| Sample | Entity | CDS premium Stationary | Bond Spread Stationary | Residuals Stationary | Johansen Test |
| Financial corporate sample | IntesaSanPaolo | NO | NO | NO | Non-Cointegrated |
| UniCredit | NO | NO | NO | Cointegrated | |
| BNP Paribas | NO | NO | NO | Non-Cointegrated | |
| SociétéGénérale | NO | NO | NO | Non-Cointegrated | |
| DeutscheBank | YES | YES | - | - | |
| CommerzBank | NO | NO | NO | Non-Cointegrated | |
| Santander | NO | NO | YES | Non-Cointegrated | |
| Non-Financial corporate sample | Vivendi | NO | NO | NO | Cointegrated |
| Thyssenkrupp | NO | NO | YES | Non-Cointegrated | |
| Telecom Italia | NO | NO | NO | Cointegrated | |
| Eni | NO | NO | NO | Non-Cointegrated | |
| Air Liquid | NO | NO | YES | Non-Cointegrated | |
| Orange | NO | NO | NO | Cointegrated | |
| Telefonica | NO | NO | NO | Cointegrated | |
| Sovereign sample (Apr. 2011-Apr. 2014) | Germany | NO | NO | NO | Cointegrated |
| Italy | NO | NO | NO | Non-Cointegrated | |
| France | NO | NO | NO | Cointegrated | |
| Spain | NO | NO | NO | Non-Cointegrated | |
| Portugal | NO | NO | NO | Cointegrated | |
| Belgium | NO | NO | NO | Cointegrated | |
| Sovereign sample (May 2014-Sep. 2018) | Germany | NO | NO | NO | Non-Cointegrated |
| Italy | NO | NO | NO | Non-Cointegrated | |
| France | NO | NO | NO | Cointegrated | |
| Spain | NO | NO | NO | Cointegrated | |
| Portugal | NO | NO | NO | Cointegrated | |
| Belgium | NO | NO | NO | Non-Cointegrated |