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hw5-financial-distress-partb-questions-2012.xls
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DATA VARIABLES
NAME TL/TA GEMPL OPI/TA INV/SLS ln(Sales) ln(TA) NWC/TA CA/CL QA/CL EBIT/TA RE/TA FA/TA
# 1 2 3 4 5 6 7 8 9 10 11 12
1. ONE EXPLANATORY VARIABLE 1
Constant TL/TA
181.0000 101.1641 Constant 86 0.0407 -0.0630
X'X= 101.1641 65.4174 TL/TA X'Y= 56.570 INVXX= -0.0630 0.1127
Signif Level
-0.06037 0.0917371502 -0.66 0.51047 Constant
B= 0.95812 SE(B)= 0.152594191 T(B)= 6.28 0.00000 TL/TA
u'u= 36.9910 s= 0.4545914709 R2= 0.1804940413
2. TWO EXPLANATORY VARIABLES 1 2
Constant TL/TA GEMPL
181.0000 101.1641 -0.1301 Constant 86 0.0422 -0.0657 -0.0274
X'X= 101.1641 65.4174 -0.9409 TL/TA X'Y= 56.570 INVXX= -0.0657 0.1175 0.0496
-0.1301 -0.9409 2.0566 GEMPL -3.009 -0.0274 0.0496 0.5072
Signif Level
-0.00247 0.0907281202 -0.03 0.97831 Constant
B= 0.85314 SE(B)= 0.1514113787 T(B)= 5.63 0.00000 TL/TA
-1.07314 0.3145432523 -3.41 0.00065 GEMPL
u'u= 34.7205 s= 0.4416547346 R2= 0.2307946405
3. THREE EXPLANATORY VARIABLES 1 2 3
Constant TL/TA GEMPL OPI/TA
181.0000 101.1641 -0.1301 19.8069 Constant 86 0.0752 -0.0983 0.0079 -0.1345
101.1641 65.4174 -0.9409 8.6907 TL/TA 56.570 -0.0983 0.1498 0.0148 0.1331
X'X= -0.1301 -0.9409 2.0566 0.7349 GEMPL X'Y= -3.009 INVXX= 0.0079 0.0148 0.5449 -0.1437
19.8069 8.6907 0.7349 4.7630 OPI/TA 4.820 -0.1345 0.1331 -0.1437 0.5488
Signif Level
0.23387 0.1184452366 1.97 0.04833 Constant
0.61936 0.1671923197 3.70 0.00021 TL/TA
B= -0.82070 SE(B)= 0.3188520182 T(B)= -2.57 0.01006 GEMPL
-0.96397 0.3199974371 -3.01 0.00259 OPI/TA
u'u= 33.0272 s= 0.4319656863 R2= 0.2683080388
4. FOUR EXPLANATORY VARIABLES 1 2 3 4
Constant TL/TA GEMPL OPI/TA INV/SLS
181.00 101.16 -0.13 19.81 31.42 Constant 86 0.0990 -0.0984 0.0271 -0.1609 -0.1200
101.16 65.42 -0.94 8.69 17.94 TL/TA 56.570 -0.0984 0.1498 0.0147 0.1332 0.0006
X'X= -0.13 -0.94 2.06 0.73 0.14 GEMPL X'Y= -3.009 INVXX= 0.0271 0.0147 0.5604 -0.1650 -0.0971
19.81 8.69 0.73 4.76 2.99 OPI/TA 4.820 -0.1609 0.1332 -0.1650 0.5779 0.1328
31.42 17.94 0.14 2.99 7.23 INV/SLS 16.541 -0.1200 0.0006 -0.0971 0.1328 0.6053
Signif Level
0.10381 0.1348173944 0.77 0.44128 Constant
0.62000 0.1658533803 3.74 0.00019 TL/TA
B= -0.92589 SE(B)= 0.3207857618 T(B)= -2.89 0.00390 GEMPL
-0.82005 0.3257548354 -2.52 0.01182 OPI/TA
0.65586 0.3333886603 1.97 0.04915 INV/SLS
u'u= 32.3166 s= 0.4285055048 R2= 0.2840511481
5. FIVE EXPLANATORY VARIABLES 3 9 4 6 5
Constant OPI/TA QA/CL INV/SLS ln(TA) ln(Sales)
181.00 19.81 228.33 31.42 971.01 1036.88 Constant 86 0.219 0.047 -0.032 -0.266 0.035 -0.056
19.81 4.76 29.75 2.99 115.39 122.77 OPI/TA 4.820 0.047 0.478 -0.024 0.022 0.010 -0.022
X'X= 228.33 29.75 422.36 37.46 1179.58 1239.93 QA/CL X'Y= 97.436 INVXX= -0.032 -0.024 0.011 0.027 -0.007 0.009
31.42 2.99 37.46 7.23 162.95 171.98 INV/SLS 16.541 -0.266 0.022 0.027 0.738 -0.052 0.067
971.01 115.39 1179.58 162.95 5710.12 6033.58 ln(TA) 440.389 0.035 0.010 -0.007 -0.052 0.030 -0.031
1036.88 122.77 1239.93 171.98 6033.58 6423.29 ln(Sales) 469.347 -0.056 -0.022 0.009 0.067 -0.031 0.035
Signif Level
0.74788 0.2133762281 3.50 0.00046 Constant
-1.58342 0.3154031241 -5.02 0.00000 OPI/TA
B= -0.03671 SE(B)= 0.0480926245 T(B)= -0.76 0.44522 QA/CL
0.32732 0.392106787 0.83 0.40385 INV/SLS
0.04534 0.0791136836 0.57 0.56658 ln(TA)
-0.06166 0.0859216073 -0.72 0.47300 ln(Sales)
u'u= 36.4499 s= 0.4563828473 R2= 0.1924801734
6. OPTIMAL CUT-OFF PROBABILITY FOUR THE FOUR VARIABLE MODEL
Cut-off Failed Sample Healthy Sample EC= (ED +EH)/2
NF= 86 NH= 95
# Misscl % Misscl # Misscl % Misscl
0.30 6 7.0% 62 65.3% 0.3611995104
0.40 17 19.8% 34 35.8% 0.2777845777
0.45 25 29.1% 24 25.3% 0.2716646267
0.50 37 43.0% 14 14.7% 0.2888004896
0.55 41 47.7% 9 9.5% 0.2857405141
0.60 47 54.7% 6 6.3% 0.3048347613
0.70 57 66.3% 2 2.1% 0.3419216646
7. CORRELATION MATRIX
TL/TA GEMPL OPI/TA INV/SLS ln(Sales) ln(TA) NWC/TA CA/CL QA/CL EBIT/TA RE/TA FA/TA
TL/TA 1 -0.20 -0.50 0.09 0.09 0.05 -0.47 -0.54 -0.51 -0.47 -0.82 -0.00 TL/TA
GEMPL -0.20 1 0.32 0.09 -0.02 0.01 0.13 0.17 0.15 0.34 0.13 0.01 GEMPL
OPI/TA -0.50 0.32 1 -0.21 0.26 0.25 0.23 0.24 0.26 0.98 0.48 0.20 OPI/TA
INV/SLS 0.09 0.09 -0.21 1 -0.27 -0.19 0.24 0.09 -0.14 -0.15 -0.07 -0.39 INV/SLS
ln(Sales) 0.09 -0.02 0.26 -0.27 1 0.96 -0.34 -0.28 -0.27 0.23 0.12 0.47 ln(Sales)
ln(TA) 0.05 0.01 0.25 -0.19 0.96 1 -0.34 -0.22 -0.17 0.22 0.14 0.47 ln(TA)
NWC/TA -0.47 0.13 0.23 0.24 -0.34 -0.34 1 0.79 0.64 0.26 0.29 -0.52 NWC/TA
CA/CL -0.54 0.17 0.24 0.09 -0.28 -0.22 0.79 1 0.88 0.25 0.32 -0.26 CA/CL
QA/CL -0.51 0.15 0.26 -0.14 -0.27 -0.17 0.64 0.88 1 0.24 0.25 -0.23 QA/CL
EBIT/TA -0.47 0.34 0.98 -0.15 0.23 0.22 0.26 0.25 0.24 1 0.48 0.10 EBIT/TA
RE/TA -0.82 0.13 0.48 -0.07 0.12 0.14 0.29 0.32 0.25 0.48 1 0.08 RE/TA
FA/TA -0.00 0.01 0.20 -0.39 0.47 0.47 -0.52 -0.26 -0.23 0.10 0.08 1 FA/TA
8. COMPUTATION OF FIINANCIAL DISTRESS PROBABILITIES USING THE BEST FOUR VARIABLE MODEL
Variables Distressed Firms Healthy Firms
OBS 4 7 19 23 57 104 107 119 123 157
