INVESTOR #1 ===================== EQUATIONS: EQ_BB1 NOB 720 SBIC 1113.05 LOGL -994.624 Standard Parameter Estimate Error t-statistic P-value C_1 -2.20174 .758956 -2.90102 [.004] A4_1 -.128587 .196892 -.653083 [.514] A3_1 .410091 .249550 1.64332 [.100] A2_1 .056450 .186482 .302711 [.762] P0_1 .012560 .067705 .185512 [.853] P1_1 .013266 .036907 .359439 [.719] P2_1 -.020261 .041149 -.492379 [.622] P3_1 -.028138 .037884 -.742736 [.458] P4_1 .015343 .046858 .327444 [.743] P5_1 .063958 .054389 1.17594 [.240] P6_1 -.053341 .054995 -.969923 [.332] P7_1 .432816E-02 .038598 .112134 [.911] P8_1 .894349E-02 .037089 .241134 [.809] P9_1 .063240 .038641 1.63662 [.102] P10_1 -.929727E-02 .038426 -.241951 [.809] P11_1 -.042648 .044412 -.960301 [.337] P12_1 -.054014 .041672 -1.29617 [.195] P13_1 .077131 .038133 2.02268 [.043] P14_1 .056187 .037529 1.49718 [.134] P15_1 .017094 .036502 .468288 [.640] P16_1 .022911 .038906 .588880 [.556] P17_1 .581878E-02 .038855 .149756 [.881] P18_1 -.094300 .052229 -1.80552 [.071] P19_1 -.080849 .085537 -.945193 [.345] P20_1 .432959E-02 .035889 .120638 [.904] P21_1 -.049598 .042268 -1.17340 [.241] DI1_1 -.044693 .051111 -.874448 [.382] DF1_1 -.012504 .020481 -.610526 [.542] DI2_1 -.071178 .083948 -.847878 [.397] DF2_1 -.197718E-02 .010728 -.184305 [.854] DI3_1 .024552 .080013 .306853 [.759] DF3_1 .017158 .992802E-02 1.72827 [.084] S1_1 .031187 .110311 .282718 [.777] S2_1 .118937 .102160 1.16422 [.244] S3_1 .038528 .087916 .438232 [.661] S4_1 .022050 .064287 .342994 [.732] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB1 Dependent variable: B4_1 YMEAN .132259 S2 .976541 ARSQ .053916 SDEV 1.01597 S .988201 LMHET 96.4398 [.000] SSR 667.954 RSQ .099971 DW 1.98482 [<.948] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.028234 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_1 E1 1.00000 B1_1 0.022490 1.0000 INVESTOR #2 ===================== EQUATIONS: EQ_BB2 NOB 720 SBIC 1348.38 LOGL -1229.95 Standard Parameter Estimate Error t-statistic P-value C_2 -4.38576 1.05236 -4.16754 [.000] A4_2 .140049 .273008 .512987 [.608] A3_2 -.272017 .346023 -.786125 [.432] A2_2 .481219 .258574 1.86105 [.063] P0_2 .255080 .093879 2.71711 [.007] P1_2 -.062370 .051175 -1.21876 [.223] P2_2 -.168923 .057057 -2.96063 [.003] P3_2 -.049101 .052530 -.934723 [.350] P4_2 -.156645 .064972 -2.41096 [.016] P5_2 -.252930 .075415 -3.35386 [.001] P6_2 -.146900 .076256 -1.92641 [.054] P7_2 -.079326 .053520 -1.48219 [.138] P8_2 .048970 .051428 .952203 [.341] P9_2 -.020823 .053579 -.388647 [.698] P10_2 -.047021 .053281 -.882496 [.378] P11_2 -.025504 .061580 -.414158 [.679] P12_2 -.056645 .057783 -.980305 [.327] P13_2 -.073154 .052875 -1.38353 [.167] P14_2 .012289 .052037 .236165 [.813] P15_2 .070068 .050614 1.38438 [.166] P16_2 -.877203E-02 .053946 -.162607 [.871] P17_2 -.033325 .053876 -.618548 [.536] P18_2 .146129 .072420 2.01781 [.044] P19_2 -.207038 .118605 -1.74561 [.081] P20_2 -.495692E-02 .049763 -.099610 [.921] P21_2 -.065489 .058608 -1.11740 [.264] DI1_2 -.051401 .070869 -.725290 [.468] DF1_2 -.034905 .028398 -1.22911 [.219] DI2_2 .134156 .116401 1.15253 [.249] DF2_2 .862179E-02 .014875 .579618 [.562] DI3_2 -.190978 .110945 -1.72138 [.085] DF3_2 .120781E-02 .013766 .087738 [.930] S1_2 -.039592 .152956 -.258846 [.796] S2_2 .117141 .141654 .826957 [.408] S3_2 .031781 .121904 .260704 [.794] S4_2 .083664 .089139 .938570 [.348] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB2 Dependent variable: B4_2 YMEAN .138889 S2 1.87753 ARSQ .116021 SDEV 1.45738 S 1.37023 LMHET 230.602 [.000] SSR 1284.23 RSQ .159052 DW 2.02333 [<.984] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.048234 1.0000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_2 E1 1.00000 B1_2 0.044485 1.0000 INVESTOR #3 ===================== EQUATIONS: EQ_BB3 NOB 720 SBIC 1270.16 LOGL -1151.74 Standard Parameter Estimate Error t-statistic P-value C_3 -1.34804 .944028 -1.42797 [.153] A4_3 -.250076 .244904 -1.02112 [.307] A3_3 .259469 .310402 .835911 [.403] A2_3 .114879 .231956 .495265 [.620] P0_3 .046523 .084215 .552430 [.581] P1_3 -.712926E-03 .045907 -.015530 [.988] P2_3 .030665 .051183 .599129 [.549] P3_3 .089481 .047122 1.89890 [.058] P4_3 .010146 .058284 .174082 [.862] P5_3 .084791 .067651 1.25335 [.210] P6_3 -.062202 .068406 -.909306 [.363] P7_3 .021678 .048010 .451521 [.652] P8_3 .016234 .046134 .351894 [.725] P9_3 -.054984 .048064 -1.14398 [.253] P10_3 -.023150 .047797 -.484336 [.628] P11_3 .041651 .055241 .753992 [.451] P12_3 -.025842 .051834 -.498547 [.618] P13_3 .719795E-02 .047432 .151753 [.879] P14_3 .099230 .046680 2.12575 [.034] P15_3 .010960 .045403 .241383 [.809] P16_3 -.017235 .048393 -.356143 [.722] P17_3 -.118004 .048330 -2.44165 [.015] P18_3 1.97217 .064965 30.3576 [.000] P19_3 -.522870 .106396 -4.91440 [.000] P20_3 .031440 .044641 .704294 [.481] P21_3 -.075558 .052575 -1.43714 [.151] DI1_3 -.057388 .063574 -.902700 [.367] DF1_3 -.013303 .025475 -.522211 [.602] DI2_3 .317236E-02 .104419 .030381 [.976] DF2_3 -.621551E-03 .013344 -.046580 [.963] DI3_3 .102337 .099524 1.02826 [.304] DF3_3 .930525E-02 .012349 .753524 [.451] S1_3 .021390 .137211 .155889 [.876] S2_3 .089080 .127072 .701021 [.483] S3_3 -.091669 .109355 -.838270 [.402] S4_3 -.029565 .079963 -.369728 [.712] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB3 Dependent variable: B4_3 YMEAN .138889 S2 1.51087 ARSQ .753787 SDEV 2.47718 S 1.22917 LMHET .280458 [.596] SSR 1033.43 RSQ .765773 DW 2.01230 [<.977] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.018010 1.00000 INVESTOR #4 ===================== EQUATIONS: EQ_BB4 NOB 720 SBIC 1295.44 LOGL -1177.01 Standard Parameter Estimate Error t-statistic P-value C_4 -3.68703 .977760 -3.77089 [.000] A4_4 -.192669 .253654 -.759574 [.448] A3_4 .417134 .321494 1.29749 [.194] A2_4 -.045354 .240244 -.188784 [.850] P0_4 .114297 .087224 1.31038 [.190] P1_4 -.423938E-02 .047547 -.089161 [.929] P2_4 -.061134 .053012 -1.15321 [.249] P3_4 .613218E-02 .048806 .125643 [.900] P4_4 -.033403 .060366 -.553342 [.580] P5_4 -.083572 .070069 -1.19272 [.233] P6_4 -.077888 .070850 -1.09934 [.272] P7_4 -.072157 .049726 -1.45111 [.147] P8_4 .017442 .047782 .365027 [.715] P9_4 -.223132E-02 .049781 -.044823 [.964] P10_4 -.026767 .049504 -.540699 [.589] P11_4 -.918866E-02 .057215 -.160598 [.872] P12_4 -.058158 .053686 -1.08329 [.279] P13_4 -.092590 .049127 -1.88473 [.059] P14_4 -.051089 .048348 -1.05669 [.291] P15_4 .084968 .047026 1.80685 [.071] P16_4 .329155E-02 .050122 .065670 [.948] P17_4 -.067295 .050057 -1.34437 [.179] P18_4 -.012860 .067286 -.191122 [.848] P19_4 -.121807 .110197 -1.10536 [.269] P20_4 .034256 .046236 .740891 [.459] P21_4 -.013971 .054454 -.256565 [.798] DI1_4 .282504E-02 .065845 .042904 [.966] DF1_4 .012691 .026385 .480981 [.631] DI2_4 -.029557 .108150 -.273298 [.785] DF2_4 -.023686 .013820 -1.71386 [.087] DI3_4 .038710 .103080 .375528 [.707] DF3_4 .693273E-02 .012790 .542034 [.588] S1_4 -.090967 .142113 -.640105 [.522] S2_4 .178010 .131612 1.35254 [.176] S3_4 .074040 .113262 .653702 [.513] S4_4 .010210 .082820 .123276 [.902] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB4 Dependent variable: B4_4 YMEAN .138889 S2 1.62077 ARSQ .051074 SDEV 1.30691 S 1.27309 LMHET 140.761 [.000] SSR 1108.61 RSQ .097266 DW 2.06641 [<.997] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.034436 1.0000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_4 E1 1.00000 B1_4 0.033646 1.0000 INVESTOR #5 ===================== EQUATIONS: EQ_BB5 NOB 720 SBIC 1125.36 LOGL -1006.93 Standard Parameter Estimate Error t-statistic P-value C_5 -3.30994 .772040 -4.28726 [.000] A4_5 -.580660 .200286 -2.89916 [.004] A3_5 .920496 .253852 3.62612 [.000] A2_5 -.109216 .189697 -.575742 [.565] P0_5 -.074012 .068872 -1.07463 [.283] P1_5 .055827 .037543 1.48700 [.137] P2_5 .064134 .041858 1.53217 [.125] P3_5 -.026125 .038537 -.677905 [.498] P4_5 .116411 .047665 2.44225 [.015] P5_5 -.103808 .055326 -1.87628 [.061] P6_5 -.770878E-02 .055943 -.137796 [.890] P7_5 -.054110 .039263 -1.37813 [.168] P8_5 .013815 .037729 .366161 [.714] P9_5 .148626 .039307 3.78116 [.000] P10_5 -.022806 .039089 -.583443 [.560] P11_5 .092089 .045177 2.03839 [.042] P12_5 -.018018 .042391 -.425055 [.671] P13_5 -.012829 .038791 -.330734 [.741] P14_5 .049442 .038176 1.29511 [.195] P15_5 .031969 .037131 .860960 [.389] P16_5 .030615 .039577 .773569 [.439] P17_5 .028108 .039525 .711156 [.477] P18_5 .032293 .053129 .607824 [.543] P19_5 -.100167 .087012 -1.15119 [.250] P20_5 -.015253 .036508 -.417797 [.676] P21_5 -.071603 .042997 -1.66530 [.096] DI1_5 .023915 .051992 .459974 [.646] DF1_5 -.020124 .020834 -.965915 [.334] DI2_5 -.126742 .085395 -1.48418 [.138] DF2_5 -.016160 .010913 -1.48080 [.139] DI3_5 .177325 .081392 2.17864 [.029] DF3_5 .014580 .010099 1.44371 [.149] S1_5 .086285 .112213 .768939 [.442] S2_5 .233917 .103921 2.25092 [.024] S3_5 .016924 .089432 .189238 [.850] S4_5 -.066357 .065395 -1.01470 [.310] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB5 Dependent variable: B4_5 YMEAN .138889 S2 1.01050 ARSQ .136304 SDEV 1.08165 S 1.00524 LMHET 229.050 [.000] SSR 691.183 RSQ .178347 DW 1.88798 [<.630] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.028980 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_5 E1 1.00000 B1_5 0.062262 1.00000 INVESTOR #6 ===================== EQUATIONS: EQ_BB6 NOB 720 SBIC 1247.37 LOGL -1128.94 Standard Parameter Estimate Error t-statistic P-value C_6 -2.95250 .914606 -3.22816 [.001] A4_6 -.084584 .237271 -.356487 [.721] A3_6 -.113164 .300729 -.376300 [.707] A2_6 .172221 .224727 .766357 [.443] P0_6 .111961 .081590 1.37224 [.170] P1_6 -.052691 .044476 -1.18470 [.236] P2_6 -.105257 .049588 -2.12263 [.034] P3_6 -.030003 .045654 -.657174 [.511] P4_6 -.037877 .056467 -.670772 [.502] P5_6 -.125616 .065543 -1.91654 [.055] P6_6 -.083452 .066274 -1.25919 [.208] P7_6 -.020876 .046514 -.448819 [.654] P8_6 -.028369 .044696 -.634710 [.526] P9_6 .069119 .046566 1.48433 [.138] P10_6 -.018091 .046307 -.390684 [.696] P11_6 .043735 .053520 .817185 [.414] P12_6 .456826E-02 .050219 .090967 [.928] P13_6 -.015702 .045954 -.341683 [.733] P14_6 .538169E-02 .045225 .118997 [.905] P15_6 -.026236 .043988 -.596439 [.551] P16_6 .731331E-04 .046885 .155985E-02 [.999] P17_6 .663271E-02 .046824 .141653 [.887] P18_6 .054566 .062940 .866955 [.386] P19_6 -.019518 .103080 -.189351 [.850] P20_6 -.012516 .043249 -.289387 [.772] P21_6 -.035901 .050937 -.704814 [.481] DI1_6 .020364 .061593 .330629 [.741] DF1_6 .461796E-02 .024681 .187106 [.852] DI2_6 .103315 .101164 1.02126 [.307] DF2_6 -.186831E-02 .012928 -.144518 [.885] DI3_6 -.044971 .096423 -.466391 [.641] DF3_6 -.240539E-02 .011964 -.201051 [.841] S1_6 .967481E-02 .132934 .072779 [.942] S2_6 .027729 .123111 .225237 [.822] S3_6 .014096 .105947 .133051 [.894] S4_6 .031529 .077471 .406975 [.684] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB6 Dependent variable: B4_6 YMEAN .138889 S2 1.41816 ARSQ .051266 SDEV 1.22262 S 1.19087 LMHET 91.8220 [.000] SSR 970.023 RSQ .097449 DW 2.03391 [<.989] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0064908 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_6 E1 1.00000 B1_6 0.039502 1.0000 INVESTOR #7 ===================== EQUATIONS: EQ_BB7 NOB 720 SBIC 1730.81 LOGL -1612.38 Standard Parameter Estimate Error t-statistic P-value C_7 -3.79721 1.78994 -2.12141 [.034] A4_7 -.859326 .464354 -1.85058 [.064] A3_7 1.04005 .588544 1.76716 [.077] A2_7 -.122901 .439804 -.279445 [.780] P0_7 -.051201 .159677 -.320651 [.748] P1_7 .410492 .087043 4.71597 [.000] P2_7 .115839 .097046 1.19364 [.233] P3_7 -.101986 .089347 -1.14145 [.254] P4_7 .022481 .110510 .203431 [.839] P5_7 .049903 .128271 .389044 [.697] P6_7 .039980 .129702 .308246 [.758] P7_7 -.138281 .091030 -1.51906 [.129] P8_7 .786710E-02 .087472 .089938 [.928] P9_7 -.017962 .091132 -.197096 [.844] P10_7 -.334582E-02 .090625 -.036919 [.971] P11_7 .338472 .104741 3.23150 [.001] P12_7 -.080675 .098281 -.820855 [.412] P13_7 -.027655 .089934 -.307503 [.758] P14_7 .138085 .088509 1.56012 [.119] P15_7 .069276 .086088 .804712 [.421] P16_7 .076948 .091756 .838610 [.402] P17_7 .039916 .091637 .435586 [.663] P18_7 -.096820 .123177 -.786019 [.432] P19_7 -.391804 .201733 -1.94219 [.052] P20_7 -.042638 .084642 -.503752 [.614] P21_7 -.037351 .099686 -.374686 [.708] DI1_7 .077602 .120540 .643788 [.520] DF1_7 -.471359E-02 .048302 -.097585 [.922] DI2_7 -.171719 .197985 -.867334 [.386] DF2_7 -.018031 .025301 -.712680 [.476] DI3_7 .204980 .188705 1.08625 [.277] DF3_7 .020331 .023415 .868296 [.385] S1_7 .187831 .260161 .721980 [.470] S2_7 .243919 .240936 1.01238 [.311] S3_7 -.837991E-02 .207344 -.040415 [.968] S4_7 -.141764 .151616 -.935022 [.350] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB7 Dependent variable: B4_7 YMEAN .138889 S2 5.43169 ARSQ .056259 SDEV 2.39906 S 2.33060 LMHET 244.745 [.000] SSR 3715.28 RSQ .102199 DW 1.99188 [<.958] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.010057 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_7 E1 1.00000 B1_7 0.074063 1.00000 INVESTOR #8 ===================== EQUATIONS: EQ_BB8 NOB 720 SBIC 1481.59 LOGL -1363.16 Standard Parameter Estimate Error t-statistic P-value C_8 -1.84366 1.26623 -1.45602 [.145] A4_8 -.163936 .328492 -.499058 [.618] A3_8 -.143366 .416346 -.344343 [.731] A2_8 .195852 .311124 .629498 [.529] P0_8 .090225 .112958 .798746 [.424] P1_8 -.040445 .061576 -.656828 [.511] P2_8 -.187024 .068652 -2.72422 [.006] P3_8 -.093239 .063206 -1.47517 [.140] P4_8 -.111684 .078177 -1.42861 [.153] P5_8 -.194760 .090741 -2.14633 [.032] P6_8 -.047275 .091753 -.515240 [.606] P7_8 -.053558 .064396 -.831699 [.406] P8_8 .041992 .061879 .678604 [.497] P9_8 -.035255 .064468 -.546863 [.584] P10_8 .106138 .064110 1.65557 [.098] P11_8 -.046204 .074096 -.623572 [.533] P12_8 .214740E-02 .069526 .030886 [.975] P13_8 -.043898 .063621 -.689988 [.490] P14_8 -.027324 .062613 -.436395 [.663] P15_8 -.103187 .060900 -1.69437 [.090] P16_8 .013406 .064910 .206525 [.836] P17_8 -.171686E-02 .064825 -.026484 [.979] P18_8 .117569 .087138 1.34923 [.177] P19_8 .075608 .142710 .529807 [.596] P20_8 -.021361 .059877 -.356753 [.721] P21_8 .575734E-02 .070520 .081642 [.935] DI1_8 -.683801E-02 .085272 -.080190 [.936] DF1_8 .346573E-02 .034170 .101427 [.919] DI2_8 .165508 .140058 1.18171 [.237] DF2_8 .665913E-02 .017898 .372059 [.710] DI3_8 -.040821 .133493 -.305789 [.760] DF3_8 .460336E-02 .016564 .277917 [.781] S1_8 -.047386 .184042 -.257475 [.797] S2_8 .048172 .170442 .282632 [.777] S3_8 -.066458 .146679 -.453083 [.650] S4_8 .035272 .107255 .328856 [.742] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB8 Dependent variable: B4_8 YMEAN .138889 S2 2.71822 ARSQ .025691 SDEV 1.67030 S 1.64870 LMHET 101.422 [.000] SSR 1859.26 RSQ .073119 DW 2.01871 [<.981] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.0047396 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_8 E1 1.00000 B1_8 0.047912 1.0000 INVESTOR #9 ===================== EQUATIONS: EQ_BB9 NOB 720 SBIC 1187.46 LOGL -1069.03 Standard Parameter Estimate Error t-statistic P-value C_9 -2.81472 .841587 -3.34454 [.001] A4_9 .164392 .218328 .752957 [.451] A3_9 .055598 .276719 .200919 [.841] A2_9 -.062833 .206785 -.303856 [.761] P0_9 -.010301 .075076 -.137210 [.891] P1_9 .871661E-02 .040925 .212988 [.831] P2_9 -.035888 .045629 -.786518 [.432] P3_9 .053913 .042009 1.28337 [.199] P4_9 .015655 .051959 .301301 [.763] P5_9 -.042374 .060310 -.702595 [.482] P6_9 -.032172 .060983 -.527560 [.598] P7_9 .027461 .042800 .641610 [.521] P8_9 .011621 .041127 .282561 [.778] P9_9 .056575 .042848 1.32036 [.187] P10_9 .436517E-03 .042610 .010244 [.992] P11_9 .056393 .049247 1.14511 [.252] P12_9 -.024369 .046209 -.527352 [.598] P13_9 -.035377 .042285 -.836639 [.403] P14_9 .059523 .041615 1.43033 [.153] P15_9 .045688 .040476 1.12877 [.259] P16_9 .028145 .043142 .652375 [.514] P17_9 -.068085 .043085 -1.58024 [.114] P18_9 .063428 .057915 1.09519 [.273] P19_9 .122159 .094850 1.28792 [.198] P20_9 -.292993E-03 .039796 -.736229E-02 [.994] P21_9 -.080986 .046870 -1.72789 [.084] DI1_9 .018988 .056675 .335041 [.738] DF1_9 .426473E-02 .022711 .187786 [.851] DI2_9 -.062365 .093088 -.669957 [.503] DF2_9 -.324287E-02 .011896 -.272608 [.785] DI3_9 .029636 .088724 .334023 [.738] DF3_9 .131981E-02 .011009 .119885 [.905] S1_9 .055435 .122321 .453190 [.650] S2_9 .177234 .113282 1.56453 [.118] S3_9 -.014371 .097488 -.147414 [.883] S4_9 .027515 .071286 .385983 [.700] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB9 Dependent variable: B4_9 YMEAN .138889 S2 1.20076 ARSQ .058463 SDEV 1.12930 S 1.09579 LMHET 83.4908 [.000] SSR 821.318 RSQ .104296 DW 2.13161 [<1.00] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.013291 1.0000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_9 E1 1.00000 B1_9 0.0041048 1.00000 INVESTOR #10 ====================== EQUATIONS: EQ_BB10 NOB 720 SBIC 1477.04 LOGL -1358.61 Standard Parameter Estimate Error t-statistic P-value C_10 -.135585 1.25825 -.107756 [.914] A4_10 .235243 .326421 .720673 [.471] A3_10 -.212987 .413722 -.514806 [.607] A2_10 -.469447E-02 .309163 -.015184 [.988] P0_10 .120526 .112246 1.07376 [.283] P1_10 -.038114 .061188 -.622903 [.533] P2_10 -.125893 .068220 -1.84541 [.065] P3_10 -.085183 .062807 -1.35626 [.175] P4_10 -.105443 .077684 -1.35733 [.175] P5_10 .816137 .090169 9.05115 [.000] P6_10 -.171636 .091175 -1.88248 [.060] P7_10 -.044884 .063991 -.701416 [.483] P8_10 -.031423 .061489 -.511039 [.609] P9_10 .053883 .064062 .841102 [.400] P10_10 -.053194 .063706 -.834994 [.404] P11_10 -.071335 .073629 -.968843 [.333] P12_10 .040589 .069088 .587496 [.557] P13_10 .020411 .063220 .322865 [.747] P14_10 -.962181E-02 .062218 -.154647 [.877] P15_10 .028638 .060516 .473229 [.636] P16_10 .026384 .064501 .409056 [.682] P17_10 -.189287E-02 .064417 -.029385 [.977] P18_10 -.380143 .086589 -4.39023 [.000] P19_10 .936399 .141810 6.60319 [.000] P20_10 .015281 .059500 .256829 [.797] P21_10 -.047475 .070075 -.677480 [.498] DI1_10 .258046E-02 .084735 .030453 [.976] DF1_10 .049893 .033954 1.46941 [.142] DI2_10 -.699930E-02 .139175 -.050291 [.960] DF2_10 -.152911E-02 .017785 -.085976 [.931] DI3_10 -.084194 .132652 -.634704 [.526] DF3_10 -.015260 .016459 -.927139 [.354] S1_10 -.210878 .182882 -1.15308 [.249] S2_10 -.287185E-02 .169368 -.016956 [.986] S3_10 .109944 .145754 .754314 [.451] S4_10 .078389 .106579 .735495 [.462] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB10 Dependent variable: B4_10 YMEAN .138889 S2 2.68407 ARSQ .170289 SDEV 1.79859 S 1.63831 LMHET 376.866 [.000] SSR 1835.90 RSQ .210678 DW 1.94608 [<.867] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0038890 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_10 E1 1.00000 B1_10 0.078182 1.00000 INVESTOR #11 ====================== EQUATIONS: EQ_BB11 NOB 720 SBIC 1024.15 LOGL -905.722 Standard Parameter Estimate Error t-statistic P-value C_11 -3.38133 .670799 -5.04075 [.000] A4_11 -.016287 .174021 -.093594 [.925] A3_11 .295889 .220563 1.34152 [.180] A2_11 -.147057 .164821 -.892224 [.372] P0_11 .052468 .059841 .876791 [.381] P1_11 -.647549E-02 .032620 -.198512 [.843] P2_11 -.061614 .036369 -1.69413 [.090] P3_11 .014310 .033484 .427357 [.669] P4_11 .113137E-02 .041415 .027318 [.978] P5_11 -.911489E-02 .048071 -.189613 [.850] P6_11 -.079296 .048607 -1.63136 [.103] P7_11 -.061560 .034115 -1.80452 [.071] P8_11 .022982 .032781 .701088 [.483] P9_11 .022732 .034153 .665608 [.506] P10_11 -.038351 .033963 -1.12920 [.259] P11_11 .070451 .039253 1.79481 [.073] P12_11 -.023488 .036832 -.637708 [.524] P13_11 -.033898 .033704 -1.00576 [.315] P14_11 .060131 .033170 1.81283 [.070] P15_11 .027052 .032262 .838507 [.402] P16_11 .140469E-02 .034387 .040850 [.967] P17_11 -.013910 .034342 -.405034 [.685] P18_11 .232073 .046162 5.02737 [.000] P19_11 -.061331 .075602 -.811238 [.417] P20_11 -.021438 .031720 -.675830 [.499] P21_11 -.054716 .037358 -1.46462 [.143] DI1_11 .012758 .045174 .282410 [.778] DF1_11 .017712 .018102 .978491 [.328] DI2_11 -.063084 .074197 -.850221 [.395] DF2_11 -.012788 .948165E-02 -1.34870 [.177] DI3_11 .066323 .070719 .937837 [.348] DF3_11 .901584E-03 .877482E-02 .102747 [.918] S1_11 .739303E-02 .097498 .075828 [.940] S2_11 .115792 .090293 1.28239 [.200] S3_11 .056549 .077704 .727744 [.467] S4_11 .022866 .056820 .402435 [.687] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB11 Dependent variable: B4_11 YMEAN .138889 S2 .762854 ARSQ .198704 SDEV .975718 S .873415 LMHET 9.14873 [.002] SSR 521.792 RSQ .237710 DW 2.11075 [<1.00] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.030529 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_11 E1 1.00000 B1_11 0.042364 1.00000 INVESTOR #12 ====================== EQUATIONS: EQ_BB12 NOB 720 SBIC 1202.28 LOGL -1083.86 Standard Parameter Estimate Error t-statistic P-value C_12 -1.01048 .859092 -1.17622 [.240] A4_12 .268429 .222869 1.20442 [.228] A3_12 -.056123 .282475 -.198683 [.843] A2_12 -.407086 .211086 -1.92853 [.054] P0_12 -.040296 .076638 -.525801 [.599] P1_12 .019952 .041777 .477583 [.633] P2_12 .322783E-02 .046578 .069299 [.945] P3_12 -.016915 .042883 -.394447 [.693] P4_12 -.348319E-02 .053040 -.065671 [.948] P5_12 -.103835 .061565 -1.68660 [.092] P6_12 -.052657 .062251 -.845872 [.398] P7_12 .043386 .043691 .993037 [.321] P8_12 .015884 .041983 .378344 [.705] P9_12 -.041608 .043739 -.951265 [.341] P10_12 .055914 .043496 1.28548 [.199] P11_12 -.046176 .050271 -.918544 [.358] P12_12 .743905E-03 .047171 .015771 [.987] P13_12 -.552745E-02 .043164 -.128056 [.898] P14_12 .806306E-02 .042480 .189807 [.849] P15_12 -.844853E-02 .041318 -.204475 [.838] P16_12 .036653 .044039 .832287 [.405] P17_12 -.940399E-02 .043981 -.213817 [.831] P18_12 .087933 .059120 1.48737 [.137] P19_12 .488906 .096823 5.04948 [.000] P20_12 .029741 .040624 .732097 [.464] P21_12 .062583 .047845 1.30804 [.191] DI1_12 .023573 .057854 .407462 [.684] DF1_12 .070950 .023183 3.06047 [.002] DI2_12 .186047E-02 .095024 .019579 [.984] DF2_12 -.011651 .012143 -.959444 [.337] DI3_12 .554039E-02 .090570 .061172 [.951] DF3_12 -.676431E-02 .011238 -.601919 [.547] S1_12 -.728493E-02 .124866 -.058342 [.953] S2_12 .350751E-02 .115639 .030332 [.976] S3_12 .192945E-02 .099516 .019388 [.985] S4_12 .120441 .072769 1.65512 [.098] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB12 Dependent variable: B4_12 YMEAN .138889 S2 1.25123 ARSQ .105743 SDEV 1.18287 S 1.11858 LMHET 103.093 [.000] SSR 855.840 RSQ .149275 DW 1.92665 [<.802] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.013030 1.0000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_12 E1 1.00000 B1_12 0.044071 1.00000 INVESTOR #13 ====================== EQUATIONS: EQ_BB13 NOB 720 SBIC 1159.13 LOGL -1040.70 Standard Parameter Estimate Error t-statistic P-value C_13 -2.59825 .809114 -3.21122 [.001] A4_13 -.133733 .209904 -.637117 [.524] A3_13 .490286 .266042 1.84289 [.065] A2_13 -.461602 .198806 -2.32187 [.020] P0_13 -.022576 .072179 -.312772 [.754] P1_13 .057257 .039346 1.45519 [.146] P2_13 .011414 .043868 .260187 [.795] P3_13 -.354611E-02 .040388 -.087801 [.930] P4_13 .030077 .049954 .602093 [.547] P5_13 -.105257 .057983 -1.81530 [.069] P6_13 -.019448 .058630 -.331703 [.740] P7_13 -.015756 .041149 -.382914 [.702] P8_13 .269092E-02 .039541 .068055 [.946] P9_13 -.013291 .041195 -.322636 [.747] P10_13 .068310 .040966 1.66748 [.095] P11_13 .123923 .047347 2.61735 [.009] P12_13 .948629E-02 .044426 .213528 [.831] P13_13 .447501E-03 .040653 .011008 [.991] P14_13 .038386 .040009 .959435 [.337] P15_13 .052097 .038915 1.33876 [.181] P16_13 -.102059E-02 .041477 -.024606 [.980] P17_13 .868270E-02 .041423 .209611 [.834] P18_13 .072611 .055680 1.30407 [.192] P19_13 .112277E-02 .091190 .012312 [.990] P20_13 -.026321 .038261 -.687940 [.491] P21_13 -.040641 .045062 -.901911 [.367] DI1_13 .054244 .054488 .995520 [.319] DF1_13 .063838 .021834 2.92374 [.003] DI2_13 -.126453 .089496 -1.41295 [.158] DF2_13 -.025054 .011437 -2.19067 [.028] DI3_13 .132314 .085301 1.55115 [.121] DF3_13 .524366E-03 .010584 .049543 [.960] S1_13 .015674 .117601 .133284 [.894] S2_13 .126662 .108911 1.16298 [.245] S3_13 .017419 .093727 .185853 [.853] S4_13 .040672 .068535 .593446 [.553] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB13 Dependent variable: B4_13 YMEAN .138889 S2 1.10988 ARSQ .083856 SDEV 1.10067 S 1.05351 LMHET 141.555 [.000] SSR 759.159 RSQ .128452 DW 2.08300 [<.998] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.035216 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_13 E1 1.00000 B1_13 0.060868 1.0000 INVESTOR #14 ====================== EQUATIONS: EQ_BB14 NOB 720 SBIC 1690.54 LOGL -1572.12 Standard Parameter Estimate Error t-statistic P-value C_14 -4.35137 1.69259 -2.57083 [.010] A4_14 -.107032 .439100 -.243754 [.807] A3_14 -.178020 .556536 -.319872 [.749] A2_14 .486800 .415885 1.17052 [.242] P0_14 .197660 .150993 1.30907 [.191] P1_14 .020980 .082309 .254892 [.799] P2_14 -.083277 .091769 -.907473 [.364] P3_14 -.104750 .084488 -1.23982 [.215] P4_14 -.171507 .104500 -1.64122 [.101] P5_14 -.122093 .121295 -1.00658 [.314] P6_14 -.083990 .122648 -.684807 [.493] P7_14 -.073009 .086080 -.848156 [.396] P8_14 .071567 .082715 .865225 [.387] P9_14 .023509 .086176 .272802 [.785] P10_14 -.056187 .085697 -.655653 [.512] P11_14 .057274 .099045 .578267 [.563] P12_14 -.092981 .092936 -1.00049 [.317] P13_14 -.112708 .085043 -1.32530 [.185] P14_14 -.115123 .083695 -1.37550 [.169] P15_14 .093401 .081406 1.14735 [.251] P16_14 .920924E-02 .086766 .106139 [.915] P17_14 -.020654 .086653 -.238358 [.812] P18_14 -.013964 .116478 -.119883 [.905] P19_14 -.386044 .190762 -2.02369 [.043] P20_14 .029877 .080038 .373282 [.709] P21_14 .286647E-02 .094265 .030409 [.976] DI1_14 -.065582 .113985 -.575356 [.565] DF1_14 -.024331 .045675 -.532687 [.594] DI2_14 .180890 .187218 .966203 [.334] DF2_14 .010557 .023925 .441252 [.659] DI3_14 -.166418 .178442 -.932617 [.351] DF3_14 -.936936E-02 .022141 -.423166 [.672] S1_14 .055944 .246012 .227402 [.820] S2_14 .097648 .227833 .428595 [.668] S3_14 .034165 .196068 .174252 [.862] S4_14 .036659 .143370 .255694 [.798] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB14 Dependent variable: B4_14 YMEAN .138889 S2 4.85694 ARSQ .560167E-02 SDEV 2.21005 S 2.20385 LMHET 149.474 [.000] SSR 3322.15 RSQ .054008 DW 2.02219 [<.983] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.033376 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_14 E1 1.00000 B1_14 0.065284 1.00000 INVESTOR #15 ====================== EQUATIONS: EQ_BB15 NOB 720 SBIC 1491.54 LOGL -1373.12 Standard Parameter Estimate Error t-statistic P-value C_15 -2.37076 1.28386 -1.84659 [.065] A4_15 -.150641 .333064 -.452288 [.651] A3_15 .022665 .422141 .053692 [.957] A2_15 .347199 .315455 1.10063 [.271] P0_15 .063243 .114531 .552193 [.581] P1_15 .094782 .062433 1.51815 [.129] P2_15 -.079506 .069608 -1.14220 [.253] P3_15 -.111217 .064086 -1.73544 [.083] P4_15 -.080101 .079265 -1.01055 [.312] P5_15 -.064632 .092004 -.702483 [.482] P6_15 .013635 .093031 .146560 [.883] P7_15 -.079446 .065293 -1.21676 [.224] P8_15 -.011242 .062741 -.179177 [.858] P9_15 -.061425 .065366 -.939719 [.347] P10_15 -.019183 .065002 -.295119 [.768] P11_15 .074246 .075127 .988273 [.323] P12_15 -.070752 .070494 -1.00367 [.316] P13_15 -.011911 .064506 -.184647 [.854] P14_15 .083077 .063484 1.30863 [.191] P15_15 .056176 .061748 .909773 [.363] P16_15 -.112538 .065814 -1.70995 [.087] P17_15 .019885 .065728 .302535 [.762] P18_15 -.020554 .088351 -.232643 [.816] P19_15 -.152284 .144696 -1.05244 [.293] P20_15 .474766E-02 .060710 .078202 [.938] P21_15 .036471 .071501 .510070 [.610] DI1_15 .032708 .086459 .378309 [.705] DF1_15 -.017842 .034645 -.514991 [.607] DI2_15 .039678 .142008 .279410 [.780] DF2_15 -.139152E-02 .018147 -.076680 [.939] DI3_15 -.207725 .135351 -1.53471 [.125] DF3_15 .721025E-02 .016794 .429325 [.668] S1_15 .023756 .186604 .127307 [.899] S2_15 .122544 .172815 .709108 [.478] S3_15 .102210 .148720 .687261 [.492] S4_15 .044358 .108748 .407898 [.683] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB15 Dependent variable: B4_15 YMEAN .138889 S2 2.79443 ARSQ .045274 SDEV 1.71083 S 1.67165 LMHET 153.916 [.000] SSR 1911.39 RSQ .091748 DW 2.07769 [<.998] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.022537 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_15 E1 1.00000 B1_15 0.089196 1.00000 INVESTOR #16 ====================== EQUATIONS: EQ_BB16 NOB 720 SBIC 1152.98 LOGL -1034.55 Standard Parameter Estimate Error t-statistic P-value C_16 -3.02406 .802236 -3.76953 [.000] A4_16 .173517 .208119 .833736 [.404] A3_16 .010003 .263780 .037921 [.970] A2_16 -.049164 .197116 -.249417 [.803] P0_16 .023686 .071566 .330963 [.741] P1_16 -.020553 .039012 -.526840 [.598] P2_16 -.108306 .043495 -2.49007 [.013] P3_16 -.019751 .040045 -.493215 [.622] P4_16 -.837860E-02 .049530 -.169163 [.866] P5_16 .124786 .057490 2.17056 [.030] P6_16 -.080066 .058131 -1.37734 [.168] P7_16 -.080057 .040799 -1.96222 [.050] P8_16 .181363E-02 .039204 .046261 [.963] P9_16 .014196 .040844 .347571 [.728] P10_16 -.134372E-02 .040618 -.033082 [.974] P11_16 .439244E-02 .046944 .093567 [.925] P12_16 -.535268E-02 .044049 -.121517 [.903] P13_16 -.010632 .040308 -.263762 [.792] P14_16 .037754 .039669 .951725 [.341] P15_16 .040149 .038584 1.04057 [.298] P16_16 -.011055 .041124 -.268807 [.788] P17_16 -.011848 .041071 -.288467 [.773] P18_16 -.978225E-02 .055207 -.177192 [.859] P19_16 .229791 .090415 2.54151 [.011] P20_16 -.017593 .037936 -.463750 [.643] P21_16 -.061519 .044678 -1.37693 [.169] DI1_16 .890147E-03 .054025 .016477 [.987] DF1_16 .027737 .021649 1.28122 [.200] DI2_16 -.893749E-02 .088735 -.100721 [.920] DF2_16 -.655993E-02 .011339 -.578502 [.563] DI3_16 .970014E-04 .084576 .114692E-02 [.999] DF3_16 -.490613E-02 .010494 -.467510 [.640] S1_16 -.262061E-02 .116602 -.022475 [.982] S2_16 .117935 .107986 1.09214 [.275] S3_16 .014628 .092930 .157411 [.875] S4_16 .090563 .067953 1.33274 [.183] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB16 Dependent variable: B4_16 YMEAN .138889 S2 1.09109 ARSQ .120116 SDEV 1.11357 S 1.04455 LMHET 176.962 [.000] SSR 746.307 RSQ .162948 DW 2.01370 [<.978] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.010418 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_16 E1 1.00000 B1_16 0.047582 1.0000 INVESTOR #17 ====================== EQUATIONS: EQ_BB17 NOB 720 SBIC 841.733 LOGL -723.307 Standard Parameter Estimate Error t-statistic P-value C_17 -1.19951 .520669 -2.30378 [.021] A4_17 .026666 .135074 .197420 [.843] A3_17 .148149 .171199 .865360 [.387] A2_17 -.188828 .127933 -1.47599 [.140] P0_17 -.064974 .046448 -1.39886 [.162] P1_17 .017833 .025320 .704328 [.481] P2_17 .011120 .028229 .393908 [.694] P3_17 -.019176 .025990 -.737842 [.461] P4_17 .016600 .032146 .516403 [.606] P5_17 -.055239 .037312 -1.48044 [.139] P6_17 -.533843E-02 .037728 -.141496 [.887] P7_17 -.018441 .026479 -.696424 [.486] P8_17 .018181 .025444 .714553 [.475] P9_17 -.176777E-03 .026509 -.666858E-02 [.995] P10_17 -.020527 .026362 -.778675 [.436] P11_17 -.515357E-02 .030468 -.169148 [.866] P12_17 -.027083 .028589 -.947323 [.343] P13_17 -.030600 .026161 -1.16972 [.242] P14_17 -.011345 .025746 -.440649 [.659] P15_17 -.011941 .025042 -.476846 [.633] P16_17 .011959 .026691 .448052 [.654] P17_17 .244266E-02 .026656 .091637 [.927] P18_17 .022790 .035831 .636045 [.525] P19_17 .039733 .058681 .677100 [.498] P20_17 -.410747E-03 .024621 -.016683 [.987] P21_17 -.011216 .028997 -.386783 [.699] DI1_17 .159362E-02 .035063 .045450 [.964] DF1_17 .039157 .014050 2.78686 [.005] DI2_17 -.015310 .057591 -.265837 [.790] DF2_17 -.810743E-02 .735958E-02 -1.10162 [.271] DI3_17 .042858 .054892 .780767 [.435] DF3_17 .556936E-02 .681095E-02 .817707 [.414] S1_17 .026045 .075677 .344164 [.731] S2_17 .040828 .070085 .582548 [.560] S3_17 .015984 .060313 .265021 [.791] S4_17 .045805 .044103 1.03859 [.299] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB17 Dependent variable: B4_17 YMEAN .138889 S2 .459600 ARSQ .055753 SDEV .697665 S .677938 LMHET 35.7628 [.000] SSR 314.366 RSQ .101718 DW 2.10550 [<.999] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.027238 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_17 E1 1.00000 B1_17 0.035483 1.00000 INVESTOR #18 ====================== EQUATIONS: EQ_BB18 NOB 720 SBIC 1125.25 LOGL -1006.82 Standard Parameter Estimate Error t-statistic P-value C_18 -3.18683 .771924 -4.12842 [.000] A4_18 -.062536 .200256 -.312280 [.755] A3_18 -.017439 .253814 -.068708 [.945] A2_18 .297963 .189668 1.57097 [.116] P0_18 .126827 .068862 1.84176 [.066] P1_18 .177588E-02 .037538 .047309 [.962] P2_18 -.147580 .041852 -3.52624 [.000] P3_18 -.083559 .038532 -2.16858 [.030] P4_18 -.117296 .047658 -2.46120 [.014] P5_18 -.148945 .055318 -2.69253 [.007] P6_18 -.105954 .055935 -1.89424 [.058] P7_18 -.080599 .039257 -2.05309 [.040] P8_18 -.015081 .037723 -.399778 [.689] P9_18 .972057E-02 .039301 .247335 [.805] P10_18 -.014931 .039083 -.382029 [.702] P11_18 .028866 .045170 .639051 [.523] P12_18 -.656967E-02 .042384 -.155002 [.877] P13_18 .488442E-02 .038785 .125937 [.900] P14_18 .016438 .038170 .430642 [.667] P15_18 -.432636E-02 .037126 -.116532 [.907] P16_18 .327705E-02 .039571 .082815 [.934] P17_18 .014026 .039519 .354925 [.723] P18_18 .100122 .053121 1.88479 [.059] P19_18 .021564 .086999 .247868 [.804] P20_18 -.017315 .036502 -.474341 [.635] P21_18 -.072801 .042990 -1.69342 [.090] DI1_18 .705339E-02 .051984 .135684 [.892] DF1_18 -.022417 .020831 -1.07614 [.282] DI2_18 .061054 .085382 .715062 [.475] DF2_18 .160793E-02 .010911 .147368 [.883] DI3_18 -.086489 .081380 -1.06278 [.288] DF3_18 .484947E-02 .010098 .480257 [.631] S1_18 -.061019 .112196 -.543861 [.587] S2_18 .238030 .103905 2.29083 [.022] S3_18 -.055796 .089419 -.623985 [.533] S4_18 .027582 .065385 .421831 [.673] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB18 Dependent variable: B4_18 YMEAN .138889 S2 1.01020 ARSQ .171669 SDEV 1.10434 S 1.00509 LMHET 281.906 [.000] SSR 690.976 RSQ .211991 DW 2.07023 [<.997] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.052711 1.0000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_18 E1 1.00000 B1_18 0.036369 1.0000 INVESTOR #19 ====================== EQUATIONS: EQ_BB19 NOB 720 SBIC 2062.22 LOGL -1943.80 Standard Parameter Estimate Error t-statistic P-value C_19 -.728672 2.83626 -.256913 [.797] A4_19 .447629 .735793 .608362 [.543] A3_19 .160890 .932580 .172522 [.863] A2_19 -.944672 .696892 -1.35555 [.175] P0_19 -.208546 .253017 -.824238 [.410] P1_19 .010796 .137924 .078277 [.938] P2_19 -.194485 .153775 -1.26474 [.206] P3_19 -.081254 .141576 -.573924 [.566] P4_19 .063341 .175109 .361725 [.718] P5_19 -.417982 .203253 -2.05646 [.040] P6_19 -.025849 .205520 -.125772 [.900] P7_19 -.086963 .144243 -.602893 [.547] P8_19 .024852 .138605 .179303 [.858] P9_19 -.093830 .144403 -.649778 [.516] P10_19 .338028 .143601 2.35394 [.019] P11_19 -.244716 .165968 -1.47448 [.140] P12_19 .051584 .155732 .331234 [.740] P13_19 -.032916 .142505 -.230981 [.817] P14_19 -.014145 .140247 -.100860 [.920] P15_19 .083051 .136410 .608829 [.543] P16_19 .033034 .145393 .227207 [.820] P17_19 -.037055 .145203 -.255195 [.799] P18_19 .464659 .195181 2.38065 [.017] P19_19 .977146 .319657 3.05686 [.002] P20_19 .042657 .134119 .318056 [.750] P21_19 .022012 .157958 .139353 [.889] DI1_19 .921686E-02 .191003 .048255 [.962] DF1_19 .151370 .076537 1.97772 [.048] DI2_19 -.028283 .313718 -.090153 [.928] DF2_19 -.042063 .040090 -1.04922 [.294] DI3_19 .090868 .299013 .303893 [.761] DF3_19 -.015495 .037102 -.417638 [.676] S1_19 -.025201 .412238 -.061131 [.951] S2_19 .083512 .381776 .218745 [.827] S3_19 -.064088 .328548 -.195064 [.845] S4_19 .228938 .240243 .952944 [.341] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB19 Dependent variable: B4_19 YMEAN .138889 S2 13.6379 ARSQ .018069 SDEV 3.72678 S 3.69296 LMHET 80.4207 [.000] SSR 