tailieunhanh - Getting in shape Leveraging our assets Developing opportunities

Our first new result is that risk-based models fit the stock return comove- ments between our portfoliosmuch better than theHeston–Rouwenhorstmodel does. In particular, the APT and a Fama–French (1998) type model with global and regional factors fit the data particularly well. Second, in examining time trends in country return correlations, we find a significant upward trend for stock return correlations only within Europe. Third, we revisit the country- industry debate by examining the relative evolution of correlations across coun- try portfolio returns versus correlations across industry portfolio industry correlations seem to have decreased in relative terms over the 1990s, this evolution has been halted and reversed, and there. | ĩ â A London Stock exchange Annual Report 2012 Navigate this pdf What is in my Interactive PDF At the top of each page in this PDF you will see a series of icons as shown above . These icons allow you to navigate the PDF and access certain Acrobat Reader functionality. What do the icons mean Clicking on the buttons you will be able to I Info icon Links you back to this information page. What does the underlined text on some pages mean Throughout this report there are links to pages other sections and web addresses for additional information. You can quick link from any piece of text that is underlined in blue. Example This is an example of how the links appear within this document. They are recognisable by the underline simply click to go to the appropriate page or web URL . Email icon Allows you to email this PDF to a friend please note this option opens your default email software set up on your computer . Search icon Opens the search functionality in Acrobat in a separate panel allowing you to search the PDF. Print icon Opens the print dialogue box. Contents icon Links to the contents page within this PDF. You can click on any of the headings to jump to the area you want to go to remember you also have the bookmark list to the left if you want to use that as well . Previous page arrow icon Click on this to take you to the previous page in the PDF. Next page arrow icon Click on this to take w you to the next page in the PDF. i â o A 4 Delivering on our strategy Getting in shape Leveraging our assets Developing opportunities Building a diversified international business based on strong customer partnerships London Stock Exchange Group Annual Report 2012 London Stock Exchange Group plc Annual Report 2012 Welcome to our Annual Report London Stock Exchange Group sits at the heart of the world s financial community. The Group operates a broad range of international equity bond and derivatives markets including London Stock .