各位老大，麻烦看看下面的结果。

有人跟我说这个结果说明没有cointegration。但是我觉得应该说明有fractional cointegration吧？

. johans SP500_ret NIKKEI_ret MSCIEAFE_ret, lags(10)
Johansen-Juselius cointegration rank test Sample: 10446 to 10697
Number of obs = 251
H1:
H0: | Max-lambda Trace
Eigenvalues rank<=(r) | statistics statistics
(lambda) r | (rank<=(r+1)) (rank<=(p=3))
------------------------+--------------------------------
.14607225 0 | 39.635082 94.822105
.11266643 1 | 30.00311 55.187023
.09546503 2 | 25.183913 25.183913

Osterwald-Lenum Critical values (95% interval):

Table/Case: 1*
(assumption: intercept in CE)

H0: | Max-lambda Trace
-----------+--------------------------------
0 | 22.00 34.91
1 | 15.67 19.96
2 | 9.24 9.24

Table/Case: 1
(assumption: intercept in VAR)

H0: | Max-lambda Trace
-----------+--------------------------------
0 | 20.97 29.68
1 | 14.07 15.41
2 | 3.76 3.76

Normalized Beta'
SP500_ret NIKKEI_ret MSCIEAFE_ret
vec1 -2.8783835 -1.0761063 6.0355755
vec2 1.9478665 2.9416506 -2.6168612
vec3 -6.2421922 .54818416 3.4149839

Normalized Alpha
vec1 vec2 vec3
SP500_ret -.24650631 -.13856768 .20605822
NIKKEI_ret -.04620534 -.36292995 -.1862195
MSCIEAFE_ret -.33995058 -.09062518 -.0414591