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TWEEDY, BROWNE COMPANY L.P.
What Has Worked in Investing
(continued from preceding
page)
Investment Returns by Market Capitalization Quintile for Canadian Stocks, 1951 - 1980
Average
Market Value
(Millions of
Annual Return Canadian Dollars)
|
Quintile 1 (Smallest market cap companies) 2 3 4 5 (Largest market cap companies) |
|
|
|
|
Small Capitalization Stocks in Australia
In "Stock Return Seasonalities and the Tax-Loss Selling Hypothesis" by Philip Brown, University of Western Australia, Donald B. Klein, University of Pennsylvania, Allan W. Kleidon, Stanford University and Terry A. Marsh, Massachusetts Institute of Technology, Journal of Financial Economics, 1983, the relationship between market capitalization and investment returns is examined for Australian stocks. All industrial, mining and oil stocks in Australia were ranked each year according to market capitalization and sorted into deciles. The study period was 1958 through 1981. Table 33 presents the average annual returns for each market capitalization group of stocks.
Table 33:
Investment Returns by Market Capitalization Decile for Australian Stocks, 1958 - 1981
|
Decile 1 (Smallest market cap companies) 2 3 4 5 6 7 8 9 10 (Largest market cap companies) Index |
Return |
Page 37 of 42
14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27
28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42
|
(Return to Table of Contents) |
(continue to the next page) |
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