Null Hypothesis: unit root (individual unit root process)

Series: D(FLTC)

Date: 03/28/16 Time: 09:36

Sample: 1 144

Exogenous variables: individual effects

Newey-West automatic bandwidth selection and Bartlett kernel

Total (balanced) observations: 140

Cross-sections included: 2

Method

Statistic

Prob.**

PP-Fisher Chi-square

57.3674

0.0000

PP-Choi Z-stat

−6.86787

0.0000

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

Intermediate Phillips-Perron test results D(FLTC)

Cross

Section

Prob.

Bandwidth

Obs

FFV

0.0000

1.0

70

JLX

0.0000

6.0

70