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I n t h i s s t u d y , t h e p r e s e n c e o f w i n n e r -1 o s e r e f f e c t i n I s t a n b u l S t o c k E x c h a n g e i s i n v e s t i g a t e d . T e s t s a r e d o n e f o r t h e p e r i o d o f J a n u a r y 1 9 8 8 - D e c e m b e r 1 9 9 2 .
P a s t p e r f o r m a n c e i s u s e d t o f o r m t h e " W i n n e r " a n d " L o s e r " p o r t f o l i o s p r i o r t o t h e l e s t p e r i o d . D u r a t i o n f o r p a s t p e r f o r m a n c e m e a s u r e m e n t s c h a n g e f r o m 1 m o n t h t o 48 m o n t h s . T e s t p e r i o d s c h a n g e f r o m 3 m o n t h s t o 3 6 m o n t h s .
T h e r e s u l t s s h o w t h a t , i n t h e f i r s t m o n t h o f t h e t e s t p e r i o d , l o s e r p o r t f o l i o o u t p e r f o r m s t h e w i n n e r p o r t f o l i o . T h i s e f f e c t i s e m p h a s i z e d i f t h e f i r s t m o n t h o f t he l e s t p e r i o d i s J a n u a r y .
T h e a b o v e r e s u l t s c a r r y s i m i l a r i t i e s w i t h t h e e m p i r i c a l r e s u l t s o b t a i n e d f r o m s l o c k m a r k e t s o f U S A and J a p a n .
K e y w o r d s : W i n n e r - L o s e r E f f e c t , P a s t p e r f o r m a n c e . T e s t p e r i o d .
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İ S T A N B U L M E N K U L K I Y M E T L E R B O R S A S I N D A B Î R A N O M A L İ A R A Ş T I R M A S I : K A Z A N A N - K A Y B E D E N E T K İ S İ
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Bu ç a l ı ş m a d a İ s t a n b u l M e n k u l K ı y m e t l e r B o r s a s 1 n ' d a K a z a n a n - K a y b e d e n e t k i s i n i n o l u p o l m a d ı ğ ı i n c e l e n m i ş t i r . T e s t l e r 1 9 8 8 O c a k a y ı n d a n 19 9 2 A r a l ı k a y ı n a k a d a r y a p ı l m ı ş t ı r .
T e s t p e r i y o d u ö n c e s i o l u ş t u r u l a n K a z a n a n ve K a y b e d e n p o r t f ö y l e r i g e ç m i ş p e r f o r m a n s a g ö r e o l u ş t u r u l m u ş t u r . G e ç m i ş p e r f o r m a n s s ü r e s i 1 a y d a n 48 a y a k a d a r d e ğ i ş m e k t e d i r . T e s t s ü r e s i i s e 3 ay i l e 36 ay a r a s ı n d a d e ğ i ş m e k t e d i r .
S o n u ç l a r t e s t p e r i y o d u n u n i l k a y i n d a, K a y b e d e n p o r t f ö y ü n ü n K a z a n a n p o r t f ö y ü n d e n d a h a ç o k o r t a l a m a g e t i r i s i o l d u ğ u n u g ö s t e r m i ş t i r . Bu e t k i , i l k a y ı n O c a k ay ı o l m a s ı i l e d a h a da b e l i r g i n l e ş m e k t e d i r .
Y u k a r ı d a k i b u l g u l a r A m e r i k a n ve J a p o n m e n k u l k ı y m e t l e r b o r s a l a r ı n d a n e l d e e d i l e n b u l g u l a r l a b e n z e r l i k l e r g ö s t e r m e k t e d i r l e r .
A n a h t a r k e l i m e l e r : K a z a n a n - K a y b e d e n E t k i s i ,G e ç m i ş P e r f o r m a n s , T e s t P e r i y o d u .
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I w i s h t o e x p r e s s my g r a t i t u d e t o A s s o c i a t e P r o f e s s o r K ü r ş a t A y d o g a n f o r h i s i n v a l u a b l e s u p e r v i s i o n d u r i n g t h e p r e p a r a t i o n o f t h i s t h e s i s . 1 a l s o w i s h t o e x p r e s s my t h a n k s t o A s s i s t a n t P r o f e s s o r H a l u k A k d o ğ a n a n d t o A s s i s t a n t P r o f e s s o r G ü l n u r M u r a d o g l u f o r t h e i r h e l p f u l c o m m e n t s .
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A b s t r a c t iO z e t i iA c k n o w l e d g m e n t s i i iT a b l e o f C o n t e n t s i vL i s t o f t a b i e s vL i s t o f f i g u r e s V1. I n t r o d u c t i o n 12 . P r e v i o u s e m p i r i c a l w o r k a n d r e s u l t s 43 . D a t a a n d M e t h o d o l o g y 7
B o n d t a n d T h a l e r M e t h o d o l o g y 8T e s t p r o c e d u r e ; D e t a i l s 9
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C a l c u l a t i o n o f B e t a s 134. F i n d i n g s , S u m m a r y S t a t i s t i c s a n d G r a p h s 145 . C o n c l u s i o n 24ö . L i s t o f R e f e r c n c c s 32A p p e n d i x 34
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R e s u l t s o f Bo n d t < &Th a l e E M e t h o d 15S u m m a r y o f DF 1 ( 2 » 3 ) O b s e r v a t i o n s 16J a n u a r y V a l u e s o f t h e D i f f e r e n c e s 17B e s t P ^ o r ma t i o n P e r i o d s f o r t h e F i r s t M o n t h s o f t h e T e s t P e r i o d s 18
L i s t o f F i g u r e s
F i g u r e 1;
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F i g u r e 4:
F i g u r e 5:
E a c h M o n t h ' s A v e r a g e R e t u r n as t h e A v e r a g e o f D I F l , 2 a n d 3 19A v e r a g e o f D I F 1, 2 a n d 3 o f F e b . . D e c f o r a G i v e n F o r m a t i o n P e r i o d 20A v e r a g e o f D I F 1, 2 a n d 3 o f M o n t h s f o r a F o r m a t i o n P e r i o d 21A v e r a g e o f D I F 1, 2 a n d 3 o f M o n t h s f o r a F o r m a t i o n P e r i o d 2 1A v e r a g e o f D I F 1, 2 a n d 3 o f M o n t h s f o r a F o r m a t i o n P e r i o d 22
1 . I n t r o d u c t i o n
M a i n o b j e c t i v e o f t h i s s t u d y i s t o i n v e s t i g a t e t h e p r e s e n c e o f t h e w i n n e r - l o s e r a n o m a l y i n t h e I S E . I f i t s p r e s e n c e i s e n c o u n t e r e d , q u e s t i o n s a b o u t w e a k - f o r m m a r k e t e f f i c i e n c y w i l l a r i s e a n d a n o t h e r p o s s i b i l i t y o f a r b i t r a g e w i l l b e f o u n d .
E x p e r i m e n t a l p s y c h o l o g y s u g g e s t s t h a t , i n v i o l a t i o n o f B a y e s ' r u l e , p e o p l e t e n d t o " o v e r r e a c t " t o u n e x p e c t e d a n d d r a m a t i c n e w s e v e n t s . O v e r r e a c t i o n c o n t r a d i c t s m a r k e t e f f i c i e n c y h y p o t h e s i s , a t l e a s t i n t h e s h o r t - r u n . An e m p i r i c a l s t u d y , d o n e by B on d t a n d T h a l e r ( 1 9 8 7 ) , b a s e d o n C R S P m o n t h l y r e t u r n d a t a i s c o n s i s t e n t w i t h t h e o v e r r e a c t i o n h y p o t h e s i s . T h i s s t u d y r e v e a l e d o u t w e a k f o r m m a r k e t i n e f f i c i e n c i e s . T h e s a m e s t u d y f o u n d o u t a n i n t e r e s t i n g J a n u a r y e f f e c t .
I t w a s o b s e r v e d t h a t t h e p r i o r l o s e r p o r t f o l i o s g a i n e d m o r e t h a n t h e p r i o r w i n n e r p o r t f o l i o s i n t h e e n d o f t h i s f o r m a t i o n p e r i o d ( t h e p e r i o d i n w h i c h t h e w i n n e r a n d l o s e r p o r t f o l i o s a r e f o r m e d ) .
T h e s e o b s e r v a t i o n s c a n be u s e d by t h e i n v e s t o r s t o g a i n e x t r a e a r n i n g s i n t h e s t o c k m a r k e t by k e e p i n g t r a c k o f t h e l o s e r a n d w i n n e r s t o c k s , i t c a n be s a i d t h a t t h e l o s e r p o r t f o l i o s c a n g a i n e x t r a e a r n i n g s o v e r t h e m a r k e t r e t u r n ( i . e . o v e r a n d a b o v e a n a i v e i n v e s t m e n t s t r a t e g y ) w h e n s o m e c o n d i t i o n s h o l d . T h i s m i g h t b e t h e p r a c t i c a l b e n e f i t o f t h i s p a p e r . A c a d e m i c i a n s c a n a l s o a c c e p t i t a s a s t i m u l u s t o i n v e s t i g a t e t h e t o p i c d e e p e r i n c l u d i n g o t h e r v a r i a b l e s o f t h e s t o c k m a r k e t s b e c a u s e t h e r e s u l t s f o r m a n o t h e r c o n t r a d i c t i o n t o t h e w e a k f o r m m a r k e t e f f i c i e n c y .
I t i s n o w w e l l e s t a b l i s h e d t h a t B a y e s ' r u l e i s n o t a n a p t c h a r a c t e r i z a t i o n o f h o w i n d i v i d u a l s a c t u a l l y r e s p o n d to n e w d a t a ( K a h n e m a n & T v c r s k y ( 1 9 8 2 ) ) . I t i s o b s e r v e d t h a t i n v e s t o r s o v e r w e i g h r e c e n t i n f o r m a t i o n a n d u i i d e r w e i g h p r i o r ( b a s e r a t e ) d a t a . f h e y t r y t o m a t c h t h e i r i m p r e s s i ons w i t h t h e i r p r e d i c t i o n s . f hi s s a m e m a t c h i n g i s a l s o o b s e r v e d a m o n g t h e p r o f e s s i o n a l s e c u r i t y a n a l y s t s a n d e c o n o m i c f o r e c a s t e r s ( D e B o n d t ( 1 9 8 5 ) ) .
O n e o f t h e e a r l i e s t o b s e r v a t i o n s a b o u t t h e o v e r r e a c t i o n i s f r o m J . M . K e y n e s ( 1 9 3 6 ) , w h o s a i d
d a y - t o - d a y f l u c t u a t i o n s i n t h e p r o f i t s o f e x i s t i n g i n v e s t m e n t s , w h i c h a r e o b v i o u s l y o f a n e p h e m e r a l a n d n o n s i g n i f i c a n t c h a r a c t e r , t e n d t o h a v e a n a l t o g e t h e r e x c e s s i v e , a n d e v e n a n a b s u r d , i n f l u e n c e o n t h e ma r k e t " .
P r i c e s u s u a l l y r e f l e e t e d t o o m u c h o f t h e c u r r e n t e a r n i n g p o w e r a n d n o t t h e l o n g t e r m d i v i d e n d p a y i n g p o w e r . S h i l l e r ( 1 9 8 4 ) s h o w e d t h a t d i v i d e n d s o v e r t h e l a s t c e n t u r y d i d n o t f l u c t u a t e e n o u g h to j u s t i f y t h e f l u c t u a t i o n s i n t h e p r i c e s . I t i s o b s e r v e d t h a t , i n s t e a d o f t h e t r e n d i i i e s s o f t h e d i v i d e n d s , p e o p l e l e n d t o a t t a c h d i s p r o p o r t i o n a t e i m p o r t a n c e t o s h o r t - r u n e c o n o m i c d e v e l o p m e n t s .
W h e n c o m i n g t o r e a s o n s , B a i l ( 1 9 7 8 ) e m p h a s i z e s t h e e f f e c t s o f t h e o m i t t e d r i s k f a c t o r s . R e i n g a n u m ( 1 9 8 1 ) c l a i m e d t h a t e q u i l i b r i u m m o d e l m i g h t i n c l u d e m o r e d i m e n s i o n s o f r i s k w h i c h i m p l i e s d i f f e r e n t b e t a s f o r d i f f e r e n t r i s k f a c t o r s . As t h e m o r e d i m e n s i o n s o f r i s k a r e i n c l u d e d , as t h e y c l a i m , b e t t e r p r e d i c t i o n s c a n b e d o n e , b e c a u s e t h i s s e e m s t o b e m o r e r e a l i s t i c .
A n o t h e r r e a s o n m i g h t b e t h e l a c k o f r a t i o n a l a g e n t s i n t h e m a r k e t ( R u s s e l & T h a l e r ( 1 9 8 5 ) ) .
' :; n y c a s e , t h e p r i c e s c a n r e f l e c t , i f t h e y c a n , 0 . v i d e n d p a y i n g p o w e r a f t e r a c e r t a i n
.. V . . . . , y/ .. i cli c a n be as l o n g as m o n t h s .As t h i s i s t h e c a s e , a r a t i o n a l a g e n t , i f a w a r e o f
t h e s i t u a t i o n , c a n h i t t h e m a r k e t b y s e a r c h i n g f o r " u n d e r v a l u e d " a n d " o v e r v a l u e d " s t o c k s . I f he s e l l s t h e o v e r v a l u e d o n e s a n d b u y t h e u n d e r v a l u e d o n e s , he cai i g a i n e x t r a p r o f i t s f r o m t h i s a c t i o n .
A h y p o t h e s i s i s s u g g e s t e d f o r t h e a b o v eo b s e r v a t i o n s :
1) E x t r e m e m o v e m e n t s i n s t o c k p r i c e s w i l l b e f o l l o w e d by s u b s e q u e n t p r i c e m o v e m e n t s i n t h e o p p o s i t e d i r e c t i o n .
2) T h e m o r e e x t r e m e t h e i n i t i a l p r i c e m o v e m e n t , t h e g r e a t e r w i l l b e t h e s u b s e q u e n t a d j u s t m e n t .
I f t h e r e a r e no p o s s i b l e e x p l a n a t i o n s w i t h t h e b e t a s ( i f ' r i s k ' c a n n o t e x p l a i n t h e p r i c e m o v e m e n t s ) , b o t h o f t h e a b o v e i m p l y a v i o l a t i o n o f w e a k - f o r m m a r k e t e f f i c i e n c y .
T h e r e s t o f t h e t h e s i s p r o c e e d s i n t h e f o l l o w i n g ma n n e r :
P r e v i o u s e m p i r i c a l w o r k a n d r e s u l t s a r e s u m m a r i z e d i n C h a p t e r 2. T h i s p a r t i s f o l l o w e d by t h e d e s c r i p t i o n o f t h e d a t a a n d m e t h o d o l o g i e s ( C h a p t e r 3 ) . F i n d i n g s w i l l be s u m m a r i z e d ( C h a p t e r 4 ) a n d c o n c l u s i o n w i l l f o l l o w i t i n t h e e n d ( C h a p t e r 5 ) .
2 . P r e v i o u s e m p i r i c a l w o r k a n d r e s u l t s
In s e a r c h o f t he o t h e r d i m e n s i o n s t h a t c o u l d be u s e d to e x p l a i n t he p r i c e m o v e m e n t s , R e i n g a n u m ( 1 9 8 1 ) , B a s u ( 1 9 7 7 ) a nd G r a h a m ( 1 9 7 3 ) f o u n d o ut s i g n i f i c a n t v a r i a b l e s l i k e P / E , s i z e or s m a l l f i r m e f f e c t , a l l o f w h i c h are i n d i r e c t l y t i e d to w i n n e r - l o s e r e f f e c t and t h e r e f o r e c a n be i n v e s t i g a t e d t h r o u g h t h e l e n s e s o f o V e r r e a c t i o n . C o n s i s t e n t l o s e r s f or an e n o u g h l o n g p e r i o d c a n be e a s i l y f o u n d in t he s m a l l f i r m r a n g e . So we c a n s a y t h a t , w o r d s as " o v e r v a l u e d " or " u n d e r v a l u e d " , w h e n t a l k i n g a b o u t P / E s o f f i r m s , g i v e s i g n s o f " o v e r r e a c t i o n " in o n e wa y or a n o t h e r .
A l l t he a b o v e n e w v a r i a b l e s , i f t h e y are s i g n i f i c a n t a n y w h e r e , are j u s t t h e r e to p r e d i c t p r i c e m o v e m e n t s , no t to h e l p us u n d e r s t a n d t he r e a l r e a s o n s o f p r i c e m o v e m e n t s . Th e p r i c e m o v e m e n t s c a n be h e a v i l y d e p e n d e n t on t h e l o c a l c u l t u r e or p r e s e n t c o m m o n e x p e c t a t i o n s w h i c h h a v e r o o t s i n i n v e s t o r s ’ p s y c h o l o g i e s . T h e s e v a r i a b l e s c a n g i v e m o r e c l u e s a b o u t f u t u r e p r i c e m o v e m e n t s , i f t h e y c a n be m e a s u r e d .
E v e n t h o u g h t h e s e n e w v a r i a b l e s s e e m to be i m p o r t a n t i n t he i n v e s t i g a t e d s t o c k m a r k e t , t h e y are not g u a r a n t e e d to be v i t a l e v e r y w h e r e , e s p e c i a l l y i n a m a r k e t w h e r e i n v e s t o r s are r a t i o n a l in t h e s e n s e o f l o n g t e r m t r e n d i n e s s .
In a ny c a s e , t h e s e v a r i a b l e s w i l l do no ha r m in t h o s e t h e o r e t i c a l l y r a t i o n a l m a r k e t s , so w h y not t a k e c a r e o f t h e m i f t h e y are e c o n o m i c a l l y s i g n i f i c a n t t o o .
As R u s s e l a nd T h a l e r ( l 9 8 5 ) c o n c l u d e d , a l l t he a b o v e , s e e m i n g l y u n n e c e s s a r y d i m e n s i o n s i n a r a t i o n a l m a r k e t , are n e e d e d , b e c a u s e t he m a r k e t s are not t ha t ■' rat i onal "
A p r o b l e m h e r e m i g h t be t h e d e f i n i t i o n o f ' r a t i o n a l i t y * . In s e a r c h o f "Wh a t i s r a t i o n a l ? " , we c a n t i e t h e d e f i n i t i o n to t h e l o n g - t e r m m o v e m e n t s a nd d i v i d e n d p a y i n g p o w e r but no t t he s h o r t - t e r m b u y i n g p o w e r . At t h i s p o i n t o n e c a n a r g u e as; " . . . t h e n t h e r e are t wo r a t i o n a l i s m s , o n e in t he s h o r t - t e r m , a n d t he o t h e r in t h e l o n g - t e r m " , w h i c h c a n n o t be c o m p l e t e l y r e j e c t e d i f s u b j e c t i v e i d e a s o f i n d i v i d u a l i n v e s t o r s are c o n s i d e r e d . On e c a n e a s i l y s a y t h a t " t i me v a l u e o f m o n e y i s e n o u g h l a r g e n o t to c o n s i d e r 18 m o n t h s l a t e r " . In s u c h a c a s e , he c a n g i v e u n e x p e c t e d a n d i n t e r e s t i n g i m p u l s e s to t h e m a r k e t i f he h a s t h e p o w e r to do i t .
In t h e i r p a p e r , B o n d t and T h a l e r ( l 9 8 5 ) f o u n d o u tt ha t
1) E x t r e m e p o r t f o l i o s o f p r i o r l o s e r s e a r n e d l a r g e r g a i n s t h a n t h e e x t r e m e p o r t f o l i o s o f t h e p r i o r w i n n e r s .
2 ) O v e r r e a c t i o n e f f e c t i s a s y m m e t r i c . It i s m u c h l a r g e r f or l o s e r s t h a n f or w i n n e r s .
3) As t he p o r t f o l i o s are m o r e e x t r e m e or as t he f o r m a t i o n p e r i o d ( t h e p e r i o d in w h i c h t he p e r f o r m a n c e s are m e a s u r e d a nd l o s e r / w i n n e r p o r t f o l i o s are f o r m e d ) i s l o n g e r , t h e p r i c e r e v e r s a l s w i l l be m o r e e m p h a s i z e d .
4 ) A s e a s o n a l p a t t e r n i s o b s e r v e d , J a n u a r y i s t he m a i n m o n t h w h e r e m o s t o f t he r e v e r s a l o c c u r s .
5) B e t a s c a n no t e x p l a i n t he r e v e r s a l .
V e r m a e l e n a nd V e r s t r i n g e ( 1 9 8 6 ) s t a t e d a f t e r t h e i r i n v e s t i g a t i o n o f B e l g i a n m a r k e t t h a t t h i s wa s no t o v e r r e a c t i o n and it wa s s i m p l y a m a t t e r o f r i s k c h a n g e .
At t h i s p o i n t I c a n a r g u e t h a t t h e s e e x p l a n a t i o n s a c t u a l l y d o n ' t c o n t r a d i c t t h e p r e v i o u s s t a t e m e n t s . Th e p r i o r o n e s are u s e f u l i n p r e d i c t i o n a nd t h e l a t e r o n e s are m e r e l y t h e r e to e x p l a i n wh y i t h a p p e n s a nd t h i s d o e s n o t d e g r a d e t he p r e v i o u s o n e s ' v a l u e s .
On e o t h e r r e a s o n o f d i f f e r e n c e i n t h e r e s u l t s m i g h t be " c u l t u r e " as e x p l a i n e d b e f o r e . N o t e v e r y c u l t u r e i s s h o r t - t e r m o r i e n t e d a nd t h e y c o u l d e a s i l y a c t as v e r y r a t i o n a l in t he " l o n g - t e r m " s e n s e .
S t i l l , f o r m a t i o n p e r i o d b e t a s , w h i c h are a r g u e d to be s h a r p l y c h a n g i n g i n t e s t p e r i o d s in f a v o r o f l o s e r p o r t f o l i o s do n o t h a v e t he n e c e s s a r y m a g n i t u d e to e x p l a i n t h e w h o l e c h a n g e i n t h o s e t e s t s ( D e B o n d t & T h a l e r ( 1 9 8 7 ) ) .
A n o m a l i e s a nd b a d m o d e l i n g s h o u l d be s e p a r a t e d in o r d e r n o t t o m a k e m i s t a k e s . Our " o v e r r e a c t i o n " h y p o t h e s i s c a n be m e a n i n g l e s s in o n e m o d e l i n g and c a n be o f g r e a t i n t e r e s t i n a n o t h e r ( F a m a ( 1 9 86 ) ) . N o t o n l y t ha t but o n e c a n a l s o a r g u e as , ' d i f f e r e n t m o d e l s c a n be a p p l i e d to d i f f e r e n t m a r k e t s ’ . A c t u a l l y o n e "bi g" m o d e l c a n c o v e r e v e r y m a r k e t b u t in s p e c i a l c a s e s s ub m o d e l s c a n be m o r e m e a n i n g f u l .
