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Choosw the right choise: The capital asset pricing model ( CAPM ) formulation for discounting cash flows of target firms in emerging countries always includes

Choosw the right choise: The capital asset pricing model (CAPM) formulation for discounting cash flows of target firms in emerging countries always includes all of the following except for:
a. Specific country risk premium
b. A risk free rate of return
c. A liquidity premium
d. An equity market risk premium

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