β Scribed by Stefan Balabanoff
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The authors would like to thank Hank Bessembinder, Dan Himarios, Dennis Hoffman, Mike Melvin, and two anonymous referees for the helpful comments. Any remaining errors must be attributed, solely, to the authors.
## ABSTRACT In this paper, we examine longβrun links between oil prices and stock markets in Gulf Cooperation Council (GCC) using recent bootstrap panel cointegration techniques and seemingly unrelated regression (SUR) methods. Since GCC countries are major world energy market players, their stock
Second degree stochastic dominance has been proposed also as a criterion (Levy and Sarnet, 1972). It is defined by Z,F,(r) = Z,Fo(r) far all r , with the strict inequality holding for at least one value of return, r. This report uses first degree dominance since first degree dominance implies second