 6 , , PUNCT issue-93 183 7 2016 2016 NUM issue-93 183 8 references reference NOUN issue-93 183 9 banz banz VERB issue-93 183 10 , , PUNCT issue-93 183 11 r.w r.w PROPN issue-93 183 12 . . PROPN issue-93 183 13 ( ( PUNCT issue-93 183 14 1981 1981 NUM issue-93 183 15 ) ) PUNCT issue-93 183 16 . . PUNCT issue-93 184 1 the the DET issue-93 184 2 relationship relationship NOUN issue-93 184 3 between between ADP issue-93 184 4 return return NOUN issue-93 184 5 and and CCONJ issue-93 184 6 market market NOUN issue-93 184 7 value value NOUN issue-93 184 8 of of ADP issue-93 184 9 common common ADJ issue-93 184 10 stocks stock NOUN issue-93 184 11 . . PUNCT issue-93 185 1 journal journal NOUN issue-93 185 2 of of ADP issue-93 185 3 financial financial ADJ issue-93 185 4 economics economic NOUN issue-93 185 5 , , PUNCT issue-93 185 6 9 9 NUM issue-93 185 7 : : PUNCT issue-93 185 8 3–18 3–18 NUM issue-93 185 9 . . PUNCT issue-93 185 10 bekaert bekaert PROPN issue-93 185 11 , , PUNCT issue-93 185 12 g. g. PROPN issue-93 185 13 , , PUNCT issue-93 185 14 harvey harvey PROPN issue-93 185 15 , , PUNCT issue-93 185 16 c.r c.r PROPN issue-93 185 17 . . PROPN issue-93 185 18 ( ( PUNCT issue-93 185 19 2014 2014 NUM issue-93 185 20 ) ) PUNCT issue-93 185 21 . . PUNCT issue-93 186 1 emerging emerge VERB issue-93 186 2 equity equity NOUN issue-93 186 3 markets market NOUN issue-93 186 4 in in ADP issue-93 186 5 a a DET issue-93 186 6 globalizing globalize VERB issue-93 186 7 world world NOUN issue-93 186 8 . . PUNCT issue-93 187 1 rochester rochester PROPN issue-93 187 2 , , PUNCT issue-93 187 3 ny ny PROPN issue-93 187 4 : : PUNCT issue-93 187 5 social social ADJ issue-93 187 6 science science NOUN issue-93 187 7 research research NOUN issue-93 187 8 network network NOUN issue-93 187 9 . . PUNCT issue-93 188 1 retrieved retrieve VERB issue-93 188 2 from from ADP issue-93 188 3 : : PUNCT issue-93 188 4 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2344817 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2344817 PROPN issue-93 188 5 damodaran damodaran NOUN issue-93 188 6 , , PUNCT issue-93 188 7 a. a. NOUN issue-93 188 8 ( ( PUNCT issue-93 188 9 2010 2010 NUM issue-93 188 10 ) ) PUNCT issue-93 188 11 . . PUNCT issue-93 189 1 investicionnaja investicionnaja PROPN issue-93 189 2 ocenka ocenka PROPN issue-93 189 3 : : PUNCT issue-93 189 4 instrumenty instrumenty ADV issue-93 190 1 i i PRON issue-93 190 2 metody metody VERB issue-93 190 3 ocenki ocenki PROPN issue-93 190 4 ljubyh ljubyh PROPN issue-93 190 5 aktivov aktivov PROPN issue-93 190 6 : : PUNCT issue-93 190 7 al'pina al'pina PROPN issue-93 190 8 pablisherz pablisherz PROPN issue-93 190 9 damodaran damodaran PROPN issue-93 190 10 , , PUNCT issue-93 190 11 a. a. NOUN issue-93 190 12 ( ( PUNCT issue-93 190 13 2012 2012 NUM issue-93 190 14 ) ) PUNCT issue-93 190 15 . . PUNCT issue-93 191 1 response response NOUN issue-93 191 2 to to ADP issue-93 191 3 damodaran damodaran PROPN issue-93 191 4 ’s ’s PART issue-93 191 5 country country NOUN issue-93 191 6 risk risk NOUN issue-93 191 7 premium premium NOUN issue-93 191 8 : : PUNCT issue-93 191 9 a a DET issue-93 191 10 serious serious ADJ issue-93 191 11 critique critique NOUN issue-93 191 12 . . PUNCT issue-93 192 1 business business NOUN issue-93 192 2 valuation valuation PROPN issue-93 192 3 review review PROPN issue-93 192 4 , , PUNCT issue-93 192 5 31(2 31(2 NUM issue-93 192 6 - - SYM issue-93 192 7 3 3 NUM issue-93 192 8 ): ): PUNCT issue-93 192 9 85–86 85–86 NUM issue-93 192 10 . . PUNCT issue-93 193 1 damodaran damodaran PROPN issue-93 193 2 , , PUNCT issue-93 193 3 a. a. NOUN issue-93 193 4 ( ( PUNCT issue-93 193 5 2016 2016 NUM issue-93 193 6 ) ) PUNCT issue-93 193 7 . . PUNCT issue-93 194 1 personal personal ADJ issue-93 194 2 site site NOUN issue-93 194 3 professor professor NOUN issue-93 194 4 a. a. NOUN issue-93 194 5 damodaran damodaran PROPN issue-93 194 6 . . PUNCT issue-93 195 1 retrieved retrieve VERB issue-93 195 2 from from ADP issue-93 195 3 : : PUNCT issue-93 195 4 