Table 1. Descriptive statistics of stock indices closing price.

Index	Count	Mean	Max	Min	Standard deviation
DAX	2,470	9,445.98	13,559.60	5,072.33	2,350.25
DJI	2,452	17,347.54	27,359.16	9,686.48	4,951.69
S&P500	2,452	1,933.37	3,025.86	1,022.58	567.36
SSE	2,366	2,795.73	5,166.35	1,950.01	537.10