tag:blogger.com,1999:blog-50206285586761931392024-03-14T14:33:57.089+11:00Melissa Almasi's BlogThe purpose of this blog is to track the progress of my engineering thesis "Exploring the IT complementarities among capital inputs in productivity analysis" which is due to be completed during Semester 2 of 2007 at the University of Sydney, Australia. The thesis is being supervised by Dr. Simon Poon from the School of Information Technology and Dr. Rafael Calvo from the Web Engineering Group (WEG).Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-5020628558676193139.post-2549627485282353452007-11-07T15:12:00.000+11:002007-11-07T15:28:08.918+11:00Final Post<span style="color: rgb(51, 102, 255);font-family:arial;" >I have now completed all assessable components of my treatise and as you would expect I am very relieved. I thought the presentation went quite well as I was able to effectively convey my project, results and what they mean to the audience.<br /><br />The full presentation can be accessed at:<a href="http://savefile.com/projects/808561947"> Treatise Presentation 2007 - SaveFile.com project</a><br /></span><br /><span style="color: rgb(51, 102, 255);font-family:arial;" ><br /><span style="color: rgb(51, 102, 255);">I would like to thank everyone that was involved in the entire process from my supervisors Dr. Simon Poon and Dr. Rafael Calvo to my friends and family. It has been an incredibly rewarding and memorable experience where I learned a lot both academically and personally. My hardwork has also payed off as next Monday Iw ill be meeting with Dr.Poon to refine my treatise to be in a journal format so the findings can be published for both the School of Information Technologies and also in information system journals. Thankyou and Goodbye.</span><br /><br /><br /><br /><br /><br /></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-837179666831332502007-10-31T11:54:00.000+11:002007-10-31T11:56:49.783+11:00References<span style="color: rgb(51, 102, 255); font-family: arial;">Here is the list of references which I used in my project and I promised to provide in my </span><a style="color: rgb(51, 102, 255); font-family: arial;" href="http://melissavmalmasi.blogspot.com/2007/10/almost-finished.html">previous post:</a><span style="color: rgb(51, 102, 255); font-family: arial;"> </span><br /><br /> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;"><!--[if supportFields]><span style="'font-family:"><span style="'mso-element:field-begin'"></span><span style="'mso-spacerun:yes'"> </span>ADDIN EN.REFLIST <span style="'mso-element:"></span></span><![endif]-->[1]<span style=""> </span>R. M. Solow, "We'd Better Watch Out," in <i style="">New York Times </i>1987, p. 36.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[2]<span style=""> </span>S. Roach, "America's Technology Dilemma: a Profile of the Information Economy," Morgan Stanley Special Economic Study, New York 1987.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[3]<span style=""> </span>J. Davis and S. Poon, "The Economic Contribution of Software: An Alternative Perspective on the Productivity Paradox," in <i style="">Proceedings of the 25th International Conference on Information Systems (ICIS2004)</i>, Washington D.C, 2004, pp. 863-876.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[4]<span style=""> </span>E. Brynjolfsson and L. Hitt, "Paradox Lost? Firm-level evidence on the returns to information systems spending," <i style="">Management Science, </i>vol. 42, pp. 541-558, 1996.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[5]<span style=""> </span>E. Brynjolfsson and L. Hitt, "Beyond Computation: Information Technology, organizational transformation and business performance," <i style="">Journal of Economic Perspectives, </i>vol. 14, pp. 43-48, 2000.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[6]<span style=""> </span>D. Jorgenson and K. Stiroh, "Raising the speed limit: U.S. economic growth in the information age.," in <i style="">Brookings Papers on Economic Activity</i>. vol. 1, 2000, pp. 112-235.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[7]<span style=""> </span>J. Dedrick and K. Kraemer, "The productivity paradox: Is it resolved? Is it a new one? What does it all meant for management?," Centre for Research on Information Technology and Organizations. I.T. in Business. 2001.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[8]<span style=""> </span>J. Dedrick, V. Gurbaxani, and K. Kraemer, "Information Technology and Economic Performance: A critical review of the Empirical Evidence," <i style="">ACM Computing Surveys, </i>vol. 35, pp. 1-26, 2003.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[9]<span style=""> </span>N. Melville, K. Kraemer, and V. Gurbaxani, " Information Technology and organizational performance: an integrative model of IT business value," <i style="">MIS Quarterly, </i>vol. 28, pp. 283-322, 2004.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[10]<span style=""> </span>M. L. Markus and D. Robey, "Information Technology and Organizational Change: Causal Strcuture in Theory and Research," <i style="">Management Science, </i>vol. 34, pp. 563-598, 1988.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[11]<span style=""> </span>P. Romer, "Beyond the Knowledge Worker," in <i style="">Wordlink<o:p></o:p></i></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">1995, pp. 56-60.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[12]<span style=""> </span>C. S. Langdon, "Does IT Matter? An HBR Debate," in <i style="">Harvard Business Review: Letters to the Editor</i>. vol. 2007, 2003.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[13]<span style=""> </span>D. Parham, P. Roberts, and S. Haishun, "Information Technology and Australia's Productivity Surge," Australian Productivity Commission, Canberra 2001.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[14]<span style=""> </span>ABS, "Information and Communication Technology," Australian Bureau of Statistics, Canberra 8126, 26 September 2006.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[15]<span style=""> </span>"ICT Creates half Australia's trade deficit," in <i style="">IDG Communications</i>, 2003.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[16]<span style=""> </span>J. Gali, P. Gretton, and D. Parham, "The effects of ICTs and complementary innovations on Australian productivity growth," OECD Publications Service, 2004.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[17]<span style=""> </span>G. Banks, "The Role of ICT in Australia's Economic Performance," in <i style="">Communications Research Forum</i> Rydges Lakeside, Canberra, 2001.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[18]<span style=""> </span>C. Min and S. Dewan, "The Substitution of Information Technology for Other factors of Production: A firm level analysis," <i style="">Management Science, </i>vol. 43, pp. 1660-1675, 1997.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[19]<span style=""> </span>L. Hitt and E. Snir, "The Role of Information Technology in Modern<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">Production: Complement or Substitute to Other Inputs?," University of Pennsylvania, Wharton School, 1999.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[20]<span style=""> </span>S. Mun and D. Hong, "An Analysis of Elasticity of Substitution for the Production Function With IT Capital, Labor and Non-IT Capital," <i style="">Economic Papers, </i>vol. 7, pp. 165-176, 2004.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[21]<span style=""> </span>E. Brynjolfsson and L. Hitt, "Information Technology as a factor of production: The role of differences among firms," <i style="">Economic innovation new technology, </i>vol. 3, pp. 183-199, 1995.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[22]<span style=""> </span>F. Lichtenberg and B. Lehr, "Information Technology and its Impact on Firm-level Productivity: Evidence from Government and Private Data Sources, 1977-1993," in <i style="">CSLS Conference on Service Sector Productivity and the Productivity Paradox</i> Chatewa Laurier Hotel, Canada, 1997.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[23]<span style=""> </span>K. 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Parkin, <i style="">Microeconomics</i>, 4th ed. Sydney: Pearson Education, 2003.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[65]<span style=""> </span>A. Aizcorbe, "Testing the Validity of Aggregates," <i style="">Journal of Business & Economic Statistics, </i>vol. 8, pp. 373-383, 1990.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[66]<span style=""> </span>M. Fuss, D. McFadden, and Y. Mundlak, "A survey of functional forms in the Economic Analysis of Production," in <i style="">Production Economics</i>, 2 ed New York: North Holland, 1978, p. 244.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[67]<span style=""> </span>E. Brynjolfsson and L. Hitt, "Is Information System Spending Productive? New evidence and new results," in <i style="">Proceedings of the International Conference on Information Systems</i>, 1993.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[68]<span style=""> </span>R. H. McGukin and K. J. Stiroh, "Computers and Productivity: Are Aggregation Effects Important?," <i style="">Economic Enquiry, </i>vol. 40, pp. 42-59, 2002.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[69]<span style=""> </span>C. S. Langdon, "Does IT Mattery? An HBR Debate," in <i style="">Harvard Business Review: Letters to the Editor</i>. vol. 2007, 2003.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[70]<span style=""> </span>D. McFadden, "Constant Elasticities of Substituion Production Function," <i style="">Reveiw Economic Studies, </i>vol. 30, pp. 73-83, 1963.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[71]<span style=""> </span>H. Uzawa, "Production Functions with constant elasticities of substitution," <i style="">Reveiw Economic Studies, </i>vol. 29, pp. 291-299, 1962.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[72]<span style=""> </span>L. R. Christensen, D. W. Jorgenson, and L. J. Lau, "Conjugate Duality and the Transcendental Logarithmic Production Function,"<span style=""> </span>Cambridge, England, 1970.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[73]<span style=""> </span>L. Hitt and E. Snir, "The Role of Information Technology in Modern Production: Complement or Substitute to Other Inputs," 1999.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[74]<span style=""> </span>W. H. Greene, <i style="">Econometric Analysis</i>, 5 ed. Sydney: Pearson Education International, 2003.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[75]<span style=""> </span>J. R. Hicks, <i style="">The Theory of Wages</i>, 2 ed. London: Macmillan, 1963.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[76]<span style=""> </span>G. E. Battese, T. Coelli, and P. Rao, "An Introduction to efficiency in productivity analysis," Springer, 1998.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[77]<span style=""> </span>T. Koizumi and R. Sato., "On the Elasticities of Substitution and Complementarity," <i style="">Oxford Economic Papers, </i>vol. 25, pp. 44-56, March 1973 1973.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[78]<span style=""> </span>M. Syrquin and G. Hollender, "Elasticities of Substitution and Complementarity: The General Case," <i style="">Oxford Economic Papers, </i>vol. 34, pp. 515-519, 1982.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[79]<span style=""> </span>R. Chambers, <i style="">Applied Production Analysis</i>. New York: Cambridge University Press, 1988.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[80]<span style=""> </span>ABS, "Summary of Findings and Proposed changes," Australian Bureau of Statistics 1998.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[81]<span style=""> </span>D. Trewin, "Australian System of National Accounts: Concepts Sources and Methods," Australian Bureau of Statistics, Canberra 2000.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[82]<span style=""> </span>R. Boucekkine, D. De La Croix, and O. Licandro, "Vintage Capital,"<span style=""> </span>Louvain: Department of Economics and CORE, Université catholique de Louvain, 2006.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[83]<span style=""> </span>P. Romer, "Increasing Return and Long Run Growth," <i style="">Jounral of Political Economy, </i>vol. October, pp. 1002-1037, 1986.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[84]<span style=""> </span>C. Blackorby and R. R. Russel, "Will the Real Elasticity of Substitution Please Stand Up? (A comparison of the Allen/Uzawa and Morishima Elasticities)," <i style="">The American Economic Review, </i>vol. 79, pp. 882-888, 1989.<o:p></o:p></p> <p class="MsoNormal" style="margin-left: 36pt; text-indent: -36pt; color: rgb(51, 102, 255); font-family: arial;">[85]<span style=""> </span>V. Gurbaxani, "Does IT matter? An HBR Debate," in <i style="">Harvard Business Review:Letters to the Editor</i>, 2003, p. 14.<o:p></o:p></p> <p style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><o:p> </o:p></p> <!--[if supportFields]><span style="'font-size:12.0pt;font-family:"><span style="'mso-element:field-end'"></span></span><![endif]-->Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-69310572596659814952007-10-30T14:24:00.001+11:002007-10-30T14:28:16.143+11:00Final Thesis Hand in<span style="font-family:arial;color:#3366ff;">Apologies for the belated blog spot I have been feverishly been putting the final touches on my thesis which I have just handed in FINALLY :)</span><br /><span style="font-family:Arial;color:#3366ff;"></span><br /><span style="font-family:Arial;color:#3366ff;">I was planning on handing it in yesterday and attending the practice presentation that Dr.Calvo had assigned but an urgent personal matter had come up so I was not able to do either. I am very happy with the final quality of work which I have produced all up it was around 16,000-17,000 of quality writing. In the next few days I will be putting the final touches on my presentation in addition to studying for my final econometrics exam which happens to be the day after. As a result my final post will be on Tuesday evening of November 6th after my exam and presentaiton has been completed.</span><br /><span style="font-family:Arial;color:#3366ff;"></span><br /><span style="font-family:Arial;color:#3366ff;">An overview of the contributions and achievements that my treatise has made are as follows:</span><br /><span style="font-family:Arial;color:#3366ff;"></span><br /><span style="font-family:arial;color:#3366ff;">The research problem undertaken was to explore the complementarities that the IT capital components of software and hardware capital exhibit with each other and other capital investments, as well as investigate their impact on productivity in an intensive IT using economy. This area has not yet been fully been explored by existing academia and will therefore broaden the knowledge and understating into this area for researchers, economists and businesses.<br />This treatise whilst a research treatise has provided some notable contributions which are:<br /><br />1. One of the first papers to empirically model and prove that software capital and hardware capital are distinct capital components in production i.e. that hardware and software cannot be aggregated with each other nor with non-IT capital.<br />2. One of the first papers to apply the economic theory of complementarity and substitutability through the Allen Partial Elasticity Substitution (AES) measure to Australian data in IT productivity analysis.<br />3. The first paper to employ the AES framework using disaggregated IT capital i.e. software capital and hardware capital in IT productivity analysis<br />4. This treatise is also one of the first papers to provide evidence for the Australian economy not leveraging the entire benefits to be gained for IT investments and therefore in some respect indicate that Australia is an inefficient user of IT especially for software capital.</span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-35946733016201542722007-10-21T18:27:00.000+10:002007-10-21T18:40:59.347+10:00Almost finished...<span style="font-family:arial;"><span style="color: rgb(51, 102, 255);">Since my last post I have met three times with Dr. Poon to discuss the progress of the continued write up of my treatise. As Dr. Poon is leaving on Thursday the 25th of October, I have been working very hard to have my treatise complete by then so I can receive as much feedback and advice on my work to ensure it is of the highest quality. I have all my chapters reviewed bar the chapters covering the data collection methodology, discussion of the results and conclusion. However, in my last two meetings with Dr.Poon this week which was on Monday and Friday we did discuss in depths on the approach I wanted to take on my discussion results. For an overview of the results found please view the </span><a style="color: rgb(51, 102, 255);" href="http://melissavmalmasi.blogspot.com/2007/10/update-on-progress-for-past-2-weeks.html">post</a><span style="color: rgb(51, 102, 255);"> on the 8th of October. I have come up with a very interesting argument and perspective on my results ,which I won't spoil just yet :). I must admit that it was this section of the thesis I enjoyed writing the most because not only did it allow me to display what I had learned through my research of the topics but also fuse in knowledge obtained from both my engineering degree and commerce degree.</span><br /><br /><span style="color: rgb(51, 102, 255);">I have now completed all sections of thesis bar the data gathering chapter since it was the easiest to complete and have left it till the very end. I should be able to complete the write up of the data construction within the next hour or so. On Monday I will then incorporate any feedback received form Dr. Poon which I have not yet incorporated and fix up minor details such as the aesthetics of the appearance, table of context, abstract etc. I will then meet with Dr. Poon on Tuesday who will overview my thesis in its entirety and double check that I have not excluded any crucial sections. Hopefully, I will only have to make very minimal changes if any. I plan to have the feedback finalised and incorporate into my thesis by Friday so on Saturday I can bind my thesis and concentrate on my presentation.<br /><br />In my next post I will provide the an outline of the final structure of my thesis including a list of all th references I have used for any interested readers reference.<br /></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-85545918875215545382007-10-10T11:16:00.000+10:002007-10-14T23:10:36.813+10:00Meeting Update October 9 2007<div><span style="color: rgb(51, 102, 255);font-family:arial;" >As mentioned in my earlier post on Monday I held a meeting with Dr.Poon were a presented to him an outline of my proposed final treatise for discussion and critical review. Overall Dr.Poon was happy with the way I proposed to segment the treatise including the points which I plan to my focus on. Dr Poon however did provide me with very useful criticism which will assist in making the overall treatise structure more sound in addition to making it flow more logically.</span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" >The first two chapters of my partial draft will be partially reworked to reflect this new strucutre. A brief summary of the contents follows.</span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ><strong>Chapter 1</strong></span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" >The first chapter will focus on providing a brief overview of the productivity paradox and the evolution of thechnology over the past 20 years. It will then lead into the argument put forth by Paul Romer (1995) about the evolving nature and definition of IT especially the reconceptualisation of IT into seperate components. This will then be linked to current state and statsitics of IT productivity in Australia. From these figures and statistics the exploratory nature of the treatise will be set providing the reasons for wanting to explore the nature and realtionship of IT capital with other productivity capital inputs in Australia.</span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ><strong>Chapter 2</strong></span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" >The literature that was used in the partial draft will be able to be re-used however the way in which the literature review is segmented has changed. The first section will deal with definifition of the productivity paradox. Each subsection will deal with different conceptualisations of the paradox that have been found in literature such as measurement error, ommitted vairables, capturing intagiable items etc. The next setion will deal with how the definition of IT has been reconceptualised e.g. such as IT as GPT, IT as ane enabler, Paul Romers argument etc. This will then be proceeded with a discussion of the results of previous work which have examined the substitutability and complementarity of IT capital with other produciton inputs. The final section will provide the current state of research on my thesis topic: "<em>Exploring the IT complementarities among capital inputs in productivity analysis</em>" and illustrate any short comings and which particular short coming I will be investigating.