@article {Durham95, author = {J. Benson Durham}, title = {Extreme Bound Analysis of Emerging Stock Market Anomalies}, volume = {26}, number = {2}, pages = {95--103}, year = {2000}, doi = {10.3905/jpm.2000.319749}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Studies of emerging stock market anomalies are based on underspecified models. Extreme bound analysis (EBA), a technique to remedy specification bias, indicates that no anomaly is robust, given panel data covering sixteen countries from March 1988 through January 1995. Only under a relaxed decision rule does the author find that five of the fifteen factors studied are sturdy: price/book long{\textendash}run lagged returns, population demographics, country risk, and relative market size. What is more sobering, time series EBA produces no sturdy aggregate determinants.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/26/2/95}, eprint = {https://jpm.pm-research.com/content/26/2/95.full.pdf}, journal = {The Journal of Portfolio Management} }