Table 1: Descriptive statistics of returns.

Statistic/indexMeanStd.SkewnessKurtosisJB statisticNumber

NYSE−0.0201461.3794730.38685512.7657010072.592519
NASDAQ−0.0345781.4567990.1780268.7402393471.7192519
N2250.0014211.5484580.54713511.610597697.1982452
FTSE−0.0134001.2652480.10246710.376605729.2562525
SSE−0.0130831.6568660.2467406.6346531412.1332519
HSI−0.0326181.605285−0.03779912.155598749.8202505
TSX−0.0251411.2146110.68064413.1479910544.642414
BOV−0.0783591.8614040.0848208.0405462623.0752475
AORD−0.0167931.0728800.5531478.8801063781.3262535
DAX−0.0339981.539663−0.0385258.1057752773.7152553