INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 852 SBIC 1007.19 LOGL -926.217 Standard Parameter Estimate Error t-statistic P-value A_1 -.350398 .094076 -3.72463 [.000] P0_1 .033162 .041429 .800440 [.423] P1_1 .204115E-02 .026333 .077513 [.938] P2_1 -.036215 .025628 -1.41312 [.158] P3_1 .024394 .025778 .946317 [.344] P4_1 -.024417 .028694 -.850961 [.395] P5_1 -.219075 .032242 -6.79464 [.000] P6_1 -.014436 .034012 -.424443 [.671] P7_1 -.600744E-03 .025631 -.023439 [.981] P8_1 .023784 .025066 .948841 [.343] P9_1 .440527E-02 .025309 .174062 [.862] P10_1 -.019598 .024971 -.784824 [.433] P11_1 .034282 .025933 1.32194 [.186] P12_1 -.014482 .025876 -.559657 [.576] P13_1 .044679 .025552 1.74855 [.080] P14_1 .034930 .025097 1.39181 [.164] P15_1 -.267607E-02 .024988 -.107093 [.915] P16_1 .950748E-02 .025555 .372035 [.710] P17_1 -.056408 .025170 -2.24108 [.025] P18_1 .335722 .034126 9.83783 [.000] P19_1 .116280 .029724 3.91202 [.000] P20_1 -.046776 .025397 -1.84179 [.066] P21_1 -.150803 .025399 -5.93729 [.000] S1_1 .096713 .041438 2.33393 [.020] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B1_1 YMEAN .116884 S2 .529890 ARSQ .241623 SDEV .835893 S .727936 LMHET 364.563 [.000] SSR 438.749 RSQ .262120 DW 1.97767 [<.786] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.16014 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_1 E1 1.00000 B1_1 0.13756 1.00000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 852 SBIC 816.634 LOGL -735.663 Standard Parameter Estimate Error t-statistic P-value A_2 -.514353 .075222 -6.83777 [.000] P0_2 .051725 .033126 1.56146 [.118] P1_2 .743257E-02 .021056 .352999 [.724] P2_2 -.017927 .020492 -.874830 [.382] P3_2 .017293 .020612 .839009 [.401] P4_2 -.032751 .022943 -1.42749 [.153] P5_2 -.165100 .025781 -6.40402 [.000] P6_2 -.426678E-02 .027196 -.156890 [.875] P7_2 -.039160 .020494 -1.91082 [.056] P8_2 -.015761 .020043 -.786343 [.432] P9_2 .014831 .020237 .732903 [.464] P10_2 -.027660 .019967 -1.38528 [.166] P11_2 .031681 .020736 1.52785 [.127] P12_2 -.014501 .020690 -.700848 [.483] P13_2 .011443 .020431 .560089 [.575] P14_2 .027736 .020067 1.38218 [.167] P15_2 .726823E-02 .019980 .363768 [.716] P16_2 .237971E-03 .020434 .011646 [.991] P17_2 .403319E-02 .020126 .200402 [.841] P18_2 .252905 .027287 9.26848 [.000] P19_2 .027954 .023767 1.17617 [.240] P20_2 -.028386 .020307 -1.39784 [.162] P21_2 -.085414 .020309 -4.20572 [.000] S1_2 .133743 .033133 4.03650 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B1_2 YMEAN .115310 S2 .338783 ARSQ .257049 SDEV .675275 S .582051 LMHET 68.3440 [.000] SSR 280.512 RSQ .277128 DW 2.01859 [<.918] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.21868 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_2 E1 1.00000 B1_2 0.18593 1.0000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 852 SBIC 1285.33 LOGL -1204.36 Standard Parameter Estimate Error t-statistic P-value A_3 -.161272 .130393 -1.23681 [.216] P0_3 .046257 .057423 .805549 [.421] P1_3 -.011661 .036498 -.319483 [.749] P2_3 -.090219 .035521 -2.53986 [.011] P3_3 -.011119 .035729 -.311202 [.756] P4_3 -.064459 .039771 -1.62076 [.105] P5_3 -.351242 .044689 -7.85966 [.000] P6_3 -.056413 .047143 -1.19664 [.231] P7_3 .918948E-02 .035525 .258676 [.796] P8_3 .020031 .034743 .576540 [.564] P9_3 .038176 .035079 1.08829 [.276] P10_3 -.025352 .034611 -.732479 [.464] P11_3 .049092 .035944 1.36579 [.172] P12_3 -.196421E-02 .035865 -.054767 [.956] P13_3 .058714 .035416 1.65784 [.097] P14_3 .044598 .034785 1.28208 [.200] P15_3 .011211 .034635 .323697 [.746] P16_3 .817663E-02 .035421 .230843 [.817] P17_3 -.096584 .034886 -2.76854 [.006] P18_3 .784428 .047300 16.5842 [.000] P19_3 .222352 .041199 5.39708 [.000] P20_3 -.053195 .035201 -1.51115 [.131] P21_3 -.232251 .035205 -6.59718 [.000] S1_3 .016905 .057435 .294338 [.768] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B1_3 YMEAN .117371 S2 1.01798 ARSQ .372869 SDEV 1.27406 S 1.00895 LMHET 148.707 [.000] SSR 842.888 RSQ .389819 DW 1.99202 [<.842] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.12014 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_3 E1 1.00000 B1_3 0.093850 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 852 SBIC 1031.88 LOGL -950.904 Standard Parameter Estimate Error t-statistic P-value A_4 -.298512 .096842 -3.08247 [.002] P0_4 .693522E-02 .042647 .162619 [.871] P1_4 .015702 .027107 .579263 [.562] P2_4 -.012723 .026381 -.482267 [.630] P3_4 .020081 .026535 .756780 [.449] P4_4 -.015978 .029537 -.540930 [.589] P5_4 -.219614 .033190 -6.61683 [.000] P6_4 -.018073 .035012 -.516200 [.606] P7_4 -.171599E-02 .026384 -.065039 [.948] P8_4 .616507E-04 .025803 .238926E-02 [.998] P9_4 -.876308E-02 .026053 -.336360 [.737] P10_4 -.019142 .025705 -.744669 [.456] P11_4 .049538 .026695 1.85569 [.063] P12_4 -.021579 .026637 -.810117 [.418] P13_4 .042086 .026303 1.60003 [.110] P14_4 .038737 .025835 1.49942 [.134] P15_4 .020981 .025723 .815672 [.415] P16_4 .428834E-02 .026307 .163014 [.871] P17_4 -.044185 .025910 -1.70536 [.088] P18_4 .618640 .035129 17.6106 [.000] P19_4 .124638 .030598 4.07344 [.000] P20_4 -.029647 .026144 -1.13399 [.257] P21_4 -.151770 .026146 -5.80470 [.000] S1_4 .106804 .042656 2.50383 [.012] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B1_4 YMEAN .117067 S2 .561505 ARSQ .396140 SDEV .964292 S .749336 LMHET 63.4479 [.000] SSR 464.926 RSQ .412460 DW 2.03129 [<.943] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.15964 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_4 E1 1.00000 B1_4 0.12237 1.0000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 852 SBIC 922.746 LOGL -841.775 Standard Parameter Estimate Error t-statistic P-value A_5 -.494570 .085199 -5.80486 [.000] P0_5 .067262 .037520 1.79270 [.073] P1_5 .031413 .023848 1.31722 [.188] P2_5 -.027438 .023210 -1.18220 [.237] P3_5 .894574E-02 .023345 .383192 [.702] P4_5 -.034153 .025986 -1.31428 [.189] P5_5 -.167108 .029200 -5.72287 [.000] P6_5 -.717640E-02 .030803 -.232976 [.816] P7_5 .388433E-02 .023212 .167340 [.867] P8_5 .020644 .022701 .909388 [.363] P9_5 .012502 .022921 .545453 [.585] P10_5 -.010478 .022615 -.463322 [.643] P11_5 .052980 .023486 2.25582 [.024] P12_5 .120603E-02 .023434 .051464 [.959] P13_5 .062129 .023141 2.68478 [.007] P14_5 .048605 .022729 2.13849 [.032] P15_5 .022152 .022630 .978856 [.328] P16_5 -.170079E-02 .023144 -.073487 [.941] P17_5 -.026867 .022795 -1.17865 [.239] P18_5 .188501 .030906 6.09924 [.000] P19_5 .035424 .026919 1.31595 [.188] P20_5 -.046556 .023001 -2.02412 [.043] P21_5 -.133583 .023003 -5.80724 [.000] S1_5 .110439 .037528 2.94284 [.003] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B1_5 YMEAN .117132 S2 .434611 ARSQ .201989 SDEV .737982 S .659250 LMHET 397.995 [.000] SSR 359.858 RSQ .223557 DW 1.99792 [<.862] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.25248 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_5 E1 1.00000 B1_5 0.22247 1.00000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 852 SBIC 1059.36 LOGL -978.394 Standard Parameter Estimate Error t-statistic P-value A_6 -.383339 .100017 -3.83272 [.000] P0_6 .047606 .044046 1.08083 [.280] P1_6 -.011000 .027996 -.392907 [.694] P2_6 -.053536 .027246 -1.96488 [.049] P3_6 .030288 .027406 1.10519 [.269] P4_6 -.039759 .030506 -1.30333 [.192] P5_6 -.253288 .034279 -7.38910 [.000] P6_6 -.018749 .036160 -.518490 [.604] P7_6 -.823832E-02 .027249 -.302332 [.762] P8_6 .425366E-02 .026649 .159616 [.873] P9_6 .029779 .026907 1.10672 [.268] P10_6 -.018369 .026548 -.691916 [.489] P11_6 .032770 .027571 1.18857 [.235] P12_6 .554618E-02 .027510 .201606 [.840] P13_6 .032072 .027166 1.18062 [.238] P14_6 .041049 .026682 1.53848 [.124] P15_6 .800396E-02 .026566 .301281 [.763] P16_6 -.152613E-02 .027169 -.056171 [.955] P17_6 -.035785 .026759 -1.33728 [.181] P18_6 .306001 .036281 8.43423 [.000] P19_6 .138111 .031601 4.37046 [.000] P20_6 -.048308 .027001 -1.78912 [.074] P21_6 -.143789 .027003 -5.32483 [.000] S1_6 .092713 .044055 2.10448 [.035] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B1_6 YMEAN .117082 S2 .598933 ARSQ .224183 SDEV .878637 S .773908 LMHET 383.412 [.000] SSR 495.917 RSQ .245151 DW 1.99397 [<.849] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.18468 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_6 E1 1.00000 B1_6 0.16045 1.00000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 852 SBIC 901.050 LOGL -820.079 Standard Parameter Estimate Error t-statistic P-value A_7 -.372676 .083057 -4.48699 [.000] P0_7 .085243 .036577 2.33053 [.020] P1_7 .011564 .023249 .497426 [.619] P2_7 -.010998 .022626 -.486058 [.627] P3_7 .012603 .022758 .553770 [.580] P4_7 -.036486 .025333 -1.44025 [.150] P5_7 -.155485 .028466 -5.46217 [.000] P6_7 .363590E-03 .030029 .012108 [.990] P7_7 .020372 .022629 .900288 [.368] P8_7 .016210 .022130 .732474 [.464] P9_7 .040897 .022344 1.83032 [.067] P10_7 -.622885E-02 .022046 -.282534 [.778] P11_7 .050494 .022895 2.20543 [.027] P12_7 -.237622E-02 .022845 -.104015 [.917] P13_7 .028464 .022559 1.26173 [.207] P14_7 .040842 .022157 1.84328 [.065] P15_7 .579545E-02 .022061 .262696 [.793] P16_7 -.019813 .022562 -.878135 [.380] P17_7 -.017243 .022222 -.775936 [.438] P18_7 .286977 .030129 9.52506 [.000] P19_7 .043492 .026242 1.65733 [.097] P20_7 -.039183 .022422 -1.74748 [.081] P21_7 -.125336 .022424 -5.58925 [.000] S1_7 .048637 .036584 1.32945 [.184] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B1_7 YMEAN .115788 S2 .413030 ARSQ .231238 SDEV .732984 S .642674 LMHET 95.6597 [.000] SSR 341.988 RSQ .252015 DW 2.04943 [<.967] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.22457 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_7 E1 1.00000 B1_7 0.19422 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 852 SBIC 685.376 LOGL -604.405 Standard Parameter Estimate Error t-statistic P-value A_8 -.418034 .064482 -6.48293 [.000] P0_8 .112657 .028397 3.96728 [.000] P1_8 -.024797 .018049 -1.37385 [.169] P2_8 -.089348 .017566 -5.08641 [.000] P3_8 -.026369 .017669 -1.49241 [.136] P4_8 -.047742 .019667 -2.42748 [.015] P5_8 -.076886 .022100 -3.47905 [.001] P6_8 -.066764 .023313 -2.86380 [.004] P7_8 -.013043 .017568 -.742451 [.458] P8_8 -.926414E-02 .017181 -.539204 [.590] P9_8 .021604 .017347 1.24537 [.213] P10_8 -.021386 .017116 -1.24946 [.211] P11_8 .024624 .017775 1.38533 [.166] P12_8 -.926700E-02 .017736 -.522498 [.601] P13_8 .018177 .017514 1.03785 [.299] P14_8 .026662 .017202 1.54995 [.121] P15_8 .010944 .017128 .638976 [.523] P16_8 .249929E-02 .017516 .142683 [.887] P17_8 -.283273E-02 .017252 -.164197 [.870] P18_8 .235542 .023391 10.0699 [.000] P19_8 .028257 .020374 1.38697 [.165] P20_8 -.027196 .017408 -1.56231 [.118] P21_8 -.058358 .017409 -3.35212 [.001] S1_8 .034781 .028403 1.22457 [.221] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B1_8 YMEAN .114028 S2 .248948 ARSQ .320133 SDEV .605121 S .498947 LMHET 66.4439 [.000] SSR 206.129 RSQ .338508 DW 1.99384 [<.849] LINE 49 Time Series Processor v4.4 (06 01/25/00 9:23 PM PAGE 3 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.20673 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_8 E1 1.00000 B1_8 0.16814 1.0000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 852 SBIC 896.902 LOGL -815.930 Standard Parameter Estimate Error t-statistic P-value A_9 -.501590 .082654 -6.06857 [.000] P0_9 .025530 .036399 .701404 [.483] P1_9 .015361 .023136 .663969 [.507] P2_9 -.783778E-02 .022516 -.348094 [.728] P3_9 .198624E-03 .022648 .877014E-02 [.993] P4_9 .217596E-02 .025210 .086314 [.931] P5_9 -.063979 .028328 -2.25853 [.024] P6_9 -.018248 .029883 -.610664 [.541] P7_9 -.021951 .022519 -.974792 [.330] P8_9 -.010039 .022023 -.455821 [.649] P9_9 .035983 .022236 1.61827 [.106] P10_9 -.033272 .021939 -1.51654 [.129] P11_9 .021915 .022784 .961828 [.336] P12_9 .167061E-02 .022734 .073485 [.941] P13_9 .016540 .022450 .736764 [.461] P14_9 .578604E-02 .022050 .262409 [.793] P15_9 .011991 .021954 .546199 [.585] P16_9 .866050E-02 .022452 .385726 [.700] P17_9 -.014141 .022114 -.639449 [.523] P18_9 .175237 .029982 5.84468 [.000] P19_9 .101584 .026115 3.88988 [.000] P20_9 -.037856 .022313 -1.69654 [.090] P21_9 -.050706 .022315 -2.27225 [.023] S1_9 .157418 .036407 4.32386 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B1_9 YMEAN .116095 S2 .409027 ARSQ .200774 SDEV .715387 S .639552 LMHET 154.685 [.000] SSR 338.674 RSQ .222374 DW 2.03770 [<.953] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.15627 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_9 E1 1.00000 B1_9 0.13780 1.00000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 852 SBIC 752.472 LOGL -671.501 Standard Parameter Estimate Error t-statistic P-value A_10 -.409083 .069766 -5.86367 [.000] P0_10 .130098 .030723 4.23450 [.000] P1_10 .105914E-02 .019528 .054237 [.957] P2_10 -.077457 .019005 -4.07555 [.000] P3_10 -.020871 .019116 -1.09178 [.275] P4_10 -.085981 .021279 -4.04069 [.000] P5_10 -.183089 .023910 -7.65727 [.000] P6_10 -.045568 .025223 -1.80659 [.071] P7_10 -.257020E-02 .019007 -.135222 [.892] P8_10 .013126 .018589 .706100 [.480] P9_10 .013937 .018769 .742551 [.458] P10_10 -.017615 .018518 -.951201 [.342] P11_10 .029295 .019232 1.52330 [.128] P12_10 -.011304 .019189 -.589105 [.556] P13_10 .026819 .018949 1.41533 [.157] P14_10 .020370 .018611 1.09448 [.274] P15_10 .017803 .018531 .960712 [.337] P16_10 -.429321E-02 .018951 -.226536 [.821] P17_10 -.030745 .018666 -1.64712 [.100] P18_10 .275284 .025307 10.8777 [.000] P19_10 .048322 .022043 2.19216 [.028] P20_10 -.039308 .018834 -2.08708 [.037] P21_10 -.121066 .018836 -6.42742 [.000] S1_10 .013310 .030730 .433123 [.665] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B1_10 YMEAN .117371 S2 .291414 ARSQ .334071 SDEV .661518 S .539828 LMHET 367.643 [.000] SSR 241.291 RSQ .352069 DW 1.88648 [<.296] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.26010 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_10 E1 1.00000 B1_10 0.20936 1.00000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 852 SBIC 803.125 LOGL -722.154 Standard Parameter Estimate Error t-statistic P-value A_11 -.386344 .074039 -5.21811 [.000] P0_11 .046023 .032605 1.41154 [.158] P1_11 .014354 .020724 .692623 [.489] P2_11 -.026368 .020170 -1.30732 [.191] P3_11 .017665 .020287 .870750 [.384] P4_11 -.034458 .022582 -1.52589 [.127] P5_11 -.154376 .025375 -6.08375 [.000] P6_11 -.031187 .026768 -1.16506 [.244] P7_11 -.016247 .020172 -.805438 [.421] P8_11 -.906363E-02 .019728 -.459440 [.646] P9_11 -.463939E-02 .019918 -.232922 [.816] P10_11 -.027156 .019653 -1.38178 [.167] P11_11 .036831 .020410 1.80459 [.071] P12_11 .238158E-02 .020365 .116947 [.907] P13_11 .037361 .020110 1.85784 [.063] P14_11 .032593 .019752 1.65016 [.099] P15_11 .488765E-02 .019666 .248531 [.804] P16_11 -.583992E-02 .020112 -.290364 [.772] P17_11 -.015973 .019809 -.806369 [.420] P18_11 .507019 .026857 18.8782 [.000] P19_11 .048981 .023393 2.09384 [.036] P20_11 -.014762 .019988 -.738565 [.460] P21_11 -.094210 .019990 -4.71294 [.000] S1_11 .095487 .032612 2.92795 [.003] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B1_11 YMEAN .117126 S2 .328209 ARSQ .451939 SDEV .773857 S .572895 LMHET 18.9607 [.000] SSR 271.757 RSQ .466751 DW 2.00661 [<.888] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.21842 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_11 E1 1.00000 B1_11 0.15950 1.0000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 852 SBIC 752.584 LOGL -671.613 Standard Parameter Estimate Error t-statistic P-value A_12 -.329687 .069775 -4.72501 [.000] P0_12 .066617 .030727 2.16801 [.030] P1_12 .350208E-02 .019531 .179312 [.858] P2_12 -.060142 .019008 -3.16405 [.002] P3_12 -.763022E-02 .019119 -.399094 [.690] P4_12 -.058854 .021282 -2.76550 [.006] P5_12 -.014470 .023914 -.605081 [.545] P6_12 -.048107 .025227 -1.90702 [.057] P7_12 .117381E-02 .019010 .061748 [.951] P8_12 .434362E-02 .018591 .233637 [.815] P9_12 -.592615E-02 .018771 -.315708 [.752] P10_12 -.019502 .018521 -1.05301 [.292] P11_12 .038697 .019234 2.01190 [.044] P12_12 -.017672 .019192 -.920803 [.357] P13_12 .027824 .018952 1.46815 [.142] P14_12 .016769 .018614 .900871 [.368] P15_12 .011198 .018533 .604210 [.546] P16_12 .011549 .018954 .609296 [.542] P17_12 -.018544 .018668 -.993369 [.321] P18_12 .431288 .025310 17.0399 [.000] P19_12 .051300 .022046 2.32700 [.020] P20_12 -.020021 .018837 -1.06290 [.288] P21_12 -.073677 .018838 -3.91102 [.000] S1_12 .053703 .030734 1.74735 [.081] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B1_12 YMEAN .117371 S2 .291491 ARSQ .469037 SDEV .740935 S .539899 LMHET 24.4087 [.000] SSR 241.354 RSQ .483387 DW 1.98019 [<.797] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.19035 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_12 E1 1.00000 B1_12 0.13681 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 852 SBIC 812.101 LOGL -731.130 Standard Parameter Estimate Error t-statistic P-value A_13 -.302779 .074823 -4.04659 [.000] P0_13 .075883 .032951 2.30293 [.021] P1_13 .013254 .020944 .632849 [.527] P2_13 -.062960 .020383 -3.08880 [.002] P3_13 -.014055 .020502 -.685544 [.493] P4_13 -.062551 .022821 -2.74086 [.006] P5_13 -.166517 .025644 -6.49344 [.000] P6_13 -.031982 .027052 -1.18225 [.237] P7_13 .787168E-02 .020385 .386146 [.699] P8_13 .026696 .019936 1.33904 [.181] P9_13 .856365E-02 .020129 .425435 [.671] P10_13 -.684556E-02 .019861 -.344677 [.730] P11_13 .048172 .020626 2.33553 [.020] P12_13 .011447 .020580 .556217 [.578] P13_13 .049750 .020323 2.44797 [.014] P14_13 .032299 .019961 1.61813 [.106] P15_13 .949559E-02 .019874 .477780 [.633] P16_13 -.876292E-02 .020325 -.431132 [.666] P17_13 -.041151 .020019 -2.05561 [.040] P18_13 .517157 .027142 19.0539 [.000] P19_13 .060794 .023641 2.57157 [.010] P20_13 -.027690 .020200 -1.37083 [.170] P21_13 -.135328 .020201 -6.69897 [.000] S1_13 .034456 .032958 1.04547 [.296] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B1_13 YMEAN .117371 S2 .335197 ARSQ .469217 SDEV .794679 S .578962 LMHET 57.9599 [.000] SSR 277.544 RSQ .483563 DW 1.88688 [<.298] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.21145 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_13 E1 1.00000 B1_13 0.15195 1.00000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 852 SBIC 786.127 LOGL -705.156 Standard Parameter Estimate Error t-statistic P-value A_14 -.343837 .072577 -4.73758 [.000] P0_14 .029034 .031961 .908409 [.364] P1_14 .010148 .020315 .499542 [.617] P2_14 -.663699E-02 .019771 -.335691 [.737] P3_14 -.013845 .019887 -.696184 [.486] P4_14 -.025459 .022136 -1.15012 [.250] P5_14 -.148254 .024874 -5.96022 [.000] P6_14 .600127E-02 .026239 .228712 [.819] P7_14 .617167E-02 .019773 .312124 [.755] P8_14 .011350 .019338 .586933 [.557] P9_14 .011662 .019525 .597288 [.550] P10_14 -.014678 .019264 -.761945 [.446] P11_14 .034327 .020006 1.71582 [.086] P12_14 -.910204E-02 .019962 -.455961 [.648] P13_14 .022910 .019713 1.16223 [.245] P14_14 .569953E-02 .019361 .294377 [.768] P15_14 .019588 .019278 1.01611 [.310] P16_14 -.950294E-03 .019715 -.048201 [.962] P17_14 -.027214 .019418 -1.40151 [.161] P18_14 .454758 .026327 17.2736 [.000] P19_14 .047602 .022931 2.07587 [.038] P20_14 -.020275 .019593 -1.03480 [.301] P21_14 -.123063 .019595 -6.28038 [.000] S1_14 .098789 .031968 3.09026 [.002] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B1_14 YMEAN .115933 S2 .315370 ARSQ .414862 SDEV .734143 S .561578 LMHET 45.2377 [.000] SSR 261.126 RSQ .430676 DW 2.02941 [<.939] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.21731 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_14 E1 1.00000 B1_14 0.16397 1.0000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 852 SBIC 758.876 LOGL -677.905 Standard Parameter Estimate Error t-statistic P-value A_15 -.370332 .070292 -5.26848 [.000] P0_15 .110055 .030955 3.55531 [.000] P1_15 .023223 .019675 1.18030 [.238] P2_15 -.084467 .019149 -4.41107 [.000] P3_15 -.064546 .019261 -3.35120 [.001] P4_15 -.080678 .021439 -3.76309 [.000] P5_15 -.080791 .024091 -3.35361 [.001] P6_15 .365538E-03 .025413 .014384 [.989] P7_15 .134266E-02 .019151 .070110 [.944] P8_15 .019087 .018729 1.01910 [.308] P9_15 -.031511 .018910 -1.66636 [.096] P10_15 .855237E-02 .018658 .458374 [.647] P11_15 .029776 .019377 1.53669 [.124] P12_15 .022673 .019334 1.17271 [.241] P13_15 .054309 .019092 2.84457 [.004] P14_15 .019228 .018752 1.02540 [.305] P15_15 .010950 .018671 .586451 [.558] P16_15 -.027539 .019094 -1.44225 [.149] P17_15 -.019225 .018806 -1.02224 [.307] P18_15 .059060 .025498 2.31624 [.021] P19_15 -.014786 .022209 -.665782 [.506] P20_15 -.028086 .018976 -1.48005 [.139] P21_15 -.078873 .018978 -4.15602 [.000] S1_15 .021352 .030962 .689626 [.490] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B1_15 YMEAN .116808 S2 .295828 ARSQ .168316 SDEV .596404 S .543901 LMHET 406.933 [.000] SSR 244.946 RSQ .190794 DW 2.02075 [<.923] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.28974 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_15 E1 1.00000 B1_15 0.26064 1.00000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 852 SBIC 1054.32 LOGL -973.348 Standard Parameter Estimate Error t-statistic P-value A_16 -.560162 .099427 -5.63391 [.000] P0_16 .010496 .043785 .239707 [.811] P1_16 .030659 .027831 1.10162 [.271] P2_16 -.013219 .027086 -.488047 [.626] P3_16 .028058 .027244 1.02987 [.303] P4_16 .438845E-02 .030326 .144711 [.885] P5_16 -.202927 .034076 -5.95510 [.000] P6_16 -.173375E-02 .035947 -.048231 [.962] P7_16 -.035414 .027088 -1.30734 [.191] P8_16 .137152E-02 .026492 .051771 [.959] P9_16 .048002 .026748 1.79458 [.073] P10_16 -.014997 .026392 -.568254 [.570] P11_16 .069305 .027408 2.52864 [.011] P12_16 -.022058 .027348 -.806595 [.420] P13_16 .022148 .027005 .820119 [.412] P14_16 .029119 .026524 1.09783 [.272] P15_16 .020287 .026410 .768178 [.442] P16_16 .011681 .027009 .432495 [.665] P17_16 -.011017 .026601 -.414146 [.679] P18_16 .231314 .036067 6.41351 [.000] P19_16 .083848 .031414 2.66907 [.008] P20_16 -.042926 .026842 -1.59925 [.110] P21_16 -.115809 .026844 -4.31415 [.000] S1_16 .194058 .043795 4.43107 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B1_16 YMEAN .117371 S2 .591882 ARSQ .193917 SDEV .856895 S .769338 LMHET 346.131 [.000] SSR 490.078 RSQ .215703 DW 2.08772 [<.992] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.16627 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_16 E1 1.00000 B1_16 0.14725 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 852 SBIC 778.490 LOGL -697.519 Standard Parameter Estimate Error t-statistic P-value A_17 -.392573 .071929 -5.45778 [.000] P0_17 .067683 .031676 2.13672 [.033] P1_17 -.718399E-02 .020134 -.356815 [.721] P2_17 .011559 .019595 .589889 [.555] P3_17 .383645E-02 .019709 .194654 [.846] P4_17 -.049803 .021939 -2.27009 [.023] P5_17 -.114730 .024652 -4.65401 [.000] P6_17 -.021341 .026005 -.820628 [.412] P7_17 -.721482E-02 .019597 -.368165 [.713] P8_17 -.032949 .019165 -1.71922 [.086] P9_17 -.022030 .019351 -1.13849 [.255] P10_17 -.032876 .019093 -1.72193 [.085] P11_17 .027094 .019828 1.36647 [.172] P12_17 -.025019 .019784 -1.26460 [.206] P13_17 .015451 .019537 .790875 [.429] P14_17 .028801 .019189 1.50096 [.133] P15_17 .017011 .019106 .890371 [.373] P16_17 .011590 .019539 .593185 [.553] P17_17 -.025735 .019244 -1.33728 [.181] P18_17 .247972 .026092 9.50381 [.000] P19_17 .049324 .022726 2.17034 [.030] P20_17 -.034007 .019418 -1.75127 [.080] P21_17 -.083068 .019420 -4.27744 [.000] S1_17 .074260 .031683 2.34386 [.019] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B1_17 YMEAN .115216 S2 .309767 ARSQ .247327 SDEV .641526 S .556567 LMHET 98.1538 [.000] SSR 256.487 RSQ .267670 DW 1.97586 [<.779] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.20012 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_17 E1 1.00000 B1_17 0.17125 1.0000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 852 SBIC 927.111 LOGL -846.140 Standard Parameter Estimate Error t-statistic P-value A_18 -.454016 .085637 -5.30164 [.000] P0_18 .030987 .037713 .821664 [.411] P1_18 .010795 .023971 .450332 [.652] P2_18 -.484741E-02 .023329 -.207785 [.835] P3_18 -.018889 .023465 -.804974 [.421] P4_18 -.018412 .026120 -.704907 [.481] P5_18 -.137624 .029350 -4.68907 [.000] P6_18 -.013506 .030961 -.436220 [.663] P7_18 -.015937 .023331 -.683055 [.495] P8_18 -.018137 .022818 -.794883 [.427] P9_18 -.784152E-02 .023038 -.340369 [.734] P10_18 -.010882 .022731 -.478725 [.632] P11_18 .653994E-02 .023607 .277038 [.782] P12_18 -.012111 .023555 -.514163 [.607] P13_18 .028048 .023260 1.20583 [.228] P14_18 .595985E-02 .022845 .260876 [.794] P15_18 .020072 .022747 .882412 [.378] P16_18 -.010987 .023263 -.472307 [.637] P17_18 -.029709 .022912 -1.29665 [.195] P18_18 .191176 .031064 6.15418 [.000] P19_18 .104938 .027057 3.87835 [.000] P20_18 -.039509 .023119 -1.70897 [.087] P21_18 -.103091 .023121 -4.45879 [.000] S1_18 .135138 .037721 3.58260 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B1_18 YMEAN .117371 S2 .439086 ARSQ .187274 SDEV .735026 S .662636 LMHET 278.231 [.000] SSR 363.563 RSQ .209240 DW 2.05778 [<.975] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.19649 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_18 E1 1.00000 B1_18 0.17473 1.00000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 852 SBIC 1108.99 LOGL -1028.02 Standard Parameter Estimate Error t-statistic P-value A_19 -.312259 .106016 -2.94539 [.003] P0_19 .047042 .046687 1.00760 [.314] P1_19 .319573E-02 .029675 .107691 [.914] P2_19 -.045636 .028881 -1.58017 [.114] P3_19 -.018764 .029049 -.645920 [.518] P4_19 -.039766 .032335 -1.22979 [.219] P5_19 -.258527 .036334 -7.11519 [.000] P6_19 -.026635 .038329 -.694907 [.487] P7_19 .968804E-02 .028884 .335417 [.737] P8_19 .012554 .028248 .444421 [.657] P9_19 -.645887E-02 .028521 -.226462 [.821] P10_19 -.018314 .028141 -.650803 [.515] P11_19 .014879 .029224 .509142 [.611] P12_19 .046773 .029160 1.60403 [.109] P13_19 .081106 .028795 2.81667 [.005] P14_19 .034883 .028282 1.23341 [.217] P15_19 .909079E-02 .028160 .322829 [.747] P16_19 -.040153 .028799 -1.39426 [.163] P17_19 -.070949 .028364 -2.50136 [.012] P18_19 .372084 .038457 9.67536 [.000] P19_19 .162329 .033496 4.84616 [.000] P20_19 -.049144 .028620 -1.71710 [.086] P21_19 -.164198 .028623 -5.73655 [.000] S1_19 .068194 .046697 1.46034 [.144] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B1_19 