Capital structure and firm performance of listed companies in vietnam

CAPITAL STRUCTURE AND FIRM PERFORMANCE OF LISTED COMPANIES IN VIETNAM In Partial Fulfillment of the Requirements of the Degree of MASTER OF BUSINESS ADMINISTRATION In Finance By Ms: Nguyen Thi Van Anh ID: MBA04050 International University - Vietnam National University HCMC September 2013 CAPITAL STRUCTURE AND FIRM PERFORMANCE OF LISTED COMPANIES IN VIETNAM In Partial Fulfillment of the Requirements of the Degree of MASTER OF BUSINESS ADMINISTRATION In Fianance by Ms: Nguyen Thi Van Anh ID: MBA04050 International University - Vietnam National University HCMC September 2013 Under the guidance and approval of the committee, and approved by all its members, this thesis has been accepted in partial fulfillment of the requirements for the degree. Approved: ---------------------------------------------Chairperson --------------------------------------------Advisor ---------------------------------------------Committee member --------------------------------------------Committee member ---------------------------------------------Committee member --------------------------------------------Committee member Acknowledge This thesis report is about the Capital Structure and Firm Performance would not have been possible without valuable contribution of all teachers from School of Business. I would like to thank to the International University, Vietnam National University – Ho Chi Minh City for giving me a great opportunity to practice and learn more knowledge. I especially appreciated the School of Business that helped us have good condition to do the necessary research work and archive the results. I am deeply indebted to my thesis project advisor Dr. Duong Nhu Hung, for his patience, guidance and advice throughout this semester. He was always keeping his eyes on my research. This gave me the efforts which proved valuable for the success of this thesis project. Moreover, my gratitude goes to my beloved husband Mr. Nguyen Thanh Tung for his love, insightful guidance, assistance, and support during the entire process of my mater‟s study and the writing of this dissertation. Finally, I would like to thank my parents, also my friends for supporting and encouraging me throughout my studies. With their love, I could finish this work. I hope this will serve as a valuable resource for whose major or carrier related to this field. i Plagiarism Statements I would like to declare that, apart from the acknowledged references, this thesis either does not use language, ideas, or other original material from anyone; or has not been previously submitted to any other educational and research programs or institutions. I fully understand that any writings in this thesis contradicted to the above statement will automatically lead to the rejection from the MBA program at the International University – Vietnam National University Hochiminh City. ii Copyright Statement This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognize that its copyright rests with its author and that no quotation from the thesis and no information derived from it may be published without the author‟s prior consent. © Nguyen Thi Van Anh/ MBA04050/ 2011 - 2013 iii Table of Contents Chapter One - Introduction .................................................................................................... 1 1.1. Background ................................................................................................................. 1 1.2. Research objective....................................................................................................... 5 1.3. Data and methodology ................................................................................................ 6 1.4. Limitation .................................................................................................................... 6 1.5. Structure of the study .................................................................................................. 6 Chapter Two - Literature Review .......................................................................................... 8 2.1. Theories on capital structure ....................................................................................... 8 2.1.1. The Miller and Modigliani Theory ...................................................................... 8 2.1.2. Static Tradeoff Theory ......................................................................................... 9 2.1.3. Agency Cost Theory .......................................................................................... 10 2.1.4. Pecking Order Theory ........................................................................................ 12 2.2. Previous studies on capital structure and firm performance ..................................... 13 2.2.1. Internationally empirical findings ...................................................................... 13 2.2.2. Empirical findings from Vietnamese perspective .............................................. 14 2.3. Determinants of Capital Structure and Their Hypothesis ......................................... 16 2.3.1. Dependent Variables .......................................................................................... 16 2.3.2. Independent Variables ....................................................................................... 16 Chapter Three – Data and Methodology ............................................................................. 24 3.1. Data collection........................................................................................................... 24 3.2. Data Analysis Method ............................................................................................... 24 iv Chapter Four - Empirical Result.......................................................................................... 28 4.1. Descriptive Statistics ................................................................................................. 28 4.2. Multi – collineartity................................................................................................... 32 4.3. Regression results and discussions ............................................................................ 35 4.3.1. Profitability Firm Performance .......................................................................... 37 4.3.2. Size..................................................................................................................... 39 4.3.3. Tangible assets ................................................................................................... 40 4.3.4. Growth opportunity............................................................................................ 40 4.3.5. Inflation rate ....................................................................................................... 41 4.3.6. Asset specificity ................................................................................................. 41 4.3.7. Parent companies and Their Affiliated Companies ........................................... 42 Chapter Five – Conclusions and Recommendations .......................................................... 45 References ............................................................................................................................... 49 Appendix 1 ........................................................................................................................A1 - 1 Appendix 2 ........................................................................................................................A2 - 1 Appendix 3 ........................................................................................................................A3 - 1 Appendix 4 ........................................................................................................................A4 - 1 Appendix 5 ........................................................................................................................A5 - 1 Appendix 6 ........................................................................................................................A6 - 1 Appendix 7 ........................................................................................................................A7 - 1 Appendix 8 ........................................................................................................................A8 - 1 v List of Tables Table 1: Summary the findings of the previous studies ........................................................... 15 Table 2: Summary of the implications of theories and all hypotheses of the study ................ 23 Table 3: Description of Variables ............................................................................................ 26 Table 4: Descriptive statistics of Variables ............................................................................. 29 Table 5: Correlation matrix ...................................................................................................... 33 Table 6: Estimation Results for Panel Data Models Using ROA ............................................ 35 Table 7: Estimation Results for Panel Data Models Using ROE............................................. 36 Table 8: Estimation Results for Panel Data Models Using TOBINQ ..................................... 36 Table 9: Regression Result of Capital Structure ...................................................................... 42 Table 10: Regression Result of Firm Performance .................................................................. 43 vi Abstract Capital structure decisions have been the most significant decisions to be taken by any business organization for maximization of shareholders wealth and sustained growth. The study examines the relationship between capital structure and firm performance of 200 listed firms on the HOSE for a period of five years from 2008 to 2012. This study employed panel data analysis by using fixed-effect estimation. Empirical result shows that the listed firms on the HOSE employ mostly short-term liabilities to finance their operations. According to the results, all measures of firm performance are found to have a significant and negative impact on all measures of firm capital structure. This result is contrary to the predictions of trade-off theory but consistent with the pecking order theory. The result also reveals that firm size has a positive and significant impact on the leverage, tangible asset is negative and significantly related to STDTA and TDTA, growth opportunity variable has a negative and significant coefficient with LTDTA and TDTA, the inflation rate has a negative effect on TDTE, the coefficient of asset specificity is negative and significantly related to all measures of leverage (except STDTA). There appears two interesting findings are that TDTA of the parent companies has a negative impact on TDTA of their affiliated companies and two measures of firm performance (ROA and ROE) of the parent companies have a significantly positive impact on two measures of firm performance (ROA and ROE) of their affiliated companies. Keywords: capital structure, firm performance, parent company, affiliated company, listed firm, Ho Chi Minh Stock Exchange, panel data, fix-effect model. vii viii Chapter One - Introduction 1.1. Background One of the most important reference theories in enterprises financing policy is the theory of capital structure. The capital structure of an enterprise is the mix of debt including preference stock and equity; this is referred to as the firms‟ long term financing mix (Watson and Head, 2007). Capital structure decision is fundamental for any business organization. This decision is important because the organizations need to maximize return to various stake holders and it also has an effect on the value of the firm. Besides that, the impact from the decision will help the firm‟s ability to deal with its competitive environment. Capital structure decisions represent another pivotal financial decision of a business organization apart from investment decisions. It is important since it involves a huge amount of money and has long- term implications on the firms. One crucial issue confronting managers today is how to choose the combination of debt and equity to achieve optimum capital structure that would minimize the firm‟s cost of capital and improves return to owners of the business. Even though generally firms have a choice as to how to combine debt and equity, managers attempt to ascertain a particular combination that will maximize profitability and the firm‟s market value. The kind of combination of debt and equity that will minimize the firms cost of capital and hence maximizes the firm‟s profitability and market value is the optimal capital structure. Unfortunately, financial managers do not have a clear cut guideline that they can consult when taking decision in connection with optimal capital structure. The idea of modern theory of capital structure is originated from the path breaking contribution of Modigliani and Miller (1958) under the perfect capital market assumption. Modigliani and Miller (1958) assumed that under condition of no bankruptcy cost and frictionless capital markets 1 without taxes, firm‟s value is independent of its capital structure. Modigliani and Miller (1963) in considering of the existence of corporate taxes suggested that firms should use as much debt capital as possible in order to maximize their value by maximizing the interest tax shield. Other theories that have been advanced to explain the capital structure of firms include the static tradeoff theory, the agency cost theory, and pecking order theory. Pecking order theory suggests that firms will initially rely on internally generated funds, and then they will turn to debt if additional funds are needed and finally they will issue equity to cover any remaining. Thus, according to the pecking order hypothesis, firms that are profitable and therefore generate high earnings are expected to use less debt capital than those who do not generate high earnings. Hence, internal funds are used first, and when that is depleted, debt is issued, and when it is not sensible to issue any more debt, equity is issued (Myers and Majluf, 1984). Agency costs are the costs that arise from the principal-stakeholder relationship, such as between shareholders or managers of the firm and debt-holders. Moreover, the given incentives to the firm will benefit shareholders at the expense of debt-holders. Thus, debt-holders need to restrict and monitor the firm‟s behaviour. Consequently, costly monitoring devices of contractual covenants are incorporated into debt agreements to protect the debt-holders. Hence, it should increase the cost of capital offered to the firm. Therefore, firms with relatively higher agency costs due to inherent conflicts between the firm and the debt-holders should have lower levels of outside debt financing and leverage. Furthermore, according to Gleason et al. (2000), the utilization of different levels of debt and equity in the firm‟s capital structure is one such firm-specific strategy used by managers in the search for improved performance. Hence, most firms have tried to 2 achieve an optimal capital structure in order to minimize the cost of capital or to maximize the firm value, thereby improving its competitive advantage in the marketplace through a mixture of debt and equity financing. Thus, selecting the right type of debt is an equally important issue as opting for an appropriate debt to equity ratio. However, as noted by Myer (2001), each theory works under its own assumptions and propositions, hence, none of the theories can give a complete picture of the practice of capital structure. Ross (1977), Heinkel (1982) and Noe (1988) suggest that increasing leverage, by acquiring debt should have positive implications for firm value and performance. Furthermore, this result is also supported by Hadlock and James (2002) where they concluded that companies prefer debt (loan) financing because they anticipate a higher return. According to Champion (1999), the use of leverage is one way to improve the performance of the firm. Due to the lack of a consensus about what would qualify as optimal capital structure, it is pertinent to examine the effect of debt utilization on firms‟ performance. Several such studies were conducted in European countries and in the United States. They found contradictory results when Gleason (2000) supported a negative impact of leverage on the profitability of the firm while Roden and Lewellen (1995) found a significant positive association between profitability and total debt as a percentage of the total buyout-financing package in their study on leveraged buyouts. Thus, there is no universal theory about debt-equity choices and have different views regarding the financing option. The contribution of these studies would help the manager of the companies to make good decisions on the proportions of their capital structure. If they have taken too much debt in the operations of the company, this can jeopardize the company‟s future, 3 thus can make the companies go bankrupt. Hence, this will provide and add new knowledge to corporate managers as a benchmark in making their own decision on the company‟s performance. In Vietnam, lack of empirical evidence, that investigate the relationship between firm capital structure and firm performance, is an issue for both academics and practitioners. Vietnam is also absent in international analyses of capital structure in emerging markets. In 2008, Tran Hung Son and Tran Viet Hoang tested the relationship between capital structure and firm performance by using data sample of 50 non-financial companies in Hochiminh Stock Exchange for the period September 2008. The results show that there is a positive correlation between a firm capital structure and performance, which is measured by average of return on assets and return on equity. In addition to that, Nguyen Thanh Cuong and Nguyen Thi Canh tested the panel threshold effect of capital structure on firm value among 92 Vietnam‟s seafood processing enterprises (SEAs) from 2005 to 2010. The result shows that there exists double thresholds effect between debt ratio and firm value. However, they have not used market performance measures and have not explored the optimal capital structure to maximize the performance of the firm. And, the controlled variables are major specific of business. There has not considered to environmental variables of business. Therefore, problem to be contributed in this study is to examine the effect which firm capital structure has on corporate market performance in both firm accounting performance and market performance measure, and the effect of firm performance on firm capital structure combined with other variables such as asset specificity, and inflation rate on firm capital structure. Besides that, this study also contributes an interesting finding about parent company which owns or controls another company, 4 known as the subsidiary. The parent company is able to direct the business practices of the subsidiary because it controls the voting, thus making determinations like who should sit on the board of the subsidiary. It is not uncommon for a single parent company to control a large number of subsidiaries. This study considers the effect of parent companies on their affiliated companies in the field of capital structure and firm performance. Finally, this study will show solutions or choices to adjust adequately firm capital structure which may help business overcome economic crisis with high inflation rate as present and have good firm performance. 1.2. Research objective In order to solve the research problems mentioned previously, this study has the following objectives:  Determine the effect of firm performance, size, tangible asset, growth opportunity, inflation rate and asset specificity on listed firm‟s capital structure in Ho Chi Minh Stock Exchange.  Determine the effect of parent companies‟ capital structure and firm performance on their affiliated companies‟ capital structure and firm performance. Research Questions:  Which theories may be best explained capital structure of the listed firms in HOSE?  What are the factors affecting the capital structure of the listed firms in HOSE?  Has the relationship between the parent companies and their affiliated companies effected on capital structure and firm performance? 5 1.3. Data and methodology The purpose of this research is listed firms on Ho Chi Minh Stock Exchange (HOSE) in the period from 2008 to 2012. Sample size of this research is top 200 largest firms listed on HOSE. Quantitative research based on ordinary least square regression model to estimate the relationship between firm performance, size, tangible asset, growth opportunity, inflation rate, asset specificity and firm capital structure, as well as the relationship between parent companies and their affiliated companies. This model was used in the studies of Rajan and Zingales (1995), Kuznetsov and Muravyev (2001) Tian & Zeitun (2007). The author uses data analysis tools to implement the research such as descriptive statistics, multiple regression models with Eviews 6 for Windows. 1.4. Limitation This study has still existed some limitation for future research. First of all, due to limit of time, the data was mainly collected from the website that may cause some inaccurate in uploading data. Therefore, it is necessary to collect data from the audited hard copy financial statement and balance sheet of the firms. In the second, this study only chooses 200 listed firms on Ho Chi Minh Stock Exchange. Thus, the results of this study has not convinced yet. There should have the combination of all listed firms on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange. In the third, few measures of capital structure and firm performance have not been used such as debt to market value (D/MV), price per share to earnings per share (PE), and market value of equity and book value of liabilities divided by book value of equity (MBVE). 1.5. Structure of the study The structure of the study is divided into five chapters: 6 Chapter 1: Introduction This chapter presents the background of the study, as well as, research objectives, research questions, research methodology and limitation of this study. Chapter 2: Literature Review In this chapter, there has summarized some modern theories about capital structure, shown previous studies about capital structure and firm performance, mentioned the essential determinants of capital structure, and made the hypothesis for this empirical study. Chapter 3: Data and Methodology This chapter particularly presents about data and the methodology of this study. Chapter 4: Empirical Results of the Research Chapter 4 includes three parts. In the first part, there has used descriptive statistics to explore the features of explanatory variables, as well as the relationship between each variable. In the second part, there examines the possible degree of collinearity among variables. In the final part, the regression analysis is used to explore the relationship between the capital structure and firm performance of listed companies on Ho Chi Minh Stock Exchange. Chapter 5: Conclusions Chapter 5 presents main conclusions based on the results of the previous chapters. 7 Chapter Two - Literature Review Chapter 2 summaries the modern theories and mentions to the fundamental ideas on capital structure, as well as firm performance. This chapter also presents hypothesis of the study. 2.1. Theories on capital structure 2.1.1. The Miller and Modigliani Theory Modigliani and Miller challenge the traditional view as to the effect of leverage on the cost of capital. They develop a behavioral justification support for the net operating income approach. Without taxes, the cost of capital and market value of the firm remain constant throughout all degrees of leverage (Modigliani and Miller, 1958).The Modigliani and Miller (MM) theory proves that under a very restrictive set of conditions, a firms value is unaffected by its capital structure which implies that the financing choice of firms is irrelevant. Modigliani and Miller come to this conclusion under the following assumptions:  Firms with the same degree of business risk are in a homogenous risk class.  Investors have homogenous expectations about earnings and risks.  There is an existence of perfect capital markets.  Interest rate on debt is the risk-free rate.  All cash flows are perpetuities. The MM theorem further states that the expected return on equity is positively related to leverage because the risk of equity increases with leverage. However, Miller and Modigliani (1963) correct their earlier proposition on capital structure with the inclusion of corporate taxes. The theory proposes that the value of the firm is equal to the value of the firm‟s cash flow with no debt tax shield (value of 8 an all equity firm) plus the present value of tax shield in the case of perpetual cash flows. The MM model with the corporate taxes was extended by Miller to include personal taxes (Miller, 1977). Miller introduced a model where leverage affects the firm value when both corporate and personal taxes are taken into account. According to this theory, financial distress is generated by the presence of debt in the capital structure which could lead to bankruptcy. It states that the larger the fixed interest charges created by the use of leverage, the greater the probability of decline in earnings and greater the probability of incurrence of costs of financial distress. (Harris and Raviv, 1991; Riahi-Belkaoni, 1999). Costs of financial distress include the legal and administrative costs of bankruptcy as well as the subtler agency, moral hazard, monitoring and contracting costs which could erode firm value even if formal default is avoided (Myers, 1984). 