INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 779 SBIC 782.053 LOGL -675.525 Standard Parameter Estimate Error t-statistic P-value C_1 -.294268 .389056 -.756364 [.449] A3_1 .031009 .097734 .317278 [.751] A2_1 .057725 .096313 .599352 [.549] P0_1 -.110651 .037627 -2.94072 [.003] P1_1 .957085E-02 .021707 .440907 [.659] P2_1 .018574 .022059 .842033 [.400] P3_1 .580399E-02 .021804 .266195 [.790] P4_1 .044915 .026596 1.68877 [.091] P5_1 -.094923 .026720 -3.55248 [.000] P6_1 .037040 .031091 1.19134 [.234] P7_1 -.531635E-02 .022006 -.241591 [.809] P8_1 -.808099E-02 .021370 -.378138 [.705] P9_1 .050032 .022124 2.26141 [.024] P10_1 -.012053 .021200 -.568564 [.570] P11_1 .037877 .025310 1.49654 [.135] P12_1 -.014233 .023271 -.611625 [.541] P13_1 .060993 .022144 2.75438 [.006] P14_1 .029432 .021319 1.38054 [.167] P15_1 .650688E-02 .021109 .308252 [.758] P16_1 .028003 .022085 1.26794 [.205] P17_1 .011599 .021787 .532413 [.594] P18_1 .097229 .028739 3.38319 [.001] P19_1 .327682 .025094 13.0582 [.000] P20_1 -.917036E-02 .020810 -.440680 [.659] P21_1 -.076682 .024251 -3.16204 [.002] DI1_1 -.218103E-02 .029045 -.075090 [.940] DF1_1 .573133E-02 .011286 .507841 [.612] DI2_1 -.013457 .038879 -.346122 [.729] DF2_1 .435957E-02 .594118E-02 .733789 [.463] S1_1 .070892 .062767 1.12944 [.259] S2_1 .070813 .056441 1.25462 [.210] S3_1 .131908E-02 .041284 .031951 [.975] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B3_1 YMEAN .125180 S2 .345905 ARSQ .282208 SDEV .694191 S .588137 LMHET 4.97399 [.026] SSR 258.391 RSQ .310809 DW 2.06104 [<.992] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.044329 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_1 E1 1.00000 B1_1 0.014290 1.00000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 779 SBIC 1114.17 LOGL -1007.64 Standard Parameter Estimate Error t-statistic P-value C_2 -2.39622 .595893 -4.02122 [.000] A3_2 .130221 .149692 .869924 [.384] A2_2 -.123300 .147517 -.835835 [.403] P0_2 .100593 .057631 1.74548 [.081] P1_2 -.017132 .033248 -.515276 [.606] P2_2 -.032756 .033786 -.969521 [.332] P3_2 .026306 .033395 .787717 [.431] P4_2 -.067197 .040736 -1.64956 [.099] P5_2 .059531 .040926 1.45462 [.146] P6_2 -.048204 .047621 -1.01226 [.311] P7_2 -.048037 .033705 -1.42523 [.154] P8_2 .018205 .032732 .556196 [.578] P9_2 .018138 .033886 .535264 [.592] P10_2 -.570808E-02 .032470 -.175796 [.860] P11_2 .983125E-02 .038765 .253608 [.800] P12_2 -.031544 .035643 -.885004 [.376] P13_2 .015462 .033917 .455885 [.648] P14_2 .049336 .032654 1.51090 [.131] P15_2 .012931 .032331 .399951 [.689] P16_2 .891816E-02 .033827 .263642 [.792] P17_2 -.011636 .033369 -.348694 [.727] P18_2 .016239 .044017 .368924 [.712] P19_2 .038542 .038435 1.00279 [.316] P20_2 -.052897 .031873 -1.65962 [.097] P21_2 .048957 .037144 1.31806 [.187] DI1_2 -.316683E-02 .044487 -.071186 [.943] DF1_2 .036175 .017286 2.09277 [.036] DI2_2 -.040845 .059548 -.685923 [.493] DF2_2 -.133163E-02 .909972E-02 -.146338 [.884] S1_2 .014646 .096137 .152343 [.879] S2_2 .061720 .086448 .713953 [.475] S3_2 .060660 .063232 .959317 [.337] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B3_2 YMEAN .128370 S2 .811461 ARSQ .108092 SDEV .953837 S .900811 LMHET 70.0805 [.000] SSR 606.162 RSQ .143631 DW 2.02608 [<.974] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.038777 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_2 E1 1.00000 B1_2 0.058646 1.00000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 779 SBIC 1449.39 LOGL -1342.86 Standard Parameter Estimate Error t-statistic P-value C_3 3.42308 .916332 3.73564 [.000] A3_3 -.363873E-02 .230189 -.015808 [.987] A2_3 -.171552 .226843 -.756259 [.449] P0_3 -.168719 .088622 -1.90381 [.057] P1_3 -.669557E-02 .051126 -.130961 [.896] P2_3 -.014740 .051954 -.283714 [.777] P3_3 -.034538 .051353 -.672555 [.501] P4_3 .033078 .062642 .528057 [.597] P5_3 -.084229 .062933 -1.33838 [.181] P6_3 .047245 .073228 .645178 [.519] P7_3 .052220 .051829 1.00755 [.314] P8_3 .890094E-02 .050333 .176840 [.860] P9_3 -.041309 .052109 -.792748 [.428] P10_3 .238854E-02 .049931 .047837 [.962] P11_3 .065260 .059611 1.09476 [.274] P12_3 .015179 .054810 .276941 [.782] P13_3 .711566E-02 .052155 .136432 [.891] P14_3 -.018587 .050213 -.370171 [.711] P15_3 -.020794 .049717 -.418252 [.676] P16_3 -.048118 .052017 -.925038 [.355] P17_3 -.020943 .051313 -.408136 [.683] P18_3 2.08768 .067688 30.8429 [.000] P19_3 .293231 .059103 4.96137 [.000] P20_3 .017779 .049012 .362747 [.717] P21_3 -.133742 .057117 -2.34153 [.019] DI1_3 .013246 .068410 .193633 [.846] DF1_3 .022303 .026581 .839080 [.401] DI2_3 -.021533 .091570 -.235157 [.814] DF2_3 -.591308E-02 .013993 -.422572 [.673] S1_3 -.042797 .147834 -.289493 [.772] S2_3 -.017059 .132934 -.128326 [.898] S3_3 -.011027 .097235 -.113400 [.910] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B3_3 YMEAN .128370 S2 1.91883 ARSQ .675784 SDEV 2.43277 S 1.38522 LMHET 1.36069 [.243] SSR 1433.37 RSQ .688702 DW 2.05787 [<.991] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.010474 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_3 E1 1.00000 B1_3 0.033685 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 779 SBIC 1262.81 LOGL -1156.28 Standard Parameter Estimate Error t-statistic P-value C_4 -2.63963 .721162 -3.66024 [.000] A3_4 .076538 .181161 .422485 [.673] A2_4 -.078743 .178528 -.441071 [.659] P0_4 .040396 .069746 .579182 [.562] P1_4 -.018782 .040237 -.466797 [.641] P2_4 -.065354 .040888 -1.59837 [.110] P3_4 -.015673 .040415 -.387798 [.698] P4_4 -.011543 .049300 -.234143 [.815] P5_4 -.021992 .049529 -.444029 [.657] P6_4 -.011998 .057631 -.208193 [.835] P7_4 -.044139 .040790 -1.08209 [.279] P8_4 .020479 .039613 .516981 [.605] P9_4 -.329498E-02 .041010 -.080346 [.936] P10_4 .015032 .039296 .382529 [.702] P11_4 -.029425 .046915 -.627202 [.531] P12_4 .053425 .043136 1.23854 [.216] P13_4 -.743762E-02 .041047 -.181198 [.856] P14_4 -.014615 .039518 -.369820 [.712] P15_4 .023118 .039128 .590827 [.555] P16_4 -.011977 .040938 -.292555 [.770] P17_4 -.016041 .040384 -.397215 [.691] P18_4 .731185E-02 .053271 .137258 [.891] P19_4 -.012901 .046515 -.277364 [.782] P20_4 .016213 .038573 .420317 [.674] P21_4 .027534 .044952 .612525 [.540] DI1_4 .018252 .053839 .339008 [.735] DF1_4 .028260 .020919 1.35090 [.177] DI2_4 .021259 .072066 .294987 [.768] DF2_4 -.709757E-02 .011013 -.644491 [.519] S1_4 -.785122E-02 .116347 -.067481 [.946] S2_4 .097384 .104621 .930828 [.352] S3_4 .055726 .076525 .728198 [.466] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B3_4 YMEAN .128370 S2 1.18849 ARSQ .041071 SDEV 1.11328 S 1.09018 LMHET 55.4021 [.000] SSR 887.805 RSQ .079280 DW 2.00986 [<.956] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.033331 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_4 E1 1.00000 B1_4 0.032106 1.00000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 779 SBIC 1033.92 LOGL -927.390 Standard Parameter Estimate Error t-statistic P-value C_5 -2.65676 .537561 -4.94226 [.000] A3_5 -.366710E-02 .135039 -.027156 [.978] A2_5 .041725 .133076 .313545 [.754] P0_5 -.018261 .051989 -.351248 [.725] P1_5 .053450 .029993 1.78210 [.075] P2_5 .533485E-02 .030479 .175036 [.861] P3_5 .032017 .030126 1.06278 [.288] P4_5 .043463 .036748 1.18272 [.237] P5_5 -.020647 .036920 -.559230 [.576] P6_5 .039678 .042959 .923625 [.356] P7_5 -.010721 .030405 -.352601 [.724] P8_5 .033113 .029528 1.12143 [.262] P9_5 .050885 .030569 1.66458 [.096] P10_5 .259164E-02 .029291 .088478 [.929] P11_5 .026799 .034971 .766327 [.443] P12_5 .357738E-02 .032154 .111259 [.911] P13_5 .063146 .030597 2.06382 [.039] P14_5 .012682 .029457 .430526 [.667] P15_5 .030287 .029166 1.03843 [.299] P16_5 .116912E-02 .030515 .038312 [.969] P17_5 .568083E-02 .030103 .188715 [.850] P18_5 -.045161 .039708 -1.13731 [.255] P19_5 -.070403 .034672 -2.03052 [.042] P20_5 -.013226 .028753 -.459978 [.646] P21_5 -.060572 .033508 -1.80771 [.071] DI1_5 -.935105E-02 .040132 -.233007 [.816] DF1_5 .025419 .015593 1.63013 [.103] DI2_5 .027703 .053719 .515711 [.606] DF2_5 -.123845E-02 .820895E-02 -.150866 [.880] S1_5 .084730 .086726 .976988 [.329] S2_5 .109958 .077985 1.40999 [.159] S3_5 .022923 .057043 .401850 [.688] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B3_5 YMEAN .128370 S2 .660369 ARSQ .083725 SDEV .848947 S .812631 LMHET 245.089 [.000] SSR 493.296 RSQ .120235 DW 1.97608 [<.892] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.044767 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_5 E1 1.00000 B1_5 0.057736 1.00000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 779 SBIC 1305.12 LOGL -1198.59 Standard Parameter Estimate Error t-statistic P-value C_6 -2.54249 .761416 -3.33916 [.001] A3_6 -.011466 .191273 -.059943 [.952] A2_6 -.034839 .188493 -.184831 [.853] P0_6 .080521 .073639 1.09345 [.274] P1_6 -.720773E-02 .042483 -.169662 [.865] P2_6 -.035674 .043171 -.826342 [.409] P3_6 .054007 .042671 1.26564 [.206] P4_6 -.019057 .052051 -.366121 [.714] P5_6 -.090937 .052294 -1.73895 [.082] P6_6 -.037154 .060848 -.610595 [.541] P7_6 -.739323E-02 .043067 -.171669 [.864] P8_6 .044698 .041824 1.06873 [.285] P9_6 .085254 .043299 1.96897 [.049] P10_6 .017863 .041489 .430538 [.667] P11_6 -.035517 .049534 -.717024 [.473] P12_6 .020323 .045543 .446233 [.655] P13_6 .848345E-02 .043338 .195751 [.845] P14_6 .023920 .041724 .573301 [.566] P15_6 .023941 .041312 .579504 [.562] P16_6 -.010277 .043223 -.237768 [.812] P17_6 .010711 .042638 .251213 [.802] P18_6 .022974 .056244 .408461 [.683] P19_6 -.013281 .049111 -.270439 [.787] P20_6 -.013105 .040726 -.321792 [.748] P21_6 -.033238 .047461 -.700311 [.484] DI1_6 .277874E-03 .056844 .488835E-02 [.996] DF1_6 .030995 .022087 1.40334 [.161] DI2_6 .011136 .076089 .146351 [.884] DF2_6 .355956E-02 .011627 .306136 [.760] S1_6 .053720 .122841 .437311 [.662] S2_6 .031793 .110460 .287820 [.773] S3_6 .037034 .080797 .458362 [.647] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B3_6 YMEAN .128370 S2 1.32488 ARSQ .029745 SDEV 1.16854 S 1.15103 LMHET 87.6444 [.000] SSR 989.684 RSQ .068405 DW 1.94833 [<.802] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.027208 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_6 E1 1.00000 B1_6 0.049778 1.00000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 779 SBIC 1436.22 LOGL -1329.69 Standard Parameter Estimate Error t-statistic P-value C_7 -2.62897 .900974 -2.91792 [.004] A3_7 .510977E-02 .226331 .022577 [.982] A2_7 .071240 .223041 .319404 [.749] P0_7 .175816 .087136 2.01771 [.044] P1_7 -.034790 .050269 -.692069 [.489] P2_7 .285179E-02 .051083 .055826 [.955] P3_7 -.079821 .050492 -1.58084 [.114] P4_7 -.136568 .061592 -2.21730 [.027] P5_7 -.058594 .061879 -.946913 [.344] P6_7 -.037549 .072001 -.521502 [.602] P7_7 -.071046 .050960 -1.39414 [.163] P8_7 .028953 .049490 .585025 [.559] P9_7 -.038137 .051235 -.744360 [.457] P10_7 -.039682 .049094 -.808295 [.419] P11_7 -.091534 .058612 -1.56168 [.118] P12_7 .040958 .053891 .760006 [.447] P13_7 .115496 .051281 2.25221 [.024] P14_7 .217695E-02 .049371 .044093 [.965] P15_7 .025090 .048884 .513246 [.608] P16_7 -.015135 .051145 -.295917 [.767] P17_7 -.034713 .050453 -.688013 [.491] P18_7 -.053424 .066553 -.802725 [.422] P19_7 -.116974 .058112 -2.01290 [.044] P20_7 -.837268E-02 .048191 -.173741 [.862] P21_7 -.028459 .056160 -.506751 [.612] DI1_7 -.780838E-02 .067263 -.116087 [.908] DF1_7 .020876 .026135 .798775 [.424] DI2_7 -.241424E-02 .090035 -.026815 [.979] DF2_7 .410977E-02 .013759 .298707 [.765] S1_7 -.123160 .145356 -.847298 [.397] S2_7 .158047 .130706 1.20918 [.227] S3_7 -.650002E-02 .095606 -.067988 [.946] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B3_7 YMEAN .128370 S2 1.85505 ARSQ .033458 SDEV 1.38538 S 1.36200 LMHET 129.928 [.000] SSR 1385.72 RSQ .071971 DW 2.03483 [<.980] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.0035304 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_7 E1 1.00000 B1_7 0.055380 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 779 SBIC 1090.82 LOGL -984.287 Standard Parameter Estimate Error t-statistic P-value C_8 -2.32209 .578293 -4.01543 [.000] A3_8 .197140 .145271 1.35705 [.175] A2_8 -.016542 .143160 -.115552 [.908] P0_8 .195649 .055929 3.49819 [.000] P1_8 -.069415 .032266 -2.15137 [.031] P2_8 -.182369 .032788 -5.56208 [.000] P3_8 -.095561 .032409 -2.94860 [.003] P4_8 -.154405 .039533 -3.90572 [.000] P5_8 -.120528 .039717 -3.03466 [.002] P6_8 -.119456 .046214 -2.58484 [.010] P7_8 -.032946 .032709 -1.00726 [.314] P8_8 .043808 .031765 1.37911 [.168] P9_8 .046522 .032885 1.41467 [.157] P10_8 .032450 .031511 1.02980 [.303] P11_8 .020070 .037621 .533483 [.594] P12_8 -.975326E-02 .034590 -.281966 [.778] P13_8 -.444013E-02 .032915 -.134897 [.893] P14_8 -.030517 .031689 -.963022 [.336] P15_8 .990340E-02 .031376 .315632 [.752] P16_8 -.940426E-02 .032828 -.286473 [.775] P17_8 -.555691E-02 .032384 -.171596 [.864] P18_8 .035080 .042717 .821209 [.412] P19_8 -.056203 .037300 -1.50679 [.132] P20_8 -.020626 .030931 -.666820 [.505] P21_8 .689014E-02 .036047 .191145 [.848] DI1_8 -.017773 .043173 -.411678 [.681] DF1_8 .119641E-02 .016775 .071321 [.943] DI2_8 -.074775 .057789 -1.29393 [.196] DF2_8 .254112E-02 .883097E-02 .287751 [.774] S1_8 -.118277 .093298 -1.26774 [.205] S2_8 .093200 .083894 1.11092 [.267] S3_8 .091332 .061365 1.48834 [.137] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B3_8 YMEAN .127159 S2 .764237 ARSQ .167533 SDEV .958143 S .874206 LMHET 258.316 [.000] SSR 570.885 RSQ .200703 DW 1.91648 [<.658] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.066452 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_8 E1 1.00000 B1_8 0.050356 1.00000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 779 SBIC 1353.02 LOGL -1246.49 Standard Parameter Estimate Error t-statistic P-value C_9 -2.51167 .809710 -3.10194 [.002] A3_9 .199286 .203405 .979749 [.327] A2_9 -.360114 .200448 -1.79654 [.072] P0_9 .031735 .078310 .405247 [.685] P1_9 -.433670E-02 .045177 -.095993 [.924] P2_9 .024493 .045909 .533525 [.594] P3_9 .370493E-02 .045378 .081646 [.935] P4_9 .055377 .055353 1.00043 [.317] P5_9 .234810 .055611 4.22239 [.000] P6_9 -.021836 .064708 -.337449 [.736] P7_9 .062739 .045798 1.36990 [.171] P8_9 .012359 .044477 .277869 [.781] P9_9 .132613 .046045 2.88006 [.004] P10_9 -.012215 .044121 -.276847 [.782] P11_9 .086530 .052675 1.64270 [.100] P12_9 .157813E-02 .048432 .032584 [.974] P13_9 -.030255 .046087 -.656468 [.512] P14_9 .774192E-02 .044370 .174485 [.861] P15_9 .047886 .043932 1.09000 [.276] P16_9 .357119E-02 .045964 .077695 [.938] P17_9 .303961E-02 .045343 .067036 [.947] P18_9 -.155409 .059812 -2.59832 [.009] P19_9 -.854536E-02 .052226 -.163623 [.870] P20_9 -.016324 .043309 -.376928 [.706] P21_9 -.036285 .050471 -.718921 [.472] DI1_9 .055536 .060450 .918710 [.358] DF1_9 .038429 .023488 1.63613 [.102] DI2_9 -.053449 .080915 -.660556 [.509] DF2_9 -.885615E-02 .012365 -.716235 [.474] S1_9 .135706 .130633 1.03884 [.299] S2_9 -.050913 .117467 -.433427 [.665] S3_9 .140221 .085921 1.63196 [.103] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B3_9 YMEAN .128370 S2 1.49827 ARSQ .073128 SDEV 1.27141 S 1.22404 LMHET 48.0108 [.000] SSR 1119.21 RSQ .110060 DW 2.09963 [<.998] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0092742 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_9 E1 1.00000 B1_9 0.029521 1.0000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 779 SBIC 1304.78 LOGL -1198.26 Standard Parameter Estimate Error t-statistic P-value C_10 -.531171 .761090 -.697908 [.485] A3_10 .272033 .191191 1.42283 [.155] A2_10 -.606524 .188412 -3.21913 [.001] P0_10 .086671 .073608 1.17748 [.239] P1_10 -.022303 .042465 -.525208 [.599] P2_10 -.010135 .043152 -.234863 [.814] P3_10 -.070490 .042653 -1.65263 [.098] P4_10 -.028078 .052029 -.539657 [.589] P5_10 .060562 .052272 1.15861 [.247] P6_10 -.026577 .060822 -.436954 [.662] P7_10 -.014978 .043048 -.347930 [.728] P8_10 -.191121E-03 .041806 -.457163E-02 [.996] P9_10 .106439 .043281 2.45928 [.014] P10_10 -.036974 .041471 -.891549 [.373] P11_10 .018100 .049512 .365575 [.715] P12_10 .142920E-02 .045524 .031394 [.975] P13_10 -.050823 .043319 -1.17322 [.241] P14_10 -.014441 .041706 -.346247 [.729] P15_10 .034684 .041294 .839923 [.401] P16_10 .245414E-02 .043204 .056803 [.955] P17_10 .398936E-02 .042620 .093603 [.925] P18_10 .098378 .056220 1.74986 [.080] P19_10 .246073 .049090 5.01271 [.000] P20_10 -.080464 .040709 -1.97658 [.048] P21_10 .012678 .047441 .267244 [.789] DI1_10 .049523 .056820 .871581 [.383] DF1_10 .085185 .022078 3.85844 [.000] DI2_10 -.070255 .076056 -.923725 [.356] DF2_10 -.021208 .011622 -1.82474 [.068] S1_10 -.044049 .122789 -.358740 [.720] S2_10 -.092948 .110413 -.841822 [.400] S3_10 .166907 .080762 2.06665 [.039] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B3_10 YMEAN .128370 S2 1.32374 ARSQ .138308 SDEV 1.23944 S 1.15054 LMHET 140.318 [.000] SSR 988.837 RSQ .172643 DW 2.07038 [<.995] LINE 49 Time Series Processor v4.4 (06 01/25/00 9:30 PM PAGE 4 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.031551 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_10 E1 1.00000 B1_10 0.074235 1.0000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 779 SBIC 1149.25 LOGL -1042.72 Standard Parameter Estimate Error t-statistic P-value C_11 -1.43177 .623341 -2.29693 [.022] A3_11 .161895 .156588 1.03390 [.301] A2_11 -.406227 .154312 -2.63251 [.008] P0_11 -.712687E-02 .060286 -.118219 [.906] P1_11 -.493675E-02 .034779 -.141946 [.887] P2_11 .462165E-02 .035342 .130769 [.896] P3_11 -.013468 .034933 -.385522 [.700] P4_11 .061863 .042613 1.45175 [.147] P5_11 .116067 .042811 2.71115 [.007] P6_11 -.023352 .049814 -.468774 [.639] P7_11 .029644 .035257 .840793 [.400] P8_11 .029850 .034240 .871802 [.383] P9_11 .115719 .035447 3.26454 [.001] P10_11 -.847809E-02 .033966 -.249608 [.803] P11_11 .065230 .040551 1.60858 [.108] P12_11 .521677E-02 .037285 .139917 [.889] P13_11 -.018494 .035479 -.521265 [.602] P14_11 .398010E-02 .034158 .116521 [.907] P15_11 -.654399E-02 .033821 -.193492 [.847] P16_11 .823812E-02 .035385 .232814 [.816] P17_11 -.434622E-02 .034906 -.124511 [.901] P18_11 .066047 .046045 1.43441 [.151] P19_11 .166083 .040205 4.13088 [.000] P20_11 -.021342 .033341 -.640118 [.522] P21_11 -.042482 .038855 -1.09336 [.274] DI1_11 .043508 .046536 .934926 [.350] DF1_11 .058749 .018082 3.24908 [.001] DI2_11 -.018200 .062291 -.292185 [.770] DF2_11 -.014039 .951889E-02 -1.47481 [.140] S1_11 .080690 .100565 .802363 [.422] S2_11 -.065899 .090430 -.728735 [.466] S3_11 .135949 .066145 2.05532 [.040] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B3_11 YMEAN .128370 S2 .887940 ARSQ .168178 SDEV 1.03318 S .942306 LMHET 14.4335 [.000] SSR 663.291 RSQ .201322 DW 2.06122 [<.992] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.033453 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_11 E1 1.00000 B1_11 0.044895 1.00000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 779 SBIC 956.773 LOGL -850.245 Standard Parameter Estimate Error t-statistic P-value C_12 -1.12481 .486877 -2.31026 [.021] A3_12 .120448 .122307 .984803 [.325] A2_12 -.198166 .120529 -1.64413 [.100] P0_12 -.035743 .047088 -.759073 [.448] P1_12 -.018223 .027165 -.670814 [.502] P2_12 .520666E-02 .027605 .188614 [.850] P3_12 -.014361 .027286 -.526331 [.599] P4_12 -.014669 .033284 -.440713 [.659] P5_12 .203450 .033439 6.08427 [.000] P6_12 -.153716E-02 .038909 -.039507 [.968] P7_12 -.153837E-03 .027538 -.558625E-02 [.996] P8_12 -.037122 .026744 -1.38808 [.165] P9_12 -.059922 .027687 -2.16428 [.030] P10_12 .021857 .026530 .823869 [.410] P11_12 -.012128 .031674 -.382915 [.702] P12_12 -.037391 .029122 -1.28393 [.199] P13_12 -.377303E-02 .027712 -.136152 [.892] P14_12 .686543E-02 .026680 .257328 [.797] P15_12 -.018840 .026416 -.713180 [.476] P16_12 .023657 .027638 .855950 [.392] P17_12 .011216 .027264 .411390 [.681] P18_12 -.090095 .035965 -2.50509 [.012] P19_12 .240004 .031403 7.64265 [.000] P20_12 .014949 .026042 .574058 [.566] P21_12 .112736 .030348 3.71474 [.000] DI1_12 .033938 .036348 .933693 [.350] DF1_12 .037870 .014123 2.68138 [.007] DI2_12 -.054974 .048654 -1.12990 [.259] DF2_12 -.365380E-02 .743497E-02 -.491435 [.623] S1_12 .183277 .078549 2.33327 [.020] S2_12 -.083787 .070632 -1.18624 [.236] S3_12 .068365 .051664 1.32325 [.186] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B3_12 YMEAN .128061 S2 .541714 ARSQ .236818 SDEV .842502 S .736012 LMHET 81.7255 [.000] SSR 404.661 RSQ .267227 DW 2.01712 [<.965] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.036776 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_12 E1 1.00000 B1_12 0.028312 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 779 SBIC 828.051 LOGL -721.523 Standard Parameter Estimate Error t-statistic P-value C_13 -1.79852 .412720 -4.35772 [.000] A3_13 .031892 .103678 .307606 [.758] A2_13 -.201668 .102171 -1.97382 [.048] P0_13 .078819 .039916 1.97465 [.048] P1_13 .014365 .023028 .623837 [.533] P2_13 -.040537 .023400 -1.73234 [.083] P3_13 -.025703 .023130 -1.11124 [.266] P4_13 -.037571 .028214 -1.33164 [.183] P5_13 -.019396 .028346 -.684260 [.494] P6_13 -.025858 .032982 -.784006 [.433] P7_13 .260177E-02 .023344 .111453 [.911] P8_13 .460778E-02 .022670 .203251 [.839] P9_13 .016746 .023470 .713525 [.476] P10_13 .025054 .022489 1.11406 [.265] P11_13 .016070 .026849 .598519 [.549] P12_13 .542073E-02 .024687 .219583 [.826] P13_13 -.017502 .023491 -.745034 [.456] P14_13 -.162090E-02 .022616 -.071670 [.943] P15_13 .018263 .022393 .815558 [.415] P16_13 -.019638 .023429 -.838199 [.402] P17_13 -.023568 .023112 -1.01975 [.308] P18_13 .077034 .030487 2.52680 [.012] P19_13 .583538E-02 .026620 .219208 [.826] P20_13 -.015475 .022075 -.700989 [.483] P21_13 -.015769 .025726 -.612968 [.540] DI1_13 .024970 .030812 .810389 [.418] DF1_13 .050951 .011972 4.25579 [.000] DI2_13 .561191E-02 .041243 .136068 [.892] DF2_13 -.598564E-02 .630255E-02 -.949718 [.342] S1_13 -.025452 .066585 -.382249 [.702] S2_13 .030143 .059874 .503444 [.615] S3_13 .057422 .043795 1.31114 [.190] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B3_13 YMEAN .127993 S2 .389264 ARSQ .160669 SDEV .681013 S .623910 LMHET 117.312 [.000] SSR 290.780 RSQ .194113 DW 1.95762 [<.836] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.079386 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_13 E1 1.00000 B1_13 0.058751 1.0000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 779 SBIC 1283.06 LOGL -1176.54 Standard Parameter Estimate Error t-statistic P-value C_14 -.176391 .740163 -.238314 [.812] A3_14 .125622 .185934 .675626 [.499] A2_14 -.339602 .183232 -1.85340 [.064] P0_14 .038554 .071584 .538579 [.590] P1_14 -.029659 .041297 -.718198 [.473] P2_14 .087059 .041966 2.07453 [.038] P3_14 -.051897 .041480 -1.25112 [.211] P4_14 -.085426 .050599 -1.68832 [.091] P5_14 .380582 .050834 7.48672 [.000] P6_14 .016390 .059150 .277090 [.782] P7_14 -.027873 .041865 -.665778 [.506] P8_14 -.559167E-02 .040656 -.137535 [.891] P9_14 -.044361 .042090 -1.05395 [.292] P10_14 -.020086 .040331 -.498016 [.618] P11_14 .034474 .048151 .715965 [.474] P12_14 -.041658 .044272 -.940940 [.347] P13_14 -.042454 .042128 -1.00772 [.314] P14_14 -.741530E-02 .040559 -.182826 [.855] P15_14 .029188 .040159 .726821 [.467] P16_14 .030427 .042016 .724165 [.469] P17_14 .916507E-02 .041448 .221121 [.825] P18_14 -.142627 .054674 -2.60866 [.009] P19_14 .338220 .047740 7.08461 [.000] P20_14 -.066075 .039589 -1.66901 [.095] P21_14 -.050128 .046136 -1.08651 [.277] DI1_14 .060849 .055257 1.10119 [.271] DF1_14 .058966 .021470 2.74636 [.006] DI2_14 -.061427 .073965 -.830483 [.406] DF2_14 -.946468E-02 .011303 -.837372 [.402] S1_14 -.037487 .119412 -.313931 [.754] S2_14 -.022169 .107377 -.206458 [.836] S3_14 .066213 .078542 .843027 [.399] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B3_14 YMEAN .128370 S2 1.25195 ARSQ .188419 SDEV 1.24202 S 1.11891 LMHET 139.950 [.000] SSR 935.206 RSQ .220757 DW 1.90300 [<.586] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 -0.020473 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_14 E1 1.00000 B1_14 0.059304 1.00000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 779 SBIC 1607.45 LOGL -1500.92 Standard Parameter Estimate Error t-statistic P-value C_15 -2.09750 1.12247 -1.86865 [.062] A3_15 -.264968 .281972 -.939697 [.347] A2_15 .358102 .277873 1.28872 [.197] P0_15 .299014 .108558 2.75443 [.006] P1_15 -.056596 .062628 -.903697 [.366] P2_15 -.221770 .063642 -3.48467 [.000] P3_15 -.117991 .062905 -1.87569 [.061] P4_15 -.257054 .076734 -3.34996 [.001] P5_15 -.097022 .077091 -1.25854 [.208] P6_15 -.099859 .089702 -1.11323 [.266] P7_15 -.066506 .063488 -1.04752 [.295] P8_15 .035999 .061656 .583870 [.559] P9_15 .132749 .063831 2.07970 [.038] P10_15 .012730 .061163 .208139 [.835] P11_15 -.017270 .073022 -.236499 [.813] P12_15 .293029E-02 .067140 .043645 [.965] P13_15 -.039001 .063888 -.610450 [.542] P14_15 -.013336 .061509 -.216815 [.828] P15_15 .042335 .060902 .695134 [.487] P16_15 -.015472 .063719 -.242820 [.808] P17_15 -.023768 .062857 -.378122 [.705] P18_15 -.031395 .082914 -.378639 [.705] P19_15 -.124587 .072399 -1.72085 [.085] P20_15 -.017906 .060038 -.298252 [.766] P21_15 -.038655 .069967 -.552475 [.581] DI1_15 -.046312 .083799 -.552659 [.580] DF1_15 .601805E-02 .032560 .184828 [.853] DI2_15 .035112 .112169 .313026 [.754] DF2_15 .025360 .017141 1.47953 [.139] S1_15 -.221381 .181091 -1.22249 [.222] S2_15 .069447 .162839 .426475 [.670] S3_15 -.012339 .119109 -.103598 [.917] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B3_15 YMEAN .128370 S2 2.87925 ARSQ .050827 SDEV 1.74168 S 1.69684 LMHET 142.420 [.000] SSR 2150.80 RSQ .088647 DW 2.02126 [<.969] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.067218 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_15 E1 1.00000 B1_15 0.079430 1.00000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 779 SBIC 1125.51 LOGL -1018.98 Standard Parameter Estimate Error t-statistic P-value C_16 -2.02751 .604632 -3.35330 [.001] A3_16 .076049 .151888 .500691 [.617] A2_16 -.160806 .149680 -1.07433 [.283] P0_16 .150791 .058476 2.57869 [.010] P1_16 -.032483 .033735 -.962892 [.336] P2_16 -.103819 .034281 -3.02845 [.002] P3_16 -.059746 .033885 -1.76322 [.078] P4_16 -.096502 .041334 -2.33473 [.020] P5_16 .081281 .041526 1.95736 [.050] P6_16 -.081776 .048319 -1.69241 [.091] P7_16 -.048508 .034199 -1.41841 [.156] P8_16 .958818E-03 .033212 .028870 [.977] P9_16 .047349 .034383 1.37710 [.168] P10_16 .019771 .032946 .600110 [.548] P11_16 -.015744 .039334 -.400257 [.689] P12_16 .592431E-02 .036166 .163811 [.870] P13_16 -.015552 .034414 -.451911 [.651] P14_16 .677277E-02 .033132 .204415 [.838] P15_16 .040142 .032805 1.22364 [.221] P16_16 -.014012 .034323 -.408234 [.683] P17_16 -.220031E-02 .033859 -.064985 [.948] P18_16 -.070581 .044663 -1.58030 [.114] P19_16 -.775365E-02 .038998 -.198820 [.842] P20_16 -.015507 .032340 -.479500 [.632] P21_16 -.017645 .037688 -.468185 [.640] DI1_16 -.016426 .045139 -.363904 [.716] DF1_16 .046217 .017539 2.63507 [.008] DI2_16 -.558820E-02 .060421 -.092487 [.926] DF2_16 -.409981E-02 .923318E-02 -.444031 [.657] S1_16 -.055161 .097547 -.565486 [.572] S2_16 .035461 .087715 .404270 [.686] S3_16 .060942 .064160 .949846 [.342] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B3_16 YMEAN .128370 S2 .835438 ARSQ .079740 SDEV .952800 S .914023 LMHET 146.624 [.000] SSR 624.072 RSQ .116408 DW 2.01413 [<.962] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.040952 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_16 E1 1.00000 B1_16 0.059205 1.00000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 779 SBIC 754.374 LOGL -647.846 Standard Parameter Estimate Error t-statistic P-value C_17 -.175795 .375475 -.468193 [.640] A3_17 .024943 .094322 .264445 [.791] A2_17 -.177783 .092951 -1.91265 [.056] P0_17 -.054302 .036314 -1.49536 [.135] P1_17 -.010868 .020949 -.518781 [.604] P2_17 .065119 .021289 3.05888 [.002] P3_17 -.029867 .021042 -1.41937 [.156] P4_17 -.010546 .025668 -.410862 [.681] P5_17 .014765 .025788 .572544 [.567] P6_17 .020905 .030006 .696702 [.486] P7_17 -.500880E-02 .021237 -.235848 [.814] P8_17 .337578E-02 .020624 .163678 [.870] P9_17 -.105027E-03 .021352 -.491885E-02 [.996] P10_17 -.012978 .020459 -.634338 [.526] P11_17 .028139 .024426 1.15198 [.249] P12_17 -.021408 .022459 -.953199 [.340] P13_17 -.012053 .021371 -.563966 [.573] P14_17 -.838231E-02 .020575 -.407399 [.684] P15_17 -.024793 .020372 -1.21702 [.224] P16_17 .016603 .021314 .778953 [.436] P17_17 .881217E-02 .021026 .419106 [.675] P18_17 .111531 .027736 4.02124 [.000] P19_17 .134432 .024218 5.55093 [.000] P20_17 -.948635E-02 .020083 -.472354 [.637] P21_17 -.039465 .023404 -1.68624 [.092] DI1_17 .019675 .028031 .701885 [.483] DF1_17 .038786 .010892 3.56106 [.000] DI2_17 -.130149E-02 .037521 -.034687 [.972] DF2_17 -.658162E-03 .573378E-02 -.114787 [.909] S1_17 .103200 .060576 1.70363 [.088] S2_17 -.098049 .054471 -1.80002 [.072] S3_17 .068659 .039843 1.72323 [.085] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B3_17 YMEAN .127525 S2 .322177 ARSQ .169908 SDEV .622994 S .567606 LMHET 19.4028 [.000] SSR 240.666 RSQ .202984 DW 2.00596 [<.951] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.036816 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_17 E1 1.00000 B1_17 0.024273 1.00000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 779 SBIC 844.023 LOGL -737.495 Standard Parameter Estimate Error t-statistic P-value C_18 -1.88620 .421270 -4.47742 [.000] A3_18 -.152373E-02 .105826 -.014398 [.989] A2_18 .077447 .104288 .742626 [.458] P0_18 .146086 .040743 3.58559 [.000] P1_18 -.061063 .023505 -2.59792 [.009] P2_18 -.102096 .023885 -4.27446 [.000] P3_18 -.083011 .023609 -3.51609 [.000] P4_18 -.135879 .028799 -4.71825 [.000] P5_18 -.050641 .028933 -1.75031 [.080] P6_18 -.081497 .033666 -2.42078 [.015] P7_18 -.047957 .023828 -2.01265 [.044] P8_18 -.025717 .023140 -1.11137 [.266] P9_18 .031572 .023956 1.31790 [.188] P10_18 -.022707 .022955 -.989212 [.323] P11_18 .018869 .027406 .688521 [.491] P12_18 -.013908 .025198 -.551963 [.581] P13_18 -.022181 .023978 -.925071 [.355] P14_18 -.225680E-02 .023085 -.097762 [.922] P15_18 .992562E-02 .022857 .434253 [.664] P16_18 -.020291 .023914 -.848512 [.396] P17_18 -.699163E-02 .023591 -.296374 [.767] P18_18 .723973E-02 .031118 .232651 [.816] P19_18 -.039564 .027172 -1.45609 [.145] P20_18 -.020713 .022533 -.919264 [.358] P21_18 -.041685 .026259 -1.58746 [.112] DI1_18 -.704740E-02 .031450 -.224081 [.823] DF1_18 .010220 .012220 .836322 [.403] DI2_18 -.016618 .042098 -.394754 [.693] DF2_18 .010226 .643311E-02 1.58957 [.112] S1_18 .029793 .067965 .438356 [.661] S2_18 -.036426 .061115 -.596019 [.551] S3_18 .017421 .044703 .389716 [.697] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B3_18 YMEAN .128370 S2 .405558 ARSQ .193605 SDEV .709174 S .636835 LMHET 204.337 [.000] SSR 302.952 RSQ .225736 DW 1.92617 [<.706] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.077879 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_18 E1 1.00000 B1_18 0.038233 1.00000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 779 SBIC 2100.23 LOGL -1993.70 Standard Parameter Estimate Error t-statistic P-value C_19 1.55534 2.11300 .736081 [.462] A3_19 -.101620 .530799 -.191448 [.848] A2_19 -.168088 .523084 -.321339 [.748] P0_19 -.053272 .204355 -.260685 [.794] P1_19 -.035364 .117893 -.299964 [.764] P2_19 -.138499 .119802 -1.15607 [.248] P3_19 -.101918 .118417 -.860668 [.389] P4_19 -.044507 .144447 -.308120 [.758] P5_19 -.355699 .145120 -2.45107 [.014] P6_19 -.558303E-02 .168860 -.033063 [.974] P7_19 -.039381 .119514 -.329508 [.742] P8_19 .041953 .116065 .361462 [.718] P9_19 -.516037E-03 .120159 -.429463E-02 [.997] P10_19 .050202 .115136 .436026 [.663] P11_19 .130799 .137460 .951541 [.341] P12_19 .098722 .126387 .781112 [.435] P13_19 -.050460 .120267 -.419566 [.675] P14_19 .336054E-02 .115787 .029023 [.977] P15_19 -.013106 .114644 -.114320 [.909] P16_19 .907105E-02 .119947 .075625 [.940] P17_19 .015488 .118325 .130895 [.896] P18_19 .412661 .156083 2.64387 [.008] P19_19 .907312 .136287 6.65736 [.000] P20_19 -.191389 .113018 -1.69343 [.090] P21_19 -.018277 .131709 -.138771 [.890] DI1_19 .026316 .157747 .166826 [.868] DF1_19 .013827 .061293 .225592 [.822] DI2_19 .085359 .211153 .404252 [.686] DF2_19 -.964002E-02 .032267 -.298758 [.765] S1_19 -.083447 .340895 -.244788 [.807] S2_19 -.025959 .306537 -.084684 [.933] S3_19 -.020517 .224218 -.091505 [.927] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B3_19 