1. You will be assigned twenty (20) stocks from the current S&P 500 index. You must use these 20 stocks (or, more precisely, the ticker symbols) to download data from yahoo.com. Go to yahoo.com, then Finance, then type in your ticker symbol. Next choose Historical Prices from the tabs on the left. Tag "Monthly" then choose the appropriate dates (to be determined below). Click Get Prices, scroll to the bottom of the page and download to spreadsheet (it is actually saved as a '.csv' file, but it will open okay in Excel). The last month of return data should be December 2014. Be sure to use end-of-month data! Yahoo might print a beginning of month date in the monthly output, but it should be end of month. To check this, look at the daily data and verify that the last day of the month is used in the monthly spreadsheet (it should be if you wait until after the sample period to collect your data).

2. You must determine how exactly yahoo.com calculates historical beta, then replicate their calculations. This requires the use of regression software (or functions in Excel, if you know how to do that). Note, you must calculate returns first. Is the data sorted correctly - in time order? If not, you must sort your stock prices and market prices so that the oldest prices are first, then calculate returns. Answer the following questions:

a. How, exactly, does yahoo.com calculate their beta? How many months of return data do they use? How many months of price data do you need? How do you know that you and Yahoo used the same data period?

b. Should you use closing price or adjusted price when calculating returns? Why?

c. What is the market proxy? What ticker did you use for your market proxy?

3. After calculating returns for your twenty stocks and the market, you must calculate beta for each of your twenty stocks. Make a Table showing the following: Ticker, Company Name, yahoo beta, calculated beta, intercept and r-square from your regressions.

4. Does the Regression results match yahoo.com results? Why or why not?

Output:

You must submit a brief write-up of your results. Your paper should be detailed enough so that someone else could pick up your paper and replicate your results.

? So, you will need a brief introduction describing your data sources,

? how you manipulated the data,

? how you calculated returns,

? how you calculated beta,

? a Table,

? and a brief summary and discussion of your findings. In total, you must submit:

1. Your write-up as a Word file including the Table described above in Guideline #3 and your answers to the various questions.

2. An Excel spreadsheet (one sheet), properly formatted, containing the ticker symbol, closing price, adjusted price and dates (dates should be the same for each ticker) for each of your twenty stocks and your market proxy.

3. Another Excel spreadsheet, properly formatted, detailing how, exactly, you calculated the results in your Table (i.e., replicate the detailed findings for your stocks). The two Excel worksheets should be in one file with two different labeled worksheet tabs. Alternatively, you may use 20 Excel sheets named with the ticker symbol if you wish to combine the date, ticker symbol, closing price, adjusted

closing price, and calculations and/or regressions separately for each of your 20 companies.

The companies needed are listed below:

AGI- Alamos Gold Inc.

AER- AerCap Holdings N.V.

AE- Adams Resources & Energy, Inc.

RHHBY- Roche Holding AG

PETX- Aratana Therapeutics, Inc.

ODC- Oil-Dri Corporation of America

NAO- Nordic American Offshore Ltd.

KAR- KAR Auction Services, Inc.

HUSA- Houston American Energy Corp.

HIVE- Aerohive Networks, Inc.

FMS- Fresenius Medical Care AG & Co. KGAA

DOX- Amdocs Limited

CXW- CoreCivic, Inc.

AZUR- Azure Midstream Partners, LP

AXS- AXIS Capital Holdings Limited

AXL- American Axle & Manufacturing Holdings, Inc.

AWX- Avalon Holdings Corporation

AVID- Avid Technology, Inc.

ASNA- Ascena Retail Group, Inc.

ASGN- On Assignment, Inc.

