INVESTOR #1 ===================== EQUATIONS: EQ_NB1 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_1 2.85813 .499586 5.72100 [.000] A4_1 .063954 .129605 .493454 [.622] A3_1 .367837 .164267 2.23927 [.025] A2_1 .213412 .122752 1.73856 [.082] P0_1 -.077670 .044567 -1.74277 [.081] P1_1 -.018334 .024294 -.754678 [.450] P2_1 .032188 .027086 1.18834 [.235] P3_1 -.015771 .024938 -.632408 [.527] P4_1 -.055893 .030844 -1.81210 [.070] P5_1 -.155614E-02 .035801 -.043466 [.965] P6_1 -.074387 .036201 -2.05485 [.040] P7_1 -.085732 .025407 -3.37432 [.001] P8_1 -.015463 .024414 -.633365 [.526] P9_1 -.025280 .025436 -.993867 [.320] P10_1 .025963 .025294 1.02643 [.305] P11_1 -.030769 .029234 -1.05249 [.293] P12_1 -.043989 .027431 -1.60363 [.109] P13_1 .018180 .025101 .724252 [.469] P14_1 -.016791 .024703 -.679707 [.497] P15_1 -.017851 .024028 -.742923 [.458] P16_1 -.032105 .025610 -1.25361 [.210] P17_1 -.030393 .025576 -1.18834 [.235] P18_1 .023865 .034380 .694170 [.488] P19_1 .041157 .056305 .730959 [.465] P20_1 .536908E-02 .023624 .227271 [.820] P21_1 .073763 .027823 2.65115 [.008] DI1_1 .048183 .033644 1.43216 [.152] DF1_1 -.734982E-02 .013481 -.545178 [.586] DI2_1 -.010836 .055259 -.196095 [.845] DF2_1 .010317 .706158E-02 1.46102 [.144] DI3_1 -.623312E-02 .052669 -.118345 [.906] DF3_1 .022679 .653516E-02 3.47028 [.001] S1_1 -.170791 .072613 -2.35208 [.019] S2_1 .140566 .067247 2.09030 [.037] S3_1 .031639 .057871 .546712 [.585] S4_1 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB1 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #2 ===================== EQUATIONS: EQ_NB2 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_2 2.85813 .499586 5.72100 [.000] A4_2 .063954 .129605 .493454 [.622] A3_2 .367837 .164267 2.23927 [.025] A2_2 .213412 .122752 1.73856 [.082] P0_2 -.077670 .044567 -1.74277 [.081] P1_2 -.018334 .024294 -.754678 [.450] P2_2 .032188 .027086 1.18834 [.235] P3_2 -.015771 .024938 -.632408 [.527] P4_2 -.055893 .030844 -1.81210 [.070] P5_2 -.155614E-02 .035801 -.043466 [.965] P6_2 -.074387 .036201 -2.05485 [.040] P7_2 -.085732 .025407 -3.37432 [.001] P8_2 -.015463 .024414 -.633365 [.526] P9_2 -.025280 .025436 -.993867 [.320] P10_2 .025963 .025294 1.02643 [.305] P11_2 -.030769 .029234 -1.05249 [.293] P12_2 -.043989 .027431 -1.60363 [.109] P13_2 .018180 .025101 .724252 [.469] P14_2 -.016791 .024703 -.679707 [.497] P15_2 -.017851 .024028 -.742923 [.458] P16_2 -.032105 .025610 -1.25361 [.210] P17_2 -.030393 .025576 -1.18834 [.235] P18_2 .023865 .034380 .694170 [.488] P19_2 .041157 .056305 .730959 [.465] P20_2 .536908E-02 .023624 .227271 [.820] P21_2 .073763 .027823 2.65115 [.008] DI1_2 .048183 .033644 1.43216 [.152] DF1_2 -.734982E-02 .013481 -.545178 [.586] DI2_2 -.010836 .055259 -.196095 [.845] DF2_2 .010317 .706158E-02 1.46102 [.144] DI3_2 -.623312E-02 .052669 -.118345 [.906] DF3_2 .022679 .653516E-02 3.47028 [.001] S1_2 -.170791 .072613 -2.35208 [.019] S2_2 .140566 .067247 2.09030 [.037] S3_2 .031639 .057871 .546712 [.585] S4_2 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB2 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #3 ===================== EQUATIONS: EQ_NB3 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_3 2.85813 .499586 5.72100 [.000] A4_3 .063954 .129605 .493454 [.622] A3_3 .367837 .164267 2.23927 [.025] A2_3 .213412 .122752 1.73856 [.082] P0_3 -.077670 .044567 -1.74277 [.081] P1_3 -.018334 .024294 -.754678 [.450] P2_3 .032188 .027086 1.18834 [.235] P3_3 -.015771 .024938 -.632408 [.527] P4_3 -.055893 .030844 -1.81210 [.070] P5_3 -.155614E-02 .035801 -.043466 [.965] P6_3 -.074387 .036201 -2.05485 [.040] P7_3 -.085732 .025407 -3.37432 [.001] P8_3 -.015463 .024414 -.633365 [.526] P9_3 -.025280 .025436 -.993867 [.320] P10_3 .025963 .025294 1.02643 [.305] P11_3 -.030769 .029234 -1.05249 [.293] P12_3 -.043989 .027431 -1.60363 [.109] P13_3 .018180 .025101 .724252 [.469] P14_3 -.016791 .024703 -.679707 [.497] P15_3 -.017851 .024028 -.742923 [.458] P16_3 -.032105 .025610 -1.25361 [.210] P17_3 -.030393 .025576 -1.18834 [.235] P18_3 .023865 .034380 .694170 [.488] P19_3 .041157 .056305 .730959 [.465] P20_3 .536908E-02 .023624 .227271 [.820] P21_3 .073763 .027823 2.65115 [.008] DI1_3 .048183 .033644 1.43216 [.152] DF1_3 -.734982E-02 .013481 -.545178 [.586] DI2_3 -.010836 .055259 -.196095 [.845] DF2_3 .010317 .706158E-02 1.46102 [.144] DI3_3 -.623312E-02 .052669 -.118345 [.906] DF3_3 .022679 .653516E-02 3.47028 [.001] S1_3 -.170791 .072613 -2.35208 [.019] S2_3 .140566 .067247 2.09030 [.037] S3_3 .031639 .057871 .546712 [.585] S4_3 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB3 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #4 ===================== EQUATIONS: EQ_NB4 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_4 2.85813 .499586 5.72100 [.000] A4_4 .063954 .129605 .493454 [.622] A3_4 .367837 .164267 2.23927 [.025] A2_4 .213412 .122752 1.73856 [.082] P0_4 -.077670 .044567 -1.74277 [.081] P1_4 -.018334 .024294 -.754678 [.450] P2_4 .032188 .027086 1.18834 [.235] P3_4 -.015771 .024938 -.632408 [.527] P4_4 -.055893 .030844 -1.81210 [.070] P5_4 -.155614E-02 .035801 -.043466 [.965] P6_4 -.074387 .036201 -2.05485 [.040] P7_4 -.085732 .025407 -3.37432 [.001] P8_4 -.015463 .024414 -.633365 [.526] P9_4 -.025280 .025436 -.993867 [.320] P10_4 .025963 .025294 1.02643 [.305] P11_4 -.030769 .029234 -1.05249 [.293] P12_4 -.043989 .027431 -1.60363 [.109] P13_4 .018180 .025101 .724252 [.469] P14_4 -.016791 .024703 -.679707 [.497] P15_4 -.017851 .024028 -.742923 [.458] P16_4 -.032105 .025610 -1.25361 [.210] P17_4 -.030393 .025576 -1.18834 [.235] P18_4 .023865 .034380 .694170 [.488] P19_4 .041157 .056305 .730959 [.465] P20_4 .536908E-02 .023624 .227271 [.820] P21_4 .073763 .027823 2.65115 [.008] DI1_4 .048183 .033644 1.43216 [.152] DF1_4 -.734982E-02 .013481 -.545178 [.586] DI2_4 -.010836 .055259 -.196095 [.845] DF2_4 .010317 .706158E-02 1.46102 [.144] DI3_4 -.623312E-02 .052669 -.118345 [.906] DF3_4 .022679 .653516E-02 3.47028 [.001] S1_4 -.170791 .072613 -2.35208 [.019] S2_4 .140566 .067247 2.09030 [.037] S3_4 .031639 .057871 .546712 [.585] S4_4 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB4 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #5 ===================== EQUATIONS: EQ_NB5 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_5 2.85813 .499586 5.72100 [.000] A4_5 .063954 .129605 .493454 [.622] A3_5 .367837 .164267 2.23927 [.025] A2_5 .213412 .122752 1.73856 [.082] P0_5 -.077670 .044567 -1.74277 [.081] P1_5 -.018334 .024294 -.754678 [.450] P2_5 .032188 .027086 1.18834 [.235] P3_5 -.015771 .024938 -.632408 [.527] P4_5 -.055893 .030844 -1.81210 [.070] P5_5 -.155614E-02 .035801 -.043466 [.965] P6_5 -.074387 .036201 -2.05485 [.040] P7_5 -.085732 .025407 -3.37432 [.001] P8_5 -.015463 .024414 -.633365 [.526] P9_5 -.025280 .025436 -.993867 [.320] P10_5 .025963 .025294 1.02643 [.305] P11_5 -.030769 .029234 -1.05249 [.293] P12_5 -.043989 .027431 -1.60363 [.109] P13_5 .018180 .025101 .724252 [.469] P14_5 -.016791 .024703 -.679707 [.497] P15_5 -.017851 .024028 -.742923 [.458] P16_5 -.032105 .025610 -1.25361 [.210] P17_5 -.030393 .025576 -1.18834 [.235] P18_5 .023865 .034380 .694170 [.488] P19_5 .041157 .056305 .730959 [.465] P20_5 .536908E-02 .023624 .227271 [.820] P21_5 .073763 .027823 2.65115 [.008] DI1_5 .048183 .033644 1.43216 [.152] DF1_5 -.734982E-02 .013481 -.545178 [.586] DI2_5 -.010836 .055259 -.196095 [.845] DF2_5 .010317 .706158E-02 1.46102 [.144] DI3_5 -.623312E-02 .052669 -.118345 [.906] DF3_5 .022679 .653516E-02 3.47028 [.001] S1_5 -.170791 .072613 -2.35208 [.019] S2_5 .140566 .067247 2.09030 [.037] S3_5 .031639 .057871 .546712 [.585] S4_5 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB5 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #6 ===================== EQUATIONS: EQ_NB6 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_6 2.85813 .499586 5.72100 [.000] A4_6 .063954 .129605 .493454 [.622] A3_6 .367837 .164267 2.23927 [.025] A2_6 .213412 .122752 1.73856 [.082] P0_6 -.077670 .044567 -1.74277 [.081] P1_6 -.018334 .024294 -.754678 [.450] P2_6 .032188 .027086 1.18834 [.235] P3_6 -.015771 .024938 -.632408 [.527] P4_6 -.055893 .030844 -1.81210 [.070] P5_6 -.155614E-02 .035801 -.043466 [.965] P6_6 -.074387 .036201 -2.05485 [.040] P7_6 -.085732 .025407 -3.37432 [.001] P8_6 -.015463 .024414 -.633365 [.526] P9_6 -.025280 .025436 -.993867 [.320] P10_6 .025963 .025294 1.02643 [.305] P11_6 -.030769 .029234 -1.05249 [.293] P12_6 -.043989 .027431 -1.60363 [.109] P13_6 .018180 .025101 .724252 [.469] P14_6 -.016791 .024703 -.679707 [.497] P15_6 -.017851 .024028 -.742923 [.458] P16_6 -.032105 .025610 -1.25361 [.210] P17_6 -.030393 .025576 -1.18834 [.235] P18_6 .023865 .034380 .694170 [.488] P19_6 .041157 .056305 .730959 [.465] P20_6 .536908E-02 .023624 .227271 [.820] P21_6 .073763 .027823 2.65115 [.008] DI1_6 .048183 .033644 1.43216 [.152] DF1_6 -.734982E-02 .013481 -.545178 [.586] DI2_6 -.010836 .055259 -.196095 [.845] DF2_6 .010317 .706158E-02 1.46102 [.144] DI3_6 -.623312E-02 .052669 -.118345 [.906] DF3_6 .022679 .653516E-02 3.47028 [.001] S1_6 -.170791 .072613 -2.35208 [.019] S2_6 .140566 .067247 2.09030 [.037] S3_6 .031639 .057871 .546712 [.585] S4_6 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB6 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #7 ===================== EQUATIONS: EQ_NB7 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_7 2.85813 .499586 5.72100 [.000] A4_7 .063954 .129605 .493454 [.622] A3_7 .367837 .164267 2.23927 [.025] A2_7 .213412 .122752 1.73856 [.082] P0_7 -.077670 .044567 -1.74277 [.081] P1_7 -.018334 .024294 -.754678 [.450] P2_7 .032188 .027086 1.18834 [.235] P3_7 -.015771 .024938 -.632408 [.527] P4_7 -.055893 .030844 -1.81210 [.070] P5_7 -.155614E-02 .035801 -.043466 [.965] P6_7 -.074387 .036201 -2.05485 [.040] P7_7 -.085732 .025407 -3.37432 [.001] P8_7 -.015463 .024414 -.633365 [.526] P9_7 -.025280 .025436 -.993867 [.320] P10_7 .025963 .025294 1.02643 [.305] P11_7 -.030769 .029234 -1.05249 [.293] P12_7 -.043989 .027431 -1.60363 [.109] P13_7 .018180 .025101 .724252 [.469] P14_7 -.016791 .024703 -.679707 [.497] P15_7 -.017851 .024028 -.742923 [.458] P16_7 -.032105 .025610 -1.25361 [.210] P17_7 -.030393 .025576 -1.18834 [.235] P18_7 .023865 .034380 .694170 [.488] P19_7 .041157 .056305 .730959 [.465] P20_7 .536908E-02 .023624 .227271 [.820] P21_7 .073763 .027823 2.65115 [.008] DI1_7 .048183 .033644 1.43216 [.152] DF1_7 -.734982E-02 .013481 -.545178 [.586] DI2_7 -.010836 .055259 -.196095 [.845] DF2_7 .010317 .706158E-02 1.46102 [.144] DI3_7 -.623312E-02 .052669 -.118345 [.906] DF3_7 .022679 .653516E-02 3.47028 [.001] S1_7 -.170791 .072613 -2.35208 [.019] S2_7 .140566 .067247 2.09030 [.037] S3_7 .031639 .057871 .546712 [.585] S4_7 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB7 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #9 ===================== EQUATIONS: EQ_NB8 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_8 2.85813 .499586 5.72100 [.000] A4_8 .063954 .129605 .493454 [.622] A3_8 .367837 .164267 2.23927 [.025] A2_8 .213412 .122752 1.73856 [.082] P0_8 -.077670 .044567 -1.74277 [.081] P1_8 -.018334 .024294 -.754678 [.450] P2_8 .032188 .027086 1.18834 [.235] P3_8 -.015771 .024938 -.632408 [.527] P4_8 -.055893 .030844 -1.81210 [.070] P5_8 -.155614E-02 .035801 -.043466 [.965] P6_8 -.074387 .036201 -2.05485 [.040] P7_8 -.085732 .025407 -3.37432 [.001] P8_8 -.015463 .024414 -.633365 [.526] P9_8 -.025280 .025436 -.993867 [.320] P10_8 .025963 .025294 1.02643 [.305] P11_8 -.030769 .029234 -1.05249 [.293] P12_8 -.043989 .027431 -1.60363 [.109] P13_8 .018180 .025101 .724252 [.469] P14_8 -.016791 .024703 -.679707 [.497] P15_8 -.017851 .024028 -.742923 [.458] P16_8 -.032105 .025610 -1.25361 [.210] P17_8 -.030393 .025576 -1.18834 [.235] P18_8 .023865 .034380 .694170 [.488] P19_8 .041157 .056305 .730959 [.465] P20_8 .536908E-02 .023624 .227271 [.820] P21_8 .073763 .027823 2.65115 [.008] DI1_8 .048183 .033644 1.43216 [.152] DF1_8 -.734982E-02 .013481 -.545178 [.586] DI2_8 -.010836 .055259 -.196095 [.845] DF2_8 .010317 .706158E-02 1.46102 [.144] DI3_8 -.623312E-02 .052669 -.118345 [.906] DF3_8 .022679 .653516E-02 3.47028 [.001] S1_8 -.170791 .072613 -2.35208 [.019] S2_8 .140566 .067247 2.09030 [.037] S3_8 .031639 .057871 .546712 [.585] S4_8 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB8 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #9 ===================== EQUATIONS: EQ_NB9 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_9 2.85813 .499586 5.72100 [.000] A4_9 .063954 .129605 .493454 [.622] A3_9 .367837 .164267 2.23927 [.025] A2_9 .213412 .122752 1.73856 [.082] P0_9 -.077670 .044567 -1.74277 [.081] P1_9 -.018334 .024294 -.754678 [.450] P2_9 .032188 .027086 1.18834 [.235] P3_9 -.015771 .024938 -.632408 [.527] P4_9 -.055893 .030844 -1.81210 [.070] P5_9 -.155614E-02 .035801 -.043466 [.965] P6_9 -.074387 .036201 -2.05485 [.040] P7_9 -.085732 .025407 -3.37432 [.001] P8_9 -.015463 .024414 -.633365 [.526] P9_9 -.025280 .025436 -.993867 [.320] P10_9 .025963 .025294 1.02643 [.305] P11_9 -.030769 .029234 -1.05249 [.293] P12_9 -.043989 .027431 -1.60363 [.109] P13_9 .018180 .025101 .724252 [.469] P14_9 -.016791 .024703 -.679707 [.497] P15_9 -.017851 .024028 -.742923 [.458] P16_9 -.032105 .025610 -1.25361 [.210] P17_9 -.030393 .025576 -1.18834 [.235] P18_9 .023865 .034380 .694170 [.488] P19_9 .041157 .056305 .730959 [.465] P20_9 .536908E-02 .023624 .227271 [.820] P21_9 .073763 .027823 2.65115 [.008] DI1_9 .048183 .033644 1.43216 [.152] DF1_9 -.734982E-02 .013481 -.545178 [.586] DI2_9 -.010836 .055259 -.196095 [.845] DF2_9 .010317 .706158E-02 1.46102 [.144] DI3_9 -.623312E-02 .052669 -.118345 [.906] DF3_9 .022679 .653516E-02 3.47028 [.001] S1_9 -.170791 .072613 -2.35208 [.019] S2_9 .140566 .067247 2.09030 [.037] S3_9 .031639 .057871 .546712 [.585] S4_9 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB9 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #10 ====================== EQUATIONS: EQ_NB10 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_10 2.85813 .499586 5.72100 [.000] A4_10 .063954 .129605 .493454 [.622] A3_10 .367837 .164267 2.23927 [.025] A2_10 .213412 .122752 1.73856 [.082] P0_10 -.077670 .044567 -1.74277 [.081] P1_10 -.018334 .024294 -.754678 [.450] P2_10 .032188 .027086 1.18834 [.235] P3_10 -.015771 .024938 -.632408 [.527] P4_10 -.055893 .030844 -1.81210 [.070] P5_10 -.155614E-02 .035801 -.043466 [.965] P6_10 -.074387 .036201 -2.05485 [.040] P7_10 -.085732 .025407 -3.37432 [.001] P8_10 -.015463 .024414 -.633365 [.526] P9_10 -.025280 .025436 -.993867 [.320] P10_10 .025963 .025294 1.02643 [.305] P11_10 -.030769 .029234 -1.05249 [.293] P12_10 -.043989 .027431 -1.60363 [.109] P13_10 .018180 .025101 .724252 [.469] P14_10 -.016791 .024703 -.679707 [.497] P15_10 -.017851 .024028 -.742923 [.458] P16_10 -.032105 .025610 -1.25361 [.210] P17_10 -.030393 .025576 -1.18834 [.235] P18_10 .023865 .034380 .694170 [.488] P19_10 .041157 .056305 .730959 [.465] P20_10 .536908E-02 .023624 .227271 [.820] P21_10 .073763 .027823 2.65115 [.008] DI1_10 .048183 .033644 1.43216 [.152] DF1_10 -.734982E-02 .013481 -.545178 [.586] DI2_10 -.010836 .055259 -.196095 [.845] DF2_10 .010317 .706158E-02 1.46102 [.144] DI3_10 -.623312E-02 .052669 -.118345 [.906] DF3_10 .022679 .653516E-02 3.47028 [.001] S1_10 -.170791 .072613 -2.35208 [.019] S2_10 .140566 .067247 2.09030 [.037] S3_10 .031639 .057871 .546712 [.585] S4_10 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB10 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #11 ====================== EQUATIONS: EQ_NB11 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_11 2.85813 .499586 5.72100 [.000] A4_11 .063954 .129605 .493454 [.622] A3_11 .367837 .164267 2.23927 [.025] A2_11 .213412 .122752 1.73856 [.082] P0_11 -.077670 .044567 -1.74277 [.081] P1_11 -.018334 .024294 -.754678 [.450] P2_11 .032188 .027086 1.18834 [.235] P3_11 -.015771 .024938 -.632408 [.527] P4_11 -.055893 .030844 -1.81210 [.070] P5_11 -.155614E-02 .035801 -.043466 [.965] P6_11 -.074387 .036201 -2.05485 [.040] P7_11 -.085732 .025407 -3.37432 [.001] P8_11 -.015463 .024414 -.633365 [.526] P9_11 -.025280 .025436 -.993867 [.320] P10_11 .025963 .025294 1.02643 [.305] P11_11 -.030769 .029234 -1.05249 [.293] P12_11 -.043989 .027431 -1.60363 [.109] P13_11 .018180 .025101 .724252 [.469] P14_11 -.016791 .024703 -.679707 [.497] P15_11 -.017851 .024028 -.742923 [.458] P16_11 -.032105 .025610 -1.25361 [.210] P17_11 -.030393 .025576 -1.18834 [.235] P18_11 .023865 .034380 .694170 [.488] P19_11 .041157 .056305 .730959 [.465] P20_11 .536908E-02 .023624 .227271 [.820] P21_11 .073763 .027823 2.65115 [.008] DI1_11 .048183 .033644 1.43216 [.152] DF1_11 -.734982E-02 .013481 -.545178 [.586] DI2_11 -.010836 .055259 -.196095 [.845] DF2_11 .010317 .706158E-02 1.46102 [.144] DI3_11 -.623312E-02 .052669 -.118345 [.906] DF3_11 .022679 .653516E-02 3.47028 [.001] S1_11 -.170791 .072613 -2.35208 [.019] S2_11 .140566 .067247 2.09030 [.037] S3_11 .031639 .057871 .546712 [.585] S4_11 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB11 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #12 ====================== EQUATIONS: EQ_NB12 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_12 2.85813 .499586 5.72100 [.000] A4_12 .063954 .129605 .493454 [.622] A3_12 .367837 .164267 2.23927 [.025] A2_12 .213412 .122752 1.73856 [.082] P0_12 -.077670 .044567 -1.74277 [.081] P1_12 -.018334 .024294 -.754678 [.450] P2_12 .032188 .027086 1.18834 [.235] P3_12 -.015771 .024938 -.632408 [.527] P4_12 -.055893 .030844 -1.81210 [.070] P5_12 -.155614E-02 .035801 -.043466 [.965] P6_12 -.074387 .036201 -2.05485 [.040] P7_12 -.085732 .025407 -3.37432 [.001] P8_12 -.015463 .024414 -.633365 [.526] P9_12 -.025280 .025436 -.993867 [.320] P10_12 .025963 .025294 1.02643 [.305] P11_12 -.030769 .029234 -1.05249 [.293] P12_12 -.043989 .027431 -1.60363 [.109] P13_12 .018180 .025101 .724252 [.469] P14_12 -.016791 .024703 -.679707 [.497] P15_12 -.017851 .024028 -.742923 [.458] P16_12 -.032105 .025610 -1.25361 [.210] P17_12 -.030393 .025576 -1.18834 [.235] P18_12 .023865 .034380 .694170 [.488] P19_12 .041157 .056305 .730959 [.465] P20_12 .536908E-02 .023624 .227271 [.820] P21_12 .073763 .027823 2.65115 [.008] DI1_12 .048183 .033644 1.43216 [.152] DF1_12 -.734982E-02 .013481 -.545178 [.586] DI2_12 -.010836 .055259 -.196095 [.845] DF2_12 .010317 .706158E-02 1.46102 [.144] DI3_12 -.623312E-02 .052669 -.118345 [.906] DF3_12 .022679 .653516E-02 3.47028 [.001] S1_12 -.170791 .072613 -2.35208 [.019] S2_12 .140566 .067247 2.09030 [.037] S3_12 .031639 .057871 .546712 [.585] S4_12 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB12 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #13 ====================== EQUATIONS: EQ_NB13 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_13 2.85813 .499586 5.72100 [.000] A4_13 .063954 .129605 .493454 [.622] A3_13 .367837 .164267 2.23927 [.025] A2_13 .213412 .122752 1.73856 [.082] P0_13 -.077670 .044567 -1.74277 [.081] P1_13 -.018334 .024294 -.754678 [.450] P2_13 .032188 .027086 1.18834 [.235] P3_13 -.015771 .024938 -.632408 [.527] P4_13 -.055893 .030844 -1.81210 [.070] P5_13 -.155614E-02 .035801 -.043466 [.965] P6_13 -.074387 .036201 -2.05485 [.040] P7_13 -.085732 .025407 -3.37432 [.001] P8_13 -.015463 .024414 -.633365 [.526] P9_13 -.025280 .025436 -.993867 [.320] P10_13 .025963 .025294 1.02643 [.305] P11_13 -.030769 .029234 -1.05249 [.293] P12_13 -.043989 .027431 -1.60363 [.109] P13_13 .018180 .025101 .724252 [.469] P14_13 -.016791 .024703 -.679707 [.497] P15_13 -.017851 .024028 -.742923 [.458] P16_13 -.032105 .025610 -1.25361 [.210] P17_13 -.030393 .025576 -1.18834 [.235] P18_13 .023865 .034380 .694170 [.488] P19_13 .041157 .056305 .730959 [.465] P20_13 .536908E-02 .023624 .227271 [.820] P21_13 .073763 .027823 2.65115 [.008] DI1_13 .048183 .033644 1.43216 [.152] DF1_13 -.734982E-02 .013481 -.545178 [.586] DI2_13 -.010836 .055259 -.196095 [.845] DF2_13 .010317 .706158E-02 1.46102 [.144] DI3_13 -.623312E-02 .052669 -.118345 [.906] DF3_13 .022679 .653516E-02 3.47028 [.001] S1_13 -.170791 .072613 -2.35208 [.019] S2_13 .140566 .067247 2.09030 [.037] S3_13 .031639 .057871 .546712 [.585] S4_13 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB13 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #14 ====================== EQUATIONS: EQ_NB14 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_14 2.85813 .499586 5.72100 [.000] A4_14 .063954 .129605 .493454 [.622] A3_14 .367837 .164267 2.23927 [.025] A2_14 .213412 .122752 1.73856 [.082] P0_14 -.077670 .044567 -1.74277 [.081] P1_14 -.018334 .024294 -.754678 [.450] P2_14 .032188 .027086 1.18834 [.235] P3_14 -.015771 .024938 -.632408 [.527] P4_14 -.055893 .030844 -1.81210 [.070] P5_14 -.155614E-02 .035801 -.043466 [.965] P6_14 -.074387 .036201 -2.05485 [.040] P7_14 -.085732 .025407 -3.37432 [.001] P8_14 -.015463 .024414 -.633365 [.526] P9_14 -.025280 .025436 -.993867 [.320] P10_14 .025963 .025294 1.02643 [.305] P11_14 -.030769 .029234 -1.05249 [.293] P12_14 -.043989 .027431 -1.60363 [.109] P13_14 .018180 .025101 .724252 [.469] P14_14 -.016791 .024703 -.679707 [.497] P15_14 -.017851 .024028 -.742923 [.458] P16_14 -.032105 .025610 -1.25361 [.210] P17_14 -.030393 .025576 -1.18834 [.235] P18_14 .023865 .034380 .694170 [.488] P19_14 .041157 .056305 .730959 [.465] P20_14 .536908E-02 .023624 .227271 [.820] P21_14 .073763 .027823 2.65115 [.008] DI1_14 .048183 .033644 1.43216 [.152] DF1_14 -.734982E-02 .013481 -.545178 [.586] DI2_14 -.010836 .055259 -.196095 [.845] DF2_14 .010317 .706158E-02 1.46102 [.144] DI3_14 -.623312E-02 .052669 -.118345 [.906] DF3_14 .022679 .653516E-02 3.47028 [.001] S1_14 -.170791 .072613 -2.35208 [.019] S2_14 .140566 .067247 2.09030 [.037] S3_14 .031639 .057871 .546712 [.585] S4_14 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB14 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #15 ====================== EQUATIONS: EQ_NB15 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_15 2.85813 .499586 5.72100 [.000] A4_15 .063954 .129605 .493454 [.622] A3_15 .367837 .164267 2.23927 [.025] A2_15 .213412 .122752 1.73856 [.082] P0_15 -.077670 .044567 -1.74277 [.081] P1_15 -.018334 .024294 -.754678 [.450] P2_15 .032188 .027086 1.18834 [.235] P3_15 -.015771 .024938 -.632408 [.527] P4_15 -.055893 .030844 -1.81210 [.070] P5_15 -.155614E-02 .035801 -.043466 [.965] P6_15 -.074387 .036201 -2.05485 [.040] P7_15 -.085732 .025407 -3.37432 [.001] P8_15 -.015463 .024414 -.633365 [.526] P9_15 -.025280 .025436 -.993867 [.320] P10_15 .025963 .025294 1.02643 [.305] P11_15 -.030769 .029234 -1.05249 [.293] P12_15 -.043989 .027431 -1.60363 [.109] P13_15 .018180 .025101 .724252 [.469] P14_15 -.016791 .024703 -.679707 [.497] P15_15 -.017851 .024028 -.742923 [.458] P16_15 -.032105 .025610 -1.25361 [.210] P17_15 -.030393 .025576 -1.18834 [.235] P18_15 .023865 .034380 .694170 [.488] P19_15 .041157 .056305 .730959 [.465] P20_15 .536908E-02 .023624 .227271 [.820] P21_15 .073763 .027823 2.65115 [.008] DI1_15 .048183 .033644 1.43216 [.152] DF1_15 -.734982E-02 .013481 -.545178 [.586] DI2_15 -.010836 .055259 -.196095 [.845] DF2_15 .010317 .706158E-02 1.46102 [.144] DI3_15 -.623312E-02 .052669 -.118345 [.906] DF3_15 .022679 .653516E-02 3.47028 [.001] S1_15 -.170791 .072613 -2.35208 [.019] S2_15 .140566 .067247 2.09030 [.037] S3_15 .031639 .057871 .546712 [.585] S4_15 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB15 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #16 ====================== EQUATIONS: EQ_NB16 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_16 2.85813 .499586 5.72100 [.000] A4_16 .063954 .129605 .493454 [.622] A3_16 .367837 .164267 2.23927 [.025] A2_16 .213412 .122752 1.73856 [.082] P0_16 -.077670 .044567 -1.74277 [.081] P1_16 -.018334 .024294 -.754678 [.450] P2_16 .032188 .027086 1.18834 [.235] P3_16 -.015771 .024938 -.632408 [.527] P4_16 -.055893 .030844 -1.81210 [.070] P5_16 -.155614E-02 .035801 -.043466 [.965] P6_16 -.074387 .036201 -2.05485 [.040] P7_16 -.085732 .025407 -3.37432 [.001] P8_16 -.015463 .024414 -.633365 [.526] P9_16 -.025280 .025436 -.993867 [.320] P10_16 .025963 .025294 1.02643 [.305] P11_16 -.030769 .029234 -1.05249 [.293] P12_16 -.043989 .027431 -1.60363 [.109] P13_16 .018180 .025101 .724252 [.469] P14_16 -.016791 .024703 -.679707 [.497] P15_16 -.017851 .024028 -.742923 [.458] P16_16 -.032105 .025610 -1.25361 [.210] P17_16 -.030393 .025576 -1.18834 [.235] P18_16 .023865 .034380 .694170 [.488] P19_16 .041157 .056305 .730959 [.465] P20_16 .536908E-02 .023624 .227271 [.820] P21_16 .073763 .027823 2.65115 [.008] DI1_16 .048183 .033644 1.43216 [.152] DF1_16 -.734982E-02 .013481 -.545178 [.586] DI2_16 -.010836 .055259 -.196095 [.845] DF2_16 .010317 .706158E-02 1.46102 [.144] DI3_16 -.623312E-02 .052669 -.118345 [.906] DF3_16 .022679 .653516E-02 3.47028 [.001] S1_16 -.170791 .072613 -2.35208 [.019] S2_16 .140566 .067247 2.09030 [.037] S3_16 .031639 .057871 .546712 [.585] S4_16 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB16 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #17 ====================== EQUATIONS: EQ_NB17 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_17 2.85813 .499586 5.72100 [.000] A4_17 .063954 .129605 .493454 [.622] A3_17 .367837 .164267 2.23927 [.025] A2_17 .213412 .122752 1.73856 [.082] P0_17 -.077670 .044567 -1.74277 [.081] P1_17 -.018334 .024294 -.754678 [.450] P2_17 .032188 .027086 1.18834 [.235] P3_17 -.015771 .024938 -.632408 [.527] P4_17 -.055893 .030844 -1.81210 [.070] P5_17 -.155614E-02 .035801 -.043466 [.965] P6_17 -.074387 .036201 -2.05485 [.040] P7_17 -.085732 .025407 -3.37432 [.001] P8_17 -.015463 .024414 -.633365 [.526] P9_17 -.025280 .025436 -.993867 [.320] P10_17 .025963 .025294 1.02643 [.305] P11_17 -.030769 .029234 -1.05249 [.293] P12_17 -.043989 .027431 -1.60363 [.109] P13_17 .018180 .025101 .724252 [.469] P14_17 -.016791 .024703 -.679707 [.497] P15_17 -.017851 .024028 -.742923 [.458] P16_17 -.032105 .025610 -1.25361 [.210] P17_17 -.030393 .025576 -1.18834 [.235] P18_17 .023865 .034380 .694170 [.488] P19_17 .041157 .056305 .730959 [.465] P20_17 .536908E-02 .023624 .227271 [.820] P21_17 .073763 .027823 2.65115 [.008] DI1_17 .048183 .033644 1.43216 [.152] DF1_17 -.734982E-02 .013481 -.545178 [.586] DI2_17 -.010836 .055259 -.196095 [.845] DF2_17 .010317 .706158E-02 1.46102 [.144] DI3_17 -.623312E-02 .052669 -.118345 [.906] DF3_17 .022679 .653516E-02 3.47028 [.001] S1_17 -.170791 .072613 -2.35208 [.019] S2_17 .140566 .067247 2.09030 [.037] S3_17 .031639 .057871 .546712 [.585] S4_17 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB17 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #18 ====================== EQUATIONS: EQ_NB18 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_18 2.85813 .499586 5.72100 [.000] A4_18 .063954 .129605 .493454 [.622] A3_18 .367837 .164267 2.23927 [.025] A2_18 .213412 .122752 1.73856 [.082] P0_18 -.077670 .044567 -1.74277 [.081] P1_18 -.018334 .024294 -.754678 [.450] P2_18 .032188 .027086 1.18834 [.235] P3_18 -.015771 .024938 -.632408 [.527] P4_18 -.055893 .030844 -1.81210 [.070] P5_18 -.155614E-02 .035801 -.043466 [.965] P6_18 -.074387 .036201 -2.05485 [.040] P7_18 -.085732 .025407 -3.37432 [.001] P8_18 -.015463 .024414 -.633365 [.526] P9_18 -.025280 .025436 -.993867 [.320] P10_18 .025963 .025294 1.02643 [.305] P11_18 -.030769 .029234 -1.05249 [.293] P12_18 -.043989 .027431 -1.60363 [.109] P13_18 .018180 .025101 .724252 [.469] P14_18 -.016791 .024703 -.679707 [.497] P15_18 -.017851 .024028 -.742923 [.458] P16_18 -.032105 .025610 -1.25361 [.210] P17_18 -.030393 .025576 -1.18834 [.235] P18_18 .023865 .034380 .694170 [.488] P19_18 .041157 .056305 .730959 [.465] P20_18 .536908E-02 .023624 .227271 [.820] P21_18 .073763 .027823 2.65115 [.008] DI1_18 .048183 .033644 1.43216 [.152] DF1_18 -.734982E-02 .013481 -.545178 [.586] DI2_18 -.010836 .055259 -.196095 [.845] DF2_18 .010317 .706158E-02 1.46102 [.144] DI3_18 -.623312E-02 .052669 -.118345 [.906] DF3_18 .022679 .653516E-02 3.47028 [.001] S1_18 -.170791 .072613 -2.35208 [.019] S2_18 .140566 .067247 2.09030 [.037] S3_18 .031639 .057871 .546712 [.585] S4_18 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB18 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #19 ====================== EQUATIONS: EQ_NB19 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_19 2.85813 .499586 5.72100 [.000] A4_19 .063954 .129605 .493454 [.622] A3_19 .367837 .164267 2.23927 [.025] A2_19 .213412 .122752 1.73856 [.082] P0_19 -.077670 .044567 -1.74277 [.081] P1_19 -.018334 .024294 -.754678 [.450] P2_19 .032188 .027086 1.18834 [.235] P3_19 -.015771 .024938 -.632408 [.527] P4_19 -.055893 .030844 -1.81210 [.070] P5_19 -.155614E-02 .035801 -.043466 [.965] P6_19 -.074387 .036201 -2.05485 [.040] P7_19 -.085732 .025407 -3.37432 [.001] P8_19 -.015463 .024414 -.633365 [.526] P9_19 -.025280 .025436 -.993867 [.320] P10_19 .025963 .025294 1.02643 [.305] P11_19 -.030769 .029234 -1.05249 [.293] P12_19 -.043989 .027431 -1.60363 [.109] P13_19 .018180 .025101 .724252 [.469] P14_19 -.016791 .024703 -.679707 [.497] P15_19 -.017851 .024028 -.742923 [.458] P16_19 -.032105 .025610 -1.25361 [.210] P17_19 -.030393 .025576 -1.18834 [.235] P18_19 .023865 .034380 .694170 [.488] P19_19 .041157 .056305 .730959 [.465] P20_19 .536908E-02 .023624 .227271 [.820] P21_19 .073763 .027823 2.65115 [.008] DI1_19 .048183 .033644 1.43216 [.152] DF1_19 -.734982E-02 .013481 -.545178 [.586] DI2_19 -.010836 .055259 -.196095 [.845] DF2_19 .010317 .706158E-02 1.46102 [.144] DI3_19 -.623312E-02 .052669 -.118345 [.906] DF3_19 .022679 .653516E-02 3.47028 [.001] S1_19 -.170791 .072613 -2.35208 [.019] S2_19 .140566 .067247 2.09030 [.037] S3_19 .031639 .057871 .546712 [.585] S4_19 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB19 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #20 ====================== EQUATIONS: EQ_NB20 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_20 2.85813 .499586 5.72100 [.000] A4_20 .063954 .129605 .493454 [.622] A3_20 .367837 .164267 2.23927 [.025] A2_20 .213412 .122752 1.73856 [.082] P0_20 -.077670 .044567 -1.74277 [.081] P1_20 -.018334 .024294 -.754678 [.450] P2_20 .032188 .027086 1.18834 [.235] P3_20 -.015771 .024938 -.632408 [.527] P4_20 -.055893 .030844 -1.81210 [.070] P5_20 -.155614E-02 .035801 -.043466 [.965] P6_20 -.074387 .036201 -2.05485 [.040] P7_20 -.085732 .025407 -3.37432 [.001] P8_20 -.015463 .024414 -.633365 [.526] P9_20 -.025280 .025436 -.993867 [.320] P10_20 .025963 .025294 1.02643 [.305] P11_20 -.030769 .029234 -1.05249 [.293] P12_20 -.043989 .027431 -1.60363 [.109] P13_20 .018180 .025101 .724252 [.469] P14_20 -.016791 .024703 -.679707 [.497] P15_20 -.017851 .024028 -.742923 [.458] P16_20 -.032105 .025610 -1.25361 [.210] P17_20 -.030393 .025576 -1.18834 [.235] P18_20 .023865 .034380 .694170 [.488] P19_20 .041157 .056305 .730959 [.465] P20_20 .536908E-02 .023624 .227271 [.820] P21_20 .073763 .027823 2.65115 [.008] DI1_20 .048183 .033644 1.43216 [.152] DF1_20 -.734982E-02 .013481 -.545178 [.586] DI2_20 -.010836 .055259 -.196095 [.845] DF2_20 .010317 .706158E-02 1.46102 [.144] DI3_20 -.623312E-02 .052669 -.118345 [.906] DF3_20 .022679 .653516E-02 3.47028 [.001] S1_20 -.170791 .072613 -2.35208 [.019] S2_20 .140566 .067247 2.09030 [.037] S3_20 .031639 .057871 .546712 [.585] S4_20 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB20 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #21 ====================== EQUATIONS: EQ_NB21 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_21 2.85813 .499586 5.72100 [.000] A4_21 .063954 .129605 .493454 [.622] A3_21 .367837 .164267 2.23927 [.025] A2_21 .213412 .122752 1.73856 [.082] P0_21 -.077670 .044567 -1.74277 [.081] P1_21 -.018334 .024294 -.754678 [.450] P2_21 .032188 .027086 1.18834 [.235] P3_21 -.015771 .024938 -.632408 [.527] P4_21 -.055893 .030844 -1.81210 [.070] P5_21 -.155614E-02 .035801 -.043466 [.965] P6_21 -.074387 .036201 -2.05485 [.040] P7_21 -.085732 .025407 -3.37432 [.001] P8_21 -.015463 .024414 -.633365 [.526] P9_21 -.025280 .025436 -.993867 [.320] P10_21 .025963 .025294 1.02643 [.305] P11_21 -.030769 .029234 -1.05249 [.293] P12_21 -.043989 .027431 -1.60363 [.109] P13_21 .018180 .025101 .724252 [.469] P14_21 -.016791 .024703 -.679707 [.497] P15_21 -.017851 .024028 -.742923 [.458] P16_21 -.032105 .025610 -1.25361 [.210] P17_21 -.030393 .025576 -1.18834 [.235] P18_21 .023865 .034380 .694170 [.488] P19_21 .041157 .056305 .730959 [.465] P20_21 .536908E-02 .023624 .227271 [.820] P21_21 .073763 .027823 2.65115 [.008] DI1_21 .048183 .033644 1.43216 [.152] DF1_21 -.734982E-02 .013481 -.545178 [.586] DI2_21 -.010836 .055259 -.196095 [.845] DF2_21 .010317 .706158E-02 1.46102 [.144] DI3_21 -.623312E-02 .052669 -.118345 [.906] DF3_21 .022679 .653516E-02 3.47028 [.001] S1_21 -.170791 .072613 -2.35208 [.019] S2_21 .140566 .067247 2.09030 [.037] S3_21 .031639 .057871 .546712 [.585] S4_21 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB21 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #22 ====================== EQUATIONS: EQ_NB22 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_22 2.85813 .499586 5.72100 [.000] A4_22 .063954 .129605 .493454 [.622] A3_22 .367837 .164267 2.23927 [.025] A2_22 .213412 .122752 1.73856 [.082] P0_22 -.077670 .044567 -1.74277 [.081] P1_22 -.018334 .024294 -.754678 [.450] P2_22 .032188 .027086 1.18834 [.235] P3_22 -.015771 .024938 -.632408 [.527] P4_22 -.055893 .030844 -1.81210 [.070] P5_22 -.155614E-02 .035801 -.043466 [.965] P6_22 -.074387 .036201 -2.05485 [.040] P7_22 -.085732 .025407 -3.37432 [.001] P8_22 -.015463 .024414 -.633365 [.526] P9_22 -.025280 .025436 -.993867 [.320] P10_22 .025963 .025294 1.02643 [.305] P11_22 -.030769 .029234 -1.05249 [.293] P12_22 -.043989 .027431 -1.60363 [.109] P13_22 .018180 .025101 .724252 [.469] P14_22 -.016791 .024703 -.679707 [.497] P15_22 -.017851 .024028 -.742923 [.458] P16_22 -.032105 .025610 -1.25361 [.210] P17_22 -.030393 .025576 -1.18834 [.235] P18_22 .023865 .034380 .694170 [.488] P19_22 .041157 .056305 .730959 [.465] P20_22 .536908E-02 .023624 .227271 [.820] P21_22 .073763 .027823 2.65115 [.008] DI1_22 .048183 .033644 1.43216 [.152] DF1_22 -.734982E-02 .013481 -.545178 [.586] DI2_22 -.010836 .055259 -.196095 [.845] DF2_22 .010317 .706158E-02 1.46102 [.144] DI3_22 -.623312E-02 .052669 -.118345 [.906] DF3_22 .022679 .653516E-02 3.47028 [.001] S1_22 -.170791 .072613 -2.35208 [.019] S2_22 .140566 .067247 2.09030 [.037] S3_22 .031639 .057871 .546712 [.585] S4_22 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) INVESTOR #23 ====================== EQUATIONS: EQ_NB23 