http://pages.stern.nyu http://pages.stern.nyu PROPN issue-93 195 5 . . PUNCT issue-93 196 1 edu/~adamodar/ edu/~adamodar/ NOUN issue-93 196 2 dempsey dempsey PROPN issue-93 196 3 , , PUNCT issue-93 196 4 m. m. NOUN issue-93 196 5 ( ( PUNCT issue-93 196 6 2013 2013 NUM issue-93 196 7 ) ) PUNCT issue-93 196 8 . . PUNCT issue-93 197 1 the the DET issue-93 197 2 capital capital NOUN issue-93 197 3 asset asset NOUN issue-93 197 4 pricing pricing NOUN issue-93 197 5 model model NOUN issue-93 197 6 ( ( PUNCT issue-93 197 7 capm capm PROPN issue-93 197 8 ): ): PUNCT issue-93 197 9 the the DET issue-93 197 10 history history NOUN issue-93 197 11 of of ADP issue-93 197 12 a a DET issue-93 197 13 failed fail VERB issue-93 197 14 revolutionary revolutionary ADJ issue-93 197 15 idea idea NOUN issue-93 197 16 in in ADP issue-93 197 17 finance finance NOUN issue-93 197 18 . . PUNCT issue-93 198 1 abacus abacus PROPN issue-93 198 2 , , PUNCT issue-93 198 3 49 49 NUM issue-93 198 4 : : PUNCT issue-93 198 5 7 7 NUM issue-93 198 6 - - SYM issue-93 198 7 23 23 NUM issue-93 198 8 . . PUNCT issue-93 199 1 grabowski grabowski PROPN issue-93 199 2 , , PUNCT issue-93 199 3 r. r. PROPN issue-93 199 4 , , PUNCT issue-93 199 5 harrington harrington PROPN issue-93 199 6 , , PUNCT issue-93 199 7 j. j. PROPN issue-93 199 8 , , PUNCT issue-93 199 9 nunes nunes PROPN issue-93 199 10 , , PUNCT issue-93 199 11 c. c. NOUN issue-93 199 12 ( ( PUNCT issue-93 199 13 2015 2015 NUM issue-93 199 14 ) ) PUNCT issue-93 199 15 . . PUNCT issue-93 200 1 international international ADJ issue-93 200 2 valuation valuation NOUN issue-93 200 3 handbook handbook PROPN issue-93 200 4 : : PUNCT issue-93 200 5 a a DET issue-93 200 6 guide guide NOUN issue-93 200 7 to to PART issue-93 200 8 cost cost VERB issue-93 200 9 of of ADP issue-93 200 10 capital capital NOUN issue-93 200 11 . . PUNCT issue-93 201 1 retrieved retrieve VERB issue-93 201 2 from from ADP issue-93 201 3 : : PUNCT issue-93 201 4 http://eu.wiley.com/wileycda/wileytitle/productcd-1119070252.html http://eu.wiley.com/wileycda/wileytitle/productcd-1119070252.html PROPN issue-93 201 5 . . PUNCT issue-93 202 1 fama fama PROPN issue-93 202 2 , , PUNCT issue-93 202 3 e.f e.f PROPN issue-93 202 4 . . PROPN issue-93 202 5 ( ( PUNCT issue-93 202 6 1977 1977 NUM issue-93 202 7 ) ) PUNCT issue-93 202 8 . . PUNCT issue-93 203 1 risk risk NOUN issue-93 203 2 - - PUNCT issue-93 203 3 adjusted adjust VERB issue-93 203 4 discount discount NOUN issue-93 203 5 rates rate NOUN issue-93 203 6 and and CCONJ issue-93 203 7 capital capital NOUN issue-93 203 8 budgeting budget VERB issue-93 203 9 under under ADP issue-93 203 10 uncertainty uncertainty NOUN issue-93 203 11 , , PUNCT issue-93 203 12 journal journal NOUN issue-93 203 13 of of ADP issue-93 203 14 financial financial ADJ issue-93 203 15 economics economic NOUN issue-93 203 16 , , PUNCT issue-93 203 17 5(1 5(1 NUM issue-93 203 18 ): ): PUNCT issue-93 203 19 3 3 NUM issue-93 203 20 – – SYM issue-93 203 21 24 24 NUM issue-93 203 22 . . PUNCT issue-93 203 23 fernandez fernandez PROPN issue-93 203 24 , , PUNCT issue-93 203 25 p. p. NOUN issue-93 203 26 ( ( PUNCT issue-93 203 27 2015 2015 NUM issue-93 203 28 ) ) PUNCT issue-93 203 29 . . PUNCT issue-93 204 1 capm capm NOUN issue-93 204 2 : : PUNCT issue-93 204 3 an an DET issue-93 204 4 absurd absurd ADJ issue-93 204 5 model model NOUN issue-93 204 6 . . PUNCT issue-93 205 1 working work VERB issue-93 205 2 paper paper NOUN issue-93 205 3 . . PUNCT issue-93 206 1 retrieved retrieve VERB issue-93 206 2 from from ADP issue-93 206 3 : : PUNCT issue-93 206 4 http://ssrn.com/abstract=2505597 http://ssrn.com/abstract=2505597 PROPN issue-93 206 5 hamada hamada PROPN issue-93 206 6 , , PUNCT issue-93 206 7 r. r. PROPN issue-93 206 8 s. s. PROPN issue-93 206 9 ( ( PUNCT issue-93 206 10 1972 1972 NUM issue-93 206 11 ) ) PUNCT issue-93 206 12 . . PUNCT issue-93 207 1 the the DET issue-93 207 2 effect effect NOUN issue-93 207 3 of of ADP issue-93 207 4 the the DET issue-93 207 5 firm firm NOUN