Dependent Variable

Year Quarter

Not Required
GN GR LF ER
1996 Q1 172,304,000,000 172,304,000,000
Q2 170,466,371,710 157,767,000,000
Q3 200,087,740,572 178,527,000,000
Q4 214,208,054,688 187,336,000,000
1997 Q1 208,156,067,848 180,185,000,000 6,237,000 58.03
Q2 196,908,133,759 169,396,000,000 6,226,000 59.05
Q3 229,703,135,923 191,472,000,000 6,218,000 59.78
Q4 247,023,448,787 198,710,000,000 6,236,000 61.29
1998 Q1 246,889,555,030 190,409,000,000 6,647,000 62.70
Q2 230,531,855,532 176,776,000,000 6,574,000 64.75
Q3 258,589,667,369 200,083,000,000 6,693,000 66.14
Q4 272,562,267,290 207,528,000,000 6,621,000 67.78
1999 Q1 265,494,928,221 195,737,000,000 6,739,000 69.46
Q2 252,141,385,325 182,602,000,000 6,495,000 70.95
Q3 279,452,118,321 208,169,000,000 6,705,000 71.33
Q4 304,175,472,257 221,832,000,000 6,758,000 72.12
2000 Q1 289,310,409,138 208,642,000,000 6,854,000 73.15
Q2 282,100,478,125 195,909,000,000 7,042,000 77.54
Q3 322,353,025,863 219,308,000,000 6,705,000 77.54
Q4 347,665,230,033 233,176,000,000 6,709,000 80.06
2001 Q1 339,784,791,045 212,482,000,000 6,730,700 86.79
Q2 324,022,314,914 195,783,000,000 6,728,400 90.69
Q3 350,835,709,240 210,780,000,000 6,730,000 90.14
Q4 379,438,382,363 224,749,000,000 6,858,000 93.16
2002 Q1 373,640,223,083 213,186,000,000 7,296,000 95.64
Q2 364,514,421,215 200,825,000,000 7,017,000 96.10
Q3 405,899,056,170 222,856,000,000 7,050,000 96.28
Q4 462,439,692,947 240,381,000,000 7,219,000 96.59
2003 Q1 438,765,057,765 225,894,000,000 7,643,000 96.95
Q2 408,764,076,849 212,009,000,000 7,527,000 97.14
Q3 446,442,011,621 235,808,000,000 7,609,000 94.43
Q4 495,095,046,029 256,346,000,000 7,835,000 96.74
2004 Q1 425,006,000,000 240,653,000,000 7,987,000 97.42
Q2 416,728,000,000 223,428,000,000 8,038,000 102.31
Q3 455,024,000,000 249,105,000,000 7,984,000 103.65
Q4 505,079,000,000 267,534,000,000 8,162,000 104.61
2005 Q1 506,170,000,000 250,607,000,000 8,015,200 99.41
Q2 493,754,000,000 237,158,000,000 7,954,300 100.01
Q3 525,119,000,000 267,387,000,000 7,584,600 101.31
Q4 573,067,000,000 284,583,000,000 7,425,900 102.12
2006 Q1 680,857,000,000 271,014,000,000 7,628,000 102.80
Q2 696,441,000,000 255,678,000,000 7,549,000 103.98
Q3 760,419,000,000 287,249,000,000 7,602,000 103.82
Q4 802,991,000,000 302,274,000,000 7,629,000 107.71
2007 Q1 823,956,000,000 317,616,113,203 7,471,000 109.41
Q2 822,862,000,000 305,688,120,507 7,362,000 111.42
Q3 925,890,000,000 329,157,252,083 7,526,000 113.47
Q4 985,831,000,000 321,431,016,775 7,598,000 108.72
2008 Q1 1,029,293,000,000 337,472,326,829 7,991,000 107.82
Q2 1,066,179,000,000 327,045,532,352 8,001,000 107.69
Q3 1,166,771,000,000 350,026,246,719 8,184,000 107.91
Q4 1,148,439,000,000 335,164,897,866 8,150,000 113.14
2009 Q1 1,152,479,000,000 342,967,020,427 8,160,000 115.15
Q2 1,116,883,000,000 334,055,118,110 7,961,000 114.91
Q3 1,228,316,000,000 364,787,173,342 8,122,000 114.81
