Erasmus university rotterdam

Max	1.619828	1.566296	1.673646	0.057403	1.786438	0.047191
0.001314
Min	0.17679	0.249933	0.135049	-0.04276	0.221997	-0.17122	-0.00884

Appendix H Betas Morocco

	Global	Local	Three Moment CAPM		Four Moment CAPM
MOR1	0.225333	0.833817	0.22425	-0.00028	0.250502	-0.00825	-0.00054
MOR2	0.050987	0.452855	0.025683	-0.00645	0.036128	-0.00963	-0.00021
MOR3	0.09828	0.555598	0.05506	-0.01102	0.089317	-0.02142	-0.0007
MOR4	0.167423	0.95739	0.149226	-0.00464	0.194909	-0.01851	-0.00094
MOR5	0.354198	0.43308	0.245976	-0.0276	0.313106	-0.04798	-0.00138
MOR6	0.140437	0.619894	0.032722	-0.02747	0.161931	-0.0667	-0.00265
MOR7	0.270067	0.692426	0.217126	-0.0135	0.336683	-0.04981	-0.00245
MOR8	0.24192	0.823991	0.204882	-0.00945	0.274244	-0.03051	-0.00142
MOR9	0.337339	0.67107	0.373417	0.0092	0.341623	0.018855	0.000651
MOR10	0.132111	0.627415	0.060424	-0.01828	0.0935	-0.02833	-0.00068
MOR11	0.299296	0.803116	0.299295	-2.51E-07	0.32829	-0.00881	-0.00059
MOR12	0.095411	0.560523	0.098413	0.000766	0.168376	-0.02048	-0.00143
MOR13	0.316186	0.882308	0.198177	-0.03009	0.197652	-0.02993	1.07E-05
MOR14	0.242754	0.563258	0.196923	-0.01169	0.18055	-0.00672	0.000335
MOR15	0.176735	0.878996	0.074094	-0.02617	0.14779	-0.04855	-0.00151
MOR16	0.221551	0.524615	0.149872	-0.01828	0.151274	-0.0187	-2.87E-05
MOR17	0.3536	0.753377	0.236931	-0.02975	0.284334	-0.04415	-0.00097
MOR18	0.141161	0.752832	0.125461	-0.004	0.19605	-0.02544	-0.00145
MOR19	0.180252	0.285035	0.092597	-0.02235	0.047339	-0.00861	0.000927
MOR20	0.245477	1.007424	0.1513	-0.02402	0.166839	-0.02873	-0.00032
MOR21	0.295605	0.683835	0.279667	-0.00401	0.330395	-0.01857	-0.00098
MOR22	0.19613	0.632843	0.124916	-0.01812	0.169061	-0.03142	-0.0009
MOR23	0.156852	0.93766	0.117682	-0.00999	0.195604	-0.03365	-0.0016
MOR24	0.148216	0.486799	0.107356	-0.01042	0.119454	-0.01409	-0.00025
MOR25	0.26074	0.69019	0.244727	-0.00408	0.286597	-0.0168	-0.00086
MOR26	0.129435	0.510973	0.071599	-0.01475	0.132971	-0.03339	-0.00126
MOR27	0.228513	1.156863	0.153186	-0.01921	0.235407	-0.04418	-0.00168
MOR28	0.360118	0.677771	0.286533	-0.01877	0.339494	-0.03485	-0.00109
MOR29	0.249812	0.501485	0.182579	-0.01715	0.250633	-0.03781	-0.00139
MOR30	0.280263	1.071753	0.245085	-0.00897	0.366135	-0.04573	-0.00248
MOR31	0.282872	1.007782	0.23994	-0.01095	0.281693	-0.02363	-0.00086
MOR32	0.105439	0.646025	0.001716	-0.02645	0.007098	-0.02808	-0.00011
MOR33	0.154485	0.974003	0.126903	-0.00703	0.18946	-0.02603	-0.00128
MOR34	0.140006	0.47664	0.150007	0.00255	0.219795	-0.01864	-0.00143
MOR35	0.231212	0.928695	0.146888	-0.0215	0.162276	-0.02618	-0.00032
MOR36	0.121428	0.312827	0.112246	-0.00234	0.139235	-0.01054	-0.00055
MOR37	0.180442	0.361775	0.158736	-0.00556	0.202148	-0.01825	-0.00085
