. 2006 Feb 2;28(1):188–203. doi: 10.1016/j.tourman.2005.11.012

Table 9.

Results of Granger causality tests between monthly LIP and LSPI: China

Company	Causality	Wald test statistic		t-statistic	Result
Company	Causality	λ₁	β₂	θ
Cyts Tours	$Δ LSPI \Rightarrow Δ LIP$	0.25	—	−4.47^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	3.96^**	−1.93^*
Huangshan Tourism	$Δ LSPI \Rightarrow Δ LIP$	2.24	—	−4.60^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	7.86^**	−1.29
Jinjiang Hotel	$Δ LSPI \Rightarrow Δ LIP$	0.03	—	−4.16^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	0.63	−1.40
Eastern Airlines	$Δ LSPI \Rightarrow Δ LIP$	1.44	—	−3.64^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	0.63	−0.70
VWTI_SH	$Δ LSPI \Rightarrow Δ LIP$	0.81	—	−2.99^**	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	4.61^*	−1.96^**
Century Plaza Hotel	$Δ LSPI \Rightarrow Δ LIP$	0.01	—	−4.07^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	2.21	−2.35^**
Dong Feng Hotel	$Δ LSPI \Rightarrow Δ LIP$	3.77	—	−5.13^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	2.99	−2.97^**
Huatian Hotel	$Δ LSPI \Rightarrow Δ LIP$	0.43	—	−3.78^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	0.09	−1.56
Jingxi Tourism	$Δ LSPI \Rightarrow Δ LIP$	1.77	—	−4.11^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	1.67	−2.00^**
Xian Tourism	$Δ LSPI \Rightarrow Δ LIP$	0.36	—	−4.42^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	0.13	−0.50
VWTI_SZ	$Δ LSPI \Rightarrow Δ LIP$	0.17	—	−3.90^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	0.48	−1.08
VWTI_SHSZ	$Δ LSPI \Rightarrow Δ LIP$	0.04	—	−4.32^***	$Δ LSPI \Leftrightarrow Δ LIP$
	$Δ LIP \Rightarrow Δ LSPI$	—	0.34	−1.77^*

Note: Same as in Table 7.