Analysis of Investment Returns as Markov Chain Random Walk

Table 2

Parameter estimates by country.

Country	Parameter estimate
	Canada	0.30741	0.19444	0.49815
India	0.33704	0.12593	0.53704
Mexico	0.28889	0.14815	0.56296
South Africa	0.28333	0.17963	0.53704
Switzerland	0.29074	0.20926	0.50000

Source: Authors’ computation.