PT - JOURNAL ARTICLE AU - Leila Heckman AU - Singanallur R. Narayanan AU - Sandeep A. Patel TI - Country and Industry Importance in European Returns AID - 10.3905/joi.2001.319448 DP - 2001 Feb 28 TA - The Journal of Investing PG - 27--34 VI - 10 IP - 1 4099 - https://pm-research.com/content/10/1/27.short 4100 - https://pm-research.com/content/10/1/27.full AB - The authors examine country and industry influences on company returns in 15 European markets between June 1989 and December 2000. Over the whole period, country effects are more important than industry effects. During the last two years, the research shows that country effects are decreasing while industry effects are increasing, especially for global commodity, telecommunication services, media, and technology industries. The results also suggest that the industry effect is more important for large-cap than small-cap companies.