The paper proposes a multi-factor international asset pricing model in which the exchange rate is allowed to be co-determined by a risk factor imperfectly correlated to other priced risks in the economy. The significance of this factor can be established as long as one is able to observe a proxy...

Executive summary Ten years ago the Directorate General Enterprise of the European Commission established the Observatory of European SMEs (hereafter referred to as u0093the Observatoryu0094) to respond to a perceived information gap concerning SMEs in Europe. The Observatory considers SMEs to...