Financial Innovation

Table 2 Unit Root Test (Augmented Dickey-Fuller)

From: Hedge effectiveness of put replication, gold, and oil on ASEAN-5 equities

Variable	t-stat
Gold	−25.85^a
Oil	−20.07^a
Indonesia	−27.42^a
Malaysia	−23.84^a
Philippines	−26.81^a
Thailand	−15.93^a
Singapore	−15.55^a

Notes: The calculation is based on the Schwarz Info Criterion for lag length, at level,
trend and intercept are included
^a Statistical significance at 1%

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