TL/TA 0.1083 0.8612 0.5000 0.6037 0.5177 0.6218 0.1455 0.4093 0.3004 0.4076
GEMPL 0.0098 0.1394 0.0415 -0.1690 -0.0632 0.0506 0.1053 0.1604 0.0000 0.0887
OPI/TA 0.0372 0.0412 0.1081 -0.1182 0.0043 0.1370 0.2492 0.1266 -0.0400 0.1409
INV/SLS 0.2320 0.1173 0.1772 0.4853 0.3771 0.1781 0.0752 0.1627 0.2375 0.1548
ln(Sales) 4.2003 5.0590 5.9878 2.8473 2.9255 8.0694 2.8326 2.9682 5.7642 5.5422
ln(TA) 5.3670 5.3226 5.0603 2.7700 2.1279 7.6029 3.1960 3.1584 6.5360 5.4382
NWC/TA 0.1060 0.0915 0.6122 0.4187 0.4384 0.2313 0.7936 0.3417 0.0824 0.1859
CA/CL 2.2504 1.3717 3.6680 1.9945 1.9638 2.0936 6.4528 2.2650 1.6932 2.5952
QA/CL 1.3981 1.0054 1.7156 0.7494 0.1227 0.7511 6.0934 1.7669 0.7699 1.1209
EBIT/TA 0.0313 -0.0565 0.0928 -0.1706 -0.0279 0.1024 0.2406 0.0981 -0.0478 0.0713
RE/TA 0.7725 0.0258 0.3179 0.1858 0.2506 0.1827 0.3832 0.0069 0.6482 0.5217
FA/TA 0.0554 0.3907 0.1070 0.1380 0.0918 0.4679 0.0272 0.2263 0.0764 0.6324
Distress
Probability 0.284 0.552 0.403 1.050 0.727 0.447 -0.059 0.212 0.479 0.260
Model
Classif. H D H D D H H H D H
Note: use a propbability cut-off point of 0.45

Prob

Important! Do not Modify this Worksheet
Cut-Off Point 0.30 Cut-Off Point 0.40 Cut-Off Point 0.45 Cut-Off Point 0.50 Cut-Off Point 0.55 Cut-Off Point 0.60 Cut-Off Point 0.70
YD TL/TA GEMPL OPI/TA INV/SLS PR(YD=1) YD-P>C MD MH YD-P>C MD MH YD-P>C MD MH YD-P>C MD MH YD-P>C MD MH YD-P>C MD MH YD-P>C MD MH
1 0.8249 -0.1518 0.0305 0.2419 0.89 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1.0335 -0.1326 0.0307 0.1618 0.95 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.2978 0.0120 0.0605 0.0522 0.26 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.1083 0.0098 0.0372 0.2320 0.2835 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4622 0.0073 0.0958 0.0823 0.36 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5359 0.0571 0.1126 0.1110 0.36 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.8612 0.1394 0.0412 0.1173 0.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0
1 0.5433 -0.1162 0.0796 0.2560 0.65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.6610 -0.0627 0.0511 0.0885 0.59 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0
1 0.6025 -0.0825 -0.3321 0.1402 0.92 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5910 0.0451 0.2245 0.2667 0.42 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 1.0130 -0.0472 -0.1108 0.1571 0.97 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.4196 -0.0070 0.2194 0.1778 0.31 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.2677 -0.0868 0.2752 0.1526 0.22 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 1.5130 -0.1643 -0.1539 0.1861 1.44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.3865 -0.1099 0.0020 0.3443 0.67 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.5180 0.0171 0.1469 0.1685 0.40 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5518 -0.0264 0.0077 0.1916 0.59 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0
1 0.5000 0.0415 0.1081 0.1772 0.40 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4725 0.0000 0.0619 0.1863 0.47 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4113 0.0238 0.2654 0.2435 0.28 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.8808 0.0139 0.0203 0.1742 0.73 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.6037 -0.1690 -0.1182 0.4853 1.05 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.7505 0.1262 0.0472 0.1311 0.50 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 1.1948 -0.0426 0.0590 0.2113 0.97 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.8240 -0.1433 -0.1753 0.1478 0.99 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5074 -0.0490 0.0878 0.0816 0.45 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5888 0.1492 0.1502 0.2391 0.36 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.7043 0.0106 -0.0225 0.1500 0.65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 1.0735 -0.0565 -0.3995 0.3059 1.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5080 -0.2880 0.1057 0.0680 0.64 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.7740 -0.1835 0.0448 0.1401 0.81 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5855 0.0146 0.1889 0.0535 0.33 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.3525 -0.0834 0.1041 0.2245 0.46 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.8655 -0.1103 0.0641 0.1780 0.81 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1.1973 0.0139 0.2221 0.1339 0.74 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.8246 -0.0365 0.0387 0.1849 0.74 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.7737 -0.1368 -0.0227 0.2677 0.90 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.7438 -0.0037 0.1029 0.2584 0.65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.7754 -0.1501 0.0623 0.3445 0.90 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.6976 -0.0600 0.2286 0.2651 0.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0
