INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 720 SBIC 814.975 LOGL -693.259 Standard Parameter Estimate Error t-statistic P-value C_1 2.89905 .502817 5.76561 [.000] A4_1 .066344 .129688 .511563 [.609] A3_1 .360216 .164646 2.18782 [.029] A2_1 .212363 .122801 1.72932 [.084] P0_1 -.077904 .044583 -1.74738 [.081] P1_1 -.018581 .024305 -.764499 [.445] P2_1 .032564 .027100 1.20162 [.230] P3_1 -.015248 .024956 -.610988 [.541] P4_1 -.056178 .030857 -1.82059 [.069] P5_1 -.274481E-02 .035850 -.076565 [.939] P6_1 -.073396 .036238 -2.02540 [.043] P7_1 -.085813 .025416 -3.37634 [.001] P8_1 -.015629 .024423 -.639933 [.522] P9_1 -.026455 .025494 -1.03770 [.299] P10_1 .026136 .025304 1.03288 [.302] P11_1 -.029976 .029263 -1.02434 [.306] P12_1 -.042985 .027474 -1.56459 [.118] P13_1 .016746 .025185 .664936 [.506] P14_1 -.017835 .024752 -.720558 [.471] P15_1 -.018168 .024040 -.755772 [.450] P16_1 -.032531 .025625 -1.26949 [.204] P17_1 -.030502 .025585 -1.19215 [.233] P18_1 .025618 .034473 .743131 [.457] P19_1 .042659 .056361 .756899 [.449] P20_1 .528861E-02 .023632 .223788 [.823] P21_1 .074685 .027860 2.68069 [.007] DI1_1 .049014 .033674 1.45555 [.146] DF1_1 -.711743E-02 .013490 -.527621 [.598] DI2_1 -.951317E-02 .055307 -.172008 [.863] DF2_1 .010354 .706410E-02 1.46570 [.143] DI3_1 -.668943E-02 .052690 -.126958 [.899] DF3_1 .022360 .655159E-02 3.41290 [.001] S1_1 -.171370 .072641 -2.35914 [.018] S2_1 .138356 .067336 2.05471 [.040] S3_1 .030923 .057899 .534086 [.593] S4_1 .066135 .042335 1.56219 [.118] B_1 .018585 .025177 .738172 [.460] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.12628 S2 .423415 ARSQ .566604 SDEV .988418 S .650703 LMHET .039285 [.843] SSR 289.192 RSQ .588304 DW 1.98042 [<.948] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 720 SBIC 814.423 LOGL -692.707 Standard Parameter Estimate Error t-statistic P-value C_2 2.95855 .505670 5.85076 [.000] A4_2 .060747 .129573 .468823 [.639] A3_2 .374066 .164270 2.27714 [.023] A2_2 .202393 .123010 1.64535 [.100] P0_2 -.083511 .044787 -1.86460 [.062] P1_2 -.016906 .024310 -.695438 [.487] P2_2 .036056 .027248 1.32326 [.186] P3_2 -.014646 .024943 -.587202 [.557] P4_2 -.052306 .030962 -1.68938 [.091] P5_2 .423549E-02 .036079 .117395 [.907] P6_2 -.071024 .036283 -1.95748 [.050] P7_2 -.083916 .025437 -3.29897 [.001] P8_2 -.016584 .024420 -.679138 [.497] P9_2 -.024803 .025427 -.975436 [.329] P10_2 .027040 .025298 1.06885 [.285] P11_2 -.030185 .029225 -1.03283 [.302] P12_2 -.042692 .027438 -1.55593 [.120] P13_2 .019855 .025125 .790223 [.429] P14_2 -.017072 .024694 -.691369 [.489] P15_2 -.019455 .024051 -.808916 [.419] P16_2 -.031904 .025599 -1.24628 [.213] P17_2 -.029630 .025573 -1.15868 [.247] P18_2 .020519 .034467 .595332 [.552] P19_2 .045898 .056406 .813700 [.416] P20_2 .548259E-02 .023614 .232175 [.816] P21_2 .075263 .027836 2.70375 [.007] DI1_2 .049360 .033642 1.46721 [.142] DF1_2 -.655057E-02 .013491 -.485568 [.627] DI2_2 -.013908 .055289 -.251551 [.801] DF2_2 .010120 .706025E-02 1.43333 [.152] DI3_2 -.186007E-02 .052760 -.035255 [.972] DF3_2 .022651 .653236E-02 3.46753 [.001] S1_2 -.169884 .072585 -2.34049 [.019] S2_2 .137884 .067252 2.05027 [.040] S3_2 .030911 .057849 .534342 [.593] S4_2 .064629 .042326 1.52694 [.127] B_2 .022898 .018144 1.26203 [.207] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.12628 S2 .422767 ARSQ .567267 SDEV .988418 S .650205 LMHET .090631 [.763] SSR 288.750 RSQ .588934 DW 1.98703 [<.957] INVESTOR #3 ===================== EQUATIONS: EQ_B3 NOB 720 SBIC 815.145 LOGL -693.429 Standard Parameter Estimate Error t-statistic P-value C_3 2.87098 .500615 5.73490 [.000] A4_3 .066337 .129777 .511163 [.609] A3_3 .365364 .164444 2.22181 [.026] A2_3 .212317 .122844 1.72834 [.084] P0_3 -.078114 .044602 -1.75133 [.080] P1_3 -.018328 .024308 -.753968 [.451] P2_3 .031895 .027109 1.17657 [.239] P3_3 -.016624 .025017 -.664479 [.506] P4_3 -.055989 .030862 -1.81416 [.070] P5_3 -.236429E-02 .035863 -.065926 [.947] P6_3 -.073795 .036243 -2.03609 [.042] P7_3 -.085939 .025426 -3.38003 [.001] P8_3 -.015618 .024430 -.639281 [.523] P9_3 -.024756 .025474 -.971781 [.331] P10_3 .026183 .025313 1.03439 [.301] P11_3 -.031165 .029263 -1.06502 [.287] P12_3 -.043743 .027452 -1.59345 [.111] P13_3 .018111 .025116 .721097 [.471] P14_3 -.017737 .024799 -.715224 [.474] P15_3 -.017955 .024042 -.746813 [.455] P16_3 -.031941 .025627 -1.24637 [.213] P17_3 -.029269 .025702 -1.13876 [.255] P18_3 .506853E-02 .052703 .096171 [.923] P19_3 .046140 .057323 .804914 [.421] P20_3 .506942E-02 .023646 .214387 [.830] P21_3 .074483 .027881 2.67148 [.008] DI1_3 .048730 .033683 1.44673 [.148] DF1_3 -.722303E-02 .013492 -.535362 [.592] DI2_3 -.010866 .055291 -.196530 [.844] DF2_3 .010323 .706561E-02 1.46103 [.144] DI3_3 -.720850E-02 .052740 -.136681 [.891] DF3_3 .022590 .654159E-02 3.45331 [.001] S1_3 -.170995 .072655 -2.35350 [.019] S2_3 .139717 .067310 2.07574 [.038] S3_3 .032513 .057934 .561201 [.575] S4_3 .066827 .042345 1.57813 [.115] B_3 .953105E-02 .020246 .470757 [.638] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B3 Dependent variable: LPSE YMEAN 5.12628 S2 .423615 ARSQ .566399 SDEV .988418 S .650857 LMHET .043737 [.834] SSR 289.329 RSQ .588109 DW 1.98433 [<.953] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 720 SBIC 814.835 LOGL -693.119 Standard Parameter Estimate Error t-statistic P-value C_4 2.92300 .504822 5.79016 [.000] A4_4 .067344 .129677 .519319 [.604] A3_4 .360498 .164492 2.19159 [.028] A2_4 .214210 .122773 1.74477 [.081] P0_4 -.079681 .044629 -1.78541 [.074] P1_4 -.018260 .024298 -.751499 [.452] P2_4 .033263 .027116 1.22669 [.220] P3_4 -.015879 .024941 -.636639 [.524] P4_4 -.055305 .030855 -1.79239 [.073] P5_4 -.857057E-04 .035844 -.239110E-02 [.998] P6_4 -.073017 .036238 -2.01494 [.044] P7_4 -.084463 .025450 -3.31879 [.001] P8_4 -.015770 .024420 -.645783 [.518] P9_4 -.025240 .025439 -.992185 [.321] P10_4 .026434 .025303 1.04469 [.296] P11_4 -.030607 .029239 -1.04679 [.295] P12_4 -.042966 .027458 -1.56477 [.118] P13_4 .019809 .025170 .787004 [.431] P14_4 -.015892 .024727 -.642705 [.520] P15_4 -.019346 .024088 -.803118 [.422] P16_4 -.032163 .025614 -1.25569 [.209] P17_4 -.029209 .025614 -1.14038 [.254] P18_4 .024092 .034385 .700636 [.484] P19_4 .043300 .056363 .768230 [.442] P20_4 .476636E-02 .023637 .201649 [.840] P21_4 .074009 .027828 2.65949 [.008] DI1_4 .048133 .033648 1.43048 [.153] DF1_4 -.757312E-02 .013486 -.561569 [.574] DI2_4 -.010316 .055270 -.186648 [.852] DF2_4 .010734 .707770E-02 1.51658 [.129] DI3_4 -.691422E-02 .052682 -.131245 [.896] DF3_4 .022557 .653746E-02 3.45039 [.001] S1_4 -.169190 .072645 -2.32902 [.020] S2_4 .137434 .067346 2.04071 [.041] S3_4 .030336 .057897 .523965 [.600] S4_4 .066365 .042323 1.56805 [.117] B_4 .017595 .019539 .900486 [.368] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.12628 S2 .423250 ARSQ .566772 SDEV .988418 S .650577 LMHET .062330 [.803] SSR 289.080 RSQ .588464 DW 1.98233 [<.950] INVESTOR #5 ===================== EQUATIONS: EQ_B5 NOB 720 SBIC 814.959 LOGL -693.243 Standard Parameter Estimate Error t-statistic P-value C_5 2.92020 .506411 5.76645 [.000] A4_5 .074843 .130439 .573776 [.566] A3_5 .350576 .165890 2.11330 [.035] A2_5 .215460 .122820 1.75427 [.079] P0_5 -.076282 .044619 -1.70965 [.087] P1_5 -.019381 .024341 -.796236 [.426] P2_5 .030985 .027141 1.14162 [.254] P3_5 -.015281 .024954 -.612366 [.540] P4_5 -.058076 .030988 -1.87413 [.061] P5_5 .390541E-03 .035905 .010877 [.991] P6_5 -.074243 .036213 -2.05019 [.040] P7_5 -.084718 .025450 -3.32873 [.001] P8_5 -.015722 .024424 -.643713 [.520] P9_5 -.028067 .025708 -1.09175 [.275] P10_5 .026391 .025308 1.04276 [.297] P11_5 -.032495 .029332 -1.10786 [.268] P12_5 -.043651 .027443 -1.59061 [.112] P13_5 .018420 .025111 .733550 [.463] P14_5 -.017718 .024741 -.716138 [.474] P15_5 -.018450 .024048 -.767219 [.443] P16_5 -.032679 .025629 -1.27507 [.202] P17_5 -.030921 .025594 -1.20812 [.227] P18_5 .023260 .034400 .676162 [.499] P19_5 .043035 .056377 .763343 [.445] P20_5 .565511E-02 .023634 .239274 [.811] P21_5 .075106 .027888 2.69311 [.007] DI1_5 .047735 .033659 1.41817 [.156] DF1_5 -.697245E-02 .013495 -.516673 [.605] DI2_5 -.845925E-02 .055365 -.152790 [.879] DF2_5 .010620 .707509E-02 1.50106 [.133] DI3_5 -.955846E-02 .052868 -.180799 [.857] DF3_5 .022405 .654715E-02 3.42216 [.001] S1_5 -.172409 .072667 -2.37260 [.018] S2_5 .136180 .067517 2.01698 [.044] S3_5 .031322 .057891 .541045 [.588] S4_5 .067789 .042362 1.60023 [.110] B_5 .018753 .024750 .757686 [.449] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B5 Dependent variable: LPSE YMEAN 5.12628 S2 .423397 ARSQ .566622 SDEV .988418 S .650690 LMHET .068373 [.794] SSR 289.180 RSQ .588321 DW 1.98093 [<.949] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 720 SBIC 815.247 LOGL -693.531 Standard Parameter Estimate Error t-statistic P-value C_6 2.84766 .503735 5.65309 [.000] A4_6 .063654 .129709 .490745 [.624] A3_6 .367436 .164401 2.23500 [.025] A2_6 .214023 .122892 1.74155 [.082] P0_6 -.077273 .044660 -1.73025 [.084] P1_6 -.018521 .024337 -.761045 [.447] P2_6 .031815 .027195 1.16988 [.242] P3_6 -.015877 .024963 -.636020 [.525] P4_6 -.056027 .030876 -1.81457 [.070] P5_6 -.200151E-02 .035923 -.055717 [.956] P6_6 -.074683 .036268 -2.05918 [.039] P7_6 -.085806 .025429 -3.37434 [.001] P8_6 -.015564 .024439 -.636844 [.524] P9_6 -.025034 .025495 -.981954 [.326] P10_6 .025899 .025315 1.02306 [.306] P11_6 -.030613 .029269 -1.04593 [.296] P12_6 -.043973 .027451 -1.60189 [.109] P13_6 .018124 .025121 .721460 [.471] P14_6 -.016772 .024721 -.678445 [.497] P15_6 -.017944 .024051 -.746070 [.456] P16_6 -.032105 .025628 -1.25271 [.210] P17_6 -.030370 .025595 -1.18656 [.235] P18_6 .024059 .034423 .698917 [.485] P19_6 .041088 .056347 .729192 [.466] P20_6 .532471E-02 .023642 .225219 [.822] P21_6 .073636 .027853 2.64373 [.008] DI1_6 .048255 .033670 1.43317 [.152] DF1_6 -.733345E-02 .013491 -.543564 [.587] DI2_6 -.010470 .055341 -.189187 [.850] DF2_6 .010311 .706670E-02 1.45903 [.145] DI3_6 -.639257E-02 .052715 -.121267 [.903] DF3_6 .022670 .654000E-02 3.46641 [.001] S1_6 -.170757 .072665 -2.34993 [.019] S2_6 .140665 .067297 2.09020 [.037] S3_6 .031689 .057913 .547179 [.584] S4_6 .066657 .042352 1.57386 [.116] B_6 -.354550E-02 .020900 -.169637 [.865] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.12628 S2 .423735 ARSQ .566276 SDEV .988418 S .650949 LMHET .041893 [.838] SSR 289.411 RSQ .587993 DW 1.98158 [<.949] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 720 SBIC 815.225 LOGL -693.509 Standard Parameter Estimate Error t-statistic P-value C_7 2.86879 .501568 5.71964 [.000] A4_7 .066366 .130017 .510439 [.610] A3_7 .364918 .164754 2.21493 [.027] A2_7 .213757 .122843 1.74008 [.082] P0_7 -.077526 .044601 -1.73823 [.082] P1_7 -.019487 .024703 -.788836 [.430] P2_7 .031863 .027133 1.17431 [.240] P3_7 -.015484 .024978 -.619916 [.535] P4_7 -.055956 .030866 -1.81285 [.070] P5_7 -.169622E-02 .035830 -.047341 [.962] P6_7 -.074500 .036228 -2.05641 [.040] P7_7 -.085344 .025467 -3.35111 [.001] P8_7 -.015485 .024431 -.633834 [.526] P9_7 -.025229 .025454 -.991182 [.322] P10_7 .025972 .025311 1.02610 [.305] P11_7 -.031719 .029476 -1.07607 [.282] P12_7 -.043763 .027463 -1.59350 [.111] P13_7 .018257 .025120 .726799 [.467] P14_7 -.017179 .024764 -.693689 [.488] P15_7 -.018045 .024055 -.750150 [.453] P16_7 -.032321 .025640 -1.26054 [.207] P17_7 -.030506 .025597 -1.19174 [.233] P18_7 .024137 .034419 .701280 [.483] P19_7 .042257 .056499 .747920 [.455] P20_7 .548876E-02 .023645 .232136 [.816] P21_7 .073868 .027845 2.65284 [.008] DI1_7 .047965 .033677 1.42428 [.154] DF1_7 -.733659E-02 .013491 -.543823 [.587] DI2_7 -.010354 .055327 -.187142 [.852] DF2_7 .010368 .706901E-02 1.46665 [.142] DI3_7 -.680847E-02 .052750 -.129070 [.897] DF3_7 .022622 .654321E-02 3.45728 [.001] S1_7 -.171318 .072690 -2.35683 [.018] S2_7 .139882 .067343 2.07714 [.038] S3_7 .031662 .057911 .546745 [.585] S4_7 .066943 .042373 1.57985 [.114] B_7 .280685E-02 .010679 .262834 [.793] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.12628 S2 .423710 ARSQ .566302 SDEV .988418 S .650930 LMHET .045713 [.831] SSR 289.394 RSQ .588017 DW 1.98166 [<.950] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 720 SBIC 815.254 LOGL -693.538 Standard Parameter Estimate Error t-statistic P-value C_8 2.86158 .500720 5.71492 [.000] A4_8 .064260 .129722 .495372 [.620] A3_8 .368106 .164400 2.23909 [.025] A2_8 .213046 .122876 1.73382 [.083] P0_8 -.077839 .044620 -1.74449 [.081] P1_8 -.018259 .024319 -.750787 [.453] P2_8 .032537 .027253 1.19392 [.233] P3_8 -.015596 .024995 -.623974 [.533] P4_8 -.055684 .030912 -1.80134 [.072] P5_8 -.119195E-02 .035948 -.033158 [.974] P6_8 -.074299 .036234 -2.05054 [.040] P7_8 -.085632 .025438 -3.36625 [.001] P8_8 -.015542 .024440 -.635909 [.525] P9_8 -.025214 .025459 -.990345 [.322] P10_8 .025764 .025363 1.01582 [.310] P11_8 -.030682 .029263 -1.04848 [.294] P12_8 -.043993 .027451 -1.60262 [.109] P13_8 .018262 .025128 .726746 [.467] P14_8 -.016740 .024725 -.677056 [.498] P15_8 -.017658 .024095 -.732827 [.464] P16_8 -.032130 .025629 -1.25365 [.210] P17_8 -.030390 .025595 -1.18736 [.235] P18_8 .023646 .034450 .686367 [.492] P19_8 .041015 .056357 .727774 [.467] P20_8 .540903E-02 .023643 .228776 [.819] P21_8 .073752 .027843 2.64884 [.008] DI1_8 .048196 .033668 1.43150 [.152] DF1_8 -.735630E-02 .013491 -.545262 [.586] DI2_8 -.011146 .055355 -.201345 [.840] DF2_8 .010305 .706738E-02 1.45806 [.145] DI3_8 -.615679E-02 .052710 -.116804 [.907] DF3_8 .022670 .654024E-02 3.46627 [.001] S1_8 -.170702 .072669 -2.34905 [.019] S2_8 .140476 .067299 2.08733 [.037] S3_8 .031763 .057922 .548382 [.583] S4_8 .066479 .042351 1.56972 [.116] B_8 .186997E-02 .015097 .123867 [.901] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.12628 S2 .423743 ARSQ .566268 SDEV .988418 S .650956 LMHET .040099 [.841] SSR 289.417 RSQ .587984 DW 1.98266 [<.951] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 720 SBIC 815.198 LOGL -693.482 Standard Parameter Estimate Error t-statistic P-value C_9 2.83592 .503978 5.62707 [.000] A4_9 .065251 .129742 .502929 [.615] A3_9 .368276 .164378 2.24043 [.025] A2_9 .212916 .122840 1.73329 [.083] P0_9 -.077751 .044596 -1.74345 [.081] P1_9 -.018266 .024311 -.751338 [.452] P2_9 .031905 .027116 1.17659 [.239] P3_9 -.015345 .024984 -.614216 [.539] P4_9 -.055769 .030866 -1.80681 [.071] P5_9 -.189046E-02 .035837 -.052751 [.958] P6_9 -.074641 .036231 -2.06012 [.039] P7_9 -.085516 .025431 -3.36262 [.001] P8_9 -.015371 .024431 -.629168 [.529] P9_9 -.024833 .025484 -.974450 [.330] P10_9 .025966 .025311 1.02591 [.305] P11_9 -.030324 .029281 -1.03561 [.300] P12_9 -.044181 .027454 -1.60928 [.108] P13_9 .017901 .025130 .712310 [.476] P14_9 -.016321 .024756 -.659286 [.510] P15_9 -.017490 .024066 -.726776 [.467] P16_9 -.031883 .025634 -1.24375 [.214] P17_9 -.030931 .025640 -1.20636 [.228] P18_9 .024366 .034432 .707650 [.479] P19_9 .042121 .056410 .746690 [.455] P20_9 .536677E-02 .023639 .227027 [.820] P21_9 .073124 .027902 2.62078 [.009] DI1_9 .048333 .033668 1.43557 [.151] DF1_9 -.731618E-02 .013491 -.542320 [.588] DI2_9 -.011328 .055313 -.204800 [.838] DF2_9 .010292 .706650E-02 1.45638 [.145] DI3_9 -.599931E-02 .052707 -.113824 [.909] DF3_9 .022689 .653943E-02 3.46960 [.001] S1_9 -.170353 .072670 -2.34419 [.019] S2_9 .141965 .067411 2.10597 [.035] S3_9 .031526 .057909 .544394 [.586] S4_9 .066762 .042349 1.57647 [.115] B_9 -.788965E-02 .022712 -.347372 [.728] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.12628 S2 .423678 ARSQ .566335 SDEV .988418 S .650906 LMHET .042703 [.836] SSR 289.372 RSQ .588048 DW 1.98132 [<.949] INVESTOR #10 ====================== EQUATIONS: EQ_B10 NOB 720 SBIC 815.256 LOGL -693.540 Standard Parameter Estimate Error t-statistic P-value C_10 2.85792 .499952 5.71639 [.000] A4_10 .064317 .129748 .495709 [.620] A3_10 .367509 .164418 2.23521 [.025] A2_10 .213405 .122841 1.73724 [.082] P0_10 -.077484 .044637 -1.73587 [.083] P1_10 -.018393 .024319 -.756338 [.449] P2_10 .031993 .027173 1.17738 [.239] P3_10 -.015902 .024989 -.636366 [.525] P4_10 -.056055 .030908 -1.81362 [.070] P5_10 -.295938E-03 .037912 -.780586E-02 [.994] P6_10 -.074652 .036321 -2.05537 [.040] P7_10 -.085802 .025435 -3.37340 [.001] P8_10 -.015512 .024437 -.634771 [.526] P9_10 -.025196 .025467 -.989368 [.322] P10_10 .025881 .025325 1.02193 [.307] P11_10 -.030879 .029275 -1.05477 [.292] P12_10 -.043927 .027458 -1.59978 [.110] P13_10 .018211 .025121 .724928 [.468] P14_10 -.016806 .024722 -.679804 [.497] P15_10 -.017807 .024049 -.740425 [.459] P16_10 -.032064 .025632 -1.25096 [.211] P17_10 -.030396 .025595 -1.18759 [.235] P18_10 .023278 .034886 .667271 [.505] P19_10 .042603 .058114 .733086 [.464] P20_10 .539268E-02 .023642 .228094 [.820] P21_10 .073690 .027853 2.64571 [.008] DI1_10 .048187 .033668 1.43124 [.152] DF1_10 -.727278E-02 .013513 -.538225 [.590] DI2_10 -.010847 .055299 -.196148 [.844] DF2_10 .010315 .706673E-02 1.45962 [.144] DI3_10 -.636313E-02 .052723 -.120691 [.904] DF3_10 .022655 .654400E-02 3.46199 [.001] S1_10 -.171116 .072736 -2.35257 [.019] S2_10 .140562 .067296 2.08872 [.037] S3_10 .031809 .057937 .549019 [.583] S4_10 .066666 .042364 1.57363 [.116] B_10 -.154411E-02 .015192 -.101637 [.919] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.12628 S2 .423746 ARSQ .566265 SDEV .988418 S .650958 LMHET .041202 [.839] SSR 289.419 RSQ .587981 DW 1.98232 [<.950] INVESTOR #11 ====================== EQUATIONS: EQ_B11 NOB 720 SBIC 814.926 LOGL -693.210 Standard Parameter Estimate Error t-statistic P-value C_11 2.93501 .508915 5.76718 [.000] A4_11 .064324 .129640 .496176 [.620] A3_11 .361110 .164527 2.19484 [.028] A2_11 .216756 .122856 1.76430 [.078] P0_11 -.078863 .044604 -1.76808 [.077] P1_11 -.018187 .024301 -.748397 [.454] P2_11 .033589 .027150 1.23713 [.216] P3_11 -.016096 .024947 -.645197 [.519] P4_11 -.055918 .030852 -1.81245 [.070] P5_11 -.134890E-02 .035812 -.037666 [.970] P6_11 -.072584 .036281 -2.00063 [.045] P7_11 -.084333 .025474 -3.31048 [.001] P8_11 -.015986 .024429 -.654360 [.513] P9_11 -.025796 .025451 -1.01359 [.311] P10_11 .026835 .025325 1.05964 [.289] P11_11 -.032370 .029311 -1.10439 [.269] P12_11 -.043455 .027446 -1.58327 [.113] P13_11 .018950 .025126 .754200 [.451] P14_11 -.018158 .024769 -.733097 [.463] P15_11 -.018466 .024046 -.767924 [.443] P16_11 -.032137 .025617 -1.25452 [.210] P17_11 -.030077 .025586 -1.17552 [.240] P18_11 .018589 .035018 .530827 [.596] P19_11 .042551 .056347 .755162 [.450] P20_11 .585651E-02 .023638 .247755 [.804] P21_11 .075007 .027874 2.69093 [.007] DI1_11 .047893 .033655 1.42307 [.155] DF1_11 -.775255E-02 .013495 -.574497 [.566] DI2_11 -.940169E-02 .055303 -.170003 [.865] DF2_11 .010608 .707283E-02 1.49981 [.134] DI3_11 -.774111E-02 .052717 -.146843 [.883] DF3_11 .022658 .653694E-02 3.46619 [.001] S1_11 -.170959 .072632 -2.35376 [.019] S2_11 .137934 .067346 2.04814 [.041] S3_11 .030353 .057909 .524152 [.600] S4_11 .066025 .042333 1.55964 [.119] B_11 .022737 .028484 .798231 [.425] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.12628 S2 .423358 ARSQ .566662 SDEV .988418 S .650660 LMHET .056489 [.812] SSR 289.153 RSQ .588359 DW 1.98469 [<.954] INVESTOR #12 ====================== EQUATIONS: EQ_B12 NOB 720 SBIC 815.201 LOGL -693.485 Standard Parameter Estimate Error t-statistic P-value C_12 2.86578 .500414 5.72683 [.000] A4_12 .061920 .129826 .476945 [.633] A3_12 .368263 .164378 2.24034 [.025] A2_12 .216497 .123165 1.75777 [.079] P0_12 -.077365 .044605 -1.73445 [.083] P1_12 -.018486 .024314 -.760282 [.447] P2_12 .032163 .027104 1.18666 [.235] P3_12 -.015642 .024956 -.626791 [.531] P4_12 -.055866 .030864 -1.81007 [.070] P5_12 -.769343E-03 .035899 -.021431 [.983] P6_12 -.073988 .036243 -2.04144 [.041] P7_12 -.086061 .025442 -3.38264 [.001] P8_12 -.015583 .024433 -.637815 [.524] P9_12 -.024964 .025469 -.980190 [.327] P10_12 .025539 .025341 1.00781 [.314] P11_12 -.030419 .029271 -1.03921 [.299] P12_12 -.043995 .027449 -1.60280 [.109] P13_12 .018222 .025118 .725443 [.468] P14_12 -.016852 .024720 -.681721 [.495] P15_12 -.017787 .024044 -.739758 [.459] P16_12 -.032383 .025639 -1.26300 [.207] P17_12 -.030322 .025594 -1.18475 [.236] P18_12 .023199 .034458 .673265 [.501] P19_12 .037452 .057382 .652679 [.514] P20_12 .514372E-02 .023649 .217506 [.828] P21_12 .073289 .027876 2.62912 [.009] DI1_12 .048004 .033670 1.42575 [.154] DF1_12 -.788745E-02 .013582 -.580716 [.561] DI2_12 -.010850 .055295 -.196223 [.844] DF2_12 .010405 .707090E-02 1.47158 [.141] DI3_12 -.627510E-02 .052703 -.119065 [.905] DF3_12 .022730 .654112E-02 3.47495 [.001] S1_12 -.170736 .072660 -2.34979 [.019] S2_12 .140540 .067291 2.08855 [.037] S3_12 .031624 .057909 .546106 [.585] S4_12 .065632 .042429 1.54687 [.122] B_12 .757744E-02 .022250 .340565 [.733] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.12628 S2 .423681 ARSQ .566332 SDEV .988418 S .650908 LMHET .042786 [.836] SSR 289.374 RSQ .588045 DW 1.98283 [<.951] INVESTOR #13 ====================== EQUATIONS: EQ_B13 NOB 720 SBIC 814.815 LOGL -693.099 Standard Parameter Estimate Error t-statistic P-value C_13 2.91462 .503393 5.78995 [.000] A4_13 .066862 .129657 .515680 [.606] A3_13 .357177 .164693 2.16875 [.030] A2_13 .223449 .123249 1.81299 [.070] P0_13 -.077179 .044575 -1.73144 [.083] P1_13 -.019579 .024335 -.804590 [.421] P2_13 .031940 .027091 1.17898 [.238] P3_13 -.015694 .024940 -.629242 [.529] P4_13 -.056547 .030856 -1.83261 [.067] P5_13 .732563E-03 .035892 .020410 [.984] P6_13 -.073964 .036208 -2.04278 [.041] P7_13 -.085390 .025413 -3.36011 [.001] P8_13 -.015522 .024417 -.635689 [.525] P9_13 -.024991 .025440 -.982322 [.326] P10_13 .024478 .025348 .965644 [.334] P11_13 -.033463 .029383 -1.13885 [.255] P12_13 -.044195 .027435 -1.61092 [.107] P13_13 .018170 .025104 .723784 [.469] P14_13 -.017626 .024723 -.712935 [.476] P15_13 -.018984 .024062 -.788948 [.430] P16_13 -.032083 .025613 -1.25260 [.210] P17_13 -.030582 .025580 -1.19555 [.232] P18_13 .022287 .034426 .647370 [.517] P19_13 .041132 .056312 .730444 [.465] P20_13 .594141E-02 .023635 .251383 [.802] P21_13 .074647 .027843 2.68102 [.007] DI1_13 .047004 .033672 1.39593 [.163] DF1_13 -.873791E-02 .013567 -.644057 [.520] DI2_13 -.808642E-02 .055346 -.146107 [.884] DF2_13 .010862 .708709E-02 1.53263 [.125] DI3_13 -.911017E-02 .052767 -.172648 [.863] DF3_13 .022667 .653589E-02 3.46814 [.001] S1_13 -.171132 .072622 -2.35648 [.018] S2_13 .137812 .067321 2.04709 [.041] S3_13 .031260 .057879 .540093 [.589] S4_13 .065660 .042333 1.55106 [.121] B_13 .021744 .023611 .920917 [.357] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.12628 S2 .423227 ARSQ .566796 SDEV .988418 S .650559 LMHET .047243 [.828] SSR 289.064 RSQ .588486 DW 1.98395 [<.953] INVESTOR #14 ====================== EQUATIONS: EQ_B14 NOB 720 SBIC 814.861 LOGL -693.144 Standard Parameter Estimate Error t-statistic P-value C_14 2.90099 .502081 5.77794 [.000] A4_14 .065008 .129633 .501480 [.616] A3_14 .369591 .164308 2.24938 [.024] A2_14 .208617 .122897 1.69750 [.090] P0_14 -.079617 .044631 -1.78392 [.074] P1_14 -.018541 .024300 -.763016 [.445] P2_14 .033008 .027107 1.21768 [.223] P3_14 -.014739 .024970 -.590261 [.555] P4_14 -.054203 .030910 -1.75357 [.080] P5_14 -.353369E-03 .035834 -.986121E-02 [.992] P6_14 -.073560 .036220 -2.03095 [.042] P7_14 -.085013 .025425 -3.34368 [.001] P8_14 -.016168 .024432 -.661765 [.508] P9_14 -.025511 .025441 -1.00274 [.316] P10_14 .026516 .025307 1.04781 [.295] P11_14 -.031333 .029246 -1.07134 [.284] P12_14 -.043073 .027456 -1.56882 [.117] P13_14 .019290 .025138 .767367 [.443] P14_14 -.015657 .024742 -.632813 [.527] P15_14 -.018771 .024055 -.780331 [.435] P16_14 -.032196 .025615 -1.25692 [.209] P17_14 -.030190 .025582 -1.18013 [.238] P18_14 .024003 .034386 .698043 [.485] P19_14 .044960 .056483 .795983 [.426] P20_14 .507476E-02 .023631 .214753 [.830] P21_14 .073735 .027828 2.64967 [.008] DI1_14 .048829 .033658 1.45076 [.147] DF1_14 -.711013E-02 .013487 -.527198 [.598] DI2_14 -.012618 .055306 -.228148 [.820] DF2_14 .010213 .706381E-02 1.44584 [.148] DI3_14 -.459369E-02 .052712 -.087148 [.931] DF3_14 .022771 .653715E-02 3.48334 [.000] S1_14 -.171342 .072628 -2.35917 [.018] S2_14 .139604 .067268 2.07535 [.038] S3_14 .031302 .057883 .540790 [.589] S4_14 .066184 .042326 1.56365 [.118] B_14 .985130E-02 .011288 .872748 [.383] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.12628 S2 .423281 ARSQ .566741 SDEV .988418 S .650600 LMHET .065533 [.798] SSR 289.101 RSQ .588434 DW 1.98299 [<.951] INVESTOR #15 ====================== EQUATIONS: EQ_B15 NOB 720 SBIC 815.079 LOGL -693.363 Standard Parameter Estimate Error t-statistic P-value C_15 2.87892 .501069 5.74556 [.000] A4_15 .065275 .129686 .503331 [.615] A3_15 .367639 .164346 2.23698 [.025] A2_15 .210367 .122920 1.71142 [.087] P0_15 -.078225 .044598 -1.75399 [.079] P1_15 -.019166 .024347 -.787190 [.431] P2_15 .032885 .027125 1.21234 [.225] P3_15 -.014795 .025004 -.591712 [.554] P4_15 -.055190 .030882 -1.78714 [.074] P5_15 -.989349E-03 .035831 -.027611 [.978] P6_15 -.074507 .036219 -2.05714 [.040] P7_15 -.085036 .025447 -3.34169 [.001] P8_15 -.015365 .024426 -.629012 [.529] P9_15 -.024741 .025464 -.971598 [.331] P10_15 .026131 .025308 1.03253 [.302] P11_15 -.031420 .029269 -1.07348 [.283] P12_15 -.043369 .027464 -1.57909 [.114] P13_15 .018284 .025114 .728048 [.467] P14_15 -.017520 .024746 -.707974 [.479] P15_15 -.018343 .024054 -.762601 [.446] P16_15 -.031118 .025677 -1.21191 [.226] P17_15 -.030568 .025590 -1.19451 [.232] P18_15 .024046 .034398 .699052 [.485] P19_15 .042492 .056378 .753707 [.451] P20_15 .532745E-02 .023635 .225400 [.822] P21_15 .073443 .027842 2.63789 [.008] DI1_15 .047896 .033663 1.42280 [.155] DF1_15 -.719335E-02 .013491 -.533214 [.594] DI2_15 -.011184 .055289 -.202284 [.840] DF2_15 .010329 .706498E-02 1.46205 [.144] DI3_15 -.441145E-02 .052785 -.083574 [.933] DF3_15 .022616 .653916E-02 3.45848 [.001] S1_15 -.170999 .072648 -2.35380 [.019] S2_15 .139492 .067304 2.07256 [.038] S3_15 .030743 .057919 .530786 [.596] S4_15 .066156 .042342 1.56240 [.118] B_15 .876964E-02 .014886 .589128 [.556] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.12628 S2 .423538 ARSQ .566478 SDEV .988418 S .650798 LMHET .049406 [.824] SSR 289.276 RSQ .588185 DW 1.98005 [<.947] INVESTOR #16 ====================== EQUATIONS: EQ_B16 NOB 720 SBIC 815.223 LOGL -693.507 Standard Parameter Estimate Error t-statistic P-value C_16 2.87775 .505090 5.69749 [.000] A4_16 .062828 .129758 .484194 [.628] A3_16 .367773 .164378 2.23735 [.025] A2_16 .213731 .122841 1.73990 [.082] P0_16 -.077824 .044601 -1.74490 [.081] P1_16 -.018201 .024316 -.748530 [.454] P2_16 .032890 .027227 1.20799 [.227] P3_16 -.015643 .024959 -.626733 [.531] P4_16 -.055838 .030866 -1.80907 [.070] P5_16 -.236570E-02 .035949 -.065807 [.948] P6_16 -.073868 .036276 -2.03630 [.042] P7_16 -.085213 .025496 -3.34222 [.001] P8_16 -.015475 .024431 -.633417 [.526] P9_16 -.025372 .025455 -.996725 [.319] P10_16 .025972 .025311 1.02608 [.305] P11_16 -.030797 .029254 -1.05274 [.292] P12_16 -.043954 .027450 -1.60126 [.109] P13_16 .018249 .025120 .726471 [.468] P14_16 -.017036 .024737 -.688699 [.491] P15_16 -.018111 .024063 -.752658 [.452] P16_16 -.032033 .025629 -1.24990 [.211] P17_16 -.030317 .025595 -1.18446 [.236] P18_16 .023929 .034404 .695529 [.487] P19_16 .039666 .056609 .700704 [.483] P20_16 .548321E-02 .023644 .231909 [.817] P21_16 .074162 .027881 2.66000 [.008] DI1_16 .048177 .033666 1.43102 [.152] DF1_16 -.752977E-02 .013507 -.557479 [.577] DI2_16 -.010778 .055297 -.194912 [.845] DF2_16 .010360 .706809E-02 1.46570 [.143] DI3_16 -.623375E-02 .052705 -.118277 [.906] DF3_16 .022711 .654063E-02 3.47224 [.001] S1_16 -.170774 .072662 -2.35025 [.019] S2_16 .139801 .067351 2.07570 [.038] S3_16 .031544 .057912 .544693 [.586] S4_16 .065957 .042401 1.55557 [.120] B_16 .648756E-02 .023827 .272275 [.785] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B16 Dependent variable: LPSE YMEAN 5.12628 S2 .423707 ARSQ .566305 SDEV .988418 S .650928 LMHET .047353 [.828] SSR 289.392 RSQ .588020 DW 1.98319 [<.952] INVESTOR #17 ====================== EQUATIONS: EQ_B17 NOB 720 SBIC 814.995 LOGL -693.278 Standard Parameter Estimate Error t-statistic P-value C_17 2.82678 .501701 5.63439 [.000] A4_17 .064651 .129655 .498637 [.618] A3_17 .371709 .164416 2.26078 [.024] A2_17 .208477 .122992 1.69504 [.090] P0_17 -.079368 .044647 -1.77769 [.075] P1_17 -.017868 .024312 -.734961 [.462] P2_17 .032478 .027099 1.19850 [.231] P3_17 -.016272 .024956 -.652011 [.514] P4_17 -.055459 .030861 -1.79703 [.072] P5_17 -.299983E-02 .035872 -.083627 [.933] P6_17 -.074527 .036214 -2.05794 [.040] P7_17 -.086214 .025425 -3.39087 [.001] P8_17 -.014988 .024432 -.613452 [.540] P9_17 -.025284 .025445 -.993691 [.320] P10_17 .025426 .025315 1.00442 [.315] P11_17 -.030903 .029245 -1.05669 [.291] P12_17 -.044697 .027459 -1.62778 [.104] P13_17 .017380 .025135 .691451 [.489] P14_17 -.017088 .024716 -.691362 [.489] P15_17 -.018163 .024040 -.755514 [.450] P16_17 -.031792 .025623 -1.24078 [.215] P17_17 -.030330 .025586 -1.18541 [.236] P18_17 .024461 .034402 .711028 [.477] P19_17 .042195 .056344 .748881 [.454] P20_17 .535835E-02 .023633 .226735 [.821] P21_17 .073470 .027836 2.63937 [.008] DI1_17 .048225 .033656 1.43288 [.152] DF1_17 -.632645E-02 .013563 -.466459 [.641] DI2_17 -.011236 .055282 -.203252 [.839] DF2_17 .010105 .707038E-02 1.42923 [.153] DI3_17 -.511303E-02 .052711 -.097000 [.923] DF3_17 .022824 .654071E-02 3.48959 [.000] S1_17 -.170110 .072645 -2.34166 [.019] S2_17 .141633 .067288 2.10488 [.035] S3_17 .032057 .057895 .553703 [.580] S4_17 .067742 .042366 1.59898 [.110] B_17 -.026135 .036701 -.712118 [.476] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.12628 S2 .423438 ARSQ .566580 SDEV .988418 S .650721 LMHET .036896 [.848] SSR 289.208 RSQ .588281 DW 1.98136 [<.949] INVESTOR #18 ====================== EQUATIONS: EQ_B18 NOB 720 SBIC 814.260 LOGL -692.544 Standard Parameter Estimate Error t-statistic P-value C_18 2.96684 .505438 5.86985 [.000] A4_18 .066087 .129528 .510214 [.610] A3_18 .368432 .164159 2.24436 [.025] A2_18 .203247 .122893 1.65386 [.098] P0_18 -.081997 .044648 -1.83652 [.066] P1_18 -.018395 .024278 -.757670 [.449] P2_18 .037222 .027313 1.36278 [.173] P3_18 -.012920 .025007 -.516667 [.605] P4_18 -.051891 .030960 -1.67607 [.094] P5_18 .352507E-02 .035967 .098008 [.922] P6_18 -.070773 .036272 -1.95119 [.051] P7_18 -.082983 .025469 -3.25823 [.001] P8_18 -.014949 .024401 -.612624 [.540] P9_18 -.025611 .025420 -1.00752 [.314] P10_18 .026472 .025280 1.04715 [.295] P11_18 -.031753 .029223 -1.08657 [.277] P12_18 -.043765 .027413 -1.59648 [.110] P13_18 .018013 .025085 .718079 [.473] P14_18 -.017352 .024691 -.702775 [.482] P15_18 -.017703 .024012 -.737259 [.461] P16_18 -.032217 .025593 -1.25880 [.208] P17_18 -.030872 .025562 -1.20773 [.227] P18_18 .020450 .034446 .593673 [.553] P19_18 .040421 .056271 .718335 [.473] P20_18 .595976E-02 .023612 .252400 [.801] P21_18 .076247 .027863 2.73649 [.006] DI1_18 .047942 .033622 1.42593 [.154] DF1_18 -.658508E-02 .013484 -.488362 [.625] DI2_18 -.012919 .055243 -.233854 [.815] DF2_18 .010262 .705703E-02 1.45419 [.146] DI3_18 -.328257E-02 .052678 -.062314 [.950] DF3_18 .022513 .653195E-02 3.44666 [.001] S1_18 -.168709 .072581 -2.32444 [.020] S2_18 .132446 .067460 1.96333 [.050] S3_18 .033542 .057850 .579820 [.562] S4_18 .065604 .042295 1.55112 [.121] B_18 .034115 .024730 1.37949 [.168] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B18 Dependent variable: LPSE YMEAN 5.12628 S2 .422575 ARSQ .567463 SDEV .988418 S .650058 LMHET .110222 [.740] SSR 288.619 RSQ .589120 DW 1.97968 [<.947] INVESTOR #19 ====================== EQUATIONS: EQ_B19 NOB 720 SBIC 815.228 LOGL -693.512 Standard Parameter Estimate Error t-statistic P-value C_19 2.85688 .499952 5.71431 [.000] A4_19 .064721 .129728 .498893 [.618] A3_19 .368113 .164383 2.23936 [.025] A2_19 .211794 .123001 1.72188 [.085] P0_19 -.078027 .044620 -1.74872 [.080] P1_19 -.018316 .024311 -.753397 [.451] P2_19 .031855 .027137 1.17386 [.240] P3_19 -.015910 .024961 -.637399 [.524] P4_19 -.055784 .030868 -1.80717 [.071] P5_19 -.227215E-02 .035937 -.063227 [.950] P6_19 -.074432 .036226 -2.05465 [.040] P7_19 -.085881 .025431 -3.37698 [.001] P8_19 -.015421 .024431 -.631174 [.528] P9_19 -.025440 .025461 -.999194 [.318] P10_19 .026542 .025414 1.04439 [.296] P11_19 -.031188 .029301 -1.06441 [.287] P12_19 -.043901 .027452 -1.59919 [.110] P13_19 .018123 .025119 .721484 [.471] P14_19 -.016815 .024721 -.680217 [.496] P15_19 -.017708 .024051 -.736299 [.462] P16_19 -.032048 .025628 -1.25050 [.211] P17_19 -.030457 .025595 -1.18995 [.234] P18_19 .024661 .034546 .713880 [.475] P19_19 .042831 .056727 .755027 [.450] P20_19 .544215E-02 .023642 .230190 [.818] P21_19 .073801 .027843 2.65065 [.008] DI1_19 .048199 .033667 1.43164 [.152] DF1_19 -.709052E-02 .013529 -.524089 [.600] DI2_19 -.010884 .055297 -.196836 [.844] DF2_19 .010245 .707209E-02 1.44866 [.147] DI3_19 -.607747E-02 .052709 -.115303 [.908] DF3_19 .022652 .654046E-02 