INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 869 SBIC 701.481 LOGL -606.738 Standard Parameter Estimate Error t-statistic P-value C_1 -3.03710 .313303 -9.69382 [.000] A3_1 .213151 .036266 5.87737 [.000] A2_1 -.077674 .071880 -1.08061 [.280] P0_1 .061490 .067950 .904921 [.366] P1_1 -.030585 .021252 -1.43916 [.150] P2_1 .343600E-02 .020583 .166931 [.867] P3_1 .104046 .018528 5.61547 [.000] P4_1 .033754 .017434 1.93606 [.053] P5_1 .019636 .019794 .992049 [.321] P6_1 .020121 .017914 1.12321 [.261] P7_1 -.056758 .018980 -2.99035 [.003] P8_1 .013675 .017674 .773746 [.439] P9_1 .017733 .016789 1.05618 [.291] P10_1 .291745E-02 .017202 .169602 [.865] P11_1 -.010729 .017246 -.622078 [.534] P12_1 .058366 .018001 3.24244 [.001] P13_1 -.654069E-02 .017139 -.381626 [.703] P14_1 .028864 .017858 1.61628 [.106] P15_1 .966813E-02 .016126 .599521 [.549] P16_1 .672792E-02 .021717 .309794 [.757] P17_1 .025891 .019502 1.32762 [.184] DI1_1 .056123 .035240 1.59261 [.111] DF1_1 -.016185 .797878E-02 -2.02847 [.043] DI2_1 -.071279 .037792 -1.88608 [.059] DF2_1 -.731321E-02 .736311E-02 -.993222 [.321] S1_1 .023179 .073181 .316729 [.751] S2_1 .059347 .034099 1.74044 [.082] S3_1 .144985 .023597 6.14432 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B3_1 YMEAN .112320 S2 .244456 ARSQ .260579 SDEV .574982 S .494425 LMHET 280.006 [.000] SSR 205.588 RSQ .283580 DW 1.92309 [<.569] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.035756 1.0000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 869 SBIC 1454.30 LOGL -1359.56 Standard Parameter Estimate Error t-statistic P-value C_2 -4.30906 .745070 -5.78343 [.000] A3_2 .331302 .086246 3.84138 [.000] A2_2 -.180541 .170940 -1.05617 [.291] P0_2 .138820 .161594 .859066 [.390] P1_2 -.098078 .050539 -1.94065 [.052] P2_2 .092075 .048950 1.88102 [.060] P3_2 -.029744 .044063 -.675048 [.500] P4_2 .047704 .041461 1.15057 [.250] P5_2 .057461 .047072 1.22071 [.222] P6_2 .745923E-02 .042601 .175096 [.861] P7_2 -.040660 .045138 -.900797 [.368] P8_2 -.471456E-03 .042030 -.011217 [.991] P9_2 .015298 .039927 .383158 [.702] P10_2 .043238 .040908 1.05697 [.291] P11_2 -.018041 .041014 -.439864 [.660] P12_2 .173880 .042807 4.06192 [.000] P13_2 .019773 .040759 .485130 [.628] P14_2 .049232 .042469 1.15924 [.246] P15_2 .030383 .038351 .792253 [.428] P16_2 -.012918 .051647 -.250128 [.802] P17_2 .122860 .046378 2.64910 [.008] DI1_2 .109894 .083804 1.31133 [.190] DF1_2 -.030454 .018974 -1.60500 [.108] DI2_2 -.140577 .089874 -1.56415 [.118] DF2_2 -.011036 .017510 -.630274 [.529] S1_2 .041618 .174033 .239141 [.811] S2_2 .012374 .081091 .152597 [.879] S3_2 .240189 .056115 4.28027 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B3_2 YMEAN .115075 S2 1.38250 ARSQ .099544 SDEV 1.23909 S 1.17580 LMHET 480.618 [.000] SSR 1162.69 RSQ .127553 DW 1.56057 [<.000] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.023777 1.0000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 869 SBIC 1733.21 LOGL -1638.47 Standard Parameter Estimate Error t-statistic P-value C_3 -5.26755 1.02704 -5.12888 [.000] A3_3 .345964 .118885 2.91008 [.004] A2_3 -.170070 .235631 -.721766 [.470] P0_3 .167981 .222748 .754134 [.451] P1_3 -.032442 .069665 -.465681 [.641] P2_3 .044373 .067474 .657630 [.511] P3_3 .297767 .060738 4.90250 [.000] P4_3 .128381 .057152 2.24631 [.025] P5_3 -.016609 .064886 -.255969 [.798] P6_3 .533095E-02 .058723 .090782 [.928] P7_3 -.093818 .062220 -1.50785 [.132] P8_3 .028541 .057936 .492640 [.622] P9_3 .056940 .055037 1.03458 [.301] P10_3 .046352 .056389 .822012 [.411] P11_3 -.038376 .056535 -.678788 [.497] P12_3 .219377 .059007 3.71778 [.000] P13_3 .010942 .056183 .194758 [.846] P14_3 .052108 .058541 .890112 [.373] P15_3 .046143 .052864 .872860 [.383] P16_3 .087678 .071192 1.23158 [.218] P17_3 .148213 .063930 2.31838 [.020] DI1_3 .084008 .115519 .727226 [.467] DF1_3 -.034367 .026155 -1.31397 [.189] DI2_3 -.081823 .123887 -.660466 [.509] DF2_3 -.021801 .024137 -.903224 [.366] S1_3 .076574 .239894 .319199 [.750] S2_3 .048350 .111779 .432551 [.665] S3_3 .197328 .077352 2.55104 [.011] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B3_3 YMEAN .115075 S2 2.62690 ARSQ .089750 SDEV 1.69880 S 1.62077 LMHET 450.893 [.000] SSR 2209.23 RSQ .118064 DW 2.01692 [<.940] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.044289 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 869 SBIC 835.763 LOGL -741.020 Standard Parameter Estimate Error t-statistic P-value C_4 -2.38643 .365656 -6.52641 [.000] A3_4 -.219556E-02 .042327 -.051872 [.959] A2_4 .101440 .083892 1.20917 [.227] P0_4 .085067 .079305 1.07265 [.283] P1_4 -.025494 .024803 -1.02785 [.304] P2_4 -.018110 .024023 -.753872 [.451] P3_4 .069087 .021625 3.19486 [.001] P4_4 -.037148 .020348 -1.82563 [.068] P5_4 -.265147E-02 .023101 -.114776 [.909] P6_4 -.210589E-02 .020907 -.100726 [.920] P7_4 -.021573 .022152 -.973879 [.330] P8_4 -.018730 .020627 -.908020 [.364] P9_4 .013083 .019595 .667670 [.504] P10_4 .019181 .020076 .955412 [.339] P11_4 -.012186 .020128 -.605436 [.545] P12_4 .052307 .021008 2.48982 [.013] P13_4 .012820 .020003 .640880 [.522] P14_4 -.380164E-03 .020842 -.018240 [.985] P15_4 .225292E-02 .018821 .119701 [.905] P16_4 .435833E-02 .025346 .171950 [.863] P17_4 .010763 .022761 .472854 [.636] DI1_4 .070439 .041128 1.71266 [.087] DF1_4 -.616534E-02 .931206E-02 -.662081 [.508] DI2_4 .035143 .044107 .796760 [.426] DF2_4 .176746E-02 .859350E-02 .205674 [.837] S1_4 -.026334 .085410 -.308320 [.758] S2_4 .039409 .039797 .990257 [.322] S3_4 .705687E-02 .027540 .256244 [.798] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B3_4 YMEAN .109183 S2 .332980 ARSQ .143020 SDEV .623339 S .577045 LMHET 227.308 [.000] SSR 280.037 RSQ .169677 DW 1.88456 [<.347] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 -0.023715 1.0000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 869 SBIC 1472.21 LOGL -1377.47 Standard Parameter Estimate Error t-statistic P-value C_5 -2.89756 .760582 -3.80966 [.000] A3_5 .086477 .088041 .982233 [.326] A2_5 -.066277 .174498 -.379813 [.704] P0_5 .427304 .164958 2.59038 [.010] P1_5 -.039368 .051591 -.763086 [.445] P2_5 -.147364 .049969 -2.94912 [.003] P3_5 .319498 .044980 7.10311 [.000] P4_5 .054833 .042324 1.29555 [.195] P5_5 .080804 .048052 1.68161 [.093] P6_5 -.034245 .043488 -.787463 [.431] P7_5 -.091480 .046077 -1.98537 [.047] P8_5 .652867E-02 .042905 .152167 [.879] P9_5 .023612 .040758 .579315 [.562] P10_5 .828351E-03 .041759 .019836 [.984] P11_5 -.027654 .041868 -.660499 [.509] P12_5 .159172 .043699 3.64251 [.000] P13_5 -.021070 .041607 -.506402 [.613] P14_5 -.699433E-02 .043353 -.161333 [.872] P15_5 -.954999E-03 .039149 -.024394 [.981] P16_5 .023454 .052722 .444864 [.656] P17_5 -.046364 .047344 -.979312 [.327] DI1_5 .096452 .085549 1.12745 [.260] DF1_5 -.011821 .019369 -.610265 [.542] DI2_5 .997916E-02 .091745 .108770 [.913] DF2_5 -.011205 .017875 -.626841 [.531] S1_5 -.316036 .177656 -1.77892 [.075] S2_5 .014805 .082779 .178846 [.858] S3_5 .059700 .057284 1.04218 [.297] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B3_5 YMEAN .115075 S2 1.44067 ARSQ .126457 SDEV 1.28422 S 1.20028 LMHET 586.030 [.000] SSR 1211.60 RSQ .153630 DW 2.07300 [<.991] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.012911 1.00000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 869 SBIC 1191.91 LOGL -1097.17 Standard Parameter Estimate Error t-statistic P-value C_6 -3.40984 .550888 -6.18973 [.000] A3_6 .188070 .063768 2.94929 [.003] A2_6 -.017773 .126389 -.140625 [.888] P0_6 .036063 .119479 .301836 [.763] P1_6 -.086635 .037367 -2.31847 [.020] P2_6 .018644 .036192 .515141 [.606] P3_6 .056552 .032579 1.73585 [.083] P4_6 -.013725 .030655 -.447731 [.654] P5_6 .047108 .034804 1.35352 [.176] P6_6 .038656 .031498 1.22724 [.220] P7_6 -.047316 .033374 -1.41777 [.156] P8_6 .050279 .031076 1.61795 [.106] P9_6 .014702 .029521 .498022 [.618] P10_6 .965812E-02 .030246 .319317 [.749] P11_6 -.010588 .030325 -.349145 [.727] P12_6 .097143 .031651 3.06923 [.002] P13_6 -.017215 .030136 -.571233 [.568] P14_6 .036969 .031401 1.17733 [.239] P15_6 .660520E-02 .028355 .232943 [.816] P16_6 -.012542 .038186 -.328448 [.743] P17_6 .025766 .034291 .751406 [.452] DI1_6 .077910 .061963 1.25737 [.209] DF1_6 -.022886 .014029 -1.63128 [.103] DI2_6 -.068368 .066451 -1.02885 [.304] DF2_6 -.394801E-02 .012947 -.304943 [.760] S1_6 .047978 .128676 .372861 [.709] S2_6 .064737 .059957 1.07973 [.280] S3_6 .145231 .041490 3.50035 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B3_6 YMEAN .110019 S2 .755785 ARSQ .112467 SDEV .922798 S .869359 LMHET 197.286 [.000] SSR 635.615 RSQ .140074 DW 2.01763 [<.941] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.039100 1.0000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 869 SBIC 878.849 LOGL -784.107 Standard Parameter Estimate Error t-statistic P-value C_7 -2.76204 .384244 -7.18826 [.000] A3_7 .305938E-03 .044478 .687839E-02 [.995] A2_7 .133806 .088156 1.51783 [.129] P0_7 .075788 .083336 .909429 [.363] P1_7 -.023241 .026064 -.891706 [.373] P2_7 .012791 .025244 .506679 [.612] P3_7 -.064213 .022724 -2.82583 [.005] P4_7 -.179424E-02 .021382 -.083913 [.933] P5_7 -.030701 .024276 -1.26471 [.206] P6_7 -.043449 .021970 -1.97768 [.048] P7_7 -.023715 .023278 -1.01876 [.308] P8_7 .629260E-02 .021675 .290311 [.772] P9_7 .018511 .020591 .898972 [.369] P10_7 .011169 .021097 .529403 [.597] P11_7 -.487733E-02 .021152 -.230590 [.818] P12_7 .079942 .022076 3.62118 [.000] P13_7 .146496E-02 .021020 .069695 [.944] P14_7 -.557606E-02 .021902 -.254592 [.799] P15_7 -.908475E-02 .019778 -.459338 [.646] P16_7 -.284101E-02 .026635 -.106665 [.915] P17_7 -.482034E-02 .023918 -.201537 [.840] DI1_7 .069311 .043219 1.60371 [.109] DF1_7 -.575498E-02 .978541E-02 -.588119 [.556] DI2_7 .062150 .046350 1.34089 [.180] DF2_7 -.219906E-02 .903033E-02 -.243520 [.808] S1_7 .638529E-02 .089751 .071144 [.943] S2_7 -.220724E-02 .041820 -.052780 [.958] S3_7 .029624 .028940 1.02365 [.306] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B3_7 YMEAN .113189 S2 .367693 ARSQ .128195 SDEV .649431 S .606377 LMHET 212.919 [.000] SSR 309.230 RSQ .155313 DW 1.99036 [<.878] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0067604 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 869 SBIC 1405.38 LOGL -1310.64 Standard Parameter Estimate Error t-statistic P-value C_8 -1.93974 .704285 -2.75420 [.006] A3_8 .128368 .081525 1.57460 [.115] A2_8 -.019101 .161582 -.118210 [.906] P0_8 -.105596 .152748 -.691311 [.489] P1_8 .021044 .047772 .440509 [.660] P2_8 .013053 .046270 .282114 [.778] P3_8 -.017599 .041651 -.422550 [.673] P4_8 -.874246E-02 .039191 -.223071 [.823] P5_8 .032092 .044495 .721249 [.471] P6_8 .109910 .040269 2.72940 [.006] P7_8 -.038814 .042667 -.909693 [.363] P8_8 .018304 .039729 .460727 [.645] P9_8 .013004 .037741 .344556 [.730] P10_8 .021611 .038668 .558880 [.576] P11_8 -.013012 .038769 -.335622 [.737] P12_8 .029058 .040464 .718113 [.473] P13_8 .025151 .038527 .652799 [.514] P14_8 -.010462 .040144 -.260619 [.794] P15_8 -.476440E-02 .036251 -.131427 [.895] P16_8 -.022231 .048819 -.455366 [.649] P17_8 -.014745 .043839 -.336348 [.737] DI1_8 .350782E-02 .079216 .044281 [.965] DF1_8 .438716E-02 .017936 .244603 [.807] DI2_8 -.072961 .084955 -.858824 [.390] DF2_8 .131584E-02 .016552 .079498 [.937] S1_8 .119012 .164506 .723451 [.469] S2_8 .091857 .076652 1.19836 [.231] S3_8 .118110 .053044 2.22665 [.026] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B3_8 YMEAN .113258 S2 1.23529 ARSQ .020958 SDEV 1.12327 S 1.11144 LMHET 72.0035 [.000] SSR 1038.88 RSQ .051412 DW 1.97492 [<.826] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.082380 1.00000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 869 SBIC 1453.91 LOGL -1359.17 Standard Parameter Estimate Error t-statistic P-value C_9 -1.91353 .744737 -2.56940 [.010] A3_9 .079493 .086207 .922116 [.356] A2_9 -.214107 .170863 -1.25309 [.210] P0_9 .101799 .161521 .630254 [.529] P1_9 -.033455 .050516 -.662272 [.508] P2_9 .024746 .048928 .505765 [.613] P3_9 .095825 .044043 2.17571 [.030] P4_9 .014448 .041442 .348633 [.727] P5_9 -.011873 .047051 -.252342 [.801] P6_9 .124145 .042582 2.91544 [.004] P7_9 -.023614 .045117 -.523388 [.601] P8_9 -.138017E-02 .042011 -.032853 [.974] P9_9 .035135 .039909 .880366 [.379] P10_9 -.476835E-02 .040889 -.116616 [.907] P11_9 -.788291E-02 .040996 -.192286 [.848] P12_9 .029548 .042788 .690556 [.490] P13_9 .076656 .040740 1.88158 [.060] P14_9 .020072 .042450 .472836 [.636] P15_9 -.940142E-02 .038333 -.245254 [.806] P16_9 -.021794 .051623 -.422173 [.673] P17_9 .868803E-02 .046357 .187414 [.851] DI1_9 .084263 .083766 1.00593 [.314] DF1_9 .013038 .018966 .687440 [.492] DI2_9 -.054912 .089834 -.611255 [.541] DF2_9 -.010291 .017502 -.587982 [.557] S1_9 .038930 .173955 .223792 [.823] S2_9 -.015422 .081055 -.190265 [.849] S3_9 .069961 .056090 1.24730 [.212] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B3_9 YMEAN .115075 S2 1.38127 ARSQ .034527 SDEV 1.19610 S 1.17527 LMHET 114.793 [.000] SSR 1161.65 RSQ .064559 DW 2.03070 [<.961] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 -0.025085 1.00000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 869 SBIC 631.745 LOGL -537.002 Standard Parameter Estimate Error t-statistic P-value C_10 -1.84435 .289143 -6.37868 [.000] A3_10 -.063758 .033470 -1.90496 [.057] A2_10 .171962 .066337 2.59224 [.010] P0_10 -.058467 .062710 -.932339 [.351] P1_10 .011717 .019613 .597404 [.550] P2_10 .520331E-02 .018996 .273915 [.784] P3_10 -.012987 .017100 -.759509 [.448] P4_10 .692080E-02 .016090 .430131 [.667] P5_10 -.016604 .018267 -.908927 [.363] P6_10 -.022066 .016532 -1.33470 [.182] P7_10 -.546399E-02 .017517 -.311929 [.755] P8_10 -.016963 .016311 -1.03999 [.298] P9_10 .906446E-02 .015495 .585005 [.559] P10_10 .013090 .015875 .824542 [.410] P11_10 .011024 .015916 .692589 [.489] P12_10 .029820 .016612 1.79501 [.073] P13_10 .271346E-02 .015817 .171549 [.864] P14_10 -.717100E-02 .016481 -.435102 [.663] P15_10 -.259011E-02 .014883 -.174033 [.862] P16_10 .013998 .020043 .698410 [.485] P17_10 .019026 .017998 1.05708 [.290] DI1_10 .019286 .032522 .592996 [.553] DF1_10 .505478E-02 .736351E-02 .686463 [.492] DI2_10 .051310 .034878 1.47114 [.141] DF2_10 .890746E-02 .679531E-02 1.31082 [.190] S1_10 .116636 .067538 1.72697 [.084] S2_10 .755172E-02 .031469 .239971 [.810] S3_10 .427166E-02 .021777 .196155 [.844] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B3_10 YMEAN .108573 S2 .208208 ARSQ .121185 SDEV .486743 S .456298 LMHET 16.4081 [.000] SSR 175.103 RSQ .148521 DW 2.11679 [<.999] INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 869 SBIC 1398.58 LOGL -1303.84 Standard Parameter Estimate Error t-statistic P-value C_11 -2.38114 .698794 -3.40750 [.001] A3_11 .292530 .080889 3.61644 [.000] A2_11 -.234504 .160323 -1.46270 [.144] P0_11 .044213 .151557 .291724 [.770] P1_11 -.026364 .047400 -.556201 [.578] P2_11 -.034589 .045909 -.753414 [.451] P3_11 .082009 .041326 1.98444 [.047] P4_11 -.528296E-02 .038886 -.135858 [.892] P5_11 .095766 .044148 2.16921 [.030] P6_11 .059467 .039955 1.48836 [.137] P7_11 -.033938 .042334 -.801666 [.423] P8_11 .455480E-02 .039419 .115548 [.908] P9_11 .021875 .037447 .584163 [.559] P10_11 .864805E-02 .038367 .225404 [.822] P11_11 -.031456 .038467 -.817742 [.414] P12_11 -.012985 .040149 -.323427 [.746] P13_11 .022025 .038227 .576151 [.565] P14_11 .011198 .039831 .281138 [.779] P15_11 .315896E-02 .035969 .087826 [.930] P16_11 -.044951 .048439 -.927988 [.353] P17_11 .011479 .043498 .263899 [.792] DI1_11 .052842 .078599 .672303 [.501] DF1_11 -.013342 .017796 -.749706 [.453] DI2_11 -.167303 .084292 -1.98480 [.047] DF2_11 -.730010E-02 .016423 -.444511 [.657] S1_11 .023301 .163224 .142756 [.886] S2_11 .084209 .076054 1.10721 [.268] S3_11 .190973 .052630 3.62859 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B3_11 YMEAN .104197 S2 1.21610 ARSQ .047355 SDEV 1.12985 S 1.10277 LMHET 146.128 [.000] SSR 1022.74 RSQ .076988 DW 2.01083 [<.929] INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 869 SBIC 1589.69 LOGL -1494.94 Standard Parameter Estimate Error t-statistic P-value C_12 -1.42462 .870677 -1.63622 [.102] A3_12 -.154888 .100785 -1.53681 [.124] A2_12 .450079 .199757 2.25313 [.024] P0_12 -.143353 .188836 -.759142 [.448] P1_12 .558758E-02 .059059 .094610 [.925] P2_12 .031844 .057202 .556691 [.578] P3_12 -.032395 .051491 -.629144 [.529] P4_12 .021512 .048451 .443999 [.657] P5_12 -.043936 .055007 -.798732 [.424] P6_12 .033142 .049783 .665744 [.506] P7_12 -.103956E-02 .052747 -.019708 [.984] P8_12 -.046076 .049115 -.938127 [.348] P9_12 .021978 .046658 .471044 [.638] P10_12 -.026448 .047804 -.553256 [.580] P11_12 .143353 .047928 2.99100 [.003] P12_12 -.027722 .050024 -.554179 [.579] P13_12 -.030509 .047630 -.640537 [.522] P14_12 .136705 .049629 2.75456 [.006] P15_12 -.458937E-02 .044816 -.102405 [.918] P16_12 .043303 .060353 .717486 [.473] P17_12 .011086 .054197 .204544 [.838] DI1_12 -.072488 .097932 -.740192 [.459] DF1_12 .011123 .022173 .501662 [.616] DI2_12 .156394 .105026 1.48910 [.136] DF2_12 .020707 .020462 1.01194 [.312] S1_12 .077447 .203372 .380815 [.703] S2_12 -.508403E-03 .094762 -.536507E-02 [.996] S3_12 .020773 .065576 .316773 [.751] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B3_12 YMEAN .113772 S2 1.88793 ARSQ .852628E-02 SDEV 1.37992 S 1.37402 LMHET 134.638 [.000] SSR 1587.75 RSQ .039367 DW 2.02367 [<.951] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.047580 1.0000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 869 SBIC 786.106 LOGL -691.363 Standard Parameter Estimate Error t-statistic P-value C_13 -1.97872 .345348 -5.72965 [.000] A3_13 .036414 .039976 .910914 [.362] A2_13 .064467 .079232 .813647 [.416] P0_13 -.168180 .074900 -2.24539 [.025] P1_13 .058128 .023425 2.48143 [.013] P2_13 -.019739 .022689 -.870010 [.384] P3_13 -.039131 .020423 -1.91598 [.055] P4_13 -.077009 .019218 -4.00721 [.000] P5_13 .015802 .021818 .724271 [.469] P6_13 .042575 .019746 2.15614 [.031] P7_13 .013846 .020922 .661784 [.508] P8_13 -.016613 .019481 -.852777 [.394] P9_13 -.010751 .018507 -.580951 [.561] P10_13 .817514E-02 .018961 .431152 [.666] P11_13 -.734159E-02 .019010 -.386187 [.699] P12_13 .729312E-02 .019842 .367566 [.713] P13_13 -.020350 .018892 -1.07719 [.281] P14_13 .781434E-02 .019685 .396971 [.691] P15_13 .952197E-02 .017776 .535668 [.592] P16_13 .021012 .023939 .877722 [.380] P17_13 .050054 .021497 2.32843 [.020] DI1_13 -.201603E-02 .038844 -.051901 [.959] DF1_13 -.353780E-02 .879487E-02 -.402258 [.687] DI2_13 .777543E-02 .041658 .186650 [.852] DF2_13 .259614E-02 .811622E-02 .319870 [.749] S1_13 .264332 .080666 3.27686 [.001] S2_13 .044956 .037587 1.19606 [.232] S3_13 .016880 .026010 .648969 [.516] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B3_13 YMEAN .112610 S2 .297020 ARSQ .097233 SDEV .573595 S .544995 LMHET 316.727 [.000] SSR 249.794 RSQ .125314 DW 2.06212 [<.987] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.046276 1.00000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 869 SBIC 718.532 LOGL -623.789 Standard Parameter Estimate Error t-statistic P-value C_14 -1.22637 .319511 -3.83827 [.000] A3_14 -.084266 .036985 -2.27837 [.023] A2_14 .231043 .073305 3.15182 [.002] P0_14 -.040439 .069297 -.583569 [.560] P1_14 .360587E-02 .021673 .166378 [.868] P2_14 .028457 .020991 1.35566 [.175] P3_14 -.014758 .018896 -.781017 [.435] P4_14 .028472 .017780 1.60137 [.109] P5_14 -.048739 .020186 -2.41452 [.016] P6_14 .064985 .018269 3.55716 [.000] P7_14 -.375402E-02 .019357 -.193941 [.846] P8_14 -.395166E-02 .018024 -.219247 [.826] P9_14 -.586141E-02 .017122 -.342331 [.732] P10_14 -.208044E-02 .017543 -.118594 [.906] P11_14 .045051 .017588 2.56146 [.010] P12_14 .062597 .018357 3.40994 [.001] P13_14 .024897 .017479 1.42444 [.154] P14_14 .022735 .018212 1.24831 [.212] P15_14 -.430418E-03 .016446 -.026172 [.979] P16_14 .019467 .022148 .878943 [.379] P17_14 .816089E-03 .019888 .041033 [.967] DI1_14 .022692 .035938 .631435 [.528] DF1_14 -.401177E-02 .813688E-02 -.493035 [.622] DI2_14 .060023 .038541 1.55737 [.119] DF2_14 .011761 .750901E-02 1.56621 [.117] S1_14 .024280 .074631 .325331 [.745] S2_14 -.015082 .034775 -.433719 [.664] S3_14 .032202 .024064 1.33816 [.181] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B3_14 YMEAN .109332 S2 .254240 ARSQ .094531 SDEV .529889 S .504222 LMHET 71.3805 [.000] SSR 213.816 RSQ .122697 DW 2.05435 [<.983] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 -0.025646 1.00000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 869 SBIC 1342.01 LOGL -1247.27 Standard Parameter Estimate Error t-statistic P-value C_15 -3.50799 .654753 -5.35773 [.000] A3_15 -.060348 .075791 -.796241 [.426] A2_15 .278125 .150218 1.85147 [.064] P0_15 .257563 .142005 1.81376 [.070] P1_15 -.063889 .044413 -1.43853 [.150] P2_15 -.079997 .043016 -1.85970 [.063] P3_15 -.134175 .038721 -3.46513 [.001] P4_15 -.100403 .036435 -2.75566 [.006] P5_15 .024990 .041366 .604129 [.546] P6_15 -.057368 .037437 -1.53240 [.125] P7_15 -.044881 .039666 -1.13147 [.258] P8_15 -.044010 .036935 -1.19155 [.233] P9_15 .010541 .035087 .300435 [.764] P10_15 -.014034 .035949 -.390376 [.696] P11_15 -.021950 .036042 -.609012 [.543] P12_15 .227964 .037618 6.05994 [.000] P13_15 -.018738 .035818 -.523157 [.601] P14_15 .849305E-02 .037321 .227567 [.820] P15_15 -.433615E-02 .033702 -.128663 [.898] P16_15 .270891E-02 .045386 .059686 [.952] P17_15 -.159841E-02 .040756 -.039219 [.969] DI1_15 .080021 .073645 1.08657 [.277] DF1_15 -.018674 .016674 -1.11989 [.263] DI2_15 .160205 .078980 2.02843 [.043] DF2_15 .489617E-02 .015388 .318187 [.750] S1_15 -.176330 .152937 -1.15296 [.249] S2_15 .021429 .071261 .300705 [.764] S3_15 -.051900 .049313 -1.05245 [.293] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B3_15 YMEAN .115075 S2 1.06765 ARSQ .116477 SDEV 1.09927 S 1.03327 LMHET 325.002 [.000] SSR 897.891 RSQ .143960 DW 2.06947 [<.990] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.021739 1.00000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 869 SBIC 1768.61 LOGL -1673.87 Standard Parameter Estimate Error t-statistic P-value C_16 -3.87017 1.06974 -3.61786 [.000] A3_16 .391195 .123828 3.15919 [.002] A2_16 -.319619 .245427 -1.30230 [.193] P0_16 .040050 .232009 .172622 [.863] P1_16 .074525 .072561 1.02706 [.304] P2_16 -.091665 .070280 -1.30429 [.192] P3_16 .136784 .063263 2.16215 [.031] P4_16 .800975E-02 .059528 .134555 [.893] P5_16 -.019384 .067583 -.286812 [.774] P6_16 .076225 .061164 1.24623 [.213] P7_16 -.081694 .064807 -1.26058 [.207] P8_16 .064415 .060344 1.06746 [.286] P9_16 .053294 .057325 .929680 [.353] P10_16 .157316 .058733 2.67847 [.007] P11_16 -.068582 .058886 -1.16465 [.244] P12_16 -.013809 .061461 -.224676 [.822] P13_16 .250755E-02 .058519 .042850 [.966] P14_16 -.760241E-02 .060975 -.124680 [.901] P15_16 .032383 .055062 .588113 [.556] P16_16 .062007 .074152 .836219 [.403] P17_16 .295946E-02 .066588 .044445 [.965] DI1_16 .042722 .120322 .355068 [.723] DF1_16 -.015661 .027243 -.574876 [.565] DI2_16 -.158096 .129038 -1.22519 [.221] DF2_16 -.023826 .025141 -.947714 [.343] S1_16 .168574 .249869 .674651 [.500] S2_16 .137736 .116427 1.18302 [.237] S3_16 .138524 .080568 1.71934 [.086] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B3_16 YMEAN .115075 S2 2.84988 ARSQ .044567 SDEV 1.72708 S 1.68816 LMHET 166.987 [.000] SSR 2396.75 RSQ .074287 DW 2.06087 [<.986] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.070857 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 869 SBIC 652.746 LOGL -558.004 Standard Parameter Estimate Error t-statistic P-value C_17 -.906673 .296216 -3.06085 [.002] A3_17 -.159638 .034289 -4.65573 [.000] A2_17 .231680 .067960 3.40906 [.001] P0_17 -.167180 .064244 -2.60224 [.009] P1_17 .126610E-02 .020093 .063013 [.950] P2_17 .016787 .019461 .862606 [.388] P3_17 .353287E-02 .017518 .201672 [.840] P4_17 .666953E-02 .016484 .404616 [.686] P5_17 .168294E-02 .018714 .089929 [.928] P6_17 .041446 .016937 2.44711 [.014] P7_17 -.013983 .017945 -.779223 [.436] P8_17 -.015290 .016710 -.915045 [.360] P9_17 .196053E-02 .015874 .123508 [.902] P10_17 -.012730 .016264 -.782738 [.434] P11_17 .032823 .016306 2.01296 [.044] P12_17 .530118E-03 .017019 .031149 [.975] P13_17 -.020020 .016204 -1.23547 [.217] P14_17 .017325 .016884 1.02607 [.305] P15_17 -.372318E-02 .015247 -.244192 [.807] P16_17 .499938E-02 .020533 .243480 [.808] P17_17 .405644E-02 .018438 .219999 [.826] DI1_17 -.022419 .033318 -.672898 [.501] DF1_17 .019082 .754364E-02 2.52951 [.011] DI2_17 .064045 .035731 1.79242 [.073] DF2_17 .013763 .696154E-02 1.97695 [.048] S1_17 .200557 .069190 2.89865 [.004] S2_17 .022782 .032239 .706662 [.480] S3_17 -.053135 .022310 -2.38168 [.017] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B3_17 YMEAN .110050 S2 .218519 ARSQ .096260 SDEV .491725 S .467460 LMHET 138.527 [.000] SSR 183.774 RSQ .124371 DW 2.00374 [<.913] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.050398 1.0000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 869 SBIC 2379.07 LOGL -2284.32 Standard Parameter Estimate Error t-statistic P-value C_18 .486995E-02 2.15953 .225509E-02 [.998] A3_18 .327462 .249977 1.30997 [.190] A2_18 -.629633 .495456 -1.27081 [.204] P0_18 -.464219 .468368 -.991143 [.322] P1_18 .073562 .146483 .502186 [.616] P2_18 -.098067 .141877 -.691209 [.489] P3_18 -.025294 .127712 -.198053 [.843] P4_18 -.042910 .120172 -.357074 [.721] P5_18 .504972 .136434 3.70123 [.000] P6_18 .018461 .123475 .149509 [.881] P7_18 .047458 .130828 .362750 [.717] P8_18 .808968E-02 .121820 .066407 [.947] P9_18 .323171E-02 .115726 .027926 [.978] P10_18 -.038659 .118568 -.326050 [.744] P11_18 -.026108 .118876 -.219627 [.826] P12_18 -.084643 .124074 -.682201 [.495] P13_18 .017415 .118136 .147416 [.883] P14_18 -.657068E-02 .123094 -.053379 [.957] P15_18 -.774317E-05 .111156 -.696602E-04 [1.00] P16_18 -.093902 .149694 -.627296 [.530] P17_18 .136842E-02 .134424 .010180 [.992] DI1_18 .069162 .242900 .284736 [.776] DF1_18 .023832 .054996 .433343 [.665] DI2_18 -.123023 .260494 -.472267 [.637] DF2_18 -.024093 .050752 -.474711 [.635] S1_18 .460510 .504422 .912947 [.361] S2_18 .021835 .235037 .092901 [.926] S3_18 .154836 .162647 .951979 [.341] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B3_18 YMEAN .115075 S2 11.6143 ARSQ -.927979E-02 SDEV 3.39227 S 3.40797 LMHET 91.8040 [.000] SSR 9767.60 RSQ .022115 DW 2.01125 [<.930] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 -0.052146 1.00000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 869 SBIC 1907.09 LOGL -1812.35 Standard Parameter Estimate Error t-statistic P-value C_19 -2.47316 1.25454 -1.97137 [.049] A3_19 .213441 .145220 1.46978 [.142] A2_19 -.096352 .287826 -.334757 [.738] P0_19 -.257408 .272090 -.946043 [.344] P1_19 .012827 .085097 .150732 [.880] P2_19 .043485 .082421 .527594 [.598] P3_19 -.042473 .074192 -.572475 [.567] P4_19 .736604E-02 .069812 .105513 [.916] P5_19 -.022564 .079259 -.284684 [.776] P6_19 .194370 .071731 2.70972 [.007] P7_19 -.040857 .076002 -.537575 [.591] P8_19 -.060827 .070769 -.859514 [.390] P9_19 .025755 .067229 .383098 [.702] P10_19 -.027242 .068880 -.395504 [.692] P11_19 -.013701 .069059 -.198399 [.843] P12_19 -.020157 .072079 -.279647 [.780] P13_19 -.040171 .068629 -.585340 [.558] P14_19 .018043 .071509 .252314 [.801] P15_19 -.357620E-02 .064574 -.055381 [.956] P16_19 -.943291E-02 .086962 -.108472 [.914] P17_19 -.049187 .078091 -.629867 [.529] DI1_19 .050116 .141108 .355159 [.722] DF1_19 -.268644E-02 .031949 -.084085 [.933] DI2_19 -.167619 .151330 -1.10764 [.268] DF2_19 -.880563E-03 .029484 -.029866 [.976] S1_19 .364794 .293035 1.24488 [.213] S2_19 .043729 .136540 .320264 [.749] S3_19 .174780 .094487 1.84979 [.064] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B3_19 YMEAN .115075 S2 