exchanges Heymans, A., & Da, C. R. (2013). In the last crisis, it was made clear that no market is immune to spill-over effects from other international markets. By employing an aggregate-shock (AS) model, returns and volatility spill-over effects of the Hang Seng, London, Paris, Frankfurt and New York stock markets to the JSE are confirmed. The findings also confirm the Johannesburg stock exchanges AlSI is directly affected through contagion by the returns of the economic area where the crisis originates. The results further confirmed that South Africa has successfully made progress in shielding its stock market against financial crises in recent times. The discoveries held useful implications for South African stock portfolio managers

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