INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 779 SBIC 876.849 LOGL -766.992 Standard Parameter Estimate Error t-statistic P-value C_1 2.70289 .437988 6.17115 [.000] A3_1 .286374 .109991 2.60361 [.009] A2_1 .261859 .108411 2.41542 [.016] P0_1 -.086092 .042588 -2.02153 [.043] P1_1 -.024386 .024431 -.998136 [.318] P2_1 .593872E-03 .024835 .023912 [.981] P3_1 -.017441 .024538 -.710789 [.477] P4_1 -.075298 .029987 -2.51103 [.012] P5_1 .148565E-02 .030322 .048995 [.961] P6_1 -.044679 .035022 -1.27575 [.202] P7_1 -.075852 .024765 -3.06292 [.002] P8_1 -.808664E-02 .024051 -.336224 [.737] P9_1 -.032174 .024982 -1.28786 [.198] P10_1 .017237 .023862 .722387 [.470] P11_1 -.510226E-02 .028525 -.178871 [.858] P12_1 -.041573 .026194 -1.58709 [.112] P13_1 .011095 .025046 .442999 [.658] P14_1 -.029904 .024022 -1.24483 [.213] P15_1 -.028783 .023756 -1.21159 [.226] P16_1 -.045760 .024880 -1.83920 [.066] P17_1 -.028890 .024522 -1.17814 [.239] P18_1 .015282 .032588 .468939 [.639] P19_1 -.036746 .031297 -1.17410 [.240] P20_1 .548243E-02 .023421 .234083 [.815] P21_1 .068629 .027473 2.49808 [.012] DI1_1 .064798 .032686 1.98243 [.047] DF1_1 .743157E-03 .012702 .058505 [.953] DI2_1 .250617E-02 .043755 .057277 [.954] DF2_1 .016732 .668826E-02 2.50164 [.012] S1_1 -.158836 .070695 -2.24678 [.025] S2_1 .101012 .063583 1.58867 [.112] S3_1 .142586 .046459 3.06908 [.002] B_1 .049901 .041174 1.21194 [.226] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.13458 S2 .438051 ARSQ .552644 SDEV .989545 S .661854 LMHET .036500 [.848] SSR 326.786 RSQ .571045 DW 1.94037 [<.785] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 779 SBIC 877.029 LOGL -767.172 Standard Parameter Estimate Error t-statistic P-value C_2 2.75650 .442636 6.22745 [.000] A3_2 .284210 .110065 2.58220 [.010] A2_2 .268253 .108461 2.47327 [.013] P0_2 -.094480 .042439 -2.22625 [.026] P1_2 -.023420 .024438 -.958336 [.338] P2_2 .245427E-02 .024845 .098784 [.921] P3_2 -.017901 .024552 -.729102 [.466] P4_2 -.071142 .029991 -2.37208 [.018] P5_2 -.494770E-02 .030119 -.164272 [.870] P6_2 -.041457 .035020 -1.18379 [.236] P7_2 -.074749 .024803 -3.01368 [.003] P8_2 -.900873E-02 .024060 -.374434 [.708] P9_2 -.030194 .024908 -1.21224 [.225] P10_2 .016799 .023863 .703973 [.481] P11_2 -.349235E-02 .028490 -.122582 [.902] P12_2 -.041384 .026208 -1.57909 [.114] P13_2 .013698 .024929 .549493 [.583] P14_2 -.029841 .024034 -1.24163 [.214] P15_2 -.028827 .023763 -1.21310 [.225] P16_2 -.044617 .024860 -1.79468 [.073] P17_2 -.027980 .024525 -1.14087 [.254] P18_2 .019671 .032351 .608031 [.543] P19_2 -.021492 .028265 -.760399 [.447] P20_2 .653235E-02 .023466 .278370 [.781] P21_2 .063407 .027329 2.32017 [.020] DI1_2 .064779 .032694 1.98140 [.048] DF1_2 -.181180E-05 .012740 -.142210E-03 [1.00] DI2_2 .299875E-02 .043776 .068503 [.945] DF2_2 .016987 .668749E-02 2.54013 [.011] S1_2 -.155716 .070652 -2.20398 [.028] S2_2 .102786 .063552 1.61736 [.106] S3_2 .140923 .046498 3.03072 [.002] B_2 .028500 .026889 1.05992 [.289] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.13458 S2 .438253 ARSQ .552438 SDEV .989545 S .662007 LMHET .055723 [.813] SSR 326.937 RSQ .570846 DW 1.94085 [<.787] INVESTOR #3 ===================== EQUATIONS: EQ_B3 NOB 779 SBIC 877.573 LOGL -767.715 Standard Parameter Estimate Error t-statistic P-value C_3 2.67107 .442302 6.03902 [.000] A3_3 .287939 .110086 2.61559 [.009] A2_3 .265598 .108527 2.44729 [.014] P0_3 -.090769 .042485 -2.13648 [.033] P1_3 -.023874 .024451 -.976424 [.329] P2_3 .159452E-02 .024848 .064171 [.949] P3_3 -.016978 .024567 -.691120 [.489] P4_3 -.073223 .029963 -2.44374 [.015] P5_3 -.282941E-02 .030133 -.093896 [.925] P6_3 -.043067 .035031 -1.22941 [.219] P7_3 -.076379 .024804 -3.07935 [.002] P8_3 -.853445E-02 .024072 -.354540 [.723] P9_3 -.029471 .024931 -1.18209 [.237] P10_3 .016624 .023879 .696183 [.486] P11_3 -.353887E-02 .028532 -.124034 [.901] P12_3 -.042359 .026214 -1.61593 [.106] P13_3 .014103 .024943 .565418 [.572] P14_3 -.028342 .024016 -1.18012 [.238] P15_3 -.028354 .023780 -1.19237 [.233] P16_3 -.044122 .024891 -1.77260 [.076] P17_3 -.028207 .024543 -1.14928 [.250] P18_3 .968205E-02 .048809 .198366 [.843] P19_3 -.021862 .028727 -.761018 [.447] P20_3 .493581E-02 .023442 .210557 [.833] P21_3 .065472 .027416 2.38809 [.017] DI1_3 .064622 .032717 1.97519 [.048] DF1_3 .917498E-03 .012718 .072142 [.942] DI2_3 .194248E-02 .043794 .044355 [.965] DF2_3 .016979 .669286E-02 2.53685 [.011] S1_3 -.155084 .070704 -2.19342 [.028] S2_3 .104631 .063575 1.64577 [.100] S3_3 .142707 .046502 3.06881 [.002] B_3 .500622E-02 .017498 .286103 [.775] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B3 Dependent variable: LPSE YMEAN 5.13458 S2 .438865 ARSQ .551813 SDEV .989545 S .662469 LMHET .050605 [.822] SSR 327.393 RSQ .570247 DW 1.94263 [<.794] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 779 SBIC 877.182 LOGL -767.325 Standard Parameter Estimate Error t-statistic P-value C_4 2.74164 .441918 6.20394 [.000] A3_4 .286372 .110044 2.60234 [.009] A2_4 .266333 .108446 2.45592 [.014] P0_4 -.092431 .042371 -2.18148 [.029] P1_4 -.023528 .024442 -.962599 [.336] P2_4 .284363E-02 .024877 .114310 [.909] P3_4 -.016834 .024549 -.685726 [.493] P4_4 -.072824 .029944 -2.43199 [.015] P5_4 -.280591E-02 .030086 -.093262 [.926] P6_4 -.042588 .035004 -1.21664 [.224] P7_4 -.075224 .024794 -3.03400 [.002] P8_4 -.890442E-02 .024064 -.370036 [.711] P9_4 -.029611 .024908 -1.18880 [.235] P10_4 .016332 .023869 .684218 [.494] P11_4 -.261655E-02 .028502 -.091803 [.927] P12_4 -.043365 .026226 -1.65350 [.098] P13_4 .014289 .024931 .573163 [.567] P14_4 -.028139 .024004 -1.17226 [.241] P15_4 -.028926 .023770 -1.21689 [.224] P16_4 -.044120 .024866 -1.77434 [.076] P17_4 -.027987 .024530 -1.14090 [.254] P18_4 .019985 .032355 .617689 [.537] P19_4 -.020133 .028253 -.712600 [.476] P20_4 .469664E-02 .023431 .200449 [.841] P21_4 .064245 .027309 2.35251 [.019] DI1_4 .064319 .032702 1.96681 [.049] DF1_4 .457118E-03 .012721 .035934 [.971] DI2_4 .140436E-02 .043773 .032083 [.974] DF2_4 .017093 .669057E-02 2.55476 [.011] S1_4 -.155140 .070665 -2.19542 [.028] S2_4 .102574 .063580 1.61331 [.107] S3_4 .141524 .046495 3.04383 [.002] B_4 .020242 .022222 .910882 [.362] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.13458 S2 .438425 ARSQ .552262 SDEV .989545 S .662137 LMHET .043808 [.834] SSR 327.065 RSQ .570678 DW 1.93711 [<.772] INVESTOR #5 ===================== EQUATIONS: EQ_B5 NOB 779 SBIC 876.834 LOGL -766.977 Standard Parameter Estimate Error t-statistic P-value C_5 2.78510 .444912 6.25989 [.000] A3_5 .288055 .109982 2.61912 [.009] A2_5 .263217 .108390 2.42843 [.015] P0_5 -.090947 .042346 -2.14773 [.032] P1_5 -.025857 .024479 -1.05630 [.291] P2_5 .132616E-02 .024824 .053424 [.957] P3_5 -.018319 .024554 -.746061 [.456] P4_5 -.074642 .029957 -2.49161 [.013] P5_5 -.249806E-02 .030075 -.083061 [.934] P6_5 -.044278 .035008 -1.26480 [.206] P7_5 -.075727 .024765 -3.05777 [.002] P8_5 -.969759E-02 .024069 -.402911 [.687] P9_5 -.031533 .024943 -1.26421 [.206] P10_5 .016541 .023856 .693379 [.488] P11_5 -.418958E-02 .028493 -.147040 [.883] P12_5 -.042414 .026188 -1.61961 [.105] P13_5 .011836 .024990 .473621 [.636] P14_5 -.028897 .023994 -1.20436 [.228] P15_5 -.029563 .023771 -1.24363 [.214] P16_5 -.044405 .024853 -1.78670 [.074] P17_5 -.028519 .024517 -1.16320 [.245] P18_5 .021781 .032368 .672898 [.501] P19_5 -.017826 .028316 -.629539 [.529] P20_5 .550718E-02 .023421 .235142 [.814] P21_5 .067011 .027350 2.45017 [.014] DI1_5 .065030 .032686 1.98950 [.047] DF1_5 .102061E-03 .012723 .802204E-02 [.994] DI2_5 .824278E-03 .043759 .018837 [.985] DF2_5 .016994 .668582E-02 2.54185 [.011] S1_5 -.158389 .070678 -2.24098 [.025] S2_5 .100535 .063599 1.58076 [.114] S3_5 .141816 .046463 3.05223 [.002] B_5 .036472 .029799 1.22394 [.221] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B5 Dependent variable: LPSE YMEAN 5.13458 S2 .438034 ARSQ .552662 SDEV .989545 S .661841 LMHET .081023 [.776] SSR 326.773 RSQ .571061 DW 1.94144 [<.790] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 779 SBIC 877.327 LOGL -767.470 Standard Parameter Estimate Error t-statistic P-value C_6 2.72799 .441347 6.18107 [.000] A3_6 .288100 .110051 2.61787 [.009] A2_6 .265284 .108454 2.44606 [.014] P0_6 -.092874 .042403 -2.19026 [.029] P1_6 -.023795 .024443 -.973481 [.330] P2_6 .207901E-02 .024850 .083662 [.933] P3_6 -.017997 .024578 -.732230 [.464] P4_6 -.072759 .029951 -2.42926 [.015] P5_6 -.182796E-02 .030149 -.060632 [.952] P6_6 -.042249 .035019 -1.20648 [.228] P7_6 -.076002 .024779 -3.06714 [.002] P8_6 -.918940E-02 .024082 -.381585 [.703] P9_6 -.031012 .024977 -1.24159 [.214] P10_6 .016356 .023874 .685109 [.493] P11_6 -.265634E-02 .028509 -.093174 [.926] P12_6 -.042601 .026207 -1.62554 [.104] P13_6 .014006 .024936 .561693 [.574] P14_6 -.028809 .024012 -1.19981 [.230] P15_6 -.028833 .023775 -1.21275 [.225] P16_6 -.044202 .024870 -1.77733 [.076] P17_6 -.028479 .024533 -1.16083 [.246] P18_6 .019774 .032364 .610978 [.541] P19_6 -.020186 .028258 -.714356 [.475] P20_6 .522991E-02 .023434 .223178 [.823] P21_6 .065322 .027316 2.39133 [.017] DI1_6 .064684 .032706 1.97776 [.048] DF1_6 .544089E-03 .012725 .042758 [.966] DI2_6 .166041E-02 .043779 .037927 [.970] DF2_6 .016893 .669037E-02 2.52504 [.012] S1_6 -.156139 .070687 -2.20888 [.027] S2_6 .104048 .063558 1.63705 [.102] S3_6 .142072 .046494 3.05572 [.002] B_6 .015650 .021051 .743398 [.457] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.13458 S2 .438588 ARSQ .552095 SDEV .989545 S .662260 LMHET .061241 [.805] SSR 327.187 RSQ .570518 DW 1.93800 [<.776] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 779 SBIC 877.611 LOGL -767.753 Standard Parameter Estimate Error t-statistic P-value C_7 2.69272 .440739 6.10955 [.000] A3_7 .287912 .110091 2.61521 [.009] A2_7 .264617 .108498 2.43890 [.015] P0_7 -.091915 .042500 -2.16271 [.031] P1_7 -.023848 .024460 -.975004 [.330] P2_7 .151584E-02 .024848 .061005 [.951] P3_7 -.017014 .024601 -.691603 [.489] P4_7 -.072823 .030058 -2.42276 [.015] P5_7 -.315052E-02 .030117 -.104610 [.917] P6_7 -.042766 .035029 -1.22088 [.222] P7_7 -.075996 .024820 -3.06185 [.002] P8_7 -.853957E-02 .024078 -.354662 [.723] P9_7 -.029612 .024931 -1.18776 [.235] P10_7 .016704 .023890 .699197 [.484] P11_7 -.305508E-02 .028557 -.106984 [.915] P12_7 -.042354 .026224 -1.61509 [.106] P13_7 .013941 .025029 .556991 [.578] P14_7 -.028439 .024015 -1.18420 [.236] P15_7 -.028501 .023782 -1.19843 [.231] P16_7 -.044337 .024879 -1.78206 [.075] P17_7 -.028252 .024549 -1.15083 [.250] P18_7 .020225 .032386 .624492 [.532] P19_7 -.020193 .028343 -.712453 [.476] P20_7 .503919E-02 .023441 .214971 [.830] P21_7 .064851 .027322 2.37359 [.018] DI1_7 .064702 .032718 1.97756 [.048] DF1_7 .993327E-03 .012718 .078104 [.938] DI2_7 .183882E-02 .043794 .041987 [.967] DF2_7 .016942 .669278E-02 2.53140 [.011] S1_7 -.155087 .070738 -2.19242 [.028] S2_7 .104274 .063640 1.63850 [.101] S3_7 .142663 .046504 3.06773 [.002] B_7 .171611E-02 .017797 .096427 [.923] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.13458 S2 .438908 ARSQ .551769 SDEV .989545 S .662501 LMHET .052832 [.818] SSR 327.425 RSQ .570205 DW 1.93882 [<.779] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 779 SBIC 875.892 LOGL -766.034 Standard Parameter Estimate Error t-statistic P-value C_8 2.80507 .441977 6.34664 [.000] A3_8 .278000 .109984 2.52764 [.011] A2_8 .265572 .108253 2.45325 [.014] P0_8 -.101460 .042636 -2.37966 [.017] P1_8 -.020415 .024473 -.834154 [.404] P2_8 .010699 .025301 .422853 [.672] P3_8 -.012342 .024648 -.500729 [.617] P4_8 -.065287 .030197 -2.16202 [.031] P5_8 .281462E-02 .030217 .093147 [.926] P6_8 -.036819 .035101 -1.04893 [.294] P7_8 -.074460 .024750 -3.00845 [.003] P8_8 -.010695 .024050 -.444679 [.657] P9_8 -.032019 .024900 -1.28589 [.198] P10_8 .015003 .023844 .629205 [.529] P11_8 -.422221E-02 .028453 -.148394 [.882] P12_8 -.041792 .026157 -1.59775 [.110] P13_8 .014362 .024889 .577048 [.564] P14_8 -.026899 .023977 -1.12187 [.262] P15_8 -.028957 .023727 -1.22040 [.222] P16_8 -.043889 .024824 -1.76799 [.077] P17_8 -.028032 .024488 -1.14473 [.252] P18_8 .018368 .032316 .568391 [.570] P19_8 -.017566 .028247 -.621849 [.534] P20_8 .606283E-02 .023396 .259139 [.796] P21_8 .064455 .027258 2.36467 [.018] DI1_8 .065583 .032649 2.00871 [.045] DF1_8 .968943E-03 .012685 .076387 [.939] DI2_8 .559783E-02 .043747 .127960 [.898] DF2_8 .016821 .667800E-02 2.51891 [.012] S1_8 -.149346 .070624 -2.11467 [.034] S2_8 .099855 .063490 1.57276 [.116] S3_8 .138055 .046471 2.97081 [.003] B_8 .050326 .027666 1.81903 [.069] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.13458 S2 .436975 ARSQ .553743 SDEV .989545 S .661041 LMHET .097386 [.755] SSR 325.983 RSQ .572098 DW 1.92531 [<.719] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 779 SBIC 877.582 LOGL -767.725 Standard Parameter Estimate Error t-statistic P-value C_9 2.67561 .441046 6.06650 [.000] A3_9 .288921 .110158 2.62279 [.009] A2_9 .262933 .108721 2.41842 [.016] P0_9 -.091454 .042388 -2.15757 [.031] P1_9 -.023930 .024451 -.978678 [.328] P2_9 .164360E-02 .024852 .066137 [.947] P3_9 -.017133 .024560 -.697602 [.485] P4_9 -.072779 .029978 -2.42774 [.015] P5_9 -.207321E-02 .030455 -.068075 [.946] P6_9 -.042940 .035024 -1.22602 [.220] P7_9 -.075803 .024818 -3.05433 [.002] P8_9 -.842789E-02 .024073 -.350098 [.726] P9_9 -.029012 .025059 -1.15776 [.247] P10_9 .016575 .023880 .694075 [.488] P11_9 -.277811E-02 .028560 -.097271 [.923] P12_9 -.042275 .026213 -1.61279 [.107] P13_9 .013987 .024950 .560600 [.575] P14_9 -.028396 .024015 -1.18245 [.237] P15_9 -.028218 .023796 -1.18583 [.236] P16_9 -.044345 .024877 -1.78255 [.075] P17_9 -.028296 .024541 -1.15304 [.249] P18_9 .019354 .032517 .595187 [.552] P19_9 -.020437 .028266 -.723014 [.470] P20_9 .494293E-02 .023442 .210857 [.833] P21_9 .064620 .027326 2.36481 [.018] DI1_9 .064967 .032735 1.98464 [.047] DF1_9 .122192E-02 .012735 .095951 [.924] DI2_9 .156656E-02 .043806 .035762 [.971] DF2_9 .016905 .669443E-02 2.52519 [.012] S1_9 -.154618 .070752 -2.18534 [.029] S2_9 .104290 .063583 1.64020 [.101] S3_9 .143355 .046585 3.07725 [.002] B_9 -.501627E-02 .019802 -.253318 [.800] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.13458 S2 .438875 ARSQ .551802 SDEV .989545 S .662477 LMHET .054684 [.815] SSR 327.401 RSQ .570237 DW 1.93937 [<.781] INVESTOR #10 ====================== EQUATIONS: EQ_B10 NOB 779 SBIC 877.227 LOGL -767.370 Standard Parameter Estimate Error t-statistic P-value C_10 2.69785 .438176 6.15700 [.000] A3_10 .282982 .110186 2.56822 [.010] A2_10 .275751 .109187 2.52549 [.012] P0_10 -.093187 .042403 -2.19765 [.028] P1_10 -.023503 .024444 -.961494 [.336] P2_10 .170473E-02 .024836 .068638 [.945] P3_10 -.015872 .024593 -.645368 [.519] P4_10 -.072547 .029950 -2.42225 [.015] P5_10 -.435061E-02 .030111 -.144486 [.885] P6_10 -.042348 .035010 -1.20961 [.226] P7_10 -.075846 .024778 -3.06104 [.002] P8_10 -.848642E-02 .024061 -.352708 [.724] P9_10 -.031610 .025010 -1.26388 [.206] P10_10 .017307 .023881 .724732 [.469] P11_10 -.354079E-02 .028499 -.124244 [.901] P12_10 -.042309 .026201 -1.61482 [.106] P13_10 .015062 .024955 .603558 [.546] P14_10 -.028173 .024005 -1.17361 [.241] P15_10 -.029088 .023778 -1.22333 [.221] P16_10 -.044407 .024866 -1.78588 [.074] P17_10 -.028384 .024529 -1.15714 [.247] P18_10 .018347 .032423 .565876 [.571] P19_10 -.024862 .028724 -.865531 [.387] P20_10 .648568E-02 .023490 .276099 [.782] P21_10 .064572 .027305 2.36483 [.018] DI1_10 .063790 .032718 1.94966 [.051] DF1_10 -.517422E-03 .012832 -.040322 [.968] DI2_10 .311019E-02 .043798 .071012 [.943] DF2_10 .017334 .670398E-02 2.58565 [.010] S1_10 -.154499 .070675 -2.18604 [.029] S2_10 .106233 .063577 1.67094 [.095] S3_10 .139621 .046614 2.99526 [.003] B_10 .018156 .021058 .862180 [.389] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.13458 S2 .438476 ARSQ .552210 SDEV .989545 S .662175 LMHET .044493 [.833] SSR 327.103 RSQ .570628 DW 1.93806 [<.776] INVESTOR #11 ====================== EQUATIONS: EQ_B11 NOB 779 SBIC 877.179 LOGL -767.322 Standard Parameter Estimate Error t-statistic P-value C_11 2.72186 .439550 6.19237 [.000] A3_11 .284116 .110109 2.58032 [.010] A2_11 .274287 .108933 2.51795 [.012] P0_11 -.091446 .042362 -2.15870 [.031] P1_11 -.023792 .024439 -.973539 [.330] P2_11 .141211E-02 .024834 .056861 [.955] P3_11 -.016835 .024549 -.685759 [.493] P4_11 -.074511 .029985 -2.48495 [.013] P5_11 -.597908E-02 .030230 -.197787 [.843] P6_11 -.042282 .035008 -1.20776 [.227] P7_11 -.076814 .024786 -3.09911 [.002] P8_11 -.919147E-02 .024071 -.381841 [.703] P9_11 -.032397 .025085 -1.29150 [.197] P10_11 .016835 .023868 .705356 [.481] P11_11 -.474530E-02 .028544 -.166248 [.868] P12_11 -.042406 .026199 -1.61859 [.106] P13_11 .014574 .024935 .584469 [.559] P14_11 -.028528 .024002 -1.18859 [.235] P15_11 -.028304 .023765 -1.19099 [.234] P16_11 -.044556 .024865 -1.79192 [.073] P17_11 -.028209 .024528 -1.15009 [.250] P18_11 .018581 .032399 .573505 [.566] P19_11 -.024298 .028572 -.850399 [.395] P20_11 .552644E-02 .023434 .235828 [.814] P21_11 .065801 .027324 2.40817 [.016] DI1_11 .063666 .032719 1.94585 [.052] DF1_11 -.351664E-03 .012795 -.027484 [.978] DI2_11 .226245E-02 .043773 .051686 [.959] DF2_11 .017279 .669841E-02 2.57958 [.010] S1_11 -.157195 .070695 -2.22356 [.026] S2_11 .106094 .063565 1.66906 [.095] S3_11 .139456 .046610 2.99200 [.003] B_11 .023504 .025710 .914201 [.361] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.13458 S2 .438422 ARSQ .552265 SDEV .989545 S .662134 LMHET .058241 [.809] SSR 327.063 RSQ .570681 DW 1.93983 [<.783] INVESTOR #12 ====================== EQUATIONS: EQ_B12 NOB 779 SBIC 877.088 LOGL -767.231 Standard Parameter Estimate Error t-statistic P-value C_12 2.72542 .439517 6.20094 [.000] A3_12 .283936 .110089 2.57916 [.010] A2_12 .271295 .108614 2.49778 [.012] P0_12 -.090431 .042373 -2.13419 [.033] P1_12 -.023305 .024443 -.953457 [.340] P2_12 .134849E-02 .024832 .054305 [.957] P3_12 -.016676 .024548 -.679322 [.497] P4_12 -.072572 .029943 -2.42366 [.015] P5_12 -.998140E-02 .030815 -.323914 [.746] P6_12 -.042780 .034999 -1.22231 [.222] P7_12 -.076113 .024771 -3.07260 [.002] P8_12 -.726184E-02 .024087 -.301478 [.763] P9_12 -.027695 .024983 -1.10856 [.268] P10_12 .015913 .023875 .666516 [.505] P11_12 -.281095E-02 .028494 -.098651 [.921] P12_12 -.041046 .026225 -1.56517 [.118] P13_12 .014264 .024928 .572205 [.567] P14_12 -.028662 .024000 -1.19425 [.232] P15_12 -.027835 .023770 -1.17100 [.242] P16_12 -.045145 .024873 -1.81500 [.070] P17_12 -.028683 .024528 -1.16940 [.242] P18_12 .023114 .032486 .711492 [.477] P19_12 -.028334 .029331 -.965981 [.334] P20_12 .453028E-02 .023430 .193352 [.847] P21_12 .061073 .027550 2.21680 [.027] DI1_12 .063566 .032715 1.94302 [.052] DF1_12 -.223619E-03 .012765 -.017518 [.986] DI2_12 .365328E-02 .043802 .083403 [.934] DF2_12 .017070 .668898E-02 2.55196 [.011] S1_12 -.161362 .070913 -2.27547 [.023] S2_12 .107317 .063595 1.68751 [.092] S3_12 .140390 .046528 3.01735 [.003] B_12 .033081 .032912 1.00515 [.315] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.13458 S2 .438319 ARSQ .552370 SDEV .989545 S .662057 LMHET .067858 [.794] SSR 326.986 RSQ .570781 DW 1.93883 [<.779] INVESTOR #13 ====================== EQUATIONS: EQ_B13 NOB 779 SBIC 875.153 LOGL -765.296 Standard Parameter Estimate Error t-statistic P-value C_13 2.83971 .442386 6.41908 [.000] A3_13 .285234 .109751 2.59891 [.009] A2_13 .281728 .108431 2.59822 [.009] P0_13 -.098253 .042361 -2.31941 [.020] P1_13 -.025118 .024381 -1.03023 [.303] P2_13 .493559E-02 .024819 .198862 [.842] P3_13 -.014986 .024503 -.611601 [.541] P4_13 -.069892 .029900 -2.33750 [.019] P5_13 -.161718E-02 .030013 -.053882 [.957] P6_13 -.040652 .034927 -1.16393 [.244] P7_13 -.076337 .024710 -3.08930 [.002] P8_13 -.887805E-02 .023997 -.369959 [.711] P9_13 -.031088 .024852 -1.25095 [.211] P10_13 .014525 .023825 .609685 [.542] P11_13 -.456589E-02 .028427 -.160618 [.872] P12_13 -.042740 .026132 -1.63555 [.102] P13_13 .015613 .024875 .627676 [.530] P14_13 -.028298 .023939 -1.18208 [.237] P15_13 -.029997 .023714 -1.26495 [.206] P16_13 -.042708 .024811 -1.72133 [.085] P17_13 -.026326 .024481 -1.07537 [.282] P18_13 .013644 .032408 .421007 [.674] P19_13 -.020886 .028179 -.741185 [.459] P20_13 .632839E-02 .023375 .270738 [.787] P21_13 .066131 .027238 2.42787 [.015] DI1_13 .062585 .032629 1.91808 [.055] DF1_13 -.326294E-02 .012825 -.254414 [.799] DI2_13 .136193E-02 .043657 .031196 [.975] DF2_13 .017453 .667533E-02 2.61461 [.009] S1_13 -.153155 .070488 -2.17277 [.030] S2_13 .102006 .063388 1.60922 [.108] S3_13 .137814 .046411 2.96943 [.003] B_13 .084240 .038729 2.17512 [.030] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.13458 S2 .436147 ARSQ .554588 SDEV .989545 S .660414 LMHET .020476 [.886] SSR 325.366 RSQ .572909 DW 1.94712 [<.812] INVESTOR #14 ====================== EQUATIONS: EQ_B14 NOB 779 SBIC 877.452 LOGL -767.595 Standard Parameter Estimate Error t-statistic P-value C_14 2.68607 .438176 6.13011 [.000] A3_14 .289443 .110102 2.62885 [.009] A2_14 .260625 .108718 2.39726 [.017] P0_14 -.091146 .042384 -2.15048 [.032] P1_14 -.024267 .024455 -.992312 [.321] P2_14 .257537E-02 .024914 .103370 [.918] P3_14 -.017780 .024581 -.723323 [.469] P4_14 -.074092 .030010 -2.46889 [.014] P5_14 .135931E-02 .031201 .043566 [.965] P6_14 -.042632 .035017 -1.21746 [.223] P7_14 -.076455 .024790 -3.08408 [.002] P8_14 -.855763E-02 .024068 -.355561 [.722] P9_14 -.030215 .024935 -1.21173 [.226] P10_14 .016393 .023879 .686487 [.492] P11_14 -.279454E-02 .028514 -.098006 [.922] P12_14 -.042788 .026224 -1.63165 [.103] P13_14 .013625 .024956 .545948 [.585] P14_14 -.028525 .024011 -1.18800 [.235] P15_14 -.028105 .023782 -1.18178 [.237] P16_14 -.043994 .024882 -1.76814 [.077] P17_14 -.028200 .024537 -1.14930 [.250] P18_14 .018406 .032513 .566100 [.571] P19_14 -.016297 .029195 -.558205 [.577] P20_14 .422438E-02 .023480 .179917 [.857] P21_14 .064195 .027333 2.34860 [.019] DI1_14 .065426 .032738 1.99848 [.046] DF1_14 .174347E-02 .012774 .136485 [.891] DI2_14 .109055E-02 .043806 .024895 [.980] DF2_14 .016834 .669416E-02 2.51480 [.012] S1_14 -.155753 .070694 -2.20319 [.028] S2_14 .104277 .063567 1.64043 [.101] S3_14 .143454 .046517 3.08390 [.002] B_14 -.012114 .021659 -.559300 [.576] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.13458 S2 .438729 ARSQ .551952 SDEV .989545 S .662366 LMHET .102632 [.749] SSR 327.292 RSQ .570380 DW 1.93550 [<.765] INVESTOR #15 ====================== EQUATIONS: EQ_B15 NOB 779 SBIC 875.852 LOGL -765.994 Standard Parameter Estimate Error t-statistic P-value C_15 2.74322 .438281 6.25903 [.000] A3_15 .294870 .109908 2.68289 [.007] A2_15 .255347 .108367 2.35633 [.018] P0_15 -.099456 .042503 -2.33996 [.019] P1_15 -.022424 .024410 -.918625 [.358] P2_15 .733702E-02 .024992 .293570 [.769] P3_15 -.014057 .024563 -.572287 [.567] P4_15 -.066315 .030115 -2.20204 [.028] P5_15 -.706501E-03 .030063 -.023501 [.981] P6_15 -.040212 .034973 -1.14980 [.250] P7_15 -.074373 .024750 -3.00496 [.003] P8_15 -.943403E-02 .024024 -.392696 [.695] P9_15 -.033159 .024937 -1.32969 [.184] P10_15 .016302 .023827 .684192 [.494] P11_15 -.275924E-02 .028447 -.096997 [.923] P12_15 -.042360 .026154 -1.61962 [.105] P13_15 .015162 .024894 .609053 [.542] P14_15 -.028085 .023962 -1.17209 [.241] P15_15 -.029568 .023732 -1.24593 [.213] P16_15 -.043957 .024823 -1.77083 [.077] P17_15 -.027688 .024488 -1.13067 [.258] P18_15 .020957 .032303 .648765 [.516] P19_15 -.017127 .028259 -.606058 [.544] P20_15 .549445E-02 .023389 .234913 [.814] P21_15 .065816 .027261 2.41427 [.016] DI1_15 .065903 .032651 2.01843 [.044] DF1_15 .871319E-03 .012684 .068693 [.945] DI2_15 .913809E-03 .043699 .020912 [.983] DF2_15 .016284 .668707E-02 2.43515 [.015] S1_15 -.149493 .070615 -2.11701 [.034] S2_15 .102724 .063442 1.61918 [.105] S3_15 .142975 .046400 3.08138 [.002] B_15 .026227 .014253 1.84009 [.066] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.13458 S2 .436930 ARSQ .553789 SDEV .989545 S .661007 LMHET .085978 [.769] SSR 325.950 RSQ .572142 DW 1.92897 [<.736] INVESTOR #16 ====================== EQUATIONS: EQ_B16 NOB 779 SBIC 876.962 LOGL -767.104 Standard Parameter Estimate Error t-statistic P-value C_16 2.74835 .441167 6.22972 [.000] A3_16 .285665 .110018 2.59653 [.009] A2_16 .269509 .108484 2.48431 [.013] P0_16 -.096086 .042537 -2.25887 [.024] P1_16 -.022944 .024447 -.938553 [.348] P2_16 .460030E-02 .024979 .184167 [.854] P3_16 -.015379 .024591 -.625399 [.532] P4_16 -.070195 .030043 -2.33644 [.019] P5_16 -.566211E-02 .030151 -.187793 [.851] P6_16 -.040405 .035060 -1.15244 [.249] P7_16 -.074679 .024801 -3.01116 [.003] P8_16 -.851833E-02 .024053 -.354155 [.723] P9_16 -.031082 .024933 -1.24664 [.213] P10_16 .016050 .023866 .672489 [.501] P11_16 -.274516E-02 .028489 -.096357 [.923] P12_16 -.042459 .026192 -1.62106 [.105] P13_16 .014600 .024927 .585727 [.558] P14_16 -.028636 .023996 -1.19337 [.233] P15_16 -.029649 .023782 -1.24669 [.213] P16_16 -.043947 .024860 -1.76778 [.077] P17_16 -.028246 .024521 -1.15192 [.249] P18_16 .022227 .032400 .686029 [.493] P19_16 -.020164 .028244 -.713923 [.475] P20_16 .548480E-02 .023425 .234145 [.815] P21_16 .065326 .027299 2.39301 [.017] DI1_16 .065176 .032693 1.99355 [.046] DF1_16 -.341761E-03 .012761 -.026782 [.979] DI2_16 .200044E-02 .043758 .045716 [.964] DF2_16 .017071 .668769E-02 2.55256 [.011] S1_16 -.153662 .070660 -2.17467 [.030] S2_16 .103493 .063532 1.62900 [.103] S3_16 .140844 .046494 3.02932 [.002] B_16 .029663 .026498 1.11945 [.263] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B16 Dependent variable: LPSE YMEAN 5.13458 S2 .438177 ARSQ .552515 SDEV .989545 S .661949 LMHET .081465 [.775] SSR 326.880 RSQ .570921 DW 1.92912 [<.737] INVESTOR #17 ====================== EQUATIONS: EQ_B17 NOB 779 SBIC 877.087 LOGL -767.230 Standard Parameter Estimate Error t-statistic P-value C_17 2.69575 .438019 6.15443 [.000] A3_17 .286850 .110022 2.60720 [.009] A2_17 .272374 .108683 2.50612 [.012] P0_17 -.089282 .042419 -2.10473 [.035] P1_17 -.023441 .024440 -.959144 [.337] P2_17 -.127563E-02 .024986 -.051054 [.959] P3_17 -.015869 .024577 -.645680 [.518] P4_17 -.072604 .029943 -2.42479 [.015] P5_17 -.388510E-02 .030085 -.129136 [.897] P6_17 -.043728 .035010 -1.24901 [.212] P7_17 -.075903 .024772 -3.06402 [.002] P8_17 -.863485E-02 .024057 -.358936 [.720] P9_17 -.029673 .024905 -1.19144 [.233] P10_17 .017193 .023870 .720278 [.471] P11_17 -.442050E-02 .028516 -.155017 [.877] P12_17 -.041364 .026212 -1.57807 [.115] P13_17 .014656 .024933 .587844 [.557] P14_17 -.028075 .024002 -1.16971 [.242] P15_17 -.027393 .023786 -1.15168 [.249] P16_17 -.045075 .024871 -1.81235 [.070] P17_17 -.028690 .024528 -1.16969 [.242] P18_17 .015344 .032699 .469250 [.639] P19_17 -.026167 .028825 -.907798 [.364] P20_17 .543218E-02 .023428 .231862 [.817] P21_17 .066497 .027351 2.43126 [.015] DI1_17 .063844 .032707 1.95201 [.051] DF1_17 -.636396E-03 .012811 -.049674 [.960] DI2_17 .189056E-02 .043765 .043198 [.966] DF2_17 .016977 .668795E-02 2.53851 [.011] S1_17 -.159730 .070793 -2.25629 [.024] S2_17 .108756 .063673 1.70804 [.088] S3_17 .139703 .046565 3.00016 [.003] B_17 .042942 .042676 1.00623 [.314] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.13458 S2 .438318 ARSQ .552371 SDEV .989545 S .662056 LMHET .060669 [.805] SSR 326.985 RSQ .570783 DW 1.93968 [<.783] INVESTOR #18 ====================== EQUATIONS: EQ_B18 NOB 779 SBIC 875.246 LOGL -765.389 Standard Parameter Estimate Error t-statistic P-value C_18 2.84092 .442744 6.41661 [.000] A3_18 .288044 .109757 2.62437 [.009] A2_18 .258469 .108202 2.38876 [.017] P0_18 -.103441 .042618 -2.42716 [.015] P1_18 -.018964 .024488 -.774436 [.439] P2_18 .978684E-02 .025074 .390325 [.696] P3_18 -.010430 .024688 -.422496 [.673] P4_18 -.062056 .030310 -2.04735 [.041] P5_18 .849050E-03 .030069 .028237 [.977] P6_18 -.036232 .035053 -1.03364 [.301] P7_18 -.072235 .024780 -2.91508 [.004] P8_18 -.640772E-02 .024019 -.266772 [.790] P9_18 -.032234 .024875 -1.29582 [.195] P10_18 .018474 .023823 .775483 [.438] P11_18 -.473990E-02 .028433 -.166706 [.868] P12_18 -.041157 .026139 -1.57453 [.115] P13_18 .015935 .024883 .640397 [.522] P14_18 -.028252 .023942 -1.18001 [.238] P15_18 -.029262 .023709 -1.23421 [.217] P16_18 -.042720 .024814 -1.72157 [.085] P17_18 -.027745 .024468 -1.13393 [.257] P18_18 .019547 .032276 .605637 [.545] P19_18 -.017191 .028221 -.609145 [.542] P20_18 .670186E-02 .023383 .286614 [.774] P21_18 .068177 .027280 2.49913 [.012] DI1_18 .065259 .032620 2.00061 [.045] DF1_18 .201703E-03 .012680 .015907 [.987] DI2_18 .318016E-02 .043666 .072829 [.942] DF2_18 .016121 .668337E-02 2.41214 [.016] S1_18 -.157711 .070499 -2.23708 [.025] S2_18 .107494 .063400 1.69549 [.090] S3_18 .141241 .046368 3.04609 [.002] B_18 .080964 .037947 2.13359 [.033] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B18 Dependent variable: LPSE YMEAN 5.13458 S2 .436251 ARSQ .554482 SDEV .989545 S .660493 LMHET .178504 [.673] SSR 325.443 RSQ .572807 DW 1.92064 [<.697] INVESTOR #19 ====================== EQUATIONS: EQ_B19 NOB 779 SBIC 877.610 LOGL -767.752 Standard Parameter Estimate Error t-statistic P-value C_19 2.68945 .438407 6.13459 [.000] A3_19 .287840 .110094 2.61450 [.009] A2_19 .264605 .108498 2.43879 [.015] P0_19 -.091656 .042386 -2.16239 [.031] P1_19 -.023936 .024453 -.978857 [.328] P2_19 .141002E-02 .024870 .056696 [.955] P3_19 -.017233 .024573 -.701306 [.483] P4_19 -.073093 .029961 -2.43958 [.015] P5_19 -.353542E-02 .030220 -.116991 [.907] P6_19 -.042835 .035023 -1.22307 [.221] P7_19 -.076149 .024790 -3.07180 [.002] P8_19 -.845635E-02 .024075 -.351255 [.725] P9_19 -.029678 .024922 -1.19084 [.234] P10_19 .016676 .023883 .698243 [.485] P11_19 -.310761E-02 .028527 -.108935 [.913] P12_19 -.042204 .026224 -1.60937 [.108] P13_19 .014099 .024947 .565142 [.572] P14_19 -.028432 .024015 -1.18393 [.236] P15_19 -.028469 .023778 -1.19726 [.231] P16_19 -.044355 .024878 -1.78292 [.075] P17_19 -.028299 .024542 -1.15311 [.249] P18_19 .020463 .032524 .629183 [.529] P19_19 -.019669 .029093 -.676059 [.499] P20_19 .487183E-02 .023486 .207438 [.836] P21_19 .064788 .027318 2.37164 [.018] DI1_19 .064710 .032718 1.97778 [.048] DF1_19 .104021E-02 .012713 .081822 [.935] DI2_19 .190291E-02 .043799 .043446 [.965] DF2_19 .016941 .669277E-02 