issue-93 207 6 ’s ’s PART issue-93 207 7 capital capital NOUN issue-93 207 8 structure structure NOUN issue-93 207 9 on on ADP issue-93 207 10 the the DET issue-93 207 11 systematic systematic ADJ issue-93 207 12 risk risk NOUN issue-93 207 13 of of ADP issue-93 207 14 common common ADJ issue-93 207 15 stocks stock NOUN issue-93 207 16 . . PUNCT issue-93 208 1 journal journal PROPN issue-93 208 2 of of ADP issue-93 208 3 finance finance NOUN issue-93 208 4 , , PUNCT issue-93 208 5 27 27 NUM issue-93 208 6 : : PUNCT issue-93 208 7 435–452 435–452 NUM issue-93 208 8 . . PUNCT issue-93 209 1 hassett hassett PROPN issue-93 209 2 , , PUNCT issue-93 209 3 s.d s.d PROPN issue-93 209 4 ( ( PUNCT issue-93 209 5 2010 2010 NUM issue-93 209 6 ) ) PUNCT issue-93 209 7 . . PUNCT issue-93 210 1 the the DET issue-93 210 2 rpf rpf PROPN issue-93 210 3 model model NOUN issue-93 210 4 for for ADP issue-93 210 5 calculating calculate VERB issue-93 210 6 the the DET issue-93 210 7 equity equity NOUN issue-93 210 8 risk risk NOUN issue-93 210 9 premium premium NOUN issue-93 210 10 and and CCONJ issue-93 210 11 explaining explain VERB issue-93 210 12 the the DET issue-93 210 13 value value NOUN issue-93 210 14 of of ADP issue-93 210 15 the the DET issue-93 210 16 s&p s&p PROPN issue-93 210 17 with with ADP issue-93 210 18 two two NUM issue-93 210 19 variables variable NOUN issue-93 210 20 , , PUNCT issue-93 210 21 journal journal NOUN issue-93 210 22 of of ADP issue-93 210 23 applied apply VERB issue-93 210 24 corporate corporate ADJ issue-93 210 25 finance finance NOUN issue-93 210 26 22 22 NUM issue-93 210 27 ( ( PUNCT issue-93 210 28 2 2 NUM issue-93 210 29 ): ): PUNCT issue-93 210 30 118–130 118–130 NUM issue-93 210 31 . . PUNCT issue-93 211 1 kruschwitz kruschwitz PROPN issue-93 211 2 , , PUNCT issue-93 211 3 l. l. PROPN issue-93 211 4 , , PUNCT issue-93 211 5 löffler löffler PROPN issue-93 211 6 , , PUNCT issue-93 211 7 a. a. PROPN issue-93 211 8 , , PUNCT issue-93 211 9 mandl mandl PROPN issue-93 211 10 , , PUNCT issue-93 211 11 g. g. PROPN issue-93 211 12 ( ( PUNCT issue-93 211 13 2012 2012 NUM issue-93 211 14 ) ) PUNCT issue-93 211 15 damodaran damodaran VERB issue-93 211 16 ’s ’s PART issue-93 211 17 country country NOUN issue-93 211 18 risk risk NOUN issue-93 211 19 premium premium NOUN issue-93 211 20 : : PUNCT issue-93 211 21 a a DET issue-93 211 22 serious serious ADJ issue-93 211 23 critique critique NOUN issue-93 211 24 . . PUNCT issue-93 212 1 business business NOUN issue-93 212 2 valuation valuation PROPN issue-93 212 3 review review PROPN issue-93 212 4 , , PUNCT issue-93 212 5 31(2 31(2 NUM issue-93 212 6 ): ): PUNCT issue-93 212 7 75–84 75–84 NOUN issue-93 212 8 . . PUNCT issue-93 213 1 long long ADV issue-93 213 2 , , PUNCT issue-93 213 3 m. m. PROPN issue-93 213 4 s. s. PROPN issue-93 213 5 , , PUNCT issue-93 213 6 zhang zhang PROPN issue-93 213 7 , , PUNCT issue-93 213 8 j. j. PROPN issue-93 213 9 ( ( PUNCT issue-93 213 10 2004 2004 NUM issue-93 213 11 ) ) PUNCT issue-93 213 12 . . PUNCT issue-93 214 1 growth growth NOUN issue-93 214 2 options option NOUN issue-93 214 3 , , PUNCT issue-93 214 4 unwritten unwritten ADJ issue-93 214 5 call call NOUN issue-93 214 6 discounts discount NOUN issue-93 214 7 and and CCONJ issue-93 214 8 valuing value VERB issue-93 214 9 small small ADJ issue-93 214 10 firms firm NOUN issue-93 214 11 . . PUNCT issue-93 215 1 efa efa PROPN issue-93 215 2 2004 2004 NUM issue-93 215 3 maastricht maastricht PROPN issue-93 215 4 meetings meeting NOUN issue-93 215 5 paper paper VERB issue-93 215 6 no.4057 no.4057 PROPN issue-93 215 7 . . PUNCT issue-93 216 1 retrieved retrieve VERB issue-93 216 2 from from ADP issue-93 216 3 : : PUNCT issue-93 216 4 http://www.ssrn.com/abstract=556203 http://www.ssrn.com/abstract=556203 NUM issue-93 216 5 ravi ravi PROPN issue-93 216 6 , , PUNCT issue-93 216 7 j. j. PROPN issue-93 216 8 , , PUNCT issue-93 216 9 zhenyu zhenyu PROPN issue-93 216 10 , , PUNCT issue-93 216 11 w. w. NOUN issue-93 216 12 ( ( PUNCT issue-93 216 13 