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Preface Introduction 1 Jeffrey A. Frankel 1: A Test of theInternational CAPM Using Business Cycles Indicators as Instrumental Variables23 Bernard Dumas 2: An Exploratory Investigation of the FundamentalDeterminants of National Equity Market Returns 59 Wayne Ferson, Campbell R.Harvey. 3: Tests of CAPM on an International Portfolio of Bonds and Stocks149 Charles M. Engel 4: International Equity Transactions and U.S. PortfolioChoice 185 Linda L. Tesar, Ingrid M. Werner. 5: The Effect of Barriers toEquity Investment in Developing Countries 231 Stijn Claessens, Moon-WhoanRhee. 6: International Experiences with Securities Transaction Taxes 277John Y. Campbell, Kenneth A. Froot. 7: Price Volatility and Volume Spilloversbetween the Tokyo and New York Stock Markets 309 Wen-Ling Lin, TakatoshiIto. 8: What Moves the Discount on Country Equity Funds? 345 GikasHardouvelis, Rafael La Porta, Thierry A. Wizman. Contributors 405 AuthorIndex 407 Subject Index 411