</span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" >As mentioned in my last post I was going to provide the literature I have found regarding IT as GPT and the disembodiment and emobodiment of technology. One suck important paper is the following:<br /></span></div><br /><ul><li style="font-family: arial;"> R. Boucekkine, D. De La Croix, and O. Licandrom, "Vintage Capital."</li><li> <span style="font-family:arial;">R. G. Lipsey, C. Bekar, and K. Carlaw, "What Requires Explanation?," in General Purpose Technologies and Economic Growth, E. Helpman, Ed. Massachusetts: MIT Press, 1998</span>.</li><li><span style="font-family: arial;">R. G. Lipsey, C. Bekar, and K. Carlaw, "The consequences of Changes in GPTs," in General Purpose Technologies and Economic Growth, E. Helpman, Ed. Massachusetts: The MIT Press, 1998.</span><br /><br /></li></ul><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" >I have informed Dr.Poon that I will be providing him the first five chapters of my thesis complete or close to completion by our meeting next Monday afternoon. I plan to have the first three chapters complete and the chapters 4 and 5 close to completion as the latter two are simple reporting results and data description which do not that much time invested to produce a quality end result.</span></div><br /><div><span style="color: rgb(51, 102, 255);font-family:Arial;" ></span> </div>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-46362962826702809442007-10-08T14:51:00.000+10:002007-10-08T16:33:58.677+10:00Update on Progress for the Past 2 weeks<span style="font-family:Arial;color:#3366ff;">For the past two weeks I have finalised all my results and been working on my final treatise copy. The results that I posted in my <a href="http://melissavmalmasi.blogspot.com/2007/09/meeting-update-wednesday-september-26.html">last post</a> will be used in my final treatise. The justification for using the non-logged versions of KS/K, KH/K and KS/K1 can be found in the following paper:</span><br /><br /><span style="font-family:Arial;color:#3366ff;"></span><br /><br /><ul><br /><li><span style="font-family:Arial;color:#3366ff;">Lehr, B and Lichtenberg, F., "Information Technology and its impact on productivity: firm level evidence form government and private data sources, 1977-1993", The Canadian Journal of Economics, (1999)</span></li></ul><br /><p><span style="font-family:Arial;color:#3366ff;">In my last meeting with Dr.Poon we had started discussing on which angle to take in writing up the final copy of the treatise. He suggested that I take a highly exploratory tone in writing up my <span style="color:#3366ff;">argument about the results I have found. To recap these results are:</span></span></p><br /><ul><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">IT capital can't be aggreagted into Ordinary Capital K (K)</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Software Capital (SK) and Hardware Capital (HK) can't be aggregated into IT capital (K1)</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">SK and HK don't have any short term intermediate impact i.e. it takes times for SK and HK to adjust for the effects of these to be felt</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">HK and SK are complementary with each other</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">SK and L are substitutes with each other</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">HK and L are substitutes with each other</span></span></li></ul><br /><p><span style="font-family:arial;"><span style="font-size:100%;"><span style="color:#3366ff;">For my meeting this afternoon I have created an outline of all the sections including what will be written and what papers will be used for each chapter. Dr. Poon will then review the key points and papers which once approved I can write up the section in its entirety. The sections are as follows:</span></span></span></p><br /><ul><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chapter 1: Introduction and Motivation</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chapter 2: Literature Reivew</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chapter 3: Methodology and Hypothesis</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chapter 4: Data Construction</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chpater 5: Results</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chapter 6: Analysis and Interpretation</span></span></li><br /><li><span style="font-family:arial;"><span style="font-size:100%;color:#3366ff;">Chpater 7: Conclusion</span></span></li></ul><br /><p><span style="font-family:arial;"><span style="font-size:100%;"><span style="color:#3366ff;">After my meeting today I will recount about the derlivarables on the coming week and mention any changes to the proposed structure. I have also been researching further items on two more concepts which are the emobdiment and disembodiment of IT and the General Purpose Technologuy (GPT) nature of IT. Both these concepts will be used in my motivation as well as be used in my analysis and discussion of results. I will provide the references to the resoue which I have used and found in my next post.</span></span></span><span style="font-size:100%;"></p></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-6504375106306261042007-09-26T21:09:00.000+10:002007-09-26T21:29:20.603+10:00Meeting update Wednesday September 26<span style="color: rgb(153, 255, 255);"><span style="font-size:100%;"><span style="font-family:arial;"><span style="color: rgb(51, 102, 255);">I held a meeting today with Dr.Poon to discuss my progress to date. The majority of the meeting was centered around how we were going to obtain the p-values for the implied values in the aggregation tests that I mentioned in my <a href="http://melissavmalmasi.blogspot.com/2007/09/aggregation-test-procedure.html">earlier post</a>. Dr. Poon informed me that Shazam (another statistical package) has the ability to calculate the p-values for the implied delta and gamma values obtained. We have decided to use the Shazam software for the portion of this thesis. I have been provided with a copy of Shazam and have already installed the software, written the the code to perform the tests and obtained the results.<br /><br />The code that I wrote to perform the aggregation tests is quite simple and is provided below.<br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">*Read in the Data</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">SAMPLE 1 216</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">READ(AggregationData89_06.txt) Sector KH KS K1 K KSITP KSP KHP K0 L VA / SKIPLINES=1</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">*Transform Variables</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR KSP = LOG(KSP)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR KHP = LOG(KHP)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR KSITP = LOG(KSITP)</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR VA=LOG(VA)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR L=LOG(L)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR K=LOG(K)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR K1=LOG(K1)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR K0=LOG(K0)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR KS=LOG(KS)</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">GENR KH=LOG(KH)</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">*Create time effect dummies</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">MATRIX TDUM=SEAS(216,18) </span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">DO #=1,18</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;"> GENR C#=TDUM:#</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">ENDO</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">* Run OLS for first aggregation test</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">OLS VA L K KSP KHP Sector C2-C18</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">*Perform the t-tests for the implied values</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">TEST</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;"> TEST K/KSP</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">END</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">TEST</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;"> TEST K/KHP</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">END</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">* Run OLS for the second aggregation test</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">OLS VA L K0 KSITP K1 Sector C2-C18</span><br /><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">*Perform t-test for the implied value</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">TEST</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;"> TEST K1/KSITP</span><br /><span style="color: rgb(0, 0, 0); font-weight: bold;">END</span><br /><br /><span style="color: rgb(0, 0, 0);"><span style="font-weight: bold;">STOP</span><br /><br /><span style="color: rgb(51, 102, 255);">As is evident in the code above I had run the OLS by also using the natural log of the mix functions KSP (KS/K), KHP (KH/K) and KSITP (KS/K1). However, this provided an unexpected result in the first aggregation test with the p-value of the mix function KSP to be around 0.70 which means that since we cannot reject the null hypothesis from KSP being statistically different from zero this implies that KS (Software capital) can be aggregated into ordinary capital. I have passed on these results to Dr. Poon who has asked me to re-run the tests without taking the natural logs of these mix functions. The results now show that Software Capital (KS) and Hardware Capital (KH) cannot be aggregated with non-IT capital since the p-values of the mix functions KSP, KHP are less than 0.05. Likewise the second aggregation test results show that KS and KH cannot be aggregated into a single IT capital measure (K1) since the mix function KSITP has a p-value less than 0.01. The full results are posted below.<br /><br /></span></span></span></span></span></span> <h3><span style="color: rgb(51, 102, 255);font-family:arial;" >Test for aggregation of KS into K</span><o:p></o:p></h3><p class="MsoNormal" style=""><span style=";font-family:";font-size:9;color:black;" ><span style=""> </span><span style="font-size:100%;">TEST VALUE =</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">0.25394E-01 STD. ERROR OF TEST VALUE</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">0.12112E-01<o:p></o:p></span></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>T STATISTIC =<span style=""> </span>2.0966614<span style=""> </span>WITH<span style=""> </span>193 D.F.<span style=""> </span>P-VALUE= <span style="background: yellow none repeat scroll 0% 50%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;">0.03733</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>F STATISTIC =<span style=""> </span>4.3959891<span style=""> </span>WITH<span style=""> </span>1 AND<span style=""> </span>193 D.F.<span style=""> </span>P-VALUE= <span style="background: yellow none repeat scroll 0% 50%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;">0.03733</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:9;color:black;" ><span style=";font-size:100%;" > </span><span style="font-size:100%;">WALD CHI-SQUARE STATISTIC =</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">4.3959891</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">WITH</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">1 D.F.</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">P-VALUE= 0.03602</span><o:p></o:p></span></p> <h3><span style=";font-family:";font-size:9;color:black;" ><span style=""> </span></span></h3> <h3 style="color: rgb(51, 102, 255); font-family: arial;">Test for aggregation of KH into K</h3><span style=";font-family:";font-size:9;color:black;" ><span style=""> </span><span style="font-size:100%;">TEST VALUE =</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">0.78809E-02 STD. ERROR OF TEST VALUE</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">0.33973E-02<o:p></o:p></span></span> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>T STATISTIC =<span style=""> </span>2.3197322<span style=""> </span>WITH<span style=""> </span>193 D.F.<span style=""> </span>P-VALUE= <span style="background: yellow none repeat scroll 0% 50%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;">0.02140</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>F STATISTIC =<span style=""> </span>5.3811575<span style=""> </span>WITH<span style=""> </span>1 AND<span style=""> </span>193 D.F.<span style=""> </span>P-VALUE= <span style="background: yellow none repeat scroll 0% 50%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;">0.02140</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>WALD CHI-SQUARE STATISTIC =<span style=""> </span>5.3811575<span style=""> </span>WITH<span style=""> </span>1 D.F.<span style=""> </span>P-VALUE= 0.02036</span></p><p class="MsoNormal" style=""> </p><h3><br /></h3><h3><span style="color: rgb(51, 102, 255);font-family:arial;" >Test for aggregation of KS into K1</span><o:p></o:p></h3> <p class="MsoNormal" style=""> </p><p class="MsoNormal" style=""><span style=";font-family:";font-size:9;color:black;" ><span style=""> </span><span style="font-size:100%;">TEST VALUE = -0.18831</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">STD. ERROR OF TEST VALUE</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">0.23904E-01<o:p></o:p></span></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>T STATISTIC =<span style=""> </span>-7.8779472<span style=""> </span>WITH<span style=""> </span>193 D.F.<span style=""> </span>P-VALUE= <span style="background: yellow none repeat scroll 0% 50%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;">0.00000</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:100%;color:black;" ><span style=""> </span>F STATISTIC =<span style=""> </span>62.062051<span style=""> </span>WITH<span style=""> </span>1 AND<span style=""> </span>193 D.F.<span style=""> </span>P-VALUE= <span style="background: yellow none repeat scroll 0% 50%; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial;">0.00000</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><span style=";font-family:";font-size:9;color:black;" ><span style=";font-size:100%;" > </span><span style="font-size:100%;">WALD CHI-SQUARE STATISTIC =</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">62.062051</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">WITH</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">1 D.F.</span><span style=";font-size:100%;" > </span><span style="font-size:100%;">P-VALUE= 0.00000</span><o:p></o:p></span></p> <p class="MsoNormal" style=""><br /><span style=";font-family:";font-size:9;color:black;" ><o:p></o:p></span></p> <span style="color: rgb(153, 255, 255);"><span style="font-size:100%;"><span style="font-family:arial;"><span style="color: rgb(51, 102, 255);"><span style="color: rgb(0, 0, 0);"><span style="color: rgb(51, 102, 255);">I have passed on these results to Dr.Poon and am awaiting confirmation that I can report these results in my final report.<br /></span><span style="color: rgb(51, 102, 255);"></span><br /></span><br /></span></span></span></span><span style="color: rgb(0, 0, 0);"><span style="font-size:100%;"><span style="font-family:arial;"></span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-12582619174627819872007-09-25T19:19:00.000+10:002007-09-25T19:28:36.735+10:00Aggregation Test Procedure<span style="color: rgb(51, 102, 255);font-family:arial;font-size:100%;" >I<span style="font-family: arial;">n my last post I mentioned that I was undertaking an aggregation test on the production inputs of software capital, hardware capital and non-IT capital to see if they can be combined into a single measure. I had performed this test but Dr. Poon had asked me to slightly adjust the model which I was using in the test which is based on Stiroh and McGukin (2002) aggregation paper. I am testing for two effects which are:</span><br /><br /><o:p style="font-family: arial;"> </o:p></span> <ol style="margin-top: 0cm; color: rgb(51, 102, 255); font-family: arial;font-family:arial;" start="1" type="1"><li class="MsoNormal" style=""><span style="font-size:100%;">If software and hardware capital can be aggregated into a single measure called IT capital</span></li><li class="MsoNormal" style=""><span style="font-size:100%;">If software, hardware and non-IT capital can be aggregated into a single capital measure</span></li></ol> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p><br />In either situation these separate capital items can be aggregated if they are perfect substitutes for each other and i.e. implies that the composition of these different capital measures are not<span style=""> </span>important as the different components can be perfectly replaced by another component. E.g. if software capital and hardware capital can be aggregated into IT capital, IT capital would give the same result if it was 100% software capital, 50% hardware capital and 50% software capital etc. The first aggregation test, tests to see if the concepts of hardware and software capital are different. The second aggregation test tests to see if the concept of IT capital is different from the standard definition of ordinary capital.</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">The models to estimate are as follows:</span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><br /></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp3.blogger.com/_sQkMKfRcP7Y/RvjT-ZJE4wI/AAAAAAAAADY/40hKoByoiDI/s1600-h/ag3.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp3.blogger.com/_sQkMKfRcP7Y/RvjT-ZJE4wI/AAAAAAAAADY/40hKoByoiDI/s400/ag3.jpg" alt="" id="BLOGGER_PHOTO_ID_5114070445733503746" border="0" /></a></p> <p style="color: rgb(51, 102, 255);font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="color: rgb(51, 102, 255);font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><span style="position: relative; top: 12pt;"><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" spt="75" preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"> <v:f eqn="sum @0 1 0"> <v:f eqn="sum 0 0 @1"> <v:f eqn="prod @2 1 2"> <v:f eqn="prod @3 21600 pixelWidth"> <v:f eqn="prod @3 21600 pixelHeight"> <v:f eqn="sum @0 0 1"> <v:f eqn="prod @6 1 2"> <v:f eqn="prod @7 21600 pixelWidth"> <v:f eqn="sum @8 21600 0"> <v:f eqn="prod @7 21600 pixelHeight"> <v:f eqn="sum @10 21600 0"> </v:formulas> <v:path extrusionok="f" gradientshapeok="t" connecttype="rect"> <o:lock ext="edit" aspectratio="t"> </v:shapetype><v:shape id="_x0000_i1025" type="#_x0000_t75" style="'width:414pt;" ole=""> <v:imagedata src="file:///C:\DOCUME~1\Melissa\LOCALS~1\Temp\msohtml1\01\clip_image001.wmz" title=""> </v:shape><![endif]--><!--[if !vml]--><br /><!--[endif]--></span></span><!--[if gte mso 9]><xml> <o:oleobject type="Embed" progid="Equation.3" shapeid="_x0000_i1025" drawaspect="Content" objectid="_1252253317"> </o:OLEObject> </xml><![endif]--></p> <p style="color: rgb(51, 102, 255);font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><span style="position: relative; top: 15pt;"><!--[if gte vml 1]><v:shape id="_x0000_i1026" type="#_x0000_t75" style="'width:491.25pt;height:39.75pt'" ole=""> <v:imagedata src="file:///C:\DOCUME~1\Melissa\LOCALS~1\Temp\msohtml1\01\clip_image003.wmz" title=""> </v:shape><![endif]--><!--[if !vml]--><br /><!--[endif]--></span></span><!--[if gte mso 9]><xml> <o:oleobject type="Embed" progid="Equation.3" shapeid="_x0000_i1026" drawaspect="Content" objectid="_1252253318"> </o:OLEObject> </xml><![endif]--></p> <p style="color: rgb(51, 102, 255);font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">Where:</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">KS is software capital</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">KH is hardware capital</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">L is labour</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">K1 is KS+KH, i.e. IT capital</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">K0 is non-IT capital</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">K is K0+KS+KH, aggregate capital</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">T, I control for time and sector effects</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">Initially I had used a restricted F-test on both models in accordance with Aizcorbe (1990) who proposed the aggregation test to see if these variables can be aggregate. A rejection of the null hypothesis of the restricted f-test means they are not aggregates and I rejected the null in both cases. However, Dr. Poon has asked me to calculate the implied gamma and delta values in addition to each variables p-value. Whilst it is simple to calculate the implied values by dividing b<sub>2 </sub>or b<sub>3</sub> by b<sub>0</sub> the p-value is more difficult since we don’t know the standard error of the implied value obtained by division. Dr. Poon said that we will work on this tomorrow in our meeting using some of the inbuilt functions in shazam as I have not found a function in R that will assist in calculating the p-value.