A panel data approach to price-value correlations
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- ÊἙρμῆς Παπακώστας
- 6 χρόνια πριν
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1 Working Paper Series Department of Economics University of Verona A panel data approach to price-value correlations Andrea Vaona WP Number: 14 October 2011 ISSN: (paper), (online)
2 5Β9 85Η55 ΦΧ57<ΗΧ Φ=79ϑ5 Ι9 7ΧΦΦ9 5Η=ΧΒΓ! +9ΓΧΦΗ=Β; ΗΧ ΓΗ5Η=ΧΒ5ΦΜ 5Β8 ΒΧΒΓΗ5Η=ΧΒ5ΦΜ 5Β9 85Η5 97ΧΒΧΑ9ΗΦ=7Γ Κ9 Χς9ΦΗ9ΓΗΓ:ΧΦ+=75Φ8ΧΘΓΗ<9ΧΦΜΧ:ϑ5 Ι9:ΧΦ)7ΧΙΒΗΦ=9ΓΧϑ9Φ 8=ς9Φ9ΒΗΗ=Α9 9Φ=Χ8Γ5Β85;;Φ9;5Η=ΧΒ 9ϑ9 Γ <9Η<9ΧΦΜ8Χ9ΓΒΧΗΟΒ89Α =Φ=75 ΓΙ ΧΦΗ &%! ϑ5 Ι9 Φ=79ΟΛ989ς97ΗΓΑΧ89 Φ5Β8ΧΑ9ς97ΗΓΑΧ89 5Β9 ΙΒ=ΗΦΧΧΗΗ9ΓΗΓ 5Β9 7Χ=ΒΗ9;Φ5Η=ΧΒΗ9ΓΗΓ!
3 # 95ΓΙΦ9ΓΧ: Φ=79ϑ5 Ι97ΧΦΦ9 5Η=ΧΒΓ<5ϑ9Φ979ΒΗ Μ699ΒΗ<9ΓΙ6>97ΗΧ:57Φ=Η =75 Φ95ΓΓ9ΓΓΑ9ΒΗ Φ979ΒΗ Φ9ϑ=9Κ Χ: Η<9 =Η9Φ5ΗΙΦ9 Κ5Γ Χς9Φ98 6Μ % =Α5Β 5 ΓΧ<=;< =;<Η=Β;=ΗΓΙΒ89Φ Μ=Β;Η<9ΧΦ9Η= Η9Κ<=7<=ΓΧ:5 5Φ5ΑΧΙΒΗ=Α ΧΦΗ5Β79:ΧΦ 5ΦΛ=5Β7 5ΓΓ=75 97ΧΒΧΑ=7Γ 09ΓΗ=7?<9Φ9Κ=Η< 9Α =Φ=75 7ΧΒΗΦ=6ΙΗ=ΧΒΓΧΒΗ<=Γ=ΓΓΙ9 Μ Κ5Μ Χ: =ΒΗΦΧ8Ι7Η=ΧΒ =Η =Γ ΚΧΦΗ< Α5?=Β; Φ9:9Φ9Β79 ΗΧ,<5=?< 5Β8Χ7?Γ<ΧΗΗ5Β8ΧΗΗΦ9 Η<5Η9ΓΗ=Α5Η98Η<9:Χ ΧΚ=Β;ΑΧ89 Κ<9Φ9 =Γ 5 Γ97ΗΧΦ5 =Β89Λ 5Φ9 5;;Φ9;5Η9 Φ=79Γ ΤΑ95ΓΙΦ98 6Μ Ρ;ΦΧΓΓ ΧΙΗ ΙΗΣΓ9Φ=9Γ 5Φ95;;Φ9;5Η9ΑΧΒ9Η5ΦΜϑ5 Ι9ΓΓ9Φ=9Γ5 ΧΓΓ=6 9Α95ΓΙΦ9 Χ:Κ<=7<=Γ= ΙΓΗΦ5Η9869 ΧΚ5Β85Φ97ΧΒΓΗ5ΒΗΓ5Β8 =Γ5Β9ΦΦΧΦΗ9ΦΑ #: Γ97ΗΧΦ5 ϑ5 Ι9Γ 5Φ9 Η<9 Α5=Β 89Η9ΦΑ=Β5ΒΗΓ Χ: Γ97ΗΧΦ5 Φ=79Γ =Η Κ= :Χ ΧΚ Η<5Η = Β== ===Η<9 Χ:=Γ 5Φ;9 <9Κ<Χ 9Χ:Η<9Γ9 Η<Φ99 Φ98=7Η=ΧΒΓ<5Γ699ΒΗ9ΦΑ98+=75Φ8ΧΘΓ <9ΧΦΜΧ:/5 Ι9 5Φ =9Φ7ΧΒΗΦ=6ΙΗ=ΧΒΓΧ7?Γ<ΧΗΗ5Β8ΧΗΗΦ9 9ΗΦΧϑ=7 ΓΧΙ Ο8=Γ5Β8 5Β=5Η=Γ65Γ98ΧΒ7ΦΧΓΓΓ97Η=ΧΒ5 Φ9;Φ9ΓΓ=ΧΒΓ:ΧΙΒ85 ΓΗΦΧΒ;9Α =Φ=75 ΓΙ ΧΦΗ:ΧΦΗ<9 Φ98=7Η=ΧΒΓ56Χϑ9 ΧΚ9ϑ9ΦΗ<=Γ9ϑ=89Β79Κ5ΓΦ979ΒΗ Μ ΙΗ=ΒΗΧΕΙ9ΓΗ=ΧΒ6Μ% =Α5Β Κ<Χ5Φ;Ι98Η<5Η Φ=79Γ5Β8ϑ5 Ι9ΓΗ9Β8ΗΧ69<=;<9Φ=Β 5Φ;9ΦΓ97ΗΧΦΓ5Β8 ΧΚ9Φ =Β ΓΑ5 9Φ ΧΒ9Γ #Β ΧΗ<9Φ Η9ΦΑΓ =Β8ΙΓΗΦΜ Γ=Ν9 8Φ=ϑ9Γ Η<9 ΓΗΦΧΒ; 7ΧΒΒ97Η=ΧΒ
4 69ΗΚ99Β Φ=79Γ5Β8ϑ5 Ι9Γ. ΧΒΙΓ=Β;=Β8ΙΓΗΦΜΗΧΗ5 7ΧΓΗΓΗΧ89Π5Η9 Φ=79Γ 5Β8ϑ5 Ι9ΓΗ<9ΓΙ ΧΦΗ:ΧΦΗ<9Η<Φ99 Φ98=7Η=ΧΒΓ56Χϑ9ϑ5Β=Γ<9Γ =5Ν5Β8)ΓΙΒ5=ΒΗ9Φ Φ9Η98Η<9ΦΧ 9Χ:Γ=Ν9=ΒΗ<97ΧΦΦ9 5Η=ΧΒ 69ΗΚ99Β =Β8ΙΓΗΦΜ Φ=79Γ 5Β8 ϑ5 Ι9Γ =Β 5 8=ς9Φ9ΒΗ Κ5Μ ΧΒΓ=89Φ Η<9 :Χ ΧΚ=Β; 9ΕΙ5Η=ΧΒ % Κ<9Φ9 5Β8 5Φ9Η<9 ΦΧ8Ι7Η=ΧΒ Φ=79ΓΧ:Η<9 5Β8 7ΧΑΑΧ8=Η=9Γ Φ9Γ 97Η=ϑ9 Μ 5Β8 5Φ9ΙΒ=Η ϑ5 Ι9Γ % =Γ 5ΓΗΧ7<5ΓΗ=79ΦΦΧΦ5Β85Β8 5Φ5Α9Η9ΦΓ <9 7ΧΑΑΧ8=ΗΜ=ΓΗ<9ΒΙΑ9Φ5=Φ9Κ<=7<=Γ7ΧΑΑΧΒΗΧ5 Η<9Χ6Γ9Φϑ5Η=ΧΒΓΓΧΗ<5ΗΗ<99ΦΦΧΦ=ΓΒΧΗ=Β89Λ986Μ #ΒΧΦ89ΦΗΧ9ΓΗ=Α5Η9 9ΕΙ5Η=ΧΒ ΧΒ9<5ΓΗΧΑ5Β= Ι 5Η9 ΓΧΗΧΧ6Η5=Β # # # # # # % Κ<9Φ9 # 5Β8 # 5Φ9 Η<9 <ΜΓ=75 ΕΙ5ΒΗ=Η=9Γ Χ: ΧΙΗ ΙΗ Χ: =Β8ΙΓΗΦ=9Γ 5Β8 Φ9Γ 97Η=ϑ9 Μ ΧΚ9ϑ9Φ # 5Β8 # 75ΒΒΧΗ 69 Χ6Γ9Φϑ98 5Β8 Η<9=Φ ϑ5 Ι9 75Β ϑ5φμ 577ΧΦ8=Β; ΗΧ Α95ΓΙΦ9Α9ΒΗ ΙΒ=ΗΓ <9Φ9:ΧΦ9 9ΓΗ=Α5Η9Γ Χ: 65Γ98 ΧΒ ΚΧΙ 869 5;Ι986Μ5ΒΧΑ=ΗΗ98ϑ5Φ=56 9 ΦΧ6 9Α.