CHAPTER 1

CAPITAL ASSET PRICING MODEL

It describes the relationship between risk and expected return and that is used in the pricing of
risky securities.
ra = rf + a (rm rf)
rf riskfree rate
a beta of the security
rm !xpected market return
"he general idea behind #$%& is that in'estors need to be compensated in two ways( time 'alue
of money and risk. "he time 'alue of money is represented by the riskfree (rf) rate in the formula
and compensates the in'estors for placing money in any in'estment o'er a period of time. "he
other half of the formula represents risk and calculates the amount of compensation the in'estor
needs for taking on additional risk. "his is calculated by taking a risk measure (beta) that
compares the returns of the asset to the market o'er a period of time and to the market premium
(rm rf).
1.1 Capital Market Line
$ line used in the #$%& to illustrate efficient portfolios) and is defined by
*+ = *f + ((*& *+),-&). -+
where) *+ = !(+)) -+ = s/. rt. (0ar(+))) +& = return of market portfolio (12% 344)) *& =
!(+&) and -+& = s/. rt. (0ar(+&)).
5
1.2 Beta and Secrit! Market Line
"he security market line relates the excess return on an asset to the slope of its regression on the
market portfolio. "he 1&6 differs from the #&6 in that the 1&6 applies to all assets while the
#&6 applies only to efcient portfolios. 7eta of a particular security pro'ides an estimate about
the risk of the security. "he higher the 'alue of beta means higher is the 'olatility of the security.
$lso) positi'e 'alue of beta signifies that the particular asset is positi'ely correlated with the
market. $n asset with a high beta 'alue would fluctuate significantly with respect to a small
'ariation in the market while on the other an asset with a low beta 'alue would hardly react to
any market changes and would be comparati'ely more stable.
8
CHAPTER 2
PROBLEM STATEMENT
%ost 8449) it was expected that many pharmaceutical companies face challenges that can slow
down the o'erall growth of the pharmaceutical sector. :ne of the ma;or challenges in'ol'ed was
the expiration of patent of some of the best selling drugs. $lso) both food ser'ice and health and
beauty (a sector that includes retaille'el pharmaceutical drug sales) produced below a'erage
growth o'er the past fi'e years. $s pharmaceutical sector forms an integral part of the portfolio
of most of the in'estors) this uncertainty o'er the growth of pharmaceutical sector makes it an
important concern for the in'estors while deciding as to which stocks would be most suitable in
forming their optimal portfolio. It is therefore important to analy<e the performance of these
stocks o'er a period of time and predict the risk in'ol'ed (beta of the respecti'e stocks) that can
help the in'estors make a firm decision with reference to the concern mentioned abo'e.
=
CHAPTER "
PROPOSED METHODOLOG#
"his report is an attempt to analy<e some of the blue chip stocks in the pharmaceutical sector by
using the capital asset pricing model and estimate the beta (risk) of each of these stocks to find
the optimal fit for one>s portfolio. 7ased on the risk calculated with each stock one can
appropriately choose the right mix for his , her own optimal portfolio. ?or example) if currently
the portfolio of a riska'erse in'estor contains some aggressi'e (risky) stocks and his target is to
reduce the risk of his portfolio by means of a 'ery stable and less 'olatile stock from the
pharmaceutical sector. In this scenario the best option will be to choose the stock will the lowest
beta as though the stock will not guarantee a huge amount of return it will significantly lower
down the risk of the in'estor thereby ser'ing his,her purpose. In order to implement the capital
asset pricing model on @ pharmaceutical companies we first re/uire the daily closing price for
each of these stocks ranging from 5
st
Aanuary 8449 to =5
st
Aanuary 845B which can be obtained
from the Charton research database. $lso) we will re/uire the daily "bill = month constant
maturity rate and the 12% 344 Index daily closing price for the same time range which can be
obtained from /uandl website.
B
CHAPTER $
ANAL#SIS AND RES%LTS
&entioned below are the 'alues of the alpha and beta for the respecti'e pharmaceutical stocks
calculated using the #$%& model. $lso) mentioned is the 93D confidence inter'al for the alpha
'alues of the stocks in order to see in there is a possibility for the alpha 'alues to be close to <ero.
