t-Statistic

1% Level

5% Level

10% Level

H1

−31.8254^***

−3.43569^***

−2.86378^***

−2.56802^***

H2

−32.6896^***

−3.43569^***

−2.86378^***

−2.56802^***

H3

−32.41^***

−3.43569^***

−2.86378^***

−2.56802^***

H4

−30.0728^***

−3.43569^***

−2.86378^***

−2.56802^***

H5

−30.2478^***

−3.43569^***

−2.86378^***

−2.56802^***

H6

−33.5019^***

−3.43569^***

−2.86378^***

−2.56802^***

H7

−30.4708^***

−3.43569^***

−2.86378^***

−2.56802^***

H8

−24.9888^***

−3.43569^***

−2.86378^***

−2.56802^***

H9

−35.5919^***

−3.43569^***

−2.86378^***

−2.56802^***

H10

−29.2415^***

−3.43569^***

−2.86378^***

−2.56802^***

H11

−31.9238^***

−3.43569^***

−2.86378^***

−2.56802^***

A1

−26.9588^***

−3.43569^***

−2.86378^***

−2.56802^***

A2

−25.7854^***

−3.43569^***

−2.86378^***

−2.56802^***

A3

−25.4641^***

−3.43569^***

−2.86378^***

−2.56802^***

A5

−31.1338^***

−3.43569^***

−2.86378^***

−2.56802^***

A6

−32.1567^***

−3.43569^***

−2.86378^***

−2.56802^***

A7

−33.6014^***

−3.43569^***

−2.86378^***

−2.56802^***

A8

−32.9499^***

−3.43569^***

−2.86378^***

−2.56802^***

A9

−33.2263^***

−3.43569^***

−2.86378^***

−2.56802^***

A10

−25.8633^***

−3.43569^***

−2.86378^***

−2.56802^***

A11

−27.1627^***

−3.43569^***

−2.86378^***

−2.56802^***