INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 786 SBIC 703.758 LOGL -583.752 Standard Parameter Estimate Error t-statistic P-value C_1 -3.03491 .371504 -8.16926 [.000] A5_1 .281891 .093434 3.01700 [.003] A4_1 -.202625 .148093 -1.36823 [.171] A3_1 .264681 .138917 1.90532 [.057] A2_1 -.130183 .099023 -1.31468 [.189] P0_1 .042484 .076099 .558276 [.577] P1_1 -.056108 .023335 -2.40444 [.016] P2_1 -.015339 .023109 -.663800 [.507] P3_1 .030315 .020330 1.49117 [.136] P4_1 .035719 .019661 1.81674 [.069] P5_1 .905949E-02 .022347 .405394 [.685] P6_1 -.950917E-02 .019849 -.479073 [.632] P7_1 -.048691 .021275 -2.28866 [.022] P8_1 .035092 .019775 1.77461 [.076] P9_1 .016247 .018729 .867493 [.386] P10_1 .010055 .018938 .530949 [.595] P11_1 -.336142E-02 .019226 -.174835 [.861] P12_1 .029670 .019903 1.49073 [.136] P13_1 -.411543E-02 .019412 -.212009 [.832] P14_1 .020000 .019696 1.01539 [.310] P15_1 -.126811E-02 .017159 -.073903 [.941] P16_1 .453746E-02 .024127 .188067 [.851] P17_1 -.019709 .022560 -.873655 [.382] DI1_1 .043123 .039084 1.10334 [.270] DF1_1 -.013914 .916629E-02 -1.51795 [.129] DI2_1 -.106211 .054705 -1.94154 [.052] DF2_1 -.757602E-02 .873046E-02 -.867769 [.386] DI3_1 .068517 .068075 1.00649 [.314] DF3_1 .017886 .810974E-02 2.20548 [.027] DI4_1 -.067675 .063936 -1.05847 [.290] DF4_1 -.465440E-02 .848679E-02 -.548429 [.583] S1_1 .028487 .081744 .348490 [.727] S2_1 .073725 .037813 1.94971 [.051] S3_1 -.068232 .045945 -1.48509 [.138] S4_1 .133045 .047000 2.83074 [.005] S5_1 .097940 .023465 4.17397 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B5_1 YMEAN .122651 S2 .271005 ARSQ .226118 SDEV .591768 S .520581 LMHET 311.942 [.000] SSR 203.254 RSQ .260622 DW 1.99762 [<.959] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.0099082 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_1 E1 1.0000 B1_1 0.0044533 1.0000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 786 SBIC 1985.06 LOGL -1865.05 Standard Parameter Estimate Error t-statistic P-value C_2 -6.90073 1.89640 -3.63886 [.000] A5_2 .906211 .476951 1.90001 [.057] A4_2 -.994069 .755963 -1.31497 [.189] A3_2 1.70775 .709123 2.40826 [.016] A2_2 -1.06382 .505478 -2.10458 [.035] P0_2 1.87511 .388458 4.82708 [.000] P1_2 -.757824 .119119 -6.36190 [.000] P2_2 -.177348 .117961 -1.50345 [.133] P3_2 -1.08166 .103777 -10.4229 [.000] P4_2 .264368 .100361 2.63416 [.008] P5_2 -.152470 .114076 -1.33658 [.181] P6_2 -.166805 .101323 -1.64627 [.100] P7_2 -.116019 .108601 -1.06831 [.285] P8_2 -.781439E-02 .100943 -.077414 [.938] P9_2 .021501 .095605 .224896 [.822] P10_2 -.058421 .096674 -.604312 [.546] P11_2 .051700 .098143 .526776 [.598] P12_2 .508093 .101599 5.00096 [.000] P13_2 .954320E-02 .099089 .096309 [.923] P14_2 .053363 .100544 .530741 [.596] P15_2 -.011784 .087591 -.134532 [.893] P16_2 -.095643 .123159 -.776583 [.437] P17_2 -.098108 .115159 -.851936 [.394] DI1_2 .101604 .199508 .509271 [.611] DF1_2 -.016360 .046791 -.349636 [.727] DI2_2 -.707793 .279248 -2.53464 [.011] DF2_2 .983344E-03 .044566 .022065 [.982] DI3_2 .936177 .347497 2.69406 [.007] DF3_2 .023478 .041397 .567138 [.571] DI4_2 -.185955 .326372 -.569765 [.569] DF4_2 -.022499 .043322 -.519341 [.604] S1_2 -1.49839 .417275 -3.59090 [.000] S2_2 .028297 .193022 .146598 [.883] S3_2 -.570096 .234532 -2.43078 [.015] S4_2 .348776 .239919 1.45373 [.146] S5_2 .177506 .119779 1.48195 [.138] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B5_2 YMEAN .127226 S2 7.06171 ARSQ .193071 SDEV 2.95827 S 2.65739 LMHET 658.603 [.000] SSR 5296.28 RSQ .229048 DW 2.07625 [<.998] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.0022500 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_2 E1 1.0000 B1_2 -0.017968 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 786 SBIC 730.744 LOGL -610.739 Standard Parameter Estimate Error t-statistic P-value C_4 -2.81353 .384480 -7.31776 [.000] A5_4 .140557 .096698 1.45357 [.146] A4_4 -.373489 .153266 -2.43687 [.015] A3_4 .432480 .143769 3.00816 [.003] A2_4 .016025 .102482 .156369 [.876] P0_4 .057616 .078757 .731566 [.464] P1_4 -.025180 .024150 -1.04262 [.297] P2_4 -.022696 .023916 -.949003 [.343] P3_4 .060337 .021040 2.86772 [.004] P4_4 .012957 .020348 .636762 [.524] P5_4 -.015789 .023128 -.682661 [.495] P6_4 -.809861E-02 .020542 -.394238 [.693] P7_4 -.023357 .022018 -1.06079 [.289] P8_4 .038271 .020465 1.87003 [.061] P9_4 .020076 .019383 1.03573 [.300] P10_4 -.011640 .019600 -.593901 [.553] P11_4 -.271036E-02 .019898 -.136214 [.892] P12_4 .029162 .020598 1.41574 [.157] P13_4 -.780497E-02 .020090 -.388509 [.698] P14_4 .515515E-02 .020384 .252896 [.800] P15_4 .243339E-03 .017758 .013703 [.989] P16_4 .529051E-02 .024970 .211879 [.832] P17_4 .026788 .023348 1.14737 [.251] DI1_4 .028060 .040449 .693715 [.488] DF1_4 -.010578 .948647E-02 -1.11506 [.265] DI2_4 -.063156 .056615 -1.11552 [.265] DF2_4 -.191118E-02 .903542E-02 -.211521 [.832] DI3_4 .184019 .070452 2.61196 [.009] DF3_4 .015876 .839301E-02 1.89156 [.059] DI4_4 -.118528 .066169 -1.79128 [.073] DF4_4 -.526966E-02 .878323E-02 -.599969 [.549] S1_4 .023429 .084599 .276945 [.782] S2_4 .085619 .039134 2.18785 [.029] S3_4 -.145566 .047550 -3.06136 [.002] S4_4 .085413 .048642 1.75596 [.079] S5_4 .083615 .024284 3.44319 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B5_4 YMEAN .121408 S2 .290268 ARSQ .198629 SDEV .601842 S .538765 LMHET 156.805 [.000] SSR 217.701 RSQ .234359 DW 1.99369 [<.954] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.011605 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_4 E1 1.0000 B1_4 -0.011054 1.0000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 786 SBIC 1601.26 LOGL -1481.26 Standard Parameter Estimate Error t-statistic P-value C_6 -4.51847 1.16377 -3.88260 [.000] A5_6 .056947 .292693 .194561 [.846] A4_6 .701843 .463916 1.51287 [.130] A3_6 .123183 .435172 .283068 [.777] A2_6 -.478239 .310199 -1.54171 [.123] P0_6 -.413434 .238387 -1.73430 [.083] P1_6 -.045909 .073100 -.628019 [.530] P2_6 .039574 .072390 .546679 [.585] P3_6 .148559 .063686 2.33270 [.020] P4_6 -.068404 .061589 -1.11064 [.267] P5_6 .656431E-02 .070005 .093769 [.925] P6_6 -.710485E-02 .062179 -.114264 [.909] P7_6 -.052085 .066646 -.781513 [.435] P8_6 .063830 .061946 1.03040 [.303] P9_6 -.176614E-02 .058671 -.030103 [.976] P10_6 .082069 .059326 1.38335 [.167] P11_6 .024444 .060228 .405852 [.685] P12_6 .097067 .062349 1.55684 [.120] P13_6 -.070788 .060809 -1.16411 [.244] P14_6 .070635 .061701 1.14478 [.252] P15_6 -.898158E-02 .053752 -.167092 [.867] P16_6 .414744E-02 .075580 .054875 [.956] P17_6 -.034192 .070670 -.483833 [.629] DI1_6 .117224 .122433 .957454 [.338] DF1_6 -.036489 .028714 -1.27077 [.204] DI2_6 -.266722 .171368 -1.55643 [.120] DF2_6 -.013142 .027349 -.480524 [.631] DI3_6 .080520 .213251 .377586 [.706] DF3_6 .029016 .025405 1.14217 [.253] DI4_6 .157921 .200287 .788477 [.430] DF4_6 -.869414E-03 .026586 -.032702 [.974] S1_6 .442936 .256072 1.72973 [.084] S2_6 .047944 .118453 .404751 [.686] S3_6 .022901 .143927 .159117 [.874] S4_6 .149616 .147232 1.01619 [.310] S5_6 .051158 .073505 .695980 [.486] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B5_6 YMEAN .127226 S2 2.65943 ARSQ .047990 SDEV 1.67137 S 1.63077 LMHET 347.611 [.000] SSR 1994.57 RSQ .090437 DW 2.00125 [<.963] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.0095054 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_6 E1 1.0000 B1_6 0.0086006 1.0000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 786 SBIC 1425.80 LOGL -1305.80 Standard Parameter Estimate Error t-statistic P-value C_7 -4.03075 .930935 -4.32978 [.000] A5_7 .345719 .234134 1.47659 [.140] A4_7 -.432961 .371100 -1.16670 [.243] A3_7 .264773 .348106 .760611 [.447] A2_7 .135649 .248137 .546669 [.585] P0_7 .637799 .190693 3.34464 [.001] P1_7 -.261487 .058475 -4.47177 [.000] P2_7 .516283E-02 .057907 .089158 [.929] P3_7 -.015757 .050944 -.309308 [.757] P4_7 .064651 .049267 1.31226 [.189] P5_7 -.098340 .055999 -1.75609 [.079] P6_7 -.092014 .049739 -1.84993 [.064] P7_7 -.037748 .053312 -.708063 [.479] P8_7 .046700 .049553 .942434 [.346] P9_7 .057897 .046932 1.23364 [.217] P10_7 -.015957 .047457 -.336249 [.737] P11_7 -.032376 .048178 -.672003 [.502] P12_7 .065504 .049875 1.31338 [.189] P13_7 -.557230E-02 .048643 -.114556 [.909] P14_7 .021219 .049357 .429904 [.667] P15_7 -.550942E-02 .042998 -.128132 [.898] P16_7 -.035069 .060458 -.580054 [.562] P17_7 .962170E-02 .056531 .170202 [.865] DI1_7 -.031453 .097938 -.321148 [.748] DF1_7 .178500E-02 .022969 .077712 [.938] DI2_7 .512589E-02 .137082 .037393 [.970] DF2_7 .489281E-02 .021877 .223648 [.823] DI3_7 .266633 .170585 1.56305 [.118] DF3_7 .553771E-02 .020322 .272500 [.785] DI4_7 -.166189 .160215 -1.03728 [.300] DF4_7 -.584125E-02 .021267 -.274667 [.784] S1_7 -.483396 .204839 -2.35988 [.018] S2_7 .041204 .094754 .434856 [.664] S3_7 -.261873 .115131 -2.27457 [.023] S4_7 .110945 .117775 .942000 [.346] S5_7 .164631 .058799 2.79989 [.005] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B5_7 YMEAN .127226 S2 1.70173 ARSQ .068849 SDEV 1.35187 S 1.30450 LMHET 137.976 [.000] SSR 1276.30 RSQ .110365 DW 2.02811 [<.985] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.0051926 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_7 E1 1.0000 B1_7 -0.019846 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 786 SBIC 1297.90 LOGL -1177.90 Standard Parameter Estimate Error t-statistic P-value C_8 -3.06631 .791133 -3.87584 [.000] A5_8 .375416 .198973 1.88677 [.059] A4_8 -.458884 .315370 -1.45506 [.146] A3_8 .093113 .295830 .314754 [.753] A2_8 .198118 .210874 .939511 [.347] P0_8 -.090691 .162056 -.559629 [.576] P1_8 .451344E-03 .049694 .908251E-02 [.993] P2_8 -.011625 .049211 -.236224 [.813] P3_8 .131453 .043294 3.03633 [.002] P4_8 -.020633 .041868 -.492816 [.622] P5_8 -.427940E-02 .047590 -.089923 [.928] P6_8 -.016868 .042270 -.399050 [.690] P7_8 -.073352 .045306 -1.61905 [.105] P8_8 .058477 .042111 1.38863 [.165] P9_8 .025650 .039884 .643109 [.520] P10_8 .243034E-02 .040330 .060261 [.952] P11_8 -.013004 .040943 -.317608 [.751] P12_8 .726693E-02 .042385 .171451 [.864] P13_8 -.027606 .041338 -.667811 [.504] P14_8 .879452E-02 .041944 .209671 [.834] P15_8 -.364657E-02 .036541 -.099794 [.921] P16_8 .025109 .051379 .488705 [.625] P17_8 -.536161E-02 .048041 -.111604 [.911] DI1_8 .030359 .083230 .364754 [.715] DF1_8 -.017095 .019520 -.875745 [.381] DI2_8 .082085 .116496 .704616 [.481] DF2_8 -.527705E-02 .018592 -.283836 [.777] DI3_8 -.046975 .144968 -.324034 [.746] DF3_8 .031908 .017270 1.84757 [.065] DI4_8 -.187012 .136155 -1.37353 [.170] DF4_8 -.185453E-02 .018073 -.102613 [.918] S1_8 .138324 .174077 .794612 [.427] S2_8 .125908 .080524 1.56360 [.118] S3_8 -.109569 .097841 -1.11987 [.263] S4_8 .135744 .100089 1.35624 [.175] S5_8 .145061 .049969 2.90303 [.004] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B5_8 YMEAN .127226 S2 1.22900 ARSQ .059439 SDEV 1.14309 S 1.10860 LMHET 191.223 [.000] SSR 921.747 RSQ .101375 DW 1.97785 [<.928] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.0013191 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_8 E1 1.0000 B1_8 0.029754 1.0000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 786 SBIC 1247.64 LOGL -1127.63 Standard Parameter Estimate Error t-statistic P-value C_9 -1.93046 .742125 -2.60126 [.009] A5_9 .076558 .186647 .410174 [.682] A4_9 -.160095 .295834 -.541166 [.588] A3_9 .067070 .277504 .241689 [.809] A2_9 -.094626 .197811 -.478368 [.632] P0_9 .267760 .152017 1.76138 [.078] P1_9 .012609 .046615 .270492 [.787] P2_9 -.051811 .046162 -1.12238 [.262] P3_9 .326388 .040612 8.03681 [.000] P4_9 .123217 .039275 3.13731 [.002] P5_9 .048729 .044642 1.09156 [.275] P6_9 -.021017 .039651 -.530053 [.596] P7_9 -.013630 .042499 -.320706 [.748] P8_9 .540087E-02 .039503 .136722 [.891] P9_9 .088567 .037414 2.36726 [.018] P10_9 -.012642 .037832 -.334176 [.738] P11_9 -.042444 .038407 -1.10513 [.269] P12_9 .039875 .039759 1.00292 [.316] P13_9 .019466 .038777 .501991 [.616] P14_9 .023443 .039346 .595803 [.551] P15_9 -.155197E-02 .034277 -.045277 [.964] P16_9 .876238E-02 .048196 .181806 [.856] P17_9 .377039E-02 .045065 .083665 [.933] DI1_9 .016647 .078074 .213214 [.831] DF1_9 .402948E-02 .018311 .220060 [.826] DI2_9 .022552 .109279 .206366 [.837] DF2_9 -.016880 .017440 -.967869 [.333] DI3_9 .064770 .135987 .476296 [.634] DF3_9 .478737E-02 .016200 .295513 [.768] DI4_9 -.219313 .127720 -1.71713 [.086] DF4_9 -.593815E-03 .016953 -.035026 [.972] S1_9 -.121138 .163294 -.741842 [.458] S2_9 -.011926 .075536 -.157889 [.875] S3_9 .030108 .091780 .328041 [.743] S4_9 .074140 .093888 .789661 [.430] S5_9 .086138 .046873 1.83767 [.066] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B5_9 YMEAN .127226 S2 1.08145 ARSQ .138972 SDEV 1.12071 S 1.03993 LMHET 600.211 [.000] SSR 811.085 RSQ .177361 DW 2.05678 [<.995] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.019135 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_9 E1 1.0000 B1_9 0.0024237 1.00000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 786 SBIC 1157.01 LOGL -1037.01 Standard Parameter Estimate Error t-statistic P-value C_10 -3.00738 .661307 -4.54762 [.000] A5_10 .557430 .166321 3.35153 [.001] A4_10 -.668752 .263618 -2.53683 [.011] A3_10 .455497 .247284 1.84200 [.065] A2_10 -.226426 .176269 -1.28455 [.199] P0_10 .542875 .135462 4.00758 [.000] P1_10 -.162836 .041539 -3.92009 [.000] P2_10 -.118920 .041135 -2.89096 [.004] P3_10 -.094071 .036189 -2.59943 [.009] P4_10 .059555 .034998 1.70168 [.089] P5_10 .834455E-02 .039780 .209767 [.834] P6_10 -.033560 .035333 -.949821 [.342] P7_10 -.079962 .037871 -2.11141 [.035] P8_10 -.472338E-02 .035201 -.134184 [.893] P9_10 .029676 .033339 .890128 [.373] P10_10 -.593108E-02 .033712 -.175935 [.860] P11_10 .708471E-02 .034224 .207008 [.836] P12_10 .212865 .035429 6.00813 [.000] P13_10 .013336 .034554 .385954 [.700] P14_10 .742870E-02 .035061 .211877 [.832] P15_10 -.663620E-02 .030544 -.217263 [.828] P16_10 .546247E-02 .042948 .127189 [.899] P17_10 -.038081 .040158 -.948276 [.343] DI1_10 .092928 .069572 1.33570 [.182] DF1_10 -.205877E-03 .016317 -.012618 [.990] DI2_10 -.103118 .097379 -1.05894 [.290] DF2_10 -.295050E-02 .015541 -.189853 [.849] DI3_10 .254157 .121178 2.09738 [.036] DF3_10 .023705 .014436 1.64205 [.101] DI4_10 -.178443 .113812 -1.56788 [.117] DF4_10 -.706578E-02 .015107 -.467710 [.640] S1_10 -.396175 .145511 -2.72264 [.006] S2_10 .015378 .067310 .228459 [.819] S3_10 -.293239 .081785 -3.58547 [.000] S4_10 .154206 .083664 1.84316 [.065] S5_10 .158719 .041769 3.79992 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B5_10 YMEAN .127226 S2 .858732 ARSQ .158280 SDEV 1.01006 S .926678 LMHET 484.338 [.000] SSR 644.049 RSQ .195809 DW 2.10002 [<.999] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.019703 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_10 E1 1.0000 B1_10 0.041835 1.0000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 786 SBIC 1534.84 LOGL -1414.84 Standard Parameter Estimate Error t-statistic P-value C_11 -3.83761 1.06947 -3.58833 [.000] A5_11 .202949 .268975 .754527 [.451] A4_11 -.189791 .426323 -.445181 [.656] A3_11 .276529 .399908 .691481 [.489] A2_11 -.118473 .285063 -.415603 [.678] P0_11 -.326799 .219070 -1.49176 [.136] P1_11 .022894 .067177 .340797 [.733] P2_11 -.048173 .066524 -.724141 [.469] P3_11 .016386 .058525 .279985 [.779] P4_11 -.164943 .056599 -2.91425 [.004] P5_11 .158841 .064333 2.46906 [.014] P6_11 .033286 .057141 .582532 [.560] P7_11 -.064121 .061245 -1.04695 [.295] P8_11 .013979 .056927 .245569 [.806] P9_11 -.049572 .053916 -.919428 [.358] P10_11 -.416179E-03 .054519 -.763369E-02 [.994] P11_11 -.017327 .055348 -.313050 [.754] P12_11 .015168 .057297 .264725 [.791] P13_11 -.037875 .055881 -.677772 [.498] P14_11 .014698 .056701 .259215 [.795] P15_11 .012034 .049397 .243623 [.808] P16_11 -.027356 .069455 -.393870 [.694] P17_11 .050351 .064943 .775307 [.438] DI1_11 .104804 .112512 .931488 [.352] DF1_11 -.018903 .026388 -.716355 [.474] DI2_11 -.100840 .157481 -.640333 [.522] DF2_11 -.473010E-02 .025133 -.188204 [.851] DI3_11 .093067 .195970 .474905 [.635] DF3_11 .022653 .023346 .970315 [.332] DI4_11 -.090017 .184057 -.489072 [.625] DF4_11 -.872574E-02 .024431 -.357153 [.721] S1_11 .455455 .235321 1.93546 [.053] S2_11 .133316 .108854 1.22472 [.221] S3_11 -.148682 .132264 -1.12414 [.261] S4_11 .124617 .135302 .921027 [.357] S5_11 .097082 .067549 1.43721 [.151] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B5_11 YMEAN .127226 S2 2.24588 ARSQ .036721 SDEV 1.52692 S 1.49863 LMHET 153.336 [.000] SSR 1684.41 RSQ .079670 DW 2.00051 [<.962] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.038376 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_11 E1 1.0000 B1_11 0.075294 1.00000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 786 SBIC 1930.83 LOGL -1810.83 Standard Parameter Estimate Error t-statistic P-value C_12 -2.04995 1.76997 -1.15818 [.247] A5_12 .247556 .445155 .556111 [.578] A4_12 -.860036 .705567 -1.21893 [.223] A3_12 .356183 .661850 .538163 [.590] A2_12 .404072 .471780 .856484 [.392] P0_12 -.365660 .362561 -1.00855 [.313] P1_12 -.193708E-02 .111178 -.017423 [.986] P2_12 .085111 .110097 .773054 [.439] P3_12 -.020634 .096859 -.213036 [.831] P4_12 .015328 .093671 .163634 [.870] P5_12 -.088992 .106471 -.835836 [.403] P6_12 .238661 .094568 2.52369 [.012] P7_12 .771902E-02 .101361 .076153 [.939] P8_12 -.058442 .094214 -.620309 [.535] P9_12 .047940 .089232 .537258 [.591] P10_12 -.051990 .090229 -.576204 [.564] P11_12 .116756 .091601 1.27462 [.202] P12_12 -.052230 .094826 -.550793 [.582] P13_12 -.061008 .092483 -.659659 [.509] P14_12 .037228 .093841 .396717 [.692] P15_12 -.011508 .081752 -.140771 [.888] P16_12 .047108 .114948 .409818 [.682] P17_12 .081276 .107482 .756187 [.450] DI1_12 .047591 .186208 .255577 [.798] DF1_12 -.217798E-02 .043671 -.049872 [.960] DI2_12 .120328 .260632 .461676 [.644] DF2_12 .026594 .041595 .639351 [.523] DI3_12 .127030 .324331 .391668 [.695] DF3_12 .019062 .038638 .493354 [.622] DI4_12 -.184133 .304615 -.604478 [.546] DF4_12 .333896E-02 .040434 .082578 [.934] S1_12 .417657 .389457 1.07241 [.284] S2_12 .104020 .180155 .577393 [.564] S3_12 -.334678 .218897 -1.52893 [.126] S4_12 .043268 .223925 .193227 [.847] S5_12 .164648 .111794 1.47279 [.141] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B5_12 YMEAN .127226 S2 6.15156 ARSQ -.984942E-02 SDEV 2.46811 S 2.48023 LMHET 106.971 [.000] SSR 4613.67 RSQ .035176 DW 2.02572 [<.983] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.035563 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_12 E1 1.0000 B1_12 -0.0071291 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 786 SBIC 669.556 LOGL -549.550 Standard Parameter Estimate Error t-statistic P-value C_13 -.916291 .355685 -2.57613 [.010] A5_13 .205691 .089456 2.29936 [.021] A4_13 -.159790 .141787 -1.12697 [.260] A3_13 -.107116 .133002 -.805376 [.421] A2_13 .045450 .094806 .479396 [.632] P0_13 -.043847 .072858 -.601813 [.547] P1_13 .042585 .022342 1.90605 [.057] P2_13 -.032316 .022125 -1.46064 [.144] P3_13 .238900E-02 .019464 .122738 [.902] P4_13 -.038131 .018824 -2.02571 [.043] P5_13 .031657 .021396 1.47957 [.139] P6_13 .032041 .019004 1.68604 [.092] P7_13 .039088 .020369 1.91901 [.055] P8_13 .010125 .018933 .534784 [.593] P9_13 -.030548 .017932 -1.70360 [.088] P10_13 .279497E-02 .018132 .154147 [.877] P11_13 .017120 .018408 .930070 [.352] P12_13 .013262 .019056 .695933 [.486] P13_13 .014303 .018585 .769576 [.442] P14_13 .033501 .018858 1.77652 [.076] P15_13 -.174519E-02 .016428 -.106230 [.915] P16_13 .023363 .023099 1.01143 [.312] P17_13 .041856 .021599 1.93789 [.053] DI1_13 .042664 .037419 1.14017 [.254] DF1_13 -.913507E-02 .877598E-02 -1.04092 [.298] DI2_13 .034343 .052375 .655708 [.512] DF2_13 .669836E-02 .835871E-02 .801362 [.423] DI3_13 -.028857 .065176 -.442755 [.658] DF3_13 .734436E-02 .776442E-02 .945899 [.344] DI4_13 -.031880 .061214 -.520804 [.603] DF4_13 .264850E-03 .812541E-02 .032595 [.974] S1_13 .114180 .078263 1.45893 [.145] S2_13 -.024893 .036203 -.687611 [.492] S3_13 -.091367 .043988 -2.07708 [.038] S4_13 .023001 .044999 .511150 [.609] S5_13 .110247 .022465 4.90739 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B5_13 YMEAN .126709 S2 .248417 ARSQ .097988 SDEV .524789 S .498415 LMHET 180.105 [.000] SSR 186.313 RSQ .138205 DW 2.02742 [<.984] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.029780 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_13 E1 1.0000 B1_13 0.014622 1.00000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 786 SBIC 653.012 LOGL -533.006 Standard Parameter Estimate Error t-statistic P-value C_14 -1.50778 .348276 -4.32925 [.000] A5_14 -.010439 .087593 -.119178 [.905] A4_14 .017097 .138834 .123147 [.902] A3_14 .143955 .130232 1.10538 [.269] A2_14 -.028983 .092832 -.312211 [.755] P0_14 .012345 .071341 .173047 [.863] P1_14 -.426994E-02 .021876 -.195185 [.845] P2_14 .500783E-02 .021664 .231162 [.817] P3_14 -.020750 .019059 -1.08872 [.276] P4_14 .017754 .018432 .963223 [.335] P5_14 -.015697 .020950 -.749248 [.454] P6_14 .019648 .018608 1.05586 [.291] P7_14 -.012726 .019945 -.638066 [.523] P8_14 -.464410E-02 .018538 -.250512 [.802] P9_14 -.010599 .017558 -.603647 [.546] P10_14 -.019246 .017754 -1.08404 [.278] P11_14 .021849 .018024 1.21223 [.225] P12_14 .061095 .018659 3.27431 [.001] P13_14 .022968 .018198 1.26213 [.207] P14_14 .039797 .018465 2.15528 [.031] P15_14 -.541487E-02 .016086 -.336616 [.736] P16_14 .626671E-05 .022618 .277064E-03 [1.00] P17_14 -.019452 .021149 -.919751 [.358] DI1_14 .019795 .036640 .540259 [.589] DF1_14 -.010199 .859319E-02 -1.18682 [.235] DI2_14 -.067681 .051284 -1.31972 [.187] DF2_14 .295236E-02 .818461E-02 .360720 [.718] DI3_14 .011584 .063818 .181522 [.856] DF3_14 .897357E-03 .760270E-02 .118031 [.906] DI4_14 .020099 .059939 .335328 [.737] DF4_14 .011580 .795617E-02 1.45542 [.146] S1_14 .025437 .076633 .331935 [.740] S2_14 .033399 .035449 .942166 [.346] S3_14 .176721E-02 .043072 .041029 [.967] S4_14 .013168 .044061 .298847 [.765] S5_14 .052729 .021998 2.39703 [.017] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B5_14 YMEAN .118349 S2 .238177 ARSQ .110644 SDEV .517501 S .488033 LMHET 72.1073 [.000] SSR 178.632 RSQ .150296 DW 2.05067 [<.993] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.020345 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_14 E1 1.0000 B1_14 0.011919 1.00000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 786 SBIC 2085.45 LOGL -1965.44 Standard Parameter Estimate Error t-statistic P-value C_15 -3.19796 2.15476 -1.48414 [.138] A5_15 .153404 .541931 .283068 [.777] A4_15 -.742334 .858956 -.864228 [.387] A3_15 .170836 .805735 .212026 [.832] A2_15 .741403 .574344 1.29087 [.197] P0_15 -.194830 .441381 -.441409 [.659] P1_15 .019107 .135348 .141170 [.888] P2_15 .053347 .134032 .398019 [.691] P3_15 -.021670 .117916 -.183779 [.854] P4_15 .044288 .114035 .388375 [.698] P5_15 -.128862 .129617 -.994175 [.320] P6_15 -.128659 .115127 -1.11754 [.264] P7_15 -.011206 .123397 -.090811 [.928] P8_15 -.027259 .114696 -.237663 [.812] P9_15 .087281 .108630 .803468 [.422] P10_15 -.084188 .109844 -.766431 [.443] P11_15 -.054788 .111514 -.491311 [.623] P12_15 -.075299 .115441 -.652274 [.514] P13_15 -.067593 .112589 -.600353 [.548] P14_15 .212668E-02 .114242 .018616 [.985] P15_15 -.901901E-02 .099524 -.090621 [.928] P16_15 .035805 .139938 .255865 [.798] P17_15 .046423 .130848 .354784 [.723] DI1_15 -.055155 .226689 -.243306 [.808] DF1_15 -.490022E-02 .053166 -.092169 [.927] DI2_15 .411338 .317293 1.29640 [.195] DF2_15 .013011 .050638 .256937 [.797] DI3_15 .068647 .394840 .173860 [.862] DF3_15 .024050 .047037 .511290 [.609] DI4_15 -.176973 .370837 -.477225 [.633] DF4_15 .819788E-03 .049224 .016654 [.987] S1_15 .226098 .474125 .476874 [.633] S2_15 .197363 .219320 .899884 [.368] S3_15 -.453699 .266485 -1.70253 [.089] S4_15 -.011530 .272606 -.042297 [.966] S5_15 .189877 .136098 1.39516 [.163] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B5_15 YMEAN .127226 S2 9.11698 ARSQ -.020644 SDEV 2.98874 S 3.01943 LMHET 92.6771 [.000] SSR 6837.73 RSQ .024862 DW 2.02000 [<.980] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.050293 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_15 E1 1.0000 B1_15 -0.012864 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 786 SBIC 986.391 LOGL -866.385 Standard Parameter Estimate Error t-statistic P-value C_17 -2.26281 .532265 -4.25127 [.000] A5_17 .210000 .133867 1.56873 [.117] A4_17 -.032178 .212178 -.151657 [.879] A3_17 -.151742 .199031 -.762402 [.446] A2_17 .130809 .141873 .922014 [.357] P0_17 -.262225 .109029 -2.40509 [.016] P1_17 .013779 .033433 .412125 [.680] P2_17 .020254 .033108 .611759 [.541] P3_17 .056240 .029127 1.93082 [.054] P4_17 .013893 .028169 .493219 [.622] P5_17 .060782 .032018 1.89839 [.058] P6_17 .031472 .028438 1.10666 [.268] P7_17 -.030338 .030481 -.995308 [.320] P8_17 .011372 .028332 .401401 [.688] P9_17 -.358945E-02 .026834 -.133767 [.894] P10_17 -.933017E-02 .027134 -.343861 [.731] P11_17 .986177E-02 .027546 .358010 [.720] P12_17 -.647350E-02 .028516 -.227013 [.820] P13_17 -.040331 .027812 -1.45017 [.147] P14_17 .021180 .028220 .750532 [.453] P15_17 .111932E-02 .024584 .045530 [.964] P16_17 -.160995E-02 .034567 -.046574 [.963] P17_17 -.456443E-02 .032322 -.141219 [.888] DI1_17 -.036750 .055996 -.656291 [.512] DF1_17 .013728 .013133 1.04531 [.296] DI2_17 -.029120 .078377 -.371532 [.710] DF2_17 .010249 .012508 .819366 [.413] DI3_17 .033968 .097533 .348275 [.728] DF3_17 -.260144E-02 .011619 -.223893 [.823] DI4_17 -.139457 .091603 -1.52240 [.128] DF4_17 .226249E-02 .012159 .186071 [.852] S1_17 .353374 .117117 3.01726 [.003] S2_17 .046465 .054176 .857669 [.391] S3_17 -.041669 .065827 -.633019 [.527] S4_17 .097270 .067339 1.44450 [.149] S5_17 .124484 .033619 3.70284 