****************************************************; *** Program adapted from ***; *** Using SAS in Financial Research ***; *** by Ekkehart Boehmer, John Paul Broussard, and ***; *** Juha-Pekka Kallunki (SAS Press, Cary, NC, 2002),***; *** Chapter 8 "Predicting Bankruptcy from Financial ***; *** Distress Characterization Models" ***; ****************************************************; /* The description of the data is taken from Boehmer, Broussard, and Kallunki (2002, p. 92): The data used in this chapter are from Theodossiou, P., E. Kahya, and R. Saidi, and G. Philippatos (1996), "Financial Distress and Corporate Acquisitions: Further Empirical Evidence," Journal of Business Finance and Accounting 23: 699 - 838. In their study, a firm is defined as financially distressed if it meets at least one of the following conditions: (1) actual debt default, (2) management negotiations with creditors to restructure terms of debt instruments, or (3) difficulty in meeting the payment requirements of debt contracts. All data are gathered from Compustat and include only firms listed on NYSE or AMEX from 1981 through 1989. The sample consists of 181 manufacturing firms, of which 86 are classified as financially distressed at some point during this period. Data for the distressed firms are gathered approximately one year prior to exhibiting the first sign of distress. The firm-specific variables used include size measures and ratios measuring liquidity, debt, managerial efficiency, and profitability; they are defined below. */ ods html; ods graphics on; /* Read financial-statement data and sort by distress status; read data from text file and sort by distress status */ data hwfailed; input yd tdta gempl opita invsls lsls lta nwcta cacl qacl ebita reta ltdta mveltd fata; label yd = "Distress Dummy" tdta = "Debt to Assets" gempl = "Employee Growth Rate" opita = "Op. Income to Assets" invsls = "Inventory to Sales" lsls = "Log of Sales" lta = "Log of Assets" nwcta = "Net Working Cap to Assets" cacl = "Current Assets to Current Liab" qacl = "Quick Assets to Current Liab" ebita = "EBIT to Assets" reta = "Retained Earnings to Assets" ltdta = "LongTerm Debt to TotAssets" mveltd = "Mkt Value Eqty to LTD" fata = "Fixed Assets to Assets"; datalines; 1.0000000e+000 8.2485160e-001 -1.5180110e-001 3.0479200e-002 2.4194840e-001 7.0990563e+000 6.9841196e+000 1.9678870e-001 1.4685785e+000 8.2229750e-001 1.5462000e-003 -1.3270880e-001 2.8694190e-001 2.0326620e-001 1.4890440e-001 1.0000000e+000 1.0335096e+000 -1.3263950e-001 3.0698600e-002 1.6179420e-001 6.7135387e+000 6.4417273e+000 9.4561500e-002 1.1702723e+000 7.8794210e-001 2.9780000e-004 -6.4145500e-001 2.7410810e-001 1.3102570e-001 2.2646290e-001 1.0000000e+000 2.9777860e-001 1.1955600e-002 6.0537000e-002 5.2191500e-002 3.0288666e+000 3.5886431e+000 2.7127260e-001 3.1315842e+000 2.8972755e+000 2.2704700e-002 6.0952860e-001 1.0730700e-001 3.6599936e+000 2.2095800e-001 1.0000000e+000 1.0825850e-001 9.8057000e-003 3.7207700e-002 2.3200910e-001 4.2003334e+000 5.3670289e+000 1.0599600e-001 2.2504215e+000 1.3981411e+000 3.1322700e-002 7.7250040e-001 1.9208900e-002 5.6607933e+000 5.5371400e-002 1.0000000e+000 4.6219170e-001 7.2771000e-003 9.5842700e-002 8.2265900e-002 5.0446680e+000 5.0601009e+000 1.3274640e-001 1.9608082e+000 1.3744929e+000 4.1503200e-002 3.1695920e-001 2.0222190e-001 1.0785992e+000 6.4876160e-001 1.0000000e+000 5.3588830e-001 5.7096900e-002 1.1257450e-001 1.1100520e-001 6.7326564e+000 6.6693358e+000 1.3611180e-001 1.7829656e+000 1.1026819e+000 6.8462400e-002 3.7408540e-001 2.4197690e-001 5.5888530e-001 5.2082870e-001 1.0000000e+000 8.6122320e-001 1.3937880e-001 4.1215900e-002 1.1731600e-001 5.0590256e+000 5.3226449e+000 9.1456700e-002 1.3716550e+000 1.0053919e+000 -5.6536500e-002 2.5801700e-002 5.3546780e-001 4.6383600e-001 3.9071140e-001 1.0000000e+000 5.4334720e-001 -1.1623090e-001 7.9582200e-002 2.5604360e-001 3.3678810e+000 3.9875445e+000 3.9629110e-001 1.7401123e+000 1.4827880e+000 7.0669700e-002 4.3518190e-001 7.8997000e-003 6.8359210e-001 5.7728700e-002 1.0000000e+000 6.6101900e-001 -6.2705100e-002 5.1116000e-002 8.8480800e-002 5.5381638e+000 5.7938786e+000 4.8436300e-002 1.2051941e+000 9.1493410e-001 1.2167000e-002 2.4335730e-001 3.7553480e-001 4.4355400e-001 5.2394270e-001 1.0000000e+000 6.0245820e-001 -8.2549400e-002 -3.3207910e-001 1.4017270e-001 2.9002706e+000 1.7032442e+000 4.3641840e-001 1.8978328e+000 9.4324060e-001 -3.5690980e-001 1.4421870e-001 1.1637820e-001 6.4750710e-001 6.7218500e-002 1.0000000e+000 5.9098250e-001 4.5081300e-002 2.2445770e-001 2.6671590e-001 4.3868541e+000 3.6827621e+000 4.2571520e-001 1.9941545e+000 7.3474530e-001 2.0501270e-001 3.2910050e-001 1.4432680e-001 1.3498102e+000 1.4606680e-001 1.0000000e+000 1.0129593e+000 -4.7167700e-002 -1.1080810e-001 1.5711720e-001 6.1242560e+000 6.2908083e+000 1.7882760e-001 1.3675686e+000 1.0941709e+000 -1.3574250e-001 -8.0153500e-002 5.2066130e-001 4.0850250e-001 1.0806740e-001 1.0000000e+000 4.1964410e-001 -7.0180000e-003 2.1939500e-001 1.7778400e-001 6.7532031e+000 6.2055233e+000 3.4083700e-001 1.9973823e+000 1.0977564e+000 1.9852530e-001 5.3003580e-001 4.6274300e-002 1.6470434e+000 2.1908870e-001 1.0000000e+000 2.6774250e-001 -8.6846300e-002 2.7518370e-001 1.5257210e-001 4.5783477e+000 4.2885044e+000 5.4595820e-001 3.6866948e+000 2.6834396e+000 2.5204610e-001 6.7684590e-001 5.8939400e-002 5.7819075e+000 2.4234490e-001 1.0000000e+000 1.5129908e+000 -1.6428910e-001 -1.5386140e-001 1.8611370e-001 5.4264964e+000 4.4813209e+000 2.3381650e-001 