Page 58 - IILMGSM Journal_Management Perspective

Panel B: Sub Period 1994-2000

Variables Eigenvalue Likelihood Variables Eigenvalue Likelihood Variables Eigenvalue Likelihood
ratio ratio ratio
CD-NIFTY 0.226868 23.06990**
CM- CP 0.445682 47.77825** CP-CD 0.135324 12.47446 CD-ER 0.147301 11.95490
TBILL-NIFTY 0.110971 10.73607
CM-CD 0.244262 26.54070** CP-TBILL 0.136253 13.72597 TBILL-ER 0.047133 3.579879
CM –TBILL 0.251283 NIFTY –ER 0.140977 11.24550
23.56475** CP-NIFTY 0.116681 11.96184

CM - NIFTY 0.144806 17.75684* CP-ER 0.057298 4.385749
CM –ER 0.183857
15.18749 CD-TBILL 0.160144 15.15488

** Significant at 1% level of significance.
* Significant at 5% level of significance.