| 2009 | 2010 | 2011 | 2012 | 2013 | |
| Y4 X1 | −0.32141 | −0.04379 | −0.03329 | −0.15644 | −0.12428 |
| t-statistics | −2.62722 | −0.33401 | −0.24908 | −1.22794 | −0.95187 |
| Adj R2 | 0.690604 | 0.615688 | 0.580594 | 0.637586 | 0.600555 |
| Y4 X2 | −0.18916 | −0.0184 | −0.09934 | −0.09465 | −0.16034 |
| t-statistics | −1.6784 | −0.15589 | −0.81448 | −0.81169 | −1.32779 |
| Adj R2 | 0.68711 | 0.615593 | 0.581236 | 0.636816 | 0.60145 |
| Y4 X3 | −0.24218 | −0.34594 | −0.3139 | −0.23887 | −0.21971 |
| t-statistics | −2.20169 | −2.91954 | −2.46402 | −1.87706 | −1.69996 |
| Adj R2 | 0.688856 | 0.627013 | 0.586925 | 0.639401 | 0.60262 |
| Y4 X4 | −0.59337 | −0.81708 | −0.70297 | −0.52204 | −0.4508 |
| t-statistics | −2.25736 | −2.90282 | −2.45658 | −1.85571 | −1.61144 |
| Adj R2 | 0.689068 | 0.626919 | 0.586887 | 0.639329 | 0.602316 |
| Y4 X5 | −0.52818 | −0.88438 | −0.77678 | −0.57624 | −0.52792 |
| t-statistics | −2.01591 | −3.15338 | −2.76051 | −2.12985 | −1.95873 |
| Adj R2 | 0.688185 | 0.628378 | 0.588526 | 0.640306 | 0.603597 |