RT Journal Article SR Electronic T1 Extreme Bound Analysis of Emerging Stock Market Anomalies JF The Journal of Portfolio Management FD Institutional Investor Journals SP 95 OP 103 DO 10.3905/jpm.2000.319749 VO 26 IS 2 A1 J. Benson Durham YR 2000 UL https://pm-research.com/content/26/2/95.abstract 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.