Table 2: Empirical size of the BDS test, for 𝜀 / 𝜎 = 0 . 7 , for the equity indices and the bond fund.

S&P 500DAXFTSE 100NIKKEI 225BOND FUND

𝑚 = 2 1.2476−0.57040.95010.24891.6361
𝑚 = 3 1.5542−0.27260.27480.10591.4308
𝑚 = 4 0.7833−0.4173−0.01210.24250.7469
𝑚 = 5 0.4714−0.46320.18070.39591.0804