| Table 3: Tests for random effect and serial correlation. |
| Tests
(1) | Value
(2) | Likelihood
(3) |
| | Random effects | | | | ML: Var | 28.92 | 0.00 | | MLA: Var | 24.80 | 0.00 | | Serial correlation | | | | ML: | 237.04 | 0.00 | | MLA: | 15.46 | 0.00 | | Joint test | | | | ML: Var and | 851.87 | 0.00 | | Heteroskedasticity | | | | : | 8003.9 | 0.00 |
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Source: estimated by the authors.
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