Hi; Before I put a Gretl's example. Data set which I study is monthly. I have 101 observations and, if I apply the Johansen's tests in it, I obtain following output: Rank Eigenvalue Trace p-value L-máx p-value 0 0,11637 13,736 [0,3151] 11,01 [0,2600] 1 0,030163 2,7258 [0,6392] 2,7258 [0,6380] Then I question to my self: if two hypothesis are accepted, why we must conclude that there aren't any cointegration relationships??? To conclude that I think we have to interpretate sequently, that is, starting with the less rank, the first rank we accept it will be the rank of cointegration, won´t it? In this case rank zero, doesn´t it? If the null hypothesis in L-max were that there are exactly "r0" ( and no r<=r0 as the trace test)) cointegration vectors, it would impossible the interpretation, because the rank would be, at the same time, zero and one. In a lot of articles there is that distintion between both tests. I continue thinking that this isn't very clear in Gretl Cheerssssss and thanksss Javi