Error Correction:

D(LOG(HPSA))

D(LOG(M2SA))

D(LOG(RSA))

CointEq1

-0.644449

0.308069

0.208190

(0.16107)

(0.14310)

(0.12672)

[-4.00105]

[ 2.15281]

[ 1.64296]

D(LOG(HPSA(-1)))

-0.161391

-0.219779

-0.104613

(0.12580)

(0.11177)

(0.09897)

[-1.28292]

[-1.96644]

[-1.05704]

D(LOG(HPSA(-2)))

-0.316471

-0.131778

0.010207

(0.09356)

(0.08313)

(0.07361)

[-3.38239]

[-1.58528]

[ 0.13867]

D(LOG(M2SA(-1)))

-0.116378

-0.541049

0.106900

(0.11355)

(0.10088)

(0.08933)

[-1.02491]

[-5.36321]

[ 1.19667]

D(LOG(M2SA(-2)))

-0.046725

-0.260102

0.060590

(0.10465)

(0.09298)

(0.08233)

[-0.44648]

[-2.79752]

[ 0.73593]

D(LOG(RSA(-1)))

0.241732

-0.070034

0.178180

(0.12257)

(0.10890)

(0.09643)

[ 1.97214]

[-0.64311]

[ 1.84775]

D(LOG(RSA(-2)))

-0.131875

-0.128410

0.185809

(0.12301)

(0.10929)

(0.09678)

[-1.07203]

[-1.17495]

[ 1.91998]

C

0.010746

0.024603

-0.003850

(0.00694)

(0.00617)

(0.00546)

[ 1.54857]

[ 3.99047]

[-0.70525]

R-squared

0.506678

0.342147

0.173819

Adj. R-squared

0.474404

0.299110

0.119770

Sum sq. resids

0.520886

0.411148

0.322388

S.E. equation

0.069772

0.061988

0.054891

F-statistic

15.69953

7.950061

3.215937

Log likelihood

147.1585

160.7617

174.7457

Akaike AIC

-2.420148

-2.656726

-2.899926

Schwarz SC

-2.229196

-2.465774

-2.708974

Mean dependent

0.005273

0.012876

-0.003526

S.D. dependent

0.096240

0.074043

0.058506

Determinant resid covariance (dof adj.)

5.47E-08

Determinant resid covariance

4.40E-08

Log likelihood

484.4364

Akaike information criterion

-7.955415

Schwarz criterion

-7.310953