| Emerging Countries and regions Stock Market | Test Value | p-Value |
| France | 0.124 | 0.321 |
| Spain | 0.254 | 0.789 |
| Singapore | 0.005 | 0.567 |
| Taiwan | 3.231 | 0.002 |
| Malaysia | 5.654 | 0.000 |
| Japan | 7.456 | 0.010 |