FIN 5550 - Investments Project 1: Beta and Return. This project is worth 10% of your final grade. This project must be completed individually. The objectives of this exercise: 1. To access and download stock and index price data from yahoo.com. 2. To discern the difference between a real-time closing price and an adjusted closing price. 3. To discover how yahoo.com calculates beta for an individual stock. 4. To replicate the yahoo.com calculation for twenty firms in the S&P 500 index, tabulate the results and report your findings. Learning Outcomes: Students should be able to: 1. Identify individual stocks in the S&P 500 index and discuss the composition of the S&P 500 index. 2. Collect financial data including closing stock prices and adjusted closing stock prices. 3. Estimate beta from historical data. 4. Tabulate regression results and discuss empirical findings. Guidelines: 1. You will be assigned twenty (20) stocks from the current S&P 500 index. You must use these 20 stocks (or, more precisely, the ticker symbols) to download data from yahoo.com. Go to yahoo.com, then Finance, then type in your ticker symbol. Next choose Historical Prices from the tabs on the left. Tag \"Monthly\" then choose the appropriate dates (to be determined below). Click Get Prices, scroll to the bottom of the page and download to spreadsheet (it is actually saved as a '.csv' file, but it will open okay in Excel). The last month of return data should be August 2017. Be sure to use end-of-month data! Yahoo might print a beginning of month date in the monthly output, but it should be end of month. To check this, look at the daily data and verify that the last day of the month is used in the monthly spreadsheet (it should be if you wait until after the sample period to collect your data). 2. You must determine how exactly yahoo.com calculates historical beta, then replicate their calculations. This requires the use of regression software (or functions in Excel, if you know how to do that). Note, you must calculate returns first. Is the data sorted correctly - in time order? If not, you must sort your stock prices and market prices so that the oldest prices are first, then calculate returns. Answer the following questions: a. How, exactly, does yahoo.com calculate their beta? How many months of return data do they use? How many months of price data do you need? How do you know that you and Yahoo used the same data period? b. Should you use closing price or adjusted price when calculating returns? Why? c. What is the market proxy? What ticker did you use for your market proxy? 3. After calculating returns for your twenty stocks and the market, you must calculate beta for each of your twenty stocks. Create a Table showing the following: Ticker, Company Name, yahoo beta, calculated beta, intercept and r-square from your regressions. 4. Do your regression results match yahoo.com results? Why or why not? Output: You must submit a brief write-up of your results. Your paper should be detailed enough so that someone else could pick up your paper and replicate your results. So, you will need a brief introduction describing your data sources, how you manipulated the data, how you calculated returns, how you calculated beta, a Table, and a brief summary and discussion of your findings. In total, you must submit: 1. Your write-up as a Word file including the Table described above in Guideline #3 and your answers to the various questions. 2. An Excel spreadsheet (one sheet), properly formatted, containing the ticker symbol, closing price, adjusted price and dates (dates should be the same for each ticker) for each of your twenty stocks and your market proxy. 3. Another Excel spreadsheet, properly formatted, detailing how, exactly, you calculated the results in your Table (i.e., replicate the detailed findings for your stocks). The two Excel worksheets should be in one file with two different labeled worksheet tabs. Alternatively, you may use 20 Excel sheets named with the ticker symbol if you wish to combine the date, ticker symbol, closing price, adjusted closing price, and calculations and/or regressions separately for each of your 20 companies. Introduction In this assignment we have used Yahoo finance as data base, Yahoo finance is one of the leading financial databases which contain ns financial data of all public companies which exist in this world. It also contains data of al bonds, mutual fund and hedge for the knowledge of investors. In our assignment our task is to theoretically calculate beta of the stock and then compare this beta with the beta given on the Yahoo fianc portal and identify the differences in both the beta. Beta is measure of the systematic risk associated with company, systematic risk is the risk associated with the specific company. It can be diversified by investment in stocks with opposite correlation. Higher is the beta of the stock higher will the expected return associated with the stock because investor will bear higher risk. Methodology to calculate Beta Beta is calculated by the formula Beta of the stock = Covariance (market and stock) / Variance (market) Another method to calculate beta is regress the return of the socks against the market returns, the coefficient of the market returns gives the beta of the stock. Results Tickr AGI Company Name Alamos Gold Inc. AerCap Holdings AER N.V. Adams Resources & AE Energy, Inc. RHHBY Roche Holding AG Aratana Therapeutics, PETX Inc. Oil Dri Corporation ODC of America Nordic American NAO Offshore Ltd. KAR KAR Auction Yahoo Calculated RBeta Beta Intercept square 0.07 0.18 0.00 -0.01 1.81 0.59 0.02 0.09 1.31 0.51 0.63 0.32 0.02 0.01 0.04 0.10 3.06 2.28 0.07 0.17 1.14 0.13 0.01 -0.01 -0.38 1.02 -0.67 0.41 0.08 0.02 -0.12 0.05 HUSA HIVE FMS DOX CXW AZUR AXS AXL AWX AVID ASNA ASGN Services, Inc. Houston American Energy Corp. 0.23 Aerohive Networks, Inc. 1.77 Fresenius Medical Care AG & Co. KGAA 0.88 Amdocs Limited 0.61 CoreCivic, Inc. 1.2 Azure Midstream Partners, LP NA NA AXIS Capital Holdings Limited 0.57 American Axle & Manufacturing Holdings, Inc. 1.44 Avalon Holdings Corporation 0.37 Avid Technology, Inc. 1.54 Ascena Retail Group, Inc. 1.64 On Assignment, Inc. 1.71 0.60 -0.02 0.00 0.67 0.05 0.05 0.38 0.32 0.39 0.01 0.01 0.01 0.17 0.14 0.09 NA NA 0.43 0.01 0.18 0.82 0.02 0.15 0.24 0.54 0.01 0.01 0.00 0.02 0.39 0.65 0.00 0.03 0.06 0.06 We can observe that few of these stocks have beta greater than 1 these stocks more risky than the market and have potential to provide higher returns, similarly stock with beta less than 1 are less risky and have potential to provide stable returns. References https://in.finance.yahoo.com/quote/ASGN?p=ASGN Tickr NSC NTRS NOC NRG NUE NVDA ORLY OXY OMC OKE ORCL PCAR PKG PH PDCO PAYX PYPL PNR PBCT PEP Company Name NSC Norfolk Southern Corp NTRS Northern Trust Corp (IL) NOC Northrop Grumman Corp NRG NRG Energy NUE Nucor Corp NVDA Nvidia Corp ORLY O'Reilly Automotive OXY Occidental Petroleum OMC Omnicom Group OKE ONEOK Inc ORCL Oracle Corp PCAR PACCAR Inc PKG Packaging Corporation of America PH Parker-Hannifin Corp PDCO Patterson Cos Inc PAYX Paychex Inc PYPL Paypal PNR Pentair Ltd. PBCT People's United Financial Inc PEP PepsiCo Inc Yahoo Beta Calculated Intercept R-square 1.43 0.276914 0.018423 0.018423 1.07 0.419893 0.008173 0.008173 0.67 0.253939 0.022181 0.022181 1.42 0.00838 0.005245 0.005245 1.74 0.413194 0.007803 0.007803 1.55 0.481326 0.01141 0.01141 0.79 0.07256 0.029865 0.029865 0.19 0.511785 0.006101 0.006101 1.25 0.459194 0.017241 0.017241 1.16 0.211874 0.022112 0.022112 1.14 0.523067 0.014673 0.014673 1.22 0.747578 0.01662 0.01662 2.16 0.492433 0.025617 0.025617 1.25 0.604083 0.018684 0.018684 0.98 0.266532 0.011207 0.011207 0.91 0.276914 0.018423 0.018423 N/A NA NA NA 1.39 0.276914 0.018423 0.018423 0.95 0 0 0 0.67 0.151325 0.010843 0.010843 Regression results donot match with Yahoo finance results because yahoo finance aprt from using past 5 year data smoothens the beta by taking multiple periods of 5 years but here we have taken single period of 5 years, hence the results might vary Part a Yahoo finance calculates data by regressing monthly return of the stock for the five years with monthly return of bench mark index for 5 years, the benchmark index used in yahoo finance is S&P 500 Part b We should use adjusted closing price instead of closing price because adjusted closing price include dividend while calculating returns where