</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p face="arial" style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><span style="font-size:100%;">However, I might be able to determine the p-value of the implied coefficient via the following procedure. First I will run a regression of the proportional variable on the dependent variable:</span></p><p face="arial" style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp0.blogger.com/_sQkMKfRcP7Y/RvjUhpJE4xI/AAAAAAAAADg/_PAIa_k8Njw/s1600-h/ag1.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp0.blogger.com/_sQkMKfRcP7Y/RvjUhpJE4xI/AAAAAAAAADg/_PAIa_k8Njw/s400/ag1.jpg" alt="" id="BLOGGER_PHOTO_ID_5114071051323892498" border="0" /></a></p> <p face="arial" style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p face="arial" style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><!--[if gte mso 9]><xml> <o:oleobject type="Embed" progid="Equation.3" shapeid="_x0000_i1027" drawaspect="Content" objectid="_1252253319"> </o:OLEObject> </xml><![endif]--><span style="font-size:100%;"><span style="position: relative; top: 12pt;"><!--[if gte vml 1]><v:shape id="_x0000_i1027" type="#_x0000_t75" style="'width:237.75pt;height:30pt'" ole=""> <v:imagedata src="file:///C:\DOCUME~1\Melissa\LOCALS~1\Temp\msohtml1\01\clip_image005.wmz" title=""> </v:shape><![endif]--><!--[if !vml]--><br /></span>Second, I will then use the fitted value obtained as a replacement for the regressor of the original model and re-run the regression.</span></p><p style="color: rgb(51, 102, 255);font-family:arial;" class="MsoNormal"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp3.blogger.com/_sQkMKfRcP7Y/RvjT-ZJE4vI/AAAAAAAAADQ/vYlaITSffs4/s1600-h/ag2.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp3.blogger.com/_sQkMKfRcP7Y/RvjT-ZJE4vI/AAAAAAAAADQ/vYlaITSffs4/s400/ag2.jpg" alt="" id="BLOGGER_PHOTO_ID_5114070445733503730" border="0" /></a></p> <p face="arial" style="color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p class="MsoNormal"><!--[if gte mso 9]><xml> <o:oleobject type="Embed" progid="Equation.3" shapeid="_x0000_i1028" drawaspect="Content" objectid="_1252253320"> </o:OLEObject> </xml><![endif]--><span style="color: rgb(51, 102, 255);font-size:100%;" ><span style="font-family:arial;"><!--[if gte vml 1]><v:shape id="_x0000_i1028" type="#_x0000_t75" style="'width:382.5pt;height:17.25pt'" ole=""> <v:imagedata src="file:///C:\DOCUME~1\Melissa\LOCALS~1\Temp\msohtml1\01\clip_image007.wmz" title=""> </v:shape><![endif]--><!--[if !vml]--><br /><!--[endif]-->Now not only will I have and estimate of the delta value as well as its standard error and will now be able to calculate the p-vale. However, I am not too sure if this will be valid as the implied value of delta should be obtained by the procedure I mentioned earlier. Nevertheless I will ask Dr.Poon if this procedure can be used in tomorrows meeting. After my meeting I will post up the details of which procedure was used to obtain the p-values of the implied delta and gamma values.</span></span><o:p></o:p></p>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-29640131812136078382007-09-17T22:40:00.000+10:002007-09-30T10:47:14.270+10:00AES Descriptive Statistics<span style="color: rgb(51, 102, 255);font-family:arial;" >The previous post had some of the results descriptive statistics for each AES calculated, that is:</span><br /><br /><ul style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;">Software Capital and Hardware Capital</span></li><li><span style="font-size:100%;">Software Capital and Labour</span></li><li><span style="font-size:100%;">Hardware Capital and Labour</span></li></ul><span style="color: rgb(51, 102, 255);font-family:arial;font-size:100%;" ><br />cut off. I have included it again in its entirety in this post.</span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp3.blogger.com/_sQkMKfRcP7Y/Ru52yfdGEvI/AAAAAAAAADA/u6R3xHmY7h4/s1600-h/descriptive_stats.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp3.blogger.com/_sQkMKfRcP7Y/Ru52yfdGEvI/AAAAAAAAADA/u6R3xHmY7h4/s400/descriptive_stats.jpg" alt="" id="BLOGGER_PHOTO_ID_5111153236921160434" border="0" /></a>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-14097738082289151292007-09-17T22:20:00.000+10:002007-09-17T22:39:14.796+10:00On the Home Stretch<p face="arial" style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"> </p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;">My meeting last week with Dr.Poon provided further clarity for the way going forward as to which data set is going to be used for the final AES results calculation and interpretation. In my last post I mentioned that data could be possibly modified by omitting an industry or removing outliers from the sample via an examination of the regression residuals. However Dr. Poon and I decided against either method owing to the fact the data has been obtained from the ABS. Thus, we do not expect there to be any observations that would adversely influence our results which could be expected in a case where we would have collected the data ourselves via surveys and other sources. Dr.Poon has also provided a data set for years form 2002-2006. Therefore the AES calculations and analysis is going to be conducted on the data from 1989-2006 across 12 industries.</span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p><br />I have included the results obtained for the regression, AES calculation for Software Capital and Hardware Capital (SKHK), Software Capital and Labout (SKL) and Hardware Capital and Labour (HKL) and the descriptive statistics of the AES calculated below.</span> </p> <br /> <p class="MsoNormal"><b style=""><span style="font-family: Arial;"><span style="color: rgb(51, 102, 255);">REGRESSION RESULTS 1989-2002</span><o:p></o:p></span></b></p> <p class="MsoNormal"><span style="font-size: 10pt; font-family: "Courier New";"><o:p> </o:p></span></p> <div style="border: 1pt solid windowtext; padding: 1pt 4pt;"> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">Call:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">lm(formula = data$lnVA ~ data$lnKS + data$lnKH + data$lnK0 + <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>data$lnL + KSKH + KSK0 + KSL + KHK0 + KHL + K0L + KS2 + KH2 + <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>K02 + L2 + factor(data$Time) + factor(data$Sector))<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">Residuals:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>Min<span style=""> </span>1Q<span style=""> </span>Median<span style=""> </span>3Q<span style=""> </span>Max <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">-0.423377 -0.053865<span style=""> </span>0.007137<span style=""> </span>0.064163<span style=""> </span>0.236467 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">Coefficients:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>Estimate Std. Error t value Pr(>|t|)<span style=""> </span><o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">(Intercept)<span style=""> </span>-2.76934<span style=""> </span>3.49685<span style=""> </span>-0.792 0.429738<span style=""> </span><o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">data$lnKS<span style=""> </span>-4.91899<span style=""> </span>0.73396<span style=""> </span>-6.702 4.73e-10 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">data$lnKH<span style=""> </span>3.28292<span style=""> </span>0.43660<span style=""> </span>7.519 6.17e-12 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">data$lnK0<span style=""> </span>-3.70208<span style=""> </span>0.62895<span style=""> </span>-5.886 2.82e-08 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">data$lnL<span style=""> </span>6.46639<span style=""> </span>0.80948<span style=""> </span>7.988 4.68e-13 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KSKH<span style=""> </span>0.25449<span style=""> </span>0.07029<span style=""> </span>3.621 0.000411 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KSK0<span style=""> </span>0.31770<span style=""> </span>0.06177<span style=""> </span>5.143 9.01e-07 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KSL<span style=""> </span>0.29704<span style=""> </span>0.04364<span style=""> </span>6.807 2.74e-10 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KHK0<span style=""> </span>-0.22608<span style=""> </span>0.03697<span style=""> </span>-6.115 9.20e-09 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KHL<span style=""> </span>-0.16539<span style=""> </span>0.02900<span style=""> </span>-5.702 6.82e-08 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">K0L<span style=""> </span>-0.37694<span style=""> </span>0.04122<span style=""> </span>-9.145 6.61e-16 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KS2<span style=""> </span>-0.21684<span style=""> </span>0.04987<span style=""> </span>-4.348 2.64e-05 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">KH2<span style=""> </span>-0.05881<span style=""> </span>0.02768<span style=""> </span>-2.124 0.035406 *<span style=""> </span><o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">K02<span style=""> </span>0.33207<span style=""> </span>0.04276<span style=""> </span>7.766 1.60e-12 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">L2<span style=""> </span>-0.13565<span style=""> </span>0.02377<span style=""> </span>-5.708 6.65e-08 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)2<span style=""> </span>-0.13121<span style=""> </span>0.04744<span style=""> </span>-2.766 0.006446 ** <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)3<span style=""> </span>-0.24256<span style=""> </span>0.04959<span style=""> </span>-4.891 2.74e-06 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)4<span style=""> </span>-0.32922<span style=""> </span>0.05204<span style=""> </span>-6.327 3.21e-09 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)5<span style=""> </span>-0.36548<span style=""> </span>0.05353<span style=""> </span>-6.828 2.46e-10 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)6<span style=""> </span>-0.38471<span style=""> </span>0.05436<span style=""> </span>-7.078 6.62e-11 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)7<span style=""> </span>-0.39591<span style=""> </span>0.05481<span style=""> </span>-7.223 3.05e-11 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)8<span style=""> </span>-0.37964<span style=""> </span>0.05574<span style=""> </span>-6.811 2.68e-10 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)9<span style=""> </span>-0.37973<span style=""> </span>0.05732<span style=""> </span>-6.625 7.03e-10 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)10<span style=""> </span>-0.36279<span style=""> </span>0.06060<span style=""> </span>-5.987 1.73e-08 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)11<span style=""> </span>-0.39968<span style=""> </span>0.06408<span style=""> </span>-6.237 5.02e-09 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)12<span style=""> </span>-0.46585<span style=""> </span>0.07016<span style=""> </span>-6.640 6.53e-10 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)13<span style=""> </span>-0.57207<span style=""> </span>0.07291<span style=""> </span>-7.846 1.03e-12 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Time)14<span style=""> </span>-0.61339<span style=""> </span>0.07620<span style=""> </span>-8.050 3.33e-13 ***<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">factor(data$Sector)1<span style=""> </span>0.50895<span style=""> </span>0.03061<span style=""> </span>16.628<span style=""> </span><></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">---<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">Signif. codes:<span style=""> </span>0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">Residual standard error: 0.1126 on 139 degrees of freedom<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">Multiple R-Squared: 0.9663,<span style=""> </span>Adjusted R-squared: 0.9595 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">F-statistic: 142.4 on 28 and 139 DF,<span style=""> </span>p-value: <></o:p></span></p> </div> <span style="font-size: 12pt; font-family: "Courier New";"><br /> </span> <p class="MsoNormal"><b style=""><span style="font-family: Arial;"><span style="color: rgb(51, 102, 255);">AES RESULTS 1989-2002</span><o:p></o:p></span></b></p> <p class="MsoNormal"><span style="font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal"><span style="font-family: "Courier New";">σ<sup>KSKH </sup></span><span style="font-size: 10pt; font-family: "Courier New";">-5.033649</span><span style="font-family: "Courier New";"><o:p></o:p></span></p> <div style="border: 1pt solid windowtext; padding: 1pt 4pt;"> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">t = -0.8299, df = 167, p-value = 0.2039<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">alternative hypothesis: true mean is less than 0 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">95 percent confidence interval:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>-Inf 4.998998 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">sample estimates:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">mean of x <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">-5.033649<o:p></o:p></span></p> </div> <p class="MsoNormal"><span style="font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal"><span style="font-family: "Courier New";">σ<sup>KHL </sup></span><span style="font-size: 10pt; font-family: "Courier New";">21.34182</span><span style="font-family: "Courier New";"><o:p></o:p></span></p> <div style="border: 1pt solid windowtext; padding: 1pt 4pt;"> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">t = 1.0949, df = 167, p-value = 0.1376<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">alternative hypothesis: true mean is greater than 0 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">95 percent confidence interval:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>-10.89738<span style=""> </span>Inf <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">sample estimates:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">mean of x <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>21.34182<o:p></o:p></span></p> </div> <p class="MsoNormal"><span style="font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal"><span style="font-family: "Courier New";">σ<sup>KSL </sup></span><span style="font-size: 10pt; font-family: "Courier New";">4.832529</span><span style="font-family: "Courier New";"><o:p></o:p></span></p> <div style="border: 1pt solid windowtext; padding: 1pt 4pt;"> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">t = 1.7212, df = 167, p-value = 0.04353<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">alternative hypothesis: true mean is greater than 0 <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">95 percent confidence interval:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>0.1885799<span style=""> </span>Inf <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">sample estimates:<o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";">mean of x <o:p></o:p></span></p> <p class="MsoNormal" style="border: medium none ; padding: 0cm;"><span style="font-size: 10pt; font-family: "Courier New";"><span style=""> </span>4.832529<o:p></o:p></span></p> </div> <p class="MsoNormal"><span style="font-family: "Courier New";"><o:p></o:p></span><b style=""><span style="font-family: Arial;"><span style="color: rgb(51, 102, 255);">Descriptive Statistics</span><o:p></o:p></span></b></p> <table class="MsoNormalTable" style="border: medium none ; width: 372.75pt; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="497"> <tbody><tr style="height: 12.75pt;"> <td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 72.75pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="97"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">AES<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">Min<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 42pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="56"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">Q1<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">Median<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">Mean<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">Q3 <o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal"><b><span style="font-size: 10pt; font-family: Arial;">Max<o:p></o:p></span></b></p> </td> </tr> <tr style="height: 18.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 72.75pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="97"> <p class="MsoNormal"><span style="font-family: Symbol;">s</span><sup><span style="font-family: Arial;">HkSk</span></sup><span style="font-family: Symbol;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-964.676<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 42pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="56"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-1.548<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">1.893<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-5.034<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">4.714<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">190.236<o:p></o:p></span></p> </td> </tr> <tr style="height: 18.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 72.75pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="97"> <p class="MsoNormal"><span style="font-family: Symbol;">s</span><sup><span style="font-family: Arial;">SkL</span></sup><span style="font-family: Symbol;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-34.9753<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 42pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="56"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-1.3622<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">0.7433<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">4.8325<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">4.3724<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">464.2841<o:p></o:p></span></p> </td> </tr> <tr style="height: 18.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 72.75pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="97"> <p class="MsoNormal"><span style="font-family: Symbol;">s</span><sup><span style="font-family: Arial;">HkL</span></sup><span style="font-family: Symbol;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-132.179<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 42pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="56"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">-2.496<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">0.712<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">21.342<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">6.659<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 18.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">3269.487<o:p></o:p></span></p> </td> </tr> </tbody></table> <br /> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal">The results show that only software capital and hardware capital are complements, whereas the relationship between these components and labour are substitutes. Whilst the first results are expected the latter are not so much, since I hypothesised that a complementary relationship exists between software capital and labour and hardware capital and labour. However, the are in agreement with previous studies and I am currently finding more papers and material that can offer a robust explanation for the results encountered.</p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p> </o:p></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal">In my pervious post I also mentioned that I am conducting test for the aggregation of software capital and hardware capital into a single measure of IT capital. I have performed the test in accordance with the procedure outline by Aizcorbe (1990) and have rejected the null hypothesis that the two can be aggregated which was expected. This once again provides further evidence to investigate the relationship between these two capital inputs which was done via the AES calculation. Dr.Poon has also asked me to perform this test to test whether there can be a single measure of capital i.e. other capital and IT capital aggregated into one measure. I am yet to perform this test but will do so tomorrow and like the other test I expect to reject the null hypothesis that one single measure of capital can be used.