INVESTOR #1 ===================== EQUATIONS: EQ_NB1 NOB 610 SBIC 705.061 LOGL -560.759 Standard Parameter Estimate Error t-statistic P-value C_1 3.00393 .576416 5.21138 [.000] A6_1 .021377 .093350 .229005 [.819] A5_1 .124620 .126447 .985551 [.324] A4_1 .089753 .200093 .448559 [.654] A3_1 .240638 .188352 1.27760 [.201] A2_1 .176922 .134231 1.31804 [.187] P0_1 -.073380 .047593 -1.54183 [.123] P1_1 -.016301 .025465 -.640132 [.522] P2_1 .022983 .029756 .772398 [.440] P3_1 -.055367 .026797 -2.06617 [.039] P4_1 -.065597 .031831 -2.06081 [.039] P5_1 .690644E-02 .036305 .190234 [.849] P6_1 -.069143 .038417 -1.79980 [.072] P7_1 -.075479 .027046 -2.79074 [.005] P8_1 -.029370 .026097 -1.12541 [.260] P9_1 -.031795 .026759 -1.18817 [.235] P10_1 .030287 .026976 1.12272 [.262] P11_1 -.063240 .031084 -2.03449 [.042] P12_1 -.044501 .030353 -1.46609 [.143] P13_1 .318379E-02 .026091 .122026 [.903] P14_1 -.041080 .026615 -1.54347 [.123] P15_1 -.854654E-02 .025669 -.332953 [.739] P16_1 .939081E-02 .028962 .324244 [.746] P17_1 -.034655 .027202 -1.27398 [.203] P18_1 .018410 .034831 .528547 [.597] P19_1 .040226 .063025 .638257 [.523] P20_1 .012052 .023092 .521901 [.602] P21_1 .072106 .027661 2.60676 [.009] DI1_1 .036484 .035488 1.02807 [.304] DF1_1 -.221468E-02 .014582 -.151875 [.879] DI2_1 .960535E-02 .059413 .161671 [.872] DF2_1 .013043 .771003E-02 1.69175 [.091] DI3_1 -.038334 .068731 -.557739 [.577] DF3_1 .011962 .710354E-02 1.68400 [.092] DI4_1 .050029 .072267 .692282 [.489] DF4_1 .012117 .631278E-02 1.91943 [.055] DI5_1 -.605171E-02 .064423 -.093937 [.925] DF5_1 .017341 .691797E-02 2.50668 [.012] S1_1 -.163527 .075963 -2.15271 [.031] S2_1 .119507 .069366 1.72285 [.085] S3_1 .031506 .059016 .533854 [.593] S4_1 -.047155 .054700 -.862066 [.389] S5_1 -.810810E-02 .052106 -.155608 [.876] S6_1 .075036 .037258 2.01397 [.044] B_1 -.624887E-02 .015983 -.390966 [.696] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB1 Dependent variable: LPSE YMEAN 5.08721 S2 .397448 ARSQ .591727 SDEV .986654 S .630435 LMHET .297132 [.586] SSR 224.558 RSQ .621225 DW 1.85020 [<.732] INVESTOR #2 ===================== EQUATIONS: EQ_NB2 NOB 610 SBIC 704.899 LOGL -560.597 Standard Parameter Estimate Error t-statistic P-value C_2 3.09035 .580124 5.32705 [.000] A6_2 .019743 .093323 .211555 [.832] A5_2 .119693 .126477 .946359 [.344] A4_2 .089413 .200004 .447053 [.655] A3_2 .253925 .188294 1.34856 [.177] A2_2 .167152 .134197 1.24557 [.213] P0_2 -.076283 .047593 -1.60282 [.109] P1_2 -.014939 .025494 -.585992 [.558] P2_2 .026151 .029959 .872908 [.383] P3_2 -.053889 .026812 -2.00991 [.044] P4_2 -.063902 .031742 -2.01316 [.044] P5_2 .011052 .036405 .303598 [.761] P6_2 -.068099 .038427 -1.77217 [.076] P7_2 -.073898 .027082 -2.72867 [.006] P8_2 -.030008 .026067 -1.15117 [.250] P9_2 -.032885 .026744 -1.22965 [.219] P10_2 .030427 .026965 1.12841 [.259] P11_2 -.061063 .031218 -1.95598 [.050] P12_2 -.045000 .030356 -1.48240 [.138] P13_2 .444833E-02 .026071 .170624 [.865] P14_2 -.040456 .026595 -1.52115 [.128] P15_2 -.848798E-02 .025655 -.330853 [.741] P16_2 .992762E-02 .028965 .342742 [.732] P17_2 -.034932 .027182 -1.28512 [.199] P18_2 .016885 .034835 .484704 [.628] P19_2 .044500 .063181 .704331 [.481] P20_2 .012349 .023078 .535114 [.593] P21_2 .073208 .027669 2.64584 [.008] DI1_2 .035718 .035449 1.00760 [.314] DF1_2 -.183123E-02 .014591 -.125501 [.900] DI2_2 .640608E-02 .059412 .107825 [.914] DF2_2 .012712 .770895E-02 1.64896 [.099] DI3_2 -.034352 .068959 -.498148 [.618] DF3_2 .011994 .710180E-02 1.68889 [.091] DI4_2 .050091 .072228 .693516 [.488] DF4_2 .011953 .631339E-02 1.89328 [.058] DI5_2 -.843126E-02 .064544 -.130629 [.896] DF5_2 .017482 .691482E-02 2.52820 [.011] S1_2 -.164021 .075931 -2.16012 [.031] S2_2 .117939 .069376 1.70000 [.089] S3_2 .032319 .058921 .548525 [.583] S4_2 -.046764 .054596 -.856538 [.392] S5_2 -.734851E-02 .052104 -.141034 [.888] S6_2 .073058 .037260 1.96074 [.050] B_2 .011324 .016822 .673139 [.501] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB2 Dependent variable: LPSE YMEAN 5.08721 S2 .397237 ARSQ .591944 SDEV .986654 S .630267 LMHET .232052 [.630] SSR 224.439 RSQ .621426 DW 1.85047 [<.733] INVESTOR #3 ===================== EQUATIONS: EQ_NB3 NOB 610 SBIC 704.770 LOGL -560.467 Standard Parameter Estimate Error t-statistic P-value C_3 2.96301 .578069 5.12571 [.000] A6_3 .024348 .093391 .260715 [.794] A5_3 .118973 .126444 .940917 [.347] A4_3 .098231 .200083 .490951 [.623] A3_3 .235657 .188217 1.25205 [.211] A2_3 .176035 .133893 1.31475 [.189] P0_3 -.076456 .047564 -1.60742 [.108] P1_3 -.016322 .025443 -.641513 [.521] P2_3 .022855 .029717 .769084 [.442] P3_3 -.055194 .026763 -2.06233 [.039] P4_3 -.063469 .031747 -1.99917 [.046] P5_3 .783855E-02 .036146 .216856 [.828] P6_3 -.066201 .038541 -1.71765 [.086] P7_3 -.076170 .027047 -2.81624 [.005] P8_3 -.028781 .026089 -1.10316 [.270] P9_3 -.032469 .026723 -1.21503 [.224] P10_3 .030202 .026951 1.12062 [.262] P11_3 -.062608 .031072 -2.01493 [.044] P12_3 -.044722 .030340 -1.47402 [.140] P13_3 .263236E-02 .026075 .100952 [.920] P14_3 -.041760 .026616 -1.56898 [.117] P15_3 -.748919E-02 .025665 -.291806 [.770] P16_3 .940247E-02 .028948 .324802 [.745] P17_3 -.034688 .027178 -1.27630 [.202] P18_3 .016766 .034821 .481487 [.630] P19_3 .034968 .063381 .551716 [.581] P20_3 .011914 .023077 .516252 [.606] P21_3 .072504 .027638 2.62338 [.009] DI1_3 .036722 .035454 1.03578 [.300] DF1_3 -.181465E-02 .014584 -.124425 [.901] DI2_3 .010612 .059371 .178742 [.858] DF2_3 .013032 .770167E-02 1.69212 [.091] DI3_3 -.040197 .068737 -.584794 [.559] DF3_3 .011730 .710568E-02 1.65081 [.099] DI4_3 .052057 .072282 .720191 [.471] DF4_3 .012070 .630915E-02 1.91303 [.056] DI5_3 -.536209E-02 .064368 -.083304 [.934] DF5_3 .017212 .691653E-02 2.48852 [.013] S1_3 -.158750 .076181 -2.08386 [.037] S2_3 .118170 .069344 1.70410 [.088] S3_3 .032423 .058906 .550415 [.582] S4_3 -.046578 .054574 -.853490 [.393] S5_3 -.947241E-02 .052049 -.181991 [.856] S6_3 .076060 .037256 2.04153 [.041] B_3 -.734302E-02 .881371E-02 -.833136 [.405] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB3 Dependent variable: LPSE YMEAN 5.08721 S2 .397068 ARSQ .592118 SDEV .986654 S .630133 LMHET .344210 [.557] SSR 224.343 RSQ .621587 DW 1.84531 [<.712] INVESTOR #4 ===================== EQUATIONS: EQ_NB4 NOB 610 SBIC 705.141 LOGL -560.838 Standard