Empirical Methods in Finance-case

Business Finance

Question Description

about Finance empirical Methods

follow pdf instruction, data need to be calculated in excel follow PDF instruction

examples are class notes, can be reference

need excel and word at the end, due Saturday at night

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Project 1 Due on January 27 by 9:00 pm MGT 295F - Winter 2021 Empirical Methods in Finance c 2021 Alexander Barinov 1 Risks and Benefits of Investing in Small Stocks (100 points) The file Project 1.xls in the Projects folder contains the end-of-month prices (not returns!) of the Columbia Small Cap Core fund (ticker: SMCEX) in the period from December 2000 to December 2009. The file Project 1.xls also provides you with the market return (MKT), the risk-free rate (RF), the default premium (DEF), the dividend yield of S&P 500 (DIV), the Treasury bill rate (TB, same as RF), and the term premium (TERM) in the same time period. Use these data to answer the questions below: i. Estimate the market model for the Columbia fund. Does the fund beat the CAPM by a statistically significant amount? What annual return would you have earned on top of the fair compensation for risk if you had invested in the Columbia fund between 2000-2009? (10 points) ii. At the 10% level, test the null hypothesis that the beta of the Columbia fund is equal to 1. What does the result tell you about the risk of the fund compared to the risk of the market portfolio? (5 points) iii. Estimate the Fama-French model for the Columbia fund. Does the fund seem to buy small or large companies? Does the fund tilt its holdings to value or growth? (10 points) iv. Run a predictive regression of the fund’s returns on the default premium, the dividend yield, the term premium, and the Treasury bill rate. What do the signs of the slopes tell you about whether the risk of the Columbia fund increases in bad times? (15 points) v. Use the estimated regression from (iv) to estimate the expected return to the Columbia fund in December 2005, October 2008, and December 2008. Assuming that the mar1 ket is efficient, what do the expected returns tell you? How does the answer change if the market is inefficient? (10 points) vi. Using the four macroeconomic variables, estimate the Conditional CAPM for the Columbia fund. Discuss the sign of the relation between