1.7279517e+000 2.3690830e-001 -2.1080070e-001 -9.5899700e-001 2.4545050e-001 5.7733800e-002 3.8574250e-001 1.0000000e+000 3.8646480e-001 -1.0986690e-001 1.9542000e-003 3.4431750e-001 5.0108983e+000 5.7295464e+000 2.0814800e-001 1.6253158e+000 1.1211407e+000 -2.1129600e-002 4.5949950e-001 3.1460000e-002 2.5112187e+000 1.4386790e-001 1.0000000e+000 5.1804360e-001 1.7055200e-002 1.4685710e-001 1.6850870e-001 5.2977084e+000 4.8090286e+000 3.4649170e-001 2.0965769e+000 1.2272171e+000 1.1356690e-001 2.9119000e-001 1.7127880e-001 1.1741450e+000 2.7189200e-001 1.0000000e+000 5.5178360e-001 -2.6352800e-002 7.6706000e-003 1.9156470e-001 4.1559733e+000 3.5558591e+000 3.7320520e-001 2.2768122e+000 1.0824911e+000 -4.0396100e-002 3.4838540e-001 2.5107200e-001 2.8585690e-001 3.3005560e-001 1.0000000e+000 4.9998060e-001 4.1466400e-002 1.0809630e-001 1.7721880e-001 5.9877649e+000 5.0602820e+000 6.1224190e-001 3.6680104e+000 1.7155828e+000 9.2781800e-002 3.1787920e-001 2.7050520e-001 8.6852660e-001 1.0695870e-001 1.0000000e+000 4.7253290e-001 0.0000000e+000 6.1947900e-002 1.8627110e-001 5.3565468e+000 4.9363976e+000 3.2083660e-001 2.1303166e+000 1.1313978e+000 2.9522600e-002 3.0065000e-001 1.6098550e-001 9.3376090e-001 3.7670500e-001 1.0000000e+000 4.1131720e-001 2.3836200e-002 2.6537070e-001 2.4352920e-001 4.3314035e+000 3.6737162e+000 4.8888000e-001 2.3243489e+000 1.0509009e+000 2.5012300e-001 4.0857580e-001 3.6193900e-002 1.3016009e+000 1.1853130e-001 1.0000000e+000 8.8077750e-001 1.3945200e-002 2.0279800e-002 1.7419630e-001 8.9384922e+000 8.6761166e+000 2.9381600e-002 1.0826830e+000 4.4540640e-001 -1.8916700e-002 -1.5513670e-001 3.4033670e-001 1.4839340e-001 5.1098070e-001 1.0000000e+000 6.0371530e-001 -1.6902360e-001 -1.1815770e-001 4.8525700e-001 2.8472730e+000 2.7700295e+000 4.1870490e-001 1.9944675e+000 7.4937750e-001 -1.7056860e-001 1.8582580e-001 1.8268110e-001 6.7271150e-001 1.3795710e-001 1.0000000e+000 7.5046600e-001 1.2624790e-001 4.7190800e-002 1.3111000e-001 4.3963858e+000 3.2527311e+000 3.2942690e-001 1.5664428e+000 8.5896050e-001 3.7070900e-002 1.7097200e-002 1.6889480e-001 2.1573820e-001 5.7416700e-002 1.0000000e+000 1.1948127e+000 -4.2572900e-002 5.9045400e-002 2.1129720e-001 3.3995085e+000 3.1759427e+000 2.4316360e-001 1.9064217e+000 9.2146110e-001 2.1517400e-002 -6.8715980e-001 9.0201720e-001 2.5706170e-001 2.9113030e-001 1.0000000e+000 8.2395120e-001 -1.4333970e-001 -1.7530020e-001 1.4775400e-001 4.7721263e+000 4.3011174e+000 5.4878800e-002 1.1158556e+000 6.1627220e-001 -2.2791310e-001 5.9244200e-002 2.6618310e-001 5.2980800e-002 3.6394630e-001 1.0000000e+000 5.0735300e-001 -4.9020600e-002 8.7848000e-002 8.1584600e-002 7.4658020e+000 7.7071556e+000 2.2188350e-001 2.8565839e+000 2.3203191e+000 5.2621400e-002 2.6814530e-001 3.8328700e-002 1.3589520e-001 5.8601480e-001 1.0000000e+000 5.8880200e-001 1.4921600e-001 1.5017760e-001 2.3907920e-001 6.3810535e+000 6.2407341e+000 2.8327820e-001 1.9791583e+000 1.0282878e+000 1.2370830e-001 2.5409910e-001 2.7465460e-001 5.6286200e-001 2.8668090e-001 1.0000000e+000 7.0429620e-001 1.0627200e-002 -2.2511200e-002 1.5000360e-001 6.6135992e+000 6.2940942e+000 1.1864780e-001 1.3904842e+000 7.1096050e-001 -7.5151400e-002 1.8487730e-001 3.7233260e-001 1.3342820e-001 5.3704570e-001 1.0000000e+000 1.0734669e+000 -5.6461300e-002 -3.9953840e-001 3.0585960e-001 4.3975157e+000 4.0300432e+000 2.5251830e-001 1.5246250e+000 6.0699110e-001 -4.8215090e-001 -1.7305500e-001 5.8808040e-001 2.5600550e-001 1.9253250e-001 1.0000000e+000 5.0799820e-001 -2.8797930e-001 1.0569300e-001 6.7997400e-002 5.9347850e+000 5.2412588e+000 7.7386700e-002 1.2067345e+000 8.4329340e-001 8.4107400e-002 3.4311960e-001 3.9110900e-002 3.3272349e+000 1.6444810e-001 1.0000000e+000 7.7396630e-001 -1.8350330e-001 4.4814900e-002 1.4007580e-001 3.5935690e+000 3.3100195e+000 2.0239420e-001 1.4697641e+000 1.0380574e+000 1.8811400e-002 -5.8404620e-001 3.4312460e-001 2.1347810e-001 3.3336700e-001 1.0000000e+000 5.8550700e-001 1.4599400e-002 1.8889680e-001 5.3530800e-002 4.2435437e+000 4.1020510e+000 1.6675400e-001 2.1239061e+000 1.7082758e+000 1.5413360e-001 2.0229180e-001 3.9745300e-001 9.5954870e-001 5.7746560e-001 1.0000000e+000 3.5248790e-001 -8.3393200e-002 1.0413230e-001 2.2450260e-001 3.6929874e+000 3.8729354e+000 7.1447650e-001 6.8380812e+000 5.3057486e+000 8.9515800e-002 4.2166560e-001 7.5170700e-002 2.8315043e+000 1.3127730e-001 1.0000000e+000 8.6550280e-001 -1.1025770e-001 6.4076000e-002 1.7801770e-001 6.2351309e+000 5.8538139e+000 5.1042580e-001 3.9767513e+000 2.4566349e+000 4.0686700e-002 -1.1207900e-002 6.7028000e-003 2.0016000e-001 2.1173670e-001 1.0000000e+000 1.1972617e+000 1.3894200e-002 2.2207930e-001 1.3390130e-001 6.4104580e+000 6.4358309e+000 1.8876480e-001 1.6554723e+000 1.2021586e+000 1.9763360e-001 -2.1639680e-001 1.7589100e-002 5.5513360e-001 2.0934880e-001 1.0000000e+000 8.2459010e-001 -3.6513700e-002 3.8652600e-002 1.8485240e-001 4.5719664e+000 3.9847919e+000 1.4024100e-001 1.2743265e+000 6.2386030e-001 1.5163900e-002 2.1772500e-002 3.1006660e-001 2.8780450e-001 3.0714650e-001 1.0000000e+000 7.7369410e-001 -1.3677900e-001 -2.2664000e-002 2.6769490e-001 5.2538947e+000 4.6662046e+000 3.1674500e-001 1.6065509e+000 6.8391960e-001 -4.2475900e-002 7.7282500e-002 1.9251340e-001 3.6789890e-001 1.5903800e-001 1.0000000e+000 7.4384580e-001 -3.6581000e-003 1.0288370e-001 2.5835510e-001 6.7582873e+000 6.3810620e+000 3.5789320e-001 2.4745566e+000 9.2234150e-001 7.4617100e-002 1.5131200e-001 4.3946680e-001 1.3025150e-001 3.9451980e-001 