STOCK RETURNS OF DEVELOPED AND EMERGING MARKETS OF EUROPE by ProQuest

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The aim of this paper is to compare the performance of European stock markets with that of the U.S. market. Our results indicate that the emerging stock markets of Europe generated consistently higher returns than did either the U.S. or the developed markets of Europe during different sub-periods from January 1995 to July 2007. We further demonstrate that emerging markets of Europe provided significant diversification benefits to U.S. investors during each of these sub-periods. We therefore conclude that U.S. investors could have increased portfolio returns by allocating some proportion of their investments to the emerging markets of Europe. [PUBLICATION ABSTRACT]

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