INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 924 SBIC 1046.27 LOGL -960.908 Standard Parameter Estimate Error t-statistic P-value C_1 1.02551 .366203 2.80038 [.005] A2_1 .356559 .052442 6.79907 [.000] P0_1 .231249 .093162 2.48222 [.013] P1_1 -.020887 .029373 -.711081 [.477] P2_1 .013928 .028359 .491151 [.623] P3_1 .033065 .024185 1.36719 [.172] P4_1 .016302 .023875 .682791 [.495] P5_1 .053028 .026355 2.01202 [.044] P6_1 -.011404 .023976 -.475644 [.634] P7_1 .017267 .025445 .678586 [.497] P8_1 .532654E-02 .023253 .229065 [.819] P9_1 .012219 .023040 .530336 [.596] P10_1 .026776 .023202 1.15407 [.248] P11_1 .014303 .023491 .608849 [.543] P12_1 .071489 .023646 3.02331 [.003] P13_1 .010295 .022552 .456486 [.648] P14_1 -.119043 .023891 -4.98268 [.000] P15_1 -.028329 .022434 -1.26274 [.207] P16_1 .067629 .025080 2.69654 [.007] P17_1 .044820 .026542 1.68865 [.091] DI1_1 .339353 .035729 9.49788 [.000] DF1_1 .016560 .988388E-02 1.67549 [.094] S1_1 -.301114 .099885 -3.01462 [.003] S2_1 .086130 .034724 2.48038 [.013] B_1 .077857 .068820 1.13131 [.258] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.80302 S2 .481639 ARSQ .586530 SDEV 1.07929 S .694002 LMHET 3.85376 [.050] SSR 432.993 RSQ .597281 DW 1.91752 [<.452] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 924 SBIC 1046.73 LOGL -961.366 Standard Parameter Estimate Error t-statistic P-value C_2 .775578 .350300 2.21404 [.027] A2_2 .368418 .051921 7.09571 [.000] P0_2 .248652 .093739 2.65261 [.008] P1_2 -.029797 .029291 -1.01727 [.309] P2_2 .011699 .028418 .411663 [.681] P3_2 .027455 .025202 1.08941 [.276] P4_2 .018176 .023848 .762174 [.446] P5_2 .053282 .026383 2.01955 [.043] P6_2 -.010591 .023991 -.441453 [.659] P7_2 .014036 .025456 .551384 [.581] P8_2 .575434E-02 .023265 .247340 [.805] P9_2 .012395 .023051 .537730 [.591] P10_2 .027248 .023211 1.17394 [.240] P11_2 .014022 .023501 .596660 [.551] P12_2 .079868 .024469 3.26399 [.001] P13_2 .968025E-02 .022562 .429052 [.668] P14_2 -.118142 .023901 -4.94296 [.000] P15_2 -.028039 .022444 -1.24925 [.212] P16_2 .067220 .025094 2.67867 [.007] P17_2 .045133 .026559 1.69938 [.089] DI1_2 .348306 .035873 9.70948 [.000] DF1_2 .015620 .990599E-02 1.57685 [.115] S1_2 -.311338 .100277 -3.10478 [.002] S2_2 .091456 .034527 2.64880 [.008] B_2 -.023005 .036997 -.621810 [.534] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.80302 S2 .482117 ARSQ .586119 SDEV 1.07929 S .694346 LMHET 4.78985 [.029] SSR 433.423 RSQ .596881 DW 1.91313 [<.425] INVESTOR #3 ===================== EQUATIONS: EQ_B3 NOB 924 SBIC 1045.14 LOGL -959.780 Standard Parameter Estimate Error t-statistic P-value C_3 .722007 .336956 2.14273 [.032] A2_3 .366521 .051698 7.08963 [.000] P0_3 .266426 .093710 2.84311 [.004] P1_3 -.034376 .029139 -1.17974 [.238] P2_3 .849511E-02 .028405 .299074 [.765] P3_3 .024545 .024452 1.00380 [.315] P4_3 .022304 .023919 .932498 [.351] P5_3 .054222 .026334 2.05900 [.039] P6_3 -.012502 .023958 -.521843 [.602] P7_3 .011747 .025413 .462236 [.644] P8_3 .593862E-02 .023224 .255705 [.798] P9_3 .013114 .023015 .569772 [.569] P10_3 .027121 .023171 1.17050 [.242] P11_3 .014153 .023461 .603254 [.546] P12_3 .085296 .023953 3.56099 [.000] P13_3 .977760E-02 .022521 .434146 [.664] P14_3 -.118102 .023857 -4.95050 [.000] P15_3 -.027976 .022406 -1.24859 [.212] P16_3 .067072 .025050 2.67755 [.007] P17_3 .044120 .026513 1.66410 [.096] DI1_3 .352307 .035591 9.89869 [.000] DF1_3 .015138 .987510E-02 1.53292 [.125] S1_3 -.325868 .100273 -3.24982 [.001] S2_3 .090089 .034448 2.61520 [.009] B_3 -.029152 .015627 -1.86545 [.062] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B3 Dependent variable: LPSE YMEAN 5.80302 S2 .480464 ARSQ .587538 SDEV 1.07929 S .693155 LMHET 6.06978 [.014] SSR 431.937 RSQ .598262 DW 1.91298 [<.424] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 