</p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p> </o:p></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal">Once I complete this I only need to estimate to minor models which Dr. Poon will provide details about in my next meeting and all that is left is to finish the write up of my treatise which I have ample time to complete.</p> <br /><p class="MsoNormal"><o:p> </o:p></p>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-10298215899433202222007-09-09T19:24:00.000+10:002007-09-09T19:26:48.225+10:00Goals for this week and next week<p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;">Since my last post I have had a meeting with Dr. Poon where not only have I received answers to the problems I faced but also constructive feedback on my partial draft. Dr. Poon has said that since we have only 12 industries but 14 coefficients in the translog functions we cannot conduct a Hausman test nor implement a random effects model. I will mention in my final treatise that this is an avenue for further research if more detailed data is made available. We have also decided not to estimate the CES-translog for now.</span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;">Since some of the results I have obtained have not been consistent Dr. Poon has suggested the following two tasks to complete to ensure that we have covered every possible avenue in the model estimation.</span></p> <ol style="margin-top: 0cm; font-family: arial; color: rgb(51, 102, 255);" start="1" type="1"><li class="MsoNormal" style=""><span style="font-size:100%;">Save and plot the residuals from the regression and remove and outliers which may be influencing the results.</span></li><li class="MsoNormal" style=""><span style="font-size:100%;">Re-estimate the model using one less industry and repeat for each industry.</span></li></ol> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;">Dr. Poon suggested the second task because we believe that it could be one industry influencing the results adversely. I have conducted some preliminary data refinement for both 1 and 2. Removing the outliers did not really affect the results. However when 2 was used the results did change. In particular I found that the industries of mining and utilities (electricity, gas and water supply) biased the results into substitution being the prevalent relationship between the capital inputs hardware and software capital, hardware capital and labour and software capital and labour. I will double check my results and pass on my findings to Dr. Poon and find out where to proceed from. It could be the case that we might not want to remove one or both of these industries and the results preliminary results obtained will need to be used.</span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;">Dr. Poon also provided me with invaluable feedback on my partial draft. He suggested that I modify my motivation to use the argument put forth by Paul Romer (1986) that although software and hardware capital are IT they play different roles in IT production. Also he has told me to remove the importance I have placed on the growth accounting framework in my literature review and to mention it in passing as it could skew the perspective of my treatise. This week I will be working on the data refinement where by the end of the week I hope to move onto the results analysis or second last chapter of my treatise. I will also be refining and implementing the feedback in to my treatise that Dr. Poon provided. In my next post I will report back on which results set will be used for results interpretation.</span></p>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-75775288216207470792007-09-02T15:52:00.000+10:002007-09-02T15:54:32.083+10:00AES results Again<span style="color: rgb(51, 51, 255);"><span style="font-size:100%;"><span style="font-family:arial;">The AES results in the previous post were cut off, here they are again.<br /></span></span></span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp1.blogger.com/_sQkMKfRcP7Y/RtpQCO1ZtCI/AAAAAAAAAC4/HbEg8_h-Iqo/s1600-h/AES_results.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp1.blogger.com/_sQkMKfRcP7Y/RtpQCO1ZtCI/AAAAAAAAAC4/HbEg8_h-Iqo/s400/AES_results.jpg" alt="" id="BLOGGER_PHOTO_ID_5105481126849917986" border="0" /></a><br /><span style="color: rgb(51, 51, 255);"><span style="font-size:100%;"><span style="font-family:arial;">The top table is the AES for 1981-2002, the bottom table for 1989-2002.<br /></span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-50119078062406354572007-09-02T15:34:00.000+10:002007-09-02T15:35:34.753+10:00Where my treatise is currently at<p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);">It has a been a while since I have posted. During that period I was working on my partial treatise draft, which I handed in on Friday and obtaining some preliminary results. In the partial treatise draft I had completed the introduction and motivation, literature review and methodology chapters. I had also presented some details on the data collection and some preliminary results. The first three chapters are no means complete and I will be refining them further along the weeks incorporating in the comments that I obtain from Dr.Poon.<br /><br />Since the partial draft I have been further working on my results. The preliminary results which I have obtained so far are attached below. They include an estimation of the translog model for the 1981-2002 period and 1989-2002 period as well as the AES obtained for both periods.</span></p> <p class="MsoNormal"><span style="font-weight: bold;font-size:85%;" ><br /></span></p> <p style="color: rgb(51, 51, 255);" class="MsoNormal"><span style="font-weight: bold;font-size:85%;" >Regression Results of Translog 1981-2002</span></p> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="border: medium none ; width: 305.4pt; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="407"> <tbody><tr style="height: 12.75pt;"> <td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Coefficients<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Estimate<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Std. Error<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">t value<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Pr(>|t|)<o:p></o:p></span></b></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>o<o:p></o:p></sub></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.935069<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.095545<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.472482<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.637037<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>SK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-3.59742<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.601137<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.98435<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">8.40E-09<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>HK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.196295<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.540743<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">5.910936<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.24E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>OK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-3.08555<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.595171<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.18431<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.79E-07<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>L</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.412228<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.777771<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">5.672913<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.25E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>SKHK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.07981<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.056434<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.41422<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.158668<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>SKOK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.29958<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.052916<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">5.661461<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.51E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>SKL</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.040585<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.030756<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.319565<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.18831<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>KHOK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.25008<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.043943<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.69116<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.87E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>HKL</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.0316<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.026971<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.17163<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.242572<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>OKL</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.36169<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.038045<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-9.50682<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.96E-18<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>SKSK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.056274<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.028064<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.005184<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.046131<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>HKHK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.039415<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.030344<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.29895<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.195279<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>OKOK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.304332<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.038915<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.82046<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.97E-13<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">β<sub>LL</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.00655<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.027073<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.24209<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.808926<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1982</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.07036<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.083668<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.841<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.401232<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1983</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.18504<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.088161<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-2.09891<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.03693<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1984</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.23224<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.094434<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-2.45932<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.014667<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1985</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.2968<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.101679<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-2.91895<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.003866<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1986</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.40875<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.108416<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-3.7702<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.000208<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1987</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.55139<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.11776<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-4.68233<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.88E-06<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1988</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.64727<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.124346<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.20538<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.33E-07<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1989</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.73405<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.127711<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.74775<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.90E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1990</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.8428<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.132905<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.3414<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.22E-09<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1991</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.94061<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.136498<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.89099<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">5.40E-11<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1992</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.02249<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.139904<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.30853<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.56E-12<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1993</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.06997<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.142023<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.53379<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.16E-12<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1994</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.10585<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.143281<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.71804<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.73E-13<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1995</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.13752<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.143058<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.95148<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">8.63E-14<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1996</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.1319<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.143119<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.90879<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.13E-13<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1997</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.15017<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.143922<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.99162<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.70E-14<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1998</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.1646<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.146581<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.94509<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">8.99E-14<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1999</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.20425<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.150877<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.98168<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.13E-14<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>2000</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.28412<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.158085<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-8.12293<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.91E-14<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>2001</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.37719<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.162579<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-8.47092<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.07E-15<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>2002</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-1.41934<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.167084<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-8.49475<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.63E-15<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">I<sub>service<o:p></o:p></sub></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 63.35pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="84"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.515471<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.038752<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">13.30167<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.45pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.11E-30<span style="font-weight: bold;font-size:85%;" ><o:p></o:p></span></span></p> </td> </tr> </tbody> </table> <p class="MsoNormal"><span style="font-weight: bold;font-size:85%;" ><br /></span></p> <p class="MsoNormal"><span style="font-weight: bold;font-size:85%;" ><span style="color: rgb(51, 51, 255);">AES for 1981-2002</span><br /></span></p> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="border: medium none ; width: 561px; margin-left: 4.65pt; border-collapse: collapse; height: 126px;" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="height: 12.75pt;"> <td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 72.65pt; height: 12.75pt;" width="97"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;"><o:p> </o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 58.85pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="78"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">σ<sup>SKHK <o:p></o:p></sup></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">σ<sup>SKKO</sup><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 49.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="66"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">σ<sup>SKL</sup><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">σ<sup>HKOK</sup><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">σ<sup>HKL</sup><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 66pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="88"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">σ<sup>OKL</sup><o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 72.65pt; height: 12.75pt;" valign="top" width="97"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">Mean value<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 58.85pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="78"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.098557<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="64"> <div style="border: 1pt solid windowtext; padding: 1pt 4pt;"> <p class="MsoNormal" style="border: medium none ; padding: 0cm; text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.6739457</span></p> </div> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 49.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="66"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">1.209937</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">1.209937</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">-3.77287</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 66pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="88"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.281779<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 72.65pt; height: 12.75pt;" valign="top" width="97"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">p-value<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 58.85pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="78"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.4502<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 48pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="64"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">0.07933</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 49.