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In valuing companies operating in emerging markets, it necessary to understand that the room for stock price appreciation comes at a price, which is to some extent embodied in increased volatility of stock prices. As shown in Chart 7, volatility of VIP and MTS stock prices is most sac longchamp pas cher of the time only slightly elevated compared to that of American telecoms. But in times of severe economic distress (to which Russian economy is presumably more prone), massive capital outflows bring ...

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