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 |