espanolPara estimar la relacion rentabilidad-riesgo a nivel global se parte normalmente del supuesto de perfecta integracion. Sin embargo, el proceso de integracion es complejo, gradual y puede tomar varios anos. Esto implica que el mundo esta parcialmente integrado y los modelos de valoracion de activos deberian incluir variables que reconozcan cierto grado de segmentacion. Este estudio propone un modelo multifactor para relacionar la rentabilidad y el riesgo observado en paises desarrollados y emergentes en un mundo parcialmente integrado. Para los paises desarrollados se encontro que el riesgo sistematico explica en buena medida la rentabilidad, no obstante, para los paises emergentes se encuentra que los riesgos por tipo de cambio e inestabilidad economica aunados al tamano de mercado accionario explican mas del 40% de la variacion de los retornos y que el riesgo sistematico no agrega poder explicativo en estas economias. EnglishTo estimate the risk-return relationship at the global level, we normally start from the assumption of perfect integration. However, the integration process is complex, gradual, and may take several years. This implies that the world is partially integrated and asset pricing models should include variables that recognize a certain degree of segmentation. This study proposes a multi-factor model to relate the return and the risk observed in developed and emerging countries within a partially integrated world. A multiple linear regression analysis was used, which permitted identifying risk measures with higher explanatory power over profit and it was validated through a robust regression. For the developed countries, it was found that systematic risk explains profit to a good measure; nevertheless, for emerging countries it was found that risks due to type of exchange rate and economic instability, coupled with the size of the shares market, explain over 40% of the variation of returns and that systematic risk does not add explanatory powder in these economies