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Summary of the results based on the estimates of d: anti-persistence (AP), short memory (SM) and long memory (LM)
| White noise errors | Autocorrelated errors | |||
|---|---|---|---|---|
| Countries | ESG | Conventional | ESG | Conventional |
| USA | AP | AP | SM | SM |
| UK | AP | AP | AP | AP |
| CHINA | SM | SM | AP | AP |
| INDIA | SM | LM | SM | SM |
| JAPAN | AP | AP | AP | AP |
| SOUTH AFRICA | AP | SM | AP | AP |
| WORLD | LM | LM | SM | AP |
| EMERGING MKTS | LM | LM | SM | SM |
| EAFE | LM | LM | SM | AP |
| EUROPE | SM | SM | AP | AP |
| PACIFIC | AP | AP | SM | AP |
| BRICS | SM | LM | SM | SM |
