INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 837 SBIC 1125.66 LOGL -1031.44 Standard Parameter Estimate Error t-statistic P-value C_1 -1.35673 .475292 -2.85451 [.004] A2_1 .119285 .064564 1.84756 [.065] P0_1 -.040809 .051021 -.799843 [.424] P1_1 -.217804E-02 .030665 -.071026 [.943] P2_1 -.032554 .029976 -1.08600 [.277] P3_1 .026537 .030022 .883908 [.377] P4_1 .189628E-03 .034528 .549202E-02 [.996] P5_1 -.252813 .037441 -6.75225 [.000] P6_1 -.013741 .040369 -.340384 [.734] P7_1 -.017983 .030289 -.593726 [.553] P8_1 .035645 .029418 1.21166 [.226] P9_1 .031727 .029717 1.06765 [.286] P10_1 -.015873 .029111 -.545273 [.586] P11_1 .055177 .030675 1.79878 [.072] P12_1 -.018628 .031167 -.597697 [.550] P13_1 .036442 .030352 1.20062 [.230] P14_1 .045617 .029347 1.55440 [.120] P15_1 .010439 .029420 .354834 [.723] P16_1 .020112 .029931 .671952 [.502] P17_1 -.054616 .029547 -1.84846 [.065] P18_1 .432800 .039749 10.8884 [.000] P19_1 .199435 .034790 5.73253 [.000] P20_1 -.051896 .029525 -1.75771 [.079] P21_1 -.151702 .029682 -5.11092 [.000] DI1_1 .755897E-02 .028020 .269767 [.787] DF1_1 .145443E-02 .014124 .102976 [.918] S1_1 -.154099E-02 .087035 -.017705 [.986] S2_1 .138991 .065718 2.11497 [.034] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B2_1 YMEAN .119474 S2 .712309 ARSQ .281420 SDEV .995627 S .843984 LMHET 293.043 [.000] SSR 576.258 RSQ .304627 DW 2.03694 [<.969] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.040055 1.0000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_1 E1 1.00000 B1_1 0.044812 1.00000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 837 SBIC 1004.30 LOGL -910.086 Standard Parameter Estimate Error t-statistic P-value C_2 .077109 .411144 .187548 [.851] A2_2 -.124847 .055850 -2.23540 [.025] P0_2 -.036321 .044135 -.822959 [.411] P1_2 .678856E-02 .026526 .255916 [.798] P2_2 -.026415 .025930 -1.01871 [.308] P3_2 -.029428 .025970 -1.13315 [.257] P4_2 -.951307E-02 .029868 -.318505 [.750] P5_2 -.022534 .032388 -.695739 [.487] P6_2 -.031334 .034921 -.897284 [.370] P7_2 .011396 .026201 .434936 [.664] P8_2 .011003 .025448 .432364 [.665] P9_2 .021184 .025706 .824070 [.410] P10_2 -.012814 .025182 -.508856 [.611] P11_2 -.561765E-02 .026535 -.211709 [.832] P12_2 .700497E-02 .026961 .259822 [.795] P13_2 .057325 .026256 2.18332 [.029] P14_2 .021435 .025386 .844349 [.398] P15_2 .015168 .025450 .596013 [.551] P16_2 .014384 .025891 .555557 [.579] P17_2 -.081068 .025559 -3.17179 [.002] P18_2 .223987 .034384 6.51425 [.000] P19_2 .509905 .030095 16.9434 [.000] P20_2 -.040271 .025540 -1.57679 [.115] P21_2 -.111426 .025676 -4.33969 [.000] DI1_2 .019744 .024239 .814555 [.415] DF1_2 .030805 .012218 2.52129 [.012] S1_2 .035740 .075289 .474710 [.635] S2_2 -.884789E-02 .056848 -.155641 [.876] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B2_2 YMEAN .119474 S2 .533011 ARSQ .400814 SDEV .943164 S .730076 LMHET 83.5917 [.000] SSR 431.206 RSQ .420165 DW 2.05261 [<.982] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.053705 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_2 E1 1.00000 B1_2 0.060576 1.00000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 837 SBIC 1715.98 LOGL -1621.77 Standard Parameter Estimate Error t-statistic P-value C_3 .217322 .962198 .225860 [.821] A2_3 .082615 .130705 .632075 [.527] P0_3 -.056280 .103289 -.544876 [.586] P1_3 .177514E-03 .062080 .285946E-02 [.998] P2_3 -.039700 .060684 -.654214 [.513] P3_3 .380728E-02 .060777 .062643 [.950] P4_3 -.467721E-02 .069900 -.066913 [.947] P5_3 -.469976 .075798 -6.20041 [.000] P6_3 -.079154 .081724 -.968547 [.333] P7_3 .074382 .061318 1.21306 [.225] P8_3 .022298 .059555 .374407 [.708] P9_3 .195091E-02 .060160 .032429 [.974] P10_3 -.019954 .058933 -.338578 [.735] P11_3 .016257 .062099 .261794 [.793] P12_3 .021048 .063096 .333581 [.739] P13_3 .124812 .061446 2.03123 [.042] P14_3 .070368 .059411 1.18443 [.236] P15_3 .480479E-02 .059560 .080672 [.936] P16_3 .637473E-02 .060592 .105207 [.916] P17_3 -.218362 .059815 -3.65059 [.000] P18_3 1.10842 .080469 13.7745 [.000] P19_3 .444840 .070430 6.31604 [.000] P20_3 -.082199 .059771 -1.37524 [.169] P21_3 -.336167 .060089 -5.59446 [.000] DI1_3 .698478E-02 .056725 .123133 [.902] DF1_3 .371860E-03 .028593 .013005 [.990] S1_3 -.091940 .176198 -.521799 [.602] S2_3 .116568 .133041 .876178 [.381] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B2_3 YMEAN .119474 S2 2.91928 ARSQ .284319 SDEV 2.01966 S 1.70859 LMHET 136.978 [.000] SSR 2361.70 RSQ .307433 DW 2.01256 [<.934] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.058094 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_3 E1 1.00000 B1_3 0.049196 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 837 SBIC 1262.54 LOGL -1168.32 Standard Parameter Estimate Error t-statistic P-value C_4 -1.17953 .559737 -2.10729 [.035] A2_4 .059084 .076035 .777064 [.437] P0_4 .018399 .060086 .306207 [.759] P1_4 -.898305E-02 .036113 -.248745 [.804] P2_4 -.154672E-02 .035302 -.043814 [.965] P3_4 .056580 .035356 1.60031 [.110] P4_4 -.642699E-02 .040663 -.158057 [.874] P5_4 -.215388 .044094 -4.88479 [.000] P6_4 -.046409 .047541 -.976181 [.329] P7_4 .049403 .035670 1.38499 [.166] P8_4 .039627 .034645 1.14380 [.253] P9_4 .053775 .034997 1.53657 [.124] P10_4 .346862E-02 .034283 .101175 [.919] P11_4 .082245 .036125 2.27669 [.023] P12_4 -.018886 .036705 -.514528 [.607] P13_4 .032271 .035745 .902798 [.367] P14_4 .055951 .034561 1.61890 [.105] P15_4 .011840 .034648 .341720 [.733] P16_4 .024414 .035248 .692636 [.489] P17_4 -.076787 .034796 -2.20674 [.027] P18_4 .376693 .046811 8.04712 [.000] P19_4 .244362 .040971 5.96424 [.000] P20_4 -.071972 .034770 -2.06993 [.038] P21_4 -.112093 .034956 -3.20672 [.001] DI1_4 .104247E-02 .032999 .031591 [.975] DF1_4 .015557 .016633 .935261 [.350] S1_4 -.072814 .102499 -.710387 [.477] S2_4 .140948 .077394 1.82118 [.069] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B2_4 YMEAN .119474 S2 .987905 ARSQ .202499 SDEV 1.11299 S .993934 LMHET 392.753 [.000] SSR 799.215 RSQ .228256 DW 2.08160 [<.994] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.056069 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_4 E1 1.00000 B1_4 0.043914 1.00000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 837 SBIC 1215.84 LOGL -1121.62 Standard Parameter Estimate Error t-statistic P-value C_5 -1.81916 .529363 -3.43650 [.001] A2_5 .107825 .071909 1.49946 [.134] P0_5 -.058482 .056825 -1.02916 [.303] P1_5 .046764 .034154 1.36921 [.171] P2_5 -.499407E-02 .033386 -.149586 [.881] P3_5 .201513E-02 .033437 .060266 [.952] P4_5 .039969 .038456 1.03934 [.299] P5_5 -.179977 .041701 -4.31590 [.000] P6_5 .836708E-02 .044961 .186095 [.852] P7_5 .526764E-02 .033735 .156150 [.876] P8_5 .025587 .032765 .780913 [.435] P9_5 .028171 .033098 .851159 [.395] P10_5 .680516E-02 .032423 .209888 [.834] P11_5 .058846 .034164 1.72242 [.085] P12_5 .011585 .034713 .333727 [.739] P13_5 .061213 .033805 1.81074 [.070] P14_5 .026222 .032685 .802256 [.422] P15_5 .018866 .032767 .575765 [.565] P16_5 .012955 .033336 .388632 [.698] P17_5 -.067234 .032908 -2.04308 [.041] P18_5 .254182 .044271 5.74153 [.000] P19_5 .151894 .038748 3.92005 [.000] P20_5 -.055030 .032884 -1.67348 [.094] P21_5 -.114412 .033059 -3.46086 [.001] DI1_5 .026199 .031208 .839482 [.401] DF1_5 .265670E-02 .015731 .168885 [.866] S1_5 .036199 .096937 .373430 [.709] S2_5 .144060 .073194 1.96820 [.049] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B2_5 YMEAN .118265 S2 .883597 ARSQ .163660 SDEV 1.02786 S .939999 LMHET 355.162 [.000] SSR 714.830 RSQ .190671 DW 2.03186 [<.963] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.083889 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_5 E1 1.00000 B1_5 0.072377 1.00000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 837 SBIC 1440.45 LOGL -1346.23 Standard Parameter Estimate Error t-statistic P-value C_6 -.460865 .692307 -.665694 [.506] A2_6 .214788E-02 .094043 .022839 [.982] P0_6 -.056808 .074317 -.764406 [.445] P1_6 .898325E-02 .044667 .201117 [.841] P2_6 -.023113 .043663 -.529345 [.597] P3_6 .039067 .043730 .893385 [.372] P4_6 .245239E-02 .050293 .048762 [.961] P5_6 -.146076 .054537 -2.67848 [.007] P6_6 -.011581 .058801 -.196959 [.844] P7_6 .010883 .044118 .246673 [.805] P8_6 .035472 .042850 .827810 [.408] P9_6 .039272 .043285 .907272 [.364] P10_6 .013226 .042403 .311919 [.755] P11_6 .063343 .044681 1.41769 [.156] P12_6 .020248 .045398 .446009 [.656] P13_6 .083922 .044211 1.89822 [.058] P14_6 .035881 .042746 .839398 [.401] P15_6 .558092E-02 .042854 .130232 [.896] P16_6 .012906 .043597 .296026 [.767] P17_6 -.097660 .043038 -2.26918 [.023] P18_6 .377966 .057898 6.52816 [.000] P19_6 .415732 .050675 8.20390 [.000] P20_6 -.079605 .043005 -1.85104 [.064] P21_6 -.214064 .043235 -4.95123 [.000] DI1_6 .010811 .040814 .264885 [.791] DF1_6 .021204 .020573 1.03070 [.303] S1_6 -.534938E-02 .126775 -.042196 [.966] S2_6 .088883 .095724 .928531 [.353] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B2_6 YMEAN .119474 S2 1.51128 ARSQ .197709 SDEV 1.37248 S 1.22934 LMHET 284.628 [.000] SSR 1222.62 RSQ .223621 DW 2.06186 [<.987] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.050298 1.0000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_6 E1 1.00000 B1_6 0.058779 1.0000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 837 SBIC 1570.04 LOGL -1475.82 Standard Parameter Estimate Error t-statistic P-value C_7 .068145 .808238 .084313 [.933] A2_7 -.055722 .109791 -.507529 [.612] P0_7 -.044684 .086762 -.515015 [.607] P1_7 .107653E-02 .052146 .020644 [.984] P2_7 -.810896E-02 .050974 -.159080 [.874] P3_7 .012962 .051052 .253889 [.800] P4_7 .173756E-02 .058715 .029593 [.976] P5_7 -.368527 .063669 -5.78813 [.000] P6_7 -.016105 .068648 -.234611 [.815] P7_7 .016433 .051506 .319047 [.750] P8_7 .035425 .050026 .708138 [.479] P9_7 .097398 .050534 1.92737 [.054] P10_7 .017043 .049504 .344287 [.731] P11_7 .087536 .052163 1.67814 [.093] P12_7 .845492E-02 .053000 .159527 [.873] P13_7 .066177 .051614 1.28213 [.200] P14_7 .039883 .049904 .799183 [.424] P15_7 -.207147E-03 .050030 -.414048E-02 [.997] P16_7 .018283 .050897 .359208 [.719] P17_7 -.108072 .050244 -2.15093 [.031] P18_7 .574377 .067593 8.49757 [.000] P19_7 .375553 .059161 6.34800 [.000] P20_7 -.083927 .050207 -1.67162 [.095] P21_7 -.246153 .050474 -4.87678 [.000] DI1_7 .024672 .047649 .517795 [.605] DF1_7 .023148 .024018 .963774 [.335] S1_7 -.048107 .148005 -.325039 [.745] S2_7 .070104 .111753 .627310 [.530] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B2_7 YMEAN .119405 S2 2.05980 ARSQ .176180 SDEV 1.58124 S 1.43520 LMHET 304.649 [.000] SSR 1666.38 RSQ .202787 DW 2.07256 [<.991] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.050972 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_7 E1 1.00000 B1_7 0.063005 1.0000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 837 SBIC 1138.83 LOGL -1044.62 Standard Parameter Estimate Error t-statistic P-value C_8 -.981500 .482834 -2.03279 [.042] A2_8 -.072356 .065588 -1.10318 [.270] P0_8 .124926 .051831 2.41027 [.016] P1_8 -.031254 .031152 -1.00328 [.316] P2_8 -.121600 .030452 -3.99322 [.000] P3_8 -.085451 .030498 -2.80184 [.005] P4_8 -.077711 .035076 -2.21551 [.027] P5_8 -.107909 .038035 -2.83707 [.005] P6_8 -.098860 .041010 -2.41067 [.016] P7_8 .698706E-02 .030769 .227078 [.820] P8_8 .025019 .029885 .837183 [.402] P9_8 -.407411E-02 .030189 -.134955 [.893] P10_8 .014733 .029573 .498199 [.618] P11_8 .204434E-02 .031161 .065605 [.948] P12_8 .030765 .031662 .971671 [.331] P13_8 .058027 .030834 1.88190 [.060] P14_8 .011729 .029812 .393435 [.694] P15_8 .466200E-02 .029887 .155986 [.876] P16_8 -.218526E-02 .030406 -.071870 [.943] P17_8 -.080582 .030016 -2.68466 [.007] P18_8 .218196 .040380 5.40364 [.000] P19_8 .197288 .035342 5.58225 [.000] P20_8 -.066161 .029993 -2.20587 [.027] P21_8 -.076909 .030153 -2.55062 [.011] DI1_8 .014135 .028465 .496562 [.619] DF1_8 .030180 .014348 2.10341 [.035] S1_8 -.126766 .088417 -1.43374 [.152] S2_8 .069339 .066761 1.03863 [.299] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B2_8 YMEAN .119474 S2 .735095 ARSQ .204244 SDEV .961129 S .857377 LMHET 364.702 [.000] SSR 594.692 RSQ .229944 DW 2.04033 [<.972] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.088391 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_8 E1 1.00000 B1_8 0.054073 1.00000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 837 SBIC 1181.79 LOGL -1087.57 Standard Parameter Estimate Error t-statistic P-value C_9 -1.32614 .508261 -2.60917 [.009] A2_9 .067787 .069042 .981824 [.326] P0_9 .680244E-02 .054560 .124678 [.901] P1_9 -.026373 .032792 -.804258 [.421] P2_9 -.074638 .032055 -2.32842 [.020] P3_9 -.027595 .032104 -.859528 [.390] P4_9 -.038530 .036923 -1.04353 [.297] P5_9 -.187130 .040039 -4.67375 [.000] P6_9 -.031402 .043169 -.727423 [.467] P7_9 -.507481E-02 .032390 -.156679 [.875] P8_9 .027113 .031459 .861842 [.389] P9_9 .049260 .031778 1.55012 [.121] P10_9 -.019990 .031130 -.642136 [.521] P11_9 .028080 .032803 .856035 [.392] P12_9 .387677E-02 .033329 .116318 [.907] P13_9 .035075 .032458 1.08063 [.280] P14_9 .792098E-02 .031382 .252402 [.801] P15_9 -.028751 .031461 -.913856 [.361] P16_9 .978236E-02 .032007 .305635 [.760] P17_9 -.063815 .031596 -2.01970 [.043] P18_9 .299407 .042506 7.04389 [.000] P19_9 .191179 .037203 5.13876 [.000] P20_9 -.036656 .031573 -1.16099 [.246] P21_9 -.134734 .031741 -4.24482 [.000] DI1_9 .478382E-02 .029964 .159652 [.873] DF1_9 .012916 .015104 .855163 [.392] S1_9 -.043692 .093073 -.469444 [.639] S2_9 .133300 .070276 1.89681 [.058] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B2_9 YMEAN .118546 S2 .814556 ARSQ .207363 SDEV 1.01373 S .902527 LMHET 406.550 [.000] SSR 658.976 RSQ .232963 DW 2.03521 [<.967] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.046881 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_9 E1 1.00000 B1_9 0.040731 1.00000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 837 SBIC 1063.43 LOGL -969.214 Standard Parameter Estimate Error t-statistic P-value C_10 -1.39149 .441239 -3.15360 [.002] A2_10 -.238652E-02 .059938 -.039817 [.968] P0_10 .070327 .047366 1.48477 [.138] P1_10 -.031717 .028468 -1.11411 [.265] P2_10 -.093997 .027828 -3.37775 [.001] P3_10 -.030079 .027871 -1.07922 [.280] P4_10 -.078231 .032054 -2.44059 [.015] P5_10 -.199788 .034759 -5.74784 [.000] P6_10 -.056438 .037477 -1.50596 [.132] P7_10 .017558 .028119 .624418 [.532] P8_10 .266842E-02 .027310 .097707 [.922] P9_10 .312299E-02 .027588 .113202 [.910] P10_10 -.527247E-02 .027025 -.195093 [.845] P11_10 -.408667E-02 .028477 -.143508 [.886] P12_10 .546505E-02 .028934 .188879 [.850] P13_10 .039030 .028178 1.38515 [.166] P14_10 .014207 .027244 .521468 [.602] P15_10 .013239 .027313 .484708 [.628] P16_10 -.380188E-02 .027786 -.136826 [.891] P17_10 -.068140 .027430 -2.48418 [.013] P18_10 .245986 .036901 6.66613 [.000] P19_10 .154306 .032297 4.77765 [.000] P20_10 -.037095 .027409 -1.35337 [.176] P21_10 -.073379 .027555 -2.66295 [.008] DI1_10 .012810 .026013 .492444 [.622] DF1_10 .021657 .013112 1.65170 [.099] S1_10 -.066138 .080800 -.818545 [.413] S2_10 .094950 .061009 1.55632 [.120] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B2_10 YMEAN .119474 S2 .613896 ARSQ .214919 SDEV .884281 S .783515 LMHET 381.703 [.000] SSR 496.642 RSQ .240274 DW 2.06438 [<.988] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.087019 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_10 E1 1.00000 B1_10 0.079808 1.0000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 837 SBIC 960.040 LOGL -865.822 Standard Parameter Estimate Error t-statistic P-value C_11 -1.39731 .389966 -3.58315 [.000] A2_11 -.045376 .052973 -.856580 [.392] P0_11 -.460533E-02 .041862 -.110013 [.912] P1_11 .044763 .025160 1.77913 [.075] P2_11 -.022410 .024594 -.911161 [.362] P3_11 -.836364E-02 .024632 -.339540 [.734] P4_11 -.569569E-02 .028329 -.201052 [.841] P5_11 -.040214 .030720 -1.30906 [.191] P6_11 -.041428 .033122 -1.25078 [.211] P7_11 .610381E-02 .024851 .245613 [.806] P8_11 .116454E-02 .024137 .048247 [.962] P9_11 .035940 .024382 1.47405 [.140] P10_11 .147767E-02 .023885 .061866 [.951] P11_11 .054137 .025168 2.15103 [.031] P12_11 -.261655E-02 .025572 -.102321 [.919] P13_11 .042363 .024903 1.70109 [.089] P14_11 .025462 .024078 1.05748 [.290] P15_11 .924784E-02 .024139 .383110 [.702] P16_11 .016947 .024557 .690095 [.490] P17_11 -.034612 .024242 -1.42774 [.153] P18_11 .250481 .032613 7.68043 [.000] P19_11 .217943 .028544 7.63520 [.000] P20_11 -.036955 .024224 -1.52551 [.127] P21_11 -.054873 .024353 -2.25320 [.024] DI1_11 .020617 .022990 .896797 [.370] DF1_11 .022849 .011588 1.97171 [.049] S1_11 .072095 .071411 1.00959 [.313] S2_11 .038467 .053920 .713416 [.476] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B2_11 YMEAN .119474 S2 .479514 ARSQ .287557 SDEV .820400 S .692470 LMHET 97.5829 [.000] SSR 387.927 RSQ .310566 DW 2.09061 [<.996] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.062930 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_11 E1 1.00000 B1_11 0.049729 1.00000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 837 SBIC 1079.04 LOGL -984.827 Standard Parameter Estimate Error t-statistic P-value C_12 -.413784 .449547 -.920446 [.357] A2_12 -.116987 .061067 -1.91573 [.055] P0_12 -.075741 .048257 -1.56953 [.117] P1_12 .669035E-02 .029004 .230668 [.818] P2_12 -.019459 .028352 -.686345 [.492] P3_12 -.029539 .028396 -1.04026 [.298] P4_12 -.185919E-02 .032658 -.056930 [.955] P5_12 -.098901 .035413 -2.79276 [.005] P6_12 .752614E-02 .038182 .197111 [.844] P7_12 .010908 .028648 .380749 [.703] P8_12 -.010649 .027825 -.382724 [.702] P9_12 -.045616 .028107 -1.62294 [.105] P10_12 .018867 .027534 .685214 [.493] P11_12 -.012721 .029013 -.438441 [.661] P12_12 -.010018 .029479 -.339853 [.734] P13_12 .031631 .028708 1.10181 [.271] P14_12 .015945 .027757 .574429 [.566] P15_12 .020850 .027827 .749268 [.454] P16_12 .015232 .028309 .538050 [.591] P17_12 -.069353 .027946 -2.48166 [.013] P18_12 .222671 .037596 5.92277 [.000] P19_12 .432817 .032906 13.1533 [.000] P20_12 -.025445 .027925 -.911169 [.362] P21_12 -.085165 .028074 -3.03358 [.002] DI1_12 .030855 .026503 1.16424 [.244] DF1_12 .030132 .013359 2.25555 [.024] S1_12 .161966 .082321 1.96750 [.049] S2_12 -.063298 .062158 -1.01835 [.309] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B2_12 YMEAN .118845 S2 .637232 ARSQ .304225 SDEV .957005 S .798268 LMHET 93.0742 [.000] SSR 515.520 RSQ .326696 DW 2.05614 [<.984] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.045093 1.0000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_12 E1 1.00000 B1_12 0.037690 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 837 SBIC 1107.18 LOGL -1012.96 Standard Parameter Estimate Error t-statistic P-value C_13 -.221016 .464916 -.475389 [.635] A2_13 -.125931 .063154 -1.99402 [.046] P0_13 -.021033 .049907 -.421445 [.673] P1_13 .022180 .029996 .739445 [.460] P2_13 -.013338 .029321 -.454900 [.649] P3_13 -.029766 .029366 -1.01360 [.311] P4_13 -.019322 .033774 -.572088 [.567] P5_13 -.174175 .036624 -4.75576 [.000] P6_13 -.592815E-02 .039488 -.150127 [.881] P7_13 .981798E-02 .029628 .331380 [.740] P8_13 .025214 .028776 .876223 [.381] P9_13 .028032 .029068 .964342 [.335] P10_13 .018482 .028476 .649044 [.516] P11_13 .048089 .030005 1.60268 [.109] P12_13 .034537 .030487 1.13286 [.257] P13_13 .057885 .029690 1.94967 [.051] P14_13 .020129 .028706 .701226 [.483] P15_13 .829741E-02 .028778 .288323 [.773] P16_13 .019046 .029277 .650551 [.515] P17_13 -.079963 .028902 -2.76671 [.006] P18_13 .413214 .038881 10.6277 [.000] P19_13 .295121 .034031 8.67223 [.000] P20_13 -.067038 .028880 -2.32123 [.020] P21_13 -.134681 .029034 -4.63873 [.000] DI1_13 .033393 .027409 1.21834 [.223] DF1_13 .033860 .013816 2.45083 [.014] S1_13 -.041706 .085135 -.489882 [.624] S2_13 .063737 .064283 .991513 [.321] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B2_13 YMEAN .119362 S2 .681547 ARSQ .296955 SDEV .984592 S .825558 LMHET 288.368 [.000] SSR 551.371 RSQ .319661 DW 2.06503 [<.988] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.080994 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_13 E1 1.00000 B1_13 0.065047 1.00000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 837 SBIC 1430.57 LOGL -1336.35 Standard Parameter Estimate Error t-statistic P-value C_14 -.182052 .684182 -.266087 [.790] A2_14 .232146E-02 .092939 .024978 [.980] P0_14 -.067592 .073445 -.920315 [.357] P1_14 .040440 .044142 .916122 [.360] P2_14 .031805 .043150 .737088 [.461] P3_14 -.017943 .043216 -.415186 [.678] P4_14 .272664E-02 .049703 .054859 [.956] P5_14 -.253757 .053897 -4.70821 [.000] P6_14 -.010700 .058111 -.184127 [.854] P7_14 .015789 .043601 .362127 [.717] P8_14 .028541 .042347 .673974 [.500] P9_14 .030013 .042777 .701604 [.483] P10_14 .739474E-02 .041905 .176463 [.860] P11_14 .082804 .044156 1.87526 [.061] P12_14 -.415485E-02 .044865 -.092608 [.926] P13_14 .064190 .043692 1.46913 [.142] P14_14 .024421 .042245 .578089 [.563] P15_14 .839223E-02 .042351 .198161 [.843] P16_14 .029064 .043085 .674573 [.500] P17_14 -.114612 .042532 -2.69469 [.007] P18_14 .692493 .057218 12.1027 [.000] P19_14 .342937 .050080 6.84777 [.000] P20_14 -.067148 .042501 -1.57992 [.114] P21_14 -.213934 .042727 -5.00699 [.000] DI1_14 .021755 .040335 .539349 [.590] DF1_14 .015054 .020331 .740445 [.459] S1_14 -.030311 .125287 -.241936 [.809] S2_14 .094768 .094600 1.00177 [.316] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B2_14 YMEAN .119474 S2 1.47601 ARSQ .266909 SDEV 1.41895 S 1.21491 LMHET 161.702 [.000] SSR 1194.09 RSQ .290585 DW 2.03508 [<.967] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.047876 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_14 E1 1.00000 B1_14 0.066199 1.0000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 837 SBIC 1410.52 LOGL -1316.30 Standard Parameter Estimate Error t-statistic P-value C_15 -2.17968 .667985 -3.26307 [.001] A2_15 .065959 .090739 .726910 [.467] P0_15 .030862 .071706 .430401 [.667] P1_15 .067066 .043098 1.55614 [.120] P2_15 -.053653 .042129 -1.27356 [.203] P3_15 -.063140 .042193 -1.49644 [.135] P4_15 -.046069 .048526 -.949365 [.342] P5_15 -.123489 .052621 -2.34678 [.019] P6_15 -.071055 .056735 -1.25240 [.210] P7_15 -.575100E-03 .042569 -.013510 [.989] P8_15 .040380 .041345 .976649 [.329] P9_15 -.030949 .041765 -.741023 [.459] P10_15 .015194 .040913 .371377 [.710] P11_15 .077194 .043111 1.79058 [.073] P12_15 .107694 .043803 2.45861 [.014] P13_15 .108494 .042658 2.54335 [.011] P14_15 .016662 .041245 .403974 [.686] P15_15 -.213091E-02 .041348 -.051536 [.959] P16_15 .010033 .042065 .238518 [.811] P17_15 -.046251 .041526 -1.11380 [.265] P18_15 .134340 .055864 2.40478 [.016] P19_15 .047554 .048895 .972575 [.331] P20_15 -.038727 .041495 -.933309 [.351] P21_15 -.105735 .041716 -2.53467 [.011] DI1_15 .024465 .039380 .621241 [.534] DF1_15 .573599E-02 .019850 .288965 [.773] S1_15 .993719E-02 .122321 .081238 [.935] S2_15 .116198 .092361 1.25809 [.208] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B2_15 YMEAN .118109 S2 1.40696 ARSQ .084708 SDEV 1.23983 S 1.18615 LMHET 204.397 [.000] SSR 1138.23 RSQ .114269 DW 2.01503 [<.939] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.061432 1.0000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_15 E1 1.00000 B1_15 0.090230 1.00000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 837 SBIC 1225.97 LOGL -1131.75 Standard Parameter Estimate Error t-statistic P-value C_16 -1.25146 .535809 -2.33564 [.020] A2_16 -.930762E-03 .072784 -.012788 [.990] P0_16 -.035573 .057517 -.618480 [.536] P1_16 .022327 .034570 .645862 [.518] P2_16 -.031379 .033793 -.928584 [.353] P3_16 .014449 .033844 .426935 [.669] P4_16 .214259E-02 .038924 .055045 [.956] P5_16 -.221929 .042209 -5.25790 [.000] P6_16 -.435905E-02 .045509 -.095785 [.924] P7_16 -.017673 .034145 -.517573 [.605] P8_16 .032272 .033164 .973110 [.330] P9_16 .057931 .033501 1.72926 [.084] P10_16 .577541E-02 .032818 .175985 [.860] P11_16 .091030 .034580 2.63241 [.008] P12_16 -.017394 .035135 -.495060 [.621] P13_16 .033449 .034217 .977569 [.328] P14_16 .035944 .033083 1.08647 [.277] P15_16 .018467 .033166 .556798 [.578] P16_16 .023574 .033742 .698658 [.485] P17_16 -.062110 .033309 -1.86468 [.062] P18_16 .342260 .044810 7.63805 [.000] P19_16 .223155 .039220 5.68985 [.000] P20_16 -.062086 .033284 -1.86536 [.062] P21_16 -.171363 .033461 -5.12124 [.000] DI1_16 .011976 .031588 .379142 [.705] DF1_16 .020397 .015922 1.28106 [.200] S1_16 .031458 .098117 .320617 [.749] S2_16 .100059 .074085 1.35060 [.177] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B2_16 YMEAN .118923 S2 .905248 ARSQ .218169 SDEV 1.07604 S .951445 LMHET 418.765 [.000] SSR 732.346 RSQ .243419 DW 2.07638 [<.992] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.075294 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_16 E1 1.00000 B1_16 0.079618 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 837 SBIC 692.488 LOGL -598.270 Standard Parameter Estimate Error t-statistic P-value C_17 -.466696 .283271 -1.64752 [.099] A2_17 -.178567 .038480 -4.64055 [.000] P0_17 -.864054E-02 .030408 -.284151 [.776] P1_17 .517447E-04 .018276 .283125E-02 [.998] P2_17 .036887 .017865 2.06473 [.039] P3_17 -.014643 .017893 -.818367 [.413] P4_17 -.021700 .020578 -1.05449 [.292] P5_17 .045645 .022315 2.04549 [.041] P6_17 .025362 .024060 1.05412 [.292] P7_17 -.019525 .018052 -1.08160 [.279] P8_17 .573914E-02 .017533 .327332 [.743] P9_17 -.026934 .017711 -1.52072 [.128] P10_17 -.011595 .017350 -.668299 [.504] P11_17 .912882E-02 .018282 .499335 [.618] P12_17 -.024855 .018575 -1.33808 [.181] P13_17 -.010163 .018090 -.561830 [.574] P14_17 -.883362E-02 .017491 -.505052 [.614] P15_17 .699176E-02 .017534 .398745 [.690] P16_17 .012798 .017838 .717416 [.473] P17_17 -.985165E-02 .017610 -.559445 [.576] P18_17 .153395 .023690 6.47507 [.000] P19_17 .078152 .020735 3.76913 [.000] P20_17 -.010805 .017597 -.614055 [.539] P21_17 .282050E-02 .017690 .159438 [.873] DI1_17 .017376 .016700 1.04050 [.298] DF1_17 .047010 .841781E-02 5.58458 [.000] S1_17 .088942 .051873 1.71463 [.086] S2_17 -.041951 .039167 -1.07106 [.284] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B2_17 YMEAN .118366 S2 .253018 ARSQ .250733 SDEV .581109 S .503009 LMHET 5.37420 [.020] SSR 204.692 RSQ .274932 DW 1.86582 [<.270] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.056358 1.0000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_17 E1 1.00000 B1_17 0.042882 1.00000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 837 SBIC 1485.70 LOGL -1391.49 Standard Parameter Estimate Error t-statistic P-value C_18 -.967606 .730767 -1.32410 [.185] A2_18 .027567 .099267 .277704 [.781] P0_18 -.017389 .078446 -.221664 [.825] P1_18 -.010509 .047148 -.222891 [.824] P2_18 -.025049 .046088 -.543502 [.587] P3_18 -.045691 .046159 -.989855 [.322] P4_18 -.037281 .053087 -.702255 [.483] P5_18 -.377346 .057567 -6.55496 [.000] P6_18 -.064880 .062068 -1.04531 [.296] P7_18 .011375 .046569 .244264 [.807] P8_18 -.121315E-02 .045231 -.026821 [.979] P9_18 .401784E-02 .045690 .087937 [.930] P10_18 -.023253 .044759 -.519513 [.603] P11_18 -.522358E-02 .047163 -.110756 [.912] P12_18 .767214E-02 .047920 .160104 [.873] P13_18 .071778 .046667 1.53809 [.124] P14_18 .016570 .045121 .367237 [.713] P15_18 .012311 .045234 .272164 [.785] P16_18 .482332E-02 .046019 .104812 [.917] P17_18 -.152924 .045428 -3.36627 [.001] P18_18 .510124 .061114 8.34707 [.000] P19_18 .313077 .053490 5.85298 [.000] P20_18 -.072742 .045395 -1.60244 [.109] P21_18 -.207240 .045636 -4.54111 [.000] DI1_18 .026268 .043082 .609726 [.542] DF1_18 .908429E-02 .021716 .418326 [.676] S1_18 .074310 .133818 .555305 [.579] S2_18 -.178444E-02 .101042 -.017660 [.986] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B2_18 YMEAN .119474 S2 1.68386 ARSQ .189867 SDEV 1.44170 S 1.29763 LMHET 405.019 [.000] SSR 1362.24 RSQ .216031 DW 2.04938 [<.979] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.066118 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_18 E1 1.00000 B1_18 0.056024 1.00000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 837 SBIC 1608.67 LOGL -1514.45 Standard Parameter Estimate Error t-statistic P-value C_19 -.228898 .846411 -.270434 [.787] A2_19 -.018619 .114977 -.161940 [.871] P0_19 -.054164 .090860 -.596134 [.551] P1_19 .630342E-03 .054609 .011543 [.991] P2_19 -.054296 .053382 -1.01712 [.309] P3_19 -.024627 .053464 -.460635 [.645] P4_19 -.203147E-02 .061488 -.033038 [.974] P5_19 -.339613 .066676 -5.09345 [.000] P6_19 -.049068 .071890 -.682548 [.495] P7_19 .038798 .053939 .719292 [.472] P8_19 .035725 .052389 .681920 [.495] P9_19 -.842150E-02 .052921 -.159135 [.874] P10_19 .011579 .051842 .223355 [.823] P11_19 .025299 .054626 .463127 [.643] P12_19 .102952 .055503 1.85489 [.064] P13_19 .109534 .054052 2.02645 [.043] P14_19 .054129 .052261 1.03574 [.300] P15_19 .206758E-02 .052393 .039463 [.969] P16_19 .626828E-02 .053301 .117601 [.906] P17_19 -.162642 .052618 -3.09103 [.002] P18_19 .553960 .070785 7.82589 [.000] P19_19 .473508 .061955 7.64278 [.000] P20_19 -.094789 .052578 -1.80281 [.071] P21_19 -.228344 .052858 -4.31993 [.000] DI1_19 .040489 .049899 .811405 [.417] DF1_19 .013731 .025152 .545923 [.585] S1_19 -.073586 .154995 -.474765 [.635] S2_19 .115463 .117032 .986598 [.324] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B2_19 YMEAN .119474 S2 2.25897 ARSQ .193632 SDEV 1.67374 S 1.50299 LMHET 