1.0000000e+000 7.7542280e-001 -1.5008780e-001 6.2254100e-002 3.4450560e-001 6.4739664e+000 6.6318240e+000 4.2494340e-001 3.0086535e+000 1.6180176e+000 -3.9521000e-003 -1.5167700e-002 0.0000000e+000 3.7697400e-001 3.3815290e-001 1.0000000e+000 6.9757490e-001 -5.9962200e-002 2.2863540e-001 2.6510780e-001 4.4005136e+000 3.6528309e+000 2.7018520e-001 1.8053626e+000 1.3632200e-001 1.6682930e-001 1.4021950e-001 3.6209230e-001 2.1264310e-001 3.8049250e-001 1.0000000e+000 9.9712080e-001 4.5356000e-003 -1.1038140e-001 2.1144120e-001 6.6570258e+000 6.8416184e+000 3.1446770e-001 2.7990267e+000 1.7932913e+000 -2.2120940e-001 -2.6835370e-001 1.3791200e-002 2.9626300e-001 2.4611340e-001 1.0000000e+000 1.0747966e+000 -1.5471400e-002 -7.0062000e-002 3.4778700e-002 4.5896899e+000 5.5891964e+000 -2.2059420e-001 7.0406100e-001 6.8688820e-001 -8.1894900e-002 -1.8832980e-001 2.8790030e-001 1.3165120e-001 4.5994320e-001 1.0000000e+000 5.1697650e-001 -7.1047100e-002 1.8615420e-001 1.3949180e-001 4.5066486e+000 3.8482496e+000 4.1001550e-001 2.8568421e+000 1.6365539e+000 1.5500700e-001 1.6947580e-001 2.7992670e-001 9.2921760e-001 2.9132520e-001 1.0000000e+000 7.3426350e-001 -1.1892160e-001 3.3993700e-002 2.8279770e-001 5.9518273e+000 6.1356952e+000 2.3173650e-001 1.8187291e+000 9.8740800e-001 6.8685000e-003 2.4236250e-001 2.9637550e-001 3.7984050e-001 4.6034330e-001 1.0000000e+000 5.3911690e-001 1.8360900e-002 1.3783810e-001 2.4166220e-001 6.8273998e+000 6.8512141e+000 5.1124520e-001 5.4198598e+000 3.3797874e+000 1.1992060e-001 3.0045380e-001 3.3352650e-001 6.1090000e-001 2.9283560e-001 1.0000000e+000 4.9156050e-001 -7.1682300e-002 1.6344480e-001 1.1075760e-001 4.3641723e+000 3.5375190e+000 3.9747110e-001 2.0364755e+000 1.3763324e+000 1.3573190e-001 4.7485670e-001 7.6509800e-002 9.4825650e-001 2.1303010e-001 1.0000000e+000 7.0871500e-001 -7.5519900e-002 3.3237600e-002 1.4500650e-001 6.9175387e+000 7.0680808e+000 1.0246000e-001 1.6053648e+000 8.6835930e-001 -6.7149000e-003 7.5434900e-002 4.3232080e-001 1.4517530e-001 6.3793720e-001 1.0000000e+000 1.0409914e+000 -2.2162940e-001 -3.4257810e-001 5.0837900e-002 4.4664240e+000 2.7603546e+000 -3.6246200e-001 5.3623600e-001 1.7800900e-001 -4.2745700e-001 -3.5020910e-001 8.4377600e-002 7.3001420e-001 1.8223350e-001 1.0000000e+000 6.1722660e-001 -1.1258200e-002 1.1433090e-001 1.8037560e-001 7.1750854e+000 6.8241463e+000 2.4909020e-001 2.0816660e+000 9.6910120e-001 4.9636900e-002 2.9875500e-001 2.9394090e-001 2.9363410e-001 4.9019370e-001 1.0000000e+000 8.2989670e-001 -4.3057800e-002 5.5799900e-002 1.0667360e-001 8.0580801e+000 7.6159981e+000 1.4646700e-002 1.0431096e+000 5.5458810e-001 -1.3890100e-002 -2.7695120e-001 3.8535620e-001 2.4477000e-001 5.6039820e-001 1.0000000e+000 1.0507733e+000 -1.8610500e-001 -3.0814470e-001 1.3752990e-001 4.3322249e+000 3.4411837e+000 2.9563620e-001 1.6689457e+000 9.1036010e-001 -3.3232560e-001 -4.6416280e-001 5.9992280e-001 3.1952500e-001 2.0183930e-001 1.0000000e+000 5.0364720e-001 -1.3755880e-001 -1.1899000e-002 3.3456130e-001 6.5036164e+000 6.4753332e+000 2.1900950e-001 1.7134443e+000 5.9231430e-001 -6.7429400e-002 3.3665710e-001 1.8087670e-001 1.2969130e+000 2.3730290e-001 1.0000000e+000 6.1465260e-001 -7.1549000e-002 8.4496600e-002 2.2049570e-001 5.9385360e+000 5.5185679e+000 3.4545900e-001 1.9379968e+000 1.0268362e+000 6.2567100e-002 2.6010450e-001 1.9433090e-001 6.1763510e-001 1.7571580e-001 1.0000000e+000 6.7991230e-001 2.0067380e-001 1.1438840e-001 2.0520600e-001 5.6431380e+000 5.6344897e+000 9.0519400e-002 1.2407389e+000 6.9024750e-001 8.6977500e-002 5.2930800e-002 2.8260910e-001 2.4870530e-001 2.2947890e-001 1.0000000e+000 5.8459600e-001 -1.1162400e-002 3.6676780e-001 4.6911400e-002 1.0009634e+001 9.5025299e+000 9.1654500e-002 1.3380657e+000 1.0507506e+000 3.1021100e-001 3.1824260e-001 1.4647140e-001 9.5266260e-001 5.8221540e-001 1.0000000e+000 5.1770490e-001 -6.3152900e-002 4.3360000e-003 3.7713990e-001 2.9255468e+000 2.1278560e+000 4.3835820e-001 1.9637752e+000 1.2265640e-001 -2.7894100e-002 2.5061420e-001 6.2870400e-002 4.3315540e-001 9.1776300e-002 1.0000000e+000 8.5737050e-001 3.5286820e-001 -6.4327000e-003 3.8858430e-001 4.8213695e+000 5.1012764e+000 1.4392110e-001 1.3243797e+000 6.6238840e-001 -3.4596300e-002 7.0199300e-002 4.1368930e-001 6.3214700e-001 2.7799580e-001 1.0000000e+000 7.5209040e-001 -3.4269800e-002 -1.6811700e-002 1.8188550e-001 4.9431125e+000 3.7782218e+000 1.3761990e-001 1.2550259e+000 1.7457110e-001 -5.7235100e-002 2.3034950e-001 2.1036890e-001 3.3209950e-001 2.8919120e-001 1.0000000e+000 5.9663520e-001 -1.3283960e-001 6.8059100e-002 1.6852370e-001 6.7113204e+000 6.9481263e+000 2.5693270e-001 2.0592541e+000 1.5109793e+000 2.3842000e-002 7.4399700e-002 2.5625630e-001 1.0577851e+000 2.7612440e-001 1.0000000e+000 7.5881210e-001 -6.2281700e-002 1.8105700e-002 1.6036980e-001 6.0203379e+000 5.4431824e+000 2.2055840e-001 1.5486190e+000 8.3818230e-001 -2.2884200e-002 -1.0036800e-002 2.4821060e-001 9.4330600e-002 3.4625540e-001 1.0000000e+000 4.8655040e-001 6.4566000e-003 1.6078220e-001 6.2970500e-002 5.2681544e+000 4.4909709e+000 1.8113580e-001 1.5489945e+000 1.1338234e+000 8.4911800e-002 2.4093800e-001 1.0416070e-001 9.1030760e-001 4.4093400e-001 1.0000000e+000 9.0007710e-001 -2.3749400e-002 -1.0492900e-002 8.3665920e-001 2.1923039e+000 2.3446593e+000 -1.8964200e-002 9.7774260e-001 1.3456110e-001 -5.2849500e-002 1.5787400e-002 4.0912600e-002 3.7159090e-001 1.6692330e-001 1.0000000e+000 3.2217710e-001 -1.3050000e-001 7.0479400e-002 2.7954210e-001 6.0810328e+000 6.1456075e+000 