###############################################################

# Multinomial Logit model

#

# Kobayashi,M.(2001)

# "Test of ordered probit models and its application to corporate bond

#  rating,"  Kinyu Kenkyu, Bank of Japan. (in Japanese)

#

# -> We fit the multinomial logit model to the bond rating data.

#

#  Dependent variable :

#    rate: 1: above AA,  2:A, 3: below BBB 

#  Independent variables:

#    lcf: log(cash flow)  (*obs with cash flow <=0 are removed.)   

#   ibcf: interesting-bearing debt to cash flow ratio

#     er:equity ratio

#    roa:return on assets

#     ic: interest coverage

#    rce: ratio of current income to current expenses

########################################################################

model

{

for( i in 1:n)

              {

                            lcf[i] <- log(cf[i])

                            rate[i] ~ dcat(p[i,])

                            p[i, 1] <- ebx[i, 1]/ebxsum[i]

                            p[i, 2] <- ebx[i, 2]/ebxsum[i]

                            p[i, 3] <- ebx[i, 3]/ebxsum[i]

             

                            ebxsum[i] <-  ebx[i, 1]+ebx[i, 2]+ebx[i, 3]

 

                            ebx[i, 1]  <-exp(  b1[1] + b1[2]*(lcf[i]-mean(lcf[]))/sd(lcf[])

                                                                      + b1[3]*(ibcf[i]-mean(ibcf[]))/sd(ibcf[])

                                                                      + b1[4]*(er[i]-mean(er[]))/sd(er[])

                                                                      + b1[5]*(roa[i]-mean(roa[]))/sd(roa[])

                                                                      + b1[6]*(ic[i]-mean(ic[]))/sd(ic[])

                                                                      + b1[7]*(rce[i]-mean(rce[]))/sd(rce[])   )

                            ebx[i, 2]  <- 1 # Baseline is Category 2 for an identification

                            ebx[i, 3]  <-exp(  b3[1] + b3[2]*(lcf[i] - mean(lcf[]))/sd(lcf[])

                                                                      + b3[3]*(ibcf[i]-mean(ibcf[]))/sd(ibcf[])

                                                                      + b3[4]*(er[i]-mean(er[]))/sd(er[])

                                                                      + b3[5]*(roa[i]-mean(roa[]))/sd(roa[])

                                                                      + b3[6]*(ic[i]-mean(ic[]))/sd(ic[])

                                                                      + b3[7]*(rce[i]-mean(rce[]))/sd(rce[])   )

}

 

# Compute Pr(correct classifcations | data)

for( i in 1:n)

{

ind1[i] <- equals(rate[i], 1)  # 1 if rate[i]=1, 0 otherwise.

ind2[i] <- equals(rate[i], 2)  # 1 if rate[i]=2, 0 otherwise.

ind3[i] <- equals(rate[i], 3)  # 1 if rate[i]=3, 0 otherwise.

 

ind.correct[i]  <- equals(p[i,rate[i]], ranked(p[i,], 3))

              # 1 if correctly classified, 0 otherwise.

              # ranked(p[i,], 3): the 3rd smallest prob. out of 3. <-> the max prob.

              ind1.correct[i] <- ind1[i]*ind.correct[i]

              ind2.correct[i] <- ind2[i]*ind.correct[i]

              ind3.correct[i] <- ind3[i]*ind.correct[i]

 

}

p1.correct <- sum(ind1.correct[])/sum(ind1[])

p2.correct <- sum(ind2.correct[])/sum(ind2[])

p3.correct <- sum(ind3.correct[])/sum(ind3[])

p.correct  <- mean(ind.correct[])

 

for(i in 1:7)

              {

                            b1[i] ~ dnorm(0, 1.0E-6)

                            b3[i] ~ dnorm(0, 1.0E-6)

              }             

                       

              beta1[1] <- b1[1]-b1[2]*mean(lcf[])/sd(lcf[])

-b1[3]*mean(ibcf[])/sd(ibcf[])

-b1[4]*mean(er[])/sd(er[])

-b1[5]*mean(roa[])/sd(roa[])

-b1[6]*mean(ic[])/sd(ic[])

