Test type

d (ln qdes)

(1)

d (ln qdes)

(2)

d (ln qdes)

(3)

d (ln qdes)

(4)

d (ln qdes)

(5)

d (ln lxzc)

(6)

C

−0.03

(−0.92)

−0.03

(−1.04)

−11.54

(−1.91)

−12.66

(−2.01)

−14.26

(−2.22)

d (ln Efrate)

−0.59***

(−3.17)

0.01

(0.05)

−0.12

(−0.51)

−0.06

(−0.26)

−0.22

(−0.73)

0.87**

(2.08)

d (lnrate)

−0.42***

(−3.12)

−0.47***

(−2.12)

−0.54***

(−2.41)

−0.23

(−0.51)

lncei

2.46**

(1.91)

2.70**

(2.01)

3.05**

(2.22)

d (lnszzs)

−0.20*

(−1.98)

−0.13*

(−1.56)

d (lnreits)

2.67

(0.80)

R2

0.072

0.21

0.23

0.21

0.24

0.67

P-value

0.0012

0.0123

0.0062

0.0000

0.0091

0.0006

DW-value

2.63

2.85

2.87

2.76

2.85

2.22