2.1.2. Static Tradeoff Theory An important motive of trade-off theory of capital structure is to explain the way in which firms can typically be financed partly with debt and partly with equity. Tradeoff theory states that there are benefits of financing with debt i.e. tax shield benefit, agency benefit and there are also costs of funding with debt e.g. costs of financial distress, agency costs. Therefore the firm that is maximizing its value will focus on offsetting costs against benefits of debt when making decision about how much debt and equity to use for financing its business. Ross et al (2008) argue that firm can optimize its value at a point where marginal costs of debt and marginal benefits of debt are balanced. According to Myers (1984), each firm that follows trade-off theory has target debt and it gradually moves toward its target debt. Target leverage is determined by balancing 9 the cost and benefits of leverage but structure of target leverage is not clear. (Frank & Goyal, 2009) argue that this target debt can be classified into two ways. First the target debt may be static which might be identified by single period trade-off between costs and benefits of debt and is called static trade-off theory. Second the target debt may be adjusting over time with change in magnitude of costs or benefits of debt. While examining the US firms, Huang and Ritter, (2009) say that US firms moving toward their target leverage with moderate speed. US firms take 3.7 years average period to achieve their targeted capital structure in the condition of any deviation from the target debt. The UK firms adjust to their target debt ratio relatively quickly. Leary and Robert (2005) showed the behavior of US firms, in time of market friction, adjusting their leverage as if they follow dynamic trade-off policy. Consistent with trade-off model, Cook and Tang, (2010) argue that firms moving faster toward target debt rate in the country where economic condition are good as compared to country where economic conditions are bad. Graham and Harvey (2001) indicate that about 80 percent of chief financial officers confirms having target leverage. Antoniou et al (2008), report that firms have target leverage ratio. Firms that are experiencing higher market to book value ratio, tend to have low target debt ratio (Hovakimian et al 2004). 2.1.3. Agency Cost Theory In the modern corporations, there has always a separation of ownership and control where most firms are managed by managers who act as agents of shareholders. These managers do not necessarily own shares in the firm and as such this relationship is fraught with agency problems. The shareholders and managers, consciously or unconsciously, serve their own interests. While shareholders would want to see the maximization of firm value, the management wants to maximize their own selfish interests. Examples of such interests may be to invest in certain projects which yield 10 the best result on net profits in the short-term in order to inflate their bonuses. Also they may be inclined to misuse company funds by incurring huge on the job expenses (Gwatidzo, 2008:86). The investors of a firm are aware of the managers‟ opportunistic behavior and thus take it into account when valuing the firm‟s shares. They will offer a lower price than when there is no opportunistic behavior. According to the agency theory, the observed capital structure of a firm should thus aim to minimize the potential for opportunistic behavior in the firm. The extent of opportunistic behavior depends on the environment in which the firm is operating. For example, an efficient legal system that protects investors‟ rights curbs opportunistic behavior by management. In most developing economies the legal system is not efficient; therefore there are high chances for opportunistic behavior by management. Some of the ways of mitigating the conflict between management and investors (Gwatidzo, 2008:90) are: Issuing debt - Issuing debt rather than equity forces management to contractually commit themselves to a given level of payment to investors (lenders), thus reducing opportunistic behavior; Issuing short-term debt – Issuing short-term debt forces management to the negotiation table periodically, thus making the issuance and payment of debt more like a repeated game in which the management is punished by the creditors if they are seen to be behaving in any way detrimental to the creditors; In addition to the above, the conflict of interest between equity holders and debt holders can be mitigated by designing debt covenants that protect the interests of debt holders; In the event that long-term debt is issued, it may be secured with specific assets; 11 Another way is to just increase debt levels in industries where the potential for opportunistic behavior is high. 2.1.4. Pecking Order Theory The foremost prediction of the model is that firms will not have a target optimal capital structure, but will instead follow a pecking order of incremental financing choices that places internally generated funds at the top of the order, followed by debt issues, and finally only when the firm reached its “debt capacity” new equity financing. Myers and Majluf (1984) noted that this theory is based upon costs derived from asymmetric information between managers and the market and the idea that trade-off theory costs and benefits to debt financing are of issuing new securities. The asymmetric information means that the firm managers (insiders) have more information about their firm compared to the outside investors. The well informed managers try to send positive information to the market or ill informed investors to increase the firm value. The cost of equity includes the cost of new issue of shares and the cost of retained earnings. The cost of debt is cheaper than the cost of both these sources of equity funds. Considering the cost of new issue and retained earnings, the latter is cheaper because personal taxes have to be paid by shareholders on distributed earnings while no taxes are paid on retained earnings as also there is no floatation costs incurred when the earnings are retained. As a result, between the two sources of equity funds, retained earnings are preferred. It has been found in practice that firms prefer internal financing. If the internal funds are not sufficient to meet the investment outlays, firms go for external finance, issuing the safest security first. They start with debt, then possible hybrid securities such as convertible debentures, then perhaps equity as a last resort. 12 2.2. Previous studies on capital structure and firm performance 2.2.1. Internationally empirical findings The literature on the relationship between firm performance and capital structure has produced mixed results. Gleason et al (2000) also found a negative and significant relation of leverage level with firm performance measured by the ROA (return on assets) and profit margin in the European countries. Deesomsak (2004) in his study on the Malaysian firms found a negative relation of leverage level with firm performance measure by the gross profit margin. Malaysian firms use internally generated source of funds when profits are high supporting the pecking order theory. Further, the relation between the leverage and firm performance in Singapore, Taiwan and Australian firms was negative but insignificant. The effect of firm size on leverage was positive and significant for all the countries except Singapore with an insignificant relationship because firms in Singapore have government support and are less exposed to financial distress costs. Huang and Song (2006) said that although Chinese market for equity financing are in development phase and firms should have been dependent on the debt capital from banks. But most of the Chinese companies are state controlled and prefer equity financing over debt financing because they still hold the controlling interest and weak laws exist to protect the rights of shareholders. A negative relation exists between leverage measured by long term debt and total debt and profitability measured by the return on assets. Further, larger companies employ more debt and increase in firm size lead to increase in leverage. Majumdar and Chhibber (1997) and Ghosh (2007) reached that level debt (capital structure) associated inversely with firms‟ performance. The result refers to the creditors who are using loans as disciplinary tool on the firm. This tool bases on the restrictions that impose by creditors on the firm as prevention the firm from distribute the earnings on 13 the shareholders or impose restrictive conditions on the loans by increasing the interest rates or impose sufficient collaterals on loans. Thus, these restrictions will lead firm to focus on how pay the debt burden without concerning in achieving earnings and reflect adversely on firm performance. Abor (2007) evaluated the relation of capital structure with performance of the firm in small and medium size firms (SMEs) of South Africa and Ghana. He found a significantly negative relation between financial leverage measured by ratio of short term debt, long term debt (significant but positive), total debt to total assets and firm performance measured by gross profit margin for both South Africa and Ghana. Further a negative relation existed among the measures of capital structure and firms performance measured by return on assets in Ghanaian firms. Zeitun and Tian (2007) investigated the effect which capital structure has had on corporate performance using a panel data sample representing of 167 Jordanian companies during 1989-2003. Their results showed that a firm‟s capital structure had a significantly negative impact on the firm‟s performance measures, in both the accounting and market‟s measures. They also found that the shortterm debt to total assets (STDTA) level has a significantly positive effect on the market performance measure (Tobin‟s Q). Arbiyan and Safari (2009) investigate the effects of capital structure on profitability using 100 Iranian listed firms from 2001 to 2007. They found short-term and total debts are positively related to profitability (ROE) which indicate a negative relation between long-term debts and ROE. 2.2.2. Empirical findings from Vietnamese perspective In 2008, Tran Hung Son and Tran Viet Hoang tested the relationship between capital structure and firm performance by using data sample of 50 non-financial companies in Hochiminh Stock Exchange for the period September 2008. The results show that 14 there is a positive correlation between a firm capital structure and performance, which is measured by average of return on assets and return on equity. Dzung et al (2012) used a panel GMM (generalized method of moments) system estimator to analyze the determinants of the capital structure of 116 non-financial listed firms on either the Ho Chi Minh Stock Exchange or the Hanoi Stock Exchange for the period 2007-2010. The results indicate that profitability negatively affect leverage. The following table is to summarize the above studies related to the relationship between capital structure and firm performance. Table 1: Summary the findings of the previous studies Researchers Data Findings Gleason et al Listed firms for (2000) European countries Huang and Song Chinese companies (2006) SMEs of Ghanaian firms Abor (2007) 167 Jordanian Zeitun and Tian companies during 1989(2007) 2003 Pakistani firms listed Shah and Khan on three Stock (2007) Exchanges 50 non-financial Son and Hoang companies in HOSE for (2008) September 2008 Arbiyan and 100 Iranian listed firms Safari (2009) from 2001 to 2007 Dzung (2012) et al 116 non-financial listed firms for the period 2007-2010 15 There is a negative and significant relationship between leverage and firm performance (measured by ROA and profit margin). A negative relationship exists between leverage (measured by LTD and TD) and profitability (measured by ROA). A negative relationship exists between capital structure and firm performance (measured by ROA). Capital structure has a negative impact on all firm performance measures (the accounting and market measures). A negative relationship between leverage and performance. There is a positive correlation between firm capital structure and performance, which is measured by average of ROA and ROE STD and TD are positively related to profitability (ROE), while a negative relationship between LTD and ROE. Profitability negatively impacts on leverage. 2.3. Determinants of Capital Structure and Their Hypothesis 2.3.1. Dependent Variables Leverage refers to the use of a relatively small investment or a small amount of debt to achieve greater profits. That is, leverage is the use of assets and liabilities to boost profits while balancing the risks involved. There are two types of leverage, operating and financial. Operating leverage refers to the use of fixed costs in a company's earnings stream to magnify operating profits. Financial leverage, on the other hand, results from the use of debt and preferred stock to increase stockholder earnings. Although both types of leverage involve a certain amount of risk, they can bring about significant benefits with little investment when successfully implemented. Leverage ratio is taken as dependent variable while searching for the determinant of the capital structure. Total debt to total assets (TDTA), total debt to total equity (TDTE), long-term debt to total assets (LTDTA), short-term debt to total assets (STDTA) are proxies for firm leverage. These proxies could be easily collected from the balance sheet. These measures were used by Zeitun and Tian (2007). 2.3.2. Independent Variables 2.3.2.1. Profitability Profitability can be main independent variable that determines capital structure and represent pecking order and trade-off theories quite clearly, which is also the most important indicator to measure the performance of firms. There are conflicting theoretical predictions on the effects of profitability on leverage. As mentioned in literature review that trade-off theory says firms identify the target debt ratio by comparing benefit from and cost of leverage. Any decrease (increase) in cost (benefit) allows the firm to readjust target leverage by enhancing debt. Profitable firm are less risky with frequent cash flow from business decreasing the cost of financial distress 16 such as bankruptcy cost. It is unanimously recognized that more profitability in world of tax with more leverage can save more tax for shareholder showing benefit from leverage. More benefit from leverage will disturb cost benefit relationship thus allows the firm to borrow more. Frank and Goyal (2009) argue that expected cost of financial distress is low for profitable firms thus finding tax shield more valuable. This reflects the positive relationship between leverage and profitability. Agency cost perspective also regarded debt as a disciplinary measure and more valuable for firms with high profit producing the more free cash flow (Jensen, 1986). It means trade-off theory suggests positive relationship between profitability and leverage. Margaritis and Psillaki (2007) argue that profitability has positive effect on leverage of firm. Abor (2005) also evaluated the relationship of the profitability with capital structure for firms listed on the Ghana Stock Exchange. He found a positive relation for short term debt to total assets and return on equity because of low interest rates. Short term financing represents 85 percent of total debt in Ghanaian firms and is a major component of financing for them. Contrary to trade-off theory, pecking order theory suggests that profitable firm prefer to use retained earnings to finance their current or potential projects. Myers (1984) argues that firms with no profit or insufficient profit prefer to borrow debt and then issue equity securities if requirement for the funds is not fulfilled by debt borrowing. It means pecking order theory predicts negative relationship between profitability and leverage. Some empirical evidences also validate negative correlation between profitability and leverage. Shah and Khan (2007) on the Pakistani firms listed on three Stock Exchanges found a negative and significant relation among leverage levels and performance. Seppa (2008) found that the Estonian firms follow Peking Order hypothesis in deciding about the optimal capital structure. Estonian firms first utilize 17 internal funds to finance opportunities then move towards external source of financing. Hence, the hypothesis to be tested is: Hypothesis 1: There is a negative relationship between firm performance and capital structure. 2.3.2.2. Size Size can be another important determinant of capital structure. Larger firms are more diversified, have less default risk, and lower cost of financial distress. Larger firm‟s diversification advantage reduces bankruptcy (Titman & Wessels, 1988). Therefore according to trade-off theory any decrease in cost of leverage allows the firm to increase leverage thus predicts positive relationship between size and leverage because size of firm diminishes the cost of leverage. However, pecking order theory is interpreted as it predicts negative relationship between size and leverage because larger firms are well known and have longer/older history of adding retained earnings in their capital structure (Frank & Goyal, 2009). Therefore firm with more retained earnings additions should have less leverage. Margaritis and Psillaki (2007) find non-monotonic relationship between size and leverage. They find size is negatively related to low debt ratio and positively related to mid and high debt ratios. Larger firm generates more profit as compared to small firm therefore according to pecking order theory profitable firm prefers internal financing than external one. This suggests that size is negatively related with debt. The following hypothesis will be tested: Hypothesis 2: The firm size is expected to have a positive influence on a firm capital structure. 18 2.3.2.3. Tangible Asset A firm with more physical asset can borrow at cheaper cost of debt capital as compare to company with less physical assets. The tangibility of assets offers the bargaining power to company. Jensen and Meckling (1976) point out that agency cost between the creditors and shareholders exists because firm may invest in riskier projects after borrowing and may transfer the wealth from creditors to shareholder. Companies having more fixed asset can borrow more by pledging their fixed asset as collateral and mitigating lenders‟ risk of bearing such agency cost of debt (Ross et al 2008). Therefore firm with low agency cost can increase the debt it means trade-off theory predicts positive relationship between tangibility of assets and debt. Margaritis and Psillaki (2007) argue that tangibility of firm is positively related to leverage. Studies conducted by Jong, et al (2008) and Huang & Song (2006) also suggest the positive correlation between fixed asset and leverage. Frank and Goyal (2009) found positive relationship between tangibility and leverage level. Therefore, the hypothesis to be tested here is: Hypothesis 3: There is a positive relationship between tangibility and capital structure. 2.3.2.4. Growth opportunities Growth can be a good independent variable and derived from pecking order theory and trade-off theory. There are conflicting views found in theories of corporate capital structure regarding the relationship between growth and leverage of the firm. According to pecking order theory the company first finances its projects by internal financing (Ross, et al 2008) that may not sufficient in the condition of growth. So the company should increase its leverage during growth period. It means pecking order theory indicates the positive relationship between growth and leverage. Tong and 19 Green (2005) find significant positive relationship between growth and leverage. Nguyen and Ramachandran (2006) explore the capital structure of 558 Small and Medium sized Enterprises (SMEs) for the period 1998-2001. They find that firm growth is positively associated with short-term debt as high growth firms have high demand for working capital. On the other side growth is increasing cost and probability of financial distress when the company borrowing more debt to support growth opportunities. And increasing cost of financial distress may restrict firm from borrowing more; it means trade-off theory suggests negative relationship between growth and leverage of firms. Jong et al (2008) and Huang and Song, (2006) showed out the negative relationship between the growth opportunities and leverage of the firm. The following hypothesis will be tested: Hypothesis 4: There is a negative relationship between growth and capital structure. 2.3.2.5. Inflation rate Inflation is also one of determinants impacting on the corporate capital structure because the main source of leverage in developing countries is short term debt (Booth et al 2001) and any change in inflation promptly change the cost of debt in developing countries such as Vietnam. In order to confront the inflationary pressure, the State Bank of Vietnam (SBV) adjusts discount rate that affects cost of debt which usually borrower is bound to pay at the end of each period. According to the Asian Development Bank report (2011), while continuous tightening the monetary policy in responding rising inflation, SBP adjusted the discount rate from 7% in Feb 2011 to 13% in May 2011. We consider general consumer price index (annual) as measure of inflation and according to official web site of SBP; the inflation has increased almost many folds from 7.1% in 2009 to 8.9% in 2010 to 18.7 in 2011. This behavior of inflation shows enormous change in inflation in Vietnam overtime. Frank & Goyal, 20 (2009) found that when firm expected that the inflation rate would be higher in future or realizing the current rate of inflation was low, the companies was issuing debt securities. Hatzinikolaou et al (2002) argued that inflation uncertainty put forth a strong negative effect on capital structure of the firm. We can derive inflation as variable from trade-off theories of capital structure. Inflation is macroeconomic variable that has impact on price of debt and equity. Whenever the inflation is increasing the creditors demand more interest rate on the funds, they have furnished to organization in order to balance the opposite effect of inflation that diminishes purchasing power of currency of particular country. It means there is positive relationship between the inflation and cost of debt. Issuing debt at higher cost may increase the costs of financial distress. Therefore trade-off theory suggests the negative relationship between inflation rate and leverage. Hence, the hypothesis to be tested here is: Hypothesis 5: There is a negative relationship between inflation and capital structure. 2.3.2.6. Asset Specificity The more specific the asset, the lower will be its liquidation value. In this context, debt acts as a straitjacket for investment opportunities. Lenders will not lend to very specific projects since, in the event of failure (liquidation), the amount realized will be very low. Thus, leverage should decrease as the degree of asset specificity rises. Balakrishnan and Fox (1993) argue that asset specificity creates problems for debt financing due to the non-redeploy ability characteristics of specific assets. More specifically, asset specificity adversely affects a firm‟s ability to borrow. Balakrishnan and Fox (1993) suggest that examples of firm-specific assets are intangible assets such as brand names, research and development expenditure and other reputational 21 investments. The intangible asset variable may also capture a firm‟s discretionary investment opportunities. Myers (1977) argues that agency costs associated with intangibles assets are higher than those associated with tangible assets did. The extent that intangible asset picks up this effect; it will be negatively related to the D/E ratio. Hence, the hypothesis to be tested here is: Hypothesis 6: There is a negative relationship between asset specificity and capital structure. 2.3.2.7. Parent Companies and Their Affiliated Companies Parent company is a company which controls other companies by owning an influential amount of voting stock or control. Parent companies will typically be larger firms that exhibit control over one or more small subsidiaries in either the same industry or other industries. Parent companies can be either hands-on or hands-off with subsidiaries, depending on the amount of managerial control given to subsidiary managers. Affiliated companies are companies that is owned and controlled by the same parent company. Parent company only possesses a minority stake in the ownership of affiliated companies. A research King and Santor (2008) had been done to examine the linkage between family ownership, firm performance and capital structure on Canadian firms. Based on Tobin‟s ratios, the result shows that self- supporting family who owned firms with a single share class has similar market performance compared to other firms. Comparatively, family owned firms with dual- class shares have similar ROA and financial leverage. According to this research, there expects that parent company and its affiliated companies have also same leverage and firm performance. Hence, the hypothesis to be tested here is: 22 Hypothesis 7a: There is a positive relationship between the leverages of parent company and its affiliated company. Hypothesis 7b: There is a positive relationship between the firm performance of parent company and its affiliated company. Table 2: Summary of the implications of theories and all hypotheses of the study Potential determinants Expected sign by theories + (trade off) Profitability ˗ ( pecking order) + (trade off) Size ˗ ( pecking order) Tangible Assets + (trade off) ˗ (trade off) Growth + ( pecking order) Inflation Rate ˗ (trade off) Asset Specificity ˗ (trade off) 23 Chapter Three – Data and Methodology 3.1. Data collection Vietnam is a developing country and has a very thin capital market. This study includes 200 listed firms on the Ho Chi Minh Stock Exchange during the period from 2008 to 2012. The data for the research is taken from secondary source from “Balance Sheet Analysis of Joint Stock Companies listed on the HOSE” on the websites http://www.cophieu68.vn, http://finance.tvsi.com.vn, and http://vietstock.vn/. Besides, some information and data for inflation rate is provided by http://data.worldbank.org/indicator. 