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Evidences of high sensitivity of investors to financial news after crises : cases study of Asian financial crisis and sub-prime

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Figure

Table 1 shows the result of ADF unit root test. Although stock indexes are commonly assumed to be I (1), i.e
Table 5: Augmented Engle-Granger Two Step Co-integration Test (none) July 2007 -Nov   2009; P-value        lnFTSE lnHSI lnNIKKEI lnSHA lnS&P
Table 8: Pair wise Granger Causality Jan 2005 - June 2007 P-value; VECM - if two variables are co-integrated
Figure 1: Indexes movement Jan 1995 – June 1997 in natural logarithm form10
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