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Table 3 Cointegration test results

From: Dynamics of oil price shocks and stock market behavior in Pakistan: evidence from the 2007 financial crisis period

 

Pre-crises period

Post-crises period

Trace Statistics

Maximum Eigen stat.

Trace Statistics

Maximum Eigen stat.

r ≤ = 0

21.72141a

r = 0

21.58154a

r ≤ = 0

7.625439

r = 0

7.398024

r ≤ = 1

0.139866

r = 1

0.139866

r ≤ = 1

0.227415

r = 1

0.227415

  1. The “r’ represents the hypothesis of long run association among the variables
  2. Critical values at r = 0 and r = 1 are 15.49 and 3.89 respectively
  3. aindicates significance at 1%