For the B-H and A-H pairings, we nd similar patterns: The rst sub-period is dominated by causal spillovers (from H to B, respectively from A to H), which give way to correlated structural innovations after 2001. However, the interaction between B and H, and even more so between A and H, is far less developed than in the A-B case. The paper is organized as follows: Section 2 brie y introduces the history of the Chinese stock market and o ers a literature review. Section 3 elaborates the methodology of the SDCC model. Empirical results are reported in Section 4. Finally, section 5 summarizes and highlights our ndings
