Table 4.

Unit root tests: quarterly LSPI and LGDP

LSPI	ADF		PP
	Level	First Difference	Level	First Difference
Taiwan
Ambassador Hotel	−1.36 [2]	−5.71** [2]	−1.51 [2]	−9.79** [2]
First Hotel	−1.16 [1]	−5.23** [1]	−1.06 [3]	−6.18** [3]
Hotel Holiday Garden	−0.96 [2]	−4.62** [2]	−1.05 [3]	−8.02** [3]
Leofoo Corporation	−1.03 [2]	−5.96** [2]	−1.25 [3]	−8.33** [3]
Wan-Hwa Corporation	−0.93 [2]	−7.14** [2]	−1.27 [3]	−11.51** [3]
China Airlines	−1.96 [1]	−5.98** [1]	−1.77 [3]	−9.50** [3]
VWTI (full sample)	−0.52 [1]	−5.39** [1]	−0.77 [3]	−9.31** [3]
VWTI (1/1998-9/2003)	−2.03 [1]	−4.82** [1]	−2.33 [2]	−6.12** [2]
LGDP	−2.34 [4]	−4.06** [4]	−2.47 [4]	−16.62** [4]
LGDP (1/1998-9/2003)	−1.27 [1]	−4.84** [1]	−2.24 [3]	−14.61** [3]
China
Century Plaza Hotel	−1.61 [1]	−5.47** [1]	−1.86 [3]	−7.60** [3]
Cyts Tours	−1.06 [1]	−4.10** [1]	−1.55 [2]	−6.33** [2]
Dong Feng Hotel	−2.51 [1]	−5.72** [1]	−2.70 [3]	−6.50** [3]
Huangshan Tourism	−0.27 [1]	−3.82** [1]	−1.53 [2]	−7.29** [2]
Huatian Hotel	−3.39** [1]	−7.23** [1]	−3.63** [3]	−8.31** [3]
Jingxi Tourism	−0.91 [1]	−3.31** [1]	−1.15 [2]	−5.11** [2]
Jinjiang Hotel	−2.31 [1]	−5.84** [1]	−2.65 [3]	−6.77** [3]
Xian Tourism	−1.43 [1]	−4.26** [1]	−2.33 [2]	−7.26** [2]
Eastern Airlines	−2.69 [1]	−4.71** [1]	−2.63 [2]	−4.84** [2]
VWTI_SH	−1.09 [1]	−4.50** [1]	−1.45 [2]	−6.22** [2]
VWTI_SZ	−1.55 [1]	−3.53** [1]	−1.42 [2]	−4.13** [2]
VWTI_SHSZ	−1.63 [1]	−4.75** [1]	−1.85 [2]	−5.68** [2]
LGDP	−1.73 [1]	−3.39** [1]	−2.40 [2]	−3.78** [2]

Note: Same as in Table 3.