Speculative bubbles identified by the SADF and GSADF tests in the Tunisian Stock Market
| Procedure | SADF test | GSADF test | ||||
|---|---|---|---|---|---|---|
| Beginning date | End date | Duration | Beginning date | End date | Duration | |
| Monte Carlo | 06/04/2005 | 02/12/2008 | 3 years, 7 months and 21 days | 05/04/2005 | 29/09/2008 | 3 years, 5 months and 28 days |
| 30/03/2009 | 28/03/2011 | 1 year and 11 months | 12/08/2009 | 16/12/2010 | 1 year, 4 months and 6 days | |
| 05/04/2012 | 20/06/2012 | 2 months and 15 days | 20/04/2015 | 03/08/2015 | 3 months and 15 days | |
| 12/07/2012 | 14/09/2012 | 2 months and 2 days | 19/07/2017 | 31/08/2017 | 1 month and 13 days | |
| 08/03/2018 | 04/02/2019 | 10 months and 20 days | 21/12/2017 | 10/09/2018 | 8 months and 23 days | |
| 01/06/2023 | 14/09/2023 | 3 months and 13 days | 30/08/2022 | 30/09/2022 | 1 month and 1 day | |
| – | – | – | 26/05/2023 | 25/08/2023 | 3 months and 1 day | |
| Sieve-bootstrap | 06/04/2005 | 03/12/2008 | 3 years, 7 months and 27 days | 05/04/2005 | 14/10/2008 | 3 years, 6 months and 9 days |
| 11/02/2009 | 29/03/2011 | 2 years, 1 month and 18 days | 04/01/2009 | 31/12/2010 | 1 year, 11 months and 27 days | |
| 30/03/2012 | 13/09/2012 | 5 months and 14 days | 13/04/2015 | 31/07/2015 | 3 months and 18 days | |
| 26/03/2018 | 14/12/2018 | 8 months and 18 days | 01/08/2017 | 31/08/2017 | 30 days | |
| 01/06/2023 | 11/09/2023 | 3 months and 10 days | 11/01/2018 | 24/10/2018 | 9 months and 13 days | |
| – | – | – | 01/09/2022 | 30/09/2022 | 29 days | |
| – | – | – | 23/05/2023 | 23/08/2023 | 3 months | |
| Wild-bootstrap | 06/04/2005 | 20/07/2007 | 2 years, 3 months and 14 days | 05/04/2008 | 21/10/2008 | 6 months and 16 days |
| 15/11/2007 | 03/10/2008 | 10 months and 18 days | 31/03/2009 | 03/01/2010 | 9 months and 3 days | |
| 05/06/2009 | 10/01/2011 | 1 year, 7 months and 5 days | 07/04/2015 | 31/07/2015 | 3 months and 24 days | |
| 21/03/2018 | 19/10/2018 | 6 months and 28 days | 28/07/2017 | 31/08/2017 | 1 month and 3 days | |
| – | – | – | 12/01/2018 | 27/11/2018 | 10 months and 15 days | |
| – | – | – | 01/09/2022 | 30/09/2022 | 29 days | |
| – | – | – | 11/05/2023 | 25/08/2023 | 3 months and 14 days | |
| Procedure | SADF test | GSADF test | ||||
|---|---|---|---|---|---|---|
| Beginning date | End date | Duration | Beginning date | End date | Duration | |
| Monte Carlo | 06/04/2005 | 02/12/2008 | 3 years, 7 months and 21 days | 05/04/2005 | 29/09/2008 | 3 years, 5 months and 28 days |
| 30/03/2009 | 28/03/2011 | 1 year and 11 months | 12/08/2009 | 16/12/2010 | 1 year, 4 months and 6 days | |
| 05/04/2012 | 20/06/2012 | 2 months and 15 days | 20/04/2015 | 03/08/2015 | 3 months and 15 days | |
| 12/07/2012 | 14/09/2012 | 2 months and 2 days | 19/07/2017 | 31/08/2017 | 1 month and 13 days | |
| 08/03/2018 | 04/02/2019 | 10 months and 20 days | 21/12/2017 | 10/09/2018 | 8 months and 23 days | |
| 01/06/2023 | 14/09/2023 | 3 months and 13 days | 30/08/2022 | 30/09/2022 | 1 month and 1 day | |
| – | – | – | 26/05/2023 | 25/08/2023 | 3 months and 1 day | |
| Sieve-bootstrap | 06/04/2005 | 03/12/2008 | 3 years, 7 months and 27 days | 05/04/2005 | 14/10/2008 | 3 years, 6 months and 9 days |
| 11/02/2009 | 29/03/2011 | 2 years, 1 month and 18 days | 04/01/2009 | 31/12/2010 | 1 year, 11 months and 27 days | |
| 30/03/2012 | 13/09/2012 | 5 months and 14 days | 13/04/2015 | 31/07/2015 | 3 months and 18 days | |
| 26/03/2018 | 14/12/2018 | 8 months and 18 days | 01/08/2017 | 31/08/2017 | 30 days | |
| 01/06/2023 | 11/09/2023 | 3 months and 10 days | 11/01/2018 | 24/10/2018 | 9 months and 13 days | |
| – | – | – | 01/09/2022 | 30/09/2022 | 29 days | |
| – | – | – | 23/05/2023 | 23/08/2023 | 3 months | |
| Wild-bootstrap | 06/04/2005 | 20/07/2007 | 2 years, 3 months and 14 days | 05/04/2008 | 21/10/2008 | 6 months and 16 days |
| 15/11/2007 | 03/10/2008 | 10 months and 18 days | 31/03/2009 | 03/01/2010 | 9 months and 3 days | |
| 05/06/2009 | 10/01/2011 | 1 year, 7 months and 5 days | 07/04/2015 | 31/07/2015 | 3 months and 24 days | |
| 21/03/2018 | 19/10/2018 | 6 months and 28 days | 28/07/2017 | 31/08/2017 | 1 month and 3 days | |
| – | – | – | 12/01/2018 | 27/11/2018 | 10 months and 15 days | |
| – | – | – | 01/09/2022 | 30/09/2022 | 29 days | |
| – | – | – | 11/05/2023 | 25/08/2023 | 3 months and 14 days | |
Source(s):
Authors’ own creation