YMEAN .112144 S2 .672933 ARSQ .241108 SDEV .941664 S .820325 LMHET 403.901 [.000] SSR 557.188 RSQ .261618 DW 2.00033 [<.870] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.17085 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_19 E1 1.00000 B1_19 0.14681 1.00000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 852 SBIC 722.731 LOGL -641.760 Standard Parameter Estimate Error t-statistic P-value A_20 -.429557 .067372 -6.37587 [.000] P0_20 .069074 .029669 2.32814 [.020] P1_20 .013965 .018858 .740512 [.459] P2_20 -.042366 .018353 -2.30838 [.021] P3_20 -.017654 .018461 -.956336 [.339] P4_20 -.041488 .020549 -2.01901 [.043] P5_20 -.118272 .023090 -5.12215 [.000] P6_20 -.020721 .024358 -.850686 [.395] P7_20 -.016421 .018355 -.894614 [.371] P8_20 -.476611E-02 .017951 -.265504 [.791] P9_20 -.157592E-03 .018125 -.869490E-02 [.993] P10_20 -.023515 .017883 -1.31495 [.189] P11_20 .020602 .018572 1.10929 [.267] P12_20 .884381E-02 .018531 .477248 [.633] P13_20 .049893 .018299 2.72654 [.006] P14_20 .023943 .017973 1.33214 [.183] P15_20 .744763E-02 .017895 .416178 [.677] P16_20 -.753475E-02 .018301 -.411704 [.681] P17_20 -.023243 .018025 -1.28948 [.197] P18_20 .234919 .024439 9.61249 [.000] P19_20 .021234 .021287 .997505 [.319] P20_20 -.022952 .018188 -1.26190 [.207] P21_20 -.091708 .018190 -5.04174 [.000] S1_20 .085860 .029676 2.89326 [.004] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B1_20 YMEAN .117371 S2 .271763 ARSQ .275958 SDEV .612651 S .521309 LMHET 121.798 [.000] SSR 225.020 RSQ .295527 DW 2.01307 [<.905] LINE 49 Time Series Processor v4.4 (06 01/25/00 9:23 PM PAGE 6 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.29996 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_20 E1 1.00000 B1_20 0.25177 1.0000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 852 SBIC 991.097 LOGL -910.126 Standard Parameter Estimate Error t-statistic P-value A_21 -.309666 .092316 -3.35442 [.001] P0_21 .066110 .040654 1.62615 [.104] P1_21 -.955676E-02 .025840 -.369841 [.712] P2_21 -.071012 .025148 -2.82369 [.005] P3_21 .692978E-02 .025295 .273955 [.784] P4_21 -.060649 .028157 -2.15398 [.031] P5_21 -.129433 .031639 -4.09091 [.000] P6_21 -.039291 .033376 -1.17723 [.239] P7_21 -.043426 .025151 -1.72661 [.084] P8_21 .012899 .024597 .524389 [.600] P9_21 .105554 .024835 4.25018 [.000] P10_21 -.920854E-02 .024504 -.375797 [.707] P11_21 .043536 .025448 1.71081 [.087] P12_21 -.028181 .025392 -1.10985 [.267] P13_21 .962486E-02 .025074 .383858 [.701] P14_21 .019501 .024627 .791856 [.428] P15_21 .018885 .024521 .770152 [.441] P16_21 .018515 .025077 .738309 [.460] P17_21 -.026358 .024699 -1.06718 [.286] P18_21 .187784 .033487 5.60764 [.000] P19_21 .011152 .029168 .382342 [.702] P20_21 -.019090 .024922 -.766007 [.444] P21_21 -.102056 .024924 -4.09464 [.000] S1_21 .047288 .040663 1.16293 [.245] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B1_21 YMEAN .117371 S2 .510248 ARSQ .144216 SDEV .772162 S .714317 LMHET 105.457 [.000] SSR 422.485 RSQ .167345 DW 1.99529 [<.853] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.16721 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_21 E1 1.00000 B1_21 0.15258 1.00000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 852 SBIC 783.441 LOGL -702.470 Standard Parameter Estimate Error t-statistic P-value A_22 -.471558 .072348 -6.51789 [.000] P0_22 .087851 .031861 2.75737 [.006] P1_22 .017298 .020251 .854181 [.393] P2_22 -.039310 .019709 -1.99452 [.046] P3_22 -.658934E-02 .019824 -.332392 [.740] P4_22 -.070787 .022067 -3.20789 [.001] P5_22 -.126201 .024796 -5.08964 [.000] P6_22 -.038450 .026157 -1.46998 [.142] P7_22 .263716E-03 .019711 .013379 [.989] P8_22 .544408E-02 .019277 .282413 [.778] P9_22 -.019665 .019463 -1.01035 [.312] P10_22 -.030455 .019204 -1.58586 [.113] P11_22 .024559 .019943 1.23146 [.218] P12_22 -.028976 .019899 -1.45610 [.145] P13_22 .017397 .019651 .885295 [.376] P14_22 .034234 .019300 1.77374 [.076] P15_22 .024893 .019217 1.29537 [.195] P16_22 .700866E-02 .019653 .356620 [.721] P17_22 -.026003 .019357 -1.34337 [.179] P18_22 .320192 .026244 12.2006 [.000] P19_22 -.025438 .022859 -1.11283 [.266] P20_22 -.017524 .019531 -.897227 [.370] P21_22 -.094627 .019533 -4.84443 [.000] S1_22 .080311 .031867 2.52017 [.012] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B1_22 YMEAN .117371 S2 .313388 ARSQ .316001 SDEV .676883 S .559811 