From: Short-term and long-term Interconnectedness of stock returns in Western Europe and the global market
Variable | Intercept alone | Intercept + Trend | ||||
---|---|---|---|---|---|---|
DF | ADF | PP | DF | ADF | PP | |
Austria | −23.2* | −19.2*(1) | −25.1*(1) | −23.2* | −19.9*(1) | −25.2*(1) |
Belgium | −23.5* | −17.75*(1) | −23.44*(1) | −23.43* | −17.5*(1) | −24.4*(1) |
Britain | −25.8* | −18.76*(1) | −26.76*(1) | −24.89* | −18.3*(1) | −26.8*(1) |
Denmark | −24.7* | −17.63*(1) | −25.11*(1) | −25.13* | −17.6*(1) | −25.6*(1) |
Finland | −25.1* | −26.8*(1) | −28.77*(1) | −25.45* | −26.8*(1) | −28.5*(1) |
France | −24.6* | −17.53*(1) | −26.81*(1) | −24.6* | −17.5*(1) | −26.7*(1) |
Germany | −22.6* | −17.8*(1) | −23.6*(1) | −22.7* | −17.3*(1) | −23.5*(1) |
Greece | −24.4* | −19.1*(1) | −24.4*(1) | −24.39* | −19.0*(1) | −24.3*(1) |
Ireland | −24.3* | −17.8*(1) | −24.5*(1) | −24.4* | −17.9*(1) | −24.4*(1) |
Italy | −20.2* | −14.3*(1) | −19.87*(1) | −20.30* | −14.4*(1) | −19.3*(1) |
Luxembourg | −21.9* | −15.5*(1) | −22.4*(1) | −22.51* | −15.7*(1) | −23.5*(1) |
Netherlands | −24.5* | −19.9*(1) | −25.15*(1) | −24.7* | −19.6*(1) | −25.7*(1) |
Norway | −23.6* | −15.25*(1) | −23.83*(1) | −23.54* | −15.9*(1) | −23.5*(1) |
Portugal | −20.7* | −16.6*(1) | −21.71*(1) | −20.72* | −16.8*(1) | −21.2*(1) |
Spain | −24.6* | −19.17*(1) | −25.68*(1) | −24.68* | −19.1*(1) | −25.6*(1) |
Sweden | −26.3* | −20.5 (1) | −27.3*(1) | −26.72* | −21.5*(1) | −27.3*(1) |
Switzerland | −22.8* | −18.4*(1) | −22.8*(1) | −22.8* | −18.7*(1) | −22.8*(1) |
MSCI | 20.25* | 23.12*(1) | 21.01*(1) | 20.54* | 24.21*(1) | 21.47*(1) |