Sans institution

Institution

Interaction

Statistics

p-value

Statistics

p-value

Statistics

p-value

Modified Variance Ratio

−5.6517

0.0000

−6.3050

0.0000

−6.9379

0.0000

Modified Phillips-Perron t

2.2962

0.0108

3.5451

0.0002

4.6294

0.0000

Phillips-Perron t

−1.8903

0.0294

−1.3014

0.0966

−0.6012

0.2739

Augmented Dickey-Fuller t

−3.4495

0.0003

−3.6586

0.0001

−2.8311

0.0023

Modified Phillips-Perron t

4,0546

0.0000

5.0894

0.0000

6.1325

0.0000

Phillips-Perron t

−4.2087

0.0010

−4.8886

0.0000

−4.6931

0.0000

Augmented Dickey-Fuller t

3.1002

0.0000

−3.6063

0.0002

−2.7520

0.0030