Page 60 - IILMGSM Journal_Management Perspective

Panel D: Sub Period 2005-2008

Variables Eigenvalue Likelihood Variables Eigenvalue Likelihood Variables Eigenvalue Likelihood
ratio ratio ratio
CM –CP CP- DR
CM –CD 0.4625 29.1444** CP - NIFTY 0.1515 8.2533 MIBOR-NIFTY 0.1605 11.0194
CM – MIBOR CP- ER
CM – TBILL 0.4106 27.2815** CD – MIBOR 0.0622 5.4434 MIBOR-ER 0.1085 8.2030

0.3232 21.5280** 0.0598 4.1392 TBILL-PLR 0.3216 21.2205**

0.2641 18.1607* 0.4104 28.160** TBILL-DR 0.2881 16.7926*

CM- PLR 0.3388 21.1488** CD-TBILL 0.3976 28.5456** TBILL-NIFTY 0.2415 16.2508*
CM – DR 0.2539 14.0692 CD - PLR 0.1814 11.2965 TBILL-ER 0.1330 9.9296
CM - NIFTY 0.2371 15.4425* CD – DR 0.1936 10.4008 PLR-DR 0.2199 11.8314
CM – ER 0.2067 13.5074 CD – NIFTY 0.1288 9.1843 PLR-NIFTY 0.1547 9.7739

CP-CD 0.1347 7.8635 CD- ER 0.0912 6.6127 PLR-ER 0.1014 6.4869
CP – MIBOR 0.2408 14.847 MIBOR – TBILL 0.3328 23.3043** DR-NIFTY 0.07414 5.7966

CP- TBILL 0.2293 20.376** MIBOR- PLR 0.2471 15.6012* DR-ER 0.05119 2.8921

CP- PLR 0.0796 5.6708 MIBOR- DR 0.2394 13.3907 NIFTY-ER 0.08019 5.7862

** Significant at 1% level of significance.

* Significant at 5% level of significance