“…They range from stocks (Chang et al, 1993;Tong, 2000;Basher & Sadorsky, 2006); to bonds (Gibbons & Hess, 1981;Johnston et al, 1991;Jordan & Jordan, 1991); to exchange rates (McFarland et al, 1982;Hsieh, 1988); to commodities (Chiang & Tapley, 1983;Gay & Kim, 1987;Crain & Lee, 1996); to precious metals (Ball et al, 1982;Ma, 1986), in spot and futures markets in countries from around the world. There are sixteen studies which investigate the international evidence relating to stock indices.…”