MOR38	0.107384	1.070781	0.030636	-0.01957	0.18247	-0.06568	-0.00311
Max	0.360118	1.156863	0.373417	0.0092	0.366135	0.018855	0.000927
Min	0.050987	0.285035	0.001716	-0.03009	0.007098	-0.0667	-0.00311

Appendix I Betas Turkey

	Global	Local	Three Moment CAPM		Four Moment CAPM
TR1	0.552807	0.50845	0.559973	0.001823	0.59551	-0.00889	-0.000722821
TR2	0.867433	0.601347	0.827669	-0.01012	0.885612	-0.02758	-0.001178562
TR3	1.115658	0.765378	1.01065	-0.02672	1.009251	-0.02629	2.85E-05
TR4	0.976147	0.72435	0.892796	-0.02121	0.896394	-0.02229	-7.32E-05
TR5	1.008788	0.791744	0.929119	-0.02027	0.88807	-0.0079	0.000834919
TR6	0.94888	0.657571	0.893869	-0.014	0.920215	-0.02194	-0.000535875
TR7	1.201764	0.819487	1.223112	0.005431	1.098143	0.043098	0.002541852
TR8	1.003727	0.731602	0.95579	-0.0122	0.933094	-0.00536	0.000461618
TR9	1.352716	1.055181	1.329079	-0.00601	1.3233	-0.00427	0.000117546
TR10	1.324487	0.946842	1.32269	-0.00046	1.338397	-0.00519	-0.00031949
TR11	1.117433	0.726864	1.044832	-0.01847	0.960782	0.006863	0.001709583
TR12	1.04736	0.757413	1.048538	0.0003	1.071837	-0.00672	-0.000473914
TR13	1.54728	1.031638	1.510749	-0.00929	1.544215	-0.01938	-0.000680698
TR14	1.165545	0.82656	1.174207	0.002204	1.07495	0.03212	0.002018868
TR15	1.130564	0.741092	1.020556	-0.02799	0.97258	-0.01353	0.000975837
TR16	0.977751	0.748305	0.929481	-0.01228	0.991097	-0.03085	-0.001253264
TR17	0.905462	0.688222	0.8125	-0.02365	0.89798	-0.04942	-0.001738643
TR18	1.077106	0.836	1.086681	0.002436	1.056404	0.011562	0.000615843
TR19	1.233156	0.96525	1.184607	-0.01235	1.109814	0.010192	0.001521281
TR20	1.150483	0.786579	1.092327	-0.0148	1.108474	-0.01966	-0.000328435
TR21	1.260274	0.759399	1.135439	-0.03166	0.986413	0.013082	0.003018906
TR22	0.990049	0.880283	0.893938	-0.02445	0.874628	-0.01863	0.000392747
TR23	1.437428	1.08391	1.417059	-0.00518	1.333307	0.020062	0.001703511
TR24	0.981958	0.757409	0.947153	-0.00886	0.956943	-0.01181	-0.000199133
TR25	0.922196	0.779766	0.837503	-0.02155	0.996379	-0.06943	-0.003231512
TR26	1.107358	0.799544	1.094457	-0.00328	1.114082	-0.0092	-0.000399168
TR27	1.070353	0.75162	1.039426	-0.00787	1.045365	-0.00966	-0.000120795
TR28	1.243883	0.938824	1.225566	-0.00466	1.235642	-0.0077	-0.000204943
TR29	1.349768	0.895905	1.220311	-0.03294	1.249234	-0.04165	-0.000588285
TR30	1.304305	0.952945	1.281833	-0.00572	1.270172	-0.0022	0.000237187
TR31	1.184113	0.995196	1.150764	-0.00848	1.211295	-0.02673	-0.001231213
TR32	1.066846	0.842375	1.019365	-0.01208	1.11591	-0.04118	-0.001963712
TR33	0.682832	0.741072	0.70074	0.004556	0.790491	-0.0225	-0.001825521
TR34	1.151422	0.850113	1.058469	-0.02365	1.094648	-0.03455	-0.000735864
TR35	1.008618	0.733206	0.880339	-0.03264	0.772306	-7.28E-05	0.002197397
TR36	1.075	0.755607	1.104574	0.007524	1.137546	-0.00241	-0.000670658
