in a real long-run period owing to the crossing over of SEO companies from an under- to an over- ...... Efficient market hypothesis and the emerging capital market in Sri. Lanka: Evidence from the Colombo stock exchange. Journal of Business ...
CHAPTER ONE INTRODUCTION 1.1
Background to the Study
A major concern in the operation and performance of stock market all over the world is the extent to which such markets impound new information instantly and unbiased into stock prices. Therefore, a market is considered efficient if adjustment to new information is quickly and automatically reflected. This process is referred to as market efficiency in the finance field. Fama (1970) identified three forms of market efficiency. According to him a stock market is said to be weak-form efficient if current price fully incorporates information contained in the past history of prices only. That is, nobody can detect mis – priced securities and beat the market by analyzing past prices; semi-strong efficient if current price fully incorporates all publicly available information; and strong-form efficient if current price fully incorporates all existing information including the one held by insiders
Market reaction to new issues of corporate securities has been the focus of a number of empirical investigations worlds over (Brown and Warner, 1985; Asquith and Mullins, 1986; Loderer and Mauer, 1992; Jain, 1992; Dennis, 1994; Dhatt et al., 1996; La Porta et al., 1999 Salamuddin et al., 1999; Shivakumar, 2000; Medeiros and Matsumoto, 2005; Mohammed, 2012 etc). The results of these studies suggest that new equity issues announcements have effect on the market in one of three ways.
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First, market can react negatively in agreement with many information signalling models that rely heavily on the concepts of information asymmetry developed by Akerloff (1970); Spence (1973); Miller and Rock (1985). Most notable is the model by Myers and Majluf (1984) in which the announcements of a new equity issue signals to the market that assets in place are overvalued, hence might result in a poor future cash flow prospect. Secondly, market could show no affect – in agreement with the hypotheses of an efficient market that information with regard to market is fully and instantaneously reflected on stock prices (Modigliani and Miler, 1958; Fama, 1970). Finally, market can react positively which is consistent with favourable information signalled by investment, and with a reduction in expected costs of financial distress and agency costs. Hence, a positive signal that the proceeds of the offer would be invested in projects that will yield positive net present value (Barclay & Litzenberg, 1988; Dennis, 1994). Generally speaking, studies on market reactions to issue announcements are conducted using the event study methodology because of its ability to accurately capture the impact of an event announcement (Ball & Brown, 1968 cited in Mohammed 2012). An event study is concerned with the impact of a specific type of new information of a security’s price. Given that more than one piece of news may be affecting the security’s price at any given point in time; one will need to probably study more than one firm to determine how the given type of information will affect securities. The impact of the event on security prices is typically measured as a function of the amount of time that elapses between event occurrence and stock price change (event window). Even though the choice of an event window is mostly arbitrary but it must be considered that the choice in a
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relatively efficient market (mature markets) will be lower than the choice in an emerging market. This is not far from the fact that the effect of the event on security prices will occur very quickly in mature markets. Therefore, emerging market studies utilises larger event windows typically thirty to forty days around the announcement date (Mohammed, 2012). In Nigeria financing with equities has become more popular, particularly after the 2005 banking sector consolidation exercise. Several banks and financial institutions were in trouble, others became bankrupt, merged or had to be taken over. Since these institutions were in trouble, other companies had no confidence in the ability of the banks to provide loans for them, or else the banks themselves had no trust on these companies to pay back the loans that could be granted to them, consequent upon that, they rather sought to finance themselves via equities (NSE, 2010). Despite the above stated reason, consequences of such announcements on the stock market are yet to receive adequate attention in Nigeria. It is against this background therefore, that this is conducted in order to investigate stock market reactions to equity offering announcements by companies listed on the Nigeria stock exchange using the event study methodology, covering a six year period from 2006 to 2011. 1.2
Statement of the Problem
Majority of existing studies on market reactions to equity offering announcements obtained their data or case study from developed markets (e.g. Myers & Majluf, 1984; Loughran & Ritter, 1997; De Medeiros & Matsumoto, 2006; Morse, 1980; 2000; Dogu, Varacaer and Karan, 2010 etc). However, there is little evidence of such studies in emerging markets; especially those from sub – Saharan Africa. Despite the series of announcements of new equity issues that preceded the 2005 banking reforms, the second level of capital raising by banks and the regulatory-driven insurance 3
sector reform in Nigeria and the need of understanding their impact on the market, only little attention was devoted to market reaction towards the announcements of equity issues by companies within and outside Nigeria. Also little attention was given to studies on insider trading activities in Nigeria, despite the fact that corporate insiders take advantage of their inside information to trade to their advantage during corporate event announcements like equity issues in Nigeria. In the same vein only few studies were conducted on market reactions to the announcement of corporate events in Nigeria (Adelegan, 2009a who investigated stock price reactions to dividend announcements; Adelegan, 2009b who studied stock price reactions to management change announcements and even these few studies suffered from various problems ranging from limited sample size and scope which can render results unreliable. Similarly, the study by Mohammed, 2012 who investigated stock price reactions to equity issue announcements only narrowed its scope to deposit money banks (DMB’s) in Nigeria which is representing only one sector and therefore, other equity issue announcements made by other companies in the same time frame were totally neglected and hence, results of the study cannot be generalisable due to the limited size of the sample. Besides, the study only documents evidence of market performance in the short-run. These therefore, lead to a paucity of knowledge in these markets in such a particular area. Consequent upon that, there is the absence of a study on market reactions to equity issues announcements by companies in Nigeria which this study hopes to investigate. Furthermore, the study also intends to improve on the inadequacies of the few studies on market reactions to corporate event announcements in Nigeria (i.e. Adelegan, 2009a; Adelegan, 2009b; Afego, 2010,). The study also intends to undertake a log-run investigation with a view to understanding market
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behaviour one year after the announcement of equity issues in Nigeria, as opposed to the short-run analysis undertaken by other research works (i.e. Mohammed, 2012). 1.3
Research Questions
The following research questions will be raised in the course of the study: i.
To what extent does the market exhibit significant cumulative abnormal return twenty days before equity issues announcements by companies in Nigeria?
ii.
To what extent does the market exhibit significant cumulative abnormal return on the date of equity issues announcements by companies in Nigeria?
iii.
To what extent does the market exhibit significant cumulative abnormal return twenty days after equity issues announcements by companies in Nigeria?
iv.
To what extent does the market exhibit significant cumulative abnormal return over the forty two days event window of equity issues announcements by companies in Nigeria?
v.
To what extent does the market exhibit significant cumulative abnormal return one year after equity issues announcements by companies in Nigeria?
1.4
Objectives of the Study
The aim of this study is to empirically examine market reactions to equity offering announcements by companies in Nigeria. Sequel to the above mentioned aim, the key research objectives of the study are as follows: i.
To investigate the extent to which the market exhibit significant cumulative abnormal returns twenty days before equity issues announcements by companies in Nigeria
ii.
To investigate the extent to which the market exhibit significant cumulative abnormal returns on the date of equity issues announcements by companies in Nigeria 5
iii.
To investigate the extent to which the market exhibit significant cumulative abnormal returns twenty days after equity issues announcements by companies in Nigeria
iv.
To investigate the extent to which the market exhibit significant cumulative abnormal returns over the forty two days event window of equity issues announcements by companies in Nigeria.
v.
To investigate the extent to which the market exhibit significant cumulative abnormal returns one year after equity issues announcements by companies in Nigeria.
1.5
Research Hypotheses
The following hypotheses will be formulated in the course of the study: H01:
There is no significant cumulative abnormal return in the market twenty days before equity issues announcements by companies in Nigeria.
H02:
There is no significant cumulative abnormal return in the market on the date of equity issues announcements by companies in Nigeria
H03:
There is no significant cumulative abnormal return in the market twenty days after equity issues announcements by companies in Nigeria.
H04:
There is no significant cumulative abnormal return in the market over the forty two days event window of equity issues announcements by companies in Nigeria.
H05:
There is no significant cumulative abnormal return in the market one year after equity issues announcements by companies in Nigeria.
1.6
Significance of the Study
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Our study of market reactions to equity issue announcements in Nigeria will fill a gap which existing literature occasionally examined i.e. emerging markets. The second contribution is that we since we used a different period of study and a wider sample from previous studies in the same area. With a more recent and wider criterion, the study has provided some differences in analysis, discussions and conclusions. This is because surrounding situations will change when the time is changed. This will lead to a change in the behaviour of investors and in company decisions when either investments or decisions have to be made. For example, using a period that coincides with various economic reforms in the country (i.e. our study period between 2006 and 2011) when investors became more interested in the capital market. The study will also be useful to investors, as well as managers of firms, as it provides more knowledge of seasoned equity issues in Nigeria. Investors will have a better idea for their investment decisions based on an analysis of fundamental factors. For instance, investors will know how the firms are performing during the post-issuing period with different issuing methods. The firm managers on the other hand, will pay more attention to the factors influencing stock market reaction. Finally, considering the fact that the area of study is an area that only little attention was given in Nigeria it is hoped that the study would form the foundation for further research in the area. 1.7
Scope of the Study
This research study is restricted to only companies that are listed on the Nigerian Stock Exchange (NSE) as at 31st December, 2011. The choice of all companies listed on the stock exchange rather than concentrating on only a particular sector is consistent with the aim of taking a fair sample that will cut across all sectors so that results of the study can be generalisable. 7
The study also restricts itself only to seasoned equity offerings by these companies via common stock (rights issue, private placement and public offer). As a result of this, the study does not concern itself with bonds or preferred stocks issue. This is because preferred stocks are not popular in Nigeria (Mohammed, 2009 cited in Mohammed, 2012). Finally, the study restricts itself to market reactions to equity issues announcements by companies in Nigeria for a six year period (2006 to 2011). The choice of this period was as a result of the fact that the market for equity was on a relatively consistent growth curve until the year 2005 when the regulatory driven re-capitalisation of banks triggered significant growth of up to 280.8% (SEC, 2012). The non-banking stock also followed. In this regard, the growth of 2005 was surpassed in subsequent years. It was sustained as a result of second level of capital raising by banks, regulationdriven insurance sector consideration and real sector expansion. Therefore, considering the above events within the period of the study will have a far reaching implication on the findings of the study. 1.8
Limitations of the Study
Having examined market reactions to the announcement of equity issues in Nigeria, we have encountered some limitations in our study. These limitations could lead to the incompletion of some initial expectations in an area such as equity issues in Nigeria. First, the data are usually the main problem when they are obtained from emerging markets. In Nigeria, it is difficult to obtain and access data in person unless having some connections with the people inside the stock exchange to obtain them. Even when the researcher had access the data was either incomplete, missing or you find a lot of inconsistency between the data made available by the
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NSE and those provided by the SEC. Moreover, the researcher conducted a cross-check for data in different databases. Secondly, none of the Nigerian capital market regulatory bodies maintained a data base from which the official announcement date of corporate events could be retrieved, it became extremely cumbersome for the researcher to independently obtain these information from the data base of a number of newspapers and were later verified from those obtained from the data base of cash craft asset management and African financial markets. Finally, as a result of the previous practice in the past when stock prices of firms issuing equity are placed on technical suspension in the Nigerian stock market from the date the application for the issue is approved made it difficult for the researcher to obtain the required data for such companies to be included in the final sample. This is because stock prices of such companies remained constant over a long period of time and therefore failed to meet up the 190 day’s time series data of stock prices in order to estimate the parameter estimation window. The researcher therefore, had no alternative rather than to drop such companies from the final sample. The affected companies however, constituted a very negligible percentage of the population. 1.9
Definition of Key Terms
The following terms were defined for the purpose of this study as follows: I.
Equity: Also called ordinary shares, it is ownership capital held by individuals, corporate bodies and sometimes governments in a company.
II.
New Offerings: They are newly created securities of a corporate entity or government offered for subscription to the public. In other words, it is a means of raising fresh funds for development financing. 9
III.
Event: This is the event of interest and in this study the event of interest is the announcement date of equity issues by companies.
IV.
Event Window: This is a period around the announcement date of a corporate event. The length determined by the nature of the event under study.
V.
Parameter Estimation Window: This is the period over which the corporate event was not announced and therefore, the firm earned normal return. Even the period after the event window may also be considered as the estimation window.
VI.
Abnormal Returns: This is the excess return earned on the security over and above what it would have earned if announcement of the event was not made.
VII.
Cumulative Abnormal Returns: This is the aggregate of sample companies’ abnormal return over a given period of interest.
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CHAPTER TWO LITERATURE REVIEW AND THEORETICAL FRAMEWORK 2.1
Introduction
Since equity offering may be seen as an alternative way of financing companies, several empirical investigations were conducted in this particular area. This section reviews various studies relating to equity offering. Theoretical studies introduced several theories about equity offerings, such as agency theory, signaling theory and information asymmetry. In addition, the evidence of the empirical studies is mostly consistent with those theories in both developed and emerging markets. However, there is paucity of market reactions to equity offerings research in emerging markets compared with that in developed markets. The section therefore, will demonstrate the theoretical framework underpinning this study, the concept of capital market efficiency, the concept of equity offerings, several surveys regarding the empirical evidence from market reaction studies and insider trading in developed and emerging markets, the valuation effects of equity offering announcements, equity offerings in Nigeria from 2006 to 2011 and literature on the empirical evidence of market reactions to corporate event announcements in Nigeria. Finally, the section contained conclusions about our survey and indicating our motivation for this particular research. 2.2
Concept of Capital Market Efficiency
The efficient market hypothesis predicts that market prices should incorporate all available information at any point in time. Therefore, a market is said to be efficient with regard to information if it fully and instantaneously reflects such information on stock prices so that no market participant can earn excess return by trading on that information regarding the firm’s value 11
so that it becomes an impossibility to earn excess return (Fama,1970). The concept of efficient market rests heavily on the random walk theory propounded by Maurice Kendall. The fundamental notion is that stock prices should approximately follow a random walk. In a study involving twenty two UK stock and commodity price series, Kendall (1953) concluded that “in series of prices that are observed at fairly close intervals, the random changes from one term to the next are as large as to swamp any systemic which may be present. The data behaved almost like wandering series”. Thus, the random walk theory requires that future changes in stock prices should be independent of past or current stock prices for all practical purposes. There are, however, different kinds of information that influence security values. Consequently, financial researchers distinguish among three versions of the Efficient Markets Hypothesis, depending on what is meant by the term “all available information”. 2.2.1 Weak-form Market Efficiency The weak form of the efficient markets hypothesis asserts that the current price fully incorporates information contained in the past history of prices only. That is, nobody can detect wrongly priced securities and beat the market by analyses of past prices. The weak form of the hypothesis derives its name as a result of the fact that security prices are arguably the most public as well as the most easily available pieces of information. Thus, one should not be able to profit from using something that everybody else knows. On the other hand, the attempt by many financial analysts to generate profits by studying exactly what this hypothesis asserts is of no value (past stock price series and trading volume data). This technique is called technical analysis. The empirical evidence for this forms of market efficiency, and therefore against the value of technical analysis, is pretty strong and quite consistent. After taking into account transaction costs of analyzing and of trading securities it
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is very difficult to make money on publicly available information such as the past sequence of stock prices. Studies on the weak form market efficiency in developed financial markets have been around for over five decades. In studies of weak form market efficiency Roberts (1959) and Osborne (1959) discovered that stock price movement follows a random walk. Similarly, studies by Alexander (1961), Fama (1965) and Fama and Blum (1966) employed filter rule tests and found no abnormal return. Cyclical tests were used by French (1980), Gibbons and Hess (1981) and test for the effect on the day of the week and month of the year. The evidence was found to be consistent with the random walk theory. Emerging markets received lower attention. The recent growth in the importance of emerging markets however, attracted the attention of financial economists (Mohammed, 2012). Dickinson and Muragu (1994) studied the Nairobi Stock exchange and found evidence that is consistent with the EMH. Frimpong and Oteng- Abayie (2007) tested the Random Walk hypothesis on the Ghana stock exchange using random walk and GARCH models by employing a series daily return over the five year period (1999 to 2004). They concluded that there is evidence of volatility clustering, which is an indication of market inefficiency. Gandhi, Saunders and Woodward (1980) in a study of the Kuwaiti stock market using monthly data from 1975 to 1978 discovered that both simple linear regressions of stock returns on lagged returns and test for autocorrelation have rejected the random walk theory. Berry, Hassan and O’Bryan (1997) utilised seventeen year market data and studied the weak form efficiency of the Kuala Lumpur stock exchange. They concluded that the stocks traded in the exchange do not behave in a manner consistent with the random walk. Abeysekara (2001) utilizes a series of past stock prices to test the efficiency of the Colombo stock exchange. He concluded that the market is not a weak form efficient.
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Studies of weak form efficiency of the Nigerian stock exchange dates back to the year 1981 when Samuel and Yacout (1981) studied weekly share prices of twenty one companies listed on the Nigerian stock exchange between 1977 and 1979. They concluded that the market exhibited evidence that is consistent with the random walk hypothesis. They, therefore, concluded that the market is a weak form efficient. Similarly, Ayadi (1984) tested the weak form efficiency of the NSE using weekly share price data collected from 1977 to 1980. His finding was that the random walk theory holds in the market. Other studies that seek to test the weak form efficiency of the markets in Nigeria includes: Ekechi (1989); Omole (1997); Olowe (1999); and Okpara (2010). 2.2.2 Semi- strong Form Market Efficiency The semi-strong-form of market efficiency hypothesis suggests that the current price fully incorporates all publicly available information. Public information includes not only past prices, but also data reported in a company’s financial statements (annual reports, income statements, filings for the Security and Exchange Commission, etc.), earnings and dividend announcements, announced merger plans, the financial situation of company’s competitors, expectations regarding macroeconomic factors (such as inflation, unemployment, money supply, interest rates) among others (Clarke, Jandik and Mandelka). In fact, the public information does not even have to be of a strictly financial nature. The test of semi strong form efficiency is normally conducted using the event study methodology. An event study is concerned with the impact of an event on corporations. In particular, researchers are concerned with the hypothesis that an event will impact on the value of a firm or firms, and that this impact will be reflected on stock and other security prices, manifesting it in abnormal security returns. For example, an event study might be conducted for the purpose of determining the impact of corporate earnings announcements on the stock price of the company. Many types of events are 14
studied with event studies. Such events can include takeover announcements, environmental regulation enactments; patent filing announcements, competitor bankruptcy announcements, CEO resignation announcements, etc. Fama, Fisher, Jensen and Roll (1969) employed a sample of 940 announcements of stock split from January 1927 to December 1959 to test market reaction to the announcements. Using Risk-adjusted return, they concluded that there is considerable high abnormal return prior to the announcements, but the extraordinary return disappeared after the stock split which is consistent with the semi-strong form market hypothesis. Since then event studies have become popular among analysts, economists and financial academics. In the developed markets there are many studies that have established market reactions to various announcements. Ball and Kothari (1991) investigated the impact of quarterly earnings announcement by US firms from 1980 to 1988 on stock prices. They found that abnormal returns persisted even after earning announcements. Duso, Gugler and Yurtoglu (2006) utilized a sample of 167 mergers involving 544 EU firms as merging firms or competitors during the period 1990 to 2002 to contrast the mergers profitability based on event studies with the one based on accounting data. The findings were a positive and significant correlation between them. There are relatively fewer studies on the semi-strong form of market efficiency. This may not be far from the fact that emerging markets are less efficient than their developed counterparts (Aga, 2008). Evidence has shown that most emerging markets have barely proved to be weak form efficient. Uddin & Chaudhary (2005) in their study regarding investigation of dividend announcement's impact on stock price of Dhaka market found that there was no information content in the dividend for Dhakan market stock prices and returns. No significant abnormal returns in that stock market were found in response to dividend announcements. Although, short term impact of dividend announcement news may exist at the time of announcement, but its long term influence on the stock
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returns may be absent. Rejection of semi strong form of efficient market was also confirmed by Kong & Taghavi (2006) in their study of Chinese stock market. Not only stock returns, but increase in stock returns, volatility around the announcement of final dividend has also been found to exist. It has also been suggested that dividend payment to the shareholders is an important source of conflict resolution between shareholders and firm managers. In other words, it can be helpful in reducing the agency problems. When management of firm pays dividend after investing in all those projects contributing positive net present value to the company, it pays excess cash to them. Therefore, dividend payment contributes positively towards the share price of the firm (Black, 1986). In a study conducted by Ali & Mustafa (2001), they found that public information plays no significant role in determining of stock return rather sensitivity of stock returns to private information is found to be existing significantly. It is evident that above literature on the impact of dividend announcement on stock return exhibits mixed pattern of results about semi strong form of market efficiency. Test of semi-strong form of market efficiency is not very popular in Nigeria. Adelegan (2003) investigated Semi strong form market efficiency in Nigerian market through the application of event study. He examined the reaction of stock market to dividend announcement and concluded that Nigerian stock market was not found to be efficient with respect to semi strong form. Emenuga (1989) Used money supply information and stock prices in Nigeria. He concluded that there is no empirical relationship between money supply and stock prices. Similarly, Olowe (1998) studied the impact of stock splits on monthly share prices in Nigeria. He concluded that the Nigerian capital market is not efficient in the semi–strong form. Oludoyi (1999) examined the impact of earnings
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announcement on share prices in Nigeria and concluded that the Nigerian capital market is not efficient in the semi– strong form. The assertion behind semi-strong market efficiency is still that one should not be able to profit using something that “everybody else knows” (the information is public). Nevertheless, this assumption is far stronger than that of weak-form efficiency. Semi strong efficiency of markets requires the existence of market analysts who are not only financial economists to be able to comprehend implications of vast financial information, but also macroeconomists, experts at understanding processes in product and input markets. Arguably, acquisition of such skills must take a lot of time and effort. In addition, the “public” information may be relatively difficult to gather and costly to process. It may not be sufficient to gain the information from, say, major newspapers and company-produced publications. One may have to follow wire reports, professional publications and databases, local papers, research journals etc. in order to gather all information necessary to effectively analyze securities. 2.2.3 Strong-form Market Efficiency The strong form of market efficiency hypothesis states that the current price fully incorporates all existing information, both public and private (sometimes called inside information). The main difference between the semi-strong and strong efficiency hypotheses is that in the latter case, nobody should be able to systematically generate profits even if trading on information not publicly known at the time. In other words, the strong form of EMH states that a company’s management (insiders) are not able to systematically gain from inside information by buying company’s shares ten minutes after they decided (but did not publicly announce) to pursue what they perceive to be a very profitable acquisition. Similarly, the members of the company’s research department are not able to profit from the information about the new revolutionary discovery they completed half an 17
hour ago. The rationale for strong-form market efficiency is that the market anticipates, in an unbiased manner, future developments and therefore the stock price may have incorporated the information and evaluated in a much more objective and informative way than the insiders. Not surprisingly, though, empirical research in finance has found evidence that is inconsistent with the strong form of the EMH. Generally speaking test for strong form of market efficiency in whatever kind of financial market is difficult this is because of the difficulty associated with observing private information. Despite strict penalties, the menace of insider trading still persists. Jaffe (1974a) examined insider trading around earnings forecast announcements. He discovered that insiders buy shares before the announcement to make high abnormal return. Meulbroek (1992) used SEC case files on illegal insider trading during the 1980-1989 period to determine if stock prices reacted to inform trading. She found that the average cumulative abnormal return per insider trading episode was significant; amounting to 47.6 percent of the abnormal return on the day the inside information became public. She also documented that the median volume of insider trading represented only 11.3 percent of the affected stock’s total trading volume. Sanders and Zdanowicz, (1992) and Seyhun, (1986) have addressed the efficacy of regulatory authorities in controlling insider trading in the context of takeovers. While not precisely comparable to one another, these studies seem to have developed conflicting evidence about the effectiveness of insider trading sanctions. Recent studies in Germany (Stotz, 2006; Klinge et al. 2005; and Betzer and Theissen, 2007b) confirm the findings that corporate insiders earn significant profits. 2.3
Concept of Equity Issues
An equity issues is one of the most prominent means through which a firm raises capital to finance its growth (Mohammed, 2012). Studies have shown that there are a number of ways through which 18
firms can choose to issue their equity. Equities are either issued in the form of Initial Public Offerings (IPOs), or Seasoned Equity Offerings (SEOs). 2.3.1 Forms of Equity Issues Initial Public Offerings (IPOs) are the most popular form of equity offerings all over the world. Under this method of offer, a firm’s security is sold to the general public for the first time, with the hope of developing a liquid market for the firm’s stock (Bayer, 2008) in Mohammed (2012). According to Ritter (1998), when a firm goes public; it enables the pre-issue shareholders to sell their holdings in the future and cash out if they so desire. Thus, if a firm has need for huge capital; the public market is its best bet as it provides cheaper source of funds. Studies have indicated that shares sold by firms through IPOs are always (deliberately) offered at a price below their intrinsic worth, and this under-pricing subsequently creates a huge profit for investors to exploit (Kiymaz, 2000; Durukan, 2002). The fact that these shares are underpriced most often results in the over-subscription of the offer, and when this happens; issuing firms leave cash on the table. Ritter (2002) argued that the money left on the table is recovered through better prices or less under-pricing during SEOs. Thus, underpriced IPOs afford the firm and its insiders the opportunity to sell future offerings at a higher price. Another method by which equity may be issued is through SEOs. Gollamudi (2006) defined SEOs as “the sale of additional shares by a company whose shares are already publicly traded”. Such issues may include floating additional shares to the public, private placements, rights issues and dividend reinvestment plans. Generally speaking, listed firms raise capital through SEOs to finance new investment projects or alter their existing capital structure by repaying debt. After IPOs, SEOs enable existing shareholders to sell their holdings to investors.
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According to Bayer (2008), SEOs can further be classified into primary offerings, secondary offerings and mixed offerings. Primary offering entails the issue of new shares by a firm, while secondary offering is the sale of existing shares by shareholders or insiders. As the name implies, mixed offering refers to a combination of both primary and secondary offerings by a firm at a time. It is important to stress here that while the capital raised through a primary SEO is utilised by the firm to finance new projects; the story is entirely different with secondary SEOs. Under secondary SEOs, the proceeds from the sale of shares go back to existing shareholders and as such; the money cannot be used by the firm. Furthermore, primary and secondary SEOs can be in the form of public offerings, rights issues or private placements. A rights issue is the issue of securities entitling existing shareholders to purchase new shares at a predetermined price (usually a discount to the market price) in proportion to the number of shares already held. Private placement on the other hand is the sale of securities to small group of sophisticated investors and institutions such as mutual funds, investment companies and insurance companies by managers or informed insiders (Gollamudi, 2006). In Nigeria, SEOs are mostly carried out in the form of public offerings. This is especially true of SEOs recorded over the last one decade. However, private placements are also not uncommon, especially during the recent recapitalisation exercise of the Nigerian banking and insurance sectors (Mohammed, 2012). 2.3.2 Reasons for Equity Issues Research on equity issues has provided rich literature for the past four decades as to why firms issue equity. The most frequently cited reason in the literature is the need to raise capital for financing new projects. According to Dittmar and Thakor (2007), managers are likely to use equity offerings to finance new projects when they believe that investors’ beliefs about project payoffs are likely to be aligned with theirs. Under such circumstances, the market recognises the information as a
20
positive one. In Nigeria, most of the equity offerings are aimed at financing new investments that will generate positive Net Present Value (NPV) to the issuing firm. Furthermore, a firm may issue equity to take advantage of the market’s overvaluation of its shares. According to Baker and Wugler (2002), firms time when to issue their equity and do so when they are convinced that it is overvalued by irrational investors who do not revise their valuations to reflect the information conveyed by the equity issuance. Thus, firms tend to issue equity when their share prices are high (Asquith & Mullins, 1986; Baker and Wugler, 2002). Firms also issue to rationalise their existing capital structure. Bayer (2008) and Hazra and Valencia (2009) argued that a firm may sell equity and subsequently use the proceeds to off-set debt. However, studies have documented a negative market reaction as a result of substituting equity with debt. According to Castillo (2004), the market receives the signal as a sign of managers’ belief that the firm cannot generate enough future cash flows to pay its debtors. The proportion of firms that issued equity for the sole aim of off-setting debt in Nigeria is very insignificant. 2.4
Equity Issues and Market Behaviour
The empirical evidence on market reactions to equity issues has inspired researchers to develop theories to explain seemingly abnormal results, thus contributing to a better understanding of the phenomena of capital markets. Several hypotheses have been proposed to explain market reactions to equity offerings. These may be grouped into three categories: 2.4.1 Negative Market Reaction Negative market reaction can occur under the assumption that management is better informed about a firm’s value than outside investors, that in the best interest of existing shareholders, betterinformed managers can rationally turn down projects with positive net present value (NPV).If the
21
market significantly undervalues the company’s assets, the dilution suffered by existing stockholders can be greater than any gains they might get from undertaking positive NPV projects. Hence, management will turn down equity issues and eventually the project that require equity financing. On the other hand, a decision to issue a new equity and invest in the project could signal an overvaluation of the company’s assets. The under/ over valuation of assets creates an adverse selection problem. The correct decision (to invest in projects with positive NPV) may be worse for stockholders; on the other hand, investors may find the firm needs financial resources, meaning that its expected future cash flow is not so good, which implies that its shares are overvalued. Thus, equity offering announcements may result in negative impacts on the stock price, thus explaining the negative abnormal returns (Myers and Majluf, 1984). Furthermore, there can be a negative effect based on the assumption that managers know more about a firm’s future cash flow than shareholders do, but there is no such informational asymmetry about both the level of planned investment and the value of the firm’s asset is conditional on current cash flow. Therefore, the unanticipated decision to issue equity will signal bad news about a company’s future cash flows to finance its planned investment, which brings about a negative price response (Miller and Rock, 1985) There can also be a negative effect as a result of the adverse selection problem and the timing of new issues, predicting that equity issues are on average preceded by an abnormal rise in the market and an abnormal positive return on the stock and that the stock price drops on the announcement of an issue. This has been the core of the signalling hypothesis that presented an asymmetricinformation, infinite horizon model of the equity issue decision by Lucas and McDonald (1990). Negative market reaction can also occur as a result of the agency costs that might emerge resulting from the divergence between managers and shareholders in the decision making process of issuing
22
new equities. Managers are the shareholders agents, and because both parties are self-interested, there are serious conflicts between them over the choice of the best corporate strategy. The market reaction to the announcement of an equity offering will depend on its assessment of the probability that the firm will invest in positive NPV projects or not (Jensen, 1986). Finally, negative market reaction can occur as a result of the assumption of an incomplete capital market with restricted short sales. Hence, stock prices may drop at the announcement of an equity issue because there is a downward sloping demand for a specific security. Under these conditions, perfect substitutes for a firm’s securities do not exist in the market, and in the absence of perfect substitutes, firms face downward sloping demand curves for their securities, similarly, an increase in quantity caused by a new issue of common stock results in a permanent decrease in the stock price (Scholes, 1972). Currently, most of the existing empirical evidence supports the view that the market reacts negatively to the announcement of equity offerings. 2.4.2 ‘No’ Market Reaction The zero or no price effect on the announcement of the event is consistent with the theory of efficient markets. The theory argues that stock prices immediately adjust reflecting the information conveyed by the announcement. The zero price effect therefore, means that the announcement of equity offering by a firm has no effect on its market value. Hence, implies the announcement will not generate any abnormal return. This argument was proposed by Modigliani and Miller (1958). There is no much empirical evidence in favour of the zero effect argument compared to either the negative or positive argument, because most studies do not report stock markets to be highly efficient (Mohammed, 2012). 2.4.3 Positive Market Reaction 23
Positive market reaction on equity offering announcements is consistent with the theory of favourable investment signalling. Among the most common reasons why firms issue new equity is to raise funds to finance future investments. Therefore, the fact that existing shareholders and investors perceive the signal as favourable information leads to a positive market reaction on the issuing firm’s stock (Barclay & Litzenberger, 1988). Investors have high expectations of future cash - flows from new investments. Therefore, for equity issue announcements to generate positive price effects; there must be an agreement between the assessment of firm managers and shareholders on the ability of the project(s) to generate positive NPV (Denis, 1994 in Mohammed, 2012). The aim of the study is to establish which of the three valuation effects will be consistent with our data. 2.5
Empirical Evidence on Market Reactions to Equity Issues Announcements
We provide literature on the empirical evidence on market reactions as a result of equity announcements by companies. The review will also try to buttress the activities of insiders both in developed and emerging markets. 2.5.1 Empirical Evidence on Market Reactions in Developed Markets Brown and Warner (1985) examined daily stock return properties and the particular characteristics of these data with event study methodologies in order to assess the share price. After applying a mean-adjusted model and market-adjusted model for calculating returns, their results report a highly non-normal for the daily excess returns and daily returns in individual securities. Using a sample size three times greater than that of Brown and Warner, Mikkelson and Partch (1986) investigated further with regard to the nature of information from announcement of 24
offerings. They claim that there is a negative movement in stock prices after the SEOs. Thus, when managers find their shares are overpriced, equity issuing is preferred. However, if the market price is too low, a cancellation action will usually take place. Having analysed 531 registered common stocks in the U.S. market, Asquith and Mullins (1986) calculated the abnormal returns together with Cumulative Excess Returns by employing a two-day excess return to investigate the effect of equity issues on security prices. Their study shows a reduction in stock prices when there is an announcement of common equity offerings in over 80% of the sample firms used in the study. Even though the study was able to analyse the long-run performance of the sample firms, but it’s apparent shortcomings was its inability to establish the nature of abnormal returns on the announcements, the use of both primary and secondary issues in one sample, the study’s inability to model for volatility in stock returns and the use of capital asset pricing model (CAPM) in the estimation of stock returns. Loderer and Mauer (1992), Denis (1994) and Walker and Yost (2007) have produced similar studies regarding the relationship between SEOs and market reaction in the U.S. They applied standard event study methodologies: i.e. calculation of CARs, Tobin’s Q, and market to book ratio. Then, they considered either the percentage of reaction or statistical outcomes from the regression, in which the market model is used. All three papers displayed the same result: that there is no impact between the level of leverage or liquidity and the market reaction to the announcement of newly issued shares from the firms, even the dividend announcements to some extent (Loderer and Mauer, 1992; Walker and Yost, 2007). Denis (1994), moreover, suggested from his cross-sectional regressions that a high level of profitability of investment opportunities plays a significant role in the justification of market
25
reaction to equity offerings. Conrad and Kaul (1993) provide an evaluation study concerning the impact of information events to the security prices of American companies. Utilizing Cumulative Raw Returns regression, their evidence indicates nothing referring to market overreaction, but the abnormal performance is caused by a measurement of January effect and a bias performance. Shivakumar (2000) studied both managerial reporting behavior and investor response around public offerings of common stock in the U.S. His results show that there are positive earnings surprises and market reaction at earning releases before an offering announcement. Gajewski and Ginglinger (2002), using the calculations based on time-series, standard deviation and cross-sectional standard deviation, revealed a negative relationship between the stock price performance prior to the offering announcement and the reaction of security price. Their results also suggest that when either an investment or an acquisition occurs, the market reacts positively, which is consistent with a lower adverse selection effect. Masulis and Shivakumar (2002) suggest that the incorporation of new information into market prices can either be accelerated or retarded substantially when there are differences in the structure of the market. After studying the relationship between the sequence of SEOs in the firms making multiple offerings and the announcement period returns, D’Mello et al. (2003) found that there is no impact on stock price reaction to the current equity issue announcement caused by either expectation of superior performance after the current issue or the improvement of firm performance after the previous offer. Furthermore, a survey paper by Eckbo et al. (2006) considers an interpretation on the market reaction of security issue announcements under the U.S. sample during the period 1980 – 2004. They found that “the amount of price dilution depends on the degree to which the issuer’s own shareholders participate in the issue (in a right offer) and the existence of strong investment
26
opportunity, as well as on the sequential nature of the issuer’s flotation method choice” (Eckbo et al., 2006). In addition, Eckbo et al. point out that the regulatory changes can lead to an empirical examination of the exogenous determinants of issue costs and issuers‟ choice of security and flotation methods. An example of the change in regulation is the Security Exchange Commission's (SEC) Rule 415 (known as shelf registration), which focuses on lower issue costs. In the study of Jain (1992) that utilised an announcement samples of 267 common stock by listed industrial firms with the NYSE/AMEX between 1979 and 1983 testing for information conveyed by equity issues announcements concerning the firm’s future earnings prospects. Applying the event study methodology, he found that firms in the sample experienced a negative abnormal return of 2.89% during the three day announcement period. The finding proved a positive correlation between equity issues and revision of earnings forecasts by analysts. Consequently, he interpreted as evidence that SEOs provide signals to the market about future earnings. Varying with previous studies that sought to establish the information conveyed by the announcements of equity issues, the study added by establishing the nature of the information conveyed by such announcements. The shortcoming of this study was the use of economic based models such as the CAPM because of their sensitivity to a number of firm specific variables. Furthermore, the study failed to address the inherent volatility problem in computed stock returns. In another study, Hertzel, Lemmon, Linck and Rees (2002) investigated the performance of privately placed equity over a long time. Employing the traditional event study methodology, and using a sample of 619 announcements of private placements between 1980 and 1996 firms listed on the NYSE/AMEX. They discovered a positive and statistically abnormal return on announcement. The result also documented a negative long-term abnormal performance of 45.15 percent. Beside the apparent shortcoming of the study in the use of CAPM as a benchmark for estimating abnormal 27
returns and buy – and – hold abnormal returns as observed in other studies. The study’s utilisation of a long time horizon for testing long – run performance increases the tendency of the presence of ARCH effects in computed returns. In a similar study, Jeanneret (2003) investigated executions of rights issues in French stock market between January 1984 and December, 2000. The study utilised a sample of 198 executions that was classified into two according to the reason for the issue as contained in the prospectus. The final sample consisted of 98 firms that issued for capital structure related reasons and a further 100 firms that issued to finance new investments. Applying the event study methodology to estimate crosssectional regressions on a number of price and balance sheet variables; the study revealed a negative announcement effect of 1.26 percent on the three-day interval starting on the announcement date. While joint announcement of equity issues with a new investment induces a negative and significant drop of 2.16 percent in CAR during the three-day interval, the separate announcement of equity issues as a result of capital structure does not generate a significant abnormal return. The research concluded that equity issues with the sole aim of financing investment projects are undertaken by firms that have less leverage and have more cash and cash flow prospects than issues that are purely motivated by capital structure expansion in the French market. Despite the fact that the study thoroughly took into account the effect of a number of variables and a lot of concerns raised by various studies on the need to control firm size, book – to – market value, issue size and issue price. The study failed to establish the robustness of the results to influence the volatility in the computed returns. In another study by Arsiraphonghisit (2008) information conveyed by equity and debt issues announcements was investigated. The study utilises a sample of 377 private placements, 158 rights issues, 60 straight debt issues and 43 convertible debt issues by firms publicly listed on the ASX 28
from 1991 to 2003. Using the event study methodology the study observed a positive price effect for straight debt and private placements and a negative effect for convertible debt and right issues. The study concluded that findings were consistent with leverage and asymmetric information theories. The paper by Healy and Palepu (1990) examined the nature of information on equity offers by analysing post-offer changes in asset and equity betas, financial leverage, unsystematic risk, earning levels and analysts‟ earnings forecasts. They revealed that a post-offer increase in earning volume is not caused by an industry-wide rise in earning volume. When the business risk of firms increases at the same time as a probability of financial distress, financial leverage is reduced by firms‟ issuing common stock. Teoh et al. (1998b) suggested that there is a difference in the large long-run return between conservative and aggressive firms in the U.S. Therefore, an explanation of poor post-issue performance is partially presented in the pre-issue earnings management of seasoned new issuers, which might affect the shareholders‟ wealth. Soucik and Allen (1999a) chose the Australian Stock Exchange (ASE) to analyse whether the underperformance of SEO firms during the long-term period (January 1984 through October 1993) is a fact or an illusion. Their findings indicated that there is no aggregate of SEOs underperforming in a real long-run period owing to the crossing over of SEO companies from an under- to an overperformance period. In addition, not only are there significant positive initial returns in firms issuing seasoned equity, but there is also a relationship between the extent of initial returns and subsequent underperformance, conditional on a correct definition of the initial gain. Having studied long-run performance and insider trading around cancelled and completed SEOs, Clarke et al. (2001) demonstrated that a prediction of post-offering returns can depend on pre-filing insider trading in completed offerings and vice versa in cancellation offerings. Regarding the firms 29
conducting private equity issues, Hertzel et al. (2002) found in their results that when investors are willing to overpay the firm’s equity, the company would prefer to issue these new shares via private placement, due to the negative nature of post-issue stock-price performance. A similar study by Krishnamurthy et al. (2005), which considered the issue of new shares via private placement, shows no evidence of underperformance among firms which make private placements to affiliated firms, and this is consistent with the view that these investors avoid placement by firms about which the market is overly optimistic. The survey paper of Eckbo et al., (2006) includes extended evidence on the issuing firm performance in the 5-year post-issue period after examining the short-term performance. 2.5.2 Empirical Evidence on Market Reactions in Emerging Markets The study of stock price reaction remains popular in accounts of short-term performance, which several authors gave via the sample size from emerging markets. Similar to those of developed markets, the studies of earning management, firm performance, dividend announcement and stock splits can also be used in estimating how the markets react to these particular events. As usual, event study frameworks are normally used, together with other regressions (e.g. cross-sectional regression) in order to determine the factors in the SEO stock price reaction. Aydoğan and Muradoğlu (1998) analysed whether the announcement or the implementation of stock dividend and rights offerings convey new information in a thinly traded market. Obtaining 109 events (rights offerings and stock dividend announcements) between 1988 and 1993 from the Istanbul Stock Exchange, they reported that stock prices react positively during the initial phase of the market (during 1988 to 1990). Nonetheless, there are no significant price reactions during the second phase of the market, when the market is stated to be more matured.
30
La Porta et al. (1999) studied the top 20 firms ranked by their market capitalisation of common equity at the end of 1995 to investigate additional evidence on ownership structure in several countries (i.e. Argentina, Korea and Mexico). Their results suggested that ownership may depend on how large the firm is. Applying a standard event study and cross-sectional regression, Salamudin et al. (1999) examined the average abnormal return (AR) around the event dates of rights issues in Malaysia. Their findings indicated that differences in economic conditions sometimes drive the companies to issue new equity via rights offerings. They also found significant positive preannouncement returns when there is news (announcements) of impending rights issues. Concerning a sample of stock splits undertaken in the Indian stock market in 1999-2005, Mishara (2007) considers the market effect of stock splits on stock price, return, volatility and trading volume. The empirical outcomes suggested that there is a substantial rise in stock volatility and volume, while the reverse is true in stock price and return after splitting. This implies that the induction of stock splits allows brokers to revise their optimistic valuation about the future performance of firms. In a more recent paper, Dasilas (2009) investigated whether the stock price and trading volume respond to dividend announcements in Greece. Having obtained the “wave model”, together with a standard event study, his results provided a statistically significant market reaction on the announcement of a dividend. In addition, the stock price reaction is positively related to the dividend signaling hypothesis. Jirasetthakulchai (2000) examined the relationship between the dividend announcement effect and equity offerings from 1977 to 1997. Her consequences show a positive reaction in the stock price during the post-SEO period and the dividend announcement is referred to as a signal to the market. However, the shortcoming of this research was the use of the CAPM to estimate stock returns.
31
Vithessonthi (2008) considered similar investigations into stock price reaction to SEO announcements in Thailand. Their findings reported a negative price reaction to the SEO announcements. Mohammed (2012) investigated the reaction of stock prices to the announcement of equity issues by deposit money banks (DMBs) in Nigeria. He employed the standard event study methodology to compute the abnormal returns over a thirty days event window. He found positive and significant cumulative abnormal return prior to the announcement date and a negative and significant cumulative abnormal return on the announcement date. Hence, the study concluded that the presence of abnormal return suggests the semi-strong form efficiency of the Nigerian Banking sector with respect to the announcement; while evidence of abnormal return before the announcement is consistent with insider trading. Even though the study improved on methodological shortcomings associated with other studies, such as the use of monthly or weekly time series data; absence of correction for the effect of thin trading and the failure to model for the effect of volatility among other things. In the same vein, the study only restricted itself to investigation of Deposit Money Banks in Nigeria, which is representing only one sector of the economy, thereby neglecting other equity issue announcements made by other sectors within the time frame of the study. Hence, findings of the study cannot be generalisable due to the limited size of the sample. Research into long-term performance in emerging markets is scarce. Examples of such studies of long-term performance (including the Asian-Pacific countries) are as follows. Dhatt et al. (1996) studied the relationship between market reactions and rights issues in Korea during a 15-year period. Employing the BHR approach, their evidence indicates that there is a positive relation
32
between market reaction and the rights issues in the firms which have a greater decline in level of leverage (ibid), while the firms underperform during the post-issue period. With the sample of SEOs in Australia, Soucik and Allen (1999b) control for risk in order to reassess the factors affecting post-issue performance. With regard to the performance of SEO firms via cumulative abnormal returns (CARs), their consequences confirm that the SEO firms continue to underperform when risk is accounted for. Matthew (2002) focuses on three Asian markets, Japan, Korea and Hong Kong, in order to examine whether the regulatory and organisational structures are related to the long-horizon performance. His findings on Japan and Hong Kong provided an explanation of why SEO firms underperform in the post-issuing period long-term, while Korean companies over perform during the same period. A recent study by Chorruk and Worthington (2009) still considered the IPO sample, which appears to be a more popular topic in long-term studies. The earlier studies in Thailand, such as Limpaphayom and Ngamwutikul (2004), however, revealed no sign of underperformance in Thai SEOs in the post-offering period. However, we can gather from our survey of the workings of longterm performance in emerging markets that in general companies making SEOs continue to underperform during the post-issuing period. 2.6
Equity Issues and Insider Trading
A company insider is someone who has access to important information about a company which could affect its stock price or which might influence investors’ decisions. Mostly top officers, auditors, and big shareholders are considered to be insiders of companies. However, sometimes people who are not employees of the company may be company insiders: brokers and analysts may fit this definition. Thus, insiders have a monopoly on private information about their companies. If these individuals could legally trade on this knowledge, they would have an advantage over the 33
typical investor. Although market authorities in most countries restrict the time periods and the manner in which insiders can trade stocks, their transactions are mostly followed by the investors and considered to be a crucial parameter for determining investment decisions. When the insiders of a public company buy or sell shares of their company, investors generally consider doing the same thing. A great deal of research indicates that insider trading activity is a very important barometer of broad shifts in market sentiment. It is well documented in the empirical literature that the market reacts negatively to equity issues announcement because of the existence of information asymmetry between managers and investors (Myers & Majluf, 1984; Asquith and Mullins, 1986). This implies that managers are in possession of information regarding the future prospects of the firm that investors do not know (Mohammed, 2012). Despite the existence of sanctions, managers are naturally tempted to take advantage of such information to maximize the value of their holdings (if the information is a good signal) or minimize the loss on their investments (Lee, 1997). Empirical evidence has shown that insiders can predict price movements in their securities for up to six months in the future (Rogof, 1964). 2.6.1 Empirical Evidence of Insider Trading in Developed Markets A large amount of literature, which uses the US data on insider trading, has provided robust evidence that insiders are better informed and earn abnormal returns (Lorie and Niederhoffer, 1968; Jaffe 1974). Early researchers reported abnormal gains, ranging from 3 to 30 percent, for holding periods of up to three years. Seyhun (1986), using data on insider trading reported to the Securities and Exchange Commission (SEC) from 1975 to 1981, reported more modest gains to insiders: Over 300 days subsequent to the trade, the average risk-adjusted gains were 4.3 percent for stock
34
purchasers and 2.2 percent for sellers. Roze and Zaman (1998), Jeng et al. (2003), and Lakonishok and Lee (2001), also found important evidence on abnormal insider returns. According to Lee and Karpoff (1991) managers trade on private information because the expected gain from insider trading exceeds the expected cost of any prospective legal and/or market penalty. They therefore concluded that the prospects of any legal action do not completely eliminate the possibility of insider trading around corporate events' announcements like equity offerings. According to Lee and Karpoff (1991) managers trade on private information because the expected gain from insider trading exceeds the expected cost of any prospective legal and/or market penalty. They therefore concluded that the prospects of any legal action do not completely eliminate the possibility of insider trading around corporate events' announcements like equity offerings. There is essentially a rich body of empirical literature on insider trading around the announcements of equity offerings. However, majority of such studies comes from developed markets, especially the US where rules prohibiting insider trading have been in existence since 1934 (Jaffe, 1974b). Studies on insider trading are not very common among emerging markets because of the nonexistence of documented records on the timing and volume of insider trading and the lack of strong will to enforce insider trading rules (Dogu, Karacaer, & Karan, 2010). In the US, Jaffe (1974a) employed a random sample of 200 large firms covering trades in approximately 100 firm-months from 1962 to 1968 to test for evidence of insider transactions. Using the traditional event study methodology, he found that insiders earned approximately three percent profits in the eight months after the transaction after deducting two percent transaction costs. He therefore, concluded that insiders posesses special information.