the risk of the fund and each of the variables and its statistical significance at 10% level. Are your results consistent with (iv)? (20 points) vii. Does the Columbia fund beat the Conditional CAPM estimated in (vi) by a statistically significant amount (perform the tests at the 10% level)? According to the Conditional CAPM from (vi), what annual return would you have earned on top of the fair compensation for risk if you had invested in Columbia between 2000-2009? (5 points) viii. According to the Conditional CAPM in (vi), which of the four macroeconomic variables could have caused the difference in the alpha between (i) and (vi)? (5 points) ix. Use the estimated regression from (vi) to estimate the beta of the Columbia fund in December 2005, October 2008, and December 2008. Compare them with the beta of the fund estimated in (i). Are the results consistent with your expectations and the results in (v)? (10 points) x. The management of the Columbia fund is quite proud of their performance between November 2000 and March 2001, when the dot-com bubble burst was spilling over into the whole market, but the fund did not lose much. Use the CAPM from (i) to judge if the fund performed abnormally well in this period and if this abnormal performance was statistically significant. (10 points) xi. (Bonus question): Repeat (x) using the Conditional CAPM from (vi). Compute the betas of the fund in the five months between November 2000 and March 2001 and use this information to explain the difference in results between (x) and (xi). (10 points) 2 Date Price MKT RF 12/1/1999 5.64 8.39 1/3/2000 5.57 -3.97 2/1/2000 5.69 3.18 3/1/2000 5.89 5.36 4/3/2000 5.86 -5.95 5/1/2000 5.84 -3.9 6/1/2000 5.95 5.16 7/3/2000 5.86 -1.71 8/1/2000 6.21 7.58 9/1/2000 6.32 -5.11 10/2/2000 6.19 -2.46 11/1/2000 6.01 -10.25 12/1/2000 6.61 2.03 1/2/2001 6.8 3.95 2/1/2001 6.86 -9.93 3/1/2001 6.77 -7.03 4/2/2001 7.09 8.39 5/1/2001 7.4 1.06 6/1/2001 7.39 -1.75 7/2/2001 7.5 -1.83 8/1/2001 7.46 -5.91 9/4/2001 6.79 -9.15 10/1/2001 7 2.8 11/1/2001 7.38 7.87 12/3/2001 7.87 1.78 1/2/2002 7.89 -1.61 2/1/2002 8.05 -2.17 3/1/2002 8.67 4.47 4/1/2002 8.85 -4.96 5/1/2002 8.67 -1.05 6/3/2002 8.51 -7.02 7/1/2002 7.39 -8.11 8/1/2002 7.35 0.8 9/3/2002 7 -10 10/1/2002 6.92 7.5 11/1/2002 7.4 6.13 12/2/2002 6.87 -5.33 1/2/2003 6.69 -2.34 2/3/2003 6.5 -1.54 3/3/2003 6.51 1.03 4/1/2003 6.99 8.28 