-b1[7]*mean(rce[])/sd(rce[])                    

              beta1[2] <-        b1[2]/sd(lcf[])               

              beta1[3] <-        b1[3]/sd(ibcf[])               

              beta1[4] <-        b1[4]/sd(er[])               

              beta1[5] <-        b1[5]/sd(roa[])               

              beta1[6] <-        b1[6]/sd(ic[])               

              beta1[7] <-        b1[7]/sd(rce[])   

           

              beta3[1] <- b3[1]-b3[2]*mean(lcf[])/sd(lcf[])

-b3[3]*mean(ibcf[])/sd(ibcf[])

-b3[4]*mean(er[])/sd(er[])

-b3[5]*mean(roa[])/sd(roa[])

-b3[6]*mean(ic[])/sd(ic[])

-b3[7]*mean(rce[])/sd(rce[])                    

              beta3[2] <-        b3[2]/sd(lcf[])               

              beta3[3] <-        b3[3]/sd(ibcf[])               

              beta3[4] <-        b3[4]/sd(er[])               

              beta3[5] <-        b3[5]/sd(roa[])               

              beta3[6] <-        b3[6]/sd(ic[])               

              beta3[7] <-        b3[7]/sd(rce[])               

 

              # Prediction of probabilities for various log(cash flow) =5,..,13

              # Other independent varaibles are set to their means.

                                         

              for( k in 1:81)

              {

                                          p.lcf[k] <- 5+0.1*(k-1)

                                          pp[k, 1] <- p.ebx[k, 1]/p.ebxsum[k]

                                          pp[k, 2] <- p.ebx[k, 2]/p.ebxsum[k]

                                          pp[k, 3] <- p.ebx[k, 3]/p.ebxsum[k]

             

                                          p.ebxsum[k] <-  p.ebx[k, 1]+p.ebx[k, 2]+p.ebx[k, 3]

 

                                          p.ebx[k, 1]  <-exp(  beta1[1] + beta1[2]*p.lcf[k] + beta1[3]*mean(ibcf[])

                                                                                    +beta1[4]*mean(er[]) + beta1[5]*mean(roa[])

                                                                                    +beta1[6]*mean(ic[]) + beta1[7]*mean(rce[])   )

                                          p.ebx[k, 2]  <- 1

                                          p.ebx[k, 3]  <-exp(  beta3[1] + beta3[2]*p.lcf[k] + beta3[3]*mean(ibcf[])

                                                                                    +beta3[4]*mean(er[]) + beta3[5]*mean(roa[])

                                                                                    +beta3[6]*mean(ic[]) + beta3[7]*mean(rce[])   )

              }            

}

 

# Init

b1[] b3[]

0 0

0 0

0 0

0 0

0 0

0 0

0 0

END

 

# Data 1

list(n=298)

# Data 2

rate[]    cf[]         ibcf[]     er[]        roa[] ic[]             rce[]

3            2031     9.7686  42.9625              3.7761  3.9432  123.7534

3            2530     3.6569  52.9467              3.1676  6.7295  146.433

1            132281 0.2146  70.5162              8.3281  79.2773              123.7921

1            143004 6.1947  29.3993              4.3455  3.8741  137.3216

2            121431 5.1752  24.572  3.4095  2.0376  118.1768

2            16781   4.759    42.3913              4.2483  4.9623  120.6916

1            17076   5.9619  43.8938              9.0409  16.1011              171.3757

1            27220   1.6169  52.5497              4.8557  14.0733              112.2218

2            10678   1.1329  34.5807              5.1964  8.2226  104.8061

2            9036     2.3259  36.2692              8.2407  7.1297  112.8764

3            5342     5.6088  24.869  4.1527  5.1602  113.2323

3            3918     2.6376  40.8404              4.0682  16.314  114.4054

1            67504   4.1204  37.4631              5.5367  6.1862  132.5874

1            50352   3.4514  57.4003              2.8877  6.219    116.8008

3            5300     5.0875  28.8019              3.1942  3.9852  124.1378

1            18300   4.8486  59.0362              4.9661  14.0351              138.0997

3            4462     1.5625  50.8611              4.2526  12.1987              120.8738

3            9808     11.0879              36.5247              2.7255  1.2299  112.6373