Q4 1,330,508,000,000 355,664,726,692 8,051,000 114.38
2010 Q1 1,328,849,000,000 367,171,060,139 8,130,000 114.04
Q2 1,302,511,000,000 362,362,204,724 8,051,000 113.52
Q3 1,407,563,000,000 393,792,080,338 7,972,000 111.93
Q4 1,564,162,000,000 386,136,026,475 8,279,000 110.95
2011 Q1 1,572,402,000,000 396,636,425,882 8,133,000 110.39
Q2 1,515,642,000,000 391,888,052,037 8,308,000 109.61
Q3 1,646,376,000,000 427,218,988,931 8,266,000 110.19
Q4 1,807,895,000,000 418,284,833,961 8,125,700 113.90
2012 Q1 1,782,597,000,000 428,369,279,927 7,678,400 128.19
Q2 1,751,381,000,000 416,889,763,780 7,640,048 133.30
Q3 1,866,883,000,000 447,576,172,544 7,810,505 129.79
Q4 2,181,736,000,000 444,747,803,264 7,944,668 127.16
2013 Q1 2,052,193,000,000 454,593,175,853 8,101,504 126.85
Q2 1,992,729,000,000 445,038,228,917 8,107,255 129.96
Q3 2,130,821,000,000 482,769,599,452 8,009,429 131.98
Q4 2,498,486,000,000 583,159,879,518 7,917,028 130.75
2014 Q1 2,495,864,000,000 520,073,255,397 8,042,071 130.69
Q2 2,475,755,000,000 534,609,113,433 8,060,844 130.30
Q3 2,592,618,000,000 568,942,330,993 8,070,770 130.37
Q4 2,727,343,000,000 643,412,941,105 8,021,854 131.05
2015 Q1 2,724,459,000,000 546,710,124,757 8,183,302 132.90
Q2 2,707,950,000,000 573,566,384,526 8,263,333 133.70
Q3 2,884,000,000,000 602,708,836,045 8,224,693 143.21
Q4 2,866,810,000,000 663,192,616,767 8,186,563 144.06
2016 Q1 2,896,030,000,000 575,428,439,905 8,319,000 143.90
Q2 2,865,091,000,000 587,393,782,852 8,193,000 145.25
Q3 2,993,830,000,000 629,129,907,030 8,376,000 146.72
Q4 3,144,025,000,000 698,163,834,900 8,355,000 149.80
 Control Variables
GVEX GVEXG INV TRDG

59,896,000,000 28.77 5,608,000,000 69.27

62,397,000,000 31.69 12,630,000,000 74.92
63,557,000,000 27.67 13,631,000,000 70.32
58,480,000,000 23.67 6,930,000,000 69.91
67,656,000,000 27.40 11,385,000,000 67.96
64,377,000,000 27.93 6,063,000,000 72.43
72,214,000,000 27.93 18,645,000,000 70.09
76,175,000,000 27.95 9,542,000,000 66.95
69,076,146,667 26.02 27,265,000,000 59.79
65,512,880,000 25.98 10,312,000,000 67.89
74,623,516,667 26.70 10,026,000,000 69.91
69,947,136,667 23.00 20,395,000,000 74.72
78,300,840,000 27.06 12,461,000,000 75.94
74,301,240,000 26.34 13,140,000,000 89.41
85,097,240,000 26.40 14,748,000,000 80.67
98,123,710,000 28.22 4,595,000,000 74.41
97,830,400,000 28.79 33,076,000,000 73.79
82,979,500,000 25.61 5,328,000,000 77.10
95,873,200,000 27.33 4,370,000,000 68.66
109,834,900,000 28.95 4,217,000,000 60.78
101,162,630,000 27.07 4,612,000,000 62.41
95,935,600,000 26.32 9,926,000,000 64.57
100,995,700,000 24.88 22,060,000,000 68.71
104,895,570,000 22.68 4,565,000,000 63.10
112,757,300,000 25.70 6,564,000,000 60.34
93,600,800,000 22.90 20,191,000,000 64.75
108,837,400,000 24.38 23,368,000,000 65.31
102,477,000,000 20.70 30,917,000,000 63.73
121,133,000,000 28.50 14,516,000,000 73.20
99,465,000,000 23.87 9,786,000,000 77.20
116,289,000,000 25.56 21,006,000,000 80.15