3.2. Data Analysis Method Data was analyzed using quantitative approach. In the quantitative approach, descriptive statistics was used to compare variables numerically and to ascertain a pattern in the data set. According to Saunder et al (2007), every statistics to describe a data is usually summarizes the information in the data by disclosing the average indicators of the variables used in the study. For the quantitative analysis, following (Booth et al 2001), (Shah and Khan, 2007) and (Shah and Hijazi, 2004) this study is using the panel data. Panel data takes into consideration both time series features and cross section features. This means panel data considers multiple variables for multiple periods of times to draw the true picture of relationship between variables. Panel data has many advantages over time series and cross sectional sets of data. It provides large number observations; enhances the level of freedom and decreases level of co-linearity among independent variables. This study has used the fixed effect model put forth by panel data analysis in order to capture the individual firm effect on leverage. To control for omitted variables that are different among firms but are constant over time this study take into consideration the 24 individuality of each firm belonging to an industry thus the intercept for each firm will be different as mention by with in formula given below: LEVit = β0i + β Xit + uit Where, LEVit = the measure of leverage of firm at time β0i = the intercept of equation for firm β = Coefficient for Xit Xit = independent variables for leverage u=error term i = number of firms i.e. = 1, 2, 3……N t1 = the time period i.e. = 1, 2, 3…… T The specification of formula to analyze the panel data in this study is as following (Tong & Green, 2005) and (Frank & Goyal, 2009) respectively. LEVit = β0i + β1 PROF it + β2 SIZE it + β3 TANG it + β4 GROW it + β5INFit + β6 INTA it + uit Where, LEV1it = leverage (measured by STDTA, LTDTA, TDTA, TDTE) PROF it = profitability (measured by ROA, ROE, or TOBINQ) SIZE it = firm size 1 Panel data is also called time series cross sectional data therefore in these models “t” is used only for showing that data is used for multiple periods of time but we did not run the “t” in models 25 TANG it = tangible asset GROW it = growth opportunity INF it = inflation rate INTA it = asset specificity uit = error term of a firm at time Table 3: Description of Variables Notation Variables Measurement (proxy) Measurement in other selected studies TD/TA, TD/TE, LTD/TA, LEV (TDTA, TDTE, Leverage LTDTA, Ratio STDTA ) Total Debt / Total Assets, STD/TA, TD/MVTA, Total Debt / Total Equity, LTD/MVTA Long-term Debt / Total (Booth et al, 2001), (Shah & Assets, Short-term Debt / Hijazi, 2004), (Shah & Khan, Total Assets 2007), (Jong, et al 2008), and (Frank & Goyal, 2009) Net Income / Total Assets ROA Return on Assets (Tong & Green, 2005), (Huang Net Income / Total Assets & Song, 2006), (Margaritis & Psillaki, 2007), and (Frank & Goyal, 2009). Net income / Shareholder‟s ROE Return on Equity Net income / Shareholder‟s equity equity (Tong & Green, 2005), (Huang & Song, 2006), (Margaritis & Psillaki, 2007), and (Frank & Goyal, 2009). TOBINQ Tobin‟s Q Market Capitalization / Total Assets Market Capitalization / Total Assets (Dadson & Jamil, 2012) 26 SIZE TANG GROW INF INTA Size Tangible Assets Growth Inflation Rate Asset Specificity Natural logarithm of total assets Net Fixed Assets / Total Assets Natural logarithm of total assets (Zeitun & Tian, 2007), (Abdul 2012), (Zuraiah, et al 2012), Net Fixed Assets / Total Assets (Jong et al 2008), (Huang & Song, 2006), and (Antoniou et al, 2008) Total Intangibles / Total (BVTAt – BVTAt-1) / BVTAt-1 (Shah & Hijazi, 2004), (Shah & Khan, 2007), and (Eldomiaty & Ismail, 2009) Consumer price index (Huang & Ritter, 2009), and (Frank & Goyal, 2009) Total Intangibles / Total Assets Assets (Ari 2008) Change in the total assets Consumer price index Note: Total Debt = TD, Total Assets = TA, Total Equity = TE, LTD = Long-term Debt, STD = Shortterm Debt, TDTA = Total Debt to Total Assets, TDTE = Total Debt to Total Equity, LTDTA = Longterm Debt to Total Assets, STDTA = Short-term Debt to Total Assets, TD/MVTA = Total Debt to Market Value of Total Assets, LTD/MVTA = Long-term Debt to Market Value of Total Assets, BVTAt = Book Value of Total Assets at time t, BVTAt-1 = Book Value of Total Assets at time t-1. 27 Chapter Four - Empirical Result This chapter examines the data analysis and interpretation of results. First of all, the descriptive analysis results for the dependent variables and explanatory variables reveal various issues that are fully expatiated under Table 4. The correlation matrix for the variables is reported in table 5. It examines the correlation that exists among variables. The regression results for the panel data for each of leverage measures and for the full sample of observations for the period 2008 to 2012 are displayed in Table 6 to Table 8 and fully discussed so that meaningful conclusions are drawn. The analyses are used to test the above formulated hypotheses to establish the relationship which exists among the variables expressed. 4.1. Descriptive Statistics Table 4 presents the descriptive statistics of the dependent variables and independent variables for the whole sample firms of the study, as well as the relationship between each variable. 28 Table 4: Descriptive statistics of Variables Mean Median Maximum Minimum Std. Dev. Skewness Kurtosis Jarque-Bera Probability LTDTA 0.1171 0.0500 0.6900 0.0000 0.1479 1.5939 4.9001 573.2970 0 STDTA 0.3628 0.3300 0.9600 0.0000 0.2073 0.4446 2.3070 52.9087 0 TDTA 0.4799 0.5100 0.9600 0.0000 0.2165 -0.1362 2.0761 38.6165 0 TDTE 1.5344 1.0700 26.830 0.0000 2.1009 6.0824 58.1588 132803.8 0 ROA 0.0964 0.0747 0.9521 -0.1618 0.0977 2.2059 13.4633 5367.353 0 ROE 0.1841 0.16320 1.2537 -0.9092 0.1679 1.2803 10.9101 2877.391 0 TOBINQ 0.6362 0.4100 8.5000 0.0200 0.8594 4.6873 33.5883 42604.31 0 SIZE 5.9997 5.9500 7.7500 3.5000 0.5049 0.3509 4.0158 63.45721 0 TANG 0.1892 0.1303 0.9617 0.0000 0.1893 1.6854 5.9144 826.5478 0 GROW 0.6080 0.1465 359.93 -0.6054 11.390 31.472 993.309 40987082 0 INF 0.1337 0.0910 0.2310 0.0700 0.0633 0.0051 0.0149 1.384665 0 INTA 0.0264 0.0085 0.5801 0.0000 0.0545 5.4022 43.3736 72709.20 0 Note: Long-term Debt to Total Assets (LTDTA = Long-term Debt / Total Assets), Short-term Debt to Total Assets (STDTA = Short-term Debt / Total Assets), Total Debt to Total Assets (TDTA = Total Debt / Total Assets), Total Debt to Total Equity (TDTE = Total Debt / Total Equity), Return on Assets (ROA = Net Income / Total Assets), Return on Equity (ROE = Net Income / Shareholder’s equity), Tobin’s Q (TOBINQ = (Market Capitalization) / Total Assets), Firm Size (SIZE = Natural Logarithm of Total Asset), Tangible Assets (TANG = Net Fixed Assets / Total Assets), Growth opportunity (GROW = Change in the total assets), Inflation Rate (INF = Consumer Price Index), Asset Specificity (INTA = Total Intangibles / Total Assets). 29 The results in the Table 4 show a summary of the descriptive statistics for all the variables including the dependent variables and independent variables. Dependent variables are LTDTA, STDTA, TDTA and TDTE while independent variables are ROA, ROE, TOBINQ, SIZE, TANG, GROW, INF and INTA. The above table shows that all of the variables have a positive mean. Moreover, mean statistics provide some interesting evidence. It is also observed that all values for variables are positively skewed except the value for TDTA. All of the kurtosis value is also positive. First of all, the mean (median) of the short term debts is 36.28 (33) % of the total assets. The mean STDTA of Vietnamese companies is lower than the mean STDTA ratio of Chinese companies (43.21%) (Wei Xu, et al, 2005). Examining the second measure of leverage that is long term debt to total assets (LTDTA), the reported mean value is 11.71% for Vietnamese firms. This ratio is higher than the mean LTDTA ratio of Chinese companies (6.62%) (Wei Xu, et al, 2005). However, in order to compare to the G7 countries data in Rajan and Zingales (1995), ratio of Vietnamese companies LTDTA was relatively low (i.e., 11.71% versus 33% (United States); 25% (Japan and France); 42% (Germany); 24% (Italy); 18% (United Kingdom); 37.2% (Canada)). Based on the low mean value of the long term debt to assets (11.71%), it can be stated that listed companies in Vietnam do not use much long-term debt in their respective capital structure choice. This supports earlier studies that have been conducted on Vietnamese firms (see Nguyen and Ramachandran, 2006). The result also suggests that large and small firms have particular difficulty in accessing long-term finance with low and declining leverage ratios. This could also be attributed to the low return on assets recorded because long-term finance is needed for capital projects. The mean (median) of the total debt is about 48 (51) % of the total assets during the period. This result shows that about 48% of the total assets of listed companies in HOSE are 30 financed by debt. This ratio is lower than the mean TDTA ratio of East Asia companies (54%) and nearly equaled to the mean Chinese companies on Shenzhen listed market and Shanghai listed market (49.83%) (Wei Xu, et al, 2005). The mean TDTA ratio of Latin America companies (45%) is slightly lower than Vietnamese companies in Hochiminh Stock Exchange (Dilip Ratha, et al, 2003). In addition to that, if we compared to the international data in Rajan and Zingales (1995), Vietnamese companies can be regarded as relatively high in term of TDTA (i.e., 48% versus 31% (United States); 35% (Japan); 20% (Germany); 26% (France); 28% (Italy); 21% (United Kingdom); 36% (Canada)). Analyzing the final measure of leverage that is the mean (median) total debt to total equity (TDTE) is about 153.44 (107) %. If we compared to the international data in Rajan and Zingales (1995) , Vietnamese companies could be assessed as lower than G7 countries in term of TDTE (i.e., 153.44% versus 194% (United States); 201% (Japan); 257% (Germany); 220% (France); 206% (Italy); 136% (United Kingdom); 151% (Canada)). In general, the descriptive data of leverage indicated that the ratio of short term debt is 36.28 percent of total assets while the ratio of long term debt is just 11.71 percent of total assets. It shows that the listed companies in Ho Chi Minh Stock Exchange mainly use short term debt to finance their operations and are less dependent on long term debt. This significant dependence of listed companies in HOSE on the short term debt instead of long term debt may be the absence of proper or an established public debt markets (bond markets and mutual funds markets). The only option for listed companies to obtain long term financing is to directly borrow from the banks but they are attached with a lot of restrictive debt covenants that have to be fulfilled. For this reason, the listed companies make less favorable decision for using this source of financing (Sheikh and Wang, 2011). As a result, it is consistent to the pecking order 31 theory. The firm often preferred owner‟s equity and accounts payable (short-term debt). The mean return to assets (ROA) for the sample as a whole is 9.65% and the mean return to equity (ROE) is 18.41%. The first accounting measure of performance (ROA and ROE) shows that poor performance during the period from 2008 to 2012. The mean value of Tobin‟s Q is 63.63%, minimum is 2%, and maximum is 850%. This market performance measure was lower than the mean Tobin‟s Q (170.1%) of Jordanian companies on Amman Stock Exchange (Tian & Zeitun, 2007). The measure of market performance (Tobin‟s Q) shows high percentage of performance when compared with the accounting measure. This high ratio for the market performance measure could be as a result of the increase in firms‟ share prices and equity without any increase in the real activities performance of the firms. For SIZE which is measured by Ln (Total Asset), the mean reported is 5.99 and the range is from a low 3.5 to the highest 7.75. The standard deviation for size is 0.504. For tangible asset (TANG), the average is 0.189 and standard deviation is 0.189. The highest value of TANG is 0.961 and the lowest value is 0. The mean of assets growth (GROW) is 0.608 and also has a standard deviation of 11.39. The value ranges from 0.605 to 359.937. Asset Specificity (INTA), measured by Total Intangibles over Total Assets has a mean value of 0.026, standard deviation of 0.056, and maximum value of 0.58 and the minimum value of 0. 4.2. Multi – collineartity To examine the possible degree of collinearity among variables, table 5 indicates the correlation matrix of dependent and independent variables. 32 Table 5: Correlation matrix LTDTA STDTA TDTA TDTE ROA ROE TOBINQ SIZE TANG GROW INF LTDTA 1 STDTA -0.293 1 TDTA 0.402 0.757 1 TDTE 0.178 0.572 0.669 1 ROA -0.284 -0.306 -0.487 -0.320 1 ROE -0.170 0.019 -0.098 -0.089 0.809 1 TOBINQ -0.181 -0.347 -0.455 -0.262 0.488 0.240 1 SIZE 0.374 0.097 0.348 0.227 -0.228 -0.108 -0.091 1 TANG 0.388 -0.303 -0.026 -0.066 0.001 -0.044 0.052 -0.022 1 GROW 0.004 -0.007 -0.004 -0.006 -0.019 -0.019 -0.014 0.004 -0.020 1 INF -0.008 -0.005 -0.010 0.019 -0.076 -0.080 0.013 -0.103 0.016 -0.032 1 INTA 0.025 -0.058 -0.038 -0.048 -0.044 -0.076 -0.009 -0.014 -0.021 0.136 0.022 INTA 1 Note: Long Term Debt to Total Assets (LTDTA = Long-term Debt / Total Assets), Short Term Debt to Total Assets (STDTA = Short-term Debt / Total Assets), Total Debt to Total Assets (TDTA = Total Debt / Total Assets), Total Debt to Total Equity (TDTE = Total Debt / Total Equity), Return on Assets (ROA = Net Income / Total Assets), Return on Equity (ROE = Net Income / Shareholder’s equity), Tobin’s Q (TOBINQ = (Market Capitalization) / Total Assets), Firm Size (SIZE = Natural Logarithm of Total Asset), Tangible Assets (TANG = Net Fixed Assets / Total Assets), Growth opportunity (GROW = Change in the total assets), Inflation Rate (INF = Consumer Price Index), Asset Specificity (INTA = Total Intangibles / Total Assets). 33 The correlation matrix for the variables is reported in Table 4 in order to examine the correlation that exists among variables. The result shows three issues. First of all, four measures of leverage are variously correlated with each other. The high correlation between TDTA and STDTA is 75.7%, while the low correlation between TDTA and LTDTA is 40.2%. Moreover, the correlation between STDTA and LTDTA is negatively 29%. In addition to that, the correlation between TDTE and LTDTA, STDTA, TDTA is in turn positively 17.8%, 57.2%, and 66.9%. Secondly, the results show that there is a negative relationship between four measures of leverage and three variables of firm performance i.e. ROA, ROE, and TOBINQ which ranges from 8.9% to 48.7%. This negative coefficient is consistent with the pecking order hypothesis of Myers (1977) and Myers & Majluf (1984), and the empirical results of Titman and Wessels (1988), Friend and Lang (1988), Chiarella et al. (1992), Allen (1993) and Wald (1995). The pecking order hypothesis also suggests that profitable firms will demand less debt because internal funds are available for financing projects. Finally, the correlation matrix for the variables also examines the correlation between the explanatory variables. The result show that there is a negative relationship between size and three measures of firm performance (ROA, ROE, and TOBINQ) while size has a positive relationship with all leverage ratios and growth. This implies that larger companies tend to have a higher leverage ratio and higher growth opportunities. Besides, asset specificity (INTA) is found negatively correlated to all proxies of capital structure and firm performance except LTDTA which is positive. It implies that leverage would decrease as the degree of asset specificity rises. In addition to that, the more specific the asset, the lower will be its liquidation value. It may affect adversely on profitability. 34 4.3. Regression results and discussions This part includes the empirical results gained by doing a regression to the independent variables and dependent variables in the model. These results will be followed by a clear analysis for each independent variable‟s influence on dependent variable that is used to test the hypotheses. No. Observations are total number of observation that this study obtained from multiplication of number of firms and number of years (Total observations = n x t). For concluding whole study, there has applied fixed effect model of panel analysis on all firms. Adjusted R-squared in tables 6, 7, and 8 is to show that the percentage of variance in leverage can be predicted by combination of independent variables. The higher the R-squared, the more the variability of dependent variable is being explained by variation of independent variables. Coefficient in columns for independent variables can be interpreted as each of value in independents variables‟ columns tell us the average change we can expect in leverage given one unit change in independent variable while all the other independent variables are held constant. Table 6: Estimation Results for Panel Data Models Using ROA Dependent Variables Constant ROA Prob. SIZE Prob. TANG Prob. GROW Prob. INF Prob. INTA Prob. Independent Variables LTDTA -0.393942 -0.000409 0.0733 0.085236 0 0.047821 0.2425 -0.00012 0.0001 -0.000484 0.196 -0.244927 0 35 STDTA -1.444924 -0.001812 0 0.30436 0 -0.070271 0.0652 -0.000429 0.2623 -0.000814 0.158 -0.058858 0.4655 TDTA -1.940195 -0.002278 0 0.405768 0 -0.019986 0.0125 -0.000634 0.0962 -0.001232 0.1619 -0.303244 0 TDTE -7.815857 -0.015561 0 1.597735 0.0024 0.10169 0.3578 0.000385 0.7775 -0.013135 0.0713 -3.104552 0 No. observations R-squared Adjusted R-squared F-statistic Prob(F-statistic) Durbin-Watson stat 1000 0.887544 0.848479 22.71938 0 2.058396 1000 0.902738 0.868951 26.71815 0 2.372404 1000 0.934798 0.912109 41.20103 0 2.536209 1000 0.919389 0.891386 32.83177 0 2.259438 Table 7: Estimation Results for Panel Data Models Using ROE Dependent Variables Constant ROE Prob. SIZE Prob. TANG Prob. GROW Prob. INF Prob. INTA Prob. No. observations R-squared Adjusted R-squared F-statistic Prob(F-statistic) Durbin-Watson stat Independent Variables LTDTA -0.410149 0.00292 0.7872 0.086841 0 0.053851 0.1738 -0.000125 0.0003 -0.000403 0.2037 -0.240025 0 1000 0.887317 0.848172 22.66772 0 2.050895 STDTA -1.463292 -0.042603 0.0222 0.305163 0 -0.057738 0.1562 -0.000424 0.2965 -0.000692 0.1483 -0.037425 0.5462 1000 0.900927 0.86651 26.17712 0 2.368191 TDTA -1.927377 -0.0443 0.0055 0.400618 0 -0.002086 0.8438 -0.000602 0.1441 -0.001047 0.1502 -0.27906 0 1000 0.93187 0.908162 39.30696 0 2.498192 TDTE -8.517384 -0.327784 0.4297 1.692551 0.0007 0.217295 0.0021 0.000156 0.9225 -0.01215 0.04 -3.010992 0 1000 0.918128 0.889687 32.28164 0 2.263066 Table 8: Estimation Results for Panel Data Models Using TOBINQ Dependent Variables Constant TOBINQ Prob. SIZE Prob. TANG t-Statistic Independent Variables LTDTA -0.336609 -0.01103 0.0002 0.075926 0 0.054379 1.441338 36 STDTA -1.3905 -0.010528 0.0333 0.292308 0 -0.043009 -1.074227 TDTA -1.759186 -0.021801 0 0.373224 0 0.013654 0.811249 TDTE -8.160495 -0.098359 0.01 1.62827 0.0062 0.32653 2.192754 Prob. GROW Prob. INF Prob. INTA Prob. No. observations R-squared Adjusted R-squared F-statistic Prob(F-statistic) Durbin-Watson stat 0.15 -0.000104 0.0018 -0.000401 0.1721 -0.239749 0 1000 0.88774 0.848743 22.764 0 2.04435 0.2832 -0.000375 0.3619 -0.000517 0.2059 -0.016175 0.779 1000 0.900622 0.8661 26.08804 0 2.360256 0.4175 -0.000519 0.181 -0.00086 0.1773 -0.265283 0 1000 0.932182 0.908583 39.50109 0 2.473928 0.0287 0.000281 0.8483 -0.010789 0.0474 -2.94002 0 1000 0.918018 0.889538 32.23438 0 2.235624 4.3.1. Profitability Firm Performance From Hypothesis 1, the firm performance is expected to influence its capital structure. Three firm performance measures are used (ROA, ROE, and TOBINQ). From the regression results in Table 6, Table 7, and Table 8, as expected the coefficients of those variables are significantly and negatively related all leverage variables (LTDTA, STDTA, TDTA, and TDTE). This result is contrary to the predictions of trade-off theory but consistent with the pecking order theory. According to this theory, companies prioritized their sources of financing (from internal financing to equity) according to the law of least effort, or of least resistance, preferring to raise equity as a financing means of last resort. Hence, internal funds were used first, and when that was depleted, debt was issued, and when it was not sensible to issue any more debt, equity was issued. The negative sign of coefficient for profitability is similar to many previous studies. Fama and French (2002) in their study also agreed that the negative effect of profitability on leverage was consistent with the pecking order model. Baner (2004) examined the capital structure of listed companies in Visegrad countries (Czech Republic, Hungary, Poland and Slovak Republic) during the period from 2000 to 2001 and found that leverage of listed firms in these countries was negatively 37 correlated with profitability. This finding was consistent with the pecking order hypothesis. Chen (2004) using panel data, explores the determinants of capital structure of Chinese listed companies for the period 1995-2000 applying the tradeoff and pecking order models. He concluded that the capital structure choices of Chinese companies follow a Pecking Order model – retained earnings, followed by equity before long term debt- due to the unique institutional, legal and financial constraints in the Chinese banking sector. He found that Chinese companies relied heavily on short term financing, and managers preferred equity to debt financing. De Miguel and Pindado (2001) also supported the pecking order theory when they examined the determinants of capital structure of Spanish companies. The results indicate a negative relationship between ROA and all leverage measures (LTDTA, STDTA, TDTA, and TDTE) at 10% level. It also shows the same relationship between TOBINQ and all leverage measures at 5% level. And, there also show a negative relationship between ROE and two leverage measures (STDTA and TDTA) at 5% level. The results obtained from the fixed effect models indicate that the overall coefficient of determination (R-squared) shows that the equation has a good fit with 0.89 for LTDTA, 0.90 for STDTA, 0.93 for TDTA and 0.92 for TDTE. It means that 89%, 90%, 93% and 92% change in the dependent variables (ROA) and (ROE) are caused by the independent variables (ROA, ROE, TOBINQ, SIZE, TANG, GROW, INF, and INTA). The higher the R-squared is the higher the goodness of fit, and the higher the goodness of fit is the higher the reliability of the model. As the adjusted R-squared tends to purge the influence of the number of included explanatory variables, the adjusted R-squared of 0.85 for LTDTA, 0.87 for STDTA, 0.91 for TDTA and 0.89 for TDTE show that having removed the influence of the explanatory variables, the 38 model is still of good fit, hence, in terms of the goodness of fit we can say that the test is fair. The Durbin Watson statistics of 2.05, 2.36, 2.49 and 2.26 for four leverage measures LTDTA, STDTA, TDTA, and TDTE respectively; as it is significantly within the bench mark, we can conclude that there is no auto- correlation or serial correlation in the model specification. In summary, the relationship between profitability and leverage is positive if the market of corporate control is effective. On the contrary, if it is ineffective, managers of profitable firms prefer to avoid the disciplinary role of debt, which would lead to a negative correlation between profitability and debt (Jensen 1986). Finally, the result indicated that corporate control of Vietnamese firms is ineffective, and the profitability was negatively correlated with leverage. Therefore, based on the result, I accept the Hypothesis 1: There has a negative relationship between firm performance and capital structure. 4.3.2. Size All the statistically significant results for size in tables 6, 7 and 8 show that size has a positive and significant effect on the four leverage measures LTDTA, STDTA, TDTA and TDTE. All the above results are consistent with trade-off prediction and (Titman & Wessels, 1988) view that larger firm diversification advantage reduces bankruptcy therefore relationship between the size and leverage is positively correlated. Based positive coefficient for size in tables 6,7 and 8 we can say that larger Vietnamese firms tend to borrow more leverage and vice versa. Abor (2005) also noted that the effect of firm size on leverage was positive and significant for the countries of Taiwan and Australia except Singapore with an insignificant relationship because firms in Singapore have government support and are less exposed to financial distress costs. 39 All the significant positive results for size are not to confirm (Rajan & Zingales, 1995) view that larger firms are well known which decreases the chance of undervaluation of new equity. This result for size is also contradicting with those of (Shah & Hijazi, 2004) and (Shah & Khan, 2007) because they find negative and no relationship between size and leverage respectively. According to the above result, I accept the Hypothesis 2: The firm size is expected to have a positive influence on a firm capital structure. 4.3.3. Tangible assets Hypothesis 3 predicted that tangible assets are expected to be positively related to corporate leverage. From the regression results in Table 6 to 8, the coefficient of tangible assets is negative and significantly related to STDTA and TDTA. This result showed that if the listed firm on HOSE with tangible assets were high, the ratio of STDTA and TDTA would be low. The negative association of TANG to STDTA is consistent with prior Vietnamese studies (Nguyen and Ramachandran, 2006; Biger et al., 2008). One interpretation of this relationship is that firms with few tangible assets tend to rely more on short-term liabilities such as trade credit. This significant negative coefficient for tangible assets is also consistent with (Booth et al 2001) because they found negative relationship between tangibility and leverage in developing countries. This result is not consistent with the trade-off theory and a number of previous studies of Margaritis and Psillaki (2007), Jong et al (2008) and Frank and Goyal (2009). The above hypothesis for tangible asset variable is to reject. 