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Advances In Quantitative Analysis Of Finance And Accounting

Advances In Quantitative Analysis Of Finance And Accounting

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Introduction Emerging markets have been exposed to remarkable market risks and it is by now folk wisdom that, if given a choice, they should be endowed with instruments of hedging against downside risks (see Caballero, 2003; Caballero and Panageas, 2003; Shiller, 2003).

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