Appendix
A. Tables
| Table | Page | |
| 5.1 | Summary statistics local main stock market indices in local currency | 212 |
| 5.2 | Summary statistics local main stock market indices in US Dollars | 213 |
| 5.3 | Statistics best strategy: mean return criterion, 0% costs | 215 |
| 5.4 | Statistics best strategy: mean return criterion, 0.25% costs | 217 |
| 5.5 | Statistics best strategy: Sharpe ratio criterion, 0 and 0.25% costs | 218 |
| 5.6A | Mean return best strategy in excess of mean return buy-and-hold | 220 |
| 5.6B | Sharpe ratio best strategy in excess of Sharpe ratio buy-and-hold | 220 |
| 5.7A | Estimation results CAPM: mean return criterion | 222 |
| 5.7B | Estimation results CAPM: Sharpe ratio criterion | 222 |
| 5.8A | Testing for predictive ability: mean return criterion | 224 |
| 5.8B | Testing for predictive ability: Sharpe ratio criterion | 224 |
| 5.9 | Summary: significance CAPM estimates, mean return criterion | 196 |
| 5.10 | Summary: Testing for predictive ability, mean return criterion | 198 |
| 5.11 | Summary: significance CAPM estimates, Sharpe ratio criterion | 200 |
| 5.12 | Summary: Testing for predictive ability, Sharpe Ratio criterion | 201 |
| 5.13 | Statistics best out-of-sample testing procedure: mean return criterion, 0.25% costs | 226 |
| 5.14 | Statistics best out-of-sample testing procedure: Sharpe ratio criterion, 0.25% costs | 228 |
| 5.15A | Mean return best out-of-sample testing procedure in excess of mean return buy-and-hold | 230 |
| 5.15B | Sharpe ratio best out-of-sample testing procedure in excess of Sharpe ratio buy-and-hold | 230 |
| 5.16A | Estimation results CAPM for best out-of-sample testing procedure: mean return criterion | 232 |
| 5.16B | Estimation results CAPM for best out-of-sample testing procedure: Sharpe ratio criterion | 232 |
| 5.17 | Summary: significance CAPM estimates for best out-of-sample testing procedure | 204 |
| 5.18 | Summary of the results found in Chapters 3, 4 and 5 | 234 |
211