Exhibit 22.3 presented summary statistics for monthly returns on 18 major stock markets across the globe. All returns have been converted to U.S. dollars. In this form, which investors does this data apply most directly to, and who does it not really serve effectively?

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Exhibit 22.3 Summary Statistics of the Monthly Returns for 18 Major Stock Markets, 1977-1996 (All returns are converted into US. dollars and include all dividends paid) Mean Standard Beta Sharpe Measure Treynor Meausure Return (%) Deviation (%) (B,) (SHP) (TRN) Australia 1:00 7.44 1.02 0.078 0.0057 Austria 0.77 6.52 0.54 0.055 0.0066 Belgium 1.19 5.53 0.86 0.141 0.0091 Canada 0.82 5.34 0.93 0.076 0.0044 Denmark 0.99 6.25 0.68 0.092 0.0085 France 1.18 6.76 1.08 0.113 0.0071 Germany 0.97 6.17 0.84 0.089 0.0065 Hong Kong 1.50 9.61 1.09 0.113 0.0100 Italy 0.96 7.57 0.89 0.071 0.0061 Japan 1.08 6.66 1.21 0.099 0.0055 Netherlands 1.39 4.93 0.89 0.197 0.0109 Norway 1:00 7.94 1.02 0.073 0.0057 Singapore 1.09 7.50 1.01 0.090 0.0057 Spain 0.83 6.81 0.94 0.060 0.0044 Sweden 1.37 6.67 0.97 0.143 0.0099 Switzerland 1.10 5.39 0.86 0.127 0.0080 United Kingdom 1.35 5.79 1.06 0.162 0.0089 United States 1.01 4.16 0.82 0.143 0.0072 Average 1.09 6.51 0.93 0.107 0.0073 The results are computed with stock market data from Morgan Stanley's Capital International Perspectives, monthly