TR NGă B ăTĨIăCHệNH IăH CăTĨIăCHệNHăậ MARKETING - - D NGăMINHăTU N D ăBÁOăKH ăN NGăKI TăQU ăTĨIăCHệNHăC Aă CÁCăDOANHăNGHI PăB Tă TR NGăS NăTRểNăTH ă NGăCH NGăKHỐNăVI TăNAM Chun ngành: Tài ậ Ngân hàng Mƣăs : 60.34.02.01 LU NăV NăTH CăS ăKINHăT Tp.HCM, tháng 03 n mă2016 TR NGă B ăTĨIăCHệNH IăH CăTĨIăCHệNHăậ MARKETING - - D NGăMINHăTU N D ăBÁOăKH ăN NGăKI TăQU ăTĨIăCHệNHăC Aă CÁCăDOANHăNGHI PăB Tă TR NGăS NăTRểNăTH ă NG CH NGăKHỐNăVI TăNAM Chun ngành: Tài ậ Ngân hàng Mƣăs : 60.34.02.01 LU NăV NăTH CăS ăKINHăT NG IăH NGăD NăKHOAăH C: TS Nguy n Th ăM ăLinh Tp.HCM, tháng 03 n mă2016 L IăCAMă OANă Tôiă xină camă đoană lu nă v nă “ D ă báoă kh ă n ngă ki tă qu ă tàiă chínhă c aă cácă doanhănghi păb tăđ ngăs nătrênăth ătr ng ch ngăkhốnăVi tăNam”ălà cơng trình nghiênăc uăc aăchínhătácăgi ăN iădungăđ căđúcăk tăt ăquáătrìnhăh căt păvƠăcácăk tă qu ănghiênăc uăth căti nătrongăth iăgianăqua,ăs ăli uăs ăd ngălƠătrungăth căvƠăcóăngu nă g că tríchă d nă rõă rƠng.ă Lu nă v nă đ căth că hi nă d iăs ă h ngăd nă c aă TS.ăNguy nă Th ăM ăLinh TP.ăH ăChíăMinh,ăngƠyăă tháng Tácăgi D i ngăMinhăTu n n mă2016 L IăC M Tr N că h t,ă tácă gi ă xină g iă l iă c mă nă chơnă thƠnhă đ nă Côă h ngă d nă khoaă h că Ti năS ăăNguy năTh ăM ăLinh v ănh ng Ủăki năđóngăgóp,ănh ngăch ăd năgiúpătácăgi ă hoƠnăthƠnhălu năv n Tácă gi ă xină g iă l iăc mă năđ nă t tă c ă cácă QuỦă Th y,ă Côă đƣă t nă tìnhătruy nă đ tă nh ngăki năth căh tăs căquỦăbáuătrongăsu tăhaiăn măh căcaoăh c Tácăgi ăc ngăxinăg iăl iăc mă năđ năcácăanhăch ăvƠăcácăb n,ăđ căbi tălƠăcácăanhă ch ăvƠăcácăb nătrongăl păTCNHă4-1ăđƣăgópăỦăki nătrongăquáătrìnhăth căhi nălu năv n Cu iăcùng,ătácăgi ă xinăg iăl iăc mă năđ năgiaăđình,ăng iăthơnăđƣă lnă ngă h ă đ ngăviênătácăgi ătrongăsu tăquáătrìnhăh căt păvƠăth căhi nălu năv nănƠy ii M CăL C L IăCAMă OAN L IăC Mă N M CăL C DANHăM CăB NGăBI U DANHăM CăHỊNHăV DANHăM CăKụăHI UăVĨăT ăVI TăT T TịMăT T CH NGă1ă:ăT NGăQUAN NGHIểNăC U 1.1 LỦădoăch n đ tài 1.2 M cătiêuănghiênăc uă 1.3ăCơuăh iănghiênăc u 1.4 1.5 Ph iăt ngănghiênăc uăvƠăph măviănghiênăc uă ngăphápănghiênăc u 1.6ăụăngh aăc aăđ tài 1.7ăK tăc uălu năv nă 1.8ăK tălu năch CH ngăm t NGă2ă:ăT NGăQUANăLụăLU N VĨăCÁCăNGHIểNăC UăTR Că ỂY 2.1ăT ngăquanăv ăki tăqu ătƠiăchính 2.1.1 Kháiăni măvƠăđ căđi măki tăqu ătƠiăchính 