Null Hypothesis: Unit root (individual unit root process) Series: NAM, NIM, ROA, ROE, SOLUONG, CN,

CP_TN, VCSH_TTS, LN_DTNV, DP_CV, LUONG_TTS, CV_TTS, CV_TG, M2, GDP, LP Date: 09/03/13 Time: 16:00 Sample: 1 140 Exogenous variables: Individual effects, individual linear trends Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 to 1 Total number of observations: 2081 Cross-sections included: 15 (1 dropped) Method ADF - Fisher Chi-square ADF - Choi Z-stat Statistic 809.442 -22.9251 Prob.** 0.0000 0.0000

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results UNTITLED

Series NAM NIM ROA ROE SOLUONG CN CP_TN VCSH_TTS LN_DTNV DP_CV LUONG_TTS CV_TTS CV_TG M2 GDP LP

Prob. 0.0992 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.7109 0.7625 0.8716

Lag Max Lag 0 13 0 13 0 13 0 13 0 13 Dropped from Test 0 12 0 13 1 13 1 13 0 13 0 13 0 13 0 13 0 13 0 13

Obs 139 139 139 139 139 137 139 138 138 139 139 139 139 139 139