Testing the Augmented Fama–French Six-Factor Asset Pricing Model with Momentum Factor for Borsa Istanbul

Table 3

Unit root test results.

Variables	LLC test		PP Fisher test
	t-test	Probability (p)	Statistic	Probability (p)
SL	−8.45	0.000	42.43	0.000
SN	−9.45	0.000	65.64	0.000
SH	−14.84	0.000	67.50	0.000
BL	−9.75	0.000	55.82	0.000
BN	−23.95	0.000	81.73	0.000
BH	−12.50	0.000	75.78	0.000
SC	−8.55	0.000	53.71	0.000
SM	−9.85	0.000	97.53	0.000
SA	−12.64	0.000	107.27	0.000
BC	−12.64	0.000	53.29	0.000
BM	−13.54	0.000	88.38	0.000
BA	−22.63	0.000	76.34	0.000
SW	−14.63	0.000	69.61	0.000
SM-	−12.44	0.000	123.45	0.000
SR	−14.97	0.000	53.93	0.000
BW	−16.64	0.000	87.30	0.000
BM-	−9.64	0.000	75.38	0.000
BR	−16.02	0.000	87.38	0.000
SC-	−7.63	0.000	56.88	0.000
SN-	−9.53	0.000	89.32	0.000
SA-	−12.73	0.000	98.54	0.000
BW-	−19.42	0.000	43.50	0.000
BN-	−13.63	0.000	68.39	0.000
BL-	−14.32	0.000	64.22	0.000
RM-RF	−15.89	0.000	77.52	0.000
SMB	−12.34	0.000	87.65	0.000
HML	−15.34	0.000	87.54	0.000
CMA	−20.33	0.000	93.34	0.000
RMW	−9.54	0.000	33.43	0.000