Article in International Journal of Entrepreneurship · December 2020 doi: 10. 4018/ijegcc. 2020070105 citations 11 reads 286 João Manuel Pereira Polytechnic Institute of Setúbal Instituto Politécnico de Lisboa 95

Figure 1. Evolution of the COVID-19 pandemic from 31/12/2019 to 23/07/2020

andthe95%probabilitylimits,theauthorsobservedaviolationoftheprobabilitylimits,therefore, thetimeseriesshowunstablebehavior.

Table6showstheresultsofthetestbyClementeetal.(1998),identifyingstructuralbreaks, mostlyinMarch2020,forthemarketsofFrance(CAC40),Germany(DAX30),UnitedKingdom (FTSE100),Italy(FTSEMID),Ireland(ISEQ),Portugal(PSI20).TheGreek(ATG)andSpanish

(IBEX35)marketswereanexception,havingbrokendowninFebruaryandApril2020,respectively. ThesefindingsarecorroboratedbytheauthorsLiu,Manzoor,Wang,Zhang,andManzoor(2020), whoshowsignificantstructuralbreaksresultingfromtheCOVID-19outbreak.

Toanalyzethesignificanceofthecausalrelationshipsbetweenthefinancialmarketsunder analysis,theVARGrangerCausality/BlockExogeneityWaldTestsmodelwasapplied.Todetermine