5/1/2003 7.6 6.35 6/2/2003 7.78 1.63 7/1/2003 8.21 2.31 8/1/2003 8.51 2.49 9/2/2003 8.39 -0.91 0.44 0.41 0.43 0.47 0.46 0.5 0.4 0.48 0.5 0.51 0.56 0.51 0.5 0.54 0.39 0.44 0.39 0.32 0.28 0.3 0.31 0.28 0.22 0.17 0.15 0.14 0.13 0.13 0.15 0.14 0.13 0.15 0.14 0.14 0.14 0.12 0.11 0.1 0.09 0.1 0.1 0.09 0.1 0.07 0.07 0.08 DEF DIV TB TERM 0.64 1.319 0.44 0.44 0.55 1.3031 0.41 0.54 0.61 1.295 0.43 0.3 0.69 1.2659 0.47 0.04 0.76 1.2626 0.46 -0.16 0.91 1.2112 0.5 0.11 0.81 1.1805 0.4 -0.07 0.7 1.1623 0.48 -0.03 0.71 1.1648 0.5 -0.35 0.73 1.118 0.51 -0.33 0.79 1.1063 0.56 -0.27 0.83 1.1065 0.51 -0.37 0.81 1.0948 0.5 -0.36 0.78 1.1096 0.54 0.35 0.77 1.1091 0.39 0.42 0.86 1.106 0.44 0.59 0.87 1.1277 0.39 1.16 0.78 1.1504 0.32 1.61 0.79 1.1481 0.28 1.7 0.84 1.1731 0.3 1.62 0.83 1.1924 0.31 1.5 0.86 1.2317 0.28 1.91 0.88 1.2661 0.22 2.24 0.84 1.2884 0.17 2.47 1.28 1.317 0.15 2.87 1.32 1.3337 0.14 2.88 1.38 1.3606 0.13 2.68 1.3 1.362 0.13 2.71 1.27 1.3517 0.15 2.73 1.34 1.358 0.14 2.81 1.32 1.4067 0.13 2.73 1.37 1.432 0.15 2.69 1.21 1.4487 0.14 2.5 1.25 1.4824 0.14 2.15 1.41 1.5225 0.14 2.29 1.31 1.5461 0.12 2.56 1.24 1.5828 0.11 2.58 1.18 1.6081 0.1 2.69 1.11 1.6538 0.09 2.6 1.06 1.6996 0.1 2.57 1.11 1.7696 0.1 2.69 1.16 1.7937 0.09 2.39 1.22 1.8229 0.1 2.32 1.13 1.838 0.07 2.86 1.13 1.8314 0.07 3.14 1.07 1.8336 0.08 3.03 SMB 5.72 3.91 19.05 -15.26 -5.69 -3.62 10.58 -1.12 -1.14 0.14 -2.63 -0.71 3.37 5.96 2.47 2.31 -0.82 3.71 6.7 -2.88 2.38 -5.92 5.28 0.04 5.2 1.22 -0.88 4.33 6.43 -3.22 3.42 -6.2 -1.2 3.02 -4.08 3.18 0.24 0.86 -0.89 0.56 1.33 4.98 1.62 4.96 2.64 0.46 10/1/2003 11/3/2003 12/1/2003 1/2/2004 2/2/2004 3/1/2004 4/1/2004 5/3/2004 6/1/2004 7/1/2004 8/2/2004 9/1/2004 10/1/2004 11/1/2004 12/1/2004 1/3/2005 2/1/2005 3/1/2005 4/1/2005 5/2/2005 6/1/2005 7/1/2005 8/1/2005 9/1/2005 10/3/2005 11/1/2005 12/1/2005 1/3/2006 2/1/2006 3/1/2006 4/3/2006 5/1/2006 6/1/2006 7/3/2006 8/1/2006 9/1/2006 10/2/2006 11/1/2006 12/1/2006 1/3/2007 2/1/2007 3/1/2007 4/2/2007 5/1/2007 6/1/2007 7/2/2007 8/1/2007 8.97 9.25 9.55 9.75 9.89 9.96 9.78 9.77 10.17 9.62 9.53 9.91 9.98 10.77 11.14 10.83 11.07 10.87 10.22 10.72 11.09 11.7 11.58 11.59 11.3 11.81 11.84 12.7 12.65 13.16 13.2 12.63 12.61 12.32 12.66 12.79 13.35 13.59 13.76 14 13.96 14.13 14.42 15.05 15.05 14.2 14.52 6.03 1.66 4.55 2.31 1.55 -1.07 -2.42 1.41 2.16 -3.77 0.27 2.06 1.78 4.82 3.52 -2.66 2.27 -1.69 -2.52 3.79 1.15 