Unconditional

Independence

Conditional

1% (LRuc)

5% (LRuc)

1% (LRind)

5% (LRind)

1% (LRcd)

5% (LRcd)

S & P500

1.479

1.176

0.623

0.566

2.102

1.742

FTSE100

5.171*

2.843*

2.252

0.010

7.424*

2.854

NIKKEI225

1.94

0.021

0.552

2.523

2.497

2.545

DAX

5.97*

2.296

2.102

0.035*

8.08*

2.33

S & P/TSX

2.475

1.581

0.486

5.317*

2.962

6.898*

CAC40

1.064

0.829

0.700

0.074

1.765

0.904

SM

3.071*

0.995

2.746*

2.188

5.818*

3.184