Motivate the choice of these three countries and provide some background information about the stock market of each country. Present all the equations and define each term. Calculate returns, average return, risk, and the risk adjusted return for each stock market. Describe which one you would choose to invest in and explain why. Calculate the probability of loss assuming and normal distribution, and estimate the value at risk (VaR) at the 99% confidence level for each individual stock market. Are there portfolio diversification possibilities? That is, is it better to invest in all three stock markets or not? What is the potential percentage gain of the portfolio diversification? Which method results is finding a portfolio that will result in higher risk adjusted return? Calculate the probability of loss for the portfolio assuming a normal distribution and estimate the value at risk (VaR) for the portfolio. Structure your report in terms of sections such as 1. Introduction, 2. Background infor