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een Spain (No. 8) and France (No. 15). Iceland (No. 2), Australia (No. 6), Finland (No. 7), the Netherlands (No. 9) and financial and banking center Luxembourg rounded out the first 10 finishers, according to a comprehensive study published in the medical journal The Lancet. Of the 20 countries heading up

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he third largest (Japan)." Per capita GDP is about $50,000; although 10 other countries have higher figures, most of the countries are small — say, Luxembourg. The size of the U.S. market makes it an attractive investment location. Next, natural resources. In a world ravenous for food and energy, the Unite

s market timing ability and that there is a trade off between market timing ability and security selection ability. In 1996 an influential study by Elton, Gruber and Blake (1996) criticized previous studies on fund performance stating that they concentrated too much on new methodologies for evaluatin

dix (Table Al) shows, most IEFs in the sample are located in Asia and Malaysia in particular. However there are also some IEFs located in the US and Luxembourg and Canada. This implies that the IEF industry although concentrated in Asia (which holds the bulk of the worlds Muslim population) is also present