Twelfth Period

0.289

−29.396

0.065

0.918

(0.427)

(2063138)

(0.560)

(1.301)

Thirteenth Period

0.233

−29.480

0.572

−28.130

(0.474)

(2046891)

(0.561)

(1610780)

Fourteenth Period

0.359

−35.745

0.869

−0.696

(0.509)

(3795794)

(0.669)

(1.421)

Fifteenth Period

0.416

−30.250

0.486

2.125

(0.615)

(3078385)

(0.899)

(1.358)

Sixteenth Period

2.107^*

1.559^***

2.079^**

-

(0.615)

(0.906)

(0.964)

-

Seventeenth Period

−30.874

−31.169

−28.410

-

(5008294)

(4465425)

(2648193)

-

Eighteenth Period

−29.763

−29.448

−28.711

-

(3203434)

(2908934)

(2648960)

-

Nineteenth Period

1.250

0.700

1.287

-

(0.935)

(1.276)

(1.451)

-

Twentieth Period

−30.721

−30.725

−30.164

-

(4094580)

(3505588)

(3757681)

-

Constant

−1.603^*

−1.029^*

−1.223^*

−2.259^*

(0.210)

(0.369)

(0.354)

(0.773)

Observation

1679

574

858

221

Log Likelihood

−651.933

−247.007

−251.476

−76.556385