INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 845 SBIC 719.692 LOGL -611.863 Standard Parameter Estimate Error t-statistic P-value C_1 -2.66622 .337980 -7.88868 [.000] A4_1 .067186 .082252 .816833 [.414] A3_1 .196899 .108458 1.81544 [.069] A2_1 -.051274 .092329 -.555342 [.579] P0_1 -.082584 .071714 -1.15157 [.249] P1_1 -.410193E-02 .022232 -.184503 [.854] P2_1 -.270487E-02 .021694 -.124685 [.901] P3_1 -.754903E-02 .019190 -.393376 [.694] P4_1 -.985614E-02 .018404 -.535549 [.592] P5_1 -.019295 .020713 -.931563 [.352] P6_1 .389773E-02 .018706 .208371 [.835] P7_1 -.026981 .019928 -1.35395 [.176] P8_1 .015738 .018806 .836881 [.403] P9_1 .014858 .017545 .846856 [.397] P10_1 .040834 .017859 2.28643 [.022] P11_1 -.103142E-03 .018003 -.572925E-02 [.995] P12_1 .036876 .018655 1.97667 [.048] P13_1 -.011138 .017938 -.620928 [.535] P14_1 .811339E-02 .018506 .438417 [.661] P15_1 -.271435E-02 .016670 -.162830 [.871] P16_1 .258663E-02 .022575 .114578 [.909] P17_1 -.650461E-02 .020540 -.316682 [.751] DI1_1 .030635 .036933 .829499 [.407] DF1_1 -.574164E-02 .850309E-02 -.675242 [.500] DI2_1 -.061020 .051241 -1.19084 [.234] DF2_1 -.408419E-02 .793173E-02 -.514918 [.607] DI3_1 .091663 .044106 2.07827 [.038] DF3_1 .015780 .739634E-02 2.13355 [.033] S1_1 .132775 .077588 1.71127 [.087] S2_1 .047779 .035675 1.33926 [.180] S3_1 -.054691 .039868 -1.37180 [.170] S4_1 .103692 .027716 3.74116 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B4_1 YMEAN .113590 S2 .258961 ARSQ .174719 SDEV .560166 S .508883 LMHET 120.951 [.000] SSR 210.536 RSQ .205031 DW 2.00312 [<.941] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0034695 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_1 E1 1.00000 B1_1 0.0018207 1.00000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 845 SBIC 1681.69 LOGL -1573.86 Standard Parameter Estimate Error t-statistic P-value C_2 -4.24834 1.05516 -4.02624 [.000] A4_2 .447143E-02 .256788 .017413 [.986] A3_2 .847670 .338603 2.50343 [.012] A2_2 -.589973 .288247 -2.04676 [.041] P0_2 .784132 .223888 3.50234 [.000] P1_2 -.245255 .069408 -3.53350 [.000] P2_2 -.070518 .067727 -1.04122 [.298] P3_2 -.390667 .059912 -6.52071 [.000] P4_2 .108662 .057456 1.89121 [.059] P5_2 -.061311 .064664 -.948135 [.343] P6_2 -.077159 .058399 -1.32124 [.186] P7_2 -.052453 .062214 -.843116 [.399] P8_2 .011014 .058711 .187604 [.851] P9_2 .029566 .054775 .539770 [.589] P10_2 .103707 .055755 1.86003 [.063] P11_2 -.024030 .056204 -.427555 [.669] P12_2 .187861 .058242 3.22553 [.001] P13_2 .027117 .056002 .484215 [.628] P14_2 .015240 .057775 .263774 [.792] P15_2 .622866E-02 .052043 .119684 [.905] P16_2 -.039999 .070479 -.567535 [.570] P17_2 -.711277E-03 .064125 -.011092 [.991] DI1_2 .072052 .115302 .624898 [.532] DF1_2 -.016016 .026546 -.603335 [.546] DI2_2 -.322615 .159974 -2.01667 [.044] DF2_2 -.018115 .024763 -.731530 [.464] DI3_2 .372304 .137697 2.70380 [.007] DF3_2 .037472 .023091 1.62279 [.105] S1_2 -.552589 .242228 -2.28128 [.023] S2_2 -.023775 .111378 -.213462 [.831] S3_2 -.047477 .124467 -.381445 [.703] S4_2 .057417 .086530 .663545 [.507] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B4_2 YMEAN .118343 S2 2.52401 ARSQ .091983 SDEV 1.66724 S 1.58871 LMHET 145.510 [.000] SSR 2052.02 RSQ .125334 DW 2.04417 [<.985] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.019434 1.00000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 845 SBIC 2042.33 LOGL -1934.50 Standard Parameter Estimate Error t-statistic P-value C_3 -4.47857 1.61685 -2.76993 [.006] A4_3 .255566 .393484 .649495 [.516] A3_3 .233137 .518851 .449334 [.653] A2_3 -.302356 .441688 -.684546 [.494] P0_3 .180901 .343069 .527301 [.598] P1_3 .080574 .106356 .757589 [.449] P2_3 .097986 .103779 .944176 [.345] P3_3 -.049270 .091804 -.536689 [.591] P4_3 .022822 .088042 .259214 [.795] P5_3 -.087068 .099087 -.878701 [.380] P6_3 -.092888 .089486 -1.03801 [.299] P7_3 -.016595 .095331 -.174077 [.862] P8_3 -.584443E-03 .089964 -.649642E-02 [.995] P9_3 .053479 .083933 .637158 [.524] P10_3 .220935 .085436 2.58599 [.010] P11_3 -.044976 .086123 -.522226 [.602] P12_3 .128772 .089245 1.44290 [.149] P13_3 -.435127E-02 .085813 -.050706 [.960] P14_3 .011515 .088531 .130071 [.897] P15_3 .034422 .079746 .431648 [.666] P16_3 .038019 .107997 .352036 [.725] P17_3 .159732 .098260 1.62561 [.104] DI1_3 .025486 .176681 .144248 [.885] DF1_3 -.012952 .040678 -.318394 [.750] DI2_3 -.061969 .245132 -.252797 [.800] DF2_3 -.030867 .037944 -.813485 [.416] DI3_3 .021771 .210996 .103183 [.918] DF3_3 .043086 .035383 1.21771 [.223] S1_3 .113221 .371172 .305036 [.760] S2_3 -.092315 .170667 -.540909 [.589] S3_3 .136702 .190724 .716751 [.474] S4_3 .046630 .132592 .351681 [.725] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B4_3 YMEAN .118343 S2 5.92645 ARSQ .635571E-02 SDEV 2.44220 S 2.43443 LMHET 102.498 [.000] SSR 4818.20 RSQ .042852 DW 2.02350 [<.969] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.015997 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 845 SBIC 1265.14 LOGL -1157.31 Standard Parameter Estimate Error t-statistic P-value C_4 -3.55920 .644507 -5.52236 [.000] A4_4 .930697E-02 .156850 .059337 [.953] A3_4 .214066 .206823 1.03502 [.301] A2_4 -.019947 .176065 -.113296 [.910] P0_4 .597014 .136754 4.36562 [.000] P1_4 -.149511 .042396 -3.52656 [.000] P2_4 -.057542 .041368 -1.39097 [.164] P3_4 -.185313 .036595 -5.06391 [.000] P4_4 .084428 .035095 2.40570 [.016] P5_4 -.069826 .039498 -1.76785 [.077] P6_4 -.064353 .035671 -1.80407 [.071] P7_4 -.037394 .038001 -.984043 [.325] P8_4 .026233 .035861 .731511 [.464] P9_4 .021974 .033457 .656783 [.511] P10_4 .023767 .034056 .697885 [.485] P11_4 -.322625E-03 .034330 -.939774E-02 [.993] P12_4 .112797 .035575 3.17070 [.002] P13_4 .592316E-02 .034207 .173158 [.863] P14_4 -.705109E-02 .035290 -.199804 [.842] P15_4 -.305965E-02 .031788 -.096251 [.923] P16_4 -.595882E-02 .043050 -.138418 [.890] P17_4 .393851E-02 .039168 .100554 [.920] DI1_4 .012953 .070428 .183911 [.854] DF1_4 .529744E-02 .016215 .326702 [.744] DI2_4 -.027874 .097714 -.285262 [.775] DF2_4 .128493E-02 .015125 .084952 [.932] DI3_4 .196782 .084107 2.33966 [.019] DF3_4 .283338E-02 .014104 .200887 [.841] S1_4 -.442984 .147956 -2.99403 [.003] S2_4 .410061E-02 .068031 .060276 [.952] S3_4 -.162201 .076026 -2.13350 [.033] S4_4 .099730 .052854 1.88690 [.059] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B4_4 YMEAN .114113 S2 .941691 ARSQ .115371 SDEV 1.03175 S .970408 LMHET 321.661 [.000] SSR 765.595 RSQ .147863 DW 2.06211 [<.992] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.00066454 1.00000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 845 SBIC 1897.26 LOGL -1789.43 Standard Parameter Estimate Error t-statistic P-value C_5 -2.44262 1.36179 -1.79368 [.073] A4_5 -.329028 .331409 -.992815 [.321] A3_5 .342383 .436999 .783487 [.433] A2_5 -.147102 .372009 -.395426 [.693] P0_5 .533582 .288948 1.84663 [.065] P1_5 -.029550 .089578 -.329883 [.741] P2_5 -.244885 .087408 -2.80164 [.005] P3_5 .652946 .077322 8.44455 [.000] P4_5 .257341 .074153 3.47043 [.001] P5_5 .149561 .083455 1.79211 [.073] P6_5 -.057324 .075369 -.760575 [.447] P7_5 -.149934 .080292 -1.86735 [.062] P8_5 -.919528E-02 .075772 -.121355 [.903] P9_5 .068004 .070692 .961978 [.336] P10_5 .028808 .071958 .400342 [.689] P11_5 -.030963 .072536 -.426865 [.669] P12_5 .106425 .075166 1.41585 [.157] P13_5 -.014167 .072276 -.196014 [.845] P14_5 -.294523E-02 .074565 -.039499 [.968] P15_5 .849262E-02 .067166 .126442 [.899] P16_5 .063809 .090960 .701507 [.483] P17_5 -.060797 .082759 -.734625 [.463] DI1_5 .155733 .148808 1.04653 [.295] DF1_5 -.019281 .034261 -.562785 [.574] DI2_5 .046832 .206461 .226832 [.821] DF2_5 -.031369 .031958 -.981565 [.326] DI3_5 -.075854 .177710 -.426841 [.669] DF3_5 .027680 .029801 .928834 [.353] S1_5 -.370730 .312618 -1.18589 [.236] S2_5 -.020521 .143743 -.142762 [.886] S3_5 .027838 .160636 .173300 [.862] S4_5 .807024E-03 .111675 .722654E-02 [.994] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B4_5 YMEAN .118343 S2 4.20408 ARSQ .114335 SDEV 2.17872 S 2.05039 LMHET 649.116 [.000] SSR 3417.92 RSQ .146865 DW 2.00816 [<.949] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.00042799 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_5 E1 1.00000 B1_5 0.010845 1.0000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 845 SBIC 1150.31 LOGL -1042.48 Standard Parameter Estimate Error t-statistic P-value C_6 -2.75499 .562615 -4.89676 [.000] A4_6 -.247064 .136920 -1.80444 [.071] A3_6 .480621 .180544 2.66207 [.008] A2_6 -.033940 .153694 -.220827 [.825] P0_6 .090506 .119378 .758153 [.448] P1_6 -.029723 .037009 -.803141 [.422] P2_6 -.042591 .036112 -1.17941 [.238] P3_6 .036207 .031945 1.13341 [.257] P4_6 -.107907 .030636 -3.52226 [.000] P5_6 -.035466 .034479 -1.02863 [.304] P6_6 .048954 .031138 1.57215 [.116] P7_6 -.025018 .033172 -.754197 [.451] P8_6 .467094E-02 .031305 .149209 [.881] P9_6 .025356 .029206 .868166 [.385] P10_6 .158081E-02 .029729 .053174 [.958] P11_6 .664390E-02 .029968 .221699 [.825] P12_6 .119201 .031055 3.83844 [.000] P13_6 -.022880 .029860 -.766226 [.444] P14_6 .431831E-02 .030806 .140178 [.889] P15_6 -.900776E-02 .027749 -.324612 [.745] P16_6 .015944 .037580 .424284 [.671] P17_6 .027572 .034191 .806398 [.420] DI1_6 .033442 .061479 .543962 [.586] DF1_6 -.704665E-02 .014155 -.497835 [.619] DI2_6 -.084066 .085298 -.985551 [.324] DF2_6 -.159683E-02 .013203 -.120940 [.904] DI3_6 .158849 .073420 2.16356 [.030] DF3_6 .025977 .012312 2.10986 [.035] S1_6 .027478 .129156 .212746 [.832] S2_6 .103291 .059387 1.73929 [.082] S3_6 -.184434 .066366 -2.77904 [.005] S4_6 .060916 .046138 1.32031 [.187] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B4_6 YMEAN .118343 S2 .717589 ARSQ .114102 SDEV .900007 S .847106 LMHET 366.898 [.000] SSR 583.400 RSQ .146641 DW 2.05941 [<.991] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.047868 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_6 E1 1.00000 B1_6 0.011074 1.00000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 845 SBIC 1056.95 LOGL -949.116 Standard Parameter Estimate Error t-statistic P-value C_7 -3.24839 .503762 -6.44827 [.000] A4_7 -.026234 .122597 -.213983 [.831] A3_7 .251899 .161658 1.55822 [.119] A2_7 -.017575 .137616 -.127709 [.898] P0_7 .112299 .106890 1.05061 [.293] P1_7 -.089360 .033137 -2.69667 [.007] P2_7 -.333800E-02 .032334 -.103233 [.918] P3_7 -.061302 .028603 -2.14316 [.032] P4_7 .834688E-02 .027431 .304286 [.761] P5_7 -.029627 .030872 -.959657 [.337] P6_7 -.048649 .027881 -1.74488 [.081] P7_7 -.022908 .029702 -.771255 [.441] P8_7 .027794 .028030 .991585 [.321] P9_7 .040740 .026151 1.55789 [.119] P10_7 .600245E-02 .026619 .225494 [.822] P11_7 .672999E-02 .026833 .250808 [.802] P12_7 .103449 .027806 3.72036 [.000] P13_7 .014871 .026737 .556216 [.578] P14_7 .832210E-02 .027583 .301706 [.763] P15_7 -.975649E-02 .024847 -.392670 [.695] P16_7 -.877604E-02 .033649 -.260815 [.794] P17_7 .690864E-02 .030615 .225663 [.821] DI1_7 .027173 .055048 .493620 [.622] DF1_7 .365682E-02 .012674 .288531 [.773] DI2_7 -.033463 .076376 -.438140 [.661] DF2_7 -.420536E-02 .011822 -.355714 [.722] DI3_7 .168685 .065740 2.56595 [.010] DF3_7 .300065E-02 .011024 .272185 [.785] S1_7 -.013076 .115646 -.113073 [.910] S2_7 .025447 .053175 .478549 [.632] S3_7 -.097750 .059424 -1.64496 [.100] S4_7 .077570 .041312 1.87768 [.060] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B4_7 YMEAN .118343 S2 .575312 ARSQ .114309 SDEV .805955 S .758494 LMHET 114.348 [.000] SSR 467.729 RSQ .146841 DW 2.04601 [<.986] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.043023 1.0000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_7 E1 1.00000 B1_7 -0.010028 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 845 SBIC 1245.87 LOGL -1138.04 Standard Parameter Estimate Error t-statistic P-value C_8 -1.85271 .629978 -2.94091 [.003] A4_8 -.236737 .153314 -1.54414 [.123] A3_8 .169121 .202161 .836564 [.403] A2_8 .164897 .172096 .958167 [.338] P0_8 -.012157 .133671 -.090951 [.928] P1_8 .540771E-02 .041440 .130495 [.896] P2_8 -.017006 .040436 -.420567 [.674] P3_8 .027584 .035770 .771156 [.441] P4_8 -.041063 .034304 -1.19705 [.231] P5_8 -.022953 .038607 -.594520 [.552] P6_8 .015872 .034867 .455221 [.649] P7_8 -.042611 .037144 -1.14717 [.251] P8_8 .039707 .035053 1.13276 [.257] P9_8 .021080 .032703 .644585 [.519] P10_8 .014828 .033288 .445440 [.656] P11_8 -.023811 .033556 -.709583 [.478] P12_8 .011912 .034773 .342566 [.732] P13_8 .021104 .033436 .631196 [.528] P14_8 -.019763 .034494 -.572942 [.567] P15_8 -.459215E-02 .031072 -.147792 [.883] P16_8 .824816E-02 .042079 .196015 [.845] P17_8 -.849050E-02 .038285 -.221769 [.824] DI1_8 .026972 .068840 .391810 [.695] DF1_8 .285749E-03 .015849 .018029 [.986] DI2_8 .060009 .095511 .628292 [.530] DF2_8 -.912607E-04 .014784 -.617279E-02 [.995] DI3_8 -.040915 .082211 -.497679 [.619] DF3_8 .020393 .013786 1.47921 [.139] S1_8 .047376 .144621 .327586 [.743] S2_8 .114683 .066497 1.72463 [.085] S3_8 -.077063 .074312 -1.03701 [.300] S4_8 .020343 .051662 .393768 [.694] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B4_8 YMEAN .115856 S2 .899713 ARSQ .032750 SDEV .964457 S .948532 LMHET 83.3867 [.000] SSR 731.467 RSQ .068277 DW 2.04747 [<.986] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.032794 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_8 E1 1.00000 B1_8 0.037964 1.0000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 845 SBIC 1712.90 LOGL -1605.07 Standard Parameter Estimate Error t-statistic P-value C_9 -2.32979 1.09486 -2.12792 [.033] A4_9 -.113343 .266450 -.425384 [.671] A3_9 .122603 .351343 .348955 [.727] A2_9 -.146599 .299092 -.490147 [.624] P0_9 .598245 .232312 2.57518 [.010] P1_9 -.063783 .072020 -.885629 [.376] P2_9 -.207739 .070275 -2.95609 [.003] P3_9 .553857 .062166 8.90934 [.000] P4_9 .196991 .059618 3.30423 [.001] P5_9 .110197 .067097 1.64234 [.101] P6_9 -.061920 .060596 -1.02185 [.307] P7_9 -.123474 .064554 -1.91272 [.056] P8_9 -.011407 .060920 -.187243 [.851] P9_9 .073821 .056836 1.29884 [.194] P10_9 .457441E-02 .057853 .079069 [.937] P11_9 -.043964 .058319 -.753856 [.451] P12_9 .073170 .060433 1.21076 [.226] P13_9 -.020154 .058109 -.346828 [.729] P14_9 .014082 .059949 .234896 [.814] P15_9 .436575E-02 .054001 .080846 [.936] P16_9 .040012 .073131 .547131 [.584] P17_9 -.061836 .066537 -.929348 [.353] DI1_9 .100406 .119640 .839235 [.401] DF1_9 -.011204 .027545 -.406747 [.684] DI2_9 .069455 .165993 .418425 [.676] DF2_9 -.033343 .025694 -1.29768 [.194] DI3_9 -.099107 .142877 -.693648 [.488] DF3_9 .020427 .023960 .852538 [.394] S1_9 -.442597 .251342 -1.76094 [.078] S2_9 -.659785E-02 .115568 -.057090 [.954] S3_9 .029510 .129150 .228496 [.819] S4_9 .029069 .089786 .323763 [.746] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B4_9 YMEAN .118343 S2 2.71752 ARSQ .134162 SDEV 1.77161 S 1.64849 LMHET 672.937 [.000] SSR 2209.34 RSQ .165964 DW 1.99577 [<.928] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.014819 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_9 E1 1.00000 B1_9 0.0081681 1.00000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 845 SBIC 936.113 LOGL -828.283 Standard Parameter Estimate Error t-statistic P-value C_10 -1.68912 .436639 -3.86847 [.000] A4_10 -.058572 .106262 -.551202 [.581] A3_10 .212539 .140118 1.51686 [.129] A2_10 -.101389 .119280 -.850005 [.395] P0_10 .167763 .092647 1.81077 [.070] P1_10 -.082319 .028722 -2.86606 [.004] P2_10 -.040677 .028026 -1.45141 [.147] P3_10 -.087209 .024792 -3.51761 [.000] P4_10 .015536 .023776 .653451 [.513] P5_10 -.017558 .026759 -.656145 [.512] P6_10 -.657342E-02 .024166 -.272011 [.786] P7_10 -.022003 .025745 -.854657 [.393] P8_10 .112566E-02 .024295 .046333 [.963] P9_10 .987217E-02 .022667 .435540 [.663] P10_10 -.022757 .023072 -.986318 [.324] P11_10 .024753 .023258 1.06430 [.287] P12_10 .105303 .024101 4.36922 [.000] P13_10 .963036E-02 .023174 .415564 [.678] P14_10 .529445E-02 .023908 .221449 [.825] P15_10 -.011136 .021536 -.517080 [.605] P16_10 .946816E-02 .029165 .324640 [.745] P17_10 -.016718 .026536 -.630031 [.529] DI1_10 .064636 .047713 1.35467 [.176] DF1_10 .321435E-02 .010985 .292608 [.770] DI2_10 -.037893 .066199 -.572413 [.567] DF2_10 .319113E-02 .010247 .311419 [.755] DI3_10 .111251 .056980 1.95245 [.051] DF3_10 .011375 .955538E-02 1.19038 [.234] S1_10 -.104757 .100237 -1.04509 [.296] S2_10 -.016126 .046089 -.349896 [.726] S3_10 -.104582 .051506 -2.03049 [.042] S4_10 .073105 .035807 2.04163 [.041] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B4_10 YMEAN .115262 S2 .432213 ARSQ .083622 SDEV .686770 S .657429 LMHET 129.331 [.000] SSR 351.389 RSQ .117280 DW 2.06926 [<.994] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.037214 1.0000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_10 E1 1.00000 B1_10 0.051565 1.00000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 845 SBIC 1507.39 LOGL -1399.56 Standard Parameter Estimate Error t-statistic P-value C_11 -2.13240 .858493 -2.48389 [.013] A4_11 -.509001 .208926 -2.43628 [.015] A3_11 .523304 .275492 1.89953 [.057] A2_11 .129959 .234521 .554146 [.579] P0_11 -.043026 .182158 -.236202 [.813] P1_11 -.061446 .056472 -1.08808 [.277] P2_11 -.014221 .055103 -.258082 [.796] P3_11 .023400 .048745 .480057 [.631] P4_11 -.117461 .046747 -2.51270 [.012] P5_11 -.031245 .052612 -.593883 [.553] P6_11 .060835 .047514 1.28037 [.200] P7_11 -.030439 .050618 -.601348 [.548] P8_11 .939187E-02 .047768 .196616 [.844] P9_11 -.078716 .044566 -1.76630 [.077] P10_11 .028802 .045363 .634917 [.525] P11_11 -.032353 .045728 -.707505 [.479] P12_11 .189932E-02 .047386 .040082 [.968] P13_11 -.038338 .045564 -.841418 [.400] P14_11 .199489E-03 .047007 .424383E-02 [.997] P15_11 .909374E-02 .042343 .214766 [.830] P16_11 .272868E-02 .057343 .047585 [.962] P17_11 .985177E-02 .052173 .188830 [.850] DI1_11 .070488 .093811 .751379 [.452] DF1_11 -.013793 .021598 -.638611 [.523] DI2_11 -.026574 .130156 -.204167 [.838] DF2_11 .256619E-03 .020147 .012737 [.990] DI3_11 .043670 .112032 .389798 [.697] DF3_11 .017625 .018787 .938143 [.348] S1_11 .112942 .197079 .573077 [.567] S2_11 .112352 .090618 1.23984 [.215] S3_11 -.140414 .101268 -1.38656 [.166] S4_11 .047611 .070402 .676275 [.499] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B4_11 YMEAN .118343 S2 1.67081 ARSQ .035428 SDEV 1.31612 S 1.29260 LMHET 123.161 [.000] SSR 1358.37 RSQ .070857 DW 2.04874 [<.987] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.057381 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_11 E1 1.00000 B1_11 0.078571 1.00000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 845 SBIC 1734.36 LOGL -1626.53 Standard Parameter Estimate Error t-statistic P-value C_12 -1.45768 1.12302 -1.29799 [.194] A4_12 -.360259 .273303 -1.31817 [.187] A3_12 .366055 .360380 1.01575 [.310] A2_12 .090031 .306785 .293466 [.769] P0_12 -.337587 .238287 -1.41673 [.157] P1_12 -.021554 .073872 -.291774 [.770] P2_12 .071849 .072082 .996756 [.319] P3_12 -.038283 .063765 -.600375 [.548] P4_12 -.929276E-02 .061151 -.151963 [.879] P5_12 -.073930 .068823 -1.07420 [.283] P6_12 .159899 .062155 2.57261 [.010] P7_12 .014912 .066215 .225210 [.822] P8_12 -.051248 .062486 -.820143 [.412] P9_12 .027893 .058298 .478456 [.632] P10_12 .028281 .059341 .476575 [.634] P11_12 .106381 .059819 1.77840 [.075] P12_12 -.051433 .061988 -.829734 [.407] P13_12 -.034191 .059603 -.573643 [.566] P14_12 .663033E-02 .061491 .107826 [.914] P15_12 -.946144E-02 .055390 -.170816 [.864] P16_12 .012129 .075012 .161699 [.872] P17_12 .942469E-02 .068249 .138093 [.890] DI1_12 .033274 .122718 .271140 [.786] DF1_12 .300081E-02 .028254 .106210 [.915] DI2_12 .048761 .170262 .286389 [.775] DF2_12 .012199 .026355 .462882 [.643] DI3_12 .078978 .146552 .538906 [.590] DF3_12 .995812E-02 .024576 .405194 [.685] S1_12 .323974 .257807 1.25666 [.209] S2_12 .087826 .118541 .740894 [.459] S3_12 -.193264 .132472 -1.45891 [.145] S4_12 .085327 .092095 .926505 [.354] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B4_12 YMEAN .118343 S2 2.85911 ARSQ -.241467E-03 SDEV 1.69069 S 1.69089 LMHET 82.4388 [.000] SSR 2324.46 RSQ .036497 DW 2.01611 [<.960] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.020214 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_12 E1 1.00000 B1_12 0.0058782 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 845 SBIC 1139.59 LOGL -1031.76 Standard Parameter Estimate Error t-statistic P-value C_13 -1.50773 .555519 -2.71410 [.007] A4_13 -.049644 .135193 -.367207 [.713] A3_13 -.025938 .178267 -.145498 [.884] A2_13 .136448 .151755 .899129 [.369] P0_13 -.071042 .117872 -.602703 [.547] P1_13 .038090 .036542 1.04236 [.297] P2_13 -.029100 .035657 -.816121 [.414] P3_13 -.032049 .031542 -1.01606 [.310] P4_13 -.103436 .030249 -3.41943 [.001] P5_13 .046427 .034044 1.36372 [.173] P6_13 .043177 .030746 1.40433 [.160] P7_13 .046909 .032754 1.43217 [.152] P8_13 .699034E-02 .030910 .226153 [.821] P9_13 -.038996 .028838 -1.35227 [.176] P10_13 -.431055E-03 .029354 -.014685 [.988] P11_13 .012331 .029590 .416714 [.677] P12_13 .022459 .030663 .732435 [.464] P13_13 -.013397 .029484 -.454392 [.650] P14_13 .941689E-02 .030417 .309588 [.757] P15_13 .343998E-02 .027399 .125550 [.900] P16_13 .777990E-02 .037106 .209669 [.834] P17_13 .086288 .033760 2.55591 [.011] DI1_13 .878519E-02 .060704 .144722 [.885] DF1_13 -.622663E-02 .013976 -.445521 [.656] DI2_13 .094503 .084222 1.12206 [.262] DF2_13 .172830E-02 .013037 .132570 [.895] DI3_13 -.024367 .072494 -.336126 [.737] DF3_13 .014007 .012157 1.15220 [.249] S1_13 .138177 .127527 1.08351 [.279] S2_13 .017917 .058638 .305552 [.760] S3_13 -.097211 .065529 -1.48348 [.138] S4_13 .063831 .045556 1.40116 [.161] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B4_13 YMEAN .117370 S2 .699601 ARSQ .028396 SDEV .848557 S .836422 LMHET 215.442 [.000] SSR 568.776 RSQ .064083 DW 2.01306 [<.956] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.029942 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_13 E1 1.00000 B1_13 0.021011 1.00000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 845 SBIC 791.530 LOGL -683.700 Standard Parameter Estimate Error t-statistic P-value C_14 -1.24463 .367970 -3.38242 [.001] A4_14 -.010928 .089551 -.122037 [.903] A3_14 .039685 .118082 .336081 [.737] A2_14 .060266 .100521 .599532 [.549] P0_14 .049424 .078077 .633009 [.527] P1_14 -.507210E-02 .024205 -.209547 [.834] P2_14 .360319E-02 .023619 .152558 [.879] P3_14 -.065256 .020893 -3.12330 [.002] P4_14 .012769 .020037 .637264 [.524] P5_14 -.038077 .022551 -1.68853 [.091] P6_14 .048080 .020366 2.36085 [.018] P7_14 .812266E-02 .021696 .374387 [.708] P8_14 .255700E-02 .020474 .124888 [.901] P9_14 -.029949 .019102 -1.56786 [.117] P10_14 -.825982E-02 .019444 -.424805 [.671] P11_14 .866061E-02 .019600 .441864 [.659] P12_14 .094267 .020311 4.64123 [.000] P13_14 .029029 .019530 1.48641 [.137] P14_14 .022929 .020148 1.13802 [.255] P15_14 -.405607E-02 .018149 -.223487 [.823] P16_14 .877685E-02 .024578 .357096 [.721] P17_14 -.017287 .022362 -.773037 [.440] DI1_14 .046722 .040210 1.16197 [.245] DF1_14 .455233E-02 .925760E-02 .491740 [.623] DI2_14 -.033748 .055788 -.604940 [.545] DF2_14 .902040E-02 .863554E-02 1.04457 [.296] DI3_14 .088289 .048019 1.83862 [.066] DF3_14 .643143E-02 .805264E-02 .798674 [.424] S1_14 -.022722 .084473 -.268990 [.788] S2_14 -.010469 .038841 -.269532 [.788] S3_14 -.088639 .043406 -2.04210 [.041] S4_14 .068082 .030176 2.25617 [.024] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B4_14 YMEAN .115152 S2 .306958 ARSQ .112204 SDEV .588007 S .554038 LMHET 43.8425 [.000] SSR 249.557 RSQ .144813 DW 2.11406 [<.999] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.038421 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_14 E1 1.00000 B1_14 0.013374 1.00000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 845 SBIC 1589.38 LOGL -1481.55 Standard Parameter Estimate Error t-statistic P-value C_15 -2.46994 .945965 -2.61102 [.009] A4_15 -.359028 .230213 -1.55954 [.119] A3_15 .436756 .303561 1.43877 [.150] A2_15 .106698 .258416 .412892 [.680] P0_15 -.184218 .200718 -.917797 [.359] P1_15 .269225E-02 .062225 .043266 [.965] P2_15 -.957705E-02 .060718 -.157731 [.875] P3_15 -.047625 .053711 -.886687 [.375] P4_15 -.066111 .051510 -1.28346 [.199] P5_15 -.043753 .057972 -.754718 [.450] P6_15 -.071875 .052355 -1.37283 [.170] P7_15 .705713E-02 .055775 .126528 [.899] P8_15 -.064528 .052635 -1.22597 [.220] P9_15 .317282E-02 .049106 .064611 [.948] P10_15 -.086571 .049985 -1.73193 [.083] P11_15 -.041230 .050387 -.818267 [.413] P12_15 -.060401 .052214 -1.15678 [.247] P13_15 -.058726 .050206 -1.16969 [.242] P14_15 .017467 .051796 .337234 [.736] P15_15 -.320411E-02 .046657 -.068674 [.945] P16_15 .988292E-02 .063185 .156412 [.876] P17_15 .024669 .057489 .429116 [.668] DI1_15 .014537 .103370 .140635 [.888] DF1_15 -.174545E-02 .023799 -.073341 [.942] DI2_15 .083385 .143418 .581411 [.561] DF2_15 -.671089E-02 .022200 -.302293 [.762] DI3_15 .064841 .123447 .525259 [.599] DF3_15 .026519 .020701 1.28102 [.200] S1_15 .234081 .217160 1.07792 [.281] S2_15 .119868 .099851 1.20047 [.230] S3_15 -.186794 .111586 -1.67400 [.094] S4_15 .045545 .077575 .587105 [.557] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B4_15 YMEAN .118343 S2 2.02863 ARSQ .012517 SDEV 1.43330 S 1.42430 LMHET 110.563 [.000] SSR 1649.28 RSQ .048788 DW 2.04398 [<.985] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.027746 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_15 E1 1.00000 B1_15 -0.0091331 1.0000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 845 SBIC 2293.98 LOGL -2186.16 Standard Parameter Estimate Error t-statistic P-value C_16 -8.75064 2.17777 -4.01817 [.000] A4_16 .182795 .529989 .344903 [.730] A3_16 .675357 .698848 .966386 [.334] A2_16 -.116519 .594917 -.195858 [.845] P0_16 -.618074 .462086 -1.33757 [.181] P1_16 .052279 .143253 .364938 [.715] P2_16 .553798 .139782 3.96186 [.000] P3_16 -.035948 .123653 -.290716 [.771] P4_16 .072624 .118585 .612428 [.540] P5_16 -.193524 .133462 -1.45003 [.147] P6_16 -.061988 .120530 -.514297 [.607] P7_16 -.129387E-02 .128403 -.010077 [.992] P8_16 -.094706 .121174 -.781575 [.434] P9_16 .705400E-02 .113051 .062397 [.950] P10_16 .048138 .115075 .418318 [.676] P11_16 .504946E-03 .116000 .435297E-02 [.997] P12_16 .671947 .120206 5.58996 [.000] P13_16 .030293 .115583 .262091 [.793] P14_16 .181872 .119244 1.52522 [.127] P15_16 .142217 .107412 1.32404 [.185] P16_16 .231174 .145463 1.58923 [.112] P17_16 .636120 .132348 4.80641 [.000] DI1_16 .107968 .237974 .453695 [.650] DF1_16 -.056656 .054789 -1.03407 [.301] DI2_16 -.374211 .330172 -1.13338 [.257] DF2_16 -.528276E-02 .051108 -.103365 [.918] DI3_16 .385368 .284194 1.35600 [.175] DF3_16 -.155010E-02 .047658 -.032525 [.974] S1_16 .987760 .499938 1.97576 [.048] S2_16 -.385727E-03 .229874 -.167799E-02 [.999] S3_16 .572443 .256889 2.22836 [.026] S4_16 -.378896 .178591 -2.12159 [.034] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B4_16 YMEAN .118343 S2 10.7517 ARSQ .091484 SDEV 3.44010 S 3.27897 LMHET 659.496 [.000] SSR 8741.10 RSQ .124854 DW 2.00646 [<.947] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.021660 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_16 E1 1.00000 B1_16 -0.012523 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 845 SBIC 765.869 LOGL -658.039 Standard Parameter Estimate Error t-statistic P-value C_17 -1.31696 .356964 -3.68933 [.000] A4_17 .135758 .086872 1.56274 [.118] A3_17 -.295410 .114550 -2.57887 [.010] A2_17 .267334 .097514 2.74148 [.006] P0_17 -.170568 .075742 -2.25197 [.024] P1_17 -.373543E-02 .023481 -.159083 [.874] P2_17 .019429 .022912 .847965 [.396] P3_17 .011346 .020268 .559791 [.576] P4_17 .777241E-02 .019438 .399866 [.689] P5_17 .015985 .021876 .730701 [.465] P6_17 .013454 .019756 .680986 [.496] P7_17 .236379E-02 .021047 .112310 [.911] P8_17 -.570063E-02 .019862 -.287013 [.774] P9_17 .762133E-02 .018530 .411286 [.681] P10_17 -.653805E-02 .018862 -.346622 [.729] P11_17 .044801 .019014 2.35621 [.018] P12_17 .639587E-03 .019703 .032461 [.974] P13_17 -.019882 .018946 -1.04945 [.294] P14_17 .779373E-02 .019546 .398747 [.690] P15_17 -.499978E-02 .017606 -.283979 [.776] P16_17 -.225680E-02 .023843 -.094652 [.925] P17_17 -.377520E-02 .021694 -.174024 [.862] DI1_17 -.039584 .039007 -1.01479 [.310] DF1_17 .017198 .898069E-02 1.91496 [.055] DI2_17 .074294 .054119 1.37278 [.170] DF2_17 .015192 .837724E-02 1.81349 [.070] DI3_17 -.074559 .046583 -1.60056 [.109] DF3_17 .230811E-02 .781177E-02 .295466 [.768] S1_17 .230958 .081946 2.81841 [.005] S2_17 .522071E-02 .037679 .138556 [.890] S3_17 -.043352 .042107 -1.02957 [.303] S4_17 .082302 .029273 2.81152 [.005] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B4_17 YMEAN .114746 S2 .288869 ARSQ .092179 SDEV .564092 S .537465 LMHET 148.054 [.000] SSR 234.850 RSQ .125523 DW 1.98600 [<.906] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.068971 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_17 E1 1.00000 B1_17 0.0039276 1.0000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 845 SBIC 2339.95 LOGL -2232.12 Standard Parameter Estimate Error t-statistic P-value C_18 .329214 2.29951 .143167 [.886] A4_18 .144628 .559617 .258441 [.796] A3_18 .052544 .737916 .071206 [.943] A2_18 -.533438 .628174 -.849187 [.396] P0_18 -.435119 .487917 -.891787 [.373] P1_18 .071799 .151261 .474667 [.635] P2_18 -.110471 .147596 -.748469 [.454] P3_18 -.017340 .130565 -.132808 [.894] P4_18 -.047614 .125214 -.380264 [.704] P5_18 .512238 .140922 3.63489 [.000] P6_18 .021805 .127268 .171332 [.864] P7_18 .051612 .135581 .380671 [.703] P8_18 .015570 .127948 .121692 [.903] P9_18 .364849E-02 .119371 .030564 [.976] P10_18 -.037007 .121508 -.304569 [.761] P11_18 -.029203 .122485 -.238425 [.812] P12_18 -.087427 .126926 -.688800 [.491] P13_18 .016678 .122044 .136651 [.891] P14_18 -.011033 .125910 -.087625 [.930] P15_18 -.849010E-02 .113416 -.074858 [.940] P16_18 -.099868 .153595 -.650203 [.516] P17_18 -.506030E-02 .139747 -.036211 [.971] DI1_18 .088125 .251277 .350709 [.726] DF1_18 .012820 .057852 .221600 [.825] DI2_18 -.014380 .348629 -.041247 [.967] DF2_18 -.036306 .053965 -.672766 [.501] DI3_18 -.210762 .300081 -.702351 [.482] DF3_18 .050566 .050322 1.00485 [.315] S1_18 .430883 .527886 .816243 [.414] S2_18 .254335E-02 .242725 .010478 [.992] S3_18 .191302 .271250 .705260 [.481] S4_18 .012348 .188574 .065481 [.948] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B4_18 YMEAN .118343 S2 11.9873 ARSQ -.012931 SDEV 3.44010 S 3.46228 LMHET 107.350 [.000] SSR 9745.71 RSQ .024274 DW 2.00810 [<.949] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.052356 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_18 E1 1.00000 B1_18 -0.0084411 1.00000 INVESTOR #18 ====================== EQUATIONS: EQ_BB19 NOB 845 SBIC 1899.99 LOGL -1792.16 Standard Parameter Estimate Error t-statistic P-value C_19 -1.20571 1.36620 -.882525 [.377] A4_19 .114336 .332484 .343884 [.731] A3_19 .313590 .438416 .715280 [.474] A2_19 -.222384 .373216 -.595858 [.551] P0_19 -.060327 .289885 -.208107 [.835] P1_19 -.144409E-02 .089869 -.016069 [.987] P2_19 -.989507E-02 .087691 -.112840 [.910] P3_19 -.050475 .077572 -.650680 [.515] P4_19 .022890 .074393 .307684 [.758] P5_19 -.077322 .083726 -.923508 [.356] P6_19 .088309 .075613 1.16790 [.243] P7_19 -.534720E-02 .080553 -.066381 [.947] P8_19 -.098647 .076017 -1.29769 [.194] P9_19 .935405E-02 .070921 .131893 [.895] P10_19 -.060838 .072191 -.842738 [.399] P11_19 -.027853 .072772 -.382747 [.702] P12_19 -.920910E-02 .075410 -.122120 [.903] P13_19 .028953 .072510 .399301 [.690] P14_19 .325040E-04 .074806 .434508E-03 [1.00] P15_19 .526749E-03 .067384 .781715E-02 [.994] P16_19 -.015885 .091255 -.174075 [.862] P17_19 -.084277 .083027 -1.01505 [.310] DI1_19 .014268 .149291 .095572 [.924] DF1_19 -.247762E-02 .034372 -.072083 [.943] DI2_19 -.178042 .207130 -.859567 [.390] DF2_19 .821731E-03 .032062 .025629 [.980] DI3_19 .144712 .178287 .811684 [.417] DF3_19 .029219 .029898 .977295 [.328] S1_19 .070623 .313631 .225178 [.822] S2_19 .119099E-03 .144209 .825878E-03 [.999] S3_19 -.061887 .161157 -.384016 [.701] S4_19 .129757 .112037 1.15816 [.247] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B4_19 