Variance Decomposition of LNVENUES

Period

S.E

LMARKET

LNPRICE

LNVENUES

1

0.094443

0.164

(0.732)

7.283

(3.501)

92.551

(3.653)

2

0.150983

0.259

(0.895)

12.556

(4.606)

87.183

(4.751)

3

0.188337

0.277

(1.076)

14.992

(5.285)

84.729

(5.439)

4

0.216180

0.260

(1.195)

16.529

(5.691)

83.209

(5.838)

5

0.238716

0.233

(1.305)

17.771

(6.024)

81.994

(6.163)

6

0.257651

0.207

(1.432)

18.893

(6.348)

80.899

(6.484)

7

0.273879

0.184

(1.585)

19.950

(6.676)

79.864

(6.817)

8

0.287984

0.167

(1.766)

20.966

(7.008)

78.866

(7.166)

9

0.300378

0.154

(1.977)

21.953

(7.345)

77.891

(7.531)

10

0.311362

0.146

(2.213)

22.918

(7.683)

76.934

(7.910)