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B5_17 YMEAN .127226 S2 .556298 ARSQ .093058 SDEV .783185 S .745854 LMHET 206.467 [.000] SSR 417.224 RSQ .133495 DW 2.03295 [<.987] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.061188 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_17 E1 1.0000 B1_17 0.0036203 1.0000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 786 SBIC 2216.49 LOGL -2096.49 Standard Parameter Estimate Error t-statistic P-value C_18 .729102 2.54569 .286407 [.775] A5_18 -.016924 .640250 -.026433 [.979] A4_18 .287006 1.01479 .282823 [.777] A3_18 -.700093 .951913 -.735459 [.462] A2_18 .048129 .678543 .070930 [.943] P0_18 1.34884 .521458 2.58668 [.010] P1_18 .270244 .159903 1.69005 [.091] P2_18 -.309268 .158348 -1.95309 [.051] P3_18 -.092664 .139309 -.665173 [.506] P4_18 .082472 .134723 .612160 [.540] P5_18 .187986 .153133 1.22760 [.220] P6_18 -.147138 .136014 -1.08179 [.279] P7_18 -.048249 .145784 -.330964 [.741] P8_18 .048754 .135504 .359795 [.719] P9_18 .057617 .128338 .448945 [.653] P10_18 .023204 .129773 .178803 [.858] P11_18 -.019996 .131746 -.151780 [.879] P12_18 .093694 .136385 .686984 [.492] P13_18 -.011724 .133015 -.088141 [.930] P14_18 -.184643 .134968 -1.36806 [.171] P15_18 .142357E-02 .117580 .012107 [.990] P16_18 .052747 .165326 .319047 [.750] P17_18 -.045086 .154587 -.291657 [.771] DI1_18 .067827 .267816 .253261 [.800] DF1_18 .041432 .062811 .659622 [.509] DI2_18 .057219 .374857 .152642 [.879] DF2_18 .045660 .059825 .763229 [.445] DI3_18 .081815 .466473 .175390 [.861] DF3_18 -.029527 .055571 -.531334 [.595] DI4_18 -.120110 .438116 -.274152 [.784] DF4_18 .021322 .058155 .366643 [.714] S1_18 -1.31339 .560142 -2.34475 [.019] S2_18 -.089182 .259110 -.344186 [.731] S3_18 -.095953 .314831 -.304775 [.761] S4_18 -.159277 .322063 -.494552 [.621] S5_18 .183596 .160789 1.14184 [.254] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B5_18 YMEAN .127226 S2 12.7251 ARSQ -.193653E-03 SDEV 3.56688 S 3.56723 LMHET 160.870 [.000] SSR 9543.83 RSQ .044401 DW 1.98423 [<.939] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.012328 1.0000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_18 E1 1.0000 B1_18 -0.0048947 1.00000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 786 SBIC 1853.11 LOGL -1733.11 Standard Parameter Estimate Error t-statistic P-value C_19 -1.76882 1.60333 -1.10321 [.270] A5_19 -.082716 .403244 -.205127 [.837] A4_19 .204445 .639139 .319876 [.749] A3_19 .253255 .599537 .422418 [.673] A2_19 -.059275 .427363 -.138700 [.890] P0_19 -.264682 .328427 -.805910 [.420] P1_19 .018094 .100711 .179664 [.857] P2_19 .665241E-02 .099732 .066703 [.947] P3_19 -.019216 .087740 -.219011 [.827] P4_19 .437334E-02 .084852 .051541 [.959] P5_19 -.059620 .096447 -.618166 [.536] P6_19 .059138 .085665 .690347 [.490] P7_19 -.921168E-02 .091818 -.100325 [.920] P8_19 -.110781 .085344 -1.29805 [.194] P9_19 .047086 .080831 .582532 [.560] P10_19 -.053888 .081734 -.659316 [.510] P11_19 -.619207E-02 .082977 -.074624 [.941] P12_19 -.298158E-02 .085898 -.034711 [.972] P13_19 .012888 .083776 .153835 [.878] P14_19 .357406E-02 .085006 .042045 [.966] P15_19 -.638642E-02 .074055 -.086239 [.931] P16_19 -.010081 .104126 -.096814 [.923] P17_19 -.079073 .097362 -.812156 [.417] DI1_19 .021544 .168677 .127724 [.898] DF1_19 -.549846E-02 .039560 -.138991 [.889] DI2_19 -.122977 .236094 -.520882 [.602] DF2_19 .296038E-02 .037679 .078569 [.937] DI3_19 .142793 .293796 .486028 [.627] DF3_19 .033017 .035000 .943344 [.346] DI4_19 .046626 .275935 .168973 [.866] DF4_19 .014354 .036627 .391892 [.695] S1_19 .289623 .352791 .820950 [.412] S2_19 -.780224E-02 .163193 -.047810 [.962] S3_19 -.110271 .198288 -.556118 [.578] S4_19 .100264 .202843 .494296 [.621] S5_19 -.014179 .101268 -.140017 [.889] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B5_19 YMEAN .127226 S2 5.04777 ARSQ -.023969 SDEV 2.22027 S 2.24672 LMHET 76.1509 [.000] SSR 3785.82 RSQ .021686 DW 2.03470 [<.988] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.0087548 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_19 E1 1.0000 B1_19 0.0040260 1.0000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 786 SBIC 1182.14 LOGL -1062.14 Standard Parameter Estimate Error t-statistic P-value C_20 -2.12069 .682793 -3.10590 [.002] A5_20 .390093 .171725 2.27162 [.023] A4_20 -.574448 .272183 -2.11052 [.035] A3_20 .266980 .255318 1.04568 [.296] A2_20 .028730 .181996 .157861 [.875] P0_20 .170754 .139863 1.22087 [.222] P1_20 -.503871E-02 .042889 -.117484 [.906] P2_20 -.087279 .042472 -2.05500 [.040] P3_20 -.143645 .037365 -3.84439 [.000] P4_20 -.118069 .036135 -3.26746 [.001] P5_20 .048978 .041073 1.19247 [.233] P6_20 .067331 .036481 1.84565 [.065] P7_20 .709946E-03 .039102 .018156 [.986] P8_20 -.019627 .036344 -.540036 [.589] P9_20 .111764E-02 .034422 .032468 [.974] P10_20 .254279E-02 .034807 .073054 [.942] P11_20 .015778 .035336 .446517 [.655] P12_20 .150641 .036581 4.11807 [.000] P13_20 .014096 .035677 .395105 [.693] P14_20 -.025179 .036200 -.695546 [.487] P15_20 -.247044E-02 .031537 -.078335 [.938] P16_20 .504916E-02 .044343 .113866 [.909] P17_20 .024508 .041463 .591090 [.554] DI1_20 .086187 .071832 1.19983 [.230] DF1_20 .241683E-02 .016847 .143458 [.886] DI2_20 -.661048E-02 .100543 -.065748 [.948] DF2_20 .689341E-02 .016046 .429606 [.667] DI3_20 .237209 .125115 1.89592 [.058] DF3_20 .016640 .014905 1.11641 [.264] DI4_20 -.149275 .117509 -1.27032 [.204] DF4_20 -.430032E-02 .015598 -.275696 [.783] S1_20 -.090688 .150239 -.603623 [.546] S2_20 .034089 .069497 .490508 [.624] S3_20 -.342760 .084443 -4.05909 [.000] S4_20 .087242 .086382 1.00995 [.313] S5_20 .146460 .043126 3.39609 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B5_20 YMEAN .116256 S2 .915440 ARSQ .121816 SDEV 1.02099 S .956786 LMHET 171.599 [.000] SSR 686.580 RSQ .160971 DW 2.06412 [<.996] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.035535 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_20 E1 1.0000 B1_20 0.042176 1.00000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 786 SBIC 1327.67 LOGL -1207.67 Standard Parameter Estimate Error t-statistic P-value C_21 -.758831 .821674 -.923518 [.356] A5_21 -.150531 .206654 -.728418 [.466] A4_21 .233745 .327545 .713629 [.475] A3_21 .121490 .307250 .395409 [.693] A2_21 -.273819 .219014 -1.25023 [.211] P0_21 -.091248 .168312 -.542137 [.588] P1_21 .178268E-02 .051612 .034540 [.972] P2_21 -.695817E-02 .051110 -.136140 [.892] P3_21 -.034369 .044965 -.764350 [.445] P4_21 -.040075 .043485 -.921585 [.357] P5_21 .030715 .049427 .621432 [.534] P6_21 .021057 .043901 .479653 [.631] P7_21 -.079397 .047055 -1.68732 [.092] P8_21 -.034285 .043737 -.783898 [.433] P9_21 -.034314 .041424 -.828372 [.407] P10_21 -.018922 .041887 -.451749 [.651] P11_21 .013087 .042524 .307750 [.758] P12_21 .079744 .044021 1.81150 [.070] P13_21 .018874 .042934 .439618 [.660] P14_21 -.022016 .043564 -.505374 [.613] P15_21 -.854484E-02 .037952 -.225151 [.822] P16_21 .388056E-02 .053362 .072721 [.942] P17_21 -.024102 .049896 -.483048 [.629] DI1_21 .160349 .086443 1.85496 [.064] DF1_21 -.027029 .020274 -1.33322 [.182] DI2_21 -.193811 .120993 -1.60183 [.109] DF2_21 .583947E-02 .019310 .302412 [.762] DI3_21 -.028030 .150564 -.186169 [.852] DF3_21 .030697 .017937 1.71138 [.087] DI4_21 .054976 .141411 .388766 [.697] DF4_21 .523648E-02 .018771 .278971 [.780] S1_21 .150936 .180798 .834833 [.404] S2_21 .023700 .083633 .283381 [.777] S3_21 -.021274 .101618 -.209355 [.834] S4_21 .015663 .103953 .150670 [.880] S5_21 .041777 .051898 .804983 [.421] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B5_21 YMEAN .127226 S2 1.32572 ARSQ .202844E-02 SDEV 1.15257 S 1.15140 LMHET 54.9669 [.000] SSR 994.288 RSQ .046524 DW 1.91168 [<.703] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.028984 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_21 E1 1.0000 B1_21 0.050647 1.0000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 786 SBIC 1642.00 LOGL -1521.99 Standard Parameter Estimate Error t-statistic P-value C_22 -.134601 1.22568 -.109817 [.913] A5_22 -.018392 .308262 -.059663 [.952] A4_22 .473371 .488593 .968845 [.333] A3_22 -.470570 .458320 -1.02673 [.305] A2_22 -.044817 .326700 -.137182 [.891] P0_22 .562263E-02 .251068 .022395 [.982] P1_22 -.025881 .076989 -.336165 [.737] P2_22 .038225 .076240 .501376 [.616] P3_22 -.661816E-02 .067073 -.098670 [.921] P4_22 .945913E-03 .064865 .014583 [.988] P5_22 -.032969 .073729 -.447169 [.655] P6_22 -.039159 .065487 -.597961 [.550] P7_22 .015965 .070191 .227447 [.820] P8_22 .017028 .065242 .260996 [.794] P9_22 -.096629 .061791 -1.56379 [.118] P10_22 -.147567E-02 .062482 -.023618 [.981] P11_22 -.303542E-02 .063432 -.047853 [.962] P12_22 -.010804 .065665 -.164529 [.869] P13_22 .104525 .064043 1.63210 [.103] P14_22 .014564 .064983 .224123 [.823] P15_22 -.013266 .056612 -.234342 [.815] P16_22 -.023408 .079600 -.294075 [.769] P17_22 .022977 .074429 .308714 [.758] DI1_22 .023579 .128946 .182863 [.855] DF1_22 -.029865 .030242 -.987546 [.323] DI2_22 -.115068 .180483 -.637553 [.524] DF2_22 -.015221 .028804 -.528423 [.597] DI3_22 -.269471 .224594 -1.19982 [.230] DF3_22 -.101903E-02 .026756 -.038086 [.970] DI4_22 .172215 .210940 .816413 [.414] DF4_22 .025194 .028000 .899787 [.368] S1_22 .092794 .269693 .344073 [.731] S2_22 .021263 .124754 .170438 [.865] S3_22 .139564 .151582 .920715 [.357] S4_22 -.128628 .155064 -.829512 [.407] S5_22 .112397 .077415 1.45187 [.147] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B5_22 YMEAN .127226 S2 2.94988 ARSQ -.010044 SDEV 1.70896 S 1.71752 LMHET 52.3106 [.000] SSR 2212.41 RSQ .034990 DW 2.09827 [<.999] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.053744 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_22 E1 1.0000 B1_22 0.017986 1.00000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 786 SBIC 1782.39 LOGL -1662.39 Standard Parameter Estimate Error t-statistic P-value C_23 -3.62954 1.46538 -2.47686 [.013] A5_23 .018914 .368548 .051321 [.959] A4_23 -.565185 .584145 -.967543 [.333] A3_23 .680725 .547951 1.24231 [.214] A2_23 -.030258 .390591 -.077468 [.938] P0_23 .224136 .300167 .746705 [.455] P1_23 -.194802 .092045 -2.11637 [.034] P2_23 .075207 .091150 .825084 [.409] P3_23 .190534 .080190 2.37602 [.018] P4_23 -.014283 .077551 -.184179 [.854] P5_23 -.119311 .088148 -1.35353 [.176] P6_23 -.088014 .078294 -1.12416 [.261] P7_23 -.997860E-02 .083918 -.118909 [.905] P8_23 -.052608 .078001 -.674454 [.500] P9_23 .050791 .073876 .687524 [.492] P10_23 -.030181 .074701 -.404029 [.686] P11_23 -.010424 .075837 -.137449 [.891] P12_23 -.021734 .078507 -.276843 [.782] P13_23 -.046440 .076568 -.606527 [.544] P14_23 .047240 .077692 .608048 [.543] P15_23 -.380410E-02 .067683 -.056205 [.955] P16_23 -.928706E-02 .095167 -.097587 [.922] P17_23 .049841 .088985 .560107 [.575] DI1_23 .044262 .154163 .287109 [.774] DF1_23 -.701140E-02 .036156 -.193921 [.846] DI2_23 .036017 .215779 .166915 [.867] DF2_23 -.012816 .034437 -.372166 [.710] DI3_23 .281391 .268517 1.04795 [.295] DF3_23 .011650 .031988 .364189 [.716] DI4_23 -.189042 .252193 -.749594 [.453] DF4_23 -.226675E-02 .033476 -.067713 [.946] S1_23 -.084381 .322435 -.261700 [.794] S2_23 .085070 .149151 .570362 [.568] S3_23 -.197341 .181227 -1.08892 [.276] S4_23 .110861 .185389 .597992 [.550] S5_23 .024395 .092555 .263576 [.792] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B5_23 YMEAN .106225 S2 4.21648 ARSQ .400489E-02 SDEV 2.05753 S 2.05341 LMHET 148.387 [.000] SSR 3162.36 RSQ .048412 DW 1.98626 [<.943] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 -0.022271 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_23 E1 1.0000 B1_23 0.0011771 1.0000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 786 SBIC 2085.45 LOGL -1965.44 Standard Parameter Estimate Error t-statistic P-value C_24 -3.19796 2.15476 -1.48414 [.138] A5_24 .153404 .541931 .283068 [.777] A4_24 -.742334 .858956 -.864228 [.387] A3_24 .170836 .805735 .212026 [.832] A2_24 .741403 .574344 1.29087 [.197] P0_24 -.194830 .441381 -.441409 [.659] P1_24 .019107 .135348 .141170 [.888] P2_24 .053347 .134032 .398019 [.691] P3_24 -.021670 .117916 -.183779 [.854] P4_24 .044288 .114035 .388375 [.698] P5_24 -.128862 .129617 -.994175 [.320] P6_24 -.128659 .115127 -1.11754 [.264] P7_24 -.011206 .123397 -.090811 [.928] P8_24 -.027259 .114696 -.237663 [.812] P9_24 .087281 .108630 .803468 [.422] P10_24 -.084188 .109844 -.766431 [.443] P11_24 -.054788 .111514 -.491311 [.623] P12_24 -.075299 .115441 -.652274 [.514] P13_24 -.067593 .112589 -.600353 [.548] P14_24 .212668E-02 .114242 .018616 [.985] P15_24 -.901901E-02 .099524 -.090621 [.928] P16_24 .035805 .139938 .255865 [.798] P17_24 .046423 .130848 .354784 [.723] DI1_24 -.055155 .226689 -.243306 [.808] DF1_24 -.490022E-02 .053166 -.092169 [.927] DI2_24 .411338 .317293 1.29640 [.195] DF2_24 .013011 .050638 .256937 [.797] DI3_24 .068647 .394840 .173860 [.862] DF3_24 .024050 .047037 .511290 [.609] DI4_24 -.176973 .370837 -.477225 [.633] DF4_24 .819788E-03 .049224 .016654 [.987] S1_24 .226098 .474125 .476874 [.633] S2_24 .197363 .219320 .899884 [.368] S3_24 -.453699 .266485 -1.70253 [.089] S4_24 -.011530 .272606 -.042297 [.966] S5_24 .189877 .136098 1.39516 [.163] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B5_24 YMEAN .127226 S2 9.11698 ARSQ -.020644 SDEV 2.98874 S 3.01943 LMHET 92.6771 [.000] SSR 6837.73 RSQ .024862 DW 2.02000 [<.980] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.050293 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_24 E1 1.0000 B1_24 -0.012864 1.00000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 786 SBIC 1815.63 LOGL -1695.63 Standard Parameter Estimate Error t-statistic P-value C_25 -1.09990 1.52868 -.719512 [.472] A5_25 -.297645 .384469 -.774173 [.439] A4_25 .023179 .609379 .038037 [.970] A3_25 .096817 .571622 .169373 [.866] A2_25 .384563 .407464 .943796 [.345] P0_25 -.091720 .313134 -.292908 [.770] P1_25 .665398E-02 .096021 .069297 [.945] P2_25 .015802 .095088 .166180 [.868] P3_25 -.011061 .083655 -.132227 [.895] P4_25 .012381 .080901 .153034 [.878] P5_25 .048207 .091956 .524235 [.600] P6_25 -.092364 .081676 -1.13086 [.258] P7_25 .050831 .087543 .580637 [.561] P8_25 -.018230 .081370 -.224035 [.823] P9_25 .021387 .077067 .277508 [.781] P10_25 .964426E-02 .077928 .123758 [.902] P11_25 -.590419E-02 .079113 -.074630 [.941] P12_25 .020493 .081899 .250227 [.802] P13_25 .189650 .079875 2.37432 [.018] P14_25 -.041110 .081048 -.507229 [.612] P15_25 .121197E-02 .070607 .017165 [.986] P16_25 -.032592 .099278 -.328291 [.743] P17_25 .015495 .092829 .166918 [.867] DI1_25 -.128788 .160823 -.800808 [.423] DF1_25 -.055636 .037718 -1.47505 [.140] DI2_25 .092523 .225101 .411029 [.681] DF2_25 .047814 .035925 1.33095 [.183] DI3_25 .086989 .280116 .310545 [.756] DF3_25 -.014143 .033370 -.423813 [.672] DI4_25 -.693212E-02 .263087 -.026349 [.979] DF4_25 .020037 .034922 .573767 [.566] S1_25 .187784 .336364 .558275 [.577] S2_25 .020706 .155595 .133075 [.894] S3_25 -.074370 .189055 -.393379 [.694] S4_25 -.127730 .193398 -.660454 [.509] S5_25 .108234 .096553 1.12098 [.262] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B5_25 YMEAN .126871 S2 4.58864 ARSQ -.015110 SDEV 2.12611 S 2.14211 LMHET 65.7713 [.000] SSR 3441.48 RSQ .030149 DW 2.05376 [<.994] Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 E2 E1 1.0000 E2 0.018207 1.00000 Results of Covariance procedure =============================== Number of Observations: 786 Correlation Matrix E1 B1_25 E1 1.0000 B1_25 0.045288 1.00000