Hypothesized No. of CE(s)

Eigenvalue

Trace Statistic

0.05 Critical Value

Prob. **

None *

0.89558

72.80244

47.85613

0.0001

At most 1 *

0.630687

32.13446

29.79707

0.0264

At most 2

0.406306

14.20448

15.49471

0.0775

At most 3 *

0.234899

4.819447

3.841466

0.0281