Results of ADF tests
| Stock market | ADF statistic | p-value |
|---|---|---|
| UK | −6.24 | 0.00 |
| Mexico | −6.71 | 0.00 |
| Japan | −8.30 | 0.00 |
| South Korea | −7.71 | 0.00 |
| Thailand | −9.76 | 0.00 |
| Switzerland | −6.62 | 0.00 |
| US | −6.54 | 0.00 |
| Philippines | −7.02 | 0.00 |
| Singapore | −5.55 | 0.00 |
| India | −7.54 | 0.00 |
| Vietnam | −5.04 | 0.00 |
| Brazil | −3.66 | 0.00 |
| Malaysia | −4.95 | 0.00 |
| China | −4.31 | 0.00 |
| Russia | −3.81 | 0.00 |
| Stock market | ADF statistic | |
|---|---|---|
| UK | −6.24 | 0.00 |
| Mexico | −6.71 | 0.00 |
| Japan | −8.30 | 0.00 |
| South Korea | −7.71 | 0.00 |
| Thailand | −9.76 | 0.00 |
| Switzerland | −6.62 | 0.00 |
| US | −6.54 | 0.00 |
| Philippines | −7.02 | 0.00 |
| Singapore | −5.55 | 0.00 |
| India | −7.54 | 0.00 |
| Vietnam | −5.04 | 0.00 |
| Brazil | −3.66 | 0.00 |
| Malaysia | −4.95 | 0.00 |
| China | −4.31 | 0.00 |
| Russia | −3.81 | 0.00 |
Source(s): Authors’ own creation
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