[Sebastian Kripfganz]

I am afraid I do not have a good explanation for your observations. As I am not familiar with the specific peculiarities of your data and research question, there is not much I can say. You may want to put more weight on the economic model behind the regression if your econometric model specification search is inconclusive. Keep in mind that all models are just approximations and that specification tests are not perfectly accurate either.

Happy New Year to you, too.

[Huaxin Wanglu]

I am afraid I do not have a good explanation for your observations. As I am not familiar with the specific peculiarities of your data and research question, there is not much I can say. You may want to put more weight on the economic model behind the regression if your econometric model specification search is inconclusive. Keep in mind that all models are just approximations and that specification tests are not perfectly accurate either.

Happy New Year to you, too.

Thanks so much for the reply, Sir!