Table 3

Summary Statistics - April 1991 to March 1996

							Normality	First	Beta	Beta	Beta
		Arithmetic	Geometric	Standard			Test	Order	MSCI	MSCI	IFCG
Country	Start Date	Return	Return	Deviation	Skewness	Kurtosis	p-value	Autocorrel	World	AC World	Composite
Argentina	Apr-91	35.5%	25.6%	56.7%	3.09	16.92	0.00	0.06	1.53	1.69	0.91
Brazil	Apr-91	44.3%	37.1%	52.2%	0.89	1.51	0.00	0.09	1.19	1.43	1.38
Chile	Apr-91	24.7%	23.6%	26.6%	0.35	-0.43	0.04	0.23	0.09	0.20	0.64
China	Jan-93
Colombia	Apr-91	40.5%	39.0%	40.1%	1.33	2.02	0.00	0.54	-0.05	-0.01	0.25
Czech Republic	Jan-95
Greece	Apr-91	-2.7%	-5.5%	24.1%	-0.34	0.06	0.32	0.16	0.52	0.54	0.28
Hungary	Jan-93
India	Apr-91	12.6%	6.3%	36.8%	0.67	1.47	0.20	0.25	-0.60	-0.49	0.69
Indonesia	Apr-91	9.5%	5.5%	29.2%	0.15	0.09	0.83	0.18	0.58	0.72	1.04
Jordan	Apr-91	10.0%	9.4%	14.3%	0.34	-0.80	0.00	0.07	0.11	0.13	0.11
Malaysia	Apr-91	20.4%	19.1%	23.9%	-0.06	1.03	0.26	-0.16	0.57	0.67	0.87
Mexico	Apr-91	15.7%	8.5%	37.5%	-1.01	2.04	0.09	0.33	0.83	1.08	1.40
Nigeria	Apr-91	37.5%	12.7%	69.5%	1.19	11.92	0.00	-0.04	1.15	1.14	-0.05
Pakistan	Apr-91	22.4%	18.1%	35.3%	1.03	1.92	0.01	0.30	0.06	0.15	0.57
Peru	Jan-93
Philippines	Apr-91	24.1%	22.4%	28.7%	1.37	4.47	0.18	0.02	0.54	0.69	1.10
Poland	Jan-93
Portugal	Apr-91	8.3%	6.6%	19.6%	0.41	1.55	0.29	0.01	0.98	1.01	0.25
South Africa	Jan-93
South Korea	Apr-91	7.8%	4.7%	26.0%	1.07	1.75	0.03	0.04	0.41	0.51	0.68
Sri Lanka	Jan-93
Taiwan	Apr-91	7.3%	1.4%	37.1%	2.24	7.65	0.00	0.08	0.69	0.88	1.42
Thailand	Apr-91	20.1%	17.2%	30.0%	1.08	1.85	0.03	0.03	0.20	0.35	1.14
Turkey	Apr-91	13.6%	-3.9%	61.2%	0.64	0.42	0.04	0.08	-0.12	-0.01	0.87
Venezuela	Apr-91	-7.0%	-16.8%	45.8%	-0.45	1.91	0.24	-0.25	0.45	0.54	0.57
Zimbabwe	Apr-91	4.8%	-1.1%	34.9%	0.38	0.87	0.37	0.32	0.84	0.90	0.55
MSCI World	Apr-91	11.2%	11.1%	10.7%	-0.32	-0.34	0.08	-0.25	1.00	1.01	0.20
MSCI AC World	Apr-91	11.0%	11.0%	10.5%	-0.23	-0.39	0.14	-0.22	0.98	1.00	0.25
IFCG Composite	Apr-91	11.4%	10.6%	16.4%	0.93	3.47	0.08	0.40	0.47	0.62	1.00
-Composite: IFC Global Composite; AC World: MSCI All Country World Index.
-Source: IFC Global Indices, MSCI EM Indices. Monthly returns in US Dollars.

Last Updated: May 22, 1996

Analyst/Contact: Campbell R. Harvey