Page 63 - IILMGSM Journal_Management Perspective

envalue Likelihood 5 Percent 1 Percent Hypothesized

Ratio Critical Value Critical Value

No. of CE(s)

0.678097 237.0825 192.89 204.95 None **

0.597894 177.0068 156.00 168.36 At most 1 **

0.470923 128.7216 124.24 133.57 At most 2 *

0.421464 94.98072 94.15 103.18 At most 3 *

0.380560 65.97623 68.52 76.07 At most 4

0.238598 40.59246 47.21 54.46 At most 5

0.175452 26.14498 29.68 35.65 At most 6

0.160165 15.92020 15.41 20.04 At most 7 *

0.118236 6.669037 3.76 6.65 At most 8 **

*(**) denotes rejection of the hypothesis at 5%(1%) significance level

L.R. test indicates 4 co-integrating equation(s) at 5% significance level

Panel D: Sub Period 2005-2008

Included observations: 46

Test assumption: Linear deterministic trend in the data

Series: CM CP CD MIBOR TBILL PLR DR NIFTY ER

Lags interval: 1 to 1

Eigenvalue Likelihood 5 Percent 1 Percent Hypothesized
No. of CE(s)
Ratio Critical Value Critical Value

62