Country	Variables	Mean	Max.	Min.	SD	Kurtosis	Skewness	N	ADF
American and Latin American Markets
Brazil	CSAD	0.0153	0.1080	0.0056	0.0052	3.5671	40.0954	4517	−9.2981*
Brazil	R_m	0.0010	0.1413	−0.0916	0.0148	0.0508	8.4284	4517	−65.0513*
Canada	CSAD	0.0150	0.0699	0.0052	0.0055	2.3535	12.3679	4394	−4.9964*
Canada	R_m	0.0007	0.0785	−0.0647	0.0087	−0.4241	10.7640	4394	−60.7506*
Chile	CSAD	0.0133	0.0606	0.0048	0.0050	1.6479	8.2668	4270	−9.0276*
Chile	R_m	0.0004	0.1563	−0.1152	0.0150	−0.1855	10.5676	4270	−65.5883*
Mexico	CSAD	0.0123	0.0870	0.0026	0.0053	3.0119	24.7001	4419	−11.6347*
Mexico	R_m	0.0008	0.1084	−0.0605	0.0104	−0.1195	9.4272	4419	−58.6922*
United States	CSAD	0.0153	0.0855	0.0040	0.0084	1.9221	7.7289	4399	−5.0629*
United States	R_m	0.0009	0.1102	−0.0926	0.0159	0.1527	7.2469	4399	−67.7702*
European Markets
Belgium	CSAD	0.0107	0.0896	0.0008	0.0060	3.1794	21.5524	4364	−6.4416*
Belgium	R_m	0.0004	0.0988	−0.0716	0.0117	0.0951	9.7564	4364	−40.2054*
France	CSAD	0.0111	0.0439	0.0030	0.0054	1.7398	6.8787	4365	−5.5688*
France	R_m	0.0003	0.1105	−0.0870	0.0142	0.0386	8.0858	4365	−65.0504*
Germany	CSAD	0.0158	0.1066	0.0026	0.0102	2.1732	9.9798	4251	−4.0983*
Germany	R_m	0.0009	0.1247	−0.0982	0.0182	0.0386	6.6848	4251	−65.7873*
Greece	CSAD	0.0181	2.0424	0.0063	0.0313	61.7241	3986.0340	4368	−64.2865*
Greece	R_m	0.0003	1.0497	−0.1128	0.0231	21.4679	980.7622	4368	−62.5821*
Netherland	CSAD	0.0124	0.0792	0.0030	0.0070	2.5444	14.4734	3734	−5.6986*
Netherland	R_m	0.0002	0.0859	−0.0858	0.0138	−0.1660	7.2037	3734	−60.2646*
Portugal	CSAD	0.0118	0.0453	0.0017	0.0051	1.1840	5.3883	4347	−8.9953*
Portugal	R_m	0.0003	0.1205	−0.0851	0.0107	−0.0701	10.8122	4347	−59.6797*
Russia	CSAD	0.0175	2.7226	0.0059	0.0428	61.5696	3888.0710	4092	−62.2565*
Russia	R_m	0.0005	1.4032	−0.1138	0.0280	30.6296	1535.6350	4092	−60.7592*
Sweden	CSAD	0.0116	0.0544	0.0028	0.0057	1.8020	8.0114	4302	−6.6121*
Sweden	R_m	0.0005	0.0967	−0.0846	0.0141	0.1142	8.0014	4302	−66.3752*
Switzerland	CSAD	0.0097	0.0678	0.0022	0.0056	2.4300	13.1977	4310	−6.0131*
Switzerland	R_m	0.0003	0.1098	−0.0959	0.0130	−0.0347	9.5940	4310	−61.8773*
United Kingdom	CSAD	0.0118	0.0627	0.0037	0.0053	2.3744	11.6243	4314	−4.2095*
United Kingdom	R_m	0.0005	0.0827	−0.0792	0.0115	−0.1298	8.3736	4314	−31.2532*
Asian and Asia Pacific Markets
Australia	CSAD	0.0195	0.0723	0.0108	0.0049	2.5997	15.7253	4446	−5.6732*
Australia	R_m	0.0010	0.0572	−0.0816	0.0075	−1.2322	14.2363	4446	−40.1632*
China	CSAD	0.0153	0.0554	0.0046	0.0063	1.6862	7.6508	4281	−7.2032*
China	R_m	0.0010	0.0973	−0.0866	0.0168	−0.3143	6.9555	4281	−62.2724*
Hong Kong	CSAD	0.0127	0.0798	0.0036	0.0054	2.6255	17.7104	4501	−7.1868*
Hong Kong	R_m	0.0008	0.1232	−0.1223	0.0141	−0.1411	9.3815	4501	−64.0493*