3.8996500e-001 3.0249161e+000 1.6641478e+000 2.8610100e-002 5.9073560e-001 8.7109500e-002 1.4502886e+000 3.3257620e-001 1.0000000e+000 1.0281594e+000 -3.3504600e-002 -2.2926500e-002 5.6147400e-002 5.7215394e+000 4.2637075e+000 4.9206400e-002 1.0818373e+000 6.8061240e-001 -6.0950500e-002 -4.2772130e-001 4.2688800e-001 7.4145400e-002 1.9434490e-001 1.0000000e+000 3.9333890e-001 -1.6986240e-001 4.8810800e-002 3.2107610e-001 5.5137420e+000 5.4722358e+000 4.1627270e-001 3.2936045e+000 1.4495468e+000 7.9159000e-003 5.1019760e-001 1.8038240e-001 6.8460440e-001 3.2057980e-001 1.0000000e+000 6.0379100e-001 3.4799900e-002 1.5655680e-001 8.4762900e-002 8.6563472e+000 7.3578551e+000 7.4988100e-002 1.2306914e+000 2.7531910e-001 9.9437200e-002 2.8127670e-001 2.1633910e-001 5.9319680e-001 5.3003060e-001 1.0000000e+000 4.9998970e-001 -7.8251700e-002 8.6453100e-002 1.7727630e-001 4.3281140e+000 3.8516204e+000 4.5382990e-001 2.5755331e+000 1.5844194e+000 4.4495900e-002 6.9964400e-002 2.0543500e-001 1.1979512e+000 2.4201700e-001 1.0000000e+000 4.9063890e-001 -1.0904650e-001 1.1378830e-001 2.3077740e-001 5.7465317e+000 4.8250831e+000 3.5826820e-001 2.0489409e+000 3.5102570e-001 8.0511900e-002 8.8623900e-002 1.3423580e-001 9.2649490e-001 1.8753440e-001 1.0000000e+000 5.2336820e-001 4.7739100e-002 1.1574950e-001 1.4992700e-001 7.1804418e+000 6.6186168e+000 1.8243470e-001 1.5870272e+000 7.4091450e-001 7.6140700e-002 3.5211490e-001 1.7469500e-001 5.1574430e-001 4.3643090e-001 1.0000000e+000 7.5071810e-001 5.8794300e-002 1.1602540e-001 5.5599200e-002 5.7202975e+000 4.2739999e+000 1.5973740e-001 1.4075480e+000 8.0504420e-001 5.5833400e-002 1.7066170e-001 3.1253330e-001 3.2833130e-001 2.9810230e-001 1.0000000e+000 6.4354150e-001 1.0756640e-001 8.6997900e-002 2.1325400e-001 6.8382346e+000 6.5714674e+000 2.2520710e-001 1.7042044e+000 8.3350290e-001 -7.3488000e-003 6.7721000e-002 3.1069170e-001 2.8486470e-001 4.0936850e-001 1.0000000e+000 4.6992680e-001 -5.4765300e-002 1.3795600e-001 1.5746540e-001 5.8239808e+000 5.7098449e+000 3.5349970e-001 1.8808248e+000 1.4410258e+000 9.3856700e-002 3.4931830e-001 5.2102800e-002 1.5561629e+000 2.1961500e-001 1.0000000e+000 2.6900640e-001 -2.1282000e-003 1.8443670e-001 2.4737900e-001 4.0400073e+000 3.7851732e+000 4.3801490e-001 4.3647797e+000 1.9128743e+000 1.3273330e-001 5.4142160e-001 1.0928520e-001 5.3518665e+000 3.7335280e-001 1.0000000e+000 6.1487080e-001 7.3593000e-002 1.0486780e-001 2.2720880e-001 3.7232926e+000 3.8000873e+000 2.2835740e-001 1.8416206e+000 1.0661329e+000 5.4619400e-002 2.0693870e-001 3.3840980e-001 9.4739000e-001 4.5193690e-001 1.0000000e+000 5.1679980e-001 -3.6987000e-003 1.1052000e-002 5.6707100e-002 5.9177248e+000 5.0988865e+000 2.6018900e-002 1.0734486e+000 7.1041360e-001 -7.3296300e-002 3.0827230e-001 1.4635060e-001 4.3888450e-001 5.6701810e-001 1.0000000e+000 2.1327480e-001 -6.9260300e-002 -2.2949800e-002 1.9954020e-001 3.5011155e+000 2.9333222e+000 4.8565660e-001 4.4930629e+000 1.9608681e+000 -8.5864000e-002 4.8753610e-001 3.4622600e-002 2.6407768e+000 3.6413120e-001 1.0000000e+000 4.9775790e-001 -9.1104800e-002 8.6230600e-002 5.7068700e-002 6.8772324e+000 6.5058300e+000 3.6100040e-001 3.6003772e+000 3.0044066e+000 3.2462600e-002 3.8258880e-001 1.8355210e-001 1.1839013e+000 4.4191640e-001 1.0000000e+000 7.5497510e-001 3.6725400e-002 1.2185820e-001 5.6155400e-002 6.0656312e+000 4.5842939e+000 9.7271000e-003 1.0264560e+000 3.5460980e-001 3.7342600e-002 4.0635000e-002 3.8445760e-001 3.0272500e-001 5.8967310e-001 1.0000000e+000 9.0252600e-001 -3.8600500e-002 -2.0089000e-003 2.4454640e-001 3.4782076e+000 3.6885277e+000 -4.2949320e-001 4.7882400e-001 2.3836080e-001 -7.0582200e-002 -5.1067150e-001 5.7801400e-002 8.3179410e-001 5.2661570e-001 1.0000000e+000 5.0790050e-001 -2.6932600e-002 1.1110550e-001 2.0477350e-001 7.2776879e+000 7.5663768e+000 1.7726100e-001 1.8153253e+000 1.1096328e+000 4.1734900e-002 4.1274880e-001 1.5660380e-001 8.8527360e-001 5.3619260e-001 1.0000000e+000 5.7653080e-001 2.3635410e-001 1.3777960e-001 4.6617520e-001 4.9309790e+000 4.6469265e+000 3.4374620e-001 1.5974495e+000 5.2104650e-001 1.2946930e-001 8.7667400e-002 2.7930000e-004 6.5552436e+000 3.1970100e-002 1.0000000e+000 4.6430280e-001 -3.0877800e-002 1.1191200e-001 2.0876070e-001 4.6236345e+000 4.1339072e+000 3.9215020e-001 2.1962257e+000 1.1570349e+000 7.7703900e-002 3.4558770e-001 1.3647980e-001 5.9390720e-001 2.7676640e-001 1.0000000e+000 4.8316080e-001 7.0209600e-002 9.7773900e-002 1.5914500e-001 5.0733856e+000 4.6765190e+000 3.5198600e-001 2.3023415e+000 1.4266533e+000 5.4219300e-002 5.5473900e-002 9.3669300e-002 9.2515700e-001 3.3312110e-001 1.0000000e+000 8.4766710e-001 -1.8648260e-001 1.7408640e-001 9.4658400e-002 6.0296577e+000 4.8230768e+000 3.4073300e-001 2.0826420e+000 1.0774680e+000 1.3623580e-001 -3.7037520e-001 4.7260620e-001 4.8801040e-001 2.4219060e-001 1.0000000e+000 5.4143210e-001 -6.3171900e-002 8.7129900e-002 1.8793370e-001 7.5003843e+000 6.9654768e+000 3.4531610e-001 2.2827824e+000 1.0908593e+000 5.6542200e-002 2.2439510e-001 1.5755360e-001 7.7997590e-001 3.5618740e-001 0.0000000e+000 3.6530720e-001 1.1202100e-001 2.9795820e-001 3.0893000e-002 5.5941675e+000 5.0382907e+000 1.1285600e-001 1.6990798e+000 1.3654412e+000 2.5761110e-001 5.9571670e-001 1.2426660e-001 3.1525139e+000 4.5746560e-001 0.0000000e+000 5.4972580e-001 2.2314900e-002 2.1590490e-001 2.7535950e-001 8.7528791e+000 8.8006186e+000 2.5100550e-001 2.1499162e+000 9.4723620e-001 1.8628880e-001 3.7221210e-001 1.6636200e-001 8.2722300e-001 4.4625230e-001 