Table 5.

Base model results

	GB	T statistic	RE	T statistic	OVX	T statistic	SOE	T statistic
AR (0)	−0.0055***	−3.07	−0.0061***	−3.00	−0.0117***	−3.47	−0.0143***	−6.16
AR (1)	−0.0261***	−5.80	−0.0170***	−4.70	−0.0241***	−7.90	−0.0388***	−18.77
AR (2)	−0.0118***	−4.88	−0.0141***	−3.71	−0.0117***	−3.50	−0.0031	−1.31
AR (3)	−0.0070**	−3.31	0.0050	1.51	−0.0039*	−1.69	−0.0315***	−14.66
AR (4)	−0.0203***	−5.79	−0.0190***	−5.28	−0.0261***	−11.80	−0.0177***	−7.17
AR (5)	−0.0305***	−11.28	−0.0204***	−7.88	−0.0366***	−14.61	−0.0381***	−18.12
AR (6)	−0.0103***	−4.50	−0.0050	−1.61	−0.0180	−6.50	−0.0270	−14.47
AR (7)	0.0080***	3.61	0.0080**	3.60	−0.0014	−0.60	0.0002	0.04
AR (8)	0.0040	1.03	0.0051	1.58	0.0019	0.77	−0.0166***	−8.21
AR (9)	−0.0017	−0.70	0.0007	0.31	0.0061***	3.39	0.0080***	4.81
AR (10)	0.0014	0.50	−0.0004	−0.21	0.0105***	3.41	0.0218***	12.07
AR (11)	0.0216***	6.28	0.0180***	4.88	0.0166***	6.19	0.0277***	13.11