A number of studies document that a relationship exists between macroeconomic variables and equity market returns. Furthermore, studies concerning multifactor models frequently incorporate macroeconomic variables as explanatory factors of the variation in equity returns. However, these studies have typically focused on developed markets. This paper extends this literature by considering the relationship in an emerging markets context. To date, the literature on multifactor models in emerging mar

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Emerging markets could be a term that refers to an economy that experiences considerable economic process and possesses some but not all characteristics of a developed economy Emerging markets are cou... View the full answer