Estimate of

Sample

Percentiles:

10

25

50

75

90

Correlation (D_t, R_t)

Part 1

0.73018

0.89273

0.96174

0.98775

0.99601

Part 2

0.82554

0.92798

0.97431

0.99098

0.99593

1 – C (steady)

Part 1

0.06103

0.14648

0.33635

0.69659

1.04849

Part 2

0.05850

0.18256

0.34368

0.55963

0.79686

Panel 1. Higher root selected if less than 1, otherwise lower root

q

Part 1

0.19784

0.33708

0.62337

0.89003

1.00000

Part 2

0.22867

0.40530

0.57726

0.76608

0.92879

(1 − C) − q

Part 1

−0.38813

−0.25546

−0.15754

−0.06181

0.02347

Part 2

−0.42608

−0.26599

−0.15717

−0.09045

−0.02830

Panel 2. Lower root selected if greater than 0, otherwise higher root

q

Part 1

0.08675

0.18713

0.39046

0.78051

1.00624

Part 2

0.08937

0.18629

0.38071

0.62468

0.89691

(1 − C) − q

Part 1

−0.38813

−0.23840

0.02819

0.14755

0.26932

Part 2

−0.45623

−0.26860

0.06851

0.16924

0.26545

Panel 3. Higher root selected if D_t/R_t increasing, otherwise lower root

q

Part 1

0.11726

0.28606

0.55456

0.87979

1.00624

Part 2

0.12116

0.25347

0.45110

0.68320

0.93688

(1 − C) − q

Part 1

−0.42036

−0.26083

−0.13418

0.00607

0.15660

Part 2

−0.45931

−0.27150

−0.11431

0.10836

0.21140