$s seen in all the cases the range for the 'alues of alpha includes <ero and hence the null
hypothesis cannot be neglected thereby confirming that #$%& holds. "he final beta 'alues are
calculated without the intercept. $ detailed code with the results along with the 'arious plots for
each of the stocks can be found in the $ppendix.

"able B.5( ?inal +esult
St&ck' ( )*+ C&n,idence Inter-al .
$bbott 6aboratories ($7") 3.5E9FF@e4B (4.445@@=33E)4.444@=933E) 4.=9EF33B
Glaxo1mithHline %6# (G1H) E.43E9@5e43 (4.5BEF8)4.4E3) 4.E4@558=
Aohnson 2 Aohnson (AIA) =.@F9=F@e43 (4.555F@)4.483BE) 4.B983B84
&erck 2 #o Inc. (&+H) @.458=4Ee43 (4.4@399)4.5@4BFE) 4.EE@@4B=
%fi<er Inc. (%?!) 8.9954B3e43 (4.4958)4.5=535) 4.@84=54@
Juestcor %harmaceuticals (J#:+) 5.43@@E5e4= (4.44=@9E98)4.44==@EEF) 4.959=@53
1anofi $K1 (1IL) 8.48=5@@e4B (4.4449=4E=E)4.44438E4=E) 4.9B39BBF
3
CHAPTER *
C&ncl'i&n
$s shown in the final table the 'arious stocks in the pharmaceutical sector ha'e been assigned a
particular beta 'alue. 7ased on the re/uirement of an in'estor with reference to building an
optimal portfolio appropriate stock can be chosen. $ highly 'olatile portfolio would re/uire a
stock with significantly small beta to negate the 'olatility risk of the portfolio and thereby make
it comparati'ely stable while on the other hand a 'ery stable portfolio will re/uire a stock with
high beta 'alue to increase the returns of the portfolio and at the same time not making the
portfolio 'ery risky.

E
RE/ERENCES
Cikipedia #apital $sset %ricing &odel
1tatistics and ?inance( an Introduction Ka'id +uppert
Juandl " 7ill and 12% 344 data
Charton +esearch Katabase Kaily closing %rice for the pharmaceutical stocks
@
Appendi0
R1C&de
data M read.delim(N#(,Osers,%arth,Kesktop,?K$ final %ro;ect,final,data.txtN)
P 0iew(data)
P attach(data)
P exlogrQ$7" M diff(log($7")) ".7ill,(544.83=)
P exlogrQG1H M diff(log(G1H)) ".7ill,(544.83=)
P exlogrQG1H M diff(log(G1H)) ".7ill,(544.83=)
P exlogrQG1H M diff(log(G1H)) ".7ill,(544.83=)
P exlogrQAIA M diff(log(AIA)) ".7ill,(544.83=)
P exlogrQ&+H M diff(log(&+H)) ".7ill,(544.83=)
P exlogrQ%?! M diff(log(%?!)) ".7ill,(544.83=)
P exlogrQJ#:+ M diff(log(J#:+)) ".7ill,(544.83=)
P exlogrQ1IL M diff(log(1IL)) ".7ill,(544.83=)
P exlogrQ1%344 M diff(log(1.%344)) ".7ill,(544.83=)
P lm.$7" M lm(exlogrQ$7" R exlogrQ1%344)
P summary(lm.$7")
#all(
lm(formula = exlogrQ$7" R exlogrQ1%344)
+esiduals(
&in 5J &edian =J &ax
4.@8B8B 4.44BFB 4.444@8 4.443@B 4.43@9F
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 4.44435@4 4.444EB55 4.F4E 4.B8
exlogrQ1%344 4.=9F39@5 4.438B8@= @.E4= 3.E8e5B ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.488F8 on 58E@ degrees of freedom
&ultiple +s/uared( 4.4B=E=) $d;usted +s/uared( 4.4B8FF
?statistic( 3@.F on 5 and 58E@ K?) p'alue( 3.E5Ee5B
P lm.$7"5 M lm(exlogrQ$7" R exlogrQ1%344 5)
P summary(lm.$7"5)
#all(
lm(formula = exlogrQ$7" R exlogrQ1%344 5)
F
+esiduals(
&in 5J &edian =J &ax
4.@8B@5 4.443=3 4.44485 4.4438= 4.43@B9
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.=9EFE 4.438=F @.3@@ E.@9e5B ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.488F5 on 58EF degrees of freedom
