Table 3 Estimated long-run coefficients... | Emerald Publishing

Table 3

Estimated long-run coefficients using the ARDL Approach

Variable	Model 1 (closing price)				Model 2 (EUR/GBP)
	Coefficient	Std. Error	t-Statistic	Prob		Coefficient	Std. Error	t-Statistic	Prob
C	523.811	190.798	2.745	0.007	C	0.376	0.048	7.818	0
@TREND	0.358	0.19175	1.866	0.064	@TREND	−0.000029	0.000021	−1.386	0.168
CLOSE_PRICE (−1)*	−0.074	0.02974	−2.482	0.014	EUR_GBP(-1)*	−0.441	0.056	−7.838	0
SCORE**	−77.726	45.947	−1.692	0.093	SCORE**	0.079	0.008	10.0312	0

Variable	Model 1 (closing price)				Model 2 (EUR/GBP)
	Coefficient	Std. Error	t-Statistic	Prob		Coefficient	Std. Error	t-Statistic	Prob
C	523.811	190.798	2.745	0.007	C	0.376	0.048	7.818	0
@TREND	0.358	0.19175	1.866	0.064	@TREND	−0.000029	0.000021	−1.386	0.168
CLOSE_PRICE (−1)*	−0.074	0.02974	−2.482	0.014	EUR_GBP(-1)*	−0.441	0.056	−7.838	0
SCORE**	−77.726	45.947	−1.692	0.093	SCORE**	0.079	0.008	10.0312	0

Source(s): Authors’ calculations