Are the Fama and French Factors Global or Country Specific?

CFA Digest ◽  
2002 ◽  
Vol 32 (4) ◽  
pp. 92-92
Author(s):  
Frank T. Magiera
2016 ◽  
Vol 15 (2) ◽  
pp. 222-251 ◽  
Author(s):  
James Foye

Purpose This paper aims to provide a comprehensive analysis of whether stock returns in Europe are best characterized by country-specific or Europe-wide versions of widely used factor models. Design/methodology/approach To estimate the cost of equity in Europe, both region-wide and nationally, the Fama and French (2012) three-factor and Carhart (1997) four-factor models are used. Findings The results show that although the value and momentum premiums are present on a Europe-wide basis, the size premium is country-specific. Originality/value The paper offers an explanation to the puzzle of why Fama and French (2012) detect value and momentum premiums but no size premium in Europe. Furthermore, the results shed new light on these premiums and present a challenge to existing applications of widely used factor models.


Author(s):  
Kapil Pihwal ◽  
Neelam Pawar ◽  
Sheikh Aamir ◽  
Mohammad Shahbaz Alam ◽  
Vikas Rathee

Background: The CIS region has a potential market for India. The registration of the drug products in CIS regions is a challenging task because these countries have no harmonized regulatory organization. The CIS region includes 12 countries such as Russia, Kyrgyzstan, Ukraine, Uzbekistan, Kazakhstan, Tajikistan, Turkmenistan, Armenia, Azerbaijan, Belarus, Georgia and Moldova, which require different regulatory guidelines for medicinal product registration as per their FDA guidelines. The different guidelines for the same region become a challenging task for the manufacturer and exporter. The registration of the same product for different countries of CIS is not possible with the same dossier due to the lack of their regulatory harmonization. These countries obey their country-specific dossier format, so to target these market manufacturers and exporters needs to submit different dossier documents for different countries. But Ukraine and Kazakhstan have harmonization and it varies in Uzbekistan and Tajikistan. Ukraine and Kazakhstan are also imposing strict rules and expecting USFDA level documents for approval. Conclusion: The overall conclusion is that harmonization in CIS is highly imbalanced, which affects both time and cost for product registration. Harmonization is the need of the era for easy product registration, and it will be beneficial for the manufacturer, regulator, importer, exporter, and to access medicines of high public health value.


2020 ◽  
Vol 62 ◽  
pp. 101926 ◽  
Author(s):  
Brent F. Kim ◽  
Raychel E. Santo ◽  
Allysan P. Scatterday ◽  
Jillian P. Fry ◽  
Colleen M. Synk ◽  
...  

2017 ◽  
Vol 24 (2) ◽  
pp. 174-194
Author(s):  
Laurentiu Hadirca

This article provides an overview of the work of the osce hcnm on issues of access to justice for national minorities, based on a review of relevant thematic recommendations, country-specific advice, official statements, as well as other activities, projects and engagements of the hcnm. The article analyses how the hcnm’s specific mandate – as a political institution tasked to prevent inter-ethnic conflict, operating primarily through “quiet diplomacy” – has shaped its approach to human and minority rights, and to access to justice issues in particular. The overview shows that throughout the years, access to justice has become a recurrent, if at times tangential, theme for the institution. Overall, the article seeks to distil the general hcnm approach to access to justice issues as it was conveyed through a variety of thematic recommendations and guidelines, specific advice and other relevant engagements, undertaken in the course of the two-and-a-half decades of the institution’s existence.


Sign in / Sign up

Export Citation Format

Share Document