Fig. 2

Average price dynamic for the 388 stock belonging to the first database (S&P500) during the period 1998–2013 (a) together with the average value of the 59 stocks of the second database (FTSE MIB) during the period 2014–2017 (b) and the average value of the 156 stocks of the third database (Euronext Paris) during the same years 2014–2017 (c). Starting from the boom phase of the dot-com bubble in 2000, Fig. (a) also shows the market decline of 2002 (near period 1000), the recovering period ended in 2007 with the sub-prime mortgage crisis together with the global financial crisis of the 2008–09 (near period 2700). In Fig. 2(b) the average price dynamic shows an abrupt increase in the first part of the sample, followed by a sudden decreasing phase and a more stationary behavior after 2015 (period 200). Similarly the average price dynamic of the third dataset in Fig. 2(c) shows a fall in 2015 (near period 120), at the time of parliamentary elections in Greece and the stationary phase after that