Table 5.

Post-estimation diagnostic tests.

Test Statistic	Period 1	Period 2	Period 3	Period 4
Breusch-Godfrey Test: No Serial Correlation F (1,28)	0.0610 [0.9409]	1.6394 [0.2116]	0.6694 [0.5153]	2.6881 [0.1163]
Breusch-Pagan-Godfrey Test: No Heteroskedasticity F (1,40)	0.9316 [0.5611]	1.3175 [0.2342]	1.0277 [0.4485]	0.4058 [0.9837]
Normality: CHSQ (2)	0.0553 [0.9727]	0.7452 [0.5153]	0.4985 [0.7793]	3.9559 [0.1384]

Note: for all p-values: * 1% significance level; ** 5% significance level; *** 10% significance level.