Stock market and macroeconomic variables: new evidence from India

Financial Innovation

Table 6 Johansen Cointegration Test for ACE Transformed Variables

Hypothesis	Eigenvalue	Trace Statistic	Max-Eigen Statistic
r = 0	0.164	109.34^a	68.81^a
r ≤ 1	0.124	57.25^a	47.88^a