Static Correlation

AH stock index

Cosco Shipping Holding

Cosco Shipping Energy

Cosco Shipping Development

2008

0.6216

0.6521

0.6178

0.3004

2018

0.8392

0.7875

0.7649

0.7095

Risk Spillover Effects

A→H

H→A

A→H

H→A

A→H

H→A

A→H

H→A

2008

0.27

0.01

−0.02

0.26

0.02

0.21

−0.05

0.11

2018

0.04

0.07

0.12

−0.08

0.00

0.12

0.22

0.00