TR37	1.123691	0.865563	1.106061	-0.00425	1.125495	-0.0098	-0.000363592
TR38	1.316451	0.964747	1.334739	0.004653	1.183346	0.050284	0.003079324
TR39	1.086927	0.567868	0.978026	-0.02771	0.813905	0.021762	0.003338205
TR40	1.066089	0.702585	0.981786	-0.02145	0.943119	-0.00979	0.000786486
TR41	1.249094	0.838979	1.186056	-0.01604	1.14788	-0.00453	0.000776498
TR42	1.118135	0.821905	1.083611	-0.00878	1.095059	-0.01223	-0.000232858
TR43	1.09192	0.834194	0.963351	-0.03271	0.902945	-0.0145	0.001228649
TR44	0.99762	0.616204	0.904151	-0.02378	0.851201	-0.00782	0.001076997
TR45	1.154946	0.828181	1.011978	-0.03637	0.900463	-0.00276	0.002268211
TR46	1.329157	0.80944	1.173654	-0.03956	1.097946	-0.01674	0.001539883
TR47	0.745458	0.660391	0.735042	-0.00265	0.77955	-0.01607	-0.000905286
TR48	1.143852	0.800812	1.027064	-0.02968	1.00337	-0.02254	0.000481954
TR49	0.736383	0.656936	0.600841	-0.03261	0.464194	0.006375	0.00255443
TR50	1.068692	0.581665	0.969831	-0.02515	0.961866	-0.02275	0.000162012
TR51	0.872741	0.730769	0.650643	-0.0565	0.625194	-0.04883	0.000517631
TR52	0.946294	0.749421	0.896632	-0.01264	0.94748	-0.02796	-0.001034243
TR53	1.211519	0.869698	1.174363	-0.00945	1.068489	0.022459	0.002153473
TR54	1.156999	0.790423	1.037759	-0.03034	0.965522	-0.00856	0.001469302
TR55	1.084774	0.842734	1.079761	-0.00128	1.100926	-0.00766	-0.000430503
TR56	1.164933	0.72145	1.012474	-0.0387	0.919933	-0.01088	0.001878117
TR57	0.689406	0.671658	0.688069	-0.00034	0.634663	0.015757	0.00108627
TR58	0.921085	0.663741	0.844797	-0.01941	0.905299	-0.03764	-0.001230599
TR59	1.351691	1.010044	1.207719	-0.03663	1.245656	-0.04806	-0.000771629
TR60	1.01101	0.780898	0.872249	-0.0353	0.840298	-0.02567	0.00064988
TR61	0.909998	0.60246	0.868241	-0.01062	0.847408	-0.00434	0.000423735
TR62	0.880188	0.605758	0.820796	-0.01511	0.709471	0.018445	0.002264341
TR63	0.7075	0.491215	0.674244	-0.00846	0.68184	-0.01075	-0.00015451
TR64	0.537702	0.484897	0.543804	0.001553	0.565373	-0.00495	-0.00043871
TR65	1.190481	0.753722	0.96412	-0.05759	0.849843	-0.02314	0.002324376
TR66	0.985712	0.776804	0.828673	-0.03995	0.781839	-0.02584	0.000952606
TR67	1.368579	0.869624	1.290579	-0.01984	1.173674	0.015392	0.002377827
TR68	0.99534	0.862686	0.870907	-0.03166	0.942175	-0.05314	-0.001449567
TR69	1.072388	0.781109	1.025175	-0.01201	1.087668	-0.03085	-0.00127111
TR70	1.13451	0.787065	0.97833	-0.03973	0.90521	-0.0177	0.001487242
TR71	1.14259	0.661339	0.935956	-0.05257	0.724882	0.01105	0.004293234
TR72	1.345997	1.008587	1.298528	-0.01208	1.230169	0.008527	0.001390402
TR73	1.170502	0.745743	1.101688	-0.01751	1.071283	-0.00834	0.000618437
TR74	0.897185	0.528772	0.915928	0.004769	0.945874	-0.00426	-0.000609091
TR75	1.153348	0.83642	1.163901	0.002685	1.261731	-0.0268	-0.00198986
