PT - JOURNAL ARTICLE AU - J. Benson Durham TI - Extreme Bound Analysis of Emerging Stock Market Anomalies AID - 10.3905/jpm.2000.319749 DP - 2000 Jan 31 TA - The Journal of Portfolio Management PG - 95--103 VI - 26 IP - 2 4099 - https://pm-research.com/content/26/2/95.short 4100 - https://pm-research.com/content/26/2/95.full AB - 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–run lagged returns, population demographics, country risk, and relative market size. What is more sobering, time series EBA produces no sturdy aggregate determinants.