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="66"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">0.3311</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 61.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="82"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">0.1038</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: justify;"><sup><span style="font-size: 10pt; font-family: Arial;">0.1031</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 66pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="88"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.4289<o:p></o:p></span></p> </td> </tr> </tbody> </table> <br /><p style="color: rgb(51, 51, 255);" class="MsoNormal"><span style="font-weight: bold;font-size:85%;" >Regression Results of Translog 1989-2002</span></p> <p style="color: rgb(51, 51, 255);" class="MsoNormal"> </p> <table class="MsoNormalTable" style="border: medium none ; width: 342.05pt; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="456"> <tbody><tr style="height: 12.75pt;"> <td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Coefficients<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Estimate<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Std. Error<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">t value<o:p></o:p></span></b></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><b style=""><span style="font-size: 10pt; font-family: Arial;">Pr(>|t|)<o:p></o:p></span></b></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β<sub>o<o:p></o:p></sub></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-2.76934<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.496849<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.79195<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.429738<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β<sub>SK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-4.91899<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.733963<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.70197<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.73E-10<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β<sub>HK</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.282922<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.436596<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.519358<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.17E-12<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β<sub>OK</sub></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-3.70208<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.628954<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.8861<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.82E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β<sub>L</sub></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.466395<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.809478<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.988354<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">4.68E-13<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">SKHK</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.254486<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.070287<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.620682<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.000411<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">SKOK</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.317701<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.061771<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">5.143242<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">9.01E-07<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">SKL</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.29704<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.043638<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.806945<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.74E-10<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">KHOK</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.22608<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.03697<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.11539<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">9.20E-09<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">HKL</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.16539<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.029004<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.7024<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.82E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">OKL</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.37694<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.041219<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-9.14489<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.61E-16<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">SKSK</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.21684<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.04987<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-4.34821<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.64E-05<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">HKHK</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.05881<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.027685<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-2.12441<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.035406<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">OKOK</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.33207<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.042761<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.765808<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.60E-12<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">β</span><sub><span style="font-size: 10pt; font-family: Arial;">LL</span></sub><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.13565<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.023766<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.70765<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.65E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1990</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.13121<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.047436<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-2.76602<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.006446<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1991</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.24256<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.049593<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-4.89092<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.74E-06<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1992</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.32922<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.052037<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.32657<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.21E-09<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1993</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.36548<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.053528<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.82791<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.46E-10<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1994</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.38471<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.054356<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.07753<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.62E-11<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1995</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.39591<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.054812<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.22317<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.05E-11<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1996</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.37964<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.055736<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.81141<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">2.68E-10<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1997</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.37973<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.057315<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.6253<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.03E-10<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1998</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.36279<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.060596<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-5.98709<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.73E-08<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>1999</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.39968<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.064078<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.23743<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">5.02E-09<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>2000</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.46585<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.070161<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-6.6397<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">6.53E-10<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>2001</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.57207<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.072914<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-7.84578<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">1.03E-12<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">T<sub>2002</sub><o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-0.61339<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.076199<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">-8.0499<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">3.33E-13<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 68.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="91"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">I<sub>service<o:p></o:p></sub></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 93.8pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="125"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.508949<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 75.1pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="100"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">0.030608<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">16.62825<o:p></o:p></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 52.55pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="70"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: Arial;">7.34E-35<o:p></o:p></span></p> </td> </tr> </tbody> </table> <p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);"> </span></p> <p class="MsoNormal"><span style="font-weight: bold;font-size:85%;" ><span style="color: rgb(51, 51, 255);"><br /></span></span></p> <p class="MsoNormal"><span style="font-weight: bold;font-size:85%;" ><span style="color: rgb(51, 51, 255);">AES for 1989-2002</span></span></p> <p class="MsoNormal"> </p> <table class="MsoNormalTable" style="border: medium none ; width: 410pt; margin-left: 4.65pt; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="547"> <tbody><tr style="height: 12.75pt;"> <td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 66.65pt; height: 12.75pt;" width="89"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: "Courier New";"><o:p> </o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 60.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt; font-family: "Courier New";"><o:p> </o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Courier New";">σ<sup>SKHK <o:p></o:p></sup></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 60.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Courier New";">σ<sup>SKKO</sup></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Courier New";">σ<sup>SKL</sup></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Courier New";">σ<sup>HKOK</sup></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 43.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="58"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Courier New";">σ<sup>HKL</sup></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="border-style: solid solid solid none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 66pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="88"> <p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Courier New";">σ<sup>OKL</sup></span><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 66.65pt; height: 12.75pt;" valign="top" width="89"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><span style="font-size: 10pt; font-family: Arial;">Mean value<o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-size: 14pt; font-family: "Courier New";">-<span style="font-size:85%;">5.033649</span></span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-size: 14pt; font-family: "Courier New";">-1.590819</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-family: "Courier New";">4.832529</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-family: "Courier New";">-11.34981</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 43.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="58"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-family: "Courier New";">21.34182</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 66pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="88"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-family: "Courier New";">4.966173</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext windowtext; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 66.65pt; height: 12.75pt;" valign="top" width="89"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><span style="font-size: 10pt; font-family: Arial;">p-value<o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-size: 14pt; font-family: "Courier New";">0.2039</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60.05pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:78%;"><sup><span style="font-size: 14pt; font-family: "Courier New";">0.1658</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 54pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="72"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:85%;"><sup><span style="font-family: "Courier New";">0.04353</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 60pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="80"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:85%;"><sup><span style="font-family: "Courier New";">0.1566</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 43.25pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="58"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:85%;"><sup><span style="font-family: "Courier New";">0.1376</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 66pt; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="88"> <p class="MsoNormal" style="text-align: justify;"><span style="font-size:85%;"><sup><span style="font-family: "Courier New";">0.1783</span></sup><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></span></p> </td> </tr> </tbody> </table> <p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);"><br /></span></p> <p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);">Two different time periods have been used since an accurate deflator for the data from 1981-1989 could not be obtained form the ABS. Since we had to estimate these numbers there is a strong possibility that we will introduce significant measurement error into the model. Since the data set being used in a panel data set i.e. a cross section of industries observed across time, the measurement error is attenuated in the model. Consequently our parameter estimates will be biased, inconsistent and inefficient and any inferences drawn about them will be invalid.<o:p><br /> </o:p></span></p> <p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);">Dr.Poon has also asked me to estimate the translog model using random effects. The purpose of this is to check whether the fixed effect model we are currently using is a suitable choice via a statistical test called the Hausman test. However, this is not possible since we need to obtain the between estimator. The between estimator measures the variability between different industries. Since we are estimating 14 parameters but only have 12 industries we cannot obtain the between estimator. I have emailed Dr.Poon about this and am awaiting his reply as to how he would like me to proceed regarding this.<o:p></o:p></span></p> <p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);"><o:p> </o:p><br />Dr.Poon has also asked me if could try and estimate another model called the Constant Elasticity of Substitution (CES) model using the Eview software package. The results of this model will then be compared to the translog model. I have tried to estimate this model but once again come across problems. The error that was being generated was that a near singular matrix was formed. This means that there is collinearity present and that there the regressors are dependent. I suspect that this is due to the high correlation between the Hardware Capital and Software Capital in excess of 85%. I have emailed Dr.Poon about this and am awaiting his reply.<o:p></o:p></span></p> <p class="MsoNormal"><span style="font-family: Arial; color: rgb(51, 51, 255);"><o:p> </o:p><br />I am also researching testing for aggregation error. My treatise is not just focused on testing the complementarity between Software Capital and other production inputs but also testing whether Software Capital and Hardware Capital can be aggregated into a single IT measure. The argument is that if these two production inputs are not perfect substitutes they cannot be aggregated into one measure since we will be omitting the complementarity that they add to business value. Dr.Poon has provided me with the following readings to review<span style="font-family: arial; color: rgb(51, 51, 255);font-size:100%;" >:<o:p></o:p></span></span></p> <ul style="font-family: arial; color: rgb(51, 51, 255);"><li><span style="font-size:100%;"><o:p> </o:p></span><!--[endif]--><span style="font-size:100%;"><span style=""><span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"></span></span>Aizcorbe, A. (1990) <i style="">Journal of Business & Economic Statistics,</i> <b style="">8,</b> 373-383.</span></li><li><!--[endif]--><span style="font-size:100%;">McGukin, R. H. and Stiroh, K. J. (2002) <i>Economic Enquiry,</i> <b>40,</b> 42-59.</span></li></ul> <span style="font-size:100%;"><span style="color: rgb(51, 102, 255);"><span style="font-family: arial; color: rgb(51, 51, 255);">This week I am also working on a Presentation that Dr.Poon has asked each of his students to provide a presentation of their treatise progress so far. In my next post I will be providing details to the response of the problems I have encountered and hope to present some preliminary results of the tests for aggregation error.</span><br /><br /></span></span><br /><span style="font-size:100%;"><b style=""><o:p> </o:p></b></span> <span style="color: rgb(51, 51, 255);"><span style="font-size:85%;"><span style="font-family: arial;"></span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-33065769910675756642007-08-18T17:41:00.000+10:002007-08-18T18:03:16.502+10:00The analysis so far....<span style="color: rgb(51, 102, 255);"><span style="font-size:100%;"><span style="font-family:arial;">Since my last meeting with Dr. Poon which was held on Wednesday August 15 a have been faced with a few hurdles. Firstly, Data Poon has provided me with a Data set from 1981-2002 that is already deflated and expressed in constant year 2000 dollars. The reason for this new data set to be used in analysis is that we have not been able to attain the present deflators used by the ABS for Industry Value. Consequently I will be using this new data set for my initial analysis.<br /><br />I have also realised that I had slightly misinterpreted the methodology for calculating the AES. Whilst originally i was under the impression that I will need to calculate each AES for each data point for some reason (which i can't recall) I changed this interpretation to calculate the AES for each industry only. Hence, I was substituting in industry averages the AES formula (see previous post) as opposed to the values for each data point. Fortunately, this was realised quite early on and given that I have a more reliable data set I have not wasted too much time.