Hypothesized No. of CE(s)

Eigen value

Max-Eigen statistic

0.05 critical value

Prob.^**

None^*

0.788894

51.32799

40.07757

0.0018

At most 1

0.543920

25.90784

33.87687

0.3264

At most 2

0.469332

20.90943

27.58434

0.2817

At most 3

0.274670

10.59723

21.13162

0.6873

At most 4

0.171392

6.204252

14.26460

0.5871

At most 5

0.070672

2.418683

3.841466

0.1199