3            559       16.3023              28.9033              6.6069  31.4773              119.0453

2            5171     4.1381  57.3076              4.4471  6.13      131.4831

2            26043   3.5082  16.0222              3.511    6.5032  114.6065

2            40059   6.3603  24.2474              4.1448  2.9404  114.1251

3            4316     3.8195  35.2761              6.3121  5.7417  117.9392

2            7155     4.0074  63.2967              2.6153  4.7855  117.79

2            4466     2.5683  74.0592              9.8116  19.1649              167.1053

3            21069   11.6662              16.1916              4.0719  2.3456  138.4821

3            1152     5.092    59.9127              4.7401  7.5948  232.7147

1            28884   2.9776  60.6009              11.5389              15.7993              285.8487

2            6490     2.4781  50.6086              7.5525  25.9532              128.6597

2            10664   2.0869  52.6658              4.0133  15.1733              195.9027

3            2996     10.9015              48.0196              4.1717  5.4925  271.6575

2            15687   4.8086  28.3701              4.7955  13.9994              125.5018

3            2761     7.4611  33.6793              4.6322  6.5029  132.3227

1            72968   4.8654  32.2243              3.8883  5.7744  128.8074

3            5982     6.5013  44.1432              4.4483  6.9602  132.8818

3            1278     9.795    47.7299              5.186    4.9404  146.7199

3            3603     2.3772  56.0885              3.5286  10.1552              116.3078

2            63496   4.1636  29.0981              3.1648  1.9002  128.4758

2            24835   1.6723  71.3307              18.3954              61.8482              617.4536

1            10044   5.1321  62.6818              5.5992  6.7854  144.7159

3            2257     1.2938  42.8775              8.7386  20.5227              127.3821

2            8779     12.5527              49.8563              4.232    2.7833  144.4448

3            2076     5.8242  33.3165              3.2944  6.8056  125.0873

1            77308   1.7324  56.3527              9.1338  29.5947              216.4306

2            3886     7.3399  45.5667              2.9261  6.6634  200.2074

2            11535   4.2127  50.0778              3.5375  4.5741  131.4399

3            1154     3.6196  36.7519              4.9722  10.6949              123.8382

2            1637     20.8125              60.6204              1.636    5.5539  118.8228

2            19400   3.2531  46.5388              4.4385  7.8065  136.0893

2            9339     2.3212  40.9574              6.587    8.017    120.8385

2            7178     2.9115  42.8418              5.4489  5.1619  122.425

2            36282   5.6063  14.7035              4.8247  6.5909  114.6457

2            122936 7.3897  27.9971              2.9955  1.9699  113.4873

3            148       104.6216           39.7416              2.2659  1.2088  129.4759

2            5467     2.7523  50.2296              4.8784  10.0429              135.9919

3            5262     1.1689  52.9501              4.9549  10.1948              116.8324

2            8234     4.3001  62.7673              9.6964  69.1675              331.955

1            9523     4.7057  60.0553              2.1078  2.7373  121.4871

2            7448     1.7304  44.7631              8.089    17.3724              121.856

1            18613   2.1671  45.4876              7.663    14.6094              159.5431

3            2004     1.5364  47.1664              4.43      7.0138  113.1086

1            37516   6.5641  39.9839              5.1726  7.3031  132.7791

2            21085   6.4938  44.5481              5.7431  11.3478              134.3132

2            7372     1.5285  50.2095              4.6888  17.0243              127.3862

3            2734     3.6529  43.6212              5.1607  8.3307  120.9385

2            11402   0.877    49.5368              4.7433  9.043    120.9854

3            1421     5.0535  45.5662              4.5163  5.0543  127.8141

2            1069     31.0935              50.4105              1.7305  2.349    111.8366

2            98482   5.9622  23.0211              4.933    2.7716  111.4694

2            16393   3.6716  37.921  3.7734  5.0911  115.8606

2            8043     1.8379  52.7507              9.0503  25.7261              120.7778

1            15379   0.3672  58.4632              7.1323  32.2748              134.8737

3            32775   12.0441              15.0417              2.5401  1.4426  111.4251

3            1816     2.1057  66.6144              8.0382  53.3137              115.3695