<br /><br />In my previous post I mentioned that I will be using a combination of R, Excel and Maxima to calculate the various AES's. I have now revised this to using Maxima to only simplify the differential equations to be used in the bordered Hessian matrix and use R solely for my regression analysis and AES calculations. My earlier post mentioned that R had a function via the micEcon package that calculates the bordered Hessian matrix. However since my translog model takes into account time and industry effects I will most likely need to write my own function. This should not pose too difficult though the somewhat low level nature of R can be quite frustrating especially when you are used to writing code in high-level OO languages. One of the most frustrating aspects of R is that not only does it not have inbuilt functions to determine the minor or cofactor matrix but there are no nice matrix operation like in Matlab where you can easily element rows and columns of a matrix to create a new matrix. After a few hours of searching I had to accept the fact that i needed to write my own cofactor function as well as copy the elements from the matrix whose cofactor we wish to determine element by element to create the matrix minor to be used in cofactor calculations. The function that I have written can be viewed below:<br /><br /></span></span></span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp3.blogger.com/_sQkMKfRcP7Y/Rsanhu1ZtBI/AAAAAAAAACw/QuBcCAWN6Jg/s1600-h/cofactorFunction.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp3.blogger.com/_sQkMKfRcP7Y/Rsanhu1ZtBI/AAAAAAAAACw/QuBcCAWN6Jg/s400/cofactorFunction.jpg" alt="" id="BLOGGER_PHOTO_ID_5099947825993200658" border="0" /></a><br /><span style="color: rgb(51, 102, 255);"><span style="font-size:100%;"><span style="font-family:arial;">At present I am very busy with my analysis and completing my partial treatise draft and my next post will be later on next week after my meeting next Friday with Dr. Poon.<br /></span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-30926499218639170592007-08-11T12:50:00.000+10:002007-08-11T13:03:54.760+10:00Meeting Recap, Progress and Deliverables<span style="color: rgb(51, 102, 255);font-family:arial;" >This post will recap this weeks weekly treatise meeting. As mentioned last week my weekly deliverable was to provide some preliminary results of Allen Partial Elasticity of Substitution (AES) measure. I will now briefly describe the process that I undertook to do this.</span> <p face="arial" style="color: rgb(51, 102, 255);" class="MsoNormal"><o:p></o:p><b style="">Model Construction and Data<o:p></o:p></b></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p> </o:p>The data to be used provided by Dr. Poon was a cross-sectional data set. This means that we had observations for a number of variables across time. The independent variables observed over 1985 to 2002 are: </p> <ul style="font-family: arial; color: rgb(51, 102, 255);"><li>SK: Software Capital</li><li>HK: Hardware Capital (includes computer and peripheral but machinery and other electrical equipment)</li><li>OK: Organisation Capital (Difference between Capital Stock and Software Capital and Hardware Capital)</li><li>LH: Labour Hours</li><li>VA: Value Added</li></ul> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal">The productivity function that I applied is the translog-production function similar to Hitt (2002), model (1). Click on the image to enlarge and view the equation.</p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_sQkMKfRcP7Y/Rr0lbNE3-lI/AAAAAAAAACg/4fRTk_syLQg/s1600-h/model1.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp2.blogger.com/_sQkMKfRcP7Y/Rr0lbNE3-lI/AAAAAAAAACg/4fRTk_syLQg/s400/model1.jpg" alt="" id="BLOGGER_PHOTO_ID_5097271502550071890" border="0" /></a></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal">The choice for this model was that it does not constrain the elasticities to be unary.</p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p></o:p>Since I am assuming that the model is a Classical Linear Regression Model (CLRM) and applying Ordinary Least Squares (OLS) to estimate the parameters of the model I need to stack the data in such a way that OLS could be applied. To achieve this I stacked the data over time for each industry as per below.</p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_sQkMKfRcP7Y/Rr0lbNE3-kI/AAAAAAAAACY/_8GFLzsv03A/s1600-h/stacked_model.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp2.blogger.com/_sQkMKfRcP7Y/Rr0lbNE3-kI/AAAAAAAAACY/_8GFLzsv03A/s400/stacked_model.jpg" alt="" id="BLOGGER_PHOTO_ID_5097271502550071874" border="0" /></a></p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"> </p><span style="color: rgb(51, 102, 255);font-family:arial;" >I then transformed the data to be in accordance with the model (1) and a pooled OLS was then run in R to find the coefficients. The results of the regression are below: </span><p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">Call:<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lm(formula = lnVa ~ lnSk + lnHk + lnOk + lnLh + lnSklnHk + lnSklnOk + <o:p></o:p>lnSklnLh + lnHklnOk + lnHklnLh + lnOklnLh + lnSk2 + lnHk2 + <o:p></o:p>lnOk2 + lnLh2)<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style=""><o:p></o:p>Residuals:<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style=""><span style=""> </span>Min<span style=""> </span>1Q<span style=""> </span>Median<span style=""> </span>3Q<span style=""> </span>Max <o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">-0.58722 -0.16982 -0.02798<span style=""> </span>0.19408<span style=""> </span>0.72151 <o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style=""><o:p></o:p>Coefficients:<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style=""><span style=""> </span>Estimate Std. Error t value Pr(>|t|)<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">(Intercept)<span style=""> </span>8.493241<span style=""> </span>6.164181<span style=""> </span>1.378<span style=""> </span>0.16979<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnSk<span style=""> </span>-7.735495<span style=""> </span>1.051449<span style=""> </span>-7.357 4.69e-12 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnHk<span style=""> </span>4.858182<span style=""> </span>0.820692<span style=""> </span>5.920 1.37e-08 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnOk<span style=""> </span>-3.002444<span style=""> </span>0.727414<span style=""> </span>-4.128 5.37e-05 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnLh<span style=""> </span>4.214768<span style=""> </span>1.148203<span style=""> </span>3.671<span style=""> </span>0.00031 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnSklnHk<span style=""> </span>-0.008317<span style=""> </span>0.093900<span style=""> </span>-0.089<span style=""> </span>0.92951<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnSklnOk<span style=""> </span>0.586699<span style=""> </span>0.088497<span style=""> </span>6.630 3.03e-10 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnSklnLh<span style=""> </span>0.064016<span style=""> </span>0.058670<span style=""> </span>1.091<span style=""> </span>0.27652<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnHklnOk<span style=""> </span>-0.390088<span style=""> </span>0.063354<span style=""> </span>-6.157 3.96e-09 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnHklnLh<span style=""> </span>-0.032604<span style=""> </span>0.044211<span style=""> </span>-0.737<span style=""> </span>0.46171<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnOklnLh<span style=""> </span>-0.416532<span style=""> </span>0.053405<span style=""> </span>-7.799 3.31e-13 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnSk2<span style=""> </span>0.067969<span style=""> </span>0.054974<span style=""> </span>1.236<span style=""> </span>0.21775<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnHk2<span style=""> </span>-0.018647<span style=""> </span>0.042730<span style=""> </span>-0.436<span style=""> </span>0.66303<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnOk2<span style=""> </span>0.290936<span style=""> </span>0.044207<span style=""> </span>6.581 3.97e-10 ***<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">lnLh2<span style=""> </span>0.032540<span style=""> </span>0.039548<span style=""> </span>0.823<span style=""> </span>0.41159<span style=""> </span><o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">---<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">Signif. codes:<span style=""> </span>0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1 <o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style=""><o:p></o:p>Residual standard error: 0.2555 on 201 degrees of freedom<o:p></o:p></span></p> <p style="color: rgb(51, 51, 51);font-family:arial;" class="MsoNormal"><span style="">Multiple R-Squared: 0.8219,<span style=""> </span>Adjusted R-squared: 0.8095 <o:p></o:p></span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style=""><span style="color: rgb(51, 51, 51);">F-statistic: 66.26 on 14 and 201 DF,</span><span style="color: rgb(51, 51, 51);"> </span><span style="color: rgb(51, 51, 51);">p-value: <><o:p></o:p></span></span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p> </o:p><br />It is evident that some of the results are in contradiction to the underlying economic theory but this can be owing to the quality of the data (more about this later).</p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p></o:p><b style="">Calculation of AES<o:p></o:p></b></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal">To calculate the AES I needed four items:</p> <ol style="font-family: arial; color: rgb(51, 102, 255);"><li>Averages of the independent of variables for each industry</li><li>Partial first order derivatives, second order derivatives of the model(1)</li><li>Bordered Hessian matrix for each industry</li><li>Appropriate co-factor between the independent variables for each industry</li></ol> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p> </o:p>As mentioned in my early post on <a href="http://melissavmalmasi.blogspot.com/2007/08/update-on-data-construction-and-aes.html">Monday</a> I used maxima to calculate this, which was slightly tedious as I needed re-run these calculations for each industry. However before our meeting on Wednesday Gary (another student that Dr. Poon is supervising) found an R package called micEcon. This package can calculate a translog-production function given variables in an unaltered form and the bordered Hessian matrix. This discovery greatly will reduce the time in calculating the AES for each industry as well as the coefficients of the model. Dr. Poon has suggested that I use excel in conjunction with R to calculate the AES. I will use R to calculate the bordered Hessian matrix and co-factor matrices for each industry, determine the averages of the independent variables fore ach industry and estimate the translog-production function. Excel will then be used to calculate the AES model using the date obtained from R. Maxima can still be used in trying to find a way to simplify the equations of the partial derivative similar to the equations presented in the Appendix of Dewan and Min (1997).</p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p></o:p>Below are the results of the partial AES between SK and the other independent variables for each industry. As mentioned earlier these are not highly accurate due to the problems with the underlying data. They are included to show that the calculation methodology employed is sound.</p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p></o:p><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp1.blogger.com/_sQkMKfRcP7Y/Rr0la9E3-jI/AAAAAAAAACQ/3TZ_KLBuVQQ/s1600-h/AES_prelim.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp1.blogger.com/_sQkMKfRcP7Y/Rr0la9E3-jI/AAAAAAAAACQ/3TZ_KLBuVQQ/s400/AES_prelim.jpg" alt="" id="BLOGGER_PHOTO_ID_5097271498255104562" border="0" /></a></p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><b style="">Next Weeks Deliverables<o:p></o:p></b></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><o:p></o:p>As I have mentioned throughout my post the results did contradict economic theory. Dr. Poon has suggests two things. Firstly, that I rerun my model to include a time effect variable which corresponds to every 5 years. The model will now become:</p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_sQkMKfRcP7Y/Rr0lbNE3-mI/AAAAAAAAACo/u-9d6ulUWX4/s1600-h/model2.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp2.blogger.com/_sQkMKfRcP7Y/Rr0lbNE3-mI/AAAAAAAAACo/u-9d6ulUWX4/s400/model2.jpg" alt="" id="BLOGGER_PHOTO_ID_5097271502550071906" border="0" /></a></p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"> </p><p class="MsoNormal"><span style="color: rgb(51, 102, 255);font-family:arial;" >Secondly, that I worry about the results of the data later and that I should now concentrate on polishing up my calculation methodology to ensure that my procedures are correct and accurate. Dr.Poon has informed me that in my final treatise I will require a detailed description of the process that I undertook in these calculations. Furthermore Dr.Poon has also provided us with more details on the overall structure of our treatise. Since our partial treatise write up is due on August 31 Dr.Poon hopes that we will be able to complete, the Introduction & Motivation, Literature Review and Data set construction technique by then. Once I have finalised my calculation process I will publish it on the blog.</span><o:p></o:p></p> <p class="MsoNormal"> </p>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-13838221585789599152007-08-06T19:39:00.000+10:002007-08-06T19:41:23.877+10:00Update on Data Construction and AES implementation<span style="font-family: arial; color: rgb(51, 102, 255);font-size:100%;" ><span style="font-weight: bold;">Data Construction</span><br /><br />Today I met up with Gary to continue work on the construction of the data set. However we were still slightly confused as to how some of the items were calculated. Fortunately Dr. <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Poon</span> was in his office when we were working in the near by lab and we were able to clarify this. Our major concern was that our reconstruction of the data set was not matching up exactly to the numbers that Dr.<span class="blsp-spelling-error" id="SPELLING_ERROR_1">Poon</span> had calculated for each variable that is:<br /><br /></span><ul style="color: rgb(51, 102, 255);"><li><span style="font-family: arial;font-size:100%;" >Productive Capital Stock</span></li><li><span style="font-family: arial;font-size:100%;" >Labour Hours</span></li><li><span style="font-family: arial;font-size:100%;" >Value Added</span></li></ul><span style="font-family: arial; color: rgb(51, 102, 255);font-size:100%;" ><br />Dr. <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Poon</span> reassured that the methods we were using were CORRECT. The differences in the numbers was due how the ABS calculates Chain Volume Measures (<span class="blsp-spelling-error" id="SPELLING_ERROR_3">CVM</span>). <span class="blsp-spelling-error" id="SPELLING_ERROR_4">CVM</span> were used for each of the variables collected. <span class="blsp-spelling-error" id="SPELLING_ERROR_5">CVM</span> are defined as an index number which allows the base year to be updated more regularly and thus the statistics will be more accurate. As the <span class="blsp-spelling-error" id="SPELLING_ERROR_6">CVM</span>’s that Dr.<span class="blsp-spelling-error" id="SPELLING_ERROR_7">Poon</span> used in his calculation for productive capital stock, labour hours and value added were different to the <span class="blsp-spelling-error" id="SPELLING_ERROR_8">CVM</span>’s calculate for these variables we were going to get different results for our calculations. As a result our data collection and construction task is greatly simplified.<br /><br />The only difficult item that remains is to find out if there have been any changes in the <span class="blsp-spelling-error" id="SPELLING_ERROR_9">deflators</span> used as Dr. <span class="blsp-spelling-error" id="SPELLING_ERROR_10">Poon</span> would like us to use Current Prices as opposed to <span class="blsp-spelling-error" id="SPELLING_ERROR_11">CVM</span>. <span class="blsp-spelling-error" id="SPELLING_ERROR_12">Nik</span> will be contacting the ABS shortly to enquire if any changes have been made. We may also need to contact the ABS late on if we are going to determine Value-Add for the private and public sector. This is because the ABS reports the data as combined amount of both sectors. However, Dr. <span class="blsp-spelling-error" id="SPELLING_ERROR_13">Poon</span> informed me that this is not of high importance at present and just to ensure that we have the data set constructed for the two sectors combined.<br /><br /><span style="font-weight: bold;">Implementation and construction of the Allen Partial Elasticity of Substitution (<span class="blsp-spelling-error" id="SPELLING_ERROR_14">AES</span>)</span><br /><br />In addition to gaining clarity on the finer details of the data set construction I was also able to clarify a few questions which I had about calculating <span class="blsp-spelling-error" id="SPELLING_ERROR_15">AES</span>. The first item which was clarified was the items of the border Hessian matrix. All I need to do is calculated the partial first order and second order derivatives and obtain a numerical for each element using the results obtained from the pooled regression and industry averages of the variables. Dr.<span class="blsp-spelling-error" id="SPELLING_ERROR_16">Poon</span> has instructed me to use the program <span class="blsp-spelling-error" id="SPELLING_ERROR_17">Maxima</span> ,which will greatly simplify the calculation of these derivatives. More information about <span class="blsp-spelling-error" id="SPELLING_ERROR_18">maxima</span> can be found at: http://maxima.sourceforge.net/. I will now spend some time in becoming more familiar with <span class="blsp-spelling-error" id="SPELLING_ERROR_19">Maxima</span> to calculate these derivatives.<br /><br />I was also able to clarify the calculation of the standard error of the <span class="blsp-spelling-error" id="SPELLING_ERROR_20">AES</span> which will be used to see if it statistically significant. Previously I thought that I will need to calculate the standard error for each <span class="blsp-spelling-error" id="SPELLING_ERROR_21">AES</span> for each industry. However Dr.<span class="blsp-spelling-error" id="SPELLING_ERROR_22">Poon</span> informed me that I will just need to find the standard error for the each <span class="blsp-spelling-error" id="SPELLING_ERROR_23">AES</span> across ALL industries. This once again simplifies my task. I will shortly be posting up details of my results for the various <span class="blsp-spelling-error" id="SPELLING_ERROR_24">AES</span>’ that I will calculate. </span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-61435911548236978922007-08-02T21:05:00.000+10:002007-08-02T21:36:57.981+10:00Brief Meeting Update: 1st of August 2007<span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" >Yesterday we held our weekly meeting with Dr.Poon where we discussed our current progress on our individual projects as well as how we are progressing with our data set formation. In this post i will briefly recount the most important agendas covered in the meeting and will elaborate this in more depth in my future posts over the weekend. Two important agendas were covered in this weeks meeting which are: next weeks deliverables regarding the use of Dr.Poon's data set and further clarification was provided on the data set we are currently putting together.<br /><br /><span style="font-weight: bold;">Data Set Construction</span><br /><br />Dr.Poon provided further clarification as to the construction of the new data set. Most importantly I was able to attain a greater understanding as to how Dr. Poon constructed the productive capital component of his data set. He informed me that the two ABS items that were used in his data construction were:<br /></span><ul style="font-family: arial;"><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Net Capital Stock</span></li><li><span style="color: rgb(51, 102, 255);font-size:100%;" >Productive Capital</span></li></ul><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >The differences between the two capital measures are how they take depreciation into account. Depreciation is defined as t</span><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >he reduction in the balance sheet value of a company asset to reflect its loss of value through age and wear and tear.</span><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >Net capital stock is more items that are essentially depreciable items such as machinery. A particular form of depreciation is applied such as straight line and this is reported in the firms financial statements. Hence Net capital stock is essentially the book value of the particular capital item. Productive capital stock on the other hand is an item that still gives the same amount of use across its life such as a light bulb. As items such as these don't depreciate they are reported separately form net capital stock. Hence to find the total measure of capital for our data set we will need to combine both measures.