1 0.9971 0.0045 -0.1104 0.2114 0.95 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1.0748 -0.0155 -0.0701 0.0348 0.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5170 -0.0710 0.1862 0.1395 0.43 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.7343 -0.1189 0.0340 0.2828 0.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5391 0.0184 0.1378 0.2417 0.47 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4916 -0.0717 0.1634 0.1108 0.41 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.7087 -0.0755 0.0332 0.1450 0.68 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 1.0410 -0.2216 -0.3426 0.0508 1.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.6172 -0.0113 0.1143 0.1804 0.52 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0
1 0.8299 -0.0431 0.0558 0.1067 0.68 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 1.0508 -0.1861 -0.3081 0.1375 1.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5036 -0.1376 -0.0119 0.3346 0.77 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.6147 -0.0715 0.0845 0.2205 0.63 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.6799 0.2007 0.1144 0.2052 0.38 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5846 -0.0112 0.3668 0.0469 0.21 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5177 -0.0632 0.0043 0.3771 0.73 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.8574 0.3529 -0.0064 0.3886 0.57 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0
1 0.7521 -0.0343 -0.0168 0.1819 0.73 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5966 -0.1328 0.0681 0.1685 0.65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.7588 -0.0623 0.0181 0.1604 0.72 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.4866 0.0065 0.1608 0.0630 0.31 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.9001 -0.0237 -0.0105 0.8367 1.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.3222 -0.1305 0.0705 0.2795 0.55 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0
1 1.0282 -0.0335 -0.0229 0.0561 0.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.3933 -0.1699 0.0488 0.3211 0.68 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0
1 0.6038 0.0348 0.1566 0.0848 0.37 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5000 -0.0783 0.0865 0.1773 0.53 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0
1 0.4906 -0.1090 0.1138 0.2308 0.57 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0
1 0.5234 0.0477 0.1157 0.1499 0.39 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.7507 0.0588 0.1160 0.0556 0.46 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.6435 0.1076 0.0870 0.2133 0.47 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4699 -0.0548 0.1380 0.1575 0.44 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.2690 -0.0021 0.1844 0.2474 0.28 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.6149 0.0736 0.1049 0.2272 0.48 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5168 -0.0037 0.0111 0.0567 0.46 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.2133 -0.0693 -0.0229 0.1995 0.45 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4978 -0.0911 0.0862 0.0571 0.46 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.7550 0.0367 0.1219 0.0562 0.47 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.9025 -0.0386 -0.0020 0.2445 0.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5079 -0.0269 0.1111 0.2048 0.49 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.5765 0.2364 0.1378 0.4662 0.44 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4643 -0.0309 0.1119 0.2088 0.47 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.4832 0.0702 0.0978 0.1591 0.36 0 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
1 0.8477 -0.1865 0.1741 0.0947 0.72 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 0.5414 -0.0632 0.0871 0.1879 0.55 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 0
0 0.3653 0.1120 0.2980 0.0309 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5497 0.0223 0.2159 0.2754 0.43 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6365 -0.0168 0.2081 0.1812 0.46 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5020 -0.0087 0.1823 0.3306 0.49 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3823 0.0243 0.1950 0.0829 0.21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6134 0.0515 0.0886 0.1065 0.43 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2309 0.1201 0.1489 0.1299 0.10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4383 0.0336 0.1667 0.1662 0.32 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3035 0.0299 0.1246 0.2706 0.34 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6185 0.0240 0.2522 0.1757 0.37 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5476 0.0271 0.1949 0.1525 0.36 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5449 -0.0728 0.1853 0.1332 0.44 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.1577 -0.0030 0.2619 0.0163 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2077 0.0283 0.2939 0.0607 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5045 -0.0358 0.1679 0.0944 0.37 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4828 0.0395 0.0904 0.2814 0.48 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.7281 -0.0701 0.1053 0.0955 0.60 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0
