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What is the difference between a GDR and a GRS? What does it mean for an equity market to be integrated or segmented from the

What is the difference between a GDR and a GRS?

What does it mean for an equity market to be integrated or segmented from the world capital market?

Why is the variance of a portfolio of internationally diversified stocks likely to be lower than the variance of a portfolio of U.S. stocks?

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