Null Hypothesis: unit root (individual unit root process)

Series: FLTC

Date: 03/28/16 Time: 09:35

Sample: 1 144

Exogenous variables: individual effects

Newey-West automatic bandwidth selection and Bartlett kernel

Total (balanced) observations: 142

Cross-sections included: 2

Method

Statistic

Prob.**

PP-Fisher Chi-square

1.17204

0.8827

PP-Choi Z-stat

1.21574

0.8880

^**Probabilities for Fisher tests are computed using an asymptotic Chi-square distribution. All other tests assume asymptotic normality.

Intermediate Phillips-Perron test results FLTC

Cross

Section

Prob.

Bandwidth

Obs

FFV

0.9290

1.0

71

JLX

0.5991

4.0

71