Emerging country firms

Emerging country firms

				Reason
estimated percentage of debt and equity		Estimated by a global industry index (*1)		(*2)
Beta		Industry beta for the firm's industry (*3) Beta against a well-diversified global index, NOT the local market index.

(*1) NOT the weights (calculated by the market value of the firm's debt and equity) for the firm.
(*2) Firms in emerging markets often use debt conservatively. So, Firms in the same industry in developed countries can have higher leverage ratios (e.g. Total assets / Total equity).
(*3) NOT an individual firm beta.