4.33 -0.59 1.06 -2.08 4.04 0.35 4.01 -0.16 1.91 1.3 -3.1 -0.04 -0.19 2.51 1.95 3.71 2.37 1.08 1.94 -1.4 1.29 3.99 3.89 -1.48 -3.18 1.16 0.07 0.07 0.08 0.07 0.06 0.09 0.08 0.06 0.08 0.1 0.11 0.11 0.11 0.15 0.16 0.16 0.16 0.21 0.21 0.24 0.23 0.24 0.3 0.29 0.27 0.31 0.32 0.35 0.34 0.37 0.36 0.43 0.4 0.4 0.42 0.41 0.41 0.42 0.4 0.44 0.38 0.43 0.44 0.41 0.4 0.4 0.42 1.03 1.8397 0.07 3.04 1.01 1.8273 0.07 2.96 0.98 1.8285 0.08 2.96 0.9 1.8098 0.07 2.91 0.77 1.7756 0.06 2.84 0.78 1.766 0.09 2.64 0.73 1.7416 0.08 2.92 0.71 1.7411 0.06 2.94 0.77 1.7417 0.08 2.61 0.8 1.7168 0.1 2.4 0.81 1.7334 0.11 2.26 0.81 1.7305 0.11 2.01 0.74 1.7072 0.11 1.87 0.68 1.942 0.15 1.69 0.68 1.9521 0.16 1.56 0.66 1.9353 0.16 1.36 0.62 1.9704 0.16 1.14 0.66 2.0014 0.21 1.2 0.72 2.0053 0.21 1.02 0.86 2.0169 0.24 0.81 0.9 2.0238 0.23 0.64 0.89 2.0248 0.24 0.54 0.87 2.042 0.3 0.39 0.9 2.0233 0.29 0.35 0.95 2.0095 0.27 0.28 0.97 1.845 0.31 0.21 0.95 1.8265 0.32 0.12 0.95 1.8515 0.35 -0.03 0.92 1.8593 0.34 -0.11 0.88 1.8426 0.37 -0.05 0.84 1.85 0.36 0.09 0.8 1.8672 0.43 0.11 0.89 1.8544 0.4 -0.05 0.91 1.8482 0.4 -0.13 0.91 1.8734 0.42 -0.2 0.92 1.8783 0.41 -0.25 0.91 1.8722 0.41 -0.28 0.87 1.8846 0.42 -0.41 0.9 0.94 0.89 0.97 0.92 0.92 0.91 0.92 0.86 1.8959 1.8794 1.8885 1.8887 1.88 1.9121 1.8983 1.8945 1.8832 0.4 0.44 0.38 0.43 0.44 0.41 0.4 0.4 0.42 -0.38 -0.3 -0.33 -0.36 -0.24 -0.16 0.14 0.04 0.2 2.79 2.37 -2.67 2.53 -0.83 2.11 -2.51 -0.29 2.56 -3.11 -1.23 3.26 0.34 4.26 0.07 -1.27 -0.36 -1.45 -4.04 2.79 3.2 2.76 -0.9 -0.34 -1.34 0.86 -0.33 5.72 -0.42 3.46 -0.8 -3.03 -0.36 -3.68 0.46 -1.33 1.87 0.76 -0.72 0.05 1.4 -0.04 -2.04 0.25 0.76 -2.97 -0.31 9/4/2007 10/1/2007 11/1/2007 12/3/2007 1/2/2008 2/1/2008 3/3/2008 4/1/2008 5/1/2008 6/2/2008 7/1/2008 8/1/2008 9/2/2008 10/1/2008 11/3/2008 12/1/2008 1/2/2009 2/2/2009 3/2/2009 4/1/2009 5/1/2009 6/1/2009 7/1/2009 8/3/2009 9/1/2009 10/1/2009 11/2/2009 12/1/2009 14.52 14.82 13.72 13.73 13 12.8 12.83 13.17 13.91 12.93 13.32 13.78 12.71 9.92 8.77 9.25 8.31 7.25 7.98 9.49 9.78 10.05 11.07 11.24 11.87 11.14 11.53 12.39 4.09 2.58 -4.93 -0.43 -6.23 -2.2 -1.05 5.12 2.38 -7.86 -1.32 1.1 -9.81 -18.47 -8.52 2.15 -7.74 -10.1 8.77 11.06 6.73 -0.28 8.25 3.19 4.52 -2.84 5.74 2.92 0.32 0.32 0.34 0.27 0.21 0.13 0.17 0.17 0.17 0.17 0.15 0.12 0.15 0.08 0.02 0.09 0 0.01 0.01 0.01 0 0 0.01 0.01 0 0 0 0 0.85 0.82 0.96 1.16 1.21 1.29 1.38 1.42 1.36 