140,018,000,000 27.72 22,265,000,000 80.78
136,847,573,000 27.04 15,025,000,000 67.99
128,893,000,000 26.10 24,097,000,000 72.15
141,409,000,000 26.93 25,345,000,000 78.62
177,634,400,000 31.00 9,359,000,000 73.25
165,561,000,000 24.32 26,326,000,000 57.70
167,756,000,000 24.09 30,754,000,000 64.12
170,475,000,000 22.42 41,873,000,000 61.71
209,855,000,000 26.13 24,622,000,000 60.35
200,780,000,000 24.37 45,489,000,000 54.91
193,711,000,000 23.54 33,418,000,000 63.37
213,185,000,000 23.02 70,854,000,000 59.21
233,927,000,000 23.73 39,021,000,000 58.34
233,535,000,000 22.69 67,152,000,000 54.09
240,305,000,000 22.54 35,153,000,000 58.02
251,511,000,000 21.56 44,705,000,000 55.74
270,774,000,000 23.58 22,721,000,000 51.89
302,159,300,000 26.22 70,421,000,000 39.56
257,431,700,000 23.05 29,430,000,000 38.89
305,291,900,000 24.85 23,388,000,000 42.21
337,045,000,000 25.33 299,521,000,000 43.29
305,616,800,000 23.00 33,762,000,000 45.34
271,167,800,000 20.82 21,276,000,000 42.22
339,325,000,000 24.11 33,434,000,000 45.43
364,096,000,000 23.28 35,162,000,000 44.23
344,077,000,000 21.88 113,306,000,000 49.91
305,064,000,000 20.13 50,865,000,000 52.41
399,479,000,000 24.26 101,101,000,000 54.51
348,477,000,000 19.28 104,823,000,000 52.47
439,125,588,981 24.63 28,640,000,000 56.95
360,546,000,000 20.59 157,758,000,000 51.33
409,172,000,000 21.92 100,932,000,000 47.38
284,038,000,000 13.02 116,526,000,000 43.63
516,330,871,161 25.16 97,626,000,000 42.46
352,177,028,839 17.67 41,677,000,000 44.88
410,560,100,000 19.27 30,024,000,000 43.80
390,328,125,140 15.62 276,968,000,000 39.64
553,945,000,000 22.19 77,099,000,000 39.61
367,360,458,171 14.84 104,361,000,000 36.16
405,388,541,829 15.64 48,258,000,000 40.68
469,170,661,077 17.20 23,838,000,000 38.55
493,431,000,000 18.11 21,416,000,000 37.50
514,076,000,000 18.98 21,047,000,000 36.06
525,037,000,000 18.21 88,592,000,000 35.91
757,850,000,000 26.44 89,678,000,000 36.47
526,320,000,000 18.17 42,399,000,000 36.44
544,263,000,000 19.00 223,434,000,000 36.08
615,419,000,000 20.56 12,123,000,000 35.68
647,881,000,000 20.61 461,315,000,000 38.01
 Activity
TRD IM EX DCP

144,198,747,000 85,408,554,000 58,790,193,000 237,284,000,000

147,524,274,000 86,309,730,750 61,214,543,250 245,856,000,000
161,520,358,500 84,717,780,750 76,802,577,750 249,053,000,000
172,689,013,890 92,742,666,165 79,946,347,725 263,198,000,000
167,794,948,930 97,807,757,870 69,987,191,060 268,366,000,000
166,967,758,440 93,409,487,010 73,558,271,430 277,611,000,000
181,249,158,900 94,083,936,800 87,165,222,100 281,469,000,000
182,490,872,000 99,270,588,000 83,220,284,000 294,868,000,000
158,739,516,775 88,707,989,860 70,031,526,915 302,788,000,000
171,190,405,650 96,520,740,525 74,669,665,125 308,595,000,000
195,373,576,960 104,191,633,040 91,181,943,920 318,547,000,000
227,285,003,085 135,626,774,535 91,658,228,550 325,927,000,000