TR76	1.095364	0.736802	0.956939	-0.03522	0.83365	0.001944	0.002507678
TR77	0.829454	0.702964	0.678419	-0.03843	0.537263	0.004121	0.002871098
TR78	1.144841	0.817734	1.041616	-0.02626	1.005135	-0.01527	0.000742008
TR79	0.991734	0.674402	0.890727	-0.0257	0.892095	-0.02611	-2.78E-05
TR80	1.01282	0.758708	0.966019	-0.01191	0.914029	0.003763	0.001057461
TR81	1.014539	0.639628	0.906857	-0.0274	0.923997	-0.03256	-0.00034864
TR82	1.258379	0.962953	1.096608	-0.04116	0.998711	-0.01165	0.001991212
TR83	1.32586	0.800602	1.179768	-0.03717	1.084633	-0.00849	0.001935038
TR84	1.096663	0.73738	0.98172	-0.02924	0.922845	-0.0115	0.001197518
TR85	0.923752	0.910357	0.850312	-0.01868	0.85563	-0.02029	-0.000108161
TR86	1.277642	1.063872	1.189866	-0.02233	1.156715	-0.01234	0.000674295
TR87	1.137468	1.112787	1.106135	-0.00797	1.198741	-0.03588	-0.0018836
TR88	1.315913	1.161838	1.278855	-0.00943	1.446172	-0.05986	-0.003403202
TR89	1.138354	0.848616	0.967298	-0.04352	0.911963	-0.02684	0.001125516
TR90	1.088129	0.762161	0.933564	-0.03932	0.867869	-0.01952	0.001336236
TR91	1.283009	0.71411	1.181679	-0.02578	1.031256	0.01956	0.003059603
TR92	1.211843	0.882602	1.140292	-0.0182	1.093461	-0.00409	0.000952542
TR93	1.266927	0.85663	1.222521	-0.0113	1.2828	-0.02947	-0.001226067
TR94	1.104613	0.838538	1.096993	-0.00194	1.173773	-0.02508	-0.001561708
TR95	1.221553	0.77288	1.239717	0.004621	1.225306	0.008965	0.000293125
TR96	1.026039	0.712657	0.847716	-0.04537	0.799252	-0.03076	0.000985756
TR97	0.980812	0.74083	0.947586	-0.00845	0.912626	0.002084	0.000711094
TR98	1.30173	0.77259	1.230062	-0.01823	1.008235	0.048628	0.004511945
TR99	1.087431	0.508207	0.957355	-0.03309	0.780609	0.02018	0.003594989
TR100	1.344467	0.847475	1.213466	-0.03333	1.11027	-0.00222	0.002099014
TR101	1.107885	0.805509	1.035407	-0.01844	1.060705	-0.02606	-0.000514562
TR102	1.139912	0.763681	1.007708	-0.03363	0.943474	-0.01427	0.001306502
TR103	1.035271	0.832901	1.080529	0.011514	1.243585	-0.03763	-0.003316552
TR104	1.097197	0.795249	1.000243	-0.02467	0.975388	-0.01717	0.000505543
TR105	0.76714	0.57399	0.607638	-0.04058	0.963979	-0.14798	-0.007247944
TR106	1.249225	0.820191	1.171448	-0.01979	1.170597	-0.01953	1.73E-05
TR107	0.819132	0.656001	0.698835	-0.0306	0.662663	-0.0197	0.000735738
TR108	1.446824	0.973652	1.379132	-0.01722	1.412093	-0.02716	-0.000670414
TR109	1.131872	0.67508	1.069717	-0.01581	1.004457	0.003857	0.001327375
TR110	1.396938	0.781346	1.222665	-0.04434	1.205237	-0.03908	0.000354486
TR111	1.165423	0.77164	1.043377	-0.03105	0.974564	-0.01031	0.00139965
TR112	1.384726	0.894184	1.295426	-0.02272	1.332462	-0.03388	-0.000753319
TR113	1.432947	0.695272	1.229406	-0.05178	1.175638	-0.03558	0.001093633
TR114	0.846299	0.650117	0.73905	-0.02729	0.680109	-0.00952	0.001198843
