摘要：The goal of this study is to investigate the causal relationship between the Financials industry and other nine industries. Previous literatures show that volatility of stock prices is informative; therefore, we applied Granger causality by use of a leveraged bootstrap test developed by Hacker and Hatemi-J (2006) to examine the behavior of the volatility. Results show a causal relationship of the volatility of the Financials industry on the volatility of two other industries, Health Care and Utilities. Also, the Financials industry market is driven by the Consumer Staples, Telecommunication Service, and Utilities industries markets
