There are additional risks associated with emerging markets:
Potential for political instability, currency fluctuation. Emerging markets undergo constant changes, which makes it almost impossible to draw correlations between events and returns. Another risk factor when investing in the emerging markets is the higher cost to process the trade.
However, the highest risk is the lack of regulation and transparency of the accounting and financial reporting which increases the chance of corporate bankruptcy. In the emerging markets, firms can more freely cook the books to give the impression of extended profitability.