&ultiple +s/uared( 4.4B==8) $d;usted +s/uared( 4.4B83E
?statistic( 3@.B5 on 5 and 58EF K?) p'alue( E.@FFe5B
P lm.G1H M lm(exlogrQG1H R exlogrQ1%344)
P summary(lm.G1H)
#all(
lm(formula = exlogrQG1H R exlogrQ1%344)
+esiduals(
&in 5J &edian =J &ax
4.4B9B5E 4.443F44 4.4448@5 4.44E55B 4.4@95B8
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) E.43@e43 8.93=e4B 4.843 4.F=F
exlogrQ1%344 E.4@=e45 8.B53e48 83.5B3 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45435 on 58E@ degrees of freedom
&ultiple +s/uared( 4.==89) $d;usted +s/uared( 4.==8B
?statistic( E=8.= on 5 and 58E@ K?) p'alue( M 8.8e5E
P lm.G1H5 M lm(exlogrQG1H R exlogrQ1%344 5)
P summary(lm.G1H5)
#all(
lm(formula = exlogrQG1H R exlogrQ1%344 5)
+esiduals(
&in 5J &edian =J &ax
4.4B9B@F 4.443FE5 4.44485= 4.44E435 4.4@94F4
9
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.E4@55 4.48B58 83.5@ M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45435 on 58EF degrees of freedom
&ultiple +s/uared( 4.===5) $d;usted +s/uared( 4.==8E
?statistic( E==.B on 5 and 58EF K?) p'alue( M 8.8e5E
P lm.AIA M lm(exlogrQAIA R exlogrQ1%344)
P summary(lm.AIA)
#all(
lm(formula = exlogrQAIA R exlogrQ1%344)
+esiduals(
&in 5J &edian =J &ax
4.4=39BF 4.44=B== 4.444898 4.44=3F= 4.4B5BB3
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) =.@FBe43 5.95=e4B 4.59F 4.FB=
exlogrQ1%344 B.98Be45 5.3EBe48 =5.B@3 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.44EF49 on 58E@ degrees of freedom
&ultiple +s/uared( 4.B=FF) $d;usted +s/uared( 4.B=FB
?statistic( 994.@ on 5 and 58E@ K?) p'alue( M 8.8e5E
P lm.AIA5 M lm(exlogrQAIA R exlogrQ1%344 5)
P summary(lm.AIA5)
#all(
lm(formula = exlogrQAIA R exlogrQ1%344 5)
+esiduals(
&in 5J &edian =J &ax
4.4=394@ 4.44==9= 4.44483= 4.44=E84 4.4B5BFE
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.B983B 4.453E= =5.38 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
54
+esidual standard error( 4.44EF4E on 58EF degrees of freedom
&ultiple +s/uared( 4.B=9=) $d;usted +s/uared( 4.B=F9
?statistic( 99=.E on 5 and 58EF K?) p'alue( M 8.8e5E
P lm.&+H M lm(exlogrQ&+H R exlogrQ1%344)
P summary(lm.&+H)
#all(
lm(formula = exlogrQ&+H R exlogrQ1%344)
+esiduals(
&in 5J &edian =J &ax
4.4F=4B3 4.443F3E 4.444859 4.443B=4 4.55=94B
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) @.458e43 =.B==e4B 4.84B 4.F=F
exlogrQ1%344 E.E@3e45 8.F4Fe48 8=.@@B M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45888 on 58E@ degrees of freedom
&ultiple +s/uared( 4.=4F3) $d;usted +s/uared( 4.=4@9
?statistic( 3E3.8 on 5 and 58E@ K?) p'alue( M 8.8e5E
P lm.&+H5 M lm(exlogrQ&+H R exlogrQ1%344 5)
P summary(lm.&+H5)
#all(
lm(formula = exlogrQ&+H R exlogrQ1%344 5)
+esiduals(
&in 5J &edian =J &ax
4.4F89@9 4.443@FE 4.4445BF 4.443344 4.55=9@=
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.EE@@4 4.48F4B 8=.F5 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45885 on 58EF degrees of freedom
&ultiple +s/uared( 4.=49) $d;usted +s/uared( 4.=4FB
?statistic( 3E@ on 5 and 58EF K?) p'alue( M 8.8e5E
55
P lm.%?! M lm(exlogrQ%?! R exlogrQ1%344)
P summary(lm.%?!)