1.39 1.49 1.51 1.66 2.6 3.09 3.38 3.09 2.81 2.92 3 2.52 1.89 1.68 1.32 1.18 1.14 1.13 1.11 1.9022 1.9116 1.8698 1.8948 1.9133 1.9094 1.9361 1.9315 2.036269 2.140541 2.287122 2.247679 2.370681 2.962084 3.232394 3.235106 3.23598 3.431318 3.599118 3.147635 2.897057 2.763141 2.674303 2.42276 2.288067 2.192021 2.105257 2.018228 0.32 0.32 0.34 0.27 0.21 0.13 0.17 0.17 0.17 0.17 0.15 0.12 0.15 0.08 0.02 0.09 0 0.01 0.01 0.01 0 0 0.01 0.01 0 0 0 0 0.38 0.43 0.65 0.84 1.03 1.69 1.97 1.94 1.82 1.68 1.73 1.71 1.78 2.39 2.46 1.93 2.08 2.25 2.18 2.38 2.79 3.21 3.08 3.13 3 3.02 3.09 3.22 -2.5 0.09 -2.94 0.13 -0.47 -0.65 0.64 -1.1 3.1 0.98 4.11 3.46 0.56 -3.08 -4.16 3.57 -2.41 -1.4 0.99 6.73 -2.37 2.25 2.56 0.18 2.72 -4.76 -2.86 6.07 HML -9.17 0.26 -12.61 7.65 9.09 3.72 -10.02 8.49 -1.23 6.8 4.81 12.32 6.17 -5.74 13.88 6.35 -4.36 2.77 -2.27 5.64 3.43 1.78 -7.06 0.76 0.45 3.46 3.92 1.15 4.23 2.51 1.49 -3.65 2.29 1.25 -6.46 -1.54 3.87 -0.84 -1.44 -1.59 -0.04 0.09 0.73 -2.06 1.71 0.98 1.79 1.46 2.71 1.55 0.45 0.07 -1.67 -0.33 1.67 4.52 1.13 0.39 -0.83 1.94 -0.36 2.67 2.85 1.75 -0.46 -1.24 2.82 -0.48 1.45 1.13 -0.69 -1.79 0.49 1.19 -0.82 -0.1 3.07 2.81 1.59 3.27 -1.76 -0.43 0.48 0.48 2.52 -0.02 0.24 0.39 -0.97 -0.14 -1.07 -2.99 -2.38 -2.14 -1.95 -1.09 0 3.07 -0.03 0.28 -0.08 -0.38 -1.06 3.69 1.48 4.41 -2.99 -4.93 -1.2 -9.86 -6.91 2.6 5.42 0.56 -2.44 4.79 7.57 1.39 -4.37 0.17 0.73 Date SG RF SG-RF tb3(-1) MKT-RF -0,85 0,27 3,265 -1,46 1963M10 2,7 0,29 1963M11 -3,54 0,27 1963M12 -3,16 0,29 1964M01 8,42 0,3 1964M02 2,13 0,26 1964M03 0,17 0,31 1964M04 -0,96 0,29 1964M05 -1,95 0,26 1964M06 1,13 0,3 1964M07 1,53 0,3 1964M08 1,23 0,28 1964M09 5,04 0,28 1964M10 2,5 0,29 1964M11 -0,55 0,29 1964M12 -2,58 0,31 1965M01 10,86 0,28 1965M02 1,9 0,3 1965M03 1,99 0,36 1965M04 4,55 0,31 1965M05 0,95 0,31 1965M06 -11,76 0,35 1965M07 1,56 0,31 1965M08 2,24 0,33 1965M09 2 0,31 1965M10 5,98 0,31 1965M11 6,22 0,35 1965M12 7,07 0,33 1966M01 9,69 0,38 1966M02 6,76 0,35 1966M03 1,53 0,38 1966M04 7,73 0,34 1966M05 -11,54 0,41 1966M06 -1,99 0,38 1966M07 -2,29 0,35 1966M08 -12,19 0,41 1966M09 -3,21 0,4 1966M10 -7,22 0,45 1966M11 7,14 0,4 -1,12 2,41 -3,81 -3,45 8,12 1,87 -0,14 -1,25 -2,21 0,83 1,23 0,95 4,76 2,21 -0,84 -2,89 10,58 1,6 1,63 4,24 0,64 -12,11 1,25 1,91 1,69 5,67 5,87 6,74 9,31 6,41 1,15 7,39 -11,95 -2,37 -2,64 -12,6 -3,61 -7,67 6,74 2,14 22,99 7,92 5,85 5,07 0,91 14,41 