TABLE 1
FROM:
An Analysis of Bunker Adjustment Factors and Freight Rates in the Europe/Far East Market (2000–2004)
Pierre Cariou and Francois-Charles Wolff
BACK TO ARTICLETable 1. Tests of stationarity for BAF and ABP
| Variables | ADF 1 | DF-GLS 2 | Phillips–Perron 3 | |
|---|---|---|---|---|
| BAF | Level | -1.76 | -1.20 | -1.82 |
| D.BAF | First difference | -7.08*** | -5.07*** | -7.03*** |
| ABP | Level | -1.06 | -1.09 | -0.96 |
| D.ABP | First difference | -6.63*** | -5.24*** | -6.49*** |
Significance levels are, respectively, 1% (***), 5% (**) and 10% (*). The different models comprise an intercept and no trend. The sample comprises 65 observations for BAF and 63 for ABP.
1 Critical values for the ADF test are, respectively, -3.56, -2.92 and -2.59 for the 1%, 5% and 10% levels.
2 Critical values for the DF-GLS test are respectively -2.61, -2.23 and -1.92 for the 1%, 5% and 10% levels.
3 Critical values for the Phillips–Perron test are, respectively, -3.56, -2.92 and -2.59 for the 1%, 5% and 10% levels.
