A Study of the Effect of Inflation and Exchange Rate on Stock Market Returns in Ghana

Table 3

Testing for the existence of level relationship among variables in the ARDL model.

Number of regressors	Value of statistic
	Computed F-statistic	5.964
5% critical value
Lower bound value	3.790
Upper bound value	4.850

The critical bound values were extracted from Pesaran et al. [16].