35
Furthermore, Morse (1980) investigated the relationship between price changes and trading volume using a total sample of fifty securities made up of twenty securities traded on the NYSE, five on the American Stock Exchange (ASEX) and twenty five traded Over the Counter (OTC). Using the event study methodology over a four – year period from 1973 to 1976; the study found that successful trading on private information occurs on a short period of time in securities markets before the announcement of corporate events by firms. He concluded that investors with private information will continue to trade on the information until it is fully reflected in stock prices. In a related study, Seyhun (1986) analysed a sample of 60,000 reported insider trades by a total of 769 publicly traded firms in the US from 1975 to 1981 with a view to investigating the abnormal profits available to insiders as a result of trading on private information. He utilised the traditional event study methodology to determine the abnormal returns available to corporate insiders. Consistent with the findings of previous works, the study revealed that insiders purchase a firm’s stock to an abnormal rise in stock prices, and sell their stock prior to an abnormal decline in stock prices. He therefore concluded that different insiders possess differences in the quality of information. Furthermore, Barclay and Litzenberger (1988) utilised a sample of 219 issues of common stock and 85 issues of straight debt by industrial firms listed on the NYSE/ASE to test for the intraday stock prices reaction to equity issues and straight debt announcements. Using the standard event study methodology, they found a small but statistically significant drop in average stock prices one hour prior to the announcement of equity issues. They interpreted this as evidence that insider trading preceding the first announcement of equity issues does affect stock prices. Similarly, Rozeff and Zaman (1988) analysed the extent of profits earned by corporate insiders as a result of trading on private information using a sample of 698 firms trading on the NYSE, after
36
adjusting for size and earnings – to – price (P/E) ratios. The sample firms accounted for a total of 722 insider trading events during ten – year period of the study, from January 1973 to December 1982. Using the control portfolio approach to compute abnormal returns, the study found that insider profit was at most percent per annum in the absence of transactions costs, and decline to three percent per annum after the imposition of an assumed two percent transaction cost. Thus, they concluded that though insiders possess private information, trading on it does not give them so much abnormal profit. In a study on equity issues, Lee and Karpoff (1991) examined insider trading before the announcement of common stock, convertible debt and straight debt issues by US firms. They employed the event study methodology on a sample 179 insider trade events from 83 firms publicly traded on the NYSE/AMEX with a view to analysing the existence of abnormal net selling by insiders prior to announcement. Their study revealed that an unusual number of insiders sell their stock prior to stock and convertible debt issues. However, pre-announcement selling for common stock is concentrated only in a few firms. Hence, they concluded that the prospect of legal penalties does not deter insiders trading prior to a stock issue. Furthermore, Kahle (1995) employed a sample of public firms traded on the NYSE to investigate the existence of abnormal insider sales prior to equity and convertible debt issues. Using the conventional event study methodology, the study found that there is significant increase in insider sales prior to equity issues even after controlling for the huge prior return of issuing firms. He concluded that the number of corporate buyers prior to an equity issue is smaller than the number of sellers. Lee (1997) studied the relationship between trading by insiders of firms that issued equity and longrun performance of issuing firms. He utilised a sample of 2,164 Seasoned Equity Offerings (SEOs)
37
consisting of both primary and secondary offerings on the NYSE and AMEX between 1976 and 1990. Using a benchmark portfolio of matching firms to compute annual returns, the study revealed that primary issuers significantly underperformed their benchmarks, regardless of insiders’ prior trading pattern. The study by Gombola, Lee and Liu (1999) also analysed a sample of US firms listed on the NYSE/AMEX with a view to establishing the extent of abnormal net selling prior to equity issues. They classified their sample into growth and mature firms during the period of the study. The findings of their study revealed that the abnormal net selling prior to equity issues is greater for growth firms than for mature firms. The study also documented that greater insider selling prior to the issue announcement is said to be greater price run-ups prior to the announcement and not associated with a more negative market reaction to the announcement. Consequently, they concluded that investors may be overly optimistic about the future of growth firms. Lastly, Lee (2002) employed a total of 1,281 SEO announcements by 569 firms listed on the NYSE/AMEX and another 712 firms listed on NASDAQ to analyse trading by insiders prior to SEOs in the US. In addition to using the standard event methodology, the study controlled for the effects of exogenous variables on insider sales prior to an offering. The findings of the study revealed that there is no close relationship between insider trading and long run performance of firms issuing SEOs. He therefore concluded that the poor relationship could be as a result of the free cash flow problems that arise after equity issues. 2.6.2 Empirical Evidence of Insider Trading in Emerging Markets There is essentially a rich body of empirical literature on insider trading around the announcements of equity offerings. However, majority of such studies comes from developed markets, especially the US where rules prohibiting insider trading have been in existence since 1934 (Jaffe, 1974b).
38
Studies on insider trading are not very common among emerging markets because of the nonexistence of documented records on the timing and volume of insider trading and the lack of strong will to enforce insider trading rules (Dogu, Karacaer, & Karan, 2010). Some of the reviewed literatures from emerging markets include the works of Bhattaharya, et al. (2000) who investigated insider trading vis – a vis corporate event announcements on the Bolsa Mexicana de Valores (the Mexican Stock Exchange). They used daily closing bid and ask transactions price series, daily trading volume and daily closing prices for the Mexican stock index on a sample of 49 firms publicly traded on the Bolsa Mexicana de Valores. These sample firms made
a
total
of
75
corporate
events
announcements
covering
dividend,
earnings,
mergers/acquisitions, equity issues, and board change announcements from July 1994 to June 1997; the period of the study. They found that there were no abnormal returns prior to the announcement of these events in the event window. They concluded that their findings provide evidence that suggests that unrestricted insider trading causes prices to fully reflect the information before it is made public. There are very few studies involving insider trading in African emerging markets, Mordant and Muller (2003) studied the profitability of directors’ dealings on the Johannesburg stock exchange (JSE) with a view to analysing how informative these transactions are to outside investors. Using a sample of 2,549 transactions executed and declared by directors between 2nd October 2000 and 31st March 2002, the study established that directors outperform the market in their share dealings, and the outperformance is more pronounced in sale rather than buy transactions. They also found that the major proportion of abnormal returns was as a result of extra-market factors rather than directors transactions.
39
In a related study, De Medeiros and Matsumoto (2006) utilised a sample of 80 equity issues announcement by firms listed on the Brazilian stock market between 1992 and 2003 to test for reaction of the market prior to and after the announcement of equity issues. Using the standard event study methodology and ARCH/GARCH models, the study have found the presence of significant negative abnormal returns three weeks to the announcement, indicating that insiders sold their holdings prior to the announcement. Hence, they concluded that the occurrence of abnormal returns three weeks before the announcement may be interpreted as the evidence of insider trading, since negative abnormal returns are ideally anticipated on the announcement date only. A study by Dogu, et al. (2010) sought to evaluate the level of insider transactions in a volatile emerging market like Turkey. They employed a total of 4,564 reported insider transactions by active companies listed on the ISE from 2nd February 2005 to 30th June 2007. This number of observations was related to 213 out of the 326 firms listed on the ISE. Using the standard event study methodology, the study documented that most of the insiders are aware of the event before the event date, and their transactions either purposely or unintentionally leak information to the market. Consequently, they concluded that all insiders take advantage of market information. Finally, Shahid et al. (2010) investigated the reaction of the Shanghai and Shenzhen stock markets in China around the announcement of SEOs using the event study methodology on a sample of 565 rights issues and 152 public offers from 1998 to 2008. Out of the total 565 rights issues, 302 were issued on the Shanghai Stock Exchange, while the remaining 263 were issued on the Shenzhen Stock Exchange. Similarly, the total sample of 152 public offers consists of 87 issues in Shanghai and 65 in Shenzhen. The study documented a positive and statistically significant average abnormal return of 0.2 percent for rights issues prior to the announcement. Similarly, average abnormal return for public offers prior to the announcement was also positive and statistically significant. Thus, they
40
concluded that the positive pre-announcement return for rights issues shows that the news of rights issues has been leaked out prior to the board meeting. For SEOs, the positive pre-announcement return is consistent with earlier studies that upward movement in share prices occurs before the announcement of equity offerings. In conclusion, insider studies in emerging markets do not present strong evidence in favour of the persistence of insider trading in their markets compared to their developed market counterparts. Therefore the result is at best mixed; with some markets even recording no abnormal return (Mohammed, 2012). Furthermore, after the review of the studies in both the developed and the emerging markets a number of deficiencies which include the need to model for the volatility of stock returns,; and the failure to utilise return models that will de-emphasize the problem of sensitivity to firm size and P/E ratios were observed. There is also the need to correct for thin trading because; the need to correct for thin trading becomes particularly crucial because of the dormancy of a number of firms listed on their stock exchanges (Mohammed, 2012).
2.7
Equity Issues in Nigeria.
The market for equity in Nigeria was on a relatively consistent growth curve until 2005 when the regulatory-driven capitalization of Banks triggered significant growth of 280.8% (SEC, 2011). The non-banking sector stocks also followed. In this regard, the growth of 2005 was surpassed in both 2006 and 2007, sustained via a second level of capital raising by banks, regulation-driven insurance sector consolidation and real expansion involving sectors as wide ranging as pharmaceuticals, aviation and growth. Table 2.7 presents the trend of equity offerings by companies in Nigeria over the period 2006 to 2011.
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Table 2.1:
Equity Issues in Nigeria over the Period 2006 – 2011
Year
Private
Rights issues
placement/subscription N ’Million
Total equities N ’Million
N ’Million 2006
207,994.93
47,689.61
255,684.54
2007
1,198,730.68
139,844.56
1,338,575.24
2008
841,590.35
220,711.00
1,062,301.35
2009
3,717.75
27,522.00
31,239.75
2010
74,250.00
46,090.00
120,340.00
2011
161,370.00
54,450.00
215,820.00
Source: SEC Table 2.1 shows that in the year 2006 a total of 255,684.54 million naira worth of equity was floated by companies, though favourable but signified a decrease of 37% when compared to the year 2005. This decrease is not however, unconnected with the above mentioned reforms. Furthermore, looking at the table the new issues in 2007 was very impressive as the market witnessed an aggregate value of new issues floated during the year in the equities market reaching a historic high of N1.338 trillion. This significant growth was however, as a result of the second level of capital raising by banks, and the regulation-driven insurance sector consolidation that injected sanity into the economy, thereby boosting investors confidence. The table in 2008 indicated the activities in the primary market in 2008 flourishing with a total floated equity of over 1.062 trillion
42
naira by companies. Though slightly lower with 20.63% decrease as compared favorably with that of 2007 in spite of the prolonged slide in prices of equities on the secondary market. Looking at the table, in the year 2009, the total value of new equities floated in the market stood at 31,239.75 million naira representing a major decline of about 330% when compared to 2008. This serious decline in the new issues market may not be unconnected with the over 70% loss of market value (SEC, 2009). Obviously, investors were traumatized by the occurrence and naturally confidence was lost and domestic investors have since then not fully returned to the market. Consequent upon that by 2009 new issues had dropped by the above mentioned percentage from the peak of 1.3 trillion and 1.06 trillion in 2007 and 2008 respectively. The table reported a total of 120,340 million naira worth of equities that was floated in the year 2010. This pointed an increase of about 285% when compared to the previous year. This is as a result of SEC’s strategic interventions to strengthen the market which restore investor confidence, engender market integrity and stimulated interest in the market (SEC, 2012) as a result the market began to yield positive results as witnessed in the significant increase of new issues as against the year 2009. Finally from the table it is evident that the impact of the steps taking by SEC continued up to the year 2011 as primary market activities improved when compared to the position in 2010 as the value of new issues floated appreciated by 45.38% to stand at 215,820 million naira as against the 120,340 million naira worth of equity floated in the previous year. 2.8
Empirical Evidence of Market Reactions to Corporate Event Announcements in Nigeria
There are few studies in Nigeria that sought to establish the informational efficiency of the Nigerian stock Market to the announcements of corporate events. While studies were conducted to investigate market reaction to dividends, stock splits, earnings and top management change
43
announcements and price reactions and privatization initial public offerings (PIPOS); however, to the best of the researcher’s knowledge only one study was conducted on stock price reactions to the announcement of equity issues by deposit money banks in Nigeria. Despite that, a review of other studies conducted on market reactions to other corporate announcements will also be conducted. Ikoku (1994) is about the first to empirically investigate market reactions to equity issues, consisting of thirty seven IPOs and twenty nine PIPOs between January 1989 and June 1993. The aim was to test the reaction of stock prices to under-pricing of IPOs and PIPOs in the Nigerian stock market. He employed the market adjusted model to compute the return for new issues around the event window. His study revealed that IPOs earned a return of 15.6% for the six months after their issue, while PIPOs earned a return of 21% during the same period. However, market adjusted return for IPOs plummeted to a negative of 18% one year after the issues, while the return of PIPOs for the same period improved to 25.6%. He therefore, concluded that all things being equal PIPOs in Nigeria are more under-priced than IPOs. The major shortcoming of this study was that it was conducted at a time when the NSE was not fully automated; therefore, technical and operational inefficiency suffered by the NSE prior to automation might have affected the speed with which market information was disseminated among market participants and the study also utilised monthly stock market data. Olowe (1998) employed a sample of eighty six cases of stock split by fifty nine firms listed on the NSE between 1981 and 1992. Utilising monthly price and market index data to compute abnormal returns around the event window, he examined the response of stock prices to the announcement of stock split. He concluded that the Nigerian stock market is semi-strong form efficient.
44
The weakness of this study is that the scope of the study covers a period prior to automation and a number of reforms that improved the efficiency of the market. In addition to the use of monthly time series data instead of daily data which will make it difficult to control for the occurrence of other firms event, thereby increasing the risk of simultaneous occurrence of corporate events that may contaminate the impact of the stock split announcement. In another study, Oludoyi (1999) examined stock price reaction to announcement of earnings around the Annual General Meeting (AGM) date. The study utilised weekly trading data to examine the reaction of stock prices of firms listed on the NSE from 1986 to 1994 around a twenty week event window. The study found evidence of the persistence of price drift ten weeks after the announcement. He interpreted the finding as evidence that the Nigerian stock market is semi-strong form efficient with respect to earnings announcement. The study equally covers a period when the NSE was technically inefficient. The study also utilised weekly market data which makes it difficult to control for compounding effects. More so, the study did not correct for thin trading bias and the existence of volatility effects in the return series. Adelegan (2003) investigated the reaction of the Nigerian stock market to dividends announcements around the period 1991 to 1999. She utilised a sample of 595 cases of annual dividends announcement by firms listed on the NSE. Using the standard event methodology she computed buy-and-hold abnormal return over the 21 days and 61 days event window and detected the presence of significant abnormal returns and cumulative abnormal returns during the 30 days before the announcement which according to her is consistent with the evidence that the Nigerian stock market is not informational efficient with respect to the announcement of dividends.
45
The study improved on previous methodological inadequacies by employing daily data as against the use of weekly or monthly data. However, the study is suffering from pre-automation problem. Similarly the use of Buy-and-Hold abnormal returns (BHAR) for a short time study may create the problem of overstating of abnormal returns. Similarly, Adelegan (2009a) employed a sample of 606 dividend paying firms, 127 dividend initiating firms and 146 dividend omitting firms to test the reaction of stock prices from 1991 to 1999. The sample of 606 dividend paying firms consisted of 440 cases of increases in dividend, 34 cases of no-increases in dividend and 29 cases of reduction in dividend. Applying the standard event methodology she found the presence of positive and significant abnormal returns for firms that increased dividend, negative and significant abnormal returns for firms that maintained and those that reduced their dividends, positive and significant abnormal return for dividend initiating firms; and negative and statistically significant abnormal return for firms that omitted the payment of dividends. Therefore, the study concluded that stock prices of firms listed on the Nigerian stock market react to dividend policy changes and that dividend policy change is value relevant in Nigeria. Even though the study improved on the shortcomings of previous works by avoiding the problem of computing abnormal returns using economic based models such as the CAPM, but the study’s use of BHAR for a short-run study is not appropriate. Similarly the study failed to model for the effect of volatility in stock returns. In another study, Adelegan (2009b) investigated the reaction of stock prices of firms listed on the NSE to top management change announcements, with a view to establishing whether or not the Nigerian stock market is informational efficient in that respect. Applying the standard event
46
methodology on a sample of firms listed on the NSE from 1997 to 2005 she documented a significant positive pre-announcement, announcement and post-announcement price reaction. Furthermore, a negative price reaction was recorded for the announcement of resignation of top management; while the concurrent announcement of resignation, retirement and new appointment of top management gave rise to a positive market reaction. The study concluded that top management change in Nigeria is perceived by the market as a positive signal in favour of shareholders interest. Whereas the study presented an attempt to study market reaction to corporate governance concerns in Nigeria, a number of methodological problems are observed, ranging from pre-automation scope to the study’s failure to correct for volatility effect in the return series. Afego (2010) investigated the reaction of stock prices to announcements of earning by firms on the stock exchange from 2005 to 2008. He utilised a sample of sixteen firms that made 44 annual earnings announcements. In order to control for the effect of dividend, only firms with dividend and earning announcements in the same direction were included in the sample. Using the standard event methodology and the market model to compute daily abnormal returns over the forty days event window he found a negative and statistically significant CAR of 9.64%, 1.09% and 3.45% for the twenty days prior to the announcement, the three-day event window and the twenty days after the announcement respectively. He concluded that the finding is consistent with the evidence that poor dissemination of market information may have occurred to have warranted the sluggish response of the market. Furthermore, the higher price prior to the announcement is an indication of corporate insider information and therefore, not a market response to the announcement.
47
The study improved on the methodological inadequacies of previous works such as the use of daily stock return series, and the correction for the simultaneous announcement of dividends and earnings. Mohammed (2012) investigated the reaction of stock prices to the announcement of equity issues by deposit money banks (DMBs) in Nigeria. He employed the standard event study methodology to compute the abnormal returns over a thirty days event window. He found positive and significant cumulative abnormal return prior to the announcement date and a negative and significant cumulative abnormal return on the announcement date. Hence, the study concluded that the presence of abnormal return suggests the semi – strong form efficiency of the Nigerian Banking sector with respect to the announcement; while evidence of abnormal return before the announcement is consistent with insider trading. Even though the study improved on methodological shortcomings associated with other studies such as the use of monthly or weekly time series data; absence of correction for the effect of thin trading and the failure to model for the effect of volatility among other things. In the same vein, the study only restricted itself to investigation of Deposit Money Banks in Nigeria, which is representing only one sector of the economy, thereby neglecting other equity issue announcements made by other sectors within the time frame of the study. Hence, findings of the study cannot be generalisable due to sample bias. 2.9
Theoretical Framework
Market reactions to new issues of corporate securities have been the focus of a number of empirical investigations. Several hypotheses have been suggested in the literature to explain these reactions. Among the most widely known hypotheses that seek to explain the underlying philosophy behind 48
the behaviour of stock prices around the announcement of equity offerings include the information hypotheses and the price pressure hypotheses and therefore, adopted as the framework that underpins this study of market reactions to announcements of equity offerings by companies in Nigeria. The term information hypotheses are used to refer to a group of information-related hypotheses that are rooted to the works of Myers and Majluf (1984). All information hypotheses are anchored on the basic assumption that managers and other corporate insiders know more about the value of the firm than do shareholders and potential investors and this information asymmetry creates an adverse selection problem refered to as ‘the lemons problem’ by Akerlof (1970). Myers and Majluf (1984) developed a framework based on this which later became very popular in the equity issues literature. The hypothesis basically consist three mutually exclusive explanations to the behavior of stock prices around the announcement of equity issues: the existing asset value signalling hypothesis, the cash flow signalling hypothesis and the good investment signalling hypothesis. The existing asset signalling hypothesis is based on the premise that managers have more information than investors about the intrinsic value of the firm’s existing assets. When there is need for external financing, managers issue new equity if they believe that the market value of the firm is below its intrinsic value. Although an overvaluation of the firm’s assets results in overvaluing of both risky debt and equity, but the overvaluation of the debt is less than that of equity. The decision to use external financing of any type and the magnitude of that external financing is determined by the level of the firm’s planned investment and the magnitude of the firm’s internally generated cash flow. Thus, assuming symmetric information about current investments and current internal cash flow, new equity issue announcements will have a negative impact on the stock price. The intended use of the funds, the expected profitability of planned investment, and the size of the issue will have 49
no impact on the magnitude of the price drop if symmetric information about investment plans and internal cash flow is assumed. The cash flow signalling hypothesis assumes asymmetric information about the magnitude of the firm’s current internal cash flow, but symmetric information about the level of the firm’s planned investment and the value of the firm’s assets conditional on current cash flow. Unanticipated announcements of new security issues then signal that the firm has inadequate internally generated funds to finance its planned investment. Both equity and debt issues used to finance new investment cause negative stock returns and the absolute value of the percentage price decline is directly related to the size of the issue. Since new external financings are assumed to contain no information about the level of the firm’s planned investment, the stock price response is unrelated to the expected profitability of the investment. Equity issues that are used to retire existing debts are zero net external financings and do not convey information about the magnitude of the firm’s current internal cash flow. Consequently, they have no impact on stock prices. On the other hand, the good investment signalling hypothesis was part of the Myers-Majluf model which assumes that managers have superior information about the value of assets in place and investment opportunities. The model was able to prove that increasing net present value of the investment opportunity reduces the adverse selection problem of new equity issues and invariably reduces the price drop on the announcement date. The model further demonstrated that in extreme situations, very profitable investment opportunities have no adverse selection problem and hence no negative price selection (Dennis, 1994). Similarly the model of Ambarish, John and Williams (1987), which is an extension of the Myers- Majluf framework predicted a relationship between a firm’s growth opportunities and equity issues within an asymmetric information framework and concluded that I equilibrium, the announcement effect of net new equity issues will depend on 50
whether asymmetric information arises mainly as a result of assets in place or from investment opportunities. According to them, announcement effects are negative in the former and positive in the later. Furthermore, Choe, Masulis and Nanda (1993) extended the Myers-Majluf model to take care of time-varying investment opportunities and predicted that equity issues will be clustered around periods of particularly profitable investment opportunities. This is because adverse selection is less severe during such periods and the drop associated with equity issues announcement is drastically reduced. The “Price Pressure Hypothesis” by Scholes (1972) on the other hand, is supportive of the financial practitioner’s long argument that increasing the supply of a given security causes the price of that security to fall. This view is labelled the “Price Pressure Hypotheses” and can be categorised as the “Downward Sloping Demand Curve Hypothesis” and the “Transaction Cost Hypothesis”. The Downward Sloping Demand Curve Hypothesis is based on the assumption of an incomplete capital market with restricted short sales. Under these conditions, perfect substitutes for a firm’s securities do not exist in the market. In the absence of perfect substitutes, firms face downward sloping demand curves for their securities. This hypothesis predicts that an increase in quantity caused by a new issue of common stock will result in a permanent decrease in the stock price and the absolute value of the percentage price decline will be positively related to the size of the issue. The hypothesis also predicts that new debt issues will have no impact on the stock price. The Transaction Cost Hypothesis predicts a temporary price pressure effect associated with new issues of common stock even if near – perfect substitutes for the firm’s securities exist in the market. Under this hypothesis, the stock price decline following new equity issue announcements reflects a discount that must be offered to compensate investors for the transaction costs they bear 51
in adjusting their portfolios to absorb the new shares. After the underwriters market the new issue, the price recovers to its original value. Since the transaction costs and the value of the discount are both proportional to the size of the issue, this hypothesis predicts no correlation between the size of the issue and the magnitude of the price decline.
2.10
Summary of the Section
Our review shows that the main concern of the empirical studies of emerging markets seems to be the market reaction to SEO announcements and published events (i.e. dividend announcements, and stock splits) in the short term. It is clear that SEO research into emerging markets is not as wide in some areas as it is in developed markets. Although some results in emerging markets provide conclusions consistent with those in developed markets, owing to their high volatility and small size we may have different and more varied outcomes when we obtain the data from emerging markets in any specific period. The study intends to improve on the methodological loopholes of previous works on market reactions to the announcement of corporate events in Nigeria which includes the use of daily stock return series and correction for the simultaneous announcements of dividends and earnings. Furthermore, the study intends to improve on sample size because most of the other studies used smaller samples. This will ensure a wider coverage so that that the problem of sample bias will be prevented. In conclusion therefore, the literature review reveals that there are several studies on market reactions to corporate event announcements in Nigeria. However, there is little evidence of studies on the reaction of stock prices to the announcement of equity issues in Nigeria. The studies 52
reviewed so far exhibited a number of methodological weaknesses that cast a lot of doubt on the validity and reliability of their findings. These includes the use of monthly or weekly market time series data as against daily data, the choice of small sample size concentrating on only one sector of the economy, the choice of scope that is associated with the period before market automation, liberalisation and enactment of a number of positive reforms and the failure to model for the effects of volatility stock and market return series. CHAPTER THREE RESEARCH METHODOLOGY 3.1
Introduction
This section; deals with the design(s) employed by the study and the methods and procedures used in conducting the research work. The section further deals with the population, sample size and sampling techniques employed by the study. Similarly, the sources from which data for the study were collected and the methods that were used in analysing the data so collected. 3.2
Research Design
The objective of the study is to establish the relationship between announcements of equity issues by companies in Nigeria and the resultant market returns. This study therefore utilised the corelational research design. The choice of this design is warranted by the fact that it seeks to establish the existence and nature of relationships, associations and interdependence between variables (Kumar, 2005). The study employed the standard event study methodology. Event studies have a long history. According to Mackinlay (1997), the first event study was published by James Dolley in 1933 in 53
which he examined the price effects of stock splits over the decades from Dolley’s work until the late 1960’s event studies were getting more sophisticated and used in a great variety of empirical studies in 1968 and 1969 respectively. Ball and Brown considered the information content of earnings, and Fama et al, studied the effects of stock splits after removing the effects of simultaneous dividend increases. These pioneers introduced what today is the most applied way of measuring company performance induced by endogenous and exogenous events (Christensen, 2009). Since an event study is an examination of the effect of a certain event upon the value of a company (Christensen, 2009), the first thing to do is to map and describe the event which in this study is the announcements of equity issues by a companies listed on the NSE and the event date is the day the announcement appeared in the Business day, Daily trust, the Leadership, the Punch or the Tribune newspapers; and the days preceding it (days 0 and 1). The announcement dates were further verified against those contained in the database of the African Financial Markets and the website of cash craft and Capital Assets Nigeria Limited. We included the preceding day as a result of the fact that newspapers usually carry news events that occurred the preceding day. It is therefore, possible that the market might have traded on the information on the actual day of the announcement. Furthermore, in order to determine the expected return on the market an estimation period needs to be chosen within which the alpha ( ) and the Beta ( ) will be estimated. The estimation period has to be of a certain length. A parameter estimation window of One Hundred and Ninety (190) days (20 to -209) and an event window of forty two days (42 days) (-20 to +20) for each security was adopted by the study. This covers twenty (20) trading days before and after the announcement, the two (2) day’s announcement date and another twenty (20) days after the announcement. Furthermore, a long-term market reaction was observed for up to one year after the announcement of equity issues. 54
Event
-209
-20
0
1
+20
1 year
Pre Post - Announcement Announcement According to Dyckman, Philbrick and Stephen (1984); Brown and Warner (1985) and Shaheen (2006), a parameter estimation period of 120 days is adequate, while Shahid, Xiaping, Mahmood and Usman (2010) opined that a parameter estimation window of 190 days is more adequate since daily market returns data for 190 days prior to the event can sufficiently formulate a benchmark for normal market returns. Even though several studies (Panayides and Gong, 2002; Shahid et al., 2010; Mohammed, 2012) suggested that event windows of 11 days before and 5 days after; 10 days before and 10 days after; and 15 days before and 15 days after respectively are sufficient to fully capture the effect of an event; this study utilised a longer event window The choice of a longer event window (of -20, +20) is made in order to capture this possible pre-event reaction and this is consistent with the view that emerging markets like Nigeria in the words of Afego (2010) are generally known to be less efficient than matured markets and therefore, tends to be more sluggish in reflecting new information in stock prices. Therefore, event windows should be much wider in order to capture leakages, rumours and long-run effects of events. Thus, the choice of a large event window is necessary not only in capturing any leaking information and rumour but even to measure any effect of growing expectations to equity issue announcements in Nigerian market. 3.3
Population of the Study
55
The population of the study consisted of the One Hundred and Ninety Eight (198) companies listed on the Nigerian Stock Exchange (NSE) as at 31st December, 2011 (NSE, 2012).
3.4
Sampling Design and Procedure
This study utilised all equity issues announcements made by companies listed on the Nigerian Stock Exchange (NSE) during the study period covering the period from 2006 to 2011. For an observation to be part of the sample the following data filtering criteria was adopted by the study: i.
The issuing company must be listed on the NSE
ii.
Data on daily stock prices for the company must be available over our event study period.
iii.
The issue under consideration must be issues via common stock (public offerings, private placements and right offerings).
iv.
Hybrid offers (if any) by the same company at a time will be considered as one offer.
v.
Furthermore, if a firm made multiple issues within the study period, we only intend to keep the first issue in our sample. Subsequent issues will be dropped. This is in line with Loughran and Ritter (1995).
vi.
No other simultaneous important announcements such as earnings and bonus issue announcements have taken place and contaminated the effect of the event window.
56
Application of the above criteria resulted in a total sample of Sixty One (61) announcements made by Fourty Seven (47) companies (24% of the population) within the period of the study covering from 2006 to 2011. 3.5
Sources and Methods of Data Collection
This study relied solely on data collected from secondary sources. Specifically, the study utilised secondary data relating to the daily stock prices of sample companies for the period under study (2006 to 2011). Similarly, the corresponding NSE daily All Share Index (ASI) was collected for the same period. Both the daily series of stock prices of the sample companies and the corresponding NSE ASI was retrieved electronically from the online database of Cash-craft Asset Management Limited. The study also made an extensive use of the NSE Fact Book (various issues), annual accounts and reports of the NSE and annual reports and accounts and quarterly bulletins of SEC. 3.6
Techniques of Data Analysis
Analysis of the study began with the conversion of daily share price data to daily continuously compounded stock returns using the formula below as advocated by Strong (1992), Arsiraphongphisit (2003), Brooks (2008) and Adelegan (2009a) all in Mohammed (2011): Ri,t = Ln Pit - Dit
X 100
Pit - 1
(1)
Where Ri,t is the return on the security company i at time t; Pit is the share price of the company at time t; Dit is the dividend received from security i at time t; Pit - 1 is the share price of company i at time t – 1 and Ln stands for natural logarithm. Given that the study in the first instance will utilise an event window and estimation window of less than a year dividends would be constant at zero.
57
The logarithmic transformation of the time series data became necessary in view of the need to keep the effect of outliers under control. The same approach will also be applied to the NSE ASI to create daily compounded market returns as follows: Rmt = Ln
ASIt
X
100
ASIt - 1
(2)
Where Rmt is the return on the market at time t; ASIt is the NSE ASI at time t; ASIt – 1 is the NSE ASI at time t – 1; and Ln is as defined above. The log daily returns of Sample Company’s and those of the NSE ASI will be the main variables of the study. Being an event study, log stock and index returns were computed over the parameter estimation window of 190 trading days, starting from day -21 to day -209 and the event window of 42 trading days running from day -21 to day +20 and for another 256 trading days starting immediately after the last day of the first event window. The next step was establishing the stationarity of computed daily sample of company returns and the return on the market index. Financial time series data, especially those collected on daily basis are generally believed to be non-stationary (Brooks, 2008; Agung, 2009). This non-stationarity implies the existence of unit root in the data which often give rise to the occurrence of spurious regressions (De Medeiros & Matsumoto, 2006). Consequently, the study employed the Augmented Dickey-Fuller test for unit roots (Dickey and Fuller, 1979) to test for the stationarity of the sample data series which will consist of stock return series and market return series. The estimation was done based on the following model (Brooks, 2008 in Mohammed, 2011):
58
Δyt = µ + y + YYt – 1 + Et
(3)
Where y is a non-stationary series; µ and y are parameters to be estimated and E is a random disturbance term. The null hypothesis for the presence of a unit root in the series will be rejected if the Dickey Fuller test statistic is less than the critical value at a given apriori alpha level and the alternative hypothesis of a stationary time series will be accepted. The reverse will be true if test statistic is greater than the critical value. In order to capture the abnormal returns in the event window, the study utilised the market model pioneered by Ball and Brown (1968), Fama et al (1969) and Brown and Warner (1985) and Mackinlay (1997). When using the market model, abnormal returns are the differences between the actual stock return and the predicted stock return (the return that would have been earned had event not occurred) based on Ordinary Least Squares (OLS) estimation that employs market return as the independent variable (Mackinlay, 1997). To obtain the actual return over the parameter estimation window and the event window, the following linear model was estimated: Ri,t = α1 + βiRmt + it
(4)
Where Rit is the actual return on company i’s security at time t; 1 and 1 are parameters to be estimated; Rm,t is the market return at time t; and it is company i’s random disturbance term at time t. Assuming a constant beta value, the estimated return for company i’s security can be computed by substituting the estimated values of 1 and 1 over the estimation window in equation (6) above as follows: Ḕts = ᾶi + βt Rmt
(5)
59
Where Ḕts is the expected return on company i’s security at time t; 1 and 1 are the estimated parameters based on the estimation window; and Rmt is the market return at time t. The abnormal return is defined as the difference between equation (6) and (7) as follows: AR = Rit - Eit
(6)
Once the estimated equation has been obtained, the actual return on company i’s security will be calculated as follows: Rit = i + iRm,1 + Eit
(7)
Since Eit = i + iRm,1 equation (9) simplifies to: Rit = Emt +
Eit
(8)
This implies that abnormal return for company i at time t is simply given as: ARit = Eit
(9)
Thus, the abnormal return on the security of a given sample company will simply be the residual of the OLS after regressing the company stock return on the market return. For the residuals to be considered as the abnormal return however, the parameters estimated over the estimation window must be integrated into the equation as shown above. Since the hypotheses of the study will be tested using the standard t-test, the need to ensure that all assumptions regarding the use of the tool hold became crucial. The standard t-test assumes that individual firms’ abnormal returns are normally distributed. Thus, the normality of residuals is necessary to validate t-tests (De Medeiros & Matsumoto, 2006). In the light of this, the study
60
utilised the Jarque-Bera Normality test (Bera & Jarque, 1981) to test for the normality of the abnormal returns. The statistic will be computed as follows: Jarque-Bera = N – k S2 + (K – 32) 6
4
(10)
Where S is the skewness, K is the kurtosis; and k is the number of estimated coefficients used to create the series. The null hypothesis of normality will be rejected if the Jarque-Bera statistic is significant at an apriori alpha level, and vice versa. The cumulative abnormal return of company i in the sample for a given period was obtained by summing up the abnormal return in a given period. The procedure is demonstrated by the following formula (Peterson, 1989): CARi (t0, t1) = ARi, t = t, 1
(11)
Where CARi(t0t1) is the cumulative abnormal return of company i from time t0 to t1; ARt1 is the abnormal return of company i at time t; t1 is the residual of company i at time t. Similarly, the sample average abnormal return at time t is simply the arithmetic mean of n number of stocks, as shown below: AARt
=
i
/nARit
(12)
Where AARt is the sample average abnormal return at time t; n is the number of observations; and AARit is the abnormal return of company i at time t. As a consequence of the foregoing, the cumulative average abnormal return will be computer as follows: CAAR(t0t1) = AARt
(13)
61
Where CAAR(t0t1) is the sample cumulative average abnormal return from time t0 to t1; and AARt is the sample average abnormal return at time t. The null hypotheses of no significant cumulative abnormal return for equity issues announcement twenty trading days before the announcement, on the announcement date, twenty trading days after the announcement and over the entire event window was tested using the t-test for the significance of abnormal returns. According to Brown and Warner (1985) and Panayides and Gong (2002), the test statistic is simply the ratio t0 to period t1 CAR to its estimated standard deviation over the estimation window as shown in the equation below: t(CAR) = CAR (t0t1) / S(AARt)
(14)
Where t(CAR) is the test statistic for cumulative abnormal return; CAR (t0t1) is as defined above; S(AARt)is the standard deviation of average abnormal return over the parameter estimation window. For the decision criteria, the null hypothesis of no significant abnormal return will be rejected if the computed t value is greater than the critical value at a given apriori alpha level and vice versa. The EViews 4.0 econometrics package was used for all statistical and econometric tests in this study. The choice of this package among its peers was motivated by its robustness and flexibility in handling financial and time series data (Gujarati, 2003; Agung, 2009) in Mohammed (2011).
62
CHAPTER FOUR DATA PRESENTATION AND ANALYSIS 4.1 Introduction The chapter dealt with the presentation of data and the analysis of the results of the study together with the results of the various tests conducted in the study. The findings of the study resulting from the test of our null hypotheses are all presented and discussed in this chapter 4.2 Specification and Diagnostic Tests for Variables Several specification and diagnostic tests were conducted by the study in order to ensure the stationarity of the time series data that and to that the series data does not violate any of the classical assumption of the linear regression model. Therefore, the study conducted stationarity tests for the existence of unit root in the time series data of stock and market returns and the normality tests for the normal distribution of residuals within the event windows. 4.2.1 Stationarity tests for company’s stock returns and market returns 63
In order to ensure that all the sixty one series of sample company’s stock returns and the corresponding sixty one series of market returns in the event windows. The Augmented DickeyFuller (ADF) test for unit root was employed. Summary of the results that was obtained from the test is presented in table 4.1.
Table 4.1
ADF Test for the Fourty Two Day Event Window Variables
VARIABLES
ADF TEST RESULT
VARIABLES
ADF TEST RESULT
-3.324909** -3.428311**
STATIO NARY Yes Yes
Nasconshareret Nasconindexret
-4.413932*** -5.744951***
STATIO NARY Yes Yes
Cadburyshareret Cadburyindexret Cadbury2shareret
-3.595123**
Yes
Neminshareret
-2.540180
No
Cadbury2indexret
-4.976229***
Neminindexret
-3.690661***
Yes
Capoilshareret Capoilindexret
-4.165893*** -4.499186***
Yes Yes
Ngermanshareret Ngermanindexret
-2.859407* -4.431456***
Yes Yes
Ccnnshareret Ccnnindexret
-4.165893*** -4.326422***
Yes
Niginsshareret Niginsindexret
-5.504429*** -7.045486***
Yes Yes
Ccnn2shareret Ccnn2indexret
-5.090144*** -4.593304***
Yes Yes
Nigwireshareret Nigwireindexret
-5.098238*** -4.738696***
Yes Yes
Cornerstoneshareret Cornerstoneindexret
-4.696535*** -3.673537***
Yes Yes
Npharmshareret Npharmindexret
-6.144641*** -5.028178***
Yes Yes
Cornerstone2shareret Cornerstone2indexret
-3.845340*** -4.319858***
Yes Yes
Oandoshareret Oandoindexret
-5.458408*** -5.402923***
Yes Yes
Costainshareret Costainindexret
-4.428189*** -4.458515***
Yes Yes
Oando2shareret Oando2indexret
-3.599383** -3.392434**
Yes Yes
Costain2shareret Costain2indexret Crusadershareret Crusaderindexret
-4.044490*** -2.726350* -4.267478*** -4.486905***
Yes Yes Yes Yes
Prestigeshareret Prestigeindexret Pzshareret Pzindexret
-5.938363*** -7.451400*** -5.355919*** -3.388918**
Yes Yes Yes Yes
64
Diamondshareret Diamondindexret Dunlopshareret Dunlopindexret Ecobankshareret Ecobankindexret Eckoshareret Eckoindexret Ekco2shareret Ecko2indexret Eternaoilshareret Eternaoilindexret Fbnshareret Fbnindexret Fbn2shareret Fbn2indexret Fcmbshareret Fcmbindexret Fidelityshareret Fidelityindexret Firstallshareret Firstallindexret Flourshareret Flourindexret Guineainsshareret Guineainsindexret Hisshareret Hisindexret Japoilshareret Japoilindexret Japoil2shareret Japoil2indexret Josbrewshareret Josbrewindexret Livesfeedshareret Livesfeedindexret Longmanshareret Longmanindexret Nahcoshareret Nahcoindexret
-4.422481*** -5.109012*** 5.043571*** -5.840696*** -7.285037*** -4.846730*** -3.588524** -3.944853*** -4.661693*** -6.273040*** -7.449832*** -3.349312** -4.736901*** -5.402923*** -7.449832*** -5.708673*** -6.434435*** -6.410419*** -4.030735*** -4.273862*** -3.473694** -4.219775*** -5.235202*** -6.021498*** -4.665071*** -6.744740*** -7.449832*** -4.717255*** -3.741844*** -4.273862*** -5.498524*** -5.785158*** -5.069291*** -5.795089*** -6.125243*** -5.840696*** -4.531078*** -4.088938*** -4.365101*** -5.985695***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Skyeshareret Skyeindexret Skye2shareret Skye2indexret Skye3shareret Skye3indexret Sovtrustshareret Sovtrustindexret Sovtrust2shareret Sovtrust2indexret Stdallianceshareret Stdallianceindexret Studpressshareret Studpressindexret Tantalizershareret Tantalizerindexret Thomwyattshareret Thomwyattindexret Thomwyat2shareret Thomwyat2indexret Touristshareret Touristindexret Uacshareret Uacindexret Ubashareret Ubaindexret Uba2shareret Uba2indexret Ubnshareret Ubnindexret Unicinshareret Unicinindexret Unihomeshareret Unihomeindexret Unitybankshareret Unitybankindexret Uplshareret Uplindexret Zenithshareret Zenithindexret Zenith2shareret Zenith2indexret
Source: Eviews 4.0 output, 2013.
65
-4.472136*** -4.754792*** -3.789937*** -2.916392* -4.894998*** -3.798871*** -3.472211** -6.375809*** -4.733727*** -4.802772*** -5.273475*** -5.628468*** -6.818615*** -5.160191*** -5.418972*** -5.854588*** -3.549474** -5.477881*** -7.762458*** -4.635516*** -4.472136*** -4.623007*** -5.519050*** -3.571077** -7.312319*** -5.768739*** -4.650679*** -6.357181*** -4.890455*** -5.630300*** -7.385421*** -4.338434*** -6.319980*** -5.840696*** -7.492997*** -6.713981*** -4.161208*** -4.386419*** -4.281571*** -5.795403*** -3.253401** -4.604894***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
The results revealed by the table shows that all the sixty one series of company’s stock returns were stationary at various levels of significance. This is therefore, consistent with existing evidence that stock returns tend to be stationary (Brooks, 2008) and contrary to the evidence documented by Mohammed (2012). The null hypothesis therefore, was rejected of the existence of unit root in their returns. According to the results therefore, the null hypothesis of a unit root was rejected at five percent for Cadbury, Eternal Oil ,Oando2, PZ and UAC; rejected at ten percent for Costain2 and Skye2; while all the remaining were rejected at one percent. Furthermore, the table shows that the ADF test conducted on the corresponding series of market return found the market return of NEM Insurance to be non-stationary. The table further shows that Cadbury1, Cadbury2, Eckcocorp, Oando2, Sovtrust, Thomwyatt and Zenith were all stationary at five percent level; Nig-German at ten percent level; while the remaining fifty one firms were all stationary at the one percent level. Thus, the null hypothesis of the existence of unit root was rejected in all the fifty one firms. Similarly, the null hypothesis was also rejected in the return series of NEM when the test was conducted at first difference. The ADF test was also conducted for all the one hundred and twenty two time series variables of stock and market returns over the one year event window and the parameter estimation window. 4.2.2 Tests for Normality of Residuals The last test conducted on the event window regression residuals of the sixty one sample firms was the Jacque-Bera Normality test. The aim of this test was to further establish whether or not the residuals of each of the sample firms are normally distributed. The summary of the results are presented in table. Table 4.2:
Event Window Jarque-Bera Test for Normality of Residuals 66
VARIABLE JARQUE-
NORMALITY VARIABLE JARQUE-
BERA
BERA
STATISTIC
STATISTIC
NORMALITY
Cadbury
3.888441
Yes
Cadbury2
15.03526
No
Capoil
2464.543
No
Ccnn
2240.234
No
Ccnn2
60.56334
No
Cornerstone
3.165330
Yes
Cornerstone
42.84730
No
Costain
220.0727
No
Costain2
2.376343
Yes
Crusader
2055.593
No
Diamond
48.84334
No
Dunlop
10.69147
No
Ecobank
14.39208
No
Ekco
98.27200
No
Ekco2
175.5905
No
Eternaoil
5.561422
Yes
Fbn
9.192404
Yes
Fbn2
10.43955
No
Fcmb
53.50046
No
Fidelity
151.9623
No
Firstall
997.6309
No
Flour
0.625352
Yes
Guineains
249.2875
No
His
10.64403
No
Japoil
194.6430
No
Japoil2
81.55296
No
Josbrew
4.436843
Yes
Livesfeed
17.27275
No
Longman
2278.677
No
Nahco
269.0561
No
Nascon
162.1322
No
Nemin
32.14626
No
Ngerman
2491.979
No
Nigins
174.5168
No
Nigwire
2.143039
Yes
Npharm
1.377630
Yes
Npharm2
36.71351
No
Oando
70.87056
No
Oando2
441.7835
No
Prestige
3.895210
Yes
67
Pz
308.9314
No
Skye
115.9928
No
Skye2
6.796827
Yes
Skye3
4.716822
Yes
Sovtrust
142.1569
No
Sovtrust2
11.00592
No
Stdalliance
70.54160
No
Studpress
6.759824
Yes
Tantalizer
84.73160
No
Thomwyatt
25.51503
No
Thomwyatt2
31.76930
No
Tourist
366.1357
No
Uac
198.7384
No
Uba
25.10585
No
Uba2
162.5161
No
Ubn
47.36391
No
Unicin
6.920577
Yes
Unihome
12.28725
No
Unitybank
1.257185
Yes
Upl
1277.674
No
Zenith
56.22850
No
Zenith2
55.53992
No
Source: Eviews 4.0 output, 2013 It can be seen from table 4.1 that it is only the Jacque-Bera statistic for the residuals of fourteen firms could not be rejected, signifying that the null hypothesis of normality in the residuals of these firms are normally distributed. Jacque-Bera statistic was statistically significant at the one percent level for all the Forty Seven sample firm’s residuals. This implies that the residuals of the Forty Seven firms can affect the distribution of abnormal returns. However, since the abnormal returns were arrived at by taking the average abnormal return for each day across the sample firms in the event window, it therefore, means that in line with the central limit theorem the non-normality of the Forty Seven sample firms cannot significantly affect the distribution of average abnormal return (De Medeiros and Matsumoto, 2006). Besides, the fact that the average abnormal returns were cumulated over the event window period eliminated any tendency of non-normality in the distribution of cumulative abnormal returns upon which the test of hypotheses was conducted. 68
4.3 Descriptive Statistics of Abnormal Return and Cumulative Return After conducting all the necessary tests, the next step is to examine the descriptive statistics of the abnormal return (residuals) of each of the sample firm, the average abnormal return and the cumulative abnormal return. Since the abnormal return of individual sample firms may not be so informative and therefore, the reasonable thing to do was to take the average of daily abnormal return across the sample firms over the event window. The resultant figure therefore, becomes the average daily abnormal return over the sample window. Furthermore, it also becomes imperative to aggregate the average abnormal return across the event period to arrive at daily cumulative abnormal return. Table presents the average abnormal return and the cumulative abnormal return for the sample firms over the event window. Table 4.3:
Descriptive Statistics of Abnormal Return and Cumulative Return
DAYS
AR
CAR
DAYS
AR
CAR
-20
-0.1748
-0.1748
1
5.5431
3.4110
-19
-0.4435
-0.6183
2
-0.0689
3.3421
-18
-0.1143
-0.7327
3
-0.1888
3.1533
-17
0.1720
-0.5607
4
-0.4737
2.6796
-16
-0.1932
-0.7539
5
0.0899
2.7694
-15
-0.1276
-0.8815
6
-0.1941
2.5753
-14
-0.0445
-0.9260
7
-0.3049
2.2704
-13
-0.4555
-1.3814
8
-0.2575
2.0128
-12
-0.3065
-1.6880
9
-0.3933
1.6195
-11
-0.3155
-2.0034
10
-0.4225
1.1970
69
-10
-0.1487
-2.1521
11
-0.2243
0.9726
-9
-0.0627
-2.2148
12
-0.1979
0.7747
-8
-0.1320
-2.3468
13
-0.5538
0.2209
-7
-0.4425
-2.7892
14
-0.2868
-0.0659
-6
-0.3277
-3.1169
15
-0.3110
-0.3770
-5
-0.2708
-3.3877
16
0.1783
-0.1986
-4
-0.2454
-3.6331
17
0.1799
-0.0187
-3
0.2112
-3.4219
18
-0.1877
-0.2064
-2
-0.0195
-3.4414
19
0.0492
-0.1572
-1
-2.1143
-5.5557
20
-0.1075
-0.2646
0
3.4235
-2.1322
21
0.2646
0.0000
The calculation of cumulative abnormal return was principally important as it was the sequence employed in testing the hypotheses of the study. The table below presents the summary of the descriptive statistics for the average abnormal return and cumulative abnormal return. Table 4.4:
Descriptive Statistics of Average Abnormal Return and Cumulative
Abnormal Return AR
CAR
Mean
1.593095238
-0.433388
Median
-0.191
-0.320800
Maximum
5.5431
3.411000
Minimum
-2.1143
-5.555700
70
Standard Deviation
1.10132672139
2.152362
Skewness
3.69713806843
-0.023150
Kurtosis
18.7127328463
2.505680
Jarque-Bera
527.739262903
0.431367
Probability
0
0.805990
Observations
42
42
Source: Eviews 4.0 Output, 2013 Table 4.3 shows that the average daily abnormal return over the event window is 1.5931 percent and the standard deviation is 1.1013. An interesting discovery is the fact that the averaging of individual sample firm’s abnormal return has led to a significant decline in the standard deviation of average daily abnormal return over the event window. Similarly, the wide variability of change in abnormal return was also substantially reduced to a reasonable minimum of -2.1143 percent and a maximum of 5.5431 percent. However, the skewness value of 3.6971 indicated deviation from normal skewness to the right. Similarly, the kurtosis of 18.7127 is an indication of the leptokurtic nature of the distribution. The Jacque-Bera statistic however, exhibited significant non-normality in the average abnormal return series. This is as a result of the fact that majority of the firms exhibited non-normality in the individual Jacque-Bera test of normality that was conducted. However, for the fact that the absence of normal distribution in the average abnormal return series is practically harmless is encouraging. This is because the test of hypotheses was conducted on the cumulative abnormal return and not on the average abnormal return. Similarly, the mean daily cumulative abnormal return within the event window was -0.43334 percent with a standard deviation of 2.1524. The standard deviation of the cumulative abnormal was higher than that of the average abnormal return series and a decrease in average abnormal return. 71
This was as a result of persistent negative abnormal return before and after the date of announcements. The minimum cumulative abnormal return of -5.5557 percent and the maximum of 3.4110 percent pointed towards a relatively higher variability in cumulative abnormal return relative to the average abnormal return. As regards skewness, the cumulative abnormal return series revealed a kurtosis value of 2.5057 which clearly suggests evidence of flatness in the distribution. Most importantly, the Jacque-Bera statistic provided the normality of the cumulative abnormal return series. Therefore, as a result of the fact that the cumulative abnormal return series is normally distributed made it extremely secure to conduct the test of our hypotheses and to further report the results without any fear of reporting spurious results or drawing ambiguous inferences there from. 4.4 Test of Hypotheses The hypotheses of the study were tested using the t-test for the significance of abnormal return over five periods. In each of the cases, the t-statistic sought to establish whether the cumulative abnormal return over the period of interest is significantly different from zero. Therefore, the five periods that made up the five hypotheses over which the significance of cumulative abnormal return was tested includes twenty trading days before the announcement date of equity issues, the two announcement date, twenty trading days after the announcement, forty one trading days around the announcement date and a further two hundred and fifty six days around the announcement of equity offerings by companies in Nigeria. 4.4.1 Significance of cumulative abnormal return before the announcement of equity issues by companies in Nigeria
72
Test of hypothesis was conducted on the statistical significance of the twenty day’s cumulative abnormal return before the announcement of equity issues. The abnormal return and the cumulative abnormal return twenty days before the announcement is presented in table 4.4 below.