Β89ΦΗ<9Γ97=Φ7ΙΑ ΓΗ5Β79Γ 8=ς9Φ9ΒΗ 5ΗΗ9Α ΗΓ ΗΧ Φ9ΑΧϑ9 Η<=Γ ΦΧ6 9Α 6Μ 89Π5Η=Β; =Β8ΙΓΗΦ=5 Φ=79Γ5Β8ϑ5 Ι9ΓΚΧΙ 8 958ΗΧ8=ς9Φ9ΒΗΦ9ΓΙ ΗΓ5Β8Η<9Φ9:ΧΦ9ΗΧ=Β89Η9ΦΑ= Β57Μ #ΒΧΗ<9ΦΚΧΦ8ΓΗ<97ΧΒ7 ΙΓ=ΧΒΓ6Μ% =Α5ΒΚΧΙ 8697ΧΦΦ97ΗΧΒ Μ =: 89Π5Η=Β; =Β8ΙΓΗΦΜ Φ=79Γ 5Β8 ϑ5 Ι9Γ 6Μ ΗΧΗ5 7ΧΓΗΓ Κ5Γ Η<9 ΧΒ Μ 9;=Η=Α5Η9 Κ5ΜΗΧΦ9ΑΧϑ9Η<99ς97ΗΧ:=Β8ΙΓΗΦΜΓ=Ν9ΧΒ9ΓΗ=Α5Η9ΓΧ: <9 ΦΧ6 9Α
5 Κ5Γ:ΙΦΗ<9Φ8=Γ7ΙΓΓ98=Β%= Α5Β5Β8=5Ν5Β8)ΓΙΒ5Κ<=7< <ΧΚ9ϑ9ΦΦ95ΓΓ9ΦΗ98Η<9=ΦΦ9Γ 97Η=ϑ9 ΧΓ=Η=ΧΒΓ <9 5=Α Χ: Η<9 Φ9Γ9ΒΗ 7ΧΒΗΦ=6ΙΗ=ΧΒ =Γ ΗΧ ΙΓ9 5Β9 85Η5 97ΧΒΧΑ9ΗΦ=7Γ ΗΧ Γ<98 :ΙΦΗ<9Φ =;<Η ΧΒ Η<9 =ΓΓΙ9 ΧΦ Φ9 5Η=ϑ9 ϑ5 Ι9Γ ΗΧ 9Λ 5=Β Φ9 5Η=ϑ9 Φ=79Γ=Η=ΓΒ979ΓΓ5ΦΜΗ<5Η5 Η<9Η<Φ99 Φ98=7Η=ΧΒΓ56Χϑ9<Χ 8 09 ΦΧ ΧΓ9 ΗΧΓΗ5ΦΗΚ=Η<Η<9 Φ98=7Η=ΧΒΗ<5Η 5Β8ΗΧΙΓ9 5Β9 85Η597ΧΒΧΑ9ΗΦ=7Γ ΗΧ577ΧΙΒΗ:ΧΦ=Β8ΙΓΗΦΜΙΒΧ6Γ9Φϑ98<9Η9ΦΧ;9Β9=ΗΜ #ΒΗ<975Γ9Η<5ΗΗ<985Η5 8Χ ΒΧΗ Φ9>97Η Η<=Γ Φ98=7Η=ΧΒ Κ9 Κ= ΑΧϑ9 ΗΧ 7ΧΒΓ=89Φ Η<9 Φ98=7Η=ΧΒ Η<5Η! ΧΒ79 =Α ΧΓ=Β; Η<9 Φ9ΓΗΦ=7Η=ΧΒ #Η =Γ 9ΒΧΙ;< Η<5Η ΧΒ Μ ΧΒ9 Χ: Η<9Γ9 5ΓΓΙΑ Η=ΧΒΓ 8Χ9Γ ΒΧΗ <Χ 8 ΗΧ Φ9>97Η Η<9 ΦΧ ΧΓ=Η=ΧΒ Η<5Η Φ9 5Η=ϑ9 =Β8ΙΓΗΦΜ ϑ5 Ι9Γ 5Φ9 Η<9 Α5=Β 89Η9ΦΑ=Β5ΒΗΓ Χ: Φ9 5Η=ϑ9 =Β8ΙΓΗΦΜ Φ=79Γ 09 5 Μ ΧΙΦ Η9ΓΗ=Β; ΦΧ798ΙΦ9 ΗΧ Γ97ΗΧΦ5 85Η5 :ΧΦ ) 7ΧΙΒΗΦ=9Γ Χϑ9Φ 8=ς9Φ9ΒΗΗ=Α9 9Φ=Χ8Γ5Β85;;Φ9;5Η=ΧΒ 9ϑ9 Γ <9Φ9ΓΗΧ:Η<=Γ 5 9Φ=ΓΓΗΦΙ7ΗΙΦ985Γ:Χ ΧΚΓ <9Β9ΛΗΓ97Η=ΧΒ= ΙΓΗΦ5Η9Γ =Β;Φ95Η9Φ89Η5= ΧΙΦΗ9ΓΗ=Β; ΦΧ798ΙΦ95Β8Η<9Α9Η<Χ8ΓΚ958Χ Η (9ΛΗΚ9 ΑΧϑ9ΗΧ8=Γ7ΙΓΓΧΙΦ85Η5ΓΧΙΦ79Γ5Β8Η<9Κ5ΜΚ989ΟΒ9ΧΙΦϑ5Φ=56 9Γ <9Β Κ9Γ<ΧΚΧΙΦΦ9ΓΙ ΗΓ5Β8ΟΒ5 ΜΚ97ΧΒ7 Ι89! #! )ΙΦΗ9ΓΗ=Β; ΦΧ798ΙΦ9=Γ5Γ:Χ ΧΚΓ ΧΒΓ=89Φ9ΕΙ5Η=ΧΒ 5ΗΗ=Α9 %
6 885Β8ΓΙ6ΗΦ57Η:ΦΧΑΗ<9 9:Η<5Β8Γ=89 Η=Α9ΓΦ9 5Η=ϑ9ΧΙΗ ΙΗ 9ϑ5 Ι5Η98 5Η 65Γ9 Μ95Φ Φ=79Γ ΗΧ Χ6Η5=Β # # # # # # % <=Γ 9ΕΙ5Η=ΧΒ 75Β 69 Φ9ΚΦ=ΗΗ9Β 5Γ # # # # # # % Φ=Β;ΗΧΗ<9 9:Η<5Β8Γ=89 # # # # % # # # # 89ΟΒ9!=ϑ9Β Η<5Η Η<9 >Η< ;ΧΧ8 =Γ Η<9 ΒΙΑ9Φ5=Φ9 Κ9 8ΦΧ Η<9 =Β89Λ 5Β8 Κ9 # # # # & # # # # %
7 5Β8ΓΧΚ975ΒΚΦ=Η9 5Γ & #Η =Γ ΒΧΚ 7 95Φ Η<5Η =Η =Γ ΧΓΓ=6 9 ΗΧ 9ΓΗ=Α5Η9 5Β8 ΗΧ Η9ΓΗ <Μ ΧΗ<9Γ9Γ 56ΧΙΗ =Η 6Μ 75ΦΦΜ=Β; ΗΧ Η<9 85Η5 Η<9 Κ9?ΒΧΚΒ ΧΒ9Κ5Μ 9ΦΦΧΦ 7ΧΑ ΧΒ9ΒΗ ΑΧ89 9=Η<9Φ =Β =ΗΓ ΟΛ98 9ς97Η ϑ5φ=5βη ΧΦ =Β =ΗΓ Φ5Β8ΧΑ 9ς97Η ΧΒ9 <9 ΗΚΧ8=ς9Φ89 9Β8=Β;ΧΒΗ<95ΓΓΙΑ Η=ΧΒΓ7ΧΒ79ΦΒ=Β; ΧΦΗ<9ΟΛ989ς97ΗΓ ΑΧ89 Η<9Μ5Φ97ΧΒΓ=89Φ985ΓΟΛ98 5Φ5Α9Η9ΦΓΚ<= 9=ΒΗ<9Φ5Β8ΧΑ9ς97ΗΓ ΑΧ89 Η<9Μ 5Φ9 7ΧΒΓ=89Φ98 5Γ Φ5Β8ΧΑ Φ95 =Ν5Η=ΧΒΓ:ΦΧΑ ΓΗΧ7<5ΓΗ=7 ΦΧ79ΓΓ9Γ Η<5Η5Φ9=Β89 9Β89ΒΗ Μ5Β8=89ΒΗ=75 Μ8=ΓΗΦ=6ΙΗ98Κ=Η<5;=ϑ9Βϑ5Φ=5Β795 Η5;= 097<ΧΧΓ969ΗΚ99ΒΗ<9ΗΚΧΑΧ89 ΓΧΒΗ<9;ΦΧΙΒ8ΓΧ:Η<9 5ΙΓΑ5ΒΗ9ΓΗ Κ<=7< =Γ 65Γ98 ΧΒ Η<9 8=ς9Φ9Β79 69ΗΚ99Β Η<9=Φ 9ΓΗ=Α5Η98 ϑ5 Ι9Γ Χ: <9 ΒΙ Χ:Η<=ΓΗ9ΓΗ=ΓΗ<5ΗΗ<9ΗΚΧ9ΓΗ=Α5ΗΧΦΓ ΦΧ8Ι79Η<9Γ5Α9Φ9ΓΙ ΗΓ #ΗΓ65Γ=Γ =ΓΗ<5ΗΟΛ989ς97ΗΓ9ΓΗ=Α5Η9Γ5Φ97ΧΒΓ=ΓΗ9ΒΗ6ΙΗΒΧΗ9Υ7=9ΒΗΙΒ89Φ6ΧΗ<Η<9 ΒΙ <Μ ΧΗ<9Γ=Γ 5Β8 Η<9 5 Η9ΦΒ5Η=ϑ9 ΧΒ9 Κ<= 9 Η<9 Φ5Β8ΧΑ 9ς97Η 9ΓΗ=Α5ΗΧΦ =Γ ΒΧΗ 7ΧΒΓ=ΓΗ9ΒΗ ΙΒ89Φ Η<9 5 Η9ΦΒ5Η=ϑ9 <Μ ΧΗ<9Γ=Γ 6ΙΗ =Η =Γ 9Υ 7=9ΒΗ ΙΒ89Φ Η<9 ΒΙ 5 Η5;=,Ι7< Η9ΓΗ <ΧΚ9ϑ9Φ 8Χ9Γ ΒΧΗ ΓΙ=Η 5 ΧΓΓ=6 985Η5Γ9ΗΓ5Γ=ΗΓΙΒ89Φ Μ=Β;5ΓΓΙΑ Η=ΧΒΗ<5ΗΗ<9ϑ5Φ=5Β797Χϑ5Φ=5Β79 Α5ΗΦ=Λ Χ: Η<9 8=ς9Φ9Β79 69ΗΚ99Β Η<9 ΗΚΧ 9ΓΗ=Α5ΗΧΦΓ =Γ ΧΓ=Η=ϑ9 89ΟΒ=Η9 Α=;<Η ΒΧΗ<Χ 8=Β Φ57Η=79 ΧΦΗ<=ΓΦ95ΓΧΒΚ9ΓΙ 9Α9ΒΗ=ΗΚ=Η<5 ΙΒ8 5?Η9ΓΗ Γ=5Χ Κ<=7< =Γ ΒΧΗ 65Γ98 ΧΒ Η<=Γ <Μ ΧΗ<9Γ=Γ 09 :ΙΦΗ<9Φ
8 Η9ΓΗ:ΧΦΓ9Φ=5 7ΧΦΦ9 5Η=ΧΒ=Β 6ΜΦ9ΓΧΦΗ=Β;ΗΧΗ<9&5;Φ5Β;9 Ι Η= =9Φ& Η9ΓΗΓ ΦΧ ΧΓ98 6Μ5 Η5;= 5Β8 =Β5 Μ =Β Φ9Γ9Β79 Χ: 9ϑ=89Β79Χ:Γ9Φ=5 7ΧΦΦ9 5Η=ΧΒ=ΒΗ<9Φ9Γ=8Ι5 ΓΚ9 ΧΧ?:ΧΦΗ<9ΑΧΓΗΓΙ=Η56 9 Γ 97=Ο75Η=ΧΒ 69ΗΚ99Β 5Β + 5Β8 5 ΦΧ79ΓΓ 6Μ Φ9ΓΧΦΗ=Β; ΗΧ Η<9 Η9ΓΗ ΦΧ ΧΓ986ΜΙΦ?9!Χ8:Φ9Μ5Β8 9ΦΑ5ΜΒ9 <9Φ95:Η9Φ Γ! 5Γ= ΙΓΗΦ5Η98=Β5 Η5;= <9 ΦΧ798ΙΦ956Χϑ9=Γ5 ΦΧ Φ=5Η9Κ<9Β895 =Β;Κ=Η<ΓΗ5Η=ΧΒ5ΦΜ85Η5 ΧΚ9ϑ9Φ Κ<9Β Η<9 Η=Α9 8=Α9ΒΓ=ΧΒ Χ: Η<9 5Β9 ;ΦΧΚΓ 5Φ;9 5 ΦΧ6 9Α Χ: Γ ΙΦ=ΧΙΓ Φ9;Φ9ΓΓ=ΧΒΑ=;<Η 5Φ=Γ9 Κ=Η<ΒΧΒΓΗ5Η=ΧΒ5ΦΜ85Η55 Η5;= ΧΧϑ9Φ7ΧΑ9=ΗΚ9Φ9ΓΧΦΗΗΧ 5Β9 ΙΒ=ΗΦΧΧΗ5Β87Χ=ΒΗ9;Φ5Η=ΧΒΗ9ΓΗ=Β; 5:Η9Φ #Α 9Γ5Φ5Β 5Β8,<=Β Β8 0Ι <Χ= 5Β8 98ΦΧΒ= #:Η<9ΙΒ=ΗΦΧΧΗ5Β87Χ=ΒΗ9;Φ5Η=ΧΒ<Μ ΧΗ<9Γ9Γ5Φ9 ΒΧΗ Φ9>97Η98 Κ9 Κ= 58Χ Η 5 5Β9 8ΜΒ5Α=7 95ΓΗ ΓΕΙ5Φ9 8ΙΑΑΜ ϑ5φ=56 9Γ &,/9ΓΗ=Α5ΗΧΦ5:Η9Φ 5Φ?5Β8,Ι ΗΧΗ9ΓΗ:ΧΦ Κ<=7<ΧΒ79 5;5=Β7ΧΒΓ=89ΦΓ 5ΓΟΛ987ΧΒΓΗ5ΒΗΓ ΧΦ 5Β9 ΓΚ=Η<6ΧΗ<Γ<ΧΦΗ5Β8 ΧΒ;Η=Α98=Α9ΒΓ=ΧΒΓΧΒ79Κ9ΟΒ89ϑ= 89Β79Χ: Κ9=Α ΧΓ9Η<=ΓΦ9ΓΗΦ=7Η=ΧΒΧΒΗ<985Η55Β8Κ97<97?Η<9 7ΧΒΟ89Β79=ΒΗ9Φϑ5 Χ: =ΒΗ<9:Χ ΧΚ=Β;Φ9;Φ9ΓΓ=ΧΒ & Κ<9Φ9 =Γ5ΓΗΧ7<5ΓΗ=79ΦΦΧΦ #ΒΗ<=ΓΓ9ΗΗ=Β;Κ975ΒΗ9ΓΗ:ΧΦ! )Β795;5=Β5Β=ΒΗΦΧ8Ι7Η=ΧΒΗΧΗ<9Γ9Η9ΓΗΓ=ΓΧς9Φ98=Β5 Η5;=7<
9 6975ΙΓ9=: Η<9Φ9Κ= ΒΧΗ695ΒΜΧΑ=ΗΗ98ϑ5Φ=56 9 ΦΧ6 9Α=Β!!! )ΙΦ85Η5ΓΧΙΦ79=ΓΗ<9, ()85Η565Γ9 :ΦΧΑΚ<=7<Κ9Η5?9Η<9:Χ ΧΚ=Β;ϑ5Φ=56 9Γ 7ΧΒΓΙΑ Η=ΧΒΧ:ΟΛ9875 =Η5 =ΒΗ9ΦΑ98=5Η9=Β ΙΗΓ =Β7ΙΦΦ9ΒΗ Φ=79Γ#( #;ΦΧΓΓΧΙΗ ΙΗ=Β7ΙΦΦ9ΒΗ Φ=79Γ +);ΦΧΓΓΧΙΗ ΙΗ =Β Φ=79Γ:ΧΦΗ<9Μ95Φ +%ϑ5 Ι958898=Β7ΙΦΦ9ΒΗ Φ=79Γ/&. Η<9 ΒΙΑ69Φ Χ: 9Α ΧΜ99Γ Η<9 ΒΙΑ69Φ Χ: Γ9 :9Α ΧΜ98,& 56ΧΙΦ 7ΧΓΗΓ &+ 09 7ΧΒΓ=89Φ Η<9 :Χ ΧΚ=Β; 7ΧΙΒΗΦ=9Γ =Β Η<9 :Χ ΧΚ=Β; Η=Α9 9Φ=Χ8Γ ΙΓΗΦ=5 :ΦΧΑ ΗΧ 9 ;=ΙΑ :ΦΧΑ ΗΧ Η<9 Ν97<+9 Ι6 =7:ΦΧΑΗΧ9ΒΑ5Φ?:ΦΧΑΗΧ =Β 5Β8:ΦΧΑ ΗΧ!Φ9979 :ΦΧΑ ΗΧ #Η5 Μ :ΦΧΑ ΗΧ (ΧΦΚ5Μ :ΦΧΑΗΧ, Χϑ9Β=5:ΦΧΑΗΧ5Β8,Κ989Β:ΦΧΑΗΧ <9 Φ97=Γ9 =ΓΗ Χ: Γ97ΗΧΦΓ 5Β8 Η<9 9ϑ9 Χ: 5;;Φ9;5Η=ΧΒ ϑ5φ=9γ :ΦΧΑ 7ΧΙΒΗΦΜ ΗΧ 7ΧΙΒΗΦΜ 89 9Β8=Β; ΧΒ 85Η5 5ϑ5= 56= =ΗΜ 09 ;=ϑ9 Φ9:9Φ9Β79 ΗΧ Η<9 ΑΧΓΗ ΧΓΓ=6 98=Γ5;;Φ9;5Η9885Η5 :Η9ΦΩ5Ν5Β8)ΓΙΒ55ΑΧΒ;ΧΗ<9ΦΓ Κ9Φ9ΓΗΦ=7ΗΧΙΦ5ΗΗ9ΒΗ=ΧΒΗΧΗ<9 Φ=ϑ5Η9Γ97ΗΧΦΧΒ ΜΗ<ΧΙ;<=Β?99 =Β;Κ=Η< Η<9 =Η9Φ5ΗΙΦ9 Κ9 8Χ ΒΧΗ 8=ΓΗ=Β;Ι=Γ< 69ΗΚ99Β ΦΧ8Ι7Η=ϑ9 5Β8 ΙΒ ΦΧ8Ι7Η=ϑ9 57Η=ϑ=Η=9Γ <ΗΗ ΚΚΚΧ978ΧΦ;8Χ7ΙΑ9ΒΗ9Β <ΗΑ =ΓΗΧ:Η<9Γ97ΗΧΦΓ7ΧΒΓ=89Φ98:ΧΦ957<7ΧΙΒΗΦΜ5ΓΚ9 5Γ5 =ΓΗΧ:ΒΙΑ9Φ5=Φ9Γ97ΗΧΦΓ =Γ5ϑ5= 56 9Ι ΧΒΦ9ΕΙ9ΓΗ
