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The cost of capital will be in a segmented, illiquid market than in a liquid, integrated market. Therefore, firms that are limited to raising

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The cost of capital will be in a segmented, illiquid market than in a liquid, integrated market. Therefore, firms that are limited to raising funds in their domestic markets (especially if they are located in an emerging capital market) will face a market. cost of capital than their competitors that can raise funds in the global capital O higher; lower O higher; higher O lower; higher O lower; lower

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