as closing price doesnot include impact of dividend Part C Market proxy is the stock which is used as subsitute to compare the return of stock in comparison of the systemetic risk associated with it. The market proxy used here is S&_ 500 to compare it with return of stocks Bulk Stock Quote Downloader http://investexcel.net Parameters Start Date End Date Frequency Write to CSV Collate Data Enter Tickers Below NSC NTRS NOC NRG NUE NVDA ORLY OXY OMC OKE ORCL PCAR PKG PH PDCO PAYX PYPL PNR PBCT PEP GSPC 2009-12-31 2014-12-30 m c:\\temp\\ Oldest First Newest First 2 Enter a list of stock tickers and click the button to automatically retrieve historical stock quotes from Yahoo Finance Data for each ticker is downloaded into separate sheets, each titled with the ticker symbol Collate Data stacks Close, Open, High, Low, Adjusted Close and Volume into the same sheets (with the date) for all tickers. The VBA for this spreadsheet is viewable and editable Please link to http://investexcel.net if you like the spreadsheet The latest version can be found at http://investexcel.net/multiple-stock-quote-download Post questions or comments at http://investexcel.net/multiple-stock-quote-downloader- Samir Khan simulationconsultant@gmail.com 12th July 2017 Failed for These Tickers PYPL e-stock-quote-downloader-for-excel/ ock-quote-downloader-for-excel/ Success for These Tickers NSC NTRS NOC NRG NUE NVDA ORLY OXY OMC OKE ORCL PCAR PKG PH PDCO PAYX PNR PBCT PEP GSPC Date Open High Low Close Adj Close Volume Returns Returns 2010-01-01 52.83 54.76 46.98 47.06 38.48945 48885800 0.09286 0.108235 2010-02-01 47.28 51.74 46.18 51.43 42.06359 47442500 0.094313 0.014437 2010-03-01 52.57 56.5 52 55.89 46.03073 51567900 0.06155 -0.101716 2010-04-01 56.25 61.27 56.25 59.33 48.8639 61092500 -0.048374 -0.051258 2010-05-01 59.78 61.59 51.93 56.46 46.50018 60662200 -0.05501 0.001965 2010-06-01 55.96 60.84 52 53.05 43.94218 76603100 0.060698 0.059804 2010-07-01 53.11 57.87 50.03 56.27 46.60937 1.0E+008 -0.046028 0.022202 2010-08-01 57.33 58 51.53 53.68 44.46404 54918100 0.1156 0 2010-09-01 54.34 60.8 54.25 59.51 49.60406 54594200 0.033272 0.020362 2010-10-01 59.09 63.18 57.91 61.49 51.25447 57577300 -0.021467 0.006652 2010-11-01 61.92 63.64 59.2 60.17 50.15419 47997900 0.050102 -0.007048 2010-12-01 61.09 63.67 61.09 62.82 52.66702 37638900 -0.025947 0.034161 2011-01-01 63.25 66 60.22 61.19 51.30047 68838400 0.071744 0.028314 2011-02-01 61.71 65.67 60.44 65.58 54.98095 58731300 0.063113 -0.003338 2011-03-01 65.9 70 63.9 69.27 58.45094 64616100 0.078101 0.007535 2011-04-01 69.64 74.96 65.94 74.68 63.016 47276300 -0.018345 -0.042792 2011-05-01 74.6 75 70.32 73.31 61.85997 46367700 0.027604 0.044705 2011-06-01 73.26 75.82 69.67 74.93 63.56756 50672000 0.010276 -0.081845 2011-07-01 75 78.4 72.71 75.7 64.22078 42967800 -0.105944 -0.065611 2011-08-01 76.6 76.66 61.86 67.68 57.41695 88927200 -0.093059 -0.090557 2011-09-01 67.72 70.79 59.28 61.02 52.07377 81032600 0.212553 0.047391 2011-10-01 60.51 75.86 57.57 73.99 63.14223 61305400 0.020949 -0.070158 2011-11-01 70.92 76.2 70 75.54 64.465 57932500 -0.029739 -0.048114 2011-12-01 75.19 76.49 69.04 72.86 62.54787 47327900 -0.009059 0.159104 2012-01-01 73.99 78.5 71.9 72.2 61.98126 64305900 -0.045706 0.055005 2012-02-01 72.48 74 67.56 68.9 59.14832 75506800 -0.038297 0.020197 2012-03-01 68.85 69.39 64.1 65.83 56.88313 81701300 0.107853 -0.005525 2012-04-01 65.66 73.76 64.91 72.93 63.01817 62591200 -0.101604 -0.046759 2012-05-01 72.94 74.89 64.66 65.52 56.61526 58151000 0.102354 -0.052938 2012-06-01 64.33 72.17 62.82 71.77 62.41004 49140800 0.031768 0.083077 2012-07-01 71.77 75.23 70.77 74.05 64.3927 40513700 -0.021472 0.06392 2012-08-01 74.58 75.56 72.22 72.46 63.01004 29553000 -0.115952 -0.010681 2012-09-01 71.9 75.14 63.25 63.63 55.70393 55409200 -0.035832 -0.005848 2012-10-01 64.01 68.01 60.96 61.35 53.70794 69384700 -0.007908 -0.037557 2012-11-01 61.6 62.54 56.05 60.38 53.2832 75077300 0.02418 0.001881 2012-12-01 60.67 62.99 59.26 61.84 54.57159 51317600 0.113681 0.094322 2013-01-01 63.14 71.24 62.65 68.87 60.77532 56264600 0.068245 0.023156 2013-02-01 69.26 73.79 68.18 73.05 64.92296 45977100 0.055168 0.016764 2013-03-01 72.61 77.42 72.21 77.08 68.50462 40420900 0.004411 -0.007832 2013-04-01 76.94 78.08 72.26 77.42 68.80679 47629700 -0.010721 0.027835 2013-05-01 76.85 81 74.89 76.59 68.06913 41321800 -0.045277 -0.028294 2013-06-01 77.01 78.36 70.27 72.65 64.98719 46079600 0.00702 -0.009151 2013-07-01 72.99 78.2 71.51 73.16 65.44338 43474600 -0.006646 -0.075147 2013-08-01 73.96 76.55 71.86 72.16 65.00847 31909400 0.071923 -0.078983 2013-09-01 72.89 78.91 71.88 77.35 69.68411 29287300 0.112088 -0.029078 2013-10-01 77.37 88.99 76.08 86.02 77.49486 48921800 0.025474 -0.019797 2013-11-01 86.4 88.42 85 87.69 79.46898 27712700 0.058615 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 87.7 92.33 93.13 90.96 97.5 94.38 101.06 103.21 101.54 107 110.86 110.5 111.08 93.17 95.1 94.93 98.09 98.12 101.33 104.63 108.84 107 113.41 113.5 117.64 112.22 86.55 87.14 89.46 90.9 91.91 92.69 98.54 101.55 99.63 106.6 101.8 108.13 101.02 92.83 92.59 91.91 97.17 94.53 100.75 103.03 101.66 107 111.6 110.64 111.64 109.61 84.12709 83.90959 83.29334 88.58134 86.17469 92.37158 94.46197 93.20591 98.64531 102.8861 102.0011 102.923 101.5838 31724000 -0.002585 0.035375 46228000 -0.007344 0.016318 51887800 0.063486 0.011039 41984100 -0.027169 0.029231 36530800 0.071911 0.005839 26138200 0.02263 -0.000484 28768000 -0.013297 0.002302 31308700 0.058359 9.57E-005 29115600 0.042991 -0.025837 29619600 -0.008602 -0.027014 55115600 0.009038 0.006189 31526900 -0.013012 0.004385 53761600 SUMMARY OUTPUT Regression Statistics Multiple R 0.216798 R Square 0.047001 Adjusted R 0.030282 Standard E 0.061633 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.010679 0.010679 2.811209 0.099085 57 0.21652 0.003799 58 0.227198 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.018423 0.008024 2.296021 0.025372 0.002355 0.034491 0.002355 0.034491 Returns 0.276914 0.165157 1.676666 0.099085 -0.053808 0.607636 -0.053808 0.607636 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 52.09 56.11 50.41 50.52 42.58957 41139800 0.05483 0.108235 2010-02-01 51.62 55.01 48.89 53.29 44.92474 35029000 0.036967 0.014437 2010-03-01 53.32 56.5 52.94 55.26 46.5855 33994000 3.46E-005 -0.101716 2010-04-01 55.42 59.36 53.88 54.98 46.58711 51408000 -0.075846 -0.051258 2010-05-01 54.55 55.5 49.25 50.81 43.05366 42822000 -0.08089 0.001965 2010-06-01 50.39 51.52 46.6 46.7 39.57106 45798000 0.012053 0.059804 2010-07-01 46.67 50.36 45.45 46.99 40.04802 47644100 -0.018302 0.022202 2010-08-01 47.57 50.85 45.3 46.13 39.31505 48953800 0.045741 0 2010-09-01 46.67 49.78 46.37 48.24 41.11335 34255900 0.034887 0.020362 2010-10-01 48.7 50.69 47.02 49.63 42.54769 45727900 0.0135 0.006652 2010-11-01 49.88 52.6 48.86 50.3 43.12209 27836000 0.101591 -0.007048 2010-12-01 51.02 56.05 50.68 55.41 47.50288 33466500 -0.056873 0.034161 2011-01-01 55.81 56.86 51.42 51.98 44.80124 41527500 -0.007888 0.028314 2011-02-01 52.38 54.9 51.43 51.57 44.44787 32080700 -0.015901 -0.003338 2011-03-01 51.67 52.17 48.93 50.75 43.74112 28199800 -0.009531 0.007535 2011-04-01 51.29 52.57 48.64 49.99 43.3242 30689500 -0.024005 -0.042792 2011-05-01 50.17 50.2 47.82 48.79 42.28421 30876300 -0.058003 0.044705 2011-06-01 48.51 48.53 44.58 45.96 39.83159 36914100 -0.017181 -0.081845 2011-07-01 46 46.98 42.98 44.9 39.14724 38566100 -0.144321 -0.065611 2011-08-01 45.32 45.74 34.7 38.42 33.49748 82220300 -0.089537 -0.090557 2011-09-01 38.57 38.86 33.51 34.98 30.49822 50584500 0.166014 0.047391 2011-10-01 34.54 42.7 33.2 40.47 35.56134 59945000 -0.070176 -0.070158 2011-11-01 39.18 40.85 34.87 37.63 33.0658 38356800 0.053947 -0.048114 2011-12-01 37.37 40.97 37.01 39.66 34.84959 40412200 0.045408 0.159104 2012-01-01 40.72 43.47 39.86 41.17 36.43203 32248300 0.078698 0.055005 2012-02-01 41.53 44.83 41.44 44.41 39.29916 23838200 0.068453 0.020197 2012-03-01 44.53 48.15 43.11 47.45 41.98931 30875000 0.008813 -0.005525 2012-04-01 47.59 48.02 45.28 47.56 42.35936 22649200 -0.092094 -0.046759 2012-05-01 47.49 48.31 42.31 43.18 38.45832 27798300 0.065771 -0.052938 2012-06-01 42.33 46.04 41.11 46.02 40.98777 25729100 -0.006284 0.083077 2012-07-01 45.98 47.32 44.25 45.4 40.73021 25923000 0.022908 0.06392 2012-08-01 45.49 47.72 43.69 46.44 41.66324 19732600 -0.000431 -0.010681 2012-09-01 46.46 49.68 45.95 46.42 41.64529 26956400 