3 . D a t a a n d m e t h o d o l o g y
D a t a u s e d h e r e c o n s i s t o f t h e m o n t h l y r e t u r n s o f t h e s t o c k s at t h e I s t a n b u l S e c u r i t i e s E x c h a n g e f r o m J a n u a r y 1 9 8 8 to D e c e m b e r 1 9 9 2 ( t h e s o u r c e i s I s t a n b u l S e c u r i t i e s E x c h a n g e M o n t h l y B u l l e t i n s ) a n d t h r e e m o n t h s t r e a s u r y b i l l r a t e s ( t h e s o u r c e i s C e n t r a l B a n k ) r e p r e s e n t i n g r i s k - f r e e r a t e f or t h e s a m e p e r i o d .
In t h i s s t u d y t h e r e are m a i n l y t w o p e r i o d s , w h i c h are n a m e d as " f o r m a t i o n " a nd " t e s t " p e r i o d s r e s p e c t i v e l y .
A f t e r c h o o s i n g a f o r m a t i o n p e r i o d , s t o c k s are r a n k e d a c c o r d i n g to t h e i r c u m u l a t i v e g a i n s i n t ha t p e r i o d . Th e s t o c k s w i t h m i s s i n g d a t a i n t h e f o r m a t i o n p e r i o d are d i s c a r d e d to i n c r e a s e s t a t i s t i c a l r i g o r and r e p l i c a b i l i t y .
Th e c l u s t e r l e f t i s d i v i d e d i n t o t h r e e g r o u p s a c c o r d i n g to t h e i r g a i n s i n t h e f o r m a t i o n p e r i o d . Th e u p p e r m o s t m o s t g r o u p , w h i c h g a i n e d m o s t , i s a s s i g n e d to t h e " w i n n e r p o r t f o l i o " , t he l o w e r m o s t g r o u p i s a s s i g n e d to t he " l o s e r p o r t f o l i o " a nd t he m i d d l e g r o u p i s d i s c a r d e d .
T h e s e p o r t f o l i o s are no t e x t r e m e e n o u g h ( o n l y 5% o f t h e s t o c k s f o r m e d t h e s e p o r t f o l i o s i n t h e B o n d t and T h a l e r ( 1 9 8 5 ) t e s t s o f t h e C R S P d a t a ) but t h e n u m b e r o f s t o c k s are so f e w t h a t ( a r o u n d 8 0 - 1 5 0 ) i f m o r e e x t r e m e p o r t f o l i o s are f o r m e d , t h e n u m b e r o f s t o c k s in t h o s e p o r t f o l i o s w i l l be v e r y s m a l l .
T w o p r o c e d u r e s are u s e d h e r e to t e s t t he o v e r r e a c t i o n h y p o t h e s i s . F i r s t o n e i s a p p l i c a b l e o n l y to m u l t i y e a r t e s t s and f o r m a t i o n p e r i o d s . S e c o n d o n e i s a p p l i c a b l e to a l l p e r i o d s a v a i l a b l e .
T h e p r o c e d u r e s u s e d h e r e are a v a r i a n t o f t h e o n e o r i g i n a l l y p r o p o s e d by B e a v e r and L a n d s m a n ( 1 9 83 ) i n a d i f f e r e n t c o n t e x t and b e l o n g to B o n d t & T h a l e r ( 1 9 8 5 ) .
T y p i c a l l y , t e s t s o f s e m i s t r o n g f o r m m a r k e t e f f i c i e n c y s t a r t , at t i m e t = 0, w i t h t he i n f o r m a t i o n o f p o r t f o l i o s on t he b a s i s o f s o m e e v e n t t ha t a f f e c t s a l l s t o c k s in t he p o r t f o l i o , s a y , an e a r n i n g s a n n o u n c e m e n t . On e t h e n g o e s on to i n v e s t i g a t e w h e t h e r l a t e r on ( t > 0 ) t he e s t i m a t e d r e s i d u a l p o r t f o l i o r e t u r n Up tm e a s u r e d r e l a t i v e to t he s i n g l e p e r i o d C A P M - e q u a l s z e r o . S t a t i s t i c a l l y s i g n i f i c a n t d e p a r t u r e s f r o m z e r o are i n t e r p r e t e d as e v i d e n c e a g a i n s t s e m i s t r o n g f o r m m a r k e t e f f i c i e n c y , e v e n t h o u g h t he r e s u l t s ma y a l s o be due to m i s s p e c i f i c a t i о n o f t h e C A P M , m i s e s t i m a t i o n o f t he r e l e v a n t a l p h a s / b e t a s a n d / o r l a c k o f m a r k e t e f f i c i e n c y o f t h e w e a k f o r m ( B o n d t & T h a l e r ( 1 9 8 5 ) ) .
In c o n t r a s t , t he t e s t s in t h i s s t u d y w i l l a s s e s t he e x t e n t to w h i c h s y s t e m a t i c no n z e r o r e s i d u a l r e t u r n b e h a v i o r i n t he p e r i o d a f t e r p o r t f o l i o f o r m a t i o n ( t > 0 ) i s a s s o c i a t e d w i t h s y s t e m a t i c r e s i d u a l r e t u r n in t he p r e f o r m a t i o n m o n t h s ( t < 0 ) . F o c u s w i l l be on t he e x t r e m e w i n n e r and e x t r e m e 1 о s e r ( d e n о t e d by W and L r e s p e c t i v e l y ) p o r t f o l i o s .
F o l l o w i n g F a m a ( 1 9 8 6 ) , t he a r g u m e n t s a b o v e c a n be s u m m a r i z e d as
B o n d i a n d T h a l e r M e t h o d o l o g y
j t - Е т [ к j t \ F ^ _ i)) - e [ u J t \ F t - i ) ^ 0
p r e p r e s e n t s t he c o m p l e t e s e t o f i n f o r m a t i o n atr-l
t i m e t - 1 ,
i s t h e r e t u r n on s e c u r i t y j at m o n t h t,
E e x p e c t a t i o n o f R j ^ , a s s e s s e d
by t he m a r k e t on t he b a s i s o f t he i n f o r m a t i o n F T - \ j Whe r e m s t a n d s f o r ' m a r k e t '
Ujt = R jt - Rmt w h e r e
i s t h e r e t u r n on t he m a r k e t at t ( e q u a l l y
w e i g h t e d a v e r a g e r e t u r n )T h e e f f i c i e n t m a r k e t h y p o t h e s i s i m p l i e s t h a t
As e x p l a i n e d i n t he i n t r o d u c t i o n , t he o v e r r e a c t i o n h y p o t h e s i s , on t h e o t h e r h a n d , s u g g e s t s t h a t
^ (uy , , t \Ft - i ) a n d ^ ( u h \ F t - i ) >
T e s t p r o c e d u r e ; D e t a i l s
1 . T h e l e n g t h o f t h e f o r m a t i o n p e r i o d i s c h o s e n to be 2 or 3 y e a r s i n t h i s s t u d y due to t h e s h o r t n e s s o f t he a v a i l a b l e p e r i o d a nd t he n u m b e r o f t h e s t o c k s a v a i l a b l e .
As i t i s n o t e d , l e n g t h e n i n g t he f o r m a t i o n p e r i o d or f o r c i n g m o r e e x t r e m e p o r t f o l i o s c a n i n c r e a s e t h e rat e o f r e v e r s a l o f r e t u r n s i n t h e f o r m a t i o n p e r i o d ( B o n d & T h a 1 e r ( 1 9 8 5 ) ) but due to t h e 5 y e a r s o f t o t a l t e s t p e r i o d , i t i s n o t e a s y to c h e c k t h e f i r s t o p t i o n .
2. Wh a t r e m a i n s a f t e r c h o o s i n g t h e f o r m a t i o n p e r i o d i s t h e t e s t p e r i o d .
3 . T w o p o r t f o l i o s are f o r m e d . E a c h c o n t a i n s t he e x t r e m e w i n n e r s a n d t h e e x t r e m e l o s e r s r e s p e c t i v e l y in t h e e n d o f t h e f o r m a t i o n p e r i o d i n t h e f o l l o w i n g m a n n e r :
1 e t
= ■ ® ( « y r l f T - i )
U jt ~ R jt ~ Rmt ^C U j - Z I - i a U j,
f o r e a c h o f t h e s t o c k s a v a i l a b l e i n t h a t p e r i o d .T o p 3 0 % a nd t he b o t t o m 3 0 % s t o c k s i n t e r m s o f
CU j f o r m t h e W i n n e r a nd L o s e r p o r t f o l i o s
r e s p e c t i v e l y .4. C o m p u t e C A R y y ,u = m e a n i n g c u m u l a t i v e
a v e r a g e r e s i d u a l r e t u r n s o f a l l s e c u r i t i e s in t he w i n n e r p o r t f o l i o i n y e a r n a nd m o n t h t.
C o m p u t e C A R i n i ^ H j C U j ^ j m e a n i n g c u m u l a t i v e
a v e r a g e r e s i d u a l r e t u r n s o f a l l s e c u r i t i e s in t he l o s e r p o r t f o l i o i n y e a r n a nd m o n t h t.
n = 1 . . 3 / 1 . . 2 t = 1 , 1 2CAR s f o r a l l t he y e a r s and m o n t h s i n t h e t e s t
p e r i o d w i l l be c a l c u l a t e d .5· ACARwt a v e r a g e o f CARwnt o v e r t he
y e a r s , s o t h e a v e r a g e m o n t h l y C A R w ^ f o u n d .A C A R i t i s t he a v e r a g e o f C A R \ n t ® y e a r s ,
so t he a v e r a g e m o n t h l y C A R / s are f o u n d .
Fo r e a c h m o n t h t h e s e v a l u e s are c a l c u l a t e d .By t h e o v e r r e a c t i o n h y p o t h e s i s , f o r t > 0,\ACARu- ACARJ\>o-
1 0
To c h e c k t h e s t a t i s t i c a l s i g n i f i c a n c e o f t he d i f f e r e n c e , p o o l e d e s t i m a t e o f p o p u l a t i o n v a r i a n c e i nCAR V
r ,, , x2 w ,H{N-\)S r lU JC A R ^-ACAR *,) ı(c^Jîta,-^C^İ?
w h e r e N i s t h e n u m b e r o f y e a r s in t h e t e s t p e r i o d . Wi t h t w o s a m p l e s o f e q u a l s i z e N, t h e v a r i a n c e o f
t he d i f f e r e n c e o f s a m p l e m e a n s e q u a l s 2 S t ^ / N a nd t he t - s t a t i s t i c i s t h e r e f o r e
TrUCARirACAR ^,\i[2SV^Y·
I 1
T h i s m e t h o d i s b a s i c a l l y t e s t i n g w h e t h e r t he d i f f e r e n c e o f t h e m e a n s o f t he t w o s a m p l e s are s t a t i s t i c a l l y d i f f e r e n t or no t .
H e r e a g a i n I h a v e u s e d t he p a s t p e r f o r m a n c e t o f o r m t h e w i n n e r a nd l o s e r p o r t f o l i o s . In t h e s e t e s t s I d i s c a r d e d a l l t h e s t o c k s t ha t h a v e m i s s i n g d a t a i n t h e f o r m a t i o n a n d t e s t p e r i o d s .
T h e f o r m a t i o n p e r i o d s c h a n g e f r o m 1 m o n t h t o 48 m o n t h s a nd t h e t e s t p e r i o d i s 3 m o n t h s . Th e 3 m o n t h s t e s t p e r i o d w a s e n o u g h to s e e t he r e v e r s a l e f f e c t , a nd l o n g e r t e s t p e r i o d m o n t h s ha d v e r y w e a k s i g n i f i c a n c e c o m p a r e d to t h e s e .
T h e f o r m a t i o n p e r i o d s are as f o l l o w s ; 1, 2 , 3, 4 , 5, 6, 7, 8, 9 , 10 , 1 1, 1 2 , 1 5, 1 8, 2 4 , 3 6 , 4 8 m o n t h s .
For an i l l u s t r a t i o n , 2 m o n t h s f o r m a t i o n p e r i o d t e s t s b e g i n w i t h 1 9 88 J a n u a r y . 1 9 8 8 J a n u a r y a nd F e b r u a r y are i n t h e f i r s t f o r m a t i o n p e r i o d f or t h e 2 m o n t h s t e s t s . N e x t t w o m o n t h s t e s t t a k e s 1 9 8 8 F e b r u a r y a nd M a r c h as t h e f o r m a t i o n p e r i o d a nd A p r i l , Ma y a nd J u n e as t h e t e s t p e r i o d o f t ha t s i n g l e t e s t .
T h e f o r m a t i o n p e r i o d s are o v e r l a p p i n g , w h i c h d e c r e a s e s t h e i n d e p e n d e n c e o f t h e t e s t s d o n e but i n c r e a s e s t h e n u m b e r o f t h e m .
T e s t p r o c e d u r e : D e t a i l s
l e t X, be t h e a v e r a g e r e t u r n o f t h e l o s e r p o r t f o l i o
i n a s p e c i f i c t e s t m o n t h andl e t be t h e a v e r a g e r e t u r n o f t he w i n n e r
p o r t f o l i o i n t h e s a m e t e s t m o n t h .M e a n o f t h e d i f f e r e n c e i s j f , - .Le t S i > S 2 t h e s t a n d a r d d e v i a t i o n s o f t he r e t u r n s
o f t h e t w o p o p u l a t i o n s .
**D i f f e r e n c e o f t w o s a m p l e means ** M e t h o d o l o g y
12
T v a l u e o f t h e d i f f e r e n c e i s t h e n
w h e r e t h e d e g r e e s o f f r e e d o m i s
( ( 5 * « l) + (^2 '' n i)) ' ' (« I ■ 0 + ( i i / « 1 ) / ( « 2 “ 0
C a l c u l a t i o n o f b e t a s
I u s e d b e t a s h e r e to c h e c k i f t h e y c o u l d e x p l a i n t h e r e s u l t s f o u n d .
T h e m a i n r e g r e s s i o n u s e d i s
R j n ~ ^ J h ~ C C j n ^ P jn ( oin ~ ^ £ p t
r u n s t h r o u g h t he p r i o r 12 m o n t h s o f t he f o r m a t i o n p e r i o d s i n t h e t e s t s o f s e c o n d p r o c e d u r e .i s t h e r e t u r n on s t o c k j in m o n t h t, i s t h e e q u a l l y w e i g h t e d m a r k e t
n
RinRmn
R j h
PinCC in
p o r t f o l i o ' s r e t u r n i n m o n t h t,i s t h e r e t u r n on 3 m o n t h s g o v e r n m e n t
b o n d s i n t h a t m o n t h , i s t h e s t o c k j ' s b e t a , a nd
i s t h e d i f f e r e n t i a l r e t u r n f or s t o c k j.
1 3
4. F i n d i n g s
I h a v e d o n e 4 t e s t s a c c o r d i n g to t he f i r s t p r o c e d u r e ( B o n d t & T h a l e r M e t h o d o l o g y ) . T h e s e are as f o l l o w s :
T w o y e a r s f o r m a t i o n , t w o y e a r s t e s t p e r i o d , t h e f o r m a t i o n b e g i n s i n 1 9 8 8 ,
T w o y e a r s f o r m a t i o n , t wo y e a r s t e s t p e r i o d , t he f o r m a t i o n b e g i n s in 1 9 8 9 ,
. T w o y e a r s f o r m a t i o n , t h r e e y e a r s t e s t p e r i o d , t he f o r m a t i o n b e g i n s in 1 9 8 8 ,
. T h r e e y e a r s f o r m a t i o n , t w o y e a r s t e s t p e r i o d , t he f o r m a t i o n b e g i n s i n 1 9 8 8 .
R e s u l t s are s u m m a r i z e d i n T a b l e 1. J a n u a r y a nd A p r i l h a v e a l w a y s p o s i t i v e t v a l u e s . J a n u a r y h a s t h e l a r g e s t p o s i t i v e t v a l u e s . F e b r u a r y ha s a l a r g e v a r i a n c e a r o u n d z e r o . A p r i l has l o w m a g n i t u d e p o s i t i v e t v a l u e s . A f t e r 6. m o n t h , s i m i l a r p a t t e r n s are f o l l o w e d . E v e n t h o u g h m o n t h 7 i s a l w a y s a l o c a l m a x i m u m , i t s v a r i a n c e i s l a r g e a nd h a v e n e g a t i v e t v a l u e s . O n t he a v e r a g e t v a l u e s r a n g e f r o m + 0 . 4 to - 1 , w h i c h r e s u l t s i n l o w s t a t i s t i c a l s i g n i f i c a n c e .
S h o r t e r p e r i o d s o f f o r m a t i o n c o u l d p r o d u c e m o r e m e a n i n g f u l r e s u l t s . To s e e i f t h i s w a s t r u e , a s e c o n d m e t h o d i s p r o p o s e d . D u e to d i f f e r e n t m a r k e t c o n d i t i o n s and c o m m u n i c a t i o n s t y l e o f t he i n v e s t o r s , i n T u k e y , s h o r t e r p e r i o d s c a n be m u c h m o r e r e a l i s t i c t o o . I n f l a t i o n a r y p r e s s u r e s are a n o t h e r f o r c e t h a t s h r i n k s t he p e r i o d s o f f o r m a t i o n .
14
TABLE 1.Results of Bondt and Thaler MethodTest no; 1 1 2 2►Month d 1 d t1 + 0.07 + 0.35 + 0.02 + 0 .072 -0.02 -0.15 + 0.10 + 0 ., 4 83 + 0.01 + 0.10 + 0.01 + 0 .0 54 -0.05 -0.22 + 0.02 . + 0 .1 55 -0.08 -0.41 -0.02 - 0 .1 06 -0.01 -0.04 -0.04 - 0 .2 87 + 0.02 + 0.14 + 0.02 + 0 ,1 18 - 0 . 1 0 -0.56 -0.04 - 0 .2 59 + 0.03 + 0.17 + 0.06 + 0. 3 21 0 + 0.00 + 0.04 + 0.05 + 0. 2 5I 1 -0.06 -0.31 -0.08 - 0 .5 I1 2 + 0.01 + 0.14 -0.00 - 0 .0 1
Test no: 3 3 4 4Month d t d t1 + 0.08 + 0.42 + 0.03 + 0 . 1 52 -0.01 + 0.09 + 0.05 + 0. 3 13 + 0.01 + 0.08 + 0.01 + 0.024 + 0.02 + 0.13 + 0.05 + 0. 2 35 -0.03 -0.19 -0.06 - 0 .3 26 -0.03 -0.24 -0.06 -0 .3 67 -0.02 -0.21 + 0.03 + 0. 1 88 -0.03 -0.26 -0.04 -0 .3 49 - 0.0 1 -0.12 + 0.07 + 0. 3 51 0 -0.01 -0.10 + 0.07 +■ 0. 3 71 1 -0.08 -0.45 -0.19 - 0 ,9 51 2 + 0.01 + 0.07 -0.00 -0 .0 5
d i s A C A R 1 t t h e m o n t h o f
" A C A R \y t .t h e y e a r .
t i s t h e t s t a t i s t i c s . M o n t h i :
15
I h a v e d o n e 7 6 7 t e s t s a c c o r d i n g to t h e s e c o n d p r o c e d u r e ( d i f f e r e n c e b e t w e e n t h e m e a n s o f t w o s a m p l e s ) . T h e r e s u l t s o f t h e s e t e s t s are d e t a i l e d i n A p p e n d i x 1.
F r o m t h a t p o i n t , D F l , DF 2 a nd DF 3 w i l l s h o w t h e d i f f e r e n c e b e t w e e n l o s e r a nd w i n n e r p o r t f o l i o s * r e t u r n s i n t h e f i r s t , s e c o n d a nd t h i r d m o n t h s o f t h e t e s t p e r i o d s r e s p e c t i v e l y .
T a b l e 2. S u m m a r y o f D F 1 ( 2 , 3 ) o b s e r v a t i o n sF O R M A T I O N PERIOD_____
D F I t 1 D F 2 t 2 D F 3 1 3
Q . 0 2 1 0.32 0.019 0.31 -0.010 -0.140.036 0.45 -0.004 0.06 - 0 . 0 i 4 -0.20.018 0.25 -0.00 S - 0 . 0 7 -0.0 1 S -0.180.014 0 . 1 6 -0.019 0.03 -0.025 ■0 . 2 10.015 0.21 -0.014 -0.20 -0.016 -0.220.003 0.01 0.015 -0.21 -0.025 -0.32
-0.004 -0.01 -0.016 -0.2 -0.022 -0.33-0.003 0.01 0.0110.000 0.00 0.0 1 s
2 6 -0.025 - 0 .
2 3 - 0.0 2 S 0.311 0 0.004 0.01 -0.020 -0.30 -0.025 -0.341 1 0.006 0.01 ■0.017 -0.281 2 0.001 0.02 -0.027 -0.35
-0.036 - 0 . 0 3 3
- 0 . S 0-0.52
T a b l e 2 s u m m a r i z e s t h e w h o l e 7 6 7 t e s t s a s t h e
a v e r a g e s o f D F l , D F 2 , a n d D F 3 f o r e a c h f o r m a t i o n
p e r i o d . D F l m e a n s t h e " D i f f e r e n c e b e t w e e n t h e l o s e r
a n d w i n n e r p o r t f o l i o s ’ g a i n s i n t h e f i r s t m o n t h o f
t h e t e s t p e r i o d " a n d o t h e r s a r e f o r t h e s e c o n d a n d
t h e t h i r d m o n t h s , " t " s r e p r e s e n t t h e t v a l u e s o f t h e
c o r r e s p o n d i n g d i f f e r e n c e s .
On t he a v e r a g e , D F l , as s h o w n by t h e s u m m a r y o f 7 6 7 e x p e r i m e n t s , i s n o t s i g n i f i c a n t l y d i f f e r e n t f r o m z e r o ( T a b l e 2 ) . One t h i n g i n t e r e s t i n g a b o u t D F 2 i s t h a t , i t s a v e r a g e i s p o s i t i v e ( 0 . 0 1 9 ) o n l y f o r t h e f o r m a t i o n p e r i o d o f 1 m o n t h ( T a b l e 2 ) .
Fo r D F l , f o r m a t i o n p e r i o d s 1 , 2 , 3 , 4 a nd 5 m o n t h s , i f o b s e r v e d a l o n e , are m o r e p o s i t i v e . Wh a t i s m o r e i n t e r e s t i n g i s t h a t , i f t h e f i r s t 5 f o r m a t i o n p e r i o d r e s u l t s are i n v e s t i g a t e d a l o n e , t h e i r a v e r a g e i s as l a r g e as 0 . 0 2 , but i t i s s t i l l e c o n o m i c a l l y i n s i g n i f i c a n t , b e c a u s e t he v a l u e is o n l y 2%, w h i c h c a n e a s i l y be e r o d e d by t r a n s a c t i o n c o s t s ( T a b l e 2) .
