=+M19_SHAR8696_03_SE_C19.indd 714 14/07/14 7:37 AM Exercises 715 Dependent variable is: International R squared = 59.9% R squared (adjusted) = 49.7%

s = 13540 with 60 - 13 = 47 degrees of freedom Variable Coeff SE(Coeff) t-ratio P-value Intercept 175289 6580 26.639 60.0001 Time 104 103 1.009 0.318049 Feb -12411 8564 -1.449 0.153943 Mar -4284 8566 -0.500 0.619369 Apr -39269 8569 -4.583 60.0001 May -32214 8574 -3.757 0.000474 Jun -23988 8579 -2.796 0.007468 Jul -11384 8586 -1.326 0.191275 Aug 4737 8594 0.551 0.584075 Sep -12792 8603 -1.487 0.143706 Oct -10780 8614 -1.252 0.216944 Nov -17519 8625 -2.031 0.047919 Dec 14338 8638 1.660 0.103617

a) Interpret the P-value for the Time coefficient.