TR115	1.351064	0.74824	1.135115	-0.05494	1.09049	-0.04149	0.000907661
TR116	1.046245	0.80347	0.905558	-0.03579	0.891391	-0.03152	0.000288143
TR117	1.000942	0.82758	0.95047	-0.01284	0.936446	-0.00861	0.000285245
TR118	1.218249	0.92592	1.212966	-0.00134	1.159226	0.014854	0.001093066
TR119	1.330563	0.954805	1.259253	-0.01814	1.289139	-0.02715	-0.00060788
TR120	1.267135	0.757789	1.252903	-0.00362	1.133295	0.03243	0.002432806
TR121	0.880343	0.564159	0.636252	-0.05871	0.413018	0.004974	0.004173607
TR122	1.32123	0.963625	1.27099	-0.01278	1.160294	0.020583	0.002251534
TR123	1.028288	0.809859	1.000008	-0.0072	0.964439	0.003526	0.000723475
TR124	1.058947	0.685546	0.964593	-0.024	0.844416	0.012218	0.002444404
TR125	0.858919	0.660348	0.812175	-0.01189	0.830443	-0.0174	-0.000371573
TR126	1.318466	0.873788	1.241657	-0.01954	1.226225	-0.01489	0.000313891
TR127	1.480868	1.160636	1.172962	-0.07833	1.028042	-0.03465	0.002947663
TR128	1.327473	0.958231	1.243577	-0.02134	1.200082	-0.00823	0.000884669
TR129	1.243376	0.712499	1.13321	-0.02803	1.162445	-0.03684	-0.000594625
TR130	1.027408	0.762091	0.935426	-0.0234	0.969486	-0.03367	-0.000692782
TR131	1.134351	0.895219	1.057889	-0.01945	0.96931	0.007246	0.001801689
TR132	1.863638	1.149801	1.658966	-0.05207	1.511256	-0.00755	0.003004418
TR133	1.122373	0.796379	0.972009	-0.03825	0.979137	-0.0404	-0.000144976
TR134	1.266979	0.913982	1.159496	-0.02734	1.099521	-0.00927	0.001219892
TR135	1.331493	1.039332	1.366972	0.009026	1.409523	-0.0038	-0.000865485
TR136	1.233759	0.798056	1.140877	-0.02363	1.076048	-0.00409	0.001318603
TR137	1.332976	0.891758	1.250549	-0.02097	1.262856	-0.02468	-0.000250323
TR138	1.357643	1.112538	1.3564	-0.00032	1.444257	-0.0268	-0.001786997
TR139	0.980238	0.772276	0.814523	-0.04216	0.794994	-0.03627	0.000397201
TR140	1.197035	0.745186	1.022814	-0.04432	0.904708	-0.00873	0.002402257
TR141	1.23393	0.930629	1.071835	-0.04124	0.991137	-0.01692	0.001641385
TR142	1.100314	0.828132	1.042085	-0.01481	1.055184	-0.01876	-0.000266439
TR143	1.193696	0.860483	0.975511	-0.05551	0.841109	-0.015	0.002733726
TR144	1.405515	1.022087	1.338884	-0.01695	1.348534	-0.01986	-0.000196281
TR145	0.951612	0.915484	0.968295	0.004244	1.019414	-0.01116	-0.001039747
TR146	1.045254	0.909158	0.967977	-0.01952	0.933948	-0.00925	0.000692526
TR147	1.02267	0.883177	0.98779	-0.00887	1.072866	-0.03452	-0.001730439
TR148	1.087954	0.680614	0.925261	-0.04139	0.838323	-0.01519	0.001768323
TR149	1.087258	0.835172	0.997776	-0.02277	0.928173	-0.00179	0.00141571
TR150	1.496911	1.036346	1.408879	-0.0224	1.435097	-0.0303	-0.000533276
TR151	1.430685	0.898277	1.383395	-0.01203	1.41507	-0.02158	-0.000644264
TR152	1.055048	0.729682	0.907941	-0.03743	0.887429	-0.03124	0.000417219
TR153	0.816468	0.536162	0.8208	0.001102	0.821251	0.000966	-9.17E-06