10 097ΧΑ ΙΗ9 5Γ:Χ ΧΚΓ Κ<9Φ9Η<9!=Β89Λ89ΒΧΗ9ΓΗ<9ΒΙΑ9Φ5=Φ9Γ97ΗΧΦ #Β ΧΦ89Φ ΗΧ ;9Η & Κ9 <5ϑ9 ΟΦΓΗ ΗΧ 7ΧΑ ΙΗ9 =Β8ΙΓΗΦΜ ΑΧΒ9Μ ϑ5 Ι9Γ Χ: ΧΙΗ ΙΗ /:Η9Φ% =Α5ΒΚ9 ΦΧ79985Γ:Χ ΧΚΓ 097ΧΦΦ97Η&+ 6Μ Η<9 Κ5;9 9ΕΙ=ϑ5 9ΒΗ :ΧΦ Γ9 :9Α ΧΜ98 Κ<=7< 577ΧΙΒΗΓ :ΧΦ Η<9 5ϑ9Φ5;9 Χ ΧΦΗΙΒ=ΗΜ7ΧΓΗΧ:ΒΧΗ69=Β;5Β9Α ΧΜ99 <9 5;;Φ9;5Η9 ΓΙΦ ΙΓ ϑ5 Ι9, 5Β8 Φ5Η9 Χ: ΓΙΦ ΙΓ ϑ5 Ι9 +,/ 5Φ9 Φ9Γ 97Η=ϑ9 Μ 09 =Α ΧΓ9 Η<9 Φ9ΓΗΦ=7Η=ΧΒ Η<5Η Γ97ΗΧΦ5 Φ5Η9Γ Χ: ΓΙΦ ΙΓ ϑ5 Ι9 5Φ9 5 9ΕΙ5 ΗΧ Η<9 5;;Φ9;5Η9 ΧΒ9 5Β8 Η<9Φ9:ΧΦ9 Γ97ΗΧΦ5 ΓΙΦ ΙΓ ϑ5 Ι9Γ 5Φ9 09Η<5Β?Β8Φ9Κ% =Α5Β:ΧΦ<9 56ΧΙΗϑ5Φ=56 989ΟΒ=Η=ΧΒΓ
11 Γ5Α5ΗΗ9ΦΧ:7ΧΒΓ9ΕΙ9Β79Γ97ΗΧΦ5 /Γ5Φ9 (ΧΗ9Η<5Η6Μ7ΧΒΓΗΦΙ7Η=ΧΒ=Β577ΧΦ85Β79Κ=Η<% =Α5Β =Β5 Μ &!#! ΓΑ9ΒΗ=ΧΒ9856Χϑ9Κ9ΙΓ98=ς9Φ9ΒΗΑ9Η<Χ8Γ89 9Β8=Β;ΧΒΗ<9 9Β;Η<Χ:Η<9 Η=Α9 Γ 5Β Χ: Η<9 5ϑ5= Η5 :ΧΦ 957< 7ΧΙΒΗΦΜ!=ϑ9Β Η<5Η Γ ΙΦ=ΧΙΓ Φ9;Φ9ΓΓ=ΧΒ75Β;9Β9Φ=75 Μ5Φ=Γ95Γ ;ΦΧΚΓ 5Φ;9=Η=Γ8=Υ7Ι ΗΗΧ7<ΧΧΓ95Β 9Α =Φ=75 7Φ=Η9Φ=ΧΒ ΗΧ Γ=Β; 9 ΧΙΗ Η<9 7ΧΙΒΗΦ=9Γ:ΧΦ Κ<=7< ΗΧ Φ9ΓΧΦΗ ΗΧ ΙΒ=Η ΦΧΧΗ 5Β87Χ=ΒΗ9;Φ5Η=ΧΒΑ9Η<Χ8Γ ΧΚ9ϑ9Φ 5Φ?5Β8,Ι Φ9Γ9ΒΗ5Β9Α =Φ=75 5 =75Η=ΧΒΧ:Η<9=Φ9ΓΗ=Α5Η=ΧΒΑ9Η<Χ8:ΧΦ585Η5Γ9ΗΚ=Η< ΧΦ Η<=ΓΦ95ΓΧΒΚ97ΧΒΓ=89Φ5Γ ΧΒ; 5Β9 ΓΗ<ΧΓ9Η<5Η<5ϑ95 8=Α9ΒΓ=ΧΒ7 ΧΓ9Φ ΗΧ Β5Α9 Μ Η<ΧΓ9 Χ: ΙΓΗΦ=5 9ΒΑ5Φ? (ΧΦΚ5Μ 5Β8 #Η5 Μ,<ΧΦΗ 5Β9 Γ 5Φ9Η<9Φ9Α5=Β=Β;ΧΒ9Γ +9ΓΙ ΗΓΚΧΙ 8ΒΧΗΓΙ6ΓΗ5ΒΗ=5 Μ7<5Β;95 Η9Φ=Β;Η<=Γ 7 5ΓΓ=Ο75Η=ΧΒ
12 ! 56 9 Γ9ΗΓ ΧΙΗ ΧΙΦ Φ9ΓΙ ΗΓ 7ΧΒ79ΦΒ=Β; Γ<ΧΦΗ 5Β9 Γ ΧΗ< Η<9 5ΙΓΑ5Β 5Β8Η<9 ΙΒ8 5?Η9ΓΗΓ5 Κ5ΜΓ Φ9:9ΦΗ<9ΟΛ989ς97ΗΑΧ89 Φ5Η<9ΦΗ<9Φ5Β 8ΧΑ 9ς97Η ΧΒ9 Κ=Η< Η<9 9Λ79 Η=ΧΒ Χ:!Φ9979 Κ<9Φ9 Η<9 7ΧΒΗΦ5ΦΜ <5 9ΒΓ & Η9ΓΗΓΟΒ89ϑ=89Β79Χ:Γ9Φ=5 7ΧΦΦ9 5Η=ΧΒ5Β8Η<9! Η9ΓΗ Χ=ΒΗΓΗΧΗ<9 + ΑΧ89 Φ5Η<9Φ Η<5Β ΗΧ Η<9 ΧΒ9 :ΧΦ Η<9 ΓΗΧ7<5ΓΗ=7 9ΦΦΧΦ Γ 5 7ΧΒΓ9ΕΙ9Β79Κ99ΓΗ=Α5Η95Β+ΟΛ989ς97ΗΓΑΧ89 :ΧΦ5 Η<97ΧΙΒΗΦ=9Γ 6ΙΗ!Φ9979:ΧΦΚ<=7<5Β+Φ5Β8ΧΑ9ς97ΗΓΑΧ89 =Γ=Α 9Α9ΒΗ98 ΧΦ5 Η<97ΧΙΒΗΦ=9Γ6ΙΗ,Κ989ΒΗ<97ΧΒΟ89Β79=ΒΗ9Φϑ5 8Χ9ΓΒΧΗ=Β7 Ι89Η<9 ϑ5 Ι9Χ:,ΧΚ97ΧΒΓ=89ΦΗ<9<Μ ΧΗ<9Γ=ΓΗ<5ΗΦ9 5Η=ϑ9ϑ5 Ι9Γ5Φ9Η<9Α5=Β 89Η9ΦΑ=Β5ΒΗΓΧ:Φ9 5Η=ϑ9 Φ=79Γ5ΓΦ9>97Η985ΗΗ<9 9ϑ9 +9;5Φ8=Β;,Κ989ΒΚ9 ΦΧ79985Γ5ΒΗ=7= 5Η9856Χϑ9 <99ΓΗ=Α5Η98ϑ5 Ι9 Χ: =ΓΚ=Η<5 ϑ5 Ι9Χ: ΧΒΓ=89Φ=Β;957<Μ95ΦΓ9 5Φ5Η9 ΜΚΧΙ 8 ΦΧ8Ι79 ϑ9φμγ=α= 5ΦΦ9ΓΙ ΗΓ ΧΦ,Κ989ΒΗΧΧ Η<9Β Η<9Φ9 =Γ ΒΧΗ ΓΗ5Η=ΓΗ=75 ΓΙ ΧΦΗ:ΧΦΦ9 5Η=ϑ9ϑ5 Ι9Γ69=Β;Η<9Α5=Β89Η9ΦΑ=Β5ΒΗΓΧ:Φ9 5Η=ϑ9 Φ=79Γ! 56 9ΓΗΧΓ9ΗΧΙΗΧΙΦΦ9ΓΙ ΗΓ7ΧΒ79ΦΒ=Β; ΧΒ; 5Β9 Γ ΧΦ5 Η<97ΧΙΒΗΦ=9Γ 6ΙΗ 9ΒΑ5Φ?Η<9Φ9 =Γ ΒΧΗ 9ϑ=89Β79 =Β ΓΙ ΧΦΗ :ΧΦ ΧΦΙΓΗΦ=5 5Β8 (ΧΦΚ5ΜΓ9Φ=9Γ<5ϑ9Η<9Γ5Α9ΧΦ89ΦΧ:=ΒΗ9;Φ5Η=ΧΒ6ΙΗΗ<9ΒΙ Χ:ΒΧ7Χ=ΒΗ9 ;Φ5Η=ΧΒ=ΓΒΧΗΦ9>97Η986ΜΗ<9ϑ5ΓΗΑ5>ΧΦ=ΗΜΧ:Η<9Η9ΓΗΓ ΧΦ#Η5 ΜΓ9Φ=9Γ8Χ ΒΧΗ<5ϑ9Η<9Γ5Α9ΧΦ89ΦΧ:=ΒΗ9;Φ5Η=ΧΒ
