;"β > 0 and is significant";"α is significant";"Risk premium is constant" Russia;+;+;+ "South Korea";+;–;+ Kuwait;+;+;+ Turkey;+;–;+ Argentina;+;+;– Indonesia;+;–;– Thailand;+;–;– Hungary;–––;; "Saudi Arabia";–;–;– India;–;–;– "Czech Republic";–;–;– Romania;–;–;– Estonia;–––;; "Hong Kong";–––;; Singapore;–;–;– Australia;–;–;– "United Kingdom";–;–;– Canada;–;–;– Denmark;–;–;– Japan;–;–;– "New Zealand";–;–;– Norway;–;–;– Sweden;–;–;– Switzerland;–;–;– Eurozone;–;–;–