Variable

Coefficient

Std. Error

t-Statistic

Prob.**

TOR (−1)

0.765359

0.205429

3.725668

0.0014

TOR (−2)

0.186031

0.232972

0.798512

0.4344

TOR (−3)

−0.201005

0.248580

−0.808614

0.4287

TOR (−4)

−0.505203

0.248612

−2.032094

0.0564

TER_EUROPE

1056.515

329.7762

3.203732

0.0047

TER_ERUOPE (−1)

701.2164

477.8714

1.467375

0.1586

TER_UK

−975.1260

440.0060

−2.216165

0.0391

α

10495.25

2336.755

4.491377

0.0003

γ

499.8152

111.0961

4.498946

0.0002

R-squared

0.988858

Mean dependent var

27627.75

Adjusted R-squared

0.984167

S.D. dependent var

5965.448

S.E. of regression

750.6292

Akaike info criterion

16.33479

Sum squared resid

10705438

Schwarz criterion

16.76300

Log likelihood

−219.6871

Hannan-Quinn Criterion

16.46570

F-statistic

210.7866

Durbin-Watson stat

2.018442

Prob (F-statistic)

0.000000