2            4828     7.2481  68.3726              4.8925  68.4444              143.3742

3            1086     0            49.0192              8.6127  22.6429              129.4354

3            578       13.7716              24.5002              2.9722  3.3808  112.9378

3            1953     2.5535  54.4979              6.7872  76.7353              165.9306

2            4490     8.1089  42.5766              5.1405  11.8646              147.907

3            1015     7.0276  50.6545              7.2744  12.8409              168.0357

2            4213     5.0026  45.0108              6.8807  15.7792              121.2234

2            7026     13.7522              41.1717              5.4834  38.8713              144.3545

3            4071     12.889  33.1232              1.2716  1.6655  124.1672

1            61256   4.1901  49.4714              2.0186  2.9114  124.8762

3            3259     0.379    57.2475              5.2054  29.0185              124.0459

2            15635   1.3942  66.1827              7.1282  31.4548              207.5411

2            5562     1.2526  68.5863              9.2789  20.1606              175.6602

3            1780     6.9753  43.794  4.464    4.603    146.9664

2            5144     12.9323              44.3583              2.8569  4.687    142.1536

1            141936 0.863    56.5681              4.9439  22.5733              122.3393

3            4018     2.9572  40.6631              6.881    3.9298  138.5603

3            5215     6.786    36.877  0.1934  0.2849  114.3167

3            2801     10.7708              30.7195              1.7984  1.4664  110.0725

1            27064   5.5899  40.7854              5.8223  9.6388  128.5392

3            1010     17.6485              40.1175              1.1339  1.1961  121.4953

3            2849     0.6044  51.4926              4.6496  11.566  130.2239

2            17514   1.1638  53.1313              5.7392  15.8318              122.8067

3            2178     5.8728  20.3523              2.5489  1.4392  120.8169

3            3846     7.9834  32.9278              7.35      5.7809  116.6352

3            788       7.4239  67.4246              1.7286  3.5441  124.8626

3            5821     5.1538  38.0856              1.3949  1.9793  129.5025

2            4183     10.0033              49.7015              2.4233  2.8395  116.8651

2            50592   0.8247  33.6874              5.3549  11.4794              121.6888

2            8434     3.5875  59.2847              1.6687  2.2865  116.6231

3            1235     11.8753              34.5513              1.5856  1.6522  120.6544

2            8512     5.6076  45.7468              6.3319  12.0711              134.4778

1            43143   5.8395  19.8215              4.7318  3.1064  125.0766

2            15527   9.7631  46.1075              4.2418  4.0315  108.43

3            2265     2.6653  47.6943              3.4681  8.6611  135.1233

3            1815     9.1598  47.4161              3.3678  5.2476  128.4698

3            16676   5.3434  33.6724              2.6634  3.0208  168.8672

1            30425   2.5927  55.6937              7.1921  22.1307              132.2699

3            3508     4.5191  51.0501              0.8003  2.4684  125.861

3            3521     4.6118  47.4885              4.8461  10.4675              136.8241

2            15192   4.0466  35.4335              5.3236  5.3611  114.3789

2            10011   3.9099  27.9332              3.2923  2.9324  129.5279

1            82591   8.5079  49.2479              3.4008  6.6002  122.2201

3            20947   8.7162  24.0182              5.4426  2.2966  122.9966

2            18030   3.7354  41.1218              4.8024  3.8121  134.3627

3            2069     3.7463  47.2317              3.1317  5.5826  124.6409

2            11483   7.0086  32.7391              1.5255  1.5544  114.888

2            30141   0.6666  29.7022              5.0243  37.4266              117.5594

3            4058     5.6678  37.6173              3.7621  10.1725              117.4855

1            28356   2.6533  61.6147              11.1531              31.904  267.704

2            5940     3.0362  35.2374              5.9452  5.897    128.5876

3            10228   9.483    30.0786              5.339    3.7572  135.5222

1            91107   0.8814  61.6159              6.7783  62.0591              121.2574

2            5554     5.0178  49.8839              4.7911  13.7874              167.2706

3            1702     7.782    22.1568              4.8071  5.8737  137.8629

2            8687     1.9122  67.2406              6.2987  32.9095              127.1748