YMEAN .128370 S2 10.2030 ARSQ .060118 SDEV 3.29479 S 3.19422 LMHET 52.8314 [.000] SSR 7621.66 RSQ .097568 DW 2.01796 [<.966] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0038568 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_19 E1 1.00000 B1_19 0.048489 1.00000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 779 SBIC 997.674 LOGL -891.146 Standard Parameter Estimate Error t-statistic P-value C_20 -1.67167 .513123 -3.25783 [.001] A3_20 .184781 .128900 1.43352 [.152] A2_20 -.309780 .127027 -2.43870 [.015] P0_20 .012348 .049626 .248826 [.803] P1_20 .012043 .028629 .420638 [.674] P2_20 -.017209 .029093 -.591527 [.554] P3_20 -.031581 .028756 -1.09822 [.272] P4_20 .010178 .035078 .290141 [.772] P5_20 -.730333E-02 .035241 -.207238 [.836] P6_20 .013696 .041006 .333989 [.738] P7_20 -.016134 .029023 -.555908 [.578] P8_20 .626710E-02 .028185 .222353 [.824] P9_20 .046183 .029179 1.58274 [.113] P10_20 .028994 .027960 1.03698 [.300] P11_20 .042359 .033381 1.26895 [.204] P12_20 .536554E-02 .030692 .174819 [.861] P13_20 -.139270E-02 .029206 -.047686 [.962] P14_20 .115897E-02 .028118 .041218 [.967] P15_20 -.012133 .027840 -.435799 [.663] P16_20 .013046 .029128 .447879 [.654] P17_20 -.605092E-02 .028734 -.210583 [.833] P18_20 .083061 .037903 2.19138 [.028] P19_20 -.641964E-02 .033096 -.193969 [.846] P20_20 -.665813E-02 .027446 -.242594 [.808] P21_20 -.467322E-02 .031984 -.146110 [.884] DI1_20 .013664 .038308 .356703 [.721] DF1_20 .055894 .014885 3.75517 [.000] DI2_20 -.023864 .051277 -.465404 [.642] DF2_20 -.012013 .783577E-02 -1.53316 [.125] S1_20 .014176 .082783 .171248 [.864] S2_20 .036447 .074440 .489612 [.624] S3_20 .107457 .054449 1.97352 [.048] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B3_20 YMEAN .123898 S2 .601693 ARSQ .112779 SDEV .823515 S .775688 LMHET 55.3184 [.000] SSR 449.464 RSQ .148131 DW 2.05059 [<.989] INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 779 SBIC 1124.09 LOGL -1017.56 Standard Parameter Estimate Error t-statistic P-value C_21 -1.05347 .603527 -1.74553 [.081] A3_21 .128042 .151610 .844546 [.398] A2_21 -.354710 .149407 -2.37412 [.018] P0_21 .018374 .058369 .314798 [.753] P1_21 .125370E-02 .033673 .037231 [.970] P2_21 -.903961E-02 .034219 -.264172 [.792] P3_21 -.012151 .033823 -.359251 [.719] P4_21 .047262 .041258 1.14552 [.252] P5_21 .232315 .041450 5.60470 [.000] P6_21 -.037696 .048231 -.781566 [.434] P7_21 .013304 .034136 .389719 [.697] P8_21 .030467 .033151 .919036 [.358] P9_21 .135295 .034320 3.94210 [.000] P10_21 -.012911 .032886 -.392596 [.695] P11_21 .046202 .039262 1.17677 [.239] P12_21 .291358E-02 .036099 .080710 [.936] P13_21 -.013693 .034351 -.398616 [.690] P14_21 .339481E-02 .033072 .102649 [.918] P15_21 .037507 .032745 1.14540 [.252] P16_21 .538058E-02 .034260 .157051 [.875] P17_21 -.641904E-02 .033797 -.189931 [.849] P18_21 .341131 .044581 7.65188 [.000] P19_21 .156022 .038927 4.00806 [.000] P20_21 .727740E-02 .032281 .225439 [.822] P21_21 .016974 .037620 .451201 [.652] DI1_21 .035328 .045057 .784069 [.433] DF1_21 .053492 .017507 3.05547 [.002] DI2_21 -.028023 .060311 -.464643 [.642] DF2_21 -.011229 .921631E-02 -1.21834 [.223] S1_21 .081400 .097369 .835994 [.403] S2_21 -.080828 .087555 -.923167 [.356] S3_21 .104645 .064043 1.63400 [.102] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B3_21 YMEAN .128370 S2 .832387 ARSQ .343627 SDEV 1.12613 S .912353 LMHET 2.96479 [.085] SSR 621.793 RSQ .369781 DW 2.05228 [<.989] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.010460 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_21 E1 1.00000 B1_21 0.0085592 1.0000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 779 SBIC 767.309 LOGL -660.780 Standard Parameter Estimate Error t-statistic P-value C_22 -1.79564 .381761 -4.70357 [.000] A3_22 .031229 .095901 .325639 [.745] A2_22 -.202826 .094507 -2.14614 [.032] P0_22 .041713 .036921 1.12977 [.259] P1_22 -.010276 .021300 -.482445 [.629] P2_22 -.034329 .021645 -1.58598 [.113] P3_22 -.014832 .021395 -.693275 [.488] P4_22 -.362222E-02 .026098 -.138794 [.890] P5_22 .200262 .026219 7.63798 [.000] P6_22 -.584767E-02 .030508 -.191674 [.848] P7_22 .323720E-02 .021593 .149919 [.881] P8_22 .822913E-02 .020970 .392428 [.695] P9_22 .042334 .021709 1.95003 [.051] P10_22 .475406E-02 .020802 .228539 [.819] P11_22 .047468 .024835 1.91131 [.056] P12_22 -.741761E-02 .022835 -.324839 [.745] P13_22 -.013037 .021729 -.599983 [.549] P14_22 .022850 .020920 1.09226 [.275] P15_22 .034324 .020713 1.65711 [.097] P16_22 .012452 .021671 .574602 [.566] P17_22 .904299E-02 .021378 .423002 [.672] P18_22 -.010138 .028200 -.359500 [.719] P19_22 .060750 .024623 2.46718 [.014] P20_22 -.033806 .020419 -1.65559 [.098] P21_22 -.017367 .023796 -.729818 [.466] DI1_22 .036053 .028501 1.26499 [.206] DF1_22 .041433 .011074 3.74140 [.000] DI2_22 -.126864E-02 .038150 -.033254 [.973] DF2_22 -.665795E-02 .582978E-02 -1.14206 [.253] S1_22 .075992 .061591 1.23383 [.217] S2_22 -.037283 .055383 -.673187 [.501] S3_22 .067993 .040510 1.67841 [.093] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B3_22 YMEAN .127539 S2 .333055 ARSQ .292288 SDEV .686009 S .577109 LMHET 163.041 [.000] SSR 248.792 RSQ .320487 DW 1.98243 [<.908] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.0062754 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_22 E1 1.00000 B1_22 -0.012413 1.0000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 