Hypothesized No. of CE(s)

Trace Statistic

0.05 Critical Value

Probability Value

None

63.22908

15.49471

0.0000

At most 1

24.45403

9.841466

0.0000

At most 2

14.2237

7.75366

0.0000

At most 3

8.2251

4.81889

0.0000

At most 4

2.91598

3.85613

0.0033

At most 5

0.032623

2.79707

0.0566