Panel unit root tests results
| CIPS | ||
|---|---|---|
| Variable | Intercept | Intercept and trend |
| CON_RET | −24.69374*** | −24.68534*** |
| ISLAMIC_RET | −25.50831*** | −25.49965*** |
| CDS_ret | −25.45953*** | −25.45087*** |
| BONDY_ret | −13.73835*** | −13.4762*** |
| ER_ret | −24.76965*** | −24.74926*** |
| CIPS | ||
|---|---|---|
| Variable | Intercept | Intercept and trend |
| CON_RET | −24.69374*** | −24.68534*** |
| ISLAMIC_RET | −25.50831*** | −25.49965*** |
| CDS_ret | −25.45953*** | −25.45087*** |
| BONDY_ret | −13.73835*** | −13.4762*** |
| ER_ret | −24.76965*** | −24.74926*** |
Note(s): *** indicates 1% level of significance
Source(s): Created by the authors
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