2.53130 [.011] S1_19 -.155365 .070707 -2.19733 [.028] S2_19 .104524 .063578 1.64404 [.100] S3_19 .142635 .046504 3.06713 [.002] B_19 -.799388E-03 .758859E-02 -.105341 [.916] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.13458 S2 .438907 ARSQ .551770 SDEV .989545 S .662500 LMHET .054049 [.816] SSR 327.424 RSQ .570207 DW 1.93936 [<.781] INVESTOR #20 ====================== EQUATIONS: EQ_B20 NOB 779 SBIC 875.963 LOGL -766.106 Standard Parameter Estimate Error t-statistic P-value C_20 2.78104 .440419 6.31455 [.000] A3_20 .277659 .110010 2.52395 [.012] A2_20 .281943 .108692 2.59397 [.009] P0_20 -.092299 .042297 -2.18218 [.029] P1_20 -.024577 .024403 -1.00712 [.314] P2_20 .247647E-02 .024801 .099854 [.920] P3_20 -.015398 .024528 -.627746 [.530] P4_20 -.073622 .029898 -2.46248 [.014] P5_20 -.284548E-02 .030036 -.094735 [.925] P6_20 -.043591 .034951 -1.24720 [.212] P7_20 -.075222 .024741 -3.04040 [.002] P8_20 -.883794E-02 .024022 -.367903 [.713] P9_20 -.032242 .024911 -1.29431 [.196] P10_20 .015026 .023847 .630100 [.529] P11_20 -.556462E-02 .028480 -.195384 [.845] P12_20 -.042581 .026159 -1.62781 [.104] P13_20 .014216 .024891 .571132 [.568] P14_20 -.028499 .023964 -1.18924 [.234] P15_20 -.027784 .023731 -1.17081 [.242] P16_20 -.045087 .024829 -1.81593 [.069] P17_20 -.027975 .024490 -1.14231 [.253] P18_20 .015521 .032408 .478913 [.632] P19_20 -.020038 .028208 -.710354 [.477] P20_20 .539459E-02 .023392 .230615 [.818] P21_20 .065062 .027260 2.38672 [.017] DI1_20 .063930 .032651 1.95795 [.050] DF1_20 -.207500E-02 .012805 -.162047 [.871] DI2_20 .316002E-02 .043708 .072298 [.942] DF2_20 .017616 .668874E-02 2.63373 [.008] S1_20 -.156086 .070556 -2.21223 [.027] S2_20 .102521 .063454 1.61569 [.106] S3_20 .136684 .046527 2.93774 [.003] B_20 .055536 .031183 1.78097 [.075] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.13458 S2 .437055 ARSQ .553661 SDEV .989545 S .661101 LMHET .102381 [.749] SSR 326.043 RSQ .572020 DW 1.94388 [<.799] INVESTOR #21 ====================== EQUATIONS: EQ_B21 NOB 779 SBIC 877.573 LOGL -767.716 Standard Parameter Estimate Error t-statistic P-value C_21 2.69620 .439120 6.14001 [.000] A3_21 .286949 .110138 2.60535 [.009] A2_21 .267432 .108894 2.45588 [.014] P0_21 -.091753 .042385 -2.16473 [.030] P1_21 -.023918 .024451 -.978194 [.328] P2_21 .158934E-02 .024848 .063963 [.949] P3_21 -.017059 .024561 -.694554 [.487] P4_21 -.073416 .029984 -2.44849 [.014] P5_21 -.501437E-02 .030724 -.163209 [.870] P6_21 -.042544 .035035 -1.21434 [.225] P7_21 -.076219 .024789 -3.07466 [.002] P8_21 -.872114E-02 .024085 -.362098 [.717] P9_21 -.030704 .025178 -1.21947 [.223] P10_21 .016734 .023881 .700716 [.483] P11_21 -.356285E-02 .028535 -.124858 [.901] P12_21 -.042305 .026212 -1.61395 [.107] P13_21 .014243 .024946 .570959 [.568] P14_21 -.028461 .024014 -1.18517 [.236] P15_21 -.028743 .023798 -1.20780 [.227] P16_21 -.044403 .024877 -1.78491 [.074] P17_21 -.028263 .024541 -1.15167 [.249] P18_21 .017544 .033616 .521906 [.602] P19_21 -.021578 .028568 -.755337 [.450] P20_21 .496958E-02 .023440 .212009 [.832] P21_21 .064673 .027320 2.36728 [.018] DI1_21 .064421 .032730 1.96826 [.049] DF1_21 .623143E-03 .012791 .048717 [.961] DI2_21 .204737E-02 .043799 .046745 [.963] DF2_21 .017034 .669870E-02 2.54294 [.011] S1_21 -.155916 .070733 -2.20428 [.028] S2_21 .105159 .063611 1.65315 [.098] S3_21 .141857 .046585 3.04513 [.002] B_21 .759009E-02 .026567 .285696 [.775] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.13458 S2 .438865 ARSQ .551813 SDEV .989545 S .662469 LMHET .053496 [.817] SSR 327.393 RSQ .570247 DW 1.93872 [<.779] INVESTOR #22 ====================== EQUATIONS: EQ_B22 NOB 779 SBIC 877.600 LOGL -767.743 Standard Parameter Estimate Error t-statistic P-value C_22 2.70113 .444685 6.07426 [.000] A3_22 .287696 .110097 2.61310 [.009] A2_22 .266199 .108823 2.44616 [.014] P0_22 -.091914 .042420 -2.16674 [.030] P1_22 -.023834 .024455 -.974594 [.330] P2_22 .176787E-02 .024889 .071030 [.943] P3_22 -.017045 .024568 -.693774 [.488] P4_22 -.073031 .029959 -2.43768 [.015] P5_22 -.469280E-02 .031252 -.150162 [.881] P6_22 -.042788 .035023 -1.22173 [.222] P7_22 -.076141 .024788 -3.07168 [.002] P8_22 -.854913E-02 .024075 -.355108 [.723] P9_22 -.029982 .024985 -1.20002 [.230] P10_22 .016602 .023880 .695202 [.487] P11_22 -.355389E-02 .028579 -.124352 [.901] P12_22 -.042230 .026215 -1.61091 [.107] P13_22 .014233 .024950 .570458 [.568] P14_22 -.028599 .024034 -1.18996 [.234] P15_22 -.028705 .023821 -1.20502 [.228] P16_22 -.044452 .024883 -1.78644 [.074] P17_22 -.028377 .024544 -1.15615 [.248] P18_22 .020206 .032375 .624138 [.533] P19_22 -.020831 .028381 -.733982 [.463] P20_22 .526820E-02 .023483 .224337 [.822] P21_22 .064927 .027327 2.37597 [.018] DI1_22 .064429 .032752 1.96716 [.049] DF1_22 .730873E-03 .012831 .056961 [.955] DI2_22 .184381E-02 .043794 .042102 [.966] DF2_22 .016997 .669813E-02 2.53758 [.011] S1_22 -.155846 .070775 -2.20199 [.028] S2_22 .104814 .063596 1.64811 [.099] S3_22 .142162 .046591 3.05126 [.002] B_22 .719919E-02 .042001 .171404 [.864] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.13458 S2 .438896 ARSQ .551781 SDEV .989545 S .662492 LMHET .047684 [.827] SSR 327.416 RSQ .570217 DW 1.93935 [<.781] INVESTOR #23 ====================== EQUATIONS: EQ_B23 NOB 779 SBIC 877.584 LOGL -767.727 Standard Parameter Estimate Error t-statistic P-value C_23 2.67700 .440635 6.07532 [.000] A3_23 .288347 .110101 2.61892 [.009] A2_23 .262078 .109034 2.40363 [.016] P0_23 -.091212 .042415 -2.15047 [.032] P1_23 -.024076 .024461 -.984262 [.325] P2_23 .159541E-02 .024849 .064205 [.949] P3_23 -.017260 .024564 -.702655 [.482] P4_23 -.073230 .029967 -2.44372 [.015] P5_23 -.207476E-03 .032581 -.636793E-02 [.995] P6_23 -.043155 .035047 -1.23135 [.218] P7_23 -.076250 .024793 -3.07547 [.002] P8_23 -.833726E-02 .024080 -.346233 [.729] P9_23 -.029378 .024951 -1.17744 [.239] P10_23 .016693 .023880 .699012 [.485] P11_23 -.298317E-02 .028525 -.104583 [.917] P12_23 -.041852 .026272 -1.59302 [.111] P13_23 .013969 .024953 .559806 [.576] P14_23 -.028471 .024015 -1.18557 [.236] P15_23 -.028258 .023791 -1.18776 [.235] P16_23 -.044255 .024881 -1.77865 [.075] P17_23 -.028223 .024543 -1.14992 [.250] P18_23 .018617 .032963 .564774 [.572] P19_23 -.018681 .029126 -.641379 [.521] P20_23 .466694E-02 .023486 .198713 [.842] P21_23 .064586 .027331 2.36314 [.018] DI1_23 .065043 .032749 1.98611 [.047] DF1_23 .152905E-02 .012876 .118749 [.905] DI2_23 .214217E-02 .043811 .048896 [.961] DF2_23 .016857 .670274E-02 2.51498 [.012] S1_23 -.155593 .070712 -2.20038 [.028] S2_23 .104229 .063589 1.63911 [.101] S3_23 .143474 .046625 3.07721 [.002] B_23 -.999445E-02 .040971 -.243938 [.807] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.13458 S2 .438878 ARSQ .551799 SDEV .989545 S .662479 LMHET .065581 [.798] SSR 327.403 RSQ .570234 DW 1.93994 [<.784] INVESTOR #24 ====================== EQUATIONS: EQ_B24 NOB 779 SBIC 876.808 LOGL -766.951 Standard Parameter Estimate Error t-statistic P-value C_24 2.74822 .440447 6.23960 [.000] A3_24 .286314 .109985 2.60320 [.009] A2_24 .269912 .108459 2.48861 [.013] P0_24 -.095863 .042479 -2.25673 [.024] P1_24 -.022849 .024442 -.934842 [.350] P2_24 .468831E-02 .024952 .187890 [.851] P3_24 -.015156 .024587 -.616424 [.538] P4_24 -.070558 .029996 -2.35225 [.019] P5_24 -.659384E-02 .030188 -.218428 [.827] P6_24 -.041050 .035016 -1.17234 [.241] P7_24 -.074319 .024805 -2.99619 [.003] P8_24 -.853681E-02 .024048 -.354993 [.723] P9_24 -.031106 .024922 -1.24812 [.212] P10_24 .015988 .023861 .670056 [.503] P11_24 -.306234E-02 .028481 -.107522 [.914] P12_24 -.042381 .026187 -1.61843 [.106] P13_24 .014637 .024922 .587335 [.557] P14_24 -.028641 .023991 -1.19385 [.233] P15_24 -.029810 .023778 -1.25366 [.210] P16_24 -.044033 .024854 -1.77168 [.076] P17_24 -.028286 .024516 -1.15377 [.249] P18_24 .022588 .032399 .697176 [.486] P19_24 -.020525 .028238 -.726860 [.467] P20_24 .573209E-02 .023424 .244715 [.807] P21_24 .065211 .027291 2.38945 [.017] DI1_24 .065057 .032685 1.99040 [.047] DF1_24 -.496392E-03 .012759 -.038906 [.969] DI2_24 .164815E-02 .043750 .037672 [.970] DF2_24 .017137 .668720E-02 2.56264 [.010] S1_24 -.153836 .070641 -2.17772 [.029] S2_24 .104460 .063512 1.64471 [.100] S3_24 .140097 .046502 3.01273 [.003] B_24 .032435 .026073 1.24399 [.214] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.13458 S2 .438005 ARSQ .552692 SDEV .989545 S .661819 LMHET .079069 [.779] SSR 326.751 RSQ .571090 DW 1.92688 [<.726] INVESTOR #25 ====================== EQUATIONS: EQ_B25 NOB 779 SBIC 877.607 LOGL -767.749 Standard Parameter Estimate Error t-statistic P-value C_25 2.69447 .440927 6.11092 [.000] A3_25 .287267 .110207 2.60661 [.009] A2_25 .266793 .109653 2.43308 [.015] P0_25 -.091881 .042435 -2.16521 [.030] P1_25 -.023852 .024456 -.975308 [.329] P2_25 .159988E-02 .024855 .064368 [.949] P3_25 -.017152 .024560 -.698348 [.485] P4_25 -.072949 .029971 -2.43400 [.015] P5_25 -.315412E-02 .030108 -.104760 [.917] P6_25 -.042655 .035049 -1.21700 [.224] P7_25 -.076157 .024790 -3.07211 [.002] P8_25 -.865332E-02 .024106 -.358973 [.720] P9_25 -.029867 .024965 -1.19635 [.232] P10_25 .016486 .023908 .689538 [.490] P11_25 -.327609E-02 .028514 -.114893 [.909] P12_25 -.042331 .026216 -1.61469 [.106] P13_25 .014209 .024950 .569492 [.569] P14_25 -.028378 .024019 -1.18146 [.237] P15_25 -.028265 .023825 -1.18633 [.235] P16_25 -.044398 .024879 -1.78452 [.074] P17_25 -.028227 .024550 -1.14980 [.250] P18_25 .020021 .032384 .618239 [.536] P19_25 -.020529 .028286 -.725755 [.468] P20_25 .515766E-02 .023463 .219819 [.826] P21_25 .064843 .027319 2.37356 [.018] DI1_25 .064415 .032786 1.96468 [.049] DF1_25 .722642E-03 .012933 .055877 [.955] DI2_25 .192456E-02 .043800 .043940 [.965] DF2_25 .017002 .670499E-02 2.53576 [.011] S1_25 -.155239 .070705 -2.19558 [.028] S2_25 .104731 .063594 1.64687 [.100] S3_25 .142106 .046696 3.04322 [.002] B_25 .456343E-02 .035376 .128999 [.897] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.13458 S2 .438903 ARSQ .551774 SDEV .989545 S .662498 LMHET .045095 [.832] SSR 327.422 RSQ .570210 DW 1.93914 [<.780]