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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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