Every finance professional employs the concept of market efficiency. The theory, evidence
and counter‐evidence focus on a couple of dozen highly influential articles published during …

Assessing the sensitivity of firm value to exchange rate changes has been one of the most
challenging issues in international financial management over the last two decades. This …

We examine the profitability of a broad range of stock selection strategies in 32 emerging
markets over the period 1985–1999. Value, momentum and earnings revisions strategies …

We examine the robustness of size and book-to-market effects in 35 emerging equity
markets during 1985–2000. Mean returns for high book-to-market firms significantly exceed …

This paper examines the ability of beta and size to explain cross‐sectional variation in
average returns in 12 European countries. We find that average stock returns are positively …

Several empirical studies show that investment strategies that favor the purchase of stocks
with low prices relative to conventional measures of value yield higher returns. Some of …

This paper tests the Fama-French three-factor pricing model augmented by a momentum
factor on the Canadian stock market. Using Fama-French's methodology to construct the risk …

The capital asset pricing model (CAPM), which has dominated finance theory for over thirty
years, is concerned with the relationship between risk and the expected return on risky …

Previous work on the pricing of exchange-rate risk has primarily focused on US firms and,
surprisingly, found stock returns were not significantly affected by exchange-rate …

This paper discusses the challenges of applying traditional valuation techniques to
emerging markets, and reports on how CFOs, financial advisors and private equity funds …