표 6 VECM모형 추정결과

Panel A (LOGNUM, PRICE)		Panel B (LOGNUM, VOL, PRICE)
Error Correction:	D(LOGNUM)	Error Correction:	D(LOGNUM)
CointEq1	−0.370654[−4.61167]***	CointEq1	−0.417032[−4.69993]***
D(LOGNUM(-1))	−0.069689[−0.75583]	D(LOGNUM(-1))	−0.042239[−0.44477]
D(LOGNUM(-2))	−0.039629[−0.47124]	D(LOGNUM(-2))	−0.016222[−0.18862]
D(PRICE(-1))	0.115971[1.57468]	D(VOL(-1))	−0.000589[−0.00650]
D(PRICE(-2))	−0.158821[−2.07821]**	D(VOL(-2))	0.056701[0.83079]
C	0.018030[1.56885]	D(PRICE(-1))	0.230870[2.29241]***
		D(PRICE(-2))	−0.191348[−1.90266]**
		C	0.005645[0.49057]
R-squared	0.235114	R-squared	0.245336
Adj. R-squared	0.204121	Adj. R-squared	0.201678