779 SBIC 786.635 LOGL -680.107 Standard Parameter Estimate Error t-statistic P-value C_23 -1.12122 .391351 -2.86500 [.004] A3_23 .042602 .098310 .433339 [.665] A2_23 -.266258 .096881 -2.74829 [.006] P0_23 .040133 .037849 1.06034 [.289] P1_23 -.016782 .021835 -.768586 [.442] P2_23 .747180E-02 .022189 .336738 [.736] P3_23 -.010837 .021932 -.494130 [.621] P4_23 -.017301 .026753 -.646697 [.518] P5_23 .304529 .026878 11.3301 [.000] P6_23 -.032422 .031275 -1.03669 [.300] P7_23 -.013288 .022135 -.600288 [.548] P8_23 .015271 .021497 .710412 [.477] P9_23 .029917 .022255 1.34430 [.179] P10_23 .566612E-02 .021325 .265708 [.790] P11_23 .022912 .025459 .899958 [.368] P12_23 .043144 .023408 1.84312 [.065] P13_23 -.017019 .022275 -.764048 [.445] P14_23 -.361307E-02 .021445 -.168480 [.866] P15_23 .019992 .021233 .941547 [.346] P16_23 .010805 .022216 .486349 [.627] P17_23 .887536E-02 .021915 .404988 [.685] P18_23 -.151754 .028908 -5.24950 [.000] P19_23 .171446 .025242 6.79210 [.000] P20_23 -.035808 .020932 -1.71063 [.087] P21_23 -.021605 .024394 -.885667 [.376] DI1_23 .035475 .029217 1.21420 [.225] DF1_23 .050017 .011352 4.40593 [.000] DI2_23 .030766 .039108 .786699 [.431] DF2_23 -.919119E-02 .597622E-02 -1.53796 [.124] S1_23 -.029441 .063138 -.466295 [.641] S2_23 -.031645 .056774 -.557386 [.577] S3_23 .082252 .041528 1.98066 [.048] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B3_23 YMEAN .128370 S2 .349998 ARSQ .335931 SDEV .725982 S .591606 LMHET 234.985 [.000] SSR 261.448 RSQ .362391 DW 1.95894 [<.841] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0089309 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_23 E1 1.00000 B1_23 0.048720 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 779 SBIC 1137.93 LOGL -1031.40 Standard Parameter Estimate Error t-statistic P-value C_24 -1.85022 .614350 -3.01167 [.003] A3_24 .049533 .154329 .320957 [.748] A2_24 -.159478 .152086 -1.04861 [.294] P0_24 .131010 .059416 2.20496 [.027] P1_24 -.032652 .034277 -.952586 [.341] P2_24 -.097660 .034832 -2.80370 [.005] P3_24 -.061511 .034429 -1.78658 [.074] P4_24 -.077060 .041998 -1.83485 [.067] P5_24 .103061 .042193 2.44258 [.015] P6_24 -.054890 .049096 -1.11802 [.264] P7_24 -.055444 .034749 -1.59558 [.111] P8_24 .144654E-02 .033746 .042866 [.966] P9_24 .044056 .034936 1.26106 [.207] P10_24 .019971 .033476 .596569 [.551] P11_24 -.461940E-02 .039966 -.115582 [.908] P12_24 .301535E-02 .036747 .082057 [.935] P13_24 -.015366 .034967 -.439452 [.660] P14_24 .636841E-02 .033665 .189170 [.850] P15_24 .041681 .033333 1.25045 [.211] P16_24 -.010169 .034875 -.291589 [.771] P17_24 -.790972E-03 .034403 -.022992 [.982] P18_24 -.075679 .045381 -1.66764 [.095] P19_24 .403770E-02 .039625 .101897 [.919] P20_24 -.021806 .032860 -.663597 [.507] P21_24 -.012597 .038294 -.328955 [.742] DI1_24 -.011357 .045865 -.247620 [.804] DF1_24 .047034 .017821 2.63926 [.008] DI2_24 .575062E-02 .061392 .093670 [.925] DF2_24 -.578749E-02 .938158E-02 -.616900 [.537] S1_24 -.045090 .099115 -.454926 [.649] S2_24 .263845E-02 .089125 .029604 [.976] S3_24 .078755 .065191 1.20807 [.227] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B3_24 YMEAN .128370 S2 .862509 ARSQ .075508 SDEV .965896 S .928714 LMHET 144.508 [.000] SSR 644.294 RSQ .112346 DW 2.01789 [<.966] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.045498 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_24 E1 1.00000 B1_24 0.056622 1.00000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 779 SBIC 901.048 LOGL -794.520 Standard Parameter Estimate Error t-statistic P-value C_25 -1.37219 .453265 -3.02734 [.002] A3_25 .143228 .113863 1.25789 [.208] A2_25 -.450100 .112208 -4.01129 [.000] P0_25 .058652 .043837 1.33795 [.181] P1_25 -.012324 .025290 -.487322 [.626] P2_25 -.017344 .025699 -.674868 [.500] P3_25 .453098E-04 .025402 .178371E-02 [.999] P4_25 -.023695 .030986 -.764693 [.444] P5_25 -.021247 .031130 -.682507 [.495] P6_25 -.038572 .036223 -1.06486 [.287] P7_25 .857906E-02 .025637 .334632 [.738] P8_25 .035813 .024897 1.43842 [.150] P9_25 .041466 .025776 1.60872 [.108] P10_25 .032942 .024698 1.33380 [.182] P11_25 .014008 .029487 .475071 [.635] P12_25 .010358 .027112 .382044 [.702] P13_25 -.015295 .025799 -.592839 [.553] P14_25 -.012557 .024838 -.505578 [.613] P15_25 -.042433 .024593 -1.72541 [.084] P16_25 .767242E-02 .025730 .298187 [.766] P17_25 -.018430 .025382 -.726099 [.468] P18_25 .024617 .033482 .735228 [.462] P19_25 .029494 .029235 1.00885 [.313] P20_25 -.029111 .024244 -1.20075 [.230] P21_25 -.898025E-02 .028253 -.317848 [.751] DI1_25 .060001 .033839 1.77315 [.076] DF1_25 .067167 .013148 5.10844 [.000] DI2_25 -.019697 .045295 -.434856 [.664] DF2_25 -.011633 .692169E-02 -1.68059 [.093] S1_25 -.013114 .073126 -.179330 [.858] S2_25 -.040599 .065756 -.617413 [.537] S3_25 .119560 .048098 2.48577 [.013] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B3_25 YMEAN .127809 S2 .469500 ARSQ .156064 SDEV .745870 S .685201 LMHET 168.105 [.000] SSR 350.717 RSQ .189692 DW 2.02543 [<.973] Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.0047229 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_25 E1 1.00000 B1_25 0.033627 1.0000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 E2 E1 1.00000 E2 0.065068 1.00000 Results of Covariance procedure =============================== Number of Observations: 779 Correlation Matrix E1 B1_20 E1 1.00000 B1_20 0.076672 1.00000