Table 4.5:
Abnormal Return and Cumulative abnormal return before the
announcement date of equity issues by companies in Nigeria DAYS
AR
CAR
DAYS
AR
CAR
-20
-0.1748
-0.1748
-10
-0.1487
-2.1521
-19
-0.4435
-0.6183
-9
-0.0627
-2.2148
-18
-0.1143
-0.7327
-8
-0.1320
-2.3468
-17
0.1720
-0.5607
-7
-0.4425
-2.7892
-16
-0.1932
-0.7539
-6
-0.3277
-3.1169
-15
-0.1276
-0.8815
-5
-0.2708
-3.3877
-14
-0.0445
-0.9260
-4
-0.2454
-3.6331
-13
-0.4555
-1.3814
-3
0.2112
-3.4219
-12
-0.3065
-1.6880
-2
-0.0195
-3.4414
-11
-0.3155
-2.0034
-1
-2.1143
-5.5557
Source: Eviews 4.0 Output/Researcher’s computation, 2013
73
The test of hypotheses one of the study was based on the cumulative abnormal return in table . The t-test was employed to test the statistical significance of cumulative abnormal return twenty trading days before the announcement of equity issues announcement by sampled companies. Table 4.5 presents the results from the test of hypothesis one.
Table 4.6:
Results for the test of Hypothesis One
Cumulative Abnormal Return ( -20, -1 )
-5.5557
Standard Deviation
2.1524
Degrees of freedom ( N – 1 )
19
T-statistic
-2.5811***
Source: Eviews 4.0 Output/Researcher’s computation, 2013 *, **, *** imply significance at the 10%, 5%, and 1% levels of significance respectively. It can be seen from table
that the null hypothesis of no significant cumulative abnormal return
before the date of equity offering announcement was tested over the period running from day -20 to day -1. The table also revealed that the cumulative abnormal return over the period of interest is 5.5557 percent and the standard deviation of average abnormal return is 2.1524 percent. Under the assumption of normal distribution, the t-statistic follows a t-distribution with N – 1 degrees of freedom and this equals nineteen degrees of freedom (20 – 1 ) for hypothesis one. Following the
74
table the reported t-statistic of -2.5811 is less than the critical values of 1.325, 1.725 and 2.528 under the ten, five and one percent levels of significance respectively. The results therefore, suggested the non rejection of the H01 that there is no significant cumulative abnormal return in the market twenty days before equity issue announcements by companies in Nigeria. This is because the market exhibits a negative cumulative abnormal return of -5.5557 percent twenty trading days before the announcement of equity offerings by companies in Nigeria.
4.4.2 Significance of cumulative abnormal return on the announcement date of equity issues by companies in Nigeria The study also tested the statistical significance of the two-day announcement date of equity offerings by companies in Nigeria using the t-test for the significance of abnormal return. The twoday announcement date abnormal and cumulative abnormal returns are presented in table 4.6. Table 4.7:
Abnormal Return and Cumulative abnormal return on the
Announcement Date DAYS
AR
CAR
0
3.4235
3.4235
1
5.5431
8.9666
Source: Eviews 4.0 Output/Researcher’s Computations, 2013 The t-test was also employed in order to establish the statistical significance of the two-day announcement date using the cumulative abnormal return presented in table
. The two-day
announcement date runs from day 0 and day 1 in the event window. The results for the test of 75
hypothesis two, which sought to test the significance of the cumulative abnormal return in the market on the announcement date are reported in table. Table 4.8:
Results for the Test of Hypothesis Two
Cumulative Abnormal Return ( 0, 1 )
8.9666
Standard Deviation
2.1524
Degrees of freedom ( N – 1 )
1
T-Statistic
4.1659**
Source: Eviews 4.0 Output/Researcher’s Computations, 2013 *, and ** imply significance at the 10% and 5% levels of significance respectively. Table 4.7 shows cumulative abnormal return in the market of 8.9666 percent over the two-day announcement date while the standard deviation remained at 2.1524. The degree of freedom was one percent and the computed t-statistic was 4.1659. The result shows that the value of the computed t-statistic was greater than the critical values of 1.886 and 2.920 at the ten and five percent levels of significance respectively. The study therefore, suggested the rejection of the Ho2 that there is no significant cumulative abnormal return in the market on the announcement date of equity offerings announcement by companies in Nigeria. This is because there is significant cumulative abnormal return of 8.9666 percent on the two-day announcement date of equity offerings announcement by companies in Nigeria. 4.4.3 Significance of Cumulative Abnormal Return after the Announcement date of equity issues by companies in Nigeria
76
Hypothesis three of the study was also tested which sought to test the statistical significance of cumulative abnormal market returns twenty trading days after the announcement of equity offerings by companies in Nigeria. The results over the twenty days are presented in table 4.8 below.
Table 4.9:
Abnormal Return and Cumulative abnormal return after the
Announcement date DAYS
AR
CAR
DAYS
AR
CAR
2
-0.0689
-0.0689
12
-0.1979
-2.6362
3
-0.1888
-0.2577
13
-0.5538
-3.1901
4
-0.4737
-0.7314
14
-0.2868
-3.4769
5
0.0899
-0.6415
15
-0.3110
-3.7879
6
-0.1941
-0.8357
16
0.1783
-3.6096
7
-0.3049
-1.1406
17
0.1799
-3.4297
8
-0.2575
-1.3981
18
-0.1877
-3.6174
9
-0.3933
-1.7915
19
0.0492
-3.5682
10
-0.4225
-2.2140
20
-0.1075
-3.6756
11
-0.2243
-2.4383
21
0.2646
-3.4110
Source: Eviews 4.0 Output/Researcher’s Computations, 2013 77
Test of hypothesis three was based on the cumulative return reported in table
above. The t- test
was also employed in order to test for the statistical significance of cumulative abnormal return twenty days after the announcement date of equity offerings by companies in Nigeria. The results of the test are presented in table 4.10 below.
Table 4.10
Results for the Test of Hypothesis Three
Cumulative Abnormal Return ( +2, +21 )
-3.4110
Standard Deviation
2.1524
Degree of Freedom ( N – 1 )
19
T-Statistic
-1.5847***
Source: Eviews 4.0 Output/Researcher’s Computations, 2013 *, ** and *** imply significance at the 10% 5% and 1% levels of significance respectively. The table shows that the null hypothesis of no significant cumulative abnormal return before the date of equity offering announcement was tested over the period covering day +2 to day +21. The table also revealed that the cumulative abnormal return over the period of interest is -3.4110 percent and the standard deviation of average abnormal return is still 2.1524 percent. Under the assumption of normal distribution, the t-statistic follows a t-distribution with N – 1 degrees of freedom and this equals nineteen degrees of freedom (20 – 1 ) for hypothesis three. The table reported a t-statistic of -
78
1.5847 which is less than the critical values of 1.325, 1.725 and 2.528 under the ten, five and one percent levels of significance respectively. The results therefore, suggested the non rejection of the Ho3 that there is no significant cumulative abnormal return in the market twenty days after equity offerings announcement by companies in Nigeria. This is because the market exhibits a negative cumulative abnormal return of -3.4110 percent twenty trading days after the announcement of equity offerings by companies in Nigeria. 4.4.4 Significance of Cumulative Abnormal Return over the Fourty-two day Event Window of equity issues by companies in Nigeria Hypothesis four of the study relates to the statistical significance of cumulative abnormal return over the entire forty two days event window. The cumulative abnormal return employed for the test of the hypothesis is reported in table 4.2 and results from the test of the hypothesis is reported in table 4.11. Table 4.11:
Results for the Test of Hypothesis Four
Cumulative Abnormal Return ( -20, +21 )
0.0000
Standard Deviation
2.1524
Degree of Freedom ( N – 1 )
41
T-Statistic
0.0000***
Source: Eviews 4.0 Output/Researcher’s Computations, 2013 *, ** and *** imply significance at the 10% 5% and 1% levels of significance respectively. Table 4.11 shows cumulative abnormal return in the market of 0.0000 percent over the forty twodays event window, while the standard deviation remained at 2.1524. The degree of freedom was forty one percent and the computed t-statistic was
79
The result shows that the value of the computed t-statistic was 0.0000 which is less than the critical values of 1.282, 1.645 and 2.326 at the ten, five and one percent levels of significance respectively. The study also suggested the non rejection of the Ho4 which states that there is no significant cumulative abnormal return in the market over the forty two days event window of equity issues announcement by companies in Nigeria. This is because the computed significant cumulative abnormal return over the entire forty two days event window for the announcement of equity offerings by companies in Nigeria is 0.0000 percent. T-statistic of 0.0000 shows that activities in the market went normal when viewed from the perspective of the entire forty two days event window. 4.4.5 Significance of Cumulative Abnormal Return One Year after the Announcement Event window of equity issues by companies in Nigeria Hypothesis five of the study was also tested which sought to test the statistical significance of cumulative abnormal market returns in the long-run which covers a one year trading period from the last day of the short-term event window of forty two days of announcement of equity offerings by companies in Nigeria. The cumulative abnormal return employed for the test of hypothesis is reported in table in the appendix while results for the test of the hypothesis are reported in table 4.12. Table 4.12:
Results for the Test of Hypothesis Five
Cumulative Abnormal Return ( +21, +257 )
0.0000
Standard Deviation
13.4274
Degree of Freedom ( N – 1 )
255
80
T-Statistic
0.0000***
Source: Eviews 4.0 Output/Researcher’s Computations, 2013 *, ** and *** imply significance at the 10% 5% and 1% levels of significance respectively. Similarly, table 4.12 also shows a cumulative abnormal return in the market of 0.0000 percent over the long-term event window of two hundred and fifty six trading days after the last day of the shortterm event window of forty two days of announcement of equity offerings by companies in Nigeria., while the standard deviation is13.4274. The degree of freedom was two hundred and fifty five and the computed t-statistic was also 0.0000. The result shows that the value of the computed t-statistic of 0.0000 is less than the critical values of 1.282, 1.645 and 2.326 at the ten, five and one percent levels of significance respectively. The study also suggested the non rejection of the Ho5 which states that there is no significant cumulative abnormal return in the market over the one year event window of equity issues announcement by companies in Nigeria. This is because the computed significant cumulative abnormal return over the one year event window for the announcement of equity offerings by companies in Nigeria is 0.0000 percent. T-statistic of 0.0000 also shows that activities in the market went normal in the long-run. 4.5 Discussion of Findings The results obtained from the test of our hypotheses portray a number of interesting findings. First, the study revealed the presence of a negative and significant cumulative abnormal return of -5.5557 percent twenty trading days before the announcement of equity issues by companies in Nigeria. The evidence of a negative and significant cumulative abnormal return before the announcement date indicates that there might have been leakages of information as regards the announcement of equity 81
issues before the event window or the market have perceived the announcement as a negative signal. Similarly the results indicates that the price reaction that took place in the pre-announcement period is enough to state that given the peculiar nature of the information environment of the Nigerian stock market, the significant abnormal returns recorded in the period prior to the announcement dates could as well be driven by insider dealings. As Osei (2002) points out, emerging stock markets in Africa (with the possible exception of South Africa) are not known to be efficient due to the numerous institutional, infrastructural and regulatory weaknesses, including poor corporate governance practices, all of which combine to create room for unequal access to information. Also, because laws relating to insider dealings are not known to be enforced, due in part to widespread corruption, the information environment may permit a relatively high incidence of private acquisition of information, and possible manipulation of trade, by officials, managers and other insiders. As a result, significant pre-announcement price reactions to equity issues announcement may be recorded. The presence of a negative and insignificant cumulative abnormal return therefore, indicates that Nigerian companies are not semi- strong form efficient with regard to the announcement of equity issues. Furthermore, the presence of a negative and significant cumulative abnormal return over the period suggests that investors might have assessed the leakage of the announcement of equity issues during the period as bad information and hence, resulted in the negative signal sent to the market in the form of a decreased return on the stocks of the companies. The results therefore, suggest that while the Nigerian stock market reacts to news of equity offering announcement, stock prices adjust long before the announcement of equity issue.
82
The study contradicts the findings by Mohammed (2012) who found positive and significant abnormal return prior to the announcement date. Even though there is to the best of the researcher’s knowledge, only this particular evidence as to the existence of a study of this nature in Nigeria; the finding is consistent with the findings of developed market studies by Barclay and Litzenberg (1988) who found small but statistically significant drop in average stock prices one hour prior to the announcement of equity offerings on the NYSE/AMEX; Gajewski and Ginglinger (2002), whose findings revealed a negative relationship between the stock price performance prior to the issue announcement and the reaction of security price; and Lee and Karpoff (1991), Kahle (1995) and Gombola et al. (2000) who variously found evidence of increase in insider trading prior to equity issues announcement on the NYSE/AMEX. In the emerging markets, the study is also consistent with the study of Battacharya et al. (2000) who found no evidence of abnormal return prior to equity issues announcement on the Mexican Stock Exchange, while the study contradicts the study of De Medeiros and Matsumoto (2006) that reported significant abnormal return three weeks prior to the announcement of equity issues using data from the Brazilian Stock Exchange and Salamudin et al. (1999) who examined the average abnormal return (AR) around the event dates of rights issues in Malaysia whose findings revealed significant positive pre-announcement returns when there is news of announcements of impending rights issues. Secondly, the study revealed the presence of a positive significant cumulative abnormal return of 8.9666 percent on the announcement date of equity offerings by companies in Nigeria. The presence of abnormal return on the announcement date also signifies the semi-strong form inefficiency of Nigerian companies with respect to the announcement of equity issues. Similarly, the positive abnormal return also suggests that the market participants might have assessed the
83
information of new equity issues by companies as a positive signal about the future prospects of the announcing company. The positive cumulative abnormal return over the two-day announcement window is consistent with the mature market studies of Hertzel et al. (2002) that found evidence of positive and statistically significant abnormal return on private placement in the U.S. stock market; Kang and Stulz (1996), Tsangarakis (1996) and Tan et al. (2002) variously documented positive abnormal return for right issues announcement. The study however, contradicts the studies by Asquith and Mullins (1986), Dierkens (1991) and Jain (1992) who variously documented the presence of significant negative abnormal return on the announcement date of equity issues using NYSE/AMEX data. In the same vein, Jeanneret (2003) also found negative abnormal return on the announcement date of equity issues on the French Stock Market. On the other hand, the study is also consistent with emerging market studies such as Wu et al. (2005) that established the presence of positive and significant cumulative abnormal return on the three-day interval for private and public placements on the Hong Kong Stock Exchange; Kang (1990) and Dhatt et al. (1996) in Korea, Salamudin et al. (1999) in Malaysia and Shen and Xiao (2001) in China all revealed significant positive abnormal returns on the announcement date of right issues. The study also contradicts Bayer (2008), De Medeiros and Matsumoto (2005), Castillo (2004) and Bhana (1998) that variously documents evidence of significant negative abnormal return using data from Istanbul, Brazilian, Chilean and Johannesburg stock exchanges respectively. Thirdly, the study also documents evidence of negative significant cumulative abnormal return of 3.4110 percent twenty days after the announcement of equity offerings by companies in Nigeria. The presence of negative abnormal return several days after the announcement of equity issues further attests to the inefficiency of the market with respect to equity issues announcement and 84
consistent with the information content hypothesis, however the study failed to find evidence of efficient adjustment of stock prices to information of equity issues announcement for the sample of firms used in the study, as prices continue to drift 20 days after the announcement date. The observation that stock prices drift in the post-announcement period offers some support for behavioural finance theory. The presence of negative abnormal return is consistent with the findings of Bhana (1998) who document persistent negative abnormal return for up to one month after the announcement of equity issues on the JSE and De Medeiros and Matsumoto (2005) who also documented evidence of price drop fifteen days after the announcement of equity issues in Brazil. However, the study contradicts the findings by Wu et al. (2005) who found positive and statistically significant cumulative abnormal return three days after the announcement of private and public placements in Hong Kong Stock Exchange and the study is also inconsistent with the study of Mohammed (2012) that documents positive abnormal return fifteen days after the announcement of equity issues by deposits Money Banks in Nigeria. Furthermore, the study established evidence of zero cumulative abnormal return when it recorded an average abnormal return of 0.0000 percent over the forty-two day event window of equity issues by companies in Nigeria. The zero percent cumulative abnormal return was arrived at as a result of the persistent negative abnormal return around the announcement period. This therefore, suggests that stock price changes with respect to equity issue announcements in Nigeria are not random but follow a pattern which makes it possible for negative abnormal returns to be earned by trading around equity offerings announcement dates. The finding of the study contradicts the efficient markets hypothesis and is consistent with results from previous studies by Dierkens (1991), Chiou, et al. (2009) who variously utilized data from the NYSE/AMEX and established evidence of 85
negative abnormal return around the announcement period and De Medeiros and Matsumoto (2005) who also documented evidence of negative and significant abnormal return around the announcement of equity issues in Brazil. The evidence however, contradicts the findings by Wu et al. (2005) who documented evidence of positive and significant abnormal return around the announcement of private and public placements in Hong Kong. Finally, the study also documented evidence of zero cumulative abnormal return when it recorded a cumulative abnormal return of 0.0000 percent over the one year event window of equity issues announcement by companies in Nigeria which was also as a result of the persistent negative abnormal return recorded over the entire long-run observation of two hundred and fifty six trading days. The persistent negative abnormal return recorded finally negates the CAR at the end of the period to zero percent. This also suggests that market reactions to equity issue announcements in Nigeria are not random but instead it follows a pattern which makes it possible for negative abnormal returns to be earned by trading long after the date of equity issues announcement. The finding of the study is consistent with the findings of Dhatt et al. (1996) that studied the relationship between market reactions and rights issues in Korea and their evidence indicates that there is a positive relation between market reaction and the rights issues while the firms recorded negative abnormal return during the long-term post-issue period; Soucik and Allen (1999b) that used a sample of SEOs in Australia and documented evidence with regard to the performance of SEO firms via cumulative abnormal returns (CARs) and their consequences confirmed that the SEO firms continue to underperform in the long-run and Matthew (2002) who studied the Hong Kong market and documented evidence of firms underperformance in the long-term post-issuing period. However, the finding of the study is in contradiction with the findings of Limpaphayom and Ngamwutikul (2004) that revealed no sign of long-term under-performance in Thai SEOs in the
86
post-offering period and the findings of Matthew (2002) who studied the Korean market and documented evidence of positive cumulative abnormal returns by companies during the long-term post-offering period.
CHAPTER FIVE SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 5.1 Summary The study investigated market reactions to the announcements of equity issues by companies listed on the Nigerian stock exchange. The opening chapter is introductory in nature. It provides a background to the study, statement of the problem, the research questions, the objectives and significance of the study, the hypotheses tested, and the scope of the study and definition of key terms. Chapter two reviews literature in most of the relevant market reaction studies to corporate announcements in both developed and emerging markets. Summary tables of our literature review were also presented in this chapter.
87
In chapter three our research methodology was also presented clearly presenting our research design, study population, sampling design and procedure, methods and sources of data collection and techniques for data analysis and tests conducted in order to ensure reliability of findings. In chapter four, our data were analysed and findings explicitly outlined and enumerated and chapter five concluded the chapters and outcomes from our findings were summarised. Moreover, our findings were compared with the existing theories. Finally, suggestions based on our findings were given and also recommendations were made for further research in the area. 5.2 Conclusions This study examined the nature and extent of stock market responsiveness to announcement of equity issues by companies on the Nigerian stock exchange (NSE) consistent with evidence documented in the various literatures. First and foremost, the evidence of a negative and significant cumulative abnormal return before the announcement date indicates that there might have been leakages of information as regards the announcement of equity offerings before the event window or the market have perceived the announcement as a negative signal. Similarly the results indicates that the price reaction that took place in the pre-announcement period is enough to state that given the peculiar nature of the information environment of the Nigerian stock market, the significant abnormal returns recorded in the period prior to the announcement dates could as well be driven by insider dealings. Secondly, the presence of abnormal return on the announcement date also signifies the semi-strong form inefficiency of Nigerian companies with respect to the announcement of equity issues. Similarly, the positive abnormal return also suggests that the market participants might have assessed the information of new equity issues by companies as a positive signal about the future prospects of the announcing company. 88
Furthermore, The presence of negative abnormal return after the announcement of equity issues further attests to the inefficiency of the market with respect to equity offerings announcement and consistent with the information content hypothesis. The study did not find evidence of efficient adjustment of stock prices to information of equity issues announcement for the sample of firms used in the study, because prices continue to drift 20 days after the announcement date. Similarly, the presence of zero percent cumulative abnormal return over the study’s event window was arrived at as a result of the persistent negative abnormal return around the announcement period. This therefore, suggests that stock price changes with respect to equity issue announcements in Nigeria are not random but follow a pattern which makes it possible for negative abnormal returns to be earned by trading around equity issues announcement dates. Finally, the evidence of zero cumulative abnormal return over the long-run event window of equity issues announcement by companies in is also as a result of the persistent negative abnormal return recorded over the entire long-run observation. The persistent negative abnormal return recorded throughout the period finally negates the CAR at the end of the period to zero percent. This also suggests that market reactions to equity issue announcements in Nigeria are not random but instead it follows a pattern which makes it possible for negative abnormal returns to be earned by trading long after the date of equity issues announcement. The study found support for the information content hypothesis but failed to find evidence of efficient adjustment of stock prices to announcement of equity issues for the sample of Firms utilized in the study, as prices continue to drift 20 days after the announcement and throughout the entire long-run event window. The observation that stock prices drift in the post-announcement period provides some support for behavioural finance theory.
89
The overall results of the study suggests that stock market reactions with respect to equity issue announcements in Nigeria are not random but rather follows a pattern which makes it possible for negative abnormal returns to be earned by trading around the announcements date of equity issues and long after the date of announcements. The finding contradicts the efficient markets hypothesis and is consistent with results from previous studies. 5.3 Recommendations The evidence presented in the study brings to light a number of interesting issues, indicating that a lot needs to be done by the authorities concerned in order to address the challenges facing the stock market in Nigeria. The study recommends that the regulatory authorities should intensify efforts to ensure strict compliance to insider trading laws by market participants. Authorities need to strengthen their capacity to monitor effectively all activities in the market and to ensure that offenders are properly sanctioned within the confines of the law. This will help in no small measure the reduction in the disproportionate access to information which will further boost investor confidence. The study also recommends that firms should be made to ensure timely release of their financial statements and appropriate penalties should be imposed on defaulting firms. This is because timely release of financial information is expected to help discourage unnecessary speculation by investors and helps improve the informational efficiency of the stock market. The study further recommends that Nigerian capital market regulators should organize educational programmes in order to increase awareness about stock market activities. This will attract institutional and foreign investors into the market and the presence of institutional and international investors will guarantee the conduct of extensive security analyses so that information asymmetry amongst market participants is reduced.
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Finally, the study also recommends that regulators of the Nigerian capital markets should ensure speedy process in the execution of equity issues and at the same time ensuring transparency and accuracy of the process. This will deter corporate insiders from gaining abnormal return around the period of equity issue announcements by companies in Nigeria. 5.4 Suggestions for Further Research The study examined market reaction to the announcement of equity issues by companies in Nigeria. Even though the study made a humble attempt to study the market reactions to the announcement of equity issues by companies listed on the Nigerian stock exchange using a short run event window of forty two days and a long-run event window of two hundred and fifty six trading days, it is by no means comprehensive. There is the need in the future to undertake a longer-run study with a view to investigating market reactions to the announcement of equity issues by companies in Nigeria as opposed to the one year investigation undertaken by this study. Finally, given that our small sample size is limited to only companies listed on the floor of the Nigerian stock exchange; our results should be interpreted with a lot of vigilance. Future research therefore might be required to analyse a broader sample size in order to provide more widespread evidence. Moreover, as this study is limited in scope to a single developing market (Nigeria) future study might require similar investigation to be conducted for other developing markets in the Africa region to ascertain the extent to which the findings from this study can be generalisable.
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Thesis, Ohio State University. Rozeff, M. S., & Zaman, M. A. (1988). Market efficiency and insider trading: New evidence. Journal of Business, 25-44. Salamudin, N., Ariff, M. & Nassir, A. (1999). Economic influence on rights issue announcement behaviour in Malaysia. Pacific-Basin Finance Journal, 7, 405–427. Samuel, J. M., & Yacout, N. (1981). Stock exchange in developing countries. Savings and Development, 5(4), 217-230. Sanders, R. W. & Zdanowicz, J. S., 1992. “Target Firm Abnormal Returns and Trading Volume around the Initiation of Change in Control Transactions”, The Journal of Financial and Quantitative Analysis, 27(1), pp.109-129. 104
Scholes, M. (1972). The market for securities: Substitution versus price pressure and the effects of information on stock prices. Journal of Business, 45(2), 179-211. SEC (2011). Capital Market Quarterly Review, Third Quarter. SEC (2012). Capital Market Quarterly Review, First Quarter. Seyhun, N. H., 1986. “Insiders’ Profits, Costs of Trading and Market Efficiency”, Journal of Financial Economics, 16, pp.189-212. Shaheen, I. (2006). Stock market reaction to acquisition announcements using an event study approach. Unpublished Thesis, Franklin and Marshall College. Shahid, H., Xinping, X., Mahmood, F., & Usman, M. (2010). Announcement effects of seasoned equity offerings in China. International Journal of Economics and Finance,
2(3), 163-
169. Shivakumar, L. (2000) Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29 (3): 339-371 Soucik, V. and Allen, D. E. (1999a) Long run underperformance of seasoned equity offerings: Fact or an illusion? Working paper, Edith Cowan University Soucik, V. and Allen, D.E. (1999b). The performance of seasoned equity issues in a risk adjusted environment. Working paper, Edith Cowan University 389 Stotz, O., 2006. “Germany’s New Insider Law: The Empirical Evidence after the First Year”, German Economic Review, 7, pp.449-462. Tan, R. S. K., Chang, P. L. and Tong, Y. H. (2002) Private placements and rights issues in Singapore. Pacific-Basin Finance Journal, 10 (1): 29-54
105
Teoh, S. H., Welch, I. and Wong, T. J. (1998b) Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50 (1): 63-99 Tsangarakis, N. (1996). Shareholder wealth effects of equity issues in emerging markets: Evidence from rights offerings in Greece. Financial Management 25 (3), 21–32. Uddin, M. H., & Chowdhury, G. M. (2005). Effect of dividend announcement on shareholder’s value: Evidence from Dhaka stock exchange. Journal of Business Research, 7, 61-72. Vithessonthi, C. (2008) What explains stock market reactions to proposals to increase the authorized common stock? Journal of International Finance and Economics, 8 (1): 126-136 Walker, M. D. and Yost, K. (2007) Seasoned equity offerings: What firms say, do, and
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Appendix I List of Sampled Firms S/N
Name of Firm
Sector
1 2 3 4
Cadbury Plc Capital Oil Plc CCNN Plc Cornerstone Ins Plc
Food & Beverages Oil & Gas Building Materials Insurance
S/N 29 30 31 32 33
106
Name of Firm N-Pharm Plc Oando Nig Plc Prestige Ins Plc Patterson Zoch Plc Skye Bank Plc
Sector Health Care Oil & Gas Insurance Conglomerates Banking
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Costain Nig Plc Crusader Plc Diamond Bank Plc Dunlop Nig Plc Ecobank Plc Ecko Corp Plc Eterna Oil Plc First Bank Nig Plc FCMB Plc Fidelity Bank Plc First Aluminum Plc Flour Mills Nig Plc Guinea Insurance Plc HIS Nig Plc Jap Oil Plc Jos Brewery Plc Lives Feed Nig Plc Longman Nig Plc Nahco Nig Plc Nascon Nig Plc Nem Insurance Plc Nigeria-German Plc Nigeria Insurance plc Nigeria Wire & Cable
Banking A/mobile & Tyres Banking Oil & Gas Banking Banking Banking Building Materials Food & Beverages Insurance
34 35 36 37 38 39 40 41 42 43 44 45 46 47
Sovereign Trust Plc Standard Alliance Studio Press Plc Tantalizer Nig Plc Thomwyatt Nig Plc Tourist Coy Plc UAC Plc UBA Plc Union Bank Nig Plc UNIC Insurance Plc Union Homes Plc Unity Bank Plc University Press Plc Zenith Bank Plc
Insurance Insurance Print & Publishing Food & Beverages Hotel & Tourism Conglomerates Banking Banking Insurance Banking Print & Publishing Banking
Oil & Gas Breweries Agro-Allied Print & Publishing Aviation Food & Beverages Insurance Insurance
Appendix II Abnormal Return and Cumulative abnormal return over the Fourty two days Event Window. DAYS
AR
CAR
DAYS
AR
CAR
-20
-0.1748
-0.1748
1
5.5431
3.4110
107
-19
-0.4435
-0.6183
2
-0.0689
3.3421
-18
-0.1143
-0.7327
3
-0.1888
3.1533
-17
0.1720
-0.5607
4
-0.4737
2.6796
-16
-0.1932
-0.7539
5
0.0899
2.7694
-15
-0.1276
-0.8815
6
-0.1941
2.5753
-14
-0.0445
-0.9260
7
-0.3049
2.2704
-13
-0.4555
-1.3814
8
-0.2575
2.0128
-12
-0.3065
-1.6880
9
-0.3933
1.6195
-11
-0.3155
-2.0034
10
-0.4225
1.1970
-10
-0.1487
-2.1521
11
-0.2243
0.9726
-9
-0.0627
-2.2148
12
-0.1979
0.7747
-8
-0.1320
-2.3468
13
-0.5538
0.2209
-7
-0.4425
-2.7892
14
-0.2868
-0.0659
-6
-0.3277
-3.1169
15
-0.3110
-0.3770
-5
-0.2708
-3.3877
16
0.1783
-0.1986
-4
-0.2454
-3.6331
17
0.1799
-0.0187
-3
0.2112
-3.4219
18
-0.1877
-0.2064
-2
-0.0195
-3.4414
19
0.0492
-0.1572
-1
-2.1143
-5.5557
20
-0.1075
-0.2646
0
3.4235
-2.1322
21
0.2646
0.0000
Source: Eviews 4.0 Output/Researcher’s Computations, 2013
108
APPENDIX III DAILY RETURNS OF SAMPLED FIRMS FOR FOURTY TWO DAYS EVENT WINDOW Days
Cadbury1
Cadbury2
Capoil
Ccnn
Ccnn2
Cornerstone
Cornerstone2
Costain
Costain2
crusader
Diamond
Dunlop
ecobank
Ekco
Ekco2
-20
0.0130
-0.1715
-1.5410
0.8866
-1.2451
4.6896
0.1582
0.6118
-0.7362
-7.0573
-0.0352
-0.2285
-0.2916
0.7906
-0.7963
-19
-2.6236
-0.3690
0.1516
0.5888
-0.3827
-0.7686
0.1730
0.0038
0.1445
-2.0754
0.7207
-1.8722
-1.6501
-0.2997
0.4989
-18
-0.3882
-0.2581
-5.9361
-4.3089
0.5720
-3.9329
-0.9860
-0.7966
0.7738
-0.9615
1.1883
1.9359
-0.0672
1.4931
-0.2318
-17
-0.2060
-0.7679
2.7463
0.4071
0.5986
-2.0029
0.4185
0.0029
0.3145
-0.1754
-0.0200
0.5639
-1.3172
5.9041
-0.0704
-16
-0.3208
0.0029
0.3588
1.0511
-1.0348
-3.7898
-0.0500
0.1849
-0.9266
-0.5758
-0.3716
-0.5543
-0.9608
-4.4400
-0.1270
-15
-0.2598
-0.4893
0.4849
0.6827
0.3260
0.1249
0.3708
0.7782
1.6456
-6.8365
1.0501
0.8837
0.5162
-0.4159
-0.1559
-14
0.6822
-0.8085
-2.4993
0.4324
0.5624
4.5060
0.5519
0.2522
-0.3619
-0.7659
-5.9469
-0.6132
0.0421
0.2029
-0.8064
-13
-1.2278
-0.8181
-5.7270
-8.7264
-0.0368
0.1247
1.5091
0.6918
-1.4221
-6.2137
4.0592
1.3634
-0.0727
-0.8261
-1.0693
-12
0.3303
-0.0919
-8.0185
0.4322
-1.0001
-0.6078
-0.4978
0.3377
-0.0169
-6.8025
-0.0533
1.6364
0.1096
0.6584
-0.1450
-11
-0.8880
0.6723
-2.0927
-3.5910
-0.7409
-3.1543
1.7062
-0.2557
-1.2867
-0.2172
-1.1394
1.6362
0.0769
-0.1119
-0.9183
-10
0.0130
-0.4736
-3.9271
-0.4700
-1.0911
3.4039
-0.5155
-1.9852
-1.0429
-1.1967
-0.0164
0.4750
-0.2916
-0.9897
-0.0189
-9
0.2754
-0.1452
-3.7303
-10.4671
-0.4008
1.8404
-0.4397
-1.1956
0.2091
-1.4615
-0.3154
4.2408
-0.4891
0.4822
0.4100
-8
2.0548
-0.2759
-1.6887
0.6614
-1.1523
-0.6883
-0.5030
-1.1885
-0.9674
-6.6309
-0.5485
1.3567
-0.3782
0.7302
-0.1513
-7
-1.8384
-0.2156
-4.7530
-4.4466
-1.1133
4.2596
0.1866
0.4806
0.7582
-5.2737
-0.0452
-1.0221
-0.3530
0.7748
-0.1416
-6
-0.1163
-0.1775
-5.2555
-1.9841
6.0465
-0.4178
0.1698
0.3602
1.9594
1.4817
-0.4636
-0.9618
-0.1172
-1.2466
1.5740
-5
-2.6025
0.9966
-5.5986
-3.7851
-0.0366
1.0166
0.3211
-0.2553
0.8094
-0.6037
0.5666
1.8737
-0.6158
-0.4379
-0.5652
-4
0.3053
-0.2073
-1.1058
0.4009
0.8402
-3.9575
0.3399
0.0594
0.5796
-8.6321
-0.1390
0.2170
-0.3950
-0.2432
0.7339
-3
0.0999
0.0875
0.0707
0.2615
-0.1080
3.2018
-0.7618
0.0847
-0.2083
2.7391
-0.2947
-1.2975
-0.9382
-0.9292
-0.0028
-2
-0.1448
-0.1315
-0.2302
-2.3663
-1.2224
-2.3095
-0.5072
0.4600
-0.4169
-2.1377
-0.4353
-1.2720
0.3290
1.9223
0.4148
-1
0.0990
-0.1632
-4.8186
-1.6203
-5.1545
-2.8282
-1.3411
0.3572
-0.8604
-7.8041
-3.7422
-5.8144
0.7558
2.0430
-1.2652
109
APPENDIX III CONTINUED Days
Eternaoil
Fbn
Fbn2
Fcmb
Fidelity
Firstall
Flour
Guineains
His
Japoil
Japoil2
Josbrew
Livesfeed
Longman
Nahco
-20
-1.0362
0.4419
1.3728
-1.1709
-0.0646
-6.8696
0.4894
0.0733
0.2483
-0.0455
0.9695
-0.7393
0.3853
-0.6169
-0.8880
-19
-2.0548
-0.2301
-0.3745
0.7858
-1.1303
0.0692
-0.9764
-1.3028
0.5620
-1.1625
0.3155
-0.6114
-1.6483
-0.4201
-0.6247
-18
-0.9691
0.2804
2.4233
1.4439
-0.0650
1.1743
0.9977
-1.6695
0.0641
-0.1970
0.2803
-0.5569
-0.3327
-0.7713
-0.6688
-17
-1.4613
-0.6792
0.5595
-0.3597
-0.0643
1.0713
-0.4672
0.5163
-0.3049
-0.0035
-0.7794
1.3128
-0.2177
-0.9909
0.1458
-16
-0.5094
-1.3895
0.9597
-0.7488
-0.0646
0.1298
1.0710
-0.3301
-0.8594
0.0321
0.4575
0.9380
-1.4720
-1.6279
1.0945
-15
-0.6753
-2.0375
-0.3745
-0.9389
0.9930
-1.3127
0.1282
0.3823
0.1070
0.9758
-0.4477
0.2186
-0.3407
-0.5708
-0.2398
-14
-0.7328
0.4097
-0.0980
1.1674
1.9297
-1.6227
0.1177
1.4017
0.6006
1.9079
-1.2862
0.2418
-0.2641
-1.7518
1.1272
-13
-0.4404
-3.6129
-0.4295
0.3865
-0.0646
-2.4553
-0.5665
4.1300
0.7900
-0.0085
0.2733
1.0054
0.6168
-3.0092
1.1418
-12
-0.6358
3.0574
0.0389
1.3850
2.1493
-3.0757
-0.7358
-0.3301
0.1764
2.0180
-0.0447
1.2988
0.7723
-3.8732
1.4645
-11
-0.3007
0.9405
-0.6998
-0.6366
-0.0646
-3.0953
-0.5582
4.3251
0.5010
-0.1677
0.3590
0.0104
0.6112
-4.1577
-0.1082
-10
-0.6331
-0.1233
-0.3418
-0.2027
-0.0646
-2.3570
0.0364
0.6845
1.0054
-0.0903
0.3657
-0.0130
-0.9536
-3.7346
0.2026
-9
-0.3952
0.7077
-0.3745
0.5203
-0.0646
-3.2852
-0.7596
-0.3301
0.4297
0.0829
-0.5267
-0.7400
1.9299
-4.1695
1.1467
-8
-0.8641
-0.4499
-0.3748
-0.1461
-0.0646
-8.1678
-0.0254
-4.1793
-0.8141
0.1110
0.5793
-0.3460
-0.9450
-2.4869
0.2508
-7
-1.0108
-0.3588
-0.3745
0.4385
-0.3366
-3.6842
-2.0029
-0.3301
-0.1932
-0.1605
-0.8212
0.1458
0.4638
-0.3636
-0.3849
-6
-1.0599
0.2430
-0.7969
0.0799
-0.1528
-2.6936
-0.4007
-0.8025
0.3560
-0.1414
-0.1892
-0.7342
-0.2044
-0.3724
-0.5718
-5
-0.7887
-0.4526
0.6795
0.9547
-0.0646
-1.0106
2.7688
0.6043
-1.0271
-0.1740
0.2027
0.3452
0.7530
-2.6483
-0.3476
-4
-0.4533
0.9293
0.3500
0.8564
-0.3271
-0.1231
-0.2391
1.9184
-0.7005
-0.4591
0.0462
0.3242
-0.9514
-0.3471
0.6698
-3
-0.0522
-0.5483
-0.8730
-1.2223
-0.0646
0.4065
-1.0770
2.1463
2.0870
-0.1952
0.7832
-0.5918
-0.5231
4.3148
-0.1687
-2
0.2777
0.9432
-0.8737
1.1463
0.7392
0.6315
0.5042
-0.3301
0.8327
0.6059
1.7389
0.7152
-0.9440
-1.7435
0.2115
-1
-0.3982
-3.1688
0.1859
-5.4970
-4.1630
0.7944
3.9064
-15.1246
-0.5460
-4.2942
1.3088
-3.3125
-0.7501
0.7876
-9.4623
110
APPENDIX III CONTINUED Days
Nascon
Nemin
Nigwire
Ngerman
Nigins
Npharm
Npharm2
Oando
Oando2
Prestige
Pz
Skye
Skye2
Skye3
Sovtrust
Sovtrust2
-20
-0.2988
-0.0854
-1.5788
-1.2326
2.6669
-0.1364
1.6576
0.9055
-2.3624
0.4892
-0.0686
0.2778
-1.1035
-0.3967
-0.1514
0.0633
-19
4.3564
1.0245
-0.5377
-1.6330
1.9408
-0.4285
2.2947
-0.0805
-2.3389
-1.1364
-0.3339
-0.2165
-0.0407
0.6249
-0.8866
0.2912
-18
0.7158
1.8852
-1.2459
-1.8438
-0.4124
0.6069
-0.9943
0.3636
-1.7912
-1.6596
-0.5091
-0.3763
0.0536
0.0775
0.5539
0.6886
-17
-0.2988
-0.1364
-0.8895
-1.8230
-0.5158
0.5106
3.4951
1.4530
0.8466
-0.5232
0.2731
-0.3379
-1.3788
-0.2065
-0.0949
-0.0741
-16
-4.1480
2.1166
1.1910
-1.3067
1.6954
-1.0218
1.8216
0.0914
0.6354
-0.4384
-0.4145
-0.5134
0.7422
-0.6716
-0.2049
0.3992
-15
-0.2988
0.0251
0.1135
-1.7856
-0.0987
-0.1936
0.4568
-0.7558
-0.4659
-0.2913
-0.2284
-0.3379
-0.8716
0.0464
-0.1234
-0.2430
-14
-0.7713
0.0759
-0.0014
-1.2743
-1.1493
0.0795
-0.7336
0.9767
-0.2418
1.5537
-0.0688
-0.3382
-0.2172
-0.3715
0.0074
-1.4195
-13
0.6356
-0.1364
0.1809
-2.2539
-0.6836
1.0019
-0.5098
-5.7145
-0.7193
2.2686
-0.3588
-0.3379
-0.1194
0.7147
-0.4792
0.9136
-12
1.9497
-0.0974
0.1482
-2.5187
-0.2936
0.5543
-8.5599
3.7402
-0.9194
0.7801
-0.0687
0.0703
-0.5517
-0.3060
-1.0739
-0.1115
-11
2.1776
-0.3224
0.7336
-1.7222
-0.9710
-0.0979
-3.5624
-0.0216
0.1291
3.6643
0.4586
-0.3379
-0.5579
-0.3820
-0.0885
-0.4232
-10
-0.2988
-0.0459
-0.4178
-0.2934
1.3807
-1.2642
0.0485
-1.6542
0.4639
-0.8358
-0.0688
-0.3379
0.2843
0.8512
-0.9356
-0.7275
-9
-0.0933
0.0759
-0.3069
0.4246
0.9483
0.9799
4.0496
-0.4717
-0.3597
0.6168
-0.0688
5.5419
-0.3877
0.8110
-0.0244
-0.3506
-8
0.4022
-0.3988
-0.8167
-1.6609
-0.3694
0.1121
4.3694
-0.8785
1.1095
-1.7961
-0.0686
0.6736
0.4703
0.9550
0.2074
-0.6643
-7
-2.0833
0.0700
-0.0459
-4.6395
1.0279
-0.0883
2.5582
-0.8564
0.4507
1.1769
-0.0688
0.8119
-0.3056
1.0133
0.2398
1.4877
-6
-0.7905
0.6973
-0.5445
-4.2328
0.0727
-2.3115
-2.4436
-0.7633
-0.5782
-1.1170
-0.1907
-1.0264
0.5099
0.3770
0.0338
-0.4523
-5
-0.2988
-3.1271
-1.8112
-3.1948
-0.7784
0.5895
-2.7726
-0.6780
0.6451
-1.1303
-0.0686
-1.4575
1.5914
0.1120
1.3447
-0.5482
-4
-0.3079
0.0702
-0.8669
-2.9465
-1.0855
-0.6496
0.2273
0.8898
1.5171
-0.1513
-0.0686
-1.3979
2.2772
-0.2421
-0.3388
0.7079
-3
-0.2988
0.1846
-0.1407
-2.5103
0.1661
0.8227
0.4646
0.4035
1.5980
-1.1367
0.5569
-0.5013
1.6096
0.1154
0.7165
0.3897
-2
-0.2988
-1.2162
0.6172
-2.2685
0.9888
0.7215
0.9263
0.0057
1.7578
-1.1153
-0.3793
-0.2635
1.3839
0.6933
0.1311
0.6337
-1
-10.3881
-1.2222
1.8138
-1.4579
-8.6688
1.1331
-2.9362
-0.1989
1.5838
-1.5401
-0.1008
-6.3526
-0.2801
3.0138
-1.3876
0.9101
111
APPENDIX III CONTINUED Days
Stdalliance
Tantalizer
Thomwyatt
Thomwyatt2
Tourist
Uac
Uba
Uba2
Ubn
unicin
Unihomes
Unitybank
Upl
Zenith
Zenith2
-20
5.3904
-4.9961
-0.5246
-0.2033
0.3663
-0.4655
0.4488
0.5647
-0.1088
-1.0181
0.5649
-1.1940
2.8035
-0.6247
2.0917
-19
-6.4599
-2.7566
1.0284
-4.0525
0.4398
-0.1153
-3.7921
-0.1973
-0.2762
0.7704
-0.7416
0.4591
1.5387
0.6648
0.0971
-18
0.1988
1.3161
0.4505
-0.2033
0.4747
-0.0272
4.4791
-0.2312
-0.1650
-1.5538
0.5688
1.0615
1.7016
-0.0438
-0.6422
-17
2.8487
2.0973
-0.5271
-0.8438
0.5535
0.3240
0.8386
0.2363
0.0196
-1.4713
-0.0380
0.2755
2.1262
0.1323
-1.0523
-16
-0.0622
-0.8115
1.0694
0.7312
0.4422
-0.0550
-0.1761
-0.1448
-1.1724
0.7154
-0.5765
-0.2554
3.5977
-0.1856
-1.0046
-15
0.4533
1.9999
1.0182
2.0452
0.2814
-0.4498
-4.0253
-0.1499
-0.5882
-0.6136
1.7173
-1.2299
0.9623
1.1851
0.0902
-14
0.7063
-1.5213
-0.5275
2.2731
0.0422
-0.6610
-0.1761
-0.3593
0.7616
1.0061
-0.7846
0.8582
0.0540
0.7426
0.1887
-13
-0.1243
-2.0685
-0.5105
-0.2033
0.5399
0.2481
-0.6485
0.7722
-0.1356
-0.2881
-0.6538
0.1865
2.5985
-0.1481
-1.1164
-12
0.8067
-3.6296
0.7034
0.0022
0.7098
-0.4972
0.7584
-0.0323
-0.5525
-1.4531
0.2437
-1.0197
1.3887
0.5589
0.6353
-11
0.7733
-1.6411
-6.1144
0.4978
0.3197
-0.3030
2.0725
-0.9729
-0.0285
0.4716
0.0750
0.1548
-1.4991
1.5345
0.0867
-10
0.4844
1.6131
3.9514
-1.9877
-0.2672
-0.1482
2.3004
0.3765
-0.2193
-0.4841
1.3527
-0.0709
2.5447
-0.4079
0.0902
-9
0.5345
0.4704
-0.5067
-0.6950
0.1628
-0.4461
-0.1761
-0.4554
-0.0639
0.3090
1.6046
0.5632
-0.4452
0.0550
0.8963
-8
-0.6697
17.5091
-0.6117
-0.2033
0.0537
-0.1066
0.0294
-0.1977
0.2200
-0.2029
-0.0380
0.2993
2.1265
0.8372
-1.4484
-7
-0.1014
-1.9961
-0.2165
-0.2123
-0.2417
0.3968
0.5250
-0.1808
-0.5085
1.5974
-1.3171
-0.1706
2.1245
-5.8117
0.0902
-6
1.2292
0.3365
-0.6246
-0.2822
-0.1867
-0.0834
-1.9605
-0.1952
-0.5101
-1.6132
-0.7412
0.6519
-0.4778
4.4558
-0.6375
-5
1.5868
0.6643
0.1863
-0.2033
0.6647
-0.1039
-0.6677
-0.8772
-0.5317
-0.4080
1.8619
0.1573
2.4414
-0.3521
-0.2312
-4
-0.5044
-0.2181
-0.5079
-1.1328
0.2890
-0.1861
-0.1761
-1.0667
0.2251
-0.6346
-1.3746
0.9879
1.6866
-0.7191
0.4382
-3
0.0176
2.3437
-0.5045
-0.2501
0.3049
-0.0759
-0.1851
0.6693
-0.0114
-0.4120
-0.0387
0.2796
2.1303
-0.2202
-0.0328
-2
-0.1961
-0.2765
0.1170
0.1909
-0.0867
-0.1396
-0.1761
-0.6447
0.3668
0.3138
-0.0952
0.0291
-0.7217
-0.0284
1.4357
-1
-0.2501
-13.8944
-5.0657
-0.2585
0.4694
0.2680
-0.7071
-0.6896
2.6017
-4.2563
-2.7425
-0.2481
-0.4452
-8.0916
2.3081
112
APPENDIX IV DAILY RETURNS OF SAMPLED FIRMS ON THE ANNOUNCEMENT DATE Days 0
Cadbury1 1.2071
Cadbury2 -0.1660
Capoil 0.1199
Ccnn 132.7373
Ccnn2 4.2069
Cornerstone 4.1032
Cornerstone2 2.0442
Costain -5.7950
Costain2 -0.1926
crusader -1.4532
Diamond 3.0620
Dunlop 4.6027
ecobank -0.5015
Ekco -1.7186
Ekco2 0.9849
1
6.1072
1.1554
93.0688
2.2923
-1.3119
-2.7090
-3.6317
-0.3912
0.1815
93.2580
-0.2482
-1.0374
-0.5876
-0.5197
1.4000
APPENDIX IV CONTINUED Days 0
Eternaoil -0.3982
1 -0.6753
Fbn
Fbn2
Fcmb
3.5425 1.2539
0.1859 1.8148
5.0615 0.2867
Fidelity
Firstall
Flour
0.7842
-1.2376
-0.0456
47.1455
Guineains
4.0272 1.7144
14.6699 0.3468
His
Japoil
0.5727 2.4617
Japoil2
Josbrew
Livesfeed
Longman
Nahco
0.7276
1.3594
3.3585
1.0810
1.3752
8.4510
-0.1187
-3.8713
-0.0684
-0.1571
61.7459
-1.0984
Sovtrust
Sovtrust2
APPENDIX IV CONTINUED Days 0
Nascon
Nemin
8.8609 -0.2513
1
Nigwire
-0.1929 0.9077
Ngerman
-2.5504 -0.1978
-1.2155 82.9157
Nigins
Npharm
8.2744 -0.4449
Npharm2
0.2835 0.6757
1.3589 2.0870
Oando 0.4148 -0.5085
Oando2 17.2643 -1.5663
Prestige 2.9537 0.3766
Pz
Skye
0.4439 -0.3183
6.7148 0.0000
Skye2 0.2889 0.4834
Skye3 -2.4716 0.0918
1.7645 -0.1865
-1.1674 -0.1376
APPENDIX IV CONTINUED Days 0 1
Stdalliance -0.5154 0.1397
Tantalizer 14.1795 -1.7668
Thomwyatt 4.2663 -0.5003
Thomwyatt2 -0.1484 0.7744
Tourist 0.3273 0.0000
Uac -0.5448 -0.1384
Uba 0.3550 -1.1055
Uba2 -0.4218 0.2532
113
Ubn -2.7988 -0.1469
unicin 4.3677 1.4099
Unihomes 2.6661 -0.0380
Unitybank 0.1892 -0.1514
Upl 0.7066 -26.9866
Zenith 5.4034 -0.2093
Zenith2 -3.2980 -0.0272
Stdalliance -0.5154 0.1397
Appendix V ADF TEST for Parameter Estimation Window Variables Variables Cadburyshareret
ADF Test -3.933153***
Stationary Yes
Variables Neminshareret
ADF Test -4.578368***
Stationary Yes
Cadburyindexret Cadbury2shareret Cadbury2indexret Capoilshareret Capoilindexret Ccnnshareret Ccnnindexret Ccnn2shareret Ccnn2indexret Cornerstoneshareret Cornerstoneindexret Cornerstone2shareret Cornerstone2indexret Costainshareret Costainindexret Costain2shareret Costain2indexret Crusadershareret Crusaderindexret Diamondshareret Diamondindexret Dunlopshareret Dunlopindexret Ecobankshareret Ecobankindexret Eckoshareret Eckoindexret Ekco2shareret Ecko2indexret Eternaoilshareret Eternaoilindexret Fbnshareret Fbnindexret Fbn2shareret Fbn2indexret Fcmbshareret Fcmbindexret Fidelityshareret Fidelityindexret Firstallshareret Firstallindexret Flourshareret Flourindexret Guineainsshareret Guineainsindexret Hisshareret Hisindexret Japoilshareret Japoilindexret Japoil2shareret Japoil2indexret Josbrewshareret Josbrewindexret Livesfeedshareret Livesfeedindexret Longmanshareret
-5.053145*** -4.073959*** -5.633170*** -5.379044*** -5.894119*** -5.943449*** -7.246625*** -6.332558*** -6.473424*** -7.535962*** -6.937892*** -4.915871*** -7.730628*** -4.813821*** -6.628782*** -4.727919*** -6.756314*** -5.712888*** -6.330381*** -4.998609*** -6.113365*** -4.453849*** -7.725737*** -5.404380*** -5.473513*** -7.695084*** -5.722181*** -4.676692*** -7.188888*** -7.015326*** -5.729343*** -5.456856*** -6.607821*** -8.079232*** -7.692544*** -6.902780*** -6.669970*** -5.656818*** -7.851480*** -4.959734*** -6.828584*** -7.603370*** -6.118911*** -5.604454*** -6.557564*** -6.402053*** -7.079518*** -5.897694*** -7.817294*** -7.014064*** -6.209389*** -4.350976*** -6.295421*** -2.231513 -7.717644*** -5.934946***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Ys Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes
Neminsindexret Ngermanshareret Ngermanindexret Niginsshareret Niginsindexret Nigwireshareret Nigwireindexret Npharmshareret Npharmindexret Oandoshareret Oandoindexret Oando2shareret Oando2indexret Prestigeshareret Prestigeindexret Pzshareret Pzindexret Skyeshareret Skyeindexret Skye2shareret Skye2indexret Skye3shareret Skye3indexret Sovtrustshareret Sovtrustindexret Sovtrust2shareret Sovtrust2indexret Stdallianceshareret Stdallianceindexret Studpressshareret Studpressindexret Tantalizershareret Tantalizerindexret Thomwyattshareret Thomwyattindexret Thomwyat2shareret Thomwyat2indexret Touristshareret Touristindexret Uacshareret Uacindexret Ubashareret Ubaindexret Uba2shareret Uba2indexret Ubnshareret Ubnindexret Unicinshareret Unicinindexret Unihomeshareret Unihomeindexret Unitybankshareret Unitybankindexret Uplshareret Uplindexret Zenithshareret
-7.174849*** -6.213745*** -6.555003*** -6.015888*** -6.438310*** -5.115302*** -5.469867*** -5.013553*** -5.811913*** -7.485864*** -6.489850*** -6.351679*** -5.727298 -5.618521*** -7.283724*** -9.189044*** -6.191825*** -5.905295*** -5.627912*** -8.471265*** -6.871456*** -6.059463*** -5.789241*** -6.789236*** -7.241962*** -9.235832*** -6.012654*** -4.948368*** -6.220293*** NA NA -5.422173*** -6.262489*** -4.466301*** -6.628782*** -6.484345*** -7.507686*** -6.000035*** -5.562485*** -7.598671*** -6.226948*** -8.068965*** -7.325583*** -7.459867*** -7.447068*** -6.788001*** -6.864568*** -5.960551*** -7.151503*** -4.525804*** -7.717644*** -6.591180*** -5.827157*** -4.324849*** -6.946941*** -5.410159***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
114
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
-5.894119*** Longmanindexret -7.389413*** Nahcoshareret -6.511753*** Nahcoindexret Nasconshareret NA Nasconindexret Source: Eviews 4.0 output, 2013.
