Black Swans in investing in emerging markets (data provided, you are required to use STATA to do the empirical coursework)   In writing your essay: • You have to provide motivation for the chosen topic and clearly express your objectives in the context of investment decisions in emerging markets. • You have to be able to collect, present, and analyse data relevant for the issues you consider. In other words, your essay should be an empirical work (literature survey are not permitted). • The permitted source of market data is Thomson Reuters Datastream. • At least two-thirds of the essay should be devoted to your results and their analysis. • Your essay should provide evidence of extensive reading on a topic and ability to provide a focused and analytical discussion of the relevant issues. • The essay should have a clear, well-organised structure. You should show an ability to relate evidence to theory. • The essay must be carefully and accurately referenced.   Important: Please upload your data and work files (e.g., Excel and Stata files including Stata dta and do file). The information submitted should be sufficient to replicate your results!   Important: the above information is the university official requirement, and the following are my instructions: I intend to imitate a similar structure to the given examples, and analyse the country group ‘The Next Eleven’ (known also by the numeronym N-11). I have already provided the data needed for this essay. The excel file includes the MSCI indices for only ten N-11 countries (except Iran as it’s not included into the MSCI index), and also the MSCI Emerging Markets index. I intend to compare the ten countries with the average levels of the emerging markets. This can allow an investigation on whether these N-11 countries can have the potential capacity to become as important globally as the BRICs. However, the student sample given is not perfect. Please do pay much attention to the motivation/contribution of this essay and avoid mechanically duplicate the materials given. Please remember to record the original data dta file and do file as these documents are required to submit as well.   (What Is Next Eleven? The Next Eleven, also known as N-11, are the eleven countries that are poised to become the biggest economies in the world in the 21st century, after the BRIC countries. The N-11 was chosen by Goldman Sachs Group, Inc in a 2005 paper exploring the potential of BRIC and the N-11. They are – Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam.)