3            3208     5.2659  39.1406              5.4686  7.3689  143.1198

2            7318     3.6459  51.0981              6.1421  15.6847              164.279

2            5915     0.2117  32.1511              11.1762              101.4766           127.081

1            56715   0.5181  63.2987              11.9359              77.8455              202.904

2            3381     11.4966              45.2286              4.6202  4.9546  131.1719

3            1954     1.2805  49.9124              4.7212  28.6049              111.1043

3            1058     3.1059  57.198  1.9855  5.6667  123.4452

3            1768     9.4751  57.7113              2.9897  3.7681  113.4139

2            10505   0.2263  57.7726              7.1108  23.0908              211.4147

3            11655   2.8049  31.8877              4.5393  4.7131  125.5981

3            1882     5.2593  37.3476              1.5053  1.1286  110.4439

3            3156     4.096    49.8117              4.4954  6.0997  124.5012

2            15572   6.6425  44.0879              6.7087  19.3581              312.9711

3            2116     5.189    53.2977              3.8817  13.7235              127.8593

3            4234     2.1793  50.4108              3.8832  5.0509  125.3381

3            2297     12.4293              38.6798              3.7524  3.6145  269.7688

3            1077     12.0149              51.0388              6.0676  15.0259              140.4976

1            24965   5.229    55.4951              5.6809  11.2657              142.6199

3            9930     1.0306  55.0184              4.1781  10.2474              135.4098

2            13349   3.29      51.2938              9.1693  14.3971              213.1426

2            14985   7.3415  27.9164              3.6059  1.8447  129.9161

1            109656 1.0578  58.7467              6.8353  36.52    119.0828

2            2498     0.4872  76.2478              7.3051  43.8657              235.2346

2            10630   2.9138  36.1648              3.1231  5.8908  113.738

3            1955     5.5243  43.8441              8.4648  26.9924              134.3062

3            5360     4.5132  64.4592              -2.7469 -11.8139            110.0473

3            700       64.79    20.8856              1.1576  0.4013  109.9106

3            2769     4.5063  44.3498              9.2874  26.0051              244.542

3            2665     4.0338  58.0105              5.5649  7.0049  124.896

1            183575 2.2008  32.6355              5.2139  8.3678  128.2698

3            3402     0.7158  76.0254              6.3921  6.2188  143.369

3            2163     8.1549  29.6548              -0.9955 -1.6878 121.173

3            2783     1.9296  24.4155              4.2924  4.9971  122.4115

2            27622   7.4715  19.832  4.3423  2.256    125.6346

2            9311     8.9898  39.8423              2.8683  3.3343  125.4692

3            1797     4.6244  32.2914              6.6834  7.1917  121.5344

2            7081     6.6313  47.5347              4.3557  3.9954  135.7859

3            4779     2.8768  46.332  4.703    5.3276  125.5958

2            14150   9.8364  25.9706              1.6965  0.9964  118.242

1            54499   5.2698  48.4531              5.2853  5.8797  132.6337

2            3264     0            76.5588              7.382    23.5271              141.0617

3            1035     2.087    32.5172              2.6019  4.9882  119.7623

3            3474     11.3546              42.5616              4.5623  4.398    122.337

2            16788   4.3996  35.3952              4.9598  4.6216  147.987

1            64316   0.9325  59.6037              6.7105  50.8766              119.4813

3            8447     6.7894  26.0361              4.9567  3.5901  115.9003

2            8496     3.3317  58.0841              4.0899  24.2379              117.0505

2            17243   1.8909  42.5934              3.3578  8.0013  114.2484

1            490115 0.8004  64.8274              8.4554  28.3222              119.3571

1            38344   3.1605  52.5074              7.3652  13.5824              114.3794

3            2518     0.8276  58.6046              3.9246  12.3511              113.7314

3            699       17.9571              25.1808              0.6834  0.7641  105.2388

2            16692   5.4697  44.2149              6.6953  5.4936  142.3181

3            3506     2.4467  52.0055              3.852    8.8894  119.8241

2            3368     3.2556  67.0933              5.4333  5.9718  115.3813

2            7304     1.3797  42.417  12.7697              28.0337              154.3916