4.3.4. Growth opportunity GROW variable has a negative and significant coefficient with LTDTA and TDTA at 10% level (but insignificant to STDTA). It means that firms with high debt levels sometimes ignore of an investment project in spite of expectations of high returns 40 because of the reluctance of creditors to finance the project. In other words, other appropriate and more important factors may have come into play into the decision to use equity versus debt in pursuing growth projects, such as interest rates, the tedious legal and regulatory hurdles required to list and issue new shares, domestic appetite for new share issuances in the local stock market, etc. In addition, banks in general set leverage ratio limits to borrowers in line with the need to curtail excessive liabilities to within prudent levels and to avoid financial distress to the firm. This practice therefore restricts higher debt exposure. The results are consistent with the above hypothesis and previous studies of (Huang & Song, 2006), (Shah & Hijazi, 2004) (Qureshi, 2009) and (Shah & Khan, 2007) because all of them found significant negative relationship between growth and leverage. 4.3.5. Inflation rate All the statistically significant results for size in tables 6 to 8 show that the inflation rate has a negative effect on TDTE at 10% level. It is consistent with the trade-off theory and the study of Hatzinikolaou et al (2002) argued that inflation uncertainty put forth a strong negative effect on capital structure of the firm. However, this result is not consistent with the study of Frank and Goyal (2009). They found a significantly positive relation between inflation and leverage because the companies would issue debt securities when the inflation rate was higher in future. 4.3.6. Asset specificity Hypothesis 6 predicted that asset specificity is expected to be negatively related to corporate leverage. From the regression results in Table 6 to 8, the coefficient of asset specificity is negative and significantly related to all measures of leverage (except STDTA). This result is also consistent to Williamson (1988) who argued that the financial structure of a firm was affected by the asset specificity of the different types 41 of assets that it owns. Specificity concerns the extent to which assets can be redeployed in different investment projects, with only limited modifications. Evidently, the more specific the asset, the lower will be its liquidation value. Lenders will not lend to very specific projects since, in the event of failure (liquidation), the amount realized will be very low. As a result, leverage would decrease as the degree of asset specificity rose. This conclusion is also foreshadowed by trade-off theory. 4.3.7. Parent companies and Their Affiliated Companies 4.3.7.1. Capital structure Table 9: Regression Result of Capital Structure (The relationship between Parent Companies and Affiliated Companies) LTDTA_SON TDTA_SON STDTA_SON TDTE_SON Constant LTDTA_MO Prob. -0.783381 0.068988 0.1223 1.053247 1.541255 -0.143945 0.0709 TDTA_MO Prob. -0.052813 0.5261 STDTA_MO Prob. 0.053363 0.0225 0.123972 0.0037 -0.008204 0.8698 -0.058056 0.2287 -0.023059 0.7549 -0.151362 0.0199 0.186725 0.1511 -9.124365 0.125 1.866993 0.4999 228 0.855883 228 0.936613 228 0.904907 228 0.472086 0.804105 0.913839 0.870742 0.282417 16.5297 0 41.12661 0 26.4862 0 2.488994 0.000003 2.148404 1.973326 2.051263 1.79864 TDTE_MO Prob. ROE_MO Prob. SIZE_MO Prob. No. observations R-squared Adjusted Rsquared F-statistic Prob(F-statistic) Durbin-Watson stat -9.939718 42 From the results in table 9, TDTA of the parent companies has a negative impact on TDTA of their affiliated companies at 10% level. On the contrary, TDTE of the parent companies has a positive impact on TDTE of their affiliated companies. The R-squared which ranges from 0.4389 and 0.9371 is satisfactory in the case of TDTA and TDTE. This indicates that about 44% to 94% of the variation in the leverage measure TDTA of affiliated companies has been explained by the variation in leverage measure TDTA of parent companies. The F-statistics and Durbin-Watson statistics also indicate that the regression equation and estimates are significant. The Durbin-Watson obtained i.e. 1.9741 and 1.7878 further indicate that the regression equation is free from the problem of auto correlation. Hence, the results can be used to make valid inference. From the above results, it makes a conclusion that when the parent companies has high leverage ratio, the affiliated companies should limit to use debt. Because if the affiliated companies have also high leverage ratio likes the parent companies, they will not have enough of the ability for debt payment. 4.3.7.2. Firm Performance Table 10: Regression Result of Firm Performance (The relationship between Parent Companies and Affiliated Companies) ROA_SON -0.047368 Constant 0.22666 ROA_MO t-Statistic 10.90624 Prob. 0 285 No. observations R-squared Adjusted Rsquared S.E. of regression F-statistic Prob(F-statistic) Mean dependent ROE_SON 1.935546 Constant 0.539202 ROE_MO t-Statistic 34.13435 Prob. 0 285 No. observations 0.864502 R-squared Adjusted Rsquared S.E. of regression F-statistic Prob(F-statistic) Mean dependent 0.818 0.045518 18.59059 0 0.107557 43 0.824542 0.764326 0.13971 13.69304 0 0.265713 var S.D. dependent var Sum squared resid Durbin-Watson stat var S.D. dependent var Sum squared resid Durbin-Watson stat 0.129552 0.350157 1.846405 0.308843 3.298709 1.890605 From the results in table 10, two measures of firm performance (ROA and ROE) of the parent companies have a significantly positive impact on two measures of firm performance (ROA and ROE) of their affiliated companies. The R-squared which ranges from 0.8245 to 0.8645 is satisfactory in all cases of two measures of firm performance. This indicates that about 83% to 87% of the variation in the firm performance measure ROA and ROE of affiliated companies has been explained by the variation in firm performance measure ROA and ROE of parent companies. The F-statistics and Durbin-Watson statistics also indicate that the regression equation and estimates are significant. The Durbin-Watson obtained i.e. 1.8464 and 1.8906 further indicate that the regression equation is free from the problem of auto correlation. Hence, the results can be used to make valid inference. From the above results, it shows that when the parent companies have high profitability, the affiliated companies also make a high profitability like their parent companies. 44 Chapter Five – Conclusions and Recommendations Chapter 4 particularly discussed about the results of the research. Chapter 5 presents main conclusions and recommendations based on the results of the previous chapters. This research was attempted to explore the relationship of capital structure decisions with the firm performance of 200 listed firms on the HOSE for the period 2008 – 2012. The analysis was performed by using panel data technique called Ordinary Least Square regression. Theoretical literature of capital structures, specifically the Modigliani-Miller theorem, trade-off theory and pecking order theory is reviewed to provide a sufficient understanding for the relationship between capital structure and firm performance. Extensive amount of related empirical literature was reviewed to identify the proxies and measurements for capital structure and firm performance and several control variables to be the relationship. As a result, in this study Return on Assets (ROA), Return on Equity (ROE) and TOBIN‟s Q (TOBINQ) were used as the measures for firm performance. Capital structure is represented by Short-term Debt to Total Assets (STDTA), Long-term Debt to Total Assets (LTDTA), total debt to total asset (TDTA) and total debt to total equity (TDTE). Five variables found by most literature to have an influence on capital structure, namely, size, tangible assets, growth opportunity, inflation rate and asset specificity are used in this study as control variables. The result obtained from the study is following: First of all, firm performance measures in both the accounting and market was found to have a significantly and negative impact on the measures a firm‟s capital structure. This finding is not consistent with Champion (1999), Gosh et al. (2000), Hadlock and James (2002), Frank and Goyal (2003) and Berger and Bonaccors di Patti (2006) who revealed a positive relation between firm performance and capital structure. It is not to encourage the trade-off theory; more profitable firms use more debt to take advantage 45 of tax shield. However, the result is consistent to Rajan and Zingales (1995), Zeitun and Tian (2007) and Abor (2007) who indicate firm performance is negatively related to capital structure. The implication from the result of firm performance variables is that the capital structure decision of listed firm on HOSE is consistent with the pecking order theory. These firms prefer to use retained earnings; external financing is costly and avoided by them. For these reasons, firms with high profitability should use less debt. Secondly, size has the positive correlation with all measures of capital structure. The result implies that the larger firms approach borrowing resources more easily than smaller firms. Thirdly, tangible asset has the negative correlation with STDTA and TDTA. This is due to the dominance of short-term debt in total debt, which does not necessarily require collateral. In addition to that, Vietnamese banks pay more attention to liquidity than tangibility because they are mainly granting short-term loans. They are reasons why tangibility had a negative relationship with capital structure. Fourthly, growth opportunity is negatively correlated to LTDTA and TDTA but insignificant STDTA. The result implies that the firm's capital structure may depend upon the enterprise's current growth. Companies in the initial growth stages may tend to take on more debt in order to facilitate growth. However, many times firms may grow too rapidly, which causes their growth to be unstable. Firms that are more stable usually require less debt, due to more stable revenue streams. With respect to the determinants of capital structure, commonly observed factors in the international empirical literature like profitability and size are applicable to Vietnam. However, the impact of tangibility and growth raised some contrasting evidence. 46 Fifthly, the inflation rate has the negative relationship with TDTE. The higher inflation causes an increase in the tax rates on real returns to debt. This increases the leverage risk of the firms which are heavily dependent on debt and thus demand a premium over firms which rely less on external debt. Sixthly, there has a negative relationship between asset specificity and all measures of leverage (except LTDTA). The implication of this result is that intangible assets such as brand names, research and development expenditure and other reputational investments are not liquidation value. Thus, leverage should decrease as the degree of asset specificity rises. Lastly, TDTA of parent companies was found to have a negative impact on TDTA of their affiliated companies. And, ROA and ROE of parent companies was also found to have a significant positive impact on ROA and ROE of their affiliated companies. The descriptive statistics results showed that 36.29 percent of the firm assets are financed with short term debt and only 11.71 percent with the long term debt. A remarkable difference between the capital structure of Vietnamese firms and firms in developed economies is that Vietnamese firms presumably prefer short term finance and have substantially lower amounts of long term debt. This reveals that Vietnamese firms rely heavily on short term financing rather than long term finance. A reason for explaining this problem is that the bond market of Vietnam has not developed yet. The bank is main external financing for most firms. This result makes the firms must depend on much other financing such as owner‟s equity and accounts payable (shortterm debt). This difference in long-versus short-term debt, to an extent, might limit the explanatory power of the capital structure theories in Vietnam. It suggests that the theoretical underpinnings of the observed correlations are still largely unresolved. 47 In general, the result of this study supports not only trade off theory but also pecking order theory. In the short-term, the pecking order theory is preferred in financing decisions. On the contrary, the trade-off theory is appropriate in the long-term. 48 References Abor, J. (2005). “The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana”, Journal of Risk Finance, Vol. 6, pp. 438-47. Abor, J. (2007). “Debt policy and performance of SMEs: evidence from Ghanaian and South Africa firms”, Journal of Risk Finance, Vol. 8, pp. 364-79. Akintoye, I. (2008). Effect of capital structure on firms‟ performance: the Nigerian experience. European J. Economics, Finance and Administrative Sciences, 10:233-43. Allen, D. 1993. The pecking order hypothesis: Australian evidence. Applied Financial Economics, Vol. 3 (2), pp. 101-112. Antoniou, A., Guney, Y., & Paudyal, K. (2008). The determinants of capital structure: Capital market-oriented versus bank-oriented institutions. Journal of Financial and Quantitative Analysis , 43, 59-92. Balakrishnan, S. and Fox, I. 1993. Asset specificity, firm heterogeneity and capital structure. Strategic Management Journal, Vol. 14, pp. 3-16. Biger, N., Nguyen, N., and Hoang, Q. 2008. Chapter 15 - The determinants of capital structure: Evidence from Vietnam, in: Kim, S.J. and Mckenzie, M.D. (Eds.), Asia-Pacific Financial Markets: Integration, Innovation and Challenges (International Finance Review, Volume 8). Emerald Group Publishing Limited, pp. 307-326. Booth, L., Demirguc-Kunt, A., and Maksimovic, V. (2001). Capital structures in developing countries. Journal of Finance , 56, 87-130. Champion, D. 1999, „Finance: the joy of leverage‟, Harvard Business Review, vol. 77, no. 4, pp.19-22. 49 Cook, D., and Tang, T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance , 16, 73-87. Deesomsak, R., Paudyal, K ., and Pescetto, G . (2004), “The determinantso f capital structure: evidence from the Asia Pacific region”, Journal of Multinational Financial Management, Vol. 14 No. 4/5, pp. 3 87-405. Diamond, D. (1984), Financial Intermediation and Delegated Monitoring, Review of Economic Studies, 51, 447-663. Dzung, N., Ivan, D. and Andros Gregoriou (2012), “Financial Development and the Determinants of Capital Structure in Vietnam,” SSRN Feb 2012, URL: http://ssrn.com/abstract=2014834. Frank, M., and Goyal, V. (2009). Capital structure decisions: Which factors are reliabiy important? Financial Management , 38, 1-38. Friend, I. and Lang, L. 1988. An empirical test of the impact of managerial selfinterest on corporate capital structure. Journal of Finance, Vol. 43 (2), pp. 271281. Gleason, K., Mathur, L., and Mathur. I. 2000, „The interrelationship between cultures, capital structure, and performance: Evidence from European retailers‟, Journals of Business Research, vol.50, pp.185-91. Graham, J., & Harvey, C. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics , 60, 187-243. Gwatidzo, T. 2008. The determinants of capital structure among select Sub-Saharan African countries. Doctoral Thesis. University of the Witwatersrand. [Online]. Available from: http://wiredspace.wits.ac.za/bitstream/handle/10539/6627/Tendai 2010-07-28]. 50 [Accessed: Hadlock CJ and James CM 2002, „Do banks provide financial slack?‟, Journal of Finance, vol. 57, pp.1383-420. Heinkel R 1982, „A theory of capital structure relevance under imperfect information‟, Journal of Finance, vol. 37, pp.1141-50. Hovakimian, A., Hovakimian, G., & Tehranian, H. (2004). Determinants of target capital structure: The case of dual debt and equity issues. Journal of Financial Economics , 71, 517-540. Huang, G., & Song, F. (2006). The determinants of capital structure: Evidence from China. China Economic Review , 17, pp. 14-36. Huang, R., & Ritter, J. R. (2009). Testing Theories of Capital Structure and Estimating the Speed of Adjustment. Journal of Financial and Quantitative Analysis , 44, 237-272. Jensen, M. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, Vol. 76 no.2, pp.323-329. Jensen M. and Meckling W. (1976). Theory of the Firm: Managerial Behavior, Agency costs and Ownership Structure. Journal of Financial Economics 3, 305360. Kuznnetsov, P. & Muravyev, A. (2001). Ownership structure and Firm Performance in Russia, the case of Blue Chips of the Stock Market. Economic Education and Research Consortium Working Paper Series. No. 01/10. Jong, A. d., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world : The roles of firm- and country-specific determinants. Journal of Banking & Finance , 32, 1954-1969. Leary, M., & Roberts., M. (2005). Do firms rebalance their capital structure? Journal of Finance, 60, 2575-2619. 51 Mackie- Mason, J (1990): “Do taxes affect corporate financing decisions?” Journal of Finance, 45, pp 1471- 1494. Margaritis, D., & Psillaki, M. (2007). capital structure and firm efficiency. Journal of Business Finance and Accounting, , 34, 1447-1469. Modigliani, F. and Miller, M. (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, Vol. 48, 261–297. Modigliani, F and Miller, M 1963, „Corporate income taxes and the cost of capital: A correction‟, American Economic Review, vol. 53, pp. 443-53. Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5 (2), 147-175. Myers, SC and Majluf, NS 1984, „Corporate financing and investment decisions when firms have information that investors do not have‟, Journal of Financial Economics, vol. 12, pp. 187-221. Myers, SC 2001, „Capital structure‟, Journal of Economic Perspectives, vol. 15, no.5, pp. 81-102. Nguyen, T.D.K., Ramachandran, N., 2006. Capital structure in Small and Mediumsized Enterprises: The case of Vietnam. ASEAN Economic Bulletin. 23(2), 192-211. Noe, T 1988, „Capital structure and signaling game equilibria‟, Review of Financial Studies, vol. 1, pp. 331-55. Penrose, E.T (1959): The Theory of the Growth of the Firm. New York, Wiley. Qureshi, M. A. (2009). Does pecking order theory explain leverage behaviour in Pakistan? Applied Financial Economics , 19, 1365-1370. 52 Rajan, R.G. and L. Zingales (1995). What Do We Know About Capital Structure? Some Evidence from International Data. Journal of Finance, Vol. L, No. 5, pp. 1421–60. Ratha, D., Mohapatra, S. and Suttle, P. (2003). Capital structure and performance in Developing countries. Global Development Finance, 109-122. Roden, DM and Lewellen, WG 1995, „Corporate capital structure decisions: evidence from leveraged buyouts,‟ Financial Management, vol. 24, pp. 76-87. Ross, S 1977, „The determination of financial structure: The incentive signaling approach,‟ Bell Journal of Economics, vol. 8, pp. 23-40. Ross, S. A., Westerfield, R. W., Jaffe, J. F., & Jordan, B. D. (2008). Modern financial management. McGraw-Hill. Saunders, M., Lewis P. and Thornhill, A., (2007), Research Methods for Business Students, 4th ed., Prentice Hall, UK. Seppa, R. (2008), “Capital structure decisions: research in Estonian non-financial companies”, Baltic Journal of Management, Vol. 3 No. 1, pp. 55-70. Shah, A., & Hijazi, T. (2004). The determinants of capital structure of stock exchange-listed non-financial firms in Pakistan. Pakistan Development Review , 43, 605-617. Shah, A. and Khan, S. (2007), “Determinants of Capital Structure: Evidence from Pakistani Panel Data”, International Review of Business Research Papers, Vol. 3 No. 4, pp. 265-282. Shehu U. H. (2011). Determinants of Capital Structure in the Nigerian Listed Insurance Firms, International Journal of China – USA Business Review, 10(12): 81-98. 53 Sheikh, N. A. and Wang, Z. (2011), “Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan”, Managerial Finance, Vol. 37 No. 2, pp. 117-133. Shephard R, (1970) Theory of Cost and Production Functions. Princeton University Press, Princeton. Stinchcombe AL (1965) Social structure and organizations, in March, J.G (ed) Handbook of Organizations. Chicago, Rand McNally. Titman, S., & Wessels, R. (1988). The determinants of capital struture choice. Journal of Finance , 43, 1-19. Tong, G., & Green, C. J. (2005). Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies. Applied Economics , 37, 2179-2189. Wald, J. 1995. How firm characteristics affect capital structure: An international comparison. Unpublished Working Papers, Department of Economics, U. C. Berkeley, Berkeley, CA. Watson, D. and Head, A. (2007), Corporate Finance – Principles and Practices, 4th ed., FT Prentice Hall, UK. Wei Xu, Xiangzhen Xu, Shoufeng Zhang (2005). An Empirical Study on Relationship between Corporation Performance and Capital Structure. China-USA Business Review 4(4), 49-53. Williamson, O. (1988). Corporate-Finance and corporate governance. Journal of Finance , 43, 567-591. Zeitun R, Tian GG (2007) Capital structure and corporate performance: Evidence from Jordan. Australasian Accounting, Business & Finance Journal, 1(4):40-61. 54 Appendix 1 Top 200 Listed Companies and Data ROA ROE TOBINQ SIZE TANG GROW INTA INF 7 TDTE 6 TDTA 5 LTDTA 4 STDTA 3 Year 2 Comp. No. 1 VNM 08 0.16 0.03 0.19 0.24 0.219 0.2748 3.70 6.78 0.2563 0.0999 0.0085 23.1 VNM 09 0.18 0.03 0.21 0.27 0.3288 0.4168 5.10 6.93 0.2164 0.4215 0.0046 7.1 VNM 10 0.25 0.01 0.26 0.35 0.3756 0.4953 4.15 7.03 0.2404 0.2701 0.0161 8.9 VNM 11 0.19 0.01 0.20 0.25 0.3201 0.4127 4.43 7.19 0.2242 0.4465 0.0164 18.7 VNM 12 0.21 0.00 0.21 0.27 0.3299 0.4161 5.29 7.29 0.2144 0.2641 0.0129 9.1 GAS 08 0.13 0.53 0.66 1.95 0.2605 0.6728 1.02 7.22 0.3807 1.0488 0.0001 23.1 GAS 09 0.30 0.35 0.65 1.94 0.1749 0.4992 1.14 7.34 0.4327 0.3263 0.0006 7.1 GAS 10 0.25 0.18 0.43 0.77 0.1542 0.3229 1.39 7.60 0.4473 0.8123 0.0044 8.9 GAS 11 0.23 0.22 0.45 0.88 0.1386 0.2597 2.20 7.66 0.3701 0.1495 0.0058 18.7 GAS 12 0.18 0.18 0.36 0.60 0.2161 0.3871 2.23 7.65 0.3394 -0.0102 0.0076 9.1 MSN 08 0.42 0.03 0.45 1.49 0.1335 0.4458 0.24 6.20 0.1278 0.5408 0.0278 23.1 MSN 09 0.17 0.11 0.28 0.41 0.097 0.1592 8.30 6.85 0.0663 3.4542 0.0104 7.1 MSN 10 0.15 0.28 0.43 0.85 0.1622 0.2968 2.69 7.32 0.0266 2.0112 0.0034 8.9 MSN 11 0.11 0.25 0.36 0.76 0.0721 0.1489 1.80 7.53 0.0262 0.5889 0.0293 18.7 MSN 12 0.12 0.37 0.49 1.37 0.0349 0.0847 1.95 7.59 0.0400 0.1527 0.0223 9.1 VIC 08 0.18 0.55 0.73 2.94 0.0271 0.0747 1.32 6.78 0.0045 0.8937 0.0165 23.1 VIC 09 0.10 0.65 0.75 5.17 0.0884 0.5042 0.86 7.16 0.0027 1.3770 0.0370 7.1 VIC 10 0.20 0.43 0.63 2.42 0.114 0.5178 0.93 7.42 0.0063 0.8267 0.0069 8.9 VIC 11 0.61 0.16 0.77 4.19 0.0266 0.1231 0.72 7.55 0.0499 0.3582 0.0048 18.7 VIC 12 0.46 0.35 0.81 4.26 0.0344 0.1842 0.79 7.75 0.0815 0.5720 0.0104 9.1 DPM 08 0.08 0.01 0.09 0.10 0.3355 0.3043 3.13 6.72 0.3241 -0.0952 0.0102 23.1 DPM 09 0.09 0.04 0.13 0.14 0.2913 0.263 2.56 6.80 0.1470 0.2232 0.0135 7.1 DPM 10 0.12 0.04 0.16 0.19 0.3143 0.2904 2.19 6.87 0.1212 0.1681 0.0129 8.9 DPM 11 0.09 0.01 0.10 0.11 0.4741 0.4305 1.72 6.97 0.1310 0.2530 0.0769 18.7 DPM 12 0.13 0.00 0.13 0.16 0.4023 0.3511 1.53 7.02 0.1106 0.1383 0.0729 9.1 HAG 08 0.29 0.24 0.53 1.25 0.0921 0.1959 0.45 6.95 0.0691 0.4004 0.0126 23.1 HAG 09 0.35 0.23 0.58 1.50 0.1129 0.2811 0.49 7.09 0.0551 0.3748 0.0077 7.1 HAG 10 0.37 0.17 0.54 1.25 0.1159 0.2805 0.36 7.28 0.0736 0.5614 0.0061 8.9 HAG 11 0.27 0.34 0.61 1.65 0.0524 0.1328 0.40 7.41 0.0753 0.3431 0.0047 18.7 HAG 12 0.21 0.44 0.65 2.10 0.0123 0.0365 0.38 7.50 0.0929 0.2232 0.0058 9.1 HPG 08 0.22 0.01 0.23 0.31 0.1643 0.2355 1.01 6.75 0.1556 0.1855 0.0469 23.1 HPG 09 0.45 0.05 0.50 1.04 0.1602 0.2823 0.56 7.01 0.0856 0.8164 0.0268 7.1 HPG 10 0.41 0.14 0.55 1.28 0.1073 0.2389 0.62 7.17 0.2670 0.4550 0.0082 8.9 HPG 11 0.38 0.17 0.55 1.29 0.0763 0.179 0.52 7.24 0.2506 0.1759 0.0094 18.7 HPG 12 0.39 0.16 0.55 1.29 0.0544 0.1283 0.64 7.28 0.2259 0.0851 0.0087 9.1 A1 - 1 8 9 10 11 12 13 14 15 16 FPT 08 0.52 0.00 0.52 1.30 0.1457 0.379 0.86 6.79 0.1134 0.1435 0.0073 23.1 FPT 09 0.43 0.20 0.63 2.13 0.1287 0.3852 0.51 7.02 0.0985 0.6973 0.0223 7.1 FPT 10 0.44 0.15 0.59 1.82 0.1114 0.3576 0.58 7.09 0.1165 0.1837 0.0198 8.9 FPT 11 0.57 0.01 0.58 1.58 0.1234 0.3539 0.54 7.17 0.0976 0.2144 0.0180 18.7 FPT 12 0.48 0.02 0.50 1.15 0.1057 0.2632 0.72 7.15 0.1272 -0.0491 0.0189 9.1 PVD 08 0.46 0.24 0.70 2.89 0.1376 0.4511 0.61 6.94 0.2331 0.9938 0.0170 23.1 PVD 09 0.20 0.46 0.66 1.92 0.0776 0.2577 0.68 7.09 0.7466 0.4327 0.0118 7.1 PVD 10 0.27 0.37 0.64 1.80 0.0653 0.1865 0.57 7.17 0.6395 0.1836 0.0101 8.9 PVD 11 0.27 0.39 0.66 1.99 0.0643 0.1867 0.46 7.27 0.7512 0.2661 0.0086 18.7 PVD 12 0.30 0.33 0.63 1.73 0.077 0.2194 0.44 7.28 0.6841 0.0296 0.0075 9.1 KDC 08 0.22 0.06 0.28 0.40 -0.028 -0.038 0.91 6.47 0.1169 -0.0274 0.0420 23.1 KDC 09 0.38 0.04 0.42 0.73 0.1329 0.2139 0.88 6.63 0.1112 0.4237 0.0233 7.1 KDC 10 0.21 0.02 0.23 0.31 0.1131 0.1705 1.14 6.70 0.1539 0.1846 0.0916 8.9 KDC 11 0.31 0.03 0.34 0.51 0.0504 0.0722 0.98 6.77 0.1423 0.1591 0.0819 18.7 KDC 12 0.25 0.02 0.27 0.37 0.0624 0.0902 1.37 6.74 0.1708 -0.0545 0.0747 9.1 PPC 08 0.09 0.59 0.68 2.14 -0.021 -0.059 0.64 7.03 0.4737 0.1152 0.0041 23.1 PPC 09 0.08 0.55 0.63 1.72 0.0791 0.23 0.59 7.07 0.3602 0.0877 0.0033 7.1 PPC 10 0.08 0.60 0.68 2.10 0.0004 0.001 0.59 7.06 0.2977 -0.0172 0.0028 8.9 PPC 11 0.10 0.65 0.75 2.99 0.0003 0.0012 0.59 7.07 0.2368 0.0220 0.0023 18.7 PPC 12 0.12 0.53 0.65 1.90 0.0423 0.142 0.57 7.08 0.1744 0.0235 0.0018 9.1 VCF 08 0.10 0.02 0.12 0.14 0.2692 0.3075 8.50 5.59 0.0909 0.0303 0.0443 23.1 VCF 09 0.06 0.03 0.09 0.10 0.3082 0.3446 6.70 5.69 0.0628 0.2591 0.0352 7.1 VCF 10 0.17 0.04 0.21 0.26 0.2646 0.3148 8.50 5.86 0.0452 0.4823 0.0238 8.9 VCF 11 0.11 0.00 0.11 