"In this paper, we develop a framework in which one can examine the source of industry and country diversification by examining their underlying return components. We find that the global cash flow factor explains on average 39% of the variation of country cash flows and global discount rates...

"This paper examines the impact of political uncertainty on financial crises using a panel of 22 emerging markets. By examining political election cycles, we find that eight out of nine of the financial crises happened during the periods of political election and transition. Using a combination...

We undertake a decomposition of the risk factor loadings of 15 national stock market returns from 1972 to 1990, using a variant of the Campbell-Shiller (1988) linearisation. (Campbell, John Y. and Shiller, Robert J., 'The dividend-price ratio and expectations of future dividends and discount...