Equation  13
					restricted
					============

		Method of estimation = Ordinary Least Squares


 Dependent variable: LPSE
 Number of observations:  167

        Mean of dep. var. = 5.16468          LM het. test = 0. [1.00]
   Std. dev. of dep. var. = 1.00915         Durbin-Watson = 1.88580 [<1.00]
 Sum of squared residuals = 169.051      Jarque-Bera test = 14.2275 [.001]
    Variance of residuals = 1.01838       Ramsey's RESET2 = .850706E+38 [.000]
 Std. error of regression = 1.00915        Schwarz B.I.C. = 240.541
                R-squared = .540967E-31    Log likelihood = -237.982
       Adjusted R-squared = 0.

            Estimated    Standard
 Variable  Coefficient     Error       t-statistic       P-value
 C         5.16468       .078090       66.1373       **  [.000]


					Equation  14
					unrestricted
					============

		Method of estimation = Ordinary Least Squares


 Dependent variable: LPSE
 Number of observations:  167

        Mean of dep. var. = 5.16468      LM het. test = 18.9486 [.000]
   Std. dev. of dep. var. = 1.00915     Durbin-Watson = 1.97409 [<.977]
 Sum of squared residuals = 140.074  Jarque-Bera test = 2.07795 [.354]
    Variance of residuals = .979538   Ramsey's RESET2 = 1.90342 [.170]
 Std. error of regression = .989716   F (zero slopes) = 1.28620 [.187]
                R-squared = .171411    Schwarz B.I.C. = 283.697
       Adjusted R-squared = .038142    Log likelihood = -222.281

            Estimated    Standard
 Variable  Coefficient     Error       t-statistic       P-value
 C         -.747283      4.57709       -.163266          [.871]
 LTNS      .449850       .344859       1.30445           [.194]
 LSUPPLY1  .013409       .117150       .114457           [.909]
 FOWNER1   -.022699      .142445       -.159351          [.874]
 FOWNER2   -.020394      .069267       -.294432          [.769]
 FOWNER3   -.021330      .095407       -.223566          [.823]
 FOWNER4   -.177681      .077191       -2.30185      *   [.023]
 FOWNER5   -.025775      .071980       -.358080          [.721]
 FDUMMY1   .051756       .127730       .405203           [.686]
 FDUMMY2   .074327       .079282       .937508           [.350]
 FDUMMY3   .649321E-02   .093094       .069749           [.944]
 FDUMMY4   -.079436      .090080       -.881840          [.379]
 FDUMMY5   -.254140E-03  .108717       -.233763E-02      [.998]
 FDUMMY6   .081378       .075767       1.07405           [.285]
 FDUMMY7   -.034067      .098719       -.345087          [.731]
 FDUMMY8   .047383       .092859       .510267           [.611]
 FDUMMY9   -.013590      .085839       -.158314          [.874]
 FDUMMY10  -.069343      .092249       -.751692          [.453]
 FDUMMY11  -.159537      .092276       -1.72890          [.086]
 FDUMMY12  -.025707      .116013       -.221587          [.825]
 FSTAT1    .824268       .756325       1.08983           [.278]
 FSTAT2    -.347085      .345178       -1.00553          [.316]
 FSTAT3    .419706       .417885       1.00436           [.317]
 FSTAT4    -.105044      .091386       -1.14946          [.252]


 F(23,143)  Test Statistic: 1.286201, Upper tail area: .18686