TY - JOUR T1 - Extreme Bound Analysis of Emerging Stock Market Anomalies JF - The Journal of Portfolio Management SP - 95 LP - 103 DO - 10.3905/jpm.2000.319749 VL - 26 IS - 2 AU - J. Benson Durham Y1 - 2000/01/31 UR - https://pm-research.com/content/26/2/95.abstract N2 - 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. ER -