Dependent Variable: FREQ

Method: Panel Fully Modified Least Squares (FMOLS)

Date: 04/01/16 Time: 19:49

Sample (adjusted): 2 72

Periods included: 71

Cross-sections included: 2

Total panel (balanced) observations: 142

Panel method: Pooled estimation

Cointegrating equation deterministics: C

Coefficient covariance computed using default method

Long-run covariance estimates (Bartlett kernel, Newey-West fixed

bandwidth)

Variable

Coefficient

Std. Error

t-Statistic

Prob.

TNTM

−9.936542

1.703997

-5.831313

0.0000

R-squared

0.287001

Mean dependent var

208.3451

Adjusted R-squared

0.276742

S.D. dependent var

84.36354

S.E. of regression

71.74662

Sum squared resid

715513.2

Long-run variance

14431.49