ADF

1% Critical value

PP

1% Critical value

conclusion

yg

−7.44

−3.542

−7.381

−3.542

sTable

yc

−7.475

−3.542

−7.394

−3.542

sTable

mkt

−7.353

−3.542

−7.282

−3.542

sTable

smb

−8.633

−3.542

−8.652

−3.542

sTable

hml

−9.934

−3.542

−10.067

−3.542

sTable

umd

−8.771

−3.542

−8.779

−3.542

sTable