INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 852 SBIC 1208.41 LOGL -1124.07 Standard Parameter Estimate Error t-statistic P-value A_1 1.02711 .119730 8.57856 [.000] P0_1 .178223 .052310 3.40702 [.001] P1_1 -.842385E-03 .033236 -.025345 [.980] P2_1 -.018242 .032386 -.563262 [.573] P3_1 -.049215 .032553 -1.51184 [.131] P4_1 -.178688 .036232 -4.93179 [.000] P5_1 .557624E-02 .041814 .133358 [.894] P6_1 .039072 .042934 .910042 [.363] P7_1 .275801E-02 .032350 .085256 [.932] P8_1 -.371399E-02 .031655 -.117327 [.907] P9_1 -.064253 .031944 -2.01142 [.044] P10_1 -.964086E-02 .031529 -.305773 [.760] P11_1 .067788 .032766 2.06884 [.039] P12_1 -.023689 .032666 -.725198 [.468] P13_1 .066907 .032310 2.07075 [.038] P14_1 -.061578 .031713 -1.94170 [.052] P15_1 -.054727 .031540 -1.73517 [.083] P16_1 -.036321 .032258 -1.12596 [.260] P17_1 .070629 .031865 2.21655 [.027] P18_1 .011315 .045520 .248580 [.804] P19_1 -.071643 .037861 -1.89225 [.058] P20_1 -.026030 .032121 -.810390 [.418] P21_1 .578509E-02 .032733 .176733 [.860] S1_1 -.093651 .052473 -1.78475 [.074] B_1 .204640 .043863 4.66541 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.13485 S2 .844143 ARSQ .120627 SDEV .979764 S .918773 LMHET 22.2522 [.000] SSR 698.106 RSQ .145428 DW 1.83752 [<.115] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 852 SBIC 1198.61 LOGL -1114.26 Standard Parameter Estimate Error t-statistic P-value A_2 1.13517 .120649 9.40885 [.000] P0_2 .166931 .051768 3.22462 [.001] P1_2 -.302231E-02 .032858 -.091980 [.927] P2_2 -.019387 .031991 -.606023 [.544] P3_2 -.050267 .032177 -1.56222 [.118] P4_2 -.172238 .035846 -4.80501 [.000] P5_2 .018446 .041213 .447569 [.654] P6_2 .037609 .042438 .886191 [.376] P7_2 .016321 .032050 .509243 [.611] P8_2 .666135E-02 .031287 .212909 [.831] P9_2 -.068535 .031588 -2.16964 [.030] P10_2 -.398460E-02 .031193 -.127740 [.898] P11_2 .063731 .032403 1.96685 [.049] P12_2 -.021585 .032295 -.668357 [.504] P13_2 .072050 .031888 2.25950 [.024] P14_2 -.064123 .031350 -2.04541 [.041] P15_2 -.057814 .031181 -1.85417 [.064] P16_2 -.034458 .031886 -1.08068 [.280] P17_2 .057677 .031405 1.83651 [.066] P18_2 -.837086E-02 .044733 -.187128 [.852] P19_2 -.057617 .037118 -1.55228 [.121] P20_2 -.025682 .031726 -.809496 [.418] P21_2 .477641E-02 .032028 .149133 [.881] S1_2 -.120602 .052209 -2.30998 [.021] B_2 .349492 .054229 6.44473 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.13485 S2 .824930 ARSQ .140642 SDEV .979764 S .908256 LMHET 25.1044 [.000] SSR 682.217 RSQ .164878 DW 1.83104 [<.097] INVESTOR #3 ===================== EQUATIONS: EQ_B3 NOB 852 SBIC 1213.29 LOGL -1128.94 Standard Parameter Estimate Error t-statistic P-value A_3 .973268 .119531 8.14242 [.000] P0_3 .179885 .052611 3.41917 [.001] P1_3 .866966E-03 .033429 .025935 [.979] P2_3 -.015659 .032659 -.479478 [.632] P3_3 -.042992 .032724 -1.31376 [.189] P4_3 -.176545 .036482 -4.83929 [.000] P5_3 -.348078E-03 .042428 -.820403E-02 [.993] P6_3 .042366 .043213 .980411 [.327] P7_3 .161716E-02 .032537 .049702 [.960] P8_3 -.106565E-02 .031826 -.033484 [.973] P9_3 -.067580 .032150 -2.10205 [.036] P10_3 -.010843 .031709 -.341960 [.732] P11_3 .069365 .032956 2.10476 [.035] P12_3 -.026435 .032847 -.804795 [.421] P13_3 .069546 .032490 2.14056 [.032] P14_3 -.059370 .031890 -1.86173 [.063] P15_3 -.056516 .031722 -1.78159 [.075] P16_3 -.035281 .032441 -1.08754 [.277] P17_3 .069785 .032098 2.17411 [.030] P18_3 -.687372E-02 .049999 -.137478 [.891] P19_3 -.072478 .038389 -1.88796 [.059] P20_3 -.029710 .032283 -.920292 [.357] P21_3 .651209E-03 .033079 .019687 [.984] S1_3 -.075732 .052604 -1.43967 [.150] B_3 .110770 .031828 3.48029 [.001] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B3 Dependent variable: LPSE YMEAN 5.13485 S2 .853855 ARSQ .110510 SDEV .979764 S .924043 LMHET 14.1060 [.000] SSR 706.138 RSQ .135596 DW 1.83871 [<.118] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 852 SBIC 1208.48 LOGL -1124.14 Standard Parameter Estimate Error t-statistic P-value A_4 1.01456 .119428 8.49515 [.000] P0_4 .183634 .052295 3.51149 [.000] P1_4 -.353647E-02 .033246 -.106374 [.915] P2_4 -.023131 .032354 -.714949 [.475] P3_4 -.048203 .032549 -1.48091 [.139] P4_4 -.180518 .036225 -4.98319 [.000] P5_4 .426714E-02 .041760 .102181 [.919] P6_4 .039699 .042940 .924533 [.355] P7_4 .297515E-02 .032353 .091960 [.927] P8_4 .114094E-02 .031640 .036060 [.971] P9_4 -.061615 .031948 -1.92858 [.054] P10_4 -.985789E-02 .031531 -.312643 [.755] P11_4 .064986 .032802 1.98114 [.048] P12_4 -.022376 .032675 -.684809 [.493] P13_4 .067709 .032303 2.09605 [.036] P14_4 -.062106 .031722 -1.95785 [.050] P15_4 -.059432 .031555 -1.88348 [.060] P16_4 -.035225 .032258 -1.09197 [.275] P17_4 .067843 .031827 2.13163 [.033] P18_4 -.042583 .050502 -.843178 [.399] P19_4 -.072548 .037893 -1.91453 [.056] P20_4 -.029727 .032083 -.926584 [.354] P21_4 .500207E-02 .032707 .152938 [.878] S1_4 -.095026 .052503 -1.80990 [.070] B_4 .198177 .042614 4.65052 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.13485 S2 .844281 ARSQ .120484 SDEV .979764 S .918848 LMHET 12.1752 [.000] SSR 698.221 RSQ .145288 DW 1.82759 [<.089] INVESTOR #5 ===================== EQUATIONS: EQ_B5 NOB 852 SBIC 1191.42 LOGL -1107.08 Standard Parameter Estimate Error t-statistic P-value A_5 1.13160 .118739 9.53009 [.000] P0_5 .161046 .051357 3.13582 [.002] P1_5 -.011616 .032614 -.356159 [.722] P2_5 -.015878 .031735 -.500324 [.617] P3_5 -.047410 .031896 -1.48640 [.137] P4_5 -.171517 .035538 -4.82632 [.000] P5_5 .020278 .040673 .498557 [.618] P6_5 .038674 .042083 .918997 [.358] P7_5 .125127E-02 .031712 .039458 [.969] P8_5 -.620141E-02 .031029 -.199862 [.842] P9_5 -.067805 .031318 -2.16504 [.030] P10_5 -.991854E-02 .030899 -.320995 [.748] P11_5 .055929 .032184 1.73780 [.082] P12_5 -.027082 .032015 -.845934 [.398] P13_5 .053916 .031751 1.69808 [.089] P14_5 -.071745 .031136 -2.30423 [.021] P15_5 -.063166 .030934 -2.04193 [.041] P16_5 -.033769 .031618 -1.06803 [.286] P17_5 .068658 .031167 2.20289 [.028] P18_5 .012863 .043160 .298037 [.766] P19_5 -.060468 .036814 -1.64253 [.100] P20_5 -.019017 .031500 -.603710 [.546] P21_5 .022514 .032059 .702278 [.483] S1_5 -.113204 .051536 -2.19660 [.028] B_5 .356254 .047477 7.50376 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B5 Dependent variable: LPSE YMEAN 5.13485 S2 .811134 ARSQ .155014 SDEV .979764 S .900630 LMHET 26.4244 [.000] SSR 670.808 RSQ .178844 DW 1.86639 [<.218] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 852 SBIC 1204.70 LOGL -1120.35 Standard Parameter Estimate Error t-statistic P-value A_6 1.04050 .119267 8.72413 [.000] P0_6 .174441 .052099 3.34824 [.001] P1_6 .201705E-02 .033095 .060948 [.951] P2_6 -.013769 .032281 -.426531 [.670] P3_6 -.050947 .032418 -1.57156 [.116] P4_6 -.174859 .036095 -4.84435 [.000] P5_6 .016970 .041832 .405654 [.685] P6_6 .040279 .042749 .942220 [.346] P7_6 .446382E-02 .032211 .138581 [.890] P8_6 .208934E-03 .031501 .663269E-02 [.995] P9_6 -.069962 .031828 -2.19812 [.028] P10_6 -.957380E-02 .031390 -.304999 [.760] P11_6 .067529 .032617 2.07037 [.038] P12_6 -.027884 .032518 -.857482 [.391] P13_6 .068930 .032137 2.14486 [.032] P14_6 -.063542 .031583 -2.01187 [.044] P15_6 -.057051 .031404 -1.81669 [.069] P16_6 -.034036 .032115 -1.05984 [.289] P17_6 .067030 .031664 2.11689 [.034] P18_6 .012091 .044689 .270568 [.787] P19_6 -.078506 .037781 -2.07789 [.038] P20_6 -.024879 .031977 -.778027 [.437] P21_6 .684292E-02 .032461 .210807 [.833] S1_6 -.094440 .052213 -1.80875 [.070] B_6 .221980 .041078 5.40386 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.13485 S2 .836812 ARSQ .128264 SDEV .979764 S .914774 LMHET 22.7163 [.000] SSR 692.044 RSQ .152849 DW 1.84080 [<.124] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 852 SBIC 1197.44 LOGL -1113.09 Standard Parameter Estimate Error t-statistic P-value A_7 1.07654 .118636 9.07432 [.000] P0_7 .157301 .051790 3.03730 [.002] P1_7 -.418361E-02 .032816 -.127488 [.899] P2_7 -.022078 .031937 -.691296 [.489] P3_7 -.048320 .032125 -1.50412 [.133] P4_7 -.171825 .035797 -4.79996 [.000] P5_7 .011284 .040891 .275950 [.783] P6_7 .035999 .042380 .849445 [.396] P7_7 -.398673E-02 .031951 -.124775 [.901] P8_7 -.411575E-02 .031243 -.131734 [.895] P9_7 -.076645 .031598 -2.42560 [.015] P10_7 -.011627 .031116 -.373661 [.709] P11_7 .058390 .032407 1.80176 [.072] P12_7 -.025880 .032242 -.802696 [.422] P13_7 .066798 .031869 2.09604 [.036] P14_7 -.067705 .031335 -2.16069 [.031] P15_7 -.057158 .031137 -1.83570 [.066] P16_7 -.027935 .031857 -.876899 [.381] P17_7 .064691 .031373 2.06198 [.039] P18_7 -.013262 .044790 -.296094 [.767] P19_7 -.061985 .037097 -1.67086 [.095] P20_7 -.022867 .031703 -.721272 [.471] P21_7 .015664 .032239 .485869 [.627] S1_7 -.089669 .051687 -1.73485 [.083] B_7 .325042 .049046 6.62723 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.13485 S2 .822670 ARSQ .142997 SDEV .979764 S .907012 LMHET 28.1164 [.000] SSR 680.348 RSQ .167166 DW 1.85038 [<.155] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 852 SBIC 1200.88 LOGL -1116.53 Standard Parameter Estimate Error t-statistic P-value A_8 1.11652 .120643 9.25474 [.000] P0_8 .141589 .052320 2.70621 [.007] P1_8 .913254E-02 .032981 .276903 [.782] P2_8 .878378E-02 .032559 .269783 [.787] P3_8 -.034060 .032292 -1.05475 [.292] P4_8 -.165284 .036025 -4.58809 [.000] P5_8 -.962192E-02 .040630 -.236817 [.813] P6_8 .061849 .042761 1.44639 [.148] P7_8 .766220E-02 .032076 .238879 [.811] P8_8 .472373E-02 .031365 .150607 [.880] P9_8 -.071678 .031692 -2.26172 [.024] P10_8 -.540894E-02 .031270 -.172978 [.863] P11_8 .065313 .032481 2.01080 [.044] P12_8 -.023081 .032377 -.712878 [.476] P13_8 .069044 .031987 2.15847 [.031] P14_8 -.064706 .031443 -2.05789 [.040] P15_8 -.059492 .031269 -1.90259 [.057] P16_8 -.035338 .031971 -1.10532 [.269] P17_8 .060178 .031489 1.91108 [.056] P18_8 -.010765 .045231 -.237993 [.812] P19_8 -.058739 .037229 -1.57777 [.115] P20_8 -.025121 .031820 -.789469 [.430] P21_8 -.258285E-02 .031991 -.080738 [.936] S1_8 -.087265 .051888 -1.68181 [.093] B_8 .385418 .063430 6.07627 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.13485 S2 .829335 ARSQ .136053 SDEV .979764 S .910678 LMHET 13.4914 [.000] SSR 685.860 RSQ .160418 DW 1.80605 [<.048] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 852 SBIC 1208.95 LOGL -1124.61 Standard Parameter Estimate Error t-statistic P-value A_9 1.06941 .121427 8.80698 [.000] P0_9 .179206 .052339 3.42397 [.001] P1_9 -.391612E-02 .033266 -.117721 [.906] P2_9 -.023871 .032369 -.737465 [.461] P3_9 -.044268 .032556 -1.35976 [.174] P4_9 -.184179 .036239 -5.08235 [.000] P5_9 -.024714 .040846 -.605048 [.545] P6_9 .040265 .042966 .937140 [.349] P7_9 .762425E-02 .032389 .235398 [.814] P8_9 .343479E-02 .031662 .108484 [.914] P9_9 -.071530 .032014 -2.23433 [.025] P10_9 -.608912E-02 .031581 -.192808 [.847] P11_9 .069822 .032770 2.13065 [.033] P12_9 -.027032 .032680 -.827179 [.408] P13_9 .072290 .032282 2.23936 [.025] P14_9 -.055745 .031697 -1.75865 [.079] P15_9 -.058000 .031565 -1.83748 [.066] P16_9 -.036344 .032278 -1.12595 [.260] P17_9 .062300 .031796 1.95936 [.050] P18_9 .040188 .043979 .913802 [.361] P19_9 -.070936 .037881 -1.87260 [.061] P20_9 -.026999 .032131 -.840262 [.401] P21_9 -.013550 .032178 -.421104 [.674] S1_9 -.109639 .052922 -2.07171 [.038] B_9 .227288 .049956 4.54973 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.13485 S2 .845205 ARSQ .119522 SDEV .979764 S .919350 LMHET 15.2249 [.000] SSR 698.984 RSQ .144353 DW 1.80127 [<.042] INVESTOR #10 ====================== EQUATIONS: EQ_B10 NOB 852 SBIC 1189.64 LOGL -1105.30 Standard Parameter Estimate Error t-statistic P-value A_10 1.13875 .118539 9.60661 [.000] P0_10 .126699 .051702 2.45059 [.014] P1_10 -.899390E-03 .032512 -.027663 [.978] P2_10 .906345E-02 .031957 .283610 [.777] P3_10 -.034869 .031849 -1.09481 [.274] P4_10 -.145148 .035774 -4.05732 [.000] P5_10 .042805 .041193 1.03912 [.299] P6_10 .056541 .042076 1.34377 [.179] P7_10 .378704E-02 .031645 .119672 [.905] P8_10 -.472971E-02 .030958 -.152780 [.879] P9_10 -.069598 .031258 -2.22658 [.026] P10_10 -.575653E-02 .030848 -.186612 [.852] P11_10 .061673 .032063 1.92349 [.054] P12_10 -.021586 .031954 -.675524 [.499] P13_10 .064029 .031586 2.02714 [.043] P14_10 -.063559 .031008 -2.04975 [.040] P15_10 -.063253 .030869 -2.04908 [.040] P16_10 -.032451 .031553 -1.02846 [.304] P17_10 .072866 .031127 2.34093 [.019] P18_10 -.043364 .045043 -.962720 [.336] P19_10 -.069505 .036805 -1.88847 [.059] P20_10 -.017985 .031439 -.572052 [.567] P21_10 .029186 .032132 .908313 [.364] S1_10 -.079825 .051167 -1.56008 [.119] B_10 .448198 .057859 7.74643 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.13485 S2 .807750 ARSQ .158539 SDEV .979764 S .898749 LMHET 33.5451 [.000] SSR 668.009 RSQ .182270 DW 1.84753 [<.146] INVESTOR #11 ====================== EQUATIONS: EQ_B11 NOB 852 SBIC 1198.66 LOGL -1114.31 Standard Parameter Estimate Error t-statistic P-value A_11 1.09242 .119302 9.15680 [.000] P0_11 .168687 .051757 3.25920 [.001] P1_11 -.551540E-02 .032867 -.167808 [.867] P2_11 -.016301 .032011 -.509233 [.611] P3_11 -.050488 .032180 -1.56894 [.117] P4_11 -.171464 .035854 -4.78228 [.000] P5_11 .015495 .041121 .376803 [.706] P6_11 .047178 .042475 1.11071 [.267] P7_11 .839710E-02 .031994 .262458 [.793] P8_11 .436760E-02 .031282 .139622 [.889] P9_11 -.061706 .031581 -1.95391 [.051] P10_11 -.402059E-02 .031195 -.128887 [.897] P11_11 .061741 .032422 1.90427 [.057] P12_11 -.027497 .032288 -.851627 [.394] P13_11 .062800 .031950 1.96556 [.049] P14_11 -.065989 .031367 -2.10377 [.035] P15_11 -.057008 .031181 -1.82826 [.068] P16_11 -.032304 .031889 -1.01301 [.311] P17_11 .064751 .031419 2.06089 [.039] P18_11 -.099798 .050928 -1.95960 [.050] P19_11 -.065219 .037187 -1.75381 [.079] P20_11 -.030367 .031701 -.957934 [.338] P21_11 .833653E-02 .032115 .259581 [.795] S1_11 -.107725 .051973 -2.07271 [.038] B_11 .354652 .055099 6.43662 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.13485 S2 .825029 ARSQ .140539 SDEV .979764 S .908311 LMHET 10.4135 [.001] SSR 682.299 RSQ .164778 DW 1.82793 [<.090] INVESTOR #12 ====================== EQUATIONS: EQ_B12 NOB 852 SBIC 1203.76 LOGL -1119.42 Standard Parameter Estimate Error t-statistic P-value A_12 1.06353 .119674 8.88689 [.000] P0_12 .163161 .052153 3.12852 [.002] P1_12 -.157323E-02 .033056 -.047593 [.962] P2_12 -.592861E-02 .032364 -.183184 [.855] P3_12 -.041721 .032361 -1.28922 [.197] P4_12 -.164383 .036185 -4.54288 [.000] P5_12 -.034510 .040482 -.852466 [.394] P6_12 .051895 .042789 1.21280 [.225] P7_12 .225011E-02 .032174 .069936 [.944] P8_12 -.271372E-03 .031466 -.862418E-02 [.993] P9_12 -.061408 .031771 -1.93281 [.053] P10_12 -.725536E-02 .031367 -.231306 [.817] P11_12 .062112 .032633 1.90337 [.057] P12_12 -.020857 .032498 -.641788 [.521] P13_12 .066925 .032117 2.08379 [.037] P14_12 -.059929 .031519 -1.90136 [.057] P15_12 -.058947 .031374 -1.87882 [.060] P16_12 -.038163 .032086 -1.18937 [.234] P17_12 .065168 .031614 2.06136 [.039] P18_12 -.061427 .049785 -1.23385 [.217] P19_12 -.064672 .037434 -1.72765 [.084] P20_12 -.029036 .031902 -.910166 [.363] P21_12 -.912142E-03 .032177 -.028348 [.977] S1_12 -.091472 .052112 -1.75529 [.079] B_12 .327960 .058818 5.57587 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.13485 S2 .834970 ARSQ .130183 SDEV .979764 S .913767 LMHET 7.53398 [.006] SSR 690.521 RSQ .154714 DW 1.85115 [<.158] INVESTOR #13 ====================== EQUATIONS: EQ_B13 NOB 852 SBIC 1200.00 LOGL -1115.65 Standard Parameter Estimate Error t-statistic P-value A_13 1.05827 .118729 8.91334 [.000] P0_13 .159229 .051942 3.06553 [.002] P1_13 -.492764E-02 .032917 -.149697 [.881] P2_13 -.426304E-02 .032213 -.132341 [.895] P3_13 -.039448 .032225 -1.22416 [.221] P4_13 -.162434 .036022 -4.50926 [.000] P5_13 .017317 .041308 .419207 [.675] P6_13 .046983 .042543 1.10436 [.269] P7_13 -.392172E-04 .032035 -.122421E-02 [.999] P8_13 -.791638E-02 .031361 -.252430 [.801] P9_13 -.066261 .031633 -2.09468 [.036] P10_13 -.011326 .031210 -.362886 [.717] P11_13 .058437 .032516 1.79717 [.072] P12_13 -.030542 .032344 -.944262 [.345] P13_13 .059148 .032049 1.84555 [.065] P14_13 -.065403 .031414 -2.08194 [.037] P15_13 -.058500 .031233 -1.87299 [.061] P16_13 -.031398 .031941 -.982991 [.326] P17_13 .073066 .031536 2.31691 [.021] P18_13 -.095680 .051151 -1.87053 [.061] P19_13 -.068502 .037296 -1.83673 [.066] P20_13 -.026195 .031776 -.824372 [.410] P21_13 .020901 .032592 .641285 [.521] S1_13 -.085566 .051821 -1.65117 [.099] B_13 .339736 .054607 6.22144 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.13485 S2 .827625 ARSQ .137835 SDEV .979764 S .909739 LMHET 16.7606 [.000] SSR 684.446 RSQ .162150 DW 1.84945 [<.152] INVESTOR #14 ====================== EQUATIONS: EQ_B14 NOB 852 SBIC 1198.87 LOGL -1114.53 Standard Parameter Estimate Error t-statistic P-value A_14 1.07917 .118998 9.06887 [.000] P0_14 .174558 .051734 3.37416 [.001] P1_14 -.407771E-02 .032871 -.124051 [.901] P2_14 -.023264 .031989 -.727247 [.467] P3_14 -.039240 .032183 -1.21928 [.223] P4_14 -.174520 .035841 -4.86924 [.000] P5_14 .014112 .041096 .343382 [.731] P6_14 .033957 .042452 .799886 [.424] P7_14 .413463E-03 .031992 .012924 [.990] P8_14 -.293250E-02 .031292 -.093714 [.925] P9_14 -.067549 .031595 -2.13801 [.033] P10_14 -.836759E-02 .031178 -.268384 [.788] P11_14 .062446 .032425 1.92590 [.054] P12_14 -.023376 .032300 -.723723 [.469] P13_14 .067803 .031918 2.12430 [.034] P14_14 -.056481 .031325 -1.80307 [.071] P15_14 -.062325 .031207 -1.99713 [.046] P16_14 -.034033 .031896 -1.06701 [.286] P17_14 .068882 .031452 2.19009 [.029] P18_14 -.083682 .049677 -1.68450 [.092] P19_14 -.064983 .037195 -1.74709 [.081] P20_14 -.028304 .031719 -.892355 [.372] P21_14 .019224 .032447 .592453 [.554] S1_14 -.109421 .052016 -2.10359 [.035] B_14 .359970 .056224 6.40246 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.13485 S2 .825446 ARSQ .140105 SDEV .979764 S .908541 LMHET 23.4543 [.000] SSR 682.644 RSQ .164356 DW 1.85625 [<.177] INVESTOR #15 ====================== EQUATIONS: EQ_B15 NOB 852 SBIC 1182.13 LOGL -1097.78 Standard Parameter Estimate Error t-statistic P-value A_15 1.13892 .117046 9.73056 [.000] P0_15 .130472 .051087 2.55391 [.011] P1_15 -.011933 .032254 -.369962 [.711] P2_15 .016204 .031730 .510682 [.610] P3_15 -.012238 .031760 -.385323 [.700] P4_15 -.143705 .035415 -4.05778 [.000] P5_15 .780325E-03 .039726 .019643 [.984] P6_15 .035936 .041625 .863335 [.388] P7_15 .196973E-02 .031367 .062796 [.950] P8_15 -.830519E-02 .030696 -.270564 [.787] P9_15 -.047736 .031025 -1.53865 [.124] P10_15 -.017889 .030564 -.585311 [.558] P11_15 .060048 .031782 1.88935 [.059] P12_15 -.037888 .031693 -1.19545 [.232] P13_15 .049138 .031423 1.56372 [.118] P14_15 -.063958 .030733 -2.08106 [.037] P15_15 -.060700 .030587 -1.98448 [.047] P16_15 -.020728 .031314 -.661950 [.508] P17_15 .068613 .030823 2.22606 [.026] P18_15 .050751 .041899 1.21128 [.226] P19_15 -.040520 .036386 -1.11362 [.265] P20_15 -.021685 .031122 -.696764 [.486] P21_15 .014010 .031407 .446069 [.656] S1_15 -.084441 .050727 -1.66461 [.096] B_15 .495542 .056921 8.70577 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.13485 S2 .793628 ARSQ .173250 SDEV .979764 S .890858 LMHET 18.1752 [.000] SSR 656.331 RSQ .196566 DW 1.82750 [<.089] INVESTOR #16 ====================== EQUATIONS: EQ_B16 NOB 852 SBIC 1207.54 LOGL -1123.19 Standard Parameter Estimate Error t-statistic P-value A_16 1.06802 .120869 8.83615 [.000] P0_16 .182899 .052238 3.50124 [.000] P1_16 -.658838E-02 .033226 -.198287 [.843] P2_16 -.022995 .032318 -.711526 [.477] P3_16 -.049864 .032523 -1.53320 [.125] P4_16 -.184567 .036179 -5.10145 [.000] P5_16 .154171E-02 .041515 .037137 [.970] P6_16 .036466 .042885 .850317 [.395] P7_16 .975474E-02 .032350 .301537 [.763] P8_16 .877427E-03 .031605 .027762 [.978] P9_16 -.073002 .031973 -2.28326 [.022] P10_16 -.010636 .031491 -.337753 [.736] P11_16 .060870 .032824 1.85444 [.064] P12_16 -.022218 .032639 -.680722 [.496] P13_16 .071597 .032231 2.22139 [.026] P14_16 -.060284 .031667 -1.90370 [.057] P15_16 -.059353 .031518 -1.88313 [.060] P16_16 -.036724 .032225 -1.13958 [.254] P17_16 .061301 .031739 1.93141 [.053] P18_16 .033514 .044084 .760228 [.447] P19_16 -.064705 .037639 -1.71910 [.086] P20_16 -.026973 .032072 -.841011 [.400] P21_16 -.179273E-02 .032383 -.055360 [.956] S1_16 -.112874 .052864 -2.13519 [.033] B_16 .201042 .041460 4.84907 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B16 Dependent variable: LPSE YMEAN 5.13485 S2 .842409 ARSQ .122434 SDEV .979764 S .917828 LMHET 9.53913 [.002] SSR 696.672 RSQ .147183 DW 1.82777 [<.089] INVESTOR #17 ====================== EQUATIONS: EQ_B17 NOB 852 SBIC 1202.07 LOGL -1117.73 Standard Parameter Estimate Error t-statistic P-value A_17 1.08671 .119960 9.05895 [.000] P0_17 .162371 .052045 3.11981 [.002] P1_17 .197815E-02 .032992 .059958 [.952] P2_17 -.029519 .032113 -.919203 [.358] P3_17 -.045506 .032295 -1.40909 [.159] P4_17 -.167027 .036059 -4.63204 [.000] P5_17 -.881219E-03 .040918 -.021536 [.983] P6_17 .043255 .042628 1.01471 [.310] P7_17 .504823E-02 .032113 .157204 [.875] P8_17 .012174 .031459 .386973 [.699] P9_17 -.055983 .031731 -1.76428 [.078] P10_17 -.265531E-02 .031340 -.084726 [.932] P11_17 .065741 .032525 2.02122 [.043] P12_17 -.018284 .032448 -.563490 [.573] P13_17 .070882 .032024 2.21342 [.027] P14_17 -.064063 .031484 -2.03478 [.042] P15_17 -.060964 .031320 -1.94647 [.052] P16_17 -.038252 .032022 -1.19453 [.232] P17_17 .067694 .031567 2.14447 [.032] P18_17 -.292223E-02 .045024 -.064904 [.948] P19_17 -.064345 .037344 -1.72305 [.085] P20_17 -.024228 .031876 -.760077 [.447] P21_17 .270848E-02 .032170 .084193 [.933] S1_17 -.098698 .052085 -1.89492 [.058] B_17 .334471 .056943 5.87378 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.13485 S2 .831664 ARSQ .133627 SDEV .979764 S .911956 LMHET 14.0293 [.000] SSR 687.787 RSQ .158060 DW 1.82330 [<.079] INVESTOR #18 ====================== EQUATIONS: EQ_B18 NOB 852 SBIC 1202.71 LOGL -1118.36 Standard Parameter Estimate Error t-statistic P-value A_18 1.08064 .119932 9.01044 [.000] P0_18 .176461 .051962 3.39594 [.001] P1_18 -.340229E-02 .033019 -.103042 [.918] P2_18 -.024316 .032132 -.756751 [.449] P3_18 -.039013 .032331 -1.20667 [.228] P4_18 -.178606 .035985 -4.96333 [.000] P5_18 -.129320E-02 .040957 -.031575 [.975] P6_18 .039843 .042648 .934235 [.350] P7_18 .703100E-02 .032143 .218741 [.827] P8_18 .615616E-02 .031439 .195815 [.845] P9_18 -.061189 .031733 -1.92826 [.054] P10_18 -.010650 .031312 -.340120 [.734] P11_18 .072999 .032515 2.24512 [.025] P12_18 -.023312 .032447 -.718469 [.472] P13_18 .068313 .032064 2.13055 [.033] P14_18 -.056074 .031466 -1.78203 [.075] P15_18 -.060811 .031343 -1.94014 [.052] P16_18 -.031344 .032044 -.978171 [.328] P17_18 .067281 .031588 2.12993 [.033] P18_18 .027284 .043752 .623600 [.533] P19_18 -.076794 .037603 -2.04223 [.041] P20_18 -.024704 .031897 -.774498 [.439] P21_18 .336123E-02 .032224 .104308 [.917] S1_18 -.111136 .052353 -2.12281 [.034] B_18 .275838 .047864 5.76295 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B18 Dependent variable: LPSE YMEAN 5.13485 S2 .832911 ARSQ .132328 SDEV .979764 S .912640 LMHET 25.6196 [.000] SSR 688.818 RSQ .156798 DW 1.79870 [<.039] INVESTOR #19 ====================== EQUATIONS: EQ_B19 NOB 852 SBIC 1206.86 LOGL -1122.52 Standard Parameter Estimate Error t-statistic P-value A_19 1.01590 .119142 8.52676 [.000] P0_19 .175895 .052227 3.36789 [.001] P1_19 -.104380E-02 .033176 -.031463 [.975] P2_19 -.016811 .032336 -.519892 [.603] P3_19 -.040588 .032484 -1.24946 [.211] P4_19 -.175981 .036183 -4.86361 [.000] P5_19 .010830 .041844 .258818 [.796] P6_19 .041278 .042864 .962998 [.336] P7_19 .758181E-03 .032293 .023478 [.981] P8_19 -.127895E-02 .031584 -.040494 [.968] P9_19 -.062100 .031886 -1.94755 [.051] P10_19 -.010103 .031468 -.321064 [.748] P11_19 .071921 .032677 2.20095 [.028] P12_19 -.035714 .032651 -1.09383 [.274] P13_19 .060337 .032346 1.86536 [.062] P14_19 -.061188 .031648 -1.93341 [.053] P15_19 -.057035 .031484 -1.81157 [.070] P16_19 -.026596 .032234 -.825098 [.409] P17_19 .072831 .031830 2.28813 [.022] P18_19 .793235E-02 .045359 .174879 [.861] P19_19 -.079296 .037975 -2.08809 [.037] P20_19 -.026082 .032054 -.813687 [.416] P21_19 .673529E-02 .032629 .206417 [.836] S1_19 -.087071 .052273 -1.66569 [.096] B_19 .193733 .038852 4.98642 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.13485 S2 .841073 ARSQ .123826 SDEV .979764 S .917100 LMHET 26.6385 [.000] SSR 695.567 RSQ .148536 DW 1.83969 [<.121] INVESTOR #20 ====================== EQUATIONS: EQ_B20 NOB 852 SBIC 1179.32 LOGL -1094.97 Standard Parameter Estimate Error t-statistic P-value A_20 1.18533 .117535 10.0848 [.000] P0_20 .148036 .050700 2.91987 [.004] P1_20 -.789937E-02 .032131 -.245849 [.806] P2_20 -.297580E-02 .031361 -.094889 [.924] P3_20 -.034774 .031460 -1.10531 [.269] P4_20 -.161478 .035086 -4.60233 [.000] P5_20 .024050 .039947 .602058 [.547] P6_20 .047208 .041506 1.13739 [.255] P7_20 .011424 .031279 .365245 [.715] P8_20 .370425E-02 .030577 .121146 [.904] P9_20 -.063267 .030871 -2.04941 [.040] P10_20 -.106471E-02 .030491 -.034918 [.972] P11_20 .063776 .031656 2.01466 [.044] P12_20 -.031386 .031567 -.994269 [.320] P13_20 .049344 .031308 1.57612 [.115] P14_20 -.067245 .030645 -2.19429 [.028] P15_20 -.059261 .030483 -1.94402 [.052] P16_20 -.030342 .031175 -.973282 [.330] P17_20 .071527 .030732 2.32742 [.020] P18_20 -.045724 .043887 -1.04187 [.297] P19_20 -.059213 .036278 -1.63219 [.103] P20_20 -.023318 .031009 -.751973 [.452] P21_20 .024012 .031454 .763399 [.445] S1_20 -.119817 .050800 -2.35859 [.018] B_20 .535255 .059192 9.04266 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.13485 S2 .788407 ARSQ .178690 SDEV .979764 S .887923 LMHET 16.8086 [.000] SSR 652.012 RSQ .201853 DW 1.82767 [<.089] INVESTOR #21 ====================== EQUATIONS: EQ_B21 NOB 852 SBIC 1207.40 LOGL -1123.06 Standard Parameter Estimate Error t-statistic P-value A_21 1.02283 .119401 8.56636 [.000] P0_21 .170613 .052311 3.26149 [.001] P1_21 .165631E-02 .033200 .049889 [.960] P2_21 -.010190 .032463 -.313888 [.754] P3_21 -.045732 .032498 -1.40722 [.159] P4_21 -.170478 .036274 -4.69971 [.000] P5_21 -.011071 .041055 -.269664 [.787] P6_21 .044673 .042914 1.04099 [.298] P7_21 .012091 .032370 .373535 [.709] P8_21 -.165552E-02 .031605 -.052381 [.958] P9_21 -.086336 .032252 -2.67694 [.007] P10_21 -.011646 .031483 -.369921 [.711] P11_21 .065323 .032750 1.99458 [.046] P12_21 -.020516 .032645 -.628463 [.530] P13_21 .073954 .032215 2.29561 [.022] P14_21 -.058676 .031651 -1.85387 [.064] P15_21 -.059386 .031513 -1.88450 [.059] P16_21 -.038407 .032227 -1.19175 [.233] P17_21 .064826 .031752 2.04160 [.041] P18_21 .039127 .043830 .892700 [.372] P19_21 -.050276 .037475 -1.34159 [.180] P20_21 -.031446 .032028 -.981805 [.326] P21_21 -.285259E-02 .032343 -.088199 [.930] S1_21 -.084157 .052282 -1.60967 [.107] B_21 .217751 .044646 4.87725 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.13485 S2 .842137 ARSQ .122717 SDEV .979764 S .917680 LMHET 8.47081 [.004] SSR 696.448 RSQ .147458 DW 1.81962 [<.072] INVESTOR #22 ====================== EQUATIONS: EQ_B22 NOB 852 SBIC 1200.13 LOGL -1115.79 Standard Parameter Estimate Error t-statistic P-value A_22 1.12051 .120570 9.29350 [.000] P0_22 .154249 .052022 2.96508 [.003] P1_22 -.648141E-02 .032929 -.196828 [.844] P2_22 -.011889 .032111 -.370244 [.711] P3_22 -.041916 .032223 -1.30081 [.193] P4_22 -.158899 .036088 -4.40311 [.000] P5_22 .493268E-02 .040927 .120524 [.904] P6_22 .049580 .042569 1.16469 [.244] P7_22 .254274E-02 .032037 .079369 [.937] P8_22 -.753028E-03 .031333 -.024033 [.981] P9_22 -.056466 .031654 -1.78385 [.074] P10_22 -.298798E-02 .031260 -.095584 [.924] P11_22 .066204 .032445 2.04052 [.041] P12_22 -.016507 .032385 -.509713 [.610] P13_22 .069959 .031954 2.18935 [.029] P14_22 -.066416 .031429 -2.11319 [.035] P15_22 -.063990 .031266 -2.04665 [.041] P16_22 -.036829 .031945 -1.15288 [.249] P17_22 .068191 .031495 2.16511 [.030] P18_22 -.032094 .046331 -.692717 [.488] P19_22 -.038941 .037181 -1.04733 [.295] P20_22 -.029467 .031761 -.927777 [.354] P21_22 .805734E-02 .032195 .250268 [.802] S1_22 -.101980 .051994 -1.96139 [.050] B_22 .350140 .056485 6.19885 