219,698,472,180 127,981,893,985 91,716,578,195 330,568,000,000
252,236,862,000 157,907,781,000 94,329,081,000 346,030,000,000
260,052,390,000 137,043,112,500 123,009,277,500 349,620,000,000
258,689,225,760 141,377,600,820 117,311,624,940 364,369,000,000
250,734,275,470 140,134,847,580 110,599,427,890 377,378,600,000
249,815,224,920 144,786,904,300 105,028,320,620 386,124,225,114
240,869,898,340 123,999,820,060 116,870,078,280 384,591,677,949
230,614,361,850 129,267,012,120 101,347,349,730 396,753,919,216
233,174,220,800 129,862,164,480 103,312,056,320 405,259,605,784
235,349,938,150 145,816,829,100 89,533,109,050 412,593,733,291
278,874,220,240 143,538,484,760 135,335,735,480 424,425,868,982
291,796,887,430 168,023,001,650 123,773,885,780 444,371,327,095
264,758,706,700 148,666,230,950 116,092,475,750 450,943,671,873
264,683,161,500 150,034,721,000 114,648,440,500 467,799,199,361
291,574,598,700 157,095,411,600 134,479,187,100 487,885,008,689
315,521,313,120 186,714,399,820 128,806,913,300 519,444,115,489
311,123,227,860 178,206,381,540 132,916,846,320 534,138,724,072
321,709,392,700 194,693,265,800 127,016,126,900 563,115,960,314
364,688,844,960 205,375,874,660 159,312,970,300 590,171,161,819
408,011,802,500 239,137,490,500 168,874,312,000 634,309,799,190
344,141,345,980 191,773,953,010 152,367,392,970 645,268,751,393
356,237,811,000 218,860,942,500 137,376,868,500 679,518,582,337
412,837,435,000 240,114,356,980 172,723,078,020 757,842,701,207
419,793,597,480 242,579,408,600 177,214,188,880 801,148,623,463
 392,852,492,900 236,708,661,560 156,143,831,340 833,390,669,030
446,586,888,090 275,764,881,980 170,822,006,110 878,874,835,781
469,233,898,090 276,388,805,340 192,845,092,750 929,597,226,929
484,599,806,080 283,911,961,600 200,687,844,480 993,159,427,135
452,403,096,560 265,986,894,720 186,416,201,840 1,045,907,899,670
521,466,766,000 316,886,543,000 204,580,223,000 1,093,808,591,346
548,188,781,880 314,870,122,920 233,318,658,960 1,145,910,373,752
575,103,882,120 352,924,916,280 222,178,965,840 1,184,518,961,457
556,731,544,680 355,201,129,800 201,530,414,880 1,209,729,041,188
618,582,129,000 402,663,679,000 215,918,450,000 1,224,134,596,548
650,356,091,700 407,252,186,110 243,103,905,590 1,245,078,750,430
595,907,326,600 371,494,533,300 224,412,793,300 1,267,600,525,525
455,965,853,420 266,274,662,500 189,691,190,920 1,233,029,032,976
434,409,544,400 257,297,220,100 177,112,324,300 1,194,026,709,368
518,454,933,780 296,781,523,500 221,673,410,280 1,179,151,824,295
575,925,454,000 351,160,108,000 224,765,346,000 1,194,188,663,091
602,510,611,190 363,529,523,240 238,981,087,950 1,233,554,599,634
549,980,242,560 359,414,722,170 190,565,520,390 1,264,143,480,546
639,487,721,180 371,308,951,980 268,178,769,200 1,359,926,420,102
691,858,526,800 419,391,244,700 272,467,282,100 1,491,098,552,900
784,738,968,940 489,912,650,910 294,826,318,030 1,598,866,746,146