1996 1996 NUM issue-93 216 14 ) ) PUNCT issue-93 216 15 . . PUNCT issue-93 217 1 the the DET issue-93 217 2 default default NOUN issue-93 217 3 spread spread NOUN issue-93 217 4 model model NOUN issue-93 217 5 presented present VERB issue-93 217 6 herein herein NOUN issue-93 217 7 is be AUX issue-93 217 8 based base VERB issue-93 217 9 on on ADP issue-93 217 10 the the DET issue-93 217 11 conditional conditional ADJ issue-93 217 12 capm capm PROPN issue-93 217 13 and and CCONJ issue-93 217 14 the the DET issue-93 217 15 cross cross NOUN issue-93 217 16 - - NOUN issue-93 217 17 section section NOUN issue-93 217 18 of of ADP issue-93 217 19 expected expect VERB issue-93 217 20 returns return NOUN issue-93 217 21 . . PUNCT issue-93 218 1 the the DET issue-93 218 2 journal journal PROPN issue-93 218 3 of of ADP issue-93 218 4 finance finance NOUN issue-93 218 5 , , PUNCT issue-93 218 6 51(1 51(1 NUM issue-93 218 7 ): ): PUNCT issue-93 218 8 3 3 NUM issue-93 218 9 - - SYM issue-93 218 10 53 53 NUM issue-93 218 11 . . PUNCT issue-93 219 1 sharpe sharpe PROPN issue-93 219 2 , , PUNCT issue-93 219 3 w.f w.f PROPN issue-93 219 4 . . PROPN issue-93 219 5 ( ( PUNCT issue-93 219 6 1964 1964 NUM issue-93 219 7 ) ) PUNCT issue-93 219 8 . . PUNCT issue-93 220 1 capital capital NOUN issue-93 220 2 asset asset NOUN issue-93 220 3 prices price NOUN issue-93 220 4 : : PUNCT issue-93 220 5 a a DET issue-93 220 6 theory theory NOUN issue-93 220 7 of of ADP issue-93 220 8 market market NOUN issue-93 220 9 equilibrium equilibrium NOUN issue-93 220 10 under under ADP issue-93 220 11 conditions condition NOUN issue-93 220 12 of of ADP issue-93 220 13 risk risk NOUN issue-93 220 14 . . PUNCT issue-93 221 1 the the DET issue-93 221 2 journal journal PROPN issue-93 221 3 of of ADP issue-93 221 4 finance finance NOUN issue-93 221 5 , , PUNCT issue-93 221 6 19(3 19(3 NUM issue-93 221 7 ): ): PUNCT issue-93 221 8 425–442 425–442 NUM issue-93 221 9 . . PUNCT issue-93 222 1 vitaliy vitaliy PROPN issue-93 222 2 semenyuk semenyuk PROPN issue-93 222 3 pragmatics pragmatic NOUN issue-93 222 4 of of ADP issue-93 222 5 using use VERB issue-93 222 6 a a DET issue-93 222 7 modified modified ADJ issue-93 222 8 capm capm NOUN issue-93 222 9 model model NOUN issue-93 222 10 for for ADP issue-93 222 11 estimating estimate VERB issue-93 222 12 cost cost NOUN issue-93 222 13 of of ADP issue-93 222 14 equity equity NOUN issue-93 222 15 on on ADP issue-93 222 16 emerging emerge VERB issue-93 222 17 markets market NOUN issue-93 222 18 аннотация аннотация ADV issue-93 222 19 . . PUNCT issue-93 223 1 целью целью PROPN issue-93 223 2 работы работы PROPN issue-93 223 3 является является VERB issue-93 223 4 формирование формирование PROPN issue-93 223 5 прагматических прагматических PROPN issue-93 223 6 рекомендаций рекомендаций PROPN issue-93 223 7 для для PROPN issue-93 223 8 разработки разработки PROPN issue-93 223 9 и и PROPN issue-93 223 10 имплементации имплементации VERB issue-93 223 11 модифицированной модифицированной PROPN issue-93 223 12 модели модели VERB issue-93 223 13 оценки оценки PROPN issue-93 223 14 капитальных капитальных PROPN issue-93 223 15 активов активов PROPN issue-93 223 16 сapm сapm PROPN issue-93 223 17 в в PROPN issue-93 223 18 процесс процесс PROPN issue-93 223 19 оценки оценки PROPN issue-93 223 20 стоимости стоимости PROPN issue-93 223 21 акционерного акционерного NOUN issue-93 223 22 капитала капитала VERB issue-93 223 23 на на PROPN issue-93 223 24 развивающихся развивающихся NOUN issue-93 223 25 рынках рынках PROPN issue-93 223 26 ( ( PUNCT issue-93 223 27 emerging emerge VERB issue-93 223 28 markets market NOUN issue-93 223 29 ) ) PUNCT issue-93 223 30 . . PUNCT issue-93 224 1 оригинальная оригинальная PROPN issue-93 224 2 модель модель PROPN issue-93 224 3 сapm сapm PROPN issue-93 224 4 позволяет позволяет PROPN issue-93 224 5 оценить оценить PROPN issue-93 224 6 стоимость стоимость PROPN issue-93 224 7 акционерного акционерного PROPN issue-93 224 8 капитала капитала VERB issue-93 224 9 на на