Yes Yes Yes
Zenithindexret Zenith2shareret Zenith2indexret
115
-6.804734*** -5.657591*** -6.177797***
Yes Yes Yes
Appendix VI Sample Average Abnormal and Cumulative Abnormal Return For the One Year Event Window DAY
AR
CAR
DAY
AR
CAR
21
0.0125
0.0125
149
-0.4906
-37.1320
22
-0.8163
-0.8038
150
-0.1698
-37.3018
23
0.0730
-0.7308
151
-0.4163
-37.7181
24
0.1341
-0.5968
152
-0.2857
-38.0039
25
-0.0693
-0.6661
153
-0.0887
-38.0926
26
-0.2088
-0.8749
154
0.4185
-37.6741
27
-0.0258
-0.9007
155
-0.1937
-37.8677
28
0.0469
-0.8538
156
0.0426
-37.8252
29
-0.0895
-0.9433
157
-0.1298
-37.9550
30
0.1808
-0.7626
158
-0.2743
-38.2293
31
0.2430
-0.5195
159
-0.1257
-38.3550
32
0.0428
-0.4767
160
-0.0508
-38.4059
33
-0.2035
-0.6802
161
-0.1160
-38.5218
34
-0.1087
-0.7890
162
0.1889
-38.3330
35
0.0045
-0.7844
163
-0.0385
-38.3714
36
-0.1882
-0.9727
164
0.1718
-38.1997
37
0.0565
-0.9162
165
-0.2609
-38.4606
38
0.3345
-0.5817
166
0.0171
-38.4435
39
-0.2086
-0.7902
167
-0.1684
-38.6119
40
-0.0297
-0.8199
168
-0.2518
-38.8638
41
-0.0360
-0.8559
169
-0.3029
-39.1667
42
0.2015
-0.6543
170
-0.2706
-39.4373
43
-0.0095
-0.6639
171
-0.1387
-39.5760
44
-0.2383
-0.9021
172
-0.0463
-39.6223
45
-0.5979
-1.5000
173
0.0685
-39.5538
46
0.0919
-1.4081
174
-0.0047
-39.5584
47
-0.2502
-1.6583
175
0.2639
-39.2946
48
-0.3277
-1.9860
176
-0.1201
-39.4146
49
-0.1360
-2.1220
177
0.3843
-39.0304
50
-0.3472
-2.4692
178
0.1586
-38.8718
51
-0.3526
-2.8217
179
0.0923
-38.7794
52
-0.4735
-3.2952
180
-0.0513
-38.8308
53
-0.3849
-3.6801
181
-0.0723
-38.9031
54
-0.3729
-4.0530
182
-0.1988
-39.1019
55
-0.2786
-4.3316
183
-0.3281
-39.4300
56
-0.2578
-4.5894
184
0.2850
-39.1450
57
-0.0299
-4.6193
185
-0.1375
-39.2824
58
-0.0955
-4.7148
186
0.1504
-39.1320
116
59
-0.3433
-5.0581
187
0.0246
-39.1075
60
-0.4583
-5.5164
188
0.1673
-38.9402
61
-0.1385
-5.6549
189
0.4679
-38.4723
62
-0.6156
-6.2705
190
0.2647
-38.2075
63
-0.5069
-6.7774
191
0.3060
-37.9015
64
-0.3872
-7.1646
192
0.2102
-37.6913
65
-0.1577
-7.3223
193
0.2736
-37.4177
66
-0.4525
-7.7748
194
0.0773
-37.3404
67
-0.3370
-8.1117
195
0.3373
-37.0031
68
-0.1867
-8.2984
196
0.5972
-36.4059
69
-0.5077
-8.8061
197
0.5960
-35.8099
70
-0.5333
-9.3395
198
0.5874
-35.2225
71
-0.2917
-9.6311
199
0.5155
-34.7070
72
-0.3722
-10.0034
200
0.2864
-34.4206
73
-0.4116
-10.4150
201
0.1657
-34.2549
74
-0.5182
-10.9332
202
0.0934
-34.1615
75
-0.4731
-11.4063
203
0.2451
-33.9164
76
-0.4693
-11.8756
204
0.0021
-33.9143
77
-0.3567
-12.2323
205
0.2100
-33.7043
78
-0.4371
-12.6694
206
0.0551
-33.6491
79
-0.3848
-13.0541
207
-0.0405
-33.6896
80
-0.6450
-13.6991
208
-0.0099
-33.6996
81
-0.5544
-14.2535
209
0.1285
-33.5710
82
-0.5556
-14.8091
210
0.1240
-33.4470
83
-0.3710
-15.1801
211
0.3982
-33.0488
84
-0.7694
-15.9496
212
0.1872
-32.8617
85
-0.3885
-16.3380
213
-0.0104
-32.8720
86
-0.4518
-16.7898
214
-0.2487
-33.1207
87
-0.5047
-17.2945
215
0.0121
-33.1086
88
-0.5237
-17.8182
216
-0.3087
-33.4173
89
-0.4875
-18.3057
217
-0.0642
-33.4815
90
-0.3316
-18.6373
218
-0.2729
-33.7544
91
-0.2568
-18.8941
219
-0.1339
-33.8883
92
-0.5029
-19.3970
220
0.0236
-33.8646
93
-0.5340
-19.9309
221
-0.1946
-34.0592
94
-0.4062
-20.3371
222
-0.0019
-34.0611
95
-0.2110
-20.5481
223
0.0018
-34.0594
96
-0.6164
-21.1645
224
-0.0441
-34.1035
97
-0.5295
-21.6941
225
0.5276
-33.5759
98
-0.2107
-21.9048
226
0.2336
-33.3422
99
-0.4199
-22.3247
227
0.3957
-32.9465
117
100
-0.0748
-22.3994
228
0.5109
-32.4356
101
-0.3293
-22.7288
229
0.5660
-31.8696
102
-0.1393
-22.8681
230
0.2547
-31.6149
103
-0.3607
-23.2287
231
0.4566
-31.1583
104
-0.0512
-23.2799
232
0.3868
-30.7714
105
-0.1403
-23.4202
233
0.3863
-30.3852
106
0.0640
-23.3562
234
0.3930
-29.9922
107
-0.4306
-23.7869
235
0.3632
-29.6290
108
-0.2371
-24.0240
236
0.1500
-29.4790
109
-0.3877
-24.4117
237
0.3714
-29.1077
110
-0.4452
-24.8569
238
0.3620
-28.7457
111
-0.4052
-25.2621
239
0.5145
-28.2312
112
-0.4784
-25.7405
240
0.4823
-27.7489
113
-0.2324
-25.9729
241
0.5347
-27.2142
114
-0.3901
-26.3630
242
0.6363
-26.5779
115
-0.3296
-26.6926
243
0.4404
-26.1375
116
-0.2608
-26.9534
244
0.6629
-25.4746
117
-0.0204
-26.9738
245
0.8509
-24.6237
118
-0.0396
-27.0134
246
1.1115
-23.5122
119
-0.2173
-27.2307
247
0.4853
-23.0269
120
-0.1648
-27.3955
248
0.8279
-22.1990
121
-0.3601
-27.7555
249
0.6769
-21.5220
122
-0.4916
-28.2472
250
0.4682
-21.0539
123
-0.5298
-28.7770
251
0.6086
-20.4453
124
-0.3638
-29.1408
252
0.6894
-19.7559
125
-0.3437
-29.4845
253
0.6457
-19.1102
126
-0.5248
-30.0094
254
0.3727
-18.7375
127
-0.6052
-30.6146
255
0.3683
-18.3692
128
-0.3001
-30.9147
256
0.5268
-17.8424
129
-0.3286
-31.2433
257
0.9185
-16.9239
130
-0.2549
-31.4983
258
1.0668
-15.8571
131
-0.4550
-31.9533
259
1.1084
-14.7487
132
-0.2094
-32.1627
260
0.9080
-13.8407
133
-0.0322
-32.1949
261
0.6649
-13.1758
134
-0.3336
-32.5285
262
0.4733
-12.7026
135
-0.0504
-32.5789
263
0.5630
-12.1396
136
-0.2474
-32.8263
264
0.6962
-11.4434
137
-0.2900
-33.1164
265
1.0132
-10.4302
138
-0.3365
-33.4528
266
1.0181
-9.4120
139
-0.3189
-33.7717
267
0.9204
-8.4917
140
-0.2342
-34.0059
268
0.7232
-7.7685
118
141
-0.0282
-34.0341
269
0.6686
-7.0999
142
-0.3591
-34.3931
270
1.2399
-5.8600
143
-0.2860
-34.6792
271
0.9604
-4.8996
144
-0.4829
-35.1621
272
1.0282
-3.8714
145
-0.4935
-35.6556
273
0.8870
-2.9845
146
-0.3370
-35.9925
274
0.7657
-2.2188
147
-0.3199
-36.3125
275 276
0.6881
-1.5307
0.9340
-0.5967
0.5967
0.0000
277
0.0000
119
Appendix VII
Stationarity test for one year event window variables Variables
ADF Test -6.777902***
Stationary Yes
Variables Nasconshareret
ADF Test
Cadburyshareret
-6.165569***
Stationary Yes
Cadburyindexret
-6.572128***
Yes
Nasconindexret
-7.016097***
Yes
Cadbury2shareret Cadbury2indexret
-7.772047*** -6.468160*** -6.575296*** -6.107176*** -7.651447*** -7.460479*** -5.839712*** -7.040500*** -6.549218*** -8.122848*** -6.617094*** -6.605358*** -5.708420*** -6.377309*** -7.089490*** -5.930119*** -5.776115*** -6.076874*** -7.874726*** -7.670227*** -7.531291*** -7.301326*** -7.499700*** -7.242331*** -11.95914*** -6.033337*** -8.090436*** -6.980260*** -6.213244*** -6.917203*** -6.634386*** -6.305428*** -6.853650*** -6.920814*** -6.649161*** -7.205768*** -6.722305*** -6.201982***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Neminshareret Neminindexret Ngermanshareret Ngermanindexret Niginsshareret Niginsindexret Nigwireshareret Nigwireindexret Npharmshareret Npharmindexret Oandoshareret Oandoindexret Oando2shareret Oando2indexret Prestigeshareret Prestigeindexret Pzshareret Pzindexret Skyeshareret Skyeindexret Skye2shareret Skye2indexret Skye3shareret Skye3indexret Sovtrustshareret Sovtrustindexret Sovtrust2shareret Sovtrust2indexret Stdallianceshareret Stdallianceindexret Studpressshareret Studpressindexret Tantalizershareret Tantalizerindexret Thomwyattshareret Thomwyattindexret Thomwyat2shareret Thomwyat2indexret
-7.613801*** -6.768154*** -11.75156*** -11.75156*** -5.832355*** -7.222649*** -4.622399*** -7.447717*** -7.533475*** -5.840159*** -5.559455*** -6.305428*** -7.383114*** -6.666895*** -7.680547*** -7.261321*** -9.582231*** -8.854709*** -6.625339*** -7.064563 -5.673781*** -5.837776*** -9.336121*** -7.067426*** -7.413181*** -7.059339*** -7.413181*** 0.962618 -7.046077*** -7.049143***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes
Capoilshareret Capoilindexret Ccnnshareret Ccnnindexret Ccnn2shareret Ccnn2indexret Cornerstoneshareret Cornerstoneindexret Cornerstone2shareret Cornerstone2indexret Costainshareret Costainindexret Costain2shareret Costain2indexret Crusadershareret Crusaderindexret Diamondshareret Diamondindexret Dunlopshareret Dunlopindexret Ecobankshareret Ecobankindexret Eckoshareret Eckoindexret Ekco2shareret Ecko2indexret Eternaoilshareret Eternaoilindexret Fbnshareret Fbnindexret Fbn2shareret Fbn2indexret Fcmbshareret Fcmbindexret Fidelityshareret Fidelityindexret
120
NA NA -12.06585*** -6.492876*** -4.015684*** -6.377309*** -4.077041*** -7.240447***
Yes Yes Yes Yes Yes
Firstallshareret Firstallindexret Flourshareret Flourindexret Guineainsshareret Guineainsindexret Hisshareret
-6.039956*** -5.862907*** -7.667865*** -5.887576*** -5.239336*** -6.719128*** -7.254636***
Yes Yes Yes Yes Yes Yes Yes
Touristshareret Touristindexret Uacshareret Uacindexret Ubashareret Ubaindexret Uba2shareret
-9.192369*** -7.732497*** -7.706744*** -8.825176*** -7.526617*** -6.867871*** -6.803727***
Yes Yes Yes Yes Yes Yes Yes
Hisindexret
-6.034061***
Yes
Uba2indexret
-6.909609***
Yes
Japoilshareret Japoilindexret Japoil2shareret Japoil2indexret Josbrewshareret Josbrewindexret Livesfeedshareret Livesfeedindexret Longmanshareret Longmanindexret Nahcoshareret Nahcoindexret
-6.772517*** -6.201982*** -6.454130*** -6.142985*** -6.915829*** -6.837651*** -7.388251*** -7.301326*** -6.676750*** -6.064277*** -7.491693*** -7.016097***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Ubnshareret Ubnindexret Unicinshareret Unicinindexret Unihomeshareret Unihomeindexret Unitybankshareret Unitybankindexret Uplshareret Uplindexret Zenithshareret Zenithindexret Zenith2shareret Zenith2indexret
-9.955153*** -8.547833*** -8.248200*** -6.933544*** -8.371926*** -7.301326*** -6.912997*** -6.580778*** -6.575951*** -6.916048*** -7.033762*** -6.977538*** -6.657008*** -6.462601***
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
121
Appendix VIII Daily returns of sampled firms after the announcement date Days 2
Cadbury1 0.2752
Cadbury2 3.2628
Capoil -1.9110
Ccnn 1.3152
Ccnn2 0.1127
Cornerstone 1.3923
Cornerstone2 -0.2362
Costain 1.1837
Costain2 0.5511
crusader -1.3672
Diamond -0.0537
Dunlop -0.5567
ecobank -0.2691
Ekco -0.8895
Ekco2 0.8448
3
-0.4561
1.8164
0.2596
1.2033
0.7284
-1.0031
0.4004
0.3223
-0.6955
-6.2397
-0.3288
-1.2668
-0.3899
-0.5728
-0.1344
4
1.0648
-1.4471
-1.6741
1.1502
-0.0461
-4.1313
-1.6101
-0.4533
-1.4711
-3.5869
0.0293
-2.5736
-0.3296
0.3399
0.6467
5
-0.1167
-0.8333
-1.3395
0.1931
0.0964
3.5981
-0.8377
0.7848
0.0384
-4.5305
0.0384
1.3655
-0.2916
0.8459
1.3915
6
1.4289
0.3551
-2.8370
-9.2814
0.1313
1.4236
0.5318
0.0455
-1.3006
1.0425
-0.0298
0.2182
0.8826
0.0498
-0.1386
7
-1.9984
1.2650
-0.8920
-8.7674
0.3861
-4.5978
-0.3866
0.1126
0.3178
-4.0515
5.3970
1.8278
-0.3326
-0.8374
-0.1468
8
-2.6782
1.6995
-2.1339
-9.8850
0.6493
-3.3270
0.3043
-0.4439
-0.5419
1.9826
0.8066
0.7931
-0.0281
0.9165
1.0639
9
1.6908
0.7670
-2.2653
-8.7715
0.1465
0.1247
0.4254
0.1851
-0.0991
-4.4530
1.1608
0.0802
-0.2460
0.7604
-5.7455
10
-2.1806
-0.6689
-1.5007
-8.9635
-0.8556
2.3878
0.4230
0.1844
-0.9710
-6.4314
-0.5693
0.0799
-0.2717
-0.0147
4.3381
11
-1.8604
-0.8269
-2.2637
-9.2956
-1.4926
3.2623
0.5784
-0.5438
-0.5717
3.8829
-1.0177
-0.2015
1.5786
-0.9865
-0.1484
12
-0.1912
0.9043
-2.2689
-10.4793
0.2096
3.0271
0.1854
0.1853
0.6186
-3.2154
-1.0404
1.3007
3.1487
-0.1634
-1.0228
13
-1.6928
0.8215
-2.2658
-8.3578
-0.3315
-2.8446
-0.3120
-0.8553
-1.3001
-8.2200
-0.6877
-1.0270
2.2447
0.0834
0.1505
14
5.8962
0.4414
-1.8859
-9.6626
-1.0544
0.1247
-0.4861
1.4296
-0.1867
-2.3926
-0.2127
-0.5692
-1.5632
-1.0337
-0.2577
15
0.0141
0.1409
-3.3555
-9.7130
-0.5451
-2.9842
0.8411
1.4245
-0.1219
4.1240
0.6098
-1.3603
-0.9480
0.6515
-0.2355
16
3.4372
-0.0743
-1.9123
1.1880
0.8729
0.3183
0.4243
0.0550
-0.9023
0.6494
0.3791
-1.2901
0.7762
-0.7781
-0.1425
17
1.0234
-0.2778
-2.9728
-3.4884
0.5370
3.9609
-0.2170
0.1850
0.4951
3.6440
0.1183
-0.4228
1.1431
-0.2446
-0.1425
18
-2.6013
-0.8969
-2.4796
-4.6126
-0.7667
-4.2706
1.0821
3.3843
1.6717
-1.1305
-0.4524
-0.4514
2.1111
-0.1155
0.4732
19
-3.9442
-0.9461
-1.9091
0.6827
0.6810
3.4102
0.2545
-0.6192
2.3751
2.8709
-0.3872
0.4134
1.1804
-0.5984
-0.0212
20
2.1742
-2.1124
-2.8093
-4.1886
1.0968
-2.4413
0.0008
0.1842
1.6933
4.2931
-0.2512
-1.2794
-0.7953
-0.4408
-0.1809
21
0.1441
-0.5745
-1.6620
0.6655
2.3231
2.4660
-0.0813
0.4468
1.4643
-7.4748
-0.3405
-1.1920
-0.4033
0.2047
-0.1425
122
Appendix VIII continued Days 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Eternaoil
Fbn
Fbn2
Fcmb
Fidelity
Firstall
Flour
Guineains
His
Japoil
Japoil2
Josbrew
Livesfeed
Longman
Nahco
4.2140
-0.1280
-0.3745
-0.1976
0.2377
-5.9333
-0.9707
-2.1145
-1.3676
-0.0674
5.3413
0.7027
1.2508
-1.3982
-0.2530
0.0399
-0.7160
0.0177
-0.0741
-1.0095
3.9016
-1.0421
-0.8218
-0.3829
-1.1272
-0.0229
-0.8740
-0.4712
-1.5237
0.3368
-0.6986
-0.1780
0.2285
-0.6649
-1.2916
4.4692
1.8533
-0.3301
0.1963
-1.1307
-0.1391
-2.1117
-4.0983
-1.7410
-0.3296
-0.6284
0.7177
-1.0780
-0.0929
0.9036
4.3748
0.1796
-0.3622
-0.1497
0.9437
-0.0409
1.2712
0.5372
-3.1425
1.1365
-1.1796
-1.3135
0.2324
1.1528
-0.0967
2.3302
-0.2006
-0.3301
-0.7390
-0.1761
-0.3062
-1.3111
2.0343
-4.6622
-0.3364
-0.0306
-0.8065
-0.3745
-0.8616
0.8289
-2.7727
-1.3669
-0.3301
0.2050
0.7874
0.7170
-0.9722
2.6402
-4.8827
1.9734
-0.9029
4.8468
-0.9130
0.9317
-0.1804
-6.3048
1.6777
-1.2596
0.2137
0.0658
0.4488
-1.4590
-0.0560
-5.5717
1.1289
0.3999
0.2637
0.2372
0.0483
-0.2591
0.7039
0.0094
-0.2826
-0.3086
-0.0207
-1.1255
0.7039
0.5479
-4.9067
0.9077
1.3855
1.1670
0.3041
-1.2690
0.3695
-6.5503
-0.7410
0.0641
0.0695
0.5635
-0.4425
0.7373
0.5315
-1.3207
-1.2081
1.8199
1.2357
0.4600
-2.7140
-0.1434
-6.2986
-2.2235
-0.3304
-0.1670
0.0172
0.0447
0.5057
0.4259
0.3026
-0.7980
2.9256
0.5042
1.3305
1.2516
0.2863
-5.5177
0.4548
0.6476
0.5898
0.1417
0.5783
0.6065
1.0557
-0.2955
-1.1127
2.8644
-3.2646
1.1815
-0.7959
-0.2575
-4.6856
0.5742
-0.3301
0.7122
0.0375
-0.6298
-0.3595
0.5245
-0.2282
0.7740
2.0320
0.2870
-0.3745
0.5033
0.4515
-3.9756
1.4407
0.0153
0.4226
0.4390
-0.3643
-1.0922
0.3336
-0.4318
-0.1153
2.1544
0.4740
2.4949
-0.7822
0.1157
-6.2406
0.6189
-0.3301
-0.3146
0.0979
-0.3152
0.6761
-1.0546
-1.0401
-1.0825
-2.4633
-0.7053
-0.3745
1.2084
-0.5193
2.9793
2.4960
-1.2284
0.2747
-0.5366
-0.2704
0.1049
-0.8965
0.1619
0.4799
-2.6624
0.1888
-0.2003
-1.3759
0.7580
5.4711
2.3386
-0.3301
0.2774
0.7494
-0.0415
1.6546
-1.2599
-0.4688
-1.4863
-1.4886
0.3555
-1.1349
-0.7366
0.0275
5.5196
1.6370
-0.3301
0.0867
0.0211
-1.3226
0.5036
0.5484
-0.4907
0.3119
2.8307
0.0047
0.1295
0.1945
0.1993
0.1094
-1.2274
2.2379
0.6106
0.0368
-0.0361
-0.2278
0.3675
-0.5520
0.1836
2.6699
-0.4216
-0.3723
0.7929
0.1182
0.0780
-2.6064
-0.3942
0.1937
0.0246
-0.0385
0.5176
-0.0597
-0.6416
-0.4761
1.9850
0.2975
-0.3752
0.4647
-0.2675
7.9101
0.6289
-0.3301
-0.7035
-0.1100
-3.1076
-1.7779
0.1897
-1.7340
-1.3777
123
Appendix VIII continued Days 2
Nascon 0.0954
Nemin -0.1342
Nigwire -0.3186
Ngerman -3.0967
Nigins 0.4879
Npharm 0.7008
Npharm2 -0.8287
Oando -0.1492
Oando2 1.0790
Prestige -3.0803
Pz 2.3425
Skye -0.3379
Skye2 0.2694
Skye3 0.0918
Sovtrust 1.5032
Sovtrust2 -0.1423
3
-0.0498
0.8021
-0.2583
-2.2850
-0.2273
-1.2376
-0.0759
0.6145
2.3615
-1.1123
0.5038
-0.7054
0.0937
-1.1022
0.9017
-0.3848
4
0.6848
0.0728
-0.2203
-2.9941
-0.9663
-1.2393
0.0000
0.4636
1.5167
0.3608
0.0385
-0.4728
0.0849
-1.3162
-0.0843
-0.2816
5
-0.2930
0.0712
1.6655
-3.2218
-0.1998
-1.0042
-0.0543
-0.3558
0.5103
2.8577
-0.0979
-0.1693
0.1711
-1.3893
0.5450
0.6728
6
0.0466
0.6979
-0.2613
-1.4421
0.1120
-0.8576
-0.0541
-0.4688
-0.3985
0.2719
-0.3699
-0.3795
0.1150
-0.7400
1.4492
-0.1752
7
-0.2930
0.1469
0.0432
-1.5913
1.2080
-0.7970
-0.9573
-0.7640
-0.6515
0.0182
-0.2269
-0.0444
0.1238
0.3270
-0.0045
0.0744
8
-1.1912
0.2390
-0.1746
-0.0145
-0.2979
-0.9165
-0.2767
5.1167
-1.7952
0.5995
-0.0014
-1.0638
0.1224
1.8396
-0.3980
-0.8938
9
-0.2930
0.0685
-0.2004
-0.1297
-1.4097
-0.1271
-0.9669
0.6594
1.1187
0.1800
-0.1908
-0.5090
0.1155
0.3166
1.0615
-0.4075
10
-0.2929
0.7111
1.1128
-2.1894
0.0532
0.6176
0.5353
1.7583
-1.8136
-0.4996
0.4869
-0.3238
0.1166
-0.4988
-5.6930
-0.8092
11
2.2752
0.0696
3.2200
1.0105
0.6049
-0.6656
-1.3709
-1.4526
-2.4441
-1.1364
0.3337
-0.2387
-0.0258
1.3370
4.0929
-0.8883
12
-0.2988
-0.5626
1.7734
-8.7948
-1.6790
0.7377
-0.4469
-0.6105
-2.0582
0.6696
-0.0097
0.0833
-2.4284
0.4298
-0.0570
0.2463
13
-0.3571
0.7075
-1.4919
-4.7943
-0.9873
-0.1618
-1.1720
-1.0467
-0.5508
-0.2799
0.2773
0.4264
-1.1145
0.4409
-1.2925
1.3083
14
-0.2929
-0.1035
-0.8767
-3.6615
0.7630
0.1948
0.5813
-0.3612
0.8834
0.2802
-0.1014
-0.3769
-1.2138
-0.1414
-0.1096
2.7714
15
-0.2932
0.1475
0.3122
-2.5852
1.2758
-0.3973
-1.3931
-0.6898
0.6919
0.5332
-0.1499
-0.3379
-0.0046
-0.4627
-0.5168
0.1109
16
0.4590
-0.0665
1.2144
-1.8476
0.9896
-0.2918
-0.7925
0.2739
1.3273
0.7965
0.0659
1.0388
-0.0426
-0.4852
-0.4946
1.7412
17
-0.2929
-0.1577
1.6443
-0.8911
-0.6190
0.7442
0.8699
-0.0966
-1.3022
-0.0260
0.2141
1.1784
-0.0810
0.4243
-0.4015
-0.2189
18
-0.0571
-0.8158
0.7118
-0.2495
-1.0867
1.2717
0.2416
-0.1814
-2.1222
0.6848
-0.2229
1.8420
-0.0681
-1.0316
-0.3619
-0.2162
19
0.2810
-1.0536
-0.7240
-2.5845
-0.7293
1.5713
-0.3667
0.1620
-0.4396
-0.8694
-0.3113
0.6752
-0.0801
0.1839
0.6961
-1.0750
20
0.4619
-0.1360
-0.8725
-0.9712
0.3638
0.2982
0.8984
-0.2038
0.0724
-0.1516
-0.9296
0.0954
-0.0609
-1.8256
0.2055
-0.8572
21
1.5286
-0.8562
0.8547
0.8075
-1.3467
-0.3201
2.3264
0.6698
21.8854
-1.1053
0.0682
-0.3379
0.0268
-0.8474
-0.0649
-0.7410
124
Appendix VIII continued Days 2
Stdalliance -4.6492
Tantalizer 0.9322
Thomwyatt 1.1170
Thomwyatt2 -0.2033
Tourist 1.3905
Uac 0.7805
Uba -0.1285
Uba2 0.0840
Ubn 0.9498
unicin 1.0335
Unihomes 0.6620
Unitybank -0.2935
Upl -3.2853
Zenith -0.1956
Zenith2 -3.4754
3
-2.3347
-1.6909
0.9472
0.1421
-0.0431
-0.1644
0.2182
0.1442
0.0551
-0.5566
-1.5056
0.2627
-0.6292
0.4030
5.5230
4
-0.3234
3.8959
0.3250
-0.2033
0.2985
0.7385
-0.1764
1.2256
-0.2822
-1.8060
-4.8997
-0.1289
-3.2506
0.0415
0.0606
5
0.6757
0.0911
1.1232
-1.1016
-0.0897
-0.2813
0.8016
-0.6234
0.5850
0.0679
1.3579
-0.1131
-1.8243
-0.2308
0.3645
6
0.7820
-1.7964
0.3226
-0.2033
0.1053
2.2268
-0.1761
0.6430
1.4257
-0.6755
1.4425
-0.4888
-0.4452
-0.2500
0.0795
7
-0.9732
1.0082
-0.1091
-0.2933
0.5644
0.4193
0.1693
-0.4006
0.8567
-0.6829
2.0559
0.3626
0.6350
-0.5179
-0.3579
8
0.0111
-1.1423
-0.5095
2.2787
-0.1504
-0.0191
-0.1761
0.3900
0.2478
0.8569
-0.6294
0.4177
0.4579
0.1226
-0.6021
9
0.3636
0.8150
-0.4987
-0.2033
-1.5877
-0.0050
-1.0744
-0.1270
-0.7329
1.3242
1.3495
0.1222
-3.0260
-0.0464
-0.6319
10
0.1044
-2.3836
5.3431
-0.2674
1.6316
-0.5936
-0.1761
0.5952
0.7159
2.0719
-0.7237
0.0132
-3.3435
-0.7146
0.0348
11
-0.1980
-1.4498
0.4879
-0.2033
1.4671
-0.3494
-0.1761
0.7920
-0.2504
-1.1164
-0.1532
0.4431
-0.0586
0.6908
-0.5626
12
-0.3302
-0.3416
0.6432
-0.2860
0.4664
-0.0600
-0.1761
-0.3228
-0.3293
5.2912
0.4680
-0.1438
1.4421
-0.7080
0.6774
13
0.0469
-0.0979
-1.1735
0.5486
-0.6000
-0.0593
2.3920
0.7182
-0.2158
-0.4368
-0.0380
-0.5339
4.1035
-0.1137
0.2406
14
-0.4636
-2.8011
-1.6413
-0.2033
-2.1949
0.2165
-0.2402
1.3395
0.0647
-1.4354
-0.7770
-0.3640
-0.0524
5.5646
-0.9024
15
0.4995
1.9106
-1.5557
-0.0620
0.0091
0.2139
-0.1761
0.1254
0.3032
-4.2569
0.9925
0.1337
2.5180
1.0872
-0.9704
16
-0.5008
3.5545
-0.6968
0.3706
0.1588
-0.0080
-0.1764
-0.4974
0.3294
0.0515
-1.6320
-0.1055
1.2156
0.6486
0.5686
17
0.6525
-0.1263
-0.4277
0.5515
-0.7235
0.2972
0.5758
0.6162
0.4525
1.1884
-0.7152
-0.2663
2.0319
-0.9389
-0.1350
18
0.8626
-0.8165
0.8752
1.6182
-1.6132
-0.1401
-0.1761
-5.0748
-0.1691
-1.4442
1.3579
-0.3776
2.3749
-1.2946
-0.2225
19
1.2615
-6.2827
0.7523
0.7452
-0.4307
-0.1176
0.0598
4.7557
-0.0167
-0.1369
1.3491
-0.2988
-0.4452
-1.0652
-0.7691
20
-1.0322
-0.5799
-0.4845
-0.2036
1.9258
0.0063
0.3978
0.6641
-0.2473
3.4744
-1.4848
-0.2639
-0.4452
-0.3356
1.3385
21
-0.7406
0.3484
-0.8886
1.5440
-6.2433
0.2090
0.5787
-1.1025
-0.1191
0.6352
0.0484
-0.1903
2.0703
-0.8739
0.7838
125
Appendix IX Daily returns of sampled firms for one year event window Days 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
cadbury1
cadbury2
capoil
ccnn
ccnn2
cornerstone
cornerstone2
costain
costain2
crusader
diamond
dunlop
ecobank
ekco
ekco2
-1.1917
-0.4741
-1.5502
-0.8289
2.6868
1.5353
0.0672
-0.0642
1.8601
-0.3830
0.0662
0.3510
-0.7221
-1.0717
0.2156
3.0531
-13.0958
0.1295
0.9195
-2.0037
-4.6370
0.0786
0.6709
-1.4847
0.7853
-3.6084
-0.3537
-15.6272
0.9749
0.7792
-3.0564
2.9936
1.4554
-1.4248
3.6841
2.0815
-0.5354
-0.1991
2.0242
-3.9951
0.0469
0.3506
-0.3128
-2.5522
0.0365
0.8245
0.9048
-0.6485
0.2155
0.8064
1.4986
-0.4821
0.4719
-1.0518
-3.0727
-0.4066
-0.2525
0.0324
-1.1732
0.2068
1.2376
0.2022
-2.4879
0.0449
0.1850
-0.0298
-0.1304
0.2618
-1.1699
-3.3907
-0.2577
-0.5757
-0.1365
-1.9468
0.2330
-0.9814
0.1443
-2.3274
1.5190
1.1875
-1.1783
-1.2437
0.5968
0.0973
-2.9745
0.6268
-0.2558
-0.3818
-0.1696
0.2156
0.2310
-0.7315
-1.0167
0.0453
0.1795
-1.7584
0.8621
-1.2330
0.0344
0.2012
0.4754
0.0633
-0.1019
3.4443
0.6238
0.2805
1.0767
-1.5123
0.0453
0.0929
0.3876
0.0950
-0.6808
0.1326
-5.4567
-1.0805
-0.3216
0.4692
4.1436
0.2156
-1.2477
0.6048
-1.4551
-0.5349
0.2853
0.1578
-0.4708
-0.4960
0.0757
-1.4837
2.8431
0.2543
0.5752
3.4541
0.2156
-1.2264
1.4777
-3.1647
0.0453
1.6508
0.4575
-0.0348
-0.4095
0.0839
0.5519
-2.1547
0.1377
0.8580
3.1935
6.1222
-0.0049
-0.0275
-2.4016
-3.9594
0.9175
1.3275
-0.5192
-0.0844
0.0817
1.6057
-0.9201
0.7915
1.0114
1.6738
1.2271
-0.5851
0.1812
0.1295
0.0453
0.5143
4.1619
0.8339
0.2564
0.0740
1.9935
-1.8447
0.8244
1.9209
0.2723
1.3653
-0.7615
1.0229
-5.9287
-1.0594
0.3557
-0.4361
1.6580
-0.5471
0.0591
2.4209
-0.5822
-0.2509
1.0695
0.0550
-0.4476
-0.0016
2.1557
-1.2669
-0.8672
0.3345
4.2312
-0.7177
-0.5064
-0.0844
2.4414
-1.0831
0.0258
0.3643
-0.0705
-0.9292
-2.5159
2.2267
-3.0921
-0.2380
0.6478
0.5590
1.7147
0.8678
-1.0837
2.2729
-1.0945
3.7960
0.3181
-0.1359
-0.8703
-0.2876
-1.7864
-1.2415
0.0453
-0.2153
-0.4419
-0.4286
1.0070
0.2561
1.6436
-0.0263
-0.0014
-0.9076
-0.0259
0.0266
0.5449
-0.1956
-1.2456
-1.0203
1.0370
-4.2785
1.3556
1.6722
0.1797
0.5764
-1.0882
0.3127
1.1358
-0.0852
0.3155
0.9252
2.6799
0.8729
0.0450
0.0718
-0.4551
0.6945
0.5034
-0.0258
-0.2028
0.0830
0.2137
0.7201
-0.0794
1.2280
-0.7027
1.6957
2.5556
0.0456
0.6043
-0.9139
0.9503
-0.0762
-0.0911
-2.9053
1.7868
-1.1057
1.4028
-0.0841
0.6634
-0.7250
-0.1740
2.2934
0.0453
1.5486
0.4716
0.4217
-0.5075
-0.1195
-3.3155
-0.0378
-0.5822
-0.0005
-0.0943
0.1900
-0.0415
1.7181
2.3711
1.1030
0.6627
1.8000
-0.5738
0.0207
-0.1073
-2.0184
-5.0385
0.0058
-0.0702
-0.0965
-0.1519
-0.0013
0.8746
2.0875
2.0396
1.4678
2.0101
0.2095
-0.5088
-0.1200
-1.6874
-0.7285
-0.1314
1.1893
-0.2423
0.0653
0.6780
-0.9958
1.3953
0.0453
-0.0374
-0.4516
1.1658
-0.4309
-0.1015
-0.3214
0.3857
1.6756
1.9453
-1.2440
0.3582
0.9161
-1.3343
0.1378
2.2593
0.4725
-0.2608
-0.4930
1.3387
-0.0146
-0.7024
1.1553
0.1488
2.2446
0.0934
0.1486
-0.3353
0.3385
-1.0431
0.0453
0.6577
0.2495
-0.5358
0.4740
-0.2197
0.1509
-0.8400
0.0753
-1.6908
0.0145
0.5091
126
46
-0.0016
2.4475
0.0140
0.0453
0.2499
-2.2482
2.0567
0.1388
-0.1722
-1.2656
0.8566
-0.3768
0.0886
-0.1935
-0.4834
Appendix IX continued
47
0.8048
0.4057
-0.6230
0.0453
-0.4238
-0.9409
-5.3669
0.6668
-0.2274
-2.2864
0.0536
0.2622
2.9368
-0.2613
0.0713
48
0.3089
-1.4409
-1.0182
-0.0225
0.5901
49
-0.5893
-0.3837
-1.1938
-0.2944
0.5339
0.1739
4.4947
-0.1077
-0.1448
-1.9064
-0.3315
-4.2373
1.9385
-0.2836
0.2044
0.0485
-0.0606
0.9960
-0.2968
-0.1746
1.5722
-0.0816
0.0882
-0.2586
0.3416
50
-0.8698
-0.3030
-0.9971
-0.1108
-1.0982
0.1193
-1.4886
0.0962
0.4379
-1.9085
0.9587
-1.3548
1.8453
-0.2812
0.6563
51
-0.0016
-0.5160
-0.1865
52
-1.4774
-1.3798
0.0554
0.1168
0.6572
-0.4466
0.2746
0.0557
-0.8488
-0.1718
-0.4119
-0.9592
0.9141
-0.2652
0.9993
-0.1456
-0.2328
-1.3379
0.4987
1.7900
-0.4726
-2.2038
-0.0227
-0.0223
-1.3346
-0.1807
0.1571
53
-0.9230
-2.4129
0.4915
0.1161
0.4304
-0.3995
0.0550
0.2844
-0.1348
-2.0409
0.7697
0.2085
-1.1329
0.1081
0.2156
54
0.7585
-2.5918
55
0.3652
0.5805
0.7398
0.9203
-1.5034
-0.0628
0.6331
-0.1174
-0.1920
-1.8159
-0.2669
-1.2131
0.3432
-0.3262
1.5923
1.7778
-3.1188
0.6657
-0.0110
0.7624
0.3725
-0.3352
-1.2863
0.4621
-0.2519
2.3371
-0.8801
1.7319
56
1.8824
57
-0.0016
2.6143
1.3195
0.1147
0.7213
0.6188
0.7297
-0.5091
-0.1907
-0.3988
-0.1721
0.0604
0.1578
-0.3034
2.3699
1.5145
-0.7941
0.2247
-0.1718
-0.1047
0.0524
0.5801
-0.1724
1.2842
-0.2040
0.0141
-1.4525
-0.4578
1.2028
58
-1.1367
0.8432
-2.8796
-1.1220
0.0351
0.3812
-0.1767
-0.8887
0.2703
2.2748
-0.5937
1.0409
-0.4458
0.2669
0.6460
59
-0.7360
1.5120
-2.1615
-1.2079
-0.2922
-0.0313
0.0427
-0.5089
-0.1477
2.1355
-0.1978
1.9622
-0.0159
-0.9748
0.2156
60
-0.5055
0.9537
-0.7328
1.0617
-0.3123
-1.0005
0.0456
-0.5063
-2.1228
1.8758
0.6015
-0.2562
-0.3082
-0.3929
0.7187
61
-0.6597
-0.2931
0.0637
0.1162
0.3415
0.0715
-0.2749
-0.5125
-1.7788
0.9476
0.6396
2.0825
-1.6445
-0.3032
0.1887
62
-0.1973
0.2752
-0.2011
0.7054
-0.1342
0.1578
0.7557
-1.2741
-2.0938
1.6859
-0.3111
0.2621
-2.5968
-0.3445
0.1902
63
0.0479
-0.0437
-1.1807
0.0019
1.9151
2.1344
-0.3877
-0.5107
-1.6777
1.6663
-0.6019
0.0137
-2.4456
-0.2482
0.3731
64
0.0302
-0.5847
-0.6693
0.1169
0.8355
-0.2897
0.3820
-0.6434
1.4940
1.0459
0.3882
0.0592
0.7247
-0.3454
1.1743
65
0.3932
-1.5389
-1.1483
0.6418
0.7000
0.1816
-0.0594
-1.8842
-4.1721
0.2133
-0.0148
0.1689
2.4964
-0.3294
0.4555
66
0.3978
-0.0058
-0.6320
0.0879
0.4784
-0.2289
-0.5926
0.0620
-1.7311
-0.0967
1.0359
-0.0155
1.4608
0.1110
0.3626
67
-0.5856
0.2236
-0.6111
0.2749
-0.3789
0.8656
5.4775
-0.9541
-0.6989
-1.5392
0.6997
0.1644
0.9205
-0.3094
0.3040
68
-0.7963
-0.4510
-0.8220
0.0535
0.3768
-0.1774
0.4140
0.9212
0.3649
-2.4807
1.4657
0.0509
1.4278
-3.3374
0.4914
69
0.4372
-1.6090
-1.2224
0.7414
-0.5876
-0.4136
0.5565
-1.0114
0.7416
-2.5837
-0.5185
-0.3507
0.6954
-2.9991
0.7814
127
Appendix IX continued
70
0.7508
-1.1745
-0.4363
-0.0134
-1.7138
-0.0927
0.0726
1.1574
1.1620
-1.4786
71
-0.1293
72
-0.0970
-2.0643
0.6776
-0.5881
0.3081
0.4738
-0.2654
1.2354
1.1794
0.8127
-1.4997
-0.2314
0.7195
0.5414
0.4297
-0.1995
0.9502
1.0108
0.9155
73
1.2839
0.8714
-1.2500
-0.0016
0.6053
1.3587
-0.1158
1.1584
0.3842
-0.5769
74 75
0.4249
1.0835
-0.1643
0.0668
0.4320
0.5001
0.2548
0.8329
-0.6780
0.2126
-0.0127
-0.6565
-0.0040
0.1486
-0.3926
0.5967
0.8107
-1.4500
76
1.5895
-0.3407
0.2954
-0.0501
0.3336
1.5968
0.0212
1.1570
77
0.7622
-1.1848
0.1295
-0.6223
-1.3681
-0.0636
-0.4009
78
0.4536
0.6223
0.0720
-0.9319
-0.4634
2.3481
-0.1039
79
1.4739
-1.6013
0.3644
0.0618
-0.0243
0.4776
80
1.7158
-1.7295
0.1690
-0.7148
0.0691
0.8726
81
-0.8896
-0.3322
0.5041
0.1411
0.2332
-0.4654
82
-1.6533
0.0175
0.1717
0.6187
1.7300
83
0.1972
1.0795
0.4096
0.1165
2.4790
84
0.2011
0.2878
-0.0593
0.0596
85
-0.3559
0.3505
-0.2060
86
-0.0959
0.8925
-0.2551
87
-0.9025
0.7809
0.0161
88
-0.6168
-0.0061
89
0.6999
-0.5067
90
0.4473
91
0.0140
92 93
-0.2536
-0.1398
-3.3171
-0.0580
2.4428
0.8025
0.5547
-2.9009
0.9155
-0.5283
-3.1999
0.1732
0.2747
0.1897
0.4155
0.2681
-0.4532
-5.3832
0.5833
-2.4163
-0.0812
-0.0247
-1.3255
-1.4101
1.0733
-2.2557
0.2120
-0.9999
0.1520
0.6254
0.2427
-2.3435
-0.9450
-0.6222
-1.0312
-0.0327
1.6793
1.3045
0.5694
-2.0305
-1.4407
1.2674
0.8057
-0.6594
2.0670
-0.1688
1.1621
-1.6145
-1.3835
1.0298
-0.1909
-1.6670
2.4944
0.2156
-0.3185
0.0490
-2.9505
-3.0931
0.3788
0.7438
-1.5032
2.4723
0.2182
0.4307
-0.1579
-1.5762
-2.3299
-1.0915
0.0156
-1.9005
2.3465
0.2389
-0.2222
-0.6946
-1.4844
0.2012
-0.9758
0.2067
-1.2882
1.7172
-0.5224
-0.1743
0.7022
-1.5417
-0.8113
-5.8571
0.2853
0.5922
1.0038
0.6499
0.2427
-0.5090
-0.9065
1.1540
0.0266
-1.1952
-0.0148
0.1065
1.3712
-0.1293
0.1060
-3.7983
-0.0427
0.0307
0.2462
-0.9930
-3.0204
-3.1489
0.1307
0.2757
-2.8317
-1.1533
1.7935
5.4366
-0.2845
-0.2770
-0.5896
-0.6151
-1.1699
0.6439
-0.2081
-0.0540
-3.2419
0.8141
-0.3637
0.5483
0.2142
-0.4834
-0.5078
1.1104
-1.1739
-1.4992
0.8781
-0.8960
-1.9448
-0.3366
0.8517
0.4138
0.0222
-0.1555
0.4238
-0.6142
0.9446
-1.3008
-0.2264
0.8238
-1.6138
0.0061
0.3515
0.1761
0.3415
-0.4583
0.1693
0.8789
1.1085
2.6272
-0.3096
-0.3783
-1.4664
-0.2478
-1.9539
0.7526
0.5870
0.0634
-0.3314
-0.6248
0.5838
-0.9212
2.3650
-0.0502
0.8915
-1.5451
-0.6289
0.2156
-0.2959
1.0825
0.0221
0.7863
-0.2571
-0.5762
-0.1106
-2.0544
2.4427
-0.7060
0.1559
-0.5438
0.2244
0.2926
-0.7733
0.6836
1.5267
1.1069
1.0761
0.7888
1.1563
-0.5342
2.1591
-0.3887
0.3215
-0.2451
-1.1920
0.0088
0.9439
-0.6510
0.1295
0.9680
-0.7560
0.3844
0.9198
-0.2419
-0.0093
1.4669
0.2147
0.2294
0.8415
-2.2128
0.1898
0.6114
-0.6488
5.0187
-0.0225
-0.0388
-0.8001
1.5970
-0.4639
0.8950
0.2095
-0.1109
-0.2802
0.0202
-1.8328
-0.1346
128
-1.0949
Appendix IX continued
94
1.5515
0.4822
0.8447
0.7845
-0.5023
-0.3958
0.4248
0.7853
2.4046
-0.9715
1.0555
-0.9210
0.3102
-0.1011
-0.1565
95
0.8192
0.7495
0.1062
1.5656
0.6635
1.0572
1.2886
-1.0850
1.0245
0.4742
1.8837
-1.1717
0.6868
-1.8350
0.1898
96
2.1857
0.0859
0.1764
0.0465
-0.8823
-1.6431
-0.5715
1.3595
0.8932
-0.9399
0.1063
-0.2381
0.6888
-0.0982
-0.3729
97
1.4200
-0.9588
-0.3748
0.1166
-0.2827
-0.0982