TR154	0.66896	0.708135	0.672013	0.000777	0.762641	-0.02654	-0.001843367
TR155	0.935581	0.730399	0.975814	0.010235	1.005047	0.001424	-0.000594599
TR156	1.13879	0.6813	1.084255	-0.01387	0.973619	0.019472	0.00225032
TR157	1.282853	0.861018	1.347786	0.016519	1.416169	-0.00409	-0.001390913
TR158	0.852569	0.720453	0.844077	-0.00216	0.939624	-0.03096	-0.001943425
TR159	1.290137	1.014177	1.243477	-0.01187	1.215561	-0.00346	0.000567809
TR160	0.862379	0.684929	0.760039	-0.02604	0.701833	-0.00849	0.001183907
TR161	0.655587	0.581589	0.734651	0.020115	0.694684	0.032161	0.000812923
TR162	0.904474	0.64735	0.93587	0.007987	0.995279	-0.00992	-0.001208371
TR163	1.065091	0.833478	1.01233	-0.01342	1.052134	-0.02542	-0.000809615
TR164	1.434067	0.899106	1.245939	-0.04051	1.089864	-0.00121	0.002589313
TR165	1.300665	0.763361	1.297691	-0.00076	1.16458	0.039365	0.002707474
TR166	1.042867	0.790171	0.866784	-0.0448	0.743187	-0.00754	0.002513948
TR167	1.14281	0.806125	0.982407	-0.04081	0.855036	-0.00242	0.002590733
TR168	1.283062	0.82272	1.174816	-0.02754	1.089298	-0.00176	0.001739417
TR169	0.906479	0.722989	0.86711	-0.01002	0.77888	0.016578	0.001794595
TR170	1.137723	0.765387	1.03089	-0.02718	0.991497	-0.01531	0.000801248
TR171	1.057791	0.690317	1.001762	-0.01425	0.993507	-0.01177	0.00016791
TR172	1.23225	0.81081	1.124746	-0.02735	1.117382	-0.02513	0.000149777
TR173	1.014553	0.672932	0.938282	-0.0194	0.93704	-0.01903	2.53E-05
TR174	1.28245	0.947068	1.261512	-0.00533	1.320087	-0.02298	-0.001191419
TR175	1.240235	0.841603	1.182151	-0.01478	1.187709	-0.01645	-0.000113058
TR176	0.737417	0.695895	0.742964	0.001411	0.706694	0.012343	0.000737725
TR177	1.345792	0.884626	1.244058	-0.02588	1.148771	0.002838	0.001938129
TR178	1.116308	0.827761	0.98382	-0.03371	0.890927	-0.00571	0.001889431
TR179	1.149296	0.719576	1.018995	-0.03315	0.709553	0.060119	0.006294012
TR180	0.81076	0.729573	0.836263	0.006488	0.937106	-0.02391	-0.002051125
TR181	0.973432	0.826844	0.834327	-0.03539	0.736855	-0.00601	0.001982566
TR182	1.399677	0.695765	1.241096	-0.03658	1.109283	-0.00148	0.002304564
TR183	0.981941	0.774105	1.033504	0.013118	1.137803	-0.01832	-0.002121425
TR184	1.279635	1.071942	1.201016	-0.02	1.271273	-0.04118	-0.001429003
TR185	1.296094	0.837933	1.15026	-0.0371	1.189875	-0.04904	-0.000805761
TR186	1.098774	0.735942	1.063831	-0.00889	1.070937	-0.01103	-0.000144536
TR187	1.344162	0.993508	1.24117	-0.0262	1.319031	-0.04967	-0.001583692
TR188	1.198588	0.981146	1.138193	-0.01537	1.15764	-0.02123	-0.00039555
TR189	1.223817	0.934532	1.301791	0.019837	1.385626	-0.00543	-0.001705199
TR190	0.869688	0.554567	0.778228	-0.02327	0.759577	-0.01765	0.000379352
TR191	1.134708	0.808049	1.080422	-0.01381	1.129964	-0.02874	-0.001007667
TR192	0.846904	0.844797	0.911737	0.016494	0.88358	0.02498	0.000572697
