Hypothesized No. of CE(s)

Max-Eigen Statistic

0.05 Critical Value

Probability Value

None

38.18780

14.36261

0.0000

At most 1

24.18396

3.23142

0.0000

At most 2

13.99862

2.07757

0.0000

At most 3

11.30912

1.87687

0.0000

At most 4

9.58975

1.58434

0.0273

At most 5

0.00109

1.13162

0.1236