INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 953 SBIC 1358.66 LOGL -1286.63 Standard Parameter Estimate Error t-statistic P-value A_1 1.22685 .102374 11.9840 [.000] P0_1 1.15004 .115532 9.95437 [.000] P1_1 -.123590 .038141 -3.24036 [.001] P2_1 -.047338 .038128 -1.24158 [.214] P3_1 -.327292E-02 .033053 -.099022 [.921] P4_1 -.070511 .032109 -2.19597 [.028] P5_1 .107109 .034848 3.07360 [.002] P6_1 .118948 .031438 3.78358 [.000] P7_1 .122992 .033558 3.66502 [.000] P8_1 .080393 .030983 2.59473 [.009] P9_1 -.010852 .030913 -.351047 [.726] P10_1 .022742 .030884 .736347 [.462] P11_1 -.017427 .030927 -.563482 [.573] P12_1 .037862 .031074 1.21845 [.223] P13_1 .046035 .030466 1.51103 [.131] P14_1 -.163744 .031643 -5.17480 [.000] P15_1 .326275E-02 .030401 .107323 [.915] P16_1 -.333544E-02 .033713 -.098937 [.921] P17_1 .072350 .035355 2.04637 [.041] S1_1 -1.04529 .115816 -9.02547 [.000] B_1 .278536 .079777 3.49143 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.81859 S2 .890991 ARSQ .230165 SDEV 1.07582 S .943923 LMHET 9.87572 [.002] SSR 830.404 RSQ .246338 DW 1.89587 [<.249] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 953 SBIC 1356.46 LOGL -1284.43 Standard Parameter Estimate Error t-statistic P-value A_2 1.24864 .102343 12.2004 [.000] P0_2 1.10800 .116536 9.50785 [.000] P1_2 -.114816 .038195 -3.00601 [.003] P2_2 -.045934 .038036 -1.20766 [.227] P3_2 .013642 .031859 .428187 [.669] P4_2 -.065352 .031930 -2.04670 [.041] P5_2 .108105 .034740 3.11183 [.002] P6_2 .119331 .031351 3.80628 [.000] P7_2 .122796 .033469 3.66891 [.000] P8_2 .081199 .030912 2.62682 [.009] P9_2 -.010936 .030841 -.354585 [.723] P10_2 .021167 .030820 .686777 [.492] P11_2 -.013401 .030858 -.434262 [.664] P12_2 .022400 .031287 .715967 [.474] P13_2 .046663 .030397 1.53514 [.125] P14_2 -.163521 .031569 -5.17972 [.000] P15_2 .114938E-02 .030340 .037884 [.970] P16_2 -.216876E-02 .033638 -.064474 [.949] P17_2 .066624 .035282 1.88834 [.059] S1_2 -1.00931 .116030 -8.69865 [.000] B_2 .316003 .077651 4.06954 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.81859 S2 .886886 ARSQ .233712 SDEV 1.07582 S .941746 LMHET 9.79152 [.002] SSR 826.577 RSQ .249811 DW 1.89415 [<.240] INVESTOR #3 ===================== EQUATIONS: EQ_B3 NOB 953 SBIC 1357.13 LOGL -1285.10 Standard Parameter Estimate Error t-statistic P-value A_3 1.24319 .102433 12.1366 [.000] P0_3 1.11024 .116680 9.51532 [.000] P1_3 -.114901 .038236 -3.00502 [.003] P2_3 -.040483 .038204 -1.05966 [.289] P3_3 .013899 .031893 .435813 [.663] P4_3 -.068700 .031999 -2.14693 [.032] P5_3 .108936 .034758 3.13410 [.002] P6_3 .122633 .031351 3.91160 [.000] P7_3 .125955 .033538 3.75560 [.000] P8_3 .079662 .030935 2.57517 [.010] P9_3 -.013035 .030872 -.422238 [.673] P10_3 .019312 .030860 .625799 [.531] P11_3 -.019999 .030892 -.647378 [.517] P12_3 .023284 .031302 .743865 [.457] P13_3 .045910 .030417 1.50938 [.131] P14_3 -.161820 .031602 -5.12058 [.000] P15_3 .329414E-02 .030352 .108531 [.914] P16_3 -.269032E-02 .033660 -.079926 [.936] P17_3 .074134 .035307 2.09970 [.036] S1_3 -1.00931 .116155 -8.68938 [.000] B_3 .246040 .063042 3.90279 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B3 Dependent variable: LPSE YMEAN 5.81859 S2 .888130 ARSQ .232637 SDEV 1.07582 S .942407 LMHET 3.23985 [.072] SSR 827.737 RSQ .248758 DW 1.91300 [<.339] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 953 SBIC 1359.57 LOGL -1287.54 Standard Parameter Estimate Error t-statistic P-value A_4 1.21260 .101944 11.8948 [.000] P0_4 1.12578 .116931 