3            866       0.5693  45.6444              9.1333  11.729  138.2765

2            11717   7.6016  30.7501              2.2943  1.6233  116.3662

3            799       4.577    40.7642              0.3736  0.5833  110.1631

3            741       10.6788              69.0556              4.8804  7.4161  127.6015

3            24852   3.1501  32.4924              4.8256  4.5203  123.1987

3            12275   7.0359  18.1967              3.2546  2.4567  115.935

3            7812     4.8198  30.8277              7.2423  10.1772              146.4578

2            10218   0.9995  38.5537              2.845    9.041    103.3935

2            3461     5.0257  59.2665              1.7214  4.9644  141.0552

3            2571     1.028    45.9105              5.2014  10.0439              128.9657

3            580       8.8741  27.6303              6.5289  3.3636  118.696

2            14139   2.6227  58.3143              5.6842  8.0046  131.6262

3            4587     6.9294  42.946  3.8888  2.2653  124.8396

2            5066     5.0022  58.0418              6.3665  8.5626  160.8849

2            4106     8.8943  47.8472              4.6398  3.6001  112.1188

2            5700     3.454    52.6562              1.9516  2.3935  126.8446

2            9286     2.9899  33.773  4.8749  4.6899  136.2161

3            1235     2.5069  44.1355              5.2409  10.6931              117.1697

2            24682   2.9742  52.663  1.6606  4.6744  135.0682

2            5817     3.1888  47.0528              3.2423  5.2436  136.1346

2            12931   0.4877  51.8986              8.3115  17.5269              163.9793

2            11976   9.2032  28.2655              2.4791  3.5887  115.8988

2            10256   7.1006  38.0041              3.5387  1.7434  130.0302

2            2329     3.5457  55.7355              6.2763  9.3532  119.6325

2            3612     4.8513  55.4156              1.2702  6.7791  132.2698

2            3720     2.8823  50.8157              7.7902  23.7297              275.9223

3            1099     2.2548  75.8287              4.8677  19.7119              126.7874

2            19108   9.4532  40.9449              4.6282  3.3882  118.4787

3            6629     6.3895  30.5048              1.8352  1.5645  117.94

2            53579   4.5088  35.0694              4.8549  4.8325  129.1467

2            31786   16.9451              25.5889              1.4308  1.251    111.9226

3            1915     9.741    51.1872              3.6469  10.3894              119.5571

2            8711     7.7968  45.3655              2.5085  3.5138  118.8778

2            6414     4.7403  39.1073              6.4204  30.9123              127.8125

3            5939     9.6681  30.8973              2.4325  3.6654  128.8398

3            2174     4.1633  33.8819              4.1578  11.9805              136.5885

2            7323     0            78.6357              12.3179              102.4455           173.5757

2            11287   2.6484  69.0299              7.0951  30.5408              199.6855

3            1135     4.5366  61.6547              3.7821  14.8017              133.351

2            5542     8.7818  53.6873              4.3288  83.3333              149.8089

3            1242     2.851    42.2339              12.3909              4.6266  142.9661

2            10154   0.6985  82.4599              3.6414  26.5505              133.1841

2            13854   4.2599  36.7766              7.04      6.4646  125.806

1            17731   5.5792  43.7261              2.3945  2.8306  118.2048

2            7826     9.0312  27.9573              5.8702  5.0774  128.8777

2            5455     1.2598  64.3235              4.8952  30.0784              138.0621

1            269066 2.0797  38.8413              3.5656  8.3503  127.5542

3            1687     5.9241  40.8639              3.3804  13.5867              123.5889

1            20585   2.2768  48.7961              5.5698  9.0871  119.4237

3            2225     0.7474  62.6337              8.5925  39.8947              131.5005

2            27708   1.9161  35.3434              3.0055  5.4995  109.1155

3            1239     2.3963  45.9584              12.4897              47.3934              144.3493