0.0000000e+000 6.3652870e-001 -1.6846200e-002 2.0806510e-001 1.8116200e-001 8.8696566e+000 8.6621849e+000 7.1573500e-002 1.2586751e+000 4.5297510e-001 1.3023970e-001 3.1418330e-001 2.6911770e-001 5.9516600e-001 6.3327820e-001 0.0000000e+000 5.0199740e-001 -8.6899000e-003 1.8232300e-001 3.3056970e-001 8.5544795e+000 8.4803282e+000 2.0030110e-001 1.5956838e+000 5.3691980e-001 1.6354400e-001 3.8817670e-001 1.3502940e-001 9.9804780e-001 1.5497720e-001 0.0000000e+000 3.8230670e-001 2.4333400e-002 1.9503420e-001 8.2878000e-002 5.6586716e+000 4.8215018e+000 3.6765090e-001 2.5923602e+000 1.7632288e+000 1.4752150e-001 5.3567170e-001 7.1527800e-002 2.4882041e+000 3.8342690e-001 0.0000000e+000 6.1337370e-001 5.1462200e-002 8.8608800e-002 1.0645860e-001 7.6373555e+000 7.4034275e+000 4.6947000e-002 1.1580585e+000 7.0517740e-001 3.1487700e-002 2.4585830e-001 2.7259580e-001 6.7608740e-001 6.0247690e-001 0.0000000e+000 2.3093090e-001 1.2011050e-001 1.4891760e-001 1.2989990e-001 5.2287898e+000 5.1484459e+000 4.1527680e-001 3.7983409e+000 2.8497810e+000 8.8951700e-002 2.8702610e-001 1.8432500e-002 4.5742575e+000 4.2009830e-001 0.0000000e+000 4.3834860e-001 3.3582200e-002 1.6670900e-001 1.6617360e-001 8.1316769e+000 7.4129075e+000 3.3282880e-001 2.4889212e+000 9.6356850e-001 1.3748660e-001 2.9484160e-001 1.6160720e-001 2.2032102e+000 3.9829030e-001 0.0000000e+000 3.0353350e-001 2.9883600e-002 1.2463060e-001 2.7062870e-001 7.2624956e+000 6.7476017e+000 6.7157040e-001 4.7088726e+000 2.2077225e+000 1.0462010e-001 5.2670480e-001 1.2246200e-001 4.1588280e+000 1.0665540e-001 0.0000000e+000 6.1847230e-001 2.4035500e-002 2.5218720e-001 1.7565310e-001 4.1924782e+000 3.5813401e+000 2.9830680e-001 1.5304837e+000 9.5493980e-001 2.2393220e-001 1.5710540e-001 -9.9990000e+001 1.4076991e+000 1.0520250e-001 0.0000000e+000 5.4764680e-001 2.7066100e-002 1.9486560e-001 1.5251380e-001 6.8258367e+000 6.2782394e+000 2.2034230e-001 2.0698773e+000 7.8942410e-001 1.4196790e-001 3.8156360e-001 2.5165310e-001 9.3222100e-001 5.1555790e-001 0.0000000e+000 5.4487550e-001 -7.2792500e-002 1.8526040e-001 1.3324150e-001 6.0956277e+000 5.5865447e+000 2.4000090e-001 1.7997770e+000 1.0610440e+000 1.2935340e-001 2.9855320e-001 1.9185690e-001 1.0778307e+000 3.5645470e-001 0.0000000e+000 1.5773900e-001 -2.9739000e-003 2.6191840e-001 1.6329500e-002 5.3509786e+000 5.1495347e+000 3.8415940e-001 3.5299161e+000 3.3983778e+000 2.1538130e-001 6.5357540e-001 -9.9990000e+001 8.9620689e+000 2.3779000e-001 0.0000000e+000 2.0770520e-001 2.8346700e-002 2.9390580e-001 6.0723000e-002 5.5911927e+000 5.3229806e+000 1.8293220e-001 2.2864227e+000 1.7280431e+000 2.4967880e-001 7.0160250e-001 2.6497000e-003 1.4511942e+001 5.4302700e-001 0.0000000e+000 5.0446900e-001 -3.5807400e-002 1.6790220e-001 9.4410300e-002 4.3030594e+000 3.6351905e+000 3.4412480e-001 3.2353082e+000 2.0394149e+000 1.1096600e-001 3.3293380e-001 3.3569520e-001 5.3298800e-001 4.2340690e-001 0.0000000e+000 4.8281930e-001 3.9532700e-002 9.0423900e-002 2.8139430e-001 5.4201552e+000 5.2384645e+000 4.3646860e-001 2.9240081e+000 1.4364417e+000 5.2307400e-002 2.7830270e-001 2.2449450e-001 8.7362940e-001 2.8969620e-001 0.0000000e+000 7.2807060e-001 -7.0058000e-002 1.0532370e-001 9.5515500e-002 5.0902092e+000 3.6835804e+000 1.2441420e-001 1.2328205e+000 5.0316810e-001 5.1568100e-002 1.6509530e-001 1.9369210e-001 2.6521640e-001 3.0774040e-001 0.0000000e+000 6.2175790e-001 5.0611100e-002 1.3699680e-001 1.7808850e-001 8.0694335e+000 7.6029440e+000 2.3129440e-001 2.0936048e+000 7.5107160e-001 1.0243580e-001 1.8274530e-001 3.5745150e-001 4.8950630e-001 4.6787150e-001 0.0000000e+000 6.0798110e-001 -2.5031700e-002 9.5521300e-002 2.0558260e-001 5.6541697e+000 4.8561891e+000 3.6528030e-001 2.0843314e+000 7.2889040e-001 7.1479700e-002 2.5574470e-001 2.1870970e-001 7.1880460e-001 2.5876700e-001 0.0000000e+000 5.6977460e-001 -3.6554300e-002 1.1756610e-001 8.9887000e-002 8.2948753e+000 8.6121158e+000 1.1787600e-002 1.0972356e+000 5.5732600e-001 7.2678700e-002 2.3875460e-001 3.4686860e-001 7.7512280e-001 8.0497870e-001 0.0000000e+000 1.4553940e-001 1.0534230e-001 2.4924980e-001 7.5232000e-002 2.8325629e+000 3.1960055e+000 7.9360630e-001 6.4528483e+000 6.0934469e+000 2.4057990e-001 3.8324380e-001 0.0000000e+000 2.7604182e+001 2.7201400e-002 0.0000000e+000 4.0272200e-001 -1.1233340e-001 -1.8447520e-001 1.5079200e-001 5.0243355e+000 4.2055254e+000 3.7923040e-001 2.2075145e+000 1.1186542e+000 -2.2566680e-001 2.8184390e-001 7.7894800e-002 1.0909411e+000 2.8568070e-001 0.0000000e+000 3.1364110e-001 4.9022000e-003 9.6560700e-002 2.5336370e-001 3.3411588e+000 2.9569797e+000 4.1155450e-001 2.4455381e+000 1.1387854e+000 7.2070300e-002 4.3348480e-001 0.0000000e+000 2.4762929e+000 2.7784760e-001 0.0000000e+000 6.9297180e-001 1.1383320e-001 1.0950990e-001 1.6459150e-001 7.0570593e+000 6.1711076e+000 2.1114790e-001 1.4243248e+000 6.2212410e-001 8.7950300e-002 1.9002270e-001 1.8715980e-001 4.1198700e-001 2.5214660e-001 0.0000000e+000 3.5828420e-001 -1.9675000e-003 -1.7522300e-002 8.2576000e-002 6.8634841e+000 5.9097030e+000 1.8403690e-001 1.7751370e+000 8.7242510e-001 -7.9175900e-002 2.9220550e-001 8.5474000e-003 6.4333700e-001 5.1421710e-001 0.0000000e+000 5.8622660e-001 5.2519400e-002 7.7849000e-002 1.5811800e-001 6.7347905e+000 5.8108347e+000 2.6139660e-001 1.5950376e+000 6.8827260e-001 5.4788600e-002 3.8084030e-001 9.6294200e-002 6.4587700e-001 1.7634180e-001 0.0000000e+000 2.2187070e-001 3.1931860e-001 1.6330000e-001 1.9756260e-001 3.8931464e+000 4.3494492e+000 5.7453860e-001 5.8500131e+000 