16
DF 3 i s a l w a y s n e g a t i v e f o r a l l f o r m a t i o n p e r i o d s .A l t h o u g h n o t s t a t i s t i c a l l y s i g n i f i c a n t , i t i s
o b s e r v e d t h a t , as t h e l e n g t h o f f o r m a t i o n p e r i o d i n c r e a s e s , DF3 b e c o m e s mo r e n e g a t i v e . D F I a nd DF2 a l s o s h o w a d e c r e a s i n g t r e n d as l e n g t h o f f o r m a t i o n p e r i o d i n c r e a s e s , but t h i s o b s e r v a t i o n i s a l s o i n s i g n i f i c a n t ( T a b l e 2 ) .
I f D F I , D F 2 or DF 3 h a p p e n s t o be J a n u a r y , t h e y are o b s e r v e d to be mo r e p o s i t i v e , so t h i s c a s e i s s e p a r a t e l y i n v e s t i g a t e d i n d e t a i l . N o o t h e r m o n t h s s h o w s u c h s i g n i f i c a n t b e h a v i o r ( T a b I e 3 ) .
T a b l e 3. J a n u a r y v a l u e s o f t h e d i f f e r e n c e sF O R M A T I O NP E R I O D D I F 1 t 1 D I F 2 t 2 D I F S t 3
1 0 . 1 0 6 1 . 4 1 0 . 0 8 7 0 . 9 6 0 . 0 7 6 0 . 9 82 0 . 1 5 3 1 . 6 3 0 . 0 4 2 0 . 6 1 0 . 0 8 6 1 . 1 23 0 . 1 6 5 1 . 7 5 0 . 1 2 9 1 . 4 1 0 . 0 9 4 1 . 1 54 0 . 2 0 5 2 . 3 4 0 . 1 2 3 1 . 3 7 - 0 . 0 0 3 - 0 . 0 55 0 . 2 2 6 2 . 5 6 0 . 0 5 1 0 . 7 1 - 0 . 0 2 7 - 0 . 4 16 0 . 1 1 7 1 . 3 2 - 0 . 0 0 5 0 . 0 8 - 0 . 0 2 8 - 0 . 4 47 0 . 0 3 4 0 . 5 4 - 0 . 0 0 2 0 . 0 0 - 0 . 0 5 8 - 0 . 6 18 0 . 0 4 6 0 . 6 5 0 . 0 3 0 0 . 0 7 - 0 . 0 1 7 - 0 . 2 59 0 . 0 5 2 0 . 7 3 0 . 0 1 7 0 . 2 1 - 0 . 0 1 4 - 0 . 1 9
1 0 0 . 1 1 7 1 . 4 3 0 . 0 4 7 0 . 6 3 0 . 0 0 1 0 . 0 11 1 0 . 1 6 4 1 . 9 1 0 . 0 3 7 0 . 5 6 - 0 . 0 1 3 - 0 . 1 71 2 0 . 1 5 4 1 . 8 7 0 . 0 4 9 0 . 7 1 - 0 ,, 0 7 3 - 0 . 9 61 5 0 . 0 8 9 0 . 9 7 0 . 0 8 2 0 . 9 8 - 0 . 0 1 5 - 01 8 0 . 1 8 7 2 . 0 1 0 . 1 2 9 1 . 4 3 0 . 0 2 1 0 . *3 62 4 0 . 1 6 4 1 . 9 3 - 0 . 0 5 7 0 . 7 9 - 0 . 0 6 2 - 0 . 7 33 6 0 . 0 3 4 0 . 5 1 - 0 . 0 0 3 0 . 0 6 0 . 0 0 1 0 . 0 3
D I F 1 ( 2 , 3 ) i s t h e d i f f e r e n c e b e t w e e n t h e l o s c c a n d w i n n e r
p o r t f o l i o s ’ g a i n s i n t h e 1 ( 2 , 3 ) . m o n t h s o f t h e t e s t
p e r i o d s . t l ( 2 , 3 ) i s t h e t v a l u e o f t h e d i f f e r e n c e D I F 1 ( 2 , 3 ) .
To l e a d t he i n v e s t o r s , I h a v e f o u n d o u t t he b e s t f o r m a t i o n p e r i o d s f o r e a c h o f t h e m o n t b s ( d i f f e r e a t
f r o m J a n u a r y ) . As to g i v e an e x a m p l e , i f t he n e x t m o n t h i s A u g u s t , i t i s s t a t i s t i c a l l y b e s t to f o r m y o u r p o r t f o l i o b a s e d on a 2 m o n t h s f o r m a t i o n p e r i o d ( T a b l e 4 ) .
17
T a b l e 4 . B e s t f o r m a t i o n p e r i o d s f o r t h e f i r s t ___________m o n t h s o f t h e t e s t p e r i o d s
B E S T S O F E A C H F I R S T M O N T H I N T E S T P E R I O D S
F E B R U A R YM A R C HA P S -LL·.MAY
J U k Y-A U G U S TS E P T E M B E RO C T O B E RN O V E M B E RD E C E M B E R
F O R M A T I O NP E R I O D
I 2
D I F 1.Q.rAJA0.0230.0380.0170.0440.0220.0370.0770.0430 . 0 0 80.043
t 11-. I 30.31
4 22 J L
0.630.310.530.910.670.090.67
D I F l 13 t h e e x p e c t e d g a i n
p o r t f o l i o ' s g a i n . " t l " 3 a r e t h e
d i f f e r e n c e s . O n l y D I F l s a r e s h
a n d D I F S a r e m o r e i n s i g n i f i c a n
n e g a t i v e .
o v e r t h e w i n n e r
t v a l u e s o f t h e s e
o w n , b e c a u s e D I F 2
t a n d a r e u s u a l l y
A v e r a g e o f D I F 1 , D I F 2 a nd DI F3 f or a l l m o n t h s d i f f e r e n t f r o m J a n u a r y are i n v e s t i g a t e d ( F i g u r e 1, F i g u r e 2 ) .
It i s o b s e r v e d t h a t a l l t he a v e r a g e s ( a v e r a g e o f D I F l , 2 a nd 3) f o r s p e c i f i c m o n t h s are a l l n e g a t i v e , bu t t h e y are n o t s i g n i f i c a n t l y d i f f e r e n t f r o m z e r o . O n l y p o s i t i v e v a l u e i s f o r S e p t e m b e r .
On e i n t e r e s t i n g o b s e r v a t i o n i s t h e a v e r a g e o f D I F l , 2 a n d 3 f o r e a c h f o r m a t i o n p e r i o d ( F i g u r e 2 ) . Th e o n l y p o s i t i v e v a l u e so c a l c u l a t e d i s o n e m o n t h f o r m a t i o n p e r i o d , w h i c h i s n o t s i g n i f i c a n t l y d i f f e r e n t f r o m z e r o e i t h e r .
I 8
F i g a r e 1
F o r e a c h m o n t h o f t h e y e a r ^ a v e r a g e o f a l l t h e D F l ^ D F 2 a n d D F 3
s t h a t h a p p e n t o h e t h a t m o n t h a r e a v e r a g e d . T v a l u e s o f t h e s e
a v e r a g e s a r e l o w ( b e t w e e n 0 . 4 t o - 0 . 6 ) . T h e p a t t e r n o f t h e f i g u r e i s
i m p o r t a n t h e r e .
M o n t h s J u n e , J u l y a nd e s p e c i a l l y A u g u s t h a v e t he m o r e n e g a t i v e v a l u e s ( F i g u r e 1) .
N o v e m b e r , i n m o s t o f t h e o b s e r v a t i o n s , i s a n o t h e r l o c a l m i n i m u m w h e r e A p r i l i s u s u a l l y a l o c a l m a x i m u m .
19
F i g u r e 2
F o r e a c h o f t h e f o r m a t i o n p e r i o d , a v e r a g e o f a \ \ t h e D F l , D F 2
a n d D F 3 3 a r e f o u n d . T v a l u e s o f t h e s e a v e r a g e s r a n g e f r o m 0 . 0 5 t o -
0 . 3 6 , w h i c h a r e n o t s t a t i s t i c a l l y s i g n i f i c a n t . T h e p a t t e r n o f t h e f i g u r e
i s i m p o r t a n t . F o r m a t i o n p e r i o d s l o n g e r t h a n 1 2 m o n t h s a r e n o t s h o w n
h e r e , b e c a u s e t h e y h a v e m u c h l e s s s i g n i f i c a n c e c o m p a r e d t o t h e a b o v e
p e r i o d s .
Wh a t we c a n t e l l a b o u t F i g u r e 2 i s t h a t , i t i s a l m o s t c o n s i s t e n t l y d e c r e a s i n g , e v e n t h o u g h h a s a l o c a l m a x i m u m at "5 m o n t h s f o r m a t i o n p e r i o d " . B e t w e e n 5 m o n t h s a n d 9 m o n t h s o f f o r m a t i o n p e r i o d s , t h e a v e r a g e i s al m o s t c o n s t a n t .
2 0
F i g u r e 3
PVERAGE OF D IF 1 2 AND 3 OF M ONTHS FOR A GIVEN FORMATION PERIOD
F i g u r e 4
PVERAGE OF DIF 1 2 AND 3 OF M ONTHS FOR A GIVEN FORMATION PERIOD
2 I
F i g u r e S
PVERAGE OF DIF 1 2 AND 3 OF MONTHS FOR A GWEN FORMATION PERJOD
l a f i g u r e s » F i g u r e 3 / 4 / 5 , g r o u p s o f m o a t h s a r e a n a l y z e d t o g e t h e r
t o s e e t h e r e a s o n u n d e r t h e i r s i m i 1 a r i t i e s . T v a l u e s a r e l o w . T h e
p a t t e r n s o f t h e f i g u r e s a r e i m p o r t a n t .
M a r c h , A p r i l , Ma y a nd N o v e m b e r f o r m a g r o u p ,t h e y s h a r e a s i m i l a r p a t t e r n as c a n be s e e n f r o m F i g u r e 4, a nd h a v e s i m i l a r v a l u e s i n F i g u r e 1. A l l t h e f o u r g r a p h s o f t h o s e m o n t h s s h o w a c y c l i c p a t t e r n but no t r e n d . T h e i r r e s i d u a l a v e r a g e g a i n s are n o td e p e n d e n t on t h e l e n g t h o f t he f o r m a t i o n p e r i o d .
F e b r u a r y , S e p t e m b e r , O c t o b e r a nd D e c e m b e r f o r m a n o t h e r g r o u p . T h e i r v a l u e s in F i g u r e 1 are s i m i l a r and are m o s t l y v e r y n e a r t o z e r o . T h e i r p a t t e r n s i n F i g u r e 3 are a l s o s i m i l a r . An i n c r e a s e f o l l o w s a s h a r p d e c r e a s ein t h o s e g r a p h s , s o a v e r a g e g a i n i s s e n s i t i v e to t hel e n g t h o f t he f o r m a t i o n p e r i o d .
2 2
J u n e , J u l y a nd A u g u s t f o r m a n o t h e r g r o u p . T h e y h a v e t h e l o w e s t v a l u e s in t h e F i g u r e 1 a nd t h e y s h a r e a s i m i l a r p a t t e r n i n F i g u r e 5. T h e y h a v e a d e c r e a s i n g t r e n d i n t h o s e g r a p h s ( F i g u r e 5 ) , a nd are a g a i n s e n s i t i v e to t he l e n g t h o f t he f o r m a t i o n p e r i o d .
A l t h o u g h t h e r e i s a g r o u p i n g b e t w e e n m o n t h s o f t he y e a r , t h i s e f f e c t i s n o t s t a t i s t i c a l l y s i g n i f i c a n t .
T h e t a b l e s in A p p e n d i x 1 are t h e s u m m a r i e s o f t he s e c o n d a r y m e t h o d ' s r e s u l t s . A s c a n be s e e n f r o m t h o s e T a b l e s , B W / B L i s no t s i g n i f i c a n t l y d i f f e r e n t f r o m z e r o . T h e r e i s no r e l a t i o n b e t w e e n t h e B W / B L a nd t he D I F l , 2 or 3.
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5. C o n c l u s i o n
Th e e x i s t e n c e o f W i n n e r - L o s e r e f f e c t i s i n v e s t i g a t e d f o r c o m m o n s t o c k s t r a d e d i n I s t a n b u l S t o c k E x c h a n g e f or t he p e r i o d J a n u a r y 1 9 8 8 - D e c e m b e r 1 9 9 2 . T w o d i f f e r e n t m e t h o d s are i m p l e m e n t e d f or t h i s p u r p o s e .
F i r s t m e t h o d i s t he o r i g i n a l m e t h o d u s e d by B o n d t & T h a l er ( 1 9 8 5 ) f or t he C R S P d a t a in t he i n v e s t i g a t i o n o f t h e p r e s e n c e o f W i n n e r - L o s e r e f f e c t . S e c o n d m e t h o d l o o k s f or t he d i f f e r e n c e b e t w e e n t he g a i n s o f l o s e r a nd w i n n e r p o r t f o l i o s i n t he t e s t p e r i o d . In b o t h o f t he m e t h o d s , e x t r e m e w i n n e r s in t hef o r m a t i o n p e r i o d f o r m t he w i n n e r p o r t f o l i o a n d e x t r e m e l o s e r s f o r m t he l o s e r p o r t f o l i o . In t he t e s t p e r i o d , w h i c h i s j u s t a f t e r t h e f o r m a t i o n p e r i o d , t he d i f f e r e n c e b e t w e e n t he g a i n s o f t h e s e p o r t f o l i o s are t r a c k e d .
The r e s u l t s o b t a i n e d in t h i s s t u d y c a n bes u m m a r i z e d as ;
1. L o s e r p o r t f o l i o s o u t p e r f o r m t h e w i n n e r p o r t f o l i o s i n t h e f i r s t m o n t h o f t he t e s t p e r i o d .
2. I f t h e f i r s t m o n t h o f t h e t e s t p e r i o d i sJ a n u a r y , t h e o v e r r e a c t i o n e f f e c t i s e m p h a s i z e d .
3. J a n u a r y , by i t s e l f , i s e n o u g h t o s e e t heo v e r r e a c t i o n .
As s e e n f r o m t he s u m m a r y , I s a w an i n t e r e s t i n g J a n u a r y e f f e c t i n t e s t r e s u l t s . T h i s e f f e c t w a s a l s o s e e n by o t h e r r e s e a r c h e r s . T h e y h a v e t i e d i t to t he t a x a t i o n . A s i m i l a r r e a s o n i n g c a n be s a i d f or our c a s e t o o . As t he "s e l l " p r e s s u r e s i n c r e a s e f or t h e p r i o r w i n n e r s , t h e i r p r i c e s h a v e a d e c r e a s i n g t r e n d a nd c h a n g i n g t h o s e w i t h t he p r i o r l o s e r s w i l l i n c r e a s e t h e l o s e r s ' p r i c e s .
B o t h o f t h e a b o v e p r e s s u r e s w i l l f o r c e t he p r i o r l o s e r s to w i n t h e g a m e f or a t i m e , but a f t e r a m o m e n t , l i k e 4 m o n t h s , m a r k e t a d j u s t s as t u r n i n g to t he p r i o r w i n n e r s a g a i n .
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N o o t h e r m o n t h s o f t he y e a r h a v e s u c h a s i g n i f i c a n t e f f e c t . M o n t h s a f t e r J a n u a r y are n o t s e n s i t i v e ( m o s t o f t h e m ) t o t h e l e n g t h o f t h e f o r m a t i o n p e r i o d .
A n o t h e r i m p o r t a n t o b s e r v a t i o n w a s t h e f i r s t m o n t h e f f e c t , w h i c h w a s m o r e i n s i g n i f i c a n t t h e n t h e J a n u a r y e f f e c t . A c t u a l l y I wa s a f t e r t h a t e f f e c t i n t h e b e g i n n i n g but i t t u r n e d o ut to be no t t ha t m u c h s i g n i f i c a n t . S t i l l t h e r e i s a w e a k o v e r r e a c t i o n h e r e .
Th e e x p l a n a t i o n h e r e i s a l i t t l e b i t d i f f e r e n t f r o m t he J a n u a r y e f f e c t c a s e . The i n v e s t o r w h o o w n s t he w i n n e r p a p e r s , a l w a y s f e e l s t he r i s k o f t u r n i n g d o w n and l o o s i n g t he g a i n s u d d e n l y and w a n t s to r e a l i z e h i s / h e r g a i n . At t h a t m o m e n t a "s e l l " p r e s s u r e i s f e l t a nd t he p r i c e s w i l l f a l l d o w n , w h i c h w i l l f o r c e h i m / h e r to t h i n k t h a t "I wa s r i g h t to t h i n k t ha t t he p r i c e s w i l l f a l l , t h e y d i d ! " . We c a n a l s o add to t ha t by s e e i n g t h a t t h e m a r k e t i s no t t o t a l l y i n d e p e n d e n t o f t he i n v e s t o r . E v e r y i n v e s t o r t a k e i m p u l s e s f r o m e v e r y o t h e r i n v e s t o r . T h i s c a n be t h o u g h t as a b e a u t y c o n t e s t w h e r e y o u h a v e to c h o o s e t h e o n e w h o m e v e r y b o d y w i l l l i k e , b u t no t y o u r f a v o r i t e . In s u c h a c a s e , w h e n s o m e t h i n g i s n o t e x p e c t e d to h a p p e n , but s i n c e i t h a s b e e n s a i d n o w , e v e r y o n e b e g i n s to t h i n k a b o u t i t a nd b e c o m e w a i t i n g f or an i m p u l s e t ha t c a n be l i n k e d to i t . At t h a t t i m e i n v e s t o r s ac t in t he ' t a l k e d ' d i r e c t i o n as e v e r y b o d y d o e s a nd w h a t y o u h a v e s a i d b e c o m e s a f a c t .
C A P M b e t a s c a n no t e x p l a i n t h e s e o b s e r v a t i o n s . One s h o u l d a l s o c h e c k thi.s r e s u l t s w i t h wh a t we are r e a l l y a f t e r . Our m a i n q u e s t i o n wa s a b o u t o v e r r e a c t i o n , and i f i t wa s p r e s e n t .
It i s n o t , in t he l o n g - t e r m s e n s e , but we c a n s e e i t in t he s h o r t - t e r m s , as 3 m o n t h s , and t h i s m a k e s it d e s e r v e t he n e c e s s a r y a t t e n t i o n , b e c a u s e i t c a n be e c o n o m i c a l l y s i g n i f i c a n t u n d e r t he c o n d i t i o n s e x p l a i n e d a b o v e .
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W h e n t a l k i n g a b o u t e c o n o m i c a l s i g n i f i c a n c e I s h o u l d a l s o n o t e t h a t , t he r e s u l t s are n o t t r u l ys t a t i s t i c a l l y s i g n i f i c a n t , w h i c h i m p l i e s e x t r a r i s k t ha t t he i n v e s t o r s h o u l d c a r r y i f he i s to u s e t he m e t h o do u t l i n e d a b o v e .
Th e r e s u l t s c o u l d be s i g n i f i c a n t i f t h e d a t a w a s w i d e r , a nd t h e t e s t s d o n e h e r e are n o t t h a ti n d e p e n d e n t , w h i c h a l l d e c r e a s e t he s i g n i f i c a n c e l e v e l .
A n y w a y , I c a n c o n c l u d e by s a y i n g t h a t , i f we are a f t e r t h e m a r k e t m e c h a n i s m s , we s h o u l d d e a l mo r e a b o u t t h e i n v e s t o r s t h e m s e l v e s , n o t t h e s o l i d n u m b e r s o n l y . C u l t u r e a nd p s y c h o l o g y c a n add m u c h m o r e to our k n o w l e d g e a b o u t t h o s e m e c h a n i s m s . As s e e n f r o m t he r e s u l t s , t he o v e r r e a c t i o n t a k e s p l a c e in f i v e m o n t h sp e r i o d in T u r k e y , but i n t he o t h e r c o u n t r i e s i t c a n be as l a r g e as y e a r s .
26
6 . L i s t o f r e f e r e n c e s
D . K a h n e m a n a nd A . T v e r s k y , " I n t u i t i v e P r e d i c t i o n B i a s e s a n d C o r r e c t i v e P r o c e d u r e s " , L o n d o n , C a m b r i d g e U n i v e r s i t y P r e s s , 1 9 8 2
D e B o n d t , W e r ne r F . M . , a nd R i c h a r d H.T h a l e r , " D o e s t h e S t o c k M a r k e t O v e r r e a c t ? " , Th e J o u r n a l o f F i n a n c e , X L , N o ; 3 , 1 9 8 5 and " Fur t he r E v i d e n c e on I n v e s t o r O v e r r e a c t i o n and S t o c k M a r k e tS e a s o n a l i t y " , The J o u r n a l o f Fi n an c e , X L I I , N o : 3 , 1 9 8 7 .
E u g e n e F . F a m a a nd K e n n e t h R. F r e n c h , " P e r m a n e n t a nd T e m p o r a r y C o m p o n e n t s o f S t o c k P r i c e s " , W o r k i n g P a p e r N o : 1 7 8 , G r a d u a t e S c h o o l o f B u s i n e s s , U n i v e r s i t y o f C h i h a g o , J u l y 1 9 8 6 .
J . M . K e y n e s , Th e G e n e r a l T h e o r y o f U n e m p l o y m e n t . I n t e r e s t a nd M o n e y . L o n d o n , 1 9 3 6 .
R o b e r t J. 3 3 9 P r i c e s and S o c i a lD y n a m i c s " , B r o o k i n g s P a p e r s on E c o n o m i c A c t i v i t y . 1 9 8 4 , pp. 4 5 7 - 5 1 0 .
R . B a l l , " A n o m a l i e s in R e l a t i o n s h i p s B e t w e e n S e c u r i t i e s ' Y i e l d a nd Y i e l d - S u r r o g a t e s " , J o u r n a l o f F i n a n c i a l E c o n o m i c s . 1 9 7 8 , J u n e , 1 0 3 - 2 6 .
M . R . R e i n g a n u m , " M i s s p e c i f i c a t i o n o f C a p i t a l A s s e t P r i c i n g . E m p r i c a l A n o m a l i e s B a s e d on E a r n i n g s ' Y i e l d s and M a r k e t V a l u e s " , J o u r n a l o f F i n a n c i a l E c o n o m i c s . Ma r c h 1 9 8 1, 1 9 - 4 6 .
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S . B a s u , " I n v e s t m e n t P e r f o r m a n c e o f S t o c k s " , T h e J o u r n a l o f F i n a n c e . J u n e 1 9 7 7 .
C o m m o n
T . R u s s e l a n d R . T h a l e r . "The R e l e v a n c e o f Q u a s i R a t i o n a l i t y C o m p e t i t i v e M a r k e t s " , A m e r i c a n E c o n o m i c R e v i e w . 1 9 8 5.
T . G r a h a m . T h e I n t e l l i g e n t I n v e s t o r . N. YHar pe r & B r o t he r P ub 1 i s he r s , 1 9 7 3 .
T h e o V e r m a e l e n a nd Ma r c V e r s t r i n g e , "Do B e l g i a n s O v e r r e a c t ? " , W o r k i n g P a p e r , C a t h o l i cU n i v e r s i t y , L o u v a i n , B e l g i u m , N o v e m b e r 1 9 8 6 .
