1.Why did Novo believe that its cost of capital was too high compared to its competitors? Why did Novos relatively high cost of capital create a competitive disadvantage? 2. Novo believed that the Danish capital market was segmented from world capital markets. Explain the six characteristics of the Danish equity market that were responsible for its segmentation. 3. What was Novos strategy to internationalize its cost of capital? 4. What is the evidence that Novos strategy succeeded?