Description

Differencing

Order of

Integration

Levels

First Difference

t-Value

P-Value

t-Value

P-Value

LuSE Market Cap

−0.8173

0.9513

−5.4614

0.0008

I (1)

Pension Fund investment

−0.8709

0.9451

−5.2361

0.0014

I (1)

Test critical values

1% level

−4.3393

−4.3506

5% level

−3.5875

−3.5950

10% level

−3.2292

−3.2334