| Term | Coeff | SE | t-stat | P-Value |
| ma1 | 0.79 | 0.13 | 6.04 | 0.00 |
| ma2 | 0.40 | 0.13 | 3.08 | 0.00 |
| intercept | 2,336,700 | 96,680 | 24.17 | 0.00 |
| DFeb | 53,826 | 60,783 | 0.89 | 0.38 |
| DMar | 190,250 | 86,570 | 2.20 | 0.03 |
| DApr | 191,670 | 98,658 | 1.94 | 0.05 |
| DMay | 149,160 | 98,846 | 1.51 | 0.13 |
| DJun | 127,250 | 99,162 | 1.28 | 0.20 |
| DJul | 258,060 | 99,678 | 2.59 | 0.01 |
| DAug | 199,570 | 99,452 | 2.01 | 0.04 |
| DSep | 114,340 | 99,455 | 1.15 | 0.25 |
| DOct | 133,910 | 99,579 | 1.34 | 0.18 |
| DNov | 169,570 | 88,794 | 1.91 | 0.06 |
| DDec | 174,830 | 64,935 | 2.69 | 0.01 |
| DTax | −919,370 | 125,930 | −7.30 | 0.00 |
| Zt | −211,180 | 113,700 | −1.86 | 0.06 |
| Zt2 | 5014 | 43,350 | 0.12 | 0.91 |
| Zt3 | 162,250 | 53,238 | 3.05 | 0.00 |
| Zt × DTax | 945,590 | 190,680 | 4.96 | 0.00 |