0.036379 -0.005848 2012-10-01 46.86 48.52 45.93 47.8 43.16031 24825600 0.004603 -0.037557 2012-11-01 47.99 49.33 45.98 48.02 43.35896 22316400 0.044565 0.001881 2012-12-01 48.12 50.46 47.01 50.16 45.29124 24666500 0.032829 0.094322 2013-01-01 50.95 53.5 49.27 51.48 46.77812 33641900 0.033217 0.023156 2013-02-01 51.78 53.96 51.23 53.19 48.33194 21283000 0.025757 0.016764 2013-03-01 53.05 55.5 52.48 54.56 49.57681 22420000 -0.006247 -0.007832 2013-04-01 54.38 56.66 51.9 53.92 49.26711 29990900 0.07845 0.027835 2013-05-01 53.88 59.33 53.04 58.15 53.1321 31361200 -0.004299 -0.028294 2013-06-01 58.53 59.09 56.4 57.9 52.90366 31999900 0.016505 -0.009151 2013-07-01 58.13 62.02 58.04 58.54 53.77681 27812100 -0.062692 -0.075147 2013-08-01 58.97 59.66 54.59 54.87 50.40543 17710100 -0.00893 -0.078983 2013-09-01 55.38 56.82 53.92 54.38 49.95529 28045600 0.043373 -0.029078 2013-10-01 54.44 57.69 52.4 56.42 52.12203 32148800 0.045551 -0.019797 2013-11-01 56.38 59.4 56.04 58.99 54.49624 19619800 0.049161 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 58.91 61.76 60.3 61.43 65.78 60.27 60.46 64.51 66.8 69.54 68.1 66.23 67.49 62 63 62.84 67.17 65.98 61.92 64.97 68.11 69.44 70.84 68.7 69.15 69 56.66 59.83 58.31 60.78 58.3 58.61 60.2 63.11 64.06 67.62 60.78 65.2 64.72 61.89 60.22 61.85 65.56 60.25 60.4 64.21 66.89 69.35 68.03 66.3 67.73 67.4 57.17532 55.92968 57.44356 60.88923 56.23743 56.37745 59.9337 62.77515 65.08382 63.84502 62.51835 63.86678 63.55558 25936300 -0.021786 0.035375 31079500 0.027068 0.016318 18392100 0.059984 0.011039 23454600 -0.076398 0.029231 33107600 0.00249 0.005839 17395500 0.063079 -0.000484 19830500 0.04741 0.002302 24482200 0.036777 9.57E-005 24435100 -0.019034 -0.025837 24843900 -0.02078 -0.027014 33630100 0.021569 0.006189 17755900 -0.004873 0.004385 18243000 SUMMARY OUTPUT Regression Statistics Multiple R 0.382275 R Square 0.146134 Adjusted R 0.131154 Standard E 0.050169 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.024553 0.024553 9.755213 0.002809 57 0.143464 0.002517 58 0.168017 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.008173 0.006531 1.251269 0.215948 -0.004906 0.021252 -0.004906 0.021252 Returns_m 0.419893 0.134437 3.123334 0.002809 0.150687 0.6891 0.150687 0.6891 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 50.68635 54.0564 49.96355 51.1381 42.11409 44049400 0.082332 0.108235 2010-02-01 51.39108 56.2248 51.10196 55.34841 45.58144 56208300 0.077869 0.014437 2010-03-01 55.33938 59.68521 55.24902 59.2425 49.13081 49708900 0.034467 -0.101716 2010-04-01 59.67617 63.0643 58.40224 61.28441 50.82421 39504100 -0.108212 -0.051258 2010-05-01 61.63677 62.68483 52.90896 54.65271 45.32442 47974900 -0.092932 0.001965 2010-06-01 54.36359 56.97471 49.1233 49.18654 41.11233 53090900 0.077149 0.059804 2010-07-01 49.08715 54.21 48.33725 52.98124 44.2841 53087200 -0.07708 0.022202 2010-08-01 53.74018 54.43588 48.34629 48.89742 40.87066 51043200 0.12989 0 2010-09-01 49.60215 55.78209 49.25882 54.77921 46.17934 49060600 0.042718 0.020362 2010-10-01 55.33938 57.1283 54.06544 57.11927 48.15203 47154900 -0.024359 0.006652 2010-11-01 57.24576 59.34188 54.50816 55.72788 46.97908 33751000 0.058375 -0.007048 2010-12-01 56.64945 59.10697 56.48682 58.52873 49.7215 39230900 0.069775 0.034161 2011-01-01 58.86303 63.56123 58.45645 62.61255 53.19081 41575600 -0.037807 0.028314 2011-02-01 63.03719 65.50375 59.31477 60.24538 51.17984 35594200 0.048272 -0.003338 2011-03-01 60.54353 63.44 57.9776 62.71 53.6504 52369100 0.014352 0.007535 2011-04-01 62.81 64 59.87 63.61 54.42039 39955800 0.026411 -0.042792 2011-05-01 63.92 65.79 63.38 65.29 55.85768 45680200 0.070428 0.044705 2011-06-01 65 69.9 62.5 69.35 59.79165 49041800 -0.127469 -0.081845 2011-07-01 69.59 70.61 59.58 60.51 52.17004 62094500 -0.097339 -0.065611 2011-08-01 59.62 60.17 49.2 54.62 47.09184 98258800 -0.03571 -0.090557 2011-09-01 54.65 55.34 49.97 52.17 45.41019 54710300 0.106958 0.047391 2011-10-01 51.74 58.71 50.13 57.75 50.2672 52804600 -0.011775 -0.070158 2011-11-01 56.26 59.83 52.69 57.07 49.6753 47137000 0.034212 -0.048114 2011-12-01 56.86 59.15 55 58.48 51.37479 36926800 -0.007353 0.159104 2012-01-01 59.42 61.86 57.31 58.05 50.99704 36926800 0.030319 0.055005 2012-02-01 58.33 60.78 57.88 59.81 52.5432 34518800 0.029808 0.020197 2012-03-01 60.42 62.31 59.44 61.08 54.10943 35564600 0.036018 -0.005525 2012-04-01 61.19 65.78 59.51 63.28 56.05836 33924500 -0.071586 -0.046759 2012-05-01 63.37 63.8 57.61 58.75 52.04534 34527300 0.095987 -0.052938 2012-06-01 58.15 63.8 56.59 63.79 57.041 35053300 0.03778 0.083077 2012-07-01 63.85 66.8 61.86 66.2 59.19603 30475400 0.010423 0.06392 2012-08-01 66.39 70.2 64.73 66.89 59.81302 33943800 0.00118 -0.010681 2012-09-01 66.89 68.27 65.45 66.43 59.88362 30553100 0.034021 -0.005848 2012-10-01 66.6 71.25 66.4 68.69 61.92093 29808200 -0.028971 -0.037557 2012-11-01 68.83 70.84 62.8 66.7 60.12703 38056700 0.021829 0.001881 2012-12-01 66.92 69.17 65.5 67.58 61.43955 30097400 -0.037585 0.094322 2013-01-01 68.79 69.61 64.95 65.04 59.13033 42401500 0.00984 0.023156 2013-02-01 65.28 66.95 64.35 65.68 59.71217 34531000 0.077037 0.016764 2013-03-01 65.39 70.21 64.2 70.15 64.31222 35657000 0.079686 -0.007832 2013-04-01 70.1 75.78 69.13 75.74 69.437 39652600 0.0878 0.027835 2013-05-01 75.45 84.06 75.32 82.39 75.53359 40602300 0.012616 -0.028294 2013-06-01 82.48 84.34 80.64 82.8 76.48651 28099400 0.111836 -0.009151 2013-07-01 82.78 92.99 81.74 92.06 85.04044 32631100 0.002281 -0.075147 2013-08-01 92.45 96.42 91.97 92.27 85.23441 35288400 0.039225 -0.078983 2013-09-01 93.43 99.1 92.32 95.26 88.57772 23431600 0.128595 -0.029078 2013-10-01 95.19 108.86 92.51 107.51 99.96841 29627000 0.048089 -0.019797 2013-11-01 107.57 114.48 106.67 112.68 104.7757 24569500 0.0227 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 112.6 114.18 116.09 119.74 123.16 121.22 121.32 119.33 122.91 128.41 130.61 137.79 140.72 116.19 123.65 123.3 125.37 126 123.48 124.92 128.46 128.66 134.24 139.22 142.51 153.19 107.21 110.5 109.17 119.68 116.11 117.5 119.3 118.23 119.97 126.74 118.24 134.83 138.68 114.61 115.55 121.03 123.38 121.51 121.55 119.63 123.27 127.22 131.76 137.96 140.93 147.39 107.1541 108.033 113.1565 115.9494 114.192 114.2296 113.0834 116.5242 120.258 125.2365 131.1295 133.9525 140.7888 29569800 0.008202 0.035375 30947500 0.047425 0.016318 28477600 0.024682 0.011039 27795200 -0.015156 0.029231 28794600 0.000329 0.005839 21325600 -0.010034 -0.000484 21515600 0.030427 0.002302 21623600 0.032043 9.57E-005 18662600 0.041398 -0.025837 21875700 0.047055 -0.027014 30499300 0.021528 0.006189 19999300 0.051036 0.004385 30057800 SUMMARY OUTPUT Regression Statistics Multiple R 0.221605 R Square 0.049109 Adjusted R 0.032426 Standard E 0.055232 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.00898 0.00898 2.943754 0.091642 57 0.173884 0.003051 58 0.182864 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.022181 0.007191 3.084697 0.003141 0.007782 0.03658 0.007782 0.03658 Returns_m 0.253939 0.148006 1.715737 0.091642 -0.042438 0.550316 -0.042438 0.550316 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 23.78 25.7 23.7 24.11 21.83216 1.4E+008 -0.094152 0.108235 2010-02-01 24.15 24.23 21.34 21.84 19.77662 89227400 -0.04304 0.014437 2010-03-01 21.89 23.03 20.2 20.9 18.92543 94625400 0.156459 -0.101716 2010-04-01 21.08 24.74 21.06 24.17 21.88649 76541900 -0.033926 -0.051258 2010-05-01 24.34 25.19 20.49 23.35 21.14396 93890200 -0.091649 0.001965 2010-06-01 23.06 24.44 21.06 21.21 19.20614 75917200 0.069307 0.059804 2010-07-01 21.24 23.54 21 22.68 20.53726 50113100 -0.104056 0.022202 2010-08-01 23.81 23.81 20.02 20.32 18.40023 68361200 0.024606 0 2010-09-01 20.61 22.09 20.47 20.82 18.85299 52914100 -0.043708 0.020362 2010-10-01 21.02 21.64 19.61 19.91 18.02896 46714100 -0.02662 0.006652 2010-11-01 20 20.41 19.11 19.38 17.54903 57118000 0.008256 -0.007048 2010-12-01 19.6 19.71 18.22 19.54 17.69392 60878900 0.061924 0.034161 2011-01-01 19.72 21.7 19.37 20.75 18.7896 61479700 -0.036627 0.028314 2011-02-01 20.86 21.36 19.22 19.99 18.1014 49759200 0.07754 -0.003338 2011-03-01 20.02 21.95 19.09 21.54 19.50497 69946000 0.123491 0.007535 2011-04-01 21.69 24.24 21.05 24.2 21.91366 54169400 0.02314 -0.042792 2011-05-01 24.28 25.54 23.45 24.76 22.42075 53051000 -0.00727 0.044705 2011-06-01 24.72 24.85 22.74 24.58 22.25776 60106300 -0.002441 -0.081845 2011-07-01 24.5 25.66 23.26 24.52 22.20343 50491500 -0.044046 -0.065611 2011-08-01 24.76 