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Describe the concept of the world beta of a security

Describe the concept of the world beta of a security.
The world beta measures the sensitivity of returns to security to returns to the world market portfolio. This is a measure of the systematic risk of the security in global setting. Statistically, the world beta can be described as:

                                      Cov(Ri, RM)/Var(RM),

Here Ri and RM are returns to the I-th security and the world market portfolio, respectively.

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