PROPN issue-93 224 10 развитых развитых NOUN issue-93 224 11 рынках рынках PROPN issue-93 224 12 капитала капитала VERB issue-93 224 13 ( ( PUNCT issue-93 224 14 mutual mutual ADJ issue-93 224 15 markets market NOUN issue-93 224 16 ) ) PUNCT issue-93 224 17 . . PUNCT issue-93 225 1 при при PROPN issue-93 225 2 этом этом PROPN issue-93 225 3 она она PROPN issue-93 225 4 требует требует ADJ issue-93 225 5 информации информации NOUN issue-93 225 6 , , PUNCT issue-93 225 7 полученной полученной PROPN issue-93 225 8 на на PROPN issue-93 225 9 основе основе PROPN issue-93 225 10 рыночных рыночных PROPN issue-93 225 11 данных данных PROPN issue-93 225 12 . . PUNCT issue-93 226 1 но но X issue-93 226 2 , , PUNCT issue-93 226 3 как как X issue-93 226 4 показывают показывают ADV issue-93 226 5 последние последние PROPN issue-93 226 6 практические практические PROPN issue-93 226 7 исследования исследования NOUN issue-93 226 8 , , PUNCT issue-93 226 9 классическая классическая PROPN issue-93 226 10 модель модель PROPN issue-93 226 11 не не PROPN issue-93 226 12 всегда всегда VERB issue-93 226 13 даёт даёт PROPN issue-93 226 14 приемлемые приемлемые PROPN issue-93 226 15 результаты результаты NOUN issue-93 226 16 оценки оценки ADP issue-93 226 17 стоимости стоимости PROPN issue-93 226 18 акционерного акционерного NOUN issue-93 226 19 капитала капитала VERB issue-93 226 20 . . PUNCT issue-93 227 1 кроме кроме PROPN issue-93 227 2 того того PROPN issue-93 227 3 , , PUNCT issue-93 227 4 в в PROPN issue-93 227 5 классическом классическом PROPN issue-93 227 6 виде виде PROPN issue-93 227 7 модель модель PROPN issue-93 227 8 сapm сapm PROPN issue-93 227 9 невозможно невозможно PROPN issue-93 227 10 использовать использовать VERB issue-93 227 11 для для PROPN issue-93 227 12 оценки оценки PROPN issue-93 227 13 стоимости стоимости PROPN issue-93 227 14 акционерного акционерного NOUN issue-93 227 15 капитала капитала VERB issue-93 227 16 для для PROPN issue-93 227 17 стран стран PROPN issue-93 227 18 , , PUNCT issue-93 227 19 рынок рынок PROPN issue-93 227 20 капитала капитала VERB issue-93 227 21 которых которых PROPN issue-93 227 22 развивается развивается PROPN issue-93 227 23 . . PUNCT issue-93 228 1 это это INTJ issue-93 228 2 связано связано PROPN issue-93 228 3 с с PROPN issue-93 228 4 более более NOUN issue-93 228 5 низкой низкой PROPN issue-93 228 6 эффективностью эффективностью PROPN issue-93 228 7 развивающихся развивающихся PROPN issue-93 228 8 рынков рынков NOUN issue-93 228 9 капитала капитала VERB issue-93 228 10 , , PUNCT issue-93 228 11 более более NOUN issue-93 228 12 низким низким NOUN issue-93 228 13 уровнем уровнем PROPN issue-93 228 14 ликвидности ликвидности PROPN issue-93 228 15 и и PROPN issue-93 228 16 капитализации капитализации PROPN issue-93 228 17 , , PUNCT issue-93 228 18 что что NOUN issue-93 228 19 делает делает NOUN issue-93 228 20 информацию информацию NOUN issue-93 228 21 , , PUNCT issue-93 228 22 полученную полученную PROPN issue-93 228 23 с с PROPN issue-93 228 24 таких таких PROPN issue-93 228 25 рынков рынков PROPN issue-93 228 26 , , PUNCT issue-93 228 27 не не PROPN issue-93 228 28 совсем совсем PROPN issue-93 228 29 достоверной достоверной PROPN issue-93 228 30 . . PUNCT issue-93 229 1 в в PROPN issue-93 229 2 связи связи PROPN issue-93 229 3 с с PROPN issue-93 229 4 этим этим NOUN issue-93 229 5 , , PUNCT issue-93 229 6 на на PROPN issue-93 229 7 практике практике PROPN issue-93 229 8 всё всё PROPN issue-93 229 9 чаще чаще PROPN issue-93 229 10 используются используются PROPN issue-93 229 11 разные разные NOUN issue-93 229 12 модификации модификации PROPN issue-93 229 13 модели модели PROPN issue-93 229 14 сapm сapm PROPN issue-93 229 15 , , PUNCT issue-93 229 16 которые которые PROPN issue-93 229 17 учитывают учитывают PROPN issue-93 229 18 больше больше PROPN issue-93 229 19 специфических специфических ADV issue-93 229 20 факторов факторов ADV issue-93 229 21 , , PUNCT issue-93 229 22 влияющих влияющих PROPN issue-93 229 23 на на PROPN issue-93 229 24 