Table 6: T-Tests for Equality of the α0s
|
M2-M1 |
M3-M1 |
M4-M1 | ||
|
USA |
0.005 (0.17) |
0.009 (0.27) |
0.069 |
(1.65) |
|
CAN |
0.070 (0.76) |
0.070 (0.89) |
0.099 |
(1.22) |
|
GBR |
0.031 (0.96) |
0.022 (0.82) |
0.022 |
(0.87) |
|
FRA |
0.046 (0.81) |
0.017 (0.54) |
0.012 |
(0.30) |
|
DEU |
0.011 (0.14) |
-0.009 (-0.20) |
-0.059 |
(-1.75) |
|
ITA |
0.050 (1.32) |
0.041 (1.10) |
0.078 |
(1.59) |
|
JPN |
-0.031 (-0.45) |
0.037 (0.45) |
-0.055 |
(-0.99) |
Note: the above figures are the parameter differences across models
and the numbers in parentheses are t-statistics.
Table 7: T-Tests for Equality of the ω0s
|
M2-M1 |
M3-M1 |
M4-M1 | |
|
USA |
-0.035 (-0.69) |
-0.007 (-0.16) |
0.053 (0.95) |
|
CAN |
0.016 (0.18) |
0.017 (0.23) |
0.035 (0.49) |
|
GBR |
0.004 (0.12) |
0.022 (-0.03) |
0.0009 (0.03) |
|
FRA |
0.005 (0.15) |
0.002 (0.05) |
0.003 (0.10) |
|
DEU |
-0.024 (-0.39) |
-0.005 (-0.07) |
-0.038 (-0.04) |
|
ITA |
0.022 (0.40) |
0.036 (0.84) |
0.100 (2.34)** |
|
JPN |
0.016 (0.24) |
0.015 (0.25) |
-0.012 (-0.24) |
Note: the above figures are the parameter differences across models and
the numbers in parentheses are t-statistics.
Table 8: Wald Tests for ρ
|
P = 1 |
ρ = 0.33 | |
|
USA |
3.15 |
28.3* |
|
CAN |
0.005 |
0.26 |
|
GBR |
2.73 |
0.42 |
|
FRA |
0.34 |
0.70 |
|
DEU |
0.54 |
0.46 |
|
ITA |
0.37 |
5.27** |
|
JPN |
3.54 |
1.48 |
Note: the ab ove tests are distributed
χ2 (1). The critical values at the 1
and 5% levels are 6.63 and 3.84
respectively.
24
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