0 0.6218 0.0506 0.1370 0.1781 0.45 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6080 -0.0250 0.0955 0.2056 0.56 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0
0 0.5698 -0.0366 0.1176 0.0899 0.45 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.1455 0.1053 0.2492 0.0752 -0.06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4027 -0.1123 -0.1845 0.1508 0.71 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1
0 0.3136 0.0049 0.0966 0.2534 0.38 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6930 0.1138 0.1095 0.1646 0.45 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3583 -0.0020 -0.0175 0.0826 0.40 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5862 0.0525 0.0778 0.1581 0.46 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2219 0.3193 0.1633 0.1976 -0.06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4259 -0.1010 0.2119 0.1081 0.36 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3948 0.0712 0.2037 0.2407 0.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3626 0.0676 0.2771 0.2546 0.21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4594 0.0039 0.2494 0.2202 0.32 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5441 -0.0326 0.2191 0.0518 0.33 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4093 0.1604 0.1266 0.1627 0.21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4635 0.0168 0.1159 0.0851 0.34 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6410 -0.0128 0.1354 0.0351 0.43 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3490 0.0379 0.2123 0.2045 0.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3004 0.0000 -0.0400 0.2375 0.48 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6189 0.0582 0.1609 0.1477 0.40 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4308 -0.0745 0.1229 0.1947 0.47 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6284 0.0173 0.2052 0.1306 0.39 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5440 -0.0398 0.1038 0.2106 0.53 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0
0 0.4606 -0.0296 0.1718 0.0791 0.33 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5792 0.1282 0.1652 0.1431 0.30 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.7116 0.0796 0.1638 0.1353 0.43 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5224 -0.0104 0.1605 0.1015 0.37 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4123 0.0328 0.1956 0.0415 0.20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5483 0.4565 -0.0637 0.3226 0.28 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6436 -0.0313 0.0700 0.2856 0.66 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0
0 0.5894 -0.0109 0.1652 0.1768 0.46 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2854 0.0112 0.1497 0.1629 0.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5562 -0.0428 0.1570 0.1656 0.47 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2709 0.0160 0.2415 0.0300 0.08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5907 -0.0280 0.0921 0.2044 0.55 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0
0 0.5234 0.0441 0.1913 0.1542 0.33 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.7526 0.2808 0.0912 0.3938 0.49 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4996 0.0000 0.1268 0.1367 0.40 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3069 0.0586 0.3822 0.0882 -0.02 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4328 -0.0089 0.2211 0.1615 0.30 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2026 -0.0322 0.2807 0.2380 0.19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6409 0.0267 0.1498 0.2304 0.50 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0
0 0.4615 0.1220 0.1247 0.1668 0.28 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5413 0.0168 0.1781 0.1829 0.40 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4645 0.0073 0.1835 0.1348 0.32 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2524 0.0742 0.1678 0.2340 0.21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6028 0.0222 0.0335 0.2674 0.60 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0
0 0.4894 -0.0065 0.1566 0.1165 0.36 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6262 -0.2730 0.0818 0.0193 0.69 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0
0 0.4810 0.0418 0.2000 0.0588 0.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5253 0.1830 0.0891 0.0956 0.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6727 -0.0545 -0.0512 0.1674 0.72 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1
0 0.4076 0.0887 0.1409 0.1548 0.26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5196 0.0361 0.1708 0.0889 0.31 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.1824 -0.2573 -0.0531 0.0429 0.53 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0
0 0.4458 -0.0119 0.2219 0.0933 0.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5634 0.0839 0.0869 0.1797 0.42 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5992 -0.0209 0.1434 0.2524 0.54 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0