24.81 19.98 23.44 21.22546 89326700 -0.095137 -0.090557 2011-09-01 23.39 24.12 21.09 21.21 19.20614 63875200 0.009901 0.047391 2011-10-01 21 22.16 18.65 21.42 19.3963 60062600 -0.081232 -0.070158 2011-11-01 20.76 22.61 18.71 19.68 17.82069 55746900 -0.079268 -0.048114 2011-12-01 19.69 19.85 17.47 18.12 16.40808 54780900 -0.068433 0.159104 2012-01-01 18.44 18.46 16.06 16.88 15.28523 64821400 0.013033 0.055005 2012-02-01 16.91 17.99 16.59 17.1 15.48445 48253400 -0.083626 0.020197 2012-03-01 17.21 17.5 15.53 15.67 14.18954 72477300 0.084876 -0.005525 2012-04-01 15.66 17.03 14.29 17 15.39389 73389100 -0.098824 -0.046759 2012-05-01 16.93 17.06 14.81 15.32 13.87261 81987200 0.133159 -0.052938 2012-06-01 15.08 17.49 14.65 17.36 15.71988 78558700 0.141705 0.083077 2012-07-01 17.44 20.12 16.66 19.82 17.94746 94418400 0.081612 0.06392 2012-08-01 19.83 22.92 18.83 21.34 19.41219 96207500 0.002343 -0.010681 2012-09-01 21.3 22.41 21.07 21.39 19.45767 94390000 0.007948 -0.005848 2012-10-01 21.36 23.78 21.36 21.56 19.61231 82988700 -0.017304 -0.037557 2012-11-01 21.39 21.83 19.15 21.1 19.27293 89672400 0.089573 0.001881 2012-12-01 21.19 23.74 20.83 22.99 20.99927 1.3E+008 0.043932 0.094322 2013-01-01 23.38 24.27 22.6 24 21.92181 82647000 0.003783 0.023156 2013-02-01 24.24 24.56 23.43 24 22.00474 61262800 0.10375 0.016764 2013-03-01 24.03 26.51 23.82 26.49 24.28774 77362300 0.052095 -0.007832 2013-04-01 26.41 28.18 26.07 27.87 25.55301 59136800 -0.080367 0.027835 2013-05-01 27.86 28.67 25.52 25.52 23.49938 83286600 0.046238 -0.028294 2013-06-01 25.49 27.55 24.86 26.7 24.58595 78544000 0.004494 -0.009151 2013-07-01 26.76 29.19 25.81 26.82 24.69645 67779400 -0.016924 -0.075147 2013-08-01 26.94 27.28 25.24 26.25 24.27849 82509300 0.041143 -0.078983 2013-09-01 26.47 28.25 25.69 27.33 25.27738 67480600 0.043908 -0.029078 2013-10-01 27.37 30.28 27.11 28.53 26.38726 87179100 -0.068725 -0.019797 2013-11-01 28.62 28.68 26.3 26.46 24.57378 59333100 0.085412 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 26.46 28.74 27.9 28.73 31.78 32.83 35.7 37.29 30.08 30.82 30.68 30.1 31 28.89 29.3 29.33 32.04 33.45 35.7 38.09 37.39 31.23 31.29 31.97 33.92 31.27 26.34 26.57 27.08 28.43 31.5 32.83 35.51 30.27 28.97 29.4 26.43 29.68 25.77 28.72 27.85 29.07 31.8 32.72 35.64 37.2 30.96 30.78 30.48 29.98 31.26 26.95 26.67267 25.86469 27.1174 29.66403 30.52224 33.38788 34.8493 29.00361 28.96525 28.68294 28.21242 29.55858 25.48316 59391500 -0.030292 0.035375 90806400 0.048433 0.016318 67212600 0.093911 0.011039 67807100 0.028931 0.029231 81335000 0.093887 0.005839 91211100 0.043771 -0.000484 61999700 -0.167742 0.002302 1.0E+008 -0.001322 9.57E-005 80829500 -0.009747 -0.025837 73374400 -0.016404 -0.027014 1.1E+008 0.047715 0.006189 74498600 -0.137876 0.004385 1.0E+008 SUMMARY OUTPUT Regression Statistics Multiple R 0.005633 R Square 3.17E-005 Adjusted R -0.017512 Standard E 0.073524 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 9.78E-006 9.78E-006 0.001809 0.966224 57 0.308126 0.005406 58 0.308136 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.005245 0.009572 0.547926 0.585882 -0.013923 0.024412 -0.013923 0.024412 Returns_m 0.00838 0.197022 0.042532 0.966224 -0.386149 0.402908 -0.386149 0.402908 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 47.38 50.72 40.57 40.8 31.91507 1.0E+008 0.014706 0.108235 2010-02-01 41.3 45.04 38.93 41.4 32.3844 1.2E+008 0.096135 0.014437 2010-03-01 41.78 46.46 41.49 45.38 35.49768 1.1E+008 0.006613 -0.101716 2010-04-01 45.98 48.06 43.67 45.32 35.73242 1.1E+008 -0.050088 -0.051258 2010-05-01 45.81 47.48 40.56 43.05 33.94264 1.2E+008 -0.110802 0.001965 2010-06-01 42.56 43.28 38.18 38.28 30.18174 1.1E+008 0.031488 0.059804 2010-07-01 38.33 40.66 36.95 39.14 31.13211 82366300 -0.060296 0.022202 2010-08-01 39.72 40.49 35.71 36.78 29.25496 66023700 0.038608 0 2010-09-01 37.32 40.9 36.92 38.2 30.38443 78724700 0.010209 0.020362 2010-10-01 38.61 40.43 37.02 38.22 30.69462 79543100 -0.012559 0.006652 2010-11-01 38.39 40.94 37 37.74 30.30913 75442600 0.161102 -0.007048 2010-12-01 38.49 44.87 38.41 43.82 35.192 1.0E+008 0.0563 0.034161 2011-01-01 44.24 46.73 42.81 45.91 37.17331 89953600 0.044652 0.028314 2011-02-01 46.24 49.24 46.16 47.96 38.83318 61896100 -0.04045 -0.003338 2011-03-01 48.09 48.48 44.34 46.02 37.26236 90955100 0.0285 0.007535 2011-04-01 46.42 48 44.2 46.96 38.32435 60316600 -0.098381 -0.042792 2011-05-01 46.98 47 41.14 42.34 34.55395 74087000 -0.026453 0.044705 2011-06-01 42.06 42.06 38.9 41.22 33.6399 91425500 -0.04777 -0.081845 2011-07-01 41.18 41.7 38.27 38.89 32.03291 63593600 -0.072255 -0.065611 2011-08-01 39.5 39.6 31.35 36.08 29.71836 1.0E+008 -0.12306 -0.090557 2011-09-01 36.02 36.35 30.72 31.64 26.06122 88758100 0.207159 0.047391 2011-10-01 31.4 39.84 29.82 37.78 31.46002 85433400 0.043674 -0.070158 2011-11-01 36.2 39.98 35.25 39.43 32.834 72064000 0.003551 -0.048114 2011-12-01 39.15 41.57 37.98 39.57 32.95059 74697800 0.134561 0.159104 2012-01-01 40.54 44.99 40.08 44.49 37.38446 54938100 -0.021578 0.055005 2012-02-01 44.92 45.75 42.85 43.53 36.57779 51788100 -0.013324 0.020197 2012-03-01 43.76 45.2 41.09 42.95 36.09043 66879800 -0.079348 -0.005525 2012-04-01 42.96 43.99 38.42 39.21 33.22673 65375800 -0.087988 -0.046759 2012-05-01 39.12 39.83 34.23 35.76 30.30319 66579100 0.059844 -0.052938 2012-06-01 35.08 38.64 35 37.9 32.11664 91425600 0.044748 0.083077 2012-07-01 37.92 39.38 36.61 39.2 33.5538 51353200 -0.039541 0.06392 2012-08-01 39.35 40.97 37.55 37.65 32.22705 41336800 0.016202 -0.010681 2012-09-01 37.69 40.93 36.86 38.26 32.74919 69849100 0.058942 -0.005848 2012-10-01 38.42 41.48 37.7 40.13 34.67948 47279600 0.026165 -0.037557 2012-11-01 40.32 42 38.83 41.18 35.58686 39400600 0.048082 0.001881 2012-12-01 41.37 44 40.18 43.16 37.29795 47313300 0.075053 0.094322 2013-01-01 44.1 48.37 44.09 46.01 40.09729 53654600 -0.020865 0.023156 2013-02-01 46.47 48.6 43.41 45.05 39.26065 47613800 0.024418 0.016764 2013-03-01 44.69 47.99 43.98 46.15 40.2193 56240700 -0.047202 -0.007832 2013-04-01 46.16 46.24 41.32 43.62 38.32088 61739100 0.020404 0.027835 2013-05-01 43.46 47.4 42.65 44.51 39.10277 39351200 -0.026736 -0.028294 2013-06-01 44.65 45.52 42.22 43.32 38.05734 41310500 0.089021 -0.009151 2013-07-01 43.68 47.34 43.11 46.78 41.44523 38363600 -0.027576 -0.075147 2013-08-01 47.17 49.69 45.32 45.49 40.30234 39249200 0.077599 -0.078983 2013-09-01 46.01 51.25 45.49 49.02 43.42978 41976300 0.063883 -0.029078 2013-10-01 48.89 52.27 47.37 51.77 46.20421 37883600 -0.013715 -0.019797 2013-11-01 51.89 54.73 50.42 51.06 45.57053 32228500 0.045437 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 51.15 53.29 48.25 49.89 50.8 51.65 50.74 49.43 49.89 54.32 54.28 53.85 53.68 54.17 53.4 51.55 51.98 52.73 53.37 52.22 52.94 54.6 58.76 54.29 55.31 55.29 50.33 47.77 46.39 47.88 50.26 50.44 48.72 49.03 49.52 53.84 47.27 52 48.27 53.38 48.35 50.24 50.54 51.75 50.63 49.25 50.22 54.32 54.28 54.06 53.63 49.05 47.64111 43.45155 45.15008 45.41968 46.84892 45.83499 44.58568 45.80066 49.53986 49.50337 49.63513 49.24033 45.0352 31869800 -0.08794 0.035375 44831100 0.03909 0.016318 39759000 0.005971 0.011039 43647600 0.031467 0.029231 40244800 -0.021643 0.005839 26638900 -0.027257 -0.000484 35423300 0.02725 0.002302 36674700 0.081641 9.57E-005 27846000 -0.000736 -0.025837 44781000 0.002662 -0.027014 62790200 -0.007954 0.006189 29348400 -0.0854 0.004385 43314900 SUMMARY OUTPUT Regression Statistics Multiple R 0.313157 R Square 0.098067 Adjusted R 0.082244 Standard E 0.061938 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.023776 0.023776 6.197599 0.015734 57 0.218668 0.003836 58 0.242443 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.007803 0.008064 0.967698 0.337283 -0.008344 0.02395 -0.008344 0.02395 Returns_m 0.413194 0.165975 2.489498 0.015734 0.080835 0.745552 0.080835 0.745552 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 18.51 18.96 15.15 15.39 14.27808 3.2E+008 0.052632 0.108235 2010-02-01 15.45 17.9 15.32 16.2 15.02956 3.2E+008 0.074074 0.014437 2010-03-01 16.21 18.34 16.08 17.4 16.14286 2.9E+008 -0.097126 -0.101716 2010-04-01 17.48 18.13 15.7 15.71 14.57496 4.3E+008 -0.16359 -0.051258 2010-05-01 15.79 15.88 11.85 13.14 12.19064 5.2E+008 -0.222983 0.001965 2010-06-01 12.96 13.11 10.21 10.21 9.472332 3.4E+008 -0.099902 0.059804 2010-07-01 10.24 11.48 8.92 9.19 8.526026 4.8E+008 0.015234 0.022202 2010-08-01 9.35 10.25 8.65 9.33 8.655911 4.9E+008 0.251876 0 2010-09-01 9.47 12.36 9.34 11.68 