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Repeat the analyses in Part B with 25 developed portfolios excluding U.S. portfolios formed onSize and Value. Is your conclusion similar or different from those

Repeat the analyses in Part B with 25 developed portfolios excluding U.S. portfolios formed onSize and Value. Is your conclusion similar or different from those of B? Discuss the economicimplications of your results. Your answer should demonstrate your understanding of relevanteconomic theories. Your arguments/reasonings/discussions should be supported by academicand/or industry research

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