{\rtf1\par

\qc
Model 3: OLS, using observations 1990:01-2006:12 (T = 204)\par
Dependent variable: er_toys\par
\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx610
0\cellx7500\cellx8000
\intbl \qc {\i }\cell \qc {\i Coefficient}\cell \qc {\i Std. Error}\cell \qc {\
i t-ratio}\cell \qc {\i p-value}\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql const\cell \qc \u8722?0.131719\cell \qc 0.362487\cell \qc -0.3634\cell
\qc 0.71670\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Mkt_RF\cell \qc 0.844337\cell \qc 0.0863902\cell \qc 9.7735\cell \qc <
0.00001\cell \ql ***\cell \intbl \row
}
\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx670
0\cellx8000
\intbl\ql Mean dependent var\cell\qr 0.387010\cell \qc \cell\ql S.D. dependent
var\cell\qr 6.200302\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Sum squared resid\cell\qr 5298.516\cell \qc \cell\ql S.E. of regressi
on\cell\qr 5.121550\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql R-squared\cell\qr 0.321058\cell \qc \cell\ql Adjusted R-squared\cell\
qr 0.317697\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql F(1, 202)\cell\qr 95.52179\cell \qc \cell\ql P-value(F)\cell\qr 1.01
e-18\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Log-likelihood\cell\qr \u8722?621.6838\cell \qc \cell\ql Akaike criter
ion\cell\qr 1247.368\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Schwarz criterion\cell\qr 1254.004\cell \qc \cell\ql Hannan-Quinn\cel
l\qr 1250.052\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql rho\cell\qr 0.071435\cell \qc \cell\ql Durbin-Watson\cell\qr 1.85129
0\cell\intbl\row
}
\par \ql LM test for autocorrelation up to order 12 -\par
Null hypothesis: no autocorrelation\par
Test statistic: LMF = 1.10153\par
with p-value = P(F(12,190) > 1.10153) = 0.361012\par
\par \ql Test for normality of residual -\par
Null hypothesis: error is normally distributed\par
Test statistic: Chi-square(2) = 19.6115\par
with p-value = 5.51342e-005\par