10.83613 4.4E+008 0.02911 0.020362 2010-10-01 11.85 12.24 10.38 12.02 11.15156 4.0E+008 0.132279 0.006652 2010-11-01 12.1 13.84 11.94 13.61 12.62668 3.6E+008 0.131521 -0.007048 2010-12-01 13.88 15.42 13.86 15.4 14.28735 2.8E+008 0.553247 0.034161 2011-01-01 15.52 25.05 15.42 23.92 22.19179 8.2E+008 -0.052676 0.028314 2011-02-01 24.13 26.17 21.78 22.66 21.02282 6.0E+008 -0.185349 -0.003338 2011-03-01 22.7 22.99 17.01 18.46 17.12627 6.9E+008 0.083424 0.007535 2011-04-01 18.7 20.44 16.83 20 18.555 3.8E+008 0.002 -0.042792 2011-05-01 20.42 20.52 17.12 20.04 18.59212 4.3E+008 -0.204591 0.044705 2011-06-01 19.95 19.98 14.86 15.94 14.78834 4.0E+008 -0.132371 -0.081845 2011-07-01 15.94 16.28 13.59 13.83 12.83079 3.6E+008 -0.037599 -0.065611 2011-08-01 14.15 15.38 11.65 13.31 12.34836 5.6E+008 -0.060105 -0.090557 2011-09-01 13.49 16.1 12.38 12.51 11.60616 5.0E+008 0.183053 0.047391 2011-10-01 12.35 15.89 11.47 14.8 13.7307 3.7E+008 0.056081 -0.070158 2011-11-01 14.26 15.67 13.5 15.63 14.50074 4.0E+008 -0.113244 -0.048114 2011-12-01 15.5 16.05 13.11 13.86 12.85862 2.4E+008 0.065657 0.159104 2012-01-01 14.3 15.24 13.5 14.77 13.70287 2.9E+008 0.025728 0.055005 2012-02-01 14.94 16.9 14.73 15.15 14.05542 3.3E+008 0.016502 0.020197 2012-03-01 15.21 15.6 14.24 15.4 14.28735 2.6E+008 -0.155844 -0.005525 2012-04-01 15.36 15.49 12.75 13 12.06075 2.4E+008 -0.043846 -0.046759 2012-05-01 12.93 13.68 11.83 12.43 11.53194 2.8E+008 0.111826 -0.052938 2012-06-01 12.17 13.85 11.63 13.82 12.82151 2.9E+008 -0.02026 0.083077 2012-07-01 13.89 13.9 12.16 13.54 12.56174 2.1E+008 0.036189 0.06392 2012-08-01 13.62 15.22 13.1 14.03 13.01634 2.5E+008 -0.04918 -0.010681 2012-09-01 13.8 14.09 12.95 13.34 12.37619 2.2E+008 -0.101949 -0.005848 2012-10-01 13.4 13.8 11.83 11.98 11.11445 2.0E+008 -0.000835 -0.037557 2012-11-01 12.04 13.08 11.15 11.97 11.10517 2.5E+008 0.030835 0.001881 2012-12-01 12.12 12.81 11.7 12.26 11.4476 2.0E+008 0 0.094322 2013-01-01 12.56 13.19 11.91 12.26 11.4476 2.3E+008 0.032626 0.023156 2013-02-01 12.36 12.85 12.05 12.66 11.8211 2.5E+008 0.019646 0.016764 2013-03-01 12.57 13 12.32 12.83 12.05333 1.7E+008 0.073266 -0.007832 2013-04-01 12.8 13.77 12.04 13.77 12.93642 2.3E+008 0.050835 0.027835 2013-05-01 13.77 14.98 13.52 14.47 13.59405 2.1E+008 -0.024788 -0.028294 2013-06-01 14.49 15.48 13.83 14.04 13.25708 2.3E+008 0.02849 -0.009151 2013-07-01 14.14 14.78 13.96 14.44 13.63477 1.3E+008 0.021468 -0.075147 2013-08-01 14.49 15.4 13.11 14.75 13.92749 2.0E+008 0.060234 -0.078983 2013-09-01 14.79 16.1 14.67 15.56 14.7664 1.2E+008 -0.023779 -0.029078 2013-10-01 15.58 16.01 15 15.19 14.41527 1.4E+008 0.026992 -0.019797 2013-11-01 15.27 16.32 14.52 15.6 14.80436 1.7E+008 0.032485 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 15.54 15.92 15.81 17.97 18.48 18.75 19.06 18.52 17.5 19.5 18.48 19.99 20.88 16.1 16.44 19.05 18.97 19.46 19.13 19.73 19.6 19.49 20.15 19.55 21.09 21.25 14.9 15.33 15.32 17.56 17.88 17.71 18.23 17.42 17.34 18.22 16.77 19.38 19.1 16.02 15.7 18.38 17.91 18.47 19 18.54 17.5 19.45 18.45 19.54 20.97 20.05 15.28527 14.97995 17.53704 17.16575 17.70248 18.21046 17.85141 16.85004 18.72761 17.84334 18.8975 20.28048 19.47279 1.5E+008 -0.019975 0.035375 1.4E+008 0.170701 0.016318 1.9E+008 -0.021171 0.011039 1.8E+008 0.031268 0.029231 1.7E+008 0.028695 0.005839 1.4E+008 -0.019716 -0.000484 1.3E+008 -0.056095 0.002302 1.6E+008 0.111428 9.57E-005 1.5E+008 -0.047217 -0.025837 1.4E+008 0.059078 -0.027014 1.7E+008 0.073183 0.006189 1.2E+008 -0.039826 0.004385 1.1E+008 SUMMARY OUTPUT Regression Statistics Multiple R 0.201216 R Square 0.040488 Adjusted R 0.023654 Standard E 0.115819 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.032263 0.032263 2.405184 0.126469 57 0.764594 0.013414 58 0.796857 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.01141 0.015078 0.7567 0.452346 -0.018784 0.041604 -0.018784 0.041604 Returns_m 0.481326 0.310359 1.550866 0.126469 -0.140158 1.10281 -0.140158 1.10281 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 39.24 39.46 37.47 37.8 37.8 23828000 0.039683 0.108235 2010-02-01 38.05 40.98 37.58 39.3 39.3 39899700 0.061323 0.014437 2010-03-01 39.29 43 38.88 41.71 41.71 31523300 0.171661 -0.101716 2010-04-01 41.81 50.09 41.3 48.87 48.87 35161800 0.043994 -0.051258 2010-05-01 48.78 51.7 45.22 51.02 51.02 39561700 -0.067817 0.001965 2010-06-01 50.93 51.6 47.23 47.56 47.56 28830400 0.036165 0.059804 2010-07-01 47.45 50.17 45.65 49.28 49.28 30357800 -0.040787 0.022202 2010-08-01 49.88 49.9 45.74 47.27 47.27 30281000 0.12545 0 2010-09-01 47.5 54.19 47.5 53.2 53.2 21761300 0.099624 0.020362 2010-10-01 53.67 58.6 52.4 58.5 58.5 24055400 0.028718 0.006652 2010-11-01 58.65 61 56.93 60.18 60.18 21834500 0.003988 -0.007048 2010-12-01 60.74 63.05 59.21 60.42 60.42 23102700 -0.059417 0.034161 2011-01-01 60.99 61.7 55.6 56.83 56.83 22730200 -0.021995 0.028314 2011-02-01 57.31 59.35 53.33 55.58 55.58 27545300 0.033825 -0.003338 2011-03-01 55.62 58.55 54.5 57.46 57.46 21254700 0.027845 0.007535 2011-04-01 57.6 59.5 54.98 59.06 59.06 39923700 0.017779 -0.042792 2011-05-01 59.27 61.29 57.11 60.11 60.11 25754900 0.089835 0.044705 2011-06-01 59.9 65.63 58.58 65.51 65.51 26253300 -0.091742 -0.081845 2011-07-01 65.61 66.52 58.32 59.5 59.5 29223500 0.09042 -0.065611 2011-08-01 59.08 66.02 56.25 64.88 64.88 58436600 0.026973 -0.090557 2011-09-01 64.47 72 63.39 66.63 66.63 31308100 0.141378 0.047391 2011-10-01 66.34 77.35 63.75 76.05 76.05 24852600 0.015648 -0.070158 2011-11-01 74.14 78.99 73.9 77.24 77.24 21261100 0.035085 -0.048114 2011-12-01 77.31 82.17 76.92 79.95 79.95 17401000 0.019512 0.159104 2012-01-01 80.95 85.32 77.77 81.51 81.51 17088600 0.061219 0.055005 2012-02-01 81.53 87.36 81.42 86.5 86.5 24146700 0.056069 0.020197 2012-03-01 86.64 91.79 86.52 91.35 91.35 17974700 0.154899 -0.005525 2012-04-01 91.19 106.82 91.09 105.5 105.5 21489900 -0.092038 -0.046759 2012-05-01 105.01 107.13 91.65 95.79 95.79 56174700 -0.125483 -0.052938 2012-06-01 94.7 102.96 75.61 83.77 83.77 40576600 0.023517 0.083077 2012-07-01 84.25 97 82.46 85.74 85.74 37201600 -0.009214 0.06392 2012-08-01 86.29 88.9 84.06 84.95 84.95 25835700 -0.015656 -0.010681 2012-09-01 84.82 86.49 80.06 83.62 83.62 34889300 0.026668 -0.005848 2012-10-01 83.58 88.45 78.58 85.85 85.85 38988500 0.095865 -0.037557 2012-11-01 85.95 94.39 85 94.08 94.08 29045500 -0.049532 0.001881 2012-12-01 94.68 94.88 87.32 89.42 89.42 26655500 0.036122 0.094322 2013-01-01 90.66 92.96 87.06 92.65 92.65 22106300 0.098651 0.023156 2013-02-01 92.86 103.7 92.21 101.79 101.79 26143800 0.006386 0.016764 2013-03-01 101.68 105.22 101.13 102.44 102.44 17884800 0.047638 -0.007832 2013-04-01 103.13 108.99 97.77 107.32 107.32 20773700 0.014256 0.027835 2013-05-01 107.5 112.92 106.79 108.85 108.85 13159200 0.034635 -0.028294 2013-06-01 109.24 114.06 107.8 112.62 112.62 12417100 0.112591 -0.009151 2013-07-01 113.03 126.14 112.72 125.3 125.3 14913500 -0.02067 -0.075147 2013-08-01 126.23 128.45 121.41 122.71 122.71 22592300 0.032516 -0.078983 2013-09-01 123.97 127.97 121.61 126.7 126.7 20086400 -0.02281 -0.029078 2013-10-01 127.3 135.62 122.66 123.81 123.81 20266700 0.009288 -0.019797 2013-11-01 124.81 126.4 122.42 124.96 124.96 11294300 0.03001 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 124.3 128.42 133.39 150.13 148.48 148.99 148.43 150.03 150.18 156.65 149.97 175.65 182.72 129.99 137.28 155.94 153.05 151.26 151.2 154.21 156.37 157.18 158.63 177 183.63 196.8 120.34 128.2 129.72 145.13 141.08 144.38 147.21 145.51 148.74 149.51 146.22 175.01 180.69 128.71 130.98 150.85 148.39 148.79 147.95 150.6 150 155.98 150.36 175.88 182.74 192.62 128.71 130.98 150.85 148.39 148.79 147.95 150.6 150 155.98 150.36 175.88 182.74 192.62 15292800 0.017636 0.035375 14557800 0.151703 0.016318 36489500 -0.016308 0.011039 12126300 0.002696 0.029231 15909900 -0.005646 0.005839 12023800 0.017912 -0.000484 10781500 -0.003984 0.002302 15916900 0.039867 9.57E-005 11681700 -0.03603 -0.025837 11977600 0.169726 -0.027014 19250300 0.039004 0.006189 13455500 0.054066 0.004385 14630900 SUMMARY OUTPUT Regression Statistics Multiple R 0.0564 R Square 0.003181 Adjusted R -0.014307 Standard E 0.06349 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.000733 0.000733 0.181892 0.671358 57 0.229763 0.004031 58 0.230496 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.029865 0.008266 3.613146 0.000641 0.013313 0.046417 0.013313 0.046417 Returns_m 0.07256 0.170133 0.426488 0.671358 -0.268126 0.413246 -0.268126 0.413246 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 79.19336 81.27235 71.26061 75.05454 58.98041 1.3E+008 0.019275 0.108235 2010-02-01 75.77308 78.676 71.15522 76.50121 60.11725 1.1E+008 0.058735 0.014437 2010-03-01 76.89401 81.48312 76.77905 80.99451 63.64824 1.3E+008 0.052975 -0.101716 2010-04-01 81.67474 86.6375 79.90232 84.94173 67.02 1.2E+008 -0.069366 -0.051258 2010-05-01 85.43034 87.17401 71.08816 79.04964 62.37107 1.6E+008 -0.064961 0.001965 2010-06-01 78.08201 85.11417 73.83779 73.91444 58.31935 1.4E+008 0.015008 0.059804 2010-07-01 74.12521 79.69155 72.27615 74.66173 59.19463 94577700 -0.062235 0.022202 2010-08-01 76.26169 77.49759 69.10497 70.01513 55.51064 1.1E+008 0.071429 0 2010-09-01 71.29893 75.93595 70.76241 75.01621 59.4757 98060300 0.009231 0.020362 2010-10-01 75.79224 82.31664 74.51802 75.33237 60.02469 1.1E+008 0.121328 0.006652 2010-11-01 76.41498 85.73692 76.20421 84.47228 67.30737 95295600 0.112623 -0.007048 2010-12-01 85.52615 95.39417 85.17166 93.98583 74.88773 81807100 -0.010419 0.034161 2011-01-01 94.64689 94.99179 89.33923 92.62538 74.10745 99702300 0.054717 0.028314 2011-02-01 93.68883 103.0491 92.08887 97.69352 78.16237 93027500 0.024713 -0.003338 2011-03-01 99.75336 101.3821 90.75716 100.1078 80.09399 95548700 0.098671 0.007535 2011-04-01 101.4395 109.7459 91.65774 109.4968 87.99691 95058000 -0.056348 -0.042792 2011-05-01 110.2824 112.9459 94.12953 103.3269 83.03847 1.2E+008 -0.035327 0.044705 2011-06-01 103.3173 103.5856 92.69244 99.67671 80.10499 1.0E+008 -0.052027 -0.081845 2011-07-01 99.67671 104.5053 93.92835 94.06247 75.93739 81978100 -0.116521 -0.065611 2011-08-01 95.54746 95.74866 75.4665 83.10225 67.08912 1.7E+008 -0.175697 -0.090557 2011-09-01 83.45673 84.98005 66.96849 68.50139 55.30174 1.3E+008 0.307129 0.047391 2011-10-01 68.396 94.25408 63.57696 89.04223 72.28649 1.3E+008 0.064128 -0.070158 2011-11-01 85.1046 97.38694 83.05434 94.75227 76.92204 1.1E+008 -0.052578 -0.048114 2011-12-01 94.09121 95.78698 83.29386 89.77036 72.87761 87294600 0.069846 0.159104 2012-01-01 92.67328 99.47552 90.81464 95.58579 77.96784 89869100 0.046106 0.055005 2012-02-01 96.17979 102.206 93.28644 99.99287 81.56265 73683900 -0.087573 0.020197 2012-03-01 100.4048 100.9988 87.99794 91.23619 74.41993 87210100 -0.036961 -0.005525 2012-04-01 91.04458 94.11996 82.84358 87.39436 71.6693 87551500 -0.131002 -0.046759 2012-05-01 87.64346 89.847 74.81502 75.94553 62.28046 1.2E+008 0.081998 -0.052938 2012-06-01 74.60424 84.48186 73.37792 82.17293 67.38734 1.4E+008 0.021485 0.083077 2012-07-01 82.32622 85.92853 78.9251 83.38009 68.83519 81860500 -0.023211 0.06392 2012-08-01 83.97408 87.78717 80.68794 81.4448 67.23749 74755500 0.012352 -0.010681 2012-09-01 81.62683 89.67455 78.80055 82.45077 68.06799 89117300 -0.076467 -0.005848 2012-10-01 83.00644 83.72499 74.80544 75.64853 62.86305 1.1E+008 -0.047492 -0.037557 2012-11-01 75.97427 77.01856 69.39239 72.0558 59.87754 1.2E+008 0.018614 0.001881 2012-12-01 72.61147 75.80182 69.64149 73.39709 60.99213 92776700 0.160613 0.094322 2013-01-01 75.04495 84.87466 74.03899 84.56809 70.78826 1.0E+008 -0.067293 0.023156 2013-02-01 84.79802 85.01837 77.70836 78.8772 66.02467 98695900 -0.048099 0.016764 2013-03-01 78.42691 81.1478 73.97192 75.08328 62.84894 1.0E+008 0.147866 -0.007832 2013-04-01 75.15992 86.12014 74.64256 85.51656 72.14217 1.6E+008 0.031481 0.027835 2013-05-01 84.76927 91.56193 83.26512 88.20872 74.41328 1.4E+008 -0.030846 -0.028294 2013-06-01 89.09971 91.31284 83.88786 85.48782 72.11794 93956800 0.00487 -0.009151 2013-07-01 86.14888 88.78355 82.50825 85.31537 72.46913 82154800 -0.009433 -0.075147 2013-08-01 85.89021 86.32134 81.34899 84.5106 71.78555 77501400 0.060424 -0.078983 2013-09-01 85.20998 90.5368 84.03157 89.61707 76.12312 78721500 0.034532 -0.029078 2013-10-01 89.52126 94.56066 89.02306 92.05055 78.75181 81576900 -0.011657 -0.019797 2013-11-01 92.0218 95.25047 90.55597 90.97752 77.83379 68407900 0.001474 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 91.14038 90.54639 84.11779 91.77271 91.38948 91.7248 95.60495 99.41803 93.54512 99.09229 91.98348 85.25789 77.20852 91.59068 91.6769 93.09483 93.73673 94.09121 95.69118 101.2096 99.67671 100.0983 99.34139 93.06609 85.63153 83.10848 86.35008 82.87231 82.29748 87.3752 89.35839 89.86616 95.23131 93.39183 92.75951 91.68648 78.84846 75.2174 72.19706 91.11164 83.89744 92.47209 91.29367 91.73438 95.50914 98.32584 93.61218 99.37971 92.11761 85.2004 76.42456 80.4732 77.94855 72.27168 79.65812 78.64298 79.61452 82.89056 85.33511 81.82811 86.86962 80.52169 75.00832 67.28228 70.8466 79839500 -0.072828 0.035375 88339600 0.102204 0.016318 92983400 -0.012744 0.011039 91373300 0.012354 0.029231 82887500 0.041149 0.005839 80555800 0.029491 -0.000484 85947900 -0.041097 0.002302 71489200 0.061611 9.57E-005 69548100 -0.073074 -0.025837 87647500 -0.068471 -0.027014 1.4E+008 -0.103002 0.006189 1.2E+008 0.052976 0.004385 1.7E+008 SUMMARY OUTPUT Regression Statistics Multiple R 0.311899 R Square 0.097281 Adjusted R 0.081444 Standard E 0.077059 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.036475 0.036475 6.142584 0.016181 57 0.338474 0.005938 58 0.374949 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.006101 0.010032 0.608085 0.545546 -0.013989 0.02619 -0.013989 0.02619 Returns_m 0.511785 0.206496 2.478424 0.016181 0.098284 0.925286 0.098284 0.925286 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 39.5 39.74 35.13 35.3 29.34934 44185200 0.037394 0.108235 2010-02-01 35.62 37.29 34.54 36.62 30.44682 56730700 0.059804 0.014437 2010-03-01 36.63 40.29 36.58 38.81 32.26765 51028500 0.10507 -0.101716 2010-04-01 38.49 44.08 38.49 42.66 35.658 86074500 -0.110408 -0.051258 2010-05-01 42.76 43.6 36.22 37.95 31.72107 81506200 -0.096179 0.001965 2010-06-01 37.54 39.14 34.18 34.3 28.67016 68531700 0.09215 0.059804 2010-07-01 34.2 38.72 33.5 37.26 31.31213 71775100 -0.060386 0.022202 2010-08-01 37.98 38.93 34.68 35.01 29.4213 43589500 0.127678 0 2010-09-01 35.48 40 35.48 39.48 33.17775 41283000 0.119182 0.020362 2010-10-01 39.65 44.39 38.54 43.96 37.13194 57155000 0.033667 0.006652 2010-11-01 44.21 47.24 43.83 45.44 38.38207 55116800 0.007922 -0.007048 2010-12-01 46.17 47.88 45.66 45.8 38.68615 37599400 -0.015849 0.034161 2011-01-01 46.12 47.51 44.57 44.88 38.07302 46395900 0.134135 0.028314 2011-02-01 45.2 50.9 44.93 50.9 43.17996 42161500 -0.036149 -0.003338 2011-03-01 51.02 51.25 46.11 49.06 41.61904 52104900 0.00772 0.007535 2011-04-01 49.06 49.78 46.05 49.19 41.94032 51955500 -0.049197 -0.042792 2011-05-01 49.51 49.61 45.95 46.77 39.87698 42560700 0.02972 0.044705 2011-06-01 46.59 48.29 44.61 48.16 41.06214 48959300 -0.020463 -0.081845 2011-07-01 48.18 49.55 46.5 46.92 40.22187 39055400 -0.135763 -0.065611 2011-08-01 47.1 47.1 36.88 40.55 34.76123 88055700 -0.091492 -0.090557 2011-09-01 40.48 40.82 35.27 36.84 31.58086 58906400 0.215143 0.047391 2011-10-01 36.51 45.65 35.34 44.48 38.37526 54436400 -0.029452 -0.070158 2011-11-01 43.01 44.74 39.72 43.17 37.24505 36989700 0.032662 -0.048114 2011-12-01 43.26 45 41.04 44.58 38.46153 34819900 0.029329 0.159104 2012-01-01 45.18 47.96 43.83 45.61 39.58958 33976000 0.083973 0.055005 2012-02-01 45.86 49.64 45.7 49.44 42.91402 28708100 0.024474 0.020197 2012-03-01 49.35 51.38 47.55 50.65 43.96431 31204300 0.019215 -0.005525 2012-04-01 49.35 51.71 47.42 51.31 44.80909 44893300 -0.070746 -0.046759 2012-05-01 51.48 52.19 47.45 47.68 41.63901 40936000 0.019295 -0.052938 2012-06-01 46.94 48.62 45.65 48.6 42.44244 37191200 0.039047 0.083077 2012-07-01 48.78 50.72 47.03 50.18 44.09968 34598300 0.023715 0.06392 2012-08-01 50.18 52.56 48.94 51.37 45.14549 25425600 0.003698 -0.010681 2012-09-01 51.32 54.76 51.25 51.56 45.31246 32078300 -0.065622 -0.005848 2012-10-01 51.58 53.07 46.85 47.91 42.33896 31627800 0.038197 -0.037557 2012-11-01 47.86 50 45.11 49.74 43.95616 42688500 0.004423 0.001881 2012-12-01 49.85 51.11 48.84 49.96 44.15058 33872400 0.093084 0.094322 2013-01-01 50.5 54.57 50.4 54.28 48.26031 30097900 0.059875 0.023156 2013-02-01 54.68 58.16 53.51 57.53 51.1499 37872700 0.023814 0.016764 2013-03-01 56.84 60.05 56.69 58.9 52.36795 28032100 0.021876 -0.007832 2013-04-01 58.78 60.79 57.73 59.77 53.51355 37504800 0.039485 0.027835 2013-05-01 59.78 64.29 59.29 62.13 55.62651 40095100 0.011911 -0.028294 2013-06-01 62.15 64.25 60.11 62.87 56.28905 33491200 0.028885 -0.009151 2013-07-01 62.89 70.5 61.76 64.27 57.91494 59689600 -0.056325 -0.075147 