1.2897
2.5411
0.6197
-0.5580
1.1484
-0.5060
-0.1103
-2.1302
1.8602
98
-2.6350
0.4901
0.7742
1.2786
-0.8616
0.1548
0.6069
3.6058
0.9341
-1.5108
0.6650
0.3780
-0.2191
-1.9674
0.7858
99
-1.3858
-0.3503
-0.0981
-5.5402
-0.5270
0.1490
0.8569
-4.3391
0.4428
-0.9254
-0.0263
0.7372
-0.0942
-1.7423
0.5636
100
0.5885
0.3530
1.2047
4.6020
0.4996
-1.0487
-0.3448
5.9425
0.4159
-0.1148
0.2131
0.1641
-0.6966
-1.2127
0.0304
101
0.1640
-0.3383
2.1903
0.0432
-0.8411
0.7842
1.0779
-0.4218
-0.2082
0.5156
0.0460
-0.2074
-0.8984
-0.3253
-0.8225
102
-0.4224
-1.1879
2.6247
-0.9139
0.0860
0.1595
0.4203
1.0556
1.5040
0.5632
-0.1286
1.4588
-0.8166
1.3577
0.2429
103
-0.3916
-0.8756
3.7304
0.4091
0.5000
-0.7066
0.6774
1.1573
1.1746
1.1973
-0.1388
-0.6363
0.5515
2.3484
-0.6959
104
0.4220
-0.1058
3.6692
-0.0944
-3.1314
0.7859
-0.3841
0.6980
-0.2471
1.8494
-0.1233
0.6212
0.4951
2.2091
-1.5474
105
-0.1479
0.6946
0.2481
-0.1156
0.3415
0.2211
0.1189
1.5259
-1.1928
1.0053
-0.3009
-0.0832
-0.1416
1.9494
0.2156
106
-0.3451
-0.0532
2.9046
0.0394
6.7709
0.3741
1.0024
1.4630
-1.3042
-0.3366
0.4135
0.5222
-0.9509
1.0211
0.2142
107
0.2368
-0.0374
-1.6977
0.1162
-4.7906
1.2748
0.6040
0.0655
-0.5654
-2.8079
1.2137
0.2379
0.3649
1.7595
0.2156
108
0.0493
0.6742
-1.9504
0.6845
2.7245
1.4055
0.1423
-0.3090
-0.4375
-2.0899
-3.0479
1.3742
-0.2609
1.7399
0.2156
109
-0.1608
-0.1247
-0.7751
0.0985
3.1571
-0.1505
0.0342
-0.7131
-0.3268
-0.2673
-0.9336
0.7365
0.0936
1.1194
-0.5128
110
-0.3995
-0.1253
3.6355
0.0611
-1.9932
2.7189
0.8911
1.1593
-1.8097
0.5245
0.1036
-0.2538
-0.3973
0.2869
0.2156
111
0.2398
0.5400
3.3787
0.1155
-2.2724
-0.1182
1.0589
-0.2654
-1.9823
-0.1295
-1.0941
0.5331
-1.1749
-0.0231
-1.1588
112
-0.0378
0.6376
2.7898
-0.0942
-1.2410
0.0399
0.6369
0.2174
-0.9779
-1.1090
-0.2027
1.2885
-0.6609
-1.4656
-0.5517
113
-0.1044
0.9045
-0.1896
-0.0103
0.6635
-1.2120
0.8871
0.2621
-0.3261
-0.5977
-0.0551
-0.0709
0.1034
-2.4072
-0.1304
114
0.3350
0.9534
1.6822
0.0103
-1.6718
0.0509
0.4613
0.3198
-0.1404
-0.6804
0.4071
0.2102
0.8570
-2.5101
-0.3448
115
-0.4190
1.4736
2.0487
-0.0176
-1.3519
-0.4514
0.8092
1.1578
-0.0974
-0.1713
0.7144
1.4871
-0.3122
-1.4050
0.4165
116
-0.1314
0.1301
0.1295
0.4133
-0.0751
-0.4542
0.8225
-0.1267
-1.7973
-0.5395
-0.1013
-5.4811
-0.1382
0.8863
1.6004
117
-0.0438
0.0884
6.1381
-0.0225
0.2962
-0.1505
0.2812
1.0403
-1.1831
-0.3557
0.4149
4.5006
0.4280
0.9890
2.6623
129
Appendix IX continued
118
0.3602
-0.1969
3.6811
-0.0194
0.2516
-0.3886
-0.8210
1.1556
1.4030
-1.1508
0.6662
0.1559
-0.3538
-0.5033
-3.6158
119
0.2957
-0.7861
0.6189
5.9634
2.5514
0.1686
0.1141
-2.2425
-7.1170
-0.3647
-0.0047
-1.0806
0.1404
-2.3427
5.5951
120
0.6202
-0.6682
-2.3611
0.9974
7.7280
0.8709
0.0780
0.3034
0.1034
0.7493
-0.2505
0.1540
0.7608
-2.1822
0.2287
121
0.7915
1.0952
-2.2375
1.1950
-2.5879
0.1725
-1.5238
5.9185
-1.7201
-0.1598
0.4801
0.1448
0.3132
-0.8715
0.1155
122
1.6739
0.1227
-4.6282
-0.5716
0.5015
-3.7699
1.3433
-5.6405
0.1286
-0.7941
0.0422
0.0334
0.7792
-1.3671
0.2156
123
0.8668
0.1200
3.9729
-1.0577
-1.5544
-0.4595
-0.7043
2.1842
0.1187
0.2951
-0.2127
-0.1291
0.9878
-1.3099
-0.2432
124
0.3062
-0.4879
-2.0294
-0.9559
-1.6714
1.0208
0.6065
2.3098
2.2267
-0.1940
-1.3220
0.2408
1.2909
-3.0195
0.5966
125
0.6032
-0.9577
-0.3406
-0.1856
-0.8937
1.8012
-1.9005
-3.1415
1.3948
0.7603
0.4198
0.4999
0.0325
-2.2564
0.6895
126
-1.2767
-0.1855
0.1718
0.1476
-0.0450
-0.8118
-0.1441
-1.4771
1.1147
0.5961
-0.4135
0.3345
-0.0053
0.2324
-0.8782
127
1.0461
-1.6433
0.5272
1.0833
-0.1267
0.0045
-0.0626
-0.4340
1.1796
0.5396
-0.0027
-0.2865
-0.2793
-5.7835
-0.4897
128
0.7395
-0.2129
2.5830
0.5014
1.0742
-0.0066
-0.8044
0.8192
0.9209
0.4360
-0.0380
-0.0493
-0.7294
-1.1217
-0.2947
129
1.6904
0.8358
2.1409
0.0779
0.0421
-0.3525
-0.1470
-2.0805
0.2212
0.2407
0.1933
0.0342
-0.8052
-2.9469
0.2156
130
-0.0062
0.3139
-1.4290
-0.2572
1.1772
0.6800
-0.8997
-1.4179
-0.3056
0.9716
-0.9417
0.1670
1.1358
-1.0963
-0.9926
131
-0.0016
-0.2666
-1.1832
-0.0228
-0.3248
0.1277
-0.4550
-0.7777
-0.5466
0.2434
-0.6895
-0.1368
0.1796
-1.1004
-0.6990
132
0.8658
0.2044
-1.0184
0.2774
-1.2636
0.2242
-0.1704
0.4959
-0.9797
0.4812
0.1283
-0.1655
0.1560
0.9764
-0.6816
133
1.6505
-0.3330
-0.9436
0.0437
-1.1924
0.0727
0.2588
0.6706
0.7409
0.0124
-1.2002
0.3266
-0.4367
2.7008
-0.6215
134
2.5727
-0.4910
-2.4990
0.2712
-0.8502
-0.5560
1.3578
1.7653
-1.1823
-0.1344
0.9202
0.1603
-1.0591
2.4386
0.2153
135
-1.4791
-1.8831
-3.5433
-0.7174
0.3094
-0.3802
1.3977
6.5710
-0.8175
-0.1835
0.2901
-0.0828
0.0802
2.5163
-1.0409
136
-0.1403
-1.5841
-3.0183
-0.0703
-0.4080
-0.2575
1.2057
-3.7520
0.3412
0.4824
0.2401
5.9599
-1.4823
2.2327
0.1884
137
2.6043
0.3647
-1.1339
0.0565
-1.5936
-0.1659
-0.0712
-0.0140
-0.7599
0.4232
-0.2927
0.8485
0.0156
1.5405
0.2156
138
1.9187
0.3671
1.8034
0.0765
-0.2348
-0.0283
-1.0257
-1.1944
-0.8531
0.8243
2.2632
0.9761
0.6610
0.2830
-3.1816
139
0.0677
-0.1911
2.3496
0.4136
1.2881
0.2680
0.7348
-0.8896
0.8679
1.1541
-1.3664
-0.9454
0.3309
-0.8979
0.2156
140
1.5404
0.2180
1.3566
0.8432
2.0124
-0.1670
-1.4909
-0.4796
0.5115
0.7552
0.6127
-1.0172
-0.1423
0.1592
6.6450
141
0.8056
-0.1355
0.2830
0.0775
2.3792
-0.1494
-1.1401
0.2957
2.1225
0.5933
0.3510
-1.1944
0.0445
-0.4778
-4.9165
130
Appendix IX continued
142
-1.0207
0.1720
-0.4913
0.0085
1.2820
-0.7869
143
-1.5230
-0.7015
-1.0670
144
-0.0351
-0.6014
-2.0486
145
1.9923
-0.5198
146
-0.2090
147
-1.7954
148 149
0.4430
1.3909
0.5588
-0.3028
0.6580
1.5527
-0.8530
0.2009
-0.4334
-0.3125
2.2616
-0.6862
-0.8988
0.2426
-1.1301
-1.2161
1.0549
-0.4350
0.1654
-1.1070
1.9301
0.4855
-0.6495
-0.6941
-0.7683
0.2116
-0.2135
0.0108
-1.6031
0.2674
-1.3826
-1.6282
0.6441
-0.3936
150
0.0565
0.1098
-2.5955
0.0084
151
-1.6506
-0.2289
-2.7116
152
-2.2163
-0.0699
-1.6081
153
-2.8570
-0.3437
154
0.3536
155
2.1841
156
0.7477
1.4418
4.6982
1.0096
-0.1648
-0.3167
-0.8730
0.7129
0.5137
1.3085
-0.0266
0.0876
-0.5429
-1.0486
3.0311
-0.3140
-1.5076
0.1779
1.6671
1.0220
-1.8533
-0.8519
-2.3936
1.5494
-0.7933
0.6362
0.3353
0.2712
-1.6289
-0.0413
-2.4182
0.3693
-0.1244
-0.6746
-0.3032
-0.5527
0.0836
0.2627
0.2006
-1.3669
0.3367
-1.1186
0.1219
0.8458
1.0312
-0.6198
0.4335
0.6367
0.2156
0.7014
-0.5383
-0.2676
1.1590
-0.0264
0.8390
-0.2573
-0.2158
0.8850
-2.1194
1.2429
-0.2946
-0.8884
0.1665
1.2764
0.3168
0.1672
0.1010
1.9230
-1.4778
0.3303
-0.3127
0.4857
-0.4067
0.7026
2.2620
-0.2557
0.1743
-0.1768
1.4647
-0.5213
-0.0095
-0.4253
0.1782
-0.1620
0.0528
-0.0246
2.6963
1.5066
0.0616
0.1214
-0.6489
0.1891
0.1756
-0.5602
3.7102
1.0460
-1.1264
0.3493
3.8020
-5.1099
-0.7140
-0.5603
-2.7344
0.4577
-2.1283
1.1010
-0.7616
-0.2385
2.2326
0.5810
0.5024
4.1234
3.8876
-0.1324
-0.6848
-2.0587
2.4525
-0.2299
0.1392
0.3794
-1.0828
0.0231
2.0675
1.7857
0.5422
2.9085
-0.0378
0.2457
-0.5526
-0.5876
7.2880
-0.0634
-3.1667
0.2180
-1.5638
0.1788
-4.4273
1.4637
-0.0585
3.4058
-0.7554
-0.0405
-1.1029
0.2089
-3.0143
1.0863
-1.2198
7.0424
0.1372
-0.0367
-0.6976
4.7851
1.5268
0.8903
-1.1928
0.1154
0.2191
-1.0797
-0.0135
0.6823
157
0.6007
0.1253
-0.0446
0.2788
-0.9701
-0.4227
-0.5785
0.7389
0.0661
-1.7860
0.4427
0.6332
0.2294
-1.0355
-1.3900
158
1.1398
1.3013
2.8142
0.5741
-1.1737
-0.1239
0.3778
0.2586
-0.5016
-0.6122
-0.7153
-0.2661
-1.3207
-0.5241
-1.4621
159
0.4084
1.6476
1.6240
-0.2705
-1.4111
-0.1711
0.1141
-0.5695
-2.0999
4.0919
0.5815
-0.2530
-0.0005
-1.0031
-0.7506
160
-0.4571
3.7235
0.7025
0.7644
-1.5592
1.3233
-0.2832
0.0547
0.0518
3.9193
-0.6110
1.1240
-0.5178
-0.4868
-0.1317
161
0.1116
-0.3644
0.3467
-0.0142
-0.2146
0.0969
0.1297
0.3767
-0.3329
3.2533
0.6124
1.2644
-0.1532
-0.4659
0.0574
162
-0.1980
-1.1171
0.5049
0.4099
3.1620
0.0199
1.3282
-0.5582
1.4437
0.3538
0.1066
1.9293
-0.3129
-0.6768
0.6252
163
-0.2104
-1.1070
1.6826
0.9999
3.8605
-1.0465
-1.4161
-1.3056
-0.7954
2.0566
0.4617
0.7641
-0.2477
-1.0772
-0.0839
164
-0.9675
0.2472
0.1391
0.1160
3.1722
-0.3528
-0.5912
0.0870
1.3933
2.5940
-0.0263
0.2419
-0.0932
-0.2911
0.7278
165
0.5415
-1.1531
-2.0691
1.1424
2.9530
-4.1551
0.0128
-0.3535
1.2811
-0.1411
-0.2137
0.3658
-1.2897
0.8228
-0.4507
131
2.9043
Appendix IX continued
166
0.2166
0.2720
0.3944
-0.3336
1.7276
0.1763
0.8605
0.1733
0.2272
5.9383
-0.5986
0.7945
0.1040
-0.0862
-1.3205
167
-0.7209
168
-1.4685
-0.4699
0.8683
0.0741
0.2572
-1.5219
-1.1605
-0.4433
-0.5205
3.3138
-0.1472
-0.6988
0.1170
0.3175
-0.7330
-1.1556
-0.2741
-0.9159
0.4178
0.1935
0.2230
1.0813
-1.1048
-1.2917
0.3377
-0.2377
1.6672
-0.0191
-0.9761
169
-1.4467
-0.3417
-0.6306
0.0230
-0.0037
-0.2839
-1.4793
-0.6625
0.2023
-1.8282
-0.4544
0.1816
3.6985
-0.5537
-0.1144
170
-1.6318
-0.2299
-1.3352
-0.7201
-0.0070
-0.0633
-0.1560
-0.7485
171
-1.6537
-0.0754
-0.5160
0.1000
0.1036
-0.9014
0.5706
0.4465
1.2988
-1.6894
-0.6664
0.9828
-0.5339
0.4406
-0.8308
-1.3948
-4.8148
0.6366
0.3491
-1.2108
0.2747
-2.0144
172
0.7321
-1.2198
-0.9679
-0.0159
-0.0184
-0.1508
-0.4564
-0.9446
173
1.2531
0.1253
-2.2791
-1.3427
0.0508
0.1324
-0.2639
-0.3615
-0.5647
3.6784
5.7170
0.0866
-1.0788
0.2172
-0.3607
1.3578
-1.7976
0.2276
0.0085
0.2482
0.5096
0.8493
174
0.4188
1.3117
-1.9915
0.5602
-0.0173
-0.4560
0.4572
-0.2957
0.4097
0.1910
0.0548
0.0487
-1.4492
0.3142
1.7557
175
-0.0344
1.4443
-2.5997
-0.5266
-0.0275
0.6155
176
-1.0814
2.7803
-1.7742
-0.1194
-0.0296
1.5437
-2.5715
-1.0733
1.7037
0.6406
-1.7337
0.4355
0.0700
0.6917
2.2532
0.0413
0.4857
0.6346
0.9601
-1.9282
-0.3715
-0.5028
0.3169
1.4654
177
1.1524
2.0595
-0.7823
-2.0531
-0.1755
-0.4573
5.8353
2.6188
2.0555
2.2496
-0.3040
0.5866
-0.1614
0.5548
0.5820
178
-1.1424
-1.1416
2.2333
0.1167
179
-1.5312
-1.7605
2.4360
0.1889
-1.1772
1.7515
-5.0870
3.3203
-1.0144
1.8624
-0.0899
-0.0645
-0.3814
0.0859
-0.6721
0.2197
-0.4117
2.0977
2.6356
3.8753
-1.6379
0.5539
0.1640
-0.2639
-0.0608
-0.8122
180
-0.3110
0.6560
2.2628
-0.2291
0.1414
-0.4541
2.9296
2.4100
-0.3468
-0.6524
0.5559
0.6305
-0.1261
-0.1099
-0.5610
181
-0.3864
2.0802
182
1.1960
0.7296
0.1730
-0.0222
-0.1267
0.0085
-2.6853
0.8978
-1.0756
-0.4646
-0.6195
-0.2569
-1.3184
0.1613
-1.0334
-0.6547
-0.3474
-0.1945
0.1797
-1.7887
-0.5051
-0.9943
-0.4137
-0.5079
0.8887
0.0270
0.4967
-1.7115
183
0.1051
-0.1627
-1.3355
-0.3688
-0.1486
-0.1142
-0.7347
-0.6578
0.5278
-1.9462
-0.3938
-0.3803
1.0191
0.8978
-0.5195
184
0.2903
-0.0117
185
0.3970
2.2102
-1.8379
0.0453
-0.2599
0.0232
0.8490
0.1242
0.4536
-3.0195
0.3204
0.1509
1.7319
1.2277
0.3998
-0.6946
-0.5184
-0.2144
-0.4516
-1.5263
0.0604
0.1962
-2.4723
0.2763
0.2707
3.0542
0.8288
-0.7467
186
0.3950
187
-0.4787
0.6357
-0.8562
1.6943
-0.1984
-0.7194
-2.2740
0.1627
0.3314
-0.6091
-0.2592
0.2629
2.2309
0.2323
-0.9759
0.0009
0.1295
0.5889
-0.1139
-0.1505
-1.1047
0.1050
1.1299
1.8751
0.0304
-0.5035
-0.8549
5.1639
-1.1952
188
0.0635
-1.0009
-1.3537
0.3988
-0.2610
0.3966
0.1513
0.1123
2.0344
2.1490
-0.0341
0.2662
-1.6942
0.9899
-0.9011
132
189
-0.1044
-1.1658
-2.0030
-0.0690
-0.1982
-3.4737
0.6617
0.1092
2.5389
1.1759
-0.6788
-0.1342
0.5568
0.2938
-1.6897
Appendix IX continued
190
-0.4227
1.8650
-0.1758
-0.9260
-0.3168
0.0647
2.0277
0.1007
2.4971
0.4916
0.9614
-1.5056
1.7785
0.3216
-0.4877
191
-0.5685
0.2102
0.9162
0.0530
-0.2365
-0.2357
7.1133
0.0903
1.6472
-0.7373
0.0728
0.4693
0.9311
-0.2296
-1.0960
192
-1.1039
-0.4990
0.0132
-0.8701
-0.3910
-1.0824
-3.5624
-0.0541
1.7924
-1.3161
0.3949
-0.8029
0.0487
0.9194
-1.2997
193
0.1906
0.1185
-0.8222
-1.7689
0.4031
-1.7025
0.1965
-1.0542
-0.3014
-1.7042
0.9883
0.0291
0.2197
0.0471
-1.2324
194
0.8751
0.3167
-0.7648
0.0379
-0.9478
0.6640
-1.6815
0.2848
-1.5390
-0.5290
0.1878
-1.9383
2.3854
1.3499
-2.0059
195
-0.0699
-0.1511
0.9805
0.0865
-0.3188
-0.4014
-1.0713
0.2075
0.6783
-0.8563
-0.5398
0.2626
0.8787
2.3355
-0.1934
196
-1.1309
0.4162
1.4014
0.1034
-0.2363
0.8968
-0.9143
0.0011
2.4646
1.5818
0.5492
0.0656
-0.1869
2.7699
3.3199
197
0.5613
-1.1652
1.6385
0.0652
-0.2777
0.1671
0.4600
-0.0651
2.2886
-0.0655
2.5011
-0.2082
-1.2831
3.8756
4.0179
198
-0.2959
-0.0570
1.7046
-0.5684
-0.1814
-0.1505
0.6088
-0.0887
1.6273
-1.2597
1.4614
0.2340
-1.5055
3.8144
3.3294
199
0.0807
0.1868
1.3101
0.0435
-0.2786
0.5877
1.1966
-0.0774
-1.2674
-2.2603
0.6103
-0.3780
1.7313
2.9820
3.1344
200
-0.3653
-0.0579
-0.7169
-1.4233
-0.2626
-0.3656
0.1838
-0.0908
0.4105
-2.3554
0.9201
-0.5609
0.3579
3.0620
1.6147
201
-1.2005
-0.2633
-0.5051
-0.7303
0.1778
-0.2755
0.2570
-0.0733
0.9633
-1.2294
0.3391
-0.1678
-0.2804
-1.5133
0.2132
202
-0.4498
2.7527
-0.8720
-0.3264
-0.2426
0.0199
-1.1865
0.0129
-1.0493
-1.7780
0.9759
-0.4531
0.0898
-1.6700
-0.0041
203
0.0937
0.3059
0.4845
-0.4304
-3.2705
0.8054
-1.3709
-0.1932
5.0546
0.5761
1.0357
1.6493
0.2973
-0.5386
-0.1296
204
0.8442
1.7148
2.0697
0.1781
-2.9323
0.1654
-0.7414
-0.1405
2.4194
-3.1304
-1.0898
0.8190
-0.1333
3.7807
-0.1951
205
-0.3251
-2.0226
2.4555
1.4308
-2.9272
-0.4559
-1.0777
-0.1965
-0.4758
7.5846
-0.5740
0.5838
0.2507
3.5775
-0.0851
206
-0.0697
-0.2334
0.3246
2.4238
-2.8341
0.7529
0.0456
-0.1147
-0.9104
-0.3887
1.7190
-0.4403
-1.1830
2.9350
-0.1443
207
0.4310
0.2382
-0.3199
-3.8541
0.3415
-0.2629
-0.5367
-0.2676
-0.8013
3.3693
0.0770
-0.9393
-0.1450
0.0498
-0.1386
208
-0.6572
-1.5289
0.9088
5.3621
-4.9918
-0.0890
-1.3947
0.4663
-4.3989
2.0502
0.0858
0.1590
0.0909
1.7332
-0.1432
209
-0.2814
-0.2884
0.6629
0.1010
-1.3433
-0.4544
0.2787
-0.8212
5.3306
1.1456
-0.0030
-0.8692
-0.0021
2.2882
-0.1534
210
0.3651
-0.7666
0.3289
-0.0169
1.0121
-0.4305
1.4783
-0.3570
-0.5969
0.5565
0.5787
-1.4780
-0.2065
0.2747
-0.1556
211
0.5549
-0.6402
-0.5167
0.0453
2.0712
-0.6371
0.9712
-0.1081
-0.3701
0.2935
0.1616
0.2584
2.5610
6.3752
-0.3014
212
0.8460
0.3018
-0.9173
-0.3737
2.1339
-1.2661
1.4537
-0.1598
-1.0033
1.4051
-0.2339
-0.1834
0.2062
3.7768
-1.3031
133
213
0.9147
0.4350
-1.7351
0.4403
2.5612
0.1816
0.8724
-0.2196
-0.5871
-0.1332
1.0632
0.2626
1.9379
0.8560
0.0343
Appendix IX continued
214
1.4072
0.2479
-1.1299
0.5834
2.9060
-0.5817
0.4366
-0.1593
1.3699
-2.3267
-0.0263
-0.2536
-1.9548
-2.1193
-0.0446
215
0.0995
0.4302
0.9557
-1.0494
2.4133
-0.3484
-0.0555
-0.1418
0.9495
0.5200
0.3671
-0.4571
-0.2396
-3.0915
-0.2526
216
0.0577
0.3975
1.3687
-0.5884
1.7840
0.0940
-0.2067
0.3002
-0.0340
0.5702
0.7148
0.1237
-0.0601
-3.3420
-0.3204
217
-0.2381
0.1520
-0.8503
-0.5598
1.0390
-0.4315
-0.0712
-0.1187
0.2802
-0.9800
0.1158
-1.2084
-1.4261
4.1181
-0.3303
218
-0.8167
-0.3433
0.3621
0.1162
0.2565
0.1690
-1.2851
-2.4607
-0.9180
-0.1174
1.4221
-0.8727
-0.3625
-1.7893
-0.3301
219
-0.7373
-0.0662
0.4116
-1.1664
-2.4434
1.4894
-2.1847
-2.1187
-1.5381
-0.8938
-0.7647
-0.6261
-1.0366
-0.0624
-0.3404
220
0.9558
-0.5674
-1.1165
-0.8266
-2.8515
-0.7471
-0.6211
-2.4347
-1.0329
-0.8141
-0.0161
-0.3724
-0.6052
0.3263
-0.3243
221
0.0921
0.3867
-1.1190
-0.9194
-1.5529
1.0463
-0.4401
-2.0186
-2.1008
-0.6469
-0.1355
0.4590
0.2535
0.7389
-0.2398
222
0.2160
-0.2253
0.1262
-0.7988
-1.2294
-0.3125
-0.2549
1.1545
-1.5634
-2.2074
0.5776
1.6284
0.3449
2.6899
-0.7632
223
-0.4929
-0.6080
-0.4539
0.0799
0.1358
0.7104
-0.6872
-4.5088
0.3317
-1.4569
-0.2748
2.2003
0.2564
2.2861
-0.3853
224
-1.0285
-0.7758
-0.6304
-1.2162
-0.2379
0.1070
-1.0649
-1.5339
3.1433
-2.4387
-0.4282
-4.0796
0.4124
-1.1966
-0.1271
225
-0.1283
0.1968
0.1295
-0.0110
0.6135
1.0815
-0.2635
-0.1521
2.1586
-1.2118
-0.0014
5.1789
0.3535
-0.9466
-0.3625
226
-1.3426
0.8664
-2.4087
0.0802
-0.8062
0.5345
-1.0876
0.9082
0.5255
-0.7107
-0.8329
-0.2388
0.0112
-0.7771
-0.5169
227
-0.1157
-0.3202
-0.1324
-3.3686
-1.8209
-0.4558
0.1501
1.2887
0.5883
2.7465
1.3953
-0.2959
-0.1819
-0.7086
0.2202
228
0.6630
0.0164
0.6031
0.0453
-1.4460
0.3313
-0.4801
1.7116
0.9234
2.1505
-0.9882
0.2634
-0.0024
-2.2596
-1.0990
229
0.2832
-0.0693
1.0564
6.4747
0.2909
1.1692
-0.7111
1.7301
-1.0088
1.9930
0.7563
-0.4246
-0.6627
-3.3116
-0.4400
230
-0.2875
0.0792
-0.5715
-5.0868
-1.4505
-0.4199
-0.6095
1.5615
-2.0453
0.6744
-2.3119
0.2971
0.1409
-2.7825
-0.3623
231
0.0843
0.1080
-0.6697
2.6666
-0.0314
-0.4389
-1.4161
0.9340
0.9565
-0.2258
0.3223
0.6632
-0.3637
-0.8935
-0.4036
232
-0.2413
1.2141
0.0897
2.8608
-1.7422
1.3918
0.1224
-0.1299
0.0500
-1.5284
0.0506
-0.8848
-0.5842
1.9486
-0.3073
233
-0.1496
-0.1901
0.1299
-2.5247
-1.6038
-5.6903
2.5322
-0.9045
3.1756
-1.4091
0.0024
-0.4478
-0.5816
2.5805
-0.4045
234
-1.9137
0.3276
0.8091
-2.5842
-1.6755
4.2890
3.2638
-2.4283
1.0615
-0.1676
-0.0263
-0.4453
0.0093
1.5915
-0.3886
235
-1.6148
0.2871
0.6777
-1.5373
-1.3631
-0.2280
2.5418
-2.3673
-0.3676
-0.7001
-0.4690
-0.2519
0.8625
0.3531
0.0519
134
236
0.2635
0.0489
-0.2041
0.1162
-0.2585
-1.3573
2.3544
-1.6443
-3.7871
0.5947
-1.4413
-1.3493
-0.3080
-0.2863
-0.3685
237
0.4255
1.3620
0.0505
-2.2189
1.4246
0.0833
0.8073
-2.3994
-3.3618
-0.9381
-1.0880
-0.6863
0.0569
-0.9218
-3.3965
Appendix IX continued
238
-0.2218
3.2569
0.9360
-1.6482
2.6048
-0.0439
-0.5616
-1.0280
-1.0101
-1.9314
-1.1426
-0.8323
-0.1103
-1.9925
-3.0583
239
0.1053
1.8160
0.4401
-0.6211
2.2759
-0.2284
-0.8016
-1.1010
-0.8574
0.2558
2.4839
-0.8518
0.0372
-0.2523
-3.3763
240
0.1018
-1.4082
-0.4581
0.0358
1.7076
0.0799
-0.8954
-0.3651
1.5015
0.6279
0.2193
-0.0017
0.0335
-1.1522
-2.9601
241
0.1166
-0.6274
-0.7387
0.1930
0.7812
0.1373
-0.9796
-0.3127
-1.8999
-0.2591
-0.2020
-1.0261
1.1854
1.9846
0.2156
242
-0.6501
0.5615
0.1295
2.2551
1.8263
0.4652
-0.0429
-1.3327
6.9859
0.0274
0.3162
0.2564
-0.0298
-0.1548
-5.4423
243
-0.5589
1.6546
-1.3463
7.1868
1.8067
-0.1103
-0.1007
-0.9541
-1.2924
-0.3119
-0.6369
0.2542
0.2344
-1.6081
-1.4693
244
-0.4850
1.8683
-0.7918
-3.1305
1.1862
-0.3009
-0.0935
0.7736
1.7473
0.7457
0.1377
-3.2738
0.1147
-2.5405
0.5663
245
-1.1477
0.9611
0.8897
0.4444
0.0492
-0.1821
-0.1462
-0.9543
0.4389
1.1063
-0.9817
-0.2328
-0.0268
-2.6525
1.6202
246
-1.1376
-0.3118
0.4964
-1.6123
-0.2582
-0.2785
-0.1557
0.7733
0.4280
1.3600
-1.2513
6.2499
1.3889
-1.5453
2.0079
247
0.5460
-0.6145
1.6421
-1.7272
-1.6978
-0.3231
-0.1572
-1.2572
0.6225
2.1436
-0.0039
-5.2774
3.4907
-2.0621
2.4353
248
-1.0245
1.1039
0.1295
-1.0013
-2.6465
0.1342
-0.3024
-1.9388
1.8947
1.3111
0.3668
2.4377
2.0805
0.2747
2.4831
249
-0.0002
1.0157
-1.3513
-0.3318
-2.7452
-0.3732
-1.3034
-0.8699
0.7235
-0.8964
1.0520
2.5630
-1.2481
-3.0021
2.2874
250
-0.6199
0.5382
-0.6862
-0.2025
-1.6357
0.1955
-0.2189
-0.3433
-1.0324
-0.0895
-0.0263
-2.5466
-0.6616
7.2670
1.6581
251
-0.0975
0.3381
-0.4593
0.5260
0.6510
-0.2274
-0.8337
0.5551
-1.1977
-1.1443
-0.4808
-2.4344
0.4765
0.0213
0.5908
252
-0.3743
0.0593
-0.5285
-0.2542
1.2741
-0.4641
-0.2095
2.1251
1.6795
0.3045
0.2184
-1.5152
1.4882
3.0489
-0.1884
253
-0.2606
-0.1216
-0.0661
0.6288
-0.2008
5.5001
-0.2759
1.5711
0.5394
1.7638
-2.4953
0.2102
1.8758
1.7692
-2.8908
254
-0.1061
-0.6958
0.0900
-0.6210
-1.9508
0.5452
-0.3385
1.4370
0.6732
2.1672
-1.1539
-2.4643
0.9805
0.8477
-3.3010
255
-1.2505
-0.6940
-0.2115
-1.5268
-2.4405
0.6853
-0.3280
1.1683
0.8063
0.0523
0.3032
-1.4357
-0.5213
0.5021
-2.0039
256
0.3952
-1.9122
0.5244
-1.4886
-0.4997
-0.5518
-0.3423
1.0498
-2.4771
-0.5775
-0.0659
-0.4812
-0.6081
0.7870
-1.6730
257
0.7313
-0.3713
0.4355
-1.1464
-1.0117
-0.9416
-0.3256
0.9869
-1.6903
0.6132
0.1746
0.2209
1.0239
1.8386
-0.3069
258
1.2909
0.7939
-0.4544
-0.2404
-1.5418
-0.8792
-0.2404
0.9626
0.4609
0.3839
1.3584
0.4788
0.9979
0.2843
-0.6880
259
3.5142
-0.2588
-0.6651
-0.9568
-3.2476
-0.3434
-0.4474
0.3397
-2.2209
0.4816
1.3628
2.2769
0.6822
-1.9239
0.1653
135
260
-0.8402
-0.4952
0.5684
-2.1407
-2.1895
-0.0467
-0.3845
1.1653
-0.5508
-0.0098
-3.4124
6.8188
0.3285
0.5396
-1.2511
261
-1.2405
-0.3126
0.5099
-0.5310
0.6667
0.6410
-0.4412
0.8426
-1.1859
-0.3897
4.8846
-3.5030
0.1455
1.0135
-2.2719
Appendix IX continued
262
-1.1376
-0.7499
0.0019
0.7479
-5.7167
0.0714
-0.3602
-0.5864
-1.6221
-1.6635
-0.1058
0.2209
-0.0538
-0.5536
-1.8919
263
0.5894
1.1387
0.0341
1.6142
-1.0548
-0.3790
-0.5139
-1.5306
-1.0712
-0.9889
0.1991
-1.8393
-0.7490
-0.3968
-0.1602
264
-1.7357
-0.3124
1.4150
2.0829
-2.5586
-0.4516
0.2192
-1.6391
1.6475
1.4129
-0.3749
-1.9425
-0.7385
-1.1900
-1.8941
265
-0.3539
0.3161
0.1858
1.2269
-1.0295
-0.4175
-1.0159
-0.7726
3.2226
1.7869
-0.0779
-0.9809
-1.9144
-0.3708
-0.1574
266
-0.8524
-0.3279
0.6931
0.3788
-0.7174
0.0838
-0.4390
0.1091
1.3543
-0.4159
0.4606
-0.1528
-0.3891
-0.7297
-2.1893
267
-0.4247
-0.4603
1.4694
-0.9100
1.0849
-0.3228
-0.3558
0.2170
-0.5662
0.4338
1.1796
-0.2152
0.7761
-2.1339
-2.0265
268
-0.6670
0.6268
1.2435
-0.9825
3.0886
0.2738
-0.3963
-1.2691
0.6715
0.8639
-1.7575
0.6695
-0.0370
-1.7609
-1.8014
269
0.1129
0.0743
0.9384
-0.7313
2.3773
-1.0072
-0.4089
-2.0225
-0.1531
-1.0448
-1.3394
-0.3894
-0.5353
-2.3651
-1.2719
270
0.2656
0.2913
1.8886
-1.1469
2.2793
-0.2826
-0.3964
-1.3122
-0.6001
-1.0236
-0.3321
0.7657
-0.3114
-1.5351
-0.3844
271
-0.8794
0.2551
2.1984
-1.9070
1.9991
-0.3162
-0.4901
-0.4308
0.6809
0.5300
0.6841
-0.3998
-0.9771
-0.6371
1.2986
272
0.1748
-0.0300
-1.0270
-0.6899
1.6073
-0.3605
-0.0497
-0.4825
0.5857
-0.0353
-2.1190
-1.2989
1.0206
2.4205
2.2892
273
0.8307
-1.8469
-1.3290
0.1655
0.0631
-0.0359
-0.3596
-0.4346
1.1922
-0.1954
0.1461
-1.2738
-0.2790
2.5812
2.1499
274
1.3968
-0.3380
0.6541
-0.8530
-1.1342
0.2991
-2.7587
-2.1378
-1.2955
0.2012
-0.7894
-1.1931
0.3136
2.4080
1.8902
275
2.9758
-0.6714
0.6875
-1.0824
0.5391
-0.5001
-2.4424
-1.4718
-1.9449
-1.9318
-0.9733
0.1672
-0.3119
0.4065
0.9620
276
2.1471
-0.5323
0.1295
-1.3113
-0.5792
-0.4568
-2.7877
1.0952
-0.1176
-0.0848
0.5782
-0.8116
-0.4781
-0.5095
1.7004
277
-1.0624
-0.6801
0.3181
-1.1256
-1.1112
0.9146
-2.3372
-6.5671
0.2027
1.0668
-0.4159
-2.0029
0.6014
-1.0976
1.6808
136
Days eternaoil
fbn
fbn2
fcmb
fidelity
firstall
Flour
guineains
his
japoil
japoil2
josbrew
livesfeed
Longman
Nacho
21 2.6246
0.6114
-0.0430
0.8809
0.1013
-0.4074
-0.6895
-0.1397
1.0357
0.0940
-3.1715
-0.5494
0.2442
-1.5884
-1.8210
-0.0357
-0.0595
-0.0438
-1.4519
3.7367
0.9093
1.5954
-0.0757
-1.3273
0.1493
3.4200
1.4069
-0.2275
1.7711
-4.0980
1.1979
0.4620
-0.0408
2.0984
-0.5786
-0.9855
-0.2219
-0.2038
1.6875
-0.5859
-3.1715
-0.4851
0.3966
-0.9768
3.5365
1.9778
0.8399
-0.0423
0.2048
-0.7935
-0.4816
-0.2129
-0.1400
-1.4286
-0.8007
6.5536
-0.4828
0.0094
0.8056
0.8758
-0.0357
-0.0381
-0.0427
0.6482
0.1289
0.2508
-0.2566
0.6121
-0.2099
0.1216
-5.0079
-1.2653
-0.5250
-0.6867
0.4710
6.0648
0.1048
-0.0423
-0.9688
-0.6312
-1.0384
-0.1684
-0.1397
0.3396
-0.6384
2.8129
0.4892
0.1597
-2.5261
0.9068
3.4240
0.4290
0.6578
0.5203
0.2397
-0.4094
-0.3358
-0.1397
-1.3637
0.2325
2.9398
0.4252
-0.1306
-2.3655
0.4693
0.5456
0.3751
-0.0423
-0.3230
0.6873
-0.3269
-0.2285
0.0961
-0.6295
0.6801
-1.3028
0.4937
-0.2159
-1.0549
0.4086
-2.4297
0.9776
-3.9859
-1.3561
0.1289
-0.3682
-0.0416
0.4341
-0.3339
0.1216
-1.3025
0.3608
0.3628
-1.5505
0.6070
-2.3089
-0.0723
-0.0423
0.3233
0.1289
-0.2720
-1.2339
0.6151
-1.2904
0.1216
-0.2572
-0.3707
-0.0744
-1.1381
1.4404
-4.7030
1.1192
1.4383
0.7512
1.8454
-0.3692
-0.6497
1.6817
0.3319
1.8382
1.3149
0.4287
0.7052
-3.0246
0.7267
3.8077
-0.8364
2.0517
0.1605
-0.2801
-0.3532
0.7001
0.8087
0.5156
-0.2873
-1.0092
-1.0388
1.4239
-2.4397
0.5750
-2.0997
1.7326
-0.6337
-0.0789
1.0034
0.0872
-0.1993
-0.1400
-0.4502
0.9962
-1.5954
-0.4058
0.3501
0.0913
0.4440
-0.4152
1.6856
-0.0423
0.4016
0.2707
-0.3332
-0.6140
1.6075
0.4531
0.2634
-1.1309
-0.0118
-0.3333
-5.9669
0.6365
0.0159
1.3406
-0.0427
0.5996
0.6860
-3.3611
-0.0900
-0.1397
0.3302
0.6788
-1.0254
-0.1044
3.1980
-1.3050
0.9988
0.4285
0.1774
-0.1574
-0.2291
0.1286
-3.0229
-0.2844
2.6580
0.8277
0.1213
-0.8042
0.6968
-0.3342
1.0593
0.1546
2.3795
-0.4060
0.4637
-0.5874
1.6767
-3.3409
-0.1278
0.7942
0.0498
1.6694
1.1992
1.7463
-0.0680
-1.2797
1.1286
1.9757
-0.8356
-0.0423
0.0215
1.1150
-2.9247
0.1609
1.1944
-0.4118
1.1077
6.0505
2.8754
0.3612
-1.2886
0.4018
22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38
137
39 -1.5070
-0.3092
0.6407
0.1657
0.1289
0.2510
-0.4260
-0.1397
-1.5713
0.1216
-1.9306
-3.4027
-0.5117
0.8347
0.7233
-1.2570
1.4455
-0.1433
0.8023
0.9189
-5.4069
-0.7138
0.1368
-0.7716
0.9117
1.7980
5.8082
-0.5529
2.5174
1.3135
-1.0875
0.9977
-0.1994
1.4153
1.6625
-1.4339
-0.5932
-0.1948
-0.4327
1.6552
-0.2676
0.4418
0.5351
2.0798
0.4173
-1.0190
0.4816
-0.3487
2.7699
0.1289
0.6016
0.1636
0.2736
-0.3423
0.1216
-0.3954
0.3286
-0.3311
2.5083
1.4457
40 41 42
Appendix IX continued 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61
-2.5700
1.4648
-0.0423
-3.3623
0.1289
1.6555
-0.0723
-0.4651
-0.2870
0.1216
0.3241
0.3618
1.7304
2.2237
0.0244
-3.6220
1.4510
-0.0427
4.5030
1.0989
2.0433
0.3065
-0.1071
-0.0739
0.7081
0.9491
-0.0966
0.3600
1.3571
0.3436
-3.0929
-0.5063
-0.0423
0.3921
-5.7067
2.4706
-0.2171
-0.1397
0.1237
-6.0916
1.1421
0.7418
-0.1789
0.0996
0.2225
-1.2039
0.3989
0.0441
0.5042
4.3629
2.4912
-0.2084
-0.1401
0.5598
3.9726
1.7384
0.9026
-0.7542
-1.0813
0.3285
1.6382
0.6140
-0.0427
-0.2357
-0.1189
2.3227
0.8858
-0.1397
-0.2094
-0.5024
1.0275
-0.6651
0.0084
-0.0242
-0.4192
2.2701
0.8676
-0.0413
0.3528
-1.0123
1.6934
-0.0064
-0.5622
-0.1055
-1.3992
1.8336
-0.3436
-3.6645
-0.6612
0.4711
1.2811
0.0237
-0.3630
1.4917
0.2084
0.6262
-0.1997
0.9142
-0.3142
-0.1216
0.6451
-0.1772
0.3368
-0.8781
0.3156
0.0427
0.9835
-0.0423
-0.0607
0.0005
-0.1530
0.3795
0.5848
0.6533
-0.0265
-0.2660
0.4287
-0.7518
-1.2320
-0.9169
-0.1729
0.2531
-0.0151
-0.4879
0.2956
-2.8555
1.3642
-0.6382
-0.0293
0.6825
-0.2166
-0.7795
-0.7359
-1.0352
0.9805
-1.2322
0.7150
-0.6189
-0.5661
0.3879
-3.2657
0.7952
-0.6389
-0.0704
0.7737
-1.0675
-0.4494
0.0741
-0.3927
-0.1001
-2.3029
1.1592
-0.0423
-0.2144
0.3413
-1.9686
0.6645
0.9811
0.2580
0.6565
-2.4876
-0.4685
0.0084
0.3617
0.2348
-0.1402
0.2759
-0.8317
0.9375
0.6703
-1.6376
-0.8093
-1.5801
0.3395
0.5504
-0.9121
-0.3454
-0.7370
0.6274
-1.7936
-1.4626
1.3649
-0.2991
-1.3150
0.0479
-0.2716
0.6544
-0.1397
-0.2170
-0.2666
-2.1326
0.4284
0.3682
0.5276
0.4131
1.6742
-0.1030
0.2443
0.3229
-0.1587
-0.6527
-0.3119
0.2524
0.6359
-0.5440
-1.0025
-0.8592
0.3624
1.7396
0.5352
-0.4652
0.3080
-0.8284
-0.7212
0.1901
0.2007
-0.3908
0.4632
-0.0386
0.2757
1.8720
0.4330
-0.1959
1.4553
0.1661
-1.4527
0.3841
-0.8296
-0.5139
-0.1146
-1.2158
-0.2773
-0.8432
0.0918
-0.2249
2.5952
0.3612
0.7463
-0.6554
0.4180
-2.8509
0.5975
2.7033
0.1038
0.0685
-2.2366
0.0014
0.4671
-0.0844
-0.0304
1.3454
-2.9684
1.6739
-2.9177
0.0244
-2.5396
-0.5779
-0.8294
-0.8145
0.2569
-1.8566
0.2271
-0.1397
1.3352
0.4444
2.0327
0.4962
-0.3276
-2.0265
0.0224
-1.8557
0.5988
0.2397
0.3233
0.1977
-0.1249
0.2679
-0.6782
0.5381
0.2949
0.1396
6.8581
2.5814
-0.7710
0.3513
138
62 63 64
-2.3725
1.3131
0.7868
0.3233
0.2868
-1.7661
0.3910
0.4719
0.7468
-0.1002
-1.1474
-4.7034
0.3625
0.0255
-0.2565
0.3864
-1.1519
-0.1703
-1.8746
0.0438
-0.1220
-0.2306
0.5388
-0.2114
-0.0927
-1.6901
3.1174
-0.2297
-0.0640
2.0233
-2.8889
0.4401
-1.0405
0.1701
0.1289
-2.1540
-0.0771
0.6947
-0.5904
0.1216
0.5183
3.2443
-0.3119
-1.0415
0.9282
Appendix IX continued 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87
6.9566
0.2259
-0.6596
5.7064
6.0087
-1.9912
-0.3082
1.5652
0.1294
6.0014
-0.7737
-2.2077
-0.1245
-0.5360
0.7544
-0.7127
0.1244
-0.8302
-4.8089
1.1469
-1.7661
-0.1806
1.4162
-0.0231
1.1495
-1.8694
-2.2051
-0.0407
-1.1865
0.2798
2.7385
-1.2152
2.1511
3.0119
1.2076
-1.2365
1.0782
-0.1397
0.2911
1.0925
0.2277
-1.1538
-0.0797
-0.4978
-0.6393
1.4588
0.5605
0.5300
3.1388
-0.5274
-0.3491
-0.4585
2.7297
-0.5177
-0.4858
0.1196
0.3612
0.3567
-0.6493
0.4711
0.5373
-0.2128
0.7323
-1.0523
-1.0036
1.3340
-0.5059
-0.1397
1.2891
-1.0304
0.3896
-1.9063
0.0873
-0.8602
-0.5811
0.1917
-1.0413
-1.0457
-1.9069
-0.9182
2.3246
-0.5482
0.0344
1.0353
-0.9059
0.1086
-1.2647
0.3672
-1.2606
-1.4157
0.4342
1.3863
0.7106
-2.4659
-0.1304
2.2750
-0.7620
-0.9001
-0.2660
-0.2833
-0.1134
-0.3082
1.1627
-0.4745
0.3482
1.5282
-0.0385
-1.2247
1.4518
0.0718
1.9256
-0.5138
0.3642
1.3910
-0.1349
0.2294
0.4294
-2.8503
0.6394
0.3263
0.3975
-0.0653
-0.1392
-2.2447
1.1731
0.9974
0.0274
-0.1375
0.3324
1.1752
-0.6159
0.7111
-0.2200
-0.0967
0.4023
-2.2343
0.0131
-0.6366
-2.4292
0.3484
1.7357
0.7286
-0.1404
0.2166
-0.0437
0.5920
2.6385
0.1383
-1.1151
0.4706
0.2292
-0.0650
-0.9548
-0.4137
-0.1016
1.7161
0.3520
-0.1397
0.0384
-0.4586
-0.8576
7.5011
-1.5597
-0.0297
-0.2619
0.7031
0.9523
-0.1087
0.6219
-0.4916
1.0956
-0.8763
-0.1401
-0.1547
-0.8829
-2.5256
-2.8166
-1.5766
-0.6947
0.4706
-0.8640
1.5750
0.3547
0.7036
-0.2472
0.2631
0.5935
-0.1397
-0.1818
-0.6206
-2.1019
0.8954
0.7239
0.2572
-0.9483
-0.7072
0.8147
-1.0955
3.7390
0.0473
-0.0469
-0.5145
0.5603
0.0115
-0.3395
-1.2133
-1.1615
-0.2786
0.2633
-0.2964
-1.5004
0.2126
0.2418
8.4640
-0.1653
-1.4894
0.0429
-0.1397
0.8979
-0.5559
0.8969
-1.2758
0.7366
0.0339
-0.0426
-0.2570
-0.3189
0.3424
-3.5912
0.1726
-2.4310
0.1638
-4.0833
0.3834
-0.2137
2.1115
-0.5645
0.0084
