value-investing
PEG ratio tested on 19 exchanges with local benchmarks. Sweden: +7.54% vs OMX30. Canada: +4.59% vs TSX. Japan: +3.07% vs Nikkei. India: +0.99% vs Sensex. 8 of 19 markets beat their home index.
earnings
Japan shows the highest T+1 abnormal return of any exchange globally. 5,461 events on JPX from 2009-2025. Streak 3 reaches +2.35% at T+63. The pattern is consistent with Japan's concentrated analyst coverage and slower information diffusion.
earnings
We tested earnings beat streaks across 16 exchanges covering 102,577 streak events. 12 of 16 exchanges show positive T+21 CAR. India leads at +2.10% T+21 but with recent data caveat. Thailand shows negative drift. The immediate T+1 reaction is positive on every exchange tested.
earnings
Canadian beat streaks produce twice the abnormal return of US stocks. 5,684 events on the TSX from 2000-2025. T+21 CAR of +1.22% vs +0.55% for US. The drift keeps building to +1.76% at T+63.
value investing
Sweden produced 14.57% CAGR from the DCF discount strategy vs 2.40% for the OMX Stockholm 30 (price-only). The +12.17% headline excess narrows to roughly +9 points after dividend adjustment, still the strongest local-benchmark result in our global comparison.
value-investing
India's DCF Discount strategy returned 10.86% CAGR on NSE, trailing the Sensex at 11.49%. That is -0.63% annual excess. The drawdown was -58% vs the Sensex's -38%. The strategy lags the local market on every risk-adjusted metric.
value investing
DCF discount screening on the Korea Stock Exchange returned 5.65% CAGR over 25 years, ahead of the KOSPI by +1.21% annually. Adjusting for the KOSPI's missing dividend yield (~2%), the realistic edge is closer to neutral. 48% win rate, -44.79% max drawdown.
backtests
We screened every German stock on XETRA for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 12.40% CAGR vs 4.51% for the DAX (price index), +7.89% local excess (~+5pp after dividend adjustment).
value-investing
Canada's TSX delivered 11.45% CAGR with zero cash periods over 25 years. The portfolio captured 149.12% of upside and only 36.79% of downside vs the TSX Composite. Max drawdown stayed at -33.59%. 68% annual win rate.
value investing
Same DCF screen across 14 global exchanges with local benchmarks. Sweden led on every metric (+12.17% vs OMXS30, Sharpe 0.579). Germany +7.89% vs DAX, Canada +7.40% vs TSX. India trailed its Sensex. Universe construction matters as much as the signal.
event-study
20,059 earnings events across Shenzhen and Shanghai (2000-2025). Beats drift +1.75% vs SSE Composite at T+63 (t=+8.04). Misses drift +0.70% (t=+4.42, also significant). Both sides positive. Q5-Q1 spread: +2.14pp. Next-day close entry.
event-study
16,406 earnings events on Taiwan exchanges TAI+TWO (2000-2025). Misses drift -1.68% vs TAIEX at T+63 (t=-9.72). Q1 worst misses drop -3.13%. Q5-Q1 spread: +4.55pp, highest globally. Beats: +0.85% (t=+4.07). Next-day close entry.