No. of

CE(s)

Trace Statistic

0.05

Critical Value

Adjusted

Critical Value

No. of

CE(s)

Max-Eigen Statistic

0.05

Critical Value

Adjusted

Critical Value

None *^a

450.0561

259.0294

362.6412

None *^a

116.0662

67.91026

95.07436

At most 1 *^a

333.9899

215.1232

301.1725

At most 1 *

77.17603

61.8055

86.5277

At most 2 *^a

256.8139

175.1715

245.2401

At most 2 *

62.16079

55.72819

78.01947

At most 3 *

194.6531

139.2753

194.9854

At most 3 *

50.20169

49.58633

69.42086

At most 4 *

144.4514

107.3466

150.2852

At most 4

41.93165

43.41977

60.78768

At most 5 *

102.5198

79.34145

111.078

At most 5

32.88963

37.16359

52.02903

At most 6 *

69.63014

55.24578

77.34409

At most 6

29.19111

30.81507

43.1411

At most 7 *

40.43903

35.0109

49.01526

At most 7 *

25.30406

24.25202

33.95283

At most 8

15.13497

18.39771

25.75679

At most 8

14.53174

17.14769

24.00677

At most 9

0.60323

3.841466

5.378052

At most 9

0.60323

3.841466

5.378052