Recent empirical evidence suggests that value and momentum strategies generate significant excess returns in emerging markets. We confirm these results and extend them in several directions. First, we examine a broader range of stock selection strategies, including strategies based on analysts'...

This discussion paper resulted in a publication in 'Emerging Markets Review', 2005, 6, 238-262.<P> See also the publication in the 'Journal of Empirical Finance', 2003, 10, 1-5=132.<P> Recent empirical evidence suggests that value and momentum strategies generate significantexcess returns in emerging...</p></p>