INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 786 SBIC 904.129 LOGL -780.790 Standard Parameter Estimate Error t-statistic P-value C_1 -1.04988 .498464 -2.10623 [.035] A5_1 .140878 .120861 1.16561 [.244] A4_1 .155450 .190650 .815368 [.415] A3_1 .151042 .179046 .843591 [.399] A2_1 .304577 .127466 2.38947 [.017] P0_1 .210384 .097865 2.14973 [.032] P1_1 -.020445 .030119 -.678816 [.497] P2_1 -.706761E-02 .029721 -.237801 [.812] P3_1 .010764 .026178 .411187 [.681] P4_1 .014566 .025335 .574933 [.565] P5_1 .031292 .028737 1.08894 [.276] P6_1 -.064776 .025525 -2.53774 [.011] P7_1 -.046423 .027450 -1.69119 [.091] P8_1 -.017232 .025479 -.676327 [.499] P9_1 .011219 .024093 .465657 [.641] P10_1 .024915 .024355 1.02301 [.306] P11_1 .906236E-03 .024721 .036659 [.971] P12_1 .061734 .025629 2.40878 [.016] P13_1 -.888378E-02 .024959 -.355930 [.722] P14_1 -.076106 .025342 -3.00313 [.003] P15_1 -.011664 .022062 -.528693 [.597] P16_1 .097485 .031022 3.14244 [.002] P17_1 .047433 .029021 1.63443 [.102] DI1_1 .146170 .050293 2.90637 [.004] DF1_1 -.693851E-02 .011804 -.587822 [.557] DI2_1 .027492 .070514 .389886 [.697] DF2_1 .011607 .011231 1.03347 [.301] DI3_1 .054071 .087587 .617347 [.537] DF3_1 .191300E-02 .010461 .182871 [.855] DI4_1 .043418 .082268 .527763 [.598] DF4_1 -.197045E-02 .010914 -.180541 [.857] S1_1 -.276543 .105112 -2.63094 [.009] S2_1 .147404 .048742 3.02419 [.002] S3_1 .045807 .059161 .774274 [.439] S4_1 .559232E-02 .060753 .092050 [.927] S5_1 .039633 .030518 1.29866 [.194] B_1 -.012732 .046949 -.271181 [.786] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.78094 S2 .448021 ARSQ .598169 SDEV 1.05591 S .669344 LMHET 7.61761 [.006] SSR 335.568 RSQ .616597 DW 1.90024 [<.664] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 786 SBIC 904.166 LOGL -780.827 Standard Parameter Estimate Error t-statistic P-value C_2 -1.01515 .481886 -2.10662 [.035] A5_2 .137802 .120429 1.14426 [.253] A4_2 .157466 .190640 .825987 [.409] A3_2 .148639 .179312 .828942 [.407] A2_2 .305632 .127701 2.39333 [.017] P0_2 .210905 .099358 2.12269 [.034] P1_2 -.020160 .030804 -.654466 [.513] P2_2 -.697276E-02 .029758 -.234314 [.815] P3_2 .976553E-02 .027970 .349144 [.727] P4_2 .014261 .025397 .561513 [.574] P5_2 .031091 .028769 1.08070 [.280] P6_2 -.064749 .025568 -2.53239 [.011] P7_2 -.045869 .027377 -1.67547 [.094] P8_2 -.017683 .025427 -.695456 [.487] P9_2 .011024 .024083 .457769 [.647] P10_2 .024754 .024357 1.01629 [.309] P11_2 .978315E-03 .024726 .039566 [.968] P12_2 .061644 .026015 2.36954 [.018] P13_2 -.882597E-02 .024960 -.353606 [.724] P14_2 -.076331 .025331 -3.01335 [.003] P15_2 -.011655 .022064 -.528235 [.597] P16_2 .097373 .031035 3.13750 [.002] P17_2 .047628 .029022 1.64113 [.101] DI1_2 .145679 .050263 2.89831 [.004] DF1_2 -.677062E-02 .011787 -.574406 [.566] DI2_2 .028444 .070641 .402651 [.687] DF2_2 .011704 .011226 1.04258 [.297] DI3_2 .053729 .087954 .610878 [.541] DF3_2 .169858E-02 .010430 .162857 [.871] DI4_2 .044174 .082228 .537216 [.591] DF4_2 -.192394E-02 .010914 -.176274 [.860] S1_2 -.277754 .106008 -2.62012 [.009] S2_2 .146481 .048621 3.01269 [.003] S3_2 .046352 .059309 .781542 [.434] S4_2 .409597E-02 .060519 .067681 [.946] S5_2 .038486 .030215 1.27373 [.203] B_2 -.566391E-03 .919780E-02 -.061579 [.951] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.78094 S2 .448063 ARSQ .598131 SDEV 1.05591 S .669375 LMHET 7.57489 [.006] SSR 335.599 RSQ .616561 DW 1.90116 [<.668] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 786 SBIC 904.115 LOGL -780.776 Standard Parameter Estimate Error t-statistic P-value C_4 -1.05178 .494415 -2.12733 [.033] A5_4 .139314 .120301 1.15804 [.247] A4_4 .152648 .191161 .798530 [.425] A3_4 .153903 .179685 .856517 [.392] A2_4 .306465 .127320 2.40705 [.016] P0_4 .210673 .097878 2.15241 [.031] P1_4 -.020094 .030025 -.669238 [.503] P2_4 -.719934E-02 .029729 -.242163 [.809] P3_4 .011248 .026282 .427958 [.669] P4_4 .014298 .025285 .565450 [.572] P5_4 .030949 .028742 1.07681 [.282] P6_4 -.064772 .025523 -2.53774 [.011] P7_4 -.046140 .027375 -1.68549 [.092] P8_4 -.017127 .025484 -.672076 [.502] P9_4 .011302 .024098 .468986 [.639] P10_4 .024619 .024355 1.01084 [.312] P11_4 .909980E-03 .024720 .036811 [.971] P12_4 .061776 .025625 2.41083 [.016] P13_4 -.894384E-02 .024961 -.358317 [.720] P14_4 -.076287 .025326 -3.01224 [.003] P15_4 -.011645 .022062 -.527814 [.598] P16_4 .097503 .031022 3.14308 [.002] P17_4 .048070 .029031 1.65580 [.098] DI1_4 .146025 .050267 2.90497 [.004] DF1_4 -.691377E-02 .011795 -.586151 [.558] DI2_4 .027935 .070394 .396830 [.691] DF2_4 .011676 .011225 1.04011 [.298] DI3_4 .055851 .087923 .635220 [.525] DF3_4 .191404E-02 .010452 .183129 [.855] DI4_4 .042572 .082381 .516768 [.605] DF4_4 -.198713E-02 .010914 -.182064 [.856] S1_4 -.276568 .105107 -2.63130 [.009] S2_4 .147699 .048773 3.02832 [.002] S3_4 .044578 .059441 .749954 [.453] S4_4 .512914E-02 .060554 .084704 [.932] S5_4 .039591 .030407 1.30203 [.193] B_4 -.014409 .045364 -.317630 [.751] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.78094 S2 .448005 ARSQ .598184 SDEV 1.05591 S .669331 LMHET 7.51939 [.006] SSR 335.555 RSQ .616611 DW 1.90116 [<.668] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 786 SBIC 904.132 LOGL -780.793 Standard Parameter Estimate Error t-statistic P-value C_6 -1.02886 .482443 -2.13260 [.033] A5_6 .137511 .120138 1.14461 [.252] A4_6 .160766 .190703 .843016 [.399] A3_6 .148152 .178624 .829405 [.407] A2_6 .304370 .127522 2.38680 [.017] P0_6 .208231 .098041 2.12391 [.034] P1_6 -.019910 .030012 -.663408 [.507] P2_6 -.671802E-02 .029718 -.226058 [.821] P3_6 .010957 .026234 .417676 [.676] P4_6 .013844 .025300 .547205 [.584] P5_6 .031203 .028734 1.08592 [.278] P6_6 -.064683 .025522 -2.53443 [.011] P7_6 -.046006 .027366 -1.68116 [.093] P8_6 -.017430 .025444 -.685042 [.493] P9_6 .011005 .024081 .457013 [.648] P10_6 .025107 .024381 1.02977 [.303] P11_6 .104434E-02 .024723 .042241 [.966] P12_6 .061735 .025632 2.40848 [.016] P13_6 -.910738E-02 .024981 -.364569 [.715] P14_6 -.076086 .025347 -3.00174 [.003] P15_6 -.011683 .022063 -.529539 [.596] P16_6 .097443 .031021 3.14116 [.002] P17_6 .047550 .029011 1.63905 [.101] DI1_6 .146078 .050283 2.90511 [.004] DF1_6 -.690363E-02 .011798 -.585133 [.558] DI2_6 .027805 .070451 .394666 [.693] DF2_6 .011652 .011227 1.03785 [.299] DI3_6 .053513 .087536 .611324 [.541] DF3_6 .179842E-02 .010436 .172323 [.863] DI4_6 .044895 .082241 .545900 [.585] DF4_6 -.191459E-02 .010912 -.175456 [.861] S1_6 -.275178 .105313 -2.61295 [.009] S2_6 .146652 .048624 3.01604 [.003] S3_6 .046765 .059075 .791612 [.429] S4_6 .448178E-02 .060473 .074113 [.941] S5_6 .038585 .030180 1.27852 [.201] B_6 -.389905E-02 .014987 -.260155 [.795] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.78094 S2 .448024 ARSQ .598166 SDEV 1.05591 S .669346 LMHET 7.56032 [.006] SSR 335.570 RSQ .616594 DW 1.90122 [<.669] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 786 SBIC 904.157 LOGL -780.818 Standard Parameter Estimate Error t-statistic P-value C_7 -1.00051 .483615 -2.06881 [.039] A5_7 .136368 .120313 1.13344 [.257] A4_7 .159182 .190592 .835201 [.404] A3_7 .146967 .178689 .822470 [.411] A2_7 .305873 .127350 2.40183 [.016] P0_7 .208145 .098575 2.11153 [.035] P1_7 -.019035 .030402 -.626098 [.531] P2_7 -.688606E-02 .029713 -.231751 [.817] P3_7 .010420 .026142 .398596 [.690] P4_7 .013939 .025309 .550746 [.582] P5_7 .031439 .028793 1.09187 [.275] P6_7 -.064410 .025580 -2.51795 [.012] P7_7 -.045703 .027365 -1.67013 [.095] P8_7 -.017803 .025442 -.699769 [.484] P9_7 .010858 .024106 .450426 [.652] P10_7 .024830 .024353 1.01958 [.308] P11_7 .103524E-02 .024729 .041864 [.967] P12_7 .061182 .025621 2.38794 [.017] P13_7 -.881654E-02 .024960 -.353231 [.724] P14_7 -.076418 .025329 -3.01700 [.003] P15_7 -.011633 .022063 -.527274 [.598] P16_7 .097521 .031029 3.14285 [.002] P17_7 .047658 .029008 1.64294 [.100] DI1_7 .145705 .050257 2.89917 [.004] DF1_7 -.676611E-02 .011786 -.574074 [.566] DI2_7 .028831 .070340 .409881 [.682] DF2_7 .011690 .011226 1.04135 [.298] DI3_7 .052489 .087673 .598690 [.549] DF3_7 .167054E-02 .010428 .160196 [.873] DI4_7 .044722 .082269 .543612 [.587] DF4_7 -.189564E-02 .010913 -.173706 [.862] S1_7 -.275618 .105497 -2.61258 [.009] S2_7 .146356 .048626 3.00980 [.003] S3_7 .047373 .059279 .799140 [.424] S4_7 .360301E-02 .060469 .059585 [.952] S5_7 .037948 .030328 1.25123 [.211] B_7 .266270E-02 .018737 .142113 [.887] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.78094 S2 .448053 ARSQ .598140 SDEV 1.05591 S .669368 LMHET 7.54333 [.006] SSR 335.592 RSQ .616569 DW 1.90137 [<.669] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 786 SBIC 904.167 LOGL -780.828 Standard Parameter Estimate Error t-statistic P-value C_8 -1.00880 .482448 -2.09100 [.037] A5_8 .136990 .120425 1.13755 [.255] A4_8 .158395 .190690 .830640 [.406] A3_8 .147598 .178635 .826254 [.409] A2_8 .306076 .127401 2.40247 [.016] P0_8 .209915 .097870 2.14484 [.032] P1_8 -.019731 .030005 -.657599 [.511] P2_8 -.686306E-02 .029715 -.230966 [.817] P3_8 .010274 .026301 .390616 [.696] P4_8 .014127 .025284 .558739 [.576] P5_8 .031180 .028735 1.08510 [.278] P6_8 -.064642 .025525 -2.53246 [.011] P7_8 -.045745 .027404 -1.66929 [.095] P8_8 -.017725 .025460 -.696220 [.486] P9_8 .010992 .024089 .456305 [.648] P10_8 .024785 .024351 1.01782 [.309] P11_8 .959383E-03 .024723 .038805 [.969] P12_8 .061350 .025593 2.39720 [.017] P13_8 -.880941E-02 .024967 -.352839 [.724] P14_8 -.076368 .025327 -3.01529 [.003] P15_8 -.011645 .022064 -.527803 [.598] P16_8 .097407 .031028 3.13936 [.002] P17_8 .047688 .029008 1.64397 [.100] DI1_8 .145597 .050259 2.89693 [.004] DF1_8 -.674775E-02 .011792 -.572218 [.567] DI2_8 .028779 .070364 .409006 [.683] DF2_8 .011707 .011226 1.04285 [.297] DI3_8 .053236 .087538 .608152 [.543] DF3_8 .165989E-02 .010451 .158819 [.874] DI4_8 .044429 .082314 .539745 [.589] DF4_8 -.190972E-02 .010913 -.175001 [.861] S1_8 -.277015 .105153 -2.63441 [.008] S2_8 .146365 .048700 3.00544 [.003] S3_8 .046763 .059126 .790894 [.429] S4_8 .379038E-02 .060508 .062643 [.950] S5_8 .038270 .030340 1.26137 [.207] B_8 .795943E-03 .022048 .036101 [.971] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.78094 S2 .448064 ARSQ .598130 SDEV 1.05591 S .669376 LMHET 7.55824 [.006] SSR 335.600 RSQ .616560 DW 1.90135 [<.669] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 786 SBIC 904.024 LOGL -780.685 Standard Parameter Estimate Error t-statistic P-value C_9 -.987480 .479751 -2.05832 [.040] A5_9 .136346 .120132 1.13497 [.256] A4_9 .160000 .190424 .840231 [.401] A3_9 .146846 .178597 .822220 [.411] A2_9 .307399 .127322 2.41434 [.016] P0_9 .206547 .098034 2.10690 [.035] P1_9 -.019886 .030001 -.662848 [.507] P2_9 -.623458E-02 .029733 -.209686 [.834] P3_9 .636073E-02 .027238 .233523 [.815] P4_9 .012594 .025441 .495040 [.621] P5_9 .030577 .028752 1.06347 [.288] P6_9 -.064396 .025523 -2.52311 [.012] P7_9 -.045635 .027353 -1.66840 [.095] P8_9 -.017745 .025423 -.698017 [.485] P9_9 .992211E-02 .024168 .410554 [.681] P10_9 .024943 .024349 1.02440 [.306] P11_9 .147147E-02 .024737 .059484 [.953] P12_9 .060865 .025605 2.37713 [.017] P13_9 -.907098E-02 .024959 -.363429 [.716] P14_9 -.076650 .025328 -3.02633 [.002] P15_9 -.011629 .022059 -.527168 [.598] P16_9 .097319 .031018 3.13753 [.002] P17_9 .047637 .029002 1.64253 [.100] DI1_9 .145416 .050247 2.89403 [.004] DF1_9 -.681095E-02 .011784 -.577960 [.563] DI2_9 .028567 .070330 .406186 [.685] DF2_9 .011911 .011231 1.06057 [.289] DI3_9 .052402 .087529 .598678 [.549] DF3_9 .162636E-02 .010426 .155984 [.876] DI4_9 .046979 .082357 .570433 [.568] DF4_9 -.190389E-02 .010911 -.174500 [.861] S1_9 -.275414 .105128 -2.61980 [.009] S2_9 .146612 .048613 3.01591 [.003] S3_9 .046305 .059070 .783892 [.433] S4_9 .298585E-02 .060448 .049395 [.961] S5_9 .037326 .030234 1.23457 [.217] B_9 .012309 .023499 .523791 [.600] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.78094 S2 .447901 ARSQ .598277 SDEV 1.05591 S .669254 LMHET 7.46105 [.006] SSR 335.478 RSQ .616700 DW 1.90185 [<.672] INVESTOR #10 ====================== EQUATIONS: EQ_B10 NOB 786 SBIC 904.015 LOGL -780.676 Standard Parameter Estimate Error t-statistic P-value C_10 -.968468 .484136 -2.00041 [.045] A5_10 .129360 .121013 1.06898 [.285] A4_10 .167541 .191200 .876263 [.381] A3_10 .141193 .178992 .788825 [.430] A2_10 .309455 .127441 2.42821 [.015] P0_10 .202122 .098873 2.04427 [.041] P1_10 -.017415 .030305 -.574654 [.566] P2_10 -.518091E-02 .029873 -.173433 [.862] P3_10 .011716 .026253 .446276 [.655] P4_10 .013264 .025324 .523765 [.600] P5_10 .031058 .028730 1.08104 [.280] P6_10 -.064178 .025533 -2.51353 [.012] P7_10 -.044666 .027432 -1.62825 [.103] P8_10 -.017612 .025422 -.692767 [.488] P9_10 .010590 .024090 .439604 [.660] P10_10 .024872 .024347 1.02154 [.307] P11_10 .848267E-03 .024717 .034318 [.973] P12_10 .058329 .026196 2.22666 [.026] P13_10 -.902106E-02 .024957 -.361457 [.718] P14_10 -.076467 .025322 -3.01977 [.003] P15_10 -.011554 .022060 -.523745 [.600] P16_10 .097349 .031017 3.13857 [.002] P17_10 .048225 .029019 1.66183 [.097] DI1_10 .144299 .050305 2.86851 [.004] DF1_10 -.675843E-02 .011784 -.573528 [.566] DI2_10 .030311 .070379 .430682 [.667] DF2_10 .011745 .011224 1.04645 [.295] DI3_10 .049584 .087771 .564925 [.572] DF3_10 .134813E-02 .010444 .129077 [.897] DI4_10 .046818 .082329 .568663 [.570] DF4_10 -.181070E-02 .010912 -.165936 [.868] S1_10 -.271270 .105606 -2.56870 [.010] S2_10 .146247 .048613 3.00837 [.003] S3_10 .050846 .059569 .853560 [.393] S4_10 .170515E-02 .060559 .028157 [.978] S5_10 .036128 .030455 1.18631 [.236] B_10 .014223 .026371 .539345 [.590] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.78094 S2 .447891 ARSQ .598285 SDEV 1.05591 S .669247 LMHET 7.33362 [.007] SSR 335.470 RSQ .616708 DW 1.90256 [<.676] INVESTOR #11 ====================== EQUATIONS: EQ_B11 NOB 786 SBIC 903.588 LOGL -780.250 Standard Parameter Estimate Error t-statistic P-value C_11 -.945506 .481417 -1.96401 [.050] A5_11 .133812 .120097 1.11420 [.265] A4_11 .161280 .190306 .847478 [.397] A3_11 .142935 .178548 .800540 [.423] A2_11 .308264 .127247 2.42256 [.015] P0_11 .215441 .097922 2.20012 [.028] P1_11 -.020123 .029985 -.671098 [.502] P2_11 -.604714E-02 .029702 -.203594 [.839] P3_11 .010097 .026123 .386538 [.699] P4_11 .016936 .025404 .666672 [.505] P5_11 .028456 .028830 .987026 [.324] P6_11 -.065225 .025509 -2.55690 [.011] P7_11 -.044705 .027356 -1.63420 [.102] P8_11 -.017918 .025409 -.705192 [.481] P9_11 .011861 .024078 .492624 [.622] P10_11 .024794 .024333 1.01894 [.308] P11_11 .124583E-02 .024705 .050428 [.960] P12_11 .061096 .025574 2.38897 [.017] P13_11 -.818261E-02 .024949 -.327972 [.743] P14_11 -.076613 .025309 -3.02714 [.002] P15_11 -.011854 .022048 -.537655 [.591] P16_11 .097896 .031003 3.15761 [.002] P17_11 .046821 .028998 1.61464 [.106] DI1_11 .143826 .050247 2.86239 [.004] DF1_11 -.643756E-02 .011782 -.546408 [.585] DI2_11 .030572 .070308 .434828 [.664] DF2_11 .011784 .011218 1.05050 [.293] DI3_11 .051605 .087481 .589901 [.555] DF3_11 .129725E-02 .010427 .124418 [.901] DI4_11 .045822 .082163 .557690 [.577] DF4_11 -.176173E-02 .010905 -.161546 [.872] S1_11 -.284707 .105293 -2.70395 [.007] S2_11 .144182 .048634 2.96465 [.003] S3_11 .049222 .059083 .833102 [.405] S4_11 .176381E-02 .060423 .029191 [.977] S5_11 .036723 .030191 1.21637 [.224] B_11 .017130 .016298 1.05104 [.293] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.78094 S2 .447405 ARSQ .598721 SDEV 1.05591 S .668883 LMHET 7.52149 [.006] SSR 335.106 RSQ .617124 DW 1.89903 [<.658] INVESTOR #12 ====================== EQUATIONS: EQ_B12 NOB 786 SBIC 903.670 LOGL -780.332 Standard Parameter Estimate Error t-statistic P-value C_12 -.991580 .477813 -2.07525 [.038] A5_12 .134914 .120089 1.12345 [.261] A4_12 .166278 .190489 .872901 [.383] A3_12 .144255 .178544 .807953 [.419] A2_12 .302359 .127308 2.37502 [.018] P0_12 .213350 .097854 2.18029 [.029] P1_12 -.019712 .029986 -.657383 [.511] P2_12 -.768865E-02 .029707 -.258820 [.796] P3_12 .010576 .026125 .404826 [.686] P4_12 .013964 .025265 .552704 [.580] P5_12 .032030 .028730 1.11488 [.265] P6_12 -.066944 .025614 -2.61353 [.009] P7_12 -.045877 .027339 -1.67810 [.093] P8_12 -.017118 .025417 -.673492 [.501] P9_12 .010552 .024072 .438377 [.661] P10_12 .025286 .024341 1.03880 [.299] P11_12 -.170820E-03 .024733 -.690664E-02 [.994] P12_12 .061857 .025581 2.41809 [.016] P13_12 -.824623E-02 .024951 -.330493 [.741] P14_12 -.076718 .025313 -3.03080 [.002] P15_12 -.011538 .022050 -.523259 [.601] P16_12 .096975 .031007 3.12757 [.002] P17_12 .046904 .029000 1.61736 [.106] DI1_12 .145165 .050225 2.89028 [.004] DF1_12 -.674047E-02 .011779 -.572254 [.567] DI2_12 .027690 .070306 .393855 [.694] DF2_12 .011448 .011222 1.02017 [.308] DI3_12 .051981 .087486 .594163 [.552] DF3_12 .150245E-02 .010423 .144150 [.885] DI4_12 .046046 .082179 .560313 [.575] DF4_12 -.194322E-02 .010906 -.178184 [.859] S1_12 -.280911 .105123 -2.67223 [.008] S2_12 .145468 .048601 2.99310 [.003] S3_12 .049885 .059131 .843635 [.399] S4_12 .348342E-02 .060397 .057675 [.954] S5_12 .036807 .030196 1.21893 [.223] B_12 .959142E-02 .984855E-02 .973891 [.330] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.78094 S2 .447498 ARSQ .598638 SDEV 1.05591 S .668953 LMHET 7.64421 [.006] SSR 335.176 RSQ .617044 DW 1.90031 [<.664] INVESTOR #13 ====================== EQUATIONS: EQ_B13 NOB 786 SBIC 903.819 LOGL -780.480 Standard Parameter Estimate Error t-statistic P-value C_13 -.974620 .479585 -2.03222 [.042] A5_13 .129068 .120510 1.07101 [.284] A4_13 .164416 .190498 .863084 [.388] A3_13 .151953 .178621 .850701 [.395] A2_13 .304418 .127289 2.39154 [.017] P0_13 .211596 .097830 2.16289 [.031] P1_13 -.021433 .030064 -.712903 [.476] P2_13 -.558070E-02 .029743 -.187634 [.851] P3_13 .010283 .026129 .393529 [.694] P4_13 .015635 .025338 .617054 [.537] P5_13 .029912 .028764 1.03990 [.298] P6_13 -.065936 .025559 -2.57969 [.010] P7_13 -.047365 .027411 -1.72798 [.084] P8_13 -.018084 .025420 -.711379 [.477] P9_13 .012233 .024118 .507222 [.612] P10_13 .024675 .024341 1.01374 [.311] P11_13 .264765E-03 .024725 .010708 [.991] P12_13 .060826 .025589 2.37705 [.017] P13_13 -.940303E-02 .024959 -.376745 [.706] P14_13 -.077700 .025368 -3.06290 [.002] P15_13 -.011578 .022054 -.525005 [.600] P16_13 .096493 .031030 3.10966 [.002] P17_13 .046011 .029067 1.58291 [.113] DI1_13 .143916 .050276 2.86252 [.004] DF1_13 -.639624E-02 .011790 -.542536 [.587] DI2_13 .027472 .070329 .390617 [.696] DF2_13 .011436 .011226 1.01870 [.308] DI3_13 .054352 .087505 .621138 [.535] DF3_13 .139174E-02 .010429 .133445 [.894] DI4_13 .045554 .082189 .554257 [.579] DF4_13 -.192178E-02 .010908 -.176186 [.860] S1_13 -.281469 .105211 -2.67528 [.007] S2_13 .147460 .048615 3.03325 [.002] S3_13 .050327 .059220 .849829 [.395] S4_13 .297911E-02 .060418 .049309 [.961] S5_13 .033980 .030638 1.10905 [.267] B_13 .039968 .049018 .815375 [.415] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.78094 S2 .447668 ARSQ .598486 SDEV 1.05591 S .669080 LMHET 8.01932 [.005] SSR 335.303 RSQ .616899 DW 1.90520 [<.689] INVESTOR #14 ====================== EQUATIONS: EQ_B14 NOB 786 SBIC 904.005 LOGL -780.666 Standard Parameter Estimate Error t-statistic P-value C_14 -1.05329 .483520 -2.17837 [.029] A5_14 .136998 .120117 1.14054 [.254] A4_14 .158506 .190384 .832560 [.405] A3_14 .151686 .178731 .848682 [.396] A2_14 .305426 .127308 2.39911 [.016] P0_14 .210187 .097831 2.14847 [.032] P1_14 -.019850 .030000 -.661675 [.508] P2_14 -.673267E-02 .029708 -.226625 [.821] P3_14 .979954E-02 .026156 .374658 [.708] P4_14 .014606 .025291 .577526 [.564] P5_14 .030739 .028740 1.06958 [.285] P6_14 -.064107 .025536 -2.51044 [.012] P7_14 -.046158 .027358 -1.68721 [.092] P8_14 -.017808 .025423 -.700492 [.484] P9_14 .010717 .024083 .444989 [.656] P10_14 .024250 .024365 .995283 [.320] P11_14 .155833E-02 .024741 .062986 [.950] P12_14 .063060 .025769 2.44712 [.014] P13_14 -.819089E-02 .024981 -.327883 [.743] P14_14 -.075251 .025399 -2.96274 [.003] P15_14 -.011799 .022061 -.534852 [.593] P16_14 .097427 .031016 3.14116 [.002] P17_14 .047141 .029018 1.62455 [.104] DI1_14 .146173 .050254 2.90868 [.004] DF1_14 -.704576E-02 .011795 -.597358 [.550] DI2_14 .026957 .070408 .382873 [.702] DF2_14 .011786 .011224 1.04999 [.294] DI3_14 .053522 .087516 .611571 [.541] DF3_14 .171031E-02 .010426 .164048 [.870] DI4_14 .044840 .082200 .545502 [.585] DF4_14 -.158829E-02 .010926 -.145372 [.884] S1_14 -.276196 .105094 -2.62807 [.009] S2_14 .147397 .048640 3.03038 [.002] S3_14 .046725 .059065 .791075 [.429] S4_14 .426562E-02 .060425 .070594 [.944] S5_14 .039856 .030280 1.31624 [.188] B_14 -.027886 .050073 -.556912 [.578] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.78094 S2 .447880 ARSQ .598296 SDEV 1.05591 S .669238 LMHET 7.47361 [.006] SSR 335.462 RSQ .616718 DW 1.90025 [<.664] INVESTOR #15 ====================== EQUATIONS: EQ_B15 NOB 786 SBIC 903.172 LOGL -779.834 Standard Parameter Estimate Error t-statistic P-value C_15 -.975611 .477784 -2.04195 [.041] A5_15 .135579 .119995 1.12988 [.259] A4_15 .166300 .190275 .874000 [.382] A3_15 .145768 .178402 .817077 [.414] A2_15 .297974 .127306 2.34061 [.019] P0_15 .212014 .097738 2.16920 [.030] P1_15 -.019944 .029968 -.665515 [.506] P2_15 -.746671E-02 .029679 -.251582 [.801] P3_15 .010620 .026108 .406753 [.684] P4_15 .013617 .025251 .539289 [.590] P5_15 .032613 .028717 1.13564 [.256] P6_15 -.063221 .025511 -2.47817 [.013] P7_15 -.045678 .027321 -1.67188 [.095] P8_15 -.017375 .025396 -.684179 [.494] P9_15 .010040 .024062 .417245 [.676] P10_15 .025725 .024330 1.05734 [.290] P11_15 .155948E-02 .024694 .063151 [.950] P12_15 .062195 .025567 2.43264 [.015] P13_15 -.807826E-02 .024934 -.323983 [.746] P14_15 -.076385 .025294 -3.01986 [.003] P15_15 -.011548 .022036 -.524043 [.600] P16_15 .097028 .030985 3.13147 [.002] P17_15 .047166 .028973 1.62792 [.104] DI1_15 .146236 .050193 2.91346 [.004] DF1_15 -.670676E-02 .011771 -.569750 [.569] DI2_15 .024261 .070330 .344965 [.730] DF2_15 .011558 .011212 1.03087 [.303] DI3_15 .052434 .087423 .599776 [.549] DF3_15 .141732E-02 .010416 .136067 [.892] DI4_15 .046252 .082119 .563224 [.573] DF4_15 -.192033E-02 .010899 -.176198 [.860] S1_15 -.279424 .104991 -2.66140 [.008] S2_15 .144266 .048586 2.96932 [.003] S3_15 .051730 .059116 .875066 [.382] S4_15 .402690E-02 .060357 .066717 [.947] S5_15 .036270 .030172 1.20211 [.229] B_15 .011142 .808471E-02 1.37814 [.168] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.78094 S2 .446932 ARSQ .599146 SDEV 1.05591 S .668529 LMHET 7.85519 [.005] SSR 334.752 RSQ .617529 DW 1.90471 [<.686] INVESTOR #17 ====================== EQUATIONS: EQ_B17 NOB 786 SBIC 902.694 LOGL -779.355 Standard Parameter Estimate Error t-statistic P-value C_17 -.887066 .482504 -1.83846 [.066] A5_17 .125764 .120112 1.04706 [.295] A4_17 .159795 .190068 .840729 [.400] A3_17 .155999 .178357 .874642 [.382] A2_17 .299056 .127160 2.35182 [.019] P0_17 .224233 .098042 2.28711 [.022] P1_17 -.020487 .029952 -.683991 [.494] P2_17 -.798382E-02 .029665 -.269131 [.788] P3_17 .729189E-02 .026157 .278779 [.780] P4_17 .013349 .025237 .528926 [.597] P5_17 .027841 .028750 .968402 [.333] P6_17 -.066382 .025495 -2.60368 [.009] P7_17 -.044138 .027323 -1.61544 [.106] P8_17 -.018303 .025382 -.721102 [.471] P9_17 .011209 .024037 .466326 [.641] P10_17 .025299 .024308 1.04079 [.298] P11_17 .407847E-03 .024677 .016527 [.987] P12_17 .061711 .025545 2.41580 [.016] P13_17 -.661811E-02 .024948 -.265276 [.791] P14_17 -.077523 .025288 -3.06559 [.002] P15_17 -.011710 .022022 -.531717 [.595] P16_17 .097515 .030965 3.14925 [.002] P17_17 .047934 .028954 1.65555 [.098] DI1_17 .147638 .050175 2.94246 [.003] DF1_17 -.751470E-02 .011773 -.638314 [.523] DI2_17 .030443 .070215 .433560 [.665] DF2_17 .011141 .011210 .993845 [.320] DI3_17 .051335 .087375 .587525 [.557] DF3_17 .182804E-02 .010409 .175629 [.861] DI4_17 .051933 .082183 .631913 [.527] DF4_17 -.203535E-02 .010892 -.186861 [.852] S1_17 -.296297 .105546 -2.80727 [.005] S2_17 .143915 .048554 2.96405 [.003] S3_17 .048962 .058982 .830119 [.406] S4_17 -.143950E-02 .060404 -.023831 [.981] S5_17 .031555 .030389 1.03836 [.299] B_17 .054877 .032709 1.67772 [.093] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.78094 S2 .446387 ARSQ .599634 SDEV 1.05591 S .668122 LMHET 7.18236 [.007] SSR 334.344 RSQ .617995 DW 1.90214 [<.673] INVESTOR #18 ====================== EQUATIONS: EQ_B18 NOB 786 SBIC 904.108 LOGL -780.769 Standard Parameter Estimate Error t-statistic P-value C_18 -1.00956 .477678 -2.11347 [.035] A5_18 .137250 .120131 1.14250 [.253] A4_18 .158693 .190417 .833396 [.405] A3_18 .146053 .178674 .817430 [.414] A2_18 .306345 .127317 2.40617 [.016] P0_18 .212961 .098278 2.16694 [.030] P1_18 -.019106 .030060 -.635604 [.525] P2_18 -.758730E-02 .029787 -.254721 [.799] P3_18 .010164 .026146 .388731 [.697] P4_18 .014302 .025285 .565623 [.572] P5_18 .031612 .028761 1.09909 [.272] P6_18 -.064995 .025540 -2.54479 [.011] P7_18 -.045915 .027356 -1.67842 [.093] P8_18 -.017566 .025427 -.690844 [.490] P9_18 .011145 .024084 .462782 [.644] P10_18 .024841 .024350 1.02016 [.308] P11_18 .902805E-03 .024720 .036521 [.971] P12_18 .061573 .025598 2.40536 [.016] P13_18 -.885848E-02 .024958 -.354935 [.723] P14_18 -.076788 .025356 -3.02841 [.002] P15_18 -.011645 .022062 -.527829 [.598] P16_18 .097549 .031023 3.14446 [.002] P17_18 .047579 .029007 1.64027 [.101] DI1_18 .145778 .050253 2.90088 [.004] DF1_18 -.666557E-02 .011789 -.565417 [.572] DI2_18 .028977 .070336 .411975 [.680] DF2_18 .011809 .011229 1.05160 [.293] DI3_18 .053388 .087527 .609962 [.542] DF3_18 .161702E-02 .010429 .155052 [.877] DI4_18 .044002 .082209 .535248 [.592] DF4_18 -.186190E-02 .010913 -.170618 [.865] S1_18 -.279942 .105485 -2.65385 [.008] S2_18 .146259 .048621 3.00814 [.003] S3_18 .046454 .059076 .786334 [.432] S4_18 .353020E-02 .060439 .058409 [.953] S5_18 .038810 .030195 1.28531 [.199] B_18 -.231185E-02 .685135E-02 -.337430 [.736] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B18 Dependent variable: LPSE YMEAN 5.78094 S2 .447997 ARSQ .598191 SDEV 1.05591 S .669326 LMHET 7.51495 [.006] SSR 335.550 RSQ .616617 DW 1.89949 [<.660] INVESTOR #19 ====================== EQUATIONS: EQ_B19 NOB 786 SBIC 904.138 LOGL -780.799 Standard Parameter Estimate Error t-statistic P-value C_19 -1.00663 .478058 -2.10567 [.035] A5_19 .137504 .120139 1.14454 [.252] A4_19 .157497 .190427 .827070 [.408] A3_19 .147012 .178637 .822961 [.411] A2_19 .306389 .127323 2.40639 [.016] P0_19 .210533 .097888 2.15075 [.031] P1_19 -.019778 .030005 -.659169 [.510] P2_19 -.688966E-02 .029712 -.231878 [.817] P3_19 .010428 .026141 .398930 [.690] P4_19 .014100 .025279 .557749 [.577] P5_19 .031332 .028741 1.09016 [.276] P6_19 -.064809 .025530 -2.53859 [.011] P7_19 -.045779 .027355 -1.67352 [.094] P8_19 -.017390 .025454 -.683186 [.494] P9_19 .010890 .024087 .452097 [.651] P10_19 .024928 .024357 1.02341 [.306] P11_19 .965173E-03 .024721 .039043 [.969] P12_19 .061364 .025591 2.39786 [.016] P13_19 -.886497E-02 .024959 -.355178 [.722] P14_19 -.076370 .025325 -3.01558 [.003] P15_19 -.011632 .022063 -.527201 [.598] P16_19 .097453 .031022 3.14145 [.002] P17_19 .047890 .029019 1.65028 [.099] DI1_19 .145565 .050253 2.89663 [.004] DF1_19 -.674702E-02 .011786 -.572463 [.567] DI2_19 .029165 .070351 .414568 [.678] DF2_19 .011696 .011225 1.04188 [.297] DI3_19 .052827 .087542 .603443 [.546] DF3_19 .159922E-02 .010433 .153278 [.878] DI4_19 .044158 .082209 .537144 [.591] DF4_19 -.194861E-02 .010913 -.178555 [.858] S1_19 -.277660 .105152 -2.64057 [.008] S2_19 .146486 .048619 3.01292 [.003] S3_19 .046963 .059087 .794810 [.427] S4_19 .363708E-02 .060441 .060175 [.952] S5_19 .038423 .030171 1.27352 [.203] B_19 .260661E-02 .010879 .239608 [.811] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.78094 S2 .448031 ARSQ .598160 SDEV 1.05591 S .669351 LMHET 7.56210 [.006] SSR 335.575 RSQ .616589 DW 1.89962 [<.661] INVESTOR #20 ====================== EQUATIONS: EQ_B20 NOB 786 SBIC 903.671 LOGL -780.332 Standard Parameter Estimate Error t-statistic P-value C_20 -.958555 .480447 -1.99513 [.046] A5_20 .127597 .120477 1.05910 [.290] A4_20 .172301 .190866 .902736 [.367] A3_20 .141039 .178640 .789513 [.430] A2_20 .305520 .127248 2.40099 [.016] P0_20 .205601 .097885 2.10043 [.036] P1_20 -.019606 .029987 -.653821 [.513] P2_20 -.470395E-02 .029778 -.157966 [.874] P3_20 .013947 .026380 .528684 [.597] P4_20 .017044 .025444 .669887 [.503] P5_20 .029960 .028744 1.04231 [.297] P6_20 -.066328 .025564 -2.59455 [.009] P7_20 -.045821 .027339 -1.67604 [.094] P8_20 -.017191 .025416 -.676402 [.499] P9_20 .010985 .024067 .456413 [.648] P10_20 .024724 .024336 1.01594 [.310] P11_20 .557036E-03 .024709 .022544 [.982] P12_20 .057614 .025863 2.22761 [.026] P13_20 -.918158E-02 .024947 -.368049 [.713] P14_20 -.075736 .025318 -2.99133 [.003] P15_20 -.011587 .022050 -.525486 [.599] P16_20 .097302 .031003 3.13841 [.002] P17_20 .047075 .028996 1.62349 [.104] DI1_20 .143480 .050271 2.85412 [.004] DF1_20 -.682140E-02 .011779 -.579117 [.563] DI2_20 .029009 .070296 .412664 [.680] DF2_20 .011532 .011220 1.02780 [.304] DI3_20 .047306 .087686 .539491 [.590] DF3_20 .127187E-02 .010430 .121946 [.903] DI4_20 .047988 .082247 .583465 [.560] DF4_20 -.180436E-02 .010906 -.165444 [.869] S1_20 -.274652 .105068 -2.61405 [.009] S2_20 .145618 .048598 2.99639 [.003] S3_20 .055191 .059685 .924711 [.355] S4_20 .173098E-02 .060437 .028641 [.977] S5_20 .034747 .030383 1.14363 [.253] B_20 .024844 .025530 .973136 [.330] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.78094 S2 .447499 ARSQ .598637 SDEV 1.05591 S .668954 LMHET 7.73180 [.005] SSR 335.177 RSQ .617043 DW 1.90304 [<.678] INVESTOR #21 ====================== EQUATIONS: EQ_B21 NOB 786 SBIC 903.837 LOGL -780.499 Standard Parameter Estimate Error t-statistic P-value C_21 -.998464 .477759 -2.08989 [.037] A5_21 .139823 .120132 1.16391 [.244] A4_21 .154093 .190406 .809288 [.418] A3_21 .145626 .178566 .815528 [.415] A2_21 .310845 .127405 2.43981 [.015] P0_21 .211380 .097828 2.16073 [.031] P1_21 -.019761 .029993 -.658863 [.510] P2_21 -.675515E-02 .029701 -.227436 [.820] P3_21 .010957 .026140 .419163 [.675] P4_21 .014786 .025284 .584788 [.559] P5_21 .030660 .028730 1.06716 [.286] P6_21 -.065010 .025516 -2.54783 [.011] P7_21 -.044466 .027396 -1.62308 [.105] P8_21 -.017102 .025427 -.672585 [.501] P9_21 .011590 .024083 .481254 [.630] P10_21 .025106 .024344 1.03127 [.302] P11_21 .728669E-03 .024713 .029486 [.976] P12_21 .060013 .025637 2.34087 [.019] P13_21 -.914920E-02 .024953 -.366664 [.714] P14_21 -.075990 .025320 -3.00121 [.003] P15_21 -.011504 .022055 -.521618 [.602] P16_21 .097362 .031010 3.13970 [.002] P17_21 .048089 .029000 1.65826 [.097] DI1_21 .142921 .050349 2.83863 [.005] DF1_21 -.630622E-02 .011795 -.534641 [.593] DI2_21 .032108 .070431 .455879 [.648] DF2_21 .011605 .011222 1.03414 [.301] DI3_21 .053671 .087497 .613403 [.540] DF3_21 .116839E-02 .010444 .111875 [.911] DI4_21 .043354 .082184 .527520 [.598] DF4_21 -.199937E-02 .010909 -.183286 [.855] S1_21 -.279447 .105113 -2.65853 [.008] S2_21 .146066 .048603 3.00529 [.003] S3_21 .047034 .059054 .796453 [.426] S4_21 .363469E-02 .060409 .060168 [.952] S5_21 .037682 .030172 1.24893 [.212] B_21 .016839 .021219 .793558 [.427] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.78094 S2 .447689 ARSQ .598467 SDEV 1.05591 S .669095 LMHET 7.67466 [.006] SSR 335.319 RSQ .616881 DW 1.90181 [<.672] INVESTOR #22 ====================== EQUATIONS: EQ_B22 NOB 786 SBIC 903.031 LOGL -779.692 Standard Parameter Estimate Error t-statistic P-value C_22 -1.01406 .477002 -2.12590 [.034] A5_22 .136904 .119967 1.14118 [.254] A4_22 .167938 .190265 .882652 [.377] A3_22 .137822 .178490 .772154 [.440] A2_22 .305296 .127144 2.40119 [.016] P0_22 .209961 .097708 2.14886 [.032] P1_22 -.020273 .029964 -.676568 [.499] P2_22 -.607219E-02 .029676 -.204620 [.838] P3_22 .010240 .026103 .392276 [.695] P4_22 .014131 .025244 .559772 [.576] P5_22 .030487 .028697 1.06237 [.288] P6_22 -.065475 .025492 -2.56847 [.010] P7_22 -.045469 .027317 -1.66447 [.096] P8_22 -.017322 .025391 -.682221 [.495] P9_22 .898966E-02 .024087 .373223 [.709] P10_22 .024756 .024316 1.01810 [.309] P11_22 .885496E-03 .024686 .035871 [.971] P12_22 .061130 .025556 2.39205 [.017] P13_22 -.664348E-02 .024968 -.266080 [.790] P14_22 -.076056 .025290 -3.00731 [.003] P15_22 -.011926 .022032 -.541286 [.588] P16_22 .096937 .030980 3.12905 [.002] P17_22 .048165 .028968 1.66271 [.096] DI1_22 .146115 .050183 2.91163 [.004] DF1_22 -.738649E-02 .011777 -.627203 [.531] DI2_22 .026436 .070258 .376270 [.707] DF2_22 .011385 .011212 1.01543 [.310] DI3_22 .047559 .087489 .543593 [.587] DF3_22 .166395E-02 .010413 .159801 [.873] DI4_22 .047884 .082128 .583044 [.560] DF4_22 -.138384E-02 .010903 -.126927 [.899] S1_22 -.274963 .104965 -2.61957 [.009] S2_22 .146910 .048552 3.02586 [.002] S3_22 .049597 .059025 .840268 [.401] S4_22 .120602E-02 .060374 .019976 [.984] S5_22 .040739 .030170 1.35030 [.177] B_22 -.020932 .014211 -1.47298 [.141] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.78094 S2 .446771 ARSQ .599290 SDEV 1.05591 S .668409 LMHET 7.25722 [.007] SSR 334.631 RSQ .617667 DW 1.90397 [<.683] INVESTOR #23 ====================== EQUATIONS: EQ_B23 NOB 786 SBIC 903.973 LOGL -780.634 Standard Parameter Estimate Error t-statistic P-value C_23 -1.03757 .479519 -2.16378 [.030] A5_23 .137426 .120111 1.14416 [.253] A4_23 .153929 .190493 .808056 [.419] A3_23 .152610 .178762 .853706 [.393] A2_23 .306015 .127295 2.40398 [.016] P0_23 .211469 .097862 2.16090 [.031] P1_23 -.021144 .030087 -.702767 [.482] P2_23 -.632669E-02 .029720 -.212879 [.831] P3_23 .011761 .026232 .448319 [.654] P4_23 .014007 .025275 .554206 [.579] P5_23 .030311 .028763 1.05384 [.292] P6_23 -.065293 .025538 -2.55676 [.011] P7_23 -.045875 .027349 -1.67739 [.093] P8_23 -.018061 .025428 -.710255 [.478] P9_23 .011381 .024084 .472548 [.637] P10_23 .024568 .024348 1.00905 [.313] P11_23 .873409E-03 .024716 .035338 [.972] P12_23 .061199 .025587 2.39178 [.017] P13_23 -.916831E-02 .024960 -.367323 [.713] P14_23 -.076018 .025326 -3.00157 [.003] P15_23 -.011676 .022058 -.529319 [.597] P16_23 .097360 .031015 3.13909 [.002] P17_23 .048045 .029006 1.65636 [.098] DI1_23 .145942 .050245 2.90461 [.004] DF1_23 -.681222E-02 .011784 -.578110 [.563] DI2_23 .029106 .070324 .413880 [.679] DF2_23 .011610 .011224 1.03441 [.301] DI3_23 .055241 .087574 .630785 [.528] DF3_23 .176980E-02 .010426 .169748 [.865] DI4_23 .042908 .082221 .521863 [.602] DF4_23 -.192764E-02 .010910 -.176688 [.860] S1_23 -.277517 .105087 -2.64083 [.008] S2_23 .147082 .048619 3.02518 [.002] S3_23 .045244 .059109 .765428 [.444] S4_23 .470273E-02 .060433 .077817 [.938] S5_23 .038563 .030165 1.27839 [.201] B_23 -.725503E-02 .011900 -.609652 [.542] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.78094 S2 .447843 ARSQ .598329 SDEV 1.05591 S .669211 LMHET 7.60121 [.006] SSR 335.434 RSQ .616749 DW 1.90284 [<.677] INVESTOR #24 ====================== EQUATIONS: EQ_B24 NOB 786 SBIC 903.172 LOGL -779.834 Standard Parameter Estimate Error t-statistic P-value C_24 -.975611 .477784 -2.04195 [.041] A5_24 .135579 .119995 1.12988 [.259] A4_24 .166300 .190275 .874000 [.382] A3_24 .145768 .178402 .817077 [.414] A2_24 .297974 .127306 2.34061 [.019] P0_24 .212014 .097738 2.16920 [.030] P1_24 -.019944 .029968 -.665515 [.506] P2_24 -.746671E-02 .029679 -.251582 [.801] P3_24 .010620 .026108 .406753 [.684] P4_24 .013617 .025251 .539289 [.590] P5_24 .032613 .028717 1.13564 [.256] P6_24 -.063221 .025511 -2.47817 [.013] P7_24 -.045678 .027321 -1.67188 [.095] P8_24 -.017375 .025396 -.684179 [.494] P9_24 .010040 .024062 .417245 [.676] P10_24 .025725 .024330 1.05734 [.290] P11_24 .155948E-02 .024694 .063151 [.950] P12_24 .062195 .025567 2.43264 [.015] P13_24 -.807826E-02 .024934 -.323983 [.746] P14_24 -.076385 .025294 -3.01986 [.003] P15_24 -.011548 .022036 -.524043 [.600] P16_24 .097028 .030985 3.13147 [.002] P17_24 .047166 .028973 1.62792 [.104] DI1_24 .146236 .050193 2.91346 [.004] DF1_24 -.670676E-02 .011771 -.569750 [.569] DI2_24 .024261 .070330 .344965 [.730] DF2_24 .011558 .011212 1.03087 [.303] DI3_24 .052434 .087423 .599776 [.549] DF3_24 .141732E-02 .010416 .136067 [.892] DI4_24 .046252 .082119 .563224 [.573] DF4_24 -.192033E-02 .010899 -.176198 [.860] S1_24 -.279424 .104991 -2.66140 [.008] S2_24 .144266 .048586 2.96932 [.003] S3_24 .051730 .059116 .875066 [.382] S4_24 .402690E-02 .060357 .066717 [.947] S5_24 .036270 .030172 1.20211 [.229] B_24 .011142 .808471E-02 1.37814 [.168] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.78094 S2 .446932 ARSQ .599146 SDEV 1.05591 S .668529 LMHET 7.85519 [.005] SSR 334.752 RSQ .617529 DW 1.90471 [<.686] INVESTOR #25 ====================== EQUATIONS: EQ_B25 NOB 786 SBIC 904.037 LOGL -780.699 Standard Parameter Estimate Error t-statistic P-value C_25 -1.00499 .477774 -2.10348 [.035] A5_25 .138981 .120168 1.15655 [.247] A4_25 .157898 .190390 .829337 [.407] A3_25 .147121 .178597 .823762 [.410] A2_25 .304048 .127381 2.38692 [.017] P0_25 .210365 .097839 2.15011 [.032] P1_25 -.019769 .030000 -.658954 [.510] P2_25 -.696216E-02 .029709 -.234344 [.815] P3_25 .010441 .026137 .399479 [.690] P4_25 .014041 .025276 .555479 [.579] P5_25 .030903 .028735 1.07543 [.282] P6_25 -.064130 .025540 -2.51096 [.012] P7_25 -.046092 .027357 -1.68481 [.092] P8_25 -.017575 .025424 -.691299 [.489] P9_25 .010891 .024079 .452281 [.651] P10_25 .024732 .024348 1.01580 [.310] P11_25 .982602E-03 .024718 .039753 [.968] P12_25 .061240 .025589 2.39321 [.017] P13_25 -.990965E-02 .025049 -.395606 [.692] P14_25 -.076127 .025326 -3.00586 [.003] P15_25 -.011655 .022060 -.528337 [.597] P16_25 .097612 .031020 3.14677 [.002] P17_25 .047595 .029003 1.64104 [.101] DI1_25 .146353 .050268 2.91147 [.004] DF1_25 -.644504E-02 .011801 -.546126 [.585] DI2_25 .028318 .070337 .402613 [.687] DF2_25 .011431 .011237 1.01728 [.309] DI3_25 .052704 .087523 .602178 [.547] DF3_25 .176569E-02 .010427 .169335 [.866] DI4_25 .044319 .082197 .539181 [.590] DF4_25 -.202512E-02 .010913 -.185567 [.853] S1_25 -.277973 .105113 -2.64452 [.008] S2_25 .146348 .048613 3.01043 [.003] S3_25 .047098 .059073 .797285 [.425] S4_25 .462465E-02 .060441 .076515 [.939] S5_25 .037771 .030192 1.25103 [.211] B_25 .568557E-02 .011408 .498366 [.618] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.78094 S2 .447916 ARSQ .598263 SDEV 1.05591 S .669266 LMHET 7.57274 [.006] SSR 335.489 RSQ .616686 DW 1.90194 [<.672]