Table 13

Robust tests for the stock market

(a) Developed economics(b) Emerging economics
VariablesHaz. ratioVariablesHaz. ratio
MCG1.0063MCG1.0009
(0.0026) (0.0021)
STG0.9995***STG1.0014**
(0.0035) (0.0016)

Note(s): *p-value<0.10, **p-value<0.05, ***p-value<0.001

Source(s): Authors’ computations

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