The Measurement Method of Investor Sentiment and Its Relationship with Stock Market

Table 4

Stationarity test of investor five sentiment proxy variables.

	t-value	p-value	(c, t, k)
	−3.806	0.009	(1,1,0)
	−2.690	0.079	(0,1,6)
	−3.307	0.070	(1,1,1)
	−4.356	0.004	(1,1,1)
	−3.678	0.028	(1,1,0)

Note. c, t, and k represent constant term, trend term, and lag order, respectively. , , and .