Country

Obs.

% Participation

Mean (MSCORE)

Mean (AG)

Austria

1042

1.87%

−1.28

0.14

Belgium

1422

2.55%

−4.95

0.25

Denmark

1561

2.80%

−1.23

0.12

Finland

1711

3.07%

−3.13

0.19

France

11,012

19.76%

0.59

0.11

Germany

9048

16.24%

−1.80

0.15

Greece

2592

4.65%

−2.45

0.17

Ireland

590

1.06%

−1.80

0.17

Italy

3259

5.85%

1.79

0.10

Netherlands

1860

3.34%

−2.55

0.18

Norway

1781

3.20%

2.99

0.10

Portugal

772

1.39%

3.74

0.10

Spain

1907

3.42%

−2.33

0.17

Sweden

3846

6.90%

−0.30

0.12

Switzerland

3130

5.62%

−3.57

0.21

The U.K.

10,198

18.30%

−1.50

0.14

N. Obs

55,731

100.00%

Country Average (Equally - Weighted)

−1.11

0.15

Country Average (Participation - Weighted)

−0.10

0.14