0 0.1970 0.2055 0.2218 0.1584 -0.04 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6813 0.0243 0.1471 0.0670 0.43 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3176 0.0155 0.1357 0.2204 0.32 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2936 0.4281 0.2580 0.1698 -0.21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5599 0.0343 0.1966 0.1622 0.36 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2547 0.0977 0.2279 0.0892 0.04 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2519 0.0456 0.0599 0.2495 0.33 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.5730 0.0330 0.2028 0.1899 0.39 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.2208 0.0415 0.2846 0.3116 0.17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4614 0.0005 0.2888 0.1306 0.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.7086 0.0669 0.3065 0.0714 0.28 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.7997 -0.0030 0.0808 0.2385 0.69 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0
0 0.5211 0.0705 0.2257 0.1169 0.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3612 -0.0539 0.2247 0.0682 0.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.3409 0.1349 0.2288 0.1209 0.08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4579 0.0096 0.1799 0.0890 0.29 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.6010 -0.0824 0.1705 0.1486 0.51 -1 0 1 -1 0 1 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0
0 0.2414 -0.1476 0.0786 0.1379 0.42 -1 0 1 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0.4798 0.0175 0.1528 0.2133 0.40 -1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
86 86 6 62 17 34 25 24 37 14 41 9 47 6 57 2

Data

Important! Do not Modify this Worksheet
YD Constant TD/TA GEMPL OPI/TA INV/SLS ln(Sales) ln(TA) NWC/TA CA/CL QA/CL EBIT/TA RE/TA FA/TA
1 1 1 0.8249 -0.1518 0.0305 0.2419 7.0991 6.9841 0.1968 1.4686 0.8223 0.0015 -0.1327 0.1489
2 1 1 1.0335 -0.1326 0.0307 0.1618 6.7135 6.4417 0.0946 1.1703 0.7879 0.0003 -0.6415 0.2265
3 1 1 0.2978 0.012 0.0605 0.0522 3.0289 3.5886 0.2713 3.1316 2.8973 0.0227 0.6095 0.221
4 1 1 0.1083 0.0098 0.0372 0.232 4.2003 5.367 0.106 2.2504 1.3981 0.0313 0.7725 0.0554
5 1 1 0.4622 0.0073 0.0958 0.0823 5.0447 5.0601 0.1327 1.9608 1.3745 0.0415 0.317 0.6488
6 1 1 0.5359 0.0571 0.1126 0.111 6.7327 6.6693 0.1361 1.783 1.1027 0.0685 0.3741 0.5208
7 1 1 0.8612 0.1394 0.0412 0.1173 5.059 5.3226 0.0915 1.3717 1.0054 -0.0565 0.0258 0.3907
8 1 1 0.5433 -0.1162 0.0796 0.256 3.3679 3.9875 0.3963 1.7401 1.4828 0.0707 0.4352 0.0577
9 1 1 0.661 -0.0627 0.0511 0.0885 5.5382 5.7939 0.0484 1.2052 0.9149 0.0122 0.2434 0.5239
10 1 1 0.6025 -0.0825 -0.3321 0.1402 2.9003 1.7032 0.4364 1.8978 0.9432 -0.3569 0.1442 0.0672
11 1 1 0.591 0.0451 0.2245 0.2667 4.3869 3.6828 0.4257 1.9942 0.7347 0.205 0.3291 0.1461
12 1 1 1.013 -0.0472 -0.1108 0.1571 6.1243 6.2908 0.1788 1.3676 1.0942 -0.1357 -0.0802 0.1081
13 1 1 0.4196 -0.007 0.2194 0.1778 6.7532 6.2055 0.3408 1.9974 1.0978 0.1985 0.53 0.2191
14 1 1 0.2677 -0.0868 0.2752 0.1526 4.5783 4.2885 0.546 3.6867 2.6834 0.252 0.6768 0.2423
15 1 1 1.513 -0.1643 -0.1539 0.1861 5.4265 4.4813 0.2338 1.728 0.2369 -0.2108 -0.959 0.3857
16 1 1 0.3865 -0.1099 0.002 0.3443 5.0109 5.7295 0.2081 1.6253 1.1211 -0.0211 0.4595 0.1439
17 1 1 0.518 0.0171 0.1469 0.1685 5.2977 4.809 0.3465 2.0966 1.2272 0.1136 0.2912 0.2719
18 1 1 0.5518 -0.0264 0.0077 0.1916 4.156 3.5559 0.3732 2.2768 1.0825 -0.0404 0.3484 0.3301
19 1 1 0.5 0.0415 0.1081 0.1772 5.9878 5.0603 0.6122 3.668 1.7156 0.0928 0.3179 0.107
20 1 1 0.4725 0 0.0619 0.1863 5.3565 4.9364 0.3208 2.1303 1.1314 0.0295 0.3006 0.3767
21 1 1 0.4113 0.0238 0.2654 0.2435 4.3314 3.6737 0.4889 2.3243 1.0509 0.2501 0.4086 0.1185
22 1 1 0.8808 0.0139 0.0203 0.1742 8.9385 8.6761 0.0294 1.0827 0.4454 -0.0189 -0.1551 0.511
23 1 1 0.6037 -0.169 -0.1182 0.4853 2.8473 2.77 0.4187 1.9945 0.7494 -0.1706 0.1858 0.138
24 1 1 0.7505 0.1262 0.0472 0.1311 4.3964 3.2527 0.3294 1.5664 0.859 0.0371 0.0171 0.0574
25 1 1 1.1948 -0.0426 0.059 0.2113 3.3995 3.1759 0.2432 1.9064 0.9215 0.0215 -0.6872 0.2911
26 1 1 0.824 -0.1433 -0.1753 0.1478 4.7721 4.3011 0.0549 1.1159 0.6163 -0.2279 0.0592 0.3639
27 1 1 0.5074 -0.049 0.0878 0.0816 7.4658 7.7072 0.2219 2.8566 2.3203 0.0526 0.2681 0.586
28 1 1 0.5888 0.1492 0.1502 0.2391 6.3811 6.2407 0.2833 1.9792 1.0283 0.1237 0.2541 0.2867
29 1 1 0.7043 0.0106 -0.0225 0.15 6.6136 6.2941 0.1186 1.3905 0.711 -0.0752 0.1849 0.537
30 1 1 1.0735 -0.0565 -0.3995 0.3059 4.3975 4.03 0.2525 1.5246 0.607 -0.4822 -0.1731 0.1925
31 1 1 0.508 -0.288 0.1057 0.068 5.9348 5.2413 0.0774 1.2067 0.8433 0.0841 0.3431 0.1644
32 1 1 0.774 -0.1835 0.0448 0.1401 3.5936 3.31 0.2024 1.4698 1.0381 0.0188 -0.584 0.3334
33 1 1 0.5855 0.0146 0.1889 0.0535 4.2435 4.1021 0.1668 2.1239 1.7083 0.1541 0.2023 0.5775
34 1 1 0.3525 -0.0834 0.1041 0.2245 3.693 3.8729 0.7145 6.8381 5.3057 0.0895 0.4217 0.1313
