INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 953 SBIC 506.921 LOGL -438.325 Standard Parameter Estimate Error t-statistic P-value A_1 -.425056 .039640 -10.7228 [.000] P0_1 .164332 .047105 3.48863 [.000] P1_1 -.024380 .015632 -1.55964 [.119] P2_1 -.035895 .015602 -2.30060 [.021] P3_1 .117592 .013006 9.04124 [.000] P4_1 .035763 .013125 2.72484 [.006] P5_1 .025964 .014276 1.81874 [.069] P6_1 .019802 .012885 1.53685 [.124] P7_1 -.019944 .013756 -1.44980 [.147] P8_1 .166225E-02 .012715 .130735 [.896] P9_1 .317660E-02 .012685 .250415 [.802] P10_1 .686429E-02 .012672 .541681 [.588] P11_1 .545339E-02 .012690 .429728 [.667] P12_1 .642940E-02 .012750 .504257 [.614] P13_1 -.293002E-02 .012502 -.234362 [.815] P14_1 -.625986E-02 .012984 -.482129 [.630] P15_1 .379368E-02 .012475 .304095 [.761] P16_1 -.277764E-02 .013835 -.200774 [.841] P17_1 -.690176E-02 .014507 -.475749 [.634] S1_1 -.028624 .047519 -.602380 [.547] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B1_1 YMEAN .103053 S2 .150050 ARSQ .237449 SDEV .443593 S .387364 LMHET 675.140 [.000] SSR 139.997 RSQ .252668 DW 1.99608 [<.794] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.11363 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_1 E1 1.0000 B1_1 0.098227 1.00000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 953 SBIC 530.463 LOGL -461.867 Standard Parameter Estimate Error t-statistic P-value A_2 -.443610 .040632 -10.9178 [.000] P0_2 .277884 .048283 5.75529 [.000] P1_2 -.049256 .016023 -3.07413 [.002] P2_2 -.036083 .015993 -2.25624 [.024] P3_2 .050123 .013331 3.75977 [.000] P4_2 .015197 .013453 1.12962 [.259] P5_2 .019734 .014633 1.34861 [.177] P6_2 .016242 .013207 1.22975 [.219] P7_2 -.016957 .014100 -1.20263 [.229] P8_2 -.108548E-02 .013033 -.083289 [.934] P9_2 .306587E-02 .013003 .235789 [.814] P10_2 .011035 .012989 .849522 [.396] P11_2 -.793357E-02 .013008 -.609912 [.542] P12_2 .054597 .013069 4.17753 [.000] P13_2 -.457141E-02 .012815 -.356729 [.721] P14_2 -.622504E-02 .013309 -.467749 [.640] P15_2 .010032 .012787 .784504 [.433] P16_2 -.614030E-02 .014181 -.433004 [.665] P17_2 .012036 .014870 .809409 [.418] S1_2 -.139112 .048707 -2.85607 [.004] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B1_2 YMEAN .101916 S2 .157650 ARSQ .187332 SDEV .440444 S .397052 LMHET 549.195 [.000] SSR 147.088 RSQ .203551 DW 2.06651 [<.972] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.13213 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_2 E1 1.0000 B1_2 0.11792 1.00000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 953 SBIC 729.756 LOGL -661.159 Standard Parameter Estimate Error t-statistic P-value A_3 -.547624 .050082 -10.9344 [.000] P0_3 .347802 .059514 5.84406 [.000] P1_3 -.062916 .019749 -3.18570 [.001] P2_3 -.068500 .019712 -3.47493 [.001] P3_3 .063328 .016432 3.85386 [.000] P4_3 .033125 .016582 1.99764 [.046] P5_3 .021969 .018036 1.21807 [.223] P6_3 .743751E-02 .016279 .456871 [.648] P7_3 -.034619 .017380 -1.99190 [.046] P8_3 .485374E-02 .016064 .302150 [.763] P9_3 .012471 .016027 .778109 [.437] P10_3 .021709 .016010 1.35593 [.175] P11_3 .016627 .016033 1.03704 [.300] P12_3 .066527 .016109 4.12984 [.000] P13_3 -.281079E-02 .015795 -.177949 [.859] P14_3 -.014908 .016404 -.908815 [.363] P15_3 .416718E-02 .015762 .264388 [.791] P16_3 -.576651E-02 .017479 -.329910 [.741] P17_3 -.015064 .018329 -.821901 [.411] S1_3 -.178647 .060036 -2.97565 [.003] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B1_3 YMEAN .103093 S2 .239516 ARSQ .205298 SDEV .548991 S .489404 LMHET 595.497 [.000] SSR 223.469 RSQ .221159 DW 2.03696 [<.927] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.12681 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_3 E1 1.0000 B1_3 0.11191 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 953 SBIC 821.581 LOGL -752.985 Standard Parameter Estimate Error t-statistic P-value A_4 -.562961 .055148 -10.2081 [.000] P0_4 .378550 .065533 5.77645 [.000] P1_4 -.056292 .021747 -2.58849 [.010] P2_4 -.077252 .021706 -3.55894 [.000] P3_4 .092359 .018094 5.10429 [.000] P4_4 .046741 .018259 2.55982 [.010] P5_4 .025765 .019860 1.29733 [.195] P6_4 .020154 .017926 1.12430 [.261] P7_4 -.033066 .019138 -1.72779 [.084] P8_4 .371166E-02 .017689 .209831 [.834] P9_4 .014568 .017648 .825466 [.409] P10_4 .021607 .017630 1.22557 [.220] P11_4 -.014245 .017655 -.806847 [.420] P12_4 .063857 .017738 3.59994 [.000] P13_4 -.432431E-03 .017393 -.024862 [.980] P14_4 -.010789 .018063 -.597288 [.550] P15_4 .010306 .017356 .593810 [.553] P16_4 .320504E-02 .019247 .166521 [.868] P17_4 -.357959E-02 .020183 -.177361 [.859] S1_4 -.205390 .066109 -3.10684 [.002] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B1_4 YMEAN .103070 S2 .290420 ARSQ .194817 SDEV .600573 S .538906 LMHET 643.709 [.000] SSR 270.962 RSQ .210887 DW 2.02227 [<.890] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.10499 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_4 E1 1.0000 B1_4 0.093269 1.00000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 953 SBIC -25.3502 LOGL 93.9463 Standard Parameter Estimate Error t-statistic P-value A_5 -.448688 .022676 -19.7865 [.000] P0_5 .139465 .026947 5.17561 [.000] P1_5 -.015534 .894219E-02 -1.73717 [.082] P2_5 -.566862E-02 .892545E-02 -.635108 [.525] P3_5 .012809 .744024E-02 1.72158 [.085] P4_5 .763016E-02 .750808E-02 1.01626 [.310] P5_5 .589367E-02 .816640E-02 .721698 [.470] P6_5 .014797 .737094E-02 2.00745 [.045] P7_5 -.996844E-02 .786923E-02 -1.26676 [.205] P8_5 .012849 .727348E-02 1.76653 [.077] P9_5 .709375E-04 .725672E-02 .977543E-02 [.992] P10_5 -.780596E-03 .724919E-02 -.107681 [.914] P11_5 .010368 .725956E-02 1.42821 [.153] P12_5 .032530 .729383E-02 4.45997 [.000] P13_5 .310747E-04 .715189E-02 .434497E-02 [.997] P14_5 -.698191E-02 .742743E-02 -.940017 [.347] P15_5 .852316E-03 .713655E-02 .119430 [.905] P16_5 -.829709E-02 .791418E-02 -1.04838 [.294] P17_5 .808619E-02 .829887E-02 .974373 [.330] S1_5 .409741E-02 .027183 .150732 [.880] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B1_5 YMEAN .102950 S2 .049103 ARSQ .378879 SDEV .281169 S .221593 LMHET 539.109 [.000] SSR 45.8135 RSQ .391275 DW 2.05853 [<.963] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.19633 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_5 E1 1.0000 B1_5 0.15318 1.00000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 953 SBIC 434.886 LOGL -366.290 Standard Parameter Estimate Error t-statistic P-value A_6 -.389061 .036754 -10.5854 [.000] P0_6 .178700 .043676 4.09151 [.000] P1_6 -.017319 .014494 -1.19494 [.232] P2_6 -.034787 .014467 -2.40464 [.016] P3_6 -.030832 .012059 -2.55668 [.011] P4_6 -.039547 .012169 -3.24975 [.001] P5_6 .038734 .013236 2.92635 [.003] P6_6 .033638 .011947 2.81558 [.005] P7_6 .166298E-02 .012755 .130382 [.896] P8_6 .013665 .011789 1.15910 [.246] P9_6 -.850869E-02 .011762 -.723414 [.469] P10_6 .012163 .011750 1.03520 [.301] P11_6 -.462175E-02 .011766 -.392790 [.694] P12_6 .048035 .011822 4.06319 [.000] P13_6 -.535183E-02 .011592 -.461685 [.644] P14_6 -.010947 .012039 -.909356 [.363] P15_6 .916714E-02 .011567 .792519 [.428] P16_6 -.012656 .012827 -.986594 [.324] P17_6 .017050 .013451 1.26756 [.205] S1_6 -.054365 .044059 -1.23390 [.217] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B1_6 YMEAN .102370 S2 .128998 ARSQ .172496 SDEV .394827 S .359163 LMHET 205.962 [.000] SSR 120.355 RSQ .189012 DW 1.90140 [<.261] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.23593 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_6 E1 1.0000 B1_6 0.21246 1.00000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 953 SBIC 1159.27 LOGL -1090.67 Standard Parameter Estimate Error t-statistic P-value A_7 -.522681 .078599 -6.64994 [.000] P0_7 .547039 .093401 5.85690 [.000] P1_7 -.135122 .030995 -4.35952 [.000] P2_7 -.050784 .030937 -1.64155 [.101] P3_7 -.146257 .025789 -5.67134 [.000] P4_7 -.032623 .026024 -1.25357 [.210] P5_7 .067196 .028306 2.37393 [.018] P6_7 .042722 .025549 1.67217 [.094] P7_7 -.020736 .027276 -.760235 [.447] P8_7 .015106 .025211 .599176 [.549] P9_7 -.011335 .025153 -.450660 [.652] P10_7 .725972E-02 .025127 .288925 [.773] P11_7 -.020217 .025163 -.803454 [.422] P12_7 .208583 .025281 8.25049 [.000] P13_7 -.815402E-02 .024789 -.328932 [.742] P14_7 .462167E-02 .025744 .179521 [.858] P15_7 .028777 .024736 1.16335 [.245] P16_7 -.014350 .027432 -.523111 [.601] P17_7 .014970 .028765 .520413 [.603] S1_7 -.389950 .094221 -4.13868 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B1_7 YMEAN .103530 S2 .589931 ARSQ .161873 SDEV .838969 S .768069 LMHET 285.995 [.000] SSR 550.405 RSQ .178601 DW 1.78699 [<.008] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.17051 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_7 E1 1.0000 B1_7 0.15454 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 953 SBIC 417.197 LOGL -348.601 Standard Parameter Estimate Error t-statistic P-value A_8 -.300850 .036079 -8.33876 [.000] P0_8 .039478 .042873 .920818 [.357] P1_8 -.956981E-02 .014227 -.672643 [.501] P2_8 -.024235 .014201 -1.70664 [.088] P3_8 .027789 .011838 2.34753 [.019] P4_8 -.053141 .011945 -4.44863 [.000] P5_8 .019205 .012993 1.47810 [.139] P6_8 .054514 .011727 4.64849 [.000] P7_8 .012922 .012520 1.03206 [.302] P8_8 .018974 .011572 1.63961 [.101] P9_8 -.320986E-02 .011546 -.278017 [.781] P10_8 .286279E-03 .011534 .024821 [.980] P11_8 -.236347E-02 .011550 -.204628 [.838] P12_8 -.787942E-02 .011605 -.678991 [.497] P13_8 .016796 .011379 1.47607 [.140] P14_8 -.725548E-02 .011817 -.613978 [.539] P15_8 .463761E-02 .011354 .408442 [.683] P16_8 -.870313E-02 .012592 -.691186 [.489] P17_8 .010849 .013204 .821655 [.411] S1_8 .060969 .043249 1.40973 [.159] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B1_8 YMEAN .102743 S2 .124297 ARSQ .131786 SDEV .378370 S .352558 LMHET 174.879 [.000] SSR 115.969 RSQ .149114 DW 1.94256 [<.498] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.27393 1.0000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_8 E1 1.0000 B1_8 0.25268 1.00000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 953 SBIC 595.791 LOGL -527.195 Standard Parameter Estimate Error t-statistic P-value A_9 -.361708 .043515 -8.31232 [.000] P0_9 .211136 .051709 4.08315 [.000] P1_9 -.059361 .017160 -3.45935 [.001] P2_9 -.022674 .017127 -1.32386 [.186] P3_9 .014543 .014277 1.01861 [.308] P4_9 -.028825 .014408 -2.00066 [.045] P5_9 -.025132 .015671 -1.60372 [.109] P6_9 .050951 .014144 3.60223 [.000] P7_9 .011936 .015101 .790419 [.429] P8_9 .770267E-02 .013957 .551871 [.581] P9_9 -.011717 .013925 -.841426 [.400] P10_9 .317493E-02 .013911 .228235 [.819] P11_9 -.013374 .013931 -.960072 [.337] P12_9 .019853 .013996 1.41841 [.156] P13_9 .015329 .013724 1.11691 [.264] P14_9 -.390405E-02 .014253 -.273914 [.784] P15_9 .452322E-02 .013695 .330291 [.741] P16_9 -.878155E-02 .015187 -.578233 [.563] P17_9 .981115E-02 .015925 .616083 [.538] S1_9 -.095854 .052163 -1.83758 [.066] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B1_9 YMEAN .102754 S2 .180816 ARSQ .114654 SDEV .451920 S .425224 LMHET 57.8289 [.000] SSR 168.701 RSQ .132324 DW 1.87357 [<.142] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.17528 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_9 E1 1.0000 B1_9 0.16327 1.0000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 953 SBIC 605.791 LOGL -537.194 Standard Parameter Estimate Error t-statistic P-value A_10 -.235807 .043974 -5.36244 [.000] P0_10 .065416 .052255 1.25187 [.211] P1_10 .366510E-02 .017341 .211360 [.833] P2_10 -.011107 .017308 -.641752 [.521] P3_10 -.428934E-02 .014428 -.297293 [.766] P4_10 .894529E-02 .014560 .614393 [.539] P5_10 -.018916 .015836 -1.19450 [.232] P6_10 .822059E-02 .014294 .575123 [.565] P7_10 .011855 .015260 .776903 [.437] P8_10 .115307E-02 .014105 .081751 [.935] P9_10 .982530E-02 .014072 .698211 [.485] P10_10 -.267227E-02 .014058 -.190096 [.849] P11_10 .027762 .014078 1.97204 [.049] P12_10 .654353E-02 .014144 .462634 [.644] P13_10 .011765 .013869 .848321 [.396] P14_10 -.014326 .014403 -.994621 [.320] P15_10 -.365331E-02 .013839 -.263985 [.792] P16_10 -.186740E-02 .015347 -.121678 [.903] P17_10 .010614 .016093 .659510 [.510] S1_10 .014352 .052713 .272272 [.785] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B1_10 YMEAN .101547 S2 .184650 ARSQ .044644 SDEV .439635 S .429709 LMHET 51.5868 [.000] SSR 172.279 RSQ .063711 DW 1.98538 [<.744] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.13107 1.0000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_10 E1 1.0000 B1_10 0.12683 1.0000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 953 SBIC 982.539 LOGL -913.943 Standard Parameter Estimate Error t-statistic P-value A_11 -.412223 .065295 -6.31320 [.000] P0_11 .092010 .077591 1.18583 [.236] P1_11 -.013956 .025749 -.542029 [.588] P2_11 -.025733 .025700 -1.00126 [.317] P3_11 .019404 .021424 .905722 [.365] P4_11 -.079700 .021619 -3.68656 [.000] P5_11 -.556490E-02 .023515 -.236657 [.813] P6_11 .094591 .021224 4.45675 [.000] P7_11 .025355 .022659 1.11897 [.263] P8_11 .038278 .020944 1.82766 [.068] P9_11 -.245102E-02 .020895 -.117300 [.907] P10_11 .033654 .020874 1.61229 [.107] P11_11 -.261160E-03 .020903 -.012494 [.990] P12_11 -.022683 .021002 -1.08005 [.280] P13_11 -.718216E-02 .020593 -.348760 [.727] P14_11 -.011647 .021387 -.544592 [.586] P15_11 .856191E-02 .020549 .416652 [.677] P16_11 -.424862E-02 .022788 -.186438 [.852] P17_11 .046319 .023896 1.93834 [.053] S1_11 .041451 .078273 .529565 [.596] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B1_11 YMEAN .102033 S2 .407126 ARSQ .070960 SDEV .661983 S .638064 LMHET 205.456 [.000] SSR 379.848 RSQ .089502 DW 2.05233 [<.954] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.21082 1.0000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_11 E1 1.0000 B1_11 0.20116 1.00000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 953 SBIC 1087.87 LOGL -1019.28 Standard Parameter Estimate Error t-statistic P-value A_12 -.624254 .072926 -8.56007 [.000] P0_12 .693809 .086659 8.00616 [.000] P1_12 -.208509 .028758 -7.25055 [.000] P2_12 -.042608 .028704 -1.48439 [.138] P3_12 -.079279 .023927 -3.31329 [.001] P4_12 .048819 .024146 2.02186 [.043] P5_12 .211972E-02 .026263 .080712 [.936] P6_12 .010963 .023705 .462501 [.644] P7_12 -.022483 .025307 -.888388 [.374] P8_12 -.183310E-02 .023391 -.078367 [.938] P9_12 .989179E-02 .023337 .423863 [.672] P10_12 .024450 .023313 1.04878 [.294] P11_12 -.022223 .023346 -.951866 [.341] P12_12 .155488 .023457 6.62876 [.000] P13_12 .709621E-02 .023000 .308529 [.758] P14_12 .771385E-02 .023886 .322941 [.747] P15_12 .025614 .022951 1.11605 [.264] P16_12 -.019249 .025452 -.756292 [.449] P17_12 .025220 .026689 .944968 [.345] S1_12 -.508820 .087420 -5.82038 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B1_12 YMEAN .104067 S2 .507845 ARSQ .169260 SDEV .781868 S .712633 LMHET 431.423 [.000] SSR 473.820 RSQ .185840 DW 1.77515 [<.005] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.17380 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_12 E1 1.0000 B1_12 0.15682 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 953 SBIC 511.503 LOGL -442.907 Standard Parameter Estimate Error t-statistic P-value A_13 -.266850 .039831 -6.69949 [.000] P0_13 .097944 .047332 2.06928 [.039] P1_13 -.420206E-03 .015707 -.026753 [.979] P2_13 -.026243 .015678 -1.67391 [.094] P3_13 -.027632 .013069 -2.11434 [.034] P4_13 -.032850 .013188 -2.49087 [.013] P5_13 .438868E-02 .014344 .305951 [.760] P6_13 .043761 .012947 3.37996 [.001] P7_13 .022354 .013822 1.61723 [.106] P8_13 -.011339 .012776 -.887563 [.375] P9_13 -.917776E-02 .012747 -.720022 [.472] P10_13 .112307E-05 .012733 .881994E-04 [1.00] P11_13 -.012380 .012752 -.970904 [.332] P12_13 .027263 .012812 2.12801 [.033] P13_13 .423704E-02 .012562 .337280 [.736] P14_13 .018755 .013046 1.43759 [.151] P15_13 .744467E-02 .012535 .593890 [.553] P16_13 .415819E-02 .013901 .299121 [.765] P17_13 .026837 .014577 1.84103 [.066] S1_13 -.936536E-02 .047748 -.196142 [.844] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B1_13 YMEAN .101474 S2 .151501 ARSQ .082657 SDEV .406388 S .389231 LMHET 73.1375 [.000] SSR 141.350 RSQ .100966 DW 1.92904 [<.415] LINE 49 Time Series Processor v4.4 (06 01/25/00 9:07 PM PAGE 4 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.14107 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_13 E1 1.0000 B1_13 0.13375 1.00000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 953 SBIC 372.948 LOGL -304.352 Standard Parameter Estimate Error t-statistic P-value A_14 -.216582 .034442 -6.28837 [.000] P0_14 .198679 .040928 4.85441 [.000] P1_14 -.028140 .013582 -2.07192 [.038] P2_14 -.017616 .013556 -1.29948 [.194] P3_14 -.035010 .011300 -3.09811 [.002] P4_14 -.031731 .011404 -2.78253 [.005] P5_14 -.780145E-03 .012403 -.062898 [.950] P6_14 .078364 .011195 6.99973 [.000] P7_14 .985232E-02 .011952 .824321 [.410] P8_14 .721307E-02 .011047 .652932 [.514] P9_14 -.025938 .011022 -2.35338 [.019] P10_14 -.199173E-02 .011010 -.180897 [.856] P11_14 -.016001 .011026 -1.45119 [.147] P12_14 .060061 .011078 5.42157 [.000] P13_14 .131570E-02 .010863 .121123 [.904] P14_14 .010085 .011281 .893995 [.371] P15_14 .010236 .010839 .944346 [.345] P16_14 -.709058E-02 .012020 -.589883 [.555] P17_14 -.356729E-02 .012605 -.283015 [.777] S1_14 -.127653 .041287 -3.09185 [.002] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B1_14 YMEAN .102733 S2 .113274 ARSQ .151188 SDEV .365309 S .336563 LMHET 124.088 [.000] SSR 105.685 RSQ .168129 DW 2.04042 [<.934] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.26635 1.0000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_14 E1 1.0000 B1_14 0.24293 1.00000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 953 SBIC 694.753 LOGL -626.157 Standard Parameter Estimate Error t-statistic P-value A_15 -.415645 .048276 -8.60969 [.000] P0_15 .357840 .057368 6.23768 [.000] P1_15 -.097797 .019037 -5.13713 [.000] P2_15 -.030864 .019002 -1.62429 [.104] P3_15 .037479 .015840 2.36615 [.018] P4_15 .021470 .015984 1.34323 [.179] P5_15 .544322E-02 .017386 .313087 [.754] P6_15 .025186 .015692 1.60499 [.108] P7_15 -.576346E-02 .016753 -.344025 [.731] P8_15 .010218 .015485 .659898 [.509] P9_15 .892833E-02 .015449 .577923 [.563] P10_15 .016955 .015433 1.09863 [.272] P11_15 -.010534 .015455 -.681599 [.495] P12_15 .072778 .015528 4.68687 [.000] P13_15 -.249230E-02 .015226 -.163689 [.870] P14_15 -.244128E-02 .015812 -.154390 [.877] P15_15 .014947 .015193 .983777 [.325] P16_15 -.161271E-02 .016849 -.095717 [.924] P17_15 .011136 .017668 .630328 [.528] S1_15 -.229667 .057871 -3.96859 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B1_15 YMEAN .099408 S2 .222553 ARSQ .142281 SDEV .509382 S .471755 LMHET 409.805 [.000] SSR 207.642 RSQ .159400 DW 1.92436 [<.387] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.21484 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_15 E1 1.0000 B1_15 0.19697 1.00000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 953 SBIC 1908.97 LOGL -1840.37 Standard Parameter Estimate Error t-statistic P-value A_16 -.583871 .172610 -3.38260 [.001] P0_16 .432657 .205115 2.10934 [.035] P1_16 -.047316 .068067 -.695145 [.487] P2_16 -.172551 .067940 -2.53977 [.011] P3_16 .474930 .056634 8.38591 [.000] P4_16 .150609 .057151 2.63530 [.008] P5_16 .052448 .062162 .843737 [.399] P6_16 -.938018E-02 .056107 -.167184 [.867] P7_16 -.072226 .059900 -1.20578 [.228] P8_16 -.064886 .055365 -1.17196 [.241] P9_16 .058548 .055237 1.05994 [.289] P10_16 .020036 .055180 .363111 [.717] P11_16 -.050711 .055259 -.917691 [.359] P12_16 .042989 .055520 .774296 [.439] P13_16 -.022773 .054439 -.418321 [.676] P14_16 -.439169E-02 .056537 -.077678 [.938] P15_16 .026639 .054323 .490386 [.624] P16_16 .044070 .060242 .731553 [.464] P17_16 -.041817 .063170 -.661979 [.508] S1_16 -.254336 .206917 -1.22917 [.219] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B1_16 YMEAN .104932 S2 2.84510 ARSQ .098267 SDEV 1.77627 S 1.68674 LMHET 660.171 [.000] SSR 2654.48 RSQ .116264 DW 2.01039 [<.851] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.039219 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_16 E1 1.0000 B1_16 0.036869 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 953 SBIC 1051.44 LOGL -982.846 Standard Parameter Estimate Error t-statistic P-value A_17 -.393806 .070191 -5.61047 [.000] P0_17 .386723 .083409 4.63646 [.000] P1_17 -.087731 .027679 -3.16957 [.002] P2_17 -.062396 .027627 -2.25848 [.024] P3_17 .086864 .023030 3.77176 [.000] P4_17 -.518317E-02 .023240 -.223027 [.824] P5_17 .026643 .025278 1.05400 [.292] P6_17 .041026 .022816 1.79815 [.072] P7_17 -.016763 .024358 -.688189 [.491] P8_17 .013491 .022514 .599232 [.549] P9_17 .012487 .022462 .555899 [.578] P10_17 -.981734E-03 .022439 -.043752 [.965] P11_17 -.035994 .022471 -1.60182 [.109] P12_17 .053832 .022577 2.38439 [.017] P13_17 -.010312 .022138 -.465806 [.641] P14_17 -.011674 .022990 -.507755 [.612] P15_17 .010760 .022090 .487081 [.626] P16_17 -.011170 .024497 -.455990 [.648] P17_17 -.018542 .025688 -.721815 [.470] S1_17 -.265677 .084142 -3.15749 [.002] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B1_17 YMEAN .102223 S2 .470466 ARSQ .086045 SDEV .717467 S .685905 LMHET 218.178 [.000] SSR 438.945 RSQ .104286 DW 2.02638 [<.901] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.15335 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_17 E1 1.0000 B1_17 0.14513 1.00000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 953 SBIC 2249.77 LOGL -2181.18 Standard Parameter Estimate Error t-statistic P-value A_18 -.089751 .246819 -.363631 [.716] P0_18 .173285 .293298 .590814 [.555] P1_18 -.058271 .097330 -.598698 [.549] P2_18 -.095460 .097148 -.982629 [.326] P3_18 .132916 .080982 1.64130 [.101] P4_18 .114981 .081721 1.40700 [.159] P5_18 .044839 .088886 .504450 [.614] P6_18 -.108353 .080228 -1.35056 [.177] P7_18 .044550 .085652 .520133 [.603] P8_18 -.060935 .079167 -.769696 [.441] P9_18 .042669 .078985 .540220 [.589] P10_18 -.254593E-02 .078903 -.032267 [.974] P11_18 -.033986 .079016 -.430120 [.667] P12_18 .651977E-02 .079389 .082125 [.935] P13_18 -.018963 .077844 -.243597 [.808] P14_18 -.037664 .080843 -.465895 [.641] P15_18 -.436430E-02 .077677 -.056185 [.955] P16_18 .013323 .086141 .154668 [.877] P17_18 .035121 .090328 .388813 [.697] S1_18 -.140744 .295874 -.475689 [.634] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B1_18 YMEAN .104932 S2 5.81727 ARSQ -.909926E-02 SDEV 2.40100 S 2.41190 LMHET 7.05192 [.008] SSR 5427.51 RSQ .011040 DW 1.99499 [<.789] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 -0.0048561 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_18 E1 1.0000 B1_18 -0.0048292 1.00000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 953 SBIC 1673.09 LOGL -1604.50 Standard Parameter Estimate Error t-statistic P-value A_19 -.414084 .134765 -3.07264 [.002] P0_19 .021763 .160143 .135897 [.892] P1_19 -.018631 .053143 -.350588 [.726] P2_19 .924289E-02 .053043 .174251 [.862] P3_19 .012672 .044217 .286597 [.774] P4_19 .968408E-02 .044620 .217034 [.828] P5_19 -.040544 .048532 -.835401 [.403] P6_19 .093616 .043805 2.13709 [.033] P7_19 -.012594 .046766 -.269294 [.788] P8_19 -.021925 .043226 -.507210 [.612] P9_19 -.865098E-02 .043126 -.200597 [.841] P10_19 -.011469 .043082 -.266221 [.790] P11_19 .012159 .043143 .281829 [.778] P12_19 -.027188 .043347 -.627228 [.531] P13_19 -.027860 .042503 -.655469 [.512] P14_19 -.643316E-02 .044141 -.145742 [.884] P15_19 .218542E-03 .042412 .515283E-02 [.996] P16_19 -.200036E-02 .047034 -.042530 [.966] P17_19 -.245594E-02 .049320 -.049796 [.960] S1_19 .114037 .161549 .705894 [.480] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B1_19 