Can anyone refer me to (preferably broker) research on translating country-specific risk factors (political risk, inflation, fiscal policy, etc) into an appropriate discount rate for valuing a company? I am most interested in a practitioner's perspective on quantifying country risk in a denominator (vs. a cash flow/income/numerator) adjustment. I am aware of CFA/academic theory indicating that we should be using a beta-based model, factor in industry, etc. but it seems many folks recognize the difficulties in implementation of these theories, particularly in emerging markets, and have adopted a methodology to include the influence of a company's home country in its cost of equity. Any suggestions or references would be appreciated.