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.13485 S2 .827893 ARSQ .137555 SDEV .979764 S .909886 LMHET 15.2861 [.000] SSR 684.668 RSQ .161878 DW 1.83222 [<.100] INVESTOR #23 ====================== EQUATIONS: EQ_B23 NOB 852 SBIC 1201.76 LOGL -1117.41 Standard Parameter Estimate Error t-statistic P-value A_23 1.05862 .119095 8.88886 [.000] P0_23 .174624 .051913 3.36380 [.001] P1_23 .165156E-02 .032979 .050078 [.960] P2_23 -.018778 .032116 -.584704 [.559] P3_23 -.044000 .032282 -1.36298 [.173] P4_23 -.179305 .035942 -4.98878 [.000] P5_23 .921028E-02 .041198 .223563 [.823] P6_23 .030619 .042605 .718659 [.472] P7_23 -.388453E-02 .032117 -.120950 [.904] P8_23 .433903E-02 .031396 .138203 [.890] P9_23 -.070242 .031716 -2.21469 [.027] P10_23 -.010546 .031277 -.337175 [.736] P11_23 .066104 .032510 2.03336 [.042] P12_23 -.022667 .032412 -.699337 [.484] P13_23 .066106 .032044 2.06299 [.039] P14_23 -.060614 .031447 -1.92751 [.054] P15_23 -.059191 .031301 -1.89104 [.059] P16_23 -.028176 .032021 -.879931 [.379] P17_23 .063760 .031531 2.02216 [.043] P18_23 -.063426 .049113 -1.29143 [.197] P19_23 -.066914 .037363 -1.79092 [.073] P20_23 -.029783 .031821 -.935958 [.349] P21_23 .011762 .032410 .362915 [.717] S1_23 -.101823 .052108 -1.95406 [.051] B_23 .305608 .051558 5.92749 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.13485 S2 .831053 ARSQ .134264 SDEV .979764 S .911621 LMHET 18.6713 [.000] SSR 687.281 RSQ .158679 DW 1.83227 [<.101] INVESTOR #24 ====================== EQUATIONS: EQ_B24 NOB 852 SBIC 1208.93 LOGL -1124.59 Standard Parameter Estimate Error t-statistic P-value A_24 1.05137 .120666 8.71309 [.000] P0_24 .182683 .052324 3.49136 [.000] P1_24 -.574891E-02 .033277 -.172759 [.863] P2_24 -.022869 .032372 -.706449 [.480] P3_24 -.047990 .032566 -1.47362 [.141] P4_24 -.183208 .036238 -5.05566 [.000] P5_24 .131535E-02 .041683 .031556 [.975] P6_24 .037963 .042957 .883730 [.377] P7_24 .866070E-02 .032397 .267334 [.789] P8_24 .164081E-02 .031657 .051830 [.959] P9_24 -.072124 .032021 -2.25241 [.024] P10_24 -.010810 .031543 -.342719 [.732] P11_24 .061863 .032875 1.88178 [.060] P12_24 -.022591 .032691 -.691040 [.490] P13_24 .071871 .032283 2.22624 [.026] P14_24 -.059627 .031716 -1.88004 [.060] P15_24 -.059087 .031570 -1.87165 [.061] P16_24 -.036734 .032279 -1.13804 [.255] P17_24 .062523 .031797 1.96633 [.049] P18_24 .021326 .044984 .474073 [.635] P19_24 -.065989 .037750 -1.74805 [.080] P20_24 -.027719 .032121 -.862960 [.388] P21_24 -.169473E-02 .032486 -.052168 [.958] S1_24 -.106697 .052828 -2.01971 [.043] B_24 .186300 .040911 4.55376 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.13485 S2 .845168 ARSQ .119560 SDEV .979764 S .919330 LMHET 10.0298 [.002] SSR 698.954 RSQ .144390 DW 1.82400 [<.081] INVESTOR #25 ====================== EQUATIONS: EQ_B25 NOB 852 SBIC 1194.81 LOGL -1110.47 Standard Parameter Estimate Error t-statistic P-value A_25 1.09278 .118484 9.22297 [.000] P0_25 .149322 .051712 2.88756 [.004] P1_25 -.415737E-02 .032714 -.127082 [.899] P2_25 .468154E-02 .032126 .145725 [.884] P3_25 -.029020 .032093 -.904227 [.366] P4_25 -.153207 .035906 -4.26694 [.000] P5_25 .301696E-03 .040445 .745950E-02 [.994] P6_25 .049555 .042292 1.17173 [.241] P7_25 .835495E-02 .031848 .262339 [.793] P8_25 -.149604E-02 .031139 -.048044 [.962] P9_25 -.046489 .031529 -1.47449 [.140] P10_25 -.015103 .031019 -.486889 [.626] P11_25 .065001 .032243 2.01594 [.044] P12_25 -.032458 .032153 -1.00949 [.313] P13_25 .058820 .031835 1.84767 [.065] P14_25 -.065385 .031213 -2.09476 [.036] P15_25 -.060135 .031047 -1.93688 [.053] P16_25 -.030760 .031748 -.968875 [.333] P17_25 .067157 .031286 2.14654 [.032] P18_25 -.068157 .047351 -1.43938 [.150] P19_25 -.039914 .036939 -1.08054 [.280] P20_25 -.032220 .031551 -1.02119 [.307] P21_25 .907374E-02 .031923 .284239 [.776] S1_25 -.087341 .051509 -1.69566 [.090] B_25 .376777 .053656 7.02209 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.13485 S2 .817611 ARSQ .148267 SDEV .979764 S .904218 LMHET 5.59960 [.018] SSR 676.164 RSQ .172288 DW 1.85392 [<.168]