Table 4 Estimated shorn-run coefficients... | Emerald Publishing

Table 4

Estimated shorn-run coefficients using the ARDL Approach

	Model 1 (closing price)				Model 2 (EUR/GBP)				Model 3 (USD/GBP)
Variable	Coefficient	Std. Error	t-Statistic	Prob	Coefficient	Std. Error	t-Statistic	Prob	Coefficient	Std. Error	t-Statistic	Prob
C	523.81	160.94	3.25	0.001	0.376	0.0475	7.909	0	0.028	0.013	2.128	0.035
@TREND	0.3577	0.1684	2.124	0.035	−0.00003	0.00002	−1.389	0.1663	0.000009	0.000013	0.692	0.489
SCORE01	−61.165	5.3832	−11.362	0	0.559	0.0563	9.933	0	0.011	0.005	2.276	0.024
CointEq(−1)*	−0.0738	0.0229	−3.22	0.002	−0.441	0.056	−7.869	0	0.964	0.018	53.77	0

	Model 1 (closing price)				Model 2 (EUR/GBP)				Model 3 (USD/GBP)
Variable	Coefficient	Std. Error	t-Statistic	Prob	Coefficient	Std. Error	t-Statistic	Prob	Coefficient	Std. Error	t-Statistic	Prob
C	523.81	160.94	3.25	0.001	0.376	0.0475	7.909	0	0.028	0.013	2.128	0.035
@TREND	0.3577	0.1684	2.124	0.035	−0.00003	0.00002	−1.389	0.1663	0.000009	0.000013	0.692	0.489
SCORE01	−61.165	5.3832	−11.362	0	0.559	0.0563	9.933	0	0.011	0.005	2.276	0.024
CointEq(−1)*	−0.0738	0.0229	−3.22	0.002	−0.441	0.056	−7.869	0	0.964	0.018	53.77	0

Source(s): Authors’ calculations