The study looks at how the cost of buying and selling assets, along with how markets are divided, affect prices. They find that freely traded assets have higher prices because of liquidity and global market risks. Assets only available to some investors also have extra local risks. In 24 emerging markets, the cost of buying and selling assets is more important than the risks involved. Local risks are not a big factor, but global market risks go up a lot during crises and market downturns.