35 1 1 0.8655 -0.1103 0.0641 0.178 6.2351 5.8538 0.5104 3.9768 2.4566 0.0407 -0.0112 0.2117
36 1 1 1.1973 0.0139 0.2221 0.1339 6.4105 6.4358 0.1888 1.6555 1.2022 0.1976 -0.2164 0.2093
37 1 1 0.8246 -0.0365 0.0387 0.1849 4.572 3.9848 0.1402 1.2743 0.6239 0.0152 0.0218 0.3071
38 1 1 0.7737 -0.1368 -0.0227 0.2677 5.2539 4.6662 0.3167 1.6066 0.6839 -0.0425 0.0773 0.159
39 1 1 0.7438 -0.0037 0.1029 0.2584 6.7583 6.3811 0.3579 2.4746 0.9223 0.0746 0.1513 0.3945
40 1 1 0.7754 -0.1501 0.0623 0.3445 6.474 6.6318 0.4249 3.0087 1.618 -0.004 -0.0152 0.3382
41 1 1 0.6976 -0.06 0.2286 0.2651 4.4005 3.6528 0.2702 1.8054 0.1363 0.1668 0.1402 0.3805
42 1 1 0.9971 0.0045 -0.1104 0.2114 6.657 6.8416 0.3145 2.799 1.7933 -0.2212 -0.2684 0.2461
43 1 1 1.0748 -0.0155 -0.0701 0.0348 4.5897 5.5892 -0.2206 0.7041 0.6869 -0.0819 -0.1883 0.4599
44 1 1 0.517 -0.071 0.1862 0.1395 4.5066 3.8482 0.41 2.8568 1.6366 0.155 0.1695 0.2913
45 1 1 0.7343 -0.1189 0.034 0.2828 5.9518 6.1357 0.2317 1.8187 0.9874 0.0069 0.2424 0.4603
46 1 1 0.5391 0.0184 0.1378 0.2417 6.8274 6.8512 0.5112 5.4199 3.3798 0.1199 0.3005 0.2928
47 1 1 0.4916 -0.0717 0.1634 0.1108 4.3642 3.5375 0.3975 2.0365 1.3763 0.1357 0.4749 0.213
48 1 1 0.7087 -0.0755 0.0332 0.145 6.9175 7.0681 0.1025 1.6054 0.8684 -0.0067 0.0754 0.6379
49 1 1 1.041 -0.2216 -0.3426 0.0508 4.4664 2.7604 -0.3625 0.5362 0.178 -0.4275 -0.3502 0.1822
50 1 1 0.6172 -0.0113 0.1143 0.1804 7.1751 6.8241 0.2491 2.0817 0.9691 0.0496 0.2988 0.4902
51 1 1 0.8299 -0.0431 0.0558 0.1067 8.0581 7.616 0.0146 1.0431 0.5546 -0.0139 -0.277 0.5604
52 1 1 1.0508 -0.1861 -0.3081 0.1375 4.3322 3.4412 0.2956 1.6689 0.9104 -0.3323 -0.4642 0.2018
53 1 1 0.5036 -0.1376 -0.0119 0.3346 6.5036 6.4753 0.219 1.7134 0.5923 -0.0674 0.3367 0.2373
54 1 1 0.6147 -0.0715 0.0845 0.2205 5.9385 5.5186 0.3455 1.938 1.0268 0.0626 0.2601 0.1757
55 1 1 0.6799 0.2007 0.1144 0.2052 5.6431 5.6345 0.0905 1.2407 0.6902 0.087 0.0529 0.2295
56 1 1 0.5846 -0.0112 0.3668 0.0469 10.0096 9.5025 0.0917 1.3381 1.0508 0.3102 0.3182 0.5822
57 1 1 0.5177 -0.0632 0.0043 0.3771 2.9255 2.1279 0.4384 1.9638 0.1227 -0.0279 0.2506 0.0918
58 1 1 0.8574 0.3529 -0.0064 0.3886 4.8214 5.1013 0.1439 1.3244 0.6624 -0.0346 0.0702 0.278
59 1 1 0.7521 -0.0343 -0.0168 0.1819 4.9431 3.7782 0.1376 1.255 0.1746 -0.0572 0.2303 0.2892
60 1 1 0.5966 -0.1328 0.0681 0.1685 6.7113 6.9481 0.2569 2.0593 1.511 0.0238 0.0744 0.2761
61 1 1 0.7588 -0.0623 0.0181 0.1604 6.0203 5.4432 0.2206 1.5486 0.8382 -0.0229 -0.01 0.3463
62 1 1 0.4866 0.0065 0.1608 0.063 5.2682 4.491 0.1811 1.549 1.1338 0.0849 0.2409 0.4409
63 1 1 0.9001 -0.0237 -0.0105 0.8367 2.1923 2.3447 -0.019 0.9777 0.1346 -0.0528 0.0158 0.1669
64 1 1 0.3222 -0.1305 0.0705 0.2795 6.081 6.1456 0.39 3.0249 1.6641 0.0286 0.5907 0.3326
65 1 1 1.0282 -0.0335 -0.0229 0.0561 5.7215 4.2637 0.0492 1.0818 0.6806 -0.061 -0.4277 0.1943
66 1 1 0.3933 -0.1699 0.0488 0.3211 5.5137 5.4722 0.4163 3.2936 1.4495 0.0079 0.5102 0.3206
67 1 1 0.6038 0.0348 0.1566 0.0848 8.6563 7.3579 0.075 1.2307 0.2753 0.0994 0.2813 0.53
68 1 1 0.5 -0.0783 0.0865 0.1773 4.3281 3.8516 0.4538 2.5755 1.5844 0.0445 0.07 0.242
69 1 1 0.4906 -0.109 0.1138 0.2308 5.7465 4.8251 0.3583 2.0489 0.351 0.0805 0.0886 0.1875
70 1 1 0.5234 0.0477 0.1157 0.1499 7.1804 6.6186 0.1824 1.587 0.7409 0.0761 0.3521 0.4364
71 1 1 0.7507 0.0588 0.116 0.0556 5.7203 4.274 0.1597 1.4075 0.805 0.0558 0.1707 0.2981
72 1 1 0.6435 0.1076 0.087 0.2133 6.8382 6.5715 0.2252 1.7042 0.8335 -0.0073 0.0677 0.4094
73 1 1 0.4699 -0.0548 0.138 0.1575 5.824 5.7098 0.3535 1.8808 1.441 0.0939 0.3493 0.2196
74 1 1 0.269 -0.0021 0.1844 0.2474 4.04 3.7852 0.438 4.3648 1.9129 0.1327 0.5414 0.3734
75 1 1 0.6149 0.0736 0.1049 0.2272 3.7233 3.8001 0.2284 1.8416 1.0661 0.0546 0.2069 0.4519
76 1 1 0.5168 -0.0037 0.0111 0.0567 5.9177 5.0989 0.026 1.0734 0.7104 -0.0733 0.3083 0.567
77 1 1 0.2133 -0.0693 -0.0229 0.1995 3.5011 2.9333 0.4857 4.4931 1.9609 -0.0859 0.4875 0.3641
78 1 1 0.4978 -0.0911 0.0862 0.0571 6.8772 6.5058 0.361 3.6004 3.0044 0.0325 0.3826 0.4419
79 1 1 0.755 0.0367 0.1219 0.0562 6.0656 4.5843 0.0097 1.0265 0.3546 0.0373 0.0406 0.5897
80 1 1 0.9025 -0.0386 -0.002 0.2445 3.4782 3.6885 -0.4295 0.4788 0.2384 -0.0706 -0.5107 0.5266
81 1 1 0.5079 -0.0269 0.1111 0.2048 7.2777 7.5664 0.1773 1.8153 1.1096 0.0417 0.4127 0.5362
82 1 1 0.5765 0.2364 0.1378 0.4662 4.931 4.6469 0.3437 1.5974 0.521 0.1295 0.0877 0.032
83 1 1 0.4643 -0.0309 0.1119 0.2088 4.6236 4.1339 0.3922 2.1962 1.157 0.0777 0.3456 0.2768
84 1 1 0.4832 0.0702 0.0978 0.1591 5.0734 4.6765 0.352 2.3023 1.4267 0.0542 0.0555 0.3331
85 1 1 0.8477 -0.1865 0.1741 0.0947 6.0297 4.8231 0.3407 2.0826 1.0775 0.1362 -0.3704 0.2422
86 1 1 0.5414 -0.0632 0.0871 0.1879 7.5004 6.9655 0.3453 2.2828 1.0909 0.0565 0.2244 0.3562
87 0 1 0.3653 0.112 0.298 0.0309 5.5942 5.0383 0.1129 1.6991 1.3654 0.2576 0.5957 0.4575
88 0 1 0.5497 0.0223 0.2159 0.2754 8.7529 8.8006 0.251 2.1499 0.9472 0.1863 0.3722 0.4463
89 0 1 0.6365 -0.0168 0.2081 0.1812 8.8697 8.6622 0.0716 1.2587 0.453 0.1302 0.3142 0.6333
90 0 1 0.502 -0.0087 0.1823 0.3306 8.5545 8.4803 0.2003 1.5957 0.5369 0.1635 0.3882 0.155
