Table 3.

Total and Net spillover indices across frequency bands for Islamic and G7 stocks.

Note: ^[a] “Absolute to” measures return spillovers from market/country $j$ to other markets. “Absolute from” measures return spillovers from other markets to market $j$. ^[b]Within to measures return spillovers from market $j$ to other markets, including from own innovations to country $k$. Within from measures return spillovers from other markets to market $j$, including from own innovations to market $k$ (see Owusu Junior et al., 2020a, Owusu Junior et al., 2020b, Owusu Junior et al., 2020c; Tiwari et al., 2018, 2019). The largest contributions of markets per frequency band are in bold italics. A positive ‘Net’ suggests that the country/market is a net transmitter while a negative ‘Net’ denoted net recipient market/country.