924 SBIC 1046.92 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_4 .845059 .349790 2.41590 [.016] A2_4 .366172 .051950 7.04860 [.000] P0_4 .240823 .093520 2.57509 [.010] P1_4 -.026970 .029417 -.916827 [.359] P2_4 .012835 .028385 .452155 [.651] P3_4 .031763 .024948 1.27317 [.203] P4_4 .017948 .023881 .751545 [.452] P5_4 .052695 .026382 1.99737 [.046] P6_4 -.010943 .023992 -.456113 [.648] P7_4 .015142 .025445 .595077 [.552] P8_4 .559882E-02 .023269 .240609 [.810] P9_4 .012302 .023056 .533569 [.594] P10_4 .027184 .023235 1.16996 [.242] P11_4 .014003 .023508 .595673 [.551] P12_4 .075540 .024179 3.12417 [.002] P13_4 .985498E-02 .022567 .436706 [.662] P14_4 -.118414 .023906 -4.95327 [.000] P15_4 -.028073 .022451 -1.25042 [.211] P16_4 .067447 .025098 2.68732 [.007] P17_4 .044876 .026571 1.68891 [.091] DI1_4 .344890 .035833 9.62506 [.000] DF1_4 .016059 .990118E-02 1.62196 [.105] S1_4 -.305770 .100155 -3.05298 [.002] S2_4 .090726 .034539 2.62675 [.009] B_4 -.713419E-03 .036015 -.019809 [.984] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.80302 S2 .482324 ARSQ .585941 SDEV 1.07929 S .694495 LMHET 4.14703 [.042] SSR 433.609 RSQ .596708 DW 1.91436 [<.433] INVESTOR #5 ===================== EQUATIONS: EQ_B5 NOB 924 SBIC 1045.25 LOGL -959.892 Standard Parameter Estimate Error t-statistic P-value C_5 .640501 .349523 1.83250 [.067] A2_5 .372566 .051828 7.18851 [.000] P0_5 .258419 .093216 2.77226 [.006] P1_5 -.034087 .029138 -1.16983 [.242] P2_5 .010586 .028340 .373550 [.709] P3_5 .027678 .024248 1.14145 [.254] P4_5 .022266 .023927 .930591 [.352] P5_5 .052019 .026328 1.97582 [.048] P6_5 -.011541 .023949 -.481915 [.630] P7_5 .011857 .025416 .466503 [.641] P8_5 .591803E-02 .023227 .254789 [.799] P9_5 .011890 .023015 .516622 [.605] P10_5 .027712 .023176 1.19574 [.232] P11_5 .014179 .023464 .604270 [.546] P12_5 .084231 .023867 3.52914 [.000] P13_5 .010201 .022525 .452865 [.651] P14_5 -.117626 .023863 -4.92926 [.000] P15_5 -.028144 .022409 -1.25594 [.209] P16_5 .067096 .025053 2.67819 [.007] P17_5 .044574 .026513 1.68120 [.093] DI1_5 .351418 .035557 9.88335 [.000] DF1_5 .015861 .986428E-02 1.60795 [.108] S1_5 -.316109 .099864 -3.16538 [.002] S2_5 .094748 .034524 2.74444 [.006] B_5 -.080843 .044762 -1.80606 [.071] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B5 Dependent variable: LPSE YMEAN 5.80302 S2 .480580 ARSQ .587438 SDEV 1.07929 S .693239 LMHET 6.23400 [.013] SSR 432.042 RSQ .598165 DW 1.91379 [<.429] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 924 SBIC 1041.28 LOGL -955.918 Standard Parameter Estimate Error t-statistic P-value C_6 1.31359 .357471 3.67468 [.000] A2_6 .345917 .051838 6.67299 [.000] P0_6 .241252 .092295 2.61392 [.009] P1_6 -.021641 .028782 -.751912 [.452] P2_6 .013091 .028190 .464391 [.642] P3_6 .035455 .024056 1.47383 [.141] P4_6 .017098 .023705 .721292 [.471] P5_6 .053391 .026213 2.03683 [.042] P6_6 -.014687 .023870 -.615269 [.538] P7_6 .016427 .025244 .650742 [.515] P8_6 .401059E-02 .023132 .173379 [.862] P9_6 .015881 .022941 .692246 [.489] P10_6 .023906 .023095 1.03510 [.301] P11_6 .014613 .023364 .625463 [.532] P12_6 .067235 .023393 2.87414 [.004] P13_6 .981089E-02 .022427 .437450 [.662] P14_6 -.117173 .023759 -4.93167 [.000] P15_6 -.028881 .022314 -1.29431 [.196] P16_6 .066529 .024946 2.66691 [.008] P17_6 .042964 .026405 1.62709 [.104] DI1_6 .332753 .035400 9.39982 [.000] DF1_6 .015698 .982190E-02 1.59827 [.110] S1_6 -.322820 .099402 -3.24761 [.001] S2_6 .079744 .034461 2.31404 [.021] B_6 .257041 .077305 3.32503 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.80302 S2 .476465 ARSQ .590971 SDEV 1.07929 S .690264 LMHET 4.77474 [.029] SSR 428.342 RSQ .601607 DW 1.93188 [<.538] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 924 SBIC 1046.85 LOGL -961.488 Standard Parameter Estimate Error t-statistic P-value C_7 .837256 .331829 2.52316 [.012] A2_7 .365010 .051869 7.03710 [.000] P0_7 .239659 .092885 2.58016 [.010] P1_7 -.026938 .028913 -.931670 [.352] P2_7 .013104 .028368 .461927 [.644] P3_7 .031647 .024185 1.30853 [.191] P4_7 .017829 .023849 .747583 [.455] P5_7 .052607 .026372 1.99483 [.046] P6_7 -.011220 .023999 -.467503 [.640] P7_7 .015329 .025397 .603573 [.546] P8_7 .564309E-02 .023267 .242536 [.808] P9_7 .012182 .023056 .528349 [.597] P10_7 .027209 .023214 1.17208 [.241] P11_7 .014213 .023511 .604536 [.545] P12_7 .075358 .023404 3.21982 [.001] P13_7 .972145E-02 .022566 .430802 [.667] P14_7 -.118499 .023901 -4.95792 [.000] P15_7 -.028084 .022447 -1.25111 [.211] P16_7 .067509 .025096 2.69006 [.007] P17_7 .045062 .026564 1.69636 [.090] DI1_7 .345779 .035521 9.73445 [.000] DF1_7 .016133 .988191E-02 1.63253 [.103] S1_7 -.303800 .099979 -3.03863 [.002] S2_7 .090182 .034536 2.61121 [.009] B_7 -.589404E-02 .015275 -.385873 [.700] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.80302 S2 .482244 ARSQ .586010 SDEV 1.07929 S .694438 LMHET 4.16080 [.041] SSR 433.538 RSQ .596774 DW 1.91348 [<.427] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 924 SBIC 1041.37 LOGL -956.009 Standard Parameter Estimate Error t-statistic P-value C_8 1.14349 .340892 3.35440 [.001] A2_8 .345402 .051868 6.65926 [.000] P0_8 .271810 .092788 2.92938 [.003] P1_8 -.029412 .028752 -1.02296 [.306] P2_8 .014568 .028198 .516643 [.605] P3_8 .023960 .024154 .991969 [.321] P4_8 .025533 .023818 1.07200 [.284] P5_8 .048191 .026250 1.83582 [.066] P6_8 -.019313 .023981 -.805369 [.421] P7_8 .017472 .025253 .691863 [.489] P8_8 .217458E-02 .023153 .093924 [.925] P9_8 .012869 .022918 .561516 [.574] P10_8 .025821 .023080 1.11875 [.263] P11_8 .016454 .023377 .703857 [.482] P12_8 .074440 .023267 3.19935 [.001] P13_8 .824764E-02 .022435 .367624 [.713] P14_8 -.120075 .023764 -5.05280 [.000] P15_8 -.028689 .022315 -1.28563 [.199] P16_8 .067045 .024947 2.68746 [.007] P17_8 .042674 .026410 1.61583 [.106] DI1_8 .342714 .035224 9.72965 [.000] DF1_8 .015536 .982358E-02 1.58148 [.114] S1_8 -.344291 .099968 -3.44403 [.001] S2_8 .077760 .034530 2.25196 [.024] B_8 .139343 .042253 3.29786 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.80302 S2 .476559 ARSQ .590890 SDEV 1.07929 S .690332 LMHET 5.19669 [.023] SSR 428.426 RSQ .601528 DW 1.93157 [<.537] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 924 SBIC 1046.34 LOGL -960.976 Standard Parameter Estimate Error t-statistic P-value C_9 .748451 .343271 2.18035 [.029] A2_9 .367009 .051772 7.08899 [.000] P0_9 .262865 .095102 2.76403 [.006] P1_9 -.035577 .030021 -1.18508 [.236] P2_9 .010069 .028464 .353728 [.724] P3_9 .027559 .024500 1.12486 [.261] P4_9 .021070 .024015 .877379 [.380] P5_9 .052139 .026361 1.97787 [.048] P6_9 -.011924 .023992 -.496994 [.619] P7_9 .013271 .025442 .521638 [.602] P8_9 .541139E-02 .023255 .232703 [.816] P9_9 .012759 .023045 .553654 [.580] P10_9 .026925 .023202 1.16047 [.246] P11_9 .014208 .023492 .604815 [.545] P12_9 .081354 .024038 3.38434 [.001] P13_9 .977651E-02 .022551 .433534 [.665] P14_9 -.117927 .023891 -4.93598 [.000] P15_9 -.028356 .022436 -1.26385 [.206] P16_9 .066710 .025091 2.65875 [.008] P17_9 .043783 .026563 1.64825 [.099] DI1_9 .349249 .035653 9.79590 [.000] DF1_9 .015745 .987987E-02 1.59369 [.111] S1_9 -.323110 .101140 -3.19468 [.001] S2_9 .090651 .034491 2.62823 [.009] B_9 -.033481 .031271 -1.07070 [.284] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.80302 S2 .481710 ARSQ .586468 SDEV 1.07929 S .694053 LMHET 5.00097 [.025] SSR 433.057 RSQ .597221 DW 1.91207 [<.419] INVESTOR #10 ====================== EQUATIONS: EQ_B10 NOB 924 SBIC 1045.36 LOGL -960.004 Standard Parameter Estimate Error t-statistic P-value C_10 .985692 .339670 2.90191 [.004] A2_10 .370907 .051784 7.16260 [.000] P0_10 .235118 .092757 2.53477 [.011] P1_10 -.026269 .028868 -.909955 [.363] P2_10 .014876 .028339 .524933 [.600] P3_10 .021421 .024873 .861212 [.389] P4_10 .014184 .023905 .593330 [.553] P5_10 .051683 .026335 1.96253 [.050] P6_10 -.010637 .023950 -.444135 [.657] P7_10 .016889 .025372 .665663 [.506] P8_10 .540044E-02 .023230 .232480 [.816] P9_10 .011055 .023028 .480068 [.631] P10_10 .026513 .023179 1.14382 [.253] P11_10 .013535 .023468 .576758 [.564] P12_10 .073127 .023403 3.12467 [.002] P13_10 .914292E-02 .022531 .405800 [.685] P14_10 -.116743 .023881 -4.88849 [.000] P15_10 -.027768 .022412 -1.23897 [.215] P16_10 .066079 .025067 2.63607 [.008] P17_10 .045737 .026521 1.72456 [.085] DI1_10 .340936 .035439 9.62024 [.000] DF1_10 .015269 .987551E-02 1.54618 [.122] S1_10 -.309801 .099736 -3.10620 [.002] S2_10 .089768 .034459 2.60507 [.009] B_10 .116421 .066750 1.74413 [.081] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.80302 S2 .480698 ARSQ .587337 SDEV 1.07929 S .693324 LMHET 4.11979 [.042] SSR 432.147 RSQ .598067 DW 1.91933 [<.462] INVESTOR #11 ====================== EQUATIONS: EQ_B11 NOB 924 SBIC 1042.03 LOGL -956.674 Standard Parameter Estimate Error t-statistic P-value C_11 1.13395 .341885 3.31677 [.001] A2_11 .346858 .051898 6.68344 [.000] P0_11 .267095 .092767 2.87921 [.004] P1_11 -.026032 .028764 -.905017 [.365] P2_11 .013544 .028214 .480046 [.631] P3_11 .022221 .024254 .916175 [.360] P4_11 .024056 .023806 1.01049 [.312] P5_11 .050694 .026242 1.93181 [.053] P6_11 -.016915 .023941 -.706526 [.480] P7_11 .016155 .025264 .639466 [.523] P8_11 .501627E-03 .023205 .021618 [.983] P9_11 .014184 .022942 .618243 [.536] P10_11 .021449 .023167 .925832 [.355] P11_11 .018116 .023420 .773501 [.439] P12_11 .075990 .023283 3.26377 [.001] P13_11 .011278 .022451 .502349 [.615] P14_11 -.119927 .023781 -5.04300 [.000] P15_11 -.029270 .022334 -1.31055 [.190] P16_11 .066520 .024967 2.66437 [.008] P17_11 .041412 .026444 1.56600 [.117] DI1_11 .338299 .035306 9.58200 [.000] DF1_11 .016766 .983187E-02 1.70531 [.088] S1_11 -.339613 .099955 -3.39767 [.001] S2_11 .081336 .034464 2.36000 [.018] B_11 .120360 .038913 3.09306 [.002] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.80302 S2 .477245 ARSQ .590301 SDEV 1.07929 S .690830 LMHET 4.53691 [.033] SSR 429.044 RSQ .600954 DW 1.91884 [<.460] INVESTOR #12 ====================== EQUATIONS: EQ_B12 NOB 924 SBIC 1046.70 LOGL -961.338 Standard Parameter Estimate Error t-statistic P-value C_12 .798555 .338801 2.35700 [.018] A2_12 .366957 .051801 7.08394 [.000] P0_12 .244861 .093059 2.63125 [.009] P1_12 -.028351 .028995 -.977808 [.328] P2_12 .012700 .028357 .447845 [.654] P3_12 .031568 .024178 1.30562 [.192] P4_12 .017889 .023843 .750278 [.453] P5_12 .052113 .026381 1.97537 [.048] P6_12 -.011460 .023997 -.477579 [.633] P7_12 .014526 .025408 .571683 [.568] P8_12 .512645E-02 .023274 .220265 [.826] P9_12 .012553 .023053 .544508 [.586] P10_12 .027276 .023210 1.17516 [.240] P11_12 .014212 .023503 .604689 [.545] P12_12 .077829 .023679 3.28678 [.001] P13_12 .948213E-02 .022567 .420184 [.674] P14_12 -.118388 .023896 -4.95426 [.000] P15_12 -.028333 .022447 -1.26221 [.207] P16_12 .067381 .025091 2.68542 [.007] P17_12 .044624 .026557 1.68032 [.093] DI1_12 .347091 .035592 9.75204 [.000] DF1_12 .016014 .987943E-02 1.62093 [.105] S1_12 -.308594 .099952 -3.08742 [.002] S2_12 .091686 .034537 2.65473 [.008] B_12 -.020445 .030788 -.664075 [.507] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.80302 S2 .482088 ARSQ .586144 SDEV 1.07929 S .694325 LMHET 4.83107 [.028] SSR 433.397 RSQ .596905 DW 1.91302 [<.425] INVESTOR #13 ====================== EQUATIONS: EQ_B13 NOB 924 SBIC 1046.32 LOGL -960.959 Standard Parameter Estimate Error t-statistic