Hypothesized	Trace Statistic	0.05 Critical Value	Prob.**	Hypothesized	Max-Eigen Statistic	0.05 Critical Value	Prob.**
No. of CE(s)	Trace Statistic	0.05 Critical Value	Prob.**	No. of CE(s)	Max-Eigen Statistic	0.05 Critical Value	Prob.**
None*	60.97123	47.85613	0.0019	None*	37.45269	27.58434	0.0020
At most 1	23.51854	29.79707	0.2215	At most 1	16.7139	21.13162	0.1859
At most 2	6.80464	15.49471	0.6005	At most 2	6.632084	14.2646	0.5335
At most 3	0.172556	3.841466	0.6778	At most 3	0.172556	3.841466	0.6778