0.13 0.2729 0.3237 7.46 5.91 0.0414 0.1218 0.0212 18.7 VCF 12 0.15 0.01 0.16 0.18 0.3057 0.3546 5.40 6.05 0.1282 0.3852 0.0149 9.1 SSI 08 0.17 0.14 0.31 0.44 0.0334 0.063 0.50 6.75 0.0068 -0.3996 0.0222 23.1 SSI 09 0.26 0.05 0.31 0.46 0.1266 0.1839 0.37 6.85 0.0048 0.2591 0.0182 7.1 SSI 10 0.35 0.02 0.37 0.60 0.0868 0.1336 0.68 6.94 0.0046 0.2425 0.0147 8.9 SSI 11 0.18 0.03 0.21 0.27 0.0103 0.015 0.93 6.81 0.0055 -0.2599 0.0198 18.7 SSI 12 0.34 0.00 0.34 0.52 0.0641 0.0904 0.76 6.90 0.0030 0.2264 0.0152 9.1 DHG 08 0.34 0.01 0.35 0.55 0.1273 0.1913 1.51 6.03 0.0987 0.1481 0.1083 23.1 DHG 09 0.29 0.04 0.33 0.49 0.2743 0.4167 1.42 6.18 0.0781 0.4069 0.0742 7.1 DHG 10 0.28 0.01 0.29 0.41 0.2281 0.3317 1.19 6.26 0.0922 0.1956 0.0703 8.9 DHG 11 0.27 0.03 0.30 0.44 0.2178 0.3122 2.62 6.30 0.1279 0.0967 0.0789 18.7 DHG 12 0.27 0.01 0.28 0.40 0.2222 0.3166 2.21 6.38 0.1176 0.1917 0.0702 9.1 REE 08 0.15 0.05 0.20 0.24 -0.056 -0.071 0.62 6.42 0.0076 -0.0978 0.0046 23.1 REE 09 0.23 0.03 0.26 0.36 0.1443 0.1899 0.47 6.53 0.0053 0.2966 0.0042 7.1 REE 10 0.39 0.02 0.41 0.70 0.0868 0.1351 0.73 6.70 0.0032 0.4672 0.0027 8.9 REE 11 0.24 0.03 0.27 0.37 0.1001 0.1518 0.90 6.72 0.0027 0.0676 0.0024 18.7 REE 12 0.24 0.12 0.36 0.56 0.1107 0.1625 0.73 6.82 0.0034 0.2411 0.0025 9.1 HSG 08 0.47 0.16 0.63 1.70 0.0458 0.1154 1.20 6.28 0.4187 0.1123 0.0887 23.1 HSG 09 0.50 0.16 0.66 1.91 0.1818 0.514 0.71 6.50 0.2385 0.6894 0.0582 7.1 A1 - 2 17 18 19 20 21 22 23 24 HSG 10 0.51 0.12 0.63 1.69 0.0232 0.0643 0.86 6.67 0.2647 0.4682 0.0578 8.9 HSG 11 0.54 0.15 0.69 2.21 0.0429 0.127 0.66 6.78 0.3775 0.2926 0.0401 18.7 HSG 12 0.48 0.14 0.62 1.61 0.0692 0.2007 0.75 6.73 0.4020 -0.1198 0.0445 9.1 GMD 08 0.17 0.26 0.43 0.79 0.0086 0.0141 0.33 6.62 0.3168 0.2600 0.0027 23.1 GMD 09 0.18 0.23 0.41 0.75 0.0747 0.1373 0.30 6.65 0.3371 0.0894 0.0064 7.1 GMD 10 0.16 0.21 0.37 0.60 0.0374 0.0642 0.44 6.82 0.2866 0.4504 0.0072 8.9 GMD 11 0.20 0.15 0.35 0.56 0.0009 0.0015 0.46 6.84 0.2653 0.0498 0.0067 18.7 GMD 12 0.16 0.16 0.32 0.50 0.0152 0.024 0.46 6.83 0.2558 -0.0068 0.0130 9.1 DRC 08 0.49 0.16 0.65 1.84 0.0864 0.244 1.02 5.79 0.2546 0.0515 0.0053 23.1 DRC 09 0.23 0.06 0.29 0.41 0.562 1.0155 0.80 5.89 0.2646 0.2775 0.0042 7.1 DRC 10 0.27 0.04 0.31 0.45 0.2122 0.3041 1.18 6.03 0.1737 0.3556 0.0025 8.9 DRC 11 0.34 0.12 0.46 0.85 0.1472 0.2456 1.17 6.21 0.0951 0.5238 0.0013 18.7 DRC 12 0.22 0.31 0.53 1.12 0.1523 0.3049 1.16 6.39 0.0712 0.5282 0.0006 9.1 VSH 08 0.05 0.09 0.14 0.16 0.1501 0.1781 0.70 6.40 0.5726 0.0097 0.0000 23.1 VSH 09 0.03 0.09 0.12 0.14 0.1479 0.17 1.00 6.41 0.4957 0.0393 0.0000 7.1 VSH 10 0.09 0.11 0.20 0.25 0.1078 0.1288 0.88 6.48 0.3769 0.1735 0.0000 8.9 VSH 11 0.22 0.08 0.30 0.43 0.1032 0.1378 0.76 6.52 0.3171 0.1046 0.0000 18.7 VSH 12 0.21 0.07 0.28 0.38 0.0696 0.0976 0.76 6.53 0.2914 0.0110 0.0000 9.1 PHR 08 0.55 0.07 0.62 1.65 0.1077 0.2564 1.39 6.26 0.3415 0.1778 0.0000 23.1 PHR 09 0.43 0.29 0.72 2.58 0.1065 0.3368 1.36 6.27 0.2869 0.0249 0.0000 7.1 PHR 10 0.33 0.17 0.50 1.00 0.1668 0.4063 1.10 6.36 0.2287 0.2334 0.0000 8.9 PHR 11 0.42 0.15 0.57 1.33 0.0896 0.1946 0.82 6.49 0.1855 0.3396 0.0000 18.7 PHR 12 0.40 0.02 0.42 0.72 0.0642 0.1269 0.82 6.49 0.1766 0.0041 0.0000 9.1 DPR 08 0.31 0.04 0.35 0.53 0.2148 0.347 2.11 6.02 0.3983 -0.0781 0.0000 23.1 DPR 09 0.26 0.03 0.29 0.42 0.184 0.2722 1.79 6.10 0.3072 0.1925 0.0000 7.1 DPR 10 0.22 0.03 0.25 0.34 0.2697 0.3762 1.43 6.22 0.2189 0.3448 0.0000 8.9 DPR 11 0.14 0.06 0.20 0.26 0.3909 0.5116 0.97 6.39 0.1602 0.4499 0.0000 18.7 DPR 12 0.13 0.07 0.20 0.26 0.2056 0.2639 0.85 6.45 0.1834 0.1609 0.0000 9.1 IJC 08 0.28 0.14 0.42 0.73 0.1072 0.1682 0.47 6.00 0.6214 0.2668 0.0012 23.1 IJC 09 0.18 0.17 0.35 0.55 0.0956 0.1563 0.48 6.02 0.5843 0.0291 0.0011 7.1 IJC 10 0.63 0.17 0.80 4.02 0.0843 0.2895 0.12 6.60 0.1460 2.8575 0.0003 8.9 IJC 11 0.14 0.14 0.28 0.40 0.0758 0.1614 0.55 6.64 0.1398 0.0979 0.0002 18.7 IJC 12 0.21 0.14 0.35 0.53 0.0408 0.0596 0.63 6.66 0.1338 0.0511 0.0001 9.1 POM 08 0.66 0.02 0.68 2.15 0.2872 1.2537 0.38 6.23 0.1662 0.1892 0.0000 23.1 POM 09 0.47 0.16 0.63 1.90 0.1313 0.4001 0.35 6.78 0.2734 2.5658 0.0000 7.1 POM 10 0.53 0.10 0.63 1.71 0.0963 0.2736 0.32 6.88 0.2142 0.2764 0.0016 8.9 POM 11 0.49 0.18 0.67 2.04 0.0495 0.1424 0.28 6.94 0.1802 0.1317 0.0109 18.7 POM 12 0.54 0.17 0.71 2.40 0.0005 0.0017 0.27 6.94 0.3985 0.0152 0.0106 9.1 BMP 08 0.14 0.00 0.14 0.16 0.1803 0.2108 1.99 5.75 0.3297 0.1372 0.0546 23.1 BMP 09 0.18 0.00 0.18 0.22 0.3595 0.4288 2.81 5.92 0.2832 0.4562 0.0390 7.1 BMP 10 0.13 0.00 0.13 0.15 0.3048 0.3599 2.37 5.99 0.2324 0.1916 0.0319 8.9 BMP 11 0.10 0.00 0.10 0.11 0.2742 0.3097 1.99 6.07 0.2174 0.1877 0.0262 18.7 A1 - 3 25 26 27 28 29 30 31 32 33 BMP 12 0.10 0.00 0.10 0.12 0.2785 0.3103 1.63 6.15 0.1717 0.2196 0.0210 9.1 HVG 08 0.43 0.00 0.43 0.78 0.077 0.1222 0.56 6.43 0.0878 0.7389 0.0299 23.1 HVG 09 0.51 0.02 0.53 1.17 0.0994 0.2006 0.49 6.58 0.1325 0.3929 0.0215 7.1 HVG 10 0.57 0.02 0.59 1.74 0.0477 0.1237 0.38 6.73 0.1670 0.4243 0.0283 8.9 HVG 11 0.59 0.01 0.60 1.81 0.0715 0.2137 0.32 6.80 0.1274 0.1683 0.0224 18.7 HVG 12 0.59 0.01 0.60 1.75 0.0411 0.1221 0.38 6.81 0.1181 0.0152 0.0251 9.1 CII 08 0.11 0.46 0.57 1.46 0.0713 0.1705 0.41 6.30 0.0011 0.1757 0.2001 23.1 CII 09 0.09 0.42 0.51 1.06 0.1399 0.3171 0.40 6.40 0.0278 0.2451 0.1294 7.1 CII 10 0.15 0.44 0.59 1.48 0.1248 0.2887 0.43 6.55 0.0007 0.4130 0.0828 8.9 CII 11 0.18 0.57 0.75 3.08 0.0363 0.1185 0.31 6.70 0.0019 0.4130 0.0396 18.7 CII 12 0.27 0.48 0.75 3.37 0.0716 0.3096 0.36 6.82 0.0119 0.3276 0.0280 9.1 SBT 08 0.16 0.02 0.18 0.22 0.0468 0.0533 1.23 6.25 0.4316 0.0294 0.0021 23.1 SBT 09 0.09 0.02 0.11 0.12 0.1163 0.1357 1.16 6.27 0.3766 0.0453 0.0013 7.1 SBT 10 0.07 0.02 0.09 0.09 0.1816 0.2008 1.09 6.29 0.3189 0.0601 0.0011 8.9 SBT 11 0.21 0.01 0.22 0.29 0.2595 0.3086 0.93 6.36 0.2484 0.1783 0.0188 18.7 SBT 12 0.34 0.02 0.36 0.55 0.1498 0.2121 0.81 6.42 0.2050 0.1425 0.0162 9.1 HCM 08 0.10 0.01 0.11 0.12 0.0168 0.0239 0.72 6.17 0.0053 0.1188 0.0048 23.1 HCM 09 0.26 0.00 0.26 0.35 0.1559 0.1937 0.41 6.32 0.0039 0.4126 0.0038 7.1 HCM 10 0.37 0.00 0.37 0.59 0.079 0.1162 0.52 6.40 0.0063 0.2084 0.0033 8.9 HCM 11 0.15 0.08 0.23 0.30 0.0755 0.1075 0.83 6.42 0.0046 0.0409 0.0014 18.7 HCM 12 0.29 0.03 0.32 0.48 0.0846 0.1176 0.70 6.51 0.0031 0.2172 0.0006 9.1 MPC 08 0.47 0.09 0.56 1.36 -0.019 -0.041 0.88 6.36 0.1094 0.0689 0.0044 23.1 MPC 09 0.38 0.11 0.49 1.00 0.1066 0.2359 0.90 6.35 0.1329 -0.0196 0.0046 7.1 MPC 10 0.45 0.19 0.64 1.86 0.1001 0.2525 0.51 6.59 0.0902 0.7525 0.0057 8.9 MPC 11 0.56 0.18 0.74 3.06 0.0539 0.1915 0.32 6.80 0.2092 0.6241 0.0090 18.7 MPC 12 0.65 0.13 0.78 3.73 0.0027 0.0118 0.32 6.80 0.2060 -0.0088 0.0158 9.1 KBC 08 0.36 0.05 0.41 0.72 0.07 0.1145 0.34 6.68 0.0019 0.4770 0.0000 23.1 KBC 09 0.24 0.36 0.60 1.57 0.0898 0.1996 0.17 6.93 0.0060 0.7975 0.0000 7.1 KBC 10 0.21 0.33 0.54 1.42 0.1094 0.2859 0.19 7.06 0.0078 0.3311 0.0000 8.9 KBC 11 0.24 0.32 0.56 1.50 0.0031 0.0081 0.18 7.08 0.0126 0.0445 0.0000 18.7 KBC 12 0.23 0.36 0.59 1.75 -0.037 -0.104 0.18 7.07 0.0125 -0.0141 0.0000 9.1 PNJ 08 0.38 0.05 0.43 0.79 0.081 0.1357 0.49 6.23 0.0512 0.1888 0.1191 23.1 PNJ 09 0.43 0.06 0.49 1.00 0.1103 0.2147 0.54 6.31 0.0506 0.2035 0.1038 7.1 PNJ 10 0.50 0.06 0.56 1.33 0.0944 0.208 0.66 6.39 0.0393 0.2165 0.0784 8.9 PNJ 11 0.33 0.27 0.60 1.57 0.0954 0.2362 0.56 6.47 0.0391 0.1883 0.0954 18.7 PNJ 12 0.44 0.07 0.51 1.05 0.093 0.2145 0.78 6.41 0.0556 -0.1315 0.1099 9.1 CSM 08 0.63 0.13 0.76 3.23 0.0084 0.0333 0.55 6.06 0.2551 0.1714 0.0113 23.1 CSM 09 0.44 0.08 0.52 1.09 0.2513 0.7026 0.69 6.07 0.2517 0.0097 0.0100 7.1 CSM 10 0.39 0.04 0.43 0.75 0.1202 0.229 1.14 6.07 0.2254 0.0163 0.0090 8.9 CSM 11 0.49 0.10 0.59 1.46 0.029 0.0607 0.89 6.18 0.1570 0.2892 0.0063 18.7 CSM 12 0.37 0.11 0.48 0.91 0.1507 0.3202 1.02 6.27 0.0984 0.2129 0.0861 9.1 DIG 08 0.63 0.11 0.74 3.04 0.0974 0.4008 0.17 6.43 0.0770 0.1568 0.0086 23.1 A1 - 4 34 35 36 37 38 39 40 41 DIG 09 0.23 0.12 0.35 0.55 0.1823 0.3896 0.23 6.56 0.0583 0.3438 0.0063 7.1 DIG 10 0.23 0.18 0.41 0.72 0.1147 0.1903 0.28 6.63 0.0551 0.1725 0.0023 8.9 DIG 11 0.26 0.22 0.48 0.96 0.0282 0.0528 0.32 6.68 0.0910 0.1393 0.0020 18.7 DIG 12 0.25 0.25 0.50 1.03 0.0049 0.01 0.30 6.71 0.0831 0.0571 0.0019 9.1 TRA 08 0.27 0.01 0.28 0.40 0.1207 0.1846 2.91 5.56 0.0980 -0.1102 0.0355 23.1 TRA 09 0.34 0.01 0.35 0.54 0.1334 0.1958 3.31 5.61 0.1059 0.1303 0.0377 7.1 TRA 10 0.39 0.01 0.40 0.66 0.1345 0.2161 2.78 5.76 0.0995 0.4252 0.0289 8.9 TRA 11 0.44 0.04 0.48 1.01 0.1251 0.2367 1.94 5.92 0.1835 0.4484 0.0354 18.7 TRA 12 0.47 0.00 0.47 1.01 0.1288 0.2733 1.67 5.99 0.1747 0.1551 0.0294 9.1 SJS 08 0.20 0.08 0.28 0.39 0.0729 0.0947 0.39 6.20 0.0116 0.0284 0.0018 23.1 SJS 09 0.25 0.16 0.41 0.70 0.3073 0.4856 0.42 6.48 0.0081 0.8845 0.0008 7.1 SJS 10 0.37 0.14 0.51 1.05 0.1224 0.2324 0.36 6.65 0.0067 0.4899 0.0000 8.9 SJS 11 0.25 0.38 0.63 1.71 -0.017 -0.041 0.31 6.70 0.0200 0.1268 0.0024 18.7 SJS 12 0.41 0.31 0.72 2.59 -0.057 -0.18 0.32 6.74 0.0149 0.0953 0.0021 9.1 TRC 08 0.19 0.05 0.24 0.31 0.2683 0.4067 2.25 5.82 0.3881 -0.1915 0.0000 23.1 TRC 09 0.15 0.06 0.21 0.26 0.225 0.2883 1.92 5.90 0.3285 0.1970 0.0000 7.1 TRC 10 0.25 0.02 0.27 0.37 0.2975 0.3935 1.41 6.02 0.2443 0.3339 0.0017 8.9 TRC 11 0.22 0.01 0.23 0.31 0.4078 0.5438 1.02 6.17 0.1759 0.3946 0.0000 18.7 TRC 12 0.12 0.01 0.13 0.14 0.2313 0.282 1.01 6.17 0.1650 0.0141 0.0012 9.1 PDR 08 0.14 0.47 0.61 1.56 0.0048 0.0129 0.53 6.53 0.0019 1.0402 0.0640 23.1 PDR 09 0.49 0.12 0.61 1.54 0.041 0.1045 0.40 6.57 0.0016 0.1015 0.0608 7.1 PDR 10 0.26 0.33 0.59 1.45 0.0869 0.2168 0.40 6.58 0.0018 0.0230 0.0588 8.9 PDR 11 0.15 0.54 0.69 2.26 0.0016 0.0045 0.34 6.67 0.0008 0.2117 0.0255 18.7 PDR 12 0.20 0.53 0.73 2.64 0.001 0.0035 0.29 6.71 0.0006 0.1184 0.0228 9.1 CTD 08 0.22 0.00 0.22 0.29 0.1357 0.1701 0.38 6.06 0.0360 0.1935 0.0150 23.1 CTD 09 0.38 0.00 0.38 0.61 0.1558 0.2288 0.38 6.25 0.0535 0.5327 0.0096 7.1 CTD 10 0.37 0.00 0.37 0.59 0.1268 0.2031 0.55 6.30 0.0869 0.1385 0.0401 8.9 CTD 11 0.41 0.01 0.42 0.71 0.0943 0.156 0.47 6.39 0.0678 0.2192 0.0364 18.7 CTD 12 0.42 0.00 0.42 0.74 0.072 0.1243 0.42 6.56 0.0384 0.4689 0.0244 9.1 DVP 08 0.12 0.23 0.35 0.54 0.1373 0.1921 4.18 5.52 0.6996 0.2561 0.0001 23.1 DVP 09 0.15 0.20 0.35 0.54 0.214 0.33 3.02 5.66 0.4609 0.3883 0.0001 7.1 DVP 10 0.10 0.12 0.22 0.28 0.2934 0.4088 2.71 5.70 0.3582 0.0936 0.0000 8.9 DVP 11 0.19 0.17 0.36 0.57 0.252 0.3613 1.99 5.84 0.2037 0.3865 0.0000 18.7 DVP 12 0.16 0.15 0.31 0.44 0.2527 0.379 1.72 5.90 0.3497 0.1290 0.0026 9.1 VHC 08 0.48 0.18 0.66 2.04 0.0846 0.2037 0.66 6.08 0.3713 0.7963 0.0290 23.1 VHC 09 0.41 0.14 0.55 1.28 0.1415 0.3705 0.58 6.18 0.3395 0.2478 0.0230 7.1 VHC 10 0.41 0.05 0.46 0.89 0.1282 0.2697 0.69 6.26 0.2896 0.2017 0.0265 8.9 VHC 11 0.43 0.03 0.46 0.89 0.1865 0.3619 0.52 6.38 0.2028 0.3214 0.0261 18.7 VHC 12 0.54 0.00 0.54 1.26 0.0768 0.1636 0.41 6.49 0.1709 0.2766 0.0257 9.1 PGD 08 0.30 0.00 0.30 0.43 0.3289 0.5566 1.56 5.80 0.1278 -0.1370 0.0001 23.1 PGD 09 0.33 0.00 0.33 0.49 0.2841 0.4149 1.28 5.88 0.0951 0.2183 0.0000 7.1 PGD 10 0.27 0.00 0.27 0.36 0.249 0.3523 1.30 5.99 0.0645 0.2782 0.0001 8.9 A1 - 5 42 43 44 45 46 47 48 49 PGD 11 0.49 0.00 0.49 0.97 0.2245 0.3806 0.74 6.24 0.0325 0.7680 0.0006 18.7 PGD 12 0.51 0.00 0.51 1.06 0.1207 0.2434 0.62 6.31 0.1352 0.1857 0.0224 9.1 PET 08 0.64 0.01 0.65 1.83 0.0524 0.1313 0.57 6.20 0.0615 0.3576 0.0643 23.1 PET 09 0.71 0.02 0.73 3.06 0.0491 0.1771 0.33 6.49 0.0447 0.9363 0.0331 7.1 PET 10 0.73 0.01 0.74 2.96 0.0499 0.2027 0.29 6.64 0.0347 0.4161 0.0271 8.9 PET 11 0.67 0.02 0.69 2.33 0.0672 0.2465 0.32 6.61 0.0561 -0.0618 0.0287 18.7 PET 12 0.68 0.01 0.69 2.37 0.0448 0.1531 0.30 6.63 0.0404 0.0380 0.0280 9.1 BCI 08 0.35 0.13 0.48 1.11 0.0507 0.1169 0.34 6.39 0.0175 -0.0022 0.0001 23.1 BCI 09 0.21 0.34 0.55 1.39 0.0755 0.1829 0.28 6.48 0.0140 0.2244 0.0001 7.1 BCI 10 0.21 0.29 0.50 1.12 0.0822 0.1936 0.29 6.59 0.0094 0.2734 0.0001 8.9 BCI 11 0.28 0.27 0.55 1.37 0.0202 0.0475 0.27 6.63 0.0071 0.1149 0.0001 18.7 BCI 12 0.15 0.32 0.47 0.94 0.044 0.0981 0.31 6.55 0.0067 -0.1685 0.0001 9.1 VNS 08 0.07 0.36 0.43 0.76 0.0686 0.1035 0.65 5.97 0.5594 0.3806 0.0000 23.1 VNS 09 0.04 0.42 0.46 0.84 0.0954 0.1723 0.54 6.12 0.6326 0.3880 0.0000 7.1 VNS 10 0.10 0.43 0.53 1.14 0.1169 0.2343 0.61 6.25 0.8312 0.3452 0.0001 8.9 VNS 11 0.10 0.42 0.52 1.08 0.075 0.1588 0.60 6.25 0.7832 0.0149 0.0000 18.7 VNS 12 0.10 0.37 0.47 0.90 0.0847 0.1688 0.60 6.25 0.8296 -0.0032 0.0004 9.1 ELC 08 0.71 0.01 0.72 2.55 0.0941 0.3789 0.54 5.64 0.0444 0.2405 0.0063 23.1 ELC 09 0.69 0.03 0.72 2.55 0.1598 0.5675 0.46 5.84 0.0196 0.5703 0.0145 7.1 ELC 10 0.50 0.02 0.52 1.08 0.1845 0.4536 0.66 6.06 0.0167 0.6770 0.0093 8.9 ELC 11 0.46 0.02 0.48 0.93 0.0998 0.1996 0.67 6.06 0.0295 -0.0133 0.0088 18.7 ELC 12 0.27 0.01 0.28 0.39 0.1117 0.1836 1.02 5.97 0.1069 -0.1758 0.0119 9.1 PVT 08 0.41 0.32 0.73 5.73 0.0181 0.0916 0.06 6.77 0.4315 2.3359 0.4315 23.1 PVT 09 0.24 0.43 0.67 2.96 0.0014 0.008 0.10 6.81 0.5801 0.0872 0.5801 7.1 PVT 10 0.19 0.41 0.60 1.99 0.0106 0.0397 0.13 6.89 0.5799 0.2150 0.5799 8.9 PVT 11 0.19 0.44 0.63 2.21 0.0032 0.011 0.13 6.90 0.5174 0.0345 0.5174 18.7 PVT 12 0.20 0.38 0.58 1.78 0.0137 0.0449 0.13 6.90 0.4412 -0.0121 0.4412 9.1 VSC 08 0.30 0.04 0.34 0.52 0.2625 0.3874 0.91 5.64 0.3301 0.2293 0.0005 23.1 VSC 09 0.28 0.05 0.33 0.50 0.2857 0.4307 0.77 5.81 0.3766 0.4772 0.0002 7.1 VSC 10 0.32 0.01 0.33 0.50 0.2464 0.3699 0.61 5.91 0.2945 0.2537 0.0065 8.9 VSC 11 0.25 0.00 0.25 0.33 0.2289 0.3228 1.16 5.93 0.2153 0.0559 0.0061 18.7 VSC 12 0.25 0.03 0.28 0.39 0.2392 0.3265 0.95 6.02 0.3236 0.2306 0.0100 9.1 HT1 08 0.30 0.53 0.83 4.79 0.0193 0.0802 0.08 6.75 0.0626 1.3778 0.0152 23.1 HT1 09 0.18 0.66 0.84 5.22 0.0249 0.1498 0.08 6.86 0.1908 0.2864 0.0118 7.1 HT1 10 0.27 0.58 0.85 5.46 0.0063 0.0403 0.09 7.07 0.6642 0.6260 0.0099 8.9 HT1 11 0.36 0.50 0.86 6.27 -7E-04 -0.005 0.08 7.11 0.5723 0.0939 0.0090 18.7 HT1 12 0.30 0.56 0.86 6.06 0.0007 0.005 0.08 7.12 0.7564 0.0304 0.0085 9.1 SAM 08 0.03 0.00 0.03 0.03 -0.028 -0.033 0.21 6.36 0.0497 -0.2595 0.0055 23.1 SAM 09 0.07 0.00 0.07 0.08 0.0937 0.0992 0.18 6.43 0.0379 0.1704 0.0045 7.1 SAM 10 0.06 0.00 0.06 0.07 0.0447 0.0482 0.18 6.42 0.0405 -0.0193 0.0008 8.9 SAM 11 0.14 0.00 0.14 0.16 -0.07 -0.079 0.36 6.42 0.0366 0.0083 0.0007 18.7 SAM 12 0.12 0.01 0.13 0.16 0.0391 0.0462 0.35 6.44 0.0617 0.0449 0.0006 9.1 A1 - 6 50 51 52 53 54 55 56 57 58 TDC 08 0.83 0.00 0.83 4.86 0.081 0.451 0.11 5.93 0.0018 0.9361 0.0105 23.1 TDC 09 0.72 0.00 0.72 2.59 0.0756 0.3307 0.19 6.00 0.0005 0.1592 0.0089 7.1 TDC 10 0.70 0.09 0.79 3.80 0.0692 0.2951 0.11 6.23 0.0892 0.6902 0.0068 8.9 TDC 11 0.48 0.05 0.53 1.15 0.0863 0.2365 0.35 6.43 0.0582 0.6037 0.0030 18.7 TDC 12 0.58 0.06 0.64 1.87 0.0518 0.1307 0.29 6.54 0.0680 0.2926 0.0028 9.1 ALP 08 0.25 0.01 0.26 0.37 0.0242 0.0349 0.17 5.98 0.0816 0.0243 0.0050 23.1 ALP 09 0.38 0.01 0.39 0.71 0.0382 0.0619 0.16 6.08 0.0796 0.2545 0.0087 7.1 ALP 10 0.37 0.08 0.45 0.95 0.05 0.0988 0.12 6.19 0.0580 0.2975 0.0066 8.9 ALP 11 0.35 0.03 0.38 0.70 0.0114 0.0225 0.18 6.19 0.0229 -0.0025 0.0035 18.7 ALP 12 0.36 0.02 0.38 0.67 -0.058 -0.103 0.23 6.54 0.0338 1.2512 0.0431 9.1 TMP 08 0.15 0.36 0.51 1.04 0.0448 0.0614 0.58 6.20 0.7340 0.0689 0.0000 23.1 TMP 09 0.10 0.33 0.43 0.75 0.1133 0.2139 0.62 6.17 0.6983 -0.0638 0.0067 7.1 TMP 10 0.09 0.32 0.41 0.69 0.0168 0.0289 0.70 6.12 0.6913 -0.1149 0.0076 8.9 TMP 11 0.13 0.26 0.39 0.63 0.0564 0.0937 0.69 6.12 0.5929 0.0020 0.0074 18.7 TMP 12 0.14 0.23 0.37 0.60 0.105 0.1715 0.63 6.17 0.5713 0.1078 0.0091 9.1 TBC 08 0.07 0.00 0.07 0.07 0.2018 0.2166 1.03 5.93 0.6092 0.1241 0.0235 23.1 TBC 09 0.05 0.04 0.09 0.10 0.1513 0.1644 1.01 5.94 0.5530 0.0146 0.0231 7.1 TBC 10 0.07 0.03 0.10 0.11 0.0623 0.0688 1.00 5.94 0.5032 -0.0008 0.0229 8.9 TBC 11 0.04 0.01 0.05 0.05 0.0885 0.0956 1.03 5.93 0.6523 -0.0160 0.0235 18.7 TBC 12 0.04 0.00 0.04 0.04 0.1454 0.152 0.94 5.96 0.5890 0.0682 0.0215 9.1 OPC 08 0.07 0.00 0.07 0.08 0.1252 0.1357 2.25 5.41 0.2551 0.0583 0.0492 23.1 OPC 09 0.26 0.04 0.30 0.43 0.1539 0.1944 1.49 5.59 0.1522 0.5017 0.0328 7.1 OPC 10 0.15 0.12 0.27 0.36 0.1285 0.1791 1.43 5.60 0.1351 0.0406 0.0317 8.9 OPC 11 0.20 0.14 0.34 0.53 0.1163 0.1682 1.83 5.67 0.4122 0.1644 0.0267 18.7 OPC 12 0.27 0.05 0.32 0.46 0.1155 0.1725 1.81 5.70 0.4149 0.0669 0.0245 9.1 QCG 08 0.67 0.03 0.70 2.39 0.005 0.0182 0.11 6.33 0.0075 0.3464 0.0223 23.1 QCG 09 0.63 0.08 0.71 2.52 0.0517 0.1804 0.09 6.42 0.0067 0.2341 0.0181 7.1 QCG 10 0.33 0.19 0.52 1.13 0.0691 0.1745 0.16 6.71 0.0051 0.9484 0.0093 8.9 QCG 11 0.23 0.31 0.54 1.33 -0.008 -0.018 0.15 6.74 0.0035 0.0720 0.0087 18.7 QCG 12 0.29 0.30 0.59 1.64 0.0013 0.0034 0.14 6.80 0.0482 0.1517 0.0075 9.1 HRC 08 0.16 0.01 0.17 0.20 0.2215 0.266 2.14 5.59 0.1333 -0.0476 0.0037 23.1 HRC 09 0.13 0.02 0.15 0.18 0.1591 0.1898 1.93 5.64 0.0907 0.1266 0.0035 7.1 HRC 10 0.16 0.02 0.18 0.22 0.2028 0.2442 1.67 5.70 0.0649 0.1497 0.0029 8.9 HRC 11 0.21 0.05 0.26 0.36 0.2283 0.2955 1.35 5.79 0.0513 0.2357 0.0022 18.7 HRC 12 0.14 0.12 0.26 0.36 0.1391 0.1888 1.28 5.82 0.0653 0.0586 0.0020 9.1 NTL 08 0.73 0.00 0.73 2.72 0.076 0.2233 0.23 5.98 0.0061 0.4627 0.0006 23.1 NTL 09 0.48 0.04 0.52 1.10 0.3677 0.9617 0.19 6.07 0.0071 0.2127 0.0005 7.1 NTL 10 0.53 0.02 0.55 1.26 0.3488 0.7764 0.20 6.33 0.0121 0.8226 0.0002 8.9 NTL 11 0.57 0.01 0.58 1.45 0.0458 0.1098 0.41 6.31 0.0183 -0.0401 0.0002 18.7 NTL 12 0.44 0.02 0.46 0.88 0.0379 0.083 0.50 6.23 0.0285 -0.1757 0.0003 9.1 BTP 08 0.14 0.44 0.58 1.41 0.0833 0.2295 0.41 6.32 0.4763 -0.0573 0.0006 23.1 BTP 09 0.18 0.43 0.61 1.56 0.025 0.0619 0.41 6.32 0.4006 -0.0091 0.0005 7.1 A1 - 7 59 60 61 62 63 64 65 66 BTP 10 0.18 0.41 0.59 1.44 0.0108 0.027 0.41 6.32 0.3250 -0.0043 0.0003 8.9 BTP 11 0.15 0.41 0.56 1.27 0.0307 0.0723 0.42 6.30 0.2578 -0.0249 0.0002 18.7 BTP 12 0.23 0.33 0.56 1.28 0.0643 0.1461 0.38 6.34 0.1631 0.0905 0.0001 9.1 TAC 08 0.44 0.11 0.55 1.22 0.0155 0.0353 1.06 5.84 0.1969 -0.1793 0.0301 23.1 TAC 09 0.43 0.12 0.55 1.21 0.0346 0.0765 1.12 5.81 0.3386 -0.0579 0.0304 7.1 TAC 10 0.55 0.06 0.61 1.55 0.1102 0.2645 0.76 5.98 0.2402 0.4589 0.0194 8.9 TAC 11 0.63 0.03 0.66 1.93 0.0255 0.0699 0.70 6.01 0.2110 0.0920 0.0256 18.7 TAC 12 0.62 0.00 0.62 1.65 0.0628 0.1748 0.72 6.00 0.2088 -0.0283 0.0251 9.1 NSC 08 0.28 0.01 0.29 0.40 0.1759 0.262 2.07 5.31 0.0594 0.7069 0.0062 23.1 NSC 09 0.30 0.00 0.30 0.43 0.1482 0.2101 2.45 5.39 0.1509 0.2148 0.0038 7.1 NSC 10 0.32 0.00 0.32 0.47 0.1572 0.2286 1.98 5.48 0.1479 0.2270 0.0100 8.9 NSC 11 0.40 0.00 0.40 0.67 0.1846 0.2927 1.69 5.56 0.1283 0.1966 0.0105 18.7 NSC 12 0.31 0.00 0.31 0.45 0.2054 0.322 1.95 5.59 0.1458 0.0844 0.0127 9.1 VFG 08 0.37 0.08 0.45 0.82 0.1004 0.1811 0.68 5.75 0.0210 0.3305 0.0266 23.1 VFG 09 0.32 0.07 0.39 0.64 0.1704 0.2933 0.65 5.81 0.0305 0.1341 0.0231 7.1 VFG 10 0.34 0.06 0.40 0.66 0.1396 0.231 0.71 5.85 0.0488 0.1172 0.0234 8.9 VFG 11 0.50 0.04 0.54 1.16 0.1383 0.2672 0.62 6.04 0.0462 0.5266 0.0162 18.7 VFG 12 0.48 0.04 0.52 1.07 0.0811 0.1712 0.58 6.06 0.0506 0.0621 0.0341 9.1 BMC 08 0.06 0.00 0.06 0.06 0.4123 0.4638 4.12 5.12 0.1480 0.3928 0.0001 23.1 BMC 09 0.14 0.07 0.21 0.26 0.1525 0.1769 3.53 5.18 0.3754 0.1544 0.0000 7.1 BMC 10 0.22 0.07 0.29 0.40 0.1447 0.1928 3.18 5.23 0.3109 0.1162 0.0000 8.9 BMC 11 0.24 0.03 0.27 0.37 0.4279 0.5916 2.09 5.41 0.1753 0.5186 0.0000 18.7 BMC 12 0.22 0.03 0.25 0.33 0.3269 0.4412 3.03 5.43 0.3906 0.0524 0.0000 9.1 HBC 08 0.40 0.09 0.49 1.07 0.0075 0.0148 0.21 6.07 0.1108 0.2375 0.0049 23.1 HBC 09 0.51 0.01 0.52 1.20 0.0387 0.0865 0.19 6.13 0.1646 0.1477 0.0043 7.1 HBC 10 0.62 0.02 0.64 1.83 0.0857 0.2233 0.14 6.28 0.1703 0.4328 0.0032 8.9 HBC 11 0.75 0.03 0.78 3.54 0.0573 0.2149 0.10 6.52 0.1288 0.7174 0.0018 18.7 HBC 12 0.78 0.05 0.83 4.93 0.0336 0.1769 0.15 6.66 0.0992 0.3942 0.0020 9.1 DTL 08 0.49 0.05 0.54 1.16 0.1383 0.4003 0.45 5.86 0.0476 0.0334 0.0820 23.1 DTL 09 0.54 0.01 0.55 1.20 0.1128 0.2468 0.34 6.17 0.0444 1.0233 0.0404 7.1 DTL 10 0.59 0.01 0.60 1.50 0.1091 0.2577 0.32 6.29 0.0335 0.3347 0.0321 8.9 DTL 11 0.53 0.05 0.58 1.37 0.086 0.2095 0.36 6.26 0.0365 -0.0803 0.0339 18.7 DTL 12 0.52 0.10 0.62 1.64 0.0071 0.0177 0.34 6.28 0.2473 0.0571 0.0313 9.1 DQC 08 0.45 0.12 0.57 1.33 0.0008 0.0018 0.29 6.20 0.0741 -0.0632 0.0164 23.1 DQC 09 0.54 0.01 0.55 1.25 0.0026 0.006 0.29 6.21 0.0656 0.0181 0.0172 7.1 DQC 10 0.54 0.01 0.55 1.23 0.026 0.0587 0.35 6.24 0.0482 0.0811 0.0156 8.9 DQC 11 0.53 0.03 0.56 1.31 0.0221 0.0506 0.33 6.26 0.0351 0.0570 0.0146 18.7 DQC 12 0.50 0.04 0.54 1.20 0.0276 0.0627 0.35 6.23 0.0306 -0.0633 0.0154 9.1 LSS 08 0.23 0.09 0.32 0.48 0.0756 0.1181 0.45 5.94 0.2524 -0.1233 0.0482 23.1 LSS 09 0.27 0.02 0.29 0.41 0.1698 0.2492 0.39 6.00 0.1932 0.1506 0.0028 7.1 LSS 10 0.19 0.04 0.23 0.31 0.2351 0.3195 0.33 6.19 0.1360 0.5531 0.0011 8.9 LSS 11 0.23 0.13 0.36 0.57 0.2198 0.3211 0.29 6.34 0.1088 0.4141 0.0047 18.7 A1 - 8 67 68 69 70 71 72 73 74 75 LSS 12 0.39 0.13 0.52 1.11 0.0148 0.0272 0.24 6.43 0.4124 0.2210 0.0068 9.1 CNG 08 0.15 0.22 0.37 0.60 -0.081 -0.123 2.02 4.99 0.6450 6.6988 0.0003 23.1 CNG 09 0.29 0.29 0.58 1.37 0.0902 0.1821 1.12 5.24 0.5971 0.7849 0.0001 7.1 CNG 10 0.24 0.11 0.35 0.54 0.3948 0.6873 1.00 5.56 0.4392 1.0679 0.0000 8.9 CNG 11 0.29 0.16 0.45 0.82 0.3821 0.6553 0.83 5.85 0.3530 0.9614 0.0000 18.7 CNG 12 0.27 0.12 0.39 0.64 0.1775 0.307 0.99 5.79 0.3074 -0.1156 0.0002 9.1 LIX 08 0.41 0.02 0.43 0.77 0.1782 0.3447 0.47 5.26 0.1015 0.2029 0.0046 23.1 LIX 09 0.32 0.01 0.33 0.49 0.4149 0.6572 0.51 5.47 0.0391 0.6173 0.0028 7.1 LIX 10 0.32 0.01 0.33 0.50 0.2226 0.3324 0.62 5.54 0.0233 0.1826 0.0023 8.9 LIX 11 0.38 0.01 0.39 0.64 0.171 0.2687 0.60 5.61 0.1719 0.1617 0.0020 18.7 LIX 12 0.38 0.01 0.39 0.65 0.1384 0.2278 0.58 5.66 0.1792 0.1243 0.0761 9.1 TLG 08 0.23 0.12 0.35 0.57 0.1541 0.2547 0.89 5.73 0.3189 0.4647 0.0438 23.1 TLG 09 0.30 0.07 0.37 0.62 0.1027 0.1704 0.78 5.78 0.2839 0.1185 0.0392 7.1 TLG 10 0.41 0.05 0.46 0.88 0.105 0.1888 0.63 5.88 0.2292 0.2477 0.0309 8.9 TLG 11 0.46 0.04 0.50 0.99 0.0946 0.1852 0.57 5.98 0.2209 0.2630 0.0237 18.7 TLG 12 0.40 0.03 0.43 0.74 0.1047 0.1945 0.68 5.98 0.1966 0.0134 0.0514 9.1 SJD 08 0.22 0.45 0.67 2.07 0.0301 0.0997 0.41 6.06 0.9381 -0.0598 0.0000 23.1 SJD 09 0.26 0.31 0.57 1.33 0.1012 0.2694 0.45 6.03 0.9275 -0.0659 0.0000 7.1 SJD 10 0.28 0.22 0.50 0.98 0.0674 0.1446 0.56 6.01 0.9095 -0.0288 0.0000 8.9 SJD 11 0.27 0.18 0.45 0.82 0.0882 0.1676 0.57 6.00 0.8760 -0.0271 0.0000 18.7 SJD 12 0.15 0.20 0.35 0.54 0.1533 0.2561 0.57 6.01 0.7866 0.0081 0.0000 9.1 HDG 08 0.67 0.01 0.68 2.39 0.0461 0.149 0.22 5.83 0.0344 0.5364 0.0000 23.1 HDG 09 0.63 0.01 0.64 1.95 0.2176 0.6946 0.13 6.08 0.0339 0.7648 0.0000 7.1 HDG 10 0.52 0.03 0.55 1.31 0.2029 0.538 0.16 6.17 0.0455 0.2274 0.0000 8.9 HDG 11 0.49 0.05 0.54 1.30 0.0726 0.1748 0.29 6.21 0.0470 0.1028 0.0000 18.7 HDG 12 0.54 0.07 0.61 1.71 0.0135 0.0351 0.33 6.26 0.0402 0.1251 0.0000 9.1 SSC 08 0.15 0.03 0.18 0.22 0.1861 0.2293 2.36 5.23 0.1250 0.0853 0.1686 23.1 SSC 09 0.23 0.02 0.25 0.33 0.2516 0.3226 1.78 5.37 0.0893 0.3734 0.1342 7.1 SSC 10 0.19 0.01 0.20 0.25 0.2021 0.2617 2.37 5.42 0.0938 0.1169 0.1193 8.9 SSC 11 0.27 0.00 0.27 0.38 0.2006 0.2659 1.93 5.50 0.1028 0.2133 0.1206 18.7 SSC 12 0.36 0.01 0.37 0.58 0.1843 0.2749 1.43 5.63 0.0722 0.3436 0.0890 9.1 EVE 08 0.30 0.00 0.30 0.43 0.2357 0.3714 0.71 5.36 0.2466 0.1412 0.1102 23.1 EVE 09 0.19 0.00 0.19 0.24 0.2646 0.3454 0.51 5.62 0.1555 0.8098 0.0501 7.1 EVE 10 0.12 0.02 0.14 0.17 0.1882 0.2251 0.46 5.83 0.1738 0.6063 0.0349 8.9 EVE 11 0.16 0.02 0.18 0.23 0.1985 0.2386 0.55 5.93 0.1595 0.2692 0.0251 18.7 EVE 12 0.18 0.02 0.20 0.25 0.0855 0.1059 0.62 5.95 0.3029 0.0584 0.0209 9.1 ABT 08 0.11 0.00 0.11 0.13 0.0563 0.0718 0.81 5.59 0.1035 -0.0709 0.0191 23.1 ABT 09 0.18 0.00 0.18 0.22 0.197 0.2321 0.81 5.73 0.0833 0.3906 0.0142 7.1 ABT 10 0.26 0.00 0.26 0.35 0.1649 0.2122 0.87 5.78 0.0714 0.1209 0.0123 8.9 ABT 11 0.18 0.00 0.18 0.22 0.1848 0.2385 1.09 5.68 0.0831 -0.2057 0.0150 18.7 ABT 12 0.26 0.00 0.26 0.34 0.1592 0.2038 1.02 5.71 0.0745 0.0795 0.0135 9.1 IMP 08 0.13 0.01 0.14 0.16 0.1 0.115 0.63 5.78 0.0757 0.0492 0.1211 23.1 A1 - 9 76 77 78 79 80 81 82 83 IMP 09 0.24 0.02 0.26 0.35 0.099 0.1241 0.51 5.86 0.0571 0.2265 0.0753 7.1 IMP 10 0.21 0.01 0.22 0.27 0.1086 0.1421 0.49 5.88 0.1928 0.0267 0.0743 8.9 IMP 11 0.14 0.00 0.14 0.17 0.0983 0.1196 0.58 5.92 0.1817 0.1021 0.0700 18.7 IMP 12 0.16 0.01 0.17 0.21 0.0919 0.1091 0.62 5.94 0.2173 0.0410 0.0705 9.1 TMS 08 0.11 0.03 0.14 0.16 0.1246 0.1456 0.67 5.35 0.4032 0.0612 0.0121 23.1 TMS 09 0.08 0.18 0.26 0.35 0.1093 0.1396 0.53 5.66 0.2775 1.0295 0.0060 7.1 TMS 10 0.05 0.28 0.33 0.50 0.0866 0.1237 0.53 5.78 0.3295 0.3034 0.0046 8.9 TMS 11 0.06 0.20 0.26 0.34 0.0712 0.1008 0.70 5.79 0.3798 0.0415 0.0047 18.7 TMS 12 0.16 0.08 0.24 0.31 0.1198 0.1591 0.74 5.88 0.2784 0.2122 0.0046 9.1 DMC 08 0.22 0.00 0.22 0.29 0.1033 0.1339 0.67 5.79 0.1605 0.0167 0.0357 23.1 DMC 09 0.27 0.02 0.29 0.41 0.1154 0.1562 0.75 5.85 0.1837 0.1583 0.0535 7.1 DMC 10 0.25 0.04 0.29 0.40 0.1121 0.1579 0.74 5.88 0.2364 0.0801 0.0498 8.9 DMC 11 0.29 0.02 0.31 0.45 0.1001 0.1428 0.67 5.92 0.2637 0.0876 0.0452 18.7 DMC 12 0.32 0.01 0.33 0.49 0.1072 0.1575 0.68 5.93 0.2658 0.0179 0.0450 9.1 VIS 08 0.33 0.32 0.65 2.46 0.1448 0.592 0.17 6.01 0.1453 0.2948 0.0000 23.1 VIS 09 0.34 0.37 0.71 2.41 0.1789 0.6364 0.11 6.18 0.0928 0.4647 0.0000 7.1 VIS 10 0.65 0.00 0.65 1.85 0.07 0.2164 0.20 6.22 0.0732 0.1071 0.0000 8.9 VIS 11 0.60 0.00 0.60 1.52 0.0183 0.0493 0.26 6.12 0.0661 -0.2047 0.0133 18.7 VIS 12 0.60 0.17 0.77 3.28 -0.009 -0.03 0.20 6.45 0.3194 1.1340 0.0094 9.1 BHS 08 0.19 0.26 0.45 0.81 -0.068 -0.122 0.52 5.78 0.2962 -0.1059 0.0135 23.1 BHS 09 0.38 0.14 0.52 1.06 0.1619 0.3161 0.35 5.95 0.2675 0.4782 0.0105 7.1 BHS 10 0.40 0.11 0.51 1.04 0.1536 0.3153 0.30 6.01 0.2172 0.1474 0.0134 8.9 BHS 11 0.49 0.08 0.57 1.34 0.1282 0.2817 0.39 6.11 0.1569 0.2626 0.0096 18.7 BHS 12 0.68 0.05 0.73 2.68 0.0703 0.2126 0.25 6.32 0.1465 0.6445 0.0050 9.1 ITC 08 0.55 0.06 0.61 1.57 0.0154 0.0393 0.06 6.50 0.0087 0.0330 0.0000 23.1 ITC 09 0.49 0.06 0.55 1.24 0.0358 0.086 0.06 6.47 0.0192 -0.0664 0.0000 7.1 ITC 10 0.22 0.07 0.29 0.42 0.0708 0.1238 0.19 6.44 0.0198 -0.0593 0.0000 8.9 ITC 11 0.28 0.07 0.35 0.53 -0.05 -0.073 0.20 6.44 0.0185 -0.0055 0.0000 18.7 ITC 12 0.24 0.09 0.33 0.50 0.0026 0.0039 0.20 6.43 0.0177 -0.0361 0.0000 9.1 DSN 08 0.06 0.00 0.06 0.07 0.2479 0.2655 