0.3262
-0.1535
-1.0401
0.8118
-0.8310
-0.0646
-0.8480
-2.5339
-0.5076
-0.1397
-1.2113
-1.2362
2.8122
-0.0132
0.3686
0.1308
0.5310
-2.4443
-0.6302
0.2280
-0.6368
-0.2937
-1.4288
-0.5805
1.3409
-0.4867
-0.6827
2.1276
0.2432
0.3004
0.4660
1.7149
-1.6476
-1.2779
1.1639
-0.8164
-0.0156
0.9527
-0.4047
1.9542
-0.7018
-0.2635
1.9133
0.8383
0.1518
0.1335
2.7898
-2.6755
0.3457
-0.8294
-1.2189
0.3705
1.0557
-0.1412
-0.7311
-0.5340
0.5796
0.4014
0.1293
0.0814
0.3714
-3.4292
-1.4236
0.5429
2.5059
-0.8524
0.8135
-0.5271
-0.2979
-0.1397
0.1519
1.2060
-0.8231
1.0085
-0.1077
-0.0975
5.7671
-0.9475
0.0054
0.1476
-0.0317
1.1573
-2.2759
0.3013
-0.1401
-0.8623
1.5509
0.1160
-0.2376
0.8089
-0.2442
0.4076
2.1525
0.0671
0.3406
0.5798
0.3540
-2.2059
-1.7490
-0.2549
-0.5007
0.7478
-0.0076
-1.1340
0.0557
-0.2933
0.3710
139
88
2.6946
0.0226
0.5243
-1.1531
0.3728
-0.8953
-0.1795
0.3663
0.0854
0.7359
-0.0711
-1.1052
-0.3137
-0.1847
0.4711
Appendix IX continued 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110
2.0976
-0.0483
0.3481
0.8355
1.2522
-1.3909
0.3761
-0.1397
-1.0348
0.8606
0.0409
-0.7630
0.3068
0.4759
-0.0566
0.0961
-1.2315
-0.1135
-0.3140
1.3947
-1.3337
0.0344
0.5433
0.3780
1.0074
-0.0163
0.0715
-0.0358
0.7145
0.8520
-0.8199
0.4796
-0.2111
-1.0494
2.2163
-3.0433
0.1562
-0.2407
0.8171
2.0686
-0.0085
-0.6448
0.2107
1.0443
0.8974
-0.9832
-0.1475
-0.3609
-0.1613
0.8905
-2.2801
-0.9802
-0.2968
-0.3444
0.5016
-0.0111
-1.8281
0.1305
0.4828
-0.7637
-2.0031
-1.0172
0.0943
-0.8685
0.3104
0.3414
0.4510
-0.4461
0.3135
-0.0789
-0.0192
-0.1476
-0.0438
0.0913
-0.3260
-0.7790
-0.3160
-0.0383
0.9820
-0.1226
-5.8073
0.2377
-0.1397
0.1878
-0.5115
-0.0191
1.0624
-0.9601
4.9806
-0.1463
-0.9369
0.5455
0.7615
-0.0216
0.4615
-1.0553
-0.7437
-0.1401
-0.7748
0.1562
-0.1628
1.9689
-0.6008
0.6423
0.4687
-0.0357
1.6215
-3.3416
-1.8513
-0.1246
-2.9706
-1.2242
-0.1397
-0.6000
-0.5143
-1.1622
2.4664
-0.3283
0.0680
-0.8239
-1.5189
-3.3280
0.3975
-1.0640
0.1289
-1.0306
-0.1726
-0.1470
-0.1939
0.1216
0.1776
1.6785
-0.8218
0.1382
-0.5528
-2.1682
6.3320
0.5694
0.8296
0.3501
-1.1242
0.2437
-0.2301
-0.0151
0.4009
0.1010
0.7951
0.1192
-0.2488
-0.5669
-0.3410
0.5257
-0.4926
1.5166
1.3779
1.0828
-0.1030
-0.2253
-0.6181
1.7727
-0.1527
-0.4589
0.6135
0.5717
-0.5002
0.7510
0.9675
-2.0760
2.0653
0.6583
2.5042
1.9829
-0.5710
-1.1053
1.0512
-0.2189
-0.5990
0.0084
-0.3016
0.4172
-0.1520
0.2708
0.2090
1.4804
0.0933
2.4991
1.3751
-0.2453
-0.9687
-0.2300
-0.2321
-0.3478
0.0318
1.1665
-0.9002
-0.9874
0.1374
-0.1033
0.0058
0.1691
2.5809
0.5734
-0.2134
0.5474
0.0499
-0.2206
-0.8203
2.0616
2.1521
0.4023
-0.9300
0.1070
0.5893
-0.5944
0.3217
2.2089
0.4323
-0.8130
0.8050
0.1496
-0.2340
-1.5257
-0.0469
2.4205
0.3518
0.8153
0.3521
-0.0223
0.2727
0.7565
1.5167
-1.2015
-0.2325
-0.9858
0.8039
-0.2163
-0.3064
0.9873
3.5260
-3.0116
1.2362
-0.3948
0.0584
-0.4689
0.0314
0.2592
0.5693
-0.1404
-0.7070
0.2519
-0.1301
0.5861
0.5007
3.6311
0.3302
1.4733
0.0900
0.3856
-0.3431
0.9636
-0.8347
0.5426
0.2809
-1.3014
1.1215
-0.3361
-0.5067
0.2414
2.6326
6.7663
1.6279
-0.5459
0.1304
-1.8375
0.3815
0.2269
-0.8349
0.8273
-0.4910
0.7576
-0.2721
-0.7628
-0.3270
2.7556
-4.7502
1.1449
0.7639
0.1250
0.3097
0.3848
-0.5930
-2.0910
-0.2409
-0.3462
0.1688
-0.3278
-1.0670
1.2364
-1.8614
3.1031
-0.3645
-0.8481
0.0584
0.6439
1.1937
-0.8053
0.6972
-0.2366
-0.0664
1.4620
-0.2456
-0.6030
0.6656
-2.0659
3.2867
-0.6703
-0.4277
0.6680
-0.4479
0.1049
-1.0724
1.0237
3.2813
-0.0151
0.0611
-0.3982
-1.4766
-0.3276
-0.8902
-2.1655
140
111 112
-1.0372
-0.3267
0.2526
-0.7857
1.2781
-0.9671
-0.3573
-0.2457
-0.4574
1.3624
0.3360
-0.2746
0.4569
3.4310
-2.1633
0.3970
-0.2901
-0.6342
0.1331
-0.3103
0.0264
0.1936
-0.1912
-0.0426
-0.4091
-0.9512
-0.8829
1.8835
3.2668
-1.1205
Appendix IX continued 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133
1.9045
0.7719
0.5910
-1.9810
-0.1246
0.1768
0.8107
-0.2368
-0.2612
-0.5167
-0.3203
-1.0865
0.3674
2.5844
0.3955
2.2903
-0.1848
-0.0924
-0.3248
0.1889
0.7027
-0.4293
-1.1222
-0.7843
0.2688
-0.2358
-1.0193
-0.3287
-0.3031
-2.0048
0.5830
0.7725
-0.0057
-0.0467
0.2038
0.8613
-1.0088
-0.8390
0.1825
0.3143
-0.2751
-1.7928
0.8885
1.8101
-1.3633
-0.4851
-0.0466
-0.0382
0.2802
-0.8881
1.8992
-0.5044
-0.0684
-0.1207
-1.2773
-0.1768
0.0060
-5.9051
2.1048
-0.3997
0.7436
-2.3754
0.0465
0.0668
-0.1218
1.3512
-0.1834
-0.2481
-0.1923
-0.5095
-0.2719
3.5456
4.1637
-0.0774
0.3998
0.9186
0.2759
-0.6720
0.1397
-0.0744
-0.6727
-0.7937
1.2308
0.2954
-0.1886
-0.2538
4.2569
-0.3260
6.0259
0.5554
0.2447
5.5956
-0.9689
-1.8983
-0.9788
-2.7581
-0.6026
-0.2506
0.2171
-0.5829
0.1889
3.5680
-0.7545
3.3833
2.5939
-0.5973
-5.9583
0.0458
1.1680
0.9029
-1.9504
-0.1141
-0.2455
0.7684
1.2034
-0.2293
3.3475
0.5834
0.7674
7.5388
-0.9939
2.8828
-0.8234
2.2473
-0.2987
-0.6114
0.8598
-0.8320
-0.0190
-0.0879
-2.2998
1.8278
-0.2593
-2.4578
-2.8736
-1.9003
3.0915
0.0517
2.9625
0.1591
0.1851
0.3015
-0.2465
-0.1298
0.5565
-1.9627
0.4263
0.2627
-2.2547
0.8085
-0.8024
-1.2167
0.5161
2.2718
-1.7777
0.0078
-0.0711
-4.2564
0.0764
-1.3850
-2.2852
0.2090
0.2909
-4.4662
-1.2118
1.2156
-1.2741
-0.2551
2.0523
0.3927
-0.9673
-0.5654
-0.2465
1.0969
0.7858
-1.8775
0.0835
0.3675
4.0770
-1.3719
1.6219
-0.6493
-0.0340
1.9557
-0.0448
-0.5479
-0.2522
-1.3556
0.2939
-0.4326
1.2852
0.0180
0.9342
-1.9727
-0.6463
-1.0155
0.8638
1.2163
0.5565
-0.3296
-1.0269
-0.4508
-1.1582
0.5747
-0.7188
-4.3907
0.1281
-0.2020
-0.4351
-0.0426
0.1969
-3.1719
-0.4109
0.3414
-0.1231
-0.5105
-0.0979
-0.4316
-0.0168
-0.5127
-2.7035
0.0688
-0.3675
-0.0247
0.1448
0.2464
-1.7589
0.8726
0.2182
-0.4474
-0.4897
-0.2032
-0.2075
-0.5517
-0.8365
-0.6151
0.0746
-0.3332
0.5910
0.7403
-1.2817
-0.3717
0.2623
0.1551
-0.4647
-0.7006
0.2170
-1.1203
-1.0258
-0.8472
0.4191
0.0699
0.0722
2.5065
0.1148
-1.2605
0.4564
0.5107
0.2676
0.3573
-1.0117
1.3567
-0.0963
1.1684
0.6966
0.7920
0.0597
-0.0723
2.1028
0.9834
0.3861
0.0146
-0.2419
0.2108
-0.1931
-0.3149
1.2866
-0.0494
0.0890
0.2042
1.2090
0.0575
0.3577
-1.2012
-0.1954
-0.6192
1.3705
1.5014
0.1997
1.7993
0.7990
1.5992
-0.0268
-0.6299
1.7920
1.2230
-0.0883
0.3542
-1.2998
-1.1605
-0.3721
6.2368
0.8030
0.1972
0.8109
-0.1100
-0.0001
1.0266
0.1867
0.9924
1.1632
-1.0900
0.3724
-1.1267
-1.1316
141
134 135 136
-0.0357
-3.5133
-0.0623
0.1892
0.2313
-1.1285
0.4285
1.9687
0.2997
-0.1548
1.0119
0.2345
-0.2297
-1.0588
-0.7212
-2.5499
0.9260
0.6202
0.1893
0.1128
-0.0429
0.2380
-0.0309
1.0395
0.3622
-0.3619
0.1815
-0.3241
-2.5394
0.1137
-0.3216
-0.7767
0.7088
0.0457
-0.9133
-0.4492
0.5301
1.9761
-1.1002
-0.9205
0.5816
-0.0395
5.5514
-3.4950
-0.6784
Appendix IX continued 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156
0.5108
-1.1849
-0.5082
-0.9536
0.2913
0.4168
-0.1045
-0.0966
0.1420
0.5305
-1.8017
-0.1073
0.6801
-2.9659
-1.7862
0.8912
-0.6737
-0.7574
0.3862
-0.6150
0.2510
-0.3919
-0.1397
0.9018
-0.3678
-2.2103
-0.1220
1.3828
-1.0768
-0.1562
-0.7367
0.1538
0.9362
1.1076
-1.4528
0.2836
1.2725
-0.1722
-0.8984
-1.2105
-0.9146
-0.1122
-0.6991
1.7652
1.0569
-0.3387
-0.1891
-4.8016
0.0909
0.1377
0.4858
0.7300
-0.0964
-0.1362
0.1438
-1.7643
-0.1272
-1.4266
2.3149
1.9290
0.3491
0.6583
3.9631
0.0253
-0.1282
0.2904
0.4634
-0.3226
-0.9077
-0.5202
-1.5183
-0.1112
-1.1058
1.4081
2.4264
-0.0353
-1.0294
0.3878
0.0129
0.2092
0.6256
-0.5196
-0.3388
-0.9675
0.3238
-1.4385
-0.0267
-0.1008
0.0036
1.6384
1.0628
-0.0853
-0.5697
0.0251
0.2148
0.3792
0.2727
-0.2248
-0.9399
0.3379
1.2243
-0.2344
-0.2538
-0.2996
0.7549
0.5125
0.1985
0.4781
0.0125
-0.6511
0.6214
-0.6476
-0.2845
-0.4711
-0.7303
-0.1331
-0.1722
0.7087
-1.1052
-0.4993
-0.3693
-0.1157
-0.2179
0.0310
0.3929
0.0622
-0.2026
-0.0272
0.4485
0.7865
-1.1574
-0.2296
0.1435
-2.1758
-0.6396
-0.0357
-0.5823
-0.1691
0.0951
-1.0076
0.0008
0.3895
0.6298
-0.2327
-0.6143
-0.7848
-0.1494
-0.3290
-0.4357
-0.3876
0.7708
-0.9158
0.1196
-0.1105
-0.3754
-0.0441
-0.4090
-3.2217
-0.1496
0.0166
0.9350
-0.3038
-0.6953
-1.3356
-0.8602
0.6959
-0.6213
-0.1479
-0.0461
0.0169
0.1375
-0.6798
-0.2449
-0.4089
0.4062
-0.8161
0.4285
-0.4609
1.9759
-1.5657
-0.2009
-1.2877
0.7624
-0.1013
-0.1402
0.4730
0.3518
0.0016
-0.9726
0.2534
0.8976
-0.8606
-0.1553
-0.1884
-0.3466
-0.9039
-1.4798
-0.1100
-0.0188
0.5963
0.8741
-0.1341
-1.3787
-0.4201
0.9936
-1.0758
-0.2316
0.3263
-1.5703
0.5458
-0.0357
0.7816
0.3652
-0.1710
1.5898
1.2039
-0.7113
-1.3847
0.2587
1.6983
-3.1544
-0.1492
0.4677
-2.5496
-0.5462
-1.5115
0.3566
0.2383
0.5636
2.3220
0.8050
-0.4230
0.8772
-0.1363
1.9300
-2.0612
-0.1905
-0.7594
-2.6574
-0.7902
-0.5342
2.3805
-0.5641
-0.7231
-3.9550
0.3345
0.0426
-0.0235
0.2760
-4.3454
-1.6136
-0.0942
-0.5020
-1.5509
-1.0401
0.7245
1.1983
-0.0231
-0.0917
5.2574
5.2278
-0.2260
0.6490
-0.9268
4.8692
0.7161
-0.1914
-0.2376
-2.2454
-0.7102
0.7533
0.7236
-0.2494
-0.0068
-0.1072
0.9661
-0.5353
-0.0649
0.1765
-0.4926
0.1820
-0.1754
-0.2290
0.1918
-1.5031
1.4769
0.5480
-0.0423
-0.2959
-0.2229
0.2276
-0.0440
-0.2512
0.3051
-0.6122
1.0555
0.2650
0.1903
-3.0096
-0.2963
142
157 158 159 160
-0.0357
-0.0180
0.5533
0.0255
-0.1244
0.3899
-0.3404
0.4412
-0.0889
-0.5161
0.9690
-0.1554
0.7375
6.9508
-0.8895
-1.5433
-0.4382
-0.4790
-0.0697
-0.4218
-0.2534
-0.1452
-0.0553
0.8882
-0.5685
0.6848
-3.1834
-0.0072
-0.3728
-1.1186
-0.7701
0.4329
-0.2840
-0.0516
0.5710
0.9802
-0.5739
0.0635
-1.8831
0.6564
-0.2624
-2.8451
0.1149
2.6959
-1.0599
-0.1194
-0.7851
5.5087
0.1595
0.3627
0.1121
-0.5706
-0.2228
-0.1257
-0.0090
0.4619
-3.1632
1.4329
1.5859
-1.8192
Appendix IX continued 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178
-0.6937
-1.7584
0.7501
-0.0294
-1.2105
1.3261
-0.9190
0.6051
0.8695
-1.5904
0.4956
-2.7469
1.5247
0.6643
-0.0473
-0.2313
5.3414
1.1825
-2.0434
-0.5764
2.3915
-0.8103
-0.0399
0.4468
-0.5836
0.3484
0.4287
2.0693
0.3188
3.5183
0.0138
1.6011
0.0776
-1.6964
-0.1422
2.8295
-1.2584
-0.6861
0.2945
0.2551
1.3296
-5.2292
0.8697
0.5612
4.2167
-0.3767
-0.2146
-0.4690
-2.0076
0.3921
3.9393
-1.3711
0.4323
-0.1485
0.7844
1.0154
-1.2561
0.4880
1.6552
3.5276
0.3592
-0.5261
-1.8817
-1.5870
-0.8160
3.8826
-1.1109
-0.3323
-0.1354
-0.4236
-0.4353
0.7794
-0.1752
0.1009
3.3210
0.3638
-1.1363
0.0359
1.5901
-0.5504
2.8814
1.2294
0.0564
-1.2030
-0.1591
-1.3895
1.8333
0.4250
-2.2736
1.7873
-0.2029
-0.2629
0.2542
-4.0696
-0.5021
3.1734
0.1630
-0.0335
1.1373
-0.1052
-1.5103
2.2210
-0.3198
0.3562
0.3998
-0.4052
-0.9704
0.3937
-0.1023
-0.4547
-1.5371
0.1737
-0.2343
1.3950
-0.0772
-0.3461
2.6484
0.3462
0.6625
0.1825
0.8082
-1.5422
0.3899
1.9231
-0.1249
-1.8138
-0.3226
-0.7662
1.2849
-0.5170
-0.3948
2.6690
-0.0392
-0.7369
0.0570
0.7554
-1.5537
0.1628
2.1191
-1.4064
-0.4848
-0.4204
-1.0621
0.8354
-1.7954
-0.2404
2.5005
0.6550
-0.7485
-0.0226
-0.1633
-1.2236
-0.1982
1.8020
-0.1204
3.7569
-0.8431
-0.0989
0.9455
-0.5061
0.5041
1.8712
0.0912
-1.4278
0.0296
0.2853
-0.7904
-0.2190
1.9655
-0.1224
3.5186
0.1529
-0.8300
0.5952
-0.5111
-2.5722
0.8039
-0.1615
-0.7163
0.0752
1.6716
-0.8704
0.2443
1.3750
-3.2459
2.8961
1.9095
-0.0004
0.6021
-3.2192
-1.2020
0.0247
-0.2135
-0.9210
-0.0238
0.4300
-0.5632
-0.1602
2.1424
0.1289
0.1187
-0.8602
0.4187
0.1703
0.1216
0.1656
-2.6777
-0.0279
-2.3173
-0.0288
0.1353
2.2943
0.4424
2.1637
6.5583
1.7740
0.1153
-0.1397
0.3651
6.5511
-1.9487
-3.0879
0.2612
-1.8155
-0.0381
0.9456
2.9919
-0.4770
-0.0205
-5.0032
2.2644
-0.2787
-0.1397
0.0668
-5.0105
-0.3229
-1.7908
-0.2475
-2.5485
-0.0402
0.6747
2.3046
-0.2134
0.2044
2.8175
0.1706
-0.1501
1.4648
0.5617
2.8103
-1.9748
-1.5280
0.7508
-1.8473
-0.1871
0.3739
2.1833
0.0701
-1.5335
2.9444
6.2745
0.9532
-0.5487
0.2524
2.9372
-1.2471
-0.0256
-0.3311
-0.8205
-1.1870
143
179 180 181 182 183 184
1.3949
1.9013
0.0568
-1.9566
-2.2410
3.6224
-0.2496
0.7348
-0.0162
-1.8437
1.2399
-0.4749
0.1843
2.2795
0.2821
1.6302
0.5020
0.5772
-0.6361
-2.2389
0.7481
0.1627
0.0020
0.4494
-1.8423
-5.6203
0.3784
0.5557
2.5266
0.2097
-1.5848
0.2800
-0.0648
-1.6486
-1.1889
-2.2234
-0.2315
0.3902
0.7377
-0.7944
-0.0849
-1.0380
-0.2423
2.3498
0.0023
-1.0677
0.1567
0.5426
0.4749
0.3913
-1.9419
0.4465
-0.2456
0.1086
0.7824
-1.9636
-2.1270
1.1114
0.2232
-0.0651
0.1296
0.0935
-0.8289
-0.6230
-1.9413
-4.4967
0.9995
1.3071
-0.3254
-1.5466
-0.0557
-1.6788
0.1564
-0.5185
-0.0797
0.6488
0.1986
1.3909
0.2730
-1.5703
4.0174
0.4353
0.7378
0.7077
-1.5863
-0.1249
0.0529
0.3670
-1.2810
-0.0698
Appendix IX continued 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201
0.3559
0.1416
1.3986
-1.5243
-0.7223
-1.8988
0.1760
-0.2433
0.4393
-0.9028
-0.2583
-1.6810
0.3636
-1.9643
-0.0850
0.3574
0.1496
1.3489
-1.7835
-0.1239
-0.0428
0.2592
0.5404
-0.3630
-0.5160
1.7103
0.0558
0.3593
-0.8220
-0.0693
-0.4680
0.1397
0.1846
-0.9164
0.0918
0.3664
-0.4221
1.2890
0.2290
-0.2979
1.1377
-1.9762
-0.7922
-0.9721
-0.1246
-0.4196
0.1317
-0.3977
-0.6201
2.0886
0.6387
0.4975
-0.2498
0.6740
1.7017
1.2689
-1.8134
-0.3267
0.0913
-0.3329
0.9089
0.1318
-0.8284
-1.7864
6.9487
2.6661
0.9663
-0.2448
-0.2463
6.5580
0.9318
-1.5883
-0.4362
-1.2172
-0.2700
0.6858
-0.0118
-0.3013
0.0801
-2.8541
2.1772
0.9939
0.9736
0.5460
-2.4631
0.2932
-1.0587
-1.5628
-2.0412
-0.3277
-0.1248
-1.0189
0.7843
-2.0817
0.8616
-1.3018
0.9342
-5.8309
-0.4370
1.2581
-1.0085
-0.1713
0.9398
-0.2140
-0.1782
0.6468
0.3208
0.4681
-0.8096
-1.1972
-0.8890
0.1625
4.2387
-0.7036
-0.8036
0.0927
1.5117
-0.5216
0.8780
-0.2653
0.2221
0.2441
0.1567
-0.4372
-1.3145
-0.8009
0.9250
-0.2351
-1.2461
-0.9254
1.2078
2.5024
0.1279
-0.0250
0.4401
1.1671
0.0304
1.0866
-0.2895
-0.6014
-0.8138
-0.8754
-1.1372
0.4183
-0.2095
-0.6283
2.3631
-1.8051
-0.8604
-0.8882
0.9696
-0.0352
0.8665
-0.2768
0.0188
-2.2020
-0.1156
0.1824
0.1309
0.4127
-1.8296
2.1033
0.1749
-0.8029
-0.3294
2.1036
-0.0477
-0.5450
1.3569
0.2086
-3.4167
1.1266
-0.2019
-0.5037
0.6039
-0.0834
1.1751
0.0854
0.9423
-0.2471
0.7484
-0.0356
0.0780
1.7153
0.8039
-2.7249
-1.0131
-0.1223
-0.2116
1.1997
0.0599
1.9135
-0.0087
1.3632
-0.2884
-2.2439
-0.0566
0.2850
1.0853
0.0945
-0.9986
-0.2733
-0.1397
-0.4021
0.4896
0.6939
1.8939
-0.3296
1.6003
-0.1919
-1.7770
-0.0384
0.5494
0.8786
0.9049
2.0062
-0.1603
-0.1072
0.0246
1.2981
0.2768
1.2734
-0.6562
1.7549
-0.2369
0.2209
0.0483
-0.2932
1.3337
-0.2758
2.5567
0.6589
0.3639
-1.5747
0.1141
-0.6261
0.4409
-0.2146
1.4470
-0.2736
0.4779
-0.1656
0.6706
1.3261
-1.1754
1.5677
-0.0626
-0.1252
-1.2564
-0.7904
1.6202
0.1309
-0.0799
-0.6623
0.1676
144
202 203 204 205 206 207 208
-0.4269
-0.1012
-0.0585
0.6024
-1.1421
0.3294
-1.1420
-0.2224
-1.3303
-0.7502
1.8856
-1.3116
-0.2199
-0.7100
-0.2470
-0.0169
-0.1565
0.3834
0.1154
-1.0628
-0.3100
1.0522
-0.1397
-0.1906
-1.0701
1.3142
-2.2532
2.0098
-0.9101
-3.1416
0.4422
-0.0739
0.8410
1.3054
-0.7253
-0.9456
0.5781
-0.3080
0.1757
-1.4867
-0.6858
-2.3561
0.2258
0.5240
-2.8051
-0.4275
-0.2350
-0.0423
-0.5853
-0.9364
-1.9310
0.0432
-0.1544
0.1243
-0.9313
-1.8368
-1.2510
0.1068
2.2070
-3.1303
-0.2144
0.4995
1.0466
-1.0117
-2.1279
-0.2761
-0.5480
-0.0280
0.4772
-2.1352
-1.0700
1.0403
-0.2300
2.4173
-2.7045
0.1048
-0.7874
-0.4212
-1.1009
-0.5687
-1.0866
-0.2178
-0.1852
0.2781
-0.7601
-1.7155
1.1430
-0.7176
0.2864
0.4704
0.1950
-0.1561
-0.0197
-1.2270
1.0081
2.0412
-1.0705
0.1657
0.5918
1.3735
1.1609
-0.3493
0.3686
-0.5252
-5.1870
Appendix IX continued 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225
-0.1360
-0.0807
0.0349
-0.1046
1.8742
-0.1786
-0.0500
-0.2518
0.0939
2.1783
-1.3089
-2.1887
-1.1515
0.8706
-1.2601
-0.1886
-0.1198
0.1843
0.4637
1.9866
-1.5054
0.1562
-0.2465
-0.2751
1.7062
-1.4241
-2.0282
-1.3815
0.4572
0.7565
0.2938
-0.0213
-0.8702
0.5753
1.5238
-2.4761
0.0482
5.7531
-0.8296
1.7369
-0.7928
-0.7175
0.3318
0.3718
1.8068
-0.2444
-0.1163
0.1860
0.4786
0.4179
-2.6763
-0.7396
0.7629
0.1368
0.2933
0.0558
-1.2131
-0.3284
-0.4702
2.2144
0.0111
-0.1077
0.6523
-1.0256
-0.8434
-1.6572
-0.1907
0.9000
0.6304
-0.9791
-0.1356
-1.1559
-0.1669
-0.8669
2.5507
0.4766
-0.9975
-1.4542
-0.9019
-1.0722
-2.0858
-0.2690
-0.9388
0.8198
-1.3426
-1.1181
-2.8655
0.3635
-1.7733
2.5879
-0.5002
-0.0868
0.2410
0.4179
-0.3897
0.2510
0.2160
-1.1487
0.2062
-0.0053
0.3169
-2.1024
-0.3715
-1.0988
2.4145
-0.3636
-2.1667
-0.2449
-0.0704
-1.0428
-2.9377
0.1444
-1.0836
0.5308
-0.9326
-0.4329
0.4287
-0.0446
0.7768
1.7895
-0.4728
-1.8270
-0.2187
-1.4354
-1.8342
7.2432
-0.1527
-0.1873
1.0352
-1.8546
0.6616
-5.6295
-1.1230
1.3306
0.7057
0.2422
-2.1467
-1.7322
-1.7267
-0.4214
-0.0025
0.8101
0.0496
0.4595
-0.1482
1.8297
-0.9677
-0.7589
-0.8884
-0.0728
0.2100
-1.7358
0.1589
-2.3895
0.2505
3.1178
0.2911
0.8707
-0.7843
0.1891
0.8249
-2.7929
-0.0047
0.1740
-2.7489
0.4889
1.4424
-0.3654
1.4968
-0.5419
1.7455
0.0655
0.2262
-0.1634
-0.1474
-0.7853
-0.9423
-0.1694
0.5503
-3.0895
1.1245
-5.5013
-1.0344
-4.5030
-0.8035
0.8239
0.4868
-0.2483
0.3858
-0.4174
-1.2520
-0.9464
0.5580
-1.1431
-1.7496
2.0590
-2.5242
0.7429
-1.9868
-1.0370
0.4784
0.0415
-0.5870
-0.9973
-0.6459
-1.6967
1.1721
1.6931
-1.1335
-1.4893
0.9469
-0.4800
-0.3598
-3.6555
-0.7049
0.7208
0.0928
-0.3864
-0.6707
-0.3092
1.4767
2.8547
2.1551
-0.0783
-0.1912
0.2419
0.5735
-0.3851
-1.9028
-1.5196
1.7372
0.3730
-0.0502
2.1168
-1.1371
-0.4765
2.5255
-4.1595
-0.4921
-0.5200
0.0785
0.9535
-0.2282
-1.2313
-0.3163
0.2605
0.5174
-0.2897
0.8625
0.0682
-0.9491
2.6703
5.0784
-0.6685
0.2796
145
226 227 228 229 230 231 232
-1.4168
1.3860
-0.4558
1.1861
-1.1101
-1.8701
1.3278
0.0452
-0.5162
-1.0070
-0.7507
2.3866
-0.3195
0.0913
-1.1356
1.2264
1.4046
0.9251
2.9296
-1.6364
0.5158
0.7334
-0.9741
-0.5429
-2.0232
-0.8961
1.6945
-0.4275
-2.4229
-2.0732
0.8880
1.2367
1.0396
2.4871
-1.4906
1.0708
1.0122
-0.4190
1.1766
-1.7582
0.8907
0.4370
-0.3322
-0.1946
-1.7777
1.3012
0.6104
0.4418
2.5648
-1.8978
-0.5773
-0.7786
-0.2377
-0.4058
-1.6094
-0.4831
-0.7439
-0.7753
0.6378
-0.0441
-0.1129
0.0301
-0.1414
2.2812
-0.0304
-0.3357
-0.5210
0.0760
-0.5470
0.3623
1.0538
0.3132
0.6740
1.0182
-1.7797
-0.4344
1.1148
-0.7681
1.5890
3.0068
-1.2138
0.9988
0.3946
-1.3498
2.6174
0.7393
-0.3238
0.8314
-0.6097
0.0091
0.8043
-1.6651
0.3366
1.5684
3.7058
-0.3946
1.1317
0.7385
-1.9565
3.3171
0.6209
-0.7190
-0.7292
-0.6321
-2.0736
Appendix IX continued 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248
1.5672
-2.0770
-0.9500
-0.8494
3.0178
-0.7534
0.6416
-0.0642
0.1294
2.6306
0.8970
-0.8946
-0.8935
0.0515
-1.9122
1.7729
-1.5826
-1.6525
1.4429
2.7987
-2.0686
0.0438
-0.2441
-0.2173
2.4136
1.0724
-0.6979
-0.4425
0.0917
-1.6863
-2.1332
-0.7572
0.0070
0.8007
1.2807
-1.7101
0.2180
1.1273
0.1990
0.8982
1.4579
0.1127
0.0084
0.7710
-1.0181
-0.0815
-0.1301
0.1454
-0.8245
-0.0818
-2.3889
0.6265
1.2673
1.2506
-0.4051
1.9140
0.3546
-1.1670
0.6396
-0.1294
3.1876
-0.8409
-0.2336
-0.0721
-0.0442
-1.5589
0.8012
1.9315
0.7725
0.0193
2.1253
0.7907
-0.5739
-0.2423
1.5525
2.2180
0.5168
-0.1900
-0.6574
-0.1693
-0.6609
-0.1092
0.9589
-0.2112
-0.1052
1.7751
1.0390
-0.5341
0.0913
2.5440
-0.0858
-0.0184
-0.4359
-0.4997
-0.2343
2.4391
-0.2373
0.3259
-0.4246
-0.1695
-0.9726
2.0770
-0.4934
0.8978
2.4053
2.1262
-1.0408
-0.2716
-0.1068
-0.1239
2.5574
0.3164
-0.0543
1.0066
-0.0584
3.9654
1.6187
0.0464
0.4019
2.0430
0.6966
-0.7115
-1.5185
-0.4877
-0.1827
2.3842
-0.7723
0.3179
-0.1298
-0.1165
0.1657
-0.5631
-1.6124
-0.4963
1.2175
-1.6967
-0.2246
-0.1230
-0.2506
-0.1765
0.3828
-0.3516
-0.1178
-0.0080
-0.1097
-1.0336
-2.5804
-0.2783
-0.7769
1.9544
-1.1371
-1.5723
-0.4511
0.7801
-0.1807
-0.5332
1.0612
-0.1633
-0.3474
-0.1132
-0.9113
-1.8623
0.0084
0.0913
1.8447
0.5992
-0.8948
-1.1130
0.3182
-0.1904
-1.1214
-0.0611
-0.0031
0.2059
-0.1222
-1.1240
-0.4336
-3.3888
-1.3845
1.1747
1.9972
-1.3427
-0.4021
-1.7959
-0.1921
-1.7165
0.5271
0.8444
1.7754
-0.1231
1.9706
0.3629
-0.2105
-0.8300
0.3422
-0.2791
-0.7937
0.5537
-1.8378
-0.3375
-0.4923
0.8887
0.0941
-0.2749
-0.2677
1.0008
0.0981
6.4378
0.8515
0.0568
-1.3324
-0.5687
1.6257
-0.8501
-1.3386
-0.6503
-0.1282
0.0880
0.3237
-1.2682
2.1888
-0.9481
-5.1237
0.6362
-1.3482
-0.0513
-0.2679
-3.7129
0.1319
-0.0007
0.2510
0.5574
-0.0305
0.1670
0.0705
3.2178
-0.3701
2.6970
1.6039
-2.2122
146
249 250 251 252 253 254 255 256
-0.1389
-1.1916
5.8156
-0.9493
-0.0791
-1.2322
0.7245
0.1897
0.4317
-0.0070
1.5867
-0.8491
2.7562
0.0913
-2.4278
-0.3302
0.2552
0.1381
0.1106
-0.2971
-1.8816
0.5131
0.4519
0.6063
-0.2404
2.5748
-0.3328
-2.3414
-1.4162
-1.2092
-1.5510
1.2390
0.4174
-0.5693
-0.3646
-0.0544
1.2362
-0.3638
0.5369
-0.3074
2.5671
-0.3119
-2.3266
-0.8100
0.9927
-2.1981
1.0962
-0.0460
0.1953
-0.3790
1.0000
-0.4064
0.5162
-0.1374
-0.3212
1.7835
-0.5228
-1.2236
-0.2572
1.1734
-2.2328
0.8568
-0.2746
-2.0432
-0.3688
0.1346
-0.8763
-0.1167
-0.0202
-0.3105
1.8106
-0.9232
0.3638
-0.5667
-0.3665
0.2745
0.8450
-0.0503
-1.4242
-0.3835
-0.7008
0.0150
0.2723
0.5373
-0.3246
-2.7543
-0.1371
-1.9664
-0.2744
-2.2794
2.1453
1.6570
0.1503
-0.4174
-0.3671
-0.5672
0.2082
0.7483
-0.5633
-0.3077
-0.7724
0.9768
-1.4096
0.3187
-2.0072
1.8299
1.8447
-0.8369
-1.7400
-0.2822
1.1019
0.1774
-0.0244
0.9027
-0.2222
-1.7796
0.0678
-0.7137
-0.4127
-0.8148
Appendix IX continued 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271
0.5174
1.5930
-0.3803
0.1970
-0.4895
1.6023
-0.0137
0.9005
-0.3256
-0.4289
2.5879
-0.9508
-0.3236
0.4862
-1.3100
1.8095
0.7596
-0.7810
0.9869
-0.4269
1.7599
-0.1902
-0.6039
-0.7022
-0.3657
2.3494
0.1349
-0.0265
0.4908
-1.2328
0.3269
0.0975
0.3028
0.3957
-0.4840
1.9145
-0.3060
-0.1211
-0.0010
-0.4222
1.7153
-0.3573
1.8854
-0.4926
-2.8231
-0.5400
-0.9136
-1.1910
0.9229
-0.4033
1.4316
-1.3646
-0.0218
0.5402
-0.3409
-1.2344
0.5946
6.7382
-0.7033
-2.1268
0.0392
-1.2394
-0.8158
0.1351
-0.5573
-0.4195
0.2887
-0.1620
0.7890
-0.4943
0.5010
0.3614
-3.5754
0.4970
0.4144
0.1213
-1.4154
-0.7312
-0.9158
0.1754
-0.3837
-1.0111
-0.8306
0.5746
0.2390
1.0024
0.3712
0.1409
0.4717
-5.7284
-0.0461
-0.6912
-0.6877
-0.4627
-1.1133
-0.6634
-1.2617
-0.1296
0.5335
-1.0490
-0.9588
0.6635
-1.9222
0.1406
-1.0660
-1.1261
-0.2277
0.3084
0.4891
-0.4839
0.7751
0.5456
-0.2057
0.4831
-0.4189
5.0973
0.4682
-1.3444
-0.0040
-2.8509
0.2096
-0.1192
-0.7440
0.3233
-0.4010
2.1911
-0.2611
-1.3953
-1.0518
-0.3354
2.5079
0.8033
-0.6264
1.3768
-1.0390
0.3241
-0.6857
0.3089
0.8919
-0.4419
2.5770
0.0529
0.4535
0.2070
-0.3756
-0.4073
0.4709
-0.0134
0.1476
-1.0167
-0.7574
-1.1691
-0.2704
-0.6184
-0.3451
0.4461
-0.1030
-0.8087
0.3352
-0.2781
-3.4121
0.7088
0.1811
0.6549
1.1943
-1.3359
-2.1689
-2.9120
-0.8180
-0.4419
-0.1984
0.6152
-0.3385
0.1046
-0.3742
-2.4655
0.2399
0.0847
1.4635
2.8497
-1.0703
-0.8823
-0.0423
0.5255
-0.4254
1.0303
0.2379
-2.3313
0.2570
-0.3570
-3.3338
0.0932
-0.4028
1.2053
2.5567
-1.8129
-1.3780
5.6022
-0.5340
0.0155
0.7843
-0.7227
-0.0357
-0.3646
0.0846
5.1552
0.0441
0.1956
1.0784
2.5832
-1.3350
-1.2847
-5.9539
-0.5823
-0.4044
0.5314
-0.5117
0.0520
-0.2415
-0.3345
-0.7807
0.3153
-0.3206
1.9166
2.3627
147
272 273 274 275 276 277
0.6325
-2.2347
2.5885
-0.8457
-3.2214
-0.3106
-1.3088
-0.4558
-0.2006
-2.8312
0.8677
0.6507
-1.2000
1.9937
1.6506
1.2473
-1.0926
2.7732
-0.5625
-2.8834
-0.6354
0.1098
-0.2278
0.0232
-2.4936
1.3549
1.0518
-1.1660
-1.0985
0.4789
-0.2436
1.4456
-1.8698
-0.0119
-3.2024
-1.6137
-0.0647
-0.5440
0.3037
-2.8141
0.6893
1.3817
-1.1833
-1.2999
-0.7052
-0.5749
-4.6222
-1.9097
0.4589
-2.7880
-0.9391
0.0653
-0.3683
0.4172
-2.4026
1.4518
0.9828
0.1463
0.6159
0.3556
-1.4198
0.0405
-1.1600
0.4453
0.3848
1.1519
-0.6106
-0.2470
0.3383
0.7659
1.0037
0.4287
-1.3664
0.6493
-0.2825
1.1767
-1.7869
0.3734
0.2580
-5.2771
1.4902
0.2434
-0.7125
-0.6280
-4.9020
-1.3471
5.3179
-1.9325
0.0913
-0.6769
Appendix IX continued
Days 21 22 23 24 25 26 27 28 29 30 31 32
nascon
nemin
ngerman
nigins
nigwire
npharm
npharm2
oando
oando2
prestige
pz
skye
skye2
skye3
sovtrust
sovtrust2
1.5498
-1.1581
0.0000
-0.3959
1.0819
-0.5579
3.0599
0.8046
-0.4667
-0.0599
-0.1490
0.2743
0.0039
-0.9665
0.1832
-1.1653
-2.5803
1.3903
0.0000
1.1711
-16.9963
-0.0151
-17.3708
-0.0995
-9.0275
0.0847
0.1159
0.2743
-0.0914
7.7346
0.9696
0.0036
2.1724
-0.1563
0.0000
1.7628
0.1303
-2.1301
-2.1913
1.0955
-0.7382
-0.0603
-0.2852
0.8018
-0.5267
-0.6368
0.1879
-1.1880
0.6779
1.5334
0.0000
0.4827
-0.0608
0.0268
-0.0087
0.3130
1.0712
-0.3176
-0.3647
0.2743
-0.1936
-0.3699
0.0423
-2.2630
-0.2710
0.9355
0.0000
0.2862
-0.3072
-0.0612
-0.0481
-0.4994
0.6564
-0.0441
-0.3649
0.4573
-0.1105
-0.2981
0.2103
-2.4705
1.4767
-0.3802
0.0000
-0.2540
-0.0259
-0.2755
-0.3016
-0.1516
1.3604
0.0395
-0.6438
1.2584
-0.2861
-0.0645
0.2104
-4.6754
-0.2702
1.2709
0.0000
-0.9774
0.5438
-0.2681
-0.3028
0.5417
0.0638
-0.4965
0.1989
0.5401
0.4487
-1.2650
0.2106
-5.6006
2.5264
0.5980
0.0000
0.8759
0.5989
-0.2761
-0.2702
0.2943
0.0235
0.1248
0.3051
0.4470
-0.8380
0.1039
0.6186
-4.2046
0.6637
1.7551
0.0000
-0.0468
0.9347
-0.0423
-0.0528
0.4409
1.2438
0.0906
0.3007
0.3882
-0.2064
1.0869
0.2103
-4.8953
1.0633
-0.2556
0.0000
-1.3082
1.0856
-0.2228
1.5177
1.3793
2.0307
0.4848
0.8042
0.5758
-0.1214
1.6060
0.2103
-6.0157
-0.2709
-0.1502
0.0000
0.8660
1.9414
-0.2692
-0.2557
0.1402
2.2272
1.0114
0.0411
0.8660
-0.1601
2.9949
6.0900
-5.5550
0.0058
-0.6703
0.0000
0.2917
0.9895
-0.1589
-0.1694
0.3535
-1.6785
0.0003
-1.8294
0.0267
-0.0611
2.2288
1.2218
-11.6425
148
33 34 35 36 37 38 39 40 41 42 43 44
-0.3268
0.8384
0.0000
-0.0738
0.2983
-0.3506
1.2485
1.8686
0.1080
0.0904
-0.5977
1.0002
-0.4362
-0.8564
1.3732
-13.8219
0.1425
0.3141
0.0000
0.2757
0.2249
-0.2054
1.4355
1.5361
2.9573
3.5444
-0.5973
0.2743
-0.1396
-1.7095
-0.4654
-15.3114
-0.5966
-0.7047
0.0000
-0.0307
-0.9322
-0.0541
-0.0410
2.2543
1.8752
0.0122
0.6683
0.6678
0.3036
0.6110
-0.8918
-14.6895
-0.2385
0.0586
0.0000
0.8457
1.0546
-1.2225
0.5115
1.3656
0.1082
0.0671
-0.1427
1.1576
-0.4002
1.7690
-0.8303
-12.7141
-0.2708
1.1480
0.0000
-1.0262
0.6661
-0.6786
-0.6488
0.9232
1.8405
0.0842
0.3608
0.2743
-3.1419
0.9248
0.0663
-11.8473
-0.2717
0.4279
0.0000
0.0307
1.3438
0.6883
2.2693
0.2151
0.8603
-0.7837
1.4884
1.3633
-1.6416
0.1016
0.3012
-11.9280
-0.2716
0.2424
0.0000
-0.4496
-0.0059
-0.1999
-0.1962
0.8588
-1.3059
-0.5837
-0.2369
-0.1046
-1.9689
0.1597
1.2482
-13.4126
-0.6939
2.1831
0.0000
-0.6005
-0.0487
-0.5778
-0.6131
0.3719
-1.1576
0.2504
0.9143
0.2743
-1.5371
2.3963
0.6837
-14.1424
0.7829
-4.7228
0.0000
0.9904
1.2273
-0.0538
-0.0892
0.3543
0.3601
-0.0615
-0.3969
0.2769
1.6206
0.8479
0.2106
-14.6495
0.4532
4.1906
0.0000
2.1643
1.9557
-0.2445
1.3625
0.3293
2.3347
1.4344
-0.5229
0.2717
-4.0284
-0.2228
-0.1570
-15.4340
-0.7504
-0.0191
0.0000
3.1001
2.2106
-0.0893
-0.1246
1.3190
0.1865
-0.0142
0.7040
-0.4910
-0.0491
-1.2087
0.0896
-17.5241
-0.4972
-1.5646
0.0000
-3.9009
-1.7409
0.1945
1.8833
0.5308
-1.3933
-0.0620
-0.4507
0.2743
-0.8497
-1.3513
0.3815
-17.5227
Appendix IX continued 45 46 47 48 49 50 51 52 53 54 55 56 57 58
1.1206
-0.2853
0.0000
5.7671
-0.0408
-0.4205
-12.0782
0.6128
-0.3886
-0.6412
0.4322
0.1415
0.2039
1.7436
0.1699
-18.4870
-1.4374
0.8234
0.0000
-0.0613
2.8063
-0.7028
10.9384
0.3572
-0.0796
-0.0600
-0.2838
-1.0990
0.5945
0.3938
0.5230
-18.3753
-0.1338
-0.5507
0.0000
0.7629
1.8587
-0.5891
-0.5923
0.3212
-0.3327
-4.0679
-0.0047
0.8455
1.0274
-0.3752
-0.4963
-18.0934
0.1289
0.5606
0.0000
0.4283
-0.0101
0.1509
0.1645
0.6115
-1.7052
0.0122
1.1843
-0.2969
1.0557
0.0758
0.0394
-16.2432
0.6059
0.1805
0.0000
-0.5358
1.7699
-0.0475
-0.0720
-0.2281
-2.5640
-1.0925
0.7446
0.0380
0.8703
0.3200
0.2246
-15.0549
-0.8414
1.3228
0.0000
0.3257
0.8329
0.3414
0.3061
0.7455
-2.5881
-0.8224
-0.2393
-1.8957
0.4321
-0.1168
0.3288
-14.5144
0.4280
-0.4181
0.0000
0.9860
-1.3124
-0.1875
-0.2163
0.0195
0.6520
-0.2035
-0.1914
-0.9085
0.7889
0.2341
0.6339
-15.5290
0.0029
-0.1143
0.0000
-0.2179
-1.1739
-0.1717
-0.2076
0.4132
2.4838
-0.0621
-0.1852
-0.7504
0.5859
-1.1825
0.9747
-17.3356
-0.8100
-0.6311
0.0000
-0.6545
0.3164
0.9247
0.8892
0.9028
1.4372
-0.9790
-0.1740
0.3183
-0.9012
-0.0493
0.1880
-18.6898
0.3405
-0.4214
0.0000
-0.1500
2.3553
-0.0119
-0.0055
0.0197
0.9002
0.0119
-0.5300
1.5130
-1.8809
0.2102
0.2105
-19.1194
0.4071
-0.1211
0.0000
0.8706
0.0984
-0.2127
-0.1988
1.1085
1.4380
0.0054
-0.2935
0.7446
-0.5999
-0.0738
1.5872
-19.5505
0.5949
-0.6896
0.0000
-0.3961
-1.4340
0.4134
0.3803
-0.3593
0.7720
-0.0550
-0.0783
-1.2549
-0.2587
-0.2445
1.7265
-21.4991
1.6402
-0.7073
0.0000
-0.8303
-0.4637
1.3593
2.8700
0.0196
-0.1585
1.0519
0.7013
0.8023
1.1152
2.5753
2.3902
-22.7255
1.5580
-0.3130
0.0000
-0.7779
-0.1366
0.8245
0.7961
0.0222
0.4412
1.9515
0.7231
-0.3983
0.7392
0.0887
1.2252
-23.8964
149
59 60 61 62 63 64 65 66 67 68
0.0024
-0.7314
0.0000
0.0388
-0.3497
0.6759
0.6655
0.4171
0.0999
0.0899
0.3220
1.9027
-0.4088
1.8105
0.6616
-25.2070
2.7315
-0.6920
0.0000
-0.0347
-1.6003
-0.8138
-0.8080
-0.0627
-0.2762
2.1813
-1.0681
-0.0193
-1.1031
-1.9911
0.2128
-24.7179
-0.0262
5.1794
0.0000
-0.4183
-2.6012
0.6657
2.2283
0.4562
-1.2741
-0.0633
0.1813
0.6399
-1.9773
-0.2173
0.7394
