Testing the developed world: Global CAPM vs. Local CAPM
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- Master Thesis 
The purpose of this paper is to assess the extent to which the developed world is integrated that the pricing difference between using the local CAPM and the global CAPM is not relevant. This paper has analysed the twenty developed countries which have been classified as such in the MSCI global index. The paper breaks down the country and stock to identify where there is a significant difference in the pricing of assets between the local and global CAPM, and the significance of the result.