Calculate the time-series average returns and standard deviations to the size premiums across th five regions/countries. You should also consider the reward to risk ratios calculated as premium divided by standard deviation. Over the sample period and regions/countries considered, do you think that size matters in investment strategy?

A B D E H Year Month 7 Global Market 0.77 -10.77 Developed 0.53 Emerging 1.16 F G Size Premium Across Regions Europe Japan 0.29 6 0.18 -4.97 1.98 0.67 Asia-Pacific Excluding Japan -3.02 1990 1990 8 2.59 -1.51 1.32 1990 9 7.75 -11.89 9.35 1990 10 5.57 -2.63 1.21 3.17 4.03 -5.18 -1.61 -3.05 11 -3.72 -7.58 1.44 -0.74 1.71 -2.6 1990 1990 -5.53 12 -5.86 -0.97 0.47 1.11 2.49 9.03 0.99 -4.14 1991 1 -1.87 -7.56 -3.45 1991 2 1.15 11.15 2.46 3.28 1991 3 2.18 3.63 -5.06 4.55 0.05 6.62 4 0.01 1.41 1991 1991 -0.32 -3.38 -1.34 -1.14 1.46 -1.49 0.52 5 -0.54 -2.29 0.54 0.73 -6.07 3.47 -1.29 -0.79 6 1.32 -1.55 1991 1991 1.17 -3.51 7 -1.79 -1.11 -6.06 -4.43 0.61 -3.23 -0.93 1.73 8 -4.95 -0.75 1991 1991 9 0.36 0.49 -0.25 -0.14 1.78 2.85 1.36 1.1 10 -0.78 1991 1991 -4.22 2.99 2.12 -2.3 0.43 2.45 11 -5.09 0.84 0.55 A B D E H Year Month 7 Global Market 0.77 -10.77 Developed 0.53 Emerging 1.16 F G Size Premium Across Regions Europe Japan 0.29 6 0.18 -4.97 1.98 0.67 Asia-Pacific Excluding Japan -3.02 1990 1990 8 2.59 -1.51 1.32 1990 9 7.75 -11.89 9.35 1990 10 5.57 -2.63 1.21 3.17 4.03 -5.18 -1.61 -3.05 11 -3.72 -7.58 1.44 -0.74 1.71 -2.6 1990 1990 -5.53 12 -5.86 -0.97 0.47 1.11 2.49 9.03 0.99 -4.14 1991 1 -1.87 -7.56 -3.45 1991 2 1.15 11.15 2.46 3.28 1991 3 2.18 3.63 -5.06 4.55 0.05 6.62 4 0.01 1.41 1991 1991 -0.32 -3.38 -1.34 -1.14 1.46 -1.49 0.52 5 -0.54 -2.29 0.54 0.73 -6.07 3.47 -1.29 -0.79 6 1.32 -1.55 1991 1991 1.17 -3.51 7 -1.79 -1.11 -6.06 -4.43 0.61 -3.23 -0.93 1.73 8 -4.95 -0.75 1991 1991 9 0.36 0.49 -0.25 -0.14 1.78 2.85 1.36 1.1 10 -0.78 1991 1991 -4.22 2.99 2.12 -2.3 0.43 2.45 11 -5.09 0.84 0.55