β

−0.4995

0.6776

0.6554

1.0000

0.9607

Dβ

−0.4529

0.4921

0.4884

0.9607

1.0000

Combined Market Groups

Measures

M.R.

S.D

SE.D.

β

Dβ

M.R.

1.0000

−0.1023

−0.2717

−0.1436

−0.2076

S.D

−0.1023

1.0000

0.8811

0.5387

0.5072

SE.D.

−0.2717

0.8811

1.0000

0.5741

0.5495

β

−0.1436

0.5387

0.5741

1.0000

0.9220

Dβ

−0.2076

0.5072

0.5495

0.9220

1.0000

Panel B: Post-Crisis Period

Developed Countries

Measures

M.R.

S.D

SE.D.

β

Dβ

M.R.

1.0000

−0.3564

−0.5639

−0.1277

−0.2905

S.D

−0.3564

1.0000

0.8668

0.5799

0.5492

SE.D.

−0.5639

0.8668

1.0000

0.4687

0.6565

β

−0.1277

0.5799

0.4687

1.0000

0.7567

Dβ

−0.2905

0.5492

0.6565

0.7567

1.0000

Emerging Countries

Measures

M.R.

S.D

SE.D.

β

Dβ

M.R.

1.0000

−0.6795

−0.6412

−0.4810

−0.3175

S.D

−0.6795

1.0000

0.9244

0.6400

0.5556

SE.D.

−0.6412

0.9244

1.0000

0.4972

0.5844

β

−0.4810

0.6400

0.4972

1.0000

0.7428

Dβ

−0.3175

0.5556

0.5844

0.7428

1.0000

Frontier Countries

Measures

M.R.

S.D

SE.D.

β

Dβ

M.R.

1.0000

−0.3004

−0.3675

0.2250

−0.4462

S.D

−0.3004

1.0000

0.9494

0.4249

0.7209

SE.D.

−0.3675

0.9494

1.0000

0.2712

0.8095

β

0.2250

0.4249

0.2712

1.0000

0.3987

Dβ

−0.4462

0.7209

0.8095

0.3987

1.0000

Combined Market Groups

Measures

M.R.

S.D

SE.D.

β

Dβ

M.R.

1.0000

−0.5837

−0.6001

−0.0651

−0.3243

S.D

−0.5837

1.0000

0.9388

0.3589

0.5221

SE.D.

−0.6001

0.9388

1.0000

0.2628

0.6023

β

−0.0651

0.3589

0.2628

1.0000

0.6183

Dβ

−0.3243

0.5221

0.6023

0.6183

1.0000