Before revision:  The asymptotic distributions of these test statistics are provided under both stationary and non-stationary noise assumptionsrespectively, and we empirically measure aggregate liquidity risks by these test statistics from 2006 to 2013.
After revision:  The asymptotic distributions of these test statistics are provided under both stationary and non-stationary noise assumptionsrespectively, and we empirically measure aggregate liquidity risks by these test statistics .