Pedroni Residual  Cointegration Test

Series: ROA? STU? MAIN?  UNT? ZZC? YYSR?

Date: 07/21/18   Time: 10:17

Sample: 2010Q1 2017Q4

Included observations:  32

Cross-sections included:  34

Null Hypothesis: No  cointegration

Trend assumption: No  deterministic trend

User-specified lag  length: 1

Newey-West automatic  bandwidth selection and Bartlett kernel

Alternative hypothesis:  common AR coefs. (within-dimension)

Weighted

Statistic

Prob.

Statistic

Prob.

Panel v-Statistic

1.732380

0.0416

-2.603275

0.9954

Panel rho-Statistic

-3.485909

0.0002

0.248391

0.5981

Panel PP-Statistic

-14.20749

0.0000

-7.881845

0.0000

Panel ADF-Statistic

-5.857338

0.0000

-3.880740

0.0001

Alternative hypothesis:  individual AR coefs. (between-dimension)

Statistic

Prob.

Group rho-Statistic

1.743340

0.9594

Group PP-Statistic

-10.83322

0.0000

Group ADF-Statistic

-3.458575

0.0003

Cross section specific  results

Phillips-Peron results  (non-parametric)