4.7932964e+000 1.0179530e-001 2.5860600e-002 1.0340950e-001 8.3140041e+000 2.8605860e-001 0.0000000e+000 4.2593430e-001 -1.0102080e-001 2.1190950e-001 1.0806530e-001 5.9321786e+000 5.3129266e+000 2.1271990e-001 2.0545304e+000 1.0594112e+000 1.4949170e-001 6.2155450e-001 1.8504620e-001 1.7822981e+000 4.8504580e-001 0.0000000e+000 3.9476010e-001 7.1202100e-002 2.0367880e-001 2.4073730e-001 3.9464713e+000 3.6836165e+000 4.9406800e-001 3.0765288e+000 1.7605436e+000 1.6585890e-001 4.5981650e-001 1.1864460e-001 2.2960969e+000 2.6086570e-001 0.0000000e+000 3.6262170e-001 6.7554700e-002 2.7705960e-001 2.5456030e-001 8.2219877e+000 7.7585573e+000 4.4036860e-001 2.6338880e+000 1.1326070e+000 2.3471680e-001 5.7352280e-001 9.3100200e-002 3.2046290e+000 2.5698810e-001 0.0000000e+000 4.5942320e-001 3.8804000e-003 2.4939610e-001 2.2020220e-001 5.5495211e+000 5.2172588e+000 4.8884250e-001 3.0558928e+000 1.7648136e+000 2.2509480e-001 4.5415610e-001 2.1207900e-001 2.5840240e+000 1.7494700e-001 0.0000000e+000 5.4405950e-001 -3.2561000e-002 2.1911240e-001 5.1753400e-002 1.1378750e+001 1.1017034e+001 3.1195700e-002 1.1293154e+000 8.2129060e-001 1.5833300e-001 4.8174720e-001 8.0675700e-002 9.2823020e-001 6.7600120e-001 0.0000000e+000 4.0926180e-001 1.6037110e-001 1.2660470e-001 1.6272690e-001 2.9682332e+000 3.1583933e+000 3.4170500e-001 2.2649866e+000 1.7668958e+000 9.8086300e-002 6.8589000e-003 1.3913680e-001 2.7557664e+000 2.2629060e-001 0.0000000e+000 4.6353340e-001 1.6816200e-002 1.1587590e-001 8.5094700e-002 4.2800219e+000 3.5079756e+000 4.3097280e-001 2.0717975e+000 1.6138023e+000 9.5113300e-002 4.5971080e-001 4.0272900e-002 9.8318150e-001 1.2352110e-001 0.0000000e+000 6.4100800e-001 -1.2824700e-002 1.3541810e-001 3.5079100e-002 6.7821177e+000 6.8609078e+000 3.3450100e-002 1.2020557e+000 1.0062145e+000 9.9659300e-002 3.4001570e-001 4.1138310e-001 8.6271350e-001 2.5110650e-001 0.0000000e+000 3.4897550e-001 3.7872000e-002 2.1226160e-001 2.0449450e-001 6.6403486e+000 6.0783873e+000 3.3039840e-001 2.3732837e+000 8.8234210e-001 1.8215090e-001 5.7903100e-001 7.7311900e-002 2.5012616e+000 3.5495160e-001 0.0000000e+000 3.0043390e-001 0.0000000e+000 -3.9954200e-002 2.3745810e-001 5.7642037e+000 6.5360327e+000 8.2398300e-002 1.6932019e+000 7.6993500e-001 -4.7786100e-002 6.4820360e-001 1.1290260e-001 1.6379258e+000 7.6401100e-002 0.0000000e+000 6.1893010e-001 5.8241300e-002 1.6090740e-001 1.4770380e-001 6.6347224e+000 6.6147990e+000 1.9570720e-001 2.2191247e+000 1.2805136e+000 1.1010860e-001 2.3670240e-001 3.2177070e-001 1.3411989e+000 3.6667460e-001 0.0000000e+000 4.3076210e-001 -7.4501900e-002 1.2294180e-001 1.9470730e-001 6.7363200e+000 6.5381293e+000 3.9216900e-001 3.0346776e+000 1.8030547e+000 5.8165400e-002 4.6313660e-001 1.7376200e-001 1.3745872e+000 3.7051630e-001 0.0000000e+000 6.2838590e-001 1.7337100e-002 2.0521450e-001 1.3060290e-001 5.2076026e+000 4.5403155e+000 2.8904630e-001 1.6443758e+000 1.0769309e+000 1.4189970e-001 2.7871420e-001 1.7736370e-001 2.9118720e-001 1.7717260e-001 0.0000000e+000 5.4403440e-001 -3.9782600e-002 1.0375760e-001 2.1057810e-001 3.7748981e+000 3.2996144e+000 3.4561010e-001 2.0822265e+000 1.0216108e+000 6.6085900e-002 5.6850920e-001 1.5610690e-001 3.9827510e-001 2.8743610e-001 0.0000000e+000 4.6059380e-001 -2.9627400e-002 1.7181080e-001 7.9144600e-002 7.2441772e+000 6.2257523e+000 2.0241310e-001 1.7279574e+000 9.3985040e-001 1.2030710e-001 5.1700690e-001 1.0792430e-001 1.1663318e+000 5.0241390e-001 0.0000000e+000 5.7922850e-001 1.2822740e-001 1.6520740e-001 1.4314390e-001 5.6271899e+000 4.8967805e+000 4.1563680e-001 2.2729910e+000 1.3628745e+000 1.3662160e-001 2.4566520e-001 2.4334990e-001 7.3241220e-001 2.3498420e-001 0.0000000e+000 7.1164850e-001 7.9608500e-002 1.6382680e-001 1.3527830e-001 5.5231185e+000 5.1947338e+000 1.7505840e-001 1.5365972e+000 9.6074730e-001 1.3355430e-001 3.6946900e-002 2.7056140e-001 7.1669160e-001 4.1012500e-001 0.0000000e+000 5.2237190e-001 -1.0448900e-002 1.6052490e-001 1.0152990e-001 7.0551402e+000 6.1756406e+000 3.3091590e-001 2.3999251e+000 1.3649190e+000 1.3365770e-001 4.0222620e-001 2.1676300e-001 8.9394360e-001 3.2476850e-001 0.0000000e+000 4.1229240e-001 3.2811400e-002 1.9556910e-001 4.1522800e-002 6.2652054e+000 5.7628980e+000 3.8887700e-002 1.3090449e+000 7.6373240e-001 1.2761530e-001 5.3767080e-001 2.1651540e-001 2.5392959e+000 7.8012390e-001 0.0000000e+000 5.4834810e-001 4.5647540e-001 -6.3656700e-002 3.2259270e-001 2.2433844e+000 2.3202105e+000 3.5002600e-001 2.3718645e+000 1.2010171e+000 -9.2025500e-002 3.7796200e-002 2.8463930e-001 1.4712139e+000 2.4589170e-001 0.0000000e+000 6.4355380e-001 -3.1254100e-002 7.0011100e-002 2.8559940e-001 5.8961162e+000 5.8024378e+000 2.8514910e-001 1.8225711e+000 9.1779150e-001 1.5917300e-002 1.8966520e-001 2.8422840e-001 7.7912790e-001 2.6160230e-001 0.0000000e+000 5.8937560e-001 -1.0901800e-002 1.6522460e-001 1.7675570e-001 6.4209289e+000 5.8640135e+000 3.7475880e-001 2.1815887e+000 1.2089465e+000 1.3055420e-001 3.9665530e-001 2.3711270e-001 1.3510407e+000 1.3516910e-001 0.0000000e+000 2.8542400e-001 1.1249900e-002 1.4972040e-001 1.6289700e-001 3.3028204e+000 2.3823738e+000 6.0497720e-001 3.1324747e+000 1.6910139e+000 1.2747560e-001 6.7293050e-001 0.0000000e+000 1.5867439e+000 1.0939560e-001 0.0000000e+000 5.5617060e-001 -4.2777300e-002 1.5695210e-001 1.6564420e-001 7.7388256e+000 7.9022452e+000 3.6795800e-002 1.1669129e+000 5.2880350e-001 5.9264100e-002 3.9759040e-001 1.7518720e-001 1.0593748e+000 6.9684140e-001 0.0000000e+000 2.7094060e-001 1.6007600e-002 