| 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 |