Panel A of Table 1 provides an overview of the Asian vs. the U.S. stock markets. For comparison purpose,
we convert both price and market capitalization from local currency to U.S. dollars based on year-end
exchange rates. Returns for individual markets in Asia are measured in terms of local currency, and returns
for portfolios of all Asian and all Asian except Japan are measured in terms of U.S. dollars. Exchange rates
are from Macro-Economic files of the PACAP database and DataStream.