2.4148380e-001 2.9970800e-002 7.2076751e+000 6.9300568e+000 8.5925800e-002 1.4884715e+000 1.2635752e+000 2.1150160e-001 6.9629690e-001 5.0602600e-002 3.7640723e+000 3.3980360e-001 0.0000000e+000 5.9070110e-001 -2.7981500e-002 9.2072400e-002 2.0442750e-001 4.9774542e+000 4.6119131e+000 2.5422060e-001 1.9325027e+000 8.5173790e-001 4.9161500e-002 3.7766480e-001 2.7870840e-001 6.0247760e-001 4.4294370e-001 0.0000000e+000 5.2339640e-001 4.4085900e-002 1.9132000e-001 1.5421210e-001 5.8734684e+000 5.3098222e+000 3.3332180e-001 2.4515162e+000 1.2715625e+000 1.4877520e-001 3.9177190e-001 2.6882710e-001 1.5101983e+000 3.3630430e-001 0.0000000e+000 7.5261570e-001 2.8079350e-001 9.1248300e-002 3.9377250e-001 6.4450867e+000 7.1992693e+000 1.6744330e-001 1.6824020e+000 9.2751730e-001 7.1613600e-002 1.6451480e-001 4.5485370e-001 8.9862250e-001 3.2328700e-001 0.0000000e+000 4.9961040e-001 0.0000000e+000 1.2680660e-001 1.3666180e-001 7.2256780e+000 7.4510602e+000 5.2332600e-002 1.4680760e+000 4.9239220e-001 6.3217800e-002 2.9796450e-001 3.0326400e-001 1.0537299e+000 7.0849580e-001 0.0000000e+000 3.0691590e-001 5.8636400e-002 3.8215400e-001 8.8190300e-002 5.0894529e+000 4.5036558e+000 1.7177540e-001 1.9753800e+000 1.0757950e+000 2.8448650e-001 1.1344190e-001 5.0480400e-002 -9.9990000e+001 5.7990530e-001 0.0000000e+000 4.3284870e-001 -8.8500000e-003 2.2114200e-001 1.6149420e-001 7.3978603e+000 6.8374985e+000 4.7176070e-001 3.0721026e+000 1.8298541e+000 1.8519190e-001 5.5476470e-001 1.8472560e-001 2.1105736e+000 2.6835210e-001 0.0000000e+000 2.0256950e-001 -3.2192400e-002 2.8072800e-001 2.3798310e-001 2.4431324e+000 2.2383142e+000 5.8533200e-001 6.1333354e+000 3.5718323e+000 2.3308350e-001 4.8383290e-001 5.1713100e-002 8.3267723e+000 2.9336190e-001 0.0000000e+000 6.4093790e-001 2.6714600e-002 1.4981650e-001 2.3040840e-001 5.4085087e+000 5.4041582e+000 3.3897660e-001 2.2347097e+000 1.3917967e+000 1.0757620e-001 1.3813710e-001 3.0293520e-001 8.5867060e-001 3.7478360e-001 0.0000000e+000 4.6154800e-001 1.2197270e-001 1.2474100e-001 1.6675450e-001 5.9183533e+000 4.9082545e+000 4.5557250e-001 2.8688853e+000 9.9050700e-001 8.8693700e-002 3.3129980e-001 1.9284290e-001 2.0889602e+000 2.3469130e-001 0.0000000e+000 5.4132200e-001 1.6798800e-002 1.7805160e-001 1.8290840e-001 6.5783660e+000 5.8538790e+000 2.4286850e-001 1.6066167e+000 6.6382110e-001 1.1718610e-001 4.2472010e-001 1.3535510e-001 6.0826920e-001 2.9486260e-001 0.0000000e+000 4.6452500e-001 7.2749000e-003 1.8351250e-001 1.3478430e-001 7.4156404e+000 7.0567610e+000 1.6900240e-001 1.4833276e+000 9.3144420e-001 8.8852000e-002 2.0985580e-001 2.0976000e-002 2.2003431e+000 4.4145130e-001 0.0000000e+000 2.5235730e-001 7.4248000e-002 1.6781570e-001 2.3401150e-001 4.3934743e+000 3.9870213e+000 5.4823550e-001 4.3891577e+000 2.2170459e+000 1.4354610e-001 2.7975220e-001 2.2144400e-002 4.5828417e+000 2.2982000e-001 0.0000000e+000 6.0275460e-001 2.2214600e-002 3.3538300e-002 2.6744710e-001 3.2868719e+000 3.2042711e+000 2.5563400e-001 2.1657685e+000 8.4110770e-001 8.1094000e-003 1.5950130e-001 3.4455380e-001 2.5687929e+000 5.0454410e-001 0.0000000e+000 4.8936300e-001 -6.4921000e-003 1.5655490e-001 1.1649820e-001 8.2151107e+000 8.1967724e+000 1.3467230e-001 1.6592634e+000 1.0784130e+000 1.0526440e-001 4.2482070e-001 1.5533790e-001 1.2322309e+000 6.0851510e-001 0.0000000e+000 6.2624130e-001 -2.7303990e-001 8.1831500e-002 1.9287400e-002 5.7916732e+000 6.3992156e+000 -7.3804000e-003 9.3717220e-001 8.4774030e-001 4.1805700e-002 1.5582000e-001 3.9449320e-001 5.0491070e-001 5.3164700e-001 0.0000000e+000 4.8101750e-001 4.1780400e-002 2.0001100e-001 5.8832800e-002 6.2486581e+000 4.7609840e+000 1.5869690e-001 1.6662054e+000 5.7288510e-001 1.4098290e-001 4.4975890e-001 2.3343660e-001 7.8183040e-001 5.9998120e-001 0.0000000e+000 5.2530950e-001 1.8300870e-001 8.9092600e-002 9.5609200e-002 6.9966057e+000 6.9062418e+000 1.7428820e-001 5.0277914e+000 2.6093075e+000 4.0657600e-002 3.5067380e-001 4.1857750e-001 2.1289867e+000 3.1851680e-001 0.0000000e+000 6.7271510e-001 -5.4518000e-002 -5.1201300e-002 1.6741070e-001 4.1026598e+000 3.3516990e+000 2.3096660e-001 1.4530277e+000 7.5720760e-001 -7.9017200e-002 3.5095100e-002 6.6603300e-002 3.4751700e-001 2.5544190e-001 0.0000000e+000 4.0762450e-001 8.8691600e-002 1.4087800e-001 1.5484390e-001 5.5421911e+000 5.4382217e+000 1.8589590e-001 2.5951842e+000 1.1208753e+000 7.1285800e-002 5.2167010e-001 2.6085870e-001 1.6026883e+000 6.3241830e-001 0.0000000e+000 5.1956570e-001 3.6088000e-002 1.7081050e-001 8.8938100e-002 6.8084185e+000 6.4023809e+000 1.4207810e-001 1.7241613e+000 1.0438061e+000 1.1471080e-001 4.2235500e-001 1.7263440e-001 1.5013701e+000 5.5935880e-001 0.0000000e+000 1.8235970e-001 -2.5732780e-001 -5.3062000e-002 4.2914500e-002 4.0318152e+000 3.9702057e+000 4.3735680e-001 3.4330039e+000 3.1791012e+000 -3.5667920e-001 2.1810170e-001 2.5997000e-003 3.6440607e+000 3.6607940e-001 0.0000000e+000 4.4575150e-001 -1.1922800e-002 2.2194600e-001 9.3268700e-002 8.6565605e+000 7.7999963e+000 1.6015330e-001 1.7588639e+000 7.1806970e-001 1.7493220e-001 4.9533490e-001 1.8233050e-001 1.3438926e+000 5.5109330e-001 0.0000000e+000 5.6340280e-001 8.3902600e-002 8.6865700e-002 1.7974010e-001 4.7299643e+000 4.3938513e+000 2.5753900e-001 2.0594852e+000 1.0246553e+000 4.7673000e-002 1.7858260e-001 2.7068020e-001 1.5093530e+000 4.8225870e-001 0.0000000e+000 5.9918870e-001 -2.0851600e-002 1.4341310e-001 2.5244810e-001 2.9634053e+000 2.4932134e+000 5.1670380e-001 3.7725146e+000 1.6047807e+000 1.0332400e-001 1.4882270e-001 