349.966 [.000] SSR 1827.50 RSQ .219675 DW 2.04510 [<.976] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.064770 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_19 E1 1.00000 B1_19 0.058722 1.00000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 837 SBIC 1111.78 LOGL -1017.56 Standard Parameter Estimate Error t-statistic P-value C_20 -.971896 .467477 -2.07903 [.038] A2_20 -.131295 .063502 -2.06757 [.039] P0_20 -.930653E-02 .050182 -.185455 [.853] P1_20 .045264 .030161 1.50076 [.133] P2_20 -.013741 .029483 -.466050 [.641] P3_20 -.023476 .029528 -.795023 [.427] P4_20 -.251068E-02 .033960 -.073930 [.941] P5_20 -.108582 .036826 -2.94854 [.003] P6_20 -.010772 .039705 -.271311 [.786] P7_20 .014546 .029791 .488257 [.625] P8_20 .017531 .028934 .605887 [.545] P9_20 .585334E-02 .029228 .200263 [.841] P10_20 .012767 .028632 .445908 [.656] P11_20 .024746 .030170 .820210 [.412] P12_20 .048808 .030655 1.59219 [.111] P13_20 .061858 .029853 2.07207 [.038] P14_20 .022139 .028864 .766993 [.443] P15_20 .642821E-02 .028937 .222148 [.824] P16_20 .565768E-02 .029438 .192187 [.848] P17_20 -.086287 .029061 -2.96917 [.003] P18_20 .370595 .039095 9.47931 [.000] P19_20 .142977 .034218 4.17840 [.000] P20_20 -.026917 .029039 -.926933 [.354] P21_20 -.084667 .029194 -2.90016 [.004] DI1_20 .025018 .027560 .907773 [.364] DF1_20 .040702 .013892 2.92992 [.003] S1_20 .039339 .085604 .459541 [.646] S2_20 .040301 .064637 .623499 [.533] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B2_20 YMEAN .117057 S2 .689076 ARSQ .233006 SDEV .947846 S .830106 LMHET 103.237 [.000] SSR 557.463 RSQ .257777 DW 2.04142 [<.973] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.093033 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_20 E1 1.00000 B1_20 0.091052 1.00000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 837 SBIC 1020.24 LOGL -926.025 Standard Parameter Estimate Error t-statistic P-value C_21 -1.57938 .419049 -3.76896 [.000] A2_21 .059159 .056924 1.03926 [.299] P0_21 .040733 .044984 .905501 [.365] P1_21 -.017568 .027036 -.649774 [.516] P2_21 -.046175 .026429 -1.74716 [.081] P3_21 -.022593 .026469 -.853539 [.393] P4_21 -.025299 .030442 -.831042 [.406] P5_21 .289129E-02 .033011 .087586 [.930] P6_21 -.035254 .035592 -.990503 [.322] P7_21 -.032663 .026705 -1.22311 [.221] P8_21 .028245 .025937 1.08900 [.276] P9_21 .185529 .026200 7.08115 [.000] P10_21 -.671472E-02 .025666 -.261617 [.794] P11_21 .035425 .027045 1.30986 [.190] P12_21 -.018997 .027479 -.691326 [.489] P13_21 -.026166 .026761 -.977781 [.328] P14_21 -.204425E-02 .025874 -.079008 [.937] P15_21 .017438 .025939 .672283 [.501] P16_21 .020427 .026389 .774077 [.439] P17_21 -.914223E-02 .026050 -.350944 [.726] P18_21 .124678 .035045 3.55764 [.000] P19_21 .075879 .030673 2.47379 [.013] P20_21 -.834712E-02 .026031 -.320662 [.748] P21_21 -.035837 .026170 -1.36941 [.171] DI1_21 -.213915E-03 .024705 -.865891E-02 [.993] DF1_21 .015912 .012453 1.27783 [.201] S1_21 -.026891 .076736 -.350434 [.726] S2_21 .106907 .057941 1.84510 [.065] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B2_21 YMEAN .119474 S2 .553702 ARSQ .191155 SDEV .827381 S .744112 LMHET 51.7948 [.000] SSR 447.945 RSQ .217278 DW 2.12369 [<.999] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.033209 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_21 E1 1.00000 B1_21 0.026551 1.00000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 837 SBIC 899.250 LOGL -805.032 Standard Parameter Estimate Error t-statistic P-value C_22 -.673179 .362648 -1.85629 [.063] A2_22 -.218078 .049262 -4.42689 [.000] P0_22 .021556 .038929 .553732 [.580] P1_22 -.659502E-02 .023398 -.281868 [.778] P2_22 -.020395 .022872 -.891732 [.373] P3_22 -.027989 .022907 -1.22186 [.222] P4_22 -.015458 .026345 -.586746 [.557] P5_22 .055181 .028568 1.93158 [.053] P6_22 -.304374E-02 .030801 -.098818 [.921] P7_22 .035167 .023110 1.52170 [.128] P8_22 .914875E-02 .022446 .407588 [.684] P9_22 .019724 .022674 .869898 [.384] P10_22 .012881 .022212 .579929 [.562] P11_22 .030368 .023405 1.29752 [.194] P12_22 .948414E-02 .023780 .398820 [.690] P13_22 .022494 .023159 .971281 [.331] P14_22 .016748 .022392 .747967 [.454] P15_22 .013641 .022448 .607674 [.543] P16_22 .446759E-02 .022837 .195629 [.845] P17_22 -.043812 .022544 -1.94339 [.052] P18_22 .115177 .030328 3.79767 [.000] P19_22 .218899 .026545 8.24640 [.000] P20_22 -.051711 .022527 -2.29548 [.022] P21_22 -.016350 .022647 -.721950 [.470] DI1_22 .044611 .021380 2.08662 [.037] DF1_22 .043428 .010777 4.02986 [.000] S1_22 .010374 .066408 .156223 [.876] S2_22 .887842E-02 .050143 .177063 [.859] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B2_22 YMEAN .118836 S2 .414684 ARSQ .264656 SDEV .750954 S .643960 LMHET 206.618 [.000] SSR 335.479 RSQ .288405 DW 1.99164 [<.886] LINE 49 Time Series Processor v4.4 (06 01/25/00 9:27 PM PAGE 7 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.051240 