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Recently the 19th century as a formative period of both states and the state system has received more attention by IR scholars, historical sociologists, and historians. A highly generalized argument that this diverse literature has in common is that the state became more state-like, and the international system denser, and therefore more system-like, in the 19th century. The modern world has its r
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In 1996, Robert A. Haugen and Nardin L. Baker published a study where they had made a multi-factor model based on micro-variables on the American stock market between 1979 and 1993. In testing the model on the examined period they made an average annual return of 30,9 percent. They also tested the model on several other markets around the world with similar results. This study is a somewhat simple