Hypothesized No. of CE(s)

Eigenvalue

Trace Statistic

0.05 Critical Value

None^*

0.9323

146.8033

47.8561

0.0000

At most 1^*

0.7701

74.1057

29.7971

0.0000

At most 2^*

0.7140

34.4119

15.4947

0.0000

At most 3

0.0224

0.6104

3.8415

0.4346