When Attempting to Determine the Cost of Equity for Companies

When attempting to determine the cost of equity for companies from emerging market nations with segmented capital markets, most procedures suggested in the literature focus at the country level rather than at the firm or even industry level. What is the reason for this?

A) Reliable data on companies and even industries in emerging market nations are hard to find and usually unreliable.
B) Most local companies in emerging market nations are closely held and thus, do not have a cost of equity.
C) The assumption that all companies in an emerging market nation have the same cost of equity is not unreasonable because of the lack of sophistication of investors.
D) All of the statements above are correct.
E) Only statements a and c are correct.