Parameter Estimate Error t-statistic P-value C_4 3.03302 .575770 5.26777 [.000] A6_4 .020346 .093481 .217650 [.828] A5_4 .122776 .126563 .970080 [.332] A4_4 .092065 .200092 .460114 [.645] A3_4 .245431 .187962 1.30575 [.192] A2_4 .173384 .133936 1.29452 [.195] P0_4 -.074640 .047632 -1.56703 [.117] P1_4 -.015923 .025470 -.625148 [.532] P2_4 .023590 .029725 .793613 [.427] P3_4 -.054960 .026779 -2.05231 [.040] P4_4 -.064536 .031754 -2.03236 [.042] P5_4 .833143E-02 .036224 .229996 [.818] P6_4 -.068907 .038431 -1.79300 [.073] P7_4 -.074979 .027079 -2.76888 [.006] P8_4 -.029825 .026077 -1.14373 [.253] P9_4 -.032296 .026744 -1.20761 [.227] P10_4 .030042 .026994 1.11292 [.266] P11_4 -.063006 .031102 -2.02578 [.043] P12_4 -.044375 .030369 -1.46117 [.144] P13_4 .384652E-02 .026108 .147330 [.883] P14_4 -.040647 .026619 -1.52698 [.127] P15_4 -.839259E-02 .025703 -.326525 [.744] P16_4 .937231E-02 .028967 .323549 [.746] P17_4 -.034997 .027193 -1.28698 [.198] P18_4 .017902 .034816 .514175 [.607] P19_4 .041201 .063025 .653724 [.513] P20_4 .012281 .023087 .531935 [.595] P21_4 .072423 .027655 2.61879 [.009] DI1_4 .035863 .035465 1.01120 [.312] DF1_4 -.225753E-02 .014584 -.154791 [.877] DI2_4 .859542E-02 .059365 .144789 [.885] DF2_4 .012943 .770763E-02 1.67919 [.093] DI3_4 -.038129 .068762 -.554501 [.579] DF3_4 .011956 .710514E-02 1.68273 [.092] DI4_4 .049654 .072488 .684990 [.493] DF4_4 .012077 .631333E-02 1.91289 [.056] DI5_4 -.563720E-02 .064505 -.087392 [.930] DF5_4 .017413 .691689E-02 2.51745 [.012] S1_4 -.163884 .075989 -2.15668 [.031] S2_4 .119099 .069426 1.71548 [.086] S3_4 .032595 .058966 .552786 [.580] S4_4 -.046005 .054650 -.841807 [.400] S5_4 -.890704E-02 .052077 -.171036 [.864] S6_4 .074274 .037244 1.99422 [.046] B_4 .123512E-02 .015464 .079870 [.936] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB4 Dependent variable: LPSE YMEAN 5.08721 S2 .397551 ARSQ .591622 SDEV .986654 S .630517 LMHET .283658 [.594] SSR 224.616 RSQ .621127 DW 1.84799 [<.723] INVESTOR #5 ===================== EQUATIONS: EQ_NB5 NOB 610 SBIC 704.577 LOGL -560.275 Standard Parameter Estimate Error t-statistic P-value C_5 3.09576 .576255 5.37220 [.000] A6_5 .016335 .093361 .174968 [.861] A5_5 .122263 .126303 .968019 [.333] A4_5 .093349 .199875 .467037 [.640] A3_5 .244029 .187789 1.29949 [.194] A2_5 .168354 .133900 1.25732 [.209] P0_5 -.072610 .047516 -1.52809 [.126] P1_5 -.015546 .025436 -.611175 [.541] P2_5 .024899 .029724 .837680 [.402] P3_5 -.056407 .026791 -2.10543 [.035] P4_5 -.066337 .031752 -2.08925 [.037] P5_5 .015355 .036807 .417168 [.677] P6_5 -.068910 .038385 -1.79525 [.073] P7_5 -.072997 .027086 -2.69497 [.007] P8_5 -.030086 .026053 -1.15479 [.248] P9_5 -.034620 .026813 -1.29119 [.197] P10_5 .030583 .026948 1.13491 [.256] P11_5 -.062947 .031057 -2.02681 [.043] P12_5 -.043688 .030338 -1.44003 [.150] P13_5 .342642E-02 .026036 .131603 [.895] P14_5 -.041049 .026580 -1.54433 [.123] P15_5 -.952237E-02 .025668 -.370980 [.711] P16_5 .904078E-02 .028941 .312384 [.755] P17_5 -.035526 .027173 -1.30741 [.191] P18_5 .011306 .035378 .319588 [.749] P19_5 .032277 .063519 .508146 [.611] P20_5 .012452 .023066 .539861 [.589] P21_5 .076113 .027865 2.73152 [.006] DI1_5 .035990 .035429 1.01583 [.310] DF1_5 -.141934E-02 .014593 -.097262 [.923] DI2_5 .849922E-02 .059299 .143329 [.886] DF2_5 .012853 .769856E-02 1.66957 [.095] DI3_5 -.036016 .068711 -.524161 [.600] DF3_5 .011931 .709798E-02 1.68090 [.093] DI4_5 .049764 .072179 .689450 [.491] DF4_5 .011726 .631671E-02 1.85634 [.063] DI5_5 -.857416E-02 .064424 -.133089 [.894] DF5_5 .017517 .691112E-02 2.53462 [.011] S1_5 -.165003 .075897 -2.17404 [.030] S2_5 .112612 .069617 1.61759 [.106] S3_5 .034148 .058902 .579737 [.562] S4_5 -.044547 .054563 -.816430 [.414] S5_5 -.803601E-02 .052034 -.154438 [.877] S6_5 .072071 .037257 1.93440 [.053] B_5 .023158 .022595 1.02490 [.305] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB5 Dependent variable: LPSE YMEAN 5.08721 S2 .396818 ARSQ .592375 SDEV .986654 S .629935 LMHET .158553 [.690] SSR 224.202 RSQ .621825 DW 1.85218 [<.740] INVESTOR #6 ===================== EQUATIONS: EQ_NB6 NOB 610 SBIC 702.885 LOGL -558.582 Standard Parameter Estimate Error t-statistic P-value C_6 3.24007 .580177 5.58463 [.000] A6_6 .014122 .093059 .151752 [.879] A5_6 .116289 .125995 .922964 [.356] A4_6 .075875 .199465 .380394 [.704] A3_6 .262047 .187435 1.39806 [.162] A2_6 .165873 .133490 1.24259 [.214] P0_6 -.081546 .047482 -1.71743 [.086] P1_6 -.013673 .025387 -.538571 [.590] P2_6 .028346 .029705 .954242 [.340] P3_6 -.051246 .026739 -1.91655 [.055] P4_6 -.061100 .031666 -1.92950 [.054] P5_6 .017065 .036293 .470188 [.638] P6_6 -.066199 .038302 -1.72833 [.084] P7_6 -.072006 .026976 -2.66931 [.008] P8_6 -.029941 .025980 -1.15247 [.249] P9_6 -.034271 .026657 -1.28563 [.199] P10_6 .029781 .026866 1.10849 [.268] P11_6 -.063406 .030971 -2.04724 [.041] P12_6 -.044008 .030246 -1.45501 [.146] P13_6 .353261E-02 .025963 .136065 [.892] P14_6 -.041960 .026512 -1.58269 [.113] P15_6 -.816026E-02 .025568 -.319154 [.750] P16_6 .010298 .028862 .356787 [.721] P17_6 -.035847 .027095 -1.32300 [.186] P18_6 .014963 .034716 .431016 [.666] P19_6 .050904 .062949 .808659 [.419] P20_6 .013717 .023012 .596097 [.551] P21_6 .075900 .027605 2.74950 [.006] DI1_6 .034413 .035338 .973822 [.330] DF1_6 -.170776E-02 .014532 -.117513 [.906] DI2_6 .941565E-02 .059136 .159220 [.873] DF2_6 .012526 .767938E-02 1.63118 [.103] DI3_6 -.021607 .068967 -.313295 [.754] DF3_6 .011692 .707948E-02 1.65152 [.099] DI4_6 .043021 .072040 .597180 [.550] DF4_6 .011943 .629003E-02 1.89876 [.058] DI5_6 -.014159 .064313 -.220157 [.826] DF5_6 .017319 .689130E-02 2.51316 [.012] S1_6 -.162430 .075685 -2.14613 [.032] S2_6 .112725 .069192 1.62917 [.103] S3_6 .029581 .058743 .503566 [.615] S4_6 -.046587 .054399 -.856380 [.392] S5_6 -.425008E-02 .051932 -.081839 [.935] S6_6 .069159 .037174 1.86042 [.063] B_6 .057245 .027929 2.04963 [.040] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB6 Dependent variable: LPSE YMEAN 5.08721 S2 .394621 ARSQ .594631 SDEV .986654 S .628189 LMHET .254151 [.614] SSR 222.961 RSQ .623919 DW 1.85786 [<.762] INVESTOR #7 ===================== EQUATIONS: EQ_NB7 NOB 610 SBIC 705.013 LOGL -560.710 Standard Parameter Estimate Error t-statistic P-value C_7 3.06191 .576905 5.30748 [.000] A6_7 .018717 .093419 .200355 [.841] A5_7 .123453 .126390 .976767 [.329] A4_7 .090821 .200020 .454059 [.650] A3_7 .248979 .188046 1.32404 [.185] A2_7 .169999 .134078 1.26791 [.205] P0_7 -.073443 .047557 -1.54431 [.123] P1_7 -.015626 .025461 -.613709 [.539] P2_7 .024031 .029732 .808248 [.419] P3_7 -.054596 .026780 -2.03868 [.041] P4_7 -.065491 .031779 -2.06082 [.039] P5_7 .961542E-02 .036278 .265051 [.791] P6_7 -.070622 .038556 -1.83168 [.067] P7_7 -.074389 .027066 -2.74840 [.006] P8_7 -.030668 .026129 -1.17371 [.241] P9_7 -.032461 .026735 -1.21414 [.225] P10_7 .029575 .026970 1.09659 [.273] P11_7 -.063628 .031099 -2.04601 [.041] P12_7 -.044078 .030360 -1.45184 [.147] P13_7 .356304E-02 .026055 .136751 [.891] P14_7 -.040039 .026633 -1.50332 [.133] P15_7 -.880689E-02 .025680 -.342946 [.732] P16_7 .010097 .028995 .348225 [.728] P17_7 -.035460 .027204 -1.30347 [.192] P18_7 .017164 .034842 .492628 [.622] P19_7 .041029 .062984 .651424 [.515] P20_7 .012574 .023089 .544593 [.586] P21_7 .073281 .027705 2.64500 [.008] DI1_7 .035115 .035490 .989413 [.322] DF1_7 -.217829E-02 .014582 -.149387 [.881] DI2_7 .841958E-02 .059341 .141884 [.887] DF2_7 .012874 .770449E-02 1.67092 [.095] DI3_7 -.036613 .068807 -.532104 [.595] DF3_7 .011904 .710400E-02 1.67573 [.094] DI4_7 .047975 .072270 .663838 [.507] DF4_7 .012104 .631180E-02 1.91763 [.055] DI5_7 -.616759E-02 .064415 -.095748 [.924] DF5_7 .017442 .691558E-02 2.52211 [.012] S1_7 -.164682 .075957 -2.16811 [.030] S2_7 .117182 .069493 1.68623 [.092] S3_7 .033231 .058937 .563834 [.573] S4_7 -.045220 .054602 -.828183 [.408] S5_7 -.819191E-02 .052083 -.157285 [.875] S6_7 .072896 .037336 1.95242 [.051] B_7 .011628 .023594 .492826 [.622] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB7 Dependent variable: LPSE YMEAN 5.08721 S2 .397385 ARSQ .591792 SDEV .986654 S .630385 LMHET .241931 [.623] SSR 224.522 RSQ .621285 DW 1.85223 [<.740] INVESTOR #9 ===================== EQUATIONS: EQ_NB9 NOB 610 SBIC 704.509 LOGL -560.207 Standard Parameter Estimate Error t-statistic P-value C_9 3.09556 .575771 5.37638 [.000] A6_9 .018785 .093269 .201402 [.840] A5_9 .118017 .126377 .933842 [.350] A4_9 .084429 .199960 .422227 [.673] A3_9 .262672 .188424 1.39405 [.163] A2_9 .166736 .133935 1.24491 [.213] P0_9 -.079909 .047751 -1.67345 [.094] P1_9 -.014879 .025450 -.584639 [.559] P2_9 .027179 .029879 .909651 [.363] P3_9 -.053535 .026781 -1.99904 [.046] P4_9 -.061163 .031864 -1.91953 [.055] P5_9 .010555 .036196 .291604 [.771] P6_9 -.066782 .038434 -1.73760 [.082] P7_9 -.075934 .027016 -2.81071 [.005] P8_9 -.028374 .026083 -1.08783 [.277] P9_9 -.032799 .026715 -1.22776 [.220] P10_9 .030421 .026941 1.12916 [.259] P11_9 -.060518 .031144 -1.94319 [.052] P12_9 -.046187 .030368 -1.52090 [.128] P13_9 .512365E-02 .026064 .196581 [.844] P14_9 -.041405 .026583 -1.55758 [.119] P15_9 -.851160E-02 .025637 -.331998 [.740] P16_9 .924422E-02 .028936 .319468 [.749] P17_9 -.034842 .027165 -1.28261 [.200] P18_9 .017645 .034779 .507335 [.612] P19_9 .044278 .063003 .702801 [.482] P20_9 .012138 .023063 .526274 [.599] P21_9 .073290 .027638 2.65179 [.008] DI1_9 .037211 .035446 1.04981 [.294] DF1_9 -.285798E-02 .014580 -.196025 [.845] DI2_9 .412371E-02 .059429 .069389 [.945] DF2_9 .012623 .770246E-02 1.63887 [.101] DI3_9 -.034344 .068764 -.499445 [.617] DF3_9 .012027 .709736E-02 1.69464 [.090] DI4_9 .050273 .072176 .696539 [.486] DF4_9 .011829 .631077E-02 1.87436 [.061] DI5_9 -.599455E-02 .064343 -.093166 [.926] DF5_9 .017290 .691041E-02 2.50202 [.012] S1_9 -.162346 .075899 -2.13898 [.032] S2_9 .120015 .069304 1.73171 [.083] S3_9 .034974 .058916 .593629 [.553] S4_9 -.048558 .054602 -.889314 [.374] S5_9 -.848165E-02 .052023 -.163037 [.870] S6_9 .071933 .037253 1.93092 [.053] B_9 .019003 .017518 1.08480 [.278] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB9 Dependent variable: LPSE YMEAN 5.08721 S2 .396729 ARSQ .592466 SDEV .986654 S .629865 LMHET .299462 [.584] SSR 224.152 RSQ .621910 DW 1.84600 [<.715] INVESTOR #10 ====================== EQUATIONS: EQ_NB10 NOB 610 SBIC 704.870 LOGL -560.567 Standard Parameter Estimate Error t-statistic P-value C_10 3.10378 .582422 5.32910 [.000] A6_10 .021371 .093310 .229032 [.819] A5_10 .110543 .127612 .866237 [.386] A4_10 .095986 .200053 .479805 [.631] A3_10 .254088 .188254 1.34971 [.177] A2_10 .166779 .134191 1.24284 [.214] P0_10 -.079990 .048152 -1.66119 [.097] P1_10 -.014828 .025497 -.581572 [.561] P2_10 .027318 .030173 .905395 [.365] P3_10 -.053003 .026902 -1.97026 [.049] P4_10 -.060701 .032195 -1.88543 [.059] P5_10 .011863 .036520 .324840 [.745] P6_10 -.066532 .038556 -1.72560 [.084] P7_10 -.074173 .027053 -2.74179 [.006] P8_10 -.029469 .026069 -1.13043 [.258] P9_10 -.034051 .026845 -1.26845 [.205] P10_10 .030162 .026955 1.11895 [.263] P11_10 -.062562 .031081 -2.01291 [.044] P12_10 -.043916 .030352 -1.44688 [.148] P13_10 .509162E-02 .026118 .194946 [.845] P14_10 -.040847 .026592 -1.53606 [.125] P15_10 -.855720E-02 .025655 -.333553 [.739] P16_10 .964484E-02 .028955 .333096 [.739] P17_10 -.035193 .027182 -1.29471 [.195] P18_10 .015921 .034913 .456015 [.648] P19_10 .042854 .063020 .680000 [.497] P20_10 .012401 .023077 .537365 [.591] P21_10 .073699 .027701 2.66048 [.008] DI1_10 .035839 .035446 1.01107 [.312] DF1_10 -.212123E-02 .014579 -.145504 [.884] DI2_10 .617990E-02 .059416 .104010 [.917] DF2_10 .012624 .771364E-02 1.63661 [.102] DI3_10 -.032768 .069141 -.473923 [.636] DF3_10 .011932 .710145E-02 1.68015 [.093] DI4_10 .052491 .072361 .725408 [.468] DF4_10 .012095 .631019E-02 1.91674 [.055] DI5_10 -.836572E-02 .064517 -.129668 [.897] DF5_10 .017252 .691712E-02 2.49410 [.013] S1_10 -.162747 .075950 -2.14283 [.032] S2_10 .117925 .069370 1.69995 [.089] S3_10 .032223 .058919 .546906 [.584] S4_10 -.047950 .054657 -.877282 [.380] S5_10 -.945176E-02 .052059 -.181560 [.856] S6_10 .073555 .037225 1.97597 [.048] B_10 .023571 .033055 .713083 [.476] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB10 Dependent variable: LPSE YMEAN 5.08721 S2 .397198 ARSQ .591984 SDEV .986654 S .630237 LMHET .274416 [.600] SSR 224.417 RSQ .621463 DW 1.84670 [<.718] INVESTOR #11 ====================== EQUATIONS: EQ_NB11 NOB 610 SBIC 704.913 LOGL -560.611 Standard Parameter Estimate Error t-statistic P-value C_11 3.08360 .578984 5.32587 [.000] A6_11 .020139 .093318 .215816 [.829] A5_11 .122575 .126373 .969950 [.332] A4_11 .088188 .200053 .440822 [.659] A3_11 .248411 .187937 1.32178 [.186] A2_11 .170867 .133938 1.27572 [.202] P0_11 -.074602 .047512 -1.57017 [.116] P1_11 -.015831 .025447 -.622104 [.534] P2_11 .024990 .029792 .838823 [.402] P3_11 -.054327 .026783 -2.02838 [.043] P4_11 -.065122 .031734 -2.05211 [.040] P5_11 .010017 .036263 .276225 [.782] P6_11 -.068585 .038410 -1.78557 [.074] P7_11 -.074075 .027069 -2.73653 [.006] P8_11 -.029711 .026067 -1.13980 [.254] P9_11 -.032411 .026729 -1.21260 [.225] P10_11 .030467 .026967 1.12976 [.259] P11_11 -.061986 .031120 -1.99184 [.046] P12_11 -.044827 .030351 -1.47693 [.140] P13_11 .384482E-02 .026050 .147596 [.883] P14_11 -.041209 .026604 -1.54900 [.121] P15_11 -.865070E-02 .025660 -.337130 [.736] P16_11 .957852E-02 .028956 .330790 [.741] P17_11 -.035045 .027183 -1.28925 [.197] P18_11 .017400 .034811 .499848 [.617] P19_11 .043767 .063111 .693498 [.488] P20_11 .012401 .023079 .537340 [.591] P21_11 .073143 .027667 2.64368 [.008] DI1_11 .035551 .035453 1.00276 [.316] DF1_11 -.186657E-02 .014590 -.127933 [.898] DI2_11 .836962E-02 .059332 .141065 [.888] DF2_11 .012882 .770277E-02 1.67238 [.094] DI3_11 -.035322 .068862 -.512938 [.608] DF3_11 .011933 .710197E-02 1.68028 [.093] DI4_11 .047800 .072248 .661618 [.508] DF4_11 .011951 .631380E-02 1.89286 [.058] DI5_11 -.826058E-02 .064536 -.127999 [.898] DF5_11 .017467 .691470E-02 2.52610 [.012] S1_11 -.164884 .075944 -2.17113 [.030] S2_11 .117771 .069387 1.69729 [.090] S3_11 .031873 .058933 .540830 [.589] S4_11 -.045523 .054581 -.834037 [.404] S5_11 -.689286E-02 .052145 -.132188 [.895] S6_11 .073276 .037248 1.96726 [.049] B_11 .962170E-02 .014720 .653650 [.513] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB11 Dependent variable: LPSE YMEAN 5.08721 S2 .397255 ARSQ .591925 SDEV .986654 S .630282 LMHET .221388 [.638] SSR 224.449 RSQ .621409 DW 1.85110 [<.736] INVESTOR #12 ====================== EQUATIONS: EQ_NB12 NOB 610 SBIC 705.038 LOGL -560.735 Standard Parameter Estimate Error t-statistic P-value C_12 3.04166 .573705 5.30179 [.000] A6_12 .018974 .093417 .203107 [.839] A5_12 .122639 .126402 .970226 [.332] A4_12 .095399 .200189 .476547 [.634] A3_12 .243547 .187979 1.29561 [.195] A2_12 .173478 .133913 1.29545 [.195] P0_12 -.074223 .047522 -1.56187 [.118] P1_12 -.015827 .025454 -.621787 [.534] P2_12 .024104 .029743 .810420 [.418] P3_12 -.055314 .026787 -2.06499 [.039] P4_12 -.064805 .031734 -2.04213 [.041] P5_12 .011272 .036831 .306061 [.760] P6_12 -.068357 .038439 -1.77831 [.075] P7_12 -.074710 .027043 -2.76260 [.006] P8_12 -.030076 .026079 -1.15327 [.249] P9_12 -.033068 .026797 -1.23405 [.217] P10_12 .030008 .026961 1.11301 [.266] P11_12 -.064304 .031201 -2.06095 [.039] P12_12 -.043902 .030376 -1.44525 [.148] P13_12 .367097E-02 .026054 .140896 [.888] P14_12 -.042019 .026759 -1.57027 [.116] P15_12 -.823323E-02 .025659 -.320871 [.748] P16_12 .903823E-02 .028972 .311963 [.755] P17_12 -.035382 .027203 -1.30067 [.193] P18_12 .014580 .035619 .409325 [.682] P19_12 .034332 .064782 .529960 [.596] P20_12 .012517 .023088 .542128 [.588] P21_12 .074288 .027973 2.65571 [.008] DI1_12 .035864 .035456 1.01152 [.312] DF1_12 -.214476E-02 .014583 -.147069 [.883] DI2_12 .830286E-02 .059345 .139908 [.889] DF2_12 .012908 .770415E-02 1.67548 [.094] DI3_12 -.037386 .068757 -.543748 [.587] DF3_12 .011875 .710611E-02 1.67104 [.095] DI4_12 .049664 .072240 .687494 [.492] DF4_12 .011999 .631471E-02 1.90011 [.057] DI5_12 -.715778E-02 .064524 -.110932 [.912] DF5_12 .017415 .691555E-02 2.51823 [.012] S1_12 -.165046 .075982 -2.17217 [.030] S2_12 .118351 .069395 1.70546 [.088] S3_12 .033310 .058945 .565106 [.572] S4_12 -.044733 .054645 -.818610 [.413] S5_12 -.866306E-02 .052069 -.166377 [.868] S6_12 .073571 .037261 1.97447 [.048] B_12 .941418E-02 .021213 .443789 [.657] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB12 Dependent variable: LPSE YMEAN 5.08721 S2 .397417 ARSQ .591759 SDEV .986654 S .630410 LMHET .241242 [.623] SSR 224.541 RSQ .621254 DW 1.85104 [<.736] INVESTOR #13 ====================== EQUATIONS: EQ_NB13 NOB 610 SBIC 704.877 LOGL -560.574 Standard Parameter Estimate Error t-statistic P-value C_13 3.08053 .577545 5.33383 [.000] A6_13 .016231 .093528 .173536 [.862] A5_13 .124856 .126381 .987930 [.323] A4_13 .086556 .200103 .432554 [.665] A3_13 .253308 .188199 1.34596 [.178] A2_13 .168894 .134026 1.26016 [.208] P0_13 -.075259 .047524 -1.58359 [.113] P1_13 -.015703 .025448 -.617057 [.537] P2_13 .025680 .029862 .859944 [.390] P3_13 -.053695 .026824 -2.00177 [.045] P4_13 -.064116 .031731 -2.02060 [.043] P5_13 .012724 .036727 .346452 [.729] P6_13 -.068546 .038408 -1.78466 [.074] P7_13 -.073688 .027096 -2.71949 [.007] P8_13 -.030199 .026071 -1.15835 [.247] P9_13 -.033736 .026810 -1.25837 [.208] P10_13 .030001 .026954 1.11303 [.266] P11_13 -.062544 .031082 -2.01224 [.044] P12_13 -.044483 .030344 -1.46596 [.143] P13_13 .443056E-02 .026067 .169968 [.865] P14_13 -.040720 .026592 -1.53131 [.126] P15_13 -.881048E-02 .025663 -.343312 [.731] P16_13 .954479E-02 .028954 .329651 [.742] P17_13 -.035351 .027186 -1.30036 [.193] P18_13 .014430 .035154 .410486 [.681] P19_13 .038188 .063102 .605187 [.545] P20_13 .012499 .023079 .541594 [.588] P21_13 .074309 .027775 2.67542 [.007] DI1_13 .035064 .035467 .988636 [.323] DF1_13 -.197641E-02 .014583 -.135530 [.892] DI2_13 .776670E-02 .059337 .130891 [.896] DF2_13 .012787 .770460E-02 1.65965 [.097] DI3_13 -.032159 .069258 -.464336 [.642] DF3_13 .011897 .710204E-02 1.67511 [.094] DI4_13 .046824 .072290 .647724 [.517] DF4_13 .011931 .631392E-02 1.88959 [.059] DI5_13 -.894149E-02 .064581 -.138454 [.890] DF5_13 .017519 .691548E-02 2.53325 [.011] S1_13 -.163731 .075930 -2.15634 [.031] S2_13 .116604 .069450 1.67896 [.093] S3_13 .032326 .058918 .548652 [.583] S4_13 -.044827 .054594 -.821087 [.412] S5_13 -.593633E-02 .052221 -.113678 [.909] S6_13 .071404 .037447 1.90681 [.057] B_13 .015188 .021604 .703017 [.482] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB13 Dependent variable: LPSE YMEAN 5.08721 S2 .397208 ARSQ .591974 SDEV .986654 S .630245 LMHET .229710 [.632] SSR 224.423 RSQ .621454 DW 1.84938 [<.729] INVESTOR #14 ====================== EQUATIONS: EQ_NB14 NOB 610 SBIC 704.977 LOGL -560.674 Standard Parameter Estimate Error t-statistic P-value C_14 3.06489 .576596 5.31549 [.000] A6_14 .021471 .093332 .230054 [.818] A5_14 .119085 .126604 .940611 [.347] A4_14 .095111 .200091 .475340 [.635] A3_14 .245112 .187908 1.30443 [.192] A2_14 .171311 .133948 1.27894 [.201] P0_14 -.075280 .047543 -1.58341 [.113] P1_14 -.017017 .025515 -.666916 [.505] P2_14 .024122 .029732 .811321 [.417] P3_14 -.054070 .026815 -2.01644 [.044] P4_14 -.064198 .031737 -2.02280 [.043] P5_14 .010294 .036358 .283141 [.777] P6_14 -.068488 .038420 -1.78262 [.075] P7_14 -.074375 .027058 -2.74876 [.006] P8_14 -.029778 .026069 -1.14227 [.253] P9_14 -.033154 .026780 -1.23801 [.216] P10_14 .030319 .026967 1.12431 [.261] P11_14 -.063236 .031078 -2.03472 [.042] P12_14 -.044142 .030354 -1.45426 [.146] P13_14 .423063E-02 .026068 .162293 [.871] P14_14 -.041438 .026627 -1.55623 [.120] P15_14 -.870403E-02 .025668 -.339106 [.735] P16_14 .907647E-02 .028964 .313373 [.754] P17_14 -.035287 .027191 -1.29777 [.194] P18_14 .016576 .034890 .475087 [.635] P19_14 .040849 .062982 .648590 [.517] P20_14 .012465 .023083 .540035 [.589] P21_14 .073402 .027705 2.64944 [.008] DI1_14 .035404 .035464 .998317 [.318] DF1_14 -.196460E-02 .014589 -.134664 [.893] DI2_14 .857303E-02 .059338 .144479 [.885] DF2_14 .012834 .770508E-02 1.66568 [.096] DI3_14 -.035617 .068886 -.517044 [.605] DF3_14 .011858 .710512E-02 1.66888 [.095] DI4_14 .046255 .072415 .638751 [.523] DF4_14 .012070 .631131E-02 1.91239 [.056] DI5_14 -.622550E-02 .064409 -.096656 [.923] DF5_14 .017323 .691656E-02 2.50456 [.012] S1_14 -.164045 .075941 -2.16016 [.031] S2_14 .117797 .069408 1.69717 [.090] S3_14 .032537 .058926 .552168 [.581] S4_14 -.043736 .054713 -.799381 [.424] S5_14 -.904247E-02 .052062 -.173685 [.862] S6_14 .073866 .037225 1.98431 [.047] B_14 .011427 .020532 .556526 [.578] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB14 Dependent variable: LPSE YMEAN 5.08721 S2 .397338 ARSQ .591841 SDEV .986654 S .630347 LMHET .283653 [.594] SSR 224.496 RSQ .621330 DW 1.84890 [<.727] INVESTOR #15 ====================== EQUATIONS: EQ_NB15 NOB 610 SBIC 705.126 LOGL -560.823 Standard Parameter Estimate Error t-statistic P-value C_15 3.01410 .578493 5.21026 [.000] A6_15 .020471 .093358 .219280 [.826] A5_15 .125402 .126957 .987757 [.323] A4_15 .092040 .200055 .460075 [.645] A3_15 .241861 .189042 1.27940 [.201] A2_15 .175423 .134421 1.30503 [.192] P0_15 -.073025 .048115 -1.51771 [.129] P1_15 -.016283 .025505 -.638416 [.523] P2_15 .022651 .030140 .751509 [.452] P3_15 -.055384 .026891 -2.05957 [.039] P4_15 -.065562 .032154 -2.03898 [.041] P5_15 .733486E-02 .036453 .201213 [.841] P6_15 -.069526 .038536 -1.80420 [.071] P7_15 -.075345 .027064 -2.78393 [.005] P8_15 -.029817 .026075 -1.14348 [.253] P9_15 -.032096 .026750 -1.19985 [.230] P10_15 .029800 .026977 1.10467 [.269] P11_15 -.063663 .031246 -2.03749 [.042] P12_15 -.044427 .030356 -1.46353 [.143] P13_15 .334992E-02 .026136 .128172 [.898] P14_15 -.040852 .026612 -1.53508 [.125] P15_15 -.830165E-02 .025663 -.323490 [.746] P16_15 .925248E-02 .028976 .319319 [.749] P17_15 -.035003 .027192 -1.28726 [.198] P18_15 .018183 .034840 .521901 [.602] P19_15 .040273 .063141 .637821 [.524] P20_15 .012308 .023086 .533131 [.594] P21_15 .072279 .027662 2.61288 [.009] DI1_15 .035991 .035464 1.01486 [.310] DF1_15 -.226859E-02 .014584 -.155554 [.876] DI2_15 .939469E-02 .059555 .157749 [.875] DF2_15 .013015 .771997E-02 1.68584 [.092] DI3_15 -.040109 .069475 -.577311 [.564] DF3_15 .011958 .710436E-02 1.68319 [.092] DI4_15 .049086 .072244 .679454 [.497] DF4_15 .012093 .631313E-02 1.91560 [.055] DI5_15 -.453726E-02 .064561 -.070279 [.944] DF5_15 .017424 .691702E-02 2.51897 [.012] S1_15 -.164602 .076021 -2.16522 [.030] S2_15 .119476 .069377 1.72212 [.085] S3_15 .032903 .058947 .558188 [.577] S4_15 -.045610 .054610 -.835196 [.404] S5_15 -.910248E-02 .052089 -.174748 [.861] S6_15 .074604 .037245 2.00308 [.045] B_15 -.346186E-02 .019010 -.182112 [.855] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB15 Dependent variable: LPSE YMEAN 5.08721 S2 .397532 ARSQ .591641 SDEV .986654 S .630502 LMHET .280135 [.597] SSR 224.606 RSQ .621145 DW 1.84895 [<.727] INVESTOR #16 ====================== EQUATIONS: EQ_NB16 NOB 610 SBIC 704.671 LOGL -560.369 Standard Parameter Estimate Error t-statistic P-value C_16 3.01154 .572888 5.25676 [.000] A6_16 .012967 .093645 .138472 [.890] A5_16 .127620 .126404 1.00962 [.313] A4_16 .102538 .200231 .512097 [.609] A3_16 .239325 .187930 1.27348 [.203] A2_16 .171554 .133846 1.28173 [.200] P0_16 -.073603 .047499 -1.54955 [.121] P1_16 -.015148 .025452 -.595141 [.552] P2_16 .024687 .029724 .830546 [.406] P3_16 -.054546 .026760 -2.03836 [.042] P4_16 -.064141 .031716 -2.02233 [.043] P5_16 .012093 .036381 .332396 [.740] P6_16 -.069795 .038400 -1.81756 [.069] P7_16 -.074543 .027019 -2.75893 [.006] P8_16 -.030206 .026059 -1.15912 [.246] P9_16 -.034042 .026786 -1.27092 [.204] P10_16 .026746 .027161 .984741 [.325] P11_16 -.067686 .031448 -2.15232 [.031] P12_16 -.044074 .030336 -1.45286 [.146] P13_16 .395818E-02 .026040 .152005 [.879] P14_16 -.040766 .026583 -1.53355 [.125] P15_16 -.863666E-02 .025646 -.336761 [.736] P16_16 .904351E-02 .028946 .312426 [.755] P17_16 -.035896 .027189 -1.32022 [.187] P18_16 .013229 .035148 .376376 [.707] P19_16 .033303 .063491 .524532 [.600] P20_16 .012948 .023080 .561017 [.575] P21_16 .074750 .027746 2.69405 [.007] DI1_16 .035157 .035443 .991911 [.321] DF1_16 -.201961E-02 .014575 -.138569 [.890] DI2_16 .858226E-02 .059308 .144707 [.885] DF2_16 .012939 .769941E-02 1.68055 [.093] DI3_16 -.039682 .068703 -.577588 [.564] DF3_16 .011841 .710020E-02 1.66777 [.095] DI4_16 .052343 .072267 .724295 [.469] DF4_16 .011963 .630940E-02 1.89607 [.058] DI5_16 -.555227E-02 .064358 -.086272 [.931] DF5_16 .017538 .691277E-02 2.53709 [.011] S1_16 -.163445 .075906 -2.15325 [.031] S2_16 .117202 .069356 1.68985 [.091] S3_16 .034283 .058919 .581867 [.561] S4_16 -.044708 .054571 -.819264 [.413] S5_16 -.940468E-02 .052039 -.180725 [.857] S6_16 .072470 .037251 1.94545 [.052] B_16 .899204E-02 .960614E-02 .936072 [.349] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB16 Dependent variable: LPSE YMEAN 5.08721 S2 .396940 ARSQ .592249 SDEV .986654 S .630032 LMHET .216847 [.641] SSR 224.271 RSQ .621709 DW 1.85577 [<.754] INVESTOR #17 ====================== EQUATIONS: EQ_NB17 NOB 610 SBIC 705.132 LOGL -560.829 Standard Parameter Estimate Error t-statistic P-value C_17 3.01715 .578004 5.21995 [.000] A6_17 .020254 .093403 .216846 [.828] A5_17 .125000 .126938 .984735 [.325] A4_17 .092376 .200094 .461663 [.644] A3_17 .245135 .187974 1.30409 [.192] A2_17 .173044 .133947 1.29188 [.196] P0_17 -.074158 .047553 -1.55948 [.119] P1_17 -.016014 .025456 -.629107 [.529] P2_17 .023295 .029775 .782346 [.434] P3_17 -.054949 .026777 -2.05208 [.040] P4_17 -.064859 .031776 -2.04115 [.041] P5_17 .753927E-02 .036405 .207093 [.836] P6_17 -.069251 .038461 -1.80054 [.072] P7_17 -.075435 .027121 -2.78143 [.005] P8_17 -.029734 .026080 -1.14011 [.254] P9_17 -.032036 .026775 -1.19648 [.232] P10_17 .029737 .027000 1.10138 [.271] P11_17 -.062841 .031128 -2.01881 [.044] P12_17 -.044555 .030365 -1.46728 [.142] P13_17 .366831E-02 .026060 .140762 [.888] P14_17 -.040458 .026659 -1.51758 [.129] P15_17 -.834149E-02 .025666 -.325000 [.745] P16_17 .945480E-02 .028968 .326385 [.744] P17_17 -.034905 .027197 -1.28342 [.199] P18_17 .018245 .034875 .523163 [.601] P19_17 .041488 .063063 .657878 [.511] P20_17 .012272 .023087 .531553 [.595] P21_17 .072102 .027728 2.60035 [.009] DI1_17 .035948 .035463 1.01369 [.311] DF1_17 -.219830E-02 .014588 -.150698 [.880] DI2_17 .851936E-02 .059353 .143538 [.886] DF2_17 .012919 .770542E-02 1.67662 [.094] DI3_17 -.038984 .068902 -.565796 [.572] DF3_17 .011972 .710456E-02 1.68509 [.092] DI4_17 .049027 .072250 .678572 [.497] DF4_17 .012098 .631371E-02 1.91608 [.055] DI5_17 -.488879E-02 .064480 -.075819 [.940] DF5_17 .017447 .692136E-02 2.52081 [.012] S1_17 -.164370 .075991 -2.16303 [.031] S2_17 .120049 .069542 1.72627 [.084] S3_17 .032856 .058945 .557389 [.577] S4_17 -.045607 .054617 -.835033 [.404] S5_17 -.874233E-02 .052082 -.167856 [.867] S6_17 .074460 .037228 2.00011 [.045] B_17 -.625037E-02 .041494 -.150634 [.880] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB17 Dependent variable: LPSE YMEAN 5.08721 S2 .397540 ARSQ .591633 SDEV .986654 S .630507 LMHET .294399 [.587] SSR 224.610 RSQ .621138 DW 1.84999 [<.731] INVESTOR #18 ====================== EQUATIONS: EQ_NB18 NOB 610 SBIC 704.330 LOGL -560.027 Standard Parameter Estimate Error t-statistic P-value C_18 2.87212 .586265 4.89901 [.000] A6_18 .020899 .093224 .224177 [.823] A5_18 .136984 .126740 1.08083 [.280] A4_18 .101130 .199933 .505816 [.613] A3_18 .221705 .188707 1.17487 [.240] A2_18 .180252 .133875 1.34642 [.178] P0_18 -.068404 .047715 -1.43360 [.152] P1_18 -.017738 .025462 -.696660 [.486] P2_18 .020640 .029778 .693132 [.488] P3_18 -.058268 .026879 -2.16779 [.030] P4_18 -.069256 .031918 -2.16979 [.030] P5_18 .559402E-02 .036179 .154622 [.877] P6_18 -.070931 .038402 -1.84707 [.065] P7_18 -.075420 .026998 -2.79353 [.005] P8_18 -.029580 .026042 -1.13584 [.256] P9_18 -.029766 .026778 -1.11157 [.266] P10_18 .029263 .026936 1.08642 [.277] P11_18 -.064121 .031056 -2.06470 [.039] P12_18 -.044792 .030318 -1.47740 [.140] P13_18 .367727E-03 .026166 .014053 [.989] P14_18 -.041455 .026574 -1.55997 [.119] P15_18 -.750271E-02 .025637 -.292654 [.770] P16_18 .860508E-02 .028935 .297398 [.766] P17_18 -.034741 .027157 -1.27927 [.201] P18_18 .017521 .034769 .503909 [.614] P19_18 .036078 .063044 .572271 [.567] P20_18 .011983 .023057 .519720 [.603] P21_18 .071177 .027636 2.57557 [.010] DI1_18 .037751 .035447 1.06501 [.287] DF1_18 -.181200E-02 .014569 -.124375 [.901] DI2_18 .011522 .059326 .194222 [.846] DF2_18 .013442 .770648E-02 1.74428 [.081] DI3_18 -.047846 .069089 -.692527 [.489] DF3_18 .011389 .711040E-02 1.60180 [.109] DI4_18 .049435 .072148 .685182 [.493] DF4_18 .011984 .630509E-02 1.90070 [.057] DI5_18 -.141205E-02 .064401 -.021926 [.983] DF5_18 .017470 .690769E-02 2.52906 [.011] S1_18 -.163730 .075861 -2.15829 [.031] S2_18 .121363 .069301 1.75125 [.080] S3_18 .033296 .058864 .565646 [.572] S4_18 -.042732 .054585 -.782863 [.434] S5_18 -.920158E-02 .052007 -.176929 [.860] S6_18 .076634 .037220 2.05896 [.039] B_18 -.037605 .030600 -1.22894 [.219] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB18 Dependent variable: LPSE YMEAN 5.08721 S2 .396496 ARSQ .592706 SDEV .986654 S .629679 LMHET .207377 [.649] SSR 224.020 RSQ .622132 DW 1.84520 [<.712] INVESTOR #19 ====================== EQUATIONS: EQ_NB19 NOB 610 SBIC 705.060 LOGL -560.757 Standard Parameter Estimate Error t-statistic P-value C_19 3.04819 .575120 5.30010 [.000] A6_19 .020228 .093345 .216701 [.828] A5_19 .119788 .126705 .945412 [.344] A4_19 .091472 .200028 .457294 [.647] A3_19 .249156 .188153 1.32422 [.185] A2_19 .170603 .134096 1.27225 [.203] P0_19 -.074873 .047538 -1.57502 [.115] P1_19 -.015639 .025468 -.614064 [.539] P2_19 .024386 .029792 .818539 [.413] P3_19 -.055618 .026830 -2.07298 [.038] P4_19 -.064195 .031751 -2.02183 [.043] P5_19 .010185 .036520 .278887 [.780] P6_19 -.068542 .038431 -1.78352 [.075] P7_19 -.074142 .027139 -2.73188 [.006] P8_19 -.030127 .026085 -1.15495 [.248] P9_19 -.033202 .026842 -1.23691 [.216] P10_19 .029975 .026962 1.11174 [.266] P11_19 -.062554 .031111 -2.01070 [.044] P12_19 -.045245 .030421 -1.48731 [.137] P13_19 .380044E-02 .026056 .145857 [.884] P14_19 -.040891 .026603 -1.53708 [.124] P15_19 -.832665E-02 .025660 -.324499 [.746] P16_19 .955243E-02 .028965 .329794 [.742] P17_19 -.035014 .027189 -1.28778 [.198] P18_19 .016268 .035064 .463954 [.643] P19_19 .039259 .063153 .621656 [.534] P20_19 .012215 .023085 .529132 [.597] P21_19 .073058 .027700 2.63748 [.008] DI1_19 .035753 .035459 1.00827 [.313] DF1_19 -.214513E-02 .014584 -.147085 [.883] DI2_19 .777769E-02 .059374 .130995 [.896] DF2_19 .012886 .770501E-02 1.67248 [.094] DI3_19 -.037545 .068755 -.546070 [.585] DF3_19 .012033 .710566E-02 1.69340 [.090] DI4_19 .050319 .072292 .696053 [.486] DF4_19 .012092 .631218E-02 1.91567 [.055] DI5_19 -.540081E-02 .064398 -.083866 [.933] DF5_19 .017398 .691584E-02 2.51562 [.012] S1_19 -.162718 .076026 -2.14029 [.032] S2_19 .117150 .069580 1.68367 [.092] S3_19 .033629 .058976 .570209 [.569] S4_19 -.046611 .054629 -.853225 [.394] S5_19 -.933846E-02 .052082 -.179303 [.858] S6_19 .073641 .037265 1.97615 [.048] B_19 .651097E-02 .016489 .394857 [.693] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB19 Dependent variable: LPSE YMEAN 5.08721 S2 .397446 ARSQ .591730 SDEV .986654 S .630433 LMHET .302234 [.582] SSR 224.557 RSQ .621227 DW 1.84800 [<.723] INVESTOR #20 ====================== EQUATIONS: EQ_NB20 NOB 610 SBIC 704.849 LOGL -560.546 Standard Parameter Estimate Error t-statistic