3.91960 ARSQ .245022E-02 SDEV 1.98223 S 1.97980 LMHET 61.8957 [.000] SSR 3296.39 RSQ .033480 DW 2.01873 [<.943] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.028283 1.0000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 869 SBIC 1267.37 LOGL -1172.63 Standard Parameter Estimate Error t-statistic P-value C_20 -2.57755 .600862 -4.28975 [.000] A3_20 -.130551 .069553 -1.87701 [.061] A2_20 .378416 .137854 2.74504 [.006] P0_20 -.286514 .130317 -2.19859 [.028] P1_20 .065105 .040757 1.59740 [.110] P2_20 -.037833 .039475 -.958403 [.338] P3_20 .036762 .035534 1.03455 [.301] P4_20 -.061208 .033436 -1.83057 [.067] P5_20 -.840159E-02 .037961 -.221322 [.825] P6_20 -.110462E-02 .034355 -.032153 [.974] P7_20 -.346168E-02 .036401 -.095098 [.924] P8_20 -.035159 .033895 -1.03730 [.300] P9_20 .019221 .032199 .596944 [.551] P10_20 .078793 .032990 2.38840 [.017] P11_20 -.038575 .033076 -1.16625 [.244] P12_20 .060659 .034522 1.75711 [.079] P13_20 -.018046 .032870 -.549018 [.583] P14_20 -.992055E-02 .034249 -.289658 [.772] P15_20 .594276E-03 .030928 .019215 [.985] P16_20 .047552 .041650 1.14169 [.254] P17_20 .039191 .037402 1.04785 [.295] DI1_20 .028782 .067584 .425871 [.670] DF1_20 -.632298E-02 .015302 -.413214 [.679] DI2_20 .162973 .072479 2.24855 [.025] DF2_20 .689513E-02 .014121 .488282 [.625] S1_20 .303659 .140349 2.16360 [.030] S2_20 .041257 .065396 .630877 [.528] S3_20 -.057589 .045254 -1.27256 [.203] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B3_20 YMEAN .107789 S2 .899129 ARSQ .059874 SDEV .977953 S .948224 LMHET 143.095 [.000] SSR 756.167 RSQ .089117 DW 2.07979 [<.993] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.041975 1.00000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 869 SBIC 1198.34 LOGL -1103.59 Standard Parameter Estimate Error t-statistic P-value C_21 -1.92714 .554976 -3.47247 [.001] A3_21 .202114 .064241 3.14617 [.002] A2_21 -.153819 .127327 -1.20806 [.227] P0_21 -.397705E-02 .120365 -.033042 [.974] P1_21 -.032363 .037645 -.859702 [.390] P2_21 -.607350E-02 .036461 -.166576 [.868] P3_21 -.039531 .032821 -1.20444 [.228] P4_21 .026466 .030883 .856970 [.391] P5_21 .012727 .035062 .362998 [.717] P6_21 .068964 .031732 2.17335 [.030] P7_21 -.056920 .033621 -1.69297 [.090] P8_21 .438936E-02 .031306 .140206 [.888] P9_21 -.827707E-04 .029740 -.278312E-02 [.998] P10_21 .162981E-02 .030471 .053488 [.957] P11_21 .043263 .030550 1.41614 [.157] P12_21 .049254 .031886 1.54471 [.122] P13_21 .474905E-02 .030360 .156426 [.876] P14_21 -.407771E-02 .031634 -.128904 [.897] P15_21 -.537981E-02 .028566 -.188330 [.851] P16_21 .911853E-03 .038470 .023703 [.981] P17_21 -.863178E-02 .034545 -.249868 [.803] DI1_21 .028212 .062423 .451947 [.651] DF1_21 -.519415E-02 .014133 -.367508 [.713] DI2_21 -.153305 .066944 -2.29004 [.022] DF2_21 .130473E-02 .013043 .100034 [.920] S1_21 .086760 .129631 .669284 [.503] S2_21 .069090 .060402 1.14383 [.253] S3_21 .144621 .041798 3.45997 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B3_21 YMEAN .115075 S2 .767046 ARSQ .041282 SDEV .894469 S .875811 LMHET 85.8261 [.000] SSR 645.085 RSQ .071104 DW 2.02030 [<.946] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.093909 1.0000 INVESTOR #21 ====================== EQUATIONS: EQ_BB22 NOB 869 SBIC 1697.60 LOGL -1602.86 Standard Parameter Estimate Error t-statistic P-value C_22 -4.27664 .985799 -4.33825 [.000] A3_22 .139557 .114111 1.22299 [.221] A2_22 .196183 .226169 .867414 [.386] P0_22 -.355965 .213804 -1.66492 [.096] P1_22 .015142 .066868 .226443 [.821] P2_22 .270263 .064765 4.17298 [.000] P3_22 -.288166E-02 .058299 -.049429 [.961] P4_22 .040360 .054857 .735729 [.462] P5_22 -.107019 .062280 -1.71834 [.086] P6_22 -.015761 .056365 -.279632 [.780] P7_22 .671483E-02 .059721 .112436 [.910] P8_22 .011387 .055609 .204766 [.838] P9_22 -.364903E-02 .052827 -.069075 [.945] P10_22 .541026E-02 .054125 .099959 [.920] P11_22 -.325510E-02 .054265 -.059985 [.952] P12_22 .299753 .056638 5.29241 [.000] P13_22 .792008E-02 .053927 .146865 [.883] P14_22 .070072 .056191 1.24704 [.212] P15_22 .058233 .050741 1.14765 [.251] P16_22 .103097 .068333 1.50874 [.131] P17_22 .286088 .061363 4.66224 [.000] DI1_22 .055430 .110881 .499907 [.617] DF1_22 -.027523 .025105 -1.09632 [.273] DI2_22 -.035832 .118912 -.301329 [.763] DF2_22 .121656E-02 .023168 .052511 [.958] S1_22 .492593 .230262 2.13927 [.032] S2_22 .013917 .107291 .129712 [.897] S3_22 .172881 .074246 2.32849 [.020] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B3_22 YMEAN .115075 S2 2.42019 ARSQ .087561 SDEV 1.62863 S 1.55570 LMHET 656.476 [.000] SSR 2035.38 RSQ .115943 DW 2.00668 [<.920] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.012018 1.00000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 869 SBIC 2370.14 LOGL -2275.40 Standard Parameter Estimate Error t-statistic P-value C_23 -3.43926 2.13746 -1.60904 [.108] A3_23 -.255727 .247422 -1.03357 [.301] A2_23 .498496 .490392 1.01652 [.309] P0_23 .684026 .463580 1.47553 [.140] P1_23 -.344973 .144986 -2.37936 [.017] P2_23 .038613 .140427 .274966 [.783] P3_23 .464093 .126407 3.67141 [.000] P4_23 -.017831 .118944 -.149909 [.881] P5_23 -.177148 .135039 -1.31182 [.190] P6_23 -.086859 .122213 -.710717 [.477] P7_23 -.029706 .129491 -.229406 [.819] P8_23 -.127961 .120575 -1.06125 [.289] P9_23 .083489 .114543 .728887 [.466] P10_23 -.078902 .117356 -.672332 [.501] P11_23 -.069619 .117661 -.591692 [.554] P12_23 -.030709 .122806 -.250058 [.803] P13_23 -.089699 .116928 -.767128 [.443] P14_23 .060161 .121836 .493791 [.621] P15_23 -.904585E-02 .110020 -.082220 [.934] P16_23 -.027564 .148164 -.186038 [.852] P17_23 .030836 .133050 .231760 [.817] DI1_23 -.016347 .240417 -.067994 [.946] DF1_23 -.418177E-02 .054434 -.076823 [.939] DI2_23 .289572 .257832 1.12311 [.261] DF2_23 .014575 .050234 .290141 [.772] S1_23 -.607220 .499266 -1.21622 [.224] S2_23 .040247 .232634 .173004 [.863] S3_23 -.149892 .160984 -.931097 [.352] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B3_23 YMEAN .115075 S2 11.3781 ARSQ .011246 SDEV 3.39227 S 3.37314 LMHET 121.080 [.000] SSR 9568.95 RSQ .042003 DW 2.00171 [<.909] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.00028610 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 869 SBIC 1342.01 LOGL -1247.27 Standard Parameter Estimate Error t-statistic P-value C_24 -3.50799 .654753 -5.35773 [.000] A3_24 -.060348 .075791 -.796241 [.426] A2_24 .278125 .150218 1.85147 [.064] P0_24 .257563 .142005 1.81376 [.070] P1_24 -.063889 .044413 -1.43853 [.150] P2_24 -.079997 .043016 -1.85970 [.063] P3_24 -.134175 .038721 -3.46513 [.001] P4_24 -.100403 .036435 -2.75566 [.006] P5_24 .024990 .041366 .604129 [.546] P6_24 -.057368 .037437 -1.53240 [.125] P7_24 -.044881 .039666 -1.13147 [.258] P8_24 -.044010 .036935 -1.19155 [.233] P9_24 .010541 .035087 .300435 [.764] P10_24 -.014034 .035949 -.390376 [.696] P11_24 -.021950 .036042 -.609012 [.543] P12_24 .227964 .037618 6.05994 [.000] P13_24 -.018738 .035818 -.523157 [.601] P14_24 .849305E-02 .037321 .227567 [.820] P15_24 -.433615E-02 .033702 -.128663 [.898] P16_24 .270891E-02 .045386 .059686 [.952] P17_24 -.159841E-02 .040756 -.039219 [.969] DI1_24 .080021 .073645 1.08657 [.277] DF1_24 -.018674 .016674 -1.11989 [.263] DI2_24 .160205 .078980 2.02843 [.043] DF2_24 .489617E-02 .015388 .318187 [.750] S1_24 -.176330 .152937 -1.15296 [.249] S2_24 .021429 .071261 .300705 [.764] S3_24 -.051900 .049313 -1.05245 [.293] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B3_24 YMEAN .115075 S2 1.06765 ARSQ .116477 SDEV 1.09927 S 1.03327 LMHET 325.002 [.000] SSR 897.891 RSQ .143960 DW 2.06947 [<.990] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.021739 1.00000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 869 SBIC 1570.16 LOGL -1475.42 Standard Parameter Estimate Error t-statistic P-value C_25 -2.25860 .851331 -2.65302 [.008] A3_25 .303397 .098546 3.07873 [.002] A2_25 -.282351 .195319 -1.44559 [.148] P0_25 -.437421E-02 .184640 -.023691 [.981] P1_25 -.855365E-02 .057747 -.148124 [.882] P2_25 .013733 .055931 .245529 [.806] P3_25 -.052508 .050347 -1.04293 [.297] P4_25 .941421E-02 .047374 .198720 [.842] P5_25 .016698 .053785 .310457 [.756] P6_25 .125452 .048676 2.57726 [.010] P7_25 -.026003 .051575 -.504169 [.614] P8_25 -.015830 .048024 -.329631 [.742] P9_25 -.012253 .045621 -.268587 [.788] P10_25 .809641E-02 .046742 .173215 [.862] P11_25 .023000 .046863 .490781 [.624] P12_25 .236751E-02 .048912 .048403 [.961] P13_25 -.603769E-02 .046571 -.129644 [.897] P14_25 -.262531E-02 .048526 -.054101 [.957] P15_25 -.207265E-02 .043820 -.047299 [.962] P16_25 -.027737 .059012 -.470026 [.638] P17_25 -.966321E-02 .052992 -.182351 [.855] DI1_25 -.574752E-02 .095756 -.060023 [.952] DF1_25 -.865058E-03 .021681 -.039900 [.968] DI2_25 -.205545 .102692 -2.00157 [.045] DF2_25 -.300797E-02 .020008 -.150341 [.880] S1_25 .155785 .198853 .783415 [.433] S2_25 .068897 .092656 .743573 [.457] S3_25 .192291 .064119 2.99899 [.003] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B3_25 YMEAN .115075 S2 1.80497 ARSQ .018514 SDEV 1.35610 S 1.34349 LMHET 120.270 [.000] SSR 1517.98 RSQ .049044 DW 2.01425 [<.935] Results of Covariance procedure =============================== Number of Observations: 869 Correlation Matrix E1 E2 E1 1.00000 E2 0.064160 1.00000