W . B e a v e r a n d W . R . L a n d s m a n , " N o t e on T h e B e h a v i o r o f R e s i d u a l S e c u r i t y R e t u r n s f or W i n n e r a nd L o s e r P o r t f o l i o s " , J o u r n a l o f F i n a n c i a l E c o n o m i c s . J u n e 1 9 8 3 , 1 2 9 - 5 6 .
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A p p e n d i x 1
T h i s a p p e n d i x h o l d s t h e s u m m a r y o f t h e t e s t r e s u l t s o f t he " D i f f e r e n c e o f t h e m e a n s o f t w o s a m p l e s " p r o c e d u r e . T h e r e are 17 t a b l e s s h o w i n g t h e r e s u l t s o f 1, 2 , 3 , 4 , 5, 6 , 7 , 8, 9 , 1 0 , 1 1, 1 2 , 1 5, 1 8, 2 4 , 3 6 a n d 4 8 m o n t h s f o r m a t i o n p e r i o d t e s t s .
T h e f i r s t l i n e s h o w s t h e l e n g t h o f t h e f o r m a t i o n p e r i o d .
ST M O N m e a n s " s t a r t i n g m o n t h o f t h e f o r m a t i o n p e r i o d " . F i r s t m o n t h i s t h e J a n u a r y o f 1 9 8 8 .
B W / B L i s t h e w i n n e r p o r t f o l i o b e t a d i v i d e d by t he b e t a o f t h e l o s e r p o r t f o l i o . T h e s e b e t a s ar c e q u a l l y w e i g h t e d p o r t f o l i o b e t a s .
T 1 , T 2 a nd T3 m e a n t h e t v a l u e s o f D I F l , 2 a n d 3 r e s p e c t i v e l y w i t h a s i g n i f i c a n c e o f a = 0 . 0 5 .
29
P E R F O R M A N C E D U R I N G 1 M O N T HS T M O N B W / B L D I F 1 T 1 D I F 2 T 2 D I F 3 T 3
1 0 . 9 9 8 0 . 0 7 4 2 . 2 3 7 . - 0 . 0 5 6 - 1 . 7 2 8 - 0 . 0 5 6 • 1 . 2 1 82 0 . 7 2 5 - 0 . 0 1 8 - 0 . 7 3 3 - 0 . 0 1 8 - 0 . 3 7 1 0 . 0 4 1 0 . 9 3 53 1 . 1 7 7 0 . 0 0 3 0 . 0 6 7 - 0 . 0 2 0 - 0 . 3 9 2 - 0 . 0 1 0 - 0 , 2 2 6 ,4 2 . 1 3 8 - 0 . 0 6 1 - 1 . 5 1 6 - 0 . 0 1 7 - 0 . 3 9 2 0 . 0 5 3 1 . 1 5 0 *5 1 . 5 4 2 0 . 0 9 4 2 . 3 5 1 0 . 0 1 2 0 . 2 8 5 0 . 0 7 4 1 . 4 0 2,16 0 . 6 0 0 0 . 0 3 2 0 . 8 9 4 - 0 . 0 1 1 - 0 . 2 6 2 0 . 0 2 3 0 . 3 7 17 1 . 5 6 4 0 . 0 8 2 1 . 2 1 3 - 0 . 0 6 3 - 1 . 1 0 9 0 . 0 0 1 0 . 0 2 08 0 . 4 1 0 0 . 0 0 9 0 . 1 6 1 - 0 . 0 2 6 - 0 . 5 4 7 - 0 . 1 4 0 - 2 . 1 5 09 1 . 0 6 0 0 . 0 4 8 1 . 0 6 5 - 0 . 0 9 0 - 1 . 1 3 3 - 0 . 0 2 2 - 0 . 7 3 0 !
1 0 0 . 7 7 2 - 0 . 0 4 4 - 0 . 6 1 8 0 . 0 7 8 1 . 8 4 5 0 . 0 5 8 1 . 5 3 21 1 0 . 7 9 0 - 0 . 0 5 5 - 1 . 3 8 0 - 0 . 0 4 2 - 0 . 6 6 6 0 . 0 0 1 _____0 - 0 M ;
\ 2 0 . 5 9 4 - 0 . 1 2 1 - 2 . 0 0 6 - 0 . 0 5 4 - 1 . 2 4 7 0 . 0 2 7 0 . 4 8 8 *
1 3 0 . 7 9 8 0 . 0 2 7 0 . 5 2 3 0 . 0 1 0 0 . 2 2 5 0 . 0 8 5 2 . 0 7 1 ;
1 4 0 . 8 1 9 - 0 . 0 0 5 - 0 . 1 2 5 0 . 0 6 3 _____ L . 2 4 2 - 0 . 0 1 8 - 0 . 2 3 7 11 5 0 . 9 8 7 0 . 0 2 6 0 . 4 9 0 - 0 . 0 5 5 - 0 . 7 4 3 - 0 . 0 5 7 - 0 . 5 9 1 j
1 6 2 . 7 8 0 - 0 . 0 7 8 - 1 . 1 9 5 0 . 0 3 6 -0 . 3 7 8 0 . 1 0 7 2 . 3 2 3 ;
1 7 1 . 5 5 5 0 . 0 1 8 0 . 2 3 4 0 . 0 6 5 1 , 4 1 6 0 . 1 1 2 0 . 9 2 3 S
1 8 1 . 1 4 9 0 . 1 1 4 2 . 5 5 4 0 . 1 8 5 1 . 6 4 9 - 0 . 0 5 7 - 0 . 2 8 1 J
1 9 0 . 6 1 6 - 0 . 0 1 9 - 0 . 1 7 4 0 . 4 7 2 2 6 9 0 - 0 . 2 8 5 - 3 . 7 5 3 32 0 0 . 9 6 7 0 . 0 4 7 0 . 4 6 6 - 0 . 0 4 5 - 0 . 6 2 1 0 . 0 6 0 0 . 9 4 9 ,
2 1 1 . 4 9 0 0 . 1 9 2 2 . 1 8 4 0 . 0 5 7 0 . 5 4 8 - 0 . 1 1 7 ___ - 1 . 3 9 1 12 2 0 . 4 6 2 - 0 . 1 6 3 - 1 . 5 8 1 0 . 0 7 6 0 . 7 7 9 0 . 0 5 1 0 . 2 7 2 *2 3 0 . 5 8 0 0 . 0 8 8 0 . 8 3 1 ^ 0 . 0 9 1 0 . 6 3 0 - 0 . 1 6 8 - 2 . 1 7 62 4 1 . 4 1 4 0 . 1 9 8 0 . 9 5 6 0 . 0 9 3 0 . 3 0 6 - 0 . 0 3 7 - 0 . 7 0 9 ·*
2 5 0 . 6 5 5 0 . 6 3 3 2 . 0 5 9 - 0 . 1 2 3 - 2 . 1 8 2 0 . 1 5 2 1 . 8 3 0 ·2 6 1 . 1 5 6 0 . 0 3 7 0 . 5 3 7 - 0 . 1 5 5 - 1 ,. 7 6 7 0 . 0 3 6 0 . 4 7 6 !2 7 1 . 2 5 8 - 0 . 0 7 6 - 0 . 9 3 2 0 . 13 9 2 , 0 14 0 . 0 8 9 1 . 4 3 4 ''2 S 1 . 7 0 2 0 . 0 1 7 0 . 2 4 9 0 ,, 0 4 4 0 . 6 9 7 - 0 . 1 8 6 - 1 . 8 6 1 '2 9 1 . 0 2 7 - 0 . 0 1 7 - 0 . 4 7 3 - 0 . 0 7 9 - 0 ,. 6 7 6 0 . 0 5 7 1 . 4 4 23 0 1 . 6 0 1 - 0 . 2 6 7 - 2 . 3 3 8 - 0 . 0 1 0 - 0 . 2 0 2 - 0 . 0 5 4 - 1 . 1 6 1 *3 1 1 . 7 4 4 - 0 . 0 1 0 - 0 . 2 5 1 - 0 ,, 1 0 8 _ . 5 9 3 - 0 . 0 4 4 - 1 . 2 0 5 i
3 2 0 . 8 9 4 - 0 . 0 2 9 - 0 . 4 5 7 0 . 0 4 5 1 . 3 0 0 - 0 . 0 0 0 - 0 . 0 0 2 13 3 1 . 0 8 6 - 0 . 0 8 0 - 1 . 0 9 3 0 . 0 7 6 . 2 1 8 0 . 0 0 3 0 . 1 0 5 j
3 4 0 . 7 1 7 - 0 . 0 2 4 - 0 . 6 7 8 0 . 0 3 1 0 . 9 2 5 0 . 0 9 7 1 . 2 0 2 J
3 5 1 . 0 4 1 - 0 . 0 1 5 - 0 . 4 8 8 0 . 2 7 4 3 . 7 9 7 0 . 0 9 6 0 . 9 8 0 13 6 0 . 8 3 0 0 . 3 0 6 4 . 6 5 8 0 . 0 8 0 0 . 9 9 6 0 . 0 3 9 0 . 9 3 9 13 7 0 . 7 3 4 - 0 . 0 6 4 - 0 . 7 8 5 - 0 . 0 0 1 - 0 . 0 1 7 0 . 0 9 0 3 . 5 3 6 13 8 0 . 6 0 5 - 0 . 0 2 7 - 0 . 6 4 6 0 . 0 6 3 2 . 2 4 5 - 0 . 0 2 3 - 0 . 5 4 8 !3 9 0 . 7 1 0 - 0 . 0 1 8 - 0 . 5 5 1 - 0 . 0 1 4 - 0 . 3 3 1 0 . 0 0 5 0 . 1 6 24 0 0 . 9 1 8 0 . 0 8 7 2 . 0 8 1 0 . 0 2 6 0 . 7 9 8 - 0 . 0 7 0 - 2 . 0 5 54 1 0 . 5 1 5 - 0 . 0 1 0 - 0 . 3 2 3 0 . 0 1 5 0 . 4 0 9 - 0 . 1 1 7 - 3 . 2 4 64 2 0 . 6 5 6 0 . 0 2 9 0 . 7 S 0 0 . 0 2 8 0 . 6 3 1 0 . 0 1 2 0 . 1 8 34 3 0 . 4 8 6 0 . 0 2 7 0 . 6 6 3 0 . 0 1 7 0 . 2 9 3 - 0 . 0 4 5 - 1 . 2 4 6 J
4 4 0 . 9 5 3 - 0 . 0 0 2 - 0 . 0 4 3 0 . 0 1 2 0 . 3 3 0 - 0 2 2 9 - 2 . 9 1 5 *4 5 1 . 1 6 5 0 . 0 8 1 2 . 0 2 0 0 . 0 7 8 0 . 9 5 9 0 . 0 2 9 0 . 7 4 74 6 0 . 6 4 7 - 0 . 0 5 9 - 0 . 6 8 8 - 0 . 0 7 5 - 1 . 8 7 3 0 . 1 7 5 3 . 2 3 7 14 7 1 . 7 3 9 - 0 . 0 0 0 - 0 . 0 0 4 0 . 2 1 2 2 . 0 2 1 0 . 0 4 5 1 2 2 24 8 1 . 1 4 2 0 . 1 5 0 2 . 6 8 3 0 . 0 5 4 1 . 3 3 5 - 0 . 0 7 1 - 1 . 8 6 84 9 1 . 0 9 0 0 . 1 0 1 3 . 3 1 3 - 0 . 0 3 8 - 0 . 9 8 9 0 . 0 1 6 0 . 3 7 75 0 0 . 5 9 7 0 . 1 3 0 3 . 6 7 5 - 0 • 0-7 1 . - J L . 6 3 7 - 0 . 1 1 3 - 2 . 6 9 35 1 1 . 6 2 3 - 0 . 0 2 1 - 0 . 5 1 2 - 0 . 0 2 4 - 0 . 5 1 6 - 0 1. k - 4 . 8 1 95 2 0 . 9 1 4 - 0 . 0 4 0 - 0 . 8 6 8 - 0 . 0 5 6 - 1 . 0 4 8 - 0 . 1 1 6 - 2 . 6 6 05 3 0 . 3 3 3 0 . 0 2 9 0 . 5 0 2 0 . 0 1 6 0 . 3 7 3 - 0 . 0 3 4 - 0 . 7 7 25 4 1 . 4 1 8 0 . 0 1 2 0 . 2 7 0 - 0 . 0 5 0 - 1 . 2 5 6 0 . 0 2 3 0 . 5 0 45 5 0 . 8 7 0 - 0 . 0 9 1 - 1 . 3 1 2 0 . 0 3 8 0 . 8 6 0 0 . 0 0 8 0 . 2 5 35 6 0 . 8 7 4 - 0 . 0 4 3 - 0 . 8 4 9 - 0 . 0 1 6 - 0 . 5 1 9 0 . 0 3 8 1 . 3 7 75 7 0 . 7 0 7 - 0 . 0 2 4 - 0 . 5 4 9 0 . 0 3 7 1 . 3 5 9 0 . 0 0 4 0 . 0 6 4
A V E R A G E 1 . 0 3 3 0 . 0 2 1 0 . 2 9 0 0 . 0 1 9 0 . 1 8 8 - 0 . 0 1 0 - 0 . 1 4 0S T D S 0 . 4 5 5 0 . 1 2 1 1 . 4 5 2 0 . 0 9 7 1 . 3 0 1 0 . 0 9 4 1 . 6 6 1
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P E R F O R M A N C E D U R I N G 2 M O N T H SS T M O N B W / B L D I F 1 T 1 D I F 2 T 2 D I F 3___________ T 3
] 4 . 4 9 2 - 0 . 0 5 6 - 1 . 6 3 9 - 0 . 1 1 2 . 2 2 6 6 - 0 . 0 5 3 - 1 . 4 2 62 0 . 8 9 4 - 0 . 0 2 7 - 0 . 5 8 1 - 0 . 0 0 9 - 0 . 1 7 8 - 0 . 0 3 4 - 0 . 6 9 03 2 0 5 9 - 0 . 0 0 7 - 0 . 1 4 2 - 0 . 0 4 3 - 1 . 0 4 9 - 0 . 0 2 2 - 0 . 7 0 74 2_ 4 0 7 0 . 0 4 2 0 . 9 4 5 0 . 0 5 2 1 . 2 2 1 0 . 0 6 3 o 3 6 55 0 . S 9 5 0 . 0 3 0 0 . 5 3 3 0 . 1 0 0 1 . 4 4 5 0 . 0 1 9 0 . 3 1 06 0 . 7 9 5 0 . 0 1 3 0 . 1 9 0 - 0 . 0 5 0 - 0 . 8 9 4 0 . 0 1 7 0 . 4 1 1n 0 . 8 2 8 - 0 . 0 1 3 - 0 . 2 0 3 - 0 . 0 0 6 - 0 . 1 2 9 - 0 . 0 3 6 - 0 . 4 3 78 0 . 6 4 5 0 . 0 1 3 0 . 2 4 1 - 0 . 2 4 3 - 3 . 5 4 4 - 0 . 0 9 5 . 0
· 7 8 09 0 . 7 4 0 - 0 . 1 4 5 - 1 . 5 2 0 0 . 0 0 6 0 . 1 3 2 0 . 1 ^ 7 o 1 3 3
1 0 0 . 7 5 9 - 0 . 0 5 9 - 1 . 5 1 9 - 0 . 0 3 5 - 0 . 5 1 2 - 0 . 0 3 4 - 0 . 7 7 01 1 0 . 7 0 3 - 0 . 0 5 0 - 0 . 7 8 8 - 0 . 0 6 8 - 1 . 4 4 6 0 . 0 7 3 1 . 5 4 91 2 0 . 3 7 5 - 0 . 0 3 4 - 0 . 7 4 3 0 . 0 2 6 0 . 4 9 4 0 . 0 8 0 1 . 7 7 61 3 0 . 8 5 5 0 . 0 2 1 0 . 4 3 3 0 . 0 4 9 1 . 1 5 2 0 . 1 2 6 1 . 4 9 01 4 0 9 5 3 0 . 0 1 2 0 . 2 2 9 0 . 0 5 7 0 . 7 6 6 - 0 . 0 9 7 ■ 1 . 4 9 0] 5 n 0 7 3 - 0 . 0 4 2 - 0 . 5 6 0 - 0 . 0 1 5 - 0 -. 2 1 6 0 . 0 1 6 0 . 3 2 71 6 1 9 1 4 0 . 0 6 5 1 . 0 0 1 0 . 0 6 3 1 . 2 4 7 - 0 . 0 1 9 - 0 . 2 1 6] 7 1 . 1 7 1 0 . 1 5 0 3 . 3 4 3 0 . 1 7 0 1 . 4 4 8 - 0 . 3 3 6 _ 2 3 3 71 8 0 8 8 9 0 1 7 5 1 . 5 9 0 0 . 2 8 2 1 . 6 4 2 - 0 . 0 7 4 - 0 . 8 2 61 9 0 7 5 5 0 . 4 6 1 o 4 8 1 - 0 . 1 8 8 . 2 1 0 8 - 0 . 0 7 9 - 1 . 2 8 92 0 1 3 4 4 0 1 9 6 2 . 4 5 1 0 . 1 8 4 3 . 0 8 4 - 0 . 2 0 5 - 2 3 0 42 1 1 0 4 ] - 0 0 0 9 - 0 . 0 8 3 - 0 . 1 2 7 - 1 . 2 8 8 0 . 1 8 5 0 . 8 8 82 2 0 3 8 0 0 0 7 5 0 . 7 5 3 - 0 . 1 4 9 - 1 . 3 5 1 0 . 0 0 6 0 ., 0 5 72 3 0 7 8 7 0 2 7 0 1 . 3 5 2 - 0 . 1 8 5 . 2 0 6 8 0 . 0 1 9 0 . 3 2 32 4 0 7 0 6 0 3 9 0 1 ., 1 6 7 - 0 . 1 6 4 - 3 . 2 9 7 0 , 0 1 6 0 ,, 1 9 92 5 0 . 4 4 5 - 0 . 0 6 0 - 0 . 8 6 4 0 . 1 0 0 1 . 6 7 3 0 . 0 6 7 0 . 7 2 62 6 1 ,. 0 4 7 - 0 . 0 6 6 - 0 ,, 7 0 6 0 . 1 5 1 2 . 0 3 6 0 . 0 5 0 1 . 2 4 22 7 1 . 6 6 8 0 . 0 3 1 0 ., 3 7 7 0 . 1 1 9 1 . 9 4 3 - 0 . 1 1 4 - 1 ,. 0 2 82 8 1 . 5 9 9 0 ,. 0 5 4 0 . 8 4 9 - 0 ., 1 3 1 - 0 ,. 9 7 7 0 ,, 0 0 5 0 . 1 1 02 9 0 .. 8 3 3 - 0 . 14 3 - 1 . 5 8 1 0 . 0 2 8 0 ., 6 9 3 - 0 . 1 2 4 - 2 ,. 5 7 53 0 \ . 8 7 2 - 0 ,. 0 3 7 - 0 . 7 1 8 - 0 ,. 0 4 8 - 1 . 1 3 7 - 0 . 0 0 1 - 0 . 0 2 73 1 1 . 3 6 5 - 0 . 0 9 5 - 1 , 4 5 2 - 0 . 0 3 2 - 0 ,. 9 8 7 0 ., 0 6 1 2 . 0 1 93 2 1 . 2 7 1 - 0 . 0 0 9 - 0 . 2 6 5 0 . 0 0 7 0 . 2 2 4 0 . 0 0 1 0 . 0 2 93 3 0 . 8 3 3 0 ., 0 2 0 0 . 5 4 0 0 .. 0 4 0 1 . 2 7 7 0 . 0 3 5 0 . 3 9 33 4 0 . 8 8 8 - 0 . 0 0 6 - 0 . 1 5 8 0 . 1 8 1 2 . 2 2 4 - 0 . 0 2 6 - 0 . 2 3 43 5 0 . 7 9 ] 0 . 3 6 7 5 . 4 2 3 0 . 0 8 0 0 . 7 5 1 0 . 0 3 6 0 . 8 8 13 6 1 . 3 8 2 - 0 . 0 3 5 - 0 . 3 3 3 0 . 0 4 4 1 . 1 5 9 0 . 0 7 1 3 . 1 0 33 7 0 . 7 4 8 - 0 . 0 0 5 - 0 . 1 1 6 0 . 1 1 0 4 . 5 3 1 - 0 . 1 7 1 - 4 . 7 3 33 8 0 . 6 0 8 0 . 0 4 6 1 . 5 8 2 - 0 . 0 3 6 - 0 . 8 0 1 0 . 0 2 9 0 . 9 1 13 9 0 . 7 1 1 0 . 0 4 8 1 . 0 3 8 0 . 0 0 8 0 . 2 7 3 - 0 . 0 5 4 - 1 . 4 4 04 0 0 . 6 3 1 0 . 0 4 5 1 . 6 8 6 - 0 . 0 4 4 - 1 . 1 2 8 - 0 . 0 4 0 - 0 . 9 8 64 1 0 . 5 3 4 - 0 . 0 0 7 - 0 . 1 7 2 - 0 . 0 1 3 - 0 . 2 9 2 0 . 1 0 4 2 . 5 0 14 2 0 . 5 9 5 0 . 0 3 8 0 . 8 7 3 - 0 . 0 0 4 - 0 . 1 0 6 - 0 . 0 7 4 - 1 . 7 4 04 3 0 . 7 8 7 0 . 0 6 0 1 . 0 6 8 - 0 . 0 2 7 - 0 . 6 8 0 - 0 . 1 8 3 _ 2 . 1 9 04 4 1 . 0 1 1 0 . 0 1 4 0 . 3 5 7 - 0 . 1 1 1 - 1 . 3 9 9 0 . 0 4 7 1 . 2 1 4
