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Variance Decomposition of FIIEQ: Cholesky Ordering: ENCL FIIEQDate: 05/29/12 Time: 21:01'Sample (adjusted): 1/15/2001 12/29/2011-Included observations: 2702 after adjustments,Trend assumption: Linear deterministic trendSeries: ENCL FIIEQ ,Lags interval (in first differences): 1 to 4,Unrestricted Cointegration Rank Test (Trace) HypothesizedTrace No. of CE(s) Eigenvalue StatisticCritical ValueProb.**None * At most 1 *> Trace test indicates 2 cointegrating eqn(s) at the 0.05 level8 * denotes rejection of the hypothesis at the 0.05 level* **MacKinnon-Haug-Michelis (1999) p-values9Unrestricted Cointegration Rank Test (Maximum Eigenvalue) Max-EigenG Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0.05 levelE Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I): / Unrestricted Adjustment Coefficients (alpha): D(ENCL)D(FIIEQ)1 Cointegrating Equation(s): Log likelihoodENormalized cointegrating coefficients (standard error in parentheses)7Adjustment coefficients (standard error in parentheses) VAR Lag Order Selection Criteria!Endogenous variables: ENCL FIIEQ Exogenous variables: C Date: 05/29/12 Time: 21:02Sample: 1/01/2001 12/29/2011Included observations: 2699 LagLogLLRFPEAICSCHQNA 26.49598* 26.46052* 12.16554* 1.04e+09* 26.43810*0 * indicates lag order selected by the criterionB LR: sequential modified LR test statistic (each test at 5% level) FPE: Final prediction error" AIC: Akaike information criterion" SC: Schwarz information criterion' HQ: Hannan-Quinn information criterion(Null Hypothesis: D(ENCL) has a unit rootExogenous: Constant2Lag Length: 15 (Automatic based on SIC, MAXLAG=27) t-Statistic Prob.*&Augmented Dickey-Fuller test statisticTest critical values:1% level5% level 10% level%*MacKinnon (1996) one-sided p-values.%Augmented Dickey-Fuller Test EquationDependent Variable: D(ENCL,2)Method: Least SquaresDate: 05/29/12 Time: 21:03'Sample (adjusted): 2/01/2001 12/29/2011-Included observations: 2690 after adjustmentsVariable Coefficient Std. ErrorProb. D(ENCL(-1)) D(ENCL(-1),2) D(ENCL(-2),2) D(ENCL(-3),2) D(ENCL(-4),2) D(ENCL(-5),2) D(ENCL(-6),2) D(ENCL(-7),2) D(ENCL(-8),2) D(ENCL(-9),2)D(ENCL(-10),2)D(ENCL(-11),2)D(ENCL(-12),2)D(ENCL(-13),2)D(ENCL(-14),2)D(ENCL(-15),2)C R-squared Mean dependent varAdjusted R-squared S.D. dependent varS.E. of regression Akaike info criterionSum squared resid Schwarz criterion F-statisticDurbin-Watson stat Prob(F-statistic))Null Hypothesis: D(FIIEQ) has a unit root1Lag Length: 8 (Automatic based on SIC, MAXLAG=27)Dependent Variable: D(FIIEQ,2) D(FIIEQ(-1))D(FIIEQ(-1),2)D(FIIEQ(-2),2)D(FIIEQ(-3),2)D(FIIEQ(-4),2)D(FIIEQ(-5),2)D(FIIEQ(-6),2)D(FIIEQ(-7),2)D(FIIEQ(-8),2)" Vector Error Correction Estimates Date: 05/29/12 Time: 21:05( Sample (adjusted): 1/15/2001 12/29/2011. Included observations: 2702 after adjustments- Standard errors in ( ) & t-statistics in [ ]Cointegrating Eq: CointEq1ENCL(-1) FIIEQ(-1) [-12.1129]Error Correction: [-20.1387] [ 14.6241] [ 1.68205] [-6.53506] D(ENCL(-2)) [ 2.13264] [ 0.62187] D(ENCL(-3)) [ 2.42812] [ 2.42798] D(ENCL(-4)) [ 2.92618] [ 3.01361] [-9.48584] [-33.5403] D(FIIEQ(-2)) [-6.48342] [-22.1145] D(FIIEQ(-3)) [-4.14286] [-12.9186] D(FIIEQ(-4)) [-2.05484] [-6.90577] [-0.01769] [ 0.00586] R-squared Adj. R-squared Sum sq. resids S.E. equation F-statistic Log likelihood Akaike AIC Schwarz SC Mean dependent S.D. dependent( Determinant resid covariance (dof adj.) 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