| Variable | Coefficient | Std. Errors | Probability |
| Constant | 1.118 | 0.360 | 0.002 |
| AR (1) | 0.559 | 0.034 | 0.000 |
| AR (5) | 0.071 | 0.335 | 0.000 |
| AR (11) | 0.095 | 0.034 | 0.000 |
| m7t | −2.129 | 0.512 | 0.000 |
| m8t | −2.202 | 0.507 | 0.000 |
| m9t | −1.230 | 0.511 | 0.016 |
| R2 | 0.455 | ||
| Q (6) | 5.121 | 0.275 | |
| Q (12) | 9.456 | 0.498 | |
| Q2 (6) | 98.335 | 0.000 | |
| Q2 (12) | 102.546 | 0.000 |