1963M09 1966M12 2,54 0,4 1967M01 23,42 0,43 1967M02 8,28 0,36 1967M03 6,24 0,39 1967M04 5,39 0,32 1967M05 1,24 0,33 1967M06 14,68 0,27 3,432 2,48 3,285 -0,82 3,28 1,88 3,483 2,28 3,448 1,46 3,534 1,45 3,528 0,17 3,356 1,48 3,265 1,21 3,411 1,71 3,259 -1,41 3,264 2,77 3,523 0,6 3,427 0,02 3,574 0,06 3,427 3,58 3,884 0,39 3,849 -1,33 3,788 3,06 3,859 -0,75 3,732 -5,54 3,783 1,37 3,768 2,76 3,783 2,89 3,986 2,62 3,849 -0,04 3,798 1,02 4,266 0,83 4,531 -1,21 4,459 -2,47 4,418 2,14 4,602 -5,66 4,459 -1,41 4,52 -1,64 4,546 -7,95 4,724 -1,1 5,157 3,78 4,775 1,35 4,266 0,22 4,47 8,12 4,546 0,73 4,485 3,95 4,062 3,84 3,453 -4,26 3,249 2,42 ChTB 0,167 -0,147 -0,005 0,203 -0,035 0,086 -0,006 -0,172 -0,091 0,146 -0,152 0,005 0,259 -0,096 0,147 -0,147 0,457 -0,035 -0,061 0,071 -0,127 0,051 -0,015 0,015 0,203 -0,137 -0,051 0,468 0,265 -0,072 -0,041 0,184 -0,143 0,061 0,026 0,178 0,433 -0,382 -0,509 0,204 0,076 -0,061 -0,423 -0,609 -0,204 0,458 1967M07 10,35 0,32 1967M08 -0,91 0,31 1967M09 11,23 0,32 1967M10 2,69 0,39 1967M11 -2,54 0,36 1967M12 14,73 0,33 1968M01 5,28 0,4 1968M02 -9,57 0,39 1968M03 -2,11 0,38 1968M04 18,6 0,43 1968M05 15,59 0,45 1968M06 -0,56 0,43 1968M07 -4,51 0,48 1968M08 3,85 0,42 1968M09 6,61 0,43 1968M10 -1,6 0,44 1968M11 6,47 0,42 1968M12 4,54 0,43 1969M01 0,21 0,53 1969M02 -12,03 0,46 1969M03 2,02 0,46 1969M04 -0,46 0,53 1969M05 1,63 0,48 1969M06 -14,72 0,51 1969M07 -13,14 0,53 1969M08 4,86 0,5 1969M09 -3,92 0,62 1969M10 14,97 0,6 1969M11 -8,67 0,52 1969M12 -11,15 0,64 1970M01 -1,7 0,6 1970M02 2,72 0,62 1970M03 -6,02 0,57 1970M04 -23,84 0,5 1970M05 -8,18 0,53 1970M06 -12,34 0,58 1970M07 4,64 0,52 1970M08 6,43 0,53 1970M09 24,34 0,54 1970M10 -11,6 0,46 1970M11 -5,5 0,46 1970M12 6,29 0,42 1971M01 17,31 0,38 1971M02 10,11 0,33 1971M03 6,91 0,3 1971M04 0,93 0,28 1971M05 -7,43 0,29 10,03 -1,22 10,91 2,3 -2,9 14,4 4,88 -9,96 -2,49 18,17 15,14 -0,99 -4,99 3,43 6,18 -2,04 6,05 4,11 -0,32 -12,49 1,56 -0,99 1,15 -15,23 -13,67 4,36 -4,54 14,37 -9,19 -11,79 -2,3 2,1 -6,59 -24,34 -8,71 -12,92 4,12 5,9 23,8 -12,06 -5,96 5,87 16,93 9,78 6,61 0,65 -7,72 3,707 4,6 3,808 -0,94 3,859 3,11 4,154 -3,13 4,149 0,43 4,19 3,04 4,343 -4,03 4,807 -3,75 4,673 0,13 4,852 8,98 5,488 2,25 5,386 0,72 5,285 -2,68 5,259 1,38 4,938 4,02 5,162 0,46 5,411 5,43 4,836 -3,82 6,099 -1,2 5,999 -5,82 5,641 2,59 5,361 1,52 6,125 0,02 5,845 -7,25 6,481 -7,05 6,915 4,65 