HI, And in following sample...What would you say? Are there zero cointegration vectors or one??? So , the tests accept the both hypothesis. I think it's a bit confused... Johansen's tests Caso 3: constante no restringida Rank Eigenvalue Trace p-value Lmáx p-value 0 0,33879 9,1310 [0,3600] 8,6874 [0,3204] 1 0,020900 0,44356 [0,5054] 0,44356 [0,5054] We will can accept that there are zero cointegration vectors if and only if we suposse a secuencial interpretation, don't we??? First look at the rank zero and, if this is not refused, then look at the rank 1 and...until rank 'k' Cheers Javi --------------------------------- LLama Gratis a cualquier PC del Mundo. Llamadas a fijos y móviles desde 1 céntimo por minuto. http://es.voice.yahoo.com