4.84 4.99 0.2030 0.0164 0.1234 23.1 DSN 09 0.03 0.01 0.04 0.04 0.262 0.2764 5.10 4.98 0.1389 -0.0244 0.1119 7.1 DSN 10 0.11 0.00 0.11 0.12 0.3516 0.3818 4.00 5.07 0.0932 0.2229 0.0795 8.9 DSN 11 0.06 0.00 0.06 0.07 0.4159 0.4535 3.09 5.19 0.0437 0.3281 0.0509 18.7 DSN 12 0.07 0.00 0.07 0.08 0.3956 0.4235 2.75 5.24 0.0296 0.1107 0.0377 9.1 FDC 08 0.48 0.22 0.70 2.38 0.014 0.0619 0.35 5.90 0.0189 0.0459 0.0329 23.1 FDC 09 0.43 0.22 0.65 1.88 0.069 0.2153 0.40 5.89 0.0173 -0.0276 0.0338 7.1 FDC 10 0.41 0.19 0.60 1.55 0.0917 0.249 0.42 5.90 0.0504 0.0334 0.0332 8.9 FDC 11 0.29 0.14 0.43 0.77 0.0377 0.0804 0.64 5.83 0.0085 -0.1534 0.0185 18.7 FDC 12 0.18 0.22 0.40 0.66 0.0446 0.0768 0.65 5.82 0.0140 -0.0115 0.0190 9.1 KHP 08 0.17 0.54 0.71 2.39 0.0706 0.1987 0.25 5.90 0.6142 0.7030 0.0003 23.1 KHP 09 0.35 0.35 0.70 2.32 0.0611 0.205 0.29 5.93 0.4801 0.0631 0.0001 7.1 KHP 10 0.24 0.29 0.53 1.14 0.0932 0.2376 0.46 6.03 0.4168 0.2536 0.0001 8.9 A1 - 10 84 85 86 87 88 89 90 91 KHP 11 0.25 0.25 0.50 0.99 0.0709 0.1472 0.49 6.00 0.5249 -0.0647 0.0001 18.7 KHP 12 0.30 0.19 0.49 0.98 0.1066 0.2121 0.45 6.03 0.4193 0.0856 0.0000 9.1 PAC 08 0.38 0.01 0.39 0.63 0.164 0.3073 0.58 5.70 0.1153 0.1437 0.0032 23.1 PAC 09 0.34 0.04 0.38 0.61 0.2513 0.4069 0.55 5.83 0.1380 0.3241 0.0017 7.1 PAC 10 0.52 0.04 0.56 1.30 0.1469 0.2905 0.37 6.04 0.1023 0.6472 0.0269 8.9 PAC 11 0.53 0.01 0.54 1.16 0.0846 0.188 0.41 6.07 0.2399 0.0758 0.0244 18.7 PAC 12 0.54 0.00 0.54 1.16 0.055 0.1188 0.41 6.06 0.3218 -0.0350 0.0254 9.1 VTF 08 0.66 0.07 0.73 2.71 0.003 0.0093 0.58 5.57 0.3517 0.1652 0.0216 23.1 VTF 09 0.51 0.03 0.54 1.16 0.0804 0.2049 0.64 5.81 0.2062 0.7317 0.0121 7.1 VTF 10 0.62 0.00 0.62 1.66 0.0706 0.1711 0.47 5.94 0.1560 0.3735 0.0098 8.9 VTF 11 0.48 0.00 0.48 0.92 0.2005 0.4488 0.48 5.94 0.2284 -0.0214 0.0015 18.7 VTF 12 0.52 0.00 0.52 1.08 0.1365 0.2746 0.39 6.11 0.1889 0.4837 0.0009 9.1 SPM 08 0.43 0.10 0.53 1.14 0.1681 0.3101 0.72 5.63 0.0767 0.9477 0.0144 23.1 SPM 09 0.49 0.00 0.49 0.97 0.1378 0.2824 0.66 5.68 0.3115 0.1203 0.0127 7.1 SPM 10 0.39 0.00 0.39 0.63 0.1794 0.3106 0.45 5.99 0.1386 1.0582 0.0068 8.9 SPM 11 0.43 0.00 0.43 0.77 0.0588 0.1 0.44 6.02 0.1176 0.0595 0.0062 18.7 SPM 12 0.41 0.00 0.41 0.70 0.06 0.1039 0.38 6.05 0.0969 0.0695 0.0056 9.1 PGC 08 0.19 0.13 0.32 0.47 0.0017 0.0026 0.30 5.87 0.1823 -0.1120 0.0046 23.1 PGC 09 0.32 0.12 0.44 0.81 0.0728 0.1219 0.24 6.00 0.2131 0.3412 0.0185 7.1 PGC 10 0.42 0.12 0.54 1.18 0.0432 0.0874 0.20 6.09 0.1871 0.2164 0.0155 8.9 PGC 11 0.35 0.14 0.49 0.98 0.0264 0.0556 0.26 6.06 0.2159 -0.0649 0.0105 18.7 PGC 12 0.48 0.11 0.59 1.46 0.0574 0.1292 0.20 6.18 0.1876 0.3208 0.0088 9.1 VIP 08 0.05 0.40 0.45 0.83 0.0499 0.0955 0.30 6.16 0.5927 -0.0688 0.0014 23.1 VIP 09 0.14 0.49 0.63 1.71 0.028 0.064 0.20 6.35 0.7479 0.5433 0.0025 7.1 VIP 10 0.14 0.46 0.60 1.53 0.035 0.0919 0.20 6.34 0.7513 -0.0311 0.0072 8.9 VIP 11 0.19 0.41 0.60 1.50 0.0249 0.0628 0.20 6.33 0.6410 -0.0098 0.0072 18.7 VIP 12 0.21 0.34 0.55 1.23 0.0265 0.0629 0.22 6.29 0.6259 -0.0870 0.0078 9.1 ANV 08 0.37 0.03 0.40 0.66 0.0391 0.0594 0.16 6.42 0.1835 0.1348 0.0061 23.1 ANV 09 0.32 0.02 0.34 0.52 -0.076 -0.121 0.21 6.33 0.2023 -0.1968 0.0084 7.1 ANV 10 0.20 0.02 0.22 0.29 0.0347 0.0498 0.22 6.29 0.1830 -0.0951 0.0092 8.9 ANV 11 0.29 0.01 0.30 0.45 0.0359 0.0509 0.20 6.33 0.2118 0.1141 0.0121 18.7 ANV 12 0.41 0.01 0.42 0.72 0.0149 0.0239 0.18 6.39 0.1110 0.1322 0.0447 9.1 RAL 08 0.48 0.05 0.53 1.15 0.0576 0.1213 0.45 5.95 0.1974 0.1153 0.0052 23.1 RAL 09 0.54 0.04 0.58 1.41 0.0437 0.0996 0.38 6.02 0.2391 0.1744 0.0044 7.1 RAL 10 0.57 0.06 0.63 1.70 0.0331 0.0845 0.36 6.07 0.2222 0.1129 0.0038 8.9 RAL 11 0.63 0.04 0.67 2.06 0.0467 0.1347 0.30 6.15 0.1933 0.1965 0.0031 18.7 RAL 12 0.68 0.00 0.68 2.14 0.0508 0.1575 0.27 6.19 0.1488 0.0938 0.0028 9.1 TTP 08 0.14 0.00 0.14 0.16 0.1378 0.1655 0.82 5.69 0.2130 -0.0112 0.0208 23.1 TTP 09 0.15 0.00 0.15 0.17 0.1642 0.1914 0.74 5.73 0.2132 0.1093 0.0184 7.1 TTP 10 0.24 0.00 0.24 0.31 0.1432 0.1782 0.61 5.82 0.1640 0.2197 0.0147 8.9 TTP 11 0.19 0.00 0.19 0.24 0.1005 0.1281 0.62 5.81 0.2007 -0.0134 0.0146 18.7 TTP 12 0.21 0.00 0.21 0.27 0.0619 0.0776 0.60 5.83 0.1959 0.0345 0.0146 9.1 A1 - 11 92 93 94 95 96 97 98 99 100 TIX 08 0.13 0.53 0.66 1.94 0.0446 0.1695 0.19 6.07 0.1220 0.0282 0.0275 23.1 TIX 09 0.16 0.42 0.58 1.36 0.0632 0.1665 0.21 6.01 0.1353 -0.1191 0.0325 7.1 TIX 10 0.12 0.46 0.58 1.37 0.0684 0.1618 0.19 6.07 0.1664 0.1358 0.0235 8.9 TIX 11 0.14 0.36 0.50 1.01 0.1083 0.2357 0.39 6.06 0.0610 -0.0232 0.1038 18.7 TIX 12 0.08 0.36 0.44 0.79 0.0495 0.0942 0.44 6.00 0.0663 -0.1252 0.1208 9.1 TCL 08 0.18 0.03 0.21 0.28 0.2444 0.3332 1.18 5.47 0.4276 0.5218 0.0000 23.1 TCL 09 0.25 0.06 0.31 0.46 0.2334 0.3318 0.77 5.65 0.2792 0.5313 0.0000 7.1 TCL 10 0.30 0.09 0.39 0.71 0.1816 0.3037 0.62 5.79 0.2327 0.3685 0.0000 8.9 TCL 11 0.26 0.23 0.49 1.06 0.1209 0.245 0.47 5.96 0.4400 0.4755 0.0001 18.7 TCL 12 0.28 0.21 0.49 1.03 0.08 0.1707 0.53 5.91 0.3889 -0.1067 0.0000 9.1 SMC 08 0.61 0.04 0.65 1.89 0.108 0.3079 0.22 5.88 0.0626 0.2905 0.0481 23.1 SMC 09 0.78 0.02 0.80 4.01 0.0626 0.2538 0.15 6.19 0.0355 1.0807 0.0351 7.1 SMC 10 0.75 0.03 0.78 3.53 0.0405 0.191 0.16 6.39 0.0514 0.5767 0.0227 8.9 SMC 11 0.74 0.02 0.76 3.15 0.0299 0.13 0.20 6.38 0.0762 -0.0363 0.0233 18.7 SMC 12 0.66 0.06 0.72 2.66 0.0304 0.1188 0.22 6.33 0.0932 -0.0989 0.0255 9.1 COM 08 0.10 0.02 0.12 0.14 0.0587 0.0676 0.73 5.52 0.0546 -0.0071 0.0347 23.1 COM 09 0.25 0.01 0.26 0.36 0.1579 0.1985 0.52 5.67 0.0441 0.4259 0.0238 7.1 COM 10 0.22 0.01 0.23 0.30 0.079 0.105 0.85 5.67 0.2351 -0.0133 0.0439 8.9 COM 11 0.19 0.01 0.20 0.25 0.0729 0.0931 0.88 5.65 0.2472 -0.0340 0.0442 18.7 COM 12 0.41 0.00 0.41 0.70 0.0465 0.0686 0.65 5.78 0.1942 0.3524 0.0546 9.1 NNC 08 0.15 0.00 0.15 0.18 0.808 0.9945 1.78 5.01 0.1192 0.5631 0.0002 23.1 NNC 09 0.20 0.00 0.20 0.25 0.598 0.7323 2.59 5.21 0.1030 0.6018 0.0001 7.1 NNC 10 0.22 0.00 0.22 0.29 0.4883 0.6203 2.61 5.20 0.0964 -0.0220 0.0001 8.9 NNC 11 0.25 0.00 0.25 0.34 0.461 0.6074 1.85 5.35 0.0979 0.4212 0.0000 18.7 NNC 12 0.24 0.00 0.24 0.31 0.3478 0.4616 1.90 5.34 0.0916 -0.0267 0.0068 9.1 HDC 08 0.59 0.19 0.78 3.53 0.0593 0.2792 0.21 5.75 0.0324 -0.0224 0.0127 23.1 HDC 09 0.58 0.16 0.74 2.87 0.1147 0.4732 0.17 5.89 0.0305 0.3859 0.0092 7.1 HDC 10 0.43 0.14 0.57 1.33 0.1063 0.2964 0.26 6.05 0.0372 0.4267 0.0064 8.9 HDC 11 0.39 0.15 0.54 1.21 0.0701 0.1599 0.28 6.10 0.0372 0.1233 0.0057 18.7 HDC 12 0.42 0.13 0.55 1.26 0.0323 0.073 0.31 6.11 0.0332 0.0354 0.0053 9.1 NHS 08 0.19 0.02 0.21 0.27 0.2437 0.3103 0.65 5.13 0.4591 0.1087 0.0008 23.1 NHS 09 0.20 0.05 0.25 0.33 0.3712 0.4841 0.41 5.32 0.3838 0.5589 0.0005 7.1 NHS 10 0.19 0.25 0.44 0.79 0.28 0.4495 0.25 5.63 0.4220 1.0029 0.0115 8.9 NHS 11 0.35 0.19 0.54 1.19 0.1577 0.3167 0.18 5.78 0.3382 0.4146 0.0261 18.7 NHS 12 0.29 0.11 0.40 0.67 0.108 0.1998 0.43 5.96 0.2792 0.5291 0.0172 9.1 GIL 08 0.16 0.00 0.16 0.19 0.081 0.095 0.75 5.57 0.0556 -0.0248 0.0394 23.1 GIL 09 0.22 0.00 0.22 0.29 0.1381 0.1715 0.64 5.64 0.0745 0.1735 0.0329 7.1 GIL 10 0.33 0.00 0.33 0.50 0.0743 0.1041 0.64 5.74 0.1518 0.2480 0.0258 8.9 GIL 11 0.55 0.02 0.57 1.31 0.1024 0.1931 0.46 5.88 0.1237 0.3883 0.0053 18.7 GIL 12 0.58 0.04 0.62 1.81 0.0435 0.1128 0.43 5.95 0.1629 0.1665 0.0166 9.1 KSB 08 0.56 0.01 0.57 1.32 0.236 0.4729 0.36 5.61 0.1400 0.9394 0.0036 23.1 KSB 09 0.37 0.00 0.37 0.60 0.2087 0.3888 0.46 5.68 0.1610 0.1928 0.0032 7.1 A1 - 12 101 102 103 104 105 106 107 108 KSB 10 0.16 0.21 0.37 0.58 0.2336 0.3704 0.37 5.78 0.1380 0.2366 0.0024 8.9 KSB 11 0.13 0.22 0.35 0.55 0.1917 0.299 0.34 5.82 0.1460 0.1007 0.0021 18.7 KSB 12 0.12 0.23 0.35 0.55 0.1342 0.2075 0.55 5.84 0.1438 0.0529 0.0018 9.1 PAN 08 0.09 0.01 0.10 0.11 0.0791 0.0994 1.12 5.33 0.0292 -0.2913 0.0002 23.1 PAN 09 0.11 0.00 0.11 0.12 0.1538 0.172 1.03 5.37 0.0863 0.0956 0.0001 7.1 PAN 10 0.12 0.00 0.12 0.14 0.0754 0.0858 1.33 5.47 0.0689 0.2707 0.0000 8.9 PAN 11 0.13 0.00 0.13 0.15 0.044 0.0506 1.35 5.47 0.0676 -0.0129 0.0000 18.7 PAN 12 0.11 0.00 0.11 0.13 0.2443 0.279 1.07 5.57 0.0487 0.2593 0.0000 9.1 HAI 08 0.39 0.00 0.39 0.65 0.0464 0.0849 0.56 5.75 0.0177 0.4109 0.0130 23.1 HAI 09 0.37 0.00 0.37 0.59 0.1227 0.1987 0.57 5.74 0.0224 -0.0107 0.0939 7.1 HAI 10 0.41 0.02 0.43 0.75 0.1125 0.1879 0.49 5.79 0.0237 0.1162 0.0842 8.9 HAI 11 0.44 0.02 0.46 0.86 0.0717 0.1293 0.55 5.82 0.0243 0.0744 0.0793 18.7 HAI 12 0.41 0.02 0.43 0.74 0.0697 0.1251 0.51 5.86 0.0245 0.0783 0.0730 9.1 SBA 08 0.04 0.49 0.53 1.12 0.0028 0.0052 0.34 5.87 0.2398 0.7856 0.0070 23.1 SBA 09 0.13 0.52 0.65 1.89 0.0038 0.0097 0.23 6.12 0.1303 0.7622 0.0040 7.1 SBA 10 0.15 0.50 0.65 1.89 0.0238 0.0688 0.23 6.19 0.9342 0.1656 0.0034 8.9 SBA 11 0.16 0.48 0.64 1.79 0.0212 0.0602 0.23 6.18 0.9425 -0.0120 0.0035 18.7 SBA 12 0.19 0.45 0.64 1.74 0.0125 0.0345 0.24 6.17 0.9617 -0.0301 0.0036 9.1 SVI 08 0.50 0.14 0.64 1.78 0.0828 0.2499 1.00 5.15 0.1936 -0.0820 0.0023 23.1 SVI 09 0.61 0.04 0.65 1.85 0.1402 0.3952 0.77 5.26 0.2188 0.2984 0.0000 7.1 SVI 10 0.70 0.02 0.72 2.63 0.1672 0.5494 0.48 5.46 0.1916 0.5960 0.0002 8.9 SVI 11 0.57 0.06 0.63 1.72 0.1485 0.4496 0.74 5.64 0.1087 0.4974 0.0000 18.7 SVI 12 0.52 0.13 0.65 1.87 0.1219 0.3417 0.58 5.74 0.3755 0.2636 0.0000 9.1 TCM 08 0.48 0.23 0.71 2.69 0.0024 0.0091 0.15 6.12 0.2935 0.1817 0.1296 23.1 TCM 09 0.41 0.26 0.67 2.18 0.03 0.1038 0.21 6.23 0.4133 0.3041 0.0983 7.1 TCM 10 0.45 0.19 0.64 1.81 0.1103 0.3315 0.19 6.28 0.3358 0.1221 0.0421 8.9 TCM 11 0.43 0.22 0.65 1.83 0.0565 0.1599 0.18 6.31 0.2988 0.0729 0.0389 18.7 TCM 12 0.50 0.18 0.68 2.15 -0.01 -0.03 0.19 6.29 0.2892 -0.0426 0.0423 9.1 AGM 08 0.59 0.01 0.60 1.50 0.4508 1.1757 0.17 5.80 0.0632 1.6484 0.0177 23.1 AGM 09 0.67 0.00 0.67 2.06 0.0918 0.258 0.11 5.99 0.0382 0.5549 0.0131 7.1 AGM 10 0.70 0.01 0.71 2.39 0.0706 0.2285 0.09 6.09 0.0363 0.2523 0.0105 8.9 AGM 11 0.62 0.00 0.62 1.61 0.0653 0.1966 0.36 5.96 0.0685 -0.2561 0.0248 18.7 AGM 12 0.69 0.00 0.69 2.24 0.0491 0.1438 0.28 6.07 0.0879 0.2749 0.0306 9.1 PTB 08 0.71 0.10 0.81 4.52 0.038 0.1762 0.33 5.74 0.2742 0.4557 0.0081 23.1 PTB 09 0.68 0.08 0.76 3.43 0.0322 0.1615 0.37 5.69 0.3131 -0.1041 0.0088 7.1 PTB 10 0.72 0.04 0.76 3.36 0.0715 0.318 0.43 5.78 0.2322 0.2342 0.0087 8.9 PTB 11 0.66 0.04 0.70 2.43 0.0916 0.355 0.58 5.80 0.2411 0.0384 0.0077 18.7 PTB 12 0.69 0.03 0.72 2.63 0.0986 0.3527 0.49 5.87 0.2088 0.1865 0.0069 9.1 SEC 08 0.08 0.01 0.09 0.09 0.2716 0.2971 1.51 5.21 0.5212 0.1177 0.0116 23.1 SEC 09 0.23 0.17 0.40 0.66 0.1847 0.256 0.93 5.42 0.3221 0.6162 0.0067 7.1 SEC 10 0.26 0.28 0.54 1.17 0.1631 0.3162 0.67 5.62 0.6336 0.5841 0.0006 8.9 SEC 11 0.33 0.32 0.65 1.84 0.1916 0.4834 0.55 5.79 0.3967 0.4684 0.0003 18.7 A1 - 13 109 110 111 112 113 114 115 116 117 SEC 12 0.46 0.20 0.66 1.95 0.0997 0.2889 0.51 5.83 0.4953 0.0903 0.0001 9.1 VNE 08 0.33 0.48 0.81 5.19 0.0014 0.0075 0.09 6.31 0.2554 -0.0214 0.0158 23.1 VNE 09 0.31 0.45 0.76 3.68 0.0439 0.2432 0.09 6.29 0.1129 -0.0339 0.0476 7.1 VNE 10 0.20 0.41 0.61 1.71 0.0099 0.0357 0.19 6.26 0.1298 -0.0727 0.0513 8.9 VNE 11 0.28 0.35 0.63 1.91 0.0119 0.0348 0.18 6.28 0.1088 0.0562 0.0494 18.7 VNE 12 0.32 0.29 0.61 1.66 0.0067 0.0191 0.19 6.26 0.1098 -0.0581 0.0635 9.1 DXG 08 0.61 0.01 0.62 2.09 0.037 0.1169 0.21 5.48 0.0075 3.7915 0.0006 23.1 DXG 09 0.71 0.02 0.73 3.22 0.0895 0.3566 0.12 5.74 0.0144 0.7938 0.0003 7.1 DXG 10 0.55 0.03 0.58 1.64 0.1167 0.3929 0.19 5.84 0.0179 0.2561 0.0001 8.9 DXG 11 0.47 0.01 0.48 1.07 0.0312 0.0763 0.29 5.95 0.0141 0.2886 0.0002 18.7 DXG 12 0.29 0.00 0.29 0.43 0.068 0.1209 0.42 5.91 0.0135 -0.0788 0.0003 9.1 VTO 08 0.08 0.69 0.77 3.38 0.014 0.0514 0.07 6.53 0.9356 0.9599 0.0034 23.1 VTO 09 0.20 0.56 0.76 3.18 0.0102 0.0438 0.08 6.52 0.8901 -0.0384 0.0036 7.1 VTO 10 0.15 0.51 0.66 1.97 0.0262 0.0915 0.11 6.49 0.8653 -0.0656 0.0038 8.9 VTO 11 0.17 0.47 0.64 1.74 0.0223 0.0637 0.12 6.46 0.8399 -0.0683 0.0041 18.7 VTO 12 0.21 0.39 0.60 1.49 0.0181 0.0474 0.13 6.41 0.8282 -0.0938 0.0045 9.1 TNC 08 0.17 0.00 0.17 0.20 0.0309 0.0382 1.29 5.42 0.3390 -0.0372 0.0000 23.1 TNC 09 0.09 0.00 0.09 0.10 0.1107 0.1271 1.28 5.43 0.3126 0.0094 0.0000 7.1 TNC 10 0.11 0.01 0.12 0.13 0.1798 0.2009 1.11 5.49 0.2445 0.1484 0.0000 8.9 TNC 11 0.10 0.00 0.10 0.11 0.221 0.248 1.00 5.54 0.2244 0.1143 0.0000 18.7 TNC 12 0.13 0.00 0.13 0.15 0.1944 0.2203 0.90 5.58 0.1672 0.1055 0.0000 9.1 NBB 08 0.16 0.38 0.54 1.19 0.0671 0.1363 0.38 5.97 0.0256 0.3191 0.0018 23.1 NBB 09 0.08 0.55 0.63 1.73 0.0695 0.1753 0.21 6.23 0.0187 0.8023 0.0010 7.1 NBB 10 0.26 0.41 0.67 2.07 0.0574 0.1688 0.15 6.37 0.0490 0.3920 0.0139 8.9 NBB 11 0.46 0.14 0.60 1.52 0.0284 0.0791 0.17 6.41 0.0745 0.0823 0.0154 18.7 NBB 12 0.37 0.20 0.57 1.32 0.063 0.1527 0.16 6.46 0.0630 0.1431 0.0141 9.1 C21 08 0.13 0.14 0.27 0.37 0.1125 0.162 0.49 5.53 0.1758 -0.0480 0.0341 23.1 C21 09 0.11 0.17 0.28 0.40 0.1186 0.1655 0.51 5.65 0.1238 0.3240 0.0332 7.1 C21 10 0.05 0.09 0.14 0.17 0.1265 0.1604 0.56 5.76 0.0853 0.3010 0.0250 8.9 C21 11 0.07 0.10 0.17 0.20 0.1024 0.1224 0.52 5.78 0.0735 0.0484 0.0235 18.7 C21 12 0.06 0.11 0.17 0.20 0.1013 0.1232 0.51 5.80 0.0647 0.0400 0.0221 9.1 LCG 08 0.44 0.10 0.54 1.19 0.1761 0.3865 0.08 6.05 0.0136 1.7002 0.0009 23.1 LCG 09 0.30 0.09 0.39 0.63 0.1541 0.2793 0.09 6.23 0.0118 0.5250 0.0006 7.1 LCG 10 0.31 0.11 0.42 0.73 0.1267 0.2136 0.12 6.31 0.1031 0.1976 0.0108 8.9 LCG 11 0.45 0.00 0.45 0.88 0.072 0.1318 0.16 6.35 0.0698 0.0895 0.0100 18.7 LCG 12 0.42 0.01 0.43 0.79 -0.017 -0.033 0.18 6.30 0.0511 -0.0965 0.0110 9.1 CMG 08 0.55 -0.55 0.65 0.0664 0.1312 0.19 6.22 0.0265 0.7207 0.0003 23.1 CMG 09 0.54 0.05 0.59 1.47 0.0643 0.1717 0.14 6.34 0.0216 0.2983 0.0003 7.1 CMG 10 0.55 0.09 0.64 1.83 0.0323 0.0941 0.15 6.33 0.0216 -0.0037 0.0007 8.9 CMG 11 0.50 0.16 0.66 1.99 -0.009 -0.024 0.20 6.23 0.2003 -0.2070 0.0010 18.7 CMG 12 0.53 0.06 0.59 1.46 -0.054 -0.146 0.18 6.26 0.2427 0.0683 0.0019 9.1 BBC 08 0.17 0.01 0.18 0.23 0.0423 0.0595 0.56 5.78 0.2301 0.5987 0.0038 23.1 A1 - 14 118 119 120 121 122 123 124 125 BBC 09 0.21 0.08 0.29 0.41 0.0853 0.1126 0.46 5.87 0.2253 0.2155 0.0026 7.1 BBC 10 0.24 0.04 0.28 0.39 0.0559 0.0782 0.45 5.88 0.4801 0.0299 0.0026 8.9 BBC 11 0.27 0.00 0.27 0.37 0.06 0.0829 0.44 5.90 0.3934 0.0361 0.0019 18.7 BBC 12 0.24 0.01 0.25 0.33 0.0333 0.0449 0.45 5.89 0.4241 -0.0227 0.0024 9.1 HLG 08 0.36 0.04 0.40 0.67 0.1172 0.1948 0.29 5.92 0.2959 0.0243 0.0273 23.1 HLG 09 0.31 0.23 0.54 1.18 0.0769 0.1502 0.20 6.09 0.1967 0.5063 0.0212 7.1 HLG 10 0.48 0.18 0.66 1.99 0.0295 0.0767 0.23 6.21 0.1387 0.3158 0.0293 8.9 HLG 11 0.63 0.10 0.73 2.72 0.0333 0.1128 0.18 6.33 0.1252 0.3175 0.0242 18.7 HLG 12 0.77 0.02 0.79 3.87 0.0001 0.0006 0.15 6.40 0.1015 0.1733 0.0206 9.1 SVC 08 0.23 0.35 0.58 1.64 0.0328 0.0946 0.18 6.13 0.0151 0.2699 0.0363 23.1 SVC 09 0.20 0.34 0.54 1.36 0.0456 0.1198 0.17 6.25 0.0221 0.3148 0.0269 7.1 SVC 10 0.38 0.25 0.63 2.02 0.0346 0.0992 0.13 6.37 0.0547 0.3152 0.0204 8.9 SVC 11 0.34 0.33 0.67 2.47 0.0176 0.0606 0.11 6.44 0.0496 0.1558 0.0172 18.7 SVC 12 0.33 0.34 0.67 2.47 0.0165 0.0608 0.11 6.43 0.0504 -0.0037 0.0169 9.1 HQC 08 0.83 0.04 0.87 6.44 0.0018 0.0139 0.07 6.07 0.0091 0.3075 0.0000 23.1 HQC 09 0.55 0.16 0.71 3.36 0.0361 0.1988 0.14 6.28 0.0725 0.6382 0.0025 7.1 HQC 10 0.40 0.26 0.66 2.49 0.1359 0.5599 0.08 6.47 0.0030 0.5379 0.0000 8.9 HQC 11 0.64 0.08 0.72 2.84 0.0045 0.0172 0.09 6.45 0.0021 -0.0523 0.0000 18.7 HQC 12 0.51 0.21 0.72 2.61 0.0069 0.026 0.13 6.43 0.0017 -0.0266 0.0000 9.1 VPK 08 0.37 0.17 0.54 1.15 0.0214 0.0437 1.43 5.28 0.5086 0.0455 0.0378 23.1 VPK 09 0.52 0.05 0.57 1.34 0.0581 0.1297 1.90 5.18 0.6182 -0.2122 0.0497 7.1 VPK 10 0.50 0.02 0.52 1.07 0.0728 0.1596 1.83 5.19 0.5535 0.0381 0.0469 8.9 VPK 11 0.35 0.00 0.35 0.54 0.1663 0.2939 1.83 5.19 0.5054 0.0020 0.0447 18.7 VPK 12 0.27 0.00 0.27 0.36 0.2843 0.4094 1.53 5.27 0.3865 0.2003 0.0355 9.1 SRC 08 0.60 0.14 0.74 2.89 0.0015 0.0053 0.37 5.75 0.3291 0.1803 0.0065 23.1 SRC 09 0.52 0.07 0.59 1.41 0.1797 0.5328 0.35 5.76 0.2963 0.0420 0.0063 7.1 SRC 10 0.54 0.04 0.58 1.40 0.0251 0.0605 0.54 5.76 0.2385 -0.0191 0.0064 8.9 SRC 11 0.64 0.04 0.68 2.09 0.0037 0.01 0.47 5.82 0.1824 0.1576 0.0055 18.7 SRC 12 0.50 0.03 0.53 1.13 0.0796 0.2047 0.58 5.73 0.1679 -0.1921 0.0068 9.1 NVT 08 0.59 0.00 0.59 1.47 0.0808 0.156 0.14 3.50 0.0000 1.2246 0.0000 23.1 NVT 09 0.29 0.13 0.42 0.94 0.0131 0.0293 0.19 6.06 0.0856 359.937 0.2639 7.1 NVT 10 0.11 0.18 0.29 0.57 0.0219 0.045 0.18 6.16 0.0643 0.2571 0.2454 8.9 NVT 11 0.16 0.24 0.40 0.90 -0.052 -0.11 0.17 6.18 0.1771 0.0543 0.2269 18.7 NVT 12 0.17 0.18 0.35 0.71 -0.052 -0.111 0.22 6.07 0.0684 -0.2184 0.2348 9.1 BSI 08 0.95 0.00 0.95 17.56 -0.109 -0.909 0.04 6.71 0.0011 0.1583 0.0001 23.1 BSI 09 0.80 0.00 0.80 4.10 0.0979 0.8539 0.06 6.58 0.0010 -0.2529 0.0002 7.1 BSI 10 0.49 0.00 0.49 0.96 0.0043 0.0151 0.14 6.18 0.0042 -0.6054 0.0003 8.9 BSI 11 0.79 0.00 0.79 3.81 -0.089 -0.293 0.08 6.50 0.0011 1.1057 0.0001 18.7 BSI 12 0.48 0.00 0.48 0.93 0.0095 0.0317 0.21 6.12 0.0019 -0.5863 0.0001 9.1 AGF 08 0.49 0.04 0.53 1.15 0.0113 0.0199 0.27 6.13 0.2903 0.5958 0.0361 23.1 AGF 09 0.48 0.02 0.50 0.98 0.0108 0.0224 0.30 6.08 0.2984 -0.1033 0.0309 7.1 AGF 10 0.53 0.01 0.54 1.17 0.0329 0.0684 0.27 6.13 0.3062 0.1214 0.0540 8.9 A1 - 15 126 127 128 129 130 131 132 133 AGF 11 0.61 0.01 0.62 1.62 0.0403 0.0968 0.21 6.23 0.2096 0.2675 0.0374 18.7 AGF 12 0.57 0.01 0.58 1.38 0.0207 0.0517 0.23 6.19 0.2096 -0.0885 0.0430 9.1 AAM 08 0.06 0.01 0.07 0.07 0.0079 0.0084 0.62 5.48 0.0579 -0.0336 0.0645 23.1 AAM 09 0.11 0.03 0.14 0.16 0.158 0.1765 0.73 5.56 0.1148 0.2105 0.0523 7.1 AAM 10 0.10 0.02 0.12 0.14 0.1314 0.1508 0.81 5.52 0.1273 -0.0896 0.0561 8.9 AAM 11 0.11 0.02 0.13 0.15 0.1935 0.2211 0.79 5.52 0.1130 -0.0041 0.0842 18.7 AAM 12 0.10 0.01 0.11 0.12 0.0455 0.0516 0.92 5.46 0.1030 -0.1340 0.0837 9.1 BTT 08 0.16 0.13 0.29 0.42 0.0559 0.0769 0.66 5.52 0.1419 0.0452 0.0000 23.1 BTT 09 0.11 0.14 0.25 0.33 0.0829 0.1143 0.65 5.53 0.1768 0.0149 0.0000 7.1 BTT 10 0.11 0.10 0.21 0.28 0.0969 0.1269 0.65 5.53 0.2305 -0.0030 0.0738 8.9 BTT 11 0.15 0.09 0.24 0.32 0.0986 0.1283 0.64 5.54 0.2254 0.0295 0.0717 18.7 BTT 12 0.15 0.07 0.22 0.28 0.1022 0.133 0.63 5.54 0.2073 -0.0013 0.0720 9.1 DLG 08 0.41 0.05 0.46 0.87 0.0063 0.012 0.20 5.78 0.1518 0.3031 0.1602 23.1 DLG 09 0.53 0.07 0.60 1.58 0.0315 0.0715 0.13 5.94 0.1077 0.4665 0.1091 7.1 DLG 10 0.57 0.08 0.65 2.37 0.0568 0.1802 0.08 6.16 0.0677 0.6448 0.0664 8.9 DLG 11 0.51 0.22 0.73 3.34 0.0163 0.067 0.07 6.28 0.0972 0.3384 0.0496 18.7 DLG 12 0.38 0.22 0.60 1.69 0.0031 0.0105 0.12 6.34 0.0758 0.1465 0.0432 9.1 SZL 08 0.67 0.02 0.69 2.21 0.1373 0.4227 0.22 5.81 0.2200 0.0797 0.0313 23.1 SZL 09 0.40 0.00 0.40 0.68 0.0613 0.1309 0.18 5.90 0.1788 0.2200 0.0280 7.1 SZL 10 0.18 0.21 0.39 0.63 0.0711 0.1177 0.36 5.90 0.1966 0.0156 0.0252 8.9 SZL 11 0.16 0.36 0.52 1.10 0.0512 0.0954 0.30 5.99 0.1604 0.2336 0.0003 18.7 SZL 12 0.06 0.47 0.53 1.11 0.0441 0.0929 0.27 6.04 0.1457 0.1002 0.0002 9.1 SRF 08 0.38 0.01 0.39 0.64 0.037 0.0614 0.48 5.68 0.0478 -0.0145 0.0089 23.1 SRF 09 0.53 0.01 0.54 1.16 0.0686 0.1313 0.34 5.83 0.0373 0.4288 0.0062 7.1 SRF 10 0.39 0.09 0.48 0.92 0.0705 0.144 0.39 5.77 0.1385 -0.1314 0.0074 8.9 SRF 11 0.50 0.06 0.56 1.25 0.0806 0.1681 0.32 5.86 0.1130 0.2156 0.0073 18.7 SRF 12 0.52 0.06 0.58 1.35 0.055 0.1265 0.33 5.85 0.1031 -0.0208 0.0070 9.1 ASM 08 0.48 0.22 0.70 2.38 0.0307 0.0912 0.04 5.91 0.0381 0.2913 0.0197 23.1 ASM 09 0.35 0.25 0.60 1.53 0.0766 0.2232 0.08 5.88 0.0378 -0.0725 0.0213 7.1 ASM 10 0.51 0.17 0.68 2.11 0.1568 0.4489 0.05 6.10 0.0270 0.6397 0.0068 8.9 ASM 11 0.43 0.09 0.52 1.07 0.0507 0.1248 0.19 6.14 0.0187 0.1071 0.0031 18.7 ASM 12 0.47 0.10 0.57 1.33 0.009 0.0197 0.18 6.20 0.0164 0.1448 0.0033 9.1 PXL 08 0.19 0.01 0.20 0.25 -0.162 -0.205 0.63 5.52 0.1710 -0.2407 0.0000 23.1 PXL 09 0.10 0.01 0.11 0.12 0.181 0.2137 0.56 5.56 0.1392 0.1143 0.0000 7.1 PXL 10 0.10 0.00 0.10 0.12 0.1035 0.1158 0.65 5.57 0.1127 0.0223 0.0000 8.9 PXL 11 0.50 0.15 0.65 1.86 0.055 0.1102 0.25 6.00 0.0353 1.6471 0.0000 18.7 PXL 12 0.28 0.19 0.47 0.90 0.0373 0.0895 0.40 5.79 0.0758 -0.3810 0.0000 9.1 TPC 08 0.31 0.00 0.31 0.44 0.1128 0.1714 0.47 5.23 0.1034 -0.1525 0.0316 23.1 TPC 09 0.42 0.00 0.42 0.73 0.1236 0.202 0.41 5.59 0.0683 1.2944 0.0135 7.1 TPC 10 0.48 0.00 0.48 0.91 0.1043 0.1898 0.36 5.64 0.0522 0.1150 0.0118 8.9 TPC 11 0.45 0.00 0.45 0.82 0.1008 0.1869 0.35 5.84 0.0341 0.5766 0.0073 18.7 TPC 12 0.49 0.00 0.49 0.97 0.0725 0.1375 0.32 5.87 0.0301 0.0710 0.0067 9.1 A1 - 16 134 135 136 137 138 139 140 141 142 BCE 08 0.12 0.01 0.13 0.15 0.312 0.3704 1.83 4.89 0.6022 0.0827 0.0013 23.1 BCE 09 0.12 0.01 0.13 0.14 0.3196 0.3658 1.38 5.02 0.4874 0.3402 0.0091 7.1 BCE 10 0.10 0.00 0.10 0.11 0.2532 0.2853 1.84 5.10 0.4789 0.2095 0.0044 8.9 BCE 11 0.20 0.00 0.20 0.25 0.2049 0.2427 1.54 5.17 0.5090 0.1746 0.0386 18.7 BCE 12 0.18 0.00 0.18 0.22 0.2303 0.285 1.58 5.16 0.5078 -0.0188 0.0515 9.1 HOT 08 0.56 0.24 0.80 4.03 0.0243 0.1358 0.06 5.96 0.1152 0.3154 0.0000 23.1 HOT 09 0.51 0.29 0.80 3.95 0.0492 0.2454 0.06 6.04 0.1335 0.2110 0.0000 7.1 HOT 10 0.44 0.19 0.63 1.71 0.0291 0.0936 0.11 6.32 0.0576 0.9021 0.0000 8.9 HOT 11 0.54 0.15 0.69 2.19 0.0018 0.0052 0.11 6.35 0.0499 0.0704 0.0000 18.7 HOT 12 0.60 0.13 0.73 2.69 0.0002 0.0007 0.09 6.42 0.0308 0.1560 0.0000 9.1 MCG 08 0.01 0.19 0.20 0.25 0.1075 0.1486 1.12 5.30 0.0157 0.0178 0.0000 23.1 MCG 09 0.03 0.17 0.20 0.25 0.1347 0.1687 0.80 5.34 0.0126 0.0935 0.0000 7.1 MCG 10 0.00 0.00 0.00 0.00 0.0651 0.0719 0.68 5.40 0.0094 0.1658 0.0000 8.9 MCG 11 0.04 0.00 0.04 0.04 0.1149 0.1175 0.84 5.39 0.0082 -0.0295 0.0000 18.7 MCG 12 0.00 0.00 0.00 0.00 0.1253 0.1282 1.14 5.37 0.0071 -0.0497 0.0000 9.1 TIC 08 0.37 0.00 0.37 0.59 0.1201 0.209 0.53 5.13 0.1672 -0.0572 0.4910 23.1 TIC 09 0.45 0.00 0.45 0.82 0.2355 0.408 0.70 5.38 0.0934 0.7956 0.1528 7.1 TIC 10 0.29 0.00 0.29 0.41 0.2321 0.3704 0.94 5.36 0.1027 -0.0513 0.0712 8.9 TIC 11 0.18 0.00 0.18 0.22 0.1334 0.1751 1.02 5.33 0.0553 -0.0771 0.0328 18.7 TIC 12 0.48 0.01 0.49 0.95 0.0712 0.1124 0.65 5.52 0.0303 0.5561 0.0179 9.1 SFC 08 0.71 0.03 0.74 3.06 -0.024 -0.079 0.15 5.98 0.1131 0.4015 0.0774 23.1 SFC 09 0.79 0.02 0.81 4.40 0.0535 0.2589 0.10 6.18 0.0617 0.5650 0.0539 7.1 SFC 10 0.74 0.05 0.79 3.81 0.0081 0.0407 0.12 6.34 0.0454 0.4507 0.0785 8.9 SFC 11 0.77 0.06 0.83 4.99 -0.007 -0.037 0.10 6.44 0.0593 0.2484 0.0706 18.7 SFC 12 0.74 0.05 0.79 3.87 0.019 0.103 0.11 6.38 0.0619 -0.1156 0.0783 9.1 HLA 08 0.12 0.09 0.21 0.27 0.2204 0.3067 0.60 5.29 0.4665 0.9357 0.0023 23.1 HLA 09 0.09 0.15 0.24 0.31 0.1482 0.1917 0.54 5.34 0.4272 0.1222 0.0012 7.1 HLA 10 0.10 0.11 0.21 0.27 0.1288 0.1661 0.67 5.45 0.5434 0.2706 0.0010 8.9 HLA 11 0.09 0.08 0.17 0.20 0.1208 0.1493 0.69 5.44 0.5427 -0.0107 0.0007 18.7 HLA 12 0.23 0.02 0.25 0.33 0.1452 0.1838 0.57 5.53 0.4642 0.2112 0.0005 9.1 PDN 08 0.57 0.00 0.57 1.35 0.1362 0.3305 0.68 5.57 0.1594 0.0599 0.0237 23.1 PDN 09 0.59 0.00 0.59 1.44 0.1207 0.2898 0.54 5.67 0.0750 0.2647 0.0181 7.1 PDN 10 0.67 0.00 0.67 1.99 0.0799 0.2178 0.42 5.78 0.0254 0.2836 0.0135 8.9 PDN 11 0.64 0.00 0.64 1.76 0.0978 0.2807 0.40 5.80 0.0922 0.0387 0.0124 18.7 PDN 12 0.59 0.00 0.59 1.43 0.0808 0.2097 0.44 5.76 0.1011 -0.0736 0.0144 9.1 CLC 08 0.51 0.01 0.52 1.08 0.0045 0.0082 0.37 5.74 0.1122 0.3525 0.0007 23.1 CLC 09 0.52 0.00 0.52 1.08 0.0831 0.173 0.41 5.70 0.1104 -0.0874 0.0003 7.1 CLC 10 0.65 0.00 0.65 1.89 0.0778 0.1943 0.28 5.87 0.0801 0.4855 0.0016 8.9 CLC 11 0.55 0.02 0.57 1.31 0.0625 0.1615 0.31 5.83 0.0850 -0.1000 0.0229 18.7 CLC 12 0.65 0.00 0.65 1.87 0.0421 0.1087 0.26 5.90 0.0848 0.1787 0.0187 9.1 NHW 08 0.79 0.02 0.81 4.24 0.0471 0.2275 0.18 5.79 0.0581 0.1315 0.0473 23.1 NHW 09 0.78 0.01 0.79 3.77 0.0502 0.2504 0.17 5.82 0.0491 0.0622 0.0383 7.1 A1 - 17 143 144 145 146 147 148 149 150 NHW 10 0.65 0.09 0.74 2.89 0.0458 0.1936 0.22 5.94 0.0381 0.3180 0.0248 8.9 NHW 11 0.56 0.24 0.80 3.90 0.0327 0.1449 0.18 6.09 0.0260 0.4350 0.0145 18.7 NHW 12 0.47 0.37 0.84 5.26 0.0213 0.1196 0.14 6.25 0.0181 0.4214 0.0090 9.1 TV1 08 0.48 0.10 0.58 1.62 0.2347 0.5264 0.26 5.59 0.1048 0.8108 0.0000 23.1 TV1 09 0.66 0.05 0.71 2.45 0.1 0.3161 0.16 5.79 0.2069 0.5652 0.0000 7.1 TV1 10 0.66 0.03 0.69 2.18 0.0889 0.2935 0.17 5.86 0.1868 0.1827 0.0623 8.9 TV1 11 0.62 0.00 0.62 1.66 0.1512 0.4365 0.26 5.90 0.1565 0.0927 0.0685 18.7 TV1 12 0.66 0.01 0.67 2.01 0.0188 0.0533 0.25 5.92 0.1450 0.0460 0.0638 9.1 ACL 08 0.76 0.17 0.93 13.46 0.017 0.275 0.34 5.48 0.3775 0.0203 0.0285 23.1 ACL 09 0.77 0.03 0.80 4.05 0.125 0.7574 0.25 5.95 0.1162 1.9080 0.0096 7.1 ACL 10 0.71 0.06 0.77 3.28 0.083 0.3755 0.21 6.21 0.0779 0.8436 0.0403 8.9 ACL 11 0.70 0.10 0.80 4.05 0.0065 0.0303 0.23 6.29 0.0736 0.1897 0.0338 18.7 ACL 12 0.61 0.27 0.88 7.19 -0.05 -0.318 0.19 6.36 0.2797 0.1731 0.0284 9.1 NKG 08 0.37 0.12 0.49 0.98 0.0532 0.1124 0.10 5.81 0.0936 -0.0801 0.0000 23.1 NKG 09 0.41 0.06 0.47 0.98 0.1046 0.2131 0.08 5.92 0.1527 0.2906 0.0664 7.1 NKG 10 0.55 0.04 0.59 1.60 0.0921 0.2227 0.05 6.09 0.0902 0.4784 0.0418 8.9 NKG 11 0.68 0.05 0.73 2.95 0.02 0.0672 0.11 6.25 0.0633 0.4436 0.1085 18.7 NKG 12 0.69 0.02 0.71 2.67 0.0137 0.0534 0.12 6.23 0.0434 -0.0549 0.1127 9.1 BT6 08 0.63 0.21 0.84 5.37 0.0328 0.1961 0.14 6.08 0.0407 0.3259 0.0007 23.1 BT6 09 0.74 0.09 0.83 4.84 0.028 0.1707 0.12 6.15 0.0322 0.1666 0.0005 7.1 BT6 10 0.64 0.21 0.85 5.59 0.0247 0.1551 0.10 6.29 0.0291 0.3724 0.0003 8.9 BT6 11 0.66 0.19 0.85 5.46 0.0097 0.0633 0.11 6.30 0.0362 0.0337 0.0004 18.7 BT6 12 0.62 0.24 0.86 6.31 0.004 0.0277 0.10 6.37 0.0307 0.1599 0.0004 9.1 SC5 08 0.40 0.15 0.55 1.21 0.0081 0.017 0.54 5.52 0.3804 0.0422 0.0005 23.1 SC5 09 0.48 0.09 0.57 1.33 0.031 0.0704 0.46 5.59 0.3537 0.1761 0.0192 7.1 SC5 10 0.52 0.11 0.63 1.68 0.0456 0.1143 0.40 5.65 0.2921 0.1440 0.0164 8.9 SC5 11 0.55 0.09 0.64 1.77 0.037 0.1008 0.36 5.70 0.2797 0.1230 0.0146 18.7 SC5 12 0.57 0.07 0.64 1.82 0.0584 0.1632 0.32 5.75 0.2854 0.1199 0.0126 9.1 RDP 08 0.48 0.06 0.54 1.25 0.0997 0.2517 0.33 5.75 0.0847 0.3418 0.0134 23.1 RDP 09 0.57 0.06 0.63 1.79 0.0771 0.1985 0.24 5.88 0.0940 0.3490 0.0007 7.1 RDP 10 0.33 0.28 0.61 1.65 0.1238 0.3412 0.23 5.92 0.0747 0.0740 0.0001 8.9 RDP 11 0.25 0.29 0.54 1.24 0.0522 0.1294 0.26 5.86 0.0703 -0.1249 0.0000 18.7 RDP 12 0.31 0.29 0.60 1.55 0.0505 0.123 0.22 5.92 0.0106 0.1585 0.0001 9.1 D2D 08 0.29 0.01 0.30 0.43 0.1204 0.1512 1.17 5.21 0.2709 0.0847 0.0564 23.1 D2D 09 0.35 0.04 0.39 0.64 0.1721 0.2641 0.97 5.29 0.2078 