2.1.2ăCácăch ătiêuăđoăl ngăr iăroăki tăqu ătƠiăchính 2.1.3ăTácăđ ngăc aăki tăqu ătƠiăchínhăđ năn năkinhăt ănh ăth ănƠo 2.2 Cácămơăhìnhănghiênăc uătr 2.2.1 Nghiênăc uăc aăn c căngoƠi 2.2.1.1 Nghiên c uăc a William Beaver (1966) iii 2.2.1.2 Cácănghiênăc uăc a Edward I Altman (1968) 2.2.1.3 Nghiênăc u c aăOhlson (1980) 14 2.2.1.4 Nghiênăc uăc a Tyler Shumway (2001) 15 2.2.1.5 Nghiênăc uăc a Sudheer Chava Robert A Jarrow (2004) 16 2.2.1.6 Nghiênăc uăJohn Y.Campbell, Jens Hilscher, Jan Szilagyi (2010) 17 2.2.2 Nghiênăc uătrongăn c 19 2.3ăT ngăh păcácăk tăqu ănghiênăc u 20 2.4ăK tălu năch CH ngăhai 22 NGă3ă:ăTHI TăK NGHIểNăC U 3.1 Qui trình nghiênăc u 26 3.2 Mơăhìnhănghiênăc u 29 3.3 Thuăth păvƠ x ălỦăs ăli u 33 3.3.1ăL aăch năd ăli u 34 3.3.2ăPhơnălo iădoanhănghi păki tătƠiăchínhăvƠăkhơngăki tăqu tài 34 3.3.3ăTínhătốnăvƠăgi iăthíchăbi năd ăli u 36 3.4ăK tălu năch CH ngăbaă 38 NGă4ă:ăK TăQU ăNGHIểNăC U VĨăTH OăLU N 4.1ăTh cătr ngăcác doanhănghi păb tăđ ngăs nătrongăth iăgianăqua 39 4.2 Phân tích t ăt ngăquan 47 4.3 K tăqu ănghiênăc u 49 4.3.1ăH iăquyălogităv iăhi uă ngăc ăđ nh (FE) 50 4.3.2ăH iăquyălogităv iăhi uă ngăng u nhiên (RE) 52 4.3.3ăKi măđ nhăHausmanătestăđ ăl aăch nămơăhìnhăFE,ăREăphùăh p 53 4.4 Ki măđ nhăk tăqu d ăbáoăso v iăth căt 55 4.5 Th oălu năv ăk tăqu ănghiênăc uăđ tăđ iv că 56 4.6ăK tălu năch CH ngăb nă 58 NGă5ă:ăK TăLU NăVĨăG IăụăCHệNHăSÁCH 5.1 K tălu năv ăk tăqu ănghiênăc u 59 5.2ăM tăs g iăỦăchínhăsách 60 5.3 H năch ăc aăđ ătƠi vƠăh 5.4ăK tălu năch ngănghiênăc uăti pătheo 61 ngăn m 63 DANHăM CăTĨIăLI UăTHAMăKH Oă CÁC PH ăL C v DANHăM CăB NGăBI U Danhăm căb ngăbi u Trang B ngă2.1ă: Th ngăkêăcácăch ăs ătƠiăchínhătrongănghiênăc uăc a Beaver (1966) B ngă2.2ă:ăT ngăh păcácămơăhìnhăd ăbáoăpháăs năc a Altman 13 B ngă2.3ă:ăT ngăh păcácăbi năđ căl păđ căs ăd ngătrongăcácănghiênăc u 23 B ngă2.4ă:ăT ngăh păcácănghiênăc u 24 B ngă3.1ă: T ngăh păcácăbi năđ căl pătheoănghiênăc uăc a CHS (2010) 30 B ngă3.2ă:ăT ngăh păcácăbi năđ căl pătrongămơăhìnhănghiênăc u 32 B ngă3.3ă:ăS ăcơngătyăb ăh yăniêmăy t hai sàn HOSE HNX 34 B ngă3.4ă:ăCácăquyăđ nhăc ăphi uăb ăh yăniêmăy tăho căgiaoăd chăb ăki m soát 35 B ngă4.1ă:ăC u trúc tài s n toàn ngành b tăđ ng s n 42 B ng 4.2 : C u trúc ngu n v n toàn ngành b tăđ ng s n 43 B ng 4.3 : Tính