Table 3. Unit root tests (ADF and PP... | Emerald Publishing

Table 3.

Unit root tests (ADF and PP unit root tests) for BTC and equity indices

Variables	Level		First difference
Variables	ADF	PP	ADF	PP
BTC	−2.403547	−2.501709	−14.19600*	−43.72934*
JPN	−2.863470	−2.779592	−45.77698*	−45.80180*
KOR	−3.182944	−3.076102	−43.00685**	−43.06836*
STI	−2.716996	−2.892518	−42.40451*	−42.42439*
PHIL	−2.418378	−2.277534	−43.22455*	−43.36255*
HK	−2.703887	−2.750872	−43.04464*	−43.04038*

Variables	Level		First difference
Variables	ADF	PP	ADF	PP
BTC	−2.403547	−2.501709	−14.19600*	−43.72934*
JPN	−2.863470	−2.779592	−45.77698*	−45.80180*
KOR	−3.182944	−3.076102	−43.00685**	−43.06836*
STI	−2.716996	−2.892518	−42.40451*	−42.42439*
PHIL	−2.418378	−2.277534	−43.22455*	−43.36255*
HK	−2.703887	−2.750872	−43.04464*	−43.04038*

Note:

***, ** and * indicate significance at 1, 5 and 10%, respectively