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_23 2.85813 .499586 5.72100 [.000] A4_23 .063954 .129605 .493454 [.622] A3_23 .367837 .164267 2.23927 [.025] A2_23 .213412 .122752 1.73856 [.082] P0_23 -.077670 .044567 -1.74277 [.081] P1_23 -.018334 .024294 -.754678 [.450] P2_23 .032188 .027086 1.18834 [.235] P3_23 -.015771 .024938 -.632408 [.527] P4_23 -.055893 .030844 -1.81210 [.070] P5_23 -.155614E-02 .035801 -.043466 [.965] P6_23 -.074387 .036201 -2.05485 [.040] P7_23 -.085732 .025407 -3.37432 [.001] P8_23 -.015463 .024414 -.633365 [.526] P9_23 -.025280 .025436 -.993867 [.320] P10_23 .025963 .025294 1.02643 [.305] P11_23 -.030769 .029234 -1.05249 [.293] P12_23 -.043989 .027431 -1.60363 [.109] P13_23 .018180 .025101 .724252 [.469] P14_23 -.016791 .024703 -.679707 [.497] P15_23 -.017851 .024028 -.742923 [.458] P16_23 -.032105 .025610 -1.25361 [.210] P17_23 -.030393 .025576 -1.18834 [.235] P18_23 .023865 .034380 .694170 [.488] P19_23 .041157 .056305 .730959 [.465] P20_23 .536908E-02 .023624 .227271 [.820] P21_23 .073763 .027823 2.65115 [.008] DI1_23 .048183 .033644 1.43216 [.152] DF1_23 -.734982E-02 .013481 -.545178 [.586] DI2_23 -.010836 .055259 -.196095 [.845] DF2_23 .010317 .706158E-02 1.46102 [.144] DI3_23 -.623312E-02 .052669 -.118345 [.906] DF3_23 .022679 .653516E-02 3.47028 [.001] S1_23 -.170791 .072613 -2.35208 [.019] S2_23 .140566 .067247 2.09030 [.037] S3_23 .031639 .057871 .546712 [.585] S4_23 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB23 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #24 ====================== EQUATIONS: EQ_NB24 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_24 2.85813 .499586 5.72100 [.000] A4_24 .063954 .129605 .493454 [.622] A3_24 .367837 .164267 2.23927 [.025] A2_24 .213412 .122752 1.73856 [.082] P0_24 -.077670 .044567 -1.74277 [.081] P1_24 -.018334 .024294 -.754678 [.450] P2_24 .032188 .027086 1.18834 [.235] P3_24 -.015771 .024938 -.632408 [.527] P4_24 -.055893 .030844 -1.81210 [.070] P5_24 -.155614E-02 .035801 -.043466 [.965] P6_24 -.074387 .036201 -2.05485 [.040] P7_24 -.085732 .025407 -3.37432 [.001] P8_24 -.015463 .024414 -.633365 [.526] P9_24 -.025280 .025436 -.993867 [.320] P10_24 .025963 .025294 1.02643 [.305] P11_24 -.030769 .029234 -1.05249 [.293] P12_24 -.043989 .027431 -1.60363 [.109] P13_24 .018180 .025101 .724252 [.469] P14_24 -.016791 .024703 -.679707 [.497] P15_24 -.017851 .024028 -.742923 [.458] P16_24 -.032105 .025610 -1.25361 [.210] P17_24 -.030393 .025576 -1.18834 [.235] P18_24 .023865 .034380 .694170 [.488] P19_24 .041157 .056305 .730959 [.465] P20_24 .536908E-02 .023624 .227271 [.820] P21_24 .073763 .027823 2.65115 [.008] DI1_24 .048183 .033644 1.43216 [.152] DF1_24 -.734982E-02 .013481 -.545178 [.586] DI2_24 -.010836 .055259 -.196095 [.845] DF2_24 .010317 .706158E-02 1.46102 [.144] DI3_24 -.623312E-02 .052669 -.118345 [.906] DF3_24 .022679 .653516E-02 3.47028 [.001] S1_24 -.170791 .072613 -2.35208 [.019] S2_24 .140566 .067247 2.09030 [.037] S3_24 .031639 .057871 .546712 [.585] S4_24 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB24 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] INVESTOR #25 ====================== EQUATIONS: EQ_NB25 NOB 720 SBIC 811.972 LOGL -693.546 Standard Parameter Estimate Error t-statistic P-value C_25 2.85813 .499586 5.72100 [.000] A4_25 .063954 .129605 .493454 [.622] A3_25 .367837 .164267 2.23927 [.025] A2_25 .213412 .122752 1.73856 [.082] P0_25 -.077670 .044567 -1.74277 [.081] P1_25 -.018334 .024294 -.754678 [.450] P2_25 .032188 .027086 1.18834 [.235] P3_25 -.015771 .024938 -.632408 [.527] P4_25 -.055893 .030844 -1.81210 [.070] P5_25 -.155614E-02 .035801 -.043466 [.965] P6_25 -.074387 .036201 -2.05485 [.040] P7_25 -.085732 .025407 -3.37432 [.001] P8_25 -.015463 .024414 -.633365 [.526] P9_25 -.025280 .025436 -.993867 [.320] P10_25 .025963 .025294 1.02643 [.305] P11_25 -.030769 .029234 -1.05249 [.293] P12_25 -.043989 .027431 -1.60363 [.109] P13_25 .018180 .025101 .724252 [.469] P14_25 -.016791 .024703 -.679707 [.497] P15_25 -.017851 .024028 -.742923 [.458] P16_25 -.032105 .025610 -1.25361 [.210] P17_25 -.030393 .025576 -1.18834 [.235] P18_25 .023865 .034380 .694170 [.488] P19_25 .041157 .056305 .730959 [.465] P20_25 .536908E-02 .023624 .227271 [.820] P21_25 .073763 .027823 2.65115 [.008] DI1_25 .048183 .033644 1.43216 [.152] DF1_25 -.734982E-02 .013481 -.545178 [.586] DI2_25 -.010836 .055259 -.196095 [.845] DF2_25 .010317 .706158E-02 1.46102 [.144] DI3_25 -.623312E-02 .052669 -.118345 [.906] DF3_25 .022679 .653516E-02 3.47028 [.001] S1_25 -.170791 .072613 -2.35208 [.019] S2_25 .140566 .067247 2.09030 [.037] S3_25 .031639 .057871 .546712 [.585] S4_25 .066545 .042317 1.57253 [.116] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB25 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944] Equation: EQ_NB22 Dependent variable: LPSE YMEAN 5.12628 S2 .423133 ARSQ .566892 SDEV .988418 S .650487 LMHET .039788 [.842] SSR 289.423 RSQ .587975 DW 1.98175 [<.944]