YMEAN .104932 S2 1.73427 ARSQ .211743E-02 SDEV 1.31831 S 1.31692 LMHET 52.1665 [.000] SSR 1618.07 RSQ .022033 DW 2.02439 [<.896] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.076145 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_19 E1 1.0000 B1_19 0.075302 1.00000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 953 SBIC 766.622 LOGL -698.026 Standard Parameter Estimate Error t-statistic P-value A_20 -.267325 .052058 -5.13515 [.000] P0_20 .159867 .061861 2.58429 [.010] P1_20 -.046933 .020528 -2.28625 [.022] P2_20 -.304960E-02 .020490 -.148833 [.882] P3_20 -.037562 .017080 -2.19913 [.028] P4_20 -.017243 .017236 -1.00039 [.317] P5_20 .028582 .018747 1.52456 [.127] P6_20 -.280315E-02 .016921 -.165657 [.868] P7_20 -.011904 .018065 -.658920 [.510] P8_20 .013805 .016698 .826763 [.408] P9_20 -.685543E-02 .016659 -.411512 [.681] P10_20 -.011188 .016642 -.672286 [.501] P11_20 -.445050E-02 .016666 -.267046 [.789] P12_20 .012413 .016744 .741337 [.458] P13_20 .017226 .016418 1.04917 [.294] P14_20 -.012780 .017051 -.749509 [.454] P15_20 .389152E-02 .016383 .237530 [.812] P16_20 -.026661 .018168 -1.46743 [.142] P17_20 -.017796 .019052 -.934117 [.350] S1_20 -.072876 .062404 -1.16781 [.243] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B1_20 YMEAN .097637 S2 .258783 ARSQ .041069 SDEV .519486 S .508707 LMHET 13.1124 [.000] SSR 241.444 RSQ .060207 DW 2.04471 [<.942] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.17099 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_20 E1 1.0000 B1_20 0.16577 1.00000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 953 SBIC 685.747 LOGL -617.151 Standard Parameter Estimate Error t-statistic P-value A_21 -.213053 .047822 -4.45509 [.000] P0_21 .091511 .056828 1.61032 [.107] P1_21 -.139692E-02 .018858 -.074075 [.941] P2_21 -.026519 .018823 -1.40886 [.159] P3_21 .890054E-02 .015691 .567248 [.571] P4_21 .018102 .015834 1.14324 [.253] P5_21 .031161 .017222 1.80937 [.070] P6_21 .067481 .015545 4.34114 [.000] P7_21 -.109843E-02 .016595 -.066189 [.947] P8_21 .918555E-02 .015339 .598834 [.549] P9_21 -.523900E-02 .015304 -.342336 [.732] P10_21 -.661577E-02 .015288 -.432747 [.665] P11_21 -.012531 .015310 -.818486 [.413] P12_21 .026732 .015382 1.73786 [.082] P13_21 -.508921E-02 .015083 -.337422 [.736] P14_21 -.020663 .015664 -1.31919 [.187] P15_21 -.838303E-03 .015050 -.055700 [.956] P16_21 -.964465E-02 .016690 -.577862 [.563] P17_21 .122988E-02 .017501 .070273 [.944] S1_21 -.019361 .057327 -.337725 [.736] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B1_21 YMEAN .101526 S2 .218386 ARSQ .050218 SDEV .479513 S .467318 LMHET 29.5241 [.000] SSR 203.754 RSQ .069174 DW 2.05615 [<.960] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.15340 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_21 E1 1.0000 B1_21 0.14800 1.00000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 953 SBIC 752.549 LOGL -683.952 Standard Parameter Estimate Error t-statistic P-value A_22 -.165528 .051295 -3.22699 [.001] P0_22 -.072179 .060954 -1.18416 [.236] P1_22 -.012233 .020228 -.604750 [.545] P2_22 .050077 .020190 2.48033 [.013] P3_22 .858841E-02 .016830 .510302 [.610] P4_22 -.739382E-02 .016984 -.435353 [.663] P5_22 -.890749E-02 .018473 -.482199 [.630] P6_22 .050442 .016673 3.02533 [.002] P7_22 .027497 .017800 1.54473 [.122] P8_22 .047447 .016453 2.88383 [.004] P9_22 -.052177 .016415 -3.17865 [.001] P10_22 .011058 .016398 .674367 [.500] P11_22 -.026693 .016421 -1.62550 [.104] P12_22 .014182 .016499 .859588 [.390] P13_22 .012360 .016178 .764037 [.445] P14_22 .410021E-02 .016801 .244044 [.807] P15_22 .014497 .016143 .898013 [.369] P16_22 -.589487E-02 .017902 -.329283 [.742] P17_22 .029311 .018772 1.56141 [.118] S1_22 .133563 .061490 2.17213 [.030] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B1_22 YMEAN .101389 S2 .251252 ARSQ .034259 SDEV .510063 S .501250 LMHET 118.103 [.000] SSR 234.418 RSQ .053533 DW 1.92696 [<.403] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.15774 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_22 E1 1.0000 B1_22 0.15346 1.0000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 953 SBIC 1679.83 LOGL -1611.24 Standard Parameter Estimate Error t-statistic P-value A_23 -.580693 .135721 -4.27857 [.000] P0_23 .187729 .161279 1.16400 [.244] P1_23 -.048546 .053520 -.907065 [.364] P2_23 -.700507E-02 .053420 -.131132 [.896] P3_23 .073347 .044531 1.64710 [.100] P4_23 -.010385 .044937 -.231105 [.817] P5_23 .030266 .048877 .619234 [.536] P6_23 -.053385 .044116 -1.21011 [.226] P7_23 .285820E-02 .047098 .060686 [.952] P8_23 -.020439 .043533 -.469506 [.639] P9_23 .025468 .043432 .586380 [.558] P10_23 -.018339 .043387 -.422687 [.673] P11_23 -.027384 .043449 -.630247 [.529] P12_23 -.042499 .043654 -.973524 [.330] P13_23 -.017931 .042805 -.418900 [.675] P14_23 .103469E-02 .044454 .023276 [.981] P15_23 .522436E-02 .042713 .122313 [.903] P16_23 -.030301 .047367 -.639705 [.522] P17_23 .011802 .049670 .237615 [.812] S1_23 -.483167E-02 .162696 -.029698 [.976] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B1_23 YMEAN .101868 S2 1.75897 ARSQ .018109 SDEV 1.33844 S 1.32626 LMHET 67.9369 [.000] SSR 1641.12 RSQ .037706 DW 1.91510 [<.334] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.056983 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_23 E1 1.0000 B1_23 0.055898 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 953 SBIC 694.753 LOGL -626.157 Standard Parameter Estimate Error t-statistic P-value A_24 -.415645 .048276 -8.60969 [.000] P0_24 .357840 .057368 6.23768 [.000] P1_24 -.097797 .019037 -5.13713 [.000] P2_24 -.030864 .019002 -1.62429 [.104] P3_24 .037479 .015840 2.36615 [.018] P4_24 .021470 .015984 1.34323 [.179] P5_24 .544322E-02 .017386 .313087 [.754] P6_24 .025186 .015692 1.60499 [.108] P7_24 -.576346E-02 .016753 -.344025 [.731] P8_24 .010218 .015485 .659898 [.509] P9_24 .892833E-02 .015449 .577923 [.563] P10_24 .016955 .015433 1.09863 [.272] P11_24 -.010534 .015455 -.681599 [.495] P12_24 .072778 .015528 4.68687 [.000] P13_24 -.249230E-02 .015226 -.163689 [.870] P14_24 -.244128E-02 .015812 -.154390 [.877] P15_24 .014947 .015193 .983777 [.325] P16_24 -.161271E-02 .016849 -.095717 [.924] P17_24 .011136 .017668 .630328 [.528] S1_24 -.229667 .057871 -3.96859 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B1_24 YMEAN .099408 S2 .222553 ARSQ .142281 SDEV .509382 S .471755 LMHET 409.805 [.000] SSR 207.642 RSQ .159400 DW 1.92436 [<.387] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.21484 1.00000 Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 B1_24 E1 1.0000 B1_24 0.19697 1.00000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 953 SBIC 874.212 LOGL -805.616 Standard Parameter Estimate Error t-statistic P-value A_25 -.285386 .058280 -4.89684 [.000] P0_25 .046607 .069254 .672977 [.501] P1_25 -.026074 .022982 -1.13453 [.257] P2_25 .038316 .022939 1.67036 [.095] P3_25 .548791E-02 .019122 .286997 [.774] P4_25 -.032756 .019296 -1.69756 [.090] P5_25 -.840410E-02 .020988 -.400422 [.689] P6_25 .048582 .018944 2.56456 [.010] P7_25 .012359 .020224 .611092 [.541] P8_25 -.010095 .018693 -.540011 [.589] P9_25 -.022063 .018650 -1.18301 [.237] P10_25 -.021615 .018631 -1.16018 [.246] P11_25 .977008E-03 .018657 .052366 [.958] P12_25 .561901E-02 .018746 .299752 [.764] P13_25 -.019275 .018381 -1.04865 [.294] P14_25 -.674894E-02 .019089 -.353553 [.724] P15_25 .013900 .018341 .757868 [.449] P16_25 -.653961E-02 .020340 -.321517 [.748] P17_25 .032203 .021329 1.50986 [.131] S1_25 .049036 .069863 .701893 [.483] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B1_25 YMEAN .102816 S2 .324337 ARSQ .029445 SDEV .578080 S .569506 LMHET 53.9105 [.000] SSR 302.606 RSQ .048815 DW 2.06276 [<.968] Results of Covariance procedure =============================== Number of Observations: 953 Correlation Matrix E1 E2 E1 1.0000 E2 0.21514 1.00000