91 0 1 0.3823 0.0243 0.195 0.0829 5.6587 4.8215 0.3677 2.5924 1.7632 0.1475 0.5357 0.3834
92 0 1 0.6134 0.0515 0.0886 0.1065 7.6374 7.4034 0.0469 1.1581 0.7052 0.0315 0.2459 0.6025
93 0 1 0.2309 0.1201 0.1489 0.1299 5.2288 5.1484 0.4153 3.7983 2.8498 0.089 0.287 0.4201
94 0 1 0.4383 0.0336 0.1667 0.1662 8.1317 7.4129 0.3328 2.4889 0.9636 0.1375 0.2948 0.3983
95 0 1 0.3035 0.0299 0.1246 0.2706 7.2625 6.7476 0.6716 4.7089 2.2077 0.1046 0.5267 0.1067
96 0 1 0.6185 0.024 0.2522 0.1757 4.1925 3.5813 0.2983 1.5305 0.9549 0.2239 0.1571 0.1052
97 0 1 0.5476 0.0271 0.1949 0.1525 6.8258 6.2782 0.2203 2.0699 0.7894 0.142 0.3816 0.5156
98 0 1 0.5449 -0.0728 0.1853 0.1332 6.0956 5.5865 0.24 1.7998 1.061 0.1294 0.2986 0.3565
99 0 1 0.1577 -0.003 0.2619 0.0163 5.351 5.1495 0.3842 3.5299 3.3984 0.2154 0.6536 0.2378
100 0 1 0.2077 0.0283 0.2939 0.0607 5.5912 5.323 0.1829 2.2864 1.728 0.2497 0.7016 0.543
101 0 1 0.5045 -0.0358 0.1679 0.0944 4.3031 3.6352 0.3441 3.2353 2.0394 0.111 0.3329 0.4234
102 0 1 0.4828 0.0395 0.0904 0.2814 5.4202 5.2385 0.4365 2.924 1.4364 0.0523 0.2783 0.2897
103 0 1 0.7281 -0.0701 0.1053 0.0955 5.0902 3.6836 0.1244 1.2328 0.5032 0.0516 0.1651 0.3077
104 0 1 0.6218 0.0506 0.137 0.1781 8.0694 7.6029 0.2313 2.0936 0.7511 0.1024 0.1827 0.4679
105 0 1 0.608 -0.025 0.0955 0.2056 5.6542 4.8562 0.3653 2.0843 0.7289 0.0715 0.2557 0.2588
106 0 1 0.5698 -0.0366 0.1176 0.0899 8.2949 8.6121 0.0118 1.0972 0.5573 0.0727 0.2388 0.805
107 0 1 0.1455 0.1053 0.2492 0.0752 2.8326 3.196 0.7936 6.4528 6.0934 0.2406 0.3832 0.0272
108 0 1 0.4027 -0.1123 -0.1845 0.1508 5.0243 4.2055 0.3792 2.2075 1.1187 -0.2257 0.2818 0.2857
109 0 1 0.3136 0.0049 0.0966 0.2534 3.3412 2.957 0.4116 2.4455 1.1388 0.0721 0.4335 0.2778
110 0 1 0.693 0.1138 0.1095 0.1646 7.0571 6.1711 0.2111 1.4243 0.6221 0.088 0.19 0.2521
111 0 1 0.3583 -0.002 -0.0175 0.0826 6.8635 5.9097 0.184 1.7751 0.8724 -0.0792 0.2922 0.5142
112 0 1 0.5862 0.0525 0.0778 0.1581 6.7348 5.8108 0.2614 1.595 0.6883 0.0548 0.3808 0.1763
113 0 1 0.2219 0.3193 0.1633 0.1976 3.8931 4.3494 0.5745 5.85 4.7933 0.1018 0.0259 0.2861
114 0 1 0.4259 -0.101 0.2119 0.1081 5.9322 5.3129 0.2127 2.0545 1.0594 0.1495 0.6216 0.485
115 0 1 0.3948 0.0712 0.2037 0.2407 3.9465 3.6836 0.4941 3.0765 1.7605 0.1659 0.4598 0.2609
116 0 1 0.3626 0.0676 0.2771 0.2546 8.222 7.7586 0.4404 2.6339 1.1326 0.2347 0.5735 0.257
117 0 1 0.4594 0.0039 0.2494 0.2202 5.5495 5.2173 0.4888 3.0559 1.7648 0.2251 0.4542 0.1749
118 0 1 0.5441 -0.0326 0.2191 0.0518 11.3788 11.017 0.0312 1.1293 0.8213 0.1583 0.4817 0.676
119 0 1 0.4093 0.1604 0.1266 0.1627 2.9682 3.1584 0.3417 2.265 1.7669 0.0981 0.0069 0.2263
120 0 1 0.4635 0.0168 0.1159 0.0851 4.28 3.508 0.431 2.0718 1.6138 0.0951 0.4597 0.1235
121 0 1 0.641 -0.0128 0.1354 0.0351 6.7821 6.8609 0.0335 1.2021 1.0062 0.0997 0.34 0.2511
122 0 1 0.349 0.0379 0.2123 0.2045 6.6403 6.0784 0.3304 2.3733 0.8823 0.1822 0.579 0.355
123 0 1 0.3004 0 -0.04 0.2375 5.7642 6.536 0.0824 1.6932 0.7699 -0.0478 0.6482 0.0764
124 0 1 0.6189 0.0582 0.1609 0.1477 6.6347 6.6148 0.1957 2.2191 1.2805 0.1101 0.2367 0.3667
125 0 1 0.4308 -0.0745 0.1229 0.1947 6.7363 6.5381 0.3922 3.0347 1.8031 0.0582 0.4631 0.3705
126 0 1 0.6284 0.0173 0.2052 0.1306 5.2076 4.5403 0.289 1.6444 1.0769 0.1419 0.2787 0.1772
127 0 1 0.544 -0.0398 0.1038 0.2106 3.7749 3.2996 0.3456 2.0822 1.0216 0.0661 0.5685 0.2874
128 0 1 0.4606 -0.0296 0.1718 0.0791 7.2442 6.2258 0.2024 1.728 0.9399 0.1203 0.517 0.5024
129 0 1 0.5792 0.1282 0.1652 0.1431 5.6272 4.8968 0.4156 2.273 1.3629 0.1366 0.2457 0.235
130 0 1 0.7116 0.0796 0.1638 0.1353 5.5231 5.1947 0.1751 1.5366 0.9607 0.1336 0.0369 0.4101
131 0 1 0.5224 -0.0104 0.1605 0.1015 7.0551 6.1756 0.3309 2.3999 1.3649 0.1337 0.4022 0.3248
132 0 1 0.4123 0.0328 0.1956 0.0415 6.2652 5.7629 0.0389 1.309 0.7637 0.1276 0.5377 0.7801
133 0 1 0.5483 0.4565 -0.0637 0.3226 2.2434 2.3202 0.35 2.3719 1.201 -0.092 0.0378 0.2459
134 0 1 0.6436 -0.0313 0.07 0.2856 5.8961 5.8024 0.2851 1.8226 0.9178 0.0159 0.1897 0.2616
135 0 1 0.5894 -0.0109 0.1652 0.1768 6.4209 5.864 0.3748 2.1816 1.2089 0.1306 0.3967 0.1352
136 0 1 0.2854 0.0112 0.1497 0.1629 3.3028 2.3824 0.605 3.1325 1.691 0.1275 0.6729 0.1094
137 0 1 0.5562 -0.0428 0.157 0.1656 7.7388 7.9022 0.0368 1.1669 0.5288 0.0593 0.3976 0.6968
138 0 1 0.2709 0.016 0.2415 0.03 7.2077 6.9301 0.0859 1.4885 1.2636 0.2115 0.6963 0.3398
139 0 1 0.5907 -0.028 0.0921 0.2044 4.9775 4.6119 0.2542 1.9325 0.8517 0.0492 0.3777 0.4429
140 0 1 0.5234 0.0441 0.1913 0.1542 5.8735 5.3098 0.3333 2.4515 1.2716 0.1488 0.3918 0.3363
141 0 1 0.7526 0.2808 0.0912 0.3938 6.4451 7.1993 0.1674 1.6824 0.9275 0.0716 0.1645 0.3233
142 0 1 0.4996 0 0.1268 0.1367 7.2257 7.4511 0.0523 1.4681 0.4924 0.0632 0.298 0.7085
143 0 1 0.3069 0.0586 0.3822 0.0882 5.0895 4.5037 0.1718 1.9754 1.0758 0.2845 0.1134 0.5799
144 0 1 0.4328 -0.0089 0.2211 0.1615 7.3979 6.8375 0.4718 3.0721 1.8299 0.1852 0.5548 0.2684
145 0 1 0.2026 -0.0322 0.2807 0.238 2.4431 2.2383 0.5853 6.1333 3.5718 0.2331 0.4838 0.2934