_____________________________________4 ^ 0 . 6 0 7 0 . 0 9 1 1 . 1 2 5 - 0 . 0 3 3 - 0 . 8 5 6 0 . 0 8 6 1 . 5 2 34 6 0 . 9 9 5 - 0 . 0 0 7 - 0 . 1 7 5 0 . 2 1 5 4 . 0 1 1 - 0 . 0 3 7 - 1 . 1 8 94 7 1 . 1 6 8 0 . 1 8 2 3 . 0 8 1 0 . 0 5 8 1 . 3 6 1 - 0 . 1 4 8 - 3 . 6 7 94 8 1 0 5 . 2 8 6 - 0 . 0 4 4 - 1 . 0 1 8 - 0 . 0 1 0 - 0 . 2 3 64 9 0 . 7 6 4 0 . 0 3 5 0 . 9 9 7 - 0 . 0 1 4 - 0 . 2 7 8 - 0 . 0 8 2 - 1 . 8 2 95 0 0 . 9 8 9 - 0 . 0 7 0 > 1 . 6 1 6 - 0 . 0 9 6 . 2 . 1 3 5 - 0 . 0 5 3 - 0 . 9 8 25 1 ____ L . 2 4 8 - 0 . 0 4 2 - 0 . 8 9 6 - 0 . 2 0 0 - 3 . 9 6 3 - 0 . 0 5 2 - 1 . 1 1 65 2 0 . 7 5 9 0 . 0 1 5 0 . 2 4 4 ■ 0 . 1 0 5 - 2 . 1 6 6 - 0 . 0 6 5 - 1 . 5 2 2
_____________________________________ 1 3 _ 1 . 2 7 1 0 . 0 0 5 0 . 1 1 9 - 0 . 0 5 6 - 1 . 1 5 1 0 . 0 5 3 1 . 2 9 55 4 1 . 5 4 2 - 0 . 0 0 1 - 0 . 0 2 7 0 . 0 4 0 0 . 9 1 5 0 . 0 4 0 1 . 1 3 4
_____________________________________ 0 . 7 9 9 ______-JL . 0 3 9 -P . 8 2 3 - 0 . 0 5 5 - 1 , 8 3 5 0 . 0 4 3 1 . 5 0 25 6 0 .^.?o - 0 . 0 0 7 - 0 . 1 8 7 0 . 0 3 6 1 . 3 5 4 0 . 0 5 2 0 . 9 2 9
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} 3 . 3 3 5 • 0 . 0 7 5 3 . 5 0 6 - 0 . 0 4 2 - 3 . 3 3 2 0 . 0 6 5 3 . 4 6 3n 1 . 2 6 1 0 . 0 1 9 0 . 3 7 8 - 0 . 0 7 1 - 1 . 5 1 7 0 . 0 0 2 0 . 0 4 63 3 . 9 3 9 0 . 0 0 7 0 . 3 5 7 0 . 0 3 3 0 . 3 6 9 0 . 0 8 2 o 2 7 34 1 . 2 7 3 0 . 0 7 9 1 . 5 0 2 0 . 0 5 8 1 . 3 0 2 0 . 0 7 8 1 . 3 2 9
3 . 3 0 0 0 . 0 4 9 0 . 6 8 8 - 0 . 0 5 5 - 0 . 8 6 2 - 0 . 0 3 0 - 0 . 2 3 36 0 . 6 1 6 - 0 . 0 3 2 - 0 . 5 1 7 0 . 0 5 6 1 . 2 1 9 - 0 . 1 1 1 - 1 . 6 0 4n: D . 9 6 2 0 . 0 3 2 0 . 7 4 8 - 0 . 2 0 3 . o 6 8 5 > 0 . 0 3 6 - 3 . 3 3 58 0 . 5 7 0 - 0 . 2 0 4 . 2 2 9 0 - 0 . 0 1 8 - 0 . 4 3 4 0 . 1 4 3 1 . 7 3 59 0 . 6 6 3 - 0 . 0 8 4 _ ^ 0 9 0 - 0 . 0 2 4 - 0 . 3 5 2 - 0 . 0 7 0 - 3 . 4 6 8
1 0 0 . 6 9 1 - 0 . 0 6 3 - 0 . 9 3 3 - 0 . 0 3 3 - 0 . 7 4 3 0 . 0 3 1 0 . 6 0 3] 1 0 . 5 5 3 - 0 . 0 3 5 - 0 . 3 3 3 0 . 0 3 2 0 . 6 9 4 0 . 0 3 2 0 . 6 3 61 2 0 . 5 6 6 - 0 . 0 0 8 - 0 . 1 6 7 0 . 0 6 1 1 . 1 9 3 0 . 1 0 1 1 . 0 9 91 3 0 . 8 2 6 0 . 0 2 2 0 . 4 4 8 0 . 3 3 2 3 . 3 4 8 - 0 . 3 2 6 ' 3 . 7 0 31 4 1 6 8 4 0 . 0 3 4 0 . 4 2 9 - 0 . 0 0 8 - 0 . 1 2 9 0 . 0 0 8 0 . 1 7 53 5 3 . 9 3 6 0 . 0 7 7 3 . 3 6 2 0 . 0 5 5 3 . 0 6 8 0 . 0 2 3 0 . 2 7 31 6 1 7 9 7 0 2 0 0 4 . 5 5 8 0 . 0 3 9 0 . 4 6 5 - 0 . 2 5 4 - 2 . 4 0 11 7 3 . 1 9 3 0 . 3 4 6 3 . 2 2 3 - 0 . 3 4 3 - 3 . 4 2 0 - 0 . 0 9 6 - 3 . 4 8 6\ 8 0 7 8 8 0 2 5 1 1 . 3 6 0 - 0 . 0 9 0 - 0 . 9 5 4 0 . 0 3 5 0 . 6 1 71 9 3 3 4 4 0 . 0 3 5 0 . 4 9 0 0 . 0 9 8 3 . 6 8 3 - 0 . 3 5 6 - 3 . 5 4 72 0 0 7 2 9 0 1 2 5 n 2 4 5 - 0 . 1 8 5 - 1 . 8 7 9 0 . 1 7 3 0 . 7 8 02 1 0 6 4 9 0 0 3 3 0 . 3 3 9 0 . 3 3 8 3 . 6 7 8 - 0 . 3 2 5 - 3 . 2 8 52 2 0 7 8 2 0 3 9 4 o 6 6 4 - 0 . 2 3 8 . 2 7 1 5 - 0 . 0 4 9 - 0 . 6 5 92 3 0 6 6 5 0 3 0 7 3 . 2 8 5 . 0 . 3 4 9 . o 5 6 9 0 . 0 3 7 0 . 5 5 72 4 0 . 5 1 I - 0 . 1 5 2 . 2__ 1 9 9 - 0 . 0 1 6 - 0 . 1 8 1 0 . 0 9 7 1 . 3 5 82 5 0 . 8 3 9 0 . 0 6 7 0 . 8 0 6 0 . 3 7 9 3 . 8 8 3 - 0 . 0 8 9 - 3 . 4 4 72 6 1 , 3 0 6 0 . 1 1 4 1 ., 4 5 7 0 . 0 8 9 1 ,. 3 0 9 - 0 . 1 1 5 - 0 ,. 9 6 62 7 1 . 5 0 4 0 . 0 9 7 3 . 5 5 0 0 . 0 7 8 0 . 4 9 5 0 . 0 0 2 0 . 0 3 82 8 1 . 6 8 8 - 0 ,. 2 1 2 - 2 ,, 0 7 4 - 0 ., 0 4 7 - 1 ,. 1 3 3 - 0 ,. 0 7 2 - 1 . 2 7 42 9 1 ,. 7 4 2 - 0 ., 0 2 5 - 0 . 6 0 7 - 0 . 3 3 2 - 2 .. 2 7 6 0 . 0 2 2 0 ,. 8 2 33 0 1 . 5 1 5 - 0 . 1 0 5 - 1 . 4 6 1 0 . 0 1 0 0 . 3 0 9 0 . 0 9 4 2 . 8 1 23 1 1 . 6 3 6 - 0 ,. 0 2 0 - 0 ,, 5 6 0 0 . 0 9 2 2_. 6 5 8 0 , 0 7 3 3 . 6 4 63 2 1 . 0 8 0 - 0 ,. 0 1 4 - 0 . 4 6 9 - 0 . 0 3 0 - 0 . 8 3 6 0 . 0 4 2 0 . 4 6 83 3 0 . 9 5 3 0 ,. 0 2 6 0 ,. 8 3 6 0 .. 3 8 2 3 . 9 0 0 - 0 ,. 3 5 6 - 3 . 3 4 83 4 0 . 6 1 8 0 2 9 2 3 . 3 2 1 - 0 . 0 2 3 - 0 . 1 9 8 0 . 0 7 2 1 . 4 5 43 5 3 . 8 9 6 0 . 0 6 2 0 . 6 9 1 0 . 0 2 7 0 . 6 2 4 0 . 0 6 7 2 . 4 9 93 6 1 . 2 8 8 0 . 0 0 8 0 . 2 3 6 0 . 0 6 8 2 . 5 3 1 - 0 . 1 4 8 - 3 . 4 7 73 7 0 . 6 3 2 0 . 0 9 0 2 . 9 5 5 - 0 . 3 6 0 - 3 . 6 8 6 - 0 . 0 5 7 - 3 . 9 2 0
1 3 8 0 . 6 1 6 - 0 . 0 1 7 - 0 . 4 1 0 0 . 0 3 6 1 . 2 1 6 0 . 0 2 4 0 . 6 6 61 3 9 0 . 3 9 8 0 . 0 4 0 1 . 4 4 7 - 0 . 0 4 7 - 3 . 2 6 5 0 . 0 0 7 0 . 3 5 8
4 0 0 . 3 9':^ - 0 . 0 7 1 - 1 . 8 3 5 0 . 0 2 3 0 . 5 3 1 0 . 0 5 3 1 . 3 8 54 3 0 . 5 9 3 - 0 . 0 3 7 - 0 . 3 6 0 0 . 0 3 2 0 . 7 9 8 - 0 . 0 5 3 - 3 . 2 8 84 2 0 . 6 7 3 - 0 . 0 6 0 - 0 . 9 0 6 - 0 . 0 3 3 - 0 . 7 6 2 - 0 . 2 0 7 - 2 . 4 8 84 3 3 . 0 5 5 0 . 0 2 3 0 . 5 3 0 - 0 . 0 3 6 - 0 . 4 4 2 0 . 0 4 2 3 . 0 4 44 4 0 . 9 3 8 - 0 . 1 1 3 - 1 . 4 2 3 - 0 . 0 0 8 - 0 . 1 9 5 0 . 1 1 6 1 . 9 4 44 5 1 . 0 8 9 - 0 . 0 2 3 - 0 . 6 0 2 0 . 3 7 4 2 . 9 5 2 - 0 . 0 3 6 - 3 . 0 7 64 6 0 . 9 9 1 0 . 2 0 6 3 . 4 5 0 0 . 0 1 3 0 . 3 4 5 - 0 . 1 2 6 - 3 . 0 0 64 7 3 . 3 6 8 0 . 3 4 3 3 . 6 0 7 - 0 . 3 5 9 - 3 . 9 2 3 - 0 . 0 0 8 - 0 . 3 4 94 8 0 . 6 8 3 - 0 . 0 0 8 - 0 . 1 9 9 - 0 . 0 0 7 - 0 . 1 3 7 - 0 . 0 5 2 - 1 . 1 7 04 9 0 . 9 5 3 - 0 . 0 5 3 - 3 . 0 2 7 - 0 . 0 6 6 - 3 . 3 8 2 - 0 . 0 6 5 - 3 . 3 8 75 0 0 . 8 5 0 - 0 . 0 6 3 - 1 . 3 9 9 - 0 . 1 1 1 - 1 . 9 5 5 - 0 . 1 2 4 - 2 . 6 2 35 1 3 . 0 7 2 - 0 . 3 7 9 - 3 . 3 5 3 - 0 . 0 6 0 - 3 . 2 6 4 - 0 . 3 2 8 - 3 . 4 2 65 2 3 . 2 2 3 - 0 . 0 7 5 - 1 . 5 3 3 - 0 . 0 5 6 - 1 . 1 0 1 0 . 0 4 9 1 . 1 2 95 3 3 . 2 6 9 - 0 . 0 4 7 - 0 . 9 5 4 0 . 0 4 2 3 . 0 2 6 0 . 0 4 2 3 . 3 7 25 4 1 . 2 7 6 0 . 0 2 7 0 . 5 4 9 - 0 . 0 1 2 - 0 . 3 2 4 0 . 0 0 1 0 . 0 2 45 5 0 . 6 9 6 - 0 . 0 3 3 - 0 . 8 6 3 0 . 0 4 5 3 . 7 0 4 0 . 0 0 3 0 . 0 2 3
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1 3 . 0 0 2 - 0 . 0 3 6 - 0 . 3 3 8 0 . 0 5 4 3 . 3 6 6 - 0 . 0 5 3 - 0 . 9 6 3o 1 . 1 8 5 - 0 . 0 1 3 - 0 . 2 8 2 - 0 . 0 1 9 - 0 . 5 4 7 0 . 0 5 5 1 . 2 9 03 3 . 0 4 8 - 0 . 0 5 5 - 3 . 2 8 9 0 . 0 4 3 0 . 9 3 6 0 . 0 4 2 0 . 6 2 34 1 . 5 1 8 0 . 0 4 2 1 . 2 3 8 0 . 0 1 1 0 . 2 4 4 - 0 . 0 2 4 - 0 . 5 1 95 0 . 7 3 6 - 0 . 0 5 3 - 0 . 8 4 3 0 . 0 3 6 0 . 3 6 4 - 0 . 3 9 3 . *· · 5 3 26 0 . 7 3 8 0 . 0 6 3 1 . 7 4 7 - 0 . 2 3 9 - 3 . 5 2 8 - 0 . 0 9 6 - 3 . 9 8 8n 0 . 8 7 S - 0 . 3 8 7 . 2 5 3 7 - 0 . 0 2 8 - 0 . 6 3 7 0 . 0 9 6 3 . 2 5 0S 0 . 6 1 7 - 0 . 0 6 4 - 1 . 5 1 4 - 0 . 0 5 8 - 0 . 7 4 8 - 0 . 0 4 7 - 1 . 0 5 09 0 . 6 2 5 - 0 . 0 5 8 - 0 . 8 2 9 - 0 . 0 8 8 - 3 . 9 4 7 - 0 . 0 3 3 - 0 . 2 7 0
1 0 0 . 6 8 2 - 0 . 0 5 1 - 1 . 0 6 8 0 . 0 1 9 0 . 3 5 8 - 0 . 0 2 6 - 0 . 5 2 6] ] 0 . 6 3 7 0 . 0 5 2 3 . 3 4 5 - 0 . 0 0 7 - 0 . 3 2 3 0 . 0 0 2 0 . 0 3 91 2 0 . 6 8 7 0 . 0 4 9 0 . 9 3 2 0 . 0 7 3 0 . 8 0 5 - 0 . 0 3 5 - 0 . 3 0 91 3 3 . 2 4 8 0 . 0 8 7 0 . 9 5 8 - 0 . 0 9 9 - 3 . 3 3 9 0 . 0 7 3 3 . 3 4 31 4 1 . 8 5 6 0 . 0 0 4 0 . 0 6 5 0 . 0 4 4 0 . 8 5 1 0 . 0 1 0 0 . 1 2 11 5 3 . 4 5 4 0 . 3 6 7 3 . 5 5 2 0 . 0 2 7 0 . 3 3 4 - 0 . 3 8 8 - 3 . 6 0 01 6 1 . 5 9 4 0 . 0 1 0 0 . 1 2 4 - 0 . 0 2 1 - 0 . 1 3 5 - 0 . 1 0 0 - 1 . 6 8 53 7 0 . 6 9 5 0 . 0 3 5 0 . 2 8 7 - 0 . 2 3 2 - 3 . 0 8 3 - 0 . 0 1 2 - 0 . 3 6 81 s 0 9 4 6 0 . 0 7 4 0 . 8 1 2 0 . 1 3 5 2 . 3 6 5 - 0 . 0 4 5 - 0 . 4 6 83 9 0 7 0 9 0 . 0 5 4 1 . 0 4 3 - 0 . 3 4 3 - 3 . 4 6 5 0 . 0 5 5 0 . 2 9 02 0 0 5 7 9 - 0 . 0 7 3 - 0 . 6 7 7 0 . 3 7 9 1 . 8 7 3 - 0 . 0 9 8 - 1 . 2 0 72 3 0 6 7 4 0 . 5 7 4 3 . 0 3 3 - 0 . 2 0 3 - 3 . 9 0 9 - 0 . 0 6 5 - 0 . 8 5 7n o 0 3 4 9 0 1 6 1 1 . 3 3 8 - 0 . 1 6 8 - 2 . 2 7 6 0 . 1 0 3 1 . 0 4 62 3 0 4 3 0 - 0 . 3 3 7 - 3 . 5 9 4 - 0 . 0 9 8 - 0 . 9 6 2 0 . 0 3 3 0 . 4 0 42 4 0 . 4 4 9 0 . 0 3 1 0 . 3 4 0 0 . 0 7 2 0 . 8 8 4 - 0 . 0 1 4 - 0 . 3 6 82 5 0 . 9 6 6 0 . 0 7 0 0 . 7 1 2 0 . 0 0 2 0 . 0 5 2 0 . 0 5 3 0 . 4 2 32 6 1 . 3 8 4 0 . 0 3 7 0 ., 5 1 6 - 0 . 1 4 2 - 1 . 1 5 1 - 0 . 0 6 1 - 1 ,, 2 3 12 7 1 . 4 3 2 - 0 . 1 0 8 - 0 . 9 4 8 - 0 . 3 0 3 - 2 . 3 2 7 - 0 . 3 0 6 - 3 . 8 3 02 8 1 ,. 5 4 2 - 0 ., 0 4 7 - 1 ,. 0 8 8 - 0 ,, 0 7 0 - 1 . 3 4 6 0 . 0 4 7 1 . 2 5 62 9 1 ,. 6 4 6 - 0 . 3 5 3 - 1 , 9 8 5 0 . 0 4 9 __ _3 . 5 5 5 0 ., 3 3 2 4 .. 3 4 83 0 1 . 8 0 1 - 0 ., 0 0 3 - 0 . 0 8 2 0 . 1 1 2 3 . 4 7 7 0 . 0 2 8 0 . 6 4 33 3 1 . 4 8 4 0 . 0 6 9 2_. 3 5 4 0 . 0 6 4 3 . 4 0 3 - 0 ,. 3 0 2 - 3 . 9 7 53 2 1 . 2 6 4 - 0 , 0 3 6 - 1 . 0 6 4 0 . 1 4 0 1 . 4 4 0 - 0 . 0 9 4 - 0 . 9 4 03 3 0 . 6 3 8 0 ,, 3 3 2 3 . 3 9 7 - 0 . 0 9 6 - 0 . 8 5 8 0 . 0 6 4 3 . 2 6 73 4 1 . 6 7 5 - 0 . 0 2 0 - 0 . 1 7 8 0 . 0 6 9 1 . 3 8 7 0 . 0 2 5 1 . 2 1 43 5 3 . 2 9 8 0 . 0 0 7 0 . 1 9 5 0 . 0 7 9 2 . 8 5 8 - 0 . 3 2 8 - 3 . 0 4 93 6 1 . 0 4 4 0 . 0 8 8 2 . 7 5 5 - 0 . 1 6 4 - 3 . 8 3 1 - 0 . 0 4 0 - 1 . 1 8 43 7 0 . 7 9 0 - 0 . 3 5 2 - 3 . 4 7 3 - 0 . 0 4 4 - 3 . 4 3 3 0 . 0 3 6 0 . 9 5 53 8 0 . 4 4 4 0 . 0 2 4 0 . 8 4 8 - 0 . 0 0 3 - 0 . 0 7 2 - 0 . 0 1 5 - 0 . 3 6 53 9 0 . 4 0 7 - 0 . 0 6 0 - 3 . 6 3 3 - 0 . 0 3 7 - 0 . 3 5 9 0 . 0 8 3 2 . 4 0 84 0 0 . 4 1 0 0 . 0 7 3 1 . 7 1 7 0 . 0 2 7 0 . 7 8 2 - 0 . 1 0 0 - 2 . 2 4 54 3 0 . 5 6 3 0 . 0 5 8 3 . 5 3 3 - 0 . 0 4 7 - 3 . 3 5 5 - 0 . 2 2 7 . 2 . 5 7 24 2 0 . 9 7 4 0 . 0 2 3 0 . 5 3 9 - 0 . 1 4 3 - 1 . 7 7 7 0 . 0 0 9 0 . 1 9 84 3 0 . 9 5 5 - 0 . 3 3 8 - 1 . 4 4 9 - 0 . 0 3 7 - 0 . 8 2 2 0 . 3 3 5 2 . 2 3 74 4 1 . 0 7 4 0 . 0 0 6 0 . 1 4 5 0 . 1 5 8 2 . 7 7 1 - 0 . 0 3 8 - 1 . 0 8 84 5 0 . 9 9 6 0 . 2 0 0 3 . 2 0 3 - 0 . 0 3 6 - 0 . 4 4 4 - 0 . 3 0 9 _ 2 . 6 4 64 6 1 . 2 1 0 0 . 0 6 5 1 . 6 8 5 - 0 . 1 4 2 - 3 . 4 6 8 0 . 0 2 0 0 . 4 8 64 7 1 . 3 2 3 - 0 . 0 7 8 _ 2 . 0 0 6 0 . 0 6 9 3 . 4 0 3 - 0 . 0 2 4 - 0 . 4- 7 44 8 1 . 1 1 7 - 0 . 0 3 5 - 0 . 7 1 9 - 0 . 0 5 7 - 1 . 1 2 0 - 0 . 1 4 9 - 2 . 9 3 14 9 1 . 0 2 2 - 0 . 0 4 3 - 0 . 7 8 6 - 0 . 3 0 7 - 3 . 9 0 4 - 0 . 0 8 5 - 3 . 8 3 35 0 0 . 7 7 9 - 0 . 0 6 4 - 1 . 0 1 0 - 9 . 1 1 7 - 2 . 5 4 9 - 0 . 1 1 4 - 2 . 9 7 95 3 1 . 2 4 1 - 0 . 0 1 9 - 0 . 3 2 7 - 0 . 0 9 4 - 2 . 3 9 3 0 . 0 8 0 3 . 8 3 85 2 0 . 9 7 7 - 0 . 0 5 3 - 1 . 0 1 7 0 . 0 3 3 0 . 6 9 7 0 . 0 5 6 1 . 6 7 75 3 1 . 1 5 5 0 . 0 5 0 3 . 3 0 8 0 . 0 1 3 0 . 3 9 4 0 . 0 3 4 0 . 4 3 35 4 0 . 9 6 2 - 0 . 0 4 7 - 1 . 3 4 2 0 . 0 2 6 0 . 9 8 6 - 0 . 0 5 0 - 0 . 7 6 6
A V E R A G E 0 . 9 9 4 0 . 0 3 4 0 . 3 3 4 - 0 . 0 2 0 - 0 . 2 9 9 - 0 . 0 2 6 - 0 . 3 9 0S T D S 0 . 3 9 1 0 . 1 1 8 1 . 5 5 2 0 . 1 0 8 1 . 6 8 3 0 . 0 9 0 1 . 6 6 0
