Gallo, John G.; Lockwood, Larry J.; Bhargava, Rahul - In: Global Finance Journal 21 (2010) 3, pp. 239-252
We analyze the performance of international equity SMAs over 1986-2003. We find that performance persists at both the country and individual SMA level. Best performing countries continue to outperform and best performing SMAs continue to outperform, even after controlling for market, firm size,...