1.0000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_22 E1 1.00000 B1_22 0.013786 1.00000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 837 SBIC 705.207 LOGL -610.989 Standard Parameter Estimate Error t-statistic P-value C_23 -.673618 .287609 -2.34214 [.019] A2_23 -.256231 .039069 -6.55846 [.000] P0_23 .043071 .030874 1.39506 [.163] P1_23 -.011626 .018556 -.626549 [.531] P2_23 .973335E-02 .018139 .536599 [.592] P3_23 -.013442 .018167 -.739924 [.459] P4_23 -.017507 .020894 -.837924 [.402] P5_23 .274118 .022657 12.0989 [.000] P6_23 .011124 .024428 .455367 [.649] P7_23 .406279E-02 .018328 .221667 [.825] P8_23 .010109 .017802 .567862 [.570] P9_23 .024901 .017982 1.38476 [.166] P10_23 .030755 .017616 1.74591 [.081] P11_23 .024745 .018562 1.33309 [.183] P12_23 .022028 .018860 1.16800 [.243] P13_23 -.020018 .018367 -1.08989 [.276] P14_23 -.270223E-02 .017758 -.152167 [.879] P15_23 .141629E-02 .017803 .079554 [.937] P16_23 .013786 .018112 .761164 [.447] P17_23 .020285 .017879 1.13457 [.257] P18_23 -.143487 .024053 -5.96553 [.000] P19_23 .156404 .021052 7.42936 [.000] P20_23 -.026891 .017866 -1.50516 [.132] P21_23 .067890 .017961 3.77982 [.000] DI1_23 .068678 .016956 4.05044 [.000] DF1_23 .037559 .854671E-02 4.39455 [.000] S1_23 -.024048 .052667 -.456604 [.648] S2_23 .010599 .039767 .266527 [.790] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B2_23 YMEAN .119474 S2 .260826 ARSQ .356375 SDEV .636589 S .510711 LMHET 223.393 [.000] SSR 211.008 RSQ .377162 DW 1.99836 [<.904] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.0049105 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_23 E1 1.00000 B1_23 0.048321 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 837 SBIC 1238.74 LOGL -1144.52 Standard Parameter Estimate Error t-statistic P-value C_24 -1.36337 .544045 -2.50599 [.012] A2_24 .514695E-02 .073903 .069645 [.944] P0_24 -.033964 .058402 -.581556 [.561] P1_24 .032583 .035101 .928255 [.353] P2_24 -.026154 .034312 -.762244 [.446] P3_24 .016420 .034365 .477815 [.633] P4_24 .252457E-02 .039523 .063877 [.949] P5_24 -.216316 .042857 -5.04734 [.000] P6_24 -.375442E-02 .046208 -.081250 [.935] P7_24 -.025191 .034670 -.726589 [.467] P8_24 .030708 .033674 .911927 [.362] P9_24 .060049 .034016 1.76532 [.078] P10_24 .856903E-02 .033322 .257158 [.797] P11_24 .094090 .035112 2.67972 [.007] P12_24 -.018512 .035676 -.518896 [.604] P13_24 .031961 .034743 .919934 [.358] P14_24 .037013 .033592 1.10184 [.271] P15_24 .017653 .033676 .524203 [.600] P16_24 .024277 .034260 .708617 [.479] P17_24 -.053531 .033821 -1.58278 [.113] P18_24 .330057 .045499 7.25424 [.000] P19_24 .213234 .039823 5.35461 [.000] P20_24 -.059544 .033796 -1.76189 [.078] P21_24 -.166196 .033976 -4.89163 [.000] DI1_24 .934354E-02 .032074 .291316 [.771] DF1_24 .020501 .016167 1.26808 [.205] S1_24 .040904 .099625 .410582 [.681] S2_24 .099921 .075224 1.32831 [.184] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B2_24 YMEAN .119046 S2 .933289 ARSQ .206464 SDEV 1.08449 S .966069 LMHET 385.249 [.000] SSR 755.031 RSQ .232092 DW 2.07389 [<.992] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.073469 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_24 E1 1.00000 B1_24 0.072631 1.00000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 837 SBIC 713.819 LOGL -619.601 Standard Parameter Estimate Error t-statistic P-value C_25 -.404666 .290583 -1.39260 [.164] A2_25 -.120935 .039473 -3.06375 [.002] P0_25 -.024177 .031193 -.775065 [.438] P1_25 .538828E-02 .018748 .287405 [.774] P2_25 .017243 .018327 .940883 [.347] P3_25 .011682 .018355 .636448 [.524] P4_25 -.644182E-03 .021110 -.030516 [.976] P5_25 -.016939 .022891 -.739993 [.459] P6_25 .477949E-03 .024681 .019365 [.985] P7_25 -.270809E-02 .018518 -.146241 [.884] P8_25 .018931 .017986 1.05256 [.293] P9_25 .033709 .018168 1.85537 [.064] P10_25 .016832 .017798 .945741 [.344] P11_25 .029087 .018754 1.55099 [.121] P12_25 .768983E-02 .019055 .403562 [.687] P13_25 .715647E-02 .018557 .385653 [.700] P14_25 .629412E-02 .017942 .350804 [.726] P15_25 -.025575 .017987 -1.42185 [.155] P16_25 .016287 .018299 .890059 [.373] P17_25 -.023304 .018064 -1.29008 [.197] P18_25 .275507 .024302 11.3370 [.000] P19_25 .243003 .021270 11.4248 [.000] P20_25 -.020332 .018051 -1.12636 [.260] P21_25 -.047287 .018147 -2.60577 [.009] DI1_25 .028388 .017131 1.65708 [.098] DF1_25 .033257 .863510E-02 3.85142 [.000] S1_25 .979762E-03 .053212 .018413 [.985] S2_25 .044697 .040178 1.11248 [.266] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B2_25 YMEAN .118927 S2 .266249 ARSQ .408761 SDEV .671062 S .515993 LMHET 114.688 [.000] SSR 215.396 RSQ .427856 DW 2.10318 [<.998] Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 E2 E1 1.00000 E2 0.030361 1.00000 Results of Covariance procedure =============================== Number of Observations: 837 Correlation Matrix E1 B1_25 E1 1.00000 B1_25 0.042730 1.00000