13 )Β79Φ9ΓΧΦΗ=Β;ΗΧΗ<9 5Β9 &,/9ΓΗ=Α5ΗΧΦΧΒ5Β=Γ<85Η5=Β7 Ι8=Β; =Β577ΧΦ85Β79Κ=Η<Η<=ΓΑ9Η<Χ8Η<9Ο:Η<Η<=Φ8Γ97ΧΒ85Β8ΟΦΓΗ 958ΓΧ: & 5Γ Κ9 5Γ =ΗΓ Γ97ΧΒ8 5Β8 ΟΦΓΗ 5;Γ Η<9 9ΓΗ=Α5Η98ϑ5 Ι9 Χ: =Γ Κ=Η< 5 7ΧΒΟ89Β79 =ΒΗ9Φϑ5 Χ:,Χ Κ9 ΟΒ8 ΓΗ5Η=ΓΗ=75 9ϑ=89Β79 ΓΙ ΧΦΗ=Β;Η<9<Μ ΧΗ<9Γ=Γ ΧΦΗ<=ΓΦ95ΓΧΒΚ9 ΦΧ79985ΓΚ=Η<,Κ989Β =Β Η<9 Φ9ϑ=ΧΙΓ Γ97Η=ΧΒ 9Φ9 Κ9 Χ6Η5=Β 5Β 9ΓΗ=Α5Η98 ϑ5 Ι9 Χ: 9ΕΙ5 ΗΧ Κ=Η<5 ϑ5 Ι9Χ:ΧΒΓ=89Φ=Β;Γ9 5Φ5Η9Φ9;Φ9ΓΓ=ΧΒΓ:ΧΦ957<Μ95Φ ΧΒ97ΧΙ 8ΟΒ8=ΒΓΧΑ9=ΒΓΗ5Β79Γ5ϑ5 Ι9Χ: ΒΧΗΓΗ5Η=ΓΗ=75 Μ8=ς9Φ9ΒΗ:ΦΧΑ 5ΗΗ<9 9ϑ9 ΓΙ7<5Γ:ΧΦ5Β86ΙΗ:ΧΦΓΧΑ9ΧΗ<9ΦΜ95ΦΓ=ΗΓ ϑ5 Ι9=Γ<=;< ΜΓΗ5Η=ΓΗ=75 ΜΓ=;Β=Ο75ΒΗ ΓΧ:ΧΦ9ΒΑ5Φ?Η<9ΒΗ<9Φ9=ΓΒΧΗ ΓΗ5Η=ΓΗ=75 ΓΙ ΧΦΗ:ΧΦ Φ9 5Η=ϑ9 ϑ5 Ι9Γ 69=Β; Η<9 Α5=Β 89Η9ΦΑ=Β5ΒΗΓ Χ: Φ9 5Η=ϑ9 Φ=79Γ #!! <9 Φ9Γ9ΒΗ7ΧΒΗΦ=6ΙΗ=ΧΒΧς9ΦΓΒ9Κ9Α =Φ=75 =ΒΓ=;<ΗΓ=ΒΗΧΗ<9ΓΗΙ8ΜΧ: Φ=79 ϑ5 Ι97ΧΦΦ9 5Η=ΧΒΓ +979ΒΗ ΜΗ<9Φ9<5Γ699Β58965Η97ΧΒ79ΦΒ=Β;Η<9 ΧΓΓ=6= =ΗΜΧΦΒΧΗΗΧΧς9ΦΗ9ΓΗΓ:ΧΦΗ<9 ΦΧ ΧΓ=Η=ΧΒΗ<5ΗΦ9 5Η=ϑ9ϑ5 Ι9Γ5Φ9Η<9Α5=Β 89Η9ΦΑ=Β5ΒΗΓΧ:Φ9 5Η=ϑ9 Φ=79Γ 09Γ<ΧΚΗ<5Η 5Β9 85Η597ΧΒΧΑ9ΗΦ=7Γ75Β Χς9Φ5Η9ΓΗ:ΧΦΗ<=ΓΧϑ9Φ7ΧΑ=Β; ΧΓΓ=6 9 ΦΧ6 9ΑΓΧ:=Β89Η9ΦΑ=Β57Μ5Φ=Γ=Β;=Β 7ΦΧΓΓΓ97Η=ΧΒ5 9ΓΗ=Α5Η9Γ <9Φ9ΓΙ ΗΓΧ6Η5=Β98:ΧΦ)7ΧΙΒΗΦ=9ΓΚΧΙ 8 &958Γ5Β8 5;Γ5Φ9Γ9 97Η98577ΧΦ8=Β;ΗΧΗ<9=ΦΓ=;Β=Ο75Β79 6Μ8ΦΧ =Β;=ΒΓ=;Β=Ο75ΒΗ Φ9;Φ9ΓΓΧΦΓ5ΗΗ<9 9ϑ9 Η<9Φ9Α5=Β=Β;Φ9;Φ9ΓΓΧΦΓ5Φ9Γ=;Β=Ο75ΒΗ5ΗΗ<9 9ϑ9 6ΙΗ Η<97ΧΒΓΗ5ΒΗΚ<=7<<5Γ5 ϑ5 Ι9Χ:
14 ΒΧΗΟΒ8ΓΙ ΧΦΗ:ΧΦ+=75Φ8ΧΘΓ <9ΧΦΜΧ:/5 Ι9! 23 5 Η5;= 7ΧΒΧΑ9ΗΦ=7 5Β5 ΜΓ=Γ Χ: 5Β9 85Η5 0= 9Μ <=7< 9ΓΗ9Φ 23 ΙΦ?9, &!!Χ8:Φ9Μ5Β8+ Φ9Α5ΜΒ9 9ΓΗ=Β;+ ;5=ΒΓΗ =ΓΗΙΦ65Β79Γ =Β Η<9 &=Β95Φ +9;Φ9ΓΓ=ΧΒ Χ89 Β Η9ΦΒ5Η=ϑ9 ΦΧ798ΙΦ9+9ϑ=9ΚΧ:7ΧΒΧΑ=7,ΗΙ8=9Γ 8Χ= 23 <Χ=#.Β=ΗΦΧΧΗΗ9ΓΗΓ:ΧΦ 5Β9 85Η5 #ΒΗ ΧΒ9Μ =Β5Β79 Τ 23 Χ7?Γ<ΧΗΗ0 ΧΗΗΦ9 &56ΧΙΦΗ=Α9ϑ9ΦΓΙΓ5 Η9ΦΒ5Η=ϑ9ϑ5 Ι9 65Γ9Γ 5Φ9Γ95Φ7<ΒΧΗ95Α6 7ΧΒΤ 23 Χ7?Γ<ΧΗΗ 0 ΧΗΗΦ9 Χ9Γ 5ΦΛ Β998 ΗΧ ΗΦ5ΒΓ:ΧΦΑ #Β 9 ΧΟΧΦ ΦΛ=5Β7ΧΒΧΑ=7Γ +95 5Φ5=Γ5 /Χ 5Γ =Β;ΓΗΧ?9 57Α= 5Β 23 Ξ5Ν5Β8)ΓΙΒ5+Ρ5Β09 ΦΙΓΗ=ΒΦΧΓΓ,97Η=ΧΒ5 Φ=79Τ/5 Ι9 ΧΦΦ9 5Η=ΧΒ 95ΓΙΦ9Γ,ΧΑ9ϑ=89Β79:ΦΧΑΗ<95Γ9Χ:, 5=ΒΣ ΧΙΦΒ5 Χ: ΧΓΗ%9ΜΒ9Γ=5Β7ΧΒΧΑ=7Γ0=ΒΗ9ΦΤΤ
15 23 Ξ5Ν)ΓΙΒ5+#Β89Η9ΦΑ=Β57Μ=Β Φ=79ϑ5 Ι97ΧΦΦ9 5Η=ΧΒΑ95 ΓΙΦ9ΓΑ =Φ7ΧΒΤ 23 Ξ5Ν)ΓΙΒ5+.Β89ΦΓΗ5Β8=Β;Γ ΙΦ=ΧΙΓ7ΧΦΦ9 5Η=ΧΒ 5Φ9>Χ=Β89Φ ΗΧ% =Α5Β ΧΙΦΒ5 Χ: ΧΓΗ%9ΜΒ9Γ=5Β7ΧΒΧΑ=7Γ 23 Ξ5Ν )ΓΙΒ5 + Ρ ΦΧΑ ΧΦΦ9 5Η=ΧΒ ΗΧ =Γ 9ΦΓ=ΧΒ!9ΧΑ9ΗΦΜ Χ: Η<9 Φ=79Τ/5 Ι99ϑ=5Η=ΧΒΣΑ =Φ=75 7ΧΒΧΑ=7Γ 23 Γ=5ΧΒ5 ΜΓ=ΓΧ: 5Β9 5Η55Α6Φ=8;9.Β=ϑ9ΦΓ=ΗΜ Φ9ΓΓ 5Α6Φ=8;9 23 #Α%, 9Γ5Φ5Β5Β81,<=Β 9ΓΗ=Β;:ΧΦ.Β=Η+ΧΧΗΓ=Β 9Η9ΦΧ;9Β9ΧΙΓ 5Β9 Γ ΧΙΦΒ5 Χ:7ΧΒΧΑ9ΗΦ=7ΓΤ 23 % =Α5Β <9 5ΚΧ:ϑ5 Ι95Β8 5ΚΓΧ:ΓΗ5Η=ΓΗ=7Γ Γ97ΗΧΦ5 ϑ5 Ι9Γ 5Β8 Φ=79Γ=ΒΗ<9.,7ΧΒΧΑΜΤ5Α6 7ΧΒΤ 23 % =Α5Β, ΙΦ=ΧΙΓ ϑ5 Ι9 Φ=79 7ΧΦΦ9 5Η=ΧΒΓ ΓΧΑ9 588=Η=ΧΒ5 9ϑ=89Β795Β85Φ;ΙΑ9ΒΗΓ+9Γ95Φ7<=Β Χ =Η=75 7ΧΒΧΑΜ 23 % =Α5Β0<5Η=ΓΓ ΙΦ=ΧΙΓ7ΧΦΦ9 5Η=ΧΒ Φ9 ΜΗΧ=5Ν5Β8 )ΓΙΒ5 ΧΙΦΒ5 Χ: ΧΓΗ%9ΜΒ9Γ=5Β7ΧΒΧΑ=7Γ !, 0Ι, 7ΧΑ 5Φ5Η=ϑ9 ΓΗΙ8Μ Χ: ΙΒ=Η ΦΧΧΗ Η9ΓΗΓ Κ=Η< 5Β9 85Η55Β85Β9ΚΓ=Α 9Η9ΓΗ)Λ:Ι 7ΧΒ,Η5Η
