A capital asset pricing model (CAPM) which views risk as coming from several sources. More specifically, in this model, systematic risk is partitioned over more than one beta (extra risk factors are accounted for in addition to the market risk). This view is based on the notion that the world financial market is neither fully segmented nor fully integrated, and that risk premiums of both scenarios are more relevant to be included in the CAPM. These premiums will be determined on the basis of distinct betas and different prices of risk for each dimension.