P-value C_20 3.10266 .581467 5.33592 [.000] A6_20 .019709 .093314 .211217 [.833] A5_20 .117494 .126596 .928100 [.353] A4_20 .094217 .199986 .471121 [.638] A3_20 .245597 .187867 1.30729 [.191] A2_20 .169884 .133952 1.26824 [.205] P0_20 -.076526 .047594 -1.60791 [.108] P1_20 -.016165 .025445 -.635287 [.525] P2_20 .025298 .029801 .848901 [.396] P3_20 -.054673 .026767 -2.04258 [.041] P4_20 -.063924 .031735 -2.01427 [.044] P5_20 .011680 .036459 .320358 [.749] P6_20 -.067247 .038473 -1.74790 [.080] P7_20 -.073318 .027128 -2.70267 [.007] P8_20 -.029571 .026065 -1.13447 [.257] P9_20 -.033846 .026812 -1.26236 [.207] P10_20 .029962 .026953 1.11166 [.266] P11_20 -.062012 .031105 -1.99365 [.046] P12_20 -.044216 .030344 -1.45717 [.145] P13_20 .383136E-02 .026047 .147096 [.883] P14_20 -.041290 .026601 -1.55217 [.121] P15_20 -.934033E-02 .025691 -.363565 [.716] P16_20 .936318E-02 .028952 .323403 [.746] P17_20 -.035105 .027180 -1.29158 [.197] P18_20 .016029 .034893 .459380 [.646] P19_20 .041987 .062980 .666669 [.505] P20_20 .012441 .023077 .539112 [.590] P21_20 .073567 .027686 2.65724 [.008] DI1_20 .035635 .035447 1.00531 [.315] DF1_20 -.182007E-02 .014588 -.124761 [.901] DI2_20 .845873E-02 .059325 .142583 [.887] DF2_20 .012906 .770170E-02 1.67576 [.094] DI3_20 -.035806 .068788 -.520531 [.603] DF3_20 .011922 .710129E-02 1.67890 [.093] DI4_20 .050951 .072249 .705219 [.481] DF4_20 .012034 .631029E-02 1.90703 [.057] DI5_20 -.875077E-02 .064540 -.135587 [.892] DF5_20 .017365 .691364E-02 2.51172 [.012] S1_20 -.163332 .075931 -2.15105 [.031] S2_20 .115805 .069502 1.66621 [.096] S3_20 .032727 .058912 .555519 [.579] S4_20 -.046853 .054592 -.858247 [.391] S5_20 -.817492E-02 .052059 -.157031 [.875] S6_20 .073408 .037229 1.97180 [.049] B_20 .018348 .024810 .739534 [.460] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB20 Dependent variable: LPSE YMEAN 5.08721 S2 .397171 ARSQ .592012 SDEV .986654 S .630215 LMHET .224063 [.636] SSR 224.402 RSQ .621489 DW 1.84561 [<.713] INVESTOR #21 ====================== EQUATIONS: EQ_NB21 NOB 610 SBIC 705.058 LOGL -560.755 Standard Parameter Estimate Error t-statistic P-value C_21 2.99800 .578057 5.18633 [.000] A6_21 .020996 .093337 .224945 [.822] A5_21 .127656 .126877 1.00614 [.314] A4_21 .091360 .200029 .456737 [.648] A3_21 .243122 .188030 1.29300 [.196] A2_21 .172206 .133947 1.28563 [.199] P0_21 -.073727 .047551 -1.55049 [.121] P1_21 -.015807 .025456 -.620931 [.535] P2_21 .023200 .029732 .780298 [.435] P3_21 -.055302 .026790 -2.06432 [.039] P4_21 -.064773 .031735 -2.04108 [.041] P5_21 .779862E-02 .036173 .215592 [.829] P6_21 -.068838 .038416 -1.79188 [.073] P7_21 -.075477 .027045 -2.79075 [.005] P8_21 -.029105 .026132 -1.11375 [.265] P9_21 -.031767 .026761 -1.18704 [.235] P10_21 .029587 .026977 1.09676 [.273] P11_21 -.062880 .031086 -2.02277 [.043] P12_21 -.044942 .030378 -1.47939 [.139] P13_21 .279236E-02 .026158 .106749 [.915] P14_21 -.040973 .026607 -1.53993 [.124] P15_21 -.743889E-02 .025746 -.288936 [.773] P16_21 .936170E-02 .028962 .323240 [.747] P17_21 -.034812 .027192 -1.28021 [.200] P18_21 .017530 .034824 .503388 [.615] P19_21 .040057 .063038 .635433 [.525] P20_21 .012328 .023084 .534037 [.593] P21_21 .072286 .027652 2.61410 [.009] DI1_21 .036303 .035471 1.02346 [.306] DF1_21 -.191403E-02 .014606 -.131044 [.896] DI2_21 .824350E-02 .059349 .138899 [.890] DF2_21 .012954 .770458E-02 1.68137 [.093] DI3_21 -.039450 .068794 -.573451 [.566] DF3_21 .011894 .710566E-02 1.67386 [.094] DI4_21 .048138 .072281 .665986 [.505] DF4_21 .012030 .631349E-02 1.90537 [.057] DI5_21 -.354681E-02 .064557 -.054941 [.956] DF5_21 .017396 .691584E-02 2.51537 [.012] S1_21 -.163041 .075993 -2.14547 [.032] S2_21 .119003 .069368 1.71553 [.086] S3_21 .033313 .058951 .565101 [.572] S4_21 -.045221 .054613 -.828037 [.408] S5_21 -.893113E-02 .052069 -.171526 [.864] S6_21 .074996 .037252 2.01322 [.044] B_21 -.714024E-02 .017896 -.398992 [.690] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB21 Dependent variable: LPSE YMEAN 5.08721 S2 .397444 ARSQ .591732 SDEV .986654 S .630431 LMHET .298393 [.585] SSR 224.556 RSQ .621229 DW 1.85004 [<.732] INVESTOR #22 ====================== EQUATIONS: EQ_NB22 NOB 610 SBIC 704.920 LOGL -560.617 Standard Parameter Estimate Error t-statistic P-value C_22 2.95307 .584673 5.05081 [.000] A6_22 .018172 .093399 .194559 [.846] A5_22 .135093 .127695 1.05794 [.290] A4_22 .087999 .200065 .439849 [.660] A3_22 .236358 .188429 1.25436 [.210] A2_22 .175825 .133942 1.31270 [.189] P0_22 -.072644 .047589 -1.52649 [.127] P1_22 -.015957 .025446 -.627077 [.531] P2_22 .023093 .029721 .776998 [.437] P3_22 -.055943 .026813 -2.08639 [.037] P4_22 -.065596 .031761 -2.06528 [.039] P5_22 .650155E-02 .036245 .179377 [.858] P6_22 -.069239 .038408 -1.80272 [.071] P7_22 -.075073 .027023 -2.77808 [.005] P8_22 -.029023 .026095 -1.11223 [.266] P9_22 -.031948 .026732 -1.19513 [.232] P10_22 .028990 .026996 1.07385 [.283] P11_22 -.063144 .031075 -2.03202 [.042] P12_22 -.045040 .030360 -1.48354 [.138] P13_22 .259463E-02 .026107 .099383 [.921] P14_22 -.040904 .026595 -1.53802 [.124] P15_22 -.720067E-02 .025708 -.280092 [.779] P16_22 .969254E-02 .028959 .334698 [.738] P17_22 -.034791 .027184 -1.27982 [.201] P18_22 .017682 .034804 .508049 [.611] P19_22 .037123 .063269 .586757 [.557] P20_22 .012135 .023080 .525766 [.599] P21_22 .072019 .027651 2.60459 [.009] DI1_22 .036345 .035456 1.02509 [.305] DF1_22 -.183748E-02 .014593 -.125919 [.900] DI2_22 .011200 .059480 .188301 [.851] DF2_22 .013225 .771636E-02 1.71391 [.087] DI3_22 -.041931 .068949 -.608151 [.543] DF3_22 .011805 .710617E-02 1.66120 [.097] DI4_22 .047998 .072241 .664417 [.506] DF4_22 .011969 .631312E-02 1.89591 [.058] DI5_22 -.157114E-02 .064650 -.024302 [.981] DF5_22 .017329 .691529E-02 2.50595 [.012] S1_22 -.161090 .076072 -2.11759 [.034] S2_22 .118645 .069356 1.71068 [.087] S3_22 .032501 .058920 .551609 [.581] S4_22 -.045435 .054583 -.832404 [.405] S5_22 -.797131E-02 .052076 -.153072 [.878] S6_22 .074382 .037210 1.99896 [.046] B_22 -.017195 .026671 -.644705 [.519] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB22 Dependent variable: LPSE YMEAN 5.08721 S2 .397263 ARSQ .591917 SDEV .986654 S .630288 LMHET .276354 [.599] SSR 224.454 RSQ .621401 DW 1.84498 [<.711] INVESTOR #23 ====================== EQUATIONS: EQ_NB23 NOB 610 SBIC 704.123 LOGL -559.820 