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In general, theories of portfolio choice and asset pricing let investors differ at most with respect to their preferences, their wealth and, possibly, their information sets. If there are multiple countries, however, the investment and consumption opportunity sets of investors depend on their country of residence. International portfolio choice and asset pricing theories attempt to understand how the existence of country-specific investment and consumption opportunity sets affect the portfolios held by investors and the expected returns of assets. In this paper, we review these theories within a common framework, discuss how they fare in empirical tests, and assess their relevance for the field of international finance.

Capital assets pricing model.

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Capital asset pricing model --- Foreign exchange rates --- -Interest rates --- -Monetary policy --- -Options (Finance) --- -Call options --- Calls (Finance) --- Listed options --- Options exchange --- Options market --- Options trading --- Put and call transactions --- Put options --- Puts (Finance) --- Derivative securities --- Investments --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- Capital --- Finance --- Econometric models --- Prices --- -Econometric models --- Rates --- Mathematical models --- Capital asset pricing model. --- Interest rates --- Monetary policy --- Options (Finance) --- Econometric models. --- Call options --- Prices&delete& --- Capital assets pricing model.