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n 0 . S 7 S - 0 . 0 1 5 - 0 . 3 3 1 0 . 0 9 9 1 . 8 3 4 0 . 0 9 1 1 . 1 8 53 1 . 3 9 3 0 . 0 2 2 0 . 7 6 0 - 0 . 0 3 9 - 0 . 4 2 3 - 0 . 0 3 9 - 0 . 3 7 84 1 . 0 6 0 - 0 . 0 2 8 - 0 . 4 3 6 0 . 0 2 1 0 . 4 6 8 - 0 . 1 5 5 . n 3 0 0c 0 . 9 6 8 0 . 0 2 6 0 . 6 5 4 - 0 . 3 7 4 . ^ 3 9 4 - 0 . 0 4 3 - 3 . 3 3 66 0 . 7 1 8 - 0 . 2 0 8 . n 4 3 6 - 0 . 0 4 1 - 0 . 9 8 8 0 . 1 1 3 1 . 7 4 0n 0 . S 6 0 - 0 . 0 4 6 - 3 . 3 4 6 0 . 0 3 3 0 . 7 6 8 - 0 . 0 2 8 - 0 . r n Q
z 0 . 6 4 9 - 0 . 0 9 3 - 1 . o - 0 . 0 6 9 - 1 . 3 6 8 - 0 . 0 0 2 - 0 . 0 4 49 0 . 6 3 5 - 0 . 3 0 3 . 2_ 3 0 0 0 . 0 0 5 0 . 0 8 9 - 0 . 0 0 3 - 0 . 0 3 6
1 0 0 . 5 6 1 0 . 0 2 3 0 . 4 4 8 0 . 0 1 6 0 . 3 0 4 0 . 0 1 2 0 . 1 3 61 ] 0 . 6 0 8 0 . 0 6 8 3 . 2 3 9 0 . 0 3 6 0 . 3 8 5 0 . 0 7 4 0 . 6 2 71 2 1 . 0 5 9 0 . 0 6 8 0 . 7 4 0 - 0 . 0 6 6 - 0 . 9 2 3 0 . 0 1 1 0 . 1 8 81 3 1 . 5 8 5 - 0 . 0 2 7 - 0 . 3 5 8 0 . 0 7 7 3 . 3 5 7 - 0 . 0 8 4 - 0 . 9 8 21 4 1 . 5 8 0 0 . 1 3 7 T 7 8 5 0 . 0 4 3 0 . 5 0 9 - 0 . 0 0 4 - 0 . 0 2 61 5 1 . 4 3 0 0 . 0 3 5 0 . 4 3 9 0 . 3 0 5 0 . 6 8 2 - 0 . 0 4 5 - 0 . 7 4 91 6 1 2 5 8 0 1 4 9 0 . 9 8 3 - 0 . 0 4 5 - 0 . 6 9 0 0 . 0 6 5 0 . 9 4 9] 7 0 . 8 0 4 - 0 . 0 6 6 - 0 . 9 8 5 0 . 0 3 4 0 . 8 9 8 - 0 . 0 6 7 - 0 . 6 9 51 8 0 6 7 2 0 0 4 0 0 . 9 0 7 - 0 . 0 6 9 - 0 . 6 9 0 - 0 . 0 3 5 - 0 . 1 4 01 9 0 T O O - 0 . 0 4 4 - 0 . 3 7 8 0 . 2 7 3 3 . 7 9 6 - 0 . 0 6 6 - 0 . 7 6 52 0 0 8 0 5 0 7 4 6 3 . 7 8 4 - 0 . 1 5 6 - 1 . 7 8 2 - 0 . 0 2 5 - 0 . 3 5 62 1 0 5 3 5 0 3 3 2 3 . 2 5 3 - 0 . 3 3 0 - 3 . 5 3 8 - 0 . 3 5 6 - 3 . 4 8 62 2 0 3 7 2 - 0 0 8 0 - 1 . 0 2 4 0 . 0 2 0 0 . 2 4 3 0 . 0 4 7 0 ., 5 6 82 3 0 . 4 2 7 0 . 0 0 2 0 . 0 2 5 0 . 0 4 0 0 . 5 0 6 - 0 . 0 4 3 - 0 . 9 6 02 4 0 . 4 2 9 0 . 0 7 7 0 , 9 6 4 0 . 0 1 3 0 ., 2 7 2 0 . 0 3 0 0 ., 2 9 22 5 3 . 0 0 4 0 . 0 3 0 0 . 2 3 4 0 . 0 3 0 0 . 2 3 5 - 0 . 0 7 6 - 3 . 6 0 62 6 1 . 2 8 9 - 0 ,, 1 4 5 - 1 ,. 2 1 4 - 0 ,. 0 7 7 - 1 ,, 7 0 7 0 .. 0 4 9 0 . 8 9 22 7 1 . 5 6 7 - 0 . 0 7 0 - 3 .. 5 3 0 - 0 . 0 7 3 - 3 . 2 7 8 0 . 0 3 3 0 .. 7 7 62 8 1 , 4 0 1 - 0 , 0 7 5 - 1 . 4 5 0 0 . 0 2 9 0 . 8 1 2 0 . 1 2 6 3 . 9 9 72 9 1 ,, 7 0 8 0 . 0 3 5 0 ,, 4 8 5 0 . 3 2 3 3 ,. 7 0 2 0 . 0 7 8 3 ,. 7 3 73 0 1 . 8 3 8 0 . 0 8 9 2 . 7 4 5 0 . 0 3 8 0 . 8 6 1 - 0 . 3 2 9 - 4 . 1 5 23 1 1 , 8 8 0 0 ,, 0 5 3 3 . 3 7 5 - 0 ,. 3 9 3 . 2 . 7 9 2 - 0 ,. 0 7 5 - 0 . 7 3 63 2 0 . 7 8 2 0 . 2 6 0 2 . 7 2 3 - 0 . 0 3 2 - 0 . 3 5 0 0 . 1 0 9 2 . 0 6 43 3 3 . 6 9 4 0 , 0 3 0 0 . 0 9 5 0 . 0 7 3 3 . 3 8 5 0 . 0 5 8 2 . 6 2 93 4 1 . 2 5 6 0 . 0 7 2 1 . 4 6 4 0 . 0 6 5 n . 2 4 5 - 0 . 1 1 4 - 2 . 3 5 9
1 3 5 3 . 0 5 6 0 . 0 7 9 2 . 5 2 7 - 0 . 3 6 4 - 3 . 3 7 8 - 0 . 0 4 6 - 1 . 2 9 91 3 6 0 . 8 9 9 - 0 . 1 2 5 - 2 . 9 1 3 - 0 . 0 4 8 - 1 . 4 4 6 0 . 0 3 0 0 . 7 7 81 3 7 0 . 6 5 3 * 0 . 0 2 6 - 3 . 0 0 9 0 . 0 5 7 3 . 4 6 6 - 0 . 0 2 5 - 0 . 5 5 81 3 s 0 . 4 9 0 . 0 0 9 0 . 2 3 5 0 . 0 2 7 0 . 5 4 9 0 . 0 5 9 1 . 7 5 5
3 9 0 . 3 5 3 0 . 0 6 7 3 . 4 4 3 0 . 0 3 4 0 . 8 2 8 - 0 . 3 3 6 . 2 . 7 3 74 0 0 . 6 2 9 0 . 0 7 8 n . 2 4 0 - 0 . 0 7 6 - 1 . 5 7 6 - 0 . 2 1 9 - 2 . 6 1 54 ] 0 . 7 7 0 - 0 . 0 4 9 - 3 . 0 2 3 - 0 . 3 8 3 . 2 . 3 7 0 0 . 0 0 7 0 . 3 4 64 2 0 . 7 3 0 - 0 . 1 2 8 - 1 . 5 9 8 - 0 . 0 9 7 - 2 . 2 4 9 0 . 1 1 3 1 . 8 3 34 3 0 . 9 8 5 - 0 . 0 3 9 - 0 . 4 2 7 0 . 3 4 8 2 . 7 0 4 - 0 . 0 3 8 - 3 . 0 5 04 4 0 . 9 4 6 0 3 . 5 9 4 - 0 . 0 2 0 - 0 . 5 6 8 - 0 . 0 9 1 - 2 . 1 5 54 5 3 . 2 3 3 0 . 0 6 7 3 . 7 7 9 - 0 . 3 5 7 - 3 . 8 5 3 0 . 0 3 2 0 . 2 5 74 6 1 . 1 1 1 - 0 . 1 0 1 - 2 . 5 6 2 0 . 0 4 5 0 . 8 9 8 - 0 . 0 1 7 - 0 . 3 3 24 7 3 . 2 5 2 - 0 . 0 3 0 - 0 . 2 5 0 - 0 . 0 6 9 - 3 . 6 4 3 - 0 . 3 3 3 . 2 . 6 8 54 E 1 . 4 5 9 - 0 . 0 5 8 - 1 . 0 9 0 - 0 . 1 8 2 - 3 . 4 4 7 - 0 . 0 5 5 - 1 . 0 3 44 9 0 . 8 8 4 - 0 . 0 7 7 - 3 . 2 7 2 - 0 . 0 7 2 - 3 . 5 3 5 - 0 . 0 6 0 - 3 . 5 9 75 0 0 . 8 8 1 - 0 . 0 3 9 - 0 . 8 1 5 - 0 . 1 3 8 - 3 . 2 1 2 0 . 0 6 0 1 . 3 1 85 1 0 . 9 7 8 - 0 . 3 4 2 . 2 . 9 8 5 0 . 0 8 3 3 . 6 3 2 0 . 0 4 2 3 . 4 6 85 2 1 . 0 4 2 0 . 0 3 0 0 . 6 1 4 0 . 0 2 6 0 . 8 3 5 0 . 0 2 3 0 . 7 4 85 3 3 . 0 2 7 - 0 . 0 5 3 - 3 . 3 2 5 0 . 0 3 4 0 . 4 7 9 - 0 . 0 5 9 - 0 . 8 8 5
A V E R A G E 0 . 9 9 2 0 . 0 1 6 0 . 1 1 7 - 0 . 0 1 4 - 0 . 2 5 0 - 0 . 0 1 6 - 0 . 1 2 8S T D S 0 . 3 9 3 0 . 3 3 7 3 . 6 2 3 0 . 0 9 4 3 . 6 4 5 0 . 0 8 9 3 . 6 3 3
3 9
P E R F O R M A N C ED U R I N G 6 M O N T H SS T M O N B W / E L D I F 1 T 1 D I F 2 T 2 D I F 3 T 3
1 0 . 8 7 9 - 0 . 0 4 8 - 3 . 2 2 9 0 . 3 3 9 2 5 7 3 0 . 0 6 5 0 . 9 5 30 1 . 1 3 3 0 . 0 2 2 0 . 7 6 7 - 0 . 0 2 1 - 0 . 5 0 1 - 0 . 0 2 7 - 0 . 6 4 33 3 . 2 7 6 - 0 . 0 6 2 - 0 . 9 7 7 0 . 0 3 8 0 . 3 4 9 - 0 . 3 0 2 - 3 . 2 3 54 1 . 2 1 1 0 . 0 6 5 1 . 6 3 6 - 0 . 2 1 0 . o 9 1 3 - 0 . 0 3 1 - 1 . 1 3 95 3 . 3 3 5 - 0 . 2 0 0 . 2 4 3 3 0 . 0 3 5 0 . 3 5 4 0 . 3 4 6 n 3 2 06 0 . 9 5 0 - 0 . 0 6 0 - 1 . 4 2 5 - 0 . 0 2 7 - 0 . 3 4 9 - 0 . 0 4 5 - 0 . 8 6 9n 0 . 8 8 6 - 0 . 0 2 7 - 0 . 3 5 8 - 0 . 0 5 7 - 3 . 0 5 6 - 0 . 0 3 7 - 3 . 3 2 5Z 0 . 6 1 1 - 0 . 0 6 4 - 1 . 3 8 7 0 . 0 2 0 0 . 3 5 3 0 . 0 0 3 0 . 0 5 59 0 . 5 9 9 . 0 . 0 3 0 - 0 . 3 8 9 0 . 0 2 2 0 . 4 3 3 0 . 0 2 2 0 . 2 2 9
1 0 0 . 6 1 I 0 . 0 0 3 0 . 0 5 3 - 0 . 0 2 0 - 0 . 2 2 0 0 . 0 6 4 0 . 4 9 81 3 0 . 8 0 4 - 0 . 0 5 0 - 0 . 5 8 2 0 . 3 4 3 3 . 2 6 5 0 . 0 0 6 0 . 3 2 31 2 I 4 1 5 0 . 0 3 8 0 . 3 1 6 0 . 0 3 4 0 . 7 1 8 - 0 . \ 0 3 - 1 . 1 6 3] 3 3 . 4 3 8 0 . 3 6 4 3 . 0 4 2 - 0 . 0 2 2 - 0 . 2 9 8 0 . 0 2 3 0 . 3 2 91 4 1 5 7 8 0 . 0 1 6 0 . 2 0 2 0 . 0 8 4 0 . 5 5 5 - 0 . 0 6 8 - 1 . 0 8 01 5 3 3 3 6 0 . 3 0 0 0 . 6 7 3 0 . 0 2 2 0 . 3 8 8 0 . 0 6 0 0 . 8 2 21 6 I 2 3 7 0 . 0 6 5 1 . 1 4 5 0 . 0 8 8 1 . 6 2 4 - 0 . 0 9 7 - 1 . 2 4 03 7 0 9 2 4 0 . 0 6 2 3 . 4 3 8 - 0 . 0 5 8 - 0 . 6 3 3 0 . 0 0 3 0 . 0 0 31 8 0 5 7 4 - 0 . 0 5 5 - 0 . 5 1 0 0 . 1 7 6 0 . 7 5 7 0 . 0 4 6 0 . 4 3 83 9 0 6 3 7 0 . 3 9 8 o 3 3 6 - 0 . 0 5 3 - 0 . 4 5 9 - 0 . 0 5 6 - 0 . 7 3 72 0 0 3 5 2 0 1 2 0 1 . 0 6 5 - 0 . 1 1 6 - 1 . 5 6 7 - 0 . 1 7 8 - 1 . 6 6 4
1 ^ 0 3 8 0 - 0 3 3 3 - 3 . 7 4 3 - 0 . 3 2 5 - 3 . 3 8 0 0 . 0 7 6 0 . 9 5 52 2 0 4 5 3 0 \ 0 5 1 3 0 4 0 . 0 4 3 0 . 4 9 2 - 0 . 1 1 4 - 1 . 4 8 92 3 0 . 4 2 3 - 0 . 0 2 7 - 0 ., 3 2 7 - 0 . 0 4 6 - 0 . 8 3 9 - 0 . 2 0 2 - 3 . 3 7 82 4 0 ., 4 5 1 0 . 0 3 4 0 ,, 4 5 4 - 0 . 0 9 6 - 0 ,, 6 7 2 - 0 . 0 4 9 - 0 .. 9 2 62 5 1 . 2 7 5 - 0 . 0 6 3 - 0 . 3 9 2 - 0 . 3 0 3 - 2 . 0 4 2 - 0 . 0 4 8 - 0 . 8 9 82 6 1 ,, 5 2 4 - 0 . 0 7 4 - 1 . 5 6 8 - 0 . 0 1 9 - 0 ,. 4 8 0 0 . 0 2 4 0 . 5 6 62 7 3 ., 4 3 5 - 0 . 0 4 3 - 0 ,. 7 0 6 0 . 0 4 3 3 . 0 5 8 0 . 3 2 0 4 ., 5 3 22 8 1 . 9 4 9 0 . 0 3 1 0 . 8 4 1 0 ., 1 4 4 4 . 6 8 2 0 . 0 7 7 1 . 4 8 12 9 3 ,. 3 3 6 0 . 3 2 7 3 . 7 2 6 0 . 0 9 8 2_. 3 2 9 - 0 . 3 2 4 - 3 . 0 8 53 0 1 . 9 4 4 0 ,, 0 5 4 1 . 0 7 6 - 0 ., 3 0 2 - 3 . 5 7 6 - 0 ., 0 9 6 - 1 . 2 1 33 3 3 . 3 6 5 0 . 0 0 5 0 . 0 5 0 - 0 . 0 2 7 - 0 ,. 3 3 9 0 . 3 0 3 2 . 3 73 2 1 . 4 1 2 0 ,, 0 1 5 0 . 1 8 6 0 , 0 8 7 1 . 6 4 7 0 .. 0 4 1 1 . 8 0 93 3 3 . 5 7 8 0 . 3 0 0 3 . 9 6 9 0 ,, 0 8 2 2 . 9 4 4 - 0 . 3 0 6 - 2 . 2 7 83 4 1 . 1 1 6 0 . 0 6 7 2 . 1 3 4 - 0 . 1 6 4 - 3 . 0 5 3 - 0 . 0 1 8 - 0 . 4 7 63 5 3 . 0 3 3 - 0 ,. 3 2 4 , 2 . 7 0 2 - 0 . 0 5 2 - 3 . 4 6 5 0 .. 0 3 8 0 . 4 3 53 6 0 . 8 6 3 - 0 . 0 3 3 - 1 . 0 7 8 0 . 0 6 6 1 . 6 0 4 - 0 . 0 4 5 - 0 . 8 6 93 7 0 . 4 8 5 0 . 0 3 4 0 . 3 7 7 - 0 . 0 3 2 - 0 . 2 4 8 0 ,, 0 7 4 2 . 0 8 83 8 0 . 3 9 4 0 . 0 4 3 0 . 8 7 6 0 . 0 2 8 0 . 6 8 9 - 0 . 0 6 9 - 1 . 3 3 93 9 0 . 6 0 8 0 . 0 8 3 2 . 4 3 9 - 0 . 0 9 4 _ 2 . 3 4 9 - 0 . 3 3 3 - 3 . 4 5 94 0 0 . 7 2 3 - 0 . 0 6 4 - 1 . 3 0 5 - 0 . 1 5 8 - 1 . 7 1 5 0 . 0 2 7 0 . 5 9 44 3 0 . 5 3 8 - 0 . 3 7 3 - 3 . 9 3 9 - 0 . 0 4 3 - 0 . 8 9 4 0 . 0 3 3 0 . 6 6 54 2 0 . 9 7 9 - 0 . 0 1 3 - 0 . 2 6 4 0 . 1 2 5 1 . 9 8 5 - 0 . 0 6 4 - 1 . 4 6 24 3 0 . 8 6 4 0 . 2 3 3 3 . 4 8 3 - 0 . 0 3 8 - 0 . 9 4 3 - 0 . 0 7 9 - 3 . 7 9 54 4 1 . 1 7 3 0 . 0 3 9 0 . 9 8 0 - 0 . 1 1 5 - 2 . 9 6 5 0 . 0 8 6 1 . 6 6 34 5 3 . 0 9 4 - 0 . 0 8 7 - 2 . 3 2 2 0 . 0 0 0 0 . 0 0 6 - 0 . 0 3 5 - 0 . 6 4 94 6 0 . 9 9 4 0 . 0 1 6 0 . 3 6 7 - 0 . 0 2 2 - 0 . 3 5 6 - 0 . 2 1 0 - 4 . 4 6 14 7 3 . 3 3 9 - 0 - 2 . 3 5 4 - 0 . 3 8 7 - 3 . 6 4 8 - 0 . 0 2 5 - 0 . 4 3 34 8 1 . 5 6 1 - 0 . 1 3 7 - 2 . 6 7 7 - 0 . 0 8 6 - 1 . 5 4 9 - 0 . 0 8 2 - 2 . 0 5 74 9 3 . 0 7 3 - 0 . 0 0 3 - 0 . 0 6 3 - 0 . 0 9 3 - 2 . 2 0 5 0 . 0 0 4 0 . 0 9 55 0 0 . 8 0 5 - 0 . 1 5 8 3 . 2 9 3 0 . 0 6 5 1 , 1 8 5 0 . 0 4 8 1 . 6 1 75 3 1 . 0 6 4 0 . 0 5 6 3 . 0 9 6 0 . 0 3 0 0 . 9 8 9 0 . 0 2 6 0 . 7 8 2
_______________________5 J _ 0 . 7 5 5 - 0 . 0 2 7 - 0 . 6 9 8 0 . 0 1 1 0 . 3 7 9 - 0 . 0 7 1 - 1 . 0 5 7A V E R A G E 3 . 0 P 2 0 . 0 0 4 0 . 0 3 3 - 0 . 0 3 5 - 0 . 3 7 6 - 0 . 0 2 5 - 0 . 2 5 3S T D S 0 . 4 0 0 0 . 1 0 3 1 . 6 1 0 0 . 0 9 6 1 . 6 7 6 0 . 0 9 0 1 . 5 2 0
4 0
P E R F O R M A N C E D U R I N G 7 M O N T H S
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S T M O N B W / B L D I F 1 T 1 D I F 2 T 2 D I F 3 T 31 0 . S 3 6 0 . 1 2 4 n 5 5 6 0 . 0 2 2 0 . 3 2 4 - 0 . 0 5 8 - 1 . 1 8 62 0 . 9 7 1 - 0 . 0 6 9 - 1 . 0 3 0 - 0 . 0 0 8 - 0 . 1 5 2 - 0 . 1 6 5 - 1 . 9 3 23 1 . 1 8 9 0 . 0 1 0 . 3 3 8 - 0 . 1 3 2 - 1 . 5 6 4 0 . 0 2 1 0 . 5 3 04 1 . 3 9 E - 0 . 2 3 4 . o 7 7 6 0 . 0 3 0 0 . 5 E 9 0 . 0 E 5 n 6 3 9r 0 . 9 6 2 ' 0 . 0 1 0 - 0 . 1 8 4 0 . 0 5 3 1 . 1 6 6 - 0 . 0 5 3 - 1 . 0 3 06 0 . 9 1 \ - 0 . 0 6 4 - 0 . E 3 2 - 0 . 0 4 8 - 0 . 9 4 2 - 0 . 0 0 2 - 0 . 0 3 9n 0 . 9 2 4 - 0 . 0 7 1 - 1 . 4 4 1 0 . 0 1 7 0 . 3 2 0 - 0 . 0 3 4 - 0 . 6 5 7s 0 . 6 0 6 0 . 0 1 7 0 . 2 9 1 0 . 0 1 4 0 . 2 4 7 0 . 0 3 4 0 . 3 6 09 0 . 6 4 6 0 . 0 1 2 0 . O O J 0 . 0 2 2 0 . 2 1 5 0 . 1 8 8 1 . 1 5 7
