Note(s): LM (2) is the LM statistics for autocorrelation up to order 2. RESET test is Ramsey’s test (null hypothesis: functional form is correctly specified). J-B is the Jarque-Bera statistics for error normality (null hypothesis: normal distribution). CUSUM is the cumulative sum of recursive residuals (S: stable). CUSUMSQ is the cumulative sum of squares of recursive residuals (S: stable)