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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 9 Unrestricted co-integrated rank results (trace)

From: The impact of stock market manipulation on Nigeria’s economic performance

Hypothesized no. of CE (s)

Eigenvalue

Trace statistic

0.05

Critical value

Prob**

r ≤ 0

0.668457*

145.7992

69.81889

0.0000

r ≤ 1

0.630122*

88.39126

47.85613

0.0000

r ≤ 2

0.294112*

36.67298

29.79707

0.0069

r ≤ 3

0.279642*

18.56145

15.49471

0.0167

r ≤ 4

0.028529

1.505093

3.841466

0.2199

  1. Source: Author’s E-view 9.5 Compilation
  2. Trace test indicates 4 co-integrating eqn(s) at the 0.05 level
  3. *Rejection of the hypothesis at the 0.05 level
  4. **Mackinnon–Haug–Michelis (1999) values