стоимость стоимость PROPN issue-93 229 25 акционерного акционерного NOUN issue-93 229 26 капитала капитала VERB issue-93 229 27 . . PUNCT issue-93 230 1 к к X issue-93 230 2 этим этим NOUN issue-93 230 3 факторам факторам NOUN issue-93 230 4 , , PUNCT issue-93 230 5 которые которые PROPN issue-93 230 6 не не PROPN issue-93 230 7 учитываются учитываются PROPN issue-93 230 8 в в PROPN issue-93 230 9 классической классической VERB issue-93 230 10 модели модели VERB issue-93 230 11 сapm сapm PROPN issue-93 230 12 относят относят NOUN issue-93 230 13 размер размер AUX issue-93 230 14 корпорации корпорации VERB issue-93 230 15 , , PUNCT issue-93 230 16 и и PROPN issue-93 230 17 страновой страновой NOUN issue-93 230 18 риск риск NOUN issue-93 230 19 . . PUNCT issue-93 231 1 первый первый PROPN issue-93 231 2 фактор фактор PROPN issue-93 231 3 актуальный актуальный PROPN issue-93 231 4 как как PROPN issue-93 231 5 для для PROPN issue-93 231 6 развитых развитых NOUN issue-93 231 7 ( ( PUNCT issue-93 231 8 mutual mutual ADJ issue-93 231 9 markets market NOUN issue-93 231 10 ) ) PUNCT issue-93 232 1 так так VERB issue-93 232 2 и и PROPN issue-93 232 3 для для PROPN issue-93 232 4 развивающихся развивающихся PROPN issue-93 232 5 ( ( PUNCT issue-93 232 6 emerging emerge VERB issue-93 232 7 markets market NOUN issue-93 232 8 ) ) PUNCT issue-93 232 9 рынков рынков PROPN issue-93 232 10 капитала капитала VERB issue-93 232 11 и и PROPN issue-93 232 12 требует требует NOUN issue-93 232 13 учёта учёта NOUN issue-93 232 14 во во NUM issue-93 232 15 время время NOUN issue-93 232 16 оценки оценки VERB issue-93 232 17 стоимости стоимости PROPN issue-93 232 18 акционерного акционерного NOUN issue-93 232 19 капитала капитала VERB issue-93 232 20 и и PROPN issue-93 232 21 вследствие вследствие NOUN issue-93 232 22 модификации модификации X issue-93 232 23 модели модели VERB issue-93 232 24 сарм сарм NOUN issue-93 232 25 . . PUNCT issue-93 233 1 страновой страновой VERB issue-93 233 2 риск риск PROPN issue-93 233 3 связан связан PROPN issue-93 233 4 з з AUX issue-93 233 5 различиями различиями PROPN issue-93 233 6 и и PROPN issue-93 233 7 особенностями особенностями PROPN issue-93 233 8 экономик экономик PROPN issue-93 233 9 разных разных PROPN issue-93 233 10 стран стран PROPN issue-93 233 11 и и PROPN issue-93 233 12 в в PROPN issue-93 233 13 первую первую PROPN issue-93 233 14 очередь очередь ADJ issue-93 233 15 должен должен ADJ issue-93 233 16 быть быть NOUN issue-93 233 17 учтён учтён NOUN issue-93 233 18 при при NOUN issue-93 233 19 оценке оценке NOUN issue-93 233 20 стоимости стоимости NOUN issue-93 233 21 акционерного акционерного NOUN issue-93 233 22 капитала капитала VERB issue-93 233 23 на на PROPN issue-93 233 24 развивающихся развивающихся PROPN issue-93 233 25 рынках рынках PROPN issue-93 233 26 капитала капитала VERB issue-93 233 27 ( ( PUNCT issue-93 233 28 emerging emerge VERB issue-93 233 29 markets market NOUN issue-93 233 30 ) ) PUNCT issue-93 233 31 , , PUNCT issue-93 233 32 которые которые ADP issue-93 233 33 рассматриваются рассматриваются NOUN issue-93 233 34 инвесторами инвесторами NOUN issue-93 233 35 как как PROPN issue-93 233 36 более более NOUN issue-93 233 37 рисковые рисковые PROPN issue-93 233 38 для для PROPN issue-93 233 39 капиталовложений капиталовложений PROPN issue-93 233 40 . . PUNCT issue-93 234 1 этот этот PROPN issue-93 234 2 фактор фактор PROPN issue-93 234 3 также также PROPN issue-93 234 4 должен должен ADJ issue-93 234 5 быть быть NOUN issue-93 234 6 учтён учтён VERB issue-93 234 7 в в PROPN issue-93 234 8 процессе процессе PROPN issue-93 234 9 оценки оценки PROPN issue-93 234 10 стоимости стоимости PROPN issue-93 234 11 собственного собственного NOUN issue-93 234 12 капитала капитала VERB issue-93 234 13 . . PUNCT issue-93 235 1 методика методика NOUN issue-93 235 2 . . PUNCT issue-93 236 1 в в PROPN issue-93 236 2 процессе процессе PROPN issue-93 236 3 построения построения PROPN issue-93 236 4 модифицированной модифицированной PROPN issue-93 236 5 модели