DATA THROUGH MARCH 1995
ERB, HARVEY AND VISKANTA


MarketMonthlyMonthlyBeta With
CapitalizationArithmeticStandardWorld Market
Millions US$Mean ReturnDeviationLast Five Years
CountrySourceSample StartMarch 1995AnnualizedAnnualizedMonthly

ArgentinaIFCOctober 1979$17,939 42.0%93.1%1.80
AustraliaMSCIOctober 1979$120,148 15.1%26.6%1.27
Austria MSCIOctober 1979$18,222 13.8%25.2%0.62
Belgium MSCIOctober 1979$53,215 17.6%21.2%0.53
BrazilIFCOctober 1979$81,800 33.1%64.0%0.68
Canada MSCIOctober 1979$178,656 9.7%19.6%0.75
ChileIFCOctober 1979$45,500 24.9%32.0%0.45
ChinaIFCApril 1993$28,407 6.3%86.6%0.35
ColombiaIFCOctober 1985$10,620 39.7%31.4%-0.19
Denmark MSCIOctober 1979$36,785 15.4%20.1%0.70
Finland MSCIApril 1988$25,685 8.1%26.8%1.66
France MSCIOctober 1979$299,756 15.0%23.4%1.06
Germany MSCIOctober 1979$311,842 14.1%22.4%0.67
GreeceIFCOctober 1979$9,799 7.9%37.9%0.62
Hong Kong MSCIOctober 1979$141,414 24.2%33.9%1.36
HungaryIFCApril 1993$759 -3.5%41.5%1.68
IndiaIFCOctober 1979$71,904 17.4%29.5%-0.09
IndonesiaIFCOctober 1990$21,841 3.3%30.8%0.92
Ireland MSCIApril 1988$13,187 13.7%22.6%1.17
Italy MSCIOctober 1979$97,527 15.2%27.7%0.64
Japan MSCIOctober 1979$2,098,944 17.8%25.1%1.87
JordanIFCOctober 1979$3,093 9.2%17.5%0.07
MalaysiaIFCOctober 1985$138,774 16.6%27.4%0.73
MexicoIFCOctober 1979$47,962 20.8%46.5%0.92
NetherlandsMSCIOctober 1979$182,581 18.6%18.0%0.97
New ZealandMSCIApril 1988$18,906 9.2%25.4%1.61
NigeriaIFCOctober 1985$654 10.5%54.6%0.86
Norway MSCIOctober 1979$19,010 14.1%27.9%1.37
PakistanIFCOctober 1985$7,758 19.1%24.3%-0.28
PeruIFCApril 1993$5,266 30.2%40.2%1.36
PhilippinesIFCOctober 1985$30,043 42.9%37.4%0.68
PolandIFCApril 1993$1,713 97.3%96.3%3.90
PortugalIFCOctober 1986$11,662 32.6%44.7%1.03
SingaporeMSCIOctober 1979$55,835 16.1%25.7%0.95
South AfricaIFCApril 1993$140,934 43.8%26.7%0.80
South KoreaIFCOctober 1979$123,159 16.0%30.6%0.26
Spain MSCIOctober 1979$73,334 15.3%24.1%1.42
Sri LankaIFCApril 1993$1,648 18.9%34.1%0.02
Sweden MSCIOctober 1979$76,728 21.6%24.0%1.66
SwitzerlandMSCIOctober 1979$240,254 14.2%19.2%0.77
TaiwanIFCOctober 1985$147,472 35.8%51.3%1.11
ThailandIFCOctober 1979$90,882 22.1%27.1%0.32
TurkeyIFCOctober 1987$19,541 45.1%73.1%0.08
United KingdomMSCIOctober 1979$779,121 16.4%21.5%1.14
United StatesMSCIOctober 1979$3,030,838 14.8%15.0%0.43
VenezuelaIFCOctober 1985$2,992 21.7%46.1%0.47
ZimbabweIFCOctober 1979$1,179 13.3%35.3%0.69


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