0.2076 0.0460 7.1 D2D 10 0.24 0.04 0.28 0.38 0.1732 0.2596 0.99 5.28 0.2089 -0.0165 0.0457 8.9 D2D 11 0.20 0.04 0.24 0.31 0.2144 0.288 0.92 5.31 0.1853 0.0702 0.0429 18.7 D2D 12 0.36 0.01 0.37 0.60 0.1653 0.2409 0.74 5.41 0.1313 0.2465 0.0495 9.1 GDT 08 0.43 0.08 0.51 1.04 0.0238 0.0446 0.68 5.33 0.3618 0.1173 0.0013 23.1 GDT 09 0.55 0.06 0.61 1.56 0.0685 0.1587 0.47 5.49 0.2540 0.4252 0.0006 7.1 GDT 10 0.58 0.10 0.68 2.15 0.0573 0.164 0.37 5.59 0.2053 0.2773 0.0003 8.9 GDT 11 0.64 0.09 0.73 2.77 0.03 0.1048 0.32 5.76 0.2304 0.4482 0.0001 18.7 A1 - 18 151 152 153 154 155 156 157 158 159 GDT 12 0.58 0.15 0.73 2.64 0.0397 0.147 0.31 5.80 0.2098 0.1137 0.0000 9.1 DAG 08 0.03 0.61 0.64 1.77 0.0298 0.1005 0.25 5.88 0.8054 -0.1717 0.0007 23.1 DAG 09 0.03 0.59 0.62 1.66 0.0463 0.1257 0.27 5.84 0.7560 -0.1023 0.0007 7.1 DAG 10 0.04 0.52 0.56 1.26 0.0644 0.158 0.29 5.80 0.7336 -0.0810 0.0006 8.9 DAG 11 0.02 0.38 0.40 0.66 0.0801 0.1559 0.37 5.70 0.8280 -0.1984 0.0008 18.7 DAG 12 0.05 0.50 0.55 1.24 0.0669 0.1303 0.27 5.84 0.5323 0.3539 0.0005 9.1 HTI 08 0.51 0.00 0.51 1.11 0.1239 0.3662 0.21 5.46 0.2999 0.0685 0.0535 23.1 HTI 09 0.47 0.00 0.47 0.93 0.1087 0.2252 0.55 5.51 0.2851 0.1236 0.0034 7.1 HTI 10 0.49 0.00 0.49 1.01 0.0861 0.1758 0.45 5.60 0.2378 0.2185 0.0090 8.9 HTI 11 0.50 0.00 0.50 1.07 0.071 0.1497 0.41 5.65 0.2071 0.1175 0.0211 18.7 HTI 12 0.50 0.00 0.50 1.08 0.081 0.173 0.39 5.69 0.1943 0.1058 0.0455 9.1 SFI 08 0.32 0.00 0.32 0.56 0.1772 0.3314 0.51 5.42 0.0841 0.0444 0.2434 23.1 SFI 09 0.21 0.00 0.21 0.33 0.2127 0.3407 0.48 5.51 0.0750 0.2318 0.1947 7.1 SFI 10 0.25 0.00 0.25 0.39 0.1378 0.2119 0.51 5.55 0.1796 0.0845 0.1795 8.9 SFI 11 0.15 0.01 0.16 0.22 0.1019 0.15 0.55 5.51 0.0988 -0.0765 0.0424 18.7 SFI 12 0.15 0.01 0.16 0.22 0.1489 0.2057 0.56 5.49 0.0940 -0.0483 0.0429 9.1 ST8 08 0.51 0.01 0.52 1.10 0.0764 0.1531 0.34 5.31 0.0100 0.1819 0.0000 23.1 ST8 09 0.63 0.01 0.64 1.77 0.0765 0.1933 0.36 5.67 0.0066 1.2820 0.0000 7.1 ST8 10 0.62 0.01 0.63 1.71 0.1311 0.3591 0.28 5.77 0.0123 0.2764 0.0000 8.9 ST8 11 0.65 0.01 0.66 1.92 0.063 0.1777 0.25 5.83 0.0242 0.1451 0.0371 18.7 ST8 12 0.61 0.01 0.62 1.65 0.057 0.159 0.25 5.82 0.0318 -0.0318 0.0387 9.1 TNA 08 0.81 0.03 0.84 5.32 0.0942 0.6397 0.04 6.14 0.0495 0.7569 0.0130 23.1 TNA 09 0.65 0.03 0.68 2.18 0.0894 0.4014 0.07 6.00 0.0581 -0.2695 0.0174 7.1 TNA 10 0.42 0.06 0.48 0.96 0.0489 0.1253 0.23 5.85 0.0964 -0.2915 0.0239 8.9 TNA 11 0.43 0.04 0.47 0.91 0.0023 0.0046 0.26 5.80 0.0952 -0.1082 0.0262 18.7 TNA 12 0.44 0.02 0.46 0.88 0.0003 0.0006 0.27 5.78 0.0847 -0.0433 0.0267 9.1 TMT 08 0.22 0.03 0.25 0.33 0.0558 0.0782 0.88 5.29 0.5942 -0.1116 0.0014 23.1 TMT 09 0.22 0.09 0.31 0.44 0.0644 0.0895 0.76 5.35 0.5330 0.1545 0.0007 7.1 TMT 10 0.25 0.09 0.34 0.53 0.0813 0.1207 0.68 5.39 0.5274 0.1110 0.0016 8.9 TMT 11 0.27 0.09 0.36 0.55 0.1041 0.1603 0.61 5.44 0.5291 0.1174 0.0037 18.7 TMT 12 0.35 0.07 0.42 0.73 0.0934 0.1536 0.52 5.51 0.5852 0.1674 0.0031 9.1 CLW 08 0.34 0.10 0.44 0.80 0.0564 0.1152 0.10 6.09 0.0394 0.0063 0.0012 23.1 CLW 09 0.31 0.31 0.62 1.69 0.05 0.1141 0.08 6.30 0.0224 0.6557 0.0006 7.1 CLW 10 0.27 0.37 0.64 1.92 0.0149 0.0426 0.10 6.37 0.0175 0.1575 0.0000 8.9 CLW 11 0.44 0.30 0.74 2.75 -0.047 -0.159 0.78 6.39 0.0163 0.0544 0.0000 18.7 CLW 12 0.50 0.30 0.80 3.98 -0.097 -0.411 0.66 6.34 0.0222 -0.1205 0.0000 9.1 SGT 08 0.34 0.01 0.35 0.55 0.109 0.1674 0.63 5.54 0.0356 -0.0320 0.0114 23.1 SGT 09 0.24 0.01 0.25 0.33 0.1302 0.1868 0.56 5.58 0.0525 0.1054 0.0000 7.1 SGT 10 0.26 0.03 0.29 0.42 0.1113 0.1564 0.52 5.63 0.0477 0.1248 0.0001 8.9 SGT 11 0.25 0.01 0.26 0.37 0.0599 0.0863 0.20 5.60 0.0503 -0.0853 0.0002 18.7 SGT 12 0.30 0.01 0.31 0.45 0.0768 0.1116 0.17 5.63 0.0447 0.0728 0.0001 9.1 KHA 08 0.04 0.00 0.04 0.04 0.0212 0.0223 0.15 5.28 0.1366 -0.0693 0.0000 23.1 A1 - 19 160 161 162 163 164 165 166 167 KHA 09 0.08 0.00 0.08 0.09 0.1152 0.123 0.13 5.34 0.1444 0.1403 0.0000 7.1 KHA 10 0.10 0.00 0.10 0.11 0.0719 0.0794 0.15 5.39 0.1080 0.1323 0.0000 8.9 KHA 11 0.10 0.00 0.10 0.11 0.0918 0.1022 0.19 5.41 0.2228 0.0351 0.0000 18.7 KHA 12 0.14 0.00 0.14 0.16 0.1437 0.1633 0.11 5.47 0.3186 0.1590 0.0000 9.1 HTV 08 0.05 0.00 0.05 0.06 0.0296 0.0322 0.10 4.20 0.0664 0.1167 0.0000 23.1 HTV 09 0.04 0.00 0.04 0.05 0.0691 0.0725 0.10 4.74 0.0877 2.4460 0.0000 7.1 HTV 10 0.20 0.00 0.20 0.25 0.9521 1.1629 0.13 5.56 0.0368 5.5829 0.0000 8.9 HTV 11 0.27 0.00 0.27 0.37 0.074 0.0971 0.51 5.60 0.0420 0.1081 0.0000 18.7 HTV 12 0.17 0.00 0.17 0.21 0.1099 0.142 0.47 5.52 0.0404 -0.1714 0.0000 9.1 KTB 08 0.69 0.04 0.73 2.70 0.0103 0.0339 0.41 5.65 0.0056 0.6217 0.0000 23.1 KTB 09 0.25 0.13 0.38 0.61 0.0763 0.1677 0.54 5.69 0.0095 0.1039 0.0000 7.1 KTB 10 0.34 0.10 0.44 0.80 0.0409 0.0697 0.42 5.78 0.0068 0.2233 0.0000 8.9 KTB 11 0.44 0.17 0.61 1.58 0.0009 0.0018 0.75 5.82 0.0055 0.0864 0.0000 18.7 KTB 12 0.22 0.19 0.41 0.68 0.0009 0.0019 0.66 5.61 0.0076 -0.3731 0.0000 9.1 KAC 08 0.64 0.07 0.71 2.48 0.2076 0.8728 0.58 5.83 0.0958 0.2890 0.0070 23.1 KAC 09 0.63 0.10 0.73 3.11 0.0731 0.2821 0.57 5.91 0.1349 0.1959 0.0158 7.1 KAC 10 0.68 0.08 0.76 3.61 0.0625 0.2821 0.49 6.02 0.1458 0.2750 0.0166 8.9 KAC 11 0.73 0.07 0.80 4.71 0.0291 0.1544 0.62 6.08 0.1278 0.1562 0.0140 18.7 KAC 12 0.73 0.11 0.84 5.61 -0.035 -0.216 0.60 5.98 0.0964 -0.2100 0.0096 9.1 FDG 08 0.36 0.05 0.41 0.71 0.0239 0.0558 0.49 5.30 0.1285 0.8069 0.2101 23.1 FDG 09 0.37 0.00 0.37 0.59 0.1528 0.2506 0.44 5.37 0.1117 0.1522 0.2321 7.1 FDG 10 0.33 0.01 0.34 0.51 0.1768 0.2733 0.53 5.38 0.1156 0.0430 0.2232 8.9 FDG 11 0.27 0.10 0.37 0.59 0.2079 0.3229 0.06 5.44 0.1733 0.1230 0.1992 18.7 FDG 12 0.28 0.09 0.37 0.60 0.1526 0.2434 0.28 5.47 0.1418 0.0747 0.1839 9.1 C32 08 0.65 0.00 0.65 1.83 0.0676 0.1786 0.28 5.91 0.0485 0.7593 0.1381 23.1 C32 09 0.62 0.05 0.67 2.03 0.0317 0.0928 0.21 5.97 0.0411 0.1354 0.1214 7.1 C32 10 0.66 0.06 0.72 2.59 0.035 0.1157 0.35 6.04 0.0465 0.1749 0.0841 8.9 C32 11 0.66 0.05 0.71 2.48 0.0718 0.2535 0.10 6.08 0.0513 0.1038 0.0704 18.7 C32 12 0.63 0.04 0.67 2.04 0.0243 0.0793 0.12 6.02 0.0550 -0.1338 0.0812 9.1 HMC 08 0.24 0.35 0.59 1.45 0.0452 0.1243 0.39 5.53 0.0075 0.2570 0.0075 23.1 HMC 09 0.25 0.38 0.63 1.70 0.0763 0.1969 0.35 5.62 0.1694 0.2208 0.1694 7.1 HMC 10 0.28 0.32 0.60 1.48 0.0939 0.243 0.38 5.59 0.1832 -0.0718 0.1832 8.9 HMC 11 0.19 0.40 0.59 1.45 0.0137 0.0338 0.37 5.59 0.1862 0.0180 0.1862 18.7 HMC 12 0.19 0.40 0.59 1.43 0.0021 0.0052 0.37 5.59 0.1759 -0.0038 0.1759 9.1 LGC 08 0.27 0.53 0.80 4.08 0.0807 0.3888 0.05 6.41 0.7037 0.1639 0.0019 23.1 LGC 09 0.23 0.59 0.82 4.68 0.0224 0.1206 0.04 6.45 0.8793 0.0944 0.0010 7.1 LGC 10 0.21 0.57 0.78 3.68 0.0306 0.1558 0.05 6.52 0.8677 0.1885 0.0008 8.9 LGC 11 0.28 0.52 0.80 3.97 0.0003 0.0016 0.05 6.51 0.8372 -0.0211 0.0000 18.7 LGC 12 0.26 0.56 0.82 4.69 -0.04 -0.212 0.06 6.48 0.8808 -0.0726 0.0015 9.1 VST 08 0.56 0.01 0.57 1.31 0.0224 0.0539 0.28 4.93 0.2490 0.2631 0.0063 23.1 VST 09 0.48 0.17 0.65 1.84 0.118 0.3229 0.19 5.63 0.3262 4.0137 0.0013 7.1 VST 10 0.32 0.14 0.46 0.84 0.1148 0.2451 0.25 5.82 0.2930 0.5349 0.0008 8.9 A1 - 20 168 169 170 171 172 173 174 175 VST 11 0.39 0.12 0.51 1.05 0.009 0.0175 0.22 5.87 0.3017 0.1328 0.0007 18.7 VST 12 0.64 0.06 0.70 2.39 0.0026 0.0072 0.14 6.10 0.1695 0.6724 0.0004 9.1 KSS 08 0.31 0.20 0.51 1.02 0.0961 0.179 0.26 5.74 0.3894 0.3521 0.0195 23.1 KSS 09 0.38 0.15 0.53 1.13 0.1156 0.2401 0.22 5.81 0.3905 0.1620 0.0218 7.1 KSS 10 0.57 0.08 0.65 1.83 0.0164 0.0405 0.19 5.90 0.3070 0.2364 0.0216 8.9 KSS 11 0.69 0.04 0.73 2.67 -0.038 -0.121 0.19 5.93 0.2694 0.0626 0.0210 18.7 KSS 12 0.60 0.03 0.63 1.67 0.0254 0.08 0.23 5.82 0.3108 -0.2089 0.0265 9.1 DCL 08 0.24 0.11 0.35 0.58 -0.098 -0.152 0.16 5.83 0.3313 -0.0796 0.0098 23.1 DCL 09 0.21 0.08 0.29 0.44 0.0599 0.0936 0.17 5.84 0.3019 0.0266 0.0090 7.1 DCL 10 0.17 0.00 0.17 0.22 0.0653 0.0902 0.18 5.81 0.2123 -0.0704 0.0091 8.9 DCL 11 0.18 0.04 0.22 0.29 0.0161 0.0207 0.22 5.84 0.2042 0.0693 0.0080 18.7 DCL 12 0.23 0.06 0.29 0.41 0.0146 0.0199 0.23 5.88 0.1699 0.1022 0.0068 9.1 HAP 08 0.27 0.03 0.30 0.52 0.008 0.0119 0.59 4.23 0.1307 1.6792 0.0005 23.1 HAP 09 0.29 0.01 0.30 0.43 0.1383 0.2064 0.76 4.88 0.0540 3.4975 0.0001 7.1 HAP 10 0.34 0.00 0.34 0.55 0.3114 0.4944 0.42 5.50 0.0361 3.2093 0.0578 8.9 HAP 11 0.34 0.00 0.34 0.60 0.0249 0.0421 0.55 5.56 0.0357 0.1269 0.0381 18.7 HAP 12 0.28 0.00 0.28 0.46 0.0321 0.0542 0.55 5.55 0.1405 -0.0229 0.1218 9.1 KSA 08 0.26 0.00 0.26 0.35 0.1563 0.2056 0.90 5.23 0.0503 0.0972 0.0007 23.1 KSA 09 0.26 0.00 0.26 0.36 0.1898 0.2571 0.81 5.29 0.0419 0.1442 0.0004 7.1 KSA 10 0.25 0.00 0.25 0.33 0.1309 0.176 0.78 5.31 0.0350 0.0395 0.0001 8.9 KSA 11 0.27 0.00 0.27 0.37 0.1046 0.1415 0.68 5.37 0.0238 0.1399 0.0004 18.7 KSA 12 0.24 0.00 0.24 0.32 0.108 0.145 0.67 5.37 0.0277 0.0035 0.0003 9.1 SCD 08 0.17 0.23 0.40 0.66 0.0851 0.1954 0.36 5.31 0.4313 -0.0973 0.0000 23.1 SCD 09 0.21 0.18 0.39 0.65 0.0601 0.0993 0.57 5.31 0.3796 -0.0137 0.0000 7.1 SCD 10 0.32 0.11 0.43 0.75 0.0859 0.1461 0.50 5.36 0.3478 0.1293 0.0000 8.9 SCD 11 0.37 0.07 0.44 0.79 0.1294 0.2297 0.48 5.48 0.3479 0.3374 0.0000 18.7 SCD 12 0.37 0.05 0.42 0.73 0.0714 0.126 0.53 5.44 0.3362 -0.0955 0.0000 9.1 MCP 08 0.07 0.00 0.07 0.08 0.14 0.1544 0.29 5.48 0.0424 0.2648 0.0466 23.1 MCP 09 0.08 0.00 0.08 0.09 0.2098 0.2273 0.25 5.54 0.0397 0.1684 0.0383 7.1 MCP 10 0.15 0.00 0.15 0.18 0.1487 0.1689 0.34 5.58 0.0427 0.0809 0.0339 8.9 MCP 11 0.16 0.01 0.17 0.20 0.1016 0.1212 0.34 5.58 0.1143 0.0121 0.2658 18.7 MCP 12 0.15 0.00 0.15 0.17 0.042 0.0499 0.35 5.56 0.1192 -0.0405 0.2556 9.1 DHA 08 0.74 0.16 0.90 9.53 0.0234 0.2216 0.09 5.79 0.3651 0.3907 0.0010 23.1 DHA 09 0.57 0.34 0.91 9.74 0.0316 0.3375 0.07 5.96 0.3415 0.4799 0.0006 7.1 DHA 10 0.63 0.25 0.88 7.45 0.0271 0.2523 0.11 6.09 0.3012 0.3425 0.0003 8.9 DHA 11 0.65 0.23 0.88 7.57 0.0191 0.1624 0.10 6.12 0.2683 0.0642 0.0087 18.7 DHA 12 0.67 0.23 0.90 9.29 0.0147 0.1392 0.08 6.20 0.2502 0.2199 0.0106 9.1 C47 08 0.65 0.03 0.68 2.14 0.0692 0.2041 0.13 5.65 0.0759 0.1779 0.0000 23.1 C47 09 0.65 0.03 0.68 2.10 0.0523 0.163 0.20 5.65 0.0729 -0.0004 0.0081 7.1 C47 10 0.06 0.65 0.71 2.45 0.0502 0.1644 0.18 5.69 0.0685 0.0953 0.0072 8.9 C47 11 0.05 0.67 0.72 2.56 0.0517 0.1812 0.17 5.71 0.0591 0.0336 0.0068 18.7 C47 12 0.05 0.61 0.66 1.91 0.0444 0.1415 0.24 5.74 0.0486 0.0865 0.0061 9.1 A1 - 21 176 177 178 179 180 181 182 183 184 CCI 08 0.49 0.11 0.60 1.81 0.0588 0.1935 0.12 5.96 0.0988 0.0841 0.0969 23.1 CCI 09 0.56 0.02 0.58 1.64 0.0143 0.0416 0.13 6.03 0.0828 0.1673 0.0796 7.1 CCI 10 0.57 0.09 0.66 2.46 0.0175 0.0572 0.10 6.15 0.0868 0.3206 0.0642 8.9 CCI 11 0.57 0.15 0.72 3.29 0.0072 0.0299 0.08 6.23 0.0731 0.2015 0.0524 18.7 CCI 12 0.56 0.17 0.73 3.42 0.0037 0.0173 0.08 6.24 0.0674 0.0252 0.0502 9.1 UDC 08 0.54 0.00 0.54 1.18 0.0338 0.0767 0.26 5.53 0.1858 -0.1254 0.0089 23.1 UDC 09 0.76 0.00 0.76 3.10 0.0291 0.0913 0.14 5.79 0.1076 0.8603 0.0046 7.1 UDC 10 0.67 0.00 0.67 2.02 0.0476 0.1684 0.18 5.70 0.1397 -0.1948 0.0057 8.9 UDC 11 0.78 0.00 0.78 3.53 0.0443 0.168 0.12 5.89 0.0938 0.5500 0.0036 18.7 UDC 12 0.66 0.00 0.66 1.93 0.0099 0.0371 0.20 5.66 0.1975 -0.4101 0.0170 9.1 FMC 08 0.68 0.03 0.71 2.41 0.0742 0.2418 0.12 5.67 0.1960 0.1822 0.0144 23.1 FMC 09 0.81 0.01 0.82 4.51 0.0479 0.2142 0.09 5.88 0.1354 0.6389 0.0018 7.1 FMC 10 0.83 0.02 0.85 5.69 0.0069 0.0422 0.07 6.02 0.1130 0.3594 0.0010 8.9 FMC 11 0.79 0.03 0.82 4.63 0.0048 0.0292 0.10 5.95 0.1392 -0.1348 0.0033 18.7 FMC 12 0.75 0.02 0.77 3.40 0.0035 0.0176 0.11 5.85 0.1692 -0.2058 0.0039 9.1 CMX 08 0.12 0.49 0.61 1.57 0.0465 0.1035 0.48 5.39 0.4910 0.4167 0.0003 23.1 CMX 09 0.10 0.51 0.61 1.57 0.0394 0.1013 0.44 5.42 0.5338 0.0815 0.0002 7.1 CMX 10 0.15 0.47 0.62 1.64 0.0666 0.1738 0.39 5.48 0.4712 0.1353 0.0001 8.9 CMX 11 0.22 0.42 0.64 1.81 0.0667 0.1819 0.35 5.52 0.5045 0.1155 0.0002 18.7 CMX 12 0.28 0.33 0.61 1.58 0.0619 0.1667 0.36 5.51 0.5333 -0.0282 0.0002 9.1 TDW 08 0.38 0.02 0.40 0.68 0.4097 0.9609 0.19 5.42 0.2777 0.1009 0.0610 23.1 TDW 09 0.63 0.01 0.64 1.74 0.0909 0.2015 0.23 5.64 0.1622 0.6794 0.0393 7.1 TDW 10 0.69 0.00 0.69 2.18 0.0696 0.2068 0.18 5.74 0.1207 0.2517 0.0333 8.9 TDW 11 0.70 0.00 0.70 2.29 0.0634 0.2052 0.17 5.77 0.1400 0.0722 0.0386 18.7 TDW 12 0.83 0.00 0.83 4.71 0.0096 0.0433 0.12 5.99 0.0850 0.6835 0.0228 9.1 VLF 08 0.16 0.02 0.18 0.22 0.0078 0.0092 0.37 5.97 0.3277 0.2039 0.0563 23.1 VLF 09 0.15 0.06 0.21 0.27 0.0354 0.0441 0.37 6.03 0.3327 0.1408 0.0481 7.1 VLF 10 0.16 0.04 0.20 0.25 0.0318 0.04 0.39 6.06 0.3222 0.0674 0.0433 8.9 VLF 11 0.16 0.03 0.19 0.23 0.0196 0.0244 0.36 6.11 0.3009 0.1138 0.0385 18.7 VLF 12 0.18 0.01 0.19 0.24 0.0069 0.0085 0.37 6.11 0.2862 0.0101 0.0339 9.1 RIC 08 0.64 0.23 0.87 6.51 0.0204 0.1448 0.09 6.20 0.0023 0.3376 0.0000 23.1 RIC 09 0.75 0.04 0.79 3.88 0.06 0.3624 0.11 6.11 0.0021 -0.1795 0.0000 7.1 RIC 10 0.53 0.13 0.66 2.15 0.0053 0.0203 0.14 6.18 0.0022 0.1652 0.0000 8.9 RIC 11 0.53 0.16 0.69 2.49 0.0058 0.02 0.13 6.23 0.0133 0.1263 0.0000 18.7 RIC 12 0.60 0.10 0.70 2.63 0.004 0.0148 0.12 6.25 0.0113 0.0522 0.0000 9.1 VPH 08 0.34 0.00 0.34 0.51 0.1655 0.3073 0.81 5.08 0.1874 -0.2231 0.0129 23.1 VPH 09 0.35 0.01 0.36 0.55 0.1879 0.2883 1.02 5.20 0.1121 0.3024 0.0109 7.1 VPH 10 0.30 0.00 0.30 0.43 0.2091 0.3106 0.96 5.23 0.2395 0.0679 0.0101 8.9 VPH 11 0.22 0.01 0.23 0.29 0.1449 0.1967 1.00 5.21 0.2103 -0.0389 0.0097 18.7 VPH 12 0.24 0.00 0.24 0.32 0.1495 0.195 0.96 5.23 0.1750 0.0414 0.0080 9.1 STG 08 0.63 0.14 0.77 3.43 0.031 0.1544 0.11 5.77 0.1755 0.2957 0.0306 23.1 STG 09 0.63 0.10 0.73 2.74 0.0529 0.2122 0.11 5.88 0.2258 0.3026 0.0229 7.1 A1 - 22 185 186 187 188 189 190 191 192 STG 10 0.47 0.14 0.61 1.73 0.0739 0.2318 0.12 6.05 0.1777 0.4594 0.0152 8.9 STG 11 0.62 0.09 0.71 2.81 0.0112 0.0379 0.10 6.17 0.2233 0.3204 0.0337 18.7 STG 12 0.63 0.11 0.74 3.21 0.0073 0.0302 0.09 6.21 0.2217 0.1002 0.0300 9.1 SHI 08 0.12 0.00 0.12 0.14 0.1876 0.2106 0.86 5.09 0.1171 0.0514 0.0000 23.1 SHI 09 0.15 0.00 0.15 0.18 0.1815 0.2099 0.77 5.14 0.1265 0.1156 0.0000 7.1 SHI 10 0.18 0.00 0.18 0.22 0.1618 0.1938 0.76 5.19 0.1223 0.1163 0.0000 8.9 SHI 11 0.25 0.01 0.26 0.34 0.1444 0.185 0.70 5.22 0.0994 0.0871 0.0000 18.7 SHI 12 0.27 0.00 0.27 0.37 0.1498 0.2036 0.64 5.26 0.0754 0.0889 0.0000 9.1 VNL 08 0.93 0.00 0.93 13.18 0.0173 0.2453 0.05 6.19 0.0121 0.1838 0.0001 23.1 VNL 09 0.96 0.00 0.96 26.83 0.014 0.2754 0.04 6.31 0.0086 0.3152 0.0001 7.1 VNL 10 0.94 0.01 0.95 18.08 0.0097 0.2146 0.04 6.43 0.0079 0.3363 0.0002 8.9 VNL 11 0.90 0.06 0.96 22.77 0.0086 0.1867 0.03 6.61 0.0052 0.4865 0.0001 18.7 VNL 12 0.91 0.05 0.96 24.82 0.0036 0.089 0.02 6.65 0.0039 0.1133 0.0012 9.1 VMD 08 0.16 0.00 0.16 0.19 0.1037 0.1454 0.51 5.33 0.0533 -0.2883 0.0034 23.1 VMD 09 0.24 0.00 0.24 0.31 0.1535 0.1923 0.42 5.43 0.0411 0.2535 0.0518 7.1 VMD 10 0.23 0.00 0.23 0.30 0.1295 0.1692 0.37 5.47 0.0380 0.1029 0.0610 8.9 VMD 11 0.19 0.00 0.19 0.24 0.1052 0.1336 0.37 5.47 0.0349 -0.0064 0.0170 18.7 VMD 12 0.18 0.00 0.18 0.23 0.0996 0.1226 0.37 5.48 0.0342 0.0270 0.0179 9.1 TIE 08 0.16 0.20 0.36 0.55 0.0525 0.0756 0.32 5.39 0.1298 0.6983 0.0000 23.1 TIE 09 0.14 0.39 0.53 1.13 0.0878 0.1628 0.21 5.56 0.0813 0.4990 0.0000 7.1 TIE 10 0.33 0.23 0.56 1.27 0.0582 0.1285 0.19 5.74 0.3946 0.4977 0.0344 8.9 TIE 11 0.58 0.08 0.66 1.91 0.0402 0.1041 0.15 5.85 0.3286 0.2876 0.0210 18.7 TIE 12 0.67 0.06 0.73 2.71 0.0184 0.0609 0.12 5.96 0.2670 0.2948 0.0266 9.1 TS4 08 0.57 0.27 0.84 0.84 0.0207 0.1272 0.14 5.80 0.0390 0.1398 0.2449 23.1 TS4 09 0.64 0.13 0.77 0.77 0.0291 0.1522 0.19 5.68 0.1402 -0.2432 0.0073 7.1 TS4 10 0.78 0.07 0.85 0.85 0.0299 0.1622 0.15 5.85 0.0942 0.4688 0.0049 8.9 TS4 11 0.80 0.09 0.89 0.89 0.0238 0.192 0.09 6.05 0.0561 0.5893 0.0077 18.7 TS4 12 0.74 0.12 0.86 0.86 0.035 0.2817 0.09 6.04 0.0549 -0.0184 0.0241 9.1 LM8 08 0.64 0.03 0.67 2.27 0.0559 0.1845 0.12 5.51 0.2122 0.6748 0.0000 23.1 LM8 09 0.69 0.00 0.69 2.29 0.0499 0.1662 0.14 5.61 0.0733 0.2618 0.0000 7.1 LM8 10 0.62 0.03 0.65 1.91 0.0572 0.1756 0.15 5.74 0.0457 0.3469 0.0000 8.9 LM8 11 0.62 0.04 0.66 1.93 0.0274 0.0803 0.16 5.80 0.0367 0.1446 0.0000 18.7 LM8 12 0.66 0.03 0.69 2.19 0.0106 0.0325 0.17 5.81 0.0680 0.0308 0.0000 9.1 DIC 08 0.68 0.04 0.72 2.61 0.0443 0.1377 0.19 5.64 0.1200 0.3405 0.0037 23.1 DIC 09 0.68 0.04 0.72 2.57 0.0395 0.142 0.18 5.66 0.1224 0.0509 0.0033 7.1 DIC 10 0.70 0.03 0.73 2.66 0.0363 0.1314 0.16 5.72 0.0962 0.1293 0.0028 8.9 DIC 11 0.68 0.06 0.74 2.78 0.036 0.1338 0.15 5.76 0.1417 0.0989 0.0023 18.7 DIC 12 0.64 0.03 0.67 2.07 0.0402 0.1375 0.18 5.68 0.1692 -0.1662 0.0026 9.1 UIC 08 0.91 0.00 0.91 9.68 0.0326 0.273 0.07 5.81 0.0080 0.9710 0.0000 23.1 UIC 09 0.89 0.00 0.89 8.47 0.0479 0.4808 0.06 5.87 0.0065 0.1355 0.0000 7.1 UIC 10 0.83 0.01 0.84 5.23 0.0391 0.2909 0.10 5.93 0.0041 0.1531 0.0000 8.9 UIC 11 0.73 0.00 0.73 2.91 0.0636 0.3183 0.13 5.83 0.0058 -0.2141 0.0000 18.7 A1 - 23 193 194 195 196 197 198 199 200 UIC 12 0.76 0.00 0.76 3.28 0.035 0.1457 0.12 5.85 0.0027 0.0593 0.0000 9.1 HU3 08 0.36 0.10 0.46 0.85 0.0541 0.0973 0.18 5.70 0.0755 0.1644 0.1325 23.1 HU3 09 0.36 0.14 0.5 0.99 0.0557 0.107 0.16 5.74 0.0769 0.0994 0.1202 7.1 HU3 10 0.47 0.16 0.63 1.69 0.022 0.0517 0.13 5.89 0.0936 0.4201 0.0828 8.9 HU3 11 0.52 0.13 0.65 1.9 -0.01 -0.027 0.13 5.91 0.1205 0.0338 0.0784 18.7 HU3 12 0.50 0.15 0.65 1.87 -0.032 -0.091 0.14 5.86 0.2335 -0.0979 0.0000 9.1 VID 08 0.32 0.20 0.52 1.13 0.0413 0.0889 0.23 5.47 0.1303 1.7685 0.0000 23.1 VID 09 0.36 0.25 0.61 1.61 0.0469 0.1138 0.17 5.60 0.1073 0.3485 0.0002 7.1 VID 10 0.41 0.18 0.59 1.51 0.0599 0.1557 0.23 5.74 0.0734 0.3676 0.0003 8.9 VID 11 0.53 0.11 0.64 2.06 0.0006 0.0018 0.19 5.82 0.4410 0.1930 0.0002 18.7 VID 12 0.45 0.09 0.54 1.19 -0.005 -0.013 0.29 5.64 0.5419 -0.3334 0.0001 9.1 DHC 08 0.44 0.11 0.55 1.34 0.03 0.0745 0.12 5.75 0.1306 -0.0314 0.0241 23.1 DHC 09 0.44 0.27 0.71 2.6 0.0491 0.1523 0.12 5.99 0.1033 0.7398 0.0148 7.1 DHC 10 0.49 0.27 0.76 3.33 0.0016 0.0064 0.11 6.04 0.0838 0.1013 0.0217 8.9 DHC 11 0.48 0.25 0.73 2.99 -0.016 -0.067 0.13 5.97 0.0748 -0.1363 0.0146 18.7 DHC 12 0.46 0.21 0.67 2.17 0.0286 0.1037 0.15 5.92 0.0533 -0.1189 0.0161 9.1 ASP 08 0.21 0.03 0.24 0.31 0.0821 0.1175 0.51 5.42 0.0136 -0.2123 0.1001 23.1 ASP 09 0.33 0.00 0.33 0.5 0.0945 0.1331 0.42 5.50 0.1708 0.2045 0.0815 7.1 ASP 10 0.23 0.01 0.24 0.32 0.078 0.1105 0.45 5.47 0.1678 -0.0730 0.0857 8.9 ASP 11 0.21 0.01 0.22 0.28 0.057 0.0751 0.47 5.44 0.1603 -0.0511 0.0891 18.7 ASP 12 0.20 0.01 0.21 0.28 0.0409 0.0537 0.50 5.42 0.1545 -0.0467 0.0911 9.1 VTB 08 0.39 0.21 0.6 1.51 0.0604 0.1669 0.21 5.57 0.3463 0.1214 0.1779 23.1 VTB 09 0.41 0.15 0.56 1.29 0.1143 0.2725 0.21 5.66 0.2604 0.2424 0.1245 7.1 VTB 10 0.47 0.11 0.58 1.38 0.0606 0.1418 0.20 5.68 0.2715 0.0381 0.1018 8.9 VTB 11 0.42 0.29 0.71 2.96 0.0111 0.0361 0.12 5.90 0.1514 0.6511 0.0507 18.7 VTB 12 0.41 0.41 0.82 5.53 0.0013 0.0069 0.08 6.07 0.0944 0.4941 0.0266 9.1 CTI 08 0.88 0.00 0.88 7.44 0.0477 0.4644 0.04 5.62 0.0904 1.0923 0.0000 23.1 CTI 09 0.91 0.01 0.92 11.62 0.0262 0.2764 0.03 5.81 0.0497 0.5354 0.0000 7.1 CTI 10 0.67 0.02 0.69 2.29 0.0799 0.3671 0.11 6.02 0.0542 0.6274 0.0412 8.9 CTI 11 0.71 0.01 0.72 2.67 0.0416 0.1462 0.09 6.09 0.0558 0.1774 0.0000 18.7 CTI 12 0.62 0.01 0.63 1.74 0.0078 0.0254 0.12 5.96 0.0772 -0.2578 0.0000 9.1 PXI 08 0.28 0.15 0.43 0.76 0.1948 0.3302 0.44 5.37 0.3542 0.3745 0.0000 23.1 PXI 09 0.30 0.15 0.45 0.83 0.2435 0.4386 0.29 5.55 0.3147 0.5194 0.0000 7.1 PXI 10 0.24 0.19 0.43 0.96 0.1422 0.2865 0.24 5.63 0.2625 0.1897 0.0194 8.9 PXI 11 0.42 0.12 0.54 1.5 -0.006 -0.014 0.24 5.64 0.3212 0.0129 0.0192 18.7 PXI 12 0.49 0.07 0.56 1.62 0.0437 0.1238 0.25 5.62 0.2878 -0.0460 0.0201 9.1 SBC 08 0.13 0.01 0.14 0.16 0.0812 0.11 0.68 5.08 0.2919 0.7218 0.0000 23.1 SBC 09 0.12 0.04 0.16 0.18 0.0662 0.0777 0.59 5.15 0.2416 0.1648 0.0000 7.1 SBC 10 0.19 0.08 0.27 0.38 0.0775 0.0995 0.52 5.24 0.3129 0.2263 0.0000 8.9 SBC 11 0.24 0.08 0.32 0.47 0.0794 0.113 0.50 5.26 0.2668 0.0485 0.0000 18.7 SBC 12 0.25 0.13 0.38 0.62 0.08 0.1241 0.40 5.35 0.1908 0.2422 0.0000 9.1 A1 - 24 Appendix 2 List of Parent and Affiliated Companies Data (Part 1) No . Comp. Mo Comp. Son 1 PGD 2 GSP 3 PGS GAS 4 PVG 5 PCG 6 PCT 7 NSC SSI 8 SSC Year 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 ROA (son) 0.3289 0.2841 0.249 0.2245 0.1207 0.0792 0.152 0.0946 0.0706 0.0748 0.038 0.0389 0.1214 0.0828 0.0488 0.0098 0.0287 0.0302 0.102 0.0199 0.0574 0.0511 0.0279 0.0197 0.0163 -0.0235 0.0138 0.0151 0.0068 0.022 0.1759 0.1482 0.1572 0.1846 0.2054 0.1861 0.2516 ROA (mo) 0.2605 0.1749 0.1542 0.1386 0.2161 0.2605 0.1749 0.1542 0.1386 0.2161 0.2605 0.1749 0.1542 0.1386 0.2161 0.2605 0.1749 0.1542 0.1386 0.2161 0.2605 0.1749 0.1542 0.1386 0.2161 0.2605 0.1749 0.1542 0.1386 0.2161 0.0334 0.1266 0.0868 0.0103 0.0641 0.0334 0.1266 A2 - 1 ROE (son) 0.5566 0.4149 0.3523 0.3806 0.2434 0.0845 0.1657 0.1322 0.119 0.1198 0.1845 0.2232 0.8294 0.4383 0.1955 0.0356 0.088 0.1133 0.3826 0.0654 0.0637 0.0705 0.0441 0.0313 0.0273 -0.0304 0.0185 0.021 0.0098 0.0318 0.262 0.2101 0.2286 0.2927 0.322 0.2293 0.3226 ROE (mo) 0.6728 0.4992 0.3229 0.2597 0.3871 0.6728 0.4992 0.3229 0.2597 0.3871 0.6728 0.4992 0.3229 0.2597 0.3871 0.6728 0.4992 0.3229 0.2597 0.3871 0.6728 0.4992 0.3229 0.2597 0.3871 0.6728 0.4992 0.3229 0.2597 0.3871 0.063 0.1839 0.1336 0.015 0.0904 0.063 0.1839 Size (mo) 7.22 7.34 7.6 7.66 7.65 7.22 7.34 7.6 7.66 7.65 7.22 7.34 7.6 7.66 7.65 7.22 7.34 7.6 7.66 7.65 7.22 7.34 7.6 7.66 7.65 7.22 7.34 7.6 7.66 7.65 6.75 6.85 6.94 6.81 6.9 6.75 6.85 Tang (mo) 0.3807 0.4327 0.4473 0.3701 0.3394 0.3807 0.4327 0.4473 0.3701 0.3394 0.3807 0.4327 0.4473 0.3701 0.3394 0.3807 0.4327 0.4473 0.3701 0.3394 0.3807 0.4327 0.4473 0.3701 0.3394 0.3807 0.4327 0.4473 0.3701 0.3394 0.0068 0.0048 0.0046 0.0055 0.003 0.0068 0.0048 9 ABT 10 HVG 11 PAN 12 GIL 13 ELC 14 TMS 15 HLA BVS 16 TLG 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 0.2021 0.2006 0.1843 0.0563 0.197 0.1649 0.1848 0.1592 0.077 0.0994 0.0477 0.0715 0.0411 0.0791 0.1538 0.0754 0.044 0.2443 0.081 0.1381 0.0743 0.1024 0.0435 0.0941 0.1598 0.1845 0.0998 0.1117 0.1246 0.1093 0.0866 0.0712 0.1198 -0.0242 0.0535 0.0081 -0.0068 0.019 0.1541 0.1027 0.105 0.0946 0.0868 0.0103 0.0641 0.0334 0.1266 0.0868 0.0103 0.0641 0.0334 0.1266 0.0868 0.0103 0.0641 0.0334 0.1266 0.0868 0.0103 0.0641 0.0334 0.1266 0.0868 0.0103 0.0641 0.0334 0.1266 0.0868 0.0103 0.0641 0.0334 0.1266 0.0868 0.0103 0.0641 -0.2819 0.1086 -0.0546 -0.067 0.0535 -0.2819 0.1086 -0.0546 -0.067 A2 - 2 0.2617 0.2659 0.2749 0.0718 0.2321 0.2122 0.2385 0.2038 0.1222 0.2006 0.1237 0.2137 0.1221 0.0994 0.172 0.0858 0.0506 0.279 0.095 0.1715 0.1041 0.1931 0.1128 0.3789 0.5675 0.4536 0.1996 0.1836 0.1456 0.1396 0.1237 0.1008 0.1591 -0.0785 0.2589 0.0407 -0.0367 0.103 0.2547 0.1704 0.1888 0.1852 0.1336 0.015 0.0904 0.063 0.1839 0.1336 0.015 0.0904 0.063 0.1839 0.1336 0.015 0.0904 0.063 0.1839 0.1336 0.015 0.0904 0.063 0.1839 0.1336 0.015 0.0904 0.063 0.1839 0.1336 0.015 0.0904 0.063 0.1839 0.1336 0.015 0.0904 -0.5413 0.1511 -0.0777 -0.0908 0.0711 -0.5413 0.1511 -0.0777 -0.0908 6.94 6.81 6.9 6.75 6.85 6.94 6.81 6.9 6.75 6.85 6.94 6.81 6.9 6.75 6.85 6.94 6.81 6.9 6.75 6.85 6.94 6.81 6.9 6.75 6.85 6.94 6.81 6.9 6.75 6.85 6.94 6.81 6.9 6.16 6.25 6.21 6.13 6.19 6.16 6.25 6.21 6.13 0.0046 0.0055 0.003 0.0068 0.0048 0.0046 0.0055 0.003 0.0068 0.0048 0.0046 0.0055 0.003 0.0068 0.0048 0.0046 0.0055 0.003 0.0068 0.0048 0.0046 0.0055 0.003 0.0068 0.0048 0.0046 0.0055 0.003 0.0068 0.0048 0.0046 0.0055 0.003 0.009 0.0072 0.0049 0.0087 0.0053 0.009 0.0072 0.0049 0.0087 17 18 TMP REE TBC 19 NBP 20 LGC CII 21 SII 22 DC2 23 DIG DIH 24 DIC 25 DC4 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 0.1047 0.0448 0.1133 0.0168 0.0564 0.105 0.2018 0.1513 0.0623 0.0885 0.1454 0.2134 0.2245 0.2675 0.1229 0.0824 0.0452 0.0763 0.0939 0.0137 0.0021 0.0004 0.0166 0.0721 0.0129 0.1239 0.0799 0.1174 0.0723 0.0358 0.0064 0.0347 0.0516 0.0626 0.065 0.0575 0.0559 0.0499 0.0572 0.0274 0.0106 0.1357 0.0535 -0.0559 0.1443 0.0868 0.1001 0.1107 -0.0559 0.1443 0.0868 0.1001 0.1107 -0.0559 0.1443 0.0868 0.1001 0.1107 0.0713 0.1399 0.1248 0.0363 0.0716 0.0713 0.1399 0.1248 0.0363 0.0716 0.0974 0.1823 0.1147 0.0282 0.0049 0.0974 0.1823 0.1147 0.0282 0.0049 0.0974 0.1823 0.1147 0.0282 0.0049 0.0974 A2 - 3 0.1945 0.0614 0.2139 0.0289 0.0937 0.1715 0.2166 0.1644 0.0688 0.0956 0.152 0.3496 0.3305 0.3767 0.185 0.1359 0.1243 0.1969 0.243 0.0338 0.0052 0.0007 0.0341 0.131 0.0248 0.2277 0.2218 0.3562 0.214 0.0995 0.0184 0.1479 0.2994 0.2679 0.2345 0.2228 0.1845 0.1662 0.1756 0.0803 0.0325 0.3688 0.0711 -0.071 0.1899 0.1351 0.1518 0.1625 -0.071 0.1899 0.1351 0.1518 0.1625 -0.071 0.1899 0.1351 0.1518 0.1625 0.1705 0.3171 0.2887 0.1185 0.3096 0.1705 0.3171 0.2887 0.1185 0.3096 0.4008 0.3896 0.1903 0.0528 0.01 0.4008 0.3896 0.1903 0.0528 0.01 0.4008 0.3896 0.1903 0.0528 0.01 0.4008 6.19 6.42 6.53 6.7 6.72 6.82 6.42 6.53 6.7 6.72 6.82 6.42 6.53 6.7 6.72 6.82 6.3 6.4 6.55 6.7 6.82 6.3 6.4 6.55 6.7 6.82 6.43 6.56 6.63 6.68 6.71 6.43 6.56 6.63 6.68 6.71 6.43 6.56 6.63 6.68 6.71 6.43 0.0053 0.0076 0.0053 0.0032 0.0027 0.0034 0.0076 0.0053 0.0032 0.0027 0.0034 0.0076 0.0053 0.0032 0.0027 0.0034 0.0011 0.0278 0.0007 0.0019 0.0119 0.0011 0.0278 0.0007 0.0019 0.0119 0.077 0.0583 0.0551 0.091 0.0831 0.077 0.0583 0.0551 0.091 0.0831 0.077 0.0583 0.0551 0.091 0.0831 0.077 26 DID 27 SVS 28 SJS SJM 29 VSI 30 UNIC ONS CTD 31 PHU HUNG GIA 32 GSP PVT 33 PV TRAN S 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 0.065 0.0546 0.0373 0.0329 0.1246 0.0343 0.0979 0.054 0.0077 -0.1776 0.1454 -0.0693 -0.198 -0.2563 0.0595 0.0519 0.0006 -0.0498 -0.066 0.0241 0.0339 0.027 0.04 0.0107 0.0687 0.101 0.1462 0.1914 0.2742 0.0436 0.0631 0.0628 0.0356 0.0092 0.0792 0.152 0.0946 0.0706 0.0748 0.0014 0.0165 0.0081 0.1823 0.1147 0.0282 0.0049 0.0974 0.1823 0.1147 0.0282 0.0049 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 7.29 0.1357 0.1558 0.1268 0.0943 0.072 0.1357 0.1558 0.1268 0.0943 0.072 0.0181 0.0014 0.0106 0.0032 0.0137 0.0181 0.0014 0.0106 A2 - 4 0.2361 0.1806 0.1088 0.0972 0.3073 0.0853 0.2028 0.1077 0.0166 -0.2335 0.2318 -0.1141 -0.2415 -0.284 0.1661 0.1674 0.0016 -0.1321 -0.2114 0.107 0.1481 0.1218 0.1833 0.048 0.2036 0.2675 0.3839 0.556 0.6032 0.155 0.2464 0.2182 0.1148 0.026 0.0845 0.1657 0.1322 0.119 0.1198 0.0039 0.0444 0.0228 0.3896 0.1903 0.0528 0.01 0.4008 0.3896 0.1903 0.0528 0.01 0.0947 0.4856 0.2324 -0.0411 -0.1798 0.0947 0.4856 0.2324 -0.0411 -0.1798 