FINANCIAL STATEMENTS OF BMW AG 2011
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Our database contains relatively few European sector funds (shown in section III of Table 1),
particularly prior to 2003. It is worth noting that the division between sector funds and country
funds is less clear-cut than may rst seem the case. Indeed, some of the smaller European stock
markets are dominated by a few rms and one or two sectors (e.g., Nokia in the Finnish stock
market). Thus, investors likely used country funds to invest in certain industries during earlier
periods of our time-series. Nevertheless, it appears that asset management in Europe has mostly
been aligned with countries, rather than sectors, at least until very recently....
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FINANCIAL STATEMENTS OF BMW AG 2011
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FINANCIAL STATEMENTS OF BMW AG 2011
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