794,366,496,540 530,739,499,620 263,626,996,920 1,697,896,532,881
897,414,667,200 591,675,944,000 305,738,723,200 1,827,971,637,986
948,513,075,750 640,034,184,960 308,478,890,790 2,005,860,066,916
1,015,157,644,540 685,702,179,760 329,455,464,780 2,161,087,798,988
899,004,873,600 591,125,031,360 307,879,842,240 2,234,918,980,719
884,457,298,490 569,719,100,420 314,738,198,070 2,294,903,536,949
951,925,748,800 637,978,449,680 313,947,299,120 2,358,421,417,733
871,313,827,360 572,144,183,840 299,169,643,520 2,395,580,145,784
894,349,861,020 595,700,402,220 298,649,458,800 2,432,953,146,462
933,276,538,170 579,963,668,870 353,312,869,300 2,469,515,168,091
990,493,200,900 590,271,343,200 400,221,857,700 2,534,342,620,433
988,628,501,560 620,539,385,200 368,089,116,360 2,498,271,387,752
895,238,516,900 552,088,726,600 343,149,790,300 2,481,749,325,600
1,054,620,740,580 682,790,467,110 371,830,273,470 2,581,905,661,287
1,051,350,498,360 680,731,952,700 370,618,545,660 2,758,198,590,498
1,021,721,910,000 636,870,090,000 384,851,820,000 2,845,099,178,204
976,437,840,000 635,690,020,000 340,747,820,000 2,963,159,139,071
1,035,733,199,760 664,482,336,000 371,250,863,760 3,156,272,268,946
1,045,546,548,480 683,993,394,170 361,553,154,310 3,449,576,887,971
1,055,319,430,000 661,148,550,000 394,170,880,000 3,368,718,000,000
1,033,831,400,000 686,524,125,000 347,307,275,000 3,523,258,000,000
1,068,201,401,160 678,549,395,630 389,652,005,530 3,678,278,000,000
1,195,104,400,000 817,054,140,000 378,050,260,000 3,891,851,000,000
 Banking Sector Variables
Efficiency Size
INT_MGN AWDR AWPR AST_CBSL AST_COM

3.715 12.06 15.78 163,960,200,000 485,943,043,613

3.555 11.37 14.93 176,202,800,000 503,907,813,423
2.050 10.97 13.02 185,273,200,000 522,964,869,429
4.220 9.96 14.18 183,895,400,000 545,574,533,407
5.240 9.76 15.00 177,125,800,000 562,972,164,440
4.770 9.61 14.38 178,198,100,000 559,955,727,601
5.530 9.57 15.10 187,793,600,000 575,083,799,477
5.950 9.17 15.12 188,673,100,000 604,849,225,895
5.700 9.20 14.90 196,806,800,000 612,521,075,727
5.100 9.10 14.20 198,596,900,000 632,745,554,683
4.838 9.09 13.93 198,829,900,000 645,971,777,494
6.078 9.08 15.16 200,586,100,000 670,339,336,231
5.920 9.06 14.98 199,733,600,000 696,525,505,293
7.630 9.17 16.80 209,243,800,000 716,391,633,221
6.770 9.03 15.80 206,990,700,000 720,979,620,471
11.450 9.89 21.34 217,190,700,000 804,661,214,659
11.490 10.81 22.30 216,441,500,000 820,857,944,410
10.420 11.55 21.97 237,007,500,000 836,774,852,468
4.480 11.27 15.75 240,471,900,000 874,411,544,552
3.470 10.78 14.25 247,511,800,000 918,470,400,321
3.400 10.11 13.51 275,917,500,000 933,014,556,801
4.330 9.61 13.94 307,896,900,000 938,561,153,898
4.380 8.20 12.58 306,665,200,000 951,776,953,053
4.700 7.47 12.17 304,789,200,000 959,669,883,737
5.080 6.46 11.54 297,382,000,000 991,540,556,383
4.600 6.00 10.60 321,101,400,000 1,023,504,380,015
3.970 5.53 9.50 319,085,200,000 1,055,845,035,732
