${\widehat{\alpha }}_{5,8}$

−0.0130272

0.0159375

−0.8174

0.4160

${\widehat{\alpha }}_{5,9}$

3.93663e−09

1.10592e−09

3.560

0.0006***

${\widehat{\alpha }}_{5,10}$

−2.96210e−010

1.09311e−09

−0.2710

0.7871

${\widehat{\alpha }}_{5,11}$

−5.55518e−09

8.55063e−09

−0.6497

0.5176

${\widehat{\alpha }}_{5,12}$

4.76485e−010

8.57995e−09

0.05553

0.9558

Equation (6)

Dependent variable: $s_t$

Coefficient

Estimated value

Standard error

t ratio

p-value

${\widehat{\alpha }}_{6,1}$

−0.0103494

0.0190660

−0.5428

0.5886

${\widehat{\alpha }}_{6,2}$

−1.71902e−08

8.35808e−09

−2.057

0.0426**

${\widehat{\alpha }}_{6,3}$

0.0779864

0.365576

0.2133

0.8316

${\widehat{\alpha }}_{6,4}$

0.0683877

0.0550072

1.243

0.2170

${\widehat{\alpha }}_{6,5}$

0.791342

0.228179

3.468

0.0008***

${\widehat{\alpha }}_{6,6}$

−2.78812e−08

1.52732e−08

−1.825

0.0712*

${\widehat{\alpha }}_{6,7}$

2.03636e−08

1.55920e−08

1.306

0.1949

${\widehat{\alpha }}_{6,8}$

−1.09966e−07

1.43712e−07

−0.7652

0.4462

${\widehat{\alpha }}_{6,9}$

6.45760e−08

1.35133e−07

0.4779

0.6339