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Submitted in partial fulfillment of the degree Master of Arts in Law and Diplomacy at the Fletcher School of Law and Diplomacy. Abstract: When investing in developing economies, companies and investment banks often face a difficult choice in assigning country risk premiums for their investments. While there has been a consensus that risk can be measured as the spread between a sovereign's yield ... read moreand that of an equivalent maturity US Treasury bond, this analysis assumes that markets are efficient. If such an assumption is true then it demands that at every moment in time, bonds should convey all the available information in the market and provide a fair risk/return ratio for the investor. The purpose of this paper is to question this assumption, and provide insight on an alternative method for calculating sovereign risk premiums.read less
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