Null Hypothesis: unit root (individual unit root process)

Series: LDFC

Date: 04/12/16 Time: 22:37

Sample: 1 72

Exogenous variables: individual effects

Newey-West automatic bandwidth selection and Bartlett kernel

Total (balanced) observations: 142

Cross-sections included: 2

Method

Statistic

Prob.**

PP-Fisher Chi-square

28.9699

0.0000

PP-Choi Z-stat

−4.48546

0.0000

**Probabilities for Fisher tests are computed using an asymptotic Chi-square distribution. All other tests assume asymptotic normality.

Intermediate Phillips-Perron test results LDFC

Cross

Section

Prob.

Bandwidth

Obs

FFV

0.0024

2.0

71

JLX

0.0002

3.0

71