RT Journal Article SR Electronic T1 Country and Industry Importance in European Returns JF The Journal of Investing FD Institutional Investor Journals SP 27 OP 34 DO 10.3905/joi.2001.319448 VO 10 IS 1 A1 Leila Heckman A1 Singanallur R. Narayanan A1 Sandeep A. Patel YR 2001 UL https://pm-research.com/content/10/1/27.abstract 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.