kho năquaăcácăn m 44 B ng 4.4 : T l n / v n ch s h u c a toàn ngành b tăđ ng s n 45 B ng 4.5 : L i nhu n biên, t su t sinh l i t ng tài s n (ROA) t su t sinh l i v n ch s h u (ROE) ngành b tăđ ng s n 45 B ng 4.6 : Phơnătíchăt ngăquanăcácăbi n mơ hình 47 B ng 4.7 : Mơ hình h i qui ph gi a bi n TLTA TLMTA 48 B ng 4.8 : Mơ hình h i qui ph gi a bi n NITA MB 49 B ng 4.9 : M căỦăngh aăc a t ng bi năđ c l p sau h i quy logit FE 51 B ng 4.10 : M căỦăngh aăc a t ng bi năđ c l p sau h i quy logit RE 53 B ng 4.11 : Ki măđ nh hi u ng FE, RE 54 B ng 4.12 : K t qu d u k v ng mơ hình nghiên c u c a tác gi 55 B ng 4.13 : Th ng kê s l ng công ty ki t qu gi a mơ hình th c t ầầầ 56 vi DANHăM CăHỊNHăV Danhăm căhìnhăv Trang Hình 2.1 : đ ăth ăsoăsánhăl iăíchăc aăt măch năthu ăv iăchiăphíăki tăqu ă khiădoanhănghi păvayăn Hìnhă3.1ă:ăL uăđ ănghiênăc u 28 Hìnhă4.1ă:ăBi uăđ ăs ăc năh ăbánăđ Hìnhă4.2ă:ăS ăt căvƠăt ngătr ngăGDPăngƠnhăb tăđ ngăs n 40 ngăquanăgi aăd ăn ătínăd ngăngƠnhăb tăđ ngăs năvƠăt ngă doanhăthuăc aăcácăcôngătyăniêmăy t 41 Hìnhă4.3ă:ăC uătrúcătƠiăs năngƠnhăb tăđ ngăs n 43 Hìnhă4.4ă:ăBi uăđ ăc uătrúcăngu năv năngƠnhăb tăđ ngăs n 44 Hìnhă4.5ă:ăBi uăđ ătínhăthanhăkho năquaăcácăn mă 44 Hìnhă4.6ă:ăL iănhu năbiên,ăh ăs ăsinhăl iătrênăt ngătƠiăs nă(ROA)ăvƠăh ăs ă sinhăl iătrênăv năch ăs ăh uă(ROE)ăngƠnhăb tăđ ngăs n 46 Hìnhă4.7ă:ăK tăqu ăki măđ nhăd ăbáoăki tăqu ăsoăv iăth căt 55 vii DANHăM CăKụăHI UăVĨăT ăVI TăT T BCTC Báo cáo tài BS Mơăhìnhănghiênăc uăc aăBharath Tyler Shumway (2008) CHS Mơăhìnhănghiênăc uăc aăJohnăY.Campbell,ăJensăHilscherăvƠ Jan Szilagyi (2010) C KT B ngăcơnăđ iăk ătốn DN Doanhănghi p FEM Mơăhìnhătácăđ ngăc ăđ nh HOSE S ăgiaoăd chăch ngăkhốnăThƠnhăph ăH ăChíăMinh HNX S ăgiaoăd chăch ngăkhốnăThƠnhăph ăHƠăN i MDA Phơnătíchăbi tăth căđaăy uăt OPM Mơăhìnhăgiáăquy năch nă OLS Ph PV Giáătr ăhi năt iăthu n REM Mơăhìnhătácăđ ngăng uănhiên TCTD T ăch cătínăd ng TSC TƠiăs năc ăđ nh TTCK Th tr UPCOM SƠnăgiaoăd chăcácăch ngăkhốnăc aăcơngătyăch aăniêmăy t VCSH V năch ăs ăh u VSD Trungătơmăl uăkỦăch ngăkhốn WTO T ăch căth ngăphápăbìnhăph ngăsaiăs ăbéănh t ngăch ngăkhoán ngăm iăth ăgi i viii PH ăL Că B NGăT NGăH PăGIÁăTR ăCÁCăBI NăTRONGăMỌăHỊNHăH IăQUYăLOGISTIC id MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE AMD 2013 0.72 0.0332 