التسعير الدولي للمخاطرة باطار نموذج تسعير الموجودات الرأسمالية الدولي ((دراسة تحليلية)) لعينة من الأسهم العادية لأسواق الاسهم الدولية

The International Risk Pricing Framework of the International Capital Asset Pricing Model "Analytical study" in a sample of Common Stocks Of International Stock Exchanges

   Under the growing of technical knowledge development include modern connection instrument which made as small village. Due to reasons, there was sharp increase fluctuation in economic, policy and finance, accompanied with the beginning of the 20th century with made from investment environment represent risk factors around it (National and International) face clear threatening to investment activity of local investment because of the effect of high and low returns which the investor hops to obtain due to the acceptance of this risk. Hence, it is necessary to understand these factors to face problems caused by these risks in general and try to make price for these risks in formal model to ensure and achieve what the investor want to obtain.
It is of importance to know the local capital asset price model (CAPM) which was still represent thinking conclusion about expiratory in risk processing in world form which faces investors individually or finance institutions when multiple risk factors were expanded and affect directly on investment activity and then on investment decision.
This study was conducted to assess on the locally and Internationally,….i.e. Policy, economic and finance ( which included the differences in interest rates, exchange prices of currency , inflation states and country private factors and their roles as internal effective factors in the composition of price models which were local model ( in their two models ..i.e. (one index or multiple index) or world model (one index or multiple index) .
Detailed analysis was done to the above two models (local and international ) on data that were obtained from international )on data that were obtained from studying samples included market for seven chosen countries of ten companies for each market on restrict looking conditions from the period of April, 2011 till April ,2015 , by using great of finance statistical analysis techniques.
It was abstract ( observed, noticed ) some conclusion obtained from this study, the most important was locally capital asset price model of one index in spite of its suitability to risks prices in local stocks, is not suitable in risk investment pricing in these stocks .
World models, particularly, of one index (ICAPM) and multiple countries (IAPM) it is suitable for the pricing of international investment risk in stocks.
From the results of this study, it can be recommended that of importance for Iraqi investor to put his mind that the opportunities of world investment was the best (in return and risk) compared to the locally investment opportunities. To get these, the investor must try to exploit these opportunities, but need to assess the threatening of world risk environment multiple dimensions.
Therefore, the investor must depend on exact pricing model (world model) which gives exact knowledge about market goodness that deals with world price stocks, this make the investor able to build optimum portfolio active in scientific and efficient model, this characteristic cannot be achieved with local models.