In an empirical study on national market returns in the 20th century, Dimson, Marsh, and Staunton (2002)determined that the equity returns in the United States out-performed the other 15 countries in the study.

Question

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The study by Dimson, Marsh, and Staunton (2002) found that the United States had strong equity returns, but it did not outperform all other countries in the study. Some countries had higher returns during certain periods.

In an Empirical Study on National Market Returns in the 20th