модели VERB issue-93 236 6 сарм сарм PROPN issue-93 236 7 были были NOUN issue-93 236 8 использованы использованы PROPN issue-93 236 9 теоретические теоретические VERB issue-93 236 10 и и NOUN issue-93 236 11 методические методические NOUN issue-93 236 12 положения положения NOUN issue-93 236 13 , , PUNCT issue-93 236 14 которые которые ADP issue-93 236 15 изложены изложены NOUN issue-93 236 16 в в PROPN issue-93 236 17 работах работах PROPN issue-93 236 18 р р PROPN issue-93 236 19 . . PUNCT issue-93 237 1 банза банза PROPN issue-93 237 2 , , PUNCT issue-93 237 3 г г PROPN issue-93 237 4 . . PUNCT issue-93 237 5 бекаерта бекаерта PROPN issue-93 237 6 , , PUNCT issue-93 237 7 м м X issue-93 237 8 . . PUNCT issue-93 238 1 гоедхарта гоедхарта ADJ issue-93 238 2 , , PUNCT issue-93 238 3 р р PROPN issue-93 238 4 . . PROPN issue-93 238 5 грабовски грабовски PROPN issue-93 238 6 , , PUNCT issue-93 238 7 р р PROPN issue-93 238 8 . . PROPN issue-93 238 9 гринольда гринольда PROPN issue-93 238 10 , , PUNCT issue-93 238 11 д д PROPN issue-93 238 12 . . NOUN issue-93 238 13 весселса весселса PROPN issue-93 238 14 , , PUNCT issue-93 238 15 а а PROPN issue-93 238 16 . . PUNCT issue-93 239 1 дамодарана дамодарана PROPN issue-93 239 2 , , PUNCT issue-93 239 3 м м PRON issue-93 239 4 . . PUNCT issue-93 240 1 демпси демпси PROPN issue-93 240 2 , , PUNCT issue-93 240 3 дж дж PROPN issue-93 240 4 . . PROPN issue-93 240 5 жанга жанга PROPN issue-93 240 6 , , PUNCT issue-93 240 7 р р NOUN issue-93 240 8 . . NOUN issue-93 240 9 ибботсона ибботсона NOUN issue-93 240 10 , , PUNCT issue-93 240 11 п п PROPN issue-93 240 12 . . PUNCT issue-93 241 1 каплана каплана PROPN issue-93 241 2 , , PUNCT issue-93 241 3 т т PROPN issue-93 241 4 . . PROPN issue-93 241 5 коллера коллера PROPN issue-93 241 6 , , PUNCT issue-93 241 7 к к PROPN issue-93 241 8 . . PROPN issue-93 241 9 кронера кронера PROPN issue-93 241 10 , , PUNCT issue-93 241 11 л л PROPN issue-93 241 12 . . PUNCT issue-93 241 13 крушвица крушвица PROPN issue-93 241 14 , , PUNCT issue-93 241 15 м м PRON issue-93 241 16 . . PUNCT issue-93 242 1 лонга лонга PROPN issue-93 242 2 , , PUNCT issue-93 242 3 а а PROPN issue-93 242 4 . . PUNCT issue-93 242 5 льофлера льофлера PROPN issue-93 242 6 , , PUNCT issue-93 242 7 baltic baltic ADJ issue-93 242 8 journal journal PROPN issue-93 242 9 of of ADP issue-93 242 10 economic economic ADJ issue-93 242 11 studies study NOUN issue-93 242 12 142 142 NUM issue-93 242 13 vol vol NOUN issue-93 242 14 . . PUNCT issue-93 243 1 2 2 NUM issue-93 243 2 , , PUNCT issue-93 243 3 no no INTJ issue-93 243 4 . . NOUN issue-93 243 5 2 2 NUM issue-93 243 6 , , PUNCT issue-93 243 7 2016 2016 NUM issue-93 243 8 г г NOUN issue-93 243 9 . . PROPN issue-93 243 10 мандла мандла PROPN issue-93 243 11 , , PUNCT issue-93 243 12 м м X issue-93 243 13 . . PUNCT issue-93 244 1 миллера миллера PROPN issue-93 244 2 , , PUNCT issue-93 244 3 ф ф PROPN issue-93 244 4 . . PUNCT issue-93 244 5 модильяни модильяни PROPN issue-93 244 6 , , PUNCT issue-93 244 7 к к X issue-93 244 8 . . PUNCT issue-93 245 1 ньюнз ньюнз NOUN issue-93 245 2 , , PUNCT issue-93 245 3 дж дж PROPN issue-93 245 4 . . PROPN issue-93 245 5 петерсона петерсона PROPN issue-93 245 6 , , PUNCT issue-93 245 7 ш ш NOUN issue-93 245 8 . . PUNCT issue-93 246 1 пратта пратта PROPN issue-93 246 2 , , PUNCT issue-93 246 3 л л PROPN issue-93 246 4 . . PUNCT issue-93 247 1 сигела сигела NOUN issue-93 247 2 , , PUNCT issue-93 247 3 ю ю NOUN issue-93 247 4 . . PUNCT issue-93 248 1 фамы фамы PROPN issue-93 248 2 , , PUNCT issue-93 248 3 п п PROPN issue-93 248 4 . . PUNCT issue-93 248 5 фернандеса фернандеса PROPN issue-93 248 6 , , PUNCT issue-93 248 7 к к PROPN issue-93 248 8 . . PUNCT issue-93 248 9 харви харви ADJ issue-93 248 10 , , PUNCT issue-93 248 11 дж дж PROPN issue-93 248 12 . . PROPN issue-93 248 13 харрингтона харрингтона PROPN issue-93 248 14 , , PUNCT issue-93 248 15 с с PROPN issue-93 248 16 . . PUNCT issue-93 248 17 хассета хассета PROPN issue-93 248 18 . . PUNCT issue-93 