I 0 0 . 7 1 5 0 . 0 2 1 0 . 2 2 9 0 . 0 7 9 0 . 6 1 1 0 . 0 2 9 0 . 6 0 0] 1 1 . 0 8 5 0 . 0 4 8 0 . 4 1 3 0 . 0 0 9 0 . 1 6 8 - 0 . 1 8 1 - 1 . 9 7 6 [1 2 1 . 0 1 1 0 . 1 9 0 3 . 6 2 E - 0 . 0 5 E - 0 . 5 9 7 0 . 0 0 2 0 . 0 1 51 3 1 . 2 1 4 - 0 . 0 4 4 - 0 . 5 7 8 0 . 1 6 9 0 . 9 2 6 - 0 . 0 2 1 - 0 . 2 9 8\ 4 1 . 4 6 0 0 . 0 3 6 0 . 2 3 E 0 . 0 2 4 0 . 3 7 2 0 . 0 E 2 1 . 5 9 3I 5 1 . 1 6 7 0 . 0 6 4 0 . 9 1 4 0 . 0 4 6 1 . 2 6 6 0 . 0 3 2 0 . 4 3 31 6 0 . 9 E 4 0 0 6 7 1 . 6 2 5 - 0 . 0 2 2 - 0 . 2 6 5 - 0 . 1 0 7 - 0 . 4 1 71 7 0 . 7 0 3 - 0 . 0 3 9 - 0 . 3 5 8 0 . 1 7 6 0 . 7 4 4 0 . 1 3 9 1 . 5 5 51 E 0 5 1 6 0 1 6 3 0 . 9 5 E 0 . 0 3 2 0 . 2 5 4 - 0 . 0 3 2 - 0 . 3 8 9 1] 9 0 . 4 5 7 0 . 0 7 3 0 . 6 1 8 - 0 . 0 5 6 - 0 . 6 6 8 - 0 . 1 1 8 - 1 . 0 4 7 12 0 0 3 9 6 - 0 0 6 1 - 0 . E 1 0 - 0 . 1 E7 - 1 . 7 6 9 0 . 0 8 1 1 . 0 2 12 1 0 3 7 7 - 0 1 4 1 - 1 . 3 1 2 0 . 0 8 7 1 . 0 9 3 - 0 . 0 6 6 - 1 . 1 9 22 2 0 . 2 3 7 0 . 0 4 2 0 . 4 5 3 - 0 . 0 5 7 - 1 . 0 0 2 - 0 . 15 7 - 1 ., 0 5 12 3 0 . 6 1 1 0 . 0 3 1 0 . 3 4 5 - 0 . 2 6 2 - 1 . 6 8 9 - 0 . 0 3 9 - 0 . 6 1 42 4 0 . 3 3 7 - 0 . 1 0 0 - 0 . 6 9 6 - 0 ., 1 1 0 . 2 2 3 7 - 0 . 0 0 9 - 0 ,. 1 6 12 5 1 . 2 1 3 - 0 . 1 0 8 . 2 1 0 5 - 0 . 0 0 4 - 0 . 0 6 8 0 . 0 6 0 1 ., 2 6 22 6 1 . 3 E7 - 0 , O i l - 0 ,. 2 7 1 0 ,. 0 0 2 0 ,, 0 4 4 0 ,. 0 7 0 2 . 0 2 12 7 1 . 3 3 8 - 0 . 0 10 - 0 .. 2 5 0 0 . 13 3 4 . 4 2 2 0 . 0 4 4 0 ,. 8 3 12 E 1 ,, 6 2 4 0 . 1 3 2 4 . 0 3 3 0 . 1 1 1 2 ,, 2 1 7 - 0 . 2 8 7 . 2 . 5 6 82 9 1 ., 6 5 3 0 ., 1 0 7 2 . 3 6 6 - 0 .. 3 1 6 - 3 ., 0 0 5 - 0 ,, 1 1 4 - 1 . 3 7 63 0 1 ,. 0 8 9 - 0 . 0 9 0 - 1 . 1 3 7 - 0 . 1 1 1 - 1 . 3 3 0 0 . 1 1 2 2 . 4 2 13 ] 1 ,, 7 1 4 0 ,. 0 3 0 0 ,, 3 6 3 0 ,. 0 6 8 1 ,. 3 8 6 0 ,. 0 5 7 2 . 1 5 8
5 3 2 1 . 4 0 1 0 . 1 0 5 2 . 0 6 6 0 . 0 6 3 2 . 1 5 3 - 0 . 0 9 6 - 1 . 8 8 61 3 3 1 ,. 0 4 4 0 ,. 0 9 7 3 . 2 3 4 - 0 . 1 6 3 - 3 . 0 3 2 - 0 . 0 0 0 - 0 . 0 0 81 ^ 0 . 9 0 5 - 0 . 1 1 1 . 2 . 1 5 9 - 0 . 0 1 4 - 0 . 3 5 9 - 0 . 0 1 5 - 0 . 3 7 6
3 5 1 . 1 9 0 - 0 . 0 3 7 - 1 . 0 4 6 0 . 0 1 2 0 . 3 0 2 - 0 . 0 9 4 - 1 . 8 5 63 6 0 . 9 2 0 0 . 0 2 6 0 . 6 2 5 - 0 . 0 4 3 - 0 . 7 8 2 0 . 1 0 8 2 . 6 5 03 0 . 5 3 3 - 0 . 0 4 1 - 0 . 8 1 9 0 . 0 5 9 2 . 4 7 7 - 0 . 0 3 4 - 0 .. 7 5 2 I
i___ 3 E 0 . 3 9 0 0 . 0 7 8 o . 0 6 1 - 0 . 0 6 2 - 1 . 3 0 2 - 0 . 1 9 5 - 1 . 9 8 43 9 0 . 6 7 5 - 0 . 0 8 7 , 2 . 0 4 8 - 0 . 0 6 9 - 0 . 7 5 2 - 0 . 0 4 0 - 0 . 8 2 44 0 0 . 5 1 2 - 0 . 1 9 4 . 2 . 4 8 7 0 . 0 0 7 0 . 1 3 8 0 . 0 1 7 0 . 3 2 34 1 0 . 7 0 7 - 0 . DOS - 0 . 1 7 2 0 . 0 7 3 1 . 0 8 8 - 0 . 0 0 7 - 0 . 1 6 04 2 0 . 6 2 3 0 . 1 6 2 n . 3 3 8 - 0 . 0 4 6 - 1 . 0 3 2 - 0 . 0 7 6 . 2 . 1 5 94 3 0 . 7 9 3 0 . 0 2 5 0 . 6 3 1 - 0 . 1 0 6 . 2 . 5 9 6 0 . 0 7 2 1 . 3 8 84 4 0 . 8 5 7 - 0 . 0 5 9 - 1 . 5 2 7 0 . 0 5 9 1 . 0 7 2 - 0 . 0 4 1 - 0 . 7 2 04 5 0 . 7 6 0 0 . 0 0 3 0 . 0 6 4 - 0 . 0 5 1 - 0 . 8 7 7 - 0 . 1 7 8 - 3 . 7 2 74 6 1 . 0 4 5 - 0 . 0 9 3 - 1 . 5 4 3 - 0 . 1 9 3 - 3 . 5 0 1 - 0 . 1 0 3 - 1 . 7 2 34 7 1 . 2 3 1 - 0 . 1 3 6 . 2 . 4 4 7 - 0 . 0 4 3 - 0 . 7 3 8 - 0 . 0 6 8 - 1 . 4 3 24 E 1 . 3 3 6 - 0 . 0 0 2 - 0 . 0 3 6 - 0 . 1 1 6 - 3 . 2 4 0 - 0 . 0 0 0 - 0 . 0 0 74 9 0 . 9 4 8 - 0 . 1 0 7 . 2 . 4 9 9 0 . 0 2 8 0 . 5 5 0 0 . 0 4 3 1 . 3 4 05 0 0 . 8 8 6 0 . 0 4 7 0 . 8 4 5 0 . 0 2 7 0 . 8 7 3 0 . 0 4 2 1 . 2 5 85 1 0 . 9 1 4 - 0 . 0 0 6 - 0 . 1 5 5 0 . 0 2 8 0 . 9 2 5 - 0 . 0 7 3 - 1 . 0 2 7
A V E R A G E 0 . 9 2 9 - 0 . 0 0 4 0 . 0 1 4 - 0 . 0 1 6 - 0 . 1 4 8 - 0 . 0 2 2 - 0 1 7 7S T D S 0 . 3 6 1 0 . 0 9 1 1 . 5 9 9 0 . 0 9 9 1 . 5 3 8 0 . 0 9 4 1 . 4 4 2
4 1
P E R F O R M A N C E D U R I N G S M O N T H SS T M O N B W / B L D I F 1 T 1 D I F 2 T 2 D I F 3 T 3
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1 0 0 . 8 3 4 0 . 0 7 6 0 . 6 1 6 0 . 0 1 3 0 . 2 6 6 - 0 . 2 4 2 . 2 9 8 ' ’1 1 0 . 8 4 9 0 . 0 9 5 1 . 9 4 9 - 0 . 1 3 1 - 1 . 3 8 4 0 . 1 0 9 0 . 6 8 6I 2 0 9 8 7 - 0 . 0 5 1 - 0 . 6 4 5 0 . 1 6 2 0 . 8 0 3 - 0 . 0-7 6 - 1 . 1 3 91 3 1 . 0 3 9 0 . 1 6 9 0 . 9 2 1 0 . 0 1 8 0 . 2 5 5 0 . 0 6 7 1 . 2 2 91 4 1 5 2 4 0 . 0 9 3 1 . 2 5 2 0 . 1 1 4 1 . 9 0 8 - 0 . 0 2 2 - 0 . 2 9 41 5 0 . 9 5 2 0 . 0 5 7 1 . 4 4 1 0 . 0 2 5 0 . 2 9 4 - 0 . 0 8 3 - 0 . 2 9 2I 6 1 0 4 9 0 . 0 7 1 0 . 8 5 4 0 . 2 5 7 0 . 9 0 8 0 . 1 2 6 1 . 3 1 61 7 0 7 3 0 0 . 2 6 4 1 . 1 3 6 0 . 0 4 4 0 . 4 6 5 - 0 . 0 0 6 - 0 . 0 7 8I s 0 4 3 2 0 . 1 8 8 1 . 8 4 9 - 0 . 0 8 2 - 1 . 0 5 4 - 0 . 0 5 4 - 0 . 4 7 71 9 0 4 S 4 - 0 . 0 3 0 - 0 . 4 0 8 - 0 . 0 9 7 - 0 . 8 1 3 0 . 0 4 9 0 . 5 5 12 0 0 3 9 8 - 0 1 7 0 - 1 . 5 1 3 0 . 1 1 0 1 . 4 3 3 - 0 . 0 3 9 - 0 . 4 2 02 1 0 4 9 8 0 . 0 9 8 1 . 2 2 9 - 0 . 0 2 0 - 0 . 3 4 1 - 0 . 0 9 3 - 0 . 6 5 32_2_ 0 ., 3 2 9 - 0 . 0 4 9 - 0 . 8 6 9 - 0 . 0 7 8 - 0 . 4 0 7 - 0 . 0 6 2 - 1 . 1 5 92 3 0 . 3 8 5 - 0 . 2 5 8 - 1 . 6 2 7 - 0 . 1 2 9 . 2 3 9 1 - 0 . 0 1 6 - 0 . 2 6 22 4 0 , 4 6 0 > 0 . 0 7 8 - 1 ,, 6 9 8 - 0 . 0 3 8 - 0 ,. 6 3 6 0 . 0 0 9 0 ,, 1 9 22 5 1 . 2 2 2 - 0 . 0 2 0 - 0 . 3 3 3 0 . 0 3 8 0 . 8 9 1 0 . 0 6 5 1 . 8 2 92 6 1 , 2 2 3 - 0 . 0 4 1 - 1 , 0 5 7 0 . 0 6 1 1 ,. 7 0 9 0 . 0 4 4 0 ,. 8 1 12 7 1 .. 6 0 5 0 . 1 2 1 3 ,, 8 0 9 0 . 0 5 1 1 .. 0 0 8 - 0 . 1 6 4 - 1 ., 4 1 92 S 1 . 9 1 6 0 . 0 9 0 1 . 7 1 0 - 0 . 2 8 4 - 2 ,. 5 3 3 - 0 . 1 3 8 - 1 . 4 6 42 9 1 . 3 2 6 - 0 . 1 9 5 - 1 ,. 8 8 7 - 0 . 1 2 0 - 1 ,. 4 2 5 0 . 1 2 1 2 . 5 5 03 0 1 . 5 3 7 - 0 ., 0 7 0 - 0 . 8 5 1 0 . 0 9 2 1 . 8 5 3 0 ,, 0 6 6 2 . 6 9 23 1 1 . 3 8 9 0 . 0 8 5 1 . 7 7 1 0 . 0 5 0 1 . 9 8 6 - 0 . 1 2 4 - 2 . 3 1 43 2 1 . 0 7 2 0 ,, 0 6 9 2 . 0 3 6 - 0 ,, 1 4 8 . o . 5 4 5 0 ,. 0 2 1 0 . 7 1 73 3 1 . 1 0 1 - 0 ,, 1 0 7 - 2 . 0 5 7 0 . O i l 0 . 3 4 8 0 .. 0 7 8 1 . 7 8 03 4 1 . 1 5 0 0 . 0 0 3 0 . 0 7 6 0 ,. 0 0 6 0 . 1 3 0 ■ 0 . 1 5 3 - 3 . 8 1 43 5 1 . 0 0 4 0 . 0 2 7 0 . 6 4 2 - 0 ,, 0 5 1 - 0 . 8 8 3 0 ,. 1 1 5 2 . 9 4 23 6 0 . 8 8 1 0 . 0 0 4 0 . 0 6 2 0 . 0 7 7 2 . 6 0 7 - 0 . 0 0 6 - 0 . 1 5 03 7 0 . 6 0 3 0 . 1 0 0 3 . 7 0 4 - 0 . 0 1 8 - 0 . 4 2 8 - 0 2 2 3 , 2 . 2 6 43 % 0 . 5 3 6 - 0 . 0 0 7 - 0 . 1 2 4 - 0 . 0 6 7 - 0 . 6 7 9 - 0 . 0 0 5 - 0 . 1 1 13 9 0 . 5 5 8 - 0 . 1 5 0 - 1 . 6 8 5 - 0 . 0 6 1 - 1 . 2 1 8 0 . 0 1 4 0 . 1 9 34 0 0 . 8 0 6 0 . 0 0 3 0 . 0 6 7 0 . 1 5 1 n . 2 8 9 ‘ 0 . 0 6 8 - 1 . 4 7 44 1 0 . 5 0 4 0 . 1 5 4 2 . 1 7 3 - 0 . 0 1 9 - 0 . 4 4 4 - 0 . 0 9 2 , 2 . 4 5 24 2 0 . 8 8 9 0 . 0 2 3 0 . 5 0 2 - 0 . 1 2 4 . 2 . 8 7 1 0 . 0 6 5 1 . 0 7 94 3 0 . 8 2 1 - 0 . 0 5 5 - 1 2 2 1 0 . 0 6 5 1 . 1 6 8 - 0 . 0 6 1 - 1 . 0 2 24 4 0 . 8 7 4 0 . 0 2 6 0 . 5 1 0 - 0 . 0 7 3 - 1 . 2 0 3 - 0 . 1 6 5 - 3 . 0 1 94 5 1 . 0 7 0 - 0 . 1 1 5 - 1 . 8 6 3 - 0 . 1 9 6 - 3 . 6 6 1 - 0 . 1 2 2 - 1 . 9 7 44 6 0 . 8 7 0 - 0 . 1 8 9 - 3 . 8 6 6 - 0 . 0 9 1 - 1 . 4 5 9 - 0 . 1 1 5 . 2 . 3 7 64 7 1 . 0 0 9 - 0 . 0 5 7 • 0 . 9 2 1 - 0 . 0 7 4 - 1 . 4 8 8 0 . 0 7 9 1 . 7 5 74 8 1 . 5 3 2 - 0 . 1 0 0 - 2 . 2 1 1 0 . 0 2 2 0 . 4 2 0 0 . 0 4 8 1 . 5 3 84 9 0 . 9 5 1 - 0 . 0 1 9 - 0 . 3 5 0 0 . 0 0 4 0 . 1 1 8 0 . 0 5 6 1 . 5 7 55 0 0 . 7 0 9 - 0 . 0 2 0 - 0 . 5 4 2 0 . 0 0 0 0 . 0 0 8 - 0 . 0 7 3 - 0 . 9 7 7
A V E R A G E 0 . 9 2 9 - 0 . 0 0 4 - 0 . 0 1 1 - 0 . 0 1 2 - 0 . 1 5 4 - 0 . 0 1 5 - 0 . 0 9 6S T D S 0 . 3 6 3 0 . 1 0 5 1 . 5 3 5 0 . 0 9 8 1 . 3 8 5 0 . 0 9 3 1 . 5 7 6
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1 0 0 7 0 0 0 . 0 8 9 1 . 7 9 7 - 0 . 1 4 4 - 1 . 4 3 3 0 . 1 1 6 0 . 7 0 5] 1 0 8 8 8 - 0 . 3 3 5 - 3 . 2 7 2 0 . 3 4 3 0 . 8 9 6 - 0 . 0 7 5 - 3 . 0 8 31 2 0 7 4 0 0 . 2 6 9 1 . 3 4 0 - 0 . 0 6 0 - 0 . 8 9 7 0 . 0 5 7 0 . 9 5 9] 3 1 3 5 0 0 . 3 6 5 2 6 5 6 0 . 3 2 3 3 . 5 8 7 0 . 0 3 3 0 . 3 2 6I 4 0 9 9 2 0 . 0 6 3 1 . 5 7 8 0 . 0 9 1 1 . 0 1 6 - 0 . 1 0 1 - 0 . 3 5 41 5 0 7 7 9 0 . 3 4 9 3 . 7 7 3 0 . 1 0 5 0 . 3 9 4 0 . 3 4 9 3 . 5 3 2I 6 1 0 5 9 0 . 4 0 3 1 . 5 6 9 0 . 0 6 9 0 . 7 0 1 0 . 0 2 9 0 . 4 3 01 7 0 4 5 9 0 . 2 0 3 2 3 9 7 - 0 . 0 2 9 - 0 . 3 8 6 0 . 0 2 3 0 . 3 0 6I 8 0 . 3 4 0 - 0 . 0 0 1 - 0 . 0 1 6 - 0 . 1 2 4 - 1 . 0 8 5 0 . 0 5 2 0 . 6 1 6] 9 0 4 6 6 - 0 . 3 7 8 - 3 . 5 5 4 0 . 3 4 7 3 . 8 3 3 - 0 . 3 6 9 - 2 . 7 3 22 0 0 . 3 9 0 0 . 1 4 3 1 . 7 5 0 0 . 0 0 0 0 . 0 0 0 - 0 , 4 0 3 - 2 . 1 3 92 ] 0 . 4 3 7 - 0 . 0 3 9 - 0 . 2 0 4 - 0 . 3 5 9 - 3 . 0 0 8 - 0 . 0 7 3 - 3 . 3 0 72 2 0 . 4 3 2 - 0 . 1 6 1 - 1 ., 1 1 1 - 0 . 1 0 8 - 1 , 9 6 8 - 0 . 0 0 7 - 0 . 1 3 52 3 0 . 7 0 5 - 0 . 0 8 4 - 3 . 7 5 3 - 0 . 0 0 3 - 0 . 0 2 4 - 0 . 0 2 9 - 0 . 7 3 32 4 0 . 5 2 5 - 0 . 0 1 2 - 0 ,, 2 0 2 0 . 0 0 4 0 . 0 8 8 0 . 0 5 5 1 . 4 3 12 5 1 . 0 3 2 - 0 . 0 4 6 - 1 . 3 6 3 0 . 0 3 8 0 ., 9 7 8 - 0 . 0 3 2 - 0 . 3 8 72 6 1 . 6 9 0 0 . 0 6 6 1 ,. 7 4 0 0 . 0 4 8 0 . 9 0 8 - 0 . 1 5 3 - 1 . 2 4 72 7 1 . 6 5 2 0 . 0 5 2 3 .. 0 4 6 - 0 . 3 6 5 - 3 .. 4 0 4 - 0 . 3 0 5 - 3 . 3 0 32 8 1 . 6 7 4 - 0 . 2 5 4 - 2 . 1 8 4 - 0 ., 1 7 0 - 1 . 7 0 8 0 . 0 6 1 1 . 1 8 72 9 1 . 6 9 0 - 0 . 0 8 6 - 0 . 9 9 3 0 . 0 7 3 3 . 5 3 9 0 . 0 6 0 2 . 1 9 23 0 1 . 5 2 0 0 . 0 7 9 1 . 5 1 5 0 ,, 0 2 4 0 . 9 4 0 - 0 . 1 2 6 - 2 . 3 7 13 1 1 . 3 8 7 0 . 0 5 2 3 ,. 8 9 7 - 0 . 3 7 4 . 2 . 9 2 5 - 0 . 0 5 5 - 3 . 5 3 03 2 1 . 0 5 4 - 0 . 0 9 7 - 1 . 6 5 0 0 . 0 1 6 0 . 5 4 9 0 . 0 9 0 1 . 8 5 73 3 1 . 2 4 3 - 0 . 0 3 5 - 0 . 4 7 9 0 ., 0 5 3 3 . 2 2 6 - 0 . 3 4 7 - 4 . 3 7 23 4 1 . 0 8 9 - 0 . 0 0 9 - 0 . 2 0 1 - 0 . 1 1 7 - 2 . 2 4 6 0 ,. 1 0 5 2 . 4 6 33 5 3 . 0 4 9 - 0 . 0 3 6 - 0 . 6 2 8 0 ,. 0 6 3 2 . 3 6 3 - 0 ., 0 5 4 - 0 . 9 8 63 6 1 . 3 1 1 0 . 1 1 3 3 . 7 7 4 - 0 . 0 5 3 - 0 . 9 6 6 - 0 . 2 3 3 - 2 . 1 3 93 7 0 . 5 8 0 - 0 . 0 0 9 - 0 . 2 0 0 - 0 . 3 9 9 - 2 . 0 2 5 - 0 ,, 3 0 2 - 2 . 3 4 43 8 0 . 4 4 8 - 0 . 1 9 2 - 1 . 9 2 0 - 0 . 0 1 2 - 0 . 2 4 4 - 0 . 0 1 0 - 0 . 1 3 63 9 0 . 6 3 0 - 0 . 0 2 2 - 0 . 4 4 5 0 . 0 7 7 3 . 4 3 6 - 0 . 0 3 3 - 0 . 7 8 74 0 0 . 7 3 7 0 . 1 3 9 1 . 9 9 0 - 0 . 0 4 2 - 0 . 8 8 8 - 0 . 0 8 5 - 2 . 1 9 64 1 0 . 9 3 4 0 . 0 5 8 3 . 3 9 6 - 0 . 3 2 4 . 2 . 7 9 7 0 . 0 9 2 3 . 4 4 84 2 0 . 7 6 5 - 0 . 0 4 5 - 1 . 3 3 6 0 . 1 1 2 1 . 9 1 8 - 0 . 0 4 4 - 0 . 6 4 54 3 0 . 8 0 9 - 0 . 0 0 5 - 0 . 3 0 8 - 0 . 3 3 8 - 3 . 7 4 0 - 0 . 3 5 2 - 2 . 6 0 74 4 0 . 8 2 1 - 0 . 1 4 8 - 2 . 2 4 1 - 0 . 2 1 7 - 4 . 2 1 4 - 0 . 0 5 8 - 1 . 1 0 44 5 0 . 8 7 8 - 0 . 3 5 3 - 3 . 0 5 9 - 0 . 0 7 6 - 3 . 2 3 2 - 0 . 3 3 3 - 2 . 2 9 74 6 0 . 9 8 5 - 0 . 0 5 8 - 0 . 8 6 9 - 0 . 1 2 4 - 2 . 5 0 7 0 . 0 5 3 1 . 1 1 54 7 1 . 3 4 7 - 0 . 0 8 3 - 3 . 5 5 7 0 . 0 8 4 3 . 6 9 5 0 . 0 3 9 1 . 2 2 94 8 1 . 2 4 6 0 . 0 1 6 0 . 2 8 3 0 . 0 4 8 1 . 4 7 2 0 . 0 5 9 1 . 5 1 84 9 0 . 9 0 6 - 0 . 0 3 9 - 0 . 9 7 2 0 . 0 2 4 0 . 7 9 6 - 0 . 3 0 9 - 2 . 0 9 5