-25.0259
0.1771
0.3055
0.0000
0.8759
-2.5240
-0.3164
-0.3111
0.5696
0.1374
0.0900
-0.3190
-1.0965
-2.5368
-0.0207
0.2281
-24.9487
-0.7581
0.4405
0.0000
0.8713
0.6736
-0.3716
-0.3899
-0.6708
-0.0620
0.0894
0.0193
-1.8737
1.1976
-1.3277
0.2103
-24.9583
0.2326
0.2952
0.0000
-3.4638
2.5478
-0.2450
-0.2764
1.2738
-0.6176
0.0452
0.1511
0.1885
-0.4650
-0.2943
0.3954
-24.9583
-0.2694
-0.1349
0.0000
0.3876
1.4900
0.0178
0.0041
-0.5517
-1.5370
-0.3340
0.6599
0.5674
1.2676
-1.0273
1.1943
-24.5432
-0.2721
-0.0764
0.0000
6.8170
1.0053
0.2622
0.2279
-0.0017
-1.3554
-0.0016
-0.5980
-0.3125
-0.7734
-0.6568
0.4952
-24.4018
-0.1379
0.8165
0.0000
-5.2062
1.5417
0.3006
0.2688
-1.7463
-1.9403
0.0146
0.6659
0.9724
-3.4226
0.2928
0.4027
-23.2424
-0.1402
1.0477
0.0000
2.7441
0.8283
0.3792
0.3918
0.7025
-1.3391
-0.2621
0.9284
0.2847
-0.3811
0.3598
0.3337
-23.2631
Appendix IX continued 69 70 71 72 73 74 75 76 77 78 79 80 81
0.4425
0.3460
0.0000
2.7386
-0.0402
-0.2413
-0.2297
0.7796
1.0960
-0.0616
1.2284
-0.0843
-2.5884
0.2420
0.5278
-23.8432
0.1048
-0.2302
0.0000
-2.0525
0.5273
-0.0431
-0.0774
0.4956
1.3912
0.8946
1.1113
0.3429
1.0447
0.3969
0.8020
-25.7676
-0.0553
-0.7112
0.0000
-1.9780
0.2136
-0.3212
-0.3079
0.7026
0.2038
-3.1792
1.5322
-0.1821
2.2994
0.3765
-0.0284
-26.2658
-4.1672
-1.0839
0.0000
-1.1949
-0.3297
-0.1903
-0.1797
0.3780
-0.1091
-0.0621
-0.3896
-0.3020
0.8747
0.0140
0.9551
-25.9641
-0.2393
0.2398
0.0000
0.7338
-1.2866
1.0895
2.7267
-0.2210
-0.9462
0.2047
2.2734
-0.6744
0.7579
-0.1490
0.2276
-26.8893
1.3427
0.2846
0.0000
-1.4702
0.2456
-0.4209
-0.4558
0.0195
0.8128
-1.2148
2.6729
0.2647
0.4810
-0.0922
0.6038
-27.0899
1.9561
0.3370
0.0000
-1.0808
0.0166
-0.5186
-0.5062
-0.2531
-1.4150
-1.2328
-0.5535
0.1157
0.8120
-0.5615
1.1101
-27.6514
-0.6246
0.1470
0.0000
-0.0876
-0.6611
-0.5385
-0.5473
2.1782
-1.5868
1.1302
3.8898
0.6196
1.7871
0.2079
0.2289
-28.4853
0.0019
-0.5664
0.0000
-0.0688
-1.5798
-0.7715
-0.7617
0.7891
-0.4648
0.0069
2.7890
1.0637
0.2597
-0.3027
1.3080
-28.5929
0.0020
-0.0550
0.0000
0.1380
-1.3890
-0.5234
-0.5129
0.7064
-0.2770
0.7404
1.4777
0.5106
-0.3321
-0.5737
-0.1670
-29.8354
-0.3143
0.0867
0.0000
2.5974
-1.8290
0.0387
0.0283
0.1314
0.9070
-0.0609
0.0401
2.2592
-1.1711
-0.6392
0.2177
-29.5237
0.1633
-0.2982
0.0000
7.3473
-1.2360
0.7548
0.7295
-1.0227
0.1954
0.0122
0.0923
-4.0383
-1.0234
0.1359
0.2197
-29.7584
-0.2553
-0.2861
0.0000
-3.2150
1.1333
0.3633
0.3529
0.0195
1.0135
0.6894
-8.2038
4.6114
-0.1288
0.8226
0.2239
-29.8845
150
82 83 84 85 86 87 88 89 90 91 92
0.6796
1.1641
0.0000
0.6673
1.3414
-0.8403
-0.8755
-0.8919
0.7116
0.1021
-4.1599
0.6935
-1.4326
-0.2714
-0.5356
-29.8207
-0.0986
-0.3269
0.0000
-0.7142
0.1953
0.6010
0.5905
-1.6675
0.7886
0.2585
-1.4570
-0.1782
-1.7935
0.0488
0.2103
-30.1862
-0.2024
-0.7028
0.0000
-0.9768
-0.0843
-0.4995
-0.5100
0.3525
-0.0907
-0.0085
2.5482
0.9289
-0.0449
-0.0815
0.0870
-30.7329
-0.4454
0.6743
0.0000
-1.0702
-0.9207
0.0579
0.0475
0.6409
-0.3480
0.6115
3.4328
0.0795
2.2418
-0.0290
-1.1435
-29.7969
-0.1702
0.8161
0.0000
0.4921
0.7731
0.1752
0.1647
0.4391
-0.1431
-0.0615
1.5396
0.6413
-0.4696
0.0030
0.8000
-28.5177
-0.0388
1.4502
0.0000
0.6155
-1.4526
-0.5007
-0.5096
0.2929
-0.7640
-0.6252
-1.5463
0.0598
1.8659
1.1683
-0.3553
-29.5999
-0.1307
0.6407
0.0000
0.8123
-1.5746
-0.5638
-0.5790
-0.3801
-0.8070
0.7109
-2.2825
-0.4778
-2.4335
-0.0523
-0.0085
-29.0157
0.0569
1.4048
0.0000
-0.3548
-0.4470
-0.3940
-0.4044
0.2934
-0.7244
-0.0794
-0.3162
0.6242
-0.8235
0.2645
-1.9415
-28.9571
-0.1345
0.9804
0.0000
0.4353
-0.1956
-0.1434
-0.1397
-0.7511
0.5626
0.1739
0.1326
0.1719
0.4700
0.0413
0.2112
-26.8095
-0.0675
1.1851
0.0000
-0.2787
0.8708
-0.3102
-0.2964
-0.3799
0.5295
-0.0622
-0.4706
1.2449
0.0003
0.0398
0.2960
-26.5479
-0.3769
-0.7068
0.0000
-0.8538
0.1506
0.3082
0.3021
-0.0593
-0.0687
-0.0204
0.1320
-0.7350
0.0312
1.3139
0.0051
-26.9477
Appendix IX continued 93 94 95 96 97 98 99 100 101 102 103 104
-0.0225
-0.7015
0.0000
-1.2874
0.2703
-1.7228
-1.7481
-0.5614
-0.9643
-0.6924
1.0802
-1.3939
-1.6578
3.3999
0.2149
-27.3535
-0.1051
-0.5452
0.0000
-0.8041
0.7595
-0.1757
-0.1786
0.2718
0.4154
-0.9101
-0.4761
-1.1392
-0.9329
1.9536
-0.1133
-27.8436
-0.7089
0.4165
0.0000
0.2427
0.8061
0.4095
2.1043
1.6514
-0.2808
0.0622
-0.6203
-0.7518
1.6111
-1.2727
-0.1165
-27.2523
-0.1268
1.0022
0.0000
-0.2013
-0.2394
0.0649
0.0353
2.8268
0.1202
-0.7605
-0.4866
1.4307
-4.4360
-0.5735
0.2280
-26.8758
0.1252
1.0308
0.0000
-1.8692
-0.3597
0.1438
0.1571
-3.8119
-0.3565
0.0638
-0.3844
0.0459
0.2348
0.6011
-0.3764
-26.4675
0.4786
-0.0966
0.0000
-0.1887
-0.0984
-0.9930
-0.9793
5.7676
-1.1581
0.5562
-0.0423
0.2110
-1.5840
1.4060
1.8940
-25.9931
0.9350
1.2796
0.0000
1.5001
-0.7770
0.4393
0.4519
1.7708
-0.6691
-0.0512
-0.1826
-0.2577
0.2699
1.8833
0.7810
-27.7688
-0.0583
0.5723
0.0000
2.3986
-0.8754
0.2490
0.2385
0.0915
0.1399
-0.0287
-0.3983
-2.1760
0.2656
0.9367
0.5723
-27.3352
-0.2718
-0.8905
0.0000
2.9031
-0.7950
-0.7581
0.7033
0.1035
0.8276
1.7288
-0.3975
1.5123
2.3798
-0.4709
0.0250
-27.5906
3.2608
0.5220
0.0000
1.1928
0.4651
-1.2364
0.2882
0.0956
-0.2263
-0.3232
0.8588
6.4343
1.2363
-0.6193
-0.8223
-27.5021
-0.2708
0.9937
0.0000
0.3293
0.4528
-0.1850
-0.1717
0.7490
0.0106
0.9033
-0.9628
-5.0081
0.9622
1.0820
0.2295
-25.9774
-0.2214
0.8461
0.0000
-0.9372
-0.1546
0.2312
0.2445
1.0191
0.4362
0.1540
-0.3515
1.7774
1.1041
1.0066
-0.6920
-24.5101
151
105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
-0.2229
1.3774
0.0000
-0.6402
-0.9809
-0.1155
-0.1022
-0.4090
-0.2815
0.5694
-2.4787
2.2027
0.8106
0.6445
-1.5239
-22.7004
-1.1070
0.6451
0.0000
-0.3890
0.3607
1.9704
1.9837
-0.6525
0.0543
0.0119
0.3226
-2.9061
0.1125
0.3175
0.2198
-20.1866
-0.5999
0.3661
0.0000
-0.3763
-0.2873
1.3638
1.3771
0.1651
0.7392
1.4857
-0.4959
-1.5079
-1.1474
0.1774
0.2163
-20.8924
0.1718
0.5761
0.0000
-1.8359
0.0368
0.5659
0.5743
0.6534
0.3960
0.9231
0.0166
-0.5217
1.8254
-0.1123
0.2297
-20.1315
-0.2115
0.1519
0.0000
0.1326
-0.3731
0.4199
0.4331
-1.1846
0.8819
-0.0615
-0.4962
0.3544
-1.2751
-0.7049
0.2297
-20.3404
1.4188
-0.4114
0.0000
0.7105
-1.1919
-1.2137
-1.2006
-0.9212
1.0290
0.7279
-0.4392
-1.8189
-1.8516
-0.7281
-0.5222
-20.6281
-0.2712
-0.5356
0.0000
-0.0683
-0.6818
0.5566
0.5702
-0.1954
1.3434
1.5244
-1.2376
-1.5000
-0.7117
-1.9199
0.2108
-20.0698
-0.0888
0.2099
0.0000
-0.3174
0.1023
0.5302
0.5435
-0.8176
0.1357
0.0084
-0.1548
-0.1375
-1.5790
-0.3816
-1.1707
-19.9636
-0.5781
0.5802
0.0000
-0.5669
0.8527
-0.8490
-0.8352
0.1840
0.0828
0.0142
0.9869
1.0228
-0.4397
0.7675
-0.5375
-18.2331
-0.0066
0.8742
0.0000
-0.7116
-0.3165
-2.0851
-2.0895
-0.5824
-0.2130
1.2369
2.2120
0.9148
-0.5101
-0.0999
-0.1434
-17.0948
-4.2039
-1.2191
0.0000
-1.5177
-0.0611
0.7161
2.2782
0.4663
-0.7916
-5.5746
-0.0070
1.8569
-1.1152
-0.4965
-0.3133
-16.2275
-0.1088
1.5481
0.0000
-0.3157
0.3614
1.0601
2.6800
0.0845
-0.7998
4.4417
-0.1315
6.5564
-0.8006
-0.3216
0.4130
-15.8219
-1.1018
0.4084
0.0000
-0.9240
-0.3176
-0.3232
0.4998
-3.2388
1.0910
0.0141
-0.5940
-4.1257
-0.5461
-0.9570
1.6138
-15.9980
-1.0717
-0.4543
0.0000
-0.6495
0.0824
0.2263
0.1907
0.3525
0.1172
-0.8713
0.2064
-0.4350
1.6690
1.0446
2.6670
-17.5885
-0.2803
-1.1630
0.0000
-1.5191
0.6983
0.8466
0.8115
6.7501
0.1372
0.2895
-0.2854
-2.2400
0.5717
-0.2702
-3.6208
-20.1127
-0.2710
-0.6504
0.0000
-1.8144
0.3152
-0.3968
-0.4322
-4.7796
-0.4469
-0.0270
-0.3956
-0.1949
-0.2074
0.2562
5.5984
-15.1000
Appendix IX continued
121 122 123 124 125 126 127 128
-1.2414
-0.6207
0.0000
-0.4922
0.8546
-0.9723
-1.0079
3.0412
-0.9778
-0.0983
-2.3118
-0.2219
-1.3927
-0.2391
0.2246
-20.8331
-0.1079
-0.4838
0.0000
3.6107
1.0231
-0.4676
0.8250
3.1681
0.0235
-0.0631
-0.7712
1.0209
-0.6583
-0.4798
0.1197
-21.2503
-0.0287
-0.3441
0.0000
3.7575
1.3160
-0.1439
-0.1789
-2.1880
-1.4186
-0.0631
-0.3397
0.0888
0.6606
0.6126
0.2173
-21.5953
-0.2710
-0.9856
0.0000
3.0726
0.1081
-0.7587
-0.7925
-1.9312
0.0153
0.6279
-0.2432
-0.1771
-0.8016
0.0627
-0.2444
-22.2548
0.7885
-0.4103
0.0000
2.8565
0.0663
-0.5680
-0.6031
-1.5154
0.7103
0.2126
-0.8635
-0.1785
-0.0258
0.2940
0.6012
-22.2068
1.7924
-0.3782
0.0000
1.7867
-0.2295
-0.0745
-1.4380
0.3525
0.3131
0.0513
-0.1950
1.4057
0.3026
0.1676
0.7035
-22.4573
-0.2019
-0.4376
0.0000
0.4669
-0.8552
0.8440
0.8569
-1.9499
-0.2073
0.0475
-0.3386
-0.3920
0.6887
-0.0861
-0.8669
-22.0995
1.9432
2.6077
0.0000
0.1679
-0.8375
0.2894
2.0853
-1.3409
0.1345
-0.0903
0.3190
-1.9686
0.0631
-1.8208
-0.4947
-20.5507
152
129 130 131 132 133 134 135 136 137 138 139 140
-0.2708
1.5358
0.0000
0.0424
1.0241
-0.0797
-0.0666
-0.0839
-0.3388
-0.0628
1.4487
-0.5637
-1.5337
-0.1137
-0.3076
-20.6187
-0.0114
0.5066
0.0000
0.0593
0.1006
-0.5777
0.8353
0.0202
-0.5072
-0.0425
-0.5985
-0.0877
0.8899
-0.6476
0.2277
-19.3884
-0.0026
0.0468
0.0000
0.0869
0.0979
-0.2639
-0.2508
0.9176
-1.8827
0.0315
-0.9191
-0.0829
-0.6968
-0.5742
-0.9782
-19.7962
-0.2705
-0.4943
0.0000
0.0277
-0.5100
-0.4630
1.0087
2.4104
-1.5050
0.3449
-1.3099
0.8287
-1.1680
-0.6306
-0.7124
-18.4384
-0.3994
0.5997
0.0000
0.0334
-0.9944
-0.1023
-0.0970
7.7238
0.2604
-0.0633
0.0001
-1.2781
-0.3110
-0.5513
-0.6774
-17.2296
-0.0914
-1.1994
0.0000
0.0288
0.0069
-0.2154
1.3202
-3.1917
0.4602
0.0263
-0.3915
0.8881
0.7321
-0.6862
-0.6269
-16.7398
-0.1516
-1.0205
0.0000
0.0186
-1.4351
0.2201
0.2179
0.8195
-0.2376
5.8639
0.9747
0.4433
0.9826
-0.4371
0.2103
-16.3795
-0.3309
0.7477
0.0000
0.0164
-0.0060
1.3716
1.3575
-1.1031
0.1166
1.0949
-0.0288
0.6289
-0.0638
-0.2661
-1.0731
-16.6815
-0.0082
-0.7247
0.0000
-0.1294
0.6916
1.3127
-0.2388
-1.2140
-0.1588
1.0908
-0.3831
1.1314
-1.2415
0.1877
0.2296
-15.4353
0.8021
0.5296
0.0000
-1.1311
0.2918
1.6124
1.6020
-0.6407
0.1901
-0.6051
-0.9290
0.3504
-1.9738
0.8490
0.2281
-15.6296
-3.3442
-0.0920
0.0000
0.2895
-0.2240
-0.0100
0.0027
0.0130
-0.6250
-1.1803
-1.2650
-0.5395
0.2092
0.6224
-3.1672
-15.2253
-0.1686
0.0152
0.0000
0.0443
0.1177
0.4160
0.4294
0.0628
-0.6749
-0.9694
-1.0796
-1.7968
-0.0952
-0.6260
0.2173
-13.4740
Appendix IX continued 0.0933
0.3753
0.0000
0.0025
-0.4063
0.2257
0.2389
0.6935
-0.4599
-0.1603
-0.8191
0.4907
-1.0305
-1.0585
6.6492
-1.3126
-0.7090
0.0000
-0.0645
-0.5666
0.5456
-0.4482
0.0534
-1.1275
0.0121
-1.5580
0.7290
-0.9484
-0.6834
-4.9193
-1.3991
-1.4858
0.0000
-0.0785
-1.9052
-0.0763
-1.5225
0.8648
-1.1123
0.9759
-1.2163
-0.5717
-0.5293
-2.4409
2.9080
0.8619
0.1770
0.0000
-0.1533
-1.6062
-0.3975
-1.7543
-0.3141
0.2296
0.4365
-0.4815
-1.6801
-0.0539
0.2201
3.0257
-0.2535
-0.0167
0.0000
-0.1684
0.2721
1.2675
-0.0384
-0.9333
-1.3721
0.0413
-0.7168
0.7728
1.6550
0.7709
-2.4064
0.6133
1.1937
0.0000
-0.1524
0.4155
0.7576
2.4912
-1.4548
0.0249
-0.3569
-0.5974
0.8804
1.9012
1.7044
-2.4054
-0.1007
1.0339
0.0000
-0.0679
-0.2132
0.5002
1.8456
-0.8392
-0.4516
-0.1973
-0.0663
-1.8343
1.4382
1.1893
-1.3526
-0.0427
1.7526
0.0000
-0.2755
0.0578
-0.5082
-0.5187
-0.0075
0.0093
0.1700
-0.0412
0.1517
0.4900
0.0244
0.2299
0.5071
-4.5314
0.0000
-0.2133
-0.1935
0.3018
0.2736
-0.6527
-0.3492
0.0496
0.5553
-1.0322
-0.3445
-1.6459
-2.1051
141 142 143 144 145 146 147 148 149
153
13.5505 19.5031 14.2335 16.6629 20.3556 17.1651 14.1906 13.2511 -
14.3722 -0.0815
4.6761
0.0000
-0.2708
0.1665
-0.6112
0.7918
-1.5549
-0.1687
0.2313
-0.5446
-0.0815
-0.0726
-0.8401
-1.4807
-0.0501
-0.6916
0.0000
-0.1905
-0.6415
-0.1884
-0.2017
-0.5566
-0.0810
-0.7890
-0.2868
-1.0490
0.3347
0.4349
-0.5082
-0.0824
-0.8042
0.0000
-0.3449
-0.6890
0.3802
0.3903
1.3230
-1.2254
-0.2307
2.4572
0.4138
0.8071
-0.2683
0.2299
12.1068 10.0666 -9.3297
0.6056
0.9744
0.0000
0.4728
-0.4764
-0.4257
1.0886
2.2428
0.1144
-0.0490
0.5892
-1.0373
1.1369
-0.2415
0.4413
-7.2445
-0.0534
0.5200
0.0000
-0.9018
-1.1392
-0.6939
0.8879
2.3749
1.1116
0.1896
-1.4651
-0.2291
-0.1728
0.5113
2.4200
-5.9802
-0.7684
0.9451
0.0000
-0.2727
-1.0721
0.3396
0.3527
1.6023
1.6688
0.3579
-0.8106
-0.4885
0.9527
-0.3002
7.2830
-7.5136
0.6012
1.0498
0.0000
-0.1041
0.2251
-0.1468
1.5092
0.8153
3.7179
0.7765
-0.1541
-0.7105
3.6905
0.2960
-3.0349
-0.1772
-1.3549
0.0000
-0.2316
-1.3887
-0.7236
-0.7104
-0.2798
-0.4599
-0.0066
-0.1418
1.0867
-0.2256
-0.4930
0.6770
-0.0024
-0.5892
0.0000
-0.0484
0.0084
-0.4357
-0.4221
-0.7149
-1.0385
0.0479
-0.5985
3.9532
1.4206
0.5380
-1.3799
-0.2718
-0.2130
0.0000
-0.1448
-0.4920
0.0560
1.1832
-0.3437
-1.0280
1.3397
0.2253
2.9280
1.2665
0.0049
-1.4943
14.0507 11.9038 11.6981 -9.4622
-0.2982
0.6702
0.0000
-0.2166
-0.0920
-0.1892
0.9532
-0.8965
0.3264
1.4536
-0.0522
2.2301
0.2477
-0.2219
-0.7734
-8.4908
-0.9508
-1.8548
0.0000
0.2239
-0.3657
-0.4986
-0.5344
-1.4796
-1.3600
2.2670
0.5128
2.0245
0.6142
0.0553
-0.1511
-9.4849
-1.0409
-1.3967
0.0000
-0.1966
-0.3090
-0.0039
-0.0395
-0.5230
0.0249
0.9504
-0.5578
0.5012
-0.9544
0.5917
0.0354
-8.3103
-0.0576
0.0823
0.0000
-3.2245
-0.0975
-0.3026
-0.3379
0.5281
-0.4888
0.5204
-0.3085
-0.9010
2.1700
0.4087
0.6393
-6.9981
-0.8459
0.0108
0.0000
-2.3979
-1.3018
-0.1343
-0.1431
-0.2328
-0.1067
0.0909
-0.5496
0.2920
0.8553
0.4708
-0.0698
-7.6639
150 151 152 153 154 155 156 157 158 159 160 161 162 163 164
Appendix IX continued 165 166 167 168 169 170 171 172
-0.1431
-0.7003
0.0000
-3.2043
0.0615
-0.5883
-0.5748
-0.9633
-0.4263
0.6034
0.6429
0.1689
1.2897
1.1233
0.7287
-7.0717
0.4697
-1.4176
0.0000
-2.7881
1.0948
-0.5582
-1.7463
-0.7988
-0.2444
0.0893
0.6077
0.0684
2.3985
0.2804
-0.4561
-6.6702
0.0029
1.0070
0.0000
0.8633
1.6523
-0.9320
-2.6140
-0.3966
-0.1079
0.0901
0.3690
0.2179
2.3431
-0.2009
-1.3418
-6.3339
-0.0023
0.9635
0.0000
-5.2703
3.7014
-0.7726
-0.8082
-1.2030
-1.1881
0.1204
-1.3377
0.1421
1.5186
-1.2036
-1.3038
-5.6770
1.5841
-2.3902
0.0000
-1.2973
-0.4764
-1.2559
-2.8745
-0.3508
0.1487
0.9220
-0.0663
0.1499
1.6509
0.9560
-0.9719
-4.5445
-0.6405
0.1161
0.0000
1.2184
-1.1392
-1.3322
-2.9128
-0.6092
1.1265
0.2028
-0.2344
0.1475
-0.1853
0.1979
-0.1513
-3.4295
0.6053
6.5455
0.0000
1.3120
-1.1291
-1.0749
-2.5893
-1.1627
1.5886
0.1106
1.0242
0.1395
-0.3690
-0.9160
-0.8567
-3.7626
0.0124
-5.4438
0.0000
2.1799
0.2251
1.2658
-0.1886
-1.0954
2.9561
0.1963
-0.1051
0.1396
0.5724
1.0555
-1.9977
-3.1900
154
173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189
0.4896
2.1144
0.0000
3.0874
-1.3887
0.1650
-1.2006
-1.1690
2.1410
0.2382
2.1716
-0.0039
2.3122
-0.8572
-0.3469
-0.9406
-0.2068
2.0949
0.0000
2.2064
0.0084
0.1862
-1.1360
0.2796
-0.8912
0.5642
-0.5978
-1.0032
2.1592
0.5655
0.8635
0.5948
1.4751
-1.9078
0.0000
2.4593
-0.4920
-0.3149
-1.9972
3.1492
-1.7213
-0.1619
-0.2258
-0.6431
1.4840
0.3763
1.7698
0.3657
0.7145
-1.6503
0.0000
2.3132
-0.0920
-0.4135
-2.0179
3.8477
0.6675
0.7015
-0.5998
-0.7384
-1.3899
-0.1440
2.2641
-1.1389
-0.2717
-0.6026
0.0000
0.7628
-0.3657
-0.8560
0.7562
3.4918
1.8397
-0.0622
0.3478
-0.9606
0.2579
0.6726
1.4666
-3.6389
0.5186
0.9734
0.0000
-0.0164
-0.2103
0.1395
1.8284
2.9384
0.9367
0.4668
-0.2024
-0.0398
0.8310
0.1504
0.5791
-5.0373
1.2626
-1.3715
0.0000
-2.2316
-0.0572
1.9184
1.0626
1.4186
0.0610
0.9183
0.6458
-0.0337
-1.1638
0.9841
-0.6748
-5.7515
-0.1063
-1.0259
0.0000
-2.6613
-1.2030
-0.8440
0.4187
0.0224
0.2107
-0.0626
1.4807
-0.0404
4.9138
0.3285
-0.8146
-4.8586
-0.0647
-0.2242
0.0000
-1.8320
0.1593
0.1381
0.1162
0.1337
2.4147
1.0960
1.8982
-0.0533
2.2562
0.0681
-0.5567
-3.9310
1.1449
-0.2799
0.0000
-1.0330
1.1483
-0.2854
-0.2778
-0.1222
0.7392
-0.5059
0.0289
-0.0351
-0.5957
0.0090
-1.0190
-2.8344
-5.6321
0.4999
0.0000
-0.6029
1.7034
-0.1388
-0.1492
-0.3912
-0.3273
0.0417
-1.3358
0.0516
-0.7693
-0.1096
-1.7380
-0.1257
4.4886
1.4973
0.0000
-0.5160
3.0358
0.9645
0.9541
-0.2810
-1.2928
-0.0606
-1.5237
-0.1538
-2.1690
-0.2389
-0.5153
3.2146
-0.2715
6.3461
0.0000
0.3373
2.1532
-0.2153
-0.2487
-0.3401
-1.3861
-0.0602
0.2701
-0.0893
-4.1227
0.3321
0.3870
5.6539
-1.0352
-3.9326
0.0000
-1.0791
-0.9825
0.1674
1.9465
0.0663
1.8075
-0.6742
-0.1497
-0.1444
3.6666
-0.0738
-0.7156
5.6014
0.2910
-0.2320
0.0000
-2.1000
-1.7225
-0.1954
-0.2314
0.0619
0.3938
0.0329
0.4007
-0.0618
-2.2363
-0.0875
-0.9621
7.0684
-0.2958
-2.1175
0.0000
-1.7200
0.6339
0.4829
0.9078
0.0520
-0.3568
-0.0748
1.4327
-0.2342
-1.5775
-0.4336
-1.1984
8.6010
-0.2935
-0.7094
0.0000
0.0118
1.7654
1.0103
0.5395
0.0497
0.1268
-1.3611
3.8634
0.5002
1.1880
0.4255
-0.8754
10.6624
Appendix IX continued 190 191 192 193 194 195 196 197 198 199
-0.1694
-0.0012
0.0000
-1.7221
0.9268
0.4225
0.4362
-0.0962
0.3095
0.5728
-0.5982
-0.7869
1.6336
0.4386
-1.6855
11.7602
-0.2710
0.6115
0.0000
0.0146
0.0444
0.1953
0.1769
-1.0977
-0.0021
-0.5483
4.0932
-0.1557
1.2288
0.1626
-0.4736
13.3766
0.5489
0.6265
0.0000
-2.0174
0.1941
0.2795
0.2600
0.2396
0.2320
-0.2252
1.0559
-0.0710
0.8151
0.0536
-1.0822
15.4554
0.1235
1.3649
0.0000
-1.8545
2.3982
-0.4016
-0.4212
0.0240
-1.1707
-2.1566
0.0397
-0.1101
0.1695
0.5000
-1.2954
17.6001
-0.2084
-1.0227
0.0000
-1.1615
0.8033
0.5334
0.4984
-0.1157
-0.0444
-0.0462
-3.8928
-0.0115
0.2966
-0.1198
-1.2181
19.6818
-0.1931
0.1435
0.0000
-1.0999
-0.2632
0.9777
0.9672
-0.1835
0.1683
0.1680
-0.3240
-0.3458
-1.2271
-0.4935
-1.9921
20.7132
-0.3197
-0.5503
0.0000
-0.2124
-1.2638
1.0190
0.9948
-0.1298
-0.0634
-0.1167
-0.8086
-0.0904
-0.8390
-0.3236
-0.1928
23.3105
-0.0443
-0.6866
0.0000
1.4706
-1.4283
0.9212
0.9350
-0.2568
-0.2702
0.0916
0.3372
0.3524
-0.9293
0.1741
3.3506
23.1887
-0.0828
-0.6230
0.0000
2.4612
1.7910
0.1526
0.1635
-0.2034
2.5894
-0.2385
1.7743
-0.3098
-1.9504
-0.0456
4.0389
19.9595
-0.1901
-1.0757
0.0000
2.3219
0.3537
0.9343
0.9257
-0.1874
0.1780
-0.3959
2.3050
-3.0936
-1.4356
-0.2076
3.3504
16.6238
155
200 201 202 203 204 205 206 207 208 209 210 211 212 213
0.1891
0.3496
0.0000
2.0622
-0.3611
-0.8818
-0.8745
-0.1029
1.8495
0.0909
-0.4018
-1.7637
-0.7064
-0.3479
3.1293
13.1747
-0.1984
-0.0949
0.0000
1.6009
0.0980
-0.0955
-1.4604
-0.3106
-2.0408
-0.6509
0.2444
-2.0897
0.4950
-0.2276
1.6101
9.6777
-0.0930
-1.2996
0.0000
2.3369
0.2930
1.1424
1.1275
-0.2484
-0.2353
1.6191
0.4386
-1.6601
1.1045
-0.2282
0.2081
8.7335
5.8291
0.4237
0.0000
1.8527
-0.0952
-0.9835
-1.0122
-0.3058
0.0173
0.5634
-1.8227
1.5002
0.1395
-0.1761
0.0018
8.7049
0.7555
-0.0678
0.0000
1.7206
0.2464
-0.2430
-0.2724
-0.2255
-1.3350
0.3136
-0.8406
-4.1501
-0.9982
-0.4283
-0.1245
8.3163
0.8779
0.8119
0.0000
0.8852
-1.1872
-0.1242
1.1863
-0.3800
-0.2939
-0.2221
-0.5896
-0.1717
-0.7598
-0.7812
-0.1891
8.3416
-0.7322
1.3486
0.0000
0.5704
-0.0791
0.6831
0.6572
0.4207
-1.0022
-0.9518
0.0323
-0.5563
0.2308
-0.8406
-0.0791
8.8979
-1.2468
1.6711
0.0000
-0.8790
0.1647
-0.0748
-0.0617
-0.9368
-0.6457
0.0084
-0.2866
0.4974
-0.7830
0.7124
-0.1383
9.0756
-1.0746
-0.3591
0.0000
-1.8637
-0.0800
-1.1522
-1.1411
-0.3078
0.2963
-0.9736
-0.5955
0.8876
-0.4675
0.5251
-0.1326
9.0033
-0.4108
-1.5743
0.0000
-1.9107
-0.2342
1.0411
1.0531
-0.2253
0.3572
-1.6972
-1.3290
1.3196
-1.2430
0.3390
-0.1372
9.4201
-0.0172
-0.5722
0.0000
-0.8169
2.6224
0.6119
0.5790
-0.2667
0.2301
0.0061
0.0839
1.3468
0.5992
-0.3745
-0.1474
9.5432
0.8614
0.2184
0.0000
1.4599
0.1362
0.0593
0.0441
-0.1704
0.4369
-0.0659
0.1199
1.1639
1.0491
-0.5649
-0.1496
9.8714
0.4739
-0.2705
0.0000
1.1019
1.8582
-0.5122
-0.5474
-0.2676
0.3920
0.0323
-0.2992
0.6977
-0.2132
-0.3813
-0.2954
9.7699
-0.1427
-1.1950
0.0000
-0.3905
-2.0349
-0.2156
-0.2170
-0.2516
0.0358
0.0916
0.8275
0.8456
-1.2026
0.2943
-1.2971
9.8212
Appendix IX continued 214 215 216 217 218 219 220 221 222
-0.4251
-1.4509
0.0000
-1.7457
-0.2555
-1.0230
-1.0696
0.1888
-0.1864
-0.7141
-0.1600
0.5580
-1.2874
-1.0680
0.0404
10.5239
-0.2711
-0.2800
0.0000
-1.6027
0.0069
-0.0223
-0.0491
-0.2316
-0.0131
-0.0627
0.0588
-1.1074
-0.2032
-0.6495
-0.0403
9.9992
0.0307
-0.7588
0.0000
-0.7586
-1.3516
0.1890
-1.1886
-2.9096
-0.5396
-1.3882
-0.5373
-2.0035
-0.6974
-0.2964
-0.2484
9.1040
-0.1795
-0.2674
0.0000
-0.8093
-0.3105
0.0568
-1.2492
-2.9213
0.1952
-0.6764
-0.9342
-0.7202
1.6054
-0.8063
-0.3162
8.3066
0.1423
-0.4647
0.0000
-0.7303
-1.0187
-0.7295
-1.1625
-2.8897
-0.3059
-0.2822
-0.4631
-0.3805
-1.9491
0.4599
-0.3291
7.8347
-0.8704
-0.0922
0.0000
-2.4660
-0.6623
-0.1920
-0.1899
-2.8231
-0.6136
-0.5209
-0.1101
0.9923
5.8090
-0.1897
-0.3192
9.7180
-0.3710
-0.9242
0.0000
-1.6815
0.2286
-0.2819
-0.2681
0.3525
-0.6232
0.2921
2.2712
0.6156
-1.4271
-0.4929
-0.3342
10.5237
-0.0418
0.2454
0.0000
0.8732
0.3407
0.2059
0.2196
-5.3054
0.0774
1.4082
-0.3405
-0.2388
1.6116
-0.8689
-0.3182
11.3576
-0.0420
-0.3209
0.0000
-5.2172
0.2258
0.1344
-1.4880
-1.3323
0.8439
2.5383
-0.3755
-1.0391
0.2963
-0.3212
-0.2356
11.6780
156
223 224 225 226 227 228 229 230 231 232 233 234 235 236 237
0.2701
-0.5640
0.0000
-1.0088
0.4081
-0.1369
-1.3336
1.0531
-0.2559
-3.8192
-0.2108
-1.9348
-0.6073
-0.6531
-0.4414
11.8161
0.6934
-0.4545
0.0000
-2.3579
0.3754
0.8064
0.8116
1.4072
0.0192
5.3917
0.7337
-2.3565
-0.9343
0.5745
-0.3811
11.7392
-0.2256
-1.2760
0.0000
-0.5463
0.0069
0.3048
0.2885
2.4947
-0.0749
-0.0499
-0.5982
1.0841
1.9995
-0.4267
-0.4366
12.5953
-0.1379
-0.8640
0.0000
-1.0512
-0.1906
0.0912
1.6501
2.9223
-0.0153
-0.1623
-0.5789
-0.5890
0.4022
-0.6354
-0.3582
15.2662
1.2740
2.4419
0.0000
1.5860
-0.1332
0.5133
1.3025
2.9428
0.0260
-0.0626
0.2593
1.1442
0.4134
0.7373
-0.5107
15.0855
1.3750
3.1760
0.0000
2.6814
-0.5895
0.0528
1.7382
2.7742
1.1926
-0.3677
0.2873
-0.8954
-0.6583
0.3541
0.2216
16.0364
2.0896
2.4397
0.0000
2.1026
0.1813
0.0909
1.8766
1.7950
-0.0325
0.3932
0.5064
-3.1321
1.0573
0.5673
-1.0695
15.8609
0.8276
2.2558
0.0000
2.2005
-0.3173
0.4013
0.3734
1.0778
0.3069
0.5635
1.2230
-0.5038
1.0651
0.4648
-0.4405
17.1032
0.1639
0.6967
0.0000
1.9353
-0.6301
0.5319
0.5183
0.2985
0.0641
-1.0816
0.6619
-2.3096
-0.6443
0.0064
-0.3560
18.8197
-0.2725
-0.6679
0.0000
1.2052
-0.6397
1.3206
-0.0170
-2.4039
0.0358
-0.6931
-0.1041
0.9207
0.9257
-0.2251
-0.3984
19.2510
0.2584
0.0358
0.0000
-0.0321
0.0865
0.7387
-0.5612
-3.1641
1.3690
-0.6001
1.5898
2.2383
0.1536
-0.4006
-0.3021
20.1360
-0.2730
-0.3687
0.0000
-0.9407
0.8444
1.0481
-0.2358
-1.5171
3.4389
0.0898
-0.2481
1.1679
-0.8788
-0.2547
-0.3993
20.5297
-0.1668
-0.1551
0.0000
-0.1802
-0.2891
-0.7513
0.4712
-1.1865
1.9365
-1.1959
2.3211
1.0479
0.6130
0.4522
-0.3843
21.6994
0.1859
-0.0440
0.0000
-0.5593
0.0294
-0.5339
1.2182
-0.1700
-1.3286
-0.9717
0.6724
0.7735
-0.7725
-0.2048
0.0561
23.4056
0.8477
-0.1020
0.0000
-1.1833
-0.0914
1.0044
2.3592
-0.2014
-0.6136
-0.8850
0.9210
0.9197
-0.4422
-0.1890
-0.3633
24.1077
Appendix IX continued 238 239 240 241 242 243 244 245
0.1555
-0.0951
0.0000
-0.8433
-0.0872
1.1482
1.1326
0.6519
0.5668
-0.7455
-0.5983
1.8601
-1.0363
-0.2549
-3.3922
24.9709
0.0276
-0.0986
0.0000
-0.2628
0.0069
0.6814
-0.7179
-0.7647
1.4701
0.0910
0.2429
0.5539
-0.1985
-1.4555
-3.0540
28.9452
0.1027
-0.1076
0.0000
-0.3112
1.1811
0.0774
-0.8376
-1.7858
1.8644
-1.3506
-0.1313
-0.0421
0.7048
-1.8338
-3.3626
31.9000
0.2206
-0.1085
0.0000
0.4552
-0.0341
0.2136
0.2212
-1.4051
0.8843
0.0108
-0.1851
-0.8801
1.0060
-1.8676
-2.9460
36.0925
0.3953
-0.2531
0.0000
0.2851
0.2115
0.6490
-1.0685
0.3263
-0.5380
0.0912
-0.4493
-0.7996
1.1233
-0.7355
0.2198
40.3375
-0.2448
-1.2536
0.0000
0.7739
0.0526
0.8381
-0.8149
-1.4078
-0.5654
-3.4856
-0.2540
-0.2479
0.9520
0.3286
-5.4381
41.4344
0.6219
0.0852
0.0000
2.2599
0.0065
-0.1177
-1.6534
0.3288
1.1402
0.0108
0.0361
-1.4985
1.7446
1.6952
-1.4650
48.1295
-0.1862
0.0076
0.0000
1.1347
1.3400
-0.2144
-1.7157
-2.3847
1.0124
6.4147
-0.5354
-1.8216
0.4378
-0.9954
0.5797
50.0801
157
246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261
0.1323
-0.1991
0.0000
-0.0477
3.4472
0.3037
-1.1016
-2.2226
0.5922
-5.1954
-0.3583
-0.1674
-1.1222
1.0004
1.6341
50.7572
0.6672
-0.2656
0.0000
-2.6215
1.9589
-0.7720
-2.4673
-1.8138
0.3545
2.6263
-0.4608
2.1200
-3.1413
0.1047
2.0223
48.5803
-0.1379
-0.2789
0.0000
-1.4367
-1.2647
-0.3281
-1.9677
-1.3399
0.1216
2.8214
0.4555
-0.1786
0.6006
0.0963
2.4489
46.7754
0.8938
-0.2677
0.0000
-0.0341
-0.6495
1.0931
-0.4830
0.1027
-0.0769
-2.6987
0.2342
1.5954
-2.0660
-0.4527
2.4699
45.7854
-0.3055
-0.2813
0.0000
0.3217
0.5394
-0.0250
-1.5374
1.1822
-0.7016
-2.6961
-0.4585
-2.3431
1.0760
-0.7593
2.3004
42.6351
-0.1063
-0.2638
0.0000
0.0569
1.4416
0.5385
-1.1679
2.1210
-0.7496
-1.6458
-0.7982
-0.9458
0.1615
-1.0208
1.6535
40.3931
-0.1652
-0.1778
0.0000
-0.4606
1.8715
0.9099
-0.7274
1.9538
-1.8526
0.0866
1.0355
0.3502
-2.1522
0.0552
0.5866
38.8934
-0.1421
-0.3840
0.0000
0.0743
0.9390
-0.1154
-1.6697
1.8397
-0.2926
-2.2434
-1.7269
-0.1233
0.6326
-1.0935
-0.1935
39.2776
-0.8573
-0.3202
0.0000
-0.4368
-0.4968
0.5730
-0.9180
0.7659
0.7768
-1.6027
-0.2866
-0.0885
-0.3857
-0.3652
-2.8943
39.7220
-0.1203
-0.3761
0.0000
0.1022
-0.6453
0.7272
0.7290
1.5048
-0.1707
-0.6581
0.1030
-1.7806
-1.2270
-2.1805
-3.2878
41.7895
-0.3653
-0.2942
0.0000
-0.7710
1.0819
0.5245
0.5140
1.8177
-0.4667
0.0909
0.3164
-1.0500
-0.7678
-0.8428
-1.9902
46.4614
-1.6325
-0.4470
0.0000
-0.1460
0.9936
1.2613
1.4808
1.5470
-0.3181
0.3063
-0.9747
1.4921
-0.7103
1.4252
-1.6588
49.3621
0.5702
0.2870
0.0000
-0.5909
0.6198
-0.3971
-0.4075
0.6116
-0.9535
2.3008
0.3846
-4.5567
2.4624
-0.3215
-0.2938
51.3969
-0.6139
-1.0005
0.0000
0.1445
0.3160
-0.8650
0.8691
0.2095
1.0481
7.0103
-0.4903
0.1128
1.3231
-1.1439
-0.6744
51.4742
-0.2939
-0.3697
0.0000
0.8052
0.1051
0.0263
1.5841
-1.0378
-0.2436
-3.3083
-0.8276
-1.7069
0.5251
0.5110
0.1794
52.2630
-2.3882
-0.3739
0.0000
0.0267
-0.0934
0.1953
0.2091
-2.0367
0.3106
0.4789
0.0337
0.1465
0.6038
-0.1878
-1.2383
51.3459
Appendix IX continued 262 263 264 265 266 267
-0.2096
-0.4147
0.0000
-1.4348
-0.6969
0.2167
0.1819
-2.7654
-0.2762
-1.5780
0.5643
0.1423
2.6720
-1.1056
-2.2588
52.8656
0.0795
-0.3180
0.0000
-0.3294
-0.7664
0.0249
1.6313
-1.6596
-0.4659
-1.7666
0.2782
2.2571
0.7339
-0.3197
-1.8783
55.6124
-0.2555
-0.4148
0.0000
-0.6321
-1.9343
-0.2032
-0.1894
0.6313
0.6215
-1.0558
1.3271
1.5282
-1.8179
-0.0330
-0.1461
57.8684
-0.1293
-0.3983
0.0000
0.2693
-0.3933
-0.2704
1.4188
0.7345
0.0923
0.0096
1.4223
1.2558
-1.8168
0.8757
-1.8816
57.6053
-0.5469
0.0426
0.0000
0.5571
0.7718
-1.3359
0.1412
-0.1610
0.3344
-0.2480
-0.2866
1.3883
0.5553
-0.1146
-0.1445
59.6273
-0.4440
-0.3774
0.0000
-0.1154
-0.1169
0.2864
1.8663
-1.9148
0.1772
0.3475
2.4299
1.0963
0.7493
-0.2289
-2.1761
59.8343
158
268 269 270 271 272 273 274 275 276 277
-0.1022
-2.6577
0.0000
0.8984
-0.4832
-0.9910
-0.3584
-1.7545
-0.0889
-0.2254
0.0401
0.3990
1.1428
-1.3999
-2.0128
62.5610
-0.8517
-2.2769
0.0000
0.4271
-0.3347
-1.2379
-2.5493
-0.7937
-1.8524
0.6034
-0.0830
-0.8605
-0.9786
0.2885
-1.8066
65.0532
1.6323
-2.6534
0.0000
1.2211
-0.9700
0.5315
2.1620
-1.0189
-0.1143
-0.5760
-1.0494
1.5029
-0.8948
-0.0459
-1.2766
67.0172
0.4215
-2.1964
0.0000
0.4298
1.0316
-0.2725
0.7437
-1.4182
-0.6062
-1.4718
-0.0943
-0.9876
0.9114
-0.7487
-0.3712
69.4185
0.2466
0.9083
0.0000
1.1498
-0.2832
0.0800
1.7974
-2.6601
-0.5378
-1.5018
-0.0046
-1.5730
-0.6474
-2.3772
1.2939
70.4091
-0.4570
-4.7117
0.0000
0.6417
0.2941
-0.1133
-1.1609
-2.0769
-0.6856
-1.1795
-0.2505
-0.6583
-0.8851
-0.0501
2.3025
69.4982
-1.0410
-0.6970
0.0000
0.0521
-0.3162
0.6407
-1.0782
0.7019
-0.5479
-0.2763
-0.2866
-1.4241
-0.6120
-0.7142
2.1452
68.0113
-0.1430
-0.2831
0.0000
0.4675
-0.4824
0.2366
-1.0608
-5.3559
-0.6991
-1.1318
-0.2918
-0.4231
0.5150
0.0743
1.8859
66.2215
-1.0493
0.6848
0.0000
-0.1904
0.6047
-0.7091
-0.3992
-1.0438
-0.4268
-2.1684
-0.1576
-0.3643
-0.2277
0.5494
0.9580
64.7427
-1.7986
1.1109
0.0000
0.6096
0.0522
-0.4749
1.1368
-2.5197
-0.2530
-0.5641
0.5273
-0.8452
0.4167
1.1121
1.6967
64.4720
Appendix IX continued Days 21 22 23 24 25
Stdalliance
tantalizer
thomwyatt
thomwyatt2
tourist
uac
uba
uba2
ubn
unicin
unihome
unitybank
upl
zenith
zenith2
-0.5865
-0.5700
-0.0165
1.6215
-0.5244
0.0634
0.5991
-0.6879
-0.1663
-0.1656
0.0956
-0.1639
0.8134
0.2400
0.4937
0.3250
0.0092
0.7185
-1.8728
10.6720
-0.7610
-1.7202
0.7360
7.2656
0.5730
-2.3357
0.0050
-1.1418
0.0914
-0.1739
-1.4211
-1.2030
-0.1514
1.5946
-0.7951
-0.1319
0.6540
-0.3176
0.5922
2.1905
0.4209
2.1893
0.8131
1.2780
-2.2222
0.3215
0.1506
0.5196
-0.1258
-1.5621
0.0908
0.5991
0.5259
0.1936
-0.0327
-0.1353
1.3973
-0.1643
0.6387
0.1599
0.3250
0.9171
0.3094
2.6465
-1.4213
-0.1386
1.6657
0.2388
-0.0876
0.4622
-0.4650
0.1071
0.1811
0.1657
6.5893
159
26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
0.3250
-0.2272
0.6445
0.8082
-1.8960
-0.2050
0.7927
0.1474
-1.7830
-2.0237
-0.1469
0.4041
-0.1643
-0.2018
-6.0976
-0.4076
0.1021
-0.3749
1.1840
-1.2099
-0.9308
-0.1560
0.1983
-1.4461
-0.7237
0.0577
-0.2305
-1.0627
0.0308
2.8485
0.3250
-0.0390
0.1799
-0.1258
0.9611
-0.4543
1.5915
0.1192
0.7055
-0.1424
-0.7509
-0.6334
-0.1643
0.3343
2.9754
-1.0754
0.0310
0.3651
0.1235
1.1726
-0.3818
-0.1557
0.8249
-0.0715
-0.1516
0.0092
-0.7489
-0.1643
0.1241
-1.6372
-0.4423
0.0742
0.4502
-0.1809
