these variables. This means that the conventional cointegration tests may not be robust. Using a more appropriate periodic … cointegration test, our results nevertheless fail to support the present value model, thus reinforcing the case against the …

-robust estimates and Johansen cointegration test. The main finding of this article is that the relationship between market and model …

cointegration tests and vector error correction model analyses. The results have revealed that significant macroeconomic variables …

capital integration with cointegration techniques. This approach minimizes the risk of accepting the null of no cointegration … provide partial support in favor of cointegration, and therefore for capital markets integration, among stock market indices … when proper attention is given to issues like the identification and temporal stability of the cointegration vectors as …