6,66 -2,88 6,945 4,96 6,685 -3,74 6,447 -2,61 6,787 -7,93 7,728 5,05 6,303 -1,04 6,415 -11,03 6,512 -6,96 6,309 -5,69 5,93 6,9 5,895 4,47 6,109 4,21 5,819 -2,28 5,274 4,58 4,449 5,65 4,439 4,82 4,062 1,36 3,229 4,18 3,406 3,05 3,676 -3,93 0,101 0,051 0,295 -0,005 0,041 0,153 0,464 -0,134 0,179 0,636 -0,102 -0,101 -0,026 -0,321 0,224 0,249 -0,575 1,263 -0,1 -0,358 -0,28 0,764 -0,28 0,636 0,434 -0,255 0,285 -0,26 -0,238 0,34 0,941 -1,425 0,112 0,097 -0,203 -0,379 -0,035 0,214 -0,29 -0,545 -0,825 -0,01 -0,377 -0,833 0,177 0,27 0,194 1971M06 -2,14 0,37 1971M07 -8,97 0,4 1971M08 2,73 0,47 1971M09 0,38 0,37 1971M10 -7,83 0,37 1971M11 -4,77 0,37 1971M12 14,65 0,37 1972M01 13,75 0,29 1972M02 4,26 0,25 1972M03 2,07 0,27 1972M04 -1,83 0,29 1972M05 -3,86 0,3 1972M06 -4,13 0,29 1972M07 -5,62 0,31 1972M08 -1,52 0,29 1972M09 -5,74 0,34 1972M10 -2,39 0,4 1972M11 0,57 0,37 1972M12 -3,3 0,37 1973M01 -6,62 0,44 1973M02 -11,76 0,41 1973M03 -7,16 0,46 1973M04 -12,3 0,52 1973M05 -11,98 0,51 1973M06 -5,59 0,51 1973M07 18,63 0,64 1973M08 -5,24 0,7 1973M09 12,04 0,68 1973M10 -1,99 0,65 1973M11 -24,11 0,56 1973M12 -3,42 0,64 1974M01 13,45 0,63 1974M02 -0,03 0,58 1974M03 1,51 0,56 1974M04 -5,25 0,75 1974M05 -8,31 0,75 1974M06 -3,15 0,6 1974M07 -8,63 0,7 1974M08 -8,94 0,6 1974M09 -12 0,81 1974M10 14,51 0,51 1974M11 -6,43 0,54 1974M12 -9,21 0,7 1975M01 33,11 0,58 1975M02 7,35 0,43 1975M03 10,77 0,41 1975M04 6,26 0,44 -2,51 -9,37 2,26 0,01 -8,2 -5,14 14,28 13,46 4,01 1,8 -2,12 -4,16 -4,42 -5,93 -1,81 -6,08 -2,79 0,2 -3,67 -7,06 -12,17 -7,62 -12,82 -12,49 -6,1 17,99 -5,94 11,36 -2,64 -24,67 -4,06 12,82 -0,61 0,95 -6 -9,06 -3,75 -9,33 -9,54 -12,81 14 -6,97 -9,91 32,53 6,92 10,36 5,82 3,87 -0,06 5,019 -4,43 5,06 3,78 4,408 -0,87 4,531 -4,44 3,992 -0,5 3,828 8,76 3,351 2,55 3,127 2,88 3,147 0,6 3,483 0,26 3,249 1,34 3,401 -2,38 3,625 -0,74 3,513 3,31 4,307 -1,11 4,429 0,47 4,541 4,61 4,917 0,75 4,867 -3,2 5,571 -4,86 5,579 -1,25 5,875 -5,7 5,987 -2,96 6,527 -1,38 7,436 5,07 8,312 -3,67 8,581 4,72 7,335 -0,68 6,928 -12,64 7,447 0,5 7,364 -0,19 7,55 -0,35 7,377 -2,9 8,5 -5,35 8,771 -4,95 7,834 -2,89 7,681 -7,79 7,715 -9,38 9,215 -11,78 6,17 16,05 6,672 -4,64 7,498 -3,4 6,537 13,58 5,54 5,41 4,756 2,61 5,274 4,21 1,149 0,041 -0,652 0,123 -0,539 -0,164 -0,477 -0,224 0,02 0,336 -0,234 0,152 0,224 -0,112 0,794 0,122 0,112 0,376 -0,05 0,704 0,008 0,296 0,112 0,54 0,909 0,876 