9.62772 [.000] P1_4 -.119966 .038264 -3.13521 [.002] P2_4 -.043045 .038314 -1.12348 [.261] P3_4 .012394 .032163 .385341 [.700] P4_4 -.069197 .032125 -2.15398 [.031] P5_4 .109574 .034851 3.14407 [.002] P6_4 .120735 .031449 3.83901 [.000] P7_4 .123555 .033606 3.67652 [.000] P8_4 .080170 .031013 2.58501 [.010] P9_4 -.012662 .030952 -.409083 [.682] P10_4 .020656 .030934 .667756 [.504] P11_4 -.013272 .030964 -.428637 [.668] P12_4 .027839 .031315 .889014 [.374] P13_4 .045299 .030494 1.48549 [.137] P14_4 -.163492 .031675 -5.16155 [.000] P15_4 .241277E-02 .030434 .079278 [.937] P16_4 -.470205E-02 .033745 -.139341 [.889] P17_4 .071089 .035385 2.00902 [.045] S1_4 -1.01527 .116502 -8.71460 [.000] B_4 .185003 .057398 3.22316 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.81859 S2 .892694 ARSQ .228693 SDEV 1.07582 S .944825 LMHET 5.53812 [.019] SSR 831.991 RSQ .244897 DW 1.89726 [<.256] INVESTOR #5 ===================== EQUATIONS: EQ_B5 NOB 953 SBIC 1346.12 LOGL -1274.10 Standard Parameter Estimate Error t-statistic P-value A_5 1.48594 .113587 13.0819 [.000] P0_5 1.07848 .114900 9.38630 [.000] P1_5 -.117312 .037654 -3.11551 [.002] P2_5 -.052567 .037531 -1.40064 [.161] P3_5 .018705 .031329 .597040 [.550] P4_5 -.066969 .031582 -2.12049 [.034] P5_5 .109383 .034341 3.18515 [.001] P6_5 .112015 .031055 3.60702 [.000] P7_5 .125824 .033111 3.80006 [.000] P8_5 .070047 .030629 2.28693 [.022] P9_5 -.010027 .030508 -.328662 [.742] P10_5 .025310 .030476 .830495 [.406] P11_5 -.024630 .030553 -.806157 [.420] P12_5 .012285 .030989 .396440 [.692] P13_5 .045193 .030067 1.50307 [.133] P14_5 -.159614 .031240 -5.10929 [.000] P15_5 .360237E-02 .030003 .120069 [.904] P16_5 .287122E-02 .033291 .086246 [.931] P17_5 .063624 .034907 1.82270 [.068] S1_5 -1.05671 .114281 -9.24659 [.000] B_5 .841299 .137634 6.11257 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) LINE 39 Time Series Processor v4.4 (06 01/25/00 9:07 PM PAGE 2 Equation: EQ_B5 Dependent variable: LPSE YMEAN 5.81859 S2 .867853 ARSQ .250157 SDEV 1.07582 S .931586 LMHET 6.50852 [.011] SSR 808.839 RSQ .265910 DW 1.91390 [<.345] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 953 SBIC 1337.56 LOGL -1265.54 Standard Parameter Estimate Error t-statistic P-value A_6 1.35113 .099993 13.5123 [.000] P0_6 1.08435 .113275 9.57274 [.000] P1_6 -.119578 .037286 -3.20707 [.001] P2_6 -.035638 .037303 -.955378 [.339] P3_6 .048712 .031108 1.56591 [.117] P4_6 -.035882 .031459 -1.14061 [.254] P5_6 .090181 .034181 2.63835 [.008] P6_6 .103482 .030841 3.35534 [.001] P7_6 .116400 .032787 3.55018 [.000] P8_6 .072333 .030326 2.38514 [.017] P9_6 -.465966E-02 .030243 -.154073 [.878] P10_6 .017067 .030221 .564734 [.572] P11_6 -.013025 .030249 -.430587 [.667] P12_6 .969084E-02 .030657 .316105 [.752] P13_6 .048557 .029801 1.62935 [.103] P14_6 -.158660 .030960 -5.12471 [.000] P15_6 -.139860E-02 .029744 -.047021 [.962] P16_6 .378481E-02 .032991 .114722 [.909] P17_6 .059792 .034607 1.72777 [.084] S1_6 -1.01935 .113350 -8.99295 [.000] B_6 .623753 .084157 7.41179 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.81859 S2 .852402 ARSQ .263507 SDEV 1.07582 S .923256 LMHET 26.8441 [.000] SSR 794.439 RSQ .278979 DW 1.92295 [<.397] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 953 SBIC 1350.79 LOGL -1278.77 Standard Parameter Estimate Error t-statistic P-value A_7 1.21864 .098045 12.4294 [.000] P0_7 1.08050 .115916 9.32143 [.000] P1_7 -.101896 .038161 -2.67018 [.008] P2_7 -.046631 .037762 -1.23487 [.217] P3_7 .060312 .031970 1.88652 [.059] P4_7 -.053673 .031746 -1.69069 [.091] P5_7 .100176 .034605 2.89488 [.004] P6_7 .115457 .031187 3.70214 [.000] P7_7 .121809 .033255 3.66282 [.000] P8_7 .077672 .030734 2.52722 [.011] P9_7 -.757746E-02 .030661 -.247139 [.805] P10_7 .023123 .030627 .754993 [.450] P11_7 -.011646 .030680 -.379592 [.704] P12_7 -.431716E-02 .031919 -.135256 [.892] P13_7 .046938 .030216 1.55339 [.120] P14_7 -.166462 .031379 -5.30486 [.000] P15_7 -.174682E-02 .030172 -.057896 [.954] P16_7 -.108414E-02 .033440 -.032420 [.974] P17_7 .067272 .035065 1.91846 [.055] S1_7 -.971063 .115891 -8.37912 [.000] B_7 .210803 .039903 5.28283 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.81859 S2 .876402 ARSQ .242771 SDEV 1.07582 S .936163 LMHET 2.64237 [.104] SSR 816.806 RSQ .258679 DW 1.91081 [<.327] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 953 SBIC 1327.68 LOGL -1255.66 Standard Parameter Estimate Error t-statistic P-value A_8 1.33042 .096928 13.7259 [.000] P0_8 1.16669 .111165 10.4951 [.000] P1_8 -.123320 .036882 -3.34364 [.001] P2_8 -.039456 .036861 -1.07038 [.284] P3_8 .897804E-02 .030770 .291777 [.770] P4_8 -.021342 .031286 -.682171 [.495] P5_8 .100172 .033713 2.97128 [.003] P6_8 .084243 .030744 2.74015 [.006] P7_8 .107904 .032467 3.32348 [.001] P8_8 .066857 .030035 2.22596 [.026] P9_8 -.759875E-02 .029924 -.253933 [.800] P10_8 .024442 .029892 .817690 [.414] P11_8 -.014164 .029935 -.473150 [.636] P12_8 .045466 .030083 1.51134 [.131] P13_8 .032827 .029525 1.11183 [.266] P14_8 -.160135 .030633 -5.22752 [.000] P15_8 .897817E-03 .029430 .030507 [.976] P16_8 .231203E-02 .032642 .070829 [.944] P17_8 .062423 .034233 1.82349 [.068] S1_8 -1.09825 .112209 -9.78749 [.000] B_8 .737797 .084849 8.69536 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.81859 S2 .834912 ARSQ .278618 SDEV 1.07582 S .913735 LMHET .790486 [.374] SSR 778.138 RSQ .293774 DW 1.93969 [<.499] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 953 SBIC 1349.98 LOGL -1277.96 Standard Parameter Estimate Error t-statistic P-value A_9 1.25003 .099201 12.6010 [.000] P0_9 1.11318 .114757 9.70030 [.000] P1_9 -.107146 .037987 -2.82058 [.005] P2_9 -.048461 .037711 -1.28509 [.199] P3_9 .023788 .031424 .757024 [.449] P4_9 -.049267 .031760 -1.55123 [.121] P5_9 .124178 .034519 3.59740 [.000] P6_9 .104520 .031329 3.33620 [.001] P7_9 .112766 .033228 3.39369 [.001] P8_9 .077841 .030707 2.53496 [.011] P9_9 -.538084E-02 .030643 -.175598 [.861] P10_9 .023411 .030600 .765048 [.444] P11_9 -.010673 .030659 -.348119 [.728] P12_9 .031882 .030821 1.03443 [.301] P13_9 .039219 .030209 1.29825 [.194] P14_9 -.163960 .031353 -5.22944 [.000] P15_9 .254901E-02 .030126 .084612 [.933] P16_9 -.671949E-03 .033413 -.020111 [.984] P17_9 .066587 .035038 1.90045 [.057] S1_9 -1.01575 .114951 -8.83632 [.000] B_9 .391407 .072015 5.43507 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.81859 S2 .874914 ARSQ .244056 SDEV 1.07582 S .935369 LMHET 7.80715 [.005] SSR 815.420 RSQ .259937 DW 1.92243 [<.394] INVESTOR #10 =====================- EQUATIONS: EQ_B10 NOB 953 SBIC 1356.59 LOGL -1284.57 Standard Parameter Estimate Error t-statistic P-value A_10 1.17675 .097860 12.0249 [.000] P0_10 1.17687 .114633 10.2664 [.000] P1_10 -.131442 .038010 -3.45813 [.001] P2_10 -.054119 .037946 -1.42622 [.154] P3_10 .030723 .031626 .971442 [.331] P4_10 -.063141 .031920 -1.97812 [.048] P5_10 .119820 .034738 3.44928 [.001] P6_10 .122082 .031336 3.89595 [.000] P7_10 .114003 .033459 3.40726 [.001] P8_10 .080522 .030916 2.60455 [.009] P9_10 -.012813 .030853 -.415291 [.678] P10_10 .025428 .030813 .825215 [.409] P11_10 -.023949 .030921 -.774514 [.439] P12_10 .037758 .031006 1.21775 [.223] P13_10 .041811 .030411 1.37487 [.169] P14_10 -.161339 .031587 -5.10776 [.000] P15_10 .537759E-02 .030335 .177273 [.859] P16_10 -.356823E-02 .033639 -.106073 [.916] P17_10 .067353 .035283 1.90896 [.056] S1_10 -1.05742 .115547 -9.15143 [.000] B_10 .289645 .071760 4.03633 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.81859 S2 .887137 ARSQ .233495 SDEV 1.07582 S .941880 LMHET 4.01598 [.045] SSR 826.812 RSQ .249598 DW 1.90292 [<.285] INVESTOR #11 =====================- EQUATIONS: EQ_B11 NOB 953 SBIC 1343.19 LOGL -1271.16 Standard Parameter Estimate Error t-statistic P-value A_11 1.23778 .097048 12.7543 [.000] P0_11 1.16695 .113022 10.3250 [.000] P1_11 -.126002 .037484 -3.36151 [.001] P2_11 -.049263 .037428 -1.31622 [.188] P3_11 .023393 .031197 .749853 [.453] P4_11 -.035545 .031696 -1.12144 [.262] P5_11 .116087 .034227 3.39164 [.001] P6_11 .094787 .031220 3.03612 [.002] P7_11 .109483 .033003 3.31735 [.001] P8_11 .068847 .030539 2.25443 [.024] P9_11 -.919801E-02 .030414 -.302426 [.762] P10_11 .014095 .030425 .463276 [.643] P11_11 -.015826 .030426 -.520144 [.603] P12_11 .046769 .030588 1.52899 [.126] P13_11 .047472 .029976 1.58365 [.113] P14_11 -.161834 .031134 -5.19794 [.000] P15_11 .163325E-02 .029913 .054600 [.956] P16_11 -.277616E-02 .033170 -.083695 [.933] P17_11 .055895 .034852 1.60381 [.109] S1_11 -1.06627 .113946 -9.35768 [.000] B_11 .313736 .047652 6.58390 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.81859 S2 .862528 ARSQ .254757 SDEV 1.07582 S .928724 LMHET .063949 [.800] SSR 803.876 RSQ .270414 DW 1.91645 [<.359] INVESTOR #12 =====================- EQUATIONS: EQ_B12 NOB 953 SBIC 1350.24 LOGL -1278.21 Standard Parameter Estimate Error t-statistic P-value A_12 1.25302 .099434 12.6016 [.000] P0_12 1.03514 .117619 8.80082 [.000] P1_12 -.082093 .038805 -2.11552 [.034] P2_12 -.047469 .037730 -1.25813 [.208] P3_12 .047840 .031599 1.51400 [.130] P4_12 -.071855 .031770 -2.26172 [.024] P5_12 .113850 .034481 3.30187 [.001] P6_12 .121924 .031125 3.91720 [.000] P7_12 .122644 .033240 3.68967 [.000] P8_12 .081281 .030710 2.64668 [.008] P9_12 -.012258 .030642 -.400026 [.689] P10_12 .018991 .030626 .620105 [.535] P11_12 -.010761 .030666 -.350913 [.726] P12_12 .364396E-02 .031513 .115633 [.908] P13_12 .043575 .030198 1.44297 [.149] P14_12 -.167274 .031362 -5.33365 [.000] P15_12 -.161246E-02 .030152 -.053477 [.957] P16_12 .348653E-03 .033426 .010431 [.992] P17_12 .064587 .035057 1.84236 [.065] S1_12 -.935430 .116839 -8.00611 [.000] B_12 .231586 .042982 5.38791 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.81859 S2 .875379 ARSQ .243654 SDEV 1.07582 S .935617 LMHET 2.35719 [.125] SSR 815.853 RSQ .259544 DW 1.91417 [<.346] INVESTOR #13 =====================- EQUATIONS: EQ_B13 NOB 953 SBIC 1355.27 LOGL -1283.25 Standard Parameter Estimate Error t-statistic P-value A_13 1.20029 .098541 12.1807 [.000] P0_13 1.16211 .114640 10.1370 [.000] P1_13 -.130236 .037956 -3.43122 [.001] P2_13 -.048305 .037942 -1.27313 [.203] P3_13 .038990 .031656 1.23166 [.218] P4_13 -.049245 .031975 -1.54012 [.124] P5_13 .112831 .034665 3.25490 [.001] P6_13 .109403 .031478 3.47557 [.001] P7_13 .109744 .033449 3.28098 [.001] P8_13 .084759 .030886 2.74423 [.006] P9_13 -.680851E-02 .030810 -.220980 [.825] P10_13 .024653 .030770 .801208 [.423] P11_13 -.011647 .030830 -.377787 [.706] P12_13 .030270 .031035 .975375 [.329] P13_13 .043761 .030359 