1. The shaded areas represent the bear markets which are identified by the IBB algorithm. The non shaded areas represent the identified bull markets. References Bry;G;Figure 6. Identified bull and bear markets for monthly closing prices,1971
2. On measuring synchronization of bulls and bears: The case of east asia;B Candelon;Journal of Banking & Finance,2008
3. Coincident and leading indicators of the stock market;M Chauvet;Journal of Empirical Finance,2000
4. Gold and financial assets: Are there any safe havens in bear markets;V Coudert;Economics Bulletin,2011
5. Defining and dating bull and bear markets: Two centuries of evidence;L Gonzalez;Multinational Finance Journal,2006