Emerging market asset pricing research has historically applied a behavioral understanding of investor decision making based largely on US investor psychology research and therefore inherently focuses on what we understand about how US investors make investment decisions. This is likely to be both a psychologically and a culturally inappropriate perspective on emerging market investment decision making. In this chapter, we comprehensively review the recent literature on behavioral and cultural perspectives of emerging market asset pricing. We further suggest, building from this comprehensive review of relevant theories and empirical research, an approach to the application of investor psychology in emerging markets where certain investor behavioral theories are assumed to predictably vary across cultures, certain theories apply more to some cultural groups, and some behavioral principles are best viewed as innate and static across cultures.