Table 3: Robustness - Test results
|
Number of countries for which | ||
|
Test: |
Fisher test |
A = ʌɑ = A A = ʌɑ = 0 |
|
Sample: | ||
|
Benchmark |
8 |
5 1 |
|
Local currency |
7__________ |
5______________2____________ |
|
Tranquil: 3.1.96-17.10.97 |
8 |
4 1 |
|
Tranquil: 3.1.96-17.10.97 |
8 |
5 1 |
|
Daily returns |
8 |
7 3 |
The test A = A(' = A is based on the global factor estimated as the returns on the
‘world stock market index’.
27
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