A V E R A G E 0 . 9 2 9 0 . 0 0 0 - 0 . 0 0 8 - 0 . 0 1 5 - 0 . 1 8 3 - 0 . 0 2 6 - 0 . 3 0 4S T D S 0 . 3 5 5 0 . 3 2 4 3 . 5 3 6 0 . 0 9 7 3 . 5 4 4 0 . 3 0 8 1 . 6 0 0
43
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1 1 . 0 2 9 - 0 . 0 0 1 - 0 . 0 0 9 0 . 0 8 3 3 . 6 8 4 0 . 3 9 4 2_ 2 6 0n 0 . 9 9 9 - 0 . 0 1 3 - 0 . 2 9 ' ’ 0 . 0 9 6 9 4 6 - 0 . 0 5 7 - 0 . 8 8 43 1 . 1 2 5 0 . 0 2 6 0 . 5 8 7 - 0 . 0 9 2 - 3 . 5 8 3 - 0 . 0 7 4 . o 3 8 34 0 . 9 9 7 - 0 . 0 8 2 - 1 . 3 6 ' " 0 . 0 3 6 0 . 6 0 2 - 0 . 0 7 7 - 1 . 4 1 85 0 . 8 9 2 0 . 0 4 1 0 . 6 9*" - 0 . 0 2 7 - 0 . 4 6 4 - 0 . 0 7 0 - 0 . ft K
6 0 8 3 6 - 0 . 0 0 5 - 0 . 0 8 4 - 0 . 0 3 6 - 0 . 4 1 0 0 . 0 5 0 0 . 3 7 0n 1 . 0 5 8 - 0 . 0 3 7 - 0 . 4 3 6 0 . 0 6 8 0 . 5 0 5 0 . 0 5 8 3 . 0 4 ' '8 0 7 '■> o 0 . 0 3 4 0 . 2 4 9 0 . 0 3 7 0 . 7 6 2 - 0 . 2 5 9 - 3 . 3 0 29 0 7 2 0 0 . 1 2 5 o 4 3 5 - 0 . 0 9 3 - 0 . 8 6 7 0 . 0 8 1 0 . 4 5 9
1 0 0 7 1 9 - 0 . 1 6 0 - 1 . 6 1 0 0 . 0 9 6 0 . 5 7 6 - 0 . 0 7 5 - 1 . 2 0 21 ] 0 7 3 6 0 . 0 7 6 0 . 4 8 2 - 0 . 0 3 6 - 0 . 2 5 0 0 . 0 4 7 0 . 7 6 91 2 0 8 9 3 0 . 0 1 1 . 1 0 9 0 . 0 8 7 1 . 3 9 5 0 . 0 4 0 0 . 4 0 91 3 0 9 0 5 0 . 0 3 8 0 . 9 8 3 0 . 0 9 6 3 . 0 3 8 - 0 . 0 7 2 - 0 . 2 3 81 4 0 9 8 9 0 . 0 5 1 0 . 5 4 6 0 . 1 7 4 0 . 6 1 2 0 . 1 0 9 1 . 0 7 2] 5 0 8 8 0 0 . 3 4 8 1 . 3 5 1 0 . 0 9 7 ' 0 . 9 6 3 - 0 . 0 2 0 - 0 . 2 5 61 6 0 5 3 3 0 . 3 7 8 3 . 5 6 3 - 0 . 0 9 1 - 1 . 4 2 8 0 . 0 2 4 0 . 3 5 91 7 0 4 5 2 0 . 0 0 2 0 . 0 2 2 ► 0 . 0 0 6 - 0 . 0 8 7 0 . 3 6 2 2 . 3 4 91 8 0 3 7 2 - 0 . 0 5 3 - 0 . 4 2 3 0 . 1 3 7 1 ,, 5 0 6 - 0 . 0 9 5 > 1 . 8 1 61 9 0 4 5 3 0 . 3 7 8 _____2_ 2 3 6 - 0 . 3 4 4 . 2 5 9 4 - 0 . 3 5 3 ‘ 3 . n n q
2 0 0 4 7 5 - 0 0 1 6 - 0 . 1 6 6 - 0 . 4 5 4 - 2 ,, 5 2 8 - 0 . 0 4 7 - 0 ., 7 7 12 1 0 . 5 4 2 - 0 . 3 6 2 - 3 . 0 5 9 - 0 . 1 0 6 - 1 .. 7 6 3 - 0 . 0 7 9 - 1 . 3 8 32 2 0 ., 6 8 5 - 0 . 0 6 8 - 1 ., 2 7 9 - 0 . 0 1 2 - 0 ,. 2 2 8 0 . 0 4 0 0 ., 9 8 02 3 0 . 8 2 4 - 0 . 0 1 5 - 0 . 2 5 3 0 . 0 0 4 0 . 0 9 3 0 . 0 6 7 2 2 0 32 4 0 ,. 3 2 4 - 0 . 0 0 7 - 0 ,, 1 7 2 0 . 0 6 9 1 . 7 8 5 0 . 0 6 7 1 ,. 2 4 02 5 1 .. 2 0 8 0 . 0 4 7 1 . 1 3 6 - 0 . 0 0 3 - 0 ,, 0 5 1 - 0 . 0 7 7 - 0 ., 7 8 12 6 1 . 4 1 5 0 . 0 7 8 1 ,. 5 2 1 - 0 . 1 6 9 - 1 . 3 8 4 - 0 . 0 5 9 - 0 . 9 2 42 7 1 ,, 3 5 0 - 0 . 0 4 8 - 0 ., 3 7 5 - 0 . 1 3 3 - 1 ,. 5 9 6 0 . 0 9 1 1 .. 6 5 42 8 1 . 6 7 8 - 0 . 0 2 5 - 0 . 2 9 9 0 . 0 2 2 0 . 4 1 5 0 . 0 7 5 2 . 4 0 02 9 1 ,, 6 3 0 0 . 0 5 1 3 ., 3 2 3 0 . 0 4 8 3 . 6 7 2 - 0 . 3 2 5 . 2 . 2 6 43 0 1 . 7 0 7 0 ., 0 5 7 1 . 9 3 9 - 0 . 1 5 7 - 2 . 5 8 5 - 0 . 0 6 9 - 1 . 7 9 03 1 1 ,. 4 6 5 - 0 . 3 3 6 . 2 . 3 5 3 - 0 . 0 2 0 - 0 . 5 9 5 0 . 0 2 8 0 ,. 5 4 23 2 1 . 2 0 8 0 ., 0 3' :^ 0 . 9 7 1 0 . 0 7 1 1 . 5 7 1 - 0 . 1 8 8 - 4 . 4 8 83 3 1 . 3 6 1 0 . 0 2 0 0 ,. 4 2 7 - 0 . 3 3 4 _ 2 . 7 9 3 0 . 3 5 6 3 ,. 3 5 43 4 1 . 0 0 5 - 0 ,, 1 0 6 - 1 . 9 7 6 0 ,, 0 7 5 . 4 6 3 - 0 ,, 0 4 0 - 0 . 6 6 73 5 1 . 2 9 5 0 ., 3 3 2 3 . 5 0 2 - 0 . 0 2 8 - 0 . 5 1 3 - 0 . 2 2 3 . 2 . 0 4 13 6 1 . 1 2 7 - 0 . 0 0 1 - 0 . 0 1 6 - 0 . 2 1 3 - 1 . 8 2 2 - 0 ,, 0 7 2 ■ 1 . 5 3 93 7 0 . 5 9 7 - 0 ,, 2 3 6 . 2 . 3 4 9 - 0 ., 0 8 2 - 3 . 6 9 6 - 0 . 0 3 9 - 0 . 4 8 43 8 0 . 5 9 9 0 . 0 2 8 0 . 5 8 9 0 . 0 9 0 1 . 6 1 7 - 0 . 0 5 4 - 1 . 2 7 03 9 0 . 8 2 0 0 . 3 4 4 2 . 0 6 0 - 0 ,. 0 1 2 - 0 . 2 5 0 - 0 . 0 9 8 - 2 . 3 5 84 0 0 . 8 9 8 0 . 0 4 8 1 . 1 4 8 - 0 . 1 1 1 - 2 . 9 6 6 0 . 0 4 8 0 . 9 1 54 1 0 . 8 0 7 - 0 . 0 9 6 . 2 . 5 6 4 0 ,. 0 7 2 1 . 3 0 4 - 0 ,, 0 0 5 - 0 . 0 7 34 2 0 . 8 0 8 0 . 0 2 7 0 . 5 0 1 ■ 0 . 0 6 1 - 0 . 8 5 3 - 0 . 1 4 1 - 2 . 3 4 24 3 0 . 8 4 7 - 0 . 3 8 8 - 3 . 1 3 1 - 0 . 3 3 4 . 2 . 4 9 1 - 0 ,. 0 8 0 - 1 . 4 2 64 4 0 . 7 5 2 - 0 . 1 6 6 - 2 . 9 8 4 - 0 . 0 8 0 - 1 . 3 7 4 - 0 . 1 0 6 - 1 . 9 7 14 5 0 . 9 9 0 - 0 . 0 8 1 - 1 . 2 1 7 - 0 . 1 5 7 - 3 . 7 9 7 0 . 0 2 9 0 . 6 6 04 6 1 . 1 0 7 - 0 . 1 2 0 - 2 . 1 5 0 0 . 0 5 3 1 . 0 0 2 0 . 0 4 8 1 . 3 9 24 7 1 . 6 4 7 0 . 0 2 4 0 . 4 1 8 0 . 0 2 6 0 . 7 2 9 0 . 0 8 0 2 . 3 4 54 8 1 . 3 7 4 0 . 0 1 1 0 . 2 7 5 0 . 0 0 9 0 . 3 1 7 - 0 . 0 8 0 - 1 . 0 5 1
A V E R A G E 0 . 9 5 5 0 . 0 0 5 0 . 0 7 2 - 0 . 0 2 1 - 0 . 2 3 8 - 0 . 0 2 6 - 0 . 3 3 3S T D S 0 . 3 5 3 0 . 1 1 6 1 . 5 3 3 0 . 1 1 2 1 . 5 8 1 0 . 1 0 7 1 . 6 6 3
44
P E R F O R M A N C E D U R I N G 1 1 M O N T H SS T M O N B / B L D I F 1 T 1 D I F 2 T 2 D I F S T 3
1 1 0 3 2 0 . 0 0 4 0 . 0 9 5 0 . 0 7 6 3 . 9 S 3 - 0 . 0 7 7 > 3 . 3 5 42 0 9 5 4 0 . 0 5 0 1 . 0 3 E - 0 . 0 6 2 - 0 . 9 7 4 - 0 . 0 5 5 - 1 . 5 4 03 1 0 7 3 - 0 . 0 7 3 - 3 . 2 3 5 - 0 . 0 4 5 - 3 . 3 2 3 - 0 . 0 8 6 - 3 . 5 5 44 0 9 2 ^ c . 0 4 9 0 . 8 5 3 - 0 . 0 6 6 - 1 . 2 6 0 - 0 . 0 7 5 - 0 . 8 1 05 0 9 5 2 - 0 . 0 2 8 - 0 . 4 7 S - 0 . 0 5 3 - 0 . 5 5 6 0 . 0 7 8 0 . 5 3 36 1 0 1 9 0 . 0 0 3 0 . 0 3 1 0 . 0 9 2 0 . 6 8 6 - 0 . 0 0 7 - 0 . 1 4 2n 1 0 3 2 0 . n n 0 . 9 4 9 - 0 . 0 3 3 - 0 . 3 8 5 - 0 . 3 4 0 - 3 . 2 4 2E 0 7 2 1 0 . 1 2 5 n 7 1 4 - 0 . 0 9 5 - 0 . 8 9 9 0 . 1 1 3 0 . 6 3 69 0 6 S 2 - 0 . 3 2 9 - 3 . 2 3 S 0 . 3 6 2 0 . 9 3 6 - 0 . 0 9 2 - 3 . 3 4 9
1 0 0 . 6 1 6 0 . 1 3 6 0 . 8 2 7 - 0 . 0 3 8 - 0 . 6 1 9 - 0 . 0 4 1 - 1 . 0 5 81 1 0 8 9 3 0 . 3 3 3 3 . 5 8 8 0 . 3 3 3 3 . 6 8 9 - 0 . 0 2 4 - 0 . 2 3 31 2 0 . 7 4 5 0 . 0 4 6 1 . 2 2 E 0 . 1 0 6 1 . 1 1 7 - 0 . 1 8 9 - 0 . 6 1 71 3 0 6 4 8 0 . 3 8 4 2 0 9 2 0 . 3 5 2 0 . 5 4 3 0 . 0 9 3 3 . 3 3 81 4 0 . 9 6 6 0 . 5 E 0 1 . 8 E 2 0 . 0 4 9 0 . 4 5 5 - 0. . 0 2 4 - 0 . 3 2 81 5 0 5 7 8 0 . 2 5 0 2 4 6 9 - 0 . 0 5 2 - 0 . 7 7 9 0 . 0 0 5 0 . 0 7 31 6 0 . 5 2 5 - 0 . 0 6 7 - 0 . 9 6 0 0 . 0 1 3 0 . 1 8 9 0 . 1 7 9 _____2_ 1 5 6] 7 0 . 4 7 3 0 . 0 6 2 0 . 9 7 6 0 . 3 8 6 2_ 3 0 4 - 0 . 3 5 9 - 2 . 6 8 51 E 0 . 3 E 5 0 . 1 1 3 1 . 3 0 3 - 0 . 0 9 3 - 1 ., 4 5 1 - 0 . 3 5 0 - 1 ., 7 4 5] 9 0 . 5 2 6 - 0 . O S S - 3 . 4 9 9 - 0 . 3 3 8 . 2 3 3 3 - 0 . 0 3 6 - 0 . 6 6 02 0 0 . 5 2 1 - 0 . 3 4 E - 1 . 8 6 4 - 0 . 1 0 6 - 1 ,, 8 8 0 - 0 . 0 7 1 - 1 ,. 2 2 92 1 0 . 8 3 3 - 0 . 0 6 8 - 3 . 2 5 9 - 0 . 0 5 3 - 0 . 9 3 9 0 . 0 0 6 0 . 3 3 3o o 0 . 5 2 3 0 . 0 0 9 0 . 1 6 3 0 . 0 0 6 0 . 1 1 2 0 . 0 5 4 1 ,. 5 2 62 3 0 . 5 7 9 - 0 . 0 6 7 - 3 . 7 7 5 0 . 0 5 9 2 0 7 0 0 . 0 8 6 3 . 4 7 02 4 0 . 3 3 6 0 . 0 4 0 0 ,, 9 4 7 0 . 0 2 6 0 . 4 7 8 - 0 . 1 2 7 - 1 . 2 5 42 5 1 . 3 8 4 0 . 0 2 3 0 . 4 2 4 - 0 . 3 2 6 - 3 .. 3 4 1 - 0 . 0 9 6 - 3 ,. 3 3 42 6 1 . 1 2 6 - 0 . 0 9 0 - 0 ,, 7 1 8 - 0 . 0 7 0 - 1 . 0 9 8 0 . 1 0 2 1 . 7 1 92 7 1 . 3 3 0 - 0 . 0 4 8 - 0 . 5 6 9 0 . 0 4 6 0 .. 7 7 4 0 . 0 6 2 2 . 3 2 72 E 1 . 6 1 9 0 . 0 2 6 0 ,, 5 1 4 0 . 0 8 3 2 . 7 0 8 - 0 . 1 3 5 - 2 . 2 2 32 9 2 . 0 6 3 0 . 0 5 2 3 .. 8 5 0 - 0 . 3 6 6 . 2 , 7 3 5 - 0 . 0 6 0 - 3 . 5 7 6 .3 0 1 . 5 7 5 - 0 . 1 3 5 - 2 . 1 7 2 - 0 . 0 5 3 - 1 . 3 7 3 0 . 0 4 5 0 . 7 9 13 1 1 . 3 3 7 - 0 . 0 6 0 - 3 .. 6 8 5 0 . 0 5 7 3 ,, 0 3 7 - 0 . 3 2 4 - 2 . 3 3 23 2 1 . 6 5 0 0 . 0 5 E 1 . 1 3 7 - 0 . 1 9 3 - 4 . 4 3 7 0 . 1 2 7 2 . 8 3 33 3 1 . 2 9 5 - 0 . 0 7 9 - 3 ,. 5 0 4 0 . 3 2 4 3 . 3 9 3 ' 0 . 0 6 8 - 3 . 0 7 03 4 1 . 2 6 3 0 . 0 8 4 2 . 6 5 8 - 0 . 0 3 4 - 0 . 5 6 2 - 0 . 3 7 1 - 3 . 3 6 33 5 1 . 3 8 7 - 0 . 0 2 3 - 0 . 3 9 3 - 0 . 2 2 3 . 2 . 0 0 5 - 0 . 0 2 8 - 0 . 6 5 63 6 1 . 5 E 0 - 0 . 2 7 E . 2 . 4 4 8 - 0 . 0 4 8 - 1 . 0 6 9 0 . 0 1 4 0 . 1 5 03 7 0 . 6 4 3 - 0 . 0 4 0 - 0 . 8 7 3 0 . 0 4 8 0 . 7 6 S 0 . 0 2 5 0 . 5 6 53 S 0 . 5 1 2 0 . 1 1 9 1 . 9 5 8 - 0 ,, 0 2 2 - 0 . 5 1 9 - 0 . 0 5 5 - 1 . 2 8 83 9 0 . 8 9 3 0 . 0 S 2 3 . 9 4 3 - 0 . 3 0 0 _ 2 . 3 4 9 0 . 0 6 6 3 . 0 5 24 0 0 . 7 9 6 - 0 , 0 9 6 . 2 . 3 7 8 0 ,. 0 5 3 0 . 9 6 9 - 0 ., 0 2 5 - 0 . 3 5 24 1 0 . 7 8 3 0 . 0 2 9 0 . 5 4 3 - 0 ., 0 4 2 • 0 . 5 5 2 - 0 . 3 2 6 - 3 . 9 4 04 2 0 . 5 4 6 - 0 .. 1 1 3 . 2 . 6 8 7 - 0 . 1 3 7 - 2 . 4 3 5 - 0 ,, 0 9 0 - 1 . 6 8 64 3 0 . 7 3 2 - 0 . 3 2 8 . 2 . 3 6 8 - 0 ., 0 7 4 - 3 . 2 3 9 - 0 . 1 2 3 . 2 . 2 8 94 4 0 . 9 8 3 - 0 ., 0 4 4 - 0 . 8 2 4 - 0 . 1 3 2 - 2 . 4 8 1 0 ,, 0 0 3 0 . 0 6 14 5 3 . 3 3 3 - 0 . 3 3 8 _ 2 . 3 9 3 0 ., 0 4 3 0 . 8 4 3 0 . 0 6 3 3 . 8 7 94 6 0 . 9 1 9 0 ,, 0 2 7 0 . 4 7 8 0 . 0 6 6 1 . 7 2 1 0 . 0 8 2 2 . 0 0 24 7 3 . 9 2 9 0 . 0 0 9 0 . 2 3 4 0 . 0 2 8 0 . 8 9 3 - 0 ., 0 6 2 - 0 . 8 2 4
A V E R A G E 0 . 9 4 7 0 , 0 0 7 0 . 0 0 0 - 0 . 0 1 7 - 0 . 2 4 4 - 0 . 0 3 6 - 0 . 3 6 8S T D S 0 . 4 0 5 0 . 3 4 0 3 . 5 3 2 0 ,, 3 0 4 3 . 5 8 9 0 , 3 0 9 3 . 4 5 5
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a v e r a g e 0 . 9 4 3 0 . 0 0 3 0 . 0 0 4 - 0 . 0 2 7 - 0 . 3 3 9 - 0 . 0 3 9 - 0 . 4 1 9S T D S 0 . 3 7 8 0 . 1 3 9 1 . 6 2 8 0 ,. 1 1 0 1 . 5 8 0 0 .. 1 2 1 1 . 5 3 7
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A V E R A G E 0 . 880 - 0 . 0 0 4 - 0 . 086 - 0 . 0 0 4 - 0 . 033 0 . 0 3 0 0 . 005S T D S 0 .17 1 0 . 1 5 3 1 . 976 0 . 1 6 6 2 . 074 0 . 18 5 2 . 578
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1 1 . 0 5 1 0 . 1 0 0 - 1 . 1 3 0 0 . 1 4 7 2 . 0 3 5 - 0 . 1 7 2 - 5 .. 1 1 82 0 . 8 5 6 0 . 0 8 5 2 . 0 2 2 - 0 . 2 1 2 - 5 . 6 2 6 0 . 2 7 3 3 .. 7 3 73 1 . 3 4 1 - 0 . 2 1 0 - 5 . 6 8 6 0 . 2 3 5 2 . 6 2 4 - 0 . 0 9 1 - 1 ,. 6 0 44 0 . 8 5 6 0 . 2 7 3 3 . 7 3 7 - 0 . 0 3 6 - 0 . 7 3 6 0 . 1 4 5 0 . 8 0 25 0 . 8 0 6 0 . 0 1 3 0 . 3 0 9 - 0 . 1 2 9 - 1 . 4 9 8 0 . 0 7 5 2 ,. 1 6 36 0 . 9 3 2 0 . 0 5 6 0 . 4 7 9 0 . 0 8 9 2 . 4 2 9 0 . 3 0 6 1 ,, 7 2 07 0 . 9 6 2 0 . 1 1 6 7 . 8 6 1 0 . 5 2 9 9 5 . 8 4 0 0 . 1 4 9 3 1 . 8 4 1
1 ^ 0 . 9 6 2 0 . 5 2 9 9 5 . 8 4 0 0 . 1 4 9 3 1 . 8 4 1 0 . 0 3 2 2 . 1 4 01 9 0 . 9 9 5 0 . 0 9 9 2 . 8 0 6 - 0 . 0 0 8 - 0 . 2 5 4 - 0 . 2 1 8 - 3 . 3 4 3
1 ' ^ 1 . 0 3 0 - 0 . 0 4 8 - 3 . 2 3 2 - 0 . 2 0 4 - 3 . 1 6 0 - 0 . 0 7 8 - 1 5 8 . 1 9 0l A V E R A G E 0 . 9 7 9 0 . 1 0 1 1 0 . 3 0 1 0 . 0 5 6 1 2 . 3 5 0 0 . 0 4 2 - 1 2 . 5 8 5I s T D S 0 . 1 5 0 0 . 1 9 5 3 0 . 2 8 8 0 . 2 2 6 3 1 . 1 5 5 0 . 1 8 0 5 2 . 1 9 7
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