Markets

Transition midpoint

ADF statistic

0.008***

(13.49)

0.082***

(85.56)

0.029***

(7.36)

0.638***

(536.09)

9/22/2009

−4.54***

0.63

0.053***

(31.39)

0.079***

(28.81)

0.028***

(5.02)

0.583***

(11.94)

5/23/2008

−9.26***

0.17

0.184***

(73.12)

0.289***

(76.37)

0.013***

(9.76)

0.523***

(265.32)

5/14/2007

−9.95***

0.60

0.079***

(39.98)

0.193***

(61.41)

0.004***

(14.72)

0.533***

(131.31)

7/18/2007

−7.03***

0.55

0.123***

(7206)

0.063***

(25.63)

0.002

(0.00)

0.514

(0.16)

3/14/2007

−11.89***

0.13

0.101***

(10.32)

0.174***

(12.36)

0.004***

(3.13)

0.433***

(20.74)

11/21/2005

−8.70***

0.33

0.124***

(759.86)

0.064***

(26.24)

0.0026***

(25.92)

0.551***

(111.36

11/07/2007

−11.94***

0.13

0.185***

(87.95)

0.120***

(38.91)

0.019***

(4.06)

0.527***

(122.42)

7/22/2008

−10.32***

0.26