TABLE 7.

Long-run and short-run parameters of ARDL model D.

Variable	Coefficient	Standard error	t-Statistic	Probability	Variable	Coefficient	Standard error	t-Statistic	Probability
Short-run					D(SAC)	–0.129345	0.019802	–6.53185	0.00
D[CLOSE(−1)]	–0.541458	0.11249	–4.8	0.00	D(UAEC)	0.170104	0.030372	5.600676	0.00
D[CLOSE(−2)]	–0.806096	0.14811	–5.4	0.00	ECTt-1	–0.428924	0.046235	–9.27712	0.00
D[CLOSE(−3)]	–0.328253	0.09702	–3.3	0.00	R-squared	0.971788
D(QTRC)	0.064296	0.01081	5.94	0.00	Adjusted R-squared	0.947102
D[QTRC(−1)]	0.1299	0.01793	7.2	0.00	Durbin-Watson	2.2658567
Long-run
QTRC	0.422218	0.11500	3.67	0.02	UAEC	1.091373	0.461971	2.362427	0.07
SAC	–0.503365	0.21419	–2.3	0.07	C	65.61467	5.787498	11.33731	0.00

Author’s calculation.