Data. See Excel spreadsheet GroupProject1.xlsx. It contains the monthly returns of value-weighted equity indexes divided into various groups: North America Canada and the United states Japan Asia Pacific Australia, Hong Kong, New Zealand, and Singapore Europe Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom Global All of the above countries All index returns are in US dollar terms. In addition, the file contains the 1-month US risk-free rate.

Questions 1.) On a single chart, plot the value of $1 invested in each of the five indexes over time. I.e., for all , plot the cumulative return series for each index: = (1 + 1)(1 + 2) (1 + ) What patterns do you observe?

Date	North_America	Japan	Asia_exJapan	Europe	Global	Rf
9-Nov-44	-0.82%	0.78%	4.85%	5.05%	1.47%	0.68%
10-Nov-44	-8.93%	-11.25%	-7.82%	-10.20%	-10.10%	0.66%
11-Nov-44	-5.41%	-17.43%	-8.25%	-11.74%	-11.64%	0.60%
12-Nov-44	-1.33%	25.59%	-1.58%	7.27%	10.26%	0.68%
13-Nov-44	6.43%	-13.52%	-2.29%	0.17%	-3.30%	0.57%
14-Nov-44	3.11%	2.34%	-0.61%	-0.95%	1.63%	0.60%
11-Feb-45	4.73%	1.67%	6.03%	2.12%	2.99%	0.52%
12-Feb-45	7.70%	12.81%	9.26%	7.78%	9.57%	0.48%
13-Feb-45	2.80%	-3.76%	2.13%	-6.34%	-1.93%	0.44%
14-Feb-45	0.34%	2.68%	3.24%	-0.21%	1.13%	0.53%
15-Feb-45	4.16%	-1.59%	-0.40%	1.13%	1.22%	0.47%
16-Feb-45	-4.27%	-6.61%	-0.50%	-7.02%	-5.65%	0.42%
17-Feb-45	4.42%	1.85%	6.04%	5.94%	3.93%	0.49%
18-Feb-45	2.62%	-6.79%	-1.48%	1.86%	-0.94%	0.46%
19-Feb-45	-1.29%	9.10%	1.16%	3.42%	3.34%	0.46%
20-Feb-45	1.84%	4.47%	4.33%	-2.33%	1.78%	0.42%
21-Feb-45	-3.76%	-8.14%	-0.26%	-1.89%	-4.75%	0.39%
22-Feb-45	10.30%	2.85%	1.58%	6.61%	6.56%	0.38%