3.7321030e-001 5.0018250e-001 2.7378300e-001 0.0000000e+000 1.9695820e-001 2.0551730e-001 2.2179660e-001 1.5839120e-001 4.0255144e+000 3.8276491e+000 5.9554060e-001 4.3191323e+000 3.2432222e+000 2.0067120e-001 1.1138500e-002 1.0324000e-003 2.7631832e+001 1.6298690e-001 0.0000000e+000 6.8129630e-001 2.4311400e-002 1.4705030e-001 6.7012000e-002 9.8162138e+000 8.3069610e+000 3.3769000e-002 1.0975775e+000 2.2169790e-001 8.5337700e-002 2.8666760e-001 3.1484930e-001 3.5734310e-001 6.0910600e-001 0.0000000e+000 3.1758980e-001 1.5462100e-002 1.3566790e-001 2.2044720e-001 5.6970962e+000 5.4403498e+000 2.7771290e-001 2.8894575e+000 9.5058550e-001 1.1155970e-001 6.2875950e-001 1.4249580e-001 3.1960833e+000 5.4711000e-001 0.0000000e+000 2.9361150e-001 4.2810810e-001 2.5801130e-001 1.6983110e-001 4.7331122e+000 4.5826744e+000 5.3450860e-001 3.2219258e+000 2.4013355e+000 2.0703240e-001 2.3236770e-001 5.3050500e-002 1.2474924e+001 2.1470300e-001 0.0000000e+000 5.5991710e-001 3.4252700e-002 1.9658650e-001 1.6224610e-001 8.7453491e+000 8.1910799e+000 2.2008200e-001 1.6057551e+000 8.2842960e-001 1.5323370e-001 3.6949770e-001 1.6410940e-001 7.5700340e-001 2.9739230e-001 0.0000000e+000 2.5466460e-001 9.7728400e-002 2.2786980e-001 8.9150600e-002 6.8151214e+000 6.7469343e+000 5.1232300e-001 3.5840322e+000 3.1026483e+000 1.7646900e-001 3.6159020e-001 9.3183000e-003 1.0365155e+001 2.6136300e-001 0.0000000e+000 2.5189330e-001 4.5639600e-002 5.9856000e-002 2.4949470e-001 4.3277404e+000 3.8712559e+000 4.4347240e-001 3.7681999e+000 1.3098666e+000 2.8479400e-002 8.3524980e-001 9.1691000e-002 2.7901596e+000 3.4246560e-001 0.0000000e+000 5.7301930e-001 3.3037800e-002 2.0278410e-001 1.8990800e-001 2.6399333e+000 1.9688696e+000 4.7002140e-001 2.2429218e+000 1.2604757e+000 1.8651000e-001 4.0257000e-002 1.6423990e-001 1.7573422e+000 1.5010710e-001 0.0000000e+000 2.2077730e-001 4.1473500e-002 2.8455100e-001 3.1161220e-001 5.6886329e+000 5.5243741e+000 5.0109910e-001 3.6327116e+000 1.7032738e+000 2.4900680e-001 7.1030610e-001 1.3263800e-002 8.5585408e+000 3.0231270e-001 0.0000000e+000 4.6144690e-001 4.5990000e-004 2.8879480e-001 1.3059270e-001 5.6954601e+000 5.1935801e+000 4.6574260e-001 3.2084265e+000 2.1855590e+000 2.4881060e-001 4.3958800e-001 1.8818860e-001 3.1998845e+000 3.2336380e-001 0.0000000e+000 7.0857660e-001 6.6871200e-002 3.0649730e-001 7.1438300e-002 7.8180661e+000 7.5122642e+000 3.4641900e-002 1.1126223e+000 7.9729440e-001 2.6329890e-001 1.8680720e-001 2.8473570e-001 1.2680119e+000 5.5067490e-001 0.0000000e+000 7.9971440e-001 -3.0182000e-003 8.0778000e-002 2.3852490e-001 6.5955723e+000 6.2637943e+000 3.5720290e-001 2.5935395e+000 1.1107795e+000 4.9869200e-002 9.8541100e-002 5.6608060e-001 3.0573990e-001 1.8337190e-001 0.0000000e+000 5.2114440e-001 7.0507700e-002 2.2569840e-001 1.1694950e-001 6.2418762e+000 5.4244568e+000 3.1180150e-001 2.2761092e+000 1.1921606e+000 1.7543510e-001 3.1072810e-001 2.4064730e-001 1.2462490e+000 3.8586050e-001 0.0000000e+000 3.6117420e-001 -5.3897300e-002 2.2466390e-001 6.8236100e-002 3.8775269e+000 3.4889400e+000 2.2859150e-001 1.8405777e+000 1.4705001e+000 1.8197670e-001 5.9161820e-001 8.9228100e-002 1.3321196e+000 2.7635530e-001 0.0000000e+000 3.4092150e-001 1.3485460e-001 2.2876830e-001 1.2088600e-001 5.1410085e+000 4.7432369e+000 2.8006890e-001 2.8296386e+000 1.6541280e+000 1.6834320e-001 5.8361050e-001 1.1570680e-001 1.9612837e+000 4.8489700e-001 0.0000000e+000 4.5794520e-001 9.5897000e-003 1.7990070e-001 8.8959000e-002 7.4302146e+000 7.2704008e+000 1.9350180e-001 2.6365193e+000 1.7537802e+000 1.2589310e-001 3.8858530e-001 2.5566190e-001 1.0758894e+000 6.8039610e-001 0.0000000e+000 6.0096530e-001 -8.2379400e-002 1.7053990e-001 1.4861870e-001 7.2320722e+000 6.7338415e+000 2.8866710e-001 1.7952770e+000 1.1214109e+000 1.4594490e-001 2.2645520e-001 1.6034010e-001 4.9025290e-001 2.1233270e-001 0.0000000e+000 2.4141060e-001 -1.4760190e-001 7.8593700e-002 1.3790370e-001 5.0585974e+000 4.6326226e+000 3.4487850e-001 2.4585373e+000 1.5655899e+000 5.3665900e-002 3.9007810e-001 0.0000000e+000 4.7086357e+000 2.3148870e-001 0.0000000e+000 4.7984240e-001 1.7525000e-002 1.5277360e-001 2.1334450e-001 8.7451140e+000 7.9738614e+000 2.5644130e-001 1.7804428e+000 3.7638380e-001 1.2549260e-001 4.6620190e-001 1.0427400e-001 1.8102845e+000 3.7344650e-001 ; /* Here we sort the data with the observations with yd = 0 first and yd = 1 observations following. This makes the proc ttest output presentation a little "nicer." */ proc sort data=hwfailed; by yd; run; /* Univariate analysis of the determinants of financial distress */ proc ttest data=hwfailed; title "univariate analysis of distress characteristics"; class yd; var tdta gempl; run; /* Here we do backward selection to pick a parsimonious "distress" model based on logit analysis. */ proc logistic data = hwfailed descending; model yd = tdta gempl opita invsls lsls lta nwcta cacl qacl ebita reta ltdta mveltd fata / selection = backward slstay = 0.10; run; /* Here we do forward selection to pick a parsimonious "distress" model based on logit analysis. */ proc logistic data = hwfailed descending; model yd = tdta gempl opita invsls lsls lta nwcta cacl qacl ebita reta ltdta mveltd fata / selection = forward slentry = 0.10; run; /* Here we do stepwise selection to pick a parsimonious "distress" model based on logit analysis. */ proc logistic data = hwfailed descending; model yd = tdta gempl opita invsls lsls lta nwcta cacl qacl ebita reta ltdta mveltd fata / selection = stepwise slstay = 0.10 slentry = 0.10; run;