#all(
lm(formula = exlogrQ%?! R exlogrQ1%344)
+esiduals(
&in 5J &edian =J &ax
4.558FFF 4.443E8E 4.44445B 4.44389@ 4.4E=4=@
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 8.995e43 =.548e4B 4.49E 4.98=
exlogrQ1%344 @.848e45 8.3=@e48 8F.=94 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.4554B on 58E@ degrees of freedom
&ultiple +s/uared( 4.=FFF) $d;usted +s/uared( 4.=FF=
?statistic( F4E on 5 and 58E@ K?) p'alue( M 8.8e5E
P lm.%?!5 M lm(exlogrQ%?! R exlogrQ1%344 5)
P summary(lm.%?!5)
#all(
lm(formula = exlogrQ%?! R exlogrQ1%344 5)
+esiduals(
&in 5J &edian =J &ax
4.558F39 4.44339E 4.44445@ 4.443=8F 4.4E=4E=
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.@84=5 4.483=B 8F.B= M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.4554B on 58EF degrees of freedom
&ultiple +s/uared( 4.=F9=) $d;usted +s/uared( 4.=FFF
?statistic( F4F.8 on 5 and 58EF K?) p'alue( M 8.8e5E
P lm.J#:+ M lm(exlogrQJ#:+ R exlogrQ1%344)
P summary(lm.J#:+)
#all(
lm(formula = exlogrQJ#:+ R exlogrQ1%344)
58
+esiduals(
&in 5J &edian =J &ax
4.E3=4B 4.453@9 4.444=9 4.453FF 4.8B95E
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 4.44543F 4.4455F= 4.F9B 4.=@8
exlogrQ1%344 4.953F4F 4.49E@E@ 9.BEB M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.4B855 on 58E@ degrees of freedom
&ultiple +s/uared( 4.4EE4=) $d;usted +s/uared( 4.4E389
?statistic( F9.3@ on 5 and 58E@ K?) p'alue( M 8.8e5E
P lm.J#:+5 M lm(exlogrQJ#:+ R exlogrQ1%344 5)
P summary(lm.J#:+5)
#all(
lm(formula = exlogrQJ#:+ R exlogrQ1%344 5)
+esiduals(
&in 5J &edian =J &ax
4.E3599 4.45B@E 4.444@4 4.45E98 4.83488
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.959=@ 4.49EEF 9.35 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.4B855 on 58EF degrees of freedom
&ultiple +s/uared( 4.4EE3@) $d;usted +s/uared( 4.4E3FB
?statistic( 94.B= on 5 and 58EF K?) p'alue( M 8.8e5E
P lm.1IL M lm(exlogrQ1IL R exlogrQ1%344)
P summary(lm.1IL)
#all(
lm(formula = exlogrQ1IL R exlogrQ1%344)
+esiduals(
&in 5J &edian =J &ax
4.4@B449 4.44E@@8 4.4444@B 4.44@E98 4.4E95@F
5=
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 4.444848= 4.444=@5E 4.3BB 4.3FE
exlogrQ1%344 4.9BEE8EB 4.4=4=FF5 =5.535 M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45=8= on 58E@ degrees of freedom
&ultiple +s/uared( 4.B==@) $d;usted +s/uared( 4.B===
?statistic( 9@4.B on 5 and 58E@ K?) p'alue( M 8.8e5E
P lm.1IL5 M lm(exlogrQ1IL R exlogrQ1%344 5)
P summary(lm.1IL5)
#all(
lm(formula = exlogrQ1IL R exlogrQ1%344 5)
+esiduals(
&in 5J &edian =J &ax
4.4@B85= 4.44E9E@ 4.44458@ 4.44@B9@ 4.4EF9F5
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
exlogrQ1%344 4.9B39B 4.4=4=3 =5.5E M8e5E ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45=88 on 58EF degrees of freedom
&ultiple +s/uared( 4.B==@) $d;usted +s/uared( 4.B===
