1 shows that (BMI) global index price has an increasing trend in the last five years till February 2020 when it moves down sharply to lose more than 1000 points by mid of March 2020.
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Price and volatility spillovers between global equity, gold, and energy markets prior to and during the COVID-19 pandemic.
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The sentences
As substantiating evidence, the Lagrange Multiplier (LM) test statistics are highly significant, demonstrating that the residuals are heteroskedastic.
In the period preceding the onset of coronavirus, the estimate of β ba , 4 in Column (3) becomes negative and reaches a borderline significance, while in Column (4) it also shifts sign to negative but without statistical significance.
Similarly, the BMI global stock index shows a decreasing trend started in the last week of February until reaching its bottom by March 20, 2018 when it starts recovering driven by economic bailouts.