Hypothesis 1: Stock price has no effect on exchange rate changes

$H_0:{\gamma }_{es}^{\left(1\right)}={\gamma }_{es}^{\left(2\right)}={\gamma }_{es}^{\left(3\right)}={\gamma }_{es}^{\left(4\right)}=0$

0.0136

Hypothesis 2: Exchange rate has no effect on stock prices

$H_0:{\gamma }_{em}^{\left(1\right)}={\gamma }_{em}^{\left(2\right)}={\gamma }_{em}^{\left(3\right)}={\gamma }_{em}^{\left(4\right)}=0$

0.0167

Hypothesis 3: Stock price uncertainty has no effect on exchange rate

$H_0:{\psi }_{es}=0$

0.0829

Hypothesis 4: Exchange rate risk has no effect on stock prices

$H_0:{\psi }_{em}=0$

0.2295

Hypothesis 5: Exchange rate risk has no effect on stock price uncertainty

$H_0:a_{es}=b_{es}=0$

0.1660

Hypothesis 6: Stock price uncertainty has no effect on exchange rate risk

$H_0:a_{se}=b_{se}=0$

0.0000