<br /><br />The use of the appropriate deflators is another important issue. Sine we are looking at a panel data set (a set of variables across time and a range of industry) we will need to express our units in constant dollar terms. Dr. Poon informed us that we may need to ring the ABS to find out how the calculated it for particular items if it not available on the website. This will be further investigate by my fellow peers and I in the coming week. Dr. Poon has also asked us to express our data set using the following variables:<br /></span><ul style="font-family: arial;"><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Software Capital</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Hardware Capital</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Other Capital (essentially anything that is not classified as IT capital)</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Labour Hours</span></li><li><span style="color: rgb(51, 102, 255);font-size:100%;" >Value Add (output)</span></li></ul><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >Give these new insights I will be meeting again on Monday with my fellow peers to continue our work on this data set.<br /><br /><span style="font-weight: bold;">Deliverables<br /><span style="font-weight: bold;"><br /></span></span>In addition to the construction of the data set Dr. Poon set each of us a particular task involving the data set he provided. My task involves calculating the AES in the R using the technique i mentioned in my <a href="http://melissavmalmasi.blogspot.com/2007/07/test-for-substitution-elasticity.html">earlier post</a> for the data set he has provided. I plan to go about this in the following way:<br /></span><ol style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;">Splice up the data set into the following variables: Software Capital, Hardware Capital, Other Capital, Labour Hours, Value Add, for each industry across time</span></li><li><span style="font-size:100%;">Stack the panel data set so a pooled regression can be run<br /></span></li><li><span style="font-size:100%;">Impose a translog function, transform the data appropriately and run the regression<br /></span></li><li><span style="font-size:100%;">Using the estimates of the parameters from the regression calculate the bordered Hessian matrix</span></li><li><span style="font-size:100%;">Calculate the AES for all input variables for all industries<br /></span></li><li><span style="font-size:100%;">Determine the Standard error for each AES calculated</span></li><li><span style="font-size:100%;">Apply a T-test to each AES to see if it is statistically significant or not.</span></li></ol><span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" >I have quite a good idea how to implement this in R. I will need to write my own function to calculate the AES for each industry and I will need to spend a bit of time researching the syntax for writing R functions but this should not take more then a few hours to master this. I will recount in the next few days how I am progressing with this and report and preliminary results ASAP.</span><span style="font-size:100%;"><br /></span><span style="color: rgb(51, 102, 255);font-family:arial;font-size:85%;" ><span style="font-size:100%;"><br /></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-1194439492164888132007-07-30T21:04:00.001+10:002007-08-02T21:41:43.452+10:00ABS data set construction update<span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >Today I met up with Gary to commence our collective construction of the ABS data set from catalogs 5204.0 and 5206.0. The panel data set is going to be constructed along:<br /></span><ul style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;">Time (in years)<br /></span></li><li><span style="font-size:100%;">Industry</span></li><li><span style="font-size:100%;">Input variables such as capital stock, capital service, capital expenditure</span></li></ul><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >Initially we were faced with a few problems in trying to work out what items we were going to include since numerous studies have elaborated on the various production inputs in different levels of detail. We have decided on including the following variables:</span><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" ><br /></span><ul style="font-family: arial;font-family:arial;" ><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Capital stock - for IT and Non-IT</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Capital service - for IT and Non-IT</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Labour productivity</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Labour hours</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Cost of employment</span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Gross Value Added</span></li><li><span style="color: rgb(51, 102, 255);font-size:100%;" >Hardware, Software (IT) expenditure and non-IT expenditure<br /></span></li></ul><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >We also faced problems in trying to match up these required variables with the data that the ABS has provided in these two catalogs. The fundamental difference between the two catalogs is that 5206.0 deals with data that is reported quaterly whilst 5204.0 deals with data that is reported in annually. Since the panel data set is going to need annual data we will be predominantly be using the items retrieved from 5204.0. Additionally we were slightly confused with what items in 5204.0 match up to our items especially regarding capital. However after consulting with Dr. Poon today this has been clarified. Additionally Dr. Poon has provided us with a data set up to the year 2002. This data set will not only provide us further guidance in constructing the data set but also serve as a means to use as a "test" data set, which I can use to test my AES function which i will write in R in the coming weeks.<br /><br />Dr. Poon also provided us with further insight into our thesis in our brief consultation. Dr.Poon brought to my attention that I might need to obtain data on rental prices and include this in my model and calculation of AES. However I will first need to review my literature to see if previous work has included this. If they have not then the partial derivatives in the Hessian matrix (see post <a href="http://melissavmalmasi.blogspot.com/2007/07/test-for-substitution-elasticity.html">Test for Substitution Elasticity</a>) will be:<br /><br /></span><ul style="font-family: arial;font-family:arial;" ><li><span style="color: rgb(51, 102, 255);font-size:100%;" > the co-efficients from the regression * [value add (output) / input of the variable]</span></li></ul><span style="color: rgb(51, 102, 255);" ><span style="font-family:arial;"><span style="font-family: arial;font-size:100%;" ><br />I will continue to work on panel data set construction with my fellow peers and hope to have it almost complete by the end of the week.</span><br /></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-91910195770275773972007-07-29T22:27:00.000+10:002007-08-02T21:54:24.664+10:00Project Plan<span style="color: rgb(51, 102, 255);"><span style="font-family:arial;"><span style="font-size:100%;">On Thursday the 26th of July i handed in my project plan for assessment. As mentioned in my previous posts I was going to post up a copy of my plan and a Gant chart. Click on the thumbnails to view the specific details of the project plan and Gant chart.<br /></span><br /></span></span></span><div style="text-align: center;"><span style="color: rgb(51, 102, 255);"><span style="font-family:arial;"><span style="font-size:130%;"><span style="font-family:arial;">Project Plan</span></span></span></span></span><br /></div><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp0.blogger.com/_sQkMKfRcP7Y/RqyKQi3IySI/AAAAAAAAACI/WX8DJFRPMp0/s1600-h/details.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp0.blogger.com/_sQkMKfRcP7Y/RqyKQi3IySI/AAAAAAAAACI/WX8DJFRPMp0/s400/details.jpg" alt="" id="BLOGGER_PHOTO_ID_5092597295489796386" border="0" /></a><div style="text-align: center;"><span style="color: rgb(51, 102, 255);"><span style="font-family:arial;"><span style="font-size:130%;"><span style="font-family:arial;">GANT Chart<br /><br /></span></span></span></span></span></div><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp1.blogger.com/_sQkMKfRcP7Y/RqyJ8y3IyRI/AAAAAAAAACA/xt7EspooU6k/s1600-h/Gant+Chart.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp1.blogger.com/_sQkMKfRcP7Y/RqyJ8y3IyRI/AAAAAAAAACA/xt7EspooU6k/s400/Gant+Chart.jpg" alt="" id="BLOGGER_PHOTO_ID_5092596956187379986" border="0" /></a><br /><span style="color: rgb(51, 102, 255);"><span style="font-size:85%;"><span style="font-family:arial;"><span style="font-size:130%;"><span style="font-family:arial;"><span style="font-size:100%;"><br /></span><span style="font-size:100%;"><span style="font-family:arial;">Tomorrow I will be meeting with two of Dr. Poon's other treatise students Gary and Nik to collate the data set that I had mentioned in my previous posts. We have all read how the data construction was done in the Parham (2001) paper and it appears to be quite straight forward. In addition to continuing the write up of my literature review and reviewing further papers, I have also spent a significant amount of time become more and more familiar with R. I am also looking into how to write functions in R as I will need to write a function using R code to implement the AES. Over the next coming days I will write more in depth about how I will go about implement AES in R and reviewing some further papers which I have found to be quite interesting.</span></span><br /></span></span></span></span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-5764730979542774642007-07-24T21:42:00.000+10:002007-08-02T21:41:03.161+10:00Thesis Meeting Overview: July 23rd 2007<span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" >On Monday the 23rd of July my thesis weekly resumed with Dr. Poon and his other supervised engineering thesis students. The purpose of this meeting was to provide each other a brief overview of what we have found in our research areas. My overview was based on informing Dr.Poon, Gary and Nik about the different means where elasticity of substitution can be measured. The details of my presentation can be found in my previous posts. This was a very interesting as I became more aware of Nik's and Gary's topics. Gary gave a very interesting presentation about Fuzzy clustering and different algorithms which implement fuzzy clustering such as c-means and clustering regression. Nik gave an overview about General Additive Models (GAM).<br /><br />My thesis meeting also clarified the steps we will take in finding a suitable data set for my model since our plans to obtain a particular subset of the data collected from the ABS economic activity survey fell through. Simon has proposed that as a data gathering and skills building exercise, Nik, Gary and myself to construct a data from the publicly available data from the ABS. The data to be collected is from the following catalogs:<br /></span><ul style="font-family: arial;"><li><span style=";font-size:100%;" ><span style=""> </span></span><span style="font-size:100%;"><b style="color: rgb(51, 102, 255);font-family:arial;"><span style="">5204.0 – Australian System of National Accounts<o:p></o:p></span></b></span></li><li><span style=";font-size:100%;" ><span style=""> </span></span><span style="font-size:100%;"><b style="color: rgb(51, 102, 255);font-family:arial;"><span style="">5206.0 – Australian National Accounts<o:p></o:p></span></b></span><span style="color: rgb(51, 102, 255);font-size:100%;" > </span></li></ul><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >Our task is it replicate the data collection and construction technique from the following paper:</span><span style="font-size:100%;"><br /></span><ul style="font-family: arial;"><li><span style="color: rgb(51, 102, 255);font-size:100%;" >Parham, D., Roberts, P. & Sun, H.,'Information Technology and Australia's Productivity Surge', 2007.</span><span style="font-size:100%;"><br /></span></li></ul><span style="font-family: arial;font-family:arial;font-size:100%;" ><span style="color: rgb(51, 102, 255);">The items that we will be extracting from catalogs 5204.0 and 5206.0 include items such as:</span></span><span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" ><br /></span><ul style="font-family: arial;font-family:arial;" ><li><span style="font-size:100%;"><span style="color: rgb(51, 102, 255);">Industry Value Add (output)</span></span></li><li><span style="font-size:100%;"><span style="color: rgb(51, 102, 255);">Cost of Employment</span></span></li><li><span style="font-size:100%;"><span style="color: rgb(51, 102, 255);">Industry Machinery</span></span></li></ul><span style="font-family: arial;font-size:100%;" ><span style="color: rgb(51, 102, 255);">It has been agreed that we will each overview these catalogs and gain familiarity with the data construction techniques, We will then get together to aggregate our data into a single data set and will also chase up the ABS about acquiring any missing data. Additionally I am also responsible for finding and appropriate deflator for our data set. Since we have observations across time it is important to account for inflation and express the units in constant dollar terms across the time range.<br /><br />Once we have aggregated and formed our data set we will each use this data set in our respective projects where hopefully we can find interesting results which we can use to assist the other in their project.</span></span><span style="font-size:100%;"><span style="font-family: arial;"> </span></span><span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" >Our next meeting is to be held Wednesday next week. I am also required to provide another brief presentation as to how I am going to go about measuring and estimating AES for the panel data set.<br /><br />The meeting deliverables are:<br /></span><ul style="font-family: arial;"><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Construct the ABS data set</span></li><li><span style="color: rgb(51, 102, 255);font-size:100%;" >Provide and overview to my fellow peers on how I will go about implementing AES using R and other tools</span><span style="font-size:100%;"><br /></span></li></ul><br /><span style="color: rgb(51, 102, 255);"></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-47272444410983461242007-07-23T12:05:00.000+10:002007-08-02T21:39:28.139+10:00Test for Substitution Elasticity<span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" >The following is a brief overview of the presentation that I will be giving in my thesis meeting today.</span> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style=";font-size:100%;" lang="EN-US" ><span style=""><span style="font-weight: bold;">What is Partial Elasticity?</span></span><o:p></o:p></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><span style="" lang="EN-US"><o:p></o:p>Partial Elasticity of Substitution is the proportional change in the ratio of the use of two inputs brought about by a change in the relative price ratio for these two inputs. Since my thesis topic is concerned with a production function with multiple input factors we must use a measure that considers the multi-factor case. The </span>main measures that I have come across my research are the Allen Partial Elasticity of Substitution (AES) and Morishima elasticity of substitution (MES).</span></p> <p style="font-family: arial;font-family:arial;" class="MsoNormal" ><span style="font-size:100%;"><o:p></o:p></span><span style="font-weight: bold; color: rgb(51, 102, 255);font-size:100%;" >What is AES?</span><span style="font-size:100%;"><o:p style="color: rgb(51, 102, 255);"></o:p></span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p>AES is defined as the percentage change in the ratio of the quantity of two factors to the percentage change in their price ration allowing all other factors to adjust to their optimal level (Hitt 2005). AES tends to be usually measured via cost functions but a lot the research I have undertaken has used various production functions to measure it. As noted by Chambers (1988) AES is defined by:</span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp0.blogger.com/_sQkMKfRcP7Y/RqQPki3IyOI/AAAAAAAAABo/fma_RGTBOZI/s1600-h/AES.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp0.blogger.com/_sQkMKfRcP7Y/RqQPki3IyOI/AAAAAAAAABo/fma_RGTBOZI/s400/AES.jpg" alt="" id="BLOGGER_PHOTO_ID_5090210599343278306" border="0" /></a></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="position: relative; top: 16pt;font-size:100%;" ><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" spt="75" preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"> <v:f eqn="sum @0 1 0"> <v:f eqn="sum 0 0 @1"> <v:f eqn="prod @2 1 2"> <v:f eqn="prod @3 21600 pixelWidth"> <v:f eqn="prod @3 21600 pixelHeight"> <v:f eqn="sum @0 0 1"> <v:f eqn="prod @6 1 2"> <v:f eqn="prod @7 21600 pixelWidth"> <v:f eqn="sum @8 21600 0"> <v:f eqn="prod @7 21600 pixelHeight"> <v:f eqn="sum @10 21600 0"> </v:formulas> <v:path extrusionok="f" gradientshapeok="t" connecttype="rect"> <o:lock ext="edit" aspectratio="t"> </v:shapetype><v:shape id="_x0000_i1025" type="#_x0000_t75" style="'width:84pt;" ole=""> <v:imagedata src="file:///C:\DOCUME~1\Melissa\LOCALS~1\Temp\msohtml1\01\clip_image001.wmz" title=""> </v:shape><![endif]--><!--[if !vml]--></span><span style=";font-size:100%;" >Where: x<sub>i</sub> x<sub>j</sub>, are the inputs we wish to see if they are complements or substitutes<br />f<sub>i</sub> is the first order partial derivative of our production function with respect to x<sub>i </sub>.<br />F is the bordered Hessian Matrix:</span></p> <p style="color: rgb(51, 51, 255); font-family: courier new;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp0.blogger.com/_sQkMKfRcP7Y/RqQPki3IyPI/AAAAAAAAABw/nNeyGt4zfuk/s1600-h/hessian.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp0.blogger.com/_sQkMKfRcP7Y/RqQPki3IyPI/AAAAAAAAABw/nNeyGt4zfuk/s400/hessian.jpg" alt="" id="BLOGGER_PHOTO_ID_5090210599343278322" border="0" /></a></span><!--[if gte mso 9]><xml> <o:oleobject type="Embed" progid="Equation.3" shapeid="_x0000_i1026" drawaspect="Content" objectid="_1246697932"> </o:OLEObject> </xml><![endif]--></p> <p style="font-family: arial;font-family:arial;" class="MsoNormal" ><span style="color: rgb(51, 102, 255);font-size:100%;" >F<sub>ij</sub> is the cofactor associated with f<sub>ji<o:p><br /></o:p></sub>If σ<sub>ij </sub> > 0 than the two inputs are substitutes if σ<sub>ij </sub>>0 then the are complements<o:p></o:p></span></p> <p style="font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p></span><span style="color: rgb(51, 102, 255); font-weight: bold;font-size:100%;" >What is MES?</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><span style="" lang="EN-US">MES measure the relative input changes as opposed to AES which measures the absolute input changes. MES can be re-expressed in terms of AES.</span></span></p><p style="color: rgb(51, 102, 255); font-family: courier new;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp0.blogger.com/_sQkMKfRcP7Y/RqQPki3IyQI/AAAAAAAAAB4/hLMzT9bfQ7U/s1600-h/MES.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp0.blogger.com/_sQkMKfRcP7Y/RqQPki3IyQI/AAAAAAAAAB4/hLMzT9bfQ7U/s400/MES.jpg" alt="" id="BLOGGER_PHOTO_ID_5090210599343278338" border="0" /></a><br /></span><span style="font-size:100%;"><span style="" lang="EN-US"> <o:p></o:p></span></span></p> <p style="color: rgb(51, 102, 255); font-family: courier new;" class="MsoNormal"><span style="font-size:100%;"><span style="position: relative; top: 16pt;"><!--[if gte vml 1]><v:shape id="_x0000_i1027" type="#_x0000_t75" style="'width:119.25pt;height:38.25pt'" ole=""> <v:imagedata src="file:///C:\DOCUME~1\Melissa\LOCALS~1\Temp\msohtml1\01\clip_image005.wmz" title=""> </v:shape><![endif]--><!--[if !vml]--></span><span style="font-family: arial;">Where: σ</span></span><span style="font-family: arial;font-size:100%;" ><sub>ij</sub><sup>A</sup> and </span><span style="font-family: arial;font-size:100%;" >σ</span><span style="font-family: arial;font-size:100%;" > <sub>jj</sub><sup>A</sup> are Allen elasticities of substitution.</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p>It should be noted that unlike AES which is symmetrical MES is asymmetric. Furthermore if inputs are classified as substitutes under Allen’s measure they are substitutes under Morishima’s measure. However if the inputs are classified as complements under Allen’s measure they are not necessarily compliments under Morishima’s measure. Hence it is important to note that MES has a bias towards treating the inputs as substitutes and AES is biased towards treating them as compliments.