1.44145 [.149] P14_13 -.171943 .031561 -5.44787 [.000] P15_13 .175739E-02 .030298 .058004 [.954] P16_13 -.554013E-02 .033594 -.164913 [.869] P17_13 .061191 .035289 1.73399 [.083] S1_13 -1.05004 .115385 -9.10033 [.000] B_13 .344144 .079113 4.35005 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.81859 S2 .884683 ARSQ .235615 SDEV 1.07582 S .940576 LMHET .178709 [.672] SSR 824.524 RSQ .251674 DW 1.89800 [<.259] INVESTOR #14 =====================- EQUATIONS: EQ_B14 NOB 953 SBIC 1329.79 LOGL -1257.76 Standard Parameter Estimate Error t-statistic P-value A_14 1.27121 .095678 13.2863 [.000] P0_14 1.04651 .112758 9.28110 [.000] P1_14 -.109234 .037039 -2.94913 [.003] P2_14 -.044098 .036919 -1.19447 [.232] P3_14 .055790 .030905 1.80518 [.071] P4_14 -.036705 .031156 -1.17809 [.239] P5_14 .114927 .033749 3.40540 [.001] P6_14 .065575 .031251 2.09836 [.036] P7_14 .110034 .032532 3.38229 [.001] P8_14 .075436 .030065 2.50907 [.012] P9_14 .952493E-02 .030078 .316674 [.751] P10_14 .026150 .029959 .872881 [.383] P11_14 -.388350E-02 .030035 -.129300 [.897] P12_14 -.548100E-02 .030614 -.179038 [.858] P13_14 .044230 .029556 1.49647 [.135] P14_14 -.173067 .030708 -5.63593 [.000] P15_14 -.337261E-02 .029507 -.114300 [.909] P16_14 .121925E-02 .032712 .037272 [.970] P17_14 .073108 .034297 2.13159 [.033] S1_14 -.957338 .112912 -8.47862 [.000] B_14 .751470 .089079 8.43604 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.81859 S2 .838609 ARSQ .275424 SDEV 1.07582 S .915756 LMHET 2.56167 [.109] SSR 781.584 RSQ .290646 DW 1.91327 [<.341] INVESTOR #15 =====================- EQUATIONS: EQ_B15 NOB 953 SBIC 1342.33 LOGL -1270.31 Standard Parameter Estimate Error t-statistic P-value A_15 1.28819 .098655 13.0576 [.000] P0_15 1.04107 .115165 9.03988 [.000] P1_15 -.088090 .037970 -2.31998 [.020] P2_15 -.043990 .037427 -1.17535 [.240] P3_15 .013273 .031248 .424771 [.671] P4_15 -.069834 .031470 -2.21911 [.026] P5_15 .111987 .034198 3.27472 [.001] P6_15 .113572 .030907 3.67459 [.000] P7_15 .119930 .032953 3.63936 [.000] P8_15 .076437 .030464 2.50912 [.012] P9_15 -.013828 .030392 -.454984 [.649] P10_15 .017322 .030375 .570264 [.568] P11_15 -.011352 .030406 -.373359 [.709] P12_15 .818134E-02 .030899 .264773 [.791] P13_15 .046297 .029948 1.54589 [.122] P14_15 -.164432 .031102 -5.28691 [.000] P15_15 -.214402E-02 .029899 -.071709 [.943] P16_15 -.341172E-02 .033140 -.102949 [.918] P17_15 .065611 .034758 1.88767 [.059] S1_15 -.953950 .114783 -8.31087 [.000] B_15 .432433 .064393 6.71550 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.81859 S2 .860983 ARSQ .256092 SDEV 1.07582 S .927892 LMHET 4.77295 [.029] SSR 802.437 RSQ .271721 DW 1.93395 [<.464] INVESTOR #16 =====================- EQUATIONS: EQ_B16 NOB 953 SBIC 1364.12 LOGL -1292.09 Standard Parameter Estimate Error t-statistic P-value A_16 1.12135 .097744 11.4723 [.000] P0_16 1.18626 .115720 10.2512 [.000] P1_16 -.129336 .038320 -3.37516 [.001] P2_16 -.053527 .038370 -1.39501 [.163] P3_16 .018995 .033055 .574647 [.566] P4_16 -.063875 .032286 -1.97844 [.048] P5_16 .113183 .035000 3.23383 [.001] P6_16 .124670 .031579 3.94789 [.000] P7_16 .119032 .033740 3.52797 [.000] P8_16 .082289 .031184 2.63883 [.008] P9_16 -.011260 .031108 -.361955 [.717] P10_16 .024211 .031059 .779520 [.436] P11_16 -.014788 .031115 -.475266 [.635] P12_16 .038704 .031258 1.23820 [.216] P13_16 .045722 .030643 1.49208 [.136] P14_16 -.165391 .031821 -5.19761 [.000] P15_16 .373127E-02 .030578 .122024 [.903] P16_16 -.508212E-02 .033916 -.149846 [.881] P17_16 .071350 .035562 2.00635 [.045] S1_16 -1.04765 .116553 -8.98864 [.000] B_16 .022079 .018426 1.19822 [.231] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B16 Dependent variable: LPSE YMEAN 5.81859 S2 .901257 ARSQ .221295 SDEV 1.07582 S .949345 LMHET 1.29235 [.256] SSR 839.971 RSQ .237655 DW 1.89761 [<.257] INVESTOR #17 =====================- EQUATIONS: EQ_B17 NOB 953 SBIC 1353.51 LOGL -1281.49 Standard Parameter Estimate Error t-statistic P-value A_17 1.19206 .097682 12.2034 [.000] P0_17 1.11372 .115475 9.64468 [.000] P1_17 -.111756 .038089 -2.93404 [.003] P2_17 -.044090 .037918 -1.16277 [.245] P3_17 .011040 .031762 .347585 [.728] P4_17 -.059449 .031811 -1.86884 [.062] P5_17 .108685 .034620 3.13939 [.002] P6_17 .115754 .031283 3.70020 [.000] P7_17 .120996 .033349 3.62821 [.000] P8_17 .077992 .030822 2.53040 [.011] P9_17 -.012618 .030750 -.410333 [.682] P10_17 .024862 .030713 .809488 [.418] P11_17 -.826636E-02 .030799 -.268394 [.788] P12_17 .028225 .030996 .910581 [.363] P13_17 .047408 .030304 1.56439 [.118] P14_17 -.163010 .031473 -5.17941 [.000] P15_17 .203523E-02 .030240 .067303 [.946] P16_17 -.173771E-02 .033534 -.051819 [.959] P17_17 .074363 .035170 2.11439 [.034] S1_17 -.996864 .115783 -8.60973 [.000] B_17 .212293 .044811 4.73751 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.81859 S2 .881419 ARSQ .238435 SDEV 1.07582 S .938839 LMHET 3.76245 [.052] SSR 821.483 RSQ .254435 DW 1.89379 [<.239] INVESTOR #18 =====================- EQUATIONS: EQ_B18 NOB 953 SBIC 1364.84 LOGL -1292.81 Standard Parameter Estimate Error t-statistic P-value A_18 1.10828 .097231 11.3985 [.000] P0_18 1.19615 .115554 10.3514 [.000] P1_18 -.130492 .038346 -3.40298 [.001] P2_18 -.057519 .038287 -1.50231 [.133] P3_18 .029735 .031946 .930795 [.352] P4_18 -.060330 .032225 -1.87217 [.061] P5_18 .114427 .035018 3.26769 [.001] P6_18 .124256 .031633 3.92802 [.000] P7_18 .117522 .033744 3.48280 [.000] P8_18 .080740 .031194 2.58827 [.010] P9_18 -.988540E-02 .031118 -.317679 [.751] P10_18 .024649 .031080 .793061 [.428] P11_18 -.015973 .031128 -.513129 [.608] P12_18 .039665 .031272 1.26840 [.205] P13_18 .045183 .030664 1.47346 [.141] P14_18 -.165560 .031848 -5.19839 [.000] P15_18 .431108E-02 .030598 .140896 [.888] P16_18 -.408364E-02 .033932 -.120348 [.904] P17_18 .070494 .035584 1.98108 [.048] S1_18 -1.05353 .116561 -9.03849 [.000] B_18 -.191186E-02 .012896 -.148253 [.882] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) LINE 39 Time Series Processor v4.4 (06 01/25/00 9:07 PM PAGE 5 Equation: EQ_B18 Dependent variable: LPSE YMEAN 5.81859 S2 .902624 ARSQ .220114 SDEV 1.07582 S .950065 LMHET .833356 [.361] SSR 841.245 RSQ .236498 DW 1.89862 [<.262] INVESTOR #19 =====================- EQUATIONS: EQ_B19 NOB 953 SBIC 1362.08 LOGL -1290.05 Standard Parameter Estimate Error t-statistic P-value A_19 1.13119 .097432 11.6101 [.000] P0_19 1.19462 .115199 10.3700 [.000] P1_19 -.129358 .038231 -3.38360 [.001] P2_19 -.057844 .038157 -1.51593 [.130] P3_19 .028785 .031809 .904937 [.365] P4_19 -.061081 .032098 -1.90296 [.057] P5_19 .116567 .034925 3.33767 [.001] P6_19 .119323 .031588 3.77748 [.000] P7_19 .118129 .033643 3.51129 [.000] P8_19 .082060 .031099 2.63870 [.008] P9_19 -.949200E-02 .031023 -.305963 [.760] P10_19 .025283 .030992 .815807 [.415] P11_19 -.016575 .031036 -.534063 [.593] P12_19 .041146 .031188 1.31928 [.187] P13_19 .046748 .030582 1.52864 [.126] P14_19 -.165135 .031753 -5.20062 [.000] P15_19 .430743E-02 .030509 .141185 [.888] P16_19 -.399928E-02 .033833 -.118205 [.906] P17_19 .070562 .035478 1.98889 [.047] S1_19 -1.05953 .116241 -9.11493 [.000] B_19 .054905 .023550 2.33138 [.020] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.81859 S2 .897411 ARSQ .224618 SDEV 1.07582 S .947318 LMHET 1.63119 [.202] SSR 836.387 RSQ .240907 DW 1.90050 [<.272] INVESTOR #20 =====================- EQUATIONS: EQ_B20 NOB 953 SBIC 1350.71 LOGL -1278.68 Standard Parameter Estimate Error t-statistic P-value A_20 1.19378 .097137 12.2896 [.000] P0_20 1.14479 .114239 10.0210 [.000] P1_20 -.115400 .037881 -3.04643 [.002] P2_20 -.056363 .037705 -1.49486 [.135] P3_20 .041470 .031511 1.31603 [.188] P4_20 -.055046 .031734 -1.73463 [.083] P5_20 .105218 .034541 3.04622 [.002] P6_20 .125358 .031138 4.02591 [.000] P7_20 .121237 .033250 3.64621 [.000] P8_20 .076450 .030737 2.48724 [.013] P9_20 -.777884E-02 .030658 -.253733 [.800] P10_20 .028225 .030630 .921456 [.357] P11_20 -.014487 .030668 -.472387 [.637] P12_20 .035691 .030821 1.15801 [.247] P13_20 .039721 .030230 1.31395 [.189] P14_20 -.161409 .031385 -5.14280 [.000] P15_20 .307732E-02 .030148 .102073 [.919] P16_20 .440061E-02 .033471 .131476 [.895] P17_20 .076107 .035074 2.16994 [.030] S1_20 -1.03000 .114915 -8.96315 [.000] B_20 .319184 .060243 5.29828 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.81859 S2 .876252 ARSQ .242900 SDEV 1.07582 S .936083 LMHET .719058 [.396] SSR 816.667 RSQ .258805 DW 1.91610 [<.357] INVESTOR #21 =====================- EQUATIONS: EQ_B21 NOB 953 SBIC 1353.50 LOGL -1281.48 Standard Parameter Estimate Error t-statistic P-value A_21 1.17487 .097090 12.1007 [.000] P0_21 1.16729 .114325 10.2103 [.000] P1_21 -.129945 .037886 -3.42992 [.001] P2_21 -.049070 .037855 -1.29627 [.195] P3_21 .026706 .031528 .847071 [.397] P4_21 -.066192 .031832 -2.07942 [.038] P5_21 .104628 .034660 3.01874 [.003] P6_21 .103429 .031543 3.27902 [.001] P7_21 .117780 .033340 3.53269 [.000] P8_21 .077993 .030822 2.53045 [.011] P9_21 -.833394E-02 .030747 -.271051 [.786] P10_21 .026716 .030716 .869767 [.384] P11_21 -.012002 .030768 -.390073 [.696] P12_21 .031320 .030952 1.01190 [.312] P13_21 .046805 .030303 1.54459 [.122] P14_21 -.159047 .031497 -5.04953 [.000] P15_21 .458073E-02 .030236 .151501 [.880] P16_21 -.110279E-02 .033536 -.032883 [.974] P17_21 .070044 .035160 1.99213 [.046] S1_21 -1.04723 .115176 -9.09246 [.000] B_21 .311709 .065771 4.73931 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.81859 S2 .881403 ARSQ .238449 SDEV 1.07582 S .938831 LMHET 2.05671 [.152] SSR 821.468 RSQ .254448 DW 1.91275 [<.338] INVESTOR #22 =====================- EQUATIONS: EQ_B22 NOB 953 SBIC 1352.84 LOGL -1280.82 Standard Parameter Estimate Error t-statistic P-value A_22 1.15792 .096542 11.9939 [.000] P0_22 1.21738 .114173 10.6626 [.000] P1_22 -.126725 .037867 -3.34659 [.001] P2_22 -.072300 .037913 -1.90701 [.057] P3_22 .026914 .031505 .854287 [.393] P4_22 -.058340 .031791 -1.83512 [.066] P5_22 .117003 .034579 3.38361 [.001] P6_22 .109390 .031360 3.48822 [.000] P7_22 .109221 .033359 3.27406 [.001] P8_22 .066678 .030931 2.15567 [.031] P9_22 .562462E-02 .030889 .182089 [.856] P10_22 .021349 .030699 .695431 [.487] P11_22 -.793132E-02 .030779 -.257686 [.797] P12_22 .035415 .030893 1.14638 [.252] P13_22 .041525 .030289 1.37096 [.170] P14_22 -.166713 .031447 -5.30135 [.000] P15_22 -.124785E-04 .030228 -.412813E-03 [1.00] P16_22 -.234761E-02 .033509 -.070059 [.944] P17_22 .061668 .035182 1.75285 [.080] S1_22 -1.09318 .115380 -9.47460 [.000] B_22 .298820 .061276 4.87660 