... on the “book-to -market portfolio (rHMLt) that is an arbitrage portfolio formed from going long in stocks with a high book-to -market value and short in stocks with a low book-to -market value ... 12180, 51 8-2 7 6-2 525, fax 51 8-2 7 6-2 387, hasan@rpi.edu, orBill Francis, Finance Department, University of South Florida, 4202 E. Folwer Avenue, BSN 3403, Tampa, Florida 3362 0- 5500, 81 3-9 7 4-6 319, ... of liberalization on theintegration of emerging markets capital markets into world financial markets are confined to equity markets,ignoring currency markets that arguably are more important...