</span></p> <p style="font-family: arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p></span><span style="color: rgb(51, 102, 255); font-weight: bold;font-size:100%;" >Production Functions Used</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p>Reviewing the literature I have found various production functions have been used in testing the elasticity of substitution for the various factor inputs. They are:</span></p> <ul style="font-family: arial;font-family:arial;" ><li><span style="font-size:100%;"><o:p></o:p><span style="color: rgb(51, 102, 255);">Cobb Douglas Production Function</span></span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;">Translog Production Function</span></li><li style="color: rgb(51, 102, 255);"><span style="font-size:100%;">CES- Translog Production Function</span></li></ul> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p>The majority of the literature do not use the Cobb Douglas production function when estimate the Allen partial elasticity of substitution since its function constrains the substitution elasticities to be unity (Dewan et al. 1997). Consequently the Translog and CES-Translog production function tend be more readily used.<o:p style="font-weight: bold;"></o:p></span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p style="font-weight: bold;"></o:p><span style="font-weight: bold;">Statistical Tests</span></span><span style=";font-size:100%;" lang="EN-US" ><o:p></o:p></span></p><p style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><span style="font-size:100%;"><span style="" lang="EN-US"><o:p></o:p>Since the substitution elasticities calculated are highly non-linear in their parameters the means and standard errors are approximated via various techniques these are:<o:p></o:p></span></span></p> <ul style="font-family: arial;font-family:arial;" ><li><span style="font-size:100%;"><span style="" lang="EN-US"><o:p></o:p><span style="color: rgb(51, 102, 255);">Bootstrapping</span><o:p style="color: rgb(51, 102, 255);"></o:p></span></span></li><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;"><st1:place><span style="" lang="EN-US">Monte Carlo</span></st1:place><span style="" lang="EN-US"> Simulation<o:p></o:p></span></span></li><li><span style="font-size:100%;"><span style="" lang="EN-US"><span style="color: rgb(51, 102, 255);">Dividing the sample into different sub-sample and then estimating the separate production functions for each sample.</span><o:p></o:p></span></span></li></ul> <p style="color: rgb(51, 102, 255); font-family: arial;" class="MsoNormal"><span style="font-size:100%;"><span style="" lang="EN-US"><o:p></o:p>For the first two methods standard one tailed statistical test apply. However if the latter method is applied then the distributions of substitution of elasticities for each sub-sample are then compared using distribution fee statistical tests which are:<o:p></o:p></span></span></p> <ul style="font-family: arial;font-family:arial;" ><li style="color: rgb(51, 102, 255);font-family:arial;"><span style="font-size:100%;"><span style="" lang="EN-US">Median Test<o:p></o:p></span></span></li><li><span style="font-size:100%;"><span style="" lang="EN-US"><span style="color: rgb(51, 102, 255);">Wilcoxon Rank Test.</span><o:p></o:p></span></span></li></ul> <p class="MsoNormal"><span style="" lang="EN-US"><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" ><o:p></o:p>After my meeting I will write more in depth of any additional deliverables.</span><o:p></o:p></span></p>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com1tag:blogger.com,1999:blog-5020628558676193139.post-85395339286085017982007-07-21T09:42:00.000+10:002007-08-02T21:42:23.236+10:00Update on the ABS Data request<span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >The ABS got in contact with me on Thursday. Unfortunately the news was not the best. The consultant had informed me that the data I was requesting from the </span><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" ><span style="color: rgb(51, 102, 255);">Economic and Activity Surve</span>y would not be available for purchase. This is because items such as Computer Software Expensed are not collected annually but every four years. As a result the data is not of a quality that can be used to do statistical analysis upon. The consultant did point me however to two surveys that could be of use. They are:<br /></span><ul style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;">8126.0 - Information and Communication Technology, Australia, 2004-05, for items related to IT and communications.<br /></span></li><li><span style="font-size:100%;">8155.0 - Australian Industry, 2004-05, for items such as operating income etc.</span></li></ul><span style="font-family: arial;font-family:arial;font-size:100%;" ><span style="color: rgb(51, 102, 255);">The data for these items are available for previous and may prove useful for my thesis. I have contacted Dr. Poon about this matter and he has informed me that we will discuss this in our next Meeting on Monday the 23rd of July. Hopefully this problem in obtaining the data that Dr. Poon would have liked me to obtain will not pose a big problem in the continuing progress of my thesis.</span><br /></span><br /><span style="color: rgb(51, 102, 255);"><span style="font-size:85%;"><span style="font-family:arial;"> </span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-89150231239840288112007-07-18T15:32:00.000+10:002007-08-02T21:50:49.781+10:00ABS data gathering and update on progress<span style="color: rgb(51, 102, 255);"><span style="font-family:arial;"><span style="font-size:100%;">Since my last post I have been reviewing the papers i have found and have started to write my literature review. As mentioned in my previous post we have collectively decided with Dr. Poon that we will aim to have this finished by the end of the month. Reviewing my progress so far, I am definitely on track to meet this milestones deadline and may even be able to start the model building earlier than i anticipated.<br /><br />I also contacted the ABS today with regards to obtaining a quote for the data from the Economic and Activity Survey. The individual which i spoke with was very helpful and within 24 hours an information consultant will contact me to inform me not only how much the data will cost but also the level of detail of the data. I will be writing more about this shortly in my next post.I have also started my detailed engineering plan which is due Friday the 27th of July. Once i have a fairly complete project plan I will post up a screen shot of the GANT chart.<br /><br />Over the next coming days I will continue to work on my literature review and my presentation next week to my fellow peers where I will be presenting the different techniques where elasticity of substitution and complementarities can be measured.</span><br /></span></span></span>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-57256917879745829332007-07-11T10:54:00.000+10:002007-08-02T21:42:51.125+10:00Thesis Meeting: July the 9th 2007<p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">On Monday a meeting was held with Dr. Poon and my fellow colleagues to discuss our progress in research what the deliverables will be for the next few week. We all gave updates on where we were in terms of our research and Dr. Poon was please with our progress.<o:p></o:p></span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p>One of my tasks will be to obtain data from the Australian Bureau of Statistics (ABS) that will be used in my model to estimate the complementarities between hardware and software. The data to be obtained will be from the Economic Activity Survey, from 1998 to 2007. Whilst a lot of the literature I have found does advocate the use of firm level data, Dr. Poon has advised me that the ABS most likely will not provide this level of detail. He has suggests that I ask the ABS for data broken up by firm size i.e. small, medium and large. Whilst this level of detail is not the most desirable form it will still serve the purpose of treatise well in examining the complementarities between hardware and software. The items from the survey which I am required to obtain data for are:</span></p> <ul style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;">Employment</span></li><li><span style="font-size:100%;">Income from Services</span></li><li><span style="font-size:100%;"><st1:city><st1:place>Sale</st1:place></st1:city> of Goods</span></li><li><span style="font-size:100%;">Total Income</span></li><li><span style="font-size:100%;">Labour Costs</span></li><li><span style="font-size:100%;">Purchases</span></li><li><span style="font-size:100%;">Telecommunication Services</span></li><li><span style="font-size:100%;">Computer Software Expensed</span></li><li><span style="font-size:100%;">Training Services provided by other businesses</span></li><li><span style="font-size:100%;">Other Management and Administrative services</span></li><li><span style="font-size:100%;">Reported operating profit or loss before tax</span></li><li><span style="font-size:100%;">Inventories</span></li><li><span style="font-size:100%;">Derived items</span></li><li><span style="font-size:100%;">Capital expenditure and disposal of assets including computer software capitalised and computers and computer peripherals</span></li><li><span style="font-size:100%;">Capitalised wages and salaries and purchases of materials for capital work.</span></li></ul> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p> </o:p></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">In addition to obtaining the data, I have been researching additional papers related to my topic to determine my motivation and definitions of my thesis. I have found in excess of 40 papers and am still researching for additional papers. I am currently going through the papers that I have found to determine which are the most relevant to my topic. I will continue this activity over the coming 2 weeks. I have also received notification from the library that the Chambers text book I have requested is available for pick up and I will collect this today to continue my research into substitution elasticities.<o:p></o:p></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p>Dr Poon has also provided me with four additional papers for me to read, however I had already come across most of them through my research. These papers are :</span></p> <ul style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;"><o:p></o:p>Fernadez, W., Gregor, S., Martin, M., Stern, S. & Vitale, Michael. ‘Identifying the Key Strategies in the Realization of Value from Information Technology’, 2007.</span></li><li><span style="font-size:100%;">Fernandez, W. ,Gregor, S., Holtham, D,. Martin, M., Stern, S., Pratt, G. & Vitale, M., ‘<span style="">Achieving Value from ICT: key management strategies’</span>, Department of Communications, Information<i><o:p></o:p></i> Technology and the Arts, ICT Research Study, <st1:city><st1:place>Canberra</st1:place></st1:city>, 2004.<o:p></o:p></span></li><li><span style="font-size:100%;"><o:p></o:p>Mittal, N. & Nault, B.R., ‘Investments in Information Technology: Indirect Effects and Information Technology Intensity’, <st1:place><st1:placename>Haskayne</st1:placename> <st1:placetype>School</st1:placetype></st1:place> of Business: <st1:place><st1:city>University of Calgary</st1:city> <st1:country-region>Canada</st1:country-region></st1:place>, 2006.</span></li><li><span style="font-size:100%;">Dewan, S. 'The Subsitution of Information Technology for Other Factors of Production: A Firm Level Analysis', (2006) 43 <span style="font-style: italic;">Management Science </span>1660-16.<br /></span></li></ul><span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >Dr. Poon for our next meeting would also like us to prepare a 15 minute presentation on a particular area that is inline with the research and literature reviewing that we are currently completing. My presentation will focus on the different testing methods of substitution elasticity that I have come across my research.</span> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><o:p></o:p>Our next meeting is scheduled to be early on in the first week of semester 2. My goals and aims I wish to achieve by the next meeting are:</span></p> <ul style="color: rgb(51, 102, 255);font-family:arial;"><li style="font-family: arial;font-family:arial;" ><span style="font-size:100%;">Obtain a quote on the data to be obtain from the ABS</span></li><li style="font-family: arial;font-family:arial;" ><span style="font-size:100%;">Continue to develop core skills using R</span></li><li style="font-family: arial;font-family:arial;" ><span style="font-size:100%;">Continue further research int the testing methods of substitution of elasticity</span></li><li><span style="font-family: arial;font-family:arial;font-size:100%;" >Complete my thesis project plan</span><o:p> </o:p></li></ul>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0tag:blogger.com,1999:blog-5020628558676193139.post-63127658882410124362007-07-03T19:13:00.000+10:002007-08-02T21:43:35.700+10:00Paper Overview: “Is Information System Spending Productive? New Evidence and New Results”<span style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;font-size:100%;" >This paper which was written by Brynjolfsson and Hitt (1993) was one of the background readings that Dr. Poon provided me with. I will provide very brief overview of the papers findings and models used and link it with the relevance to my project.</span> <p style="color: rgb(51, 102, 255); font-weight: bold; font-family: arial;font-family:arial;"><span style="font-size:100%;">Model</span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;">The model used by Brynjolfsson and Hitt was quite simple, they imposed the following general form in relating the firms quantity of output produced to inputs used:</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_sQkMKfRcP7Y/RooVkquUPqI/AAAAAAAAABg/QOIxjDdPSsc/s1600-h/hb_general.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp2.blogger.com/_sQkMKfRcP7Y/RooVkquUPqI/AAAAAAAAABg/QOIxjDdPSsc/s400/hb_general.jpg" alt="" id="BLOGGER_PHOTO_ID_5082898849129053858" border="0" /></a></span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;" class="MsoNormal"><span style="font-size:100%;">Where:<br />Q is the quantity of output<br />F is the production function<br />C is the computer capital input<br />K is non-capital input<br />S is information systems staff labour<br />L other labour and expenses<br />i is the specific firm<br />t is the time interval</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;">They assumed that the production function conforms to the Cobb-Douglas specification</span></p> <p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp1.blogger.com/_sQkMKfRcP7Y/RooVkauUPnI/AAAAAAAAABI/-65WPCIhzI0/s1600-h/bh_cobb.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp1.blogger.com/_sQkMKfRcP7Y/RooVkauUPnI/AAAAAAAAABI/-65WPCIhzI0/s400/bh_cobb.jpg" alt="" id="BLOGGER_PHOTO_ID_5082898844834086514" border="0" /></a></span></p><p style="font-family: arial; color: rgb(51, 102, 255);" class="MsoNormal"><span style="font-size:100%;">Where:<br />β<sub>1</sub> is the output elasticity of</span><span style="font-size:100%;"> </span><span style="font-size:100%;">computer capital<br />β<sub>3</sub> is the output elasticity of information systems staff labour</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;">Since regression models need to be linear in the parameters a logarithmic transform is done to create the log-log linear model:</span></p><p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp1.blogger.com/_sQkMKfRcP7Y/RooVkauUPoI/AAAAAAAAABQ/N_O94NqU1Ys/s1600-h/bh_log-log.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp1.blogger.com/_sQkMKfRcP7Y/RooVkauUPoI/AAAAAAAAABQ/N_O94NqU1Ys/s400/bh_log-log.jpg" alt="" id="BLOGGER_PHOTO_ID_5082898844834086530" border="0" /></a></span></p><span style="color: rgb(51, 102, 255); font-family: arial;font-size:100%;" > Where: Q<sub face="arial">it</sub> = output of a firm in industry i in year t<br />C<sub face="arial">it </sub>= computer capital<br />K<sub>it </sub>= non-computer capital<br />S<sub>it<span style=""> </span></sub>= information systems staff labour capital<br />L<sub>it</sub> =<sub> </sub>other labour and expenses<sub><span style=""> </span></sub><br />β is a vector of parameters to be estimated<br />Log denotes the natural logarithm<br />ε is a vector of random variables</span> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;">Results</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;">The Brynjolfsson and Hitt paper provided evidence for IT made a “substantial and statistically significant contribution to the output of firms”. This was in contrast to the evidence of previous papers which supported the notion of the “productivity paradox” existing that is that “despite enormous improvements in the underlying technology, the benefits of IS spending have not been found in aggregate output statistics”. Brynjolfsson and Hitt attributed the differences in the results owing to the following factors:</span></p> <ul style="margin-top: 0cm; color: rgb(51, 102, 255); font-family: arial;font-family:arial;" type="disc"><li class="MsoNormal" style=""><span style="font-size:100%;">Measurement problems associated with the use of industry level and economic level data.</span></li><li class="MsoNormal" style=""><span style="font-size:100%;">Data being used that had not incorporated the impact IT due to the lag effect and time needed for learning and adjustment</span></li><li class="MsoNormal" style=""><span style="font-size:100%;">The intangible benefits that IT produces not being incorporated correctly into the estimated models</span></li></ul> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;">All of the fore mentioned issues would result in situation where one of the assumptions of classical linear regression model which that the regressors and disturbances are independent:</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_sQkMKfRcP7Y/RooVkquUPpI/AAAAAAAAABY/5HeFMVTQ_Ts/s1600-h/covar.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://bp2.blogger.com/_sQkMKfRcP7Y/RooVkquUPpI/AAAAAAAAABY/5HeFMVTQ_Ts/s400/covar.jpg" alt="" id="BLOGGER_PHOTO_ID_5082898849129053842" border="0" /></a></span></p> <p style="color: rgb(51, 102, 255); font-family: arial;"><span style="font-size:100%;">Where:<br />X is a regressor such as computer capital<br />ε is a disturbance term, random variable</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;"><span style="font-size:100%;"><o:p></o:p>When this fundamental assumption is violated it will result in biased, inefficient and inconsistent estimates of our parameters in our regression model and consequently the incorrect conclusions being drawn form the hypothesis tests.</span></p> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;"><o:p> </o:p>Brynjolfsson and Hitt overcame the earlier listed problems by the following means:</span></p> <ul style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><li><span style="font-size:100%;">Using firm level data which is more recent and incorporates the fact that firms have undertaken restructuring of their business process and are realising the benefits ofIT</span></li><li><span style="font-size:100%;">Using iterated seemingly unrelated regression model (ISUR) to improve the efficiency of their estimates as it can directly address serial correlation (relationship between different firms in the same time period) and missing observations.</span></li><li><span style="font-size:100%;">Using instrument variables to control for omitted variable bias and the violation of the assumption that regressors and the disturbances term are uncorrelated via three stage least squares (3SLS) estimation technique.</span></li></ul> <p style="color: rgb(51, 102, 255); font-family: arial;font-family:arial;"><span style="font-size:100%;"><o:p> </o:p>All of these procedures assist in overcoming the problems of producing biased, inconsistent and inefficient estimators which would result in the incorrect conclusion being drawn from our hypothesis. The problems of difficulties of measurement and aggregation errors being present in industry and economic data and the difficulties in capturing the effect of intangible variables are the most important aspects of the paper. Brynjolfsson and Hitt (1994) showed how these problems can ultimately result in the incorrect conclusions being drawn such as the productivity paradox. Additionally the provided guidance and techniques as to how these problems can be overcome. The techniques and problems presented in this paper has alerted me to the potential problems that I could encounter during my thesis but also potential solutions that I will be able to make use of.</span></p>Melissa Almasihttp://www.blogger.com/profile/02202045791398867853noreply@blogger.com0