16 23 5Φ?(9 ΓΧΒ ΧΒ;;ΜΙ,Ι Χ=ΒΗ9;Φ5Η=ΧΒ/97ΗΧΦΓΗ=Α5 Η=ΧΒ 6Μ 5Β9 )&, 5Β8 &ΧΒ;ΦΙΒ ΧΒ9Μ 9Α5Β8 )Λ:ΧΦ8 Ι 9Η=Β Χ: 7ΧΒΧΑ=7Γ 5Β8,Η5Η=ΓΗ=7Γ 9 5ΦΗΑ9ΒΗ Χ: 7ΧΒΧΑ=7Γ.Β=ϑ9ΦΓ=ΗΜ Χ: )Λ:ΧΦ8ϑΧ 5;9Γ979Α69Φ 23 98ΦΧΒ= Φ=Η=75 ϑ5 Ι9Γ:ΧΦ7Χ=ΒΗ9;Φ5Η=ΧΒΗ9ΓΗΓ=Β<9Η9ΦΧ;9Β9ΧΙΓ 5Β9 Γ Κ=Η<ΑΙ Η= 9Φ9;Φ9ΓΓΧΦΓ)Λ:ΧΦ8Ι 7ΧΒ,Η5ΗΤ 23 98ΦΧΒ= 5Β9 7Χ=ΒΗ9;Φ5Η=ΧΒ 5ΓΜΑ ΗΧΗ=75Β8ΟΒ=Η9Γ5Α 9 ΦΧ 9ΦΗ=9Γ Χ: ΧΧ 98Η=Α9Γ9Φ=9ΓΗ9ΓΗΓΚ=Η<5Β5 =75Η=ΧΒΗΧΗ<9 <Μ ΧΗ<9Γ=Γ Β9ΚΦ9ΓΙ ΗΓ7ΧΒΧΑ <9ΧΦΜΤ 23 9ΗΦΧϑ=7 <989ϑ=5Η=ΧΒΧ: ΦΧ8Ι7Η=ΧΒ Φ=79Γ:ΦΧΑ 56ΧΙΦϑ5 Ι9Γ ΓΧΑ9Α9Η<Χ8Χ Χ;Μ5Β89Α =Φ=75 9ϑ=89Β795Α6 7ΧΒΤ 23,<5=?< <9ΗΦ5ΒΓ:ΧΦΑ5Η=ΧΒ:ΦΧΑ 5ΦΛΗΧ,Φ5ς5#Β 5Β89 Φ99Α5Β98Γ+=75Φ8Χ 5ΦΛ,Φ5ς5/9ΦΓΧ&ΧΒ8ΧΒ 23 ΓΧΙ Ο8=Γ& 5Β=5Η=Γ /5 Ι9Γ Φ=79ΓΧ: ΦΧ8Ι7Η=ΧΒ5Β8Α5Φ?9Η Φ=79Γ ΓΧΑ9 ΑΧΦ9 9ϑ=89Β79 :ΦΧΑ Η<9!Φ99? 97ΧΒΧΑΜ 5Α6 7ΧΒ Τ
17 Table 1 - Fixed and Random effects estimates and model specification tests for various OECD countries Hausman test Mundlak test LM test (pvalues) Country Timespan N. sectors 95% confidence interval (p-values) (p-values) BGT Test (pvalues) Fixed effects model Belgium Czech Finland Slovenia Sweden Random effects model Greece Notes. The Hausman test is distributed as a χ squared with 1 degree of freedom. Its null is that the random effects model is preferable to the fixed effects one. The same null has the Mundlak test which has an F distribution with degrees of freedom equal to the number of regressors and the number of observations minus twice the number of regressors plus one. The LM test is asymptotically distributed as a N(0,1) for the number of time periods going to infinity. See Baltagi (2001), pp Its null is the absence of serial correlation. For Greece only, the LM test is instead the one presented by Baltagi (2001), pp and it is asymptotically distributed as a χ squared with 2 degrees of freedom for the number of cross-sectional units going to infinity. Its null is the absence of serial correlation and that the variance component due to sectoral specificieties is equal to zero. The BGT test is the Burke, Godfrey and Termayne (1990) test illustrated by Baltagi (2001), pp It is asymptotically distributed as a N(0, 1) for a large number of sectors. Its null is that the error process of the estimated equation can be modelled as an AR(1) rather than an MA(1).