0.0790
-0.3845
2.6420
0.2554
0.0629
-0.1401
-0.0360
0.9826
2.4037
0.4592
-1.1903
-0.0483
1.2484
0.7722
0.2876
-0.2518
0.2487
0.7783
0.1876
-0.2919
-0.1404
0.3561
0.1892
-0.2284
-0.5602
-1.3927
-0.2081
0.0426
1.1153
-0.4512
-0.9842
0.4114
1.1784
0.1955
-1.5995
-1.1328
1.1090
0.0969
-0.1643
-0.0054
0.1599
0.5259
0.3243
0.3120
-0.0932
0.9090
0.2728
-0.1557
0.1865
1.0138
-0.0940
0.2033
-0.5109
-0.1646
0.1798
-1.4148
1.7098
0.1333
0.3510
-0.1258
-1.3789
0.4589
0.1208
0.3795
0.8760
0.1565
0.2008
-0.9953
0.5875
0.2649
-2.1436
2.7717
0.0837
1.7277
-0.1520
-1.4400
-0.1781
-0.2108
0.1946
1.0765
-0.2388
3.3578
-0.1719
-0.1643
0.5869
-0.5710
-3.5064
1.3981
1.8673
-0.1506
-0.4842
-1.8732
0.2576
0.1443
0.2904
0.7694
-0.1111
-1.4361
-0.1643
0.9300
0.1606
5.1579
3.4970
2.5309
-0.5483
-0.2736
-0.4670
-0.4811
0.6016
-0.0276
-0.2302
-0.0614
-0.0069
0.0715
0.1267
0.3688
0.5954
2.0650
1.3641
0.9010
0.9119
-0.3569
-0.1231
0.2171
0.1683
0.1848
0.0476
0.9593
0.4095
0.1657
1.3942
0.0442
-1.1936
0.7843
0.5987
0.1011
0.1805
-0.1557
0.2821
-1.2509
-0.1827
-0.6709
0.2908
0.5905
-0.1553
7.3485
0.9018
-0.5665
0.3510
-0.6502
0.4056
-0.3255
-0.1560
7.8714
-0.2349
-1.0399
-0.5623
-0.4936
1.6571
-0.0125
-2.8807
0.0827
0.5969
0.8800
-0.6528
0.8348
0.5064
-0.1557
-0.7363
0.9020
-0.1422
0.1266
-0.2261
0.7841
3.0387
0.6913
1.3216
1.5089
0.3495
0.9685
0.6399
1.5442
-0.5782
1.3901
0.0260
-0.2371
0.0412
-0.0131
-0.1646
0.4856
-1.7870
0.3759
1.9302
0.3510
-1.5943
-0.3102
-0.2887
0.8982
-0.6476
0.0170
2.3532
1.4626
-0.2454
1.5829
1.4887
-0.5981
-0.7688
1.0131
0.5340
-0.1258
-0.3200
0.7352
0.5688
-0.7248
-1.4928
-0.2494
0.1958
-1.8142
-0.1643
-0.1566
-0.9836
Appendix IX continued 45 46 47 48 49
-0.8963
-0.4371
1.3351
0.2663
-0.2157
-0.4048
-0.6542
-1.1138
-1.0802
-0.2258
0.0092
-1.5140
2.4914
1.1158
-0.0643
-0.7591
-0.5635
0.6168
0.4772
-0.6954
-0.4579
-0.6549
-0.0593
0.0788
-0.1419
-0.5710
0.1781
0.6342
0.1359
-0.0195
0.9249
1.1492
0.5237
-0.8293
-0.7407
0.9432
0.9651
0.3645
0.1295
0.5140
-0.0289
0.6976
1.1698
-0.2341
0.3533
-0.2530
1.0474
0.4649
0.4543
-0.7926
-0.4461
-1.5961
1.1246
-0.4657
-0.2220
-3.9404
-0.3098
-0.1643
0.9679
0.0766
0.0172
0.6852
0.6525
-0.1258
0.5304
0.2928
-0.1557
0.6630
-1.1837
-0.2397
-0.1742
0.2086
-0.0251
0.6984
0.6661
160
50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
-0.1513
0.3749
0.9427
-0.6643
0.5462
-0.4035
0.2364
0.5126
-0.2504
0.0795
-1.2821
-0.3651
-0.3580
0.9255
-0.2642
-0.4200
0.1642
0.1034
0.4578
-0.1570
0.1993
0.4473
-0.3708
-0.8545
0.3349
-1.0812
0.0725
0.1095
0.2958
-1.4028
0.3247
-0.0179
1.0769
0.5260
-1.0006
0.9973
-0.8592
0.0177
0.3137
0.5205
-0.1424
-0.3594
-0.4897
0.4290
-1.3131
-0.8659
-0.6561
0.3510
0.7087
0.3125
0.5192
0.4511
0.5857
-0.0712
1.5818
0.2015
-0.5930
-0.2717
0.3960
-1.0318
0.8642
-0.7027
0.7445
1.5792
-0.3071
0.0470
-0.1557
-0.0209
0.6452
0.7088
-0.8751
-0.4773
-0.3044
0.4105
0.1404
-0.1519
-1.8669
1.2343
1.4302
0.1060
-0.3182
-0.6942
0.6913
-1.1224
-0.2377
0.0470
-0.9421
-0.1647
-0.0185
-1.0677
-3.0409
-0.3260
0.3510
-0.1258
-0.4091
0.1658
0.4560
-0.5167
-0.1085
1.5078
0.1795
-1.0289
-0.3042
0.4010
-1.6943
0.8357
0.8215
1.4400
2.7436
-1.2157
-0.4254
0.5484
0.0381
-0.0890
-0.1428
0.0857
0.4309
-0.5868
0.2284
-0.4164
6.5284
-0.0365
-0.0279
-0.1537
-0.6840
-0.3315
0.7044
0.3001
2.4241
2.6066
1.9476
-1.3896
0.7503
0.5661
1.1393
-4.8071
-0.4204
0.0664
0.0483
0.0825
-0.5355
1.5749
0.4469
1.4341
0.7069
2.0554
0.0075
0.4215
1.0420
1.4544
2.7290
-0.2647
0.3536
-0.9128
0.8330
-0.2855
1.4259
0.5850
-1.3454
1.1204
-0.1722
-0.1710
-0.6628
0.1727
1.8799
2.5900
-0.8992
0.0770
0.3781
-0.2321
0.2831
-0.1301
0.9113
-1.4350
-0.1706
2.0395
-0.0929
-0.8012
1.1850
1.4158
-2.7234
1.0989
-0.6877
-0.1511
-0.0894
0.5449
2.7394
0.1316
-0.0727
0.0958
-0.1762
-0.6886
0.8147
-0.3660
0.4275
-1.6855
-0.2195
0.0764
-0.1265
0.4490
0.1692
-0.1827
0.2200
0.8317
-0.2566
-0.1580
-0.2530
-1.7447
0.3602
-0.8201
-0.6335
0.3614
0.2182
-0.1258
-0.4061
-1.5117
0.0148
1.8162
-0.6980
0.2732
0.2015
0.2235
-0.3026
0.9005
-0.6209
0.3250
-0.2489
-1.2974
-0.1261
0.0250
-0.2818
-0.9272
1.4154
0.1968
-0.4673
0.2011
-1.2429
0.0869
-0.6109
-0.7096
-2.1373
-0.4133
0.6473
-0.1258
0.7920
-0.3144
0.3482
2.3891
0.3018
-0.1585
-0.0776
0.1023
0.3000
0.1033
-0.9030
-0.7517
0.6712
-0.2202
0.5481
0.4573
0.1836
-0.1682
1.2990
0.1151
-0.1585
-0.2589
0.7719
-0.8678
-0.4954
-1.9497
-0.3786
0.1195
-0.1595
-0.1258
0.8854
0.4809
-0.1585
0.5673
-1.0310
-0.2400
0.0092
1.6513
0.3021
0.0608
-0.2262
Appendix IX continued 69 70 71 72
0.9412
0.3455
-2.1031
-4.0714
1.0409
0.8239
-0.1557
0.3589
0.0566
-0.1889
-0.1562
3.7004
-0.3060
-1.2076
-0.0936
1.1137
0.1985
0.0695
-0.1258
1.3985
-0.1546
-0.1504
0.7414
-0.6755
-0.5626
0.1653
-0.1554
-0.8415
1.0873
-0.7075
2.1731
-0.0371
0.1494
1.3548
0.1854
1.1230
-0.1674
0.1301
0.9225
0.8463
1.0056
-0.8027
0.3080
-0.3985
-0.9510
6.8056
-1.8017
-0.1314
1.9682
0.1158
0.7375
0.5501
0.2852
1.0890
0.5740
-3.0863
-0.7756
0.3746
0.2763
-0.9810
161
73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
-3.5178
-0.0636
0.0696
-0.7172
-0.3446
0.5934
-0.1621
0.2686
2.6770
-0.6397
0.0215
0.3464
0.5305
-2.1817
-0.6804
0.1906
-0.5554
-0.2508
-0.1258
-0.8638
1.3201
-4.0999
1.0145
-1.9081
-0.7379
0.1268
-1.1386
1.5406
0.3431
-1.3037
-1.2652
-0.4779
0.0047
-0.1530
-0.9321
1.6411
-0.1663
0.4735
-1.4168
0.8843
-1.1865
0.2678
1.3853
0.2711
-0.9852
-0.9394
-0.6348
0.0697
-0.2409
0.9577
-0.5020
1.3424
0.4090
-0.1842
-1.6794
-1.1414
-0.2226
-0.0646
0.6492
-0.2932
-0.0450
-0.4984
-0.5218
0.3802
0.0120
2.4278
1.9383
0.3201
0.8632
-0.1409
0.9236
0.0462
2.5676
0.2457
-1.3094
0.4655
-0.6520
1.7428
-0.1258
-0.0102
2.6766
-0.7471
0.5017
-0.4634
0.1530
-0.1660
-0.6423
-0.0627
-0.2389
-0.8301
0.6401
-0.3723
0.6283
0.5297
-0.4414
-0.5581
-0.1557
0.8612
-0.0099
0.4622
0.7908
-0.2530
-0.1322
0.1844
-1.5201
0.3750
-0.2022
0.4219
-0.2268
-1.1025
3.9878
-0.1304
-0.0986
-0.5815
-0.8490
0.0152
-0.0985
-1.0660
-0.1266
-0.1875
0.0966
0.2747
-0.1156
-0.2829
0.0531
2.8610
-0.2452
0.9621
1.2069
0.4306
0.1805
-1.3767
0.1993
-0.3499
2.6727
0.5552
0.8881
-0.9721
-0.4321
-1.4771
1.5084
0.3759
0.2424
-1.8038
-0.1936
0.7074
0.3726
-0.2148
2.0556
2.7529
-0.3413
0.6793
0.0711
-0.1258
0.0189
0.0728
-0.1308
0.5650
-1.2427
-0.7121
-0.0374
0.9574
-0.1650
0.3583
2.0667
-1.2377
-0.5898
-0.8446
-0.1243
0.6272
0.1219
0.5226
1.0700
-1.2970
0.4055
0.1641
1.6513
-0.1643
-0.2010
3.0180
-0.6018
-1.0530
-1.6768
-0.1538
0.1729
-8.0635
-0.2837
0.2544
-0.5030
0.4874
0.0775
2.7206
-0.0240
-0.6540
1.8087
-0.2286
-0.6793
0.0669
-0.0661
-0.1447
-3.7528
-0.3274
1.2982
0.7431
0.5971
0.7098
2.4175
-0.0166
-0.9114
0.4097
-0.0323
-2.3740
0.0667
-0.1261
0.0542
-1.4533
-0.4364
-0.0403
4.1901
1.4673
0.0092
-0.9344
0.4169
0.1657
0.1887
0.1703
0.2286
0.0691
-0.1248
-0.3312
2.5525
-0.1467
0.1878
0.9710
1.3948
-0.4655
-1.7234
-0.1643
-0.0763
0.0656
-1.6382
0.7771
0.0688
-0.4265
-0.5937
2.9556
-0.1679
0.1966
0.6737
-0.1794
0.6466
0.3678
-4.1079
-1.2228
0.0027
-0.8318
1.8302
-0.6635
-0.1258
-1.8904
1.6858
-0.1300
0.3282
-3.0971
2.6902
-0.1614
1.5600
-0.0181
0.5270
0.1089
0.8779
1.2400
0.0700
-0.0985
-1.6084
-1.6891
-0.0640
-0.5250
0.7411
-0.1742
0.0396
0.8015
1.1759
0.1622
0.0521
2.3160
0.0742
-0.8608
-0.7024
0.2348
-2.7513
-0.1675
0.2092
-0.2540
-0.0646
0.1068
0.2945
1.9296
0.1657
0.0538
Appendix IX continued 93 94 95
2.2795
-1.5916
-0.1170
-0.1258
0.4045
-0.3118
-0.1290
0.0764
0.1806
-0.9992
-0.0968
0.4535
-0.8785
0.7000
0.0516
1.2071
-0.8113
0.2747
-0.1281
-0.2110
0.2096
-0.4818
-1.0384
1.4151
0.2652
-0.7727
2.1369
-0.1671
-1.1011
0.0439
0.1018
0.5370
-0.1821
0.4058
0.1030
-0.0427
-0.1823
0.8202
3.0898
-0.2364
-1.0187
0.5513
-0.3064
0.1657
0.0375
162
96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116
-0.0132
-0.1622
0.8502
0.9764
-0.1307
0.4539
-0.1286
-0.2092
-1.7787
-0.1918
0.1653
-0.1397
-0.2420
-0.7888
-0.1058
-1.2905
-0.2356
1.7358
-0.0967
0.0483
1.0477
-0.7435
-0.1878
4.4145
-0.2383
-0.7445
-1.3891
0.2229
-0.3061
-1.1050
-0.9762
0.6097
2.7977
-0.1088
-0.6613
-0.2270
-0.1676
-2.1167
1.8297
-0.2310
0.1137
-1.1782
-0.0830
0.2705
0.2280
-0.2840
-0.2781
-3.7556
3.4359
-0.6057
-0.2773
-0.1590
0.2248
2.2282
-0.1420
0.5676
2.0504
0.3962
-0.0956
-0.8142
-1.0361
0.3474
5.7305
-0.0968
-0.5371
-0.5934
0.3706
0.0797
-1.6167
0.5586
0.1587
0.6231
-0.2932
1.1253
-0.1044
-0.0401
-0.4209
0.6587
-0.0476
-1.2167
-0.1087
0.9323
0.0222
-2.2959
-0.1410
0.0225
-0.3620
-0.1870
-0.1431
-0.5800
1.0370
0.6304
0.2509
-0.1258
-1.1488
-0.6001
-0.1303
0.3788
-2.7597
-4.1043
1.8473
-0.1733
-0.3353
0.9128
-0.1391
-1.2068
0.0115
0.6459
-1.0000
0.1238
-0.0774
-0.1387
-0.2176
-0.2757
-0.2386
-0.5545
0.1607
-0.2971
-3.4895
-0.1268
-1.4356
-0.1590
0.1866
-0.7217
-1.3915
-0.4331
3.3678
-0.0334
2.2965
1.2895
0.8837
-0.2251
-0.3043
5.5805
-0.1462
-0.9433
0.0845
1.0307
0.0182
0.0272
-0.2687
-0.1550
0.2813
2.8773
1.8495
0.0277
0.5058
-0.0168
0.1505
-0.1277
-0.1554
0.6184
0.8249
-0.0977
-0.4279
0.7675
-0.0950
-0.4529
0.3440
-0.7562
0.3855
-1.0543
0.0692
0.3138
-0.0478
-1.7900
0.4953
-0.4460
1.3479
-0.1739
-0.6148
-0.1770
1.7406
0.2723
-0.2175
-0.1754
-0.0800
-0.0157
0.1586
-0.2530
0.2617
0.5538
-0.3543
-0.1258
-0.3855
-0.7290
-1.0042
0.4963
0.9251
-0.1423
1.3756
0.1638
-0.0156
-0.2860
-0.1883
-0.3581
1.1561
0.1073
-0.0983
-0.2718
-2.3983
-0.7784
0.1895
-2.3726
-0.2568
0.8116
-0.3461
-0.6239
-0.1647
-0.2505
-0.5768
0.3666
0.6473
-0.6771
-0.0507
0.3615
0.0146
-0.3480
-1.6389
0.3646
-0.0846
-0.0211
-0.0161
-0.1531
-0.1678
-0.5287
-0.1571
-0.8572
-0.0980
-1.2572
-0.5157
-0.1561
-0.5588
1.4691
-0.1412
0.9946
2.6215
-0.1371
-0.2398
-0.3197
-2.0978
-1.1352
-0.5909
-4.1012
0.1062
-0.1814
1.3178
0.3043
-1.5494
0.4798
1.6806
0.2718
-0.8445
-0.5048
0.4076
0.5161
0.9584
-0.5462
-0.1092
1.0614
-0.2301
-0.1642
-0.5946
1.1281
-0.3392
0.1232
1.5870
-0.3046
0.3736
-0.8791
2.8909
0.2802
-0.1879
-1.2017
1.6416
-0.1603
-0.1470
-1.3125
-1.3208
-0.3012
-0.1771
-2.0359
0.2713
0.2654
-0.2476
3.5659
-0.9250
0.3577
-1.0642
3.7608
-1.7386
-0.7350
0.2446
-1.0941
-0.4506
1.0913
-0.5168
0.5099
-0.8996
-0.1704
2.8578
0.5100
-0.6400
-0.4090
-0.3989
-0.0437
-0.1723
0.0595
-0.0412
-0.2380
-5.5241
0.0060
0.8262
-0.8549
-0.2093
Appendix IX continued 117 118
2.6654
-0.2451
0.3510
-0.1534
-1.2178
1.0724
-4.1684
0.1731
0.3966
-0.1471
4.5553
-1.2235
-0.2934
0.1802
-0.1105
1.1298
0.6579
0.3510
-1.2177
-1.1729
2.3744
-0.1517
0.2092
-0.1650
-0.1785
0.0037
-0.4403
-0.1643
-0.2658
-0.2132
163
119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140
-0.2842
0.3940
-3.0461
-0.1261
0.2883
-0.1338
-1.2873
-0.4364
0.8738
-0.1299
-0.8709
-0.8907
3.5139
-0.0417
-0.1948
-0.4734
-0.0705
0.0583
-0.1255
-1.4818
0.0040
-1.0715
0.0221
-1.3602
-0.1790
0.4924
-0.7922
-0.3039
-0.8367
0.2482
0.0934
0.7421
7.0731
-0.1410
0.0079
-0.7091
-0.4384
-1.2054
0.4784
-0.1516
-0.1973
0.5391
0.0319
0.9931
-0.1780
0.0290
0.2520
-4.7811
0.9050
-0.4175
-0.0814
-0.1563
-0.6847
0.9608
-0.5603
-0.1341
0.3397
-0.0174
0.6254
-2.1575
0.1401
1.0826
3.0397
1.8406
-0.0862
-0.2675
-1.2199
-0.0813
-0.8352
-0.1936
0.0990
0.2249
-1.0707
-2.2934
-1.8227
0.0819
0.3770
3.1666
-0.1525
-0.3648
-0.2485
-0.1507
-0.4485
0.3394
-0.1614
-0.0862
0.4072
-0.8373
0.1657
-2.1387
0.0888
0.1293
-1.9927
2.0606
-0.2298
-1.9626
-0.1554
0.4101
-0.7446
-0.7192
0.7089
0.6448
0.0653
6.5951
-1.7238
0.0852
0.0562
-1.9908
-0.1521
-0.0139
-1.0132
-0.1641
1.2214
2.3281
-0.1911
0.1305
-0.2644
-0.0200
-6.5161
1.4574
0.0762
-0.0586
-1.2315
-0.1529
-1.1586
-0.3434
0.9130
2.3488
0.5008
-0.3101
-0.1133
-0.3229
1.1683
2.8543
-4.2090
0.0752
-0.2052
-0.2190
-0.1534
0.1858
-0.3413
1.8619
-3.4643
-0.5155
0.3905
0.0594
-0.0806
-0.2684
2.9812
-0.2376
-0.0695
0.3564
-1.9472
-0.1539
0.9786
-0.8200
-0.1474
5.8916
-0.1042
0.9140
-0.1382
-0.3252
-0.1507
-1.3149
-0.3928
-1.0700
-0.0252
-1.4158
-0.4246
1.5517
-0.1465
2.0580
0.3722
0.6934
-0.1552
-0.0692
0.3168
-0.7446
-0.7005
0.0196
0.2687
-0.0212
-0.3859
-0.2411
2.8730
-0.4166
-0.1643
-0.1612
-0.1039
-0.1401
0.0311
-0.3182
-0.0205
-1.3756
0.7196
0.1489
-0.3858
0.3517
-0.1532
2.0384
0.4570
-0.1518
0.0450
-0.4815
3.3220
-0.0131
-0.7675
-4.1726
0.1657
1.3604
-0.0586
0.4517
0.8652
-0.3868
-0.9839
1.4666
-0.1509
-0.1515
0.5397
-0.1413
0.5470
-0.5042
-0.1245
-1.1223
1.1673
-0.1258
0.5032
2.6381
-0.0967
-1.6380
-0.4232
-0.1556
0.2176
0.4851
-0.0827
0.0322
0.2247
-1.2727
-2.3678
1.0027
-0.2257
0.2260
7.4234
0.6796
0.6684
-0.5072
-0.4274
0.3112
0.2132
-0.1512
-0.1435
0.5678
-0.9275
-0.5629
0.7204
-0.1301
0.1078
-2.5992
-3.2953
1.7968
-0.7888
-0.2345
-0.8619
0.6640
-1.0171
5.7050
-0.2901
-0.2983
0.1664
-0.4330
-0.2309
0.5462
1.0942
-0.0970
0.9070
-0.2272
-0.1558
-0.4057
-1.3591
-0.7936
0.8351
0.3041
-0.1482
0.3723
1.4554
-0.2149
-0.0481
-1.4083
-0.0214
-0.0026
-0.4241
-0.4182
-0.2797
-2.2980
0.0294
0.9915
-0.2315
-1.0845
1.0321
-1.6508
-0.0441
-0.4392
-1.3368
-1.3680
0.1962
0.4199
-0.1653
0.2398
-0.5497
-0.2385
-0.6985
-0.0320
-0.0160
7.3982
-2.0597
-0.3381
-0.2693
-0.6422
-1.3903
2.2874
-0.2164
0.6471
-0.8941
0.8593
1.2345
-0.9188
-0.1305
-0.0169
-2.7977
-2.4288
Appendix IX continued 141
-0.1889
0.2468
-0.2045
0.9140
0.6913
-0.2493
-3.3632
-0.5416
5.0329
164
-0.2370
-0.8597
1.1802
-0.0193
0.7215
-0.0336
142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164
-0.2458
-0.0099
0.4648
-0.1261
-0.2527
-0.9231
-0.1558
-0.5881
3.1793
-0.2378
-0.0359
-0.0350
0.7530
-1.9157
0.9278
-0.2531
-0.1716
0.7606
0.6024
-1.1793
-1.1638
-0.0525
-0.3387
0.8598
-0.8022
-0.0242
0.1356
1.9066
-0.2354
-0.3831
-0.3193
-0.2829
0.0515
-0.1258
-1.3663
-1.0690
-1.3933
3.3395
-1.4891
-0.2344
1.0472
0.0516
-0.1981
-1.0344
0.1537
0.3248
-0.2041
1.1607
-0.1258
1.7712
-0.9303
-1.3975
-1.1067
-1.9668
-4.1958
0.5899
0.1597
1.9092
-0.0018
-1.3289
-0.7861
-0.1508
-0.3153
0.5030
0.2361
-1.4884
0.8963
0.5968
0.6656
-0.1451
-0.0932
1.2052
-0.3026
-0.0115
-1.7257
-0.2452
-0.0774
-0.9172
-0.0532
-0.3649
-1.1836
-0.1510
0.5575
1.7387
-1.2476
-0.5198
3.1860
-0.0306
0.2777
-0.6515
-0.2529
-0.3775
-0.8926
0.0415
0.0783
-0.1396
0.5715
-2.7974
-0.3312
-1.0948
-0.2904
1.7486
-0.3024
0.1639
-0.8954
-0.2942
-0.6606
-0.8407
-0.1258
0.3274
-0.5114
-0.1557
0.2092
-0.9060
-0.4596
0.2269
-1.5080
-0.0171
0.6696
-0.6573
-0.1979
-0.8443
-0.0063
0.5117
-0.1150
-0.5937
-0.1547
6.6386
0.5402
-0.1454
0.0476
-0.4081
-0.4088
-0.1670
-0.4432
-0.2951
0.7841
-0.7225
-0.1258
0.2266
-0.5097
0.4788
-5.2935
1.3801
-1.2442
0.2875
0.2961
-0.3923
-1.3970
-0.9465
-0.2791
0.5496
-1.6107
-0.7633
-1.1172
-0.0605
-0.0825
2.5869
-0.7943
-0.1946
-0.8648
1.2064
-0.3061
-1.2843
-0.8470
0.1613
0.4168
-0.2253
0.5117
0.0012
0.4590
0.0151
3.0248
-1.1922
-0.2033
-0.1132
1.6439
-0.2806
-1.0260
-0.5586
-0.2591
-0.3265
0.9847
-0.2174
0.0507
-0.0847
-0.1509
-2.2461
2.3374
-0.2397
0.1377
0.7185
-0.0289
0.2736
-0.0327
-3.2871
-0.5287
1.8911
-0.0436
-0.1953
-0.2689
0.4719
-2.3368
-0.8192
0.8259
0.0432
-0.7107
0.4997
-1.1200
-1.6084
-2.9489
-0.3090
2.3886
-0.1258
-0.2211
2.5767
-0.1606
-1.3711
-0.4908
1.7560
0.4304
-0.5405
-3.5005
-1.5367
0.6302
-2.6648
0.3071
1.6008
-0.1534
2.5185
0.6057
-0.7891
0.5918
-0.6156
-0.2388
0.6851
1.4079
-0.2143
-0.4106
0.9984
-2.2181
-1.0667
0.7174
-0.8057
0.0199
-1.4031
0.4836
-1.8300
2.4323
1.9973
0.0784
0.8820
0.1138
1.2754
0.8665
0.9388
-0.5751
-0.5366
-1.0482
1.7413
-0.7976
-0.2424
-1.1261
-0.6678
-0.1500
-0.0845
0.2969
-1.2563
1.3676
1.1936
-4.7424
-0.2111
-0.6767
-0.1258
-2.0696
-0.2156
-0.0710
-0.4744
-0.9074
-0.1618
1.3182
0.0073
-1.3306
1.7659
-0.2825
-0.7401
-0.7688
-0.1367
-0.8859
-0.1841
-0.1919
-0.1562
0.1567
0.2749
-0.1413
1.3432
-0.1907
0.9661
1.4240
1.1958
1.2672
0.4753
-0.8980
-0.0149
0.0881
-0.2634
-0.1842
0.2492
1.2022
-0.1739
2.0064
-0.2843
-0.3064
0.3960
0.4111
2.3505
-0.1083
-1.6034
0.4326
-1.2992
-0.1328
-0.8356
2.2215
-1.3520
-0.4368
0.8396
-0.6245
0.4243
-0.8491
1.4212
2.7039
-0.4556
-0.3841
-0.1258
-0.3018
0.0563
-1.0797
6.9794
1.8204
-0.2613
0.5306
-0.5748
-0.1555
-0.5219
1.1871
Appendix IX continued
165
165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188
1.9582
-0.8475
0.8007
-0.1258
-1.1060
0.7298
-0.1814
-3.4066
-0.8169
-0.2297
-0.2453
-1.7372
-0.2937
-0.7388
1.0639
2.3132
-0.3299
-0.5844
1.5907
-0.6429
-0.6418
-0.9251
0.6166
-2.1334
-0.4060
0.6306
-0.0864
0.6115
-0.8270
-0.5083
3.0368
-0.5464
-0.8405
-0.5348
0.2600
-0.4147
-0.0203
-1.3809
-1.6867
-0.1411
0.0940
0.9838
0.0538
-2.0025
-1.2307
2.3730
0.5759
-0.7816
0.7487
0.2873
-0.3197
0.4059
-1.2507
-1.6190
0.5811
0.1318
-0.4349
0.0690
-0.0888
-1.6251
1.1209
-0.4316
-1.0438
0.0160
0.2061
0.9342
-0.1641
-0.5918
-1.4697
-3.4051
0.1707
-0.7876
-0.3041
-0.2427
-0.8495
-0.6367
-0.6095
-1.5543
0.4313
0.4219
0.4449
-0.1659
-0.1071
-0.5309
-0.2389
0.9933
-0.0322
0.4325
-0.6761
-0.4577
-3.2498
0.7286
-0.3523
-0.1261
0.3557
0.2137
1.5695
0.2995
0.8833
-0.0583
0.2114
-1.1747
-0.3044
-0.9148
-0.3237
-3.7691
0.4104
-0.9606
1.4220
-0.0185
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-0.5642
0.2757
0.0251
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0.2242
1.2344
-0.7106
-0.8669
0.2716
-1.3171
0.6544
-1.1642
0.8603
-0.3038
-0.5925
0.7198
0.2408
3.3545
-1.3953
0.1658
-0.4879
0.6224
-0.5770
-1.1597
-0.9581
0.5784
-1.0970
-0.1258
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-0.6042
-0.0037
0.4159
-0.6056
0.8747
0.3932
0.2931
-0.2326
-1.1313
-2.1423
-0.4703
0.1171
-1.8705
0.6642
-0.5520
0.8432
0.4005
-0.3895
1.8907
-0.2397
0.4756
-0.0093
-0.1878
-1.1459
0.0354
0.0437
-0.1168
0.2239
1.4078
0.2264
-0.1349
-0.1582
-1.3300
-2.2300
0.4911
-0.2385
-0.1614
-0.1462
0.0363
-0.3713
-0.0057
-0.3731
3.5294
-0.1258
-0.3903
1.6966
1.4144
-1.1560
-1.8007
-0.2293
0.7393
0.4949
-0.0997
-1.2862
-1.4247
-1.1417
-0.2439
3.9631
-0.1258
-0.7188
-0.1216
0.8302
-0.9825
-0.6864
-0.1469
-0.0289
-0.2658
-0.8629
-0.6516
-1.8922
-1.6676
0.4339
3.4903
1.0969
-0.5553
-0.0431
-0.1520
-0.1983
-2.1960
0.4839
0.4365
0.2683
-0.9679
-1.3100
-1.0820
-1.9260
-0.1719
3.2698
-5.7126
0.0490
-0.7193
0.6306
-0.5971
-0.0888
-0.0897
0.8967
0.1471
-0.0707
-0.1532
1.4469
-0.4023
-0.1457
1.7501
4.3607
0.8543
0.0667
1.3778
-1.7708
0.9467
-0.0368
0.0177
0.1985
-1.0662
2.4458
-4.6176
-2.1266
-0.2048
0.3486
-0.1258
-0.3386
0.1608
-0.1653
-0.0985
-0.2999
-0.1782
0.9313
-1.5378
-0.1474
2.2930
0.0532
-0.0479
-1.3891
0.1313
-1.0168
0.0393
0.6470
-0.1468
0.8296
2.9454
0.4895
-0.2157
0.2168
0.3076
1.6078
-1.7652
-1.4576
-1.7995
0.0058
0.1664
-0.1932
1.5044
1.0792
1.3770
2.2430
-0.1601
0.0134
-0.3813
-0.1688
3.0009
0.0677
-1.4843
-1.8773
-0.0597
-0.2412
-0.0794
1.3510
-5.7636
1.8750
-3.4569
-0.8596
-0.0598
-0.3043
-0.0174
1.9087
-2.3273
-1.0906
-0.7253
0.6064
-0.2188
-0.0128
-0.1893
4.3169
1.4158
-2.3034
0.4463
0.0107
-0.4428
1.5901
0.5106
-0.3219
-0.5305
0.3347
-0.0089
-0.1258
1.1613
-0.9805
-0.1813
0.5756
-0.8273
-0.2340
-0.7520
-0.5666
-0.5252
0.2882
1.3602
0.3055
1.7637
-0.0031
-0.1258
-0.0023
-1.5449
-1.0464
-0.4970
2.0052
-0.1301
0.0725
-0.8480
0.6383
0.1661
1.1003
Appendix IX continued
166
189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212
2.0168
-0.8872
-0.0078
0.4899
0.1765
0.5250
0.1348
-0.5824
0.9907
-0.1520
0.0683
-0.5732
-0.1612
0.1041
1.1826
3.0387
1.1200
0.0341
-0.0044
0.1069
-0.2792
-0.2812
-0.7494
1.1515
-0.2368
-1.5475
-0.3971
0.2519
0.2088
0.8892
1.7088
0.1699
-0.0202
-0.1642
-0.0502
0.1187
-0.2509
-0.7918
-0.3626
-0.8236
0.4628
0.4629
-0.3032
0.1530
0.1913
1.8214
0.1310
-0.1660
-0.1258
1.2700
1.1399
-0.1550
-1.6787
-1.7125
-1.0908
-0.7041
0.5634
1.2434
0.1532
0.4514
0.4668
-0.3954
-1.1677
-0.3014
3.3307
3.9213
-0.1495
-0.5695
0.2527
-0.1401
-0.0435
0.8667
0.9211
0.1519
0.2858
1.2331
-0.7051
-0.0611
-0.1258
1.9651
-0.5929
0.4599
0.3437
-0.6872
-0.9017
-1.9768
-0.5087
-0.3063
0.1451
-1.1908
1.4722
-0.9525
-0.1914
-0.1261
-1.2635
4.4424
-0.0292
-0.5978
0.7892
-0.0803
-0.0257
-0.8598
0.4866
0.1372
-0.7350
0.7834
0.0348
-0.1172
-0.1258
-0.5832
1.0876
-0.1953
-0.8517
1.3672
0.3218
0.0861
-0.7476
1.2435
-0.0053
0.0588
0.9612
-1.0222
-0.1850
0.2824
0.4655
0.0720
-0.1548
-1.2190
-0.8041
-0.2385
-0.0650
-2.4607
-0.3050
-1.0035
-1.1634
0.6000
-0.3219
-0.1516
-0.1258
1.4219
-3.7772
-0.3418
-0.7006
0.1743
-0.2364
-0.0798
0.0414
-0.1000
0.3279
-0.5523
-1.4988
-2.1306
-0.1899
-0.1258
1.8042
-0.0632
-0.1675
-1.4686
-0.6582
1.4892
-0.4451
0.5926
1.2059
-1.0776
0.1803
-1.7606
-0.8678
-0.2049
5.7540
0.9562
-1.0662
-0.1551
-0.3650
0.3681
-0.5965
-0.3710
1.6192
-5.6034
-0.0217
0.1027
-1.8336
1.4880
-0.1889
0.8857
-0.5587
0.3425
-0.1512
-0.8170
0.7597
0.6977
0.0558
1.1753
4.4539
-0.6511
0.5389
-0.7917
-0.2210
-0.1044
1.0239
-0.5854
2.3212
0.2535
-1.0065
-0.1619
-0.0494
-0.5062
0.2712
-0.0676
-0.0384
1.1460
1.5262
-1.0335
-0.5951
-0.8143
1.0621
1.8836
-0.1563
-0.9904
0.0020
0.3200
1.6795
-1.9251
-1.1954
-0.0251
0.5820
1.1403
0.5482
-0.2499
-1.2454
0.8993
-0.5924
-0.1608
-2.0060
-0.0193
-0.2321
0.4851
-0.6323
-0.0132
-0.0462
1.2517
0.0648
-0.1268
-0.3073
-1.1858
0.5896
-0.1611
5.6010
-0.4130
0.5134
1.3081
0.3998
0.7444
-0.4214
-0.0268
0.0664
-1.7522
-1.0977
-0.5079
-0.2892
0.2500
0.7740
0.9908
2.9666
-2.1840
0.7487
-0.1718
-0.2249
-0.2574
0.0514
-1.5506
-2.6721
-0.2682
-0.3815
-0.0515
0.0401
-2.3749
0.9918
3.6657
2.1036
-0.1760
-1.0800
-0.3012
-0.0152
-0.1529
-0.8373
-0.2810
0.0144
0.4059
0.9122
-0.0679
-0.8678
-0.8326
2.9781
-1.4407
0.5511
0.0562
0.5360
-0.0151
-0.0872
-1.0552
-1.8571
0.9246
-0.9383
0.3472
-0.7679
0.0683
-1.2881
2.7569
-0.4431
1.3165
-0.7082
-0.6111
0.4162
-0.1513
0.0756
-1.6756
-0.1269
-0.3093
-0.1258
-0.8061
-0.6023
-1.1976
1.5453
0.1045
-0.1652
-1.6499
0.1453
0.0920
-0.0676
-0.1523
-2.3400
-0.1828
-0.2269
-0.4933
-1.9540
-0.1917
-0.3119
0.2825
0.2374
-0.1585
-0.0778
-0.7658
-0.3417
-0.2186
-0.8908
-1.6563
-1.3361
-0.2682
-0.2607
-0.4131
-0.3314
-0.0870
0.0660
-1.0525
1.0779
-0.1496
0.3139
-0.1643
0.5068
0.1943
Appendix IX continued
167
213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236
0.9001
0.3954
-0.1719
0.0427
0.6552
-1.0630
0.8907
-0.0613
-2.3085
-5.8090
0.0266
-0.2909
-0.3746
-0.7789
-2.1552
-5.7332
0.0455
-0.2691
-0.1674
-0.0645
-0.4660
0.3186
-0.1260
-2.3041
4.2831
0.0135
-0.3454
-0.2954
-0.1465
0.3780
-1.6465
-0.7155
-0.2531
0.1677
-0.5273
0.1203
-0.1767
-0.0153
1.2274
-0.1790
-0.6573
-0.0849
-0.3040
-0.0712
-0.1351
-3.1194
-2.3644
0.1873
-0.8517
-0.3399
-0.0913
-0.5086
-0.0764
-1.5691
-1.0668
0.2053
0.2128
-0.3040
-0.1092
-0.8892
-0.4813
-0.0408
-0.2331
-0.2969
-0.9702
0.9305
-0.2867
-0.0699
2.2861
0.0555
-1.3108
0.6325
0.3626
-0.0095
-1.1920
-0.4586
-0.7215
-3.2611
-0.1117
1.0118
-0.2145
-0.0015
-0.0739
2.2403
-0.2764
-0.5620
0.7160
-0.1919
-0.1142
0.0856
1.6893
0.1443
-2.9229
-0.0266
-0.3226
0.3643
-0.1843
-0.0833
1.3642
-0.2811
-0.3641
1.0879
-0.0309
-0.0949
0.4708
3.2710
0.6676
-2.9457
0.2954
0.2743
-0.4045
0.1247
-0.0875
-1.5571
-0.1788
-0.3699
0.3019
5.5923
0.3490
-0.5332
1.9689
1.1985
-2.8247
0.6385
-0.3359
-1.0703
-0.8816
-0.2326
0.5734
-0.1911
0.2101
0.1315
0.7060
-0.0793
-0.4909
2.0674
1.0735
0.6497
-0.1649
-0.4924
0.0097
-0.3268
-1.2335
-0.8613
0.3819
1.3939
-0.9525
0.9756
-1.6635
0.2081
1.6858
0.6118
-5.3069
-0.1258
0.5801
-0.5937
-0.1469
0.1047
0.3518
-0.0728
2.2718
1.1449
-0.8528
-1.3300
0.6618
1.0209
-0.8412
-1.3339
1.2509
0.0324
2.4322
-0.0661
0.0237
-0.0787
-0.2355
-4.0074
0.2129
-1.4244
-1.6452
0.0714
-0.2117
-1.3140
0.9907
1.3905
0.2989
-0.2813
0.2686
-0.1836
1.1002
-0.1428
5.2030
-0.8594
-1.0774
-1.2308
-0.6293
-1.3698
-0.5128
1.4789
2.0541
0.0353
-0.1726
0.6129
-0.2507
1.6640
-0.4092
0.0042
0.4568
-0.4685
1.9525
1.3816
-0.3896
-0.3759
1.9619
0.8873
-0.0644
-0.4638
-0.1921
-0.2676
1.7402
-0.1610
-0.0547
-0.3202
-0.2003
-3.7171
1.3146
-0.7166
-0.3569
2.5707
0.3075
-1.8887
0.4832
-0.1565
-0.2570
-2.7774
-0.2363
0.2053
0.7261
0.7328
0.2536
0.1994
-0.2377
-0.4797
2.3123
-0.1258
-0.1506
-0.3659
1.2050
-0.2713
2.2423
-0.2397
-0.2631
0.3257
0.3259
-0.7277
1.1212
-0.3846
0.3735
2.4228
0.4032
-0.6425
-0.3646
1.3819
-0.2546
-2.4939
0.1708
0.2084
-0.1442
-0.3050
-0.5571
-0.0478
-0.9060
1.0978
2.0844
-0.1274
-0.5240
-0.2187
2.0242
-0.1724
-3.0167
-0.2379
0.6750
0.6784
-0.5456
0.2606
0.2149
-0.5998
-0.2100
1.0198
-0.1258
-0.7219
-0.0182
0.8520
-0.3794
-0.7032
-0.2382
-1.0847
0.1837
-0.3156
0.9819
0.3549
0.8596
1.0087
0.2430
0.0572
-0.5855
0.6251
0.2827
-0.3164
-0.1229
5.6414
-0.8494
0.7440
0.0618
0.7082
-1.3967
0.3789
-0.2509
-2.7554
0.8583
-0.7557
1.5546
-0.1661
-0.3731
1.0829
0.7730
-0.4846
0.4399
-0.2335
0.5451
-1.4103
0.3410
0.6804
-3.1656
0.1399
-0.4428
0.5708
0.3731
-0.2953
2.2136
0.9113
0.2053
0.0555
-0.0129
0.3936
-1.1848
1.4060
0.0451
-1.5707
0.0469
-0.2893
-0.4266
-0.1519
-0.4490
0.1888
-0.9268
-1.2958
-0.0120
-0.8929
-0.7923
-0.8486
Appendix IX continued
168
237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260
1.9859
0.0742
-1.3970
-0.0119
0.1834
1.1924
-0.1610
0.2840
-2.3090
-1.2615
-0.9227
0.0115
-0.2452
2.1021
0.2262
-0.1092
0.6904
0.1203
0.1757
0.8052
0.0714
0.0358
-1.0044
0.7408
-1.2016
-0.6967
-0.2671
-0.0264
-1.1564
0.7483
-2.0703
1.2187
-0.2612
0.4659
0.5923
2.8690
0.8407
-0.3746
0.7349
-0.3047
-0.6321
0.4283
-0.2052
-1.5647
0.2834
-1.4304
1.5156
0.3007
-0.3734
-0.7580
0.3603
0.1101
-0.2947
-2.2990
-0.0668
0.0033
-0.1025
0.1182
-2.5622
-0.6627
0.0223
0.2413
-0.8255
0.6000
-1.1000
1.2323
0.0151
-0.3353
-0.0887
0.8347
-1.2578
-0.2259
0.6308
0.6113
3.8221
0.8451
-0.4089
-1.8486
-0.1258
-0.7664
0.0725
-0.0416
-0.2383
-0.0252
0.2347
0.2045
-0.4624
-0.0551
1.4202
0.4359
-0.4766
-1.5431
-1.4719
0.2676
-2.3779
0.3376
0.1464
-0.3348
1.9504
-0.2384
0.2025
0.5282
-0.2075
-0.2413
0.3959
-1.1002
0.1849
0.2745
0.7575
0.0624
-0.3258
0.4318
-0.3216
1.0684
-0.5297
-3.1974
0.4441
1.0994
0.1761
1.1022
0.1121
0.1283
-1.7587
-0.1258
0.6106
0.2448
-0.3992
0.1196
-0.3271
-0.2750
0.0092
0.1486
1.3778
-1.3314
-0.1751
-0.4634
-0.1193
0.0553
0.9631
1.7943
-0.7909
0.5682
-0.3001
-1.3905
-0.0273
6.2542
-0.0996
1.8736
-1.4928
1.6687
0.2035
-0.1143
-2.0539
-0.5047
1.1370
0.0912
-0.1580
-3.0136
1.2507
-0.2398
-5.3048
0.6087
0.7086
-0.1569
1.1939
0.1211
-0.1118
-1.8911
-0.1539
-0.0128
-0.1942
0.2403
-2.6743
-0.8250
0.1456
2.5129
-0.1173
0.1285
-1.1459
0.7410
-0.0656
0.1065
-1.6660
-0.1232
-1.6787
-0.5122
0.7291
-2.9922
0.0891
-0.9650
2.6430
-0.5075
-0.3047
-0.1641
1.0175
-0.4396
-0.0277
-1.1365
-0.1552
-0.8172
-0.0026
-0.1588
-2.5769
-0.7533
-0.3968
-2.6860
-0.6132
0.2782
-0.5241
1.4240
0.3755
-0.0793
-0.2490
-0.9181
0.4500
-0.4357
0.9332
0.5965
0.5922
-0.2104
-2.4290
0.4358
-0.3079
-0.4510
2.5397
1.3562
-0.0096
1.4340
-0.1529
-0.2740
0.4612
-0.5436
-5.0601
-2.5000
-0.1389
-1.3790
-0.0791
-0.3054
-0.3755
2.4749
-0.5190
-0.1781
2.4247
-0.2586
-0.3350
0.2985
-0.1542
-1.0868
-0.0207
0.1832
0.2016
-0.2399
0.1009
-0.0631
1.6420
-0.5714
-0.0493
2.2854
-1.5263
0.5471
-0.7652
-0.1520
0.7306
0.1094
0.5246
-2.1876
-0.3512
0.9691
0.4614
1.7666
0.5337
0.1354
2.0256
0.4183
-0.4139
-0.9688
-0.1668
1.2412
-0.4314
-0.2783
-1.8224
-0.2724
-0.0401
-2.0432
-2.8594
-0.1144
-1.0389
1.0974
-0.6970
0.2603
1.0510
-0.9232
1.6320
-1.1011
-0.1839
-0.5381
-0.2375
0.1397
0.4049
-3.0507
1.0296
-0.4884
1.8358
-0.3891
-0.4343
-1.9079
-0.1557
2.0584
-1.0682
1.1622
0.2026
-0.1639
-0.1876
0.5384
-1.8792
0.8880
0.8897
1.8162
-2.3239
0.5308
-0.3929
-0.2885
2.0789
-0.3339
1.2766
0.3700
-0.4638
0.1371
0.4094
2.4407
0.8571
-0.0198
1.1957
-0.1536
-0.1126
0.4466
-1.5377
2.0728
-0.1309
1.9409
2.0324
-0.7466
0.4254
0.9577
2.2726
1.1787
-0.4221
0.3632
-0.0763
-0.2461
0.0420
0.4127
1.5559
-2.3038
0.8012
6.8972
-0.9125
-0.4696
-0.7249
1.5941
Appendix IX continued
169
261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277
0.7948
0.1025
0.0532
-0.3598
-0.0703
-0.6799
-0.7375
0.2326
-0.8311
0.2742
-3.4182
0.6984
0.6211
1.0323
1.2250
1.1453
-0.1112
-1.3894
-0.1536
0.5313
0.1609
-0.3809
-0.2263
2.1957
-0.1747
0.2904
0.4939
-0.0170
-0.0409
1.9623
-0.0785
0.0576
-2.3309
-0.4778
0.4882
0.0103
-2.3150
-2.5055
-0.3227
0.3889
-1.6101
0.3485
0.2827
1.5842
1.5324
0.1747
0.3188
-2.4338
-0.4722
0.4667
-1.1312
-0.1568
-2.9164
-0.7565
-0.2031
-1.8819
-0.3947
0.6148
1.5756
-1.0753
-0.2798
-0.2297
-1.3287
-0.1536
1.0690
0.1734
-0.0645
-1.6211
-0.3054
-0.2317
-1.0115
-0.5789
-0.0622
1.5229
5.0252
-0.0105
-0.5383
0.9626
-0.7424
0.2632
0.6010
-0.3639
-1.2886
0.7653
0.0086
-0.3045
-0.3952
0.9204
-0.0981
2.3871
-0.6587
-0.4159
1.0653
1.5171
-0.2279
0.2427
-0.1674
-0.6856
1.3827
0.7762
-0.1089
0.2327
-0.6412
-0.7380
-0.3469
0.4081
0.3409
-0.6559
0.4042
-1.2223
1.5245
-0.4733
-0.4133
-0.6728
0.0829
0.3905
-1.1350
-0.3054
-1.2423
-0.9539
0.9496
0.1044
-2.0376
0.1985
0.8960
1.3309
-0.5092
-0.2136
0.4846
-0.0234
-0.2621
-0.6434
-0.1193
-0.5910
-0.8230
0.3491
0.5004
-2.1059
-0.3388
0.1890
-0.0264
-0.1607
-1.5255
-0.5950
-0.0706
0.6131
-0.2857
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170