0,269 -1,246 -0,407 0,519 -0,083 0,186 -0,173 1,123 0,271 -0,937 -0,153 0,034 1,5 -3,045 0,502 0,826 -0,961 -0,997 -0,784 0,518 -0,06 1975M05 12,28 0,44 1975M06 8,02 0,41 1975M07 -0,54 0,48 1975M08 -6,07 0,48 1975M09 -6,07 0,53 1975M10 0,36 0,56 1975M11 0,65 0,41 1975M12 -0,52 0,48 1976M01 15,12 0,47 1976M02 9,26 0,34 1976M03 3,85 0,4 1976M04 0,7 0,42 1976M05 -1,59 0,37 1976M06 2,92 0,43 1976M07 -0,11 0,47 1976M08 -4,87 0,42 1976M09 0,5 0,44 1976M10 -2,36 0,41 1976M11 3,92 0,4 1976M12 12,98 0,4 1977M01 6,12 0,36 1977M02 1,64 0,35 1977M03 2,37 0,38 1977M04 2,58 0,38 1977M05 -0,56 0,37 1977M06 5,09 0,4 1977M07 2,03 0,42 1977M08 0,68 0,44 1977M09 2,55 0,43 1977M10 -3,71 0,49 1977M11 9 0,5 1977M12 3,85 0,49 1978M01 0,2 0,49 1978M02 3 0,46 1978M03 8,25 0,53 1978M04 10,28 0,54 1978M05 8,8 0,51 1978M06 0,97 0,54 1978M07 6,26 0,56 1978M08 11,92 0,55 1978M09 0,63 0,62 1978M10 -24,41 0,68 1978M11 6,41 0,7 1978M12 2,33 0,78 1979M01 11,03 0,77 1979M02 -2,08 0,73 1979M03 11,79 0,81 11,84 7,61 -1,02 -6,55 -6,6 -0,2 0,24 -1 14,65 8,92 3,45 0,28 -1,96 2,49 -0,58 -5,29 0,06 -2,77 3,52 12,58 5,76 1,29 1,99 2,2 -0,93 4,69 1,61 0,24 2,12 -4,2 8,5 3,36 -0,29 2,54 7,72 9,74 8,29 0,43 5,7 11,37 0,01 -25,09 5,71 1,55 10,26 -2,81 10,98 5,214 5,07 4,856 4,74 5,651 -6,52 6,03 -2,84 5,968 -4,33 6,292 5,03 5,316 2,71 5,184 -1,58 5,172 12,13 4,521 0,39 4,654 2,28 4,756 -1,46 4,694 -1,31 5,06 4,02 5,296 -1,09 5,081 -0,56 4,764 2,01 5,082 -2,45 4,756 0,14 4,347 5,76 4,257 -3,99 4,551 -1,93 4,429 -1,3 4,541 0,12 4,388 -1,45 4,835 4,74 4,949 -1,7 5,346 -1,78 5,378 -0,27 5,815 -4,42 5,824 4,04 5,694 0,33 5,754 -6,01 5,997 -1,39 6,088 2,87 6,497 7,74 6,049 1,81 6,51 -1,62 6,56 5,11 6,517 3,69 7,601 -1,31 8,019 -11,78 8,536 2,68 9,063 0,99 8,428 4,18 9,522 -3,41 9,542 5,75 -0,358 0,795 0,379 -0,062 0,324 -0,976 -0,132 -0,012 -0,651 0,133 0,102 -0,062 0,366 0,236 -0,215 -0,317 0,318 -0,326 -0,409 -0,09 0,294 -0,122 0,112 -0,153 0,447 0,114 0,397 0,032 0,437 0,009 -0,13 0,06 0,243 0,091 0,409 -0,448 0,461 0,05 -0,043 1,084 0,418 0,517 0,527 -0,635 1,094 0,02 0,1 1979M04 3,15 0,8 1979M05 -1,89 0,82 1979M06 7,44 0,81 1979M07 1,7 0,77 1979M08 9,19 0,77 1979M09 -0,02 0,83 1979M10 -10,54 0,87 1979M11 9,21 0,99 1979M12 12,15 0,95 1980M01 15,14 0,8 1980M02 1,79 0,89 1980M03 -21,59 1,21 1980M04 5,15 1,26 1980M05 6,93 0,81 1980M0 ...
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