18 Table 2 - Panel unit root and cointegration tests, 45 Austrian sectors from 1976 to 2009 Panel A: Panel Unit Root Tests. Null hypothesis: all the series have a unit root Y Y X X Im, Pesaran and Shin W-stat 2.91 (0 to 3) a (0 to 7) 0.54 (0 to 5) a (0 to 1) ADF - Fisher Chi-square (0 to 3) a (0 to 7) (0 to 5) a (0 to 1) PP - Fisher Chi-square (0 to 3) a (0 to 7) (0 to 5) a (0 to 1) Panel B: Panel Cointegration Tests. Null hypothesis: no cointegration Within dimension Test statistics Between dimension Test statistics Panel v-statistic b Group rho-statistic Panel rho-statistic Group PP-statistic Panel PP-statistic Group ADF-statistic Panel ADF-statistic Notes: variables expressed in natural logarithms. For a definition of the variables see equations (7) and (8). Panel unit root tests include intercepts. Automatic lag length selection was performed on the basis of the Schwarz information criterion. Of the seven cointegration tests, the panel v-statistic is a one-sided test where large positive values reject the null hypothesis of no cointegration, whereas large negative values for the remaining test statistics reject the null hypothesis of no cointegration. All the cointegration tests are carried out without including a trend. For lag selection in the cointegration tests we used the Schwarz information criterion. 1 percent significance level denoted by a.
19 Table 3 - Panel unit root and cointegration tests, 35 Danish sectors from 1970 to 2007 Panel A: Panel Unit Root Tests. Null hypothesis: all the series have a unit root Y Y X X Im, Pesaran and Shin W-stat 8.32 (0 to 2) a (0 to 1) 2.49 (0 to 4) a (0 to 3) ADF - Fisher Chi-square (0 to 2) a (0 to 1) (0 to 4) (0 to 3) PP - Fisher Chi-square (0 to 2) a (0 to 1) (0 to 4) (0 to 3) Panel B: Panel Cointegration Tests. Null hypothesis: no cointegration Within dimension Test statistics Between dimension Test statistics Panel v-statistic b Group rho-statistic -4.86a Panel rho-statistic a Group PP-statistic -5.46a Panel PP-statistic a Group ADF-statistic -5.87a Panel ADF-statistic a Notes: variables expressed in natural logarithms. For a definition of the variables see equations (7) and (8). Panel unit root tests include intercepts. Automatic lag length selection was performed on the basis of the Schwarz information criterion. Of the seven cointegration tests, the panel v-statistic is a one-sided test where large positive values reject the null hypothesis of no cointegration, whereas large negative values for the remaining test statistics reject the null hypothesis of no cointegration. All the cointegration tests are carried out without including a trend. For lag selection in the cointegration tests we used the Schwarz information criterion. 1 percent significance level denoted by a and 5 per cent significance denoted by "b".