146 0 1 0.6409 0.0267 0.1498 0.2304 5.4085 5.4042 0.339 2.2347 1.3918 0.1076 0.1381 0.3748
147 0 1 0.4615 0.122 0.1247 0.1668 5.9184 4.9083 0.4556 2.8689 0.9905 0.0887 0.3313 0.2347
148 0 1 0.5413 0.0168 0.1781 0.1829 6.5784 5.8539 0.2429 1.6066 0.6638 0.1172 0.4247 0.2949
149 0 1 0.4645 0.0073 0.1835 0.1348 7.4156 7.0568 0.169 1.4833 0.9314 0.0889 0.2099 0.4415
150 0 1 0.2524 0.0742 0.1678 0.234 4.3935 3.987 0.5482 4.3892 2.217 0.1435 0.2798 0.2298
151 0 1 0.6028 0.0222 0.0335 0.2674 3.2869 3.2043 0.2556 2.1658 0.8411 0.0081 0.1595 0.5045
152 0 1 0.4894 -0.0065 0.1566 0.1165 8.2151 8.1968 0.1347 1.6593 1.0784 0.1053 0.4248 0.6085
153 0 1 0.6262 -0.273 0.0818 0.0193 5.7917 6.3992 -0.0074 0.9372 0.8477 0.0418 0.1558 0.5316
154 0 1 0.481 0.0418 0.2 0.0588 6.2487 4.761 0.1587 1.6662 0.5729 0.141 0.4498 0.6
155 0 1 0.5253 0.183 0.0891 0.0956 6.9966 6.9062 0.1743 5.0278 2.6093 0.0407 0.3507 0.3185
156 0 1 0.6727 -0.0545 -0.0512 0.1674 4.1027 3.3517 0.231 1.453 0.7572 -0.079 0.0351 0.2554
157 0 1 0.4076 0.0887 0.1409 0.1548 5.5422 5.4382 0.1859 2.5952 1.1209 0.0713 0.5217 0.6324
158 0 1 0.5196 0.0361 0.1708 0.0889 6.8084 6.4024 0.1421 1.7242 1.0438 0.1147 0.4224 0.5594
159 0 1 0.1824 -0.2573 -0.0531 0.0429 4.0318 3.9702 0.4374 3.433 3.1791 -0.3567 0.2181 0.3661
160 0 1 0.4458 -0.0119 0.2219 0.0933 8.6566 7.8 0.1602 1.7589 0.7181 0.1749 0.4953 0.5511
161 0 1 0.5634 0.0839 0.0869 0.1797 4.73 4.3939 0.2575 2.0595 1.0247 0.0477 0.1786 0.4823
162 0 1 0.5992 -0.0209 0.1434 0.2524 2.9634 2.4932 0.5167 3.7725 1.6048 0.1033 0.1488 0.2738
163 0 1 0.197 0.2055 0.2218 0.1584 4.0255 3.8276 0.5955 4.3191 3.2432 0.2007 0.0111 0.163
164 0 1 0.6813 0.0243 0.1471 0.067 9.8162 8.307 0.0338 1.0976 0.2217 0.0853 0.2867 0.6091
165 0 1 0.3176 0.0155 0.1357 0.2204 5.6971 5.4403 0.2777 2.8895 0.9506 0.1116 0.6288 0.5471
166 0 1 0.2936 0.4281 0.258 0.1698 4.7331 4.5827 0.5345 3.2219 2.4013 0.207 0.2324 0.2147
167 0 1 0.5599 0.0343 0.1966 0.1622 8.7453 8.1911 0.2201 1.6058 0.8284 0.1532 0.3695 0.2974
168 0 1 0.2547 0.0977 0.2279 0.0892 6.8151 6.7469 0.5123 3.584 3.1026 0.1765 0.3616 0.2614
169 0 1 0.2519 0.0456 0.0599 0.2495 4.3277 3.8713 0.4435 3.7682 1.3099 0.0285 0.8352 0.3425
170 0 1 0.573 0.033 0.2028 0.1899 2.6399 1.9689 0.47 2.2429 1.2605 0.1865 0.0403 0.1501
171 0 1 0.2208 0.0415 0.2846 0.3116 5.6886 5.5244 0.5011 3.6327 1.7033 0.249 0.7103 0.3023
172 0 1 0.4614 0.0005 0.2888 0.1306 5.6955 5.1936 0.4657 3.2084 2.1856 0.2488 0.4396 0.3234
173 0 1 0.7086 0.0669 0.3065 0.0714 7.8181 7.5123 0.0346 1.1126 0.7973 0.2633 0.1868 0.5507
174 0 1 0.7997 -0.003 0.0808 0.2385 6.5956 6.2638 0.3572 2.5935 1.1108 0.0499 0.0985 0.1834
175 0 1 0.5211 0.0705 0.2257 0.1169 6.2419 5.4245 0.3118 2.2761 1.1922 0.1754 0.3107 0.3859
176 0 1 0.3612 -0.0539 0.2247 0.0682 3.8775 3.4889 0.2286 1.8406 1.4705 0.182 0.5916 0.2764
177 0 1 0.3409 0.1349 0.2288 0.1209 5.141 4.7432 0.2801 2.8296 1.6541 0.1683 0.5836 0.4849
178 0 1 0.4579 0.0096 0.1799 0.089 7.4302 7.2704 0.1935 2.6365 1.7538 0.1259 0.3886 0.6804
179 0 1 0.601 -0.0824 0.1705 0.1486 7.2321 6.7338 0.2887 1.7953 1.1214 0.1459 0.2265 0.2123
180 0 1 0.2414 -0.1476 0.0786 0.1379 5.0586 4.6326 0.3449 2.4585 1.5656 0.0537 0.3901 0.2315
181 0 1 0.4798 0.0175 0.1528 0.2133 8.7451 7.9739 0.2564 1.7804 0.3764 0.1255 0.4662 0.3734

XX

Important! Do not Modify this Worksheet
DATA VARIABLES
NAME TD/TA GEMPL OPI/TA INV/SLS ln(Sales) ln(TA) NWC/TA CA/CL QA/CL EBIT/TA RE/TA FA/TA
# 1 2 3 4 5 6 7 8 9 10 11 12
T= 181
1 2 3 4 5 6 7 8 9 10 11 12
Constant TL/TA GEMPL OPI/TA INV/SLS ln(Sales) ln(TA) NWC/TA CA/CL QA/CL EBIT/TA RE/TA FA/TA
86.00 181.00 101.16 -0.13 19.81 31.42 1036.88 971.01 49.01 401.67 228.33 11.95 45.36 61.56 Constant
56.57 101.16 65.42 -0.94 8.69 17.94 585.16 546.04 24.03 201.32 109.95 4.31 16.19 34.40 TL/TA 1
-3.01 -0.13 -0.94 2.06 0.73 0.14 -1.41 -0.31 0.41 3.17 2.40 0.82 0.70 0.00 GEMPL 2
4.82 19.81 8.69 0.73 4.76 2.99 122.77 115.39 6.24 49.54 29.75 3.96 7.90 7.44 OPI/TA 3
16.54 31.42 17.94 0.14 2.99 7.23 171.98 162.95 9.27 71.53 37.46 1.74 7.55 9.54 INV/SLS 4
469.35 1036.88 585.16 -1.41 122.77 171.98 6423.29 6033.58 263.19 2213.90 1239.93 76.87 269.77 375.34 ln(Sales) 5
X'Y= 440.39 X'X= 971.01 546.04 -0.31 115.39 162.95 6033.58 5710.12 244.58 2082.84 1179.58 72.48 254.99 353.51 ln(TA) 6
21.09 49.01 24.03 0.41 6.24 9.27 263.19 244.58 18.97 135.93 79.54 4.30 14.91 13.93 NWC/TA 7
174.20 401.67 201.32 3.17 49.54 71.53 2213.90 2082.84 135.93 1098.90 653.61 32.50 117.74 128.22 CA/CL 8
97.44 228.33 109.95 2.40 29.75 37.46 1239.93 1179.58 79.54 653.61 422.36 19.82 68.13 71.83 QA/QL 9
1.25 11.95 4.31 0.82 3.96 1.74 76.87 72.48 4.30 32.50 19.82 3.63 6.04 4.43 EBIT/TA 10
11.37 45.36 16.19 0.70 7.90 7.55 269.77 254.99 14.91 117.74 68.13 6.04 25.50 16.08 RE/TA 11
26.89 61.56 34.40 0.00 7.44 9.54 375.34 353.51 13.93 128.22 71.83 4.43 16.08 25.84 FA/TA 12
Y'Y= 86.0 Y'X= 86.00 56.57 -3.01 4.82 16.54 469.35 440.39 21.09 174.20 97.44 1.25 11.37 26.89
y'y= 45.138121547 0.5589 -0.0007 0.1094 0.1736 5.7286 5.3647 0.2708 2.2192 1.2615 0.0660 0.2506 0.3401

X

=

X

MBD00F141A0.unknown