Table 2. Results of unit root Variable... | Emerald Publishing

Table 2.

Results of unit root

Variable	Before crisis	crisis	After crisis
Panel A: augmented Dickey–Fuller test
ΔLCDS	−10.10***	−6.27***	−7.97***
ΔICDS	−11.02***	−6.75***	−7.11***
Panel B: Phillips–Perrion test
ΔLCDS	−26.43***	−20.99***	−27.34***
ΔICDS	−25.93***	−17.88***	−20.37***

Variable	Before crisis	crisis	After crisis
Panel A: augmented Dickey–Fuller test
ΔLCDS	−10.10***	−6.27***	−7.97***
ΔICDS	−11.02***	−6.75***	−7.11***
Panel B: Phillips–Perrion test
ΔLCDS	−26.43***	−20.99***	−27.34***
ΔICDS	−25.93***	−17.88***	−20.37***

Note:

Significance at the 1%, 5% and 10% levels is indicated by ***, ** and *respectively