INVESTOR #1 ===================== EQUATIONS: EQ_NB1 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_1 .847309 .330648 2.56257 [.010] A2_1 .366093 .051769 7.07169 [.000] P0_1 .240604 .092809 2.59246 [.010] P1_1 -.026863 .028899 -.929546 [.353] P2_1 .012857 .028347 .453549 [.650] P3_1 .031885 .024166 1.31941 [.187] P4_1 .017923 .023836 .751943 [.452] P5_1 .052709 .026358 1.99971 [.046] P6_1 -.010937 .023977 -.456159 [.648] P7_1 .015173 .025382 .597796 [.550] P8_1 .560231E-02 .023256 .240900 [.810] P9_1 .012302 .023043 .533853 [.593] P10_1 .027165 .023203 1.17078 [.242] P11_1 .013997 .023493 .595801 [.551] P12_1 .075420 .023393 3.22410 [.001] P13_1 .986042E-02 .022552 .437223 [.662] P14_1 -.118422 .023889 -4.95724 [.000] P15_1 -.028080 .022437 -1.25151 [.211] P16_1 .067443 .025083 2.68874 [.007] P17_1 .044862 .026546 1.68995 [.091] DI1_1 .344784 .035411 9.73672 [.000] DF1_1 .016072 .987598E-02 1.62735 [.104] S1_1 -.305622 .099821 -3.06171 [.002] S2_1 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB1 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #2 ===================== EQUATIONS: EQ_NB2 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_2 .847309 .330648 2.56257 [.010] A2_2 .366093 .051769 7.07169 [.000] P0_2 .240604 .092809 2.59246 [.010] P1_2 -.026863 .028899 -.929546 [.353] P2_2 .012857 .028347 .453549 [.650] P3_2 .031885 .024166 1.31941 [.187] P4_2 .017923 .023836 .751943 [.452] P5_2 .052709 .026358 1.99971 [.046] P6_2 -.010937 .023977 -.456159 [.648] P7_2 .015173 .025382 .597796 [.550] P8_2 .560231E-02 .023256 .240900 [.810] P9_2 .012302 .023043 .533853 [.593] P10_2 .027165 .023203 1.17078 [.242] P11_2 .013997 .023493 .595801 [.551] P12_2 .075420 .023393 3.22410 [.001] P13_2 .986042E-02 .022552 .437223 [.662] P14_2 -.118422 .023889 -4.95724 [.000] P15_2 -.028080 .022437 -1.25151 [.211] P16_2 .067443 .025083 2.68874 [.007] P17_2 .044862 .026546 1.68995 [.091] DI1_2 .344784 .035411 9.73672 [.000] DF1_2 .016072 .987598E-02 1.62735 [.104] S1_2 -.305622 .099821 -3.06171 [.002] S2_2 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB2 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #3 ===================== EQUATIONS: EQ_NB3 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_3 .847309 .330648 2.56257 [.010] A2_3 .366093 .051769 7.07169 [.000] P0_3 .240604 .092809 2.59246 [.010] P1_3 -.026863 .028899 -.929546 [.353] P2_3 .012857 .028347 .453549 [.650] P3_3 .031885 .024166 1.31941 [.187] P4_3 .017923 .023836 .751943 [.452] P5_3 .052709 .026358 1.99971 [.046] P6_3 -.010937 .023977 -.456159 [.648] P7_3 .015173 .025382 .597796 [.550] P8_3 .560231E-02 .023256 .240900 [.810] P9_3 .012302 .023043 .533853 [.593] P10_3 .027165 .023203 1.17078 [.242] P11_3 .013997 .023493 .595801 [.551] P12_3 .075420 .023393 3.22410 [.001] P13_3 .986042E-02 .022552 .437223 [.662] P14_3 -.118422 .023889 -4.95724 [.000] P15_3 -.028080 .022437 -1.25151 [.211] P16_3 .067443 .025083 2.68874 [.007] P17_3 .044862 .026546 1.68995 [.091] DI1_3 .344784 .035411 9.73672 [.000] DF1_3 .016072 .987598E-02 1.62735 [.104] S1_3 -.305622 .099821 -3.06171 [.002] S2_3 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB3 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #4 ===================== EQUATIONS: EQ_NB4 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_4 .847309 .330648 2.56257 [.010] A2_4 .366093 .051769 7.07169 [.000] P0_4 .240604 .092809 2.59246 [.010] P1_4 -.026863 .028899 -.929546 [.353] P2_4 .012857 .028347 .453549 [.650] P3_4 .031885 .024166 1.31941 [.187] P4_4 .017923 .023836 .751943 [.452] P5_4 .052709 .026358 1.99971 [.046] P6_4 -.010937 .023977 -.456159 [.648] P7_4 .015173 .025382 .597796 [.550] P8_4 .560231E-02 .023256 .240900 [.810] P9_4 .012302 .023043 .533853 [.593] P10_4 .027165 .023203 1.17078 [.242] P11_4 .013997 .023493 .595801 [.551] P12_4 .075420 .023393 3.22410 [.001] P13_4 .986042E-02 .022552 .437223 [.662] P14_4 -.118422 .023889 -4.95724 [.000] P15_4 -.028080 .022437 -1.25151 [.211] P16_4 .067443 .025083 2.68874 [.007] P17_4 .044862 .026546 1.68995 [.091] DI1_4 .344784 .035411 9.73672 [.000] DF1_4 .016072 .987598E-02 1.62735 [.104] S1_4 -.305622 .099821 -3.06171 [.002] S2_4 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB4 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #5 ===================== EQUATIONS: EQ_NB5 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_5 .847309 .330648 2.56257 [.010] A2_5 .366093 .051769 7.07169 [.000] P0_5 .240604 .092809 2.59246 [.010] P1_5 -.026863 .028899 -.929546 [.353] P2_5 .012857 .028347 .453549 [.650] P3_5 .031885 .024166 1.31941 [.187] P4_5 .017923 .023836 .751943 [.452] P5_5 .052709 .026358 1.99971 [.046] P6_5 -.010937 .023977 -.456159 [.648] P7_5 .015173 .025382 .597796 [.550] P8_5 .560231E-02 .023256 .240900 [.810] P9_5 .012302 .023043 .533853 [.593] P10_5 .027165 .023203 1.17078 [.242] P11_5 .013997 .023493 .595801 [.551] P12_5 .075420 .023393 3.22410 [.001] P13_5 .986042E-02 .022552 .437223 [.662] P14_5 -.118422 .023889 -4.95724 [.000] P15_5 -.028080 .022437 -1.25151 [.211] P16_5 .067443 .025083 2.68874 [.007] P17_5 .044862 .026546 1.68995 [.091] DI1_5 .344784 .035411 9.73672 [.000] DF1_5 .016072 .987598E-02 1.62735 [.104] S1_5 -.305622 .099821 -3.06171 [.002] S2_5 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB5 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #6 ===================== EQUATIONS: EQ_NB6 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_6 .847309 .330648 2.56257 [.010] A2_6 .366093 .051769 7.07169 [.000] P0_6 .240604 .092809 2.59246 [.010] P1_6 -.026863 .028899 -.929546 [.353] P2_6 .012857 .028347 .453549 [.650] P3_6 .031885 .024166 1.31941 [.187] P4_6 .017923 .023836 .751943 [.452] P5_6 .052709 .026358 1.99971 [.046] P6_6 -.010937 .023977 -.456159 [.648] P7_6 .015173 .025382 .597796 [.550] P8_6 .560231E-02 .023256 .240900 [.810] P9_6 .012302 .023043 .533853 [.593] P10_6 .027165 .023203 1.17078 [.242] P11_6 .013997 .023493 .595801 [.551] P12_6 .075420 .023393 3.22410 [.001] P13_6 .986042E-02 .022552 .437223 [.662] P14_6 -.118422 .023889 -4.95724 [.000] P15_6 -.028080 .022437 -1.25151 [.211] P16_6 .067443 .025083 2.68874 [.007] P17_6 .044862 .026546 1.68995 [.091] DI1_6 .344784 .035411 9.73672 [.000] DF1_6 .016072 .987598E-02 1.62735 [.104] S1_6 -.305622 .099821 -3.06171 [.002] S2_6 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB6 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] LINE 47 Time Series Processor v4.4 (06 01/25/00 9:12 PM PAGE 3 INVESTOR #7 ===================== EQUATIONS: EQ_NB7 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_7 .847309 .330648 2.56257 [.010] A2_7 .366093 .051769 7.07169 [.000] P0_7 .240604 .092809 2.59246 [.010] P1_7 -.026863 .028899 -.929546 [.353] P2_7 .012857 .028347 .453549 [.650] P3_7 .031885 .024166 1.31941 [.187] P4_7 .017923 .023836 .751943 [.452] P5_7 .052709 .026358 1.99971 [.046] P6_7 -.010937 .023977 -.456159 [.648] P7_7 .015173 .025382 .597796 [.550] P8_7 .560231E-02 .023256 .240900 [.810] P9_7 .012302 .023043 .533853 [.593] P10_7 .027165 .023203 1.17078 [.242] P11_7 .013997 .023493 .595801 [.551] P12_7 .075420 .023393 3.22410 [.001] P13_7 .986042E-02 .022552 .437223 [.662] P14_7 -.118422 .023889 -4.95724 [.000] P15_7 -.028080 .022437 -1.25151 [.211] P16_7 .067443 .025083 2.68874 [.007] P17_7 .044862 .026546 1.68995 [.091] DI1_7 .344784 .035411 9.73672 [.000] DF1_7 .016072 .987598E-02 1.62735 [.104] S1_7 -.305622 .099821 -3.06171 [.002] S2_7 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB7 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #8 ===================== EQUATIONS: EQ_NB8 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_8 .847309 .330648 2.56257 [.010] A2_8 .366093 .051769 7.07169 [.000] P0_8 .240604 .092809 2.59246 [.010] P1_8 -.026863 .028899 -.929546 [.353] P2_8 .012857 .028347 .453549 [.650] P3_8 .031885 .024166 1.31941 [.187] P4_8 .017923 .023836 .751943 [.452] P5_8 .052709 .026358 1.99971 [.046] P6_8 -.010937 .023977 -.456159 [.648] P7_8 .015173 .025382 .597796 [.550] P8_8 .560231E-02 .023256 .240900 [.810] P9_8 .012302 .023043 .533853 [.593] P10_8 .027165 .023203 1.17078 [.242] P11_8 .013997 .023493 .595801 [.551] P12_8 .075420 .023393 3.22410 [.001] P13_8 .986042E-02 .022552 .437223 [.662] P14_8 -.118422 .023889 -4.95724 [.000] P15_8 -.028080 .022437 -1.25151 [.211] P16_8 .067443 .025083 2.68874 [.007] P17_8 .044862 .026546 1.68995 [.091] DI1_8 .344784 .035411 9.73672 [.000] DF1_8 .016072 .987598E-02 1.62735 [.104] S1_8 -.305622 .099821 -3.06171 [.002] S2_8 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB8 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #9 ===================== EQUATIONS: EQ_NB9 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_9 .847309 .330648 2.56257 [.010] A2_9 .366093 .051769 7.07169 [.000] P0_9 .240604 .092809 2.59246 [.010] P1_9 -.026863 .028899 -.929546 [.353] P2_9 .012857 .028347 .453549 [.650] P3_9 .031885 .024166 1.31941 [.187] P4_9 .017923 .023836 .751943 [.452] P5_9 .052709 .026358 1.99971 [.046] P6_9 -.010937 .023977 -.456159 [.648] P7_9 .015173 .025382 .597796 [.550] P8_9 .560231E-02 .023256 .240900 [.810] P9_9 .012302 .023043 .533853 [.593] P10_9 .027165 .023203 1.17078 [.242] P11_9 .013997 .023493 .595801 [.551] P12_9 .075420 .023393 3.22410 [.001] P13_9 .986042E-02 .022552 .437223 [.662] P14_9 -.118422 .023889 -4.95724 [.000] P15_9 -.028080 .022437 -1.25151 [.211] P16_9 .067443 .025083 2.68874 [.007] P17_9 .044862 .026546 1.68995 [.091] DI1_9 .344784 .035411 9.73672 [.000] DF1_9 .016072 .987598E-02 1.62735 [.104] S1_9 -.305622 .099821 -3.06171 [.002] S2_9 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB9 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #10 ====================== EQUATIONS: EQ_NB10 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_10 .847309 .330648 2.56257 [.010] A2_10 .366093 .051769 7.07169 [.000] P0_10 .240604 .092809 2.59246 [.010] P1_10 -.026863 .028899 -.929546 [.353] P2_10 .012857 .028347 .453549 [.650] P3_10 .031885 .024166 1.31941 [.187] P4_10 .017923 .023836 .751943 [.452] P5_10 .052709 .026358 1.99971 [.046] P6_10 -.010937 .023977 -.456159 [.648] P7_10 .015173 .025382 .597796 [.550] P8_10 .560231E-02 .023256 .240900 [.810] P9_10 .012302 .023043 .533853 [.593] P10_10 .027165 .023203 1.17078 [.242] P11_10 .013997 .023493 .595801 [.551] P12_10 .075420 .023393 3.22410 [.001] P13_10 .986042E-02 .022552 .437223 [.662] P14_10 -.118422 .023889 -4.95724 [.000] P15_10 -.028080 .022437 -1.25151 [.211] P16_10 .067443 .025083 2.68874 [.007] P17_10 .044862 .026546 1.68995 [.091] DI1_10 .344784 .035411 9.73672 [.000] DF1_10 .016072 .987598E-02 1.62735 [.104] S1_10 -.305622 .099821 -3.06171 [.002] S2_10 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB10 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #11 ====================== EQUATIONS: EQ_NB11 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_11 .847309 .330648 2.56257 [.010] A2_11 .366093 .051769 7.07169 [.000] P0_11 .240604 .092809 2.59246 [.010] P1_11 -.026863 .028899 -.929546 [.353] P2_11 .012857 .028347 .453549 [.650] P3_11 .031885 .024166 1.31941 [.187] P4_11 .017923 .023836 .751943 [.452] P5_11 .052709 .026358 1.99971 [.046] P6_11 -.010937 .023977 -.456159 [.648] P7_11 .015173 .025382 .597796 [.550] P8_11 .560231E-02 .023256 .240900 [.810] P9_11 .012302 .023043 .533853 [.593] P10_11 .027165 .023203 1.17078 [.242] P11_11 .013997 .023493 .595801 [.551] P12_11 .075420 .023393 3.22410 [.001] P13_11 .986042E-02 .022552 .437223 [.662] P14_11 -.118422 .023889 -4.95724 [.000] P15_11 -.028080 .022437 -1.25151 [.211] P16_11 .067443 .025083 2.68874 [.007] P17_11 .044862 .026546 1.68995 [.091] DI1_11 .344784 .035411 9.73672 [.000] DF1_11 .016072 .987598E-02 1.62735 [.104] S1_11 -.305622 .099821 -3.06171 [.002] S2_11 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB11 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #12 ====================== EQUATIONS: EQ_NB12 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_12 .847309 .330648 2.56257 [.010] A2_12 .366093 .051769 7.07169 [.000] P0_12 .240604 .092809 2.59246 [.010] P1_12 -.026863 .028899 -.929546 [.353] P2_12 .012857 .028347 .453549 [.650] P3_12 .031885 .024166 1.31941 [.187] P4_12 .017923 .023836 .751943 [.452] P5_12 .052709 .026358 1.99971 [.046] P6_12 -.010937 .023977 -.456159 [.648] P7_12 .015173 .025382 .597796 [.550] P8_12 .560231E-02 .023256 .240900 [.810] P9_12 .012302 .023043 .533853 [.593] P10_12 .027165 .023203 1.17078 [.242] P11_12 .013997 .023493 .595801 [.551] P12_12 .075420 .023393 3.22410 [.001] P13_12 .986042E-02 .022552 .437223 [.662] P14_12 -.118422 .023889 -4.95724 [.000] P15_12 -.028080 .022437 -1.25151 [.211] P16_12 .067443 .025083 2.68874 [.007] P17_12 .044862 .026546 1.68995 [.091] DI1_12 .344784 .035411 9.73672 [.000] DF1_12 .016072 .987598E-02 1.62735 [.104] S1_12 -.305622 .099821 -3.06171 [.002] S2_12 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB12 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #13 ====================== EQUATIONS: EQ_NB13 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_13 .847309 .330648 2.56257 [.010] A2_13 .366093 .051769 7.07169 [.000] P0_13 .240604 .092809 2.59246 [.010] P1_13 -.026863 .028899 -.929546 [.353] P2_13 .012857 .028347 .453549 [.650] P3_13 .031885 .024166 1.31941 [.187] P4_13 .017923 .023836 .751943 [.452] P5_13 .052709 .026358 1.99971 [.046] P6_13 -.010937 .023977 -.456159 [.648] P7_13 .015173 .025382 .597796 [.550] P8_13 .560231E-02 .023256 .240900 [.810] P9_13 .012302 .023043 .533853 [.593] P10_13 .027165 .023203 1.17078 [.242] P11_13 .013997 .023493 .595801 [.551] P12_13 .075420 .023393 3.22410 [.001] P13_13 .986042E-02 .022552 .437223 [.662] P14_13 -.118422 .023889 -4.95724 [.000] P15_13 -.028080 .022437 -1.25151 [.211] P16_13 .067443 .025083 2.68874 [.007] P17_13 .044862 .026546 1.68995 [.091] DI1_13 .344784 .035411 9.73672 [.000] DF1_13 .016072 .987598E-02 1.62735 [.104] S1_13 -.305622 .099821 -3.06171 [.002] S2_13 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB13 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #14 ====================== EQUATIONS: EQ_NB14 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_14 .847309 .330648 2.56257 [.010] A2_14 .366093 .051769 7.07169 [.000] P0_14 .240604 .092809 2.59246 [.010] P1_14 -.026863 .028899 -.929546 [.353] P2_14 .012857 .028347 .453549 [.650] P3_14 .031885 .024166 1.31941 [.187] P4_14 .017923 .023836 .751943 [.452] P5_14 .052709 .026358 1.99971 [.046] P6_14 -.010937 .023977 -.456159 [.648] P7_14 .015173 .025382 .597796 [.550] P8_14 .560231E-02 .023256 .240900 [.810] P9_14 .012302 .023043 .533853 [.593] P10_14 .027165 .023203 1.17078 [.242] P11_14 .013997 .023493 .595801 [.551] P12_14 .075420 .023393 3.22410 [.001] P13_14 .986042E-02 .022552 .437223 [.662] P14_14 -.118422 .023889 -4.95724 [.000] P15_14 -.028080 .022437 -1.25151 [.211] P16_14 .067443 .025083 2.68874 [.007] P17_14 .044862 .026546 1.68995 [.091] DI1_14 .344784 .035411 9.73672 [.000] DF1_14 .016072 .987598E-02 1.62735 [.104] S1_14 -.305622 .099821 -3.06171 [.002] S2_14 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB14 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #15 ====================== EQUATIONS: EQ_NB15 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_15 .847309 .330648 2.56257 [.010] A2_15 .366093 .051769 7.07169 [.000] P0_15 .240604 .092809 2.59246 [.010] P1_15 -.026863 .028899 -.929546 [.353] P2_15 .012857 .028347 .453549 [.650] P3_15 .031885 .024166 1.31941 [.187] P4_15 .017923 .023836 .751943 [.452] P5_15 .052709 .026358 1.99971 [.046] P6_15 -.010937 .023977 -.456159 [.648] P7_15 .015173 .025382 .597796 [.550] P8_15 .560231E-02 .023256 .240900 [.810] P9_15 .012302 .023043 .533853 [.593] P10_15 .027165 .023203 1.17078 [.242] P11_15 .013997 .023493 .595801 [.551] P12_15 .075420 .023393 3.22410 [.001] P13_15 .986042E-02 .022552 .437223 [.662] P14_15 -.118422 .023889 -4.95724 [.000] P15_15 -.028080 .022437 -1.25151 [.211] P16_15 .067443 .025083 2.68874 [.007] P17_15 .044862 .026546 1.68995 [.091] DI1_15 .344784 .035411 9.73672 [.000] DF1_15 .016072 .987598E-02 1.62735 [.104] S1_15 -.305622 .099821 -3.06171 [.002] S2_15 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB15 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #16 ====================== EQUATIONS: EQ_NB16 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_16 .847309 .330648 2.56257 [.010] A2_16 .366093 .051769 7.07169 [.000] P0_16 .240604 .092809 2.59246 [.010] P1_16 -.026863 .028899 -.929546 [.353] P2_16 .012857 .028347 .453549 [.650] P3_16 .031885 .024166 1.31941 [.187] P4_16 .017923 .023836 .751943 [.452] P5_16 .052709 .026358 1.99971 [.046] P6_16 -.010937 .023977 -.456159 [.648] P7_16 .015173 .025382 .597796 [.550] P8_16 .560231E-02 .023256 .240900 [.810] P9_16 .012302 .023043 .533853 [.593] P10_16 .027165 .023203 1.17078 [.242] P11_16 .013997 .023493 .595801 [.551] P12_16 .075420 .023393 3.22410 [.001] P13_16 .986042E-02 .022552 .437223 [.662] P14_16 -.118422 .023889 -4.95724 [.000] P15_16 -.028080 .022437 -1.25151 [.211] P16_16 .067443 .025083 2.68874 [.007] P17_16 .044862 .026546 1.68995 [.091] DI1_16 .344784 .035411 9.73672 [.000] DF1_16 .016072 .987598E-02 1.62735 [.104] S1_16 -.305622 .099821 -3.06171 [.002] S2_16 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB16 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #17 ====================== EQUATIONS: EQ_NB17 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_17 .847309 .330648 2.56257 [.010] A2_17 .366093 .051769 7.07169 [.000] P0_17 .240604 .092809 2.59246 [.010] P1_17 -.026863 .028899 -.929546 [.353] P2_17 .012857 .028347 .453549 [.650] P3_17 .031885 .024166 1.31941 [.187] P4_17 .017923 .023836 .751943 [.452] P5_17 .052709 .026358 1.99971 [.046] P6_17 -.010937 .023977 -.456159 [.648] P7_17 .015173 .025382 .597796 [.550] P8_17 .560231E-02 .023256 .240900 [.810] P9_17 .012302 .023043 .533853 [.593] P10_17 .027165 .023203 1.17078 [.242] P11_17 .013997 .023493 .595801 [.551] P12_17 .075420 .023393 3.22410 [.001] P13_17 .986042E-02 .022552 .437223 [.662] P14_17 -.118422 .023889 -4.95724 [.000] P15_17 -.028080 .022437 -1.25151 [.211] P16_17 .067443 .025083 2.68874 [.007] P17_17 .044862 .026546 1.68995 [.091] DI1_17 .344784 .035411 9.73672 [.000] DF1_17 .016072 .987598E-02 1.62735 [.104] S1_17 -.305622 .099821 -3.06171 [.002] S2_17 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB17 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #19 ====================== EQUATIONS: EQ_NB19 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_19 .847309 .330648 2.56257 [.010] A2_19 .366093 .051769 7.07169 [.000] P0_19 .240604 .092809 2.59246 [.010] P1_19 -.026863 .028899 -.929546 [.353] P2_19 .012857 .028347 .453549 [.650] P3_19 .031885 .024166 1.31941 [.187] P4_19 .017923 .023836 .751943 [.452] P5_19 .052709 .026358 1.99971 [.046] P6_19 -.010937 .023977 -.456159 [.648] P7_19 .015173 .025382 .597796 [.550] P8_19 .560231E-02 .023256 .240900 [.810] P9_19 .012302 .023043 .533853 [.593] P10_19 .027165 .023203 1.17078 [.242] P11_19 .013997 .023493 .595801 [.551] P12_19 .075420 .023393 3.22410 [.001] P13_19 .986042E-02 .022552 .437223 [.662] P14_19 -.118422 .023889 -4.95724 [.000] P15_19 -.028080 .022437 -1.25151 [.211] P16_19 .067443 .025083 2.68874 [.007] P17_19 .044862 .026546 1.68995 [.091] DI1_19 .344784 .035411 9.73672 [.000] DF1_19 .016072 .987598E-02 1.62735 [.104] S1_19 -.305622 .099821 -3.06171 [.002] S2_19 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB19 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #20 ====================== EQUATIONS: EQ_NB20 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_20 .847309 .330648 2.56257 [.010] A2_20 .366093 .051769 7.07169 [.000] P0_20 .240604 .092809 2.59246 [.010] P1_20 -.026863 .028899 -.929546 [.353] P2_20 .012857 .028347 .453549 [.650] P3_20 .031885 .024166 1.31941 [.187] P4_20 .017923 .023836 .751943 [.452] P5_20 .052709 .026358 1.99971 [.046] P6_20 -.010937 .023977 -.456159 [.648] P7_20 .015173 .025382 .597796 [.550] P8_20 .560231E-02 .023256 .240900 [.810] P9_20 .012302 .023043 .533853 [.593] P10_20 .027165 .023203 1.17078 [.242] P11_20 .013997 .023493 .595801 [.551] P12_20 .075420 .023393 3.22410 [.001] P13_20 .986042E-02 .022552 .437223 [.662] P14_20 -.118422 .023889 -4.95724 [.000] P15_20 -.028080 .022437 -1.25151 [.211] P16_20 .067443 .025083 2.68874 [.007] P17_20 .044862 .026546 1.68995 [.091] DI1_20 .344784 .035411 9.73672 [.000] DF1_20 .016072 .987598E-02 1.62735 [.104] S1_20 -.305622 .099821 -3.06171 [.002] S2_20 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB20 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #21 ====================== EQUATIONS: EQ_NB21 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_21 .847309 .330648 2.56257 [.010] A2_21 .366093 .051769 7.07169 [.000] P0_21 .240604 .092809 2.59246 [.010] P1_21 -.026863 .028899 -.929546 [.353] P2_21 .012857 .028347 .453549 [.650] P3_21 .031885 .024166 1.31941 [.187] P4_21 .017923 .023836 .751943 [.452] P5_21 .052709 .026358 1.99971 [.046] P6_21 -.010937 .023977 -.456159 [.648] P7_21 .015173 .025382 .597796 [.550] P8_21 .560231E-02 .023256 .240900 [.810] P9_21 .012302 .023043 .533853 [.593] P10_21 .027165 .023203 1.17078 [.242] P11_21 .013997 .023493 .595801 [.551] P12_21 .075420 .023393 3.22410 [.001] P13_21 .986042E-02 .022552 .437223 [.662] P14_21 -.118422 .023889 -4.95724 [.000] P15_21 -.028080 .022437 -1.25151 [.211] P16_21 .067443 .025083 2.68874 [.007] P17_21 .044862 .026546 1.68995 [.091] DI1_21 .344784 .035411 9.73672 [.000] DF1_21 .016072 .987598E-02 1.62735 [.104] S1_21 -.305622 .099821 -3.06171 [.002] S2_21 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) LINE 45 Time Series Processor v4.4 (06 01/25/00 9:12 PM PAGE 8 Equation: EQ_NB21 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #22 ====================== EQUATIONS: EQ_NB22 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_22 .847309 .330648 2.56257 [.010] A2_22 .366093 .051769 7.07169 [.000] P0_22 .240604 .092809 2.59246 [.010] P1_22 -.026863 .028899 -.929546 [.353] P2_22 .012857 .028347 .453549 [.650] P3_22 .031885 .024166 1.31941 [.187] P4_22 .017923 .023836 .751943 [.452] P5_22 .052709 .026358 1.99971 [.046] P6_22 -.010937 .023977 -.456159 [.648] P7_22 .015173 .025382 .597796 [.550] P8_22 .560231E-02 .023256 .240900 [.810] P9_22 .012302 .023043 .533853 [.593] P10_22 .027165 .023203 1.17078 [.242] P11_22 .013997 .023493 .595801 [.551] P12_22 .075420 .023393 3.22410 [.001] P13_22 .986042E-02 .022552 .437223 [.662] P14_22 -.118422 .023889 -4.95724 [.000] P15_22 -.028080 .022437 -1.25151 [.211] P16_22 .067443 .025083 2.68874 [.007] P17_22 .044862 .026546 1.68995 [.091] DI1_22 .344784 .035411 9.73672 [.000] DF1_22 .016072 .987598E-02 1.62735 [.104] S1_22 -.305622 .099821 -3.06171 [.002] S2_22 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB22 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #23 ====================== EQUATIONS: EQ_NB23 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_23 .847309 .330648 2.56257 [.010] A2_23 .366093 .051769 7.07169 [.000] P0_23 .240604 .092809 2.59246 [.010] P1_23 -.026863 .028899 -.929546 [.353] P2_23 .012857 .028347 .453549 [.650] P3_23 .031885 .024166 1.31941 [.187] P4_23 .017923 .023836 .751943 [.452] P5_23 .052709 .026358 1.99971 [.046] P6_23 -.010937 .023977 -.456159 [.648] P7_23 .015173 .025382 .597796 [.550] P8_23 .560231E-02 .023256 .240900 [.810] P9_23 .012302 .023043 .533853 [.593] P10_23 .027165 .023203 1.17078 [.242] P11_23 .013997 .023493 .595801 [.551] P12_23 .075420 .023393 3.22410 [.001] P13_23 .986042E-02 .022552 .437223 [.662] P14_23 -.118422 .023889 -4.95724 [.000] P15_23 -.028080 .022437 -1.25151 [.211] P16_23 .067443 .025083 2.68874 [.007] P17_23 .044862 .026546 1.68995 [.091] DI1_23 .344784 .035411 9.73672 [.000] DF1_23 .016072 .987598E-02 1.62735 [.104] S1_23 -.305622 .099821 -3.06171 [.002] S2_23 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB23 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #24 ====================== EQUATIONS: EQ_NB24 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_24 .847309 .330648 2.56257 [.010] A2_24 .366093 .051769 7.07169 [.000] P0_24 .240604 .092809 2.59246 [.010] P1_24 -.026863 .028899 -.929546 [.353] P2_24 .012857 .028347 .453549 [.650] P3_24 .031885 .024166 1.31941 [.187] P4_24 .017923 .023836 .751943 [.452] P5_24 .052709 .026358 1.99971 [.046] P6_24 -.010937 .023977 -.456159 [.648] P7_24 .015173 .025382 .597796 [.550] P8_24 .560231E-02 .023256 .240900 [.810] P9_24 .012302 .023043 .533853 [.593] P10_24 .027165 .023203 1.17078 [.242] P11_24 .013997 .023493 .595801 [.551] P12_24 .075420 .023393 3.22410 [.001] P13_24 .986042E-02 .022552 .437223 [.662] P14_24 -.118422 .023889 -4.95724 [.000] P15_24 -.028080 .022437 -1.25151 [.211] P16_24 .067443 .025083 2.68874 [.007] P17_24 .044862 .026546 1.68995 [.091] DI1_24 .344784 .035411 9.73672 [.000] DF1_24 .016072 .987598E-02 1.62735 [.104] S1_24 -.305622 .099821 -3.06171 [.002] S2_24 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB24 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414] INVESTOR #25 ====================== EQUATIONS: EQ_NB25 NOB 924 SBIC 1043.51 LOGL -961.565 Standard Parameter Estimate Error t-statistic P-value C_25 .847309 .330648 2.56257 [.010] A2_25 .366093 .051769 7.07169 [.000] P0_25 .240604 .092809 2.59246 [.010] P1_25 -.026863 .028899 -.929546 [.353] P2_25 .012857 .028347 .453549 [.650] P3_25 .031885 .024166 1.31941 [.187] P4_25 .017923 .023836 .751943 [.452] P5_25 .052709 .026358 1.99971 [.046] P6_25 -.010937 .023977 -.456159 [.648] P7_25 .015173 .025382 .597796 [.550] P8_25 .560231E-02 .023256 .240900 [.810] P9_25 .012302 .023043 .533853 [.593] P10_25 .027165 .023203 1.17078 [.242] P11_25 .013997 .023493 .595801 [.551] P12_25 .075420 .023393 3.22410 [.001] P13_25 .986042E-02 .022552 .437223 [.662] P14_25 -.118422 .023889 -4.95724 [.000] P15_25 -.028080 .022437 -1.25151 [.211] P16_25 .067443 .025083 2.68874 [.007] P17_25 .044862 .026546 1.68995 [.091] DI1_25 .344784 .035411 9.73672 [.000] DF1_25 .016072 .987598E-02 1.62735 [.104] S1_25 -.305622 .099821 -3.06171 [.002] S2_25 .090700 .034494 2.62943 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB25 Dependent variable: LPSE YMEAN 5.80302 S2 .481788 ARSQ .586401 SDEV 1.07929 S .694110 LMHET 4.13551 [.042] SSR 433.609 RSQ .596707 DW 1.91437 [<.414]