3.680 5.27 8.95 354,582,500,000 1,058,719,416,643
4.220 4.96 9.18 369,175,900,000 1,112,398,099,744
4.510 4.84 9.35 368,054,400,000 1,149,594,717,845
4.380 5.22 9.60 370,094,300,000 1,241,856,358,401
4.860 5.31 10.17 414,012,500,000 1,255,115,865,444
4.360 5.42 9.78 416,480,300,000 1,290,964,259,435
5.150 5.45 10.60 404,264,600,000 1,351,465,224,804
5.670 5.84 11.51 424,052,200,000 1,462,252,825,622
5.900 6.24 12.14 440,596,900,000 1,572,909,157,883
 5.410 6.56 11.97 457,209,800,000 1,633,825,361,535
5.670 6.61 12.28 473,899,700,000 1,680,166,033,660
6.690 6.89 13.58 447,295,600,000 1,729,508,547,111
7.140 7.60 14.74 492,850,300,000 1,906,932,734,043
9.310 8.26 17.57 514,710,300,000 1,964,715,554,936
7.140 8.86 16.00 544,548,700,000 2,052,553,605,655
8.250 9.65 17.90 537,630,700,000 2,148,414,397,931
6.690 10.31 17.00 561,935,400,000 2,204,618,564,775
7.480 10.47 17.95 589,439,400,000 2,234,754,074,205
7.910 10.92 18.83 598,238,900,000 2,301,675,567,657
8.790 11.03 19.82 570,795,700,000 2,347,574,029,372
7.540 11.63 19.17 598,370,100,000 2,351,874,712,219
7.430 11.53 18.96 562,520,200,000 2,391,691,754,617
5.080 11.12 16.20 577,197,100,000 2,458,535,973,596
2.760 10.34 13.10 747,979,300,000 2,558,516,547,230
3.110 8.01 11.12 821,872,800,000 2,526,540,893,164
3.320 7.22 10.54 834,022,400,000 2,561,561,277,265
3.470 7.00 10.47 891,531,400,000 2,625,989,117,511
3.403 6.58 9.98 975,414,900,000 2,760,080,850,052
3.040 6.23 9.27 985,406,500,000 2,945,696,292,886
2.950 6.20 9.15 1,014,050,400,000 3,128,216,872,641
2.970 6.31 9.28 1,204,487,300,000 3,288,347,597,394
2.880 6.48 9.36 1,158,360,000,000 3,469,298,845,189
3.250 7.24 10.49 1,141,717,200,000 3,663,104,828,159
4.540 7.88 12.42 1,261,910,300,000 4,032,064,403,297
5.220 8.38 13.6 1,392,288,500,000 4,210,331,976,610
4.860 9.22 14.08 1,434,287,900,000 4,293,558,918,146
4.190 10.1 14.29 1,284,447,900,000 4,424,637,711,321
3.170 10.69 13.86 1,280,408,900,000 4,648,121,421,575
1.910 10.56 12.47 1,187,037,700,000 4,791,225,720,901
1.910 9.93 11.84 1,203,915,000,000 4,925,079,340,474
0.590 9.37 9.96 1,246,007,500,000 5,112,302,850,419
0.360 8.45 8.81 1,390,208,300,000 5,205,336,384,621
0.630 7.4 8.03 1,468,816,800,000 5,396,109,079,222
-0.280 6.72 6.44 1,451,861,200,000 5,593,416,207,428
0.150 6.2 6.35 1,464,295,300,000 5,884,621,022,688
1.070 5.83 6.9 1,311,603,000,000 6,061,549,761,733
0.980 6.02 7 1,316,938,800,000 6,256,346,551,923
0.940 6 6.94 1,396,077,800,000 6,538,710,981,139
1.200 6.2 7.4 1,426,258,600,000 7,069,346,191,566
2.430 6.44 8.87 1,512,001,200,000 7,346,929,000,000
3.610 6.87 10.48 1,365,650,800,000 7,456,375,000,000
4.730 7.56 12.29 1,491,541,900,000 7,722,903,000,000
3.560 8.17 11.73 1,529,210,000,000 8,080,896,000,000
 Capital Market Variables
Size Size Activity
M2 M2(%GDP) M2B MCAP VAL_TRD
701,467 802,528.74 106.7 34,254,227
724,372 828,102.24 96.4 20,894,905
721,880 819,920.95 94.9 23,662,669
