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