9328.34 RSQ .065868 DW 2.01202 [<.977] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.0097251 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_19 E1 1.00000 B1_19 0.052712 1.00000 INVESTOR #20 ====================== EQUATIONS: EQ_BB20 NOB 720 SBIC 1054.19 LOGL -935.768 Standard Parameter Estimate Error t-statistic P-value C_20 -2.61444 .699383 -3.73820 [.000] A4_20 -.869762E-02 .181437 -.047937 [.962] A3_20 .421496 .229962 1.83289 [.067] A2_20 -.271813 .171844 -1.58174 [.114] P0_20 -.095130 .062391 -1.52475 [.127] P1_20 .022079 .034010 .649190 [.516] P2_20 -.049427 .037919 -1.30348 [.192] P3_20 -.021322 .034911 -.610772 [.541] P4_20 .099002 .043180 2.29280 [.022] P5_20 -.175494 .050119 -3.50152 [.000] P6_20 -.216350E-02 .050678 -.042691 [.966] P7_20 -.075249 .035568 -2.11561 [.034] P8_20 -.955403E-02 .034178 -.279537 [.780] P9_20 .115960 .035608 3.25659 [.001] P10_20 .022440 .035410 .633719 [.526] P11_20 -.030407 .040925 -.742985 [.457] P12_20 .492547E-02 .038401 .128263 [.898] P13_20 -.125125E-02 .035140 -.035608 [.972] P14_20 .033894 .034583 .980082 [.327] P15_20 .034803 .033637 1.03465 [.301] P16_20 .011512 .035852 .321098 [.748] P17_20 -.024856 .035805 -.694198 [.488] P18_20 .131299 .048129 2.72807 [.006] P19_20 .063002 .078823 .799285 [.424] P20_20 .016291 .033072 .492599 [.622] P21_20 -.011437 .038950 -.293641 [.769] DI1_20 .030956 .047099 .657250 [.511] DF1_20 .020052 .018873 1.06248 [.288] DI2_20 -.070979 .077359 -.917534 [.359] DF2_20 -.019373 .988568E-02 -1.95965 [.050] DI3_20 .025236 .073733 .342262 [.732] DF3_20 .212519E-02 .914874E-02 .232293 [.816] S1_20 .093505 .101652 .919852 [.358] S2_20 .106457 .094141 1.13082 [.258] S3_20 .052534 .081015 .648441 [.517] S4_20 .084208 .059241 1.42145 [.155] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB20 Dependent variable: B4_20 YMEAN .138889 S2 .829254 ARSQ .122990 SDEV .972392 S .910634 LMHET 146.010 [.000] SSR 567.210 RSQ .165682 DW 1.79161 [<.168] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.018285 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_20 E1 1.00000 B1_20 0.075315 1.00000 INVESTOR #21 ====================== EQUATIONS: EQ_BB21 NOB 720 SBIC 1127.50 LOGL -1009.07 Standard Parameter Estimate Error t-statistic P-value C_21 -.182174 .774338 -.235264 [.814] A4_21 -.221068 .200882 -1.10049 [.271] A3_21 .390325 .254607 1.53305 [.125] A2_21 -.230802 .190261 -1.21308 [.225] P0_21 -.140391 .069077 -2.03238 [.042] P1_21 .011516 .037655 .305814 [.760] P2_21 -.029894 .041983 -.712049 [.476] P3_21 -.038101 .038652 -.985745 [.324] P4_21 .094450 .047807 1.97564 [.048] P5_21 .135941 .055491 2.44979 [.014] P6_21 -.028681 .056110 -.511158 [.609] P7_21 -.744819E-02 .039380 -.189135 [.850] P8_21 .760650E-02 .037841 .201012 [.841] P9_21 .135044 .039424 3.42542 [.001] P10_21 -.028829 .039205 -.735338 [.462] P11_21 .048997 .045312 1.08134 [.280] P12_21 .570068E-02 .042517 .134080 [.893] P13_21 .012835 .038906 .329898 [.741] P14_21 .025817 .038289 .674255 [.500] P15_21 .042580 .037242 1.14334 [.253] P16_21 .014259 .039694 .359208 [.719] P17_21 .021674 .039642 .546729 [.585] P18_21 -.020137 .053287 -.377897 [.706] P19_21 .855935 .087271 9.80780 [.000] P20_21 .010189 .036616 .278263 [.781] P21_21 -.044942 .043125 -1.04215 [.297] DI1_21 .044056 .052146 .844858 [.398] DF1_21 .017231 .020896 .824625 [.410] DI2_21 -.107043 .085649 -1.24978 [.211] DF2_21 -.012630 .010945 -1.15397 [.249] DI3_21 .113938 .081635 1.39570 [.163] DF3_21 -.137172E-02 .010129 -.135422 [.892] S1_21 .126776 .112547 1.12643 [.260] S2_21 -.055399 .104230 -.531507 [.595] S3_21 .089671 .089698 .999702 [.317] S4_21 -.015830 .065590 -.241343 [.809] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB21 Dependent variable: B4_21 YMEAN .138889 S2 1.01652 ARSQ .214650 SDEV 1.13770 S 1.00823 LMHET 38.8963 [.000] SSR 695.303 RSQ .252880 DW 2.00220 [<.969] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.013207 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_21 E1 1.00000 B1_21 -0.0075525 1.0000 INVESTOR #22 ====================== EQUATIONS: EQ_BB22 NOB 720 SBIC 965.918 LOGL -847.491 Standard Parameter Estimate Error t-statistic P-value C_22 -1.55328 .618683 -2.51063 [.012] A4_22 -.026337 .160501 -.164095 [.870] A3_22 .052539 .203427 .258267 [.796] A2_22 -.099117 .152016 -.652019 [.514] P0_22 -.012950 .055191 -.234641 [.814] P1_22 -.715006E-02 .030086 -.237655 [.812] P2_22 -.021597 .033544 -.643848 [.520] P3_22 -.026876 .030882 -.870255 [.384] P4_22 .012142 .038197 .317889 [.751] P5_22 .206738 .044336 4.66296 [.000] P6_22 -.067474 .044831 -1.50509 [.132] P7_22 .025477 .031464 .809719 [.418] P8_22 -.984452E-02 .030234 -.325607 [.745] P9_22 .068663 .031499 2.17982 [.029] P10_22 -.192688E-02 .031324 -.061514 [.951] P11_22 .055244 .036203 1.52596 [.127] P12_22 .015182 .033970 .446924 [.655] P13_22 .011786 .031085 .379154 [.705] P14_22 .045184 .030593 1.47696 [.140] P15_22 .031565 .029756 1.06081 [.289] P16_22 .034091 .031715 1.07492 [.282] P17_22 .019352 .031674 .610973 [.541] P18_22 -.056839 .042576 -1.33501 [.182] P19_22 .459669 .069728 6.59233 [.000] P20_22 -.533381E-02 .029256 -.182316 [.855] P21_22 -.048684 .034456 -1.41293 [.158] DI1_22 .947593E-02 .041664 .227437 [.820] DF1_22 .029252 .016695 1.75208 [.080] DI2_22 -.740924E-02 .068432 -.108271 [.914] DF2_22 -.538636E-02 .874500E-02 -.615936 [.538] DI3_22 .037012 .065225 .567452 [.570] DF3_22 -.672788E-02 .809308E-02 -.831312 [.406] S1_22 .055190 .089923 .613753 [.539] S2_22 .040652 .083278 .488145 [.625] S3_22 -.263722E-02 .071667 -.036798 [.971] S4_22 .035951 .052405 .686025 [.493] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB22 Dependent variable: B4_22 YMEAN .138889 S2 .648923 ARSQ .203736 SDEV .902751 S .805558 LMHET 320.386 [.000] SSR 443.863 RSQ .242497 DW 2.06201 [<.996] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.0059210 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_22 E1 1.00000 B1_22 0.0083372 1.00000 INVESTOR #23 ====================== EQUATIONS: EQ_BB23 NOB 720 SBIC 842.381 LOGL -723.954 Standard Parameter Estimate Error t-statistic P-value C_23 -1.39564 .521137 -2.67806 [.007] A4_23 -.053925 .135196 -.398865 [.690] A3_23 .137170 .171353 .800510 [.423] A2_23 -.117845 .128048 -.920317 [.357] P0_23 .024129 .046490 .519014 [.604] P1_23 -.019182 .025342 -.756908 [.449] P2_23 -.017330 .028255 -.613353 [.540] P3_23 -.022254 .026013 -.855494 [.392] P4_23 -.031178 .032175 -.969025 [.333] P5_23 .030823 .037346 .825337 [.409] P6_23 -.105381 .037762 -2.79064 [.005] P7_23 -.019421 .026503 -.732783 [.464] P8_23 .605366E-02 .025467 .237702 [.812] P9_23 .066913 .026533 2.52190 [.012] P10_23 -.011352 .026385 -.430226 [.667] P11_23 .038318 .030495 1.25654 [.209] P12_23 .031960 .028614 1.11691 [.264] P13_23 -.019506 .026184 -.744948 [.456] P14_23 .014500 .025769 .562669 [.574] P15_23 .023410 .025064 .933986 [.350] P16_23 .032669 .026715 1.22289 [.221] P17_23 .266855E-02 .026680 .100021 [.920] P18_23 .044884 .035863 1.25155 [.211] P19_23 .481804 .058734 8.20312 [.000] P20_23 -.679112E-02 .024643 -.275577 [.783] P21_23 -.055936 .029023 -1.92727 [.054] DI1_23 .818420E-02 .035095 .233201 [.816] DF1_23 .026945 .014063 1.91600 [.055] DI2_23 .717360E-02 .057643 .124449 [.901] DF2_23 -.701076E-02 .736620E-02 -.951747 [.341] DI3_23 .040994 .054941 .746147 [.456] DF3_23 -.866489E-04 .681708E-02 -.012711 [.990] S1_23 -.065271 .075745 -.861715 [.389] S2_23 .079485 .070148 1.13310 [.257] S3_23 -.907324E-02 .060368 -.150299 [.881] S4_23 .038639 .044143 .875320 [.381] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB23 Dependent variable: B4_23 YMEAN .138889 S2 .460428 ARSQ .259626 SDEV .788597 S .678548 LMHET 65.9681 [.000] SSR 314.933 RSQ .295666 DW 1.98654 [<.951] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.010215 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_23 E1 1.00000 B1_23 0.053440 1.00000 INVESTOR #24 ====================== EQUATIONS: EQ_BB24 NOB 720 SBIC 1160.23 LOGL -1041.81 Standard Parameter Estimate Error t-statistic P-value C_24 -3.18493 .810357 -3.93028 [.000] A4_24 .176099 .210226 .837663 [.402] A3_24 .022469 .266451 .084328 [.933] A2_24 -.041630 .199111 -.209079 [.834] P0_24 .026006 .072290 .359750 [.719] P1_24 -.023475 .039407 -.595714 [.551] P2_24 -.108306 .043936 -2.46511 [.014] P3_24 -.013732 .040450 -.339489 [.734] P4_24 -.249755E-02 .050031 -.049920 [.960] P5_24 .116142 .058072 1.99996 [.046] P6_24 -.081928 .058720 -1.39523 [.163] P7_24 -.082999 .041212 -2.01396 [.044] P8_24 .810699E-02 .039601 .204716 [.838] P9_24 .019306 .041258 .467933 [.640] P10_24 -.142818E-02 .041029 -.034809 [.972] P11_24 .465684E-02 .047419 .098206 [.922] P12_24 -.405851E-02 .044495 -.091213 [.927] P13_24 -.016757 .040716 -.411567 [.681] P14_24 .036111 .040070 .901185 [.367] P15_24 .039910 .038974 1.02400 [.306] P16_24 -.468648E-02 .041541 -.112817 [.910] P17_24 -.012028 .041486 -.289917 [.772] P18_24 -.626815E-02 .055766 -.112401 [.911] P19_24 .220785 .091330 2.41744 [.016] P20_24 -.017871 .038320 -.466359 [.641] P21_24 -.061450 .045131 -1.36160 [.173] DI1_24 -.522142E-03 .054572 -.956795E-02 [.992] DF1_24 .024677 .021868 1.12848 [.259] DI2_24 -.011081 .089633 -.123625 [.902] DF2_24 -.718471E-02 .011454 -.627251 [.530] DI3_24 .316519E-02 .085432 .037049 [.970] DF3_24 -.474292E-02 .010600 -.447429 [.655] S1_24 -.754290E-03 .117782 -.640412E-02 [.995] S2_24 .124730 .109079 1.14349 [.253] S3_24 .014910 .093871 .158831 [.874] S4_24 .090876 .068641 1.32394 [.186] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB24 Dependent variable: B4_24 YMEAN .138889 S2 1.11329 ARSQ .119822 SDEV 1.12466 S 1.05513 LMHET 179.069 [.000] SSR 761.493 RSQ .162668 DW 2.02288 [<.984] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 0.012537 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_24 E1 1.00000 B1_24 0.048712 1.00000 INVESTOR #25 ====================== EQUATIONS: EQ_BB25 NOB 720 SBIC 910.980 LOGL -792.553 Standard Parameter Estimate Error t-statistic P-value C_25 -1.08901 .573232 -1.89977 [.057] A4_25 -.010023 .148710 -.067400 [.946] A3_25 .019498 .188482 .103448 [.918] A2_25 .017197 .140848 .122097 [.903] P0_25 .737605E-02 .051137 .144242 [.885] P1_25 -.024362 .027876 -.873947 [.382] P2_25 -.123983 .031079 -3.98925 [.000] P3_25 -.082216 .028614 -2.87330 [.004] P4_25 -.053634 .035391 -1.51546 [.130] P5_25 .154080 .041079 3.75082 [.000] P6_25 -.075329 .041537 -1.81353 [.070] P7_25 -.041361 .029153 -1.41877 [.156] P8_25 .040394 .028013 1.44196 [.149] P9_25 .492458E-02 .029185 .168736 [.866] P10_25 .031454 .029023 1.08378 [.278] P11_25 .027897 .033544 .831670 [.406] P12_25 .031876 .031475 1.01274 [.311] P13_25 -.010645 .028802 -.369599 [.712] P14_25 .232611E-02 .028345 .082064 [.935] P15_25 .585629E-02 .027570 .212418 [.832] P16_25 .018865 .029385 .641978 [.521] P17_25 .986952E-02 .029347 .336307 [.737] P18_25 .043328 .039448 1.09836 [.272] P19_25 .334698 .064605 5.18065 [.000] P20_25 -.359375E-02 .027107 -.132578 [.895] P21_25 -.035337 .031925 -1.10688 [.268] DI1_25 .038630 .038603 1.00070 [.317] DF1_25 .019840 .015469 1.28255 [.200] DI2_25 -.234192E-02 .063405 -.036936 [.971] DF2_25 -.567307E-02 .810255E-02 -.700159 [.484] DI3_25 .018506 .060433 .306218 [.759] DF3_25 -.176073E-02 .749853E-02 -.234810 [.814] S1_25 -.128099 .083317 -1.53749 [.124] S2_25 .105243 .077160 1.36395 [.173] S3_25 .039419 .066402 .593644 [.553] S4_25 .013883 .048555 .285928 [.775] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_BB25 Dependent variable: B4_25 YMEAN .138081 S2 .557080 ARSQ .217678 SDEV .843851 S .746378 LMHET 151.729 [.000] SSR 381.043 RSQ .255761 DW 1.99937 [<.966] Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 E2 E1 1.00000 E2 -0.013475 1.00000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_25 E1 1.00000 B1_25 0.054460 1.0000 Results of Covariance procedure =============================== Number of Observations: 720 Correlation Matrix E1 B1_3 E1 1.00000 B1_3 0.035002 1.00000