P-value C_13 .916703 .336727 2.72239 [.006] A2_13 .362312 .051880 6.98359 [.000] P0_13 .245744 .092920 2.64468 [.008] P1_13 -.028494 .028935 -.984775 [.325] P2_13 .013234 .028347 .466861 [.641] P3_13 .033793 .024227 1.39482 [.163] P4_13 .019232 .023864 .805885 [.420] P5_13 .052659 .026355 1.99804 [.046] P6_13 -.013937 .024133 -.577511 [.564] P7_13 .014718 .025383 .579828 [.562] P8_13 .630409E-02 .023262 .270999 [.786] P9_13 .013104 .023053 .568444 [.570] P10_13 .027280 .023201 1.17583 [.240] P11_13 .014539 .023496 .618780 [.536] P12_13 .075322 .023391 3.22021 [.001] P13_13 .010185 .022552 .451636 [.652] P14_13 -.120659 .023975 -5.03273 [.000] P15_13 -.028292 .022435 -1.26106 [.207] P16_13 .066846 .025087 2.66457 [.008] P17_13 .044445 .026546 1.67424 [.094] DI1_13 .344009 .035414 9.71381 [.000] DF1_13 .015659 .988228E-02 1.58458 [.113] S1_13 -.313250 .100057 -3.13071 [.002] S2_13 .088463 .034552 2.56029 [.010] B_13 .055663 .051232 1.08649 [.277] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.80302 S2 .481692 ARSQ .586484 SDEV 1.07929 S .694040 LMHET 4.61961 [.032] SSR 433.041 RSQ .597236 DW 1.91528 [<.438] INVESTOR #14 ====================== EQUATIONS: EQ_B14 NOB 924 SBIC 1046.68 LOGL -961.322 Standard Parameter Estimate Error t-statistic P-value C_14 .794524 .339554 2.33991 [.019] A2_14 .366444 .051787 7.07605 [.000] P0_14 .245834 .093148 2.63917 [.008] P1_14 -.028391 .028993 -.979248 [.327] P2_14 .012704 .028356 .448019 [.654] P3_14 .029430 .024436 1.20437 [.228] P4_14 .019086 .023903 .798488 [.425] P5_14 .052296 .026373 1.98296 [.047] P6_14 -.870567E-02 .024203 -.359701 [.719] P7_14 .014845 .025394 .584581 [.559] P8_14 .618230E-02 .023278 .265587 [.791] P9_14 .011004 .023127 .475808 [.634] P10_14 .026522 .023228 1.14178 [.254] P11_14 .013932 .023500 .592850 [.553] P12_14 .078717 .023887 3.29544 [.001] P13_14 .995226E-02 .022559 .441158 [.659] P14_14 -.117685 .023920 -4.91996 [.000] P15_14 -.028171 .022444 -1.25520 [.209] P16_14 .067494 .025091 2.69000 [.007] P17_14 .044497 .026559 1.67539 [.094] DI1_14 .346937 .035559 9.75653 [.000] DF1_14 .016321 .988555E-02 1.65103 [.099] S1_14 -.309217 .099987 -3.09257 [.002] S2_14 .091884 .034547 2.65967 [.008] B_14 -.041342 .060181 -.686949 [.492] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.80302 S2 .482071 ARSQ .586158 SDEV 1.07929 S .694313 LMHET 4.62685 [.031] SSR 433.382 RSQ .596919 DW 1.91078 [<.411] INVESTOR #15 ====================== EQUATIONS: EQ_B15 NOB 924 SBIC 1046.22 LOGL -960.857 Standard Parameter Estimate Error t-statistic P-value C_15 .782259 .335192 2.33376 [.020] A2_15 .360523 .051975 6.93645 [.000] P0_15 .255786 .093687 2.73022 [.006] P1_15 -.029189 .028961 -1.00787 [.314] P2_15 .940441E-02 .028494 .330054 [.741] P3_15 .034257 .024245 1.41294 [.158] P4_15 .021450 .024020 .893007 [.372] P5_15 .054029 .026377 2.04836 [.041] P6_15 -.013165 .024047 -.547493 [.584] P7_15 .013576 .025413 .534225 [.593] P8_15 .542805E-02 .023251 .233451 [.815] P9_15 .013233 .023052 .574056 [.566] P10_15 .027557 .023200 1.18778 [.235] P11_15 .014788 .023498 .629340 [.529] P12_15 .078772 .023561 3.34324 [.001] P13_15 .010481 .022554 .464712 [.642] P14_15 -.119208 .023893 -4.98920 [.000] P15_15 -.028058 .022432 -1.25082 [.211] P16_15 .067774 .025080 2.70234 [.007] P17_15 .044564 .026542 1.67903 [.093] DI1_15 .349819 .035662 9.80924 [.000] DF1_15 .016090 .987392E-02 1.62958 [.103] S1_15 -.315795 .100175 -3.15242 [.002] S2_15 .088608 .034533 2.56592 [.010] B_15 -.031556 .026884 -1.17378 [.240] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.80302 S2 .481586 ARSQ .586575 SDEV 1.07929 S .693964 LMHET 4.37592 [.036] SSR 432.946 RSQ .597325 DW 1.91083 [<.412] INVESTOR #16 ====================== EQUATIONS: EQ_B16 NOB 924 SBIC 1045.29 LOGL -959.931 Standard Parameter