20 Table 4 - Panel unit root tests, 24 Italian sectors from 1970 to 2007 Null hypothesis: all the series have a unit root Y Y X X Im, Pesaran and Shin W-stat -1.70b (0 to 6) a (0 to 6) 1.21 (0) a (0) ADF - Fisher Chi-square 88.64a (0 to 6) a (0 to 6) (0) a (0) PP - Fisher Chi-square a (0 to 6) a (0 to 6) (0) a (0) Notes: variables expressed in natural logarithms. For a definition of the variables see equations (7) and (8). Panel unit root test includes intercepts. 1 percent significance level denoted by a, 5 per cent significance denoted by "b".
21 Table 5 - Panel unit root and cointegration tests, 42 Norwegian sectors from 1970 to 2007 Panel A: Panel Unit Root Tests. Null hypothesis: all the series have a unit root Y Y X X Im, Pesaran and Shin W-stat 6.46 (0 to 6) a (0 to 5) 4.37 (0 to 9) a (0 to 5) ADF - Fisher Chi-square (0 to 6) a (0 to 5) (0 to 9) a (0 to 5) PP - Fisher Chi-square (0 to 6) a (0 to 5) (0 to 9) a (0 to 5) Panel B: Panel Cointegration Tests. Null hypothesis: no cointegration Within dimension Test statistics Between dimension Test statistics Panel v-statistic Group rho-statistic Panel rho-statistic Group PP-statistic Panel PP-statistic Group ADF-statistic Panel ADF-statistic Notes: variables expressed in natural logarithms. For a definition of variables see equations (7) and (8). Panel unit root tests include intercepts. Automatic lag length selection was performed on the basis of the Schwarz information criterion. Of the seven cointegration tests, the panel v-statistic is a one-sided test where large positive values reject the null hypothesis of no cointegration, whereas large negative values for the remaining test statistics reject the null hypothesis of no cointegration. All the cointegration tests are carried out without including a trend. For lag selection in the cointegration tests we used the Schwarz information criterion. 1 percent significance level denoted by a.
%5Φ=Β9(ΦΧ 9 9Φ, UCD Geary Institute Discussion Paper Series; WP2008/18. University College Dublin. Geary Institute.
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