INVESTOR #1 ===================== EQUATIONS: EQ_B1 NOB 610 SBIC 698.185 LOGL -566.709 Standard Parameter Estimate Error t-statistic P-value C_1 2.81478 .560612 5.02090 [.000] A5_1 .117020 .098969 1.18239 [.237] A4_1 .130065 .192278 .676439 [.499] A3_1 .243292 .188257 1.29234 [.196] A2_1 .183056 .134363 1.36240 [.173] P0_1 -.042872 .023852 -1.79740 [.072] P1_1 -.016694 .025583 -.652529 [.514] P2_1 .026266 .029809 .881157 [.378] P3_1 -.056087 .026849 -2.08898 [.037] P4_1 -.060372 .031947 -1.88975 [.059] P5_1 -.270886E-02 .036206 -.074819 [.940] P6_1 -.058319 .038458 -1.51641 [.129] P7_1 -.078572 .027219 -2.88671 [.004] P8_1 -.031599 .026186 -1.20674 [.228] P9_1 -.032658 .026830 -1.21720 [.224] P10_1 .031553 .027009 1.16824 [.243] P11_1 -.061243 .031159 -1.96552 [.049] P12_1 -.043456 .030125 -1.44251 [.149] P13_1 .476790E-02 .026205 .181949 [.856] P14_1 -.039860 .026687 -1.49364 [.135] P15_1 -.010972 .025737 -.426288 [.670] P16_1 .611907E-02 .029122 .210116 [.834] P17_1 -.035730 .027350 -1.30639 [.191] P18_1 .024986 .034960 .714709 [.475] P19_1 .031667 .063206 .501008 [.616] P20_1 .990033E-02 .023212 .426518 [.670] P21_1 .075090 .027789 2.70219 [.007] DI1_1 .032377 .035594 .909598 [.363] DF1_1 .905842E-03 .014397 .062918 [.950] DI2_1 .934260E-02 .059589 .156783 [.875] DF2_1 .013006 .760235E-02 1.71073 [.087] DI3_1 -.034356 .068381 -.502413 [.615] DF3_1 .012385 .711447E-02 1.74082 [.082] DI4_1 .035765 .063611 .562244 [.574] DF4_1 .014697 .617079E-02 2.38165 [.017] S1_1 -.171465 .075924 -2.25837 [.024] S2_1 .140621 .069041 2.03679 [.042] S3_1 .021140 .058496 .361392 [.718] S4_1 -.022138 .053916 -.410604 [.681] S5_1 .076027 .032161 2.36395 [.018] B_1 .011438 .025103 .455642 [.649] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B1 Dependent variable: LPSE YMEAN 5.08721 S2 .402429 ARSQ .586611 SDEV .986654 S .634373 LMHET .246549 [.620] SSR 228.982 RSQ .613763 DW 1.83610 [<.587] INVESTOR #2 ===================== EQUATIONS: EQ_B2 NOB 610 SBIC 698.103 LOGL -566.627 Standard Parameter Estimate Error t-statistic P-value C_2 2.83360 .562478 5.03770 [.000] A5_2 .114295 .098937 1.15523 [.248] A4_2 .134046 .192286 .697120 [.486] A3_2 .242268 .188199 1.28730 [.198] A2_2 .183856 .134348 1.36851 [.171] P0_2 -.044429 .023785 -1.86796 [.062] P1_2 -.016346 .025590 -.638768 [.523] P2_2 .026898 .029836 .901514 [.367] P3_2 -.056803 .026884 -2.11292 [.035] P4_2 -.059156 .031840 -1.85792 [.063] P5_2 -.103576E-02 .036390 -.028463 [.977] P6_2 -.056587 .038480 -1.47054 [.141] P7_2 -.078652 .027149 -2.89703 [.004] P8_2 -.030740 .026205 -1.17305 [.241] P9_2 -.032773 .026824 -1.22178 [.222] P10_2 .031677 .027006 1.17295 [.241] P11_2 -.061868 .031160 -1.98553 [.047] P12_2 -.043513 .030120 -1.44463 [.149] P13_2 .583339E-02 .026171 .222897 [.824] P14_2 -.040604 .026721 -1.51956 [.129] P15_2 -.011500 .025736 -.446829 [.655] P16_2 .614747E-02 .029116 .211139 [.833] P17_2 -.035723 .027345 -1.30638 [.191] P18_2 .023596 .035045 .673320 [.501] P19_2 .032558 .063238 .514848 [.607] P20_2 .010325 .023223 .444613 [.657] P21_2 .076069 .027853 2.73111 [.006] DI1_2 .032023 .035598 .899576 [.368] DF1_2 .104682E-02 .014400 .072697 [.942] DI2_2 .971256E-02 .059588 .162996 [.871] DF2_2 .012962 .758955E-02 1.70786 [.088] DI3_2 -.034273 .068368 -.501309 [.616] DF3_2 .012285 .711613E-02 1.72640 [.084] DI4_2 .035273 .063613 .554492 [.579] DF4_2 .014722 .616605E-02 2.38759 [.017] S1_2 -.171406 .075914 -2.25789 [.024] S2_2 .141758 .068719 2.06286 [.039] S3_2 .021248 .058485 .363311 [.716] S4_2 -.021233 .053950 -.393569 [.694] S5_2 .075592 .032170 2.34976 [.019] B_2 .897291E-02 .014934 .600851 [.548] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B2 Dependent variable: LPSE YMEAN 5.08721 S2 .402321 ARSQ .586722 SDEV .986654 S .634287 LMHET .208388 [.648] SSR 228.920 RSQ .613867 DW 1.83883 [<.600] INVESTOR #3 ===================== EQUATIONS: EQ_B3 NOB 610 SBIC 698.290 LOGL -566.814 Standard Parameter Estimate Error t-statistic P-value C_3 2.78426 .556595 5.00231 [.000] A5_3 .115001 .099144 1.15994 [.246] A4_3 .131722 .192329 .684878 [.493] A3_3 .248699 .188253 1.32109 [.186] A2_3 .182402 .134644 1.35470 [.176] P0_3 -.043938 .023806 -1.84566 [.065] P1_3 -.016765 .025592 -.655100 [.512] P2_3 .026194 .029863 .877119 [.380] P3_3 -.055817 .026865 -2.07768 [.038] P4_3 -.059021 .031899 -1.85028 [.064] P5_3 -.335115E-02 .036195 -.092587 [.926] P6_3 -.057728 .038444 -1.50160 [.133] P7_3 -.079726 .027099 -2.94208 [.003] P8_3 -.031474 .026191 -1.20175 [.229] P9_3 -.032790 .026834 -1.22197 [.222] P10_3 .031248 .027005 1.15712 [.247] P11_3 -.061328 .031181 -1.96685 [.049] P12_3 -.043629 .030133 -1.44792 [.148] P13_3 .538312E-02 .026172 .205680 [.837] P14_3 -.039762 .026691 -1.48971 [.136] P15_3 -.011170 .025738 -.433986 [.664] P16_3 .644575E-02 .029134 .221243 [.825] P17_3 -.035577 .027353 -1.30063 [.193] P18_3 .025109 .034965 .718123 [.473] P19_3 .030587 .063212 .483874 [.628] P20_3 .983695E-02 .023216 .423722 [.672] P21_3 .074873 .027789 2.69431 [.007] DI1_3 .032509 .035600 .913188 [.361] DF1_3 .750052E-03 .014396 .052100 [.958] DI2_3 .816834E-02 .059718 .136781 [.891] DF2_3 .012742 .758606E-02 1.67967 [.093] DI3_3 -.033628 .068436 -.491378 [.623] DF3_3 .012413 .711608E-02 1.74429 [.081] DI4_3 .037263 .063820 .583878 [.559] DF4_3 .014822 .616568E-02 2.40403 [.016] S1_3 -.171586 .075937 -2.25959 [.024] S2_3 .144056 .068631 2.09898 [.036] S3_3 .021433 .058504 .366361 [.714] S4_3 -.022925 .053966 -.424805 [.671] S5_3 .076049 .032196 2.36205 [.018] B_3 .136311E-02 .013112 .103962 [.917] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B3 Dependent variable: LPSE YMEAN 5.08721 S2 .402568 ARSQ .586468 SDEV .986654 S .634483 LMHET .256720 [.612] SSR 229.061 RSQ .613629 DW 1.83260 [<.570] INVESTOR #4 ===================== EQUATIONS: EQ_B4 NOB 610 SBIC 697.910 LOGL -566.434 Standard Parameter Estimate Error t-statistic P-value C_4 2.84576 .560694 5.07542 [.000] A5_4 .116025 .098880 1.17339 [.241] A4_4 .131892 .192173 .686322 [.493] A3_4 .238034 .188266 1.26435 [.206] A2_4 .184489 .134310 1.37361 [.170] P0_4 -.043365 .023760 -1.82514 [.068] P1_4 -.016049 .025586 -.627240 [.531] P2_4 .026681 .029800 .895324 [.371] P3_4 -.057294 .026884 -2.13119 [.033] P4_4 -.061112 .031909 -1.91518 [.055] P5_4 -.198170E-02 .036193 -.054754 [.956] P6_4 -.057832 .038420 -1.50524 [.132] P7_4 -.077846 .027171 -2.86503 [.004] P8_4 -.030593 .026190 -1.16811 [.243] P9_4 -.032572 .026817 -1.21460 [.225] P10_4 .031880 .026999 1.18081 [.238] P11_4 -.061726 .031144 -1.98197 [.047] P12_4 -.043401 .030111 -1.44135 [.149] P13_4 .583924E-02 .026158 .223228 [.823] P14_4 -.039093 .026684 -1.46504 [.143] P15_4 -.011635 .025728 -.452228 [.651] P16_4 .688240E-02 .029111 .236420 [.813] P17_4 -.036109 .027343 -1.32062 [.187] P18_4 .025037 .034943 .716505 [.474] P19_4 .033196 .063198 .525270 [.599] P20_4 .010074 .023203 .434169 [.664] P21_4 .075416 .027779 2.71482 [.007] DI1_4 .032074 .035581 .901441 [.367] DF1_4 .129591E-02 .014401 .089988 [.928] DI2_4 .011375 .059630 .190766 [.849] DF2_4 .013181 .759591E-02 1.73527 [.083] DI3_4 -.034540 .068347 -.505355 [.613] DF3_4 .012197 .711532E-02 1.71417 [.086] DI4_4 .033879 .063636 .532383 [.594] DF4_4 .014672 .616439E-02 2.38009 [.017] S1_4 -.171848 .075890 -2.26443 [.024] S2_4 .139819 .068772 2.03308 [.042] S3_4 .020144 .058487 .344419 [.731] S4_4 -.020652 .053932 -.382922 [.702] S5_4 .075839 .032147 2.35914 [.018] B_4 .015209 .017913 .849082 [.396] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B4 Dependent variable: LPSE YMEAN 5.08721 S2 .402066 ARSQ .586983 SDEV .986654 S .634087 LMHET .190821 [.662] SSR 228.776 RSQ .614111 DW 1.83647 [<.589] INVESTOR #5 ===================== EQUATIONS: EQ_B5 NOB 610 SBIC 698.011 LOGL -566.535 Standard Parameter Estimate Error t-statistic P-value C_5 2.86881 .568421 5.04697 [.000] A5_5 .114144 .098918 1.15393 [.249] A4_5 .134228 .192245 .698216 [.485] A3_5 .235227 .188732 1.24635 [.213] A2_5 .184798 .134340 1.37560 [.169] P0_5 -.044035 .023760 -1.85330 [.064] P1_5 -.017502 .025591 -.683914 [.494] P2_5 .026801 .029815 .898910 [.369] P3_5 -.056949 .026876 -2.11895 [.034] P4_5 -.059735 .031844 -1.87590 [.061] P5_5 .383892E-03 .036542 .010505 [.992] P6_5 -.055586 .038540 -1.44229 [.149] P7_5 -.077601 .027245 -2.84827 [.004] P8_5 -.030963 .026184 -1.18250 [.237] P9_5 -.033379 .026831 -1.24407 [.213] P10_5 .032230 .027027 1.19252 [.233] P11_5 -.062529 .031183 -2.00527 [.045] P12_5 -.043116 .030122 -1.43137 [.152] P13_5 .545232E-02 .026158 .208439 [.835] P14_5 -.041541 .026792 -1.55047 [.121] P15_5 -.011907 .025746 -.462465 [.644] P16_5 .585783E-02 .029117 .201180 [.841] P17_5 -.036064 .027349 -1.31866 [.187] P18_5 .022484 .035134 .639951 [.522] P19_5 .029486 .063124 .467115 [.640] P20_5 .010355 .023216 .446010 [.656] P21_5 .076550 .027872 2.74644 [.006] DI1_5 .032183 .035586 .904361 [.366] DF1_5 .131524E-02 .014410 .091271 [.927] DI2_5 .011644 .059696 .195055 [.845] DF2_5 .013166 .760139E-02 1.73203 [.083] DI3_5 -.035803 .068404 -.523397 [.601] DF3_5 .012228 .711640E-02 1.71831 [.086] DI4_5 .035654 .063576 .560816 [.575] DF4_5 .014645 .616766E-02 2.37447 [.018] S1_5 -.171092 .075905 -2.25402 [.024] S2_5 .137377 .069214 1.98480 [.047] S3_5 .021813 .058477 .373028 [.709] S4_5 -.021267 .053923 -.394396 [.693] S5_5 .075198 .032179 2.33689 [.019] B_5 .019050 .026117 .729431 [.466] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B5 Dependent variable: LPSE YMEAN 5.08721 S2 .402200 ARSQ .586846 SDEV .986654 S .634192 LMHET .184100 [.668] SSR 228.852 RSQ .613983 DW 1.83375 [<.575] INVESTOR #6 ===================== EQUATIONS: EQ_B6 NOB 610 SBIC 697.619 LOGL -566.143 Standard Parameter Estimate Error t-statistic P-value C_6 2.90543 .566129 5.13210 [.000] A5_6 .102346 .099539 1.02820 [.304] A4_6 .136807 .192142 .712009 [.476] A3_6 .247396 .187828 1.31714 [.188] A2_6 .178298 .134311 1.32751 [.184] P0_6 -.046395 .023855 -1.94488 [.052] P1_6 -.015998 .025568 -.625712 [.532] P2_6 .029637 .029950 .989527 [.322] P3_6 -.055076 .026831 -2.05266 [.040] P4_6 -.056457 .031908 -1.76933 [.077] P5_6 .304886E-02 .036596 .083311 [.934] P6_6 -.054809 .038490 -1.42396 [.154] P7_6 -.076961 .027178 -2.83169 [.005] P8_6 -.031315 .026159 -1.19708 [.231] P9_6 -.034884 .026865 -1.29846 [.194] P10_6 .031333 .026975 1.16154 [.245] P11_6 -.061234 .031128 -1.96720 [.049] P12_6 -.042814 .030104 -1.42222 [.155] P13_6 .586311E-02 .026144 .224262 [.823] P14_6 -.040237 .026664 -1.50900 [.131] P15_6 -.012018 .025721 -.467245 [.640] P16_6 .667227E-02 .029092 .229351 [.819] P17_6 -.036194 .027328 -1.32443 [.185] P18_6 .021152 .035103 .602553 [.547] P19_6 .029226 .063081 .463304 [.643] P20_6 .010342 .023194 .445884 [.656] P21_6 .077821 .027883 2.79102 [.005] DI1_6 .031582 .035570 .887881 [.375] DF1_6 .123521E-02 .014385 .085865 [.932] DI2_6 .905089E-02 .059513 .152083 [.879] DF2_6 .012845 .757639E-02 1.69536 [.090] DI3_6 -.032437 .068323 -.474764 [.635] DF3_6 .012345 .710795E-02 1.73680 [.082] DI4_6 .040066 .063589 .630067 [.529] DF4_6 .014634 .616119E-02 2.37512 [.018] S1_6 -.168475 .075904 -2.21958 [.026] S2_6 .137385 .068814 1.99647 [.046] S3_6 .022058 .058440 .377447 [.706] S4_6 -.024218 .053871 -.449555 [.653] S5_6 .071866 .032359 2.22091 [.026] B_6 .038016 .033803 1.12465 [.261] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B6 Dependent variable: LPSE YMEAN 5.08721 S2 .401683 ARSQ .587377 SDEV .986654 S .633785 LMHET .164951 [.685] SSR 228.558 RSQ .614479 DW 1.83460 [<.580] INVESTOR #7 ===================== EQUATIONS: EQ_B7 NOB 610 SBIC 697.633 LOGL -566.157 Standard Parameter Estimate Error t-statistic P-value C_7 2.88606 .563202 5.12437 [.000] A5_7 .123478 .099084 1.24620 [.213] A4_7 .114332 .192691 .593346 [.553] A3_7 .248961 .187835 1.32542 [.185] A2_7 .179941 .134274 1.34010 [.180] P0_7 -.043892 .023744 -1.84858 [.065] P1_7 -.017536 .025567 -.685913 [.493] P2_7 .027000 .029790 .906361 [.365] P3_7 -.056392 .026825 -2.10218 [.036] P4_7 -.060305 .031831 -1.89455 [.058] P5_7 .263147E-02 .036549 .071999 [.943] P6_7 -.056533 .038418 -1.47153 [.141] P7_7 -.077848 .027118 -2.87068 [.004] P8_7 -.032010 .026165 -1.22341 [.221] P9_7 -.033807 .026818 -1.26063 [.207] P10_7 .031763 .026980 1.17729 [.239] P11_7 -.062186 .031135 -1.99731 [.046] P12_7 -.042813 .030105 -1.42214 [.155] P13_7 .268614E-02 .026257 .102302 [.919] P14_7 -.042238 .026756 -1.57863 [.114] P15_7 -.011810 .025717 -.459216 [.646] P16_7 .645148E-02 .029091 .221766 [.824] P17_7 -.036014 .027326 -1.31797 [.188] P18_7 .020042 .035223 .569014 [.569] P19_7 .026567 .063164 .420606 [.674] P20_7 .010933 .023212 .471035 [.638] P21_7 .077988 .027901 2.79519 [.005] DI1_7 .032272 .035562 .907500 [.364] DF1_7 .144620E-02 .014393 .100478 [.920] DI2_7 .010752 .059544 .180579 [.857] DF2_7 .013043 .758050E-02 1.72066 [.085] DI3_7 -.029462 .068429 -.430554 [.667] DF3_7 .012301 .710851E-02 1.73052 [.084] DI4_7 .029394 .063859 .460304 [.645] DF4_7 .014551 .616388E-02 2.36062 [.018] S1_7 -.171391 .075855 -2.25944 [.024] S2_7 .135338 .069007 1.96123 [.050] S3_7 .022279 .058443 .381202 [.703] S4_7 -.021859 .053860 -.405859 [.685] S5_7 .077485 .032151 2.41005 [.016] B_7 .025626 .023027 1.11283 [.266] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B7 Dependent variable: LPSE YMEAN 5.08721 S2 .401702 ARSQ .587358 SDEV .986654 S .633799 LMHET .132863 [.715] SSR 228.568 RSQ .614461 DW 1.83995 [<.605] INVESTOR #8 ===================== EQUATIONS: EQ_B8 NOB 610 SBIC 698.215 LOGL -566.739 Standard Parameter Estimate Error t-statistic P-value C_8 2.80710 .559757 5.01485 [.000] A5_8 .110022 .099988 1.10035 [.271] A4_8 .134904 .192488 .700842 [.483] A3_8 .250518 .188146 1.33151 [.183] A2_8 .180211 .134600 1.33886 [.181] P0_8 -.045065 .023988 -1.87863 [.060] P1_8 -.016279 .025621 -.635399 [.525] P2_8 .027605 .030088 .917484 [.359] P3_8 -.055123 .026923 -2.04742 [.041] P4_8 -.057489 .032151 -1.78813 [.074] P5_8 -.224830E-02 .036307 -.061924 [.951] P6_8 -.056674 .038537 -1.47062 [.141] P7_8 -.079424 .027104 -2.93029 [.003] P8_8 -.031750 .026197 -1.21196 [.226] P9_8 -.033537 .026892 -1.24708 [.212] P10_8 .031052 .027005 1.14984 [.250] P11_8 -.061057 .031173 -1.95865 [.050] P12_8 -.043666 .030126 -1.44943 [.147] P13_8 .578251E-02 .026183 .220848 [.825] P14_8 -.039730 .026687 -1.48875 [.137] P15_8 -.010959 .025741 -.425753 [.670] P16_8 .661086E-02 .029126 .226973 [.820] P17_8 -.035566 .027349 -1.30046 [.193] P18_8 .024907 .034964 .712344 [.476] P19_8 .032244 .063338 .509077 [.611] P20_8 .988472E-02 .023213 .425826 [.670] P21_8 .075015 .027788 2.69950 [.007] DI1_8 .032454 .035595 .911756 [.362] DF1_8 .808716E-03 .014394 .056184 [.955] DI2_8 .752829E-02 .059633 .126244 [.900] DF2_8 .012647 .758892E-02 1.66645 [.096] DI3_8 -.033744 .068379 -.493482 [.622] DF3_8 .012423 .711487E-02 1.74602 [.081] DI4_8 .039820 .064087 .621349 [.534] DF4_8 .014843 .616515E-02 2.40759 [.016] S1_8 -.170382 .075991 -2.24213 [.025] S2_8 .143419 .068644 2.08932 [.037] S3_8 .021991 .058509 .375849 [.707] S4_8 -.024267 .054061 -.448880 [.654] S5_8 .074847 .032348 2.31381 [.021] B_8 .601611E-02 .015487 .388457 [.698] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B8 Dependent variable: LPSE YMEAN 5.08721 S2 .402469 ARSQ .586570 SDEV .986654 S .634405 LMHET .252744 [.615] SSR 229.005 RSQ .613724 DW 1.83157 [<.565] INVESTOR #9 ===================== EQUATIONS: EQ_B9 NOB 610 SBIC 698.112 LOGL -566.636 Standard Parameter Estimate Error t-statistic P-value C_9 2.82879 .561579 5.03721 [.000] A5_9 .107956 .099780 1.08194 [.279] A4_9 .129997 .192249 .676190 [.499] A3_9 .255207 .188408 1.35454 [.176] A2_9 .180699 .134418 1.34431 [.179] P0_9 -.045361 .023911 -1.89709 [.058] P1_9 -.016921 .025579 -.661528 [.508] P2_9 .028170 .030027 .938135 [.348] P3_9 -.054483 .026952 -2.02145 [.043] P4_9 -.057110 .032040 -1.78244 [.075] P5_9 -.444136E-02 .036198 -.122696 [.902] P6_9 -.055704 .038589 -1.44350 [.149] P7_9 -.079596 .027085 -2.93869 [.003] P8_9 -.031716 .026185 -1.21125 [.226] P9_9 -.033041 .026827 -1.23164 [.218] P10_9 .031625 .027005 1.17107 [.242] P11_9 -.060249 .031219 -1.92991 [.054] P12_9 -.045002 .030217 -1.48927 [.136] P13_9 .512550E-02 .026167 .195876 [.845] P14_9 -.040482 .026713 -1.51545 [.130] P15_9 -.011671 .025745 -.453349 [.650] P16_9 .642730E-02 .029114 .220761 [.825] P17_9 -.035530 .027344 -1.29937 [.194] P18_9 .026094 .034994 .745656 [.456] P19_9 .029145 .063155 .461484 [.644] P20_9 .965148E-02 .023211 .415820 [.678] P21_9 .075506 .027803 2.71580 [.007] DI1_9 .032739 .035591 .919843 [.358] DF1_9 .300898E-03 .014408 .020884 [.983] DI2_9 .730145E-02 .059600 .122507 [.902] DF2_9 .012627 .758544E-02 1.66469 [.096] DI3_9 -.031984 .068444 -.467309 [.640] DF3_9 .012449 .711391E-02 1.74990 [.080] DI4_9 .037592 .063588 .591184 [.554] DF4_9 .014794 .616407E-02 2.40001 [.016] S1_9 -.169497 .075998 -2.23027 [.026] S2_9 .142818 .068645 2.08054 [.037] S3_9 .022414 .058506 .383112 [.702] S4_9 -.024250 .053964 -.449375 [.653] S5_9 .074183 .032338 2.29398 [.022] B_9 .014358 .024480 .586539 [.558] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B9 Dependent variable: LPSE YMEAN 5.08721 S2 .402333 ARSQ .586710 SDEV .986654 S .634297 LMHET .259668 [.610] SSR 228.927 RSQ .613855 DW 1.82768 [<.546] INVESTOR #10 ====================== EQUATIONS: EQ_B10 NOB 610 SBIC 697.223 LOGL -565.747 Standard Parameter Estimate Error t-statistic P-value C_10 2.90574 .561823 5.17198 [.000] A5_10 .104437 .099086 1.05401 [.292] A4_10 .121933 .192070 .634837 [.526] A3_10 .264329 .188071 1.40548 [.160] A2_10 .177407 .134215 1.32181 [.186] P0_10 -.047506 .023871 -1.99007 [.047] P1_10 -.015287 .025564 -.597975 [.550] P2_10 .030926 .029959 1.03231 [.302] P3_10 -.052088 .026939 -1.93355 [.053] P4_10 -.054034 .032003 -1.68838 [.091] P5_10 -.359303E-02 .036109 -.099505 [.921] P6_10 -.053505 .038493 -1.38999 [.165] P7_10 -.079796 .027044 -2.95060 [.003] P8_10 -.030057 .026160 -1.14896 [.251] P9_10 -.031840 .026794 -1.18832 [.235] P10_10 .030121 .026969 1.11689 [.264] P11_10 -.061810 .031108 -1.98695 [.047] P12_10 -.043685 .030077 -1.45246 [.146] P13_10 .553285E-02 .026124 .211790 [.832] P14_10 -.038616 .026655 -1.44873 [.147] P15_10 -.011796 .025697 -.459043 [.646] P16_10 .660487E-02 .029072 .227188 [.820] P17_10 -.036395 .027311 -1.33263 [.183] P18_10 .026650 .034920 .763166 [.445] P19_10 .027676 .063060 .438877 [.661] P20_10 .010142 .023176 .437604 [.662] P21_10 .076311 .027759 2.74904 [.006] DI1_10 .031915 .035540 .898000 [.369] DF1_10 .836368E-03 .014369 .058206 [.954] DI2_10 .580374E-02 .059506 .097533 [.922] DF2_10 .012480 .757366E-02 1.64781 [.099] DI3_10 -.021385 .068836 -.310660 [.756] DF3_10 .012716 .710657E-02 1.78931 [.074] DI4_10 .031263 .063594 .491605 [.623] DF4_10 .014531 .615834E-02 2.35962 [.018] S1_10 -.168383 .075838 -2.22030 [.026] S2_10 .141637 .068532 2.06672 [.039] S3_10 .018901 .058428 .323485 [.746] S4_10 -.022693 .053819 -.421652 [.673] S5_10 .071730 .032263 2.22331 [.026] B_10 .043945 .031035 1.41599 [.157] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B10 Dependent variable: LPSE YMEAN 5.08721 S2 .401162 ARSQ .587912 SDEV .986654 S .633374 LMHET .241701 [.623] SSR 228.261 RSQ .614979 DW 1.83979 [<.604] INVESTOR #11 ====================== EQUATIONS: EQ_B11 NOB 610 SBIC 698.030 LOGL -566.554 Standard Parameter Estimate Error t-statistic P-value C_11 2.85079 .564327 5.05167 [.000] A5_11 .112513 .099000 1.13649 [.256] A4_11 .137386 .192402 .714058 [.475] A3_11 .237014 .188572 1.25689 [.209] A2_11 .184811 .134346 1.37563 [.169] P0_11 -.044198 .023766 -1.85976 [.063] P1_11 -.018283 .025659 -.712525 [.476] P2_11 .025677 .029799 .861658 [.389] P3_11 -.056856 .026873 -2.11575 [.034] P4_11 -.059665 .031843 -1.87371 [.061] P5_11 -.165252E-02 .036250 -.045587 [.964] P6_11 -.056396 .038475 -1.46580 [.143] P7_11 -.078251 .027168 -2.88026 [.004] P8_11 -.031007 .026184 -1.18419 [.236] P9_11 -.032434 .026826 -1.20905 [.227] P10_11 .032227 .027030 1.19229 [.233] P11_11 -.062587 .031190 -2.00663 [.045] P12_11 -.042800 .030137 -1.42017 [.156] P13_11 .600318E-02 .026172 .229376 [.819] P14_11 -.041938 .026861 -1.56128 [.118] P15_11 -.011701 .025738 -.454617 [.649] P16_11 .565032E-02 .029128 .193985 [.846] P17_11 -.035695 .027341 -1.30555 [.192] P18_11 .024222 .034973 .692601 [.489] P19_11 .033562 .063289 .530295 [.596] P20_11 .010420 .023221 .448755 [.654] P21_11 .075764 .027807 2.72468 [.006] DI1_11 .032244 .035586 .906092 [.365] DF1_11 .105569E-02 .014396 .073334 [.942] DI2_11 .010826 .059636 .181542 [.856] DF2_11 .013049 .759232E-02 1.71874 [.086] DI3_11 -.035612 .068400 -.520636 [.603] DF3_11 .012206 .711809E-02 1.71478 [.086] DI4_11 .036096 .063567 .567835 [.570] DF4_11 .014753 .616385E-02 2.39339 [.017] S1_11 -.171906 .075906 -2.26472 [.024] S2_11 .140315 .068811 2.03915 [.041] S3_11 .021397 .058477 .365898 [.714] S4_11 -.021575 .053912 -.400177 [.689] S5_11 .075342 .032174 2.34173 [.019] B_11 .011493 .016316 .704421 [.481] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B11 Dependent variable: LPSE YMEAN 5.08721 S2 .402225 ARSQ .586820 SDEV .986654 S .634212 LMHET .204493 [.651] SSR 228.866 RSQ .613959 DW 1.83747 [<.593] INVESTOR #12 ====================== EQUATIONS: EQ_B12 NOB 610 SBIC 698.138 LOGL -566.662 Standard Parameter Estimate Error t-statistic P-value C_12 2.75651 .557624 4.94332 [.000] A5_12 .119064 .099115 1.20127 [.230] A4_12 .130269 .192254 .677591 [.498] A3_12 .243954 .188118 1.29681 [.195] A2_12 .186092 .134453 1.38407 [.166] P0_12 -.043383 .023776 -1.82467 [.068] P1_12 -.017307 .025595 -.676167 [.499] P2_12 .024617 .029911 .823028 [.410] P3_12 -.056508 .026867 -2.10327 [.035] P4_12 -.059536 .031848 -1.86940 [.062] P5_12 -.530609E-02 .036318 -.146099 [.884] P6_12 -.058461 .038457 -1.52016 [.128] P7_12 -.080073 .027089 -2.95586 [.003] P8_12 -.031177 .026186 -1.19060 [.234] P9_12 -.033094 .026830 -1.23346 [.217] P10_12 .030949 .027003 1.14612 [.252] P11_12 -.061237 .031156 -1.96550 [.049] P12_12 -.043986 .030131 -1.45982 [.144] P13_12 .560104E-02 .026165 .214063 [.830] P14_12 -.038370 .026802 -1.43163 [.152] P15_12 -.011309 .025733 -.439466 [.660] P16_12 .650706E-02 .029117 .223483 [.823] P17_12 -.035255 .027350 -1.28899 [.197] P18_12 .026289 .035023 .750625 [.453] P19_12 .034721 .063656 .545447 [.585] P20_12 .990620E-02 .023210 .426805 [.670] P21_12 .073726 .027861 2.64618 [.008] DI1_12 .032382 .035591 .909837 [.363] DF1_12 .381309E-03 .014404 .026472 [.979] DI2_12 .010230 .059638 .171539 [.864] DF2_12 .012923 .758847E-02 1.70293 [.089] DI3_12 -.036399 .068524 -.531192 [.595] DF3_12 .012412 .711382E-02 1.74470 [.081] DI4_12 .037426 .063587 .588578 [.556] DF4_12 .014906 .616607E-02 2.41743 [.016] S1_12 -.170019 .075973 -2.23788 [.025] S2_12 .143431 .068624 2.09010 [.037] S3_12 .021489 .058487 .367410 [.713] S4_12 -.023545 .053923 -.436640 [.662] S5_12 .077954 .032319 2.41202 [.016] B_12 -.010941 .020162 -.542632 [.587] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B12 Dependent variable: LPSE YMEAN 5.08721 S2 .402368 ARSQ .586674 SDEV .986654 S .634325 LMHET .299441 [.584] SSR 228.947 RSQ .613822 DW 1.82974 [<.556] INVESTOR #13 ====================== EQUATIONS: EQ_B13 NOB 610 SBIC 697.514 LOGL -566.038 Standard Parameter Estimate Error t-statistic P-value C_13 2.87757 .560854 5.13069 [.000] A5_13 .116638 .098818 1.18032 [.238] A4_13 .120579 .192253 .627190 [.531] A3_13 .251758 .187825 1.34039 [.180] A2_13 .180657 .134232 1.34585 [.178] P0_13 -.045771 .023795 -1.92359 [.054] P1_13 -.014916 .025602 -.582618 [.560] P2_13 .029064 .029878 .972772 [.331] P3_13 -.053772 .026875 -2.00083 [.045] P4_13 -.057594 .031837 -1.80901 [.070] P5_13 .142831E-02 .036354 .039289 [.969] P6_13 -.055138 .038455 -1.43382 [.152] P7_13 -.078994 .027065 -2.91868 [.004] P8_13 -.031452 .026155 -1.20253 [.229] P9_13 -.032797 .026798 -1.22385 [.221] P10_13 .030053 .026988 1.11356 [.265] P11_13 -.061384 .031122 -1.97240 [.049] P12_13 -.044428 .030099 -1.47607 [.140] P13_13 .492437E-02 .026140 .188386 [.851] P14_13 -.040194 .026659 -1.50771 [.132] P15_13 -.011185 .025705 -.435110 [.663] P16_13 .685031E-02 .029088 .235500 [.814] P17_13 -.035769 .027318 -1.30936 [.190] P18_13 .022688 .034978 .648634 [.517] P19_13 .032004 .063080 .507360 [.612] P20_13 .010449 .023192 .450560 [.652] P21_13 .077120 .027816 2.77245 [.006] DI1_13 .031576 .035562 .887896 [.375] DF1_13 .113756E-02 .014380 .079108 [.937] DI2_13 .897317E-02 .059502 .150804 [.880] DF2_13 .012910 .757573E-02 1.70411 [.088] DI3_13 -.028809 .068429 -.421014 [.674] DF3_13 .012285 .710721E-02 1.72852 [.084] DI4_13 .031662 .063644 .497485 [.619] DF4_13 .014494 .616384E-02 2.35141 [.019] S1_13 -.168051 .075897 -2.21420 [.027] S2_13 .138694 .068688 2.01917 [.043] S3_13 .021203 .058428 .362885 [.717] S4_13 -.022302 .053845 -.414195 [.679] S5_13 .075740 .032126 2.35762 [.018] B_13 .030838 .025509 1.20890 [.227] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B13 Dependent variable: LPSE YMEAN 5.08721 S2 .401545 ARSQ .587519 SDEV .986654 S .633675 LMHET .154459 [.694] SSR 228.479 RSQ .614612 DW 1.83701 [<.591] INVESTOR #14 ====================== EQUATIONS: EQ_B14 NOB 610 SBIC 698.292 LOGL -566.816 Standard Parameter Estimate Error t-statistic P-value C_14 2.77823 .556900 4.98874 [.000] A5_14 .116468 .099326 1.17258 [.241] A4_14 .131162 .192300 .682071 [.495] A3_14 .247515 .188053 1.31620 [.188] A2_14 .183344 .134388 1.36428 [.172] P0_14 -.043749 .023776 -1.84009 [.066] P1_14 -.016806 .025587 -.656823 [.511] P2_14 .025706 .029985 .857291 [.391] P3_14 -.056156 .026985 -2.08103 [.037] P4_14 -.059406 .031925 -1.86082 [.063] P5_14 -.350997E-02 .036173 -.097032 [.923] P6_14 -.057943 .038507 -1.50474 [.132] P7_14 -.079936 .027136 -2.94573 [.003] P8_14 -.031446 .026188 -1.20077 [.230] P9_14 -.032856 .026835 -1.22439 [.221] P10_14 .031254 .027006 1.15731 [.247] P11_14 -.061447 .031161 -1.97191 [.049] P12_14 -.043539 .030133 -1.44489 [.148] P13_14 .539257E-02 .026172 .206046 [.837] P14_14 -.039694 .026694 -1.48701 [.137] P15_14 -.011115 .025746 -.431714 [.666] P16_14 .636553E-02 .029123 .218576 [.827] P17_14 -.035489 .027359 -1.29712 [.195] P18_14 .025262 .035001 .721756 [.470] P19_14 .031770 .065169 .487501 [.626] P20_14 .982726E-02 .023216 .423305 [.672] P21_14 .074732 .027826 2.68568 [.007] DI1_14 .032639 .035631 .916041 [.360] DF1_14 .721608E-03 .014394 .050132 [.960] DI2_14 .847685E-02 .059591 .142251 [.887] DF2_14 .012771 .758548E-02 1.68359 [.092] DI3_14 -.034287 .068515 -.500432 [.617] DF3_14 .012400 .711569E-02 1.74269 [.081] DI4_14 .037036 .063693 .581466 [.561] DF4_14 .014819 .616582E-02 2.40340 [.016] S1_14 -.171759 .075960 -2.26119 [.024] S2_14 .144242 .068649 2.10115 [.036] S3_14 .021553 .058507 .368377 [.713] S4_14 -.022844 .053943 -.423489 [.672] S5_14 .076495 .032326 2.36639 [.018] B_14 -.248872E-02 .026947 -.092357 [.926] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B14 Dependent variable: LPSE YMEAN 5.08721 S2 .402570 ARSQ .586466 SDEV .986654 S .634484 LMHET .259612 [.610] SSR 229.062 RSQ .613628 DW 1.83314 [<.572] INVESTOR #15 ====================== EQUATIONS: EQ_B15 NOB 610 SBIC 698.044 LOGL -566.568 Standard Parameter Estimate Error t-statistic P-value C_15 2.82483 .559266 5.05096 [.000] A5_15 .113476 .098952 1.14678 [.251] A4_15 .126112 .192364 .655591 [.512] A3_15 .258947 .188666 1.37252 [.170] A2_15 .175341 .134828 1.30048 [.193] P0_15 -.044768 .023801 -1.88090 [.060] P1_15 -.016017 .025603 -.625596 [.532] P2_15 .028073 .029948 .937374 [.349] P3_15 -.055091 .026866 -2.05057 [.040] P4_15 -.058192 .031871 -1.82585 [.068] P5_15 -.183232E-02 .036237 -.050564 [.960] P6_15 -.058006 .038430 -1.50936 [.131] P7_15 -.078937 .027109 -2.91184 [.004] P8_15 -.031517 .026178 -1.20398 [.229] P9_15 -.032542 .026825 -1.21315 [.225] P10_15 .031016 .026996 1.14891 [.251] P11_15 -.060124 .031208 -1.92657 [.054] P12_15 -.044149 .030128 -1.46535 [.143] P13_15 .503706E-02 .026165 .192509 [.847] P14_15 -.039984 .026682 -1.49857 [.134] P15_15 -.011078 .025728 -.430600 [.667] P16_15 .789774E-02 .029197 .270498 [.787] P17_15 -.035720 .027342 -1.30641 [.191] P18_15 .024989 .034951 .714973 [.475] P19_15 .032956 .063239 .521138 [.602] P20_15 .996491E-02 .023207 .429394 [.668] P21_15 .075007 .027779 2.70016 [.007] DI1_15 .032341 .035586 .908809 [.363] DF1_15 .106095E-02 .014397 .073694 [.941] DI2_15 .573961E-02 .059698 .096143 [.923] DF2_15 .012604 .758465E-02 1.66177 [.097] DI3_15 -.028526 .068806 -.414582 [.678] DF3_15 .012528 .711500E-02 1.76073 [.078] DI4_15 .036743 .063563 .578058 [.563] DF4_15 .014776 .616356E-02 2.39738 [.017] S1_15 -.171280 .075908 -2.25643 [.024] S2_15 .142466 .068644 2.07545 [.038] S3_15 .020576 .058493 .351765 [.725] S4_15 -.024180 .053936 -.448310 [.654] S5_15 .075736 .032158 2.35509 [.019] B_15 .013772 .020080 .685847 [.493] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B15 Dependent variable: LPSE YMEAN 5.08721 S2 .402243 ARSQ .586802 SDEV .986654 S .634227 LMHET .242214 [.623] SSR 228.876 RSQ .613941 DW 1.83061 [<.560] INVESTOR #16 ====================== EQUATIONS: EQ_B16 NOB 610 SBIC 697.917 LOGL -566.441 Standard Parameter Estimate Error t-statistic P-value C_16 2.84950 .561425 5.07548 [.000] A5_16 .100486 .100513 .999728 [.317] A4_16 .139811 .192439 .726520 [.468] A3_16 .254655 .188099 1.35384 [.176] A2_16 .177190 .134498 1.31742 [.188] P0_16 -.046309 .023941 -1.93428 [.053] P1_16 -.015505 .025618 -.605254 [.545] P2_16 .029975 .030162 .993818 [.320] P3_16 -.054346 .026898 -2.02042 [.043] P4_16 -.055759 .032093 -1.73744 [.082] P5_16 -.119466E-05 .036386 -.328327E-04 [1.00] P6_16 -.055486 .038514 -1.44067 [.150] P7_16 -.078482 .027119 -2.89395 [.004] P8_16 -.031884 .026177 -1.21802 [.223] P9_16 -.033204 .026820 -1.23804 [.216] P10_16 .031117 .026989 1.15297 [.249] P11_16 -.060338 .031170 -1.93577 [.053] P12_16 -.043057 .030117 -1.42963 [.153] P13_16 .563090E-02 .026155 .215289 [.830] P14_16 -.038780 .026698 -1.45254 [.146] P15_16 -.011630 .025728 -.452031 [.651] P16_16 .775316E-02 .029152 .265957 [.790] P17_16 -.035579 .027335 -1.30157 [.193] P18_16 .024096 .034964 .689149 [.491] P19_16 .034678 .063322 .547657 [.584] P20_16 .980737E-02 .023201 .422708 [.673] P21_16 .075629 .027787 2.72175 [.006] DI1_16 .032254 .035579 .906559 [.365] DF1_16 .820386E-03 .014386 .057028 [.955] DI2_16 .594668E-02 .059624 .099737 [.921] DF2_16 .012410 .759105E-02 1.63483 [.102] DI3_16 -.030857 .068440 -.450861 [.652] DF3_16 .012434 .711133E-02 1.74854 [.080] DI4_16 .041203 .063775 .646068 [.518] DF4_16 .014765 .616229E-02 2.39595 [.017] S1_16 -.169648 .075926 -2.23440 [.025] S2_16 .142395 .068618 2.07517 [.038] S3_16 .021835 .058467 .373462 [.709] S4_16 -.024513 .053924 -.454592 [.649] S5_16 .071875 .032553 2.20794 [.027] B_16 .019422 .023093 .841005 [.400] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B16 Dependent variable: LPSE YMEAN 5.08721 S2 .402076 ARSQ .586973 SDEV .986654 S .634095 LMHET .274414 [.600] SSR 228.781 RSQ .614102 DW 1.83366 [<.575] INVESTOR #17 ====================== EQUATIONS: EQ_B17 NOB 610 SBIC 698.121 LOGL -566.645 Standard Parameter Estimate Error t-statistic P-value C_17 2.83637 .564014 5.02889 [.000] A5_17 .111606 .099168 1.12542 [.260] A4_17 .130682 .192242 .679782 [.497] A3_17 .247081 .187986 1.31436 [.189] A2_17 .185912 .134428 1.38299 [.167] P0_17 -.044283 .023777 -1.86239 [.063] P1_17 -.017062 .025582 -.666959 [.505] P2_17 .027181 .029871 .909936 [.363] P3_17 -.055144 .026876 -2.05176 [.040] P4_17 -.058578 .031860 -1.83862 [.066] P5_17 -.281950E-02 .036181 -.077928 [.938] P6_17 -.055481 .038636 -1.43598 [.151] P7_17 -.078229 .027222 -2.87378 [.004] P8_17 -.031785 .026188 -1.21372 [.225] P9_17 -.032398 .026835 -1.20729 [.227] P10_17 .031739 .027012 1.17503 [.240] P11_17 -.061909 .031163 -1.98659 [.047] P12_17 -.043237 .030127 -1.43515 [.151] P13_17 .625855E-02 .026204 .238843 [.811] P14_17 -.041090 .026788 -1.53390 [.125] P15_17 -.011227 .025731 -.436311 [.663] P16_17 .567126E-02 .029139 .194625 [.846] P17_17 -.035849 .027349 -1.31078 [.190] P18_17 .024804 .034959 .709523 [.478] P19_17 .027803 .063275 .439391 [.660] P20_17 .010033 .023212 .432235 [.666] P21_17 .076083 .027863 2.73059 [.006] DI1_17 .031924 .035604 .896651 [.370] DF1_17 .550341E-03 .014393 .038236 [.969] DI2_17 .855153E-02 .059561 .143577 [.886] DF2_17 .012855 .758412E-02 1.69498 [.090] DI3_17 -.032365 .068420 -.473041 [.636] DF3_17 .012330 .711479E-02 1.73297 [.083] DI4_17 .034735 .063664 .545600 [.585] DF4_17 .014695 .616800E-02 2.38247 [.017] S1_17 -.170977 .075923 -2.25196 [.024] S2_17 .142432 .068673 2.07406 [.038] S3_17 .021347 .058486 .364995 [.715] S4_17 -.021709 .053924 -.402590 [.687] S5_17 .074119 .032361 2.29041 [.022] B_17 .022568 .039500 .571351 [.568] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B17 Dependent variable: LPSE YMEAN 5.08721 S2 .402345 ARSQ .586697 SDEV .986654 S .634307 LMHET .198422 [.656] SSR 228.934 RSQ .613843 DW 1.83538 [<.583] INVESTOR #18 ====================== EQUATIONS: EQ_B18 NOB 610 SBIC 697.611 LOGL -566.135 Standard Parameter Estimate Error t-statistic P-value C_18 2.87041 .560818 5.11827 [.000] A5_18 .110885 .098921 1.12095 [.262] A4_18 .121455 .192275 .631672 [.528] A3_18 .253449 .187893 1.34890 [.177] A2_18 .180144 .134264 1.34171 [.180] P0_18 -.046210 .023838 -1.93849 [.053] P1_18 -.015545 .025582 -.607632 [.543] P2_18 .030015 .029985 1.00098 [.317] P3_18 -.054033 .026872 -2.01076 [.044] P4_18 -.056242 .031922 -1.76186 [.078] P5_18 -.100302E-02 .036198 -.027709 [.978] P6_18 -.053280 .038603 -1.38021 [.168] P7_18 -.078211 .027097 -2.88631 [.004] P8_18 -.031542 .026159 -1.20580 [.228] P9_18 -.035192 .026884 -1.30901 [.191] P10_18 .031641 .026977 1.17289 [.241] P11_18 -.060060 .031151 -1.92804 [.054] P12_18 -.044192 .030101 -1.46813 [.142] P13_18 .463367E-02 .026150 .177196 [.859] P14_18 -.040082 .026662 -1.50333 [.133] P15_18 -.011673 .025713 -.453984 [.650] P16_18 .728897E-02 .029102 .250465 [.802] P17_18 -.036102 .027326 -1.32116 [.186] P18_18 .023460 .034956 .671137 [.502] P19_18 .025694 .063204 .406527 [.684] P20_18 .995398E-02 .023190 .429238 [.668] P21_18 .076375 .027790 2.74828 [.006] DI1_18 .032640 .035560 .917874 [.359] DF1_18 .995195E-03 .014380 .069207 [.945] DI2_18 .923479E-02 .059513 .155172 [.877] DF2_18 .012853 .757637E-02 1.69649 [.090] DI3_18 -.031686 .068338 -.463673 [.643] DF3_18 .012462 .710785E-02 1.75331 [.080] DI4_18 .039861 .063579 .626940 [.531] DF4_18 .014794 .615887E-02 2.40199 [.016] S1_18 -.168203 .075911 -2.21578 [.027] S2_18 .138275 .068747 2.01137 [.044] S3_18 .022224 .058440 .380293 [.704] S4_18 -.027466 .054019 -.508454 [.611] S5_18 .075077 .032144 2.33566 [.020] B_18 .020384 .018016 1.13147 [.258] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B18 Dependent variable: LPSE YMEAN 5.08721 S2 .401672 ARSQ .587388 SDEV .986654 S .633776 LMHET .164569 [.685] SSR 228.551 RSQ .614489 DW 1.82002 [<.508] INVESTOR #19 ====================== EQUATIONS: EQ_B19 NOB 610 SBIC 697.242 LOGL -565.766 Standard Parameter Estimate Error t-statistic P-value C_19 2.92031 .563690 5.18070 [.000] A5_19 .112643 .098794 1.14017 [.254] A4_19 .121981 .192077 .635064 [.525] A3_19 .245624 .187718 1.30847 [.191] A2_19 .182623 .134156 1.36128 [.173] P0_19 -.045524 .023760 -1.91600 [.055] P1_19 -.016106 .025547 -.630436 [.528] P2_19 .028431 .029807 .953827 [.340] P3_19 -.055855 .026805 -2.08377 [.037] P4_19 -.058571 .031798 -1.84196 [.065] P5_19 -.753470E-03 .036162 -.020836 [.983] P6_19 -.052795 .038539 -1.36990 [.171] P7_19 -.078431 .027062 -2.89820 [.004] P8_19 -.032455 .026153 -1.24098 [.215] P9_19 -.031743 .026797 -1.18456 [.236] P10_19 .031796 .026961 1.17931 [.238] P11_19 -.060603 .031113 -1.94782 [.051] P12_19 -.046641 .030156 -1.54664 [.122] P13_19 .329235E-02 .026169 .125812 [.900] P14_19 -.042037 .026695 -1.57475 [.115] P15_19 -.011146 .025694 -.433784 [.664] P16_19 .732689E-02 .029081 .251950 [.801] P17_19 -.035847 .027306 -1.31281 [.189] P18_19 .024599 .034906 .704699 [.481] P19_19 .034135 .063095 .541007 [.589] P20_19 .010485 .023180 .452327 [.651] P21_19 .075959 .027752 2.73705 [.006] DI1_19 .033205 .035542 .934261 [.350] DF1_19 .138033E-02 .014377 .096010 [.924] DI2_19 .010783 .059495 .181240 [.856] DF2_19 .013001 .757328E-02 1.71663 [.086] DI3_19 -.034941 .068273 -.511788 [.609] DF3_19 .012322 .710360E-02 1.73467 [.083] DI4_19 .037567 .063483 .591775 [.554] DF4_19 .014917 .615546E-02 2.42341 [.015] S1_19 -.169905 .075816 -2.24101 [.025] S2_19 .136292 .068738 1.98279 [.047] S3_19 .021893 .058402 .374875 [.708] S4_19 -.024986 .053845 -.464026 [.643] S5_19 .075486 .032113 2.35062 [.019] B_19 .020697 .014744 1.40378 [.160] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B19 Dependent variable: LPSE YMEAN 5.08721 S2 .401186 ARSQ .587887 SDEV .986654 S .633393 LMHET .157588 [.691] SSR 228.275 RSQ .614955 DW 1.83080 [<.561] INVESTOR #20 ====================== EQUATIONS: EQ_B20 NOB 610 SBIC 697.388 LOGL -565.912 Standard Parameter Estimate Error t-statistic P-value C_20 2.94488 .569080 5.17481 [.000] A5_20 .109803 .098897 1.11028 [.267] A4_20 .130668 .192008 .680535 [.496] A3_20 .241138 .187825 1.28384 [.199] A2_20 .178544 .134236 1.33008 [.183] P0_20 -.044861 .023748 -1.88904 [.059] P1_20 -.017975 .025564 -.703167 [.482] P2_20 .028201 .029812 .945956 [.344] P3_20 -.056670 .026817 -2.11319 [.035] P4_20 -.059107 .031803 -1.85854 [.063] P5_20 .150751E-02 .036321 .041505 [.967] P6_20 -.056736 .038395 -1.47770 [.139] P7_20 -.075741 .027229 -2.78158 [.005] P8_20 -.031735 .026150 -1.21355 [.225] P9_20 -.032555 .026793 -1.21504 [.224] P10_20 .030864 .026966 1.14454 [.252] P11_20 -.061172 .031116 -1.96593 [.049] P12_20 -.042390 .030099 -1.40836 [.159] P13_20 .280821E-02 .026208 .107151 [.915] P14_20 -.043576 .026813 -1.62517 [.104] P15_20 -.012447 .025719 -.483951 [.628] P16_20 .709154E-02 .029085 .243821 [.807] P17_20 -.035382 .027312 -1.29549 [.195] P18_20 .023337 .034939 .667935 [.504] P19_20 .036283 .063219 .573931 [.566] P20_20 .010696 .023191 .461204 [.645] P21_20 .076675 .027783 2.75981 [.006] DI1_20 .032341 .035547 .909805 [.363] DF1_20 .132623E-02 .014380 .092226 [.927] DI2_20 .010303 .059503 .173146 [.863] DF2_20 .013123 .757830E-02 1.73168 [.083] DI3_20 -.030588 .068332 -.447644 [.654] DF3_20 .012435 .710510E-02 1.75009 [.080] DI4_20 .035340 .063503 .556510 [.578] DF4_20 .014696 .615733E-02 2.38675 [.017] S1_20 -.171717 .075825 -2.26465 [.024] S2_20 .134795 .068900 1.95640 [.050] S3_20 .020551 .058420 .351780 [.725] S4_20 -.023945 .053842 -.444728 [.657] S5_20 .074301 .032150 2.31108 [.021] B_20 .043243 .033193 1.30277 [.193] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B20 Dependent variable: LPSE YMEAN 5.08721 S2 .401379 ARSQ .587690 SDEV .986654 S .633544 LMHET .178649 [.673] SSR 228.384 RSQ .614771 DW 1.83839 [<.598] INVESTOR #21 ====================== EQUATIONS: EQ_B21 NOB 610 SBIC 698.257 LOGL -566.781 Standard Parameter Estimate Error t-statistic P-value C_21 2.77185 .556966 4.97669 [.000] A5_21 .114760 .098992 1.15928 [.246] A4_21 .137139 .193485 .708781 [.478] A3_21 .244970 .188308 1.30090 [.193] A2_21 .180451 .134784 1.33881 [.181] P0_21 -.044214 .023817 -1.85639 [.063] P1_21 -.016856 .025585 -.658809 [.510] P2_21 .026142 .029811 .876931 [.381] P3_21 -.056288 .026886 -2.09357 [.036] P4_21 -.058828 .031879 -1.84537 [.065] P5_21 -.405748E-02 .036232 -.111985 [.911] P6_21 -.057137 .038507 -1.48381 [.138] P7_21 -.079710 .027091 -2.94225 [.003] P8_21 -.030915 .026258 -1.17739 [.239] P9_21 -.033054 .026845 -1.23132 [.218] P10_21 .031204 .027003 1.15555 [.248] P11_21 -.061482 .031160 -1.97312 [.048] P12_21 -.043772 .030136 -1.45249 [.146] P13_21 .499309E-02 .026216 .190456 [.849] P14_21 -.040388 .026798 -1.50711 [.132] P15_21 -.010938 .025751 -.424737 [.671] P16_21 .644452E-02 .029123 .221289 [.825] P17_21 -.035535 .027351 -1.29924 [.194] P18_21 .025555 .035001 .730135 [.465] P19_21 .034359 .064927 .529203 [.597] P20_21 .988844E-02 .023215 .425947 [.670] P21_21 .074859 .027788 2.69396 [.007] DI1_21 .033174 .035685 .929645 [.353] DF1_21 .116358E-02 .014485 .080328 [.936] DI2_21 .796653E-02 .059619 .133623 [.894] DF2_21 .012670 .759114E-02 1.66900 [.095] DI3_21 -.035588 .068669 -.518261 [.604] DF3_21 .012234 .714289E-02 1.71280 [.087] DI4_21 .038796 .064059 .605629 [.545] DF4_21 .014836 .616554E-02 2.40624 [.016] S1_21 -.171263 .075942 -2.25517 [.024] S2_21 .144106 .068627 2.09986 [.036] S3_21 .022430 .058604 .382745 [.702] S4_21 -.022962 .053920 -.425845 [.670] S5_21 .076592 .032196 2.37894 [.017] B_21 -.934573E-02 .034660 -.269643 [.787] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B21 Dependent variable: LPSE YMEAN 5.08721 S2 .402524 ARSQ .586513 SDEV .986654 S .634448 LMHET .263056 [.608] SSR 229.036 RSQ .613671 DW 1.83249 [<.569] INVESTOR #22 ======================= EQUATIONS: EQ_B22 NOB 610 SBIC 698.219 LOGL -566.743 Standard Parameter Estimate Error t-statistic P-value C_22 2.83580 .574129 4.93931 [.000] A5_22 .112481 .099285 1.13291 [.257] A4_22 .131501 .192270 .683940 [.494] A3_22 .250565 .188159 1.33166 [.183] A2_22 .181480 .134453 1.34977 [.177] P0_22 -.044538 .023846 -1.86773 [.062] P1_22 -.016580 .025591 -.647884 [.517] P2_22 .026641 .029852 .892430 [.372] P3_22 -.055641 .026857 -2.07177 [.038] P4_22 -.058360 .031924 -1.82808 [.068] P5_22 -.205163E-02 .036365 -.056418 [.955] P6_22 -.057168 .038469 -1.48607 [.137] P7_22 -.079376 .027110 -2.92790 [.003] P8_22 -.031664 .026192 -1.20893 [.227] P9_22 -.033033 .026835 -1.23098 [.218] P10_22 .031468 .027009 1.16511 [.244] P11_22 -.061707 .031165 -1.97998 [.048] P12_22 -.043269 .030137 -1.43573 [.151] P13_22 .548479E-02 .026167 .209604 [.834] P14_22 -.040065 .026701 -1.50049 [.133] P15_22 -.011537 .025753 -.447982 [.654] P16_22 .634863E-02 .029119 .218022 [.827] P17_22 -.035792 .027356 -1.30838 [.191] P18_22 .024437 .035006 .698083 [.485] P19_22 .031375 .063203 .496415 [.620] P20_22 .010188 .023232 .438537 [.661] P21_22 .075608 .027855 2.71431 [.007] DI1_22 .032275 .035600 .906587 [.365] DF1_22 .690630E-03 .014393 .047985 [.962] DI2_22 .764522E-02 .059623 .128226 [.898] DF2_22 .012710 .758457E-02 1.67574 [.094] DI3_22 -.031938 .068574 -.465753 [.641] DF3_22 .012475 .711723E-02 1.75277 [.080] DI4_22 .036132 .063599 .568116 [.570] DF4_22 .014827 .616497E-02 2.40506 [.016] S1_22 -.172768 .075992 -2.27350 [.023] S2_22 .142746 .068715 2.07738 [.038] S3_22 .021752 .058499 .371840 [.710] S4_22 -.022610 .053907 -.419420 [.675] S5_22 .074945 .032330 2.31809 [.020] B_22 .014833 .039172 .378657 [.705] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B22 Dependent variable: LPSE YMEAN 5.08721 S2 .402474 ARSQ .586564 SDEV .986654 S .634409 LMHET .247220 [.619] SSR 229.008 RSQ .613719 DW 1.83639 [<.588] INVESTOR #23 ====================== EQUATIONS: EQ_B23 NOB 610 SBIC 697.899 LOGL -566.423 Standard Parameter Estimate Error t-statistic P-value C_23 2.88253 .567823 5.07645 [.000] A5_23 .108326 .099244 1.09151 [.275] A4_23 .125884 .192272 .654716 [.513] A3_23 .256965 .188218 1.36525 [.172] A2_23 .175157 .134630 1.30103 [.193] P0_23 -.045985 .023889 -1.92494 [.054] P1_23 -.015086 .025649 -.588189 [.556] P2_23 .030179 .030181 .999933 [.317] P3_23 -.054518 .026882 -2.02805 [.043] P4_23 -.056415 .031994 -1.76329 [.078] P5_23 .205955E-02 .036718 .056091 [.955] P6_23 -.054901 .038561 -1.42375 [.155] P7_23 -.077791 .027173 -2.86275 [.004] P8_23 -.032110 .026183 -1.22636 [.220] P9_23 -.033957 .026847 -1.26481 [.206] P10_23 .030864 .026991 1.14349 [.253] P11_23 -.060155 .031177 -1.92947 [.054] P12_23 -.044079 .030115 -1.46367 [.143] P13_23 .539250E-02 .026153 .206190 [.837] P14_23 -.040876 .026706 -1.53060 [.126] P15_23 -.011351 .025722 -.441288 [.659] P16_23 .731081E-02 .029125 .251016 [.802] P17_23 -.035864 .027337 -1.31193 [.190] P18_23 .021056 .035259 .597201 [.550] P19_23 .023836 .063546 .375101 [.708] P20_23 .010307 .023207 .444117 [.657] P21_23 .077363 .027923 2.77062 [.006] DI1_23 .031872 .035584 .895672 [.370] DF1_23 .118491E-02 .014395 .082315 [.934] DI2_23 .767176E-02 .059549 .128832 [.897] DF2_23 .012678 .758006E-02 1.67260 [.094] DI3_23 -.030099 .068484 -.439506 [.660] DF3_23 .012585 .711415E-02 1.76905 [.077] DI4_23 .037190 .063551 .585210 [.558] DF4_23 .014653 .616488E-02 2.37683 [.017] S1_23 -.167037 .076072 -2.19577 [.028] S2_23 .137181 .069055 1.98654 [.047] S3_23 .022501 .058476 .384793 [.700] S4_23 -.024563 .053923 -.455530 [.649] S5_23 .073604 .032285 2.27984 [.023] B_23 .035101 .040769 .860976 [.389] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B23 Dependent variable: LPSE YMEAN 5.08721 S2 .402052 ARSQ .586998 SDEV .986654 S .634076 LMHET .220141 [.639] SSR 228.768 RSQ .614125 DW 1.83626 [<.588] INVESTOR #24 ====================== EQUATIONS: EQ_B24 NOB 610 SBIC 697.854 LOGL -566.378 Standard Parameter Estimate Error t-statistic P-value C_24 2.85543 .561436 5.08594 [.000] A5_24 .098896 .100576 .983299 [.325] A4_24 .140737 .192433 .731359 [.465] A3_24 .254431 .188044 1.35304 [.176] A2_24 .177063 .134463 1.31682 [.188] P0_24 -.046563 .023946 -1.94452 [.052] P1_24 -.015504 .025609 -.605405 [.545] P2_24 .030109 .030127 .999400 [.318] P3_24 -.054407 .026882 -2.02391 [.043] P4_24 -.055503 .032087 -1.72979 [.084] P5_24 .159820E-03 .036368 .439456E-02 [.996] P6_24 -.055098 .038526 -1.43013 [.153] P7_24 -.078394 .027116 -2.89110 [.004] P8_24 -.032034 .026177 -1.22374 [.221] P9_24 -.033231 .026817 -1.23919 [.215] P10_24 .031347 .026986 1.16163 [.245] P11_24 -.060075 .031175 -1.92700 [.054] P12_24 -.042926 .030116 -1.42534 [.154] P13_24 .555031E-02 .026152 .212237 [.832] P14_24 -.038630 .026699 -1.44690 [.148] P15_24 -.011697 .025726 -.454682 [.649] P16_24 .764196E-02 .029136 .262286 [.793] P17_24 -.035537 .027332 -1.30017 [.194] P18_24 .024084 .034958 .688939 [.491] P19_24 .034820 .063296 .550116 [.582] P20_24 .975171E-02 .023199 .420350 [.674] P21_24 .075579 .027780 2.72060 [.007] DI1_24 .032405 .035574 .910919 [.362] DF1_24 .832789E-03 .014384 .057896 [.954] DI2_24 .593791E-02 .059606 .099619 [.921] DF2_24 .012398 .758932E-02 1.63359 [.102] DI3_24 -.030953 .068414 -.452439 [.651] DF3_24 .012433 .711057E-02 1.74855 [.080] DI4_24 .041995 .063810 .658132 [.510] DF4_24 .014766 .616158E-02 2.39640 [.017] S1_24 -.169445 .075919 -2.23191 [.026] S2_24 .142105 .068616 2.07101 [.038] S3_24 .021912 .058462 .374802 [.708] S4_24 -.024904 .053930 -.461782 [.644] S5_24 .071512 .032552 2.19684 [.028] B_24 .020617 .022685 .908839 [.363] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B24 Dependent variable: LPSE YMEAN 5.08721 S2 .401992 ARSQ .587059 SDEV .986654 S .634029 LMHET .283565 [.594] SSR 228.734 RSQ .614182 DW 1.83246 [<.569] INVESTOR #25 ====================== EQUATIONS: EQ_B25 NOB 610 SBIC 698.098 LOGL -566.622 Standard Parameter Estimate Error t-statistic P-value C_25 2.74203 .559448 4.90133 [.000] A5_25 .122126 .099479 1.22766 [.220] A4_25 .127616 .192328 .663535 [.507] A3_25 .245663 .188007 1.30667 [.191] A2_25 .185299 .134385 1.37887 [.168] P0_25 -.042424 .023869 -1.77735 [.076] P1_25 -.016412 .025587 -.641423 [.521] P2_25 .024154 .029954 .806364 [.420] P3_25 -.057325 .026943 -2.12764 [.033] P4_25 -.061164 .032002 -1.91124 [.056] P5_25 -.394733E-03 .036515 -.010810 [.991] P6_25 -.060624 .038723 -1.56558 [.117] P7_25 -.080329 .027097 -2.96448 [.003] P8_25 -.030338 .026242 -1.15610 [.248] P9_25 -.033661 .026859 -1.25324 [.210] P10_25 .030673 .027012 1.13555 [.256] P11_25 -.062067 .031168 -1.99135 [.046] P12_25 -.042415 .030181 -1.40537 [.160] P13_25 .544988E-02 .026162 .208316 [.835] P14_25 -.038466 .026763 -1.43730 [.151] P15_25 -.011015 .025731 -.428093 [.669] P16_25 .655298E-02 .029115 .225071 [.822] P17_25 -.034408 .027407 -1.25544 [.209] P18_25 .023050 .035118 .656378 [.512] P19_25 .033796 .063388 .533158 [.594] P20_25 .967811E-02 .023210 .416989 [.677] P21_25 .074611 .027783 2.68547 [.007] DI1_25 .033228 .035608 .933150 [.351] DF1_25 .878824E-03 .014392 .061064 [.951] DI2_25 .841363E-02 .059559 .141265 [.888] DF2_25 .012874 .758432E-02 1.69746 [.090] DI3_25 -.035676 .068427 -.521370 [.602] DF3_25 .012511 .711553E-02 1.75829 [.079] DI4_25 .038609 .063646 .606616 [.544] DF4_25 .014781 .616411E-02 2.39791 [.016] S1_25 -.174267 .076041 -2.29177 [.022] S2_25 .145870 .068671 2.12420 [.034] S3_25 .021182 .058485 .362178 [.717] S4_25 -.023834 .053929 -.441953 [.659] S5_25 .077885 .032274 2.41327 [.016] B_25 -.015421 .025341 -.608525 [.543] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_B25 Dependent variable: LPSE YMEAN 5.08721 S2 .402314 ARSQ .586729 SDEV .986654 S .634282 LMHET .244360 [.621] SSR 228.917 RSQ .613873 DW 1.83523 [<.583]