Table 5.

Unit root test results.

	Level			First differences
	ADF	PP	KPSS	ADF	PP	KPSS
ADCQC	−1.903	−1.750	1.53***	−17.891***	−25.063***	0.142
NBI	−0.997	−1.141	2.02***	−11.670***	−20.542***	0.0503
BTK	−1.600	−1.871	1.2***	−11.304***	−20.132***	0.0602
DJUSHC	−0.942	−1.220	1.98***	−11.162***	−21.560***	0.0907
IYH	−0.947	−1.227	1.97***	−11.093***	−21.353***	0.0897

***, **, and *indicate significance at the 1, 5, and 10% levels, separately.