YMEAN .118343 S2 4.23138 ARSQ -.016762 SDEV 2.04001 S 2.05703 LMHET 67.5717 [.000] SSR 3440.12 RSQ .020584 DW 2.02657 [<.972] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.029637 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_19 E1 1.00000 B1_19 0.0030118 1.0000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 845 SBIC 1070.22 LOGL -962.388 Standard Parameter Estimate Error t-statistic P-value C_20 -1.77303 .511736 -3.46473 [.001] A4_20 -.135369 .124538 -1.08697 [.277] A3_20 .206697 .164217 1.25868 [.208] A2_20 .086066 .139795 .615663 [.538] P0_20 -.051318 .108582 -.472622 [.636] P1_20 .035164 .033662 1.04462 [.296] P2_20 -.051355 .032846 -1.56348 [.118] P3_20 -.054890 .029056 -1.88912 [.059] P4_20 -.027664 .027865 -.992793 [.321] P5_20 .919006E-02 .031361 .293040 [.769] P6_20 .035800 .028322 1.26403 [.206] P7_20 .830889E-02 .030173 .275379 [.783] P8_20 -.040134 .028474 -1.40951 [.159] P9_20 .011317 .026565 .426005 [.670] P10_20 .025381 .027040 .938612 [.348] P11_20 -.020790 .027258 -.762727 [.446] P12_20 .062200 .028246 2.20206 [.028] P13_20 -.660711E-02 .027160 -.243267 [.808] P14_20 -.017169 .028020 -.612732 [.540] P15_20 .813247E-03 .025240 .032221 [.974] P16_20 .025082 .034181 .733807 [.463] P17_20 .041868 .031099 1.34625 [.178] DI1_20 .019344 .055920 .345923 [.729] DF1_20 .236235E-02 .012875 .183490 [.854] DI2_20 .429683E-02 .077585 .055383 [.956] DF2_20 .784821E-02 .012009 .653503 [.513] DI3_20 .148399 .066781 2.22219 [.026] DF3_20 .920789E-02 .011199 .822221 [.411] S1_20 .098253 .117476 .836363 [.403] S2_20 .058047 .054016 1.07463 [.283] S3_20 -.207062 .060364 -3.43020 [.001] S4_20 .059891 .041966 1.42714 [.154] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B4_20 YMEAN .103139 S2 .593670 ARSQ .063038 SDEV .795998 S .770500 LMHET 64.4540 [.000] SSR 482.654 RSQ .097453 DW 2.04546 [<.985] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.035894 1.0000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_20 E1 1.00000 B1_20 0.046684 1.0000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 845 SBIC 1285.73 LOGL -1177.90 Standard Parameter Estimate Error t-statistic P-value C_21 -1.04693 .660404 -1.58529 [.113] A4_21 -.292042 .160718 -1.81711 [.069] A3_21 .276086 .211924 1.30276 [.193] A2_21 .090047 .180407 .499134 [.618] P0_21 -.069352 .140127 -.494926 [.621] P1_21 .854908E-02 .043441 .196796 [.844] P2_21 -.120856E-02 .042389 -.028512 [.977] P3_21 .026150 .037497 .697391 [.486] P4_21 .014705 .035961 .408923 [.683] P5_21 -.014015 .040472 -.346285 [.729] P6_21 .025443 .036550 .696115 [.486] P7_21 -.044282 .038938 -1.13723 [.255] P8_21 -.434571E-02 .036746 -.118264 [.906] P9_21 .284323E-02 .034282 .082935 [.934] P10_21 .022025 .034896 .631156 [.528] P11_21 -.549038E-02 .035177 -.156080 [.876] P12_21 .035391 .036452 .970896 [.332] P13_21 .011072 .035050 .315885 [.752] P14_21 .031553 .036160 .872573 [.383] P15_21 .282787E-02 .032572 .086818 [.931] P16_21 .031132 .044111 .705758 [.480] P17_21 .551146E-02 .040134 .137325 [.891] DI1_21 .037611 .072165 .521180 [.602] DF1_21 -.010281 .016615 -.618787 [.536] DI2_21 -.079711 .100124 -.796127 [.426] DF2_21 .986608E-02 .015498 .636588 [.524] DI3_21 -.018871 .086181 -.218967 [.827] DF3_21 .019153 .014452 1.32526 [.185] S1_21 .134838 .151605 .889404 [.374] S2_21 .068743 .069709 .986147 [.324] S3_21 -.052988 .077901 -.680197 [.496] S4_21 .050706 .054157 .936283 [.349] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B4_21 YMEAN .118343 S2 .988716 ARSQ .930239E-02 SDEV .998999 S .994342 LMHET 47.8104 [.000] SSR 803.826 RSQ .045691 DW 2.02842 [<.973] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.021363 1.0000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_21 E1 1.00000 B1_21 0.051549 1.00000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 845 SBIC 1452.40 LOGL -1344.57 Standard Parameter Estimate Error t-statistic P-value C_22 -.744449 .804399 -.925473 [.355] A4_22 .032296 .195761 .164974 [.869] A3_22 .123188 .258133 .477228 [.633] A2_22 -.209512 .219744 -.953439 [.340] P0_22 -.066990 .170680 -.392488 [.695] P1_22 -.040000 .052913 -.755945 [.450] P2_22 .068153 .051631 1.32000 [.187] P3_22 -.034703 .045673 -.759805 [.447] P4_22 -.024412 .043801 -.557333 [.577] P5_22 -.075173 .049297 -1.52492 [.127] P6_22 .030238 .044520 .679207 [.497] P7_22 .375582E-02 .047428 .079190 [.937] P8_22 .032206 .044758 .719563 [.472] P9_22 -.101098 .041757 -2.42109 [.015] P10_22 .558681E-02 .042505 .131439 [.895] P11_22 -.040106 .042847 -.936031 [.349] P12_22 -.012800 .044400 -.288284 [.773] P13_22 -.013575 .042693 -.317977 [.751] P14_22 -.029306 .044045 -.665364 [.506] P15_22 .248827E-02 .039675 .062717 [.950] P16_22 .975945E-02 .053729 .181641 [.856] P17_22 -.467798E-02 .048885 -.095693 [.924] DI1_22 .032402 .087900 .368619 [.712] DF1_22 -.735980E-02 .020238 -.363671 [.716] DI2_22 -.166243 .121955 -1.36315 [.173] DF2_22 .492048E-02 .018878 .260651 [.794] DI3_22 .082820 .104972 .788972 [.430] DF3_22 .461155E-03 .017603 .026197 [.979] S1_22 .153164 .184661 .829432 [.407] S2_22 .034407 .084908 .405230 [.685] S3_22 -.038729 .094887 -.408164 [.683] S4_22 .069140 .065966 1.04812 [.295] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B4_22 YMEAN .118343 S2 1.46688 ARSQ -.175637E-02 SDEV 1.21009 S 1.21115 LMHET 60.6177 [.000] SSR 1192.58 RSQ .035038 DW 2.03348 [<.978] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.030894 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_22 E1 1.00000 B1_22 0.020926 1.00000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 845 SBIC 1872.18 LOGL -1764.35 Standard Parameter Estimate Error t-statistic P-value C_23 -3.89844 1.32197 -2.94896 [.003] A4_23 -.309369 .321719 -.961610 [.336] A3_23 .404524 .424222 .953568 [.340] A2_23 .019093 .361132 .052869 [.958] P0_23 -.026655 .280500 -.095026 [.924] P1_23 -.119151 .086959 -1.37020 [.171] P2_23 .066469 .084852 .783348 [.433] P3_23 .093152 .075061 1.24102 [.215] P4_23 .217131E-02 .071984 .030164 [.976] P5_23 -.086879 .081015 -1.07238 [.284] P6_23 -.109647 .073165 -1.49862 [.134] P7_23 -.022389 .077945 -.287242 [.774] P8_23 -.025202 .073556 -.342622 [.732] P9_23 .022396 .068625 .326349 [.744] P10_23 -.014868 .069854 -.212852 [.831] P11_23 .847913E-02 .070416 .120416 [.904] P12_23 -.015787 .072969 -.216351 [.829] P13_23 -.021730 .070162 -.309705 [.757] P14_23 .027540 .072384 .380465 [.704] P15_23 -.398273E-02 .065202 -.061083 [.951] P16_23 .337856E-02 .088300 .038262 [.969] P17_23 .028577 .080339 .355700 [.722] DI1_23 .077504 .144457 .536518 [.592] DF1_23 -.542777E-02 .033259 -.163198 [.870] DI2_23 .072414 .200424 .361304 [.718] DF2_23 -.010724 .031024 -.345662 [.730] DI3_23 .061907 .172514 .358852 [.720] DF3_23 .896896E-02 .028930 .310024 [.757] S1_23 .161506 .303477 .532185 [.595] S2_23 .085556 .139541 .613124 [.540] S3_23 -.125415 .155939 -.804252 [.421] S4_23 .058474 .108410 .539384 [.590] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B4_23 YMEAN .117847 S2 3.96183 ARSQ .549614E-02 SDEV 1.99593 S 1.99043 LMHET 102.156 [.000] SSR 3220.97 RSQ .042024 DW 2.00790 [<.949] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 -0.022308 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_23 E1 1.00000 B1_23 -0.0056754 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 845 SBIC 1589.38 LOGL -1481.55 Standard Parameter Estimate Error t-statistic P-value C_24 -2.46994 .945965 -2.61102 [.009] A4_24 -.359028 .230213 -1.55954 [.119] A3_24 .436756 .303561 1.43877 [.150] A2_24 .106698 .258416 .412892 [.680] P0_24 -.184218 .200718 -.917797 [.359] P1_24 .269225E-02 .062225 .043266 [.965] P2_24 -.957705E-02 .060718 -.157731 [.875] P3_24 -.047625 .053711 -.886687 [.375] P4_24 -.066111 .051510 -1.28346 [.199] P5_24 -.043753 .057972 -.754718 [.450] P6_24 -.071875 .052355 -1.37283 [.170] P7_24 .705713E-02 .055775 .126528 [.899] P8_24 -.064528 .052635 -1.22597 [.220] P9_24 .317282E-02 .049106 .064611 [.948] P10_24 -.086571 .049985 -1.73193 [.083] P11_24 -.041230 .050387 -.818267 [.413] P12_24 -.060401 .052214 -1.15678 [.247] P13_24 -.058726 .050206 -1.16969 [.242] P14_24 .017467 .051796 .337234 [.736] P15_24 -.320411E-02 .046657 -.068674 [.945] P16_24 .988292E-02 .063185 .156412 [.876] P17_24 .024669 .057489 .429116 [.668] DI1_24 .014537 .103370 .140635 [.888] DF1_24 -.174545E-02 .023799 -.073341 [.942] DI2_24 .083385 .143418 .581411 [.561] DF2_24 -.671089E-02 .022200 -.302293 [.762] DI3_24 .064841 .123447 .525259 [.599] DF3_24 .026519 .020701 1.28102 [.200] S1_24 .234081 .217160 1.07792 [.281] S2_24 .119868 .099851 1.20047 [.230] S3_24 -.186794 .111586 -1.67400 [.094] S4_24 .045545 .077575 .587105 [.557] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B4_24 YMEAN .118343 S2 2.02863 ARSQ .012517 SDEV 1.43330 S 1.42430 LMHET 110.563 [.000] SSR 1649.28 RSQ .048788 DW 2.04398 [<.985] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.027746 1.00000 Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 B1_24 E1 1.00000 B1_24 -0.0091331 1.0000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 845 SBIC 1461.24 LOGL -1353.41 Standard Parameter Estimate Error t-statistic P-value C_25 -1.18114 .812859 -1.45306 [.146] A4_25 .048665 .197820 .246005 [.806] A3_25 .259032 .260847 .993041 [.321] A2_25 -.180923 .222055 -.814767 [.415] P0_25 -.109375 .172475 -.634149 [.526] P1_25 .039228 .053470 .733651 [.463] P2_25 -.023631 .052174 -.452929 [.651] P3_25 -.046911 .046154 -1.01640 [.309] P4_25 -.061316 .044262 -1.38529 [.166] P5_25 -.037871 .049815 -.760225 [.447] P6_25 .027338 .044988 .607673 [.543] P7_25 .306051E-02 .047927 .063858 [.949] P8_25 -.070984 .045228 -1.56946 [.117] P9_25 -.192409E-02 .042197 -.045598 [.964] P10_25 -.041466 .042952 -.965393 [.334] P11_25 -.012670 .043297 -.292617 [.770] P12_25 -.021544 .044867 -.480180 [.631] P13_25 .028212 .043142 .653929 [.513] P14_25 -.109832E-02 .044508 -.024677 [.980] P15_25 .515886E-02 .040092 .128676 [.898] P16_25 -.736809E-02 .054295 -.135706 [.892] P17_25 .011434 .049399 .231464 [.817] DI1_25 -.015296 .088825 -.172209 [.863] DF1_25 -.906278E-02 .020450 -.443160 [.658] DI2_25 -.154733 .123238 -1.25556 [.209] DF2_25 .010230 .019076 .536293 [.592] DI3_25 .082005 .106076 .773076 [.439] DF3_25 .017895 .017789 1.00599 [.314] S1_25 .176222 .186604 .944368 [.345] S2_25 .024908 .085801 .290293 [.772] S3_25 -.613500E-02 .095885 -.063983 [.949] S4_25 .074293 .066659 1.11451 [.265] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B4_25 YMEAN .117798 S2 1.49790 ARSQ -.977807E-02 SDEV 1.21795 S 1.22389 LMHET 37.6917 [.000] SSR 1217.79 RSQ .027311 DW 2.03842 [<.981] Results of Covariance procedure =============================== Number of Observations: 845 Correlation Matrix E1 E2 E1 1.00000 E2 0.039555 1.0000