Based on the In the News article - The CAPM or the ICAPM (partial abstract provided below), explain the two directly opposite effects international markets globalisation on the cost of equity capital? Further, explain what is the overall effect of these two opposite effects on the cost of equity capital?

In the news The CAPM or the ICAPM? Capital markets have become increasingly global over the last 20 years.... Although such an effect is most pronounced for multinationals based in small countries with limited capital markets, even wholly domestic (though mainly large) firms in well-established financial markets like the US and UK are benefiting from this development. Nevertheless, assessing the effect of the globalisation of capital markets on capital costs is not a simple matter. In fact, global integration of markets can be seen as having two directly opposite effects on the cost of equity capital... Source: Stulz, R., 1995, Globalisation of Capital Markets and the Cost of Capital: The Case of Nestl, Journal of Applied Corporate Finance, vol. 8, pp. 308.