How to incorporate country risk in valuation

The project concerns my thesis for my [url removed, login to view] in Accounting and Finance. The thesis relates to making a case study at the Hellenic Petroleum S.A. The scope is to apply the most famous models suggested in the existing literature concerning the incorporation of country risk when valuing and investing in a company and making an intuitive suggestion about the most robust model. At first place i need a literature review of around 25 pages. I post here all the related papers that my supervisor would like to see as well my work till now. I need the job done until the 1st of August.

Armitrage, S., The cost of capital; intermediate theory, Cambridge University Press, 2005.

Swan, J., Practical Financial Modelling – a guide to current practice, Cima Publishing, 2nd edition, 2008.

Koller, T, M. Goedhart and D. Wessels, Valuation: Measuring and managing the value of companies, McKinsey &Company, 2010.

Ogier, T., J. Rugman and L. Spicer, The real cost of capital – a business field guide to better financial decisions, Prentice Hall, 2004.

Research articles

Abbas, Q., U. Ayub, S.M. Sargana and S.M, Saeed, From regular beta CAPM to Downside-Beta CAPM, European Journal of Social Sciences (21), pp. 189 – 203.

Damodaran, A., Country risk and company exposure: Theory and practice, Journal of applied

finance (13), 2003, pp. 63 – 78.

Damodaran, A., What is the risk free rate? A search for the basic building blocks, working paper, 2008.

Erb, C.B., C.R. Harvey and T.E. Viskanta, Inflation and world equity selection, Financial analyst journal (51), 1995, pp 30 - 42.

Erb, C.B., C.R. Harvey and T.E. Viskanta, Country risk and global equity selection, The journal of portfolio Management (21), 1995, pp 74 - 83.

Erb, C.B., C.R. Harvey and T.E. Viskanta, Expected returns and volatility in 135 countries, The

journal of portfolio management (22), 1996, pp 773 - 816.

Estrada, J., The cost of equity in emerging markets: a downside risk approach, Emerging

markets quarterly, 2000, pp 19 – 30.

Estrada, J., Systematic risk in emerging markets: the D-CAPM, Emerging Markets Review (3), 2002, pp 365 – 379.

Estrada, J., Downside risk in practice, Journal of applied corporate finance (18), 2006, pp 117 – 125.

Estrada, J., Discount rates in emerging markets: Four models and an Application, Journal of applied corporate finance (19), 2007, pp 72 – 77.

Garcia-Sanchez, J., L. Preve and V. Sarria-Allende, Valuation in emerging markets: A simulation approach, Journal of applied corporate finance (22), 2010, pp 100 – 108.

Godfrey, S. and R. Espinosa, A practical approach to calculating the cost of equity for investments in emerging markets, Journal of applied corporate finance (9), 1996, pp 80 – 81.

Harvey, C.R., Country Risk components, the cost of capital, and returns in emerging markets, working paper SSRN, 2004.

Harvey C.R., The international cost of capital and risk calculator (ICCRC), working paper, 2001, pp 1 -20.

Lessard, D.R., Incorporating country risk in the valuation of offshore projects, Journal of applied corporate finance (9), 1996, pp 52 - 63.

Pereiro, L.E., The practice of investment valuation in emerging markets: Evidence from Argentina, Journal of Multinational financial management 16), 2006, pp 160-183.

Pereiro, L.E., The beta dilemma in emerging markets, Journal of applied corporate finance (22), 2010, pp 110 – 122.

Pistrelli, H.M., Dealing with country risk in emerging markets, Ernst & Young Transaction Advisory Services publication, October 2006, Brazil.

Sabal, J., The discount rate in emerging markets: A guide, Journal of applied corporate finance (26), 2004, pp 155 – 166.

Soenen, L. and R. Johnson, The equity market risk premium and valuation of overseas

investments, Journal of applied corporate finance (20), 2008, pp 113 – 121.

Skills: Finance, Valuation & Appraisal

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