LMHET 34.8877 [.000] SSR 259.486 RSQ .334487 DW 2.01506 [<.910] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.21072 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_22 E1 1.00000 B1_22 0.17190 1.00000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 852 SBIC 862.823 LOGL -781.852 Standard Parameter Estimate Error t-statistic P-value A_23 -.337733 .079413 -4.25288 [.000] P0_23 .033980 .034972 .971632 [.331] P1_23 -.679381E-02 .022228 -.305635 [.760] P2_23 -.022494 .021633 -1.03980 [.298] P3_23 -.730426E-03 .021760 -.033568 [.973] P4_23 -.014330 .024221 -.591617 [.554] P5_23 -.158587 .027217 -5.82679 [.000] P6_23 .017993 .028711 .626691 [.531] P7_23 .021333 .021636 .986022 [.324] P8_23 -.010425 .021159 -.492675 [.622] P9_23 .022545 .021364 1.05530 [.291] P10_23 -.010162 .021079 -.482095 [.630] P11_23 .028464 .021891 1.30027 [.194] P12_23 -.013041 .021843 -.597053 [.550] P13_23 .032538 .021569 1.50853 [.131] P14_23 .020238 .021185 .955274 [.339] P15_23 .012816 .021094 .607595 [.543] P16_23 -.020284 .021572 -.940285 [.347] P17_23 -.015295 .021247 -.719887 [.472] P18_23 .469370 .028807 16.2938 [.000] P19_23 .062389 .025091 2.48649 [.013] P20_23 -.019043 .021439 -.888250 [.374] P21_23 -.120538 .021441 -5.62197 [.000] S1_23 .091500 .034979 2.61583 [.009] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B1_23 YMEAN .117269 S2 .377581 ARSQ .383345 SDEV .782499 S .614476 LMHET 22.6442 [.000] SSR 312.637 RSQ .400012 DW 2.05296 [<.971] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.20188 1.00000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_23 E1 1.00000 B1_23 0.15637 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 852 SBIC 1067.06 LOGL -986.092 Standard Parameter Estimate Error t-statistic P-value A_24 -.515136 .100925 -5.10413 [.000] P0_24 .012482 .044445 .280844 [.779] P1_24 .028579 .028250 1.01164 [.312] P2_24 -.014941 .027494 -.543430 [.587] P3_24 .020217 .027654 .731076 [.465] P4_24 -.255771E-02 .030783 -.083089 [.934] P5_24 -.217770 .034590 -6.29581 [.000] P6_24 -.990408E-02 .036489 -.271429 [.786] P7_24 -.032344 .027497 -1.17628 [.239] P8_24 -.261753E-02 .026891 -.097337 [.922] P9_24 .047089 .027151 1.73433 [.083] P10_24 -.015250 .026789 -.569243 [.569] P11_24 .069461 .027821 2.49671 [.013] P12_24 -.021801 .027760 -.785334 [.432] P13_24 .022432 .027412 .818301 [.413] P14_24 .027900 .026924 1.03623 [.300] P15_24 .020466 .026808 .763460 [.445] P16_24 .012664 .027416 .461925 [.644] P17_24 -.018446 .027002 -.683111 [.495] P18_24 .315038 .036610 8.60522 [.000] P19_24 .097374 .031888 3.05365 [.002] P20_24 -.042314 .027246 -1.55304 [.120] P21_24 -.125499 .027249 -4.60573 [.000] S1_24 .176258 .044455 3.96488 [.000] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B1_24 YMEAN .117371 S2 .609855 ARSQ .222833 SDEV .885842 S .780932 LMHET 258.493 [.000] SSR 504.960 RSQ .243838 DW 2.09000 [<.993] INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 852 SBIC 821.889 LOGL -740.918 Standard Parameter Estimate Error t-statistic P-value A_25 -.364605 .075688 -4.81723 [.000] P0_25 .094715 .033331 2.84162 [.004] P1_25 .990686E-02 .021186 .467619 [.640] P2_25 -.080510 .020619 -3.90470 [.000] P3_25 -.040352 .020739 -1.94569 [.052] P4_25 -.080889 .023085 -3.50396 [.000] P5_25 -.104987 .025940 -4.04730 [.000] P6_25 -.035666 .027364 -1.30337 [.192] P7_25 -.015181 .020621 -.736201 [.462] P8_25 .703120E-02 .020167 .348652 [.727] P9_25 -.044754 .020362 -2.19792 [.028] P10_25 .385238E-02 .020090 .191753 [.848] P11_25 .026017 .020864 1.24697 [.212] P12_25 .015408 .020818 .740121 [.459] P13_25 .045729 .020558 2.22445 [.026] P14_25 .029076 .020191 1.44000 [.150] P15_25 .012901 .020104 .641726 [.521] P16_25 -.959496E-02 .020560 -.466676 [.641] P17_25 -.021421 .020250 -1.05782 [.290] P18_25 .393267 .027455 14.3238 [.000] P19_25 -.021056 .023914 -.880476 [.379] P20_25 -.897845E-02 .020433 -.439412 [.660] P21_25 -.090634 .020435 -4.43531 [.000] S1_25 .035781 .033338 1.07327 [.283] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B1_25 YMEAN .117371 S2 .342988 ARSQ .371375 SDEV .738658 S .585652 LMHET 13.3513 [.000] SSR 283.994 RSQ .388364 DW 1.85634 [<.164] Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 E2 E1 1.00000 E2 0.23721 1.0000 Results of Covariance procedure =============================== Number of Observations: 852 Correlation Matrix E1 B1_25 E1 1.00000 B1_25 0.18552 1.0000