Table 2: The impact of time on the historical influence of global financial markets.

Series of causalityEquation (5) regressionEquation (6) regression
InterceptSlope InterceptSlope

INDEX to INDEXC0.2640−0.00030.28200.2443−0.00220.2077
INDEX to INDEXO0.3461−0.00570.32660.2908−0.00320.5140
INDEX to INDEXH0.3207−0.00480.35220.2787−0.00300.4337
INDEX to INDEXL0.3234−0.00580.42890.2834−0.00410.4673
INDEX to INDEXV0.4628−0.00130.16530.4449−0.00040.1028

The results are the OLS outputs of (5) and (6). The regression lines examine the attenuation of impact of the historical information. INDEX variable implies the world financial market. INDEXC/O/H/L/V refers to the close, open, high, low, and trading volume levels of the global markets. The statistical significance level of Granger causality test is .