Are life insurance futures a safe haven during COVID-19?

Financial Innovation

Table 2 Phillips Perron unit root test

Model	Constant	Constant + Trend	Constant	Constant + Trend
Variables	Level		First difference
lp_HDFC	− 1.410	− 3.412**	− 20.155***	− 20.127***
lp_ICICI	− 1.330	− 3.118	− 19.609***	− 19.695***
lp_SBIL	− 1.554	− 3.077	− 18.593***	− 18.562***
lp_TWN	− 1.958	− 3.152*	− 19.415***	− 19.438***
lm_IND	− 1.585	− 2.069	− 19.718***	− 19.733***
lm_TWN	− 0.218	− 3.198	− 18.597***	− 18.586***
lc_IND	− 5.793***	− 3.115*	− 19.569***	− 20.430***
lc_TWN	− 1.944	− 2.503	− 16.298***	− 16.355***

The notation "***" and "**" represent 1% and 5% significance levels, respectively. The testing periods of lp_HDFC, lp_ICICI, and lp_SBIL is the research period indicated by the variables in the last column of Table 1. The testing periods of lm_IND and lc_IND is 2020/01/22 ~ 2021/0714, whichever is the longest period for test