| Equation (5) | Equation (6) |
| ||
Variable | LM | p-value | LM | p-value | Conclusion |
y, nd | 0.092 | 0.762 | 20.937 | 0.000 | Series do not have a common cycle at the 10% significance level |
y, s | 7.935 | 0.005 | 3.348 | 0.067 | |
y, o | 5.774 | 0.016 | 20.831 | 0.000 |