3.46340 [.001] S1_19 -.170834 .072663 -2.35106 [.019] S2_19 .140709 .067295 2.09092 [.037] S3_19 .031529 .057912 .544427 [.586] S4_19 .066937 .042374 1.57967 [.114] B_19 -.171301E-02 .673959E-02 -.254171 [.799] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.12628 S2 .423713 ARSQ .566299 SDEV .988418 S .650932 LMHET .041821 [.838] SSR 289.396 RSQ .588014 DW 1.97984 [<.947] INVESTOR #20 ====================== EQUATIONS: EQ_B20 NOB 720 SBIC 815.141 LOGL -693.425 Standard Parameter Estimate Error t-statistic P-value C_20 2.89228 .504948 5.72787 [.000] A4_20 .064067 .129678 .494050 [.621] A3_20 .362332 .164763 2.19911 [.028] A2_20 .216962 .123046 1.76326 [.078] P0_20 -.076428 .044668 -1.71102 [.087] P1_20 -.018623 .024316 -.765880 [.444] P2_20 .032833 .027135 1.20998 [.226] P3_20 -.015492 .024958 -.620720 [.535] P4_20 -.057186 .030980 -1.84590 [.065] P5_20 .736097E-03 .036141 .020367 [.984] P6_20 -.074359 .036221 -2.05291 [.040] P7_20 -.084749 .025505 -3.32290 [.001] P8_20 -.015338 .024429 -.627863 [.530] P9_20 -.026794 .025646 -1.04475 [.296] P10_20 .025670 .025316 1.01398 [.311] P11_20 -.030371 .029262 -1.03790 [.299] P12_20 -.044054 .027447 -1.60505 [.108] P13_20 .018196 .025115 .724494 [.469] P14_20 -.017234 .024735 -.696745 [.486] P15_20 -.018305 .024060 -.760817 [.447] P16_20 -.032255 .025626 -1.25868 [.208] P17_20 -.030069 .025600 -1.17457 [.240] P18_20 .022150 .034586 .640448 [.522] P19_20 .040334 .056363 .715605 [.474] P20_20 .515629E-02 .023642 .218102 [.827] P21_20 .073913 .027841 2.65485 [.008] DI1_20 .047779 .033673 1.41889 [.156] DF1_20 -.761174E-02 .013500 -.563823 [.573] DI2_20 -.990892E-02 .055324 -.179106 [.858] DF2_20 .010570 .708537E-02 1.49183 [.136] DI3_20 -.656274E-02 .052703 -.124523 [.901] DF3_20 .022651 .653910E-02 3.46394 [.001] S1_20 -.172012 .072699 -2.36610 [.018] S2_20 .139176 .067348 2.06652 [.039] S3_20 .030953 .057922 .534389 [.593] S4_20 .065445 .042403 1.54339 [.123] B_20 .013062 .027328 .477953 [.633] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.12628 S2 .423611 ARSQ .566403 SDEV .988418 S .650854 LMHET .049254 [.824] SSR 289.326 RSQ .588113 DW 1.98284 [<.951] INVESTOR #21 ====================== EQUATIONS: EQ_B21 NOB 720 SBIC 815.199 LOGL -693.483 Standard Parameter Estimate Error t-statistic P-value C_21 2.85658 .499928 5.71397 [.000] A4_21 .062070 .129803 .478188 [.633] A3_21 .371163 .164655 2.25419 [.024] A2_21 .211445 .122964 1.71958 [.086] P0_21 -.078866 .044730 -1.76316 [.078] P1_21 -.018236 .024312 -.750104 [.453] P2_21 .031933 .027114 1.17774 [.239] P3_21 -.016095 .024971 -.644553 [.519] P4_21 -.055088 .030952 -1.77978 [.075] P5_21 -.397797E-03 .035981 -.011056 [.991] P6_21 -.074632 .036231 -2.05988 [.039] P7_21 -.085796 .025424 -3.37456 [.001] P8_21 -.015398 .024431 -.630285 [.529] P9_21 -.024129 .025669 -.939988 [.347] P10_21 .025717 .025321 1.01567 [.310] P11_21 -.030351 .029278 -1.03665 [.300] P12_21 -.043941 .027449 -1.60081 [.109] P13_21 .018289 .025119 .728082 [.467] P14_21 -.016571 .024728 -.670147 [.503] P15_21 -.017488 .024066 -.726660 [.467] P16_21 -.031983 .025629 -1.24794 [.212] P17_21 -.030209 .025599 -1.18010 [.238] P18_21 .023694 .034405 .688664 [.491] P19_21 .048450 .060173 .805182 [.421] P20_21 .545590E-02 .023641 .230785 [.817] P21_21 .073380 .027863 2.63360 [.008] DI1_21 .048558 .033683 1.44163 [.149] DF1_21 -.720300E-02 .013497 -.533678 [.594] DI2_21 -.011748 .055358 -.212222 [.832] DF2_21 .010210 .707300E-02 1.44345 [.149] DI3_21 -.526226E-02 .052778 -.099706 [.921] DF3_21 .022667 .653946E-02 3.46621 [.001] S1_21 -.169711 .072727 -2.33353 [.020] S2_21 .140094 .067304 2.08151 [.037] S3_21 .032403 .057951 .559146 [.576] S4_21 .066410 .042346 1.56826 [.117] B_21 -.852096E-02 .024685 -.345189 [.730] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.12628 S2 .423679 ARSQ .566334 SDEV .988418 S .650906 LMHET .043642 [.835] SSR 289.373 RSQ .588047 DW 1.98398 [<.953] INVESTOR #22 ====================== EQUATIONS: EQ_B22 NOB 720 SBIC 815.249 LOGL -693.533 Standard Parameter Estimate Error t-statistic P-value C_22 2.86555 .502241 5.70554 [.000] A4_22 .064080 .129700 .494063 [.621] A3_22 .367586 .164392 2.23603 [.025] A2_22 .213886 .122878 1.74063 [.082] P0_22 -.077608 .044601 -1.74007 [.082] P1_22 -.018300 .024313 -.752702 [.452] P2_22 .032291 .027114 1.19094 [.234] P3_22 -.015642 .024969 -.626461 [.531] P4_22 -.055951 .030868 -1.81255 [.070] P5_22 -.254460E-02 .036392 -.069922 [.944] P6_22 -.074065 .036287 -2.04111 [.041] P7_22 -.085854 .025438 -3.37509 [.001] P8_22 -.015416 .024434 -.630937 [.528] P9_22 -.025608 .025542 -1.00258 [.316] P10_22 .025972 .025312 1.02606 [.305] P11_22 -.031033 .029305 -1.05897 [.290] P12_22 -.044062 .027455 -1.60489 [.109] P13_22 .018123 .025122 .721416 [.471] P14_22 -.017007 .024760 -.686866 [.492] P15_22 -.018002 .024065 -.748054 [.454] P16_22 -.032268 .025650 -1.25801 [.208] P17_22 -.030486 .025602 -1.19078 [.234] P18_22 .024137 .034449 .700661 [.484] P19_22 .038959 .058108 .670461 [.503] P20_22 .539458E-02 .023642 .228182 [.820] P21_22 .073996 .027884 2.65375 [.008] DI1_22 .048138 .033669 1.42973 [.153] DF1_22 -.748968E-02 .013521 -.553914 [.580] DI2_22 -.010801 .055299 -.195313 [.845] DF2_22 .010343 .706858E-02 1.46322 [.143] DI3_22 -.641008E-02 .052719 -.121590 [.903] DF3_22 .022711 .654313E-02 3.47097 [.001] S1_22 -.171055 .072685 -2.35338 [.019] S2_22 .140372 .067307 2.08555 [.037] S3_22 .031652 .057913 .546539 [.585] S4_22 .066373 .042362 1.56681 [.117] B_22 .478118E-02 .030898 .154743 [.877] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.12628 S2 .423738 ARSQ .566273 SDEV .988418 S .650952 LMHET .039076 [.843] SSR 289.413 RSQ .587990 DW 1.98185 [<.950] INVESTOR #23 ====================== EQUATIONS: EQ_B23 NOB 720 SBIC 815.224 LOGL -693.508 Standard Parameter Estimate Error t-statistic P-value C_23 2.84446 .502539 5.66018 [.000] A4_23 .063426 .129708 .488990 [.625] A3_23 .369181 .164456 2.24487 [.025] A2_23 .212258 .122912 1.72691 [.084] P0_23 -.077434 .044606 -1.73595 [.083] P1_23 -.018522 .024321 -.761573 [.446] P2_23 .032018 .027112 1.18094 [.238] P3_23 -.015989 .024968 -.640369 [.522] P4_23 -.056198 .030886 -1.81951 [.069] P5_23 -.125431E-02 .035844 -.034994 [.972] P6_23 -.075419 .036431 -2.07019 [.038] P7_23 -.085923 .025435 -3.37819 [.001] P8_23 -.015404 .024432 -.630482 [.528] P9_23 -.024624 .025571 -.962983 [.336] P10_23 .025852 .025315 1.02121 [.307] P11_23 -.030393 .029288 -1.03775 [.299] P12_23 -.043676 .027475 -1.58969 [.112] P13_23 .017989 .025129 .715866 [.474] P14_23 -.016649 .024726 -.673345 [.501] P15_23 -.017621 .024059 -.732418 [.464] P16_23 -.031785 .025655 -1.23892 [.215] P17_23 -.030367 .025594 -1.18650 [.235] P18_23 .024305 .034442 .705667 [.480] P19_23 .045875 .059050 .776881 [.437] P20_23 .530258E-02 .023641 .224291 [.823] P21_23 .073215 .027918 2.62256 [.009] DI1_23 .048263 .033668 1.43351 [.152] DF1_23 -.708597E-02 .013527 -.523846 [.600] DI2_23 -.010766 .055297 -.194689 [.846] DF2_23 .010248 .707105E-02 1.44936 [.147] DI3_23 -.583169E-02 .052726 -.110603 [.912] DF3_23 .022678 .653960E-02 3.46779 [.001] S1_23 -.171430 .072702 -2.35800 [.018] S2_23 .141345 .067356 2.09848 [.036] S3_23 .031550 .057912 .544797 [.586] S4_23 .066923 .042370 1.57951 [.114] B_23 -.979239E-02 .036680 -.266971 [.789] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.12628 S2 .423709 ARSQ .566303 SDEV .988418 S .650929 LMHET .039318 [.843] SSR 289.393 RSQ .588018 DW 1.98134 [<.949] INVESTOR #24 ====================== EQUATIONS: EQ_B24 NOB 720 SBIC 815.205 LOGL -693.489 Standard Parameter Estimate Error t-statistic P-value C_24 2.88274 .505525 5.70247 [.000] A4_24 .062593 .129756 .482389 [.630] A3_24 .367664 .164375 2.23674 [.025] A2_24 .213734 .122837 1.73999 [.082] P0_24 -.077871 .044600 -1.74598 [.081] P1_24 -.018153 .024316 -.746528 [.455] P2_24 .033025 .027224 1.21307 [.225] P3_24 -.015665 .024956 -.627689 [.530] P4_24 -.055873 .030864 -1.81029 [.070] P5_24 -.245381E-02 .035929 -.068295 [.946] P6_24 -.073754 .036276 -2.03314 [.042] P7_24 -.085091 .025499 -3.33701 [.001] P8_24 -.015526 .024431 -.635497 [.525] P9_24 -.025429 .025456 -.998922 [.318] P10_24 .025974 .025311 1.02620 [.305] P11_24 -.030805 .029253 -1.05303 [.292] P12_24 -.043958 .027449 -1.60143 [.109] P13_24 .018309 .025121 .728846 [.466] P14_24 -.017070 .024734 -.690144 [.490] P15_24 -.018159 .024062 -.754690 [.450] P16_24 -.032069 .025627 -1.25137 [.211] P17_24 -.030301 .025595 -1.18386 [.236] P18_24 .023914 .034403 .695119 [.487] P19_24 .039450 .056582 .697222 [.486] P20_24 .550720E-02 .023643 .232929 [.816] P21_24 .074238 .027879 2.66287 [.008] DI1_24 .048187 .033666 1.43134 [.152] DF1_24 -.754055E-02 .013503 -.558441 [.577] DI2_24 -.010750 .055296 -.194416 [.846] DF2_24 .010373 .706822E-02 1.46751 [.142] DI3_24 -.625759E-02 .052703 -.118732 [.905] DF3_24 .022715 .654038E-02 3.47311 [.001] S1_24 -.170785 .072660 -2.35046 [.019] S2_24 .139602 .067355 2.07263 [.038] S3_24 .031524 .057910 .544355 [.586] S4_24 .065842 .042399 1.55293 [.120] B_24 .772907E-02 .023588 .327671 [.743] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.12628 S2 .423686 ARSQ .566326 SDEV .988418 S .650912 LMHET .049611 [.824] SSR 289.378 RSQ .588040 DW 1.98347 [<.952] INVESTOR #25 ====================== EQUATIONS: EQ_B25 NOB 720 SBIC 815.196 LOGL -693.480 Standard Parameter Estimate Error t-statistic P-value C_25 2.84534 .501223 5.67679 [.000] A4_25 .063836 .129688 .492228 [.623] A3_25 .368066 .164374 2.23921 [.025] A2_25 .213614 .122832 1.73907 [.082] P0_25 -.077584 .044596 -1.73969 [.082] P1_25 -.018620 .024323 -.765536 [.444] P2_25 .030732 .027417 1.12089 [.262] P3_25 -.016736 .025104 -.666684 [.505] P4_25 -.056522 .030916 -1.82828 [.068] P5_25 .253316E-03 .036191 .699943E-02 [.994] P6_25 -.075272 .036311 -2.07298 [.038] P7_25 -.086218 .025461 -3.38629 [.001] P8_25 -.014989 .024467 -.612611 [.540] P9_25 -.025222 .025452 -.990938 [.322] P10_25 .026332 .025332 1.03948 [.299] P11_25 -.030441 .029268 -1.04009 [.298] P12_25 -.043615 .027469 -1.58777 [.112] P13_25 .018055 .025120 .718740 [.472] P14_25 -.016764 .024719 -.678163 [.498] P15_25 -.017782 .024044 -.739562 [.460] P16_25 -.031883 .025634 -1.24379 [.214] P17_25 -.030278 .025595 -1.18295 [.237] P18_25 .024374 .034432 .707892 [.479] P19_25 .045087 .057436 .785001 [.432] P20_25 .532688E-02 .023640 .225338 [.822] P21_25 .073348 .027866 2.63219 [.008] DI1_25 .048637 .033690 1.44366 [.149] DF1_25 -.711683E-02 .013506 -.526925 [.598] DI2_25 -.010864 .055295 -.196467 [.844] DF2_25 .010251 .706863E-02 1.45014 [.147] DI3_25 -.601580E-02 .052706 -.114138 [.909] DF3_25 .022658 .653961E-02 3.46475 [.001] S1_25 -.172295 .072785 -2.36719 [.018] S2_25 .141802 .067382 2.10447 [.035] S3_25 .032102 .057923 .554213 [.579] S4_25 .066708 .042347 1.57528 [.115] B_25 -.011744 .033345 -.352186 [.725] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.12628 S2 .423676 ARSQ .566337 SDEV .988418 S .650904 LMHET .036661 [.848] SSR 289.371 RSQ .588050 DW 1.98093 [<.949]