Standard Parameter Estimate Error t-statistic P-value C_23 3.26442 .597204 5.46617 [.000] A6_23 .023782 .093218 .255117 [.799] A5_23 .078777 .130278 .604685 [.545] A4_23 .097666 .199766 .488903 [.625] A3_23 .255438 .187781 1.36030 [.174] A2_23 .157540 .134203 1.17389 [.240] P0_23 -.082507 .047814 -1.72556 [.084] P1_23 -.017468 .025436 -.686758 [.492] P2_23 .020374 .029763 .684546 [.494] P3_23 -.056780 .026766 -2.12134 [.034] P4_23 -.064091 .031686 -2.02270 [.043] P5_23 .903933E-02 .036111 .250318 [.802] P6_23 -.065946 .038419 -1.71647 [.086] P7_23 -.075252 .026988 -2.78832 [.005] P8_23 -.032344 .026098 -1.23935 [.215] P9_23 -.030639 .026719 -1.14674 [.251] P10_23 .030778 .026928 1.14300 [.253] P11_23 -.064125 .031043 -2.06567 [.039] P12_23 -.043726 .030311 -1.44260 [.149] P13_23 .501768E-02 .026032 .192748 [.847] P14_23 -.041421 .026564 -1.55930 [.119] P15_23 -.815590E-02 .025620 -.318335 [.750] P16_23 .947976E-02 .028918 .327819 [.743] P17_23 -.036193 .027161 -1.33250 [.183] P18_23 .015698 .034794 .451164 [.652] P19_23 .050218 .063244 .794029 [.427] P20_23 .012951 .023053 .561777 [.574] P21_23 .073397 .027618 2.65763 [.008] DI1_23 .035806 .035403 1.01139 [.312] DF1_23 -.169855E-02 .014565 -.116618 [.907] DI2_23 .941646E-02 .059258 .158905 [.874] DF2_23 .012803 .769302E-02 1.66427 [.096] DI3_23 -.034711 .068674 -.505452 [.613] DF3_23 .012325 .709748E-02 1.73655 [.082] DI4_23 .059179 .072488 .816387 [.414] DF4_23 .012894 .633003E-02 2.03703 [.042] DI5_23 -.459550E-02 .064302 -.071468 [.943] DF5_23 .016564 .693238E-02 2.38942 [.017] S1_23 -.148495 .076672 -1.93676 [.053] S2_23 .099173 .070787 1.40102 [.161] S3_23 .035098 .058867 .596212 [.551] S4_23 -.056546 .055063 -1.02692 [.304] S5_23 -.016323 .052270 -.312282 [.755] S6_23 .071424 .037224 1.91879 [.055] B_23 .091899 .066772 1.37631 [.169] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB23 Dependent variable: LPSE YMEAN 5.08721 S2 .396227 ARSQ .592981 SDEV .986654 S .629466 LMHET .315189 [.575] SSR 223.868 RSQ .622388 DW 1.84829 [<.724] INVESTOR #24 ====================== EQUATIONS: EQ_NB24 NOB 610 SBIC 704.661 LOGL -560.358 Standard Parameter Estimate Error t-statistic P-value C_24 3.01054 .572905 5.25487 [.000] A6_24 .012662 .093664 .135187 [.892] A5_24 .128219 .126425 1.01420 [.310] A4_24 .102113 .200196 .510067 [.610] A3_24 .239372 .187922 1.27378 [.203] A2_24 .171614 .133842 1.28221 [.200] P0_24 -.073427 .047502 -1.54575 [.122] P1_24 -.015167 .025451 -.595958 [.551] P2_24 .024643 .029721 .829141 [.407] P3_24 -.054594 .026759 -2.04025 [.041] P4_24 -.064229 .031714 -2.02523 [.043] P5_24 .012359 .036408 .339448 [.734] P6_24 -.069831 .038400 -1.81851 [.069] P7_24 -.074526 .027019 -2.75831 [.006] P8_24 -.030213 .026059 -1.15939 [.246] P9_24 -.034191 .026795 -1.27602 [.202] P10_24 .026784 .027150 .986484 [.324] P11_24 -.067702 .031442 -2.15327 [.031] P12_24 -.044056 .030336 -1.45226 [.146] P13_24 .392724E-02 .026039 .150821 [.880] P14_24 -.040761 .026582 -1.53341 [.125] P15_24 -.863809E-02 .025646 -.336824 [.736] P16_24 .903492E-02 .028946 .312134 [.755] P17_24 -.035919 .027189 -1.32108 [.186] P18_24 .012864 .035197 .365480 [.715] P19_24 .032531 .063588 .511592 [.609] P20_24 .012946 .023079 .560931 [.575] P21_24 .074898 .027758 2.69829 [.007] DI1_24 .035143 .035443 .991542 [.321] DF1_24 -.201813E-02 .014574 -.138470 [.890] DI2_24 .862291E-02 .059307 .145395 [.884] DF2_24 .012942 .769928E-02 1.68088 [.093] DI3_24 -.039581 .068700 -.576141 [.565] DF3_24 .011839 .710010E-02 1.66744 [.095] DI4_24 .052054 .072251 .720458 [.471] DF4_24 .011957 .630939E-02 1.89509 [.058] DI5_24 -.548272E-02 .064356 -.085193 [.932] DF5_24 .017542 .691270E-02 2.53771 [.011] S1_24 -.163500 .075904 -2.15404 [.031] S2_24 .117046 .069360 1.68752 [.092] S3_24 .034388 .058920 .583631 [.559] S4_24 -.044541 .054573 -.816175 [.414] S5_24 -.929615E-02 .052037 -.178646 [.858] S6_24 .072309 .037258 1.94075 [.052] B_24 .916369E-02 .968113E-02 .946551 [.344] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB24 Dependent variable: LPSE YMEAN 5.08721 S2 .396926 ARSQ .592263 SDEV .986654 S .630021 LMHET .215380 [.643] SSR 224.263 RSQ .621722 DW 1.85544 [<.753] INVESTOR #25 ====================== EQUATIONS: EQ_NB25 NOB 610 SBIC 704.383 LOGL -560.080 Standard Parameter Estimate Error t-statistic P-value C_25 2.95799 .575403 5.14074 [.000] A6_25 .021542 .093234 .231048 [.817] A5_25 .137470 .126824 1.08395 [.278] A4_25 .075877 .200251 .378910 [.705] A3_25 .240754 .187767 1.28220 [.200] A2_25 .183959 .134067 1.37214 [.170] P0_25 -.069910 .047619 -1.46811 [.142] P1_25 -.017488 .025455 -.686999 [.492] P2_25 .021035 .029762 .706783 [.480] P3_25 -.055952 .026758 -2.09104 [.037] P4_25 -.067341 .031780 -2.11898 [.034] P5_25 .697189E-02 .036135 .192939 [.847] P6_25 -.071444 .038428 -1.85916 [.063] P7_25 -.074034 .027015 -2.74054 [.006] P8_25 -.028783 .026058 -1.10460 [.269] P9_25 -.033690 .026732 -1.26029 [.208] P10_25 .030933 .026945 1.14799 [.251] P11_25 -.061465 .031077 -1.97783 [.048] P12_25 -.042342 .030371 -1.39417 [.163] P13_25 .211511E-02 .026061 .081159 [.935] P14_25 -.038885 .026615 -1.46104 [.144] P15_25 -.767134E-02 .025636 -.299237 [.765] P16_25 .988363E-02 .028933 .341605 [.733] P17_25 -.033351 .027193 -1.22643 [.220] P18_25 .017909 .034771 .515051 [.607] P19_25 .036927 .063015 .585997 [.558] P20_25 .011437 .023069 .495761 [.620] P21_25 .071165 .027640 2.57472 [.010] DI1_25 .037579 .035446 1.06018 [.289] DF1_25 -.278478E-02 .014573 -.191094 [.848] DI2_25 .010783 .059311 .181801 [.856] DF2_25 .013120 .769747E-02 1.70446 [.088] DI3_25 -.038694 .068655 -.563601 [.573] DF3_25 .011753 .709786E-02 1.65590 [.098] DI4_25 .044543 .072260 .616435 [.538] DF4_25 .011824 .630888E-02 1.87418 [.061] DI5_25 -.159334E-02 .064405 -.024739 [.980] DF5_25 .017643 .691094E-02 2.55296 [.011] S1_25 -.170226 .076045 -2.23848 [.025] S2_25 .123606 .069381 1.78155 [.075] S3_25 .032295 .058869 .548591 [.583] S4_25 -.045697 .054532 -.837982 [.402] S5_25 -.822400E-02 .052014 -.158112 [.874] S6_25 .075129 .037183 2.02052 [.043] B_25 -.022629 .019050 -1.18788 [.235] Standard Errors computed from quadratic form of analytic first derivatives (Gauss) Equation: EQ_NB25 Dependent variable: LPSE YMEAN 5.08721 S2 .396565 ARSQ .592634 SDEV .986654 S .629734 LMHET .089599 [.765] SSR 224.059 RSQ .622066 DW 1.83893 [<.685]