Model Variables

Lag of ADF

ADF test

statistics@Levels

ADF statistics @ 1^st difference

Order of

integration

Remark

Upfront Costs_(A)

1

−3.352360

−1.964183

I(0)

Stationary

Upfront Costs_(B)

1

−3.352360

−1.964183

I(0)

Stationary

Bepb Cash Flow_A

1

−1.488462

−3.685309

I(1)

Stationary

Bepb Cash Flow_B

1

−1.491746

−3.764309

I(1)

Stationary

Earnings_(A)@PV

0

−1.476422

−3.684309

I(1)

Stationary

Earnings_(B)@PV

0

−1.134556

−3.687307

I(1)

Stationary

Net Cash-flow PV_A

1

−0.891756

−4.687352

I(1)

Stationary

Net Cash-flow PV_B

−0.976456

−4.768307

I(1)

Stationary