Estimate Error t-statistic P-value C_16 .722337 .337592 2.13968 [.032] A2_16 .366187 .051706 7.08209 [.000] P0_16 .265000 .093699 2.82819 [.005] P1_16 -.033310 .029089 -1.14509 [.252] P2_16 .854003E-02 .028416 .300535 [.764] P3_16 .025389 .024410 1.04011 [.298] P4_16 .021823 .023907 .912826 [.361] P5_16 .054236 .026340 2.05909 [.039] P6_16 -.012477 .023963 -.520680 [.603] P7_16 .011878 .025418 .467312 [.640] P8_16 .589110E-02 .023228 .253619 [.800] P9_16 .013136 .023020 .570658 [.568] P10_16 .027706 .023177 1.19543 [.232] P11_16 .014007 .023465 .596953 [.551] P12_16 .084925 .023964 3.54389 [.000] P13_16 .972326E-02 .022525 .431661 [.666] P14_16 -.118227 .023860 -4.95502 [.000] P15_16 -.027911 .022410 -1.24549 [.213] P16_16 .067227 .025053 2.68337 [.007] P17_16 .044375 .026515 1.67357 [.094] DI1_16 .352266 .035615 9.89080 [.000] DF1_16 .015196 .987622E-02 1.53863 [.124] S1_16 -.324097 .100236 -3.23334 [.001] S2_16 .089833 .034456 2.60720 [.009] B_16 -.030271 .016964 -1.78443 [.074] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B16 Dependent variable: LPSE YMEAN 5.80302 S2 .480622 ARSQ .587402 SDEV 1.07929 S .693269 LMHET 5.99924 [.014] SSR 432.079 RSQ .598131 DW 1.91334 [<.427] INVESTOR #17 ====================== EQUATIONS: EQ_B17 NOB 924 SBIC 1046.69 LOGL -961.335 Standard Parameter Estimate Error t-statistic P-value C_17 .801741 .337708 2.37407 [.018] A2_17 .366851 .051797 7.08245 [.000] P0_17 .242431 .092878 2.61021 [.009] P1_17 -.027988 .028957 -.966540 [.334] P2_17 .013277 .028363 .468123 [.640] P3_17 .031452 .024182 1.30063 [.193] P4_17 .017784 .023844 .745820 [.456] P5_17 .053931 .026430 2.04057 [.041] P6_17 -.011141 .023986 -.464473 [.642] P7_17 .014482 .025411 .569897 [.569] P8_17 .565187E-02 .023263 .242955 [.808] P9_17 .011988 .023055 .519996 [.603] P10_17 .027462 .023214 1.18300 [.237] P11_17 .013833 .023502 .588611 [.556] P12_17 .079583 .024215 3.28651 [.001] P13_17 .955348E-02 .022564 .423395 [.672] P14_17 -.118105 .023901 -4.94146 [.000] P15_17 -.028062 .022444 -1.25033 [.211] P16_17 .067186 .025094 2.67735 [.007] P17_17 .045249 .026561 1.70360 [.088] DI1_17 .347900 .035727 9.73766 [.000] DF1_17 .015757 .989023E-02 1.59320 [.111] S1_17 -.305860 .099852 -3.06313 [.002] S2_17 .090644 .034505 2.62699 [.009] B_17 -.016554 .024774 -.668169 [.504] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.80302 S2 .482085 ARSQ .586146 SDEV 1.07929 S .694323 LMHET 4.39754 [.036] SSR 433.394 RSQ .596908 DW 1.91367 [<.429] INVESTOR #19 ====================== EQUATIONS: EQ_B19 NOB 924 SBIC 1046.86 LOGL -961.499 Standard Parameter Estimate Error t-statistic P-value C_19 .860114 .332724 2.58507 [.010] A2_19 .366127 .051794 7.06891 [.000] P0_19 .239923 .092873 2.58334 [.010] P1_19 -.026523 .028928 -.916844 [.359] P2_19 .012944 .028362 .456402 [.648] P3_19 .030759 .024380 1.26162 [.207] P4_19 .017503 .023876 .733065 [.464] P5_19 .052808 .026372 2.00242 [.045] P6_19 -.011782 .024103 -.488829 [.625] P7_19 .015471 .025408 .608906 [.543] P8_19 .583523E-02 .023276 .250697 [.802] P9_19 .012095 .023061 .524469 [.600] P10_19 .026827 .023233 1.15470 [.248] P11_19 .013872 .023507 .590110 [.555] P12_19 .075405 .023404 3.22190 [.001] P13_19 .998546E-02 .022566 .442500 [.658] P14_19 -.118417 .023900 -4.95461 [.000] P15_19 -.028080 .022448 -1.25091 [.211] P16_19 .067384 .025096 2.68504 [.007] P17_19 .045188 .026575 1.70044 [.089] DI1_19 .344356 .035448 9.71443 [.000] DF1_19 .016066 .988077E-02 1.62601 [.104] S1_19 -.305961 .099874 -3.06349 [.002] S2_19 .090918 .034516 2.63406 [.008] B_19 .584931E-02 .016287 .359142 [.719] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.80302 S2 .482255 ARSQ .586000 SDEV 1.07929 S .694446 LMHET 4.16271 [.041] SSR 433.547 RSQ .596765 DW 1.91362 [<.428] INVESTOR #20 ====================== EQUATIONS: EQ_B20 NOB 924 SBIC 1046.49 LOGL -961.130 Standard Parameter Estimate Error t-statistic P-value C_20 .915193 .338806 2.70123 [.007] A2_20 .363931 .051827 7.02210 [.000] P0_20 .235559 .092979 2.53347 [.011] P1_20 -.024136 .029053 -.830769 [.406] P2_20 .012283 .028357 .433148 [.665] P3_20 .036065 .024591 1.46657 [.142] P4_20 .016462 .023891 .689041 [.491] P5_20 .052632 .026360 1.99662 [.046] P6_20 -.899065E-02 .024072 -.373495 [.709] P7_20 .015931 .025397 .627269 [.530] P8_20 .633824E-02 .023271 .272361 [.785] P9_20 .011775 .023052 .510803 [.609] P10_20 .027511 .023208 1.18541 [.236] P11_20 .013352 .023506 .568024 [.570] P12_20 .071850 .023714 3.02981 [.002] P13_20 .795945E-02 .022649 .351430 [.725] P14_20 -.118532 .023891 -4.96136 [.000] P15_20 -.028179 .022439 -1.25583 [.209] P16_20 .067657 .025087 2.69694 [.007] P17_20 .044771 .026549 1.68637 [.092] DI1_20 .341535 .035589 9.59656 [.000] DF1_20 .016222 .987816E-02 1.64219 [.101] S1_20 -.302833 .099875 -3.03212 [.002] S2_20 .090036 .034505 2.60938 [.009] B_20 .034889 .037917 .920142 [.357] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.80302 S2 .481870 ARSQ .586331 SDEV 1.07929 S .694169 LMHET 3.92770 [.047] SSR 433.201 RSQ .597087 DW 1.91413 [<.431] INVESTOR #21 ====================== EQUATIONS: EQ_B21 NOB 924 SBIC 1044.12 LOGL -958.757 Standard Parameter Estimate Error t-statistic P-value C_21 .980696 .334714 2.92996 [.003] A2_21 .361470 .051678 6.99462 [.000] P0_21 .230689 .092676 2.48920 [.013] P1_21 -.020435 .028958 -.705698 [.480] P2_21 .011910 .028280 .421143 [.674] P3_21 .038930 .024293 1.60249 [.109] P4_21 .014537 .023821 .610278 [.542] P5_21 .054410 .026303 2.06860 [.039] P6_21 -.016242 .024024 -.676067 [.499] P7_21 .017682 .025342 .697730 [.485] P8_21 .510235E-02 .023199 .219938 [.826] P9_21 .012261 .022986 .533407 [.594] P10_21 .026819 .023146 1.15872 [.247] P11_21 .880302E-02 .023540 .373962 [.708] P12_21 .071876 .023384 3.07376 [.002] P13_21 .010595 .022499 .470909 [.638] P14_21 -.117332 .023834 -4.92287 [.000] P15_21 -.027712 .022382 -1.23818 [.216] P16_21 .067605 .025021 2.70189 [.007] P17_21 .046966 .026496 1.77258 [.076] DI1_21 .340169 .035378 9.61531 [.000] DF1_21 .016183 .985160E-02 1.64263 [.100] S1_21 -.299688 .099605 -3.00875 [.003] S2_21 .087448 .034437 2.53939 [.011] B_21 .081029 .034614 2.34091 [.019] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.80302 S2 .479402 ARSQ .588450 SDEV 1.07929 S .692389 LMHET 3.55432 [.059] SSR 430.982 RSQ .599151 DW 1.92290 [<.484] INVESTOR #22 ====================== EQUATIONS: EQ_B22 NOB 924 SBIC 1046.39 LOGL -961.029 Standard Parameter Estimate Error t-statistic P-value C_22 .905103 .335443 2.69823 [.007] A2_22 .361699 .051946 6.96299 [.000] P0_22 .241128 .092808 2.59813 [.009] P1_22 -.025865 .028915 -.894527 [.371] P2_22 .011717 .028368 .413027 [.680] P3_22 .034140 .024266 1.40692 [.159] P4_22 .016359 .023885 .684933 [.493] P5_22 .053236 .026362 2.01939 [.043] P6_22 -.011254 .023978 -.469350 [.639] P7_22 .015607 .025385 .614830 [.539] P8_22 .447571E-02 .023281 .192245 [.848] P9_22 .013294 .023063 .576427 [.564] P10_22 .027529 .023205 1.18633 [.235] P11_22 .015027 .023514 .639074 [.523] P12_22 .071227 .023749 2.99913 [.003] P13_22 .977588E-02 .022552 .433482 [.665] P14_22 -.120131 .023947 -5.01662 [.000] P15_22 -.028569 .022441 -1.27305 [.203] P16_22 .067056 .025086 2.67309 [.008] P17_22 .043158 .026598 1.62260 [.105] DI1_22 .343933 .035420 9.71021 [.000] DF1_22 .016160 .987612E-02 1.63631 [.102] S1_22 -.308056 .099847 -3.08529 [.002] S2_22 .089102 .034529 2.58052 [.010] B_22 .029409 .028784 1.02172 [.307] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.80302 S2 .481765 ARSQ .586421 SDEV 1.07929 S .694093 LMHET 4.53388 [.033] SSR 433.107 RSQ .597175 DW 1.91638 [<.445] INVESTOR #23 ====================== EQUATIONS: EQ_B23 NOB 924 SBIC 1046.84 LOGL -961.484 Standard Parameter Estimate Error t-statistic P-value C_23 .857790 .331863 2.58478 [.010] A2_23 .365773 .051799 7.06133 [.000] P0_23 .239437 .092899 2.57738 [.010] P1_23 -.025991 .028996 -.896339 [.370] P2_23 .012679 .028364 .447010 [.655] P3_23 .030844 .024320 1.26826 [.205] P4_23 .017942 .023847 .752381 [.452] P5_23 .053251 .026406 2.01663 [.044] P6_23 -.010522 .024011 -.438233 [.661] P7_23 .015180 .025394 .597783 [.550] P8_23 .597881E-02 .023286 .256754 [.797] P9_23 .012099 .023060 .524696 [.600] P10_23 .027211 .023214 1.17221 [.241] P11_23 .014193 .023510 .603722 [.546] P12_23 .075577 .023407 3.22881 [.001] P13_23 .010041 .022568 .444940 [.656] P14_23 -.118538 .023902 -4.95939 [.000] P15_23 -.028066 .022447 -1.25030 [.211] P16_23 .067489 .025095 2.68929 [.007] P17_23 .044850 .026559 1.68872 [.091] DI1_23 .344538 .035433 9.72370 [.000] DF1_23 .016052 .988074E-02 1.62453 [.104] S1_23 -.304796 .099889 -3.05134 [.002] S2_23 .090408 .034518 2.61915 [.009] B_23 .484966E-02 .012262 .395509 [.692] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.80302 S2 .482240 ARSQ .586013 SDEV 1.07929 S .694435 LMHET 4.13917 [.042] SSR 433.534 RSQ .596778 DW 1.91407 [<.431] INVESTOR #24 ====================== EQUATIONS: EQ_B24 NOB 924 SBIC 1046.22 LOGL -960.857 Standard Parameter Estimate Error t-statistic P-value C_24 .782259 .335192 2.33376 [.020] A2_24 .360523 .051975 6.93645 [.000] P0_24 .255786 .093687 2.73022 [.006] P1_24 -.029189 .028961 -1.00787 [.314] P2_24 .940441E-02 .028494 .330054 [.741] P3_24 .034257 .024245 1.41294 [.158] P4_24 .021450 .024020 .893007 [.372] P5_24 .054029 .026377 2.04836 [.041] P6_24 -.013165 .024047 -.547493 [.584] P7_24 .013576 .025413 .534225 [.593] P8_24 .542805E-02 .023251 .233451 [.815] P9_24 .013233 .023052 .574056 [.566] P10_24 .027557 .023200 1.18778 [.235] P11_24 .014788 .023498 .629340 [.529] P12_24 .078772 .023561 3.34324 [.001] P13_24 .010481 .022554 .464712 [.642] P14_24 -.119208 .023893 -4.98920 [.000] P15_24 -.028058 .022432 -1.25082 [.211] P16_24 .067774 .025080 2.70234 [.007] P17_24 .044564 .026542 1.67903 [.093] DI1_24 .349819 .035662 9.80924 [.000] DF1_24 .016090 .987392E-02 1.62958 [.103] S1_24 -.315795 .100175 -3.15242 [.002] S2_24 .088608 .034533 2.56592 [.010] B_24 -.031556 .026884 -1.17378 [.240] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.80302 S2 .481586 ARSQ .586575 SDEV 1.07929 S .693964 LMHET 4.37592 [.036] SSR 432.946 RSQ .597325 DW 1.91083 [<.412] INVESTOR #25 ====================== EQUATIONS: EQ_B25 NOB 924 SBIC 1045.28 LOGL -959.922 Standard Parameter Estimate Error t-statistic P-value C_25 .957786 .335965 2.85085 [.004] A2_25 .359676 .051830 6.93956 [.000] P0_25 .245363 .092734 2.64589 [.008] P1_25 -.027223 .028864 -.943141 [.346] P2_25 .013401 .028314 .473288 [.636] P3_25 .027743 .024247 1.14419 [.253] P4_25 .016717 .023816 .701920 [.483] P5_25 .053977 .026335 2.04958 [.040] P6_25 -.011842 .023953 -.494402 [.621] P7_25 .016885 .025369 .665589 [.506] P8_25 .688088E-02 .023238 .296101 [.767] P9_25 .012542 .023015 .544932 [.586] P10_25 .027404 .023175 1.18249 [.237] P11_25 .012270 .023484 .522489 [.601] P12_25 .075387 .023364 3.22660 [.001] P13_25 .011031 .022534 .489525 [.624] P14_25 -.117849 .023862 -4.93884 [.000] P15_25 -.027972 .022409 -1.24824 [.212] P16_25 .066741 .025056 2.66371 [.008] P17_25 .045746 .026518 1.72506 [.085] DI1_25 .344246 .035369 9.73305 [.000] DF1_25 .015601 .986742E-02 1.58104 [.114] S1_25 -.314063 .099810 -3.14660 [.002] S2_25 .086492 .034532 2.50470 [.012] B_25 .063685 .035589 1.78949 [.074] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.80302 S2 .480612 ARSQ .587411 SDEV 1.07929 S .693262 LMHET 4.35095 [.037] SSR 432.070 RSQ .598139 DW 1.91955 [<.464]