TR193	0.695252	0.621945	0.645498	-0.01266	0.635375	-0.00961	0.000205916
TR194	1.203105	0.833586	0.996181	-0.05264	0.924305	-0.03098	0.001461958
TR195	0.663294	0.581232	0.665555	0.000575	0.75469	-0.02629	-0.001813004
TR196	1.261925	0.72734	1.160753	-0.02574	1.025029	0.015169	0.002760598
TR197	1.558921	1.079361	1.515093	-0.01114	1.425265	0.015888	0.001824408
TR198	1.267002	0.856451	1.00488	-0.06669	0.965655	-0.05486	0.000797839
TR199	1.056914	0.699944	1.036011	-0.00532	0.995053	0.007027	0.000833088
TR200	1.332885	1.163326	1.246772	-0.02191	1.179142	-0.00152	0.001375596
TR201	1.020728	0.843076	1.080327	0.015162	1.078554	0.015697	3.60E-05
TR202	1.170931	0.666377	1.145849	-0.00638	1.087428	0.011228	0.001188275
TR203	1.172544	0.847193	1.099494	-0.01859	1.102778	-0.01958	-6.68E-05
TR204	1.180185	0.846648	0.998913	-0.04556	0.839997	6.43E-05	0.003070208
TR205	1.104012	0.812716	1.071915	-0.00817	1.158883	-0.03438	-0.001768917
TR206	1.236273	0.827596	1.017826	-0.05558	0.957309	-0.03734	0.001230899
TR207	1.099652	0.774098	0.949595	-0.03818	0.929316	-0.03206	0.000412471
TR208	1.365225	0.849599	1.19482	-0.04335	1.079545	-0.00861	0.00234469
TR209	0.935884	0.73712	0.859158	-0.01952	0.834811	-0.01218	0.000495221
TR210	0.994344	0.719278	0.937782	-0.01439	0.965842	-0.02285	-0.000570722
TR211	1.309729	0.962939	1.130561	-0.04558	1.122207	-0.04306	0.000169932
TR212	1.251508	0.963417	1.145426	-0.02699	1.143149	-0.0263	4.63E-05
TR213	1.090532	0.764887	1.176976	0.021992	1.05653	0.058295	0.002449853
TR214	1.164705	0.767888	1.010223	-0.0393	0.952916	-0.02203	0.001165626
TR215	0.969093	0.756867	0.913575	-0.01412	0.845659	0.006346	0.001381393
TR216	1.173184	0.722588	0.991156	-0.04631	0.888435	-0.01535	0.002089326
TR217	1.428858	0.83567	1.206245	-0.05664	1.262032	-0.07345	-0.001134716
TR218	1.387099	0.812704	1.227654	-0.04056	1.21932	-0.03805	0.000169496
TR219	1.176665	0.815602	1.013386	-0.04154	0.915706	-0.0121	0.0019868
TR220	0.687622	0.605842	0.501403	-0.04738	0.542227	-0.05968	-0.000830364
TR221	1.11124	0.751005	1.112256	0.000258	1.121702	-0.00259	-0.000192142
TR222	1.283151	0.902169	1.136884	-0.03721	1.126854	-0.03419	0.000204014
TR223	1.869197	1.039349	1.579638	-0.07367	1.346638	-0.00344	0.00473919
TR224	1.507831	0.960418	1.353443	-0.03928	1.305097	-0.02471	0.000983354
TR225	1.032957	0.627235	0.936066	-0.02465	0.886339	-0.00966	0.00101145
TR226	0.932631	0.63664	0.772576	-0.04072	0.729107	-0.02762	0.000884152
TR227	1.586062	1.135961	1.577081	-0.00229	1.625049	-0.01674	-0.000975682
TR228	1.30971	0.92695	1.298691	-0.0028	1.179359	0.033164	0.002427197
TR229	1.358004	0.950813	1.365934	0.002017	1.479811	-0.03231	-0.002316254
TR230	1.423823	1.054521	1.381862	-0.01068	1.297457	0.014765	0.001716794