249 1 результаты результаты PROPN issue-93 249 2 . . PUNCT issue-93 250 1 в в PROPN issue-93 250 2 результате результате PROPN issue-93 250 3 исследования исследования PROPN issue-93 250 4 получена получена VERB issue-93 250 5 модифицированная модифицированная ADJ issue-93 250 6 модель модель PROPN issue-93 250 7 capm capm PROPN issue-93 250 8 , , PUNCT issue-93 250 9 с с PROPN issue-93 250 10 помощью помощью NOUN issue-93 250 11 которой которой VERB issue-93 250 12 можно можно NOUN issue-93 250 13 определить определить NOUN issue-93 250 14 стоимость стоимость NOUN issue-93 250 15 акционерного акционерного NOUN issue-93 250 16 капитала капитала VERB issue-93 250 17 на на PROPN issue-93 250 18 развитых развитых VERB issue-93 250 19 и и PROPN issue-93 250 20 развивающихся развивающихся NOUN issue-93 250 21 рынках рынках NOUN issue-93 250 22 капитала капитала VERB issue-93 250 23 . . PUNCT issue-93 251 1 практическое практическое PROPN issue-93 251 2 значение значение PROPN issue-93 251 3 . . PUNCT issue-93 252 1 полученная полученная ADJ issue-93 252 2 в в PROPN issue-93 252 3 результате результате PROPN issue-93 252 4 исследования исследования PROPN issue-93 252 5 модель модель PROPN issue-93 252 6 может может PROPN issue-93 252 7 иметь иметь PROPN issue-93 252 8 практическое практическое ADJ issue-93 252 9 использование использование PROPN issue-93 252 10 в в PROPN issue-93 252 11 процессе процессе PROPN issue-93 252 12 оценки оценки PROPN issue-93 252 13 стоимости стоимости PROPN issue-93 252 14 акционерного акционерного NOUN issue-93 252 15 капитала капитала VERB issue-93 252 16 и и PROPN issue-93 252 17 предназначена предназначена NOUN issue-93 252 18 для для PROPN issue-93 252 19 определения определения PROPN issue-93 252 20 уровня уровня PROPN issue-93 252 21 доходности доходности PROPN issue-93 252 22 , , PUNCT issue-93 252 23 требуемого требуемого ADJ issue-93 252 24 инвесторами инвесторами NOUN issue-93 252 25 за за ADP issue-93 252 26 вложение вложение ADJ issue-93 252 27 денег денег NOUN issue-93 252 28 в в PROPN issue-93 252 29 акции акции VERB issue-93 252 30 корпораций корпораций PROPN issue-93 252 31 , , PUNCT issue-93 252 32 находящиеся находящиеся PROPN issue-93 252 33 в в PROPN issue-93 252 34 обращении обращении PROPN issue-93 252 35 на на PROPN issue-93 252 36 развивающихся развивающихся PROPN issue-93 252 37 рынках рынках NOUN issue-93 252 38 . . PUNCT issue-93 253 1 значение значение PROPN issue-93 253 2 / / SYM issue-93 253 3 оригинальность оригинальность PROPN issue-93 253 4 . . PUNCT issue-93 254 1 описанная описанная PROPN issue-93 254 2 в в PROPN issue-93 254 3 работе работе VERB issue-93 254 4 гибридная гибридная PROPN issue-93 254 5 модифицированная модифицированная PROPN issue-93 254 6 модель модель PROPN issue-93 254 7 сарм сарм PROPN issue-93 254 8 позволяет позволяет ADJ issue-93 254 9 учитывать учитывать ADJ issue-93 254 10 влияние влияние PROPN issue-93 254 11 большего большего NOUN issue-93 254 12 числа числа VERB issue-93 254 13 факторов факторов ADV issue-93 254 14 , , PUNCT issue-93 254 15 определяющих определяющих VERB issue-93 254 16 стоимость стоимость ADV issue-93 254 17 капитала капитала VERB issue-93 254 18 на на PROPN issue-93 254 19 развивающихся развивающихся PROPN issue-93 254 20 рынках рынках PROPN issue-93 254 21 капитала капитала VERB issue-93 254 22 , , PUNCT issue-93 254 23 и и PROPN issue-93 254 24 обеспечить обеспечить NOUN issue-93 254 25 более более NOUN issue-93 254 26 корректную корректную PROPN issue-93 254 27 оценку оценку VERB issue-93 254 28 стоимости стоимости PROPN issue-93 254 29 акционерного акционерного NOUN issue-93 254 30 капитала капитала VERB issue-93 254 31 в в PROPN issue-93 254 32 условиях условиях PROPN issue-93 254 33 нехватки нехватки PROPN issue-93 254 34 достоверной достоверной PROPN issue-93 254 35 информации информации PROPN issue-93 254 36 с с PROPN issue-93 254 37 развивающихся развивающихся NOUN issue-93 254 38 рынков рынков NOUN issue-93 254 39 капитала капитала VERB issue-93 254 40 . . PUNCT