Some of the world’s biggest stock markets are also among the most likely to disappoint investors, according to a study. In Australia, Germany, Japan, South Korea and the U.K., fewer than 40% of shares performed better than one-month U.S. Treasury bills from 1990 through 2018. All five are among the 10 largest developed markets in dollar terms, based on data compiled by Bloomberg. The percentages come from research led by Hendrik Bessembinder, a professor at Arizona State University. Greece and Italy had the lowest developed-market readings. The global figure, which includes emerging markets, was 40.5%.