Method: Two-Stage Least Squares

Sample: 2011Q1 2021Q2; Date: 15/12/21 Time: 19:32

Included observations: 40

Instrument specification: PSBSM40 SSB DSB PSBRSS1

Dependent Variable Independent Variable

Summary St

Coefficient

atistics of the R Std. Error

egression Coeffic t-Statistic

Ients

Prob.

Price (PSBSM40t)

SSBt-1

−3.81

8.33

−4.57

0.001

Equation (10)

DSBt-1

1.32

7.16

18.44*

0.000

PSBRSS1t-1

0.52

0.07

7.49***

0.000

C

−0.16

0.17

−0.14

0.35

R-squared

0.974

Mean dependent var

3.961

Adj: R-squared

0.972

S.D. dependent var

0.537

S.E. of regression

0.089

Sum squared resid

0.288

Durbin-Watson stat

0.428 (white test) Heteroskedasticity test Prob. F(3,36) = 0.0003***

Supply (SSBt)

DSBt-1

12.779

3.00

4.252***

0.0001

Equation (11)

PSBSM40t-1

−964,753.2

108,618.5

−4.57

0.0001

PSBRSS1t-1

859,497.3

210,767.0

7.912

0.0000

C

−10,17130.

229,964.3

−4.423

0.0001

R-squared

0.777

Mean dependent var

7339

Adj: R-squared

0.759

S.D. dependent var

2901

S.E. of regression

142,400.4

Sum squared resid

7.30

Durbin-Watson stat

0.429 (white test) Heteroskedasticity test Prob. F(3,36) = 0.0030***

Demand (DSBt)

SSBt-1

0.026

0.006153

4.252***

0.0001

Equation (12)

PSBSM40t-1

68,439.93

3711.019

18.442*

0.0000

PSBRSS1t-1

−30,733.6

6319.063

−4.863**

0.0000

C

7180.616

12,872.38

0.557

0.5804

R-squared

0.961

Mean dependent var

179,691.8

Adj: R-squared

0.958

S.D. dependent var

31,533.54

S.E. of regression

6443.3

Sum squared resid

1.49

Durbin-Watson stat

0.523 (white test) Heteroskedasticity testProb. F(3,36)= 0.0030***

Price (PSBRSS1t)

SSBt-1

7.39

9.34

7.912

0.0000

Equation (13)

DSBt-1

−1.29

2.65

−4.863***

0.0000

PSBSM40t-1

1.15

0.15

7.496***

0.0000

C

1.05

0.19

5.332

0.0000

R-squared

0.909

Mean dependent var

3.888

Adj: R-squared

0.901

S.D. dependent var

0.421

S.E. of regression

0.132

Sum squared resid

0.627

Durbin-Watson stat

0.368 (white test) Heteroskedasticity test Prob. F(3,36) = 0.3270***