2013-08-01 64.88 65.3 59.7 60.65 54.65289 40336000 0.046002 -0.078983 2013-09-01 61.61 66.36 60.14 63.44 57.16702 24954600 0.080199 -0.029078 2013-10-01 64.17 68.96 61.35 68.11 61.75176 33627300 0.049038 -0.019797 2013-11-01 68.19 72.49 68.14 71.45 64.77997 22503200 0.040868 -0.019161 2013-12-01 2014-01-01 2014-02-01 2014-03-01 2014-04-01 2014-05-01 2014-06-01 2014-07-01 2014-08-01 2014-09-01 2014-10-01 2014-11-01 12/1/2014 71.37 74.52 72.71 74.85 72.8 67.54 71.3 71.5 69.77 71.97 68.69 72.09 77.1 74.5 75.36 76.87 76.18 72.84 71.31 71.85 74.14 72.73 72.79 71.99 77.39 78.49 68.79 71.32 70.59 70.72 65.96 65.43 69.38 69.8 69.55 68.32 64.03 71.92 74.53 74.37 72.58 75.68 72.6 67.68 71.15 71.22 69.99 72.01 68.86 71.86 77.27 77.47 67.42738 66.18355 69.01034 66.55542 62.04506 65.22615 65.29034 64.61714 66.48209 63.57388 66.81638 71.84669 72.03265 26994300 -0.018447 0.035375 30897500 0.042711 0.016318 33698600 -0.035573 0.011039 27818400 -0.067769 0.029231 41026300 0.051271 0.005839 61656700 0.000984 -0.000484 31506600 -0.010311 0.002302 39240900 0.028861 9.57E-005 21604400 -0.043744 -0.025837 27870600 0.051004 -0.027014 44809100 0.075285 0.006189 23067200 0.002588 0.004385 31880300 SUMMARY OUTPUT Regression Statistics Multiple R 0.351612 R Square 0.123631 Adjusted R 0.108256 Standard E 0.06043 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.029364 0.029364 8.041084 0.006318 57 0.208151 0.003652 58 0.237515 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.017241 0.007867 2.191463 0.03252 0.001487 0.032995 0.001487 0.032995 Returns_m 0.459194 0.161934 2.835681 0.006318 0.134926 0.783462 0.134926 0.783462 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 19.6463 20.35983 18.46874 18.46874 13.31855 28824700 0.061022 0.108235 2010-02-01 18.56943 19.52373 17.48818 19.40553 14.13127 25470200 0.029776 0.014437 2010-03-01 19.50622 20.72317 19.45369 19.98337 14.55205 94955400 0.076451 -0.101716 2010-04-01 20.07529 22.1371 20.07092 21.51112 15.66457 30551600 -0.086756 -0.051258 2010-05-01 21.58991 22.25967 12.93994 19.46682 14.30557 53689300 -0.027434 0.001965 2010-06-01 19.23043 21.10839 18.45124 18.93276 13.91311 39557800 0.075838 0.059804 2010-07-01 18.87585 21.0077 18.29364 20.36859 14.96826 27767800 -0.068859 0.022202 2010-08-01 20.61811 21.00333 18.61758 18.78393 13.93756 32671600 0.049639 0 2010-09-01 19.0816 19.76887 18.95027 19.71634 14.6294 33658800 0.106128 0.020362 2010-10-01 19.85204 22.24217 19.72509 21.80879 16.18199 37100100 0.035821 0.006652 2010-11-01 21.93574 22.95132 21.70811 22.37349 16.76165 24796000 0.085306 -0.007048 2010-12-01 22.64927 24.55349 22.46104 24.28209 18.19152 29907900 0.061655 0.034161 2011-01-01 24.44406 26.04623 23.8706 25.7792 19.31311 29667300 0.106179 0.028314 2011-02-01 25.90177 28.44948 25.59972 28.26563 21.36376 29477600 0.035775 -0.003338 2011-03-01 28.3882 29.32937 26.96551 29.27683 22.12806 37187600 0.045753 0.007535 2011-04-01 29.48258 30.63824 27.76659 30.61635 23.14049 27869300 0.02422 -0.042792 2011-05-01 30.69077 31.13728 29.05358 31.11977 23.70095 41104100 0.041075 0.044705 2011-06-01 31.00595 32.68254 29.81089 32.398 24.67446 46424400 -0.016484 -0.081845 2011-07-01 32.42865 33.38732 31.30363 31.86395 24.26772 36261700 -0.018522 -0.065611 2011-08-01 32.21853 32.2623 25.65663 31.0366 23.81824 71978800 -0.068547 -0.090557 2011-09-01 31.14166 31.56628 27.69217 28.90912 22.18557 48511100 0.151574 0.047391 2011-10-01 28.84346 33.82945 27.32884 33.29102 25.54834 46101500 0.093491 -0.070158 2011-11-01 32.30608 36.62669 32.01278 36.40343 27.93688 35849300 0.050222 -0.048114 2011-12-01 36.23709 38.16319 35.15584 37.9487 29.33994 34769100 -0.04072 0.159104 2012-01-01 38.52653 39.23569 36.25022 36.40343 28.14523 36534800 0.000682 0.055005 2012-02-01 35.72929 36.955 35.06829 36.1758 28.16443 35689200 -0.011859 0.020197 2012-03-01 36.18893 37.33147 35.31781 35.7468 27.83043 29911700 0.051801 -0.005525 2012-04-01 35.61548 37.84801 34.63929 37.5985 29.27206 28040300 -0.026727 -0.046759 2012-05-01 37.66853 38.40396 35.50166 36.32901 28.48971 28527800 0.019641 -0.052938 2012-06-01 35.86937 39.04745 34.42479 37.04255 29.04928 37686100 0.051997 0.083077 2012-07-01 37.27893 40.22063 36.79741 38.96866 30.55976 24066500 0.000449 0.06392 2012-08-01 38.73227 40.33444 36.7011 38.98617 30.57348 27353600 0.09296 -0.010681 2012-09-01 38.97741 43.21485 38.8636 42.29557 33.41558 18650500 -0.020906 -0.005848 2012-10-01 42.40063 43.59132 40.47452 41.41131 32.71698 18952300 -0.051375 -0.037557 2012-11-01 41.3938 41.58641 38.37331 39.28384 31.03616 30462300 -0.040554 0.001881 2012-12-01 39.3889 39.69532 36.26335 37.42777 29.77753 40262700 0.099649 0.094322 2013-01-01 37.94432 41.70898 37.85677 41.15742 32.74484 30296500 -0.035641 0.023156 2013-02-01 41.38505 42.21677 38.61845 39.3889 31.57778 30460200 0.059569 0.016764 2013-03-01 39.24882 41.84031 38.90737 41.73525 33.45884 25933500 0.077407 -0.007832 2013-04-01 41.71774 45.92891 41.19244 44.96586 36.04879 34194400 -0.114914 0.027835 2013-05-01 42.46191 43.62634 39.51147 39.52023 31.90627 41308900 -0.084847 -0.028294 2013-06-01 39.55524 39.90545 35.38785 36.16705 29.19912 32388900 0.281772 -0.009151 2013-07-01 36.40343 48.58168 34.48608 46.35791 37.42661 59409300 -0.028517 -0.075147 2013-08-01 46.60305 46.85694 43.62634 45.0359 36.3593 39306800 0.04404 -0.078983 2013-09-01 45.42112 48.3453 44.2567 46.68184 37.96056 27145600 0.05964 -0.029078 2013-10-01 46.66433 50.39398 45.77132 49.46594 40.22453 34976400 0.034706 -0.019797 2013-11-01 49.46594 52.10121 48.72176 50.84049 41.62057 26946800 0.070777 -0.019161 2013-12-01 50.91928 54.48258 49.92996 54.4388 44.56633 30272200 0.10148 0.035375 2014-01-01 54.41254 60.01576 53.40571 59.96323 49.08891 43865500 -0.013729 0.016318 2014-02-01 60.71 61.78 57.91 59.14 48.41497 34229500 0.008656 0.011039 2014-03-01 58.59 60.48 57.3 59.25 48.83404 22358400 0.067004 0.029231 2014-04-01 59.43 63.36 58.11 63.22 52.10613 21627500 0.029283 0.005839 2014-05-01 63.24 65.31 61.5 64.49 53.63194 21569300 0.055668 -0.000484 2014-06-01 64.63 68.14 63.65 68.08 56.6175 22749400 -0.053613 0.002302 2014-07-01 68.07 68.46 64.06 64.43 53.58205 17290000 0.099117 9.57E-005 2014-08-01 64.08 70.23 60.89 70.2 58.89295 20816900 -0.066239 -0.025837 2014-09-01 70.22 71.19 65.05 65.55 54.99192 18831900 -0.100839 -0.027014 2014-10-01 65.6 66.2 52.06 58.94 49.44659 43636500 -0.071876 0.006189 2014-11-01 59.13 59.66 54.01 54.16 45.89256 28794000 -0.080687 0.004385 12/1/2014 54.1 55.26 43.36 49.79 42.18964 63050300 SUMMARY OUTPUT Regression Statistics Multiple R 0.145448 R Square 0.021155 Adjusted R 0.003982 Standard E 0.071236 Observatio 59 ANOVA df Regression Residual Total SS MS F Significance F 1 0.006251 0.006251 1.231902 0.271698 57 0.289254 0.005075 58 0.295505 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0% Intercept 0.022112 0.009274 2.384249 0.020465 0.003541 0.040683 0.003541 0.040683 Returns_m 0.211874 0.190893 1.109911 0.271698 -0.170382 0.594129 -0.170382 0.594129 Date Open High Low Close Adj Close Volume Returns Returns_mkt 2010-01-01 24.66 25.64 22.98 23.06 21.08003 6.0E+008 0.07111 0.108235 2010-02-01 23.36 24.98 22.83 24.65 22.57903 5.8E+008 0.043002 0.014437 2010-03-01 24.6 26.25 24.28 25.71 23.54997 6.6E+008 0.006223 -0.101716 2010-04-01 25.78 26.63 25.19 25.87 23.69653 5.6E+008 -0.125888 -0.051258 2010-05-01 26.05 26.15 21.55 22.57 20.71342 7.4E+008 -0.04918 0.001965 2010-06-01 22.42 23.66 21.3 21.46 19.69472 6.3E+008 0.101584 0.059804 2010-07-01 21.46 24.68 21.24 23.64 21.6954 6.4E+008 -0.074161 0.022202 2010-08-01 23.87 24.59 21.66 21.84 20.08644 5.3E+008 0.229396 0 2010-09-01 22.15 27.63 22.1 26.85 24.69418 1.1E+009 0.094227 0.020362 2010-10-01 27.18 29.71 26.89 29.38 27.02104 7.6E+008 -0.077613 0.006652 2010-11-01 29.52 29.82 26.81 27.05 24.92387 6.1E+008 0.157117 -0.007048 2010-12-01 27.54 32.27 27.41 31.3 28.83982 6.0E+008 0.023323 0.034161 2011-01-01 31.59 33.3 30.8 32.03 29.51245 5.8E+008 0.028812 0.028314 2011-02-01 32.17 33.71 31.64 32.9 30.36275 4.0E+008 0.016109 -0.003338 2011-03-01 33.02 34.1 29.62 33.43 30.85187 6.7E+008 0.075681 0.007535 2011-04-01 33.7 36.05 33.08 35.96 33.18676 5.3E+008 -0.046682 -0.042792 2011-05-01 35.84 36.5 32.92 34.22 31.63755 5.1E+008 -0.038282 0.044705 2011-06-01 34.23 34.3 30.65 32.91 30.42641 7.0E+008 -0.070799 -0.081845 2011-07-01 32.89 34.13 30.26 30.58 28.27224 5.6E+008 -0.080454 -0.065611 2011-08-01 30.97 31.21 24.72 28.07 25.99763 1.1E+009 0.023869 -0.090557 2011-09-01 2