TR231	1.556413	1.023827	1.443263	-0.02879	1.305666	0.012686	0.002798708
TR232	1.070385	0.854285	1.02197	-0.01232	0.911754	0.020903	0.002241782
TR233	1.30026	0.860401	1.219328	-0.02059	1.159839	-0.00266	0.00120999
TR234	0.991329	0.70923	0.876176	-0.0293	0.855859	-0.02317	0.000413253
TR235	0.792836	0.599661	0.598619	-0.04941	0.589193	-0.04657	0.000191731
TR236	1.228058	0.868458	1.210365	-0.0045	1.252919	-0.01733	-0.000865558
TR237	1.350018	0.904349	1.213402	-0.03476	1.219349	-0.03655	-0.00012096
TR238	1.649266	0.976042	1.644591	-0.00119	1.659162	-0.00558	-0.000296363
TR239	1.335538	0.928351	1.274901	-0.01543	1.245368	-0.00653	0.000600694
TR240	0.967516	0.692948	0.788842	-0.04546	0.779271	-0.04257	0.00019467
TR241	1.015237	0.868251	1.031159	0.004051	1.033246	0.003421	-4.25E-05
TR242	1.509067	1.190799	1.549911	0.010391	1.598953	-0.00439	-0.000997491
TR243	1.023796	0.718147	0.892044	-0.03352	0.843973	-0.01903	0.000977764
TR244	1.346559	0.88411	1.310472	-0.00918	1.345033	-0.0196	-0.000702963
TR245	1.144996	0.697968	1.090094	-0.01397	1.070886	-0.00818	0.000390689
TR246	0.861783	0.779948	0.890642	0.007342	1.033172	-0.03562	-0.002899041
TR247	1.353526	0.883593	1.21876	-0.03429	1.17455	-0.02096	0.000899219
TR248	1.044356	0.836294	0.985498	-0.01497	0.988599	-0.01591	-6.31E-05
TR249	0.750609	0.621348	0.590633	-0.0407	0.391696	0.019262	0.004046359
TR250	1.043132	0.765619	0.900941	-0.03618	0.786789	-0.00177	0.002321843
TR251	1.263948	0.781087	1.17957	-0.02147	1.202765	-0.02846	-0.000471793
TR252	1.322883	0.974314	1.191939	-0.03331	1.127392	-0.01386	0.001312878
TR253	1.207884	0.799351	1.065777	-0.03615	1.003236	-0.0173	0.001272068
TR254	0.895765	0.806763	0.806177	-0.02275	0.679025	0.015501	0.002581748
TR255	1.386222	0.885476	1.168312	-0.05544	1.183258	-0.05994	-0.000304002
TR256	1.166623	0.88063	1.136305	-0.00771	1.150214	-0.01191	-0.000282926
TR257	1.4298	1.170071	1.392238	-0.00956	1.419265	-0.0177	-0.000549729
TR258	1.258015	0.81342	1.143453	-0.02915	1.063771	-0.00513	0.001620729
TR259	0.982559	0.683579	0.951108	-0.008	0.980483	-0.01686	-0.000597486
TR260	1.047609	0.840378	0.919992	-0.03247	0.91787	-0.03183	4.32E-05
TR261	1.477389	0.862288	1.339083	-0.03519	1.356384	-0.0404	-0.000351893
TR262	1.53953	1.011386	1.262886	-0.07038	1.152964	-0.03725	0.002235803
TR263	0.831622	0.660538	0.688585	-0.03639	0.651937	-0.02534	0.000745426
TR264	1.263354	0.806385	1.118547	-0.03684	1.034544	-0.01152	0.001708617
Max	1.869197	1.190799	1.658966	0.021992	1.659162	0.060119	0.006294012
Min	0.537702	0.484897	0.501403	-0.07833	0.391696	-0.14798	-0.007247944

1^ After an investigation of the Middle Eastern and North African stock markets, these stock markets were chosen based on their high past returns, their liquidity and the availability of data.

2 www.federalreserve.gov