?statistic( 9@5.8 on 5 and 58EF K?) p'alue( M 8.8e5E
P
c(lm.$7"UcoV5W)lm.G1HUcoV5W)lm.AIAUcoV5W)lm.&+HUcoV5W)lm.%?!UcoV5W)lm.J#:+UcoV5W)l
m.1ILUcoV5W)
(Intercept) (Intercept) (Intercept) (Intercept) (Intercept)
3.5E9FF@e4B E.43E9@5e43 =.@F=9F@e43 @.458=4Ee43 8.9954B3e43
(Intercept) (Intercept)
5.43@@E5e4= 8.48=5@@e4B
P
c(lm.$7"5UcoV5W)lm.G1H5UcoV5W)lm.AIA5UcoV5W)lm.&+H5UcoV5W)lm.%?!5UcoV5W)lm.J#:+5U
coV5W)lm.1IL5UcoV5W)
exlogrQ1%344 exlogrQ1%344 exlogrQ1%344 exlogrQ1%344 exlogrQ1%344 exlogrQ1%344
4.=9EF33B 4.E4@558= 4.B983B84 4.EE@@4B= 4.@84=54@ 4.959=@53
exlogrQ1%344
4.9B39BBF
5B
P "" M 5( length(exlogrQ$7")X
P lm.$7"8 M lm(exlogrQ$7" R exlogrQ1%344 + I("".exlogrQ1%344))
P summary(lm.$7"8)
#all(
lm(formula = exlogrQ$7" R exlogrQ1%344 + I("" . exlogrQ1%344))
+esiduals(
&in 5J &edian =J &ax
4.@8B4B 4.44BFF 4.444@B 4.443@@ 4.43F5=
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 3.53=e4B E.B5Ee4B 4.F4= 4.B88
exlogrQ1%344 B.4B@e45 F.B5Be48 B.F49 5.E9e4E ...
I("" . exlogrQ1%344) 5.=95e43 5.349e4B 4.498 4.98@

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.488F= on 58EE degrees of freedom
&ultiple +s/uared( 4.4B=EB) $d;usted +s/uared( 4.4B85=
?statistic( 8F.FF on 8 and 58EE K?) p'alue( 3.B59e5=
P lm.G1H8 M lm(exlogrQG1H R exlogrQ1%344 + I("".exlogrQ1%344))
P summary(lm.G1H8)
#all(
lm(formula = exlogrQG1H R exlogrQ1%344 + I("" . exlogrQ1%344))
+esiduals(
&in 5J &edian =J &ax
4.4B9933 4.4439B3 4.444593 4.44E483 4.4@FB==
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) F.38Ee43 8.9BEe4B 4.8F9 4.@@889
exlogrQ1%344 3.595e45 =.FE=e48 5=.B=E M 8e5E ...
I("" . exlogrQ1%344) 8.48Be4B E.98Fe43 8.988 4.44=3B ..

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.454BF on 58EE degrees of freedom
&ultiple +s/uared( 4.==@B) $d;usted +s/uared( 4.==E=
?statistic( =88.= on 8 and 58EE K?) p'alue( M 8.8e5E
P lm.AIA8 M lm(exlogrQAIA R exlogrQ1%344 + I("".exlogrQ1%344))
53
P summary(lm.AIA8)
#all(
lm(formula = exlogrQAIA R exlogrQ1%344 + I("" . exlogrQ1%344))
+esiduals(
&in 5J &edian =J &ax
4.4=F3F= 4.44=B43 4.4444F9 4.44=BF3 4.4=9=89
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) =.3B@e4E 5.FF3e4B 4.459 4.9F3
exlogrQ1%344 =.E9Fe45 8.B@8e48 5B.9E8 M 8e5E ...
I("" . exlogrQ1%344) 8.F55e4B B.B=8e43 E.=B8 =.53e54 ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.44E@4E on 58EE degrees of freedom
&ultiple +s/uared( 4.B3E5) $d;usted +s/uared( 4.B338
?statistic( 3=4.F on 8 and 58EE K?) p'alue( M 8.8e5E
P lm.&+H8 M lm(exlogrQ&+H R exlogrQ1%344 + I("".exlogrQ1%344))
P summary(lm.&+H8)
#all(
lm(formula = exlogrQ&+H R exlogrQ1%344 + I("" . exlogrQ1%344))
+esiduals(
&in 5J &edian =J &ax
4.4F89B= 4.443F3B 4.444849 4.443B4F 4.55=9B3
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) E.F38e43 =.B=Ee4B 4.599 4.FB8
exlogrQ1%344 E.E5@e45 B.34Ee48 5B.EFE M8e5E ...
