“Country Risk: Determinants, Measures and Implications—The 2023 Edition” is the July 2023 update by Aswath Damodaran (New York University Stern School of Business) that includes equity risk premiums, by country. The 125-page paper (available if you click here) is also summarized in a blog post (click here for that) that has links to spreadsheets and also to a 30-minute video of Damodaran discussing country risk. A company’s exposure to country risk should not be determined by where it is incorporated and traded but rather from where it gets its revenue, he says. He gives the example of Coca-Cola, which is a U.S. company, but it generates a significant portion of its revenues from the rest of the world.