표 4 Johansen Cointegration Test

Panel A (LOGNUM, PRICE)
Hypothesized No. of CE(s)	Eigen value	Trace Statistic	0.05 Critical Value	Prob.
None *	0.149	21.647	15.494	0.005
At Most 1	0,0083	1.066	3.841	0.301
식 1 L O G N U M = 0.0718 P R I C E ( 15.547 ) − 4.1881
Panel B (LOGNUM, VOL, PRICE)
Hypothesized No. of CE(s)	Eigen value	Trace Statistic	0.05 Critical Value	Prob.
None *	0.173	37.939	29.797	0.0046
At Most 1	0.094	13.759	15.494	0.089
At Most 2	0.0094	1.205	3.841	0.272
식 2 L O G N U M = 0.0646 P R I C E ( 12.561 ) − 0.397 ​ V O L ( 2.314 ) − 3.4245