I("" . exlogrQ1%344) 5.=5Be43 F.4F4e43 4.5E= 4.F@5

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45888 on 58EE degrees of freedom
&ultiple +s/uared( 4.=4F3) $d;usted +s/uared( 4.=4@B
?statistic( 8F8.B on 8 and 58EE K?) p'alue( M 8.8e5E
P lm.%?!8 M lm(exlogrQ%?! R exlogrQ1%344 + I("".exlogrQ1%344))
P summary(lm.%?!8)
5E
#all(
lm(formula = exlogrQ%?! R exlogrQ1%344 + I("" . exlogrQ1%344))
+esiduals(
&in 5J &edian =J &ax
4.558B== 4.443E45 4.444444 4.443=59 4.4E39B=
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) @.8E5e4E =.49Ee4B 4.48= 4.9F5=
exlogrQ1%344 E.=9=e45 B.4E5e48 53.@B8 M8e5E ...
I("" . exlogrQ1%344) 5.F3@e4B @.8F8e43 8.334 4.4549 .

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.45548 on 58EE degrees of freedom
&ultiple +s/uared( 4.=959) $d;usted +s/uared( 4.=95
?statistic( B4F on 8 and 58EE K?) p'alue( M 8.8e5E
P lm.J#:+8 M lm(exlogrQJ#:+ R exlogrQ1%344 + I("".exlogrQ1%344))
P summary(lm.J#:+8)
#all(
lm(formula = exlogrQJ#:+ R exlogrQ1%344 + I("" . exlogrQ1%344))
+esiduals(
&in 5J &edian =J &ax
4.E3=43 4.453@@ 4.444=9 4.453F9 4.8B95E
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 5.43@e4= 5.5FBe4= 4.F98 4.=@8
exlogrQ1%344 9.58=e45 5.33=e45 3.F@3 3.B5e49 ...
I("" . exlogrQ1%344) @.99Ee4E 8.@F3e4B 4.489 4.9@@

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.4B85= on 58EE degrees of freedom
&ultiple +s/uared( 4.4EE4=) $d;usted +s/uared( 4.4EB33
?statistic( BB.@3 on 8 and 58EE K?) p'alue( M 8.8e5E
P lm.1IL8 M lm(exlogrQ1IL R exlogrQ1%344 + I("".exlogrQ1%344))
P summary(lm.1IL8)
#all(
lm(formula = exlogrQ1IL R exlogrQ1%344 + I("" . exlogrQ1%344))
5@
+esiduals(
&in 5J &edian =J &ax
4.4@B8== 4.44@885 4.4445== 4.44@F9= 4.4@5=B=
#oefficients(
!stimate 1td. !rror t 'alue %r(PStS)
(Intercept) 8.F54e4B =.E=Fe4B 4.@@8 4.BB
exlogrQ1%344 E.E33e45 B.@@5e48 5=.9B9 M 8e5E ...
I("" . exlogrQ1%344) E.BB@e4B F.33Ee43 @.3=3 9.8Ee5B ...

1ignif. codes( 4 T...> 4.445 T..> 4.45 T.> 4.43 T.> 4.5 T > 5
+esidual standard error( 4.4589B on 58EE degrees of freedom
&ultiple +s/uared( 4.B3F) $d;usted +s/uared( 4.B3@8
?statistic( 3=B.9 on 8 and 58EE K?) p'alue( M 8.8e5E
c(lm.$7"8UcoV5W)lm.G1H8UcoV5W)lm.AIA8UcoV5W)lm.&+H8UcoV5W)lm.%?!8UcoV5W)lm.J#:+8U
coV5W)lm.1IL8UcoV5W)
(Intercept) (Intercept) (Intercept) (Intercept) (Intercept)
3.53895Be4B F.38E=55e43 =.3B@584e4E E.F384B8e43 @.8E4@8=e4E
(Intercept) (Intercept)
5.43E@FEe4= 8.F49E=4e4B
5F
P plot(lm.$7"5)X
59
P plot(lm.G1H5)X
84
P plot(lm.AIA5)X
85
P plot(lm.&+H5)X
88
P plot(lm.%?!5)X
8=
P plot(lm.J#:+5)X
8B
P plot(lm.1IL5)X
83