{\rtf1\par

\qc
Model 2: OLS, using observations 1990:01-2006:12 (T = 204)\par
Dependent variable: er_toys\par
Heteroskedasticity-robust standard errors, variant HC0\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?0.48264\cell \qc 0.361821\cell \qc -1.3339\cell
\qc 0.18375\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql Mkt_RF\cell \qc 0.97097\cell \qc 0.0921844\cell \qc 10.5329\cell \qc <
0.00001\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql SMB\cell \qc 0.395971\cell \qc 0.11698\cell \qc 3.3850\cell \qc 0.0008
6\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql HML\cell \qc 0.488035\cell \qc 0.152222\cell \qc 3.2061\cell \qc 0.001
57\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 4815.403\cell \qc \cell\ql S.E. of regressi
on\cell\qr 4.906833\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql R-squared\cell\qr 0.382963\cell \qc \cell\ql Adjusted R-squared\cell\
qr 0.373708\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql F(3, 200)\cell\qr 50.12985\cell \qc \cell\ql P-value(F)\cell\qr 3.32
e-24\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Log-likelihood\cell\qr \u8722?611.9319\cell \qc \cell\ql Akaike criter
ion\cell\qr 1231.864\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Schwarz criterion\cell\qr 1245.136\cell \qc \cell\ql Hannan-Quinn\cel
l\qr 1237.233\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql rho\cell\qr 0.051672\cell \qc \cell\ql Durbin-Watson\cell\qr 1.89225
3\cell\intbl\row
}