0.0947 0.4856 0.2324 -0.0411 -0.1798 0.1701 0.2288 0.2031 0.156 0.1243 0.1701 0.2288 0.2031 0.156 0.1243 0.0916 0.008 0.0397 0.011 0.0449 0.0916 0.008 0.0397 6.56 6.63 6.68 6.71 6.43 6.56 6.63 6.68 6.71 6.2 6.48 6.65 6.7 6.74 6.2 6.48 6.65 6.7 6.74 6.2 6.48 6.65 6.7 6.74 6.06 6.25 6.3 6.39 6.56 6.06 6.25 6.3 6.39 6.56 6.77 6.81 6.89 6.9 6.9 6.77 6.81 6.89 0.0583 0.0551 0.091 0.0831 0.077 0.0583 0.0551 0.091 0.0831 0.0116 0.0081 0.0067 0.02 0.0149 0.0116 0.0081 0.0067 0.02 0.0149 0.0116 0.0081 0.0067 0.02 0.0149 0.036 0.0535 0.0869 0.0678 0.0384 0.036 0.0535 0.0869 0.0678 0.0384 0.4315 0.5801 0.5799 0.5174 0.4412 0.4315 0.5801 0.5799 PACIF IC 34 PCT 35 NSP SAM 36 SMT 37 VC1 38 VC2 39 VCG VC3 40 VC5 41 VC7 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 0.0001 -0.0267 -0.0235 0.0138 0.0151 0.0068 0.022 -0.2203 -0.0272 -0.0534 -0.1116 -0.1317 0.07 0.1121 0.1005 0.0171 0.1048 0.0373 0.0492 0.0814 0.0751 0.0387 0.0761 0.063 0.0428 0.0192 0.0156 0.0365 0.0282 0.0538 0.0374 0.014 0.0322 0.0371 0.0228 0.017 0.0105 0.0399 0.0365 0.0432 0.007 0.0092 0.0032 0.0137 0.0181 0.0014 0.0106 0.0032 0.0137 -0.0283 0.0937 0.0447 -0.0698 0.0391 -0.0283 0.0937 0.0447 -0.0698 0.0391 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 A2 - 5 0.0003 -0.0776 -0.0304 0.0185 0.021 0.0098 0.0318 -0.2509 -0.0308 -0.0627 -0.1259 -0.1346 0.0888 0.1412 0.1383 0.0244 0.1501 0.1436 0.1893 0.3078 0.2591 0.1202 0.2602 0.2096 0.186 0.1088 0.086 0.1754 0.1637 0.3461 0.2411 0.0914 0.1819 0.207 0.1373 0.1208 0.0776 0.105 0.1359 0.1849 0.0318 0.0453 0.011 0.0449 0.0916 0.008 0.0397 0.011 0.0449 -0.0327 0.0992 0.0482 -0.0785 0.0462 -0.0327 0.0992 0.0482 -0.0785 0.0462 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 6.9 6.9 6.77 6.81 6.89 6.9 6.9 6.36 6.43 6.42 6.42 6.44 6.36 6.43 6.42 6.42 6.44 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 0.5174 0.4412 0.4315 0.5801 0.5799 0.5174 0.4412 0.0497 0.0379 0.0405 0.0366 0.0617 0.0497 0.0379 0.0405 0.0366 0.0617 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 42 VC9 43 V11 44 V12 45 V15 46 VCC 47 VMC 48 VCT 49 XMC 50 VCR 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 0.0163 0.0219 0.0195 0.012 0.0125 0.0201 0.0189 0.0101 -0.0423 -0.0158 0.0305 0.0227 0.0193 0.0153 0.0183 0.0193 0.0356 0.0588 0.0244 -0.0322 0.0394 0.0362 0.0347 0.0318 0.0341 0.0354 0.0369 0.0356 0.023 0.0105 0.0196 0.0696 0.048 0.0345 -0.0414 0.0515 0.0532 0.0501 0.0123 -0.005 0.0007 0.0726 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.0206 0.0002 A2 - 6 0.1315 0.1729 0.1802 0.1097 0.0997 0.1015 0.1258 0.0729 -0.3039 -0.1098 0.2152 0.2077 0.1803 0.1297 0.13 0.1178 0.1827 0.1991 0.0657 -0.0926 0.1539 0.1546 0.1748 0.1639 0.1758 0.2673 0.2494 0.1974 0.119 0.052 0.0758 0.2956 0.2435 0.2041 -0.2829 0.1618 0.2247 0.2527 0.0669 -0.0308 0.0007 0.0825 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.2535 0.0026 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 7.36 7.43 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.1192 0.3241 51 VCV 52 PSP 53 PVS PSB 54 PVSY 55 PVA 56 57 PVX PSG SDP 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 0.1139 0.0127 -0.0484 -0.0291 0.0141 0.0076 -0.0247 -0.1857 -0.0005 -0.0161 0.0162 -0.0419 0.0018 0.0499 0.0311 0.0333 0.0305 0.0084 -0.0023 -0.0097 0.0239 0.0257 0.0116 0.0334 0.0675 0.0472 -0.001 -0.0781 0.02 0.0203 0.0401 -0.0679 -0.1913 0.0062 0.0192 0.0169 0.0101 0.0081 0.0067 0.0033 0.003 0.0206 0.0002 0.0067 0.0033 0.003 0.084 0.0624 0.0614 0.0691 0.05 0.084 0.0624 0.0614 0.0691 0.05 0.084 0.0624 0.0614 0.0691 0.05 0.035 0.0438 0.0646 -0.0013 -0.0749 0.035 0.0438 0.0646 -0.0013 -0.0749 0.035 0.0438 0.0646 -0.0013 -0.0749 A2 - 7 0.1818 0.0257 -0.1141 -0.0446 0.0375 0.0202 -0.0597 -0.5261 -0.0005 -0.0284 0.0363 -0.0906 0.0036 0.0533 0.0372 0.0456 0.0445 0.0122 -0.0024 -0.0241 0.0864 0.0859 0.0337 0.1256 0.2934 0.3858 -0.0101 -0.8 0.0656 0.0746 0.1239 -0.2705 -1.7686 0.001 0.1593 0.1096 0.0523 0.0398 0.0608 0.0283 0.0198 0.2535 0.0026 0.0608 0.0283 0.0198 0.3065 0.2165 0.2594 0.3006 0.184 0.3065 0.2165 0.2594 0.3006 0.184 0.3065 0.2165 0.2594 0.3006 0.184 0.0911 0.1232 0.2508 -0.0067 -0.4777 0.0911 0.1232 0.2508 -0.0067 -0.4777 0.0911 0.1232 0.2508 -0.0067 -0.4777 7.5 7.48 7.45 7.36 7.43 7.5 7.48 7.45 6.9 7.1 7.24 7.37 7.33 6.9 7.1 7.24 7.37 7.33 6.9 7.1 7.24 7.37 7.33 6.58 6.75 7.1 7.22 7.28 6.58 6.75 7.1 7.22 7.28 6.58 6.75 7.1 7.22 7.28 0.2846 0.2602 0.262 0.1192 0.3241 0.2846 0.2602 0.262 0.135 0.2079 0.3063 0.2433 0.28 0.135 0.2079 0.3063 0.2433 0.28 0.135 0.2079 0.3063 0.2433 0.28 0.1121 0.0855 0.0507 0.0925 0.0973 0.1121 0.0855 0.0507 0.0925 0.0973 0.1121 0.0855 0.0507 0.0925 0.0973 Appendix 3 List of Parent and Affiliated Companies Data (Part 2) No. Comp. Mo Comp. Son 1 PGD 2 GSP 3 PGS GAS 4 PVG 5 PCG 6 PCT 7 NSC SSI 8 SSC Year STDTA (son) STDTA (mo) TDTA (son) TDTA (mo) TDTE (son) TDTE (mo) LTDTA (son) LTDTA (mo) 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 0.3 0.33 0.27 0.49 0.51 0.06 0.1 0.13 0.26 0.13 0.36 0.65 0.54 0.47 0.48 0.28 0.56 0.59 0.53 0.52 0.12 0.36 0.37 0.37 0.44 0.22 0.16 0.2 0.3 0.26 0.28 0.3 0.32 0.4 0.31 0.15 0.23 0.19 0.13 0.3 0.25 0.23 0.18 0.13 0.3 0.25 0.23 0.18 0.13 0.3 0.25 0.23 0.18 0.13 0.3 0.25 0.23 0.18 0.13 0.3 0.25 0.23 0.18 0.13 0.3 0.25 0.23 0.18 0.17 0.26 0.35 0.18 0.34 0.17 0.26 0.35 0.3 0.33 0.27 0.49 0.51 0.06 0.1 0.31 0.38 0.23 0.8 0.84 0.77 0.7 0.65 0.64 0.7 0.76 0.71 0.68 0.12 0.36 0.37 0.37 0.44 0.23 0.27 0.29 0.32 0.3 0.29 0.3 0.32 0.4 0.31 0.18 0.25 0.2 0.66 0.65 0.43 0.45 0.36 0.66 0.65 0.43 0.45 0.36 0.66 0.65 0.43 0.45 0.36 0.66 0.65 0.43 0.45 0.36 0.66 0.65 0.43 0.45 0.36 0.66 0.65 0.43 0.45 0.36 0.31 0.31 0.37 0.21 0.34 0.31 0.31 0.37 0.43 0.49 0.36 0.97 1.06 0.07 0.11 0.49 0.68 0.33 4.01 5.36 5.48 3.13 2.33 1.77 2.35 3.15 2.45 2.12 0.13 0.56 0.6 0.58 0.77 0.29 0.37 0.4 0.46 0.43 0.4 0.43 0.47 0.67 0.45 0.22 0.33 0.25 1.95 1.94 0.77 0.88 0.6 1.95 1.94 0.77 0.88 0.6 1.95 1.94 0.77 0.88 0.6 1.95 1.94 0.77 0.88 0.6 1.95 1.94 0.77 0.88 0.6 1.95 1.94 0.77 0.88 0.6 0.44 0.46 0.6 0.27 0.52 0.44 0.46 0.6 0 0 0 0 0 0 0 0.18 0.12 0.1 0.44 0.19 0.23 0.23 0.17 0.36 0.14 0.17 0.18 0.16 0 0 0 0 0 0.01 0.11 0.09 0.02 0.04 0.01 0 0 0 0 0.03 0.02 0.01 0.53 0.35 0.18 0.22 0.18 0.53 0.35 0.18 0.22 0.18 0.53 0.35 0.18 0.22 0.18 0.53 0.35 0.18 0.22 0.18 0.53 0.35 0.18 0.22 0.18 0.53 0.35 0.18 0.22 0.18 0.14 0.05 0.02 0.03 0 0.14 0.05 0.02 A3 - 1 9 ABT 10 HVG 11 PAN 12 GIL 13 ELC 14 TMS 15 HLA BVS 16 TLG 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 0.27 0.36 0.11 0.18 0.26 0.18 0.26 0.43 0.51 0.57 0.59 0.59 0.09 0.11 0.12 0.13 0.11 0.16 0.22 0.33 0.55 0.58 0.71 0.69 0.5 0.46 0.27 0.11 0.08 0.05 0.06 0.16 0.71 0.79 0.74 0.77 0.74 0.23 0.3 0.41 0.46 0.4 0.18 0.34 0.17 0.26 0.35 0.18 0.34 0.17 0.26 0.35 0.18 0.34 0.17 0.26 0.35 0.18 0.34 0.17 0.26 0.35 0.18 0.34 0.17 0.26 0.35 0.18 0.34 0.17 0.26 0.35 0.18 0.34 0.26 0.3 0.29 0.23 0.27 0.26 0.3 0.29 0.23 0.27 0.27 0.37 0.11 0.18 0.26 0.18 0.26 0.43 0.53 0.59 0.6 0.6 0.1 0.11 0.12 0.13 0.11 0.16 0.22 0.33 0.57 0.62 0.72 0.72 0.52 0.48 0.28 0.14 0.26 0.33 0.26 0.24 0.74 0.81 0.79 0.83 0.79 0.35 0.37 0.46 0.5 0.43 A3 - 2 0.21 0.34 0.31 0.31 0.37 0.21 0.34 0.31 0.31 0.37 0.21 0.34 0.31 0.31 0.37 0.21 0.34 0.31 0.31 0.37 0.21 0.34 0.31 0.31 0.37 0.21 0.34 0.31 0.31 0.37 0.21 0.34 0.26 0.3 0.29 0.23 0.27 0.26 0.3 0.29 0.23 0.27 0.38 0.58 0.13 0.22 0.35 0.22 0.34 0.78 1.17 1.74 1.81 1.75 0.11 0.12 0.14 0.15 0.13 0.19 0.29 0.5 1.31 1.81 2.55 2.55 1.08 0.93 0.39 0.16 0.35 0.5 0.34 0.31 3.06 4.4 3.81 4.99 3.87 0.57 0.62 0.88 0.99 0.74 0.27 0.52 0.44 0.46 0.6 0.27 0.52 0.44 0.46 0.6 0.27 0.52 0.44 0.46 0.6 0.27 0.52 0.44 0.46 0.6 0.27 0.52 0.44 0.46 0.6 0.27 0.52 0.44 0.46 0.6 0.27 0.52 0.35 0.43 0.41 0.3 0.36 0.35 0.43 0.41 0.3 0.36 0 0.01 0 0 0 0 0 0 0.02 0.02 0.01 0.01 0.01 0 0 0 0 0 0 0 0.02 0.04 0.01 0.03 0.02 0.02 0.01 0.03 0.18 0.28 0.2 0.08 0.03 0.02 0.05 0.06 0.05 0.12 0.07 0.05 0.04 0.03 0.03 0 0.14 0.05 0.02 0.03 0 0.14 0.05 0.02 0.03 0 0.14 0.05 0.02 0.03 0 0.14 0.05 0.02 0.03 0 0.14 0.05 0.02 0.03 0 0.14 0.05 0.02 0.03 0 0 0 0 0 0 0 0 0 0 0 17 18 TMP REE TBC 19 NBP 20 LGC CII 21 SII 22 DC2 23 DIH DIG 24 DIC 25 DC4 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 0.15 0.1 0.09 0.13 0.14 0.07 0.05 0.07 0.04 0.04 0.37 0.27 0.3 0.35 0.42 0.24 0.25 0.28 0.19 0.19 0.46 0.55 0.33 0.44 0.4 0.64 0.59 0.54 0.6 0.67 0.63 0.77 0.58 0.68 0.7 0.64 0.69 0.62 0.62 0.66 0.6 0.78 0.15 0.23 0.39 0.24 0.24 0.15 0.23 0.39 0.24 0.24 0.15 0.23 0.39 0.24 0.24 0.11 0.09 0.15 0.18 0.27 0.11 0.09 0.15 0.18 0.27 0.63 0.23 0.23 0.26 0.25 0.63 0.23 0.23 0.26 0.25 0.63 0.23 0.23 0.26 0.25 0.63 0.23 0.51 0.43 0.41 0.39 0.37 0.07 0.09 0.1 0.05 0.04 0.37 0.27 0.31 0.36 0.42 0.59 0.63 0.6 0.59 0.59 0.46 0.55 0.45 0.51 0.4 0.64 0.69 0.65 0.63 0.67 0.81 0.84 0.68 0.75 0.73 0.67 0.69 0.65 0.66 0.69 0.6 0.78 A3 - 3 0.2 0.26 0.41 0.27 0.36 0.2 0.26 0.41 0.27 0.36 0.2 0.26 0.41 0.27 0.36 0.57 0.51 0.59 0.75 0.75 0.57 0.51 0.59 0.75 0.75 0.74 0.35 0.41 0.48 0.5 0.74 0.35 0.41 0.48 0.5 0.74 0.35 0.41 0.48 0.5 0.74 0.35 1.04 0.75 0.69 0.63 0.6 0.07 0.1 0.11 0.05 0.04 0.59 0.37 0.44 0.57 0.73 1.45 1.7 1.48 1.45 1.43 0.86 1.23 0.82 1.04 0.68 1.78 2.22 1.83 1.74 2.05 4.14 5.33 2.15 3.05 2.7 2.27 2.29 1.91 1.93 2.19 1.52 3.48 0.24 0.36 0.7 0.37 0.56 0.24 0.36 0.7 0.37 0.56 0.24 0.36 0.7 0.37 0.56 1.46 1.06 1.48 3.08 3.37 1.46 1.06 1.48 3.08 3.37 3.04 0.55 0.72 0.96 1.03 3.04 0.55 0.72 0.96 1.03 3.04 0.55 0.72 0.96 1.03 3.04 0.55 0.36 0.33 0.32 0.26 0.23 0 0.04 0.03 0.01 0 0 0 0.01 0.01 0 0.35 0.38 0.32 0.4 0.4 0 0 0.12 0.07 0 0 0.1 0.11 0.03 0 0.18 0.07 0.1 0.07 0.03 0.03 0 0.03 0.04 0.03 0 0 0.05 0.03 0.02 0.03 0.12 0.05 0.03 0.02 0.03 0.12 0.05 0.03 0.02 0.03 0.12 0.46 0.42 0.44 0.57 0.48 0.46 0.42 0.44 0.57 0.48 0.11 0.12 0.18 0.22 0.25 0.11 0.12 0.18 0.22 0.25 0.11 0.12 0.18 0.22 0.25 0.11 0.12 26 DID 27 SVS 28 SJS SJM 29 VSI 30 UNICONS CTD 31 PHU HUNG GIA 32 GSP PVT 33 PV TRANS PACIFIC 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 0.64 0.68 0.65 0.53 0.54 0.43 0.49 0.51 0.1 0.5 0.21 0.13 0.05 0.6 0.66 0.5 0.62 0.58 0.28 0.3 0.3 0.36 0.33 0.66 0.66 0.56 0.7 0.56 0.68 0.75 0.65 0.31 0.23 0.06 0.1 0.13 0.26 0.13 0 0.06 0.17 0.16 0.23 0.26 0.25 0.63 0.23 0.23 0.26 0.25 0.2 0.25 0.37 0.25 0.41 0.2 0.25 0.37 0.25 0.41 0.2 0.25 0.37 0.25 0.41 0.22 0.38 0.37 0.41 0.42 0.22 0.38 0.37 0.41 0.42 0.41 0.24 0.19 0.19 0.2 0.41 0.24 0.19 0.19 0.64 0.68 0.65 0.61 0.58 0.48 0.52 0.55 0.1 0.5 0.22 0.13 0.05 0.6 0.74 0.54 0.69 0.69 0.77 0.77 0.79 0.77 0.78 0.66 0.66 0.56 0.7 0.56 0.68 0.76 0.73 0.69 0.69 0.06 0.1 0.31 0.38 0.23 0.64 0.62 0.66 0.67 A3 - 4 0.41 0.48 0.5 0.74 0.35 0.41 0.48 0.5 0.28 0.41 0.51 0.63 0.72 0.28 0.41 0.51 0.63 0.72 0.28 0.41 0.51 0.63 0.72 0.22 0.38 0.37 0.42 0.42 0.22 0.38 0.37 0.42 0.42 0.73 0.67 0.6 0.63 0.58 0.73 0.67 0.6 0.63 1.75 2.09 1.83 1.58 1.39 0.93 1.06 1.23 0.11 0.98 0.27 0.15 0.05 1.53 2.83 1.16 2.2 2.2 3.43 3.3 3.72 3.45 3.49 1.98 1.95 1.27 2.29 1.3 2.08 3.09 2.68 2.25 2.2 0.07 0.11 0.49 0.68 0.33 1.77 1.64 1.98 2.04 0.72 0.96 1.03 3.04 0.55 0.72 0.96 1.03 0.39 0.7 1.05 1.71 2.59 0.39 0.7 1.05 1.71 2.59 0.39 0.7 1.05 1.71 2.59 0.29 0.61 0.59 0.71 0.74 0.29 0.61 0.59 0.71 0.74 5.73 2.96 1.99 2.21 1.78 5.73 2.96 1.99 2.21 0 0 0 0.08 0.04 0.05 0.03 0.04 0 0 0.01 0 0 0 0.08 0.04 0.07 0.11 0.49 0.47 0.49 0.41 0.45 0 0 0 0 0 0 0.01 0.08 0.38 0.46 0 0 0.18 0.12 0.1 0.64 0.56 0.49 0.51 0.18 0.22 0.25 0.11 0.12 0.18 0.22 0.25 0.08 0.16 0.14 0.38 0.31 0.08 0.16 0.14 0.38 0.31 0.08 0.16 0.14 0.38 0.31 0 0 0 0.01 0 0 0 0 0.01 0 0.32 0.43 0.41 0.44 0.38 0.32 0.43 0.41 0.44 34 PCT 35 NSP SAM 36 SMT 37 VC1 38 VC2 39 VCG VC3 40 VC5 41 VC7 42 VC9 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 0.17 0.22 0.16 0.2 0.3 0.26 0.12 0.11 0.18 0.02 0.02 0.19 0.22 0.32 0.28 0.32 0.72 0.73 0.73 0.69 0.67 0.68 0.65 0.56 0.72 0.69 0.37 0.45 0.29 0.64 0.73 0.8 0.78 0.81 0.83 0.84 0.65 0.76 0.75 0.8 0.75 0.81 0.2 0.41 0.24 0.19 0.19 0.2 0.03 0.07 0.06 0.14 0.12 0.03 0.07 0.06 0.14 0.12 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.64 0.23 0.27 0.29 0.32 0.3 0.12 0.11 0.18 0.02 0.02 0.19 0.22 0.32 0.28 0.32 0.74 0.74 0.73 0.69 0.67 0.69 0.71 0.8 0.83 0.8 0.8 0.85 0.84 0.85 0.85 0.83 0.81 0.84 0.86 0.85 0.66 0.78 0.76 0.8 0.79 0.87 A3 - 5 0.58 0.73 0.67 0.6 0.63 0.58 0.03 0.07 0.06 0.14 0.13 0.03 0.07 0.06 0.14 0.13 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 1.78 0.29 0.37 0.4 0.46 0.43 0.14 0.13 0.22 0.02 0.02 0.23 0.28 0.47 0.39 0.47 2.85 2.84 2.73 2.21 2.01 2.24 2.39 4.21 5.09 3.99 4.04 5.51 5.35 5.55 5.5 4.76 4.38 5.56 6.45 6.17 1.91 3.45 3.15 4.03 3.79 6.75 1.78 5.73 2.96 1.99 2.21 1.78 0.03 0.08 0.07 0.16 0.16 0.03 0.08 0.07 0.16 0.16 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 0.47 0.01 0.11 0.09 0.02 0.04 0 0 0 0 0 0 0 0 0 0 0.02 0.01 0 0 0 0.01 0.06 0.24 0.11 0.11 0.43 0.4 0.55 0.21 0.12 0.03 0.03 0.03 0.03 0.01 0.01 0.02 0.01 0 0.04 0.06 0.38 0.32 0.43 0.41 0.44 0.38 0 0 0 0 0.01 0 0 0 0 0.01 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 43 V11 44 V12 45 V15 46 VCC 47 VMC 48 VCT 49 XMC 50 VCR 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 0.82 0.54 0.59 0.6 0.81 0.84 0.84 0.84 0.85 0.86 0.88 0.81 0.79 0.83 0.81 0.73 0.6 0.63 0.66 0.74 0.77 0.8 0.78 0.8 0.78 0.75 0.72 0.75 0.77 0.65 0.74 0.66 0.76 0.81 0.58 0.65 0.72 0.72 0.76 0.07 0.15 0.4 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.48 0.48 0.48 0.88 0.9 0.87 0.87 0.84 0.86 0.86 0.85 0.85 0.87 0.89 0.87 0.87 0.83 0.84 0.78 0.62 0.64 0.67 0.75 0.78 0.81 0.8 0.81 0.87 0.83 0.8 0.8 0.78 0.7 0.74 0.78 0.81 0.86 0.7 0.77 0.76 0.78 0.82 0.07 0.15 0.48 A3 - 6 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.89 0.84 0.83 7 9.47 7.02 6.83 5.13 6.13 6.23 6.06 5.77 6.67 9.34 7.57 7.25 4.91 5.17 3.59 1.63 1.75 2.02 3.01 3.51 4.42 3.9 4.39 6.75 4.89 4.2 4.11 3.7 2.7 3.39 4.31 5.12 6.59 2.42 3.76 3.92 4.44 5.44 0.07 0.17 0.94 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 6.83 4.14 12.26 7.79 7.25 0.06 0.36 0.28 0.27 0.03 0.02 0.02 0.01 0 0.01 0.01 0.06 0.08 0 0.03 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.09 0.08 0.08 0.05 0.01 0.05 0 0.12 0.05 0.05 0.12 0.12 0.04 0.06 0.06 0 0 0.08 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.41 0.36 0.35 51 VCV 52 PSP 53 PVS PSB 54 PVSY 55 PVA 56 57 PVX PSG SDP 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 8 9 10 11 12 0.38 0.44 0.35 0.08 0.18 0.22 0.31 0.03 0.07 0.02 0.11 0.09 0.11 0.21 0.04 0.02 0.02 0.02 0.55 0.47 0.69 0.12 0.77 0.5 0.59 0.43 0.68 0.69 0.74 0.58 0.73 0.87 0.74 0.8 0.67 0.71 0.68 0.58 0.53 0.48 0.48 0.48 0.58 0.53 0.45 0.42 0.47 0.52 0.45 0.45 0.42 0.47 0.52 0.45 0.45 0.42 0.47 0.52 0.45 0.56 0.59 0.54 0.58 0.64 0.56 0.59 0.54 0.58 0.64 0.56 0.59 0.54 0.58 0.64 0.53 0.62 0.35 0.66 0.59 0.58 0.72 0.19 0.55 0.56 0.52 0.49 0.11 0.21 0.32 0.31 0.31 0.02 0.75 0.71 0.69 0.61 0.81 0.75 0.88 0.85 0.9 0.7 0.74 0.64 0.78 0.93 0.87 0.88 0.8 0.82 0.77 A3 - 7 0.82 0.76 0.89 0.84 0.83 0.82 0.76 0.71 0.71 0.79 0.71 0.63 0.71 0.71 0.79 0.71 0.63 0.71 0.71 0.79 0.71 0.63 0.56 0.64 0.61 0.67 0.73 0.56 0.64 0.61 0.67 0.73 0.56 0.64 0.61 0.67 0.73 1.12 1.62 0.54 1.95 1.46 1.38 2.6 0.24 1.22 1.27 1.08 0.98 0.13 0.27 0.47 0.45 0.45 0.02 2.99 2.43 2.25 1.56 4.17 3.01 9.97 7.27 12.85 2.28 2.9 1.79 4.45 62.77 6.75 7.72 3.88 4.47 3.4 6.83 4.14 12.26 7.79 7.25 6.83 4.14 2.43 2.46 3.91 2.82 2.14 2.43 2.46 3.91 2.82 2.14 2.43 2.46 3.91 2.82 2.14 1.33 2.06 2.61 4.1 4.87 1.33 2.06 2.61 4.1 4.87 1.33 2.06 2.61 4.1 4.87 0.15 0.18 0 0.58 0.41 0.36 0.41 0.16 0.48 0.54 0.41 0.4 0 0 0.28 0.29 0.29 0 0.2 0.24 0 0.49 0.04 0.25 0.29 0.42 0.22 0.01 0 0.06 0.05 0.06 0.13 0.08 0.13 0.11 0.09 0.24 0.23 0.41 0.36 0.35 0.24 0.23 0.26 0.29 0.32 0.19 0.18 0.26 0.29 0.32 0.19 0.18 0.26 0.29 0.32 0.19 0.18 0 0.05 0.07 0.09 0.09 0 0.05 0.07 0.09 0.09 0 0.05 0.07 0.09 0.09 Appendix 4 Estimation Results for Panel Data Models Using ROA Dependent Variables Constant ROA t-Statistic Prob. SIZE t-Statistic Prob. TANG t-Statistic Prob. GROW t-Statistic Prob. INF t-Statistic Prob. INTA t-Statistic Prob. No. observations R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat Independent Variables LTDTA -0.393942 -0.000409 -1.794403 0.0733 0.085236 6.828838 0 0.047821 1.170019 0.2425 -0.00012 -3.962868 0.0001 -0.000484 -1.294417 0.196 -0.244927 -9.795853 0 1000 0.887544 0.848479 0.057143 1.936328 1274.377 22.71938 0 0.118 0.1468 -2.668441 -1.456298 -2.202791 2.058396 A4 - 1 STDTA -1.444924 -0.001812 -7.779634 0 0.30436 7.546335 0 -0.070271 -1.847289 0.0652 -0.000429 -1.121932 0.2623 -0.000814 -1.413502 0.158 -0.058858 -0.730327 0.4655 1000 0.902738 0.868951 0.073701 3.221081 1070.807 26.71815 0 0.365088 0.20359 -2.159518 -0.947374 -1.693867 2.372404 TDTA -1.940195 -0.002278 -5.464765 0 0.405768 7.527001 0 -0.019986 -2.504024 0.0125 -0.000634 -1.666278 0.0962 -0.001232 -1.400477 0.1619 -0.303244 -7.22286 0 1000 0.934798 0.912109 0.062755 2.33142 1198.103 41.20103 0 0.482954 0.211679 -2.480859 -1.267522 -2.014722 2.536209 TDTE -7.815857 -0.015561 -4.10106 0 1.597735 3.053539 0.0024 0.10169 0.920194 0.3578 0.000385 0.28272 0.7775 -0.013135 -1.807104 0.0713 -3.104552 -5.60756 0 1000 0.919389 0.891386 0.676699 271.5474 -702.9609 32.83177 0 1.509838 2.053304 2.274902 3.487045 2.740553 2.259438 Appendix 5 Estimation Results for Panel Data Models Using ROE Dependent Variables Constant ROE t-Statistic Prob. SIZE t-Statistic Prob. TANG t-Statistic Prob. GROW t-Statistic Prob. INF t-Statistic Prob. INTA t-Statistic Prob. No. observations R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat Independent Variables LTDTA -0.410149 0.00292 0.27002 0.7872 0.086841 6.592703 0 0.053851 1.361743 0.1738 -0.000125 -3.676465 0.0003 -0.000403 -1.272436 0.2037 -0.240025 -7.636129 0 1000 0.887317 0.848172 0.057201 1.940243 1273.568 22.66772 0 0.118 0.1468 -2.666421 -1.454278 -2.200771 2.050895 A5 - 1 STDTA -1.463292 -0.042603 -2.292435 0.0222 0.305163 8.95976 0 -0.057738 -1.419883 0.1562 -0.000424 -1.044917 0.2965 -0.000692 -1.447625 0.1483 -0.037425 -0.603782 0.5462 1000 0.900927 0.86651 0.074384 3.281059 1063.427 26.17712 0 0.365088 0.20359 -2.141068 -0.928925 -1.675418 2.368191 TDTA -1.927377 -0.0443 -2.786931 0.0055 0.400618 8.498816 0 -0.002086 -0.197182 0.8438 -0.000602 -1.462573 0.1441 -0.001047 -1.440698 0.1502 -0.27906 -9.235591 0 1000 0.93187 0.908162 0.064149 2.436109 1180.555 39.30696 0 0.482954 0.211679 -2.436934 -1.223598 -1.970797 2.498192 TDTE -8.517384 -0.327784 -0.790313 0.4297 1.692551 3.390295 0.0007 0.217295 3.088246 0.0021 0.000156 0.097307 0.9225 -0.01215 -2.057824 0.04 -3.010992 -6.754208 0 1000 0.918128 0.889687 0.681972 275.7962 -709.171 32.28164 0 1.509838 2.053304 2.290428 3.502571 2.756078 2.263066 Appendix 6 Estimation Results for Panel Data Models Using Tobin’ Q Dependent Variables Constant TOBINQ t-Statistic Prob. SIZE t-Statistic Prob. TANG t-Statistic Prob. GROW t-Statistic Prob. INF t-Statistic Prob. INTA t-Statistic Prob. No. observations R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat Independent Variables LTDTA -0.336609 -0.01103 -3.794769 0.0002 0.075926 4.764216 0 0.054379 1.441338 0.15 -0.000104 -3.127417 0.0018 -0.000401 -1.36699 0.1721 -0.239749 -7.672833 0 1000 0.88774 0.848743 0.057093 1.932959 1275.073 22.764 0 0.118 0.1468 -2.670183 -1.45804 -2.204532 2.04435 A6 - 1 STDTA -1.3905 -0.010528 -2.133194 0.0333 0.292308 9.188663 0 -0.043009 -1.074227 0.2832 -0.000375 -0.91251 0.3619 -0.000517 -1.266236 0.2059 -0.016175 -0.280774 0.779 1000 0.900622 0.8661 0.074498 3.291149 1062.199 26.08804 0 0.365088 0.20359 -2.137998 -0.925855 -1.672347 2.360256 TDTA -1.759186 -0.021801 -4.779636 0 0.373224 8.015196 0 0.013654 0.811249 0.4175 -0.000519 -1.339159 0.181 -0.00086 -1.350652 0.1773 -0.265283 -11.51793 0 1000 0.932182 0.908583 0.064002 2.424949 1182.39 39.50109 0 0.482954 0.211679 -2.441526 -1.228189 -1.975389 2.473928 TDTE -8.160495 -0.098359 -2.58466 0.01 1.62827 2.748421 0.0062 0.32653 2.192754 0.0287 0.000281 0.191389 0.8483 -0.010789 -1.986694 0.0474 -2.94002 -8.21662 0 1000 0.918018 0.889538 0.682431 276.1674 -709.709 32.23438 0 1.509838 2.053304 2.291772 3.503916 2.757423 2.235624 Appendix 7 Regression Result for Capital Structure (The Relationship between Parent Companies and Affiliated Companies) TDTA_SON Constant TDTA_MO t-Statistic Prob. ROE_MO t-Statistic Prob. SIZE_MO t-Statistic Prob. No. observations R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat TDTE_SON 1.053247 -0.143945 -1.817593 0.0709 -0.008204 -0.164113 0.8698 -0.058056 -1.208232 0.2287 228 0.936613 0.913839 0.070852 0.838339 315.5294 41.12661 0 0.560898 0.241377 -2.225282 -1.292741 -1.84903 1.973326 Constant TDTE_MO t-Statistic Prob. ROE_MO t-Statistic Prob. SIZE_MO t-Statistic Prob. No. observations R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat A7 - 1 -9.939718 0.186725 1.442219 0.1511 -9.124365 -1.542023 0.125 1.866993 0.676065 0.4999 228 0.472086 0.282417 3.868405 2499.081 -596.4719 2.488994 0.000003 2.575189 4.56663 5.767298 6.684798 6.137481 1.79864 Appendix 8 Regression Result for Firm Performance (The Relationship between Parent Companies and Affiliated Companies) ROA_SON -0.047368 Constant 0.22666 ROA_MO t-Statistic 10.90624 Prob. 0 285 No. observations R-squared Adjusted Rsquared S.E. of regression F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Sum squared resid Durbin-Watson stat ROE_SON 1.935546 Constant 0.539202 ROE_MO t-Statistic 34.13435 Prob. 0 285 No. observations 0.864502 R-squared Adjusted Rsquared S.E. of regression F-statistic Prob(F-statistic) Mean dependent var S.D. dependent var Sum squared resid Durbin-Watson stat 0.818 0.045518 18.59059 0 0.107557 0.129552 0.350157 1.846405 A8 - 1 0.824542 0.764326 0.13971 13.69304 0 0.265713 0.308843 3.298709 1.890605 [...]... structure and firm performance on their affiliated companies capital structure and firm performance Research Questions:  Which theories may be best explained capital structure of the listed firms in HOSE?  What are the factors affecting the capital structure of the listed firms in HOSE?  Has the relationship between the parent companies and their affiliated companies effected on capital structure and firm. .. value The kind of combination of debt and equity that will minimize the firms cost of capital and hence maximizes the firm s profitability and market value is the optimal capital structure Unfortunately, financial managers do not have a clear cut guideline that they can consult when taking decision in connection with optimal capital structure The idea of modern theory of capital structure is originated... the performance of the firm And, the controlled variables are major specific of business There has not considered to environmental variables of business Therefore, problem to be contributed in this study is to examine the effect which firm capital structure has on corporate market performance in both firm accounting performance and market performance measure, and the effect of firm performance on firm. .. debt and equity in the firm s capital structure is one such firm- specific strategy used by managers in the search for improved performance Hence, most firms have tried to 2 achieve an optimal capital structure in order to minimize the cost of capital or to maximize the firm value, thereby improving its competitive advantage in the marketplace through a mixture of debt and equity financing Thus, selecting... the combination of all listed firms on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange In the third, few measures of capital structure and firm performance have not been used such as debt to market value (D/MV), price per share to earnings per share (PE), and market value of equity and book value of liabilities divided by book value of equity (MBVE) 1.5 Structure of the study The structure of the... compared to the outside investors The well informed managers try to send positive information to the market or ill informed investors to increase the firm value The cost of equity includes the cost of new issue of shares and the cost of retained earnings The cost of debt is cheaper than the cost of both these sources of equity funds Considering the cost of new issue and retained earnings, the latter is... tangibility and capital structure 2.3.2.4 Growth opportunities Growth can be a good independent variable and derived from pecking order theory and trade-off theory There are conflicting views found in theories of corporate capital structure regarding the relationship between growth and leverage of the firm According to pecking order theory the company first finances its projects by internal financing (Ross,... companies go bankrupt Hence, this will provide and add new knowledge to corporate managers as a benchmark in making their own decision on the company‟s performance In Vietnam, lack of empirical evidence, that investigate the relationship between firm capital structure and firm performance, is an issue for both academics and practitioners Vietnam is also absent in international analyses of capital structure. .. structure in emerging markets In 2008, Tran Hung Son and Tran Viet Hoang tested the relationship between capital structure and firm performance by using data sample of 50 non-financial companies in Hochiminh Stock Exchange for the period September 2008 The results show that there is a positive correlation between a firm capital structure and performance, which is measured by average of return on assets and. ..Chapter One - Introduction 1.1 Background One of the most important reference theories in enterprises financing policy is the theory of capital structure The capital structure of an enterprise is the mix of debt including preference stock and equity; this is referred to as the firms‟ long term financing mix (Watson and Head, 2007) Capital structure decision is fundamental for any business organization .. .CAPITAL STRUCTURE AND FIRM PERFORMANCE OF LISTED COMPANIES IN VIETNAM In Partial Fulfillment of the Requirements of the Degree of MASTER OF BUSINESS ADMINISTRATION In Fianance by... determinants of capital structure of Chinese listed companies for the period 1995-2000 applying the tradeoff and pecking order models He concluded that the capital structure choices of Chinese companies. .. explained capital structure of the listed firms in HOSE?  What are the factors affecting the capital structure of the listed firms in HOSE?  Has the relationship between the parent companies and