741,273 843,666.87 106.0 53,497,612
260,657,000,000 1.25 296,908,083,704 112 78,461,094
265,104,000,000 1.35 302,030,727,696 139 161,390,520
276,994,000,000 1.21 317,668,116,794 143 166,234,357
288,258,000,000 1.17 333,667,962,611 129 103,192,548
297,205,000,000 1.20 343,609,497,171 135 130,468,335
296,943,000,000 1.29 348,565,620,496 111 191,744,579
301,678,000,000 1.17 355,707,113,389 97 149,347,811
316,174,000,000 1.16 377,741,000,000 117 162,672,896
324,606,000,000 1.22 390,991,000,000 105 90,747,831
327,709,000,000 1.30 397,565,000,000 103 119,153,392
337,568,000,000 1.21 408,341,000,000 113 154,201,729
358,076,000,000 1.18 428,319,000,000 113 121,719,371
366,263,000,000 1.27 441,841,000,000 98 107,664,801
370,625,000,000 1.31 442,828,000,000 101 105,673,808
383,562,000,000 1.19 457,595,000,000 103 160,376,135
404,669,000,000 1.16 483,421,000,000 89 74,873,303
403,946,000,000 1.19 493,668,000,000 84 64,387,608
405,506,000,000 1.25 495,731,000,000 85 91,501,397
421,417,000,000 1.20 515,945,000,000 80 172,280,916
450,726,000,000 1.19 549,138,000,000 124 418,791,839
466,120,000,000 1.25 570,245,000,000 125 262,293,180
476,295,000,000 1.31 584,335,000,000 144 326,312,071
488,941,000,000 1.20 601,471,000,000 174 393,576,484
510,395,000,000 1.10 622,495,000,000 163 237,862,471
524,675,000,000 1.20 643,063,000,000 174 167,451,532
532,767,000,000 1.30 655,004,000,000 248 449,921,745
555,818,000,000 1.24 678,893,000,000 308 745,061,925
580,747,000,000 1.17 717,855,000,000 263 893,062,296
606,390,000,000 1.43 746,085,000,000 314 345,932,734
615,485,000,000 1.48 759,795,000,000 332 627,417,793
645,181,000,000 1.42 801,588,000,000 358 1,192,141,487
687,964,000,000 1.36 858,644,000,000 382 586,543,425
721,095,000,000 1.42 891,661,000,000 449 1,723,835,106
738,411,000,000 1.50 913,159,000,000 489 922,058,962
775,449,000,000 1.48 959,113,000,000 735 1,411,980,969
822,932,000,000 1.44 1,022,278,000,000 584 1,070,403,202
 862,733,000,000 1.27 1,069,381,000,000 688 863,337,478
887,778,700,000 1.27 1,084,834,000,000 645 717,588,611
919,003,700,000 1.21 1,116,228,700,000 729 1,230,436,836
993,264,800,000 1.24 1,204,551,000,000 835 1,100,984,825
1,032,542,400,000 1.25 1,258,541,600,000 869 921,376,785
1,063,012,000,000 1.29 1,294,024,000,000 828 701,790,082
1,097,654,700,000 1.19 1,357,399,900,000 824 596,555,436
1,147,742,400,000 1.16 1,404,018,500,000 821 719,037,193
1,188,569,000,000 1.15 1,430,467,000,000 828 761,079,098
1,201,992,000,000 1.13 1,470,466,000,000 795 1,439,487,616
1,248,642,000,000 1.07 1,501,518,000,000 699 632,349,612
1,282,193,700,000 1.12 1,522,775,700,000 489 356,219,082
1,324,703,700,000 1.15 1,581,580,300,000 534 561,991,100
1,380,977,904,678 1.24 1,645,776,351,699 775 1,244,966,198
1,461,339,234,403 1.19 1,736,019,700,469 942 1,497,665,183
1,536,755,023,356 1.16 1,806,168,930,413 1,092 1,624,377,185
1,600,964,032,355 1.20 1,851,671,371,571 1,211 2,650,233,131
