Boons, MartijnAgostini, Giulia Degli2017-12-042017-12-042017-01-20http://hdl.handle.net/10362/26128Many studies agree on the fact that during the late 1980s and 1990s financial market integration increased substantially. Under an efficient and integrated financial market, a set of global risk factors should price international stock returns. However, despite the perception that currently financial markets are highly integrated, many researches proved that empirical local factor models outperform global factor models. We investigate the performance of global factors respect with local factors through a time series and a cross sectional analysis.engGlobal factor modelsLocal factorsInternational asset pricingmaster thesis201714540