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.81859 S2 .880186 ARSQ .239501 SDEV 1.07582 S .938182 LMHET 1.23521 [.266] SSR 820.333 RSQ .255478 DW 1.89692 [<.254] INVESTOR #23 =====================- EQUATIONS: EQ_B23 NOB 953 SBIC 1363.30 LOGL -1291.28 Standard Parameter Estimate Error t-statistic P-value A_23 1.13215 .098014 11.5508 [.000] P0_23 1.18816 .115430 10.2934 [.000] P1_23 -.128400 .038294 -3.35300 [.001] P2_23 -.057051 .038206 -1.49324 [.135] P3_23 .026488 .031894 .830500 [.406] P4_23 -.060126 .032139 -1.87079 [.061] P5_23 .113106 .034964 3.23498 [.001] P6_23 .126641 .031576 4.01066 [.000] P7_23 .117321 .033684 3.48293 [.000] P8_23 .081690 .031138 2.62349 [.009] P9_23 -.011006 .031068 -.354253 [.723] P10_23 .025402 .031033 .818533 [.413] P11_23 -.014790 .031081 -.475864 [.634] P12_23 .041387 .031237 1.32492 [.185] P13_23 .045950 .030617 1.50083 [.133] P14_23 -.165530 .031793 -5.20646 [.000] P15_23 .410628E-02 .030548 .134419 [.893] P16_23 -.287288E-02 .033884 -.084785 [.932] P17_23 .069946 .035525 1.96894 [.049] S1_23 -1.05307 .116359 -9.05018 [.000] B_23 .040798 .023414 1.74244 [.081] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.81859 S2 .899714 ARSQ .222628 SDEV 1.07582 S .948533 LMHET .668959 [.413] SSR 838.533 RSQ .238959 DW 1.89670 [<.253] INVESTOR #24 =====================- EQUATIONS: EQ_B24 NOB 953 SBIC 1342.33 LOGL -1270.31 Standard Parameter Estimate Error t-statistic P-value A_24 1.28819 .098655 13.0576 [.000] P0_24 1.04107 .115165 9.03988 [.000] P1_24 -.088090 .037970 -2.31998 [.020] P2_24 -.043990 .037427 -1.17535 [.240] P3_24 .013273 .031248 .424771 [.671] P4_24 -.069834 .031470 -2.21911 [.026] P5_24 .111987 .034198 3.27472 [.001] P6_24 .113572 .030907 3.67459 [.000] P7_24 .119930 .032953 3.63936 [.000] P8_24 .076437 .030464 2.50912 [.012] P9_24 -.013828 .030392 -.454984 [.649] P10_24 .017322 .030375 .570264 [.568] P11_24 -.011352 .030406 -.373359 [.709] P12_24 .818134E-02 .030899 .264773 [.791] P13_24 .046297 .029948 1.54589 [.122] P14_24 -.164432 .031102 -5.28691 [.000] P15_24 -.214402E-02 .029899 -.071709 [.943] P16_24 -.341172E-02 .033140 -.102949 [.918] P17_24 .065611 .034758 1.88767 [.059] S1_24 -.953950 .114783 -8.31087 [.000] B_24 .432433 .064393 6.71550 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.81859 S2 .860983 ARSQ .256092 SDEV 1.07582 S .927892 LMHET 4.77295 [.029] SSR 802.437 RSQ .271721 DW 1.93395 [<.464] INVESTOR #25 =====================- EQUATIONS: EQ_B25 NOB 953 SBIC 1342.27 LOGL -1270.24 Standard Parameter Estimate Error t-statistic P-value A_25 1.21083 .096160 12.5917 [.000] P0_25 1.17910 .112855 10.4479 [.000] P1_25 -.121028 .037468 -3.23020 [.001] P2_25 -.071081 .037427 -1.89917 [.058] P3_25 .027512 .031154 .883090 [.377] P4_25 -.048799 .031485 -1.54990 [.121] P5_25 .117356 .034196 3.43183 [.001] P6_25 .107036 .030971 3.45597 [.001] P7_25 .113004 .032956 3.42896 [.001] P8_25 .084477 .030459 2.77344 [.006] P9_25 -.205249E-02 .030407 -.067500 [.946] P10_25 .032407 .030375 1.06691 [.286] P11_25 -.016258 .030396 -.534871 [.593] P12_25 .037637 .030541 1.23234 [.218] P13_25 .052133 .029963 1.73990 [.082] P14_25 -.163067 .031101 -5.24309 [.000] P15_25 -.666862E-03 .029891 -.022310 [.982] P16_25 -.176323E-02 .033139 -.053207 [.958] P17_25 .058875 .034790 1.69228 [.091] S1_25 -1.07086 .113849 -9.40593 [.000] B_25 .358718 .053337 6.72550 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.81859 S2 .860865 ARSQ .256195 SDEV 1.07582 S .927828 LMHET .663796E-02 [.935] SSR 802.326 RSQ .271821 DW 1.90799 [<.312]