1,637,896,547,109 1.26 1,881,429,599,965 1,504 3,733,906,605
1,718,989,266,531 1.22 1,971,922,631,268 2,309 6,768,492,535
1,812,999,829,356 1.16 2,091,407,829,727 2,210 5,313,131,668
1,899,804,448,343 1.21 2,176,198,835,289 2,425 6,656,198,849
1,992,454,618,043 1.31 2,270,914,168,128 2,352 7,214,314,980
2,091,126,727,792 1.27 2,379,865,277,639 2,436 7,609,654,350
2,192,603,082,510 1.21 2,491,739,850,717 2,214 3,063,532,603
2,321,171,491,416 1.30 2,672,826,607,453 2,013 2,577,456,752
2,381,342,883,625 1.36 2,737,070,070,591 1,894 1,779,614,388
2,455,009,536,789 1.32 2,828,650,894,794 2,285 3,153,240,243
2,593,184,857,483 1.19 2,929,070,176,658 2,168 2,180,925,251
2,749,442,043,265 1.34 3,089,745,988,573 2,200 1,954,149,516
2,843,835,271,227 1.43 3,169,809,674,619 2,351 2,253,563,697
2,937,208,353,594 1.38 3,289,131,970,825 2,390 1,920,576,805
3,058,792,834,393 1.22 3,417,852,828,742 2,460 2,925,903,804
3,165,810,259,034 1.27 3,538,064,900,142 2,498 2,689,967,620
3,214,316,422,329 1.30 3,592,830,180,605 2,673 3,059,156,901
3,316,759,922,535 1.28 3,709,640,592,833 3,066 6,256,840,847
3,460,557,804,130 1.27 3,875,853,236,482 3,105 4,715,558,841
3,553,629,065,269 1.30 3,980,651,183,257 2,891 2,578,345,791
3,677,477,756,052 1.36 4,141,100,572,735 2,983 2,133,970,552
3,821,803,415,061 1.33 4,305,002,990,052 2,991 2,676,349,095
4,057,212,124,731 1.42 4,565,917,391,833 2,938 2,025,995,610
4,206,398,914,018 1.45 4,731,635,990,435 2,586 2,118,086,044
4,310,482,364,656 1.50 4,843,738,827,690 2,678 1,616,477,310
4,551,940,225,220 1.52 5,096,238,287,162 2,786 2,285,692,640
4,823,559,073,253 1.53 5,405,596,067,704 2,745 1,175,549,451
Market Variables
Efficency
TO
1,071,570,600
500,913,093
486,337,977
1,291,271,841
2,194,507,945
6,399,135,273
5,444,839,867
4,276,947,459
4,603,661,448
6,580,195,470
3,801,134,537
3,260,636,777
2,344,472,957
3,438,481,558
4,758,643,309
4,301,161,325
3,360,241,524
3,622,767,672
2,650,628,288
1,415,784,678
1,450,839,334
1,598,706,496
2,252,270,822
8,755,144,157
5,185,726,182
9,775,857,872
10,130,035,933
5,431,672,960
4,498,184,980
17,670,388,979
26,897,961,641
24,771,234,295
12,514,743,513
12,370,619,350
20,867,219,338
13,456,508,451
27,627,462,931
23,431,041,689
33,419,518,844
30,121,187,993
 26,626,033,989
17,611,732,666
19,335,279,866
41,580,722,736
38,938,253,235
22,063,921,803
18,868,512,155
25,114,707,769
20,698,274,443
57,617,049,303
24,007,811,810
8,130,755,933
17,205,884,422
32,373,014,301
37,428,266,436
55,455,482,576
88,876,426,188
114,354,023,848
196,822,242,895
164,416,260,138
188,698,057,669
141,925,416,247
151,812,558,808
63,819,809,775
81,709,860,342
35,144,035,505
55,740,889,715
41,232,413,048
57,600,248,014
62,670,319,981
37,119,399,226
43,077,834,582
52,639,927,429
63,101,426,515
121,000,431,928
104,175,336,007
66,266,454,767
56,718,274,505
75,565,669,335
54,700,611,711
44,855,322,939
42,522,493,003
48,006,822,926
41,550,808,865