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Other things being equal, the beta of a country's stocks with respect to global markets should rise if: (a) The correlation between the returns on

Other things being equal, the beta of a country's stocks with respect to global markets should rise if:

(a) The correlation between the returns on a country's stocks and the global market increases.

(b) The expected variability of returns in the local stock markets decreases.

(c) The expected variability of returns in global equity markets increases.

(d) All of the above.

Which is correct?

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