2            18191   6.2157  36.3789              4.8044  3.3734  116.5164

2            41340   2.6377  35.6842              7.0276  7.3474  126.8308

2            6879     2.6784  59.494  5.0352  8.6846  126.2826

1            196895 4.5512  30.914  3.2965  3.485    134.7349

2            23498   5.0075  20.8333              2.9312  2.7033  125.4655

3            2914     3.7804  50.6419              4.3599  5.699    155.9579

3            3520     5.6818  61.189  1.7187  10.631  123.6153

2            2631     32.7986              30.8537              5.0453  2.9886  110.7407

2            29433   5.6758  27.9559              1.8651  1.8509  115.6957

2            12243   5.6839  36.5859              6.4018  6.9553  124.6423

3            1301     9.0938  58.0778              2.5379  5.8627  135.8205

3            4619     8.9338  14.7772              -1.7453 -2.8108 108.08

2            1138     14.4121              57.8779              2.872    11.6713              134.7546

1            126141 1.168    55.425  12.4934              15.476  123.7151

1            120744 5.1634  53.1756              4.3889  5.3435  122.1385

2            56196   5.6894  37.531  0.4394  0.251    115.0933

3            1028     11.9611              29.863  3.0426  12.8396              116.2359

2            1946     7.9651  62.9699              -1.4197 -4.6013 124.5337

2            3214     3.0815  50.2381              8.1673  29.4439              173.699

3            7520     10.2589              17.7337              4.9493  2.0566  112.7684

3            4475     5.0069  38.6113              4.5495  4.7864  116.3211

2            14539   4.7255  42.2436              4.6058  5.2782  126.3751

2            35522   9.2354  28.5206              2.6158  2.1935  118.1029

2            18059   3.351    40.0693              5.8294  8.5904  129.6266

1            73158   6.4492  34.2041              1.6836  1.5483  123.877

2            73838   4.2698  27.9797              4.0253  4.9         117.2692

3            6114     6.3757  28.5885              1.9237  1.9164  126.9

1            169468 2.2434  29.719  5.4024  9.3813  117.1876

2            15272   3.1799  38.8827              3.9897  4.1941  126.6728

2            13123   19.3162              27.4145              -0.4578 -0.5898 109.0749

1            168597 2.8655  24.1864              2.14      3.8062  126.5863

2            5369     3.9829  40.2842              2.6667  5.412    121.7418

3            4261     9.3973  18.987  3.8125  6.9788  112.2222

2            10149   10.3042              44.3597              5.4801  6.0913  113.932

3            12919   2.4993  37.781  5.0134  4.5416  130.4631

3            721       8.4743  31.2092              3.9976  8.24      112.6972

3            4053     1.1582  68.0096              13.8501              22.5466              178.9583

1            19838   0.5397  83.7809              7.5155  74.0987              135.2392

2            13391   3.8512  29.5575              2.784    4.5904  142.3276

3            4868     9.7981  34.6801              -0.0458 -0.0549 183.4571

2            12728   4.2561  28.0909              3.5661  5.4311  138.7655

2            5773     7.2274  69.6724              3.054    7.0371  127.439

3            464       6.5603  55.0445              4.2625  8.7455  131.9126

2            11238   0.0406  78.7309              4.7606  51.1023              160.3096

3            3350     9.4048  24.9216              3.3457  2.6191  133.266

3            790       5.3076  54.3691              5.6491  16.2982              140.7248

1            30991   4.6608  61.45    9.9133  38.8396              251.4657

2            26628   1.1468  49.4646              5.6308  14.7045              129.1841

2            18933   4.1493  27.4122              5.8542  5.8979  122.066

2            19618   1.5208  39.8796              3.9552  6.1295  133.4032

3            2250     3.1911  52.8601              2.3723  20.0943              115.5447

3            1978     6.8827  26.6144              5.0999  6.5237  137.9459

1            32607   4.5616  48.4856              7.2394  16.3172              142.6074

3            4122     11.7715              37.0033              2.8205  2.738    121.1834

2            9017     1.4398  61.4181              8.3096  40.5325              131.9336

3            698       4.2264  57.3369              7.7559  26.717  145.9761

2            11572   5.925    33.3931              4.3115  3.7386  121.838

3            2041     2.5713  51.4191              9.6037  56.1609              268.2423

3            1942     1.879    79.6486              5.9564  47.5926              145.0342

3            1199     1.7807  52.3731              7.8523  48.7838              147.0932

END