0.033197899 0.6367 0.636685607 (5) AMD 2014 0.00 0.0378 0.027060168 0.2720 0.194705748 (3) API 2009 0.00 0.0262 0.035334066 0.0545 0.073612735 (3) API 2010 0.00 0.0962 0.081630787 0.0757 0.064267492 (3) API 2011 0.24 0.0141 0.027233281 0.3759 0.726786101 API 2012 0.98 -0.0474 -0.087836886 0.4521 API 2013 0.00 0.0909 0.082710797 API 2014 0.12 0.0018 BCI 2008 0.00 BCI 2009 0.00 BCI 2010 0.00 BCI 2011 BCI SIGMA CASHMTA MB INFORM 0.000930165 0.024780795 1.430218753 0.064593922 0.780596206 0.0523 0.210801824 (4) 0.0006 0.091369473 0.530548246 0.837941009 (4) (0.3759) 0.172194714 0.571374974 0.4502 0.409510298 (3) 0.4391 0.012429001 1.102056803 0.001474472 0.5143 0.422916368 (3) (0.1436) 0.019431456 0.0508 0.042494713 0.4845 0.405528062 (2) 0.1226 0.016880083 1.276636369 0 0.0686 0.035820438 0.5456 0.285064241 (2) (0.0599) 0.031324584 2.260934876 0 0.0734 0.052407577 0.5009 0.357889117 (3) 0.0622 0.033248428 1.580433974 0.05 0.0191 0.017687558 0.5522 0.510131873 (3) (0.0485) 0.063538265 2012 0.00 0.0485 0.043726238 0.4724 0.425871399 (3) 0.0793 0.085268688 1.161963693 BCI 2013 0.00 0.0278 0.023308867 0.4652 0.389858671 (3) (0.0867) 0.042644157 1.286225039 BCI 2014 0.00 0.0300 0.023734442 0.4529 0.357860875 (3) (0.0075) 0.021329945 1.392892165 BII 2013 0.00 0.0514 0.051362838 0.0947 0.094731319 (4) 0.087766088 BII 2014 0.00 0.0791 0.059938910 0.0861 0.065237616 (3) 0.001831170 1.369300394 CCI 2010 0.02 0.0481 0.041148968 0.7103 0.608255744 (4) 0.107994973 1.187809661 CCI 2011 0.01 0.0509 0.051977879 0.7189 0.734547278 (4) 0.1893 0.165925313 0.976206424 CCI 2012 0.00 0.0426 0.043627065 0.6561 0.671470106 (4) (0.1325) 0.230980579 0.974622731 CCI 2013 0.01 0.0278 0.027422048 0.6394 0.629927344 (4) (0.0829) 0.176896765 CCI 2014 0.04 0.0254 0.024270460 0.6524 0.622651261 (4) (0.0179) 0.127392862 1.054403024 CCL 2010 0.00 0.0812 0.079864847 0.3610 0.355005462 (3) 0.018869549 CCL 2011 0.56 0.0147 0.014458874 0.5221 0.515196322 (3) 0.001597218 1.013870523 xii (0.0652) 0.0095 (0.1084) id 10 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM CCL 2012 0.87 0.0158 0.022320213 0.4787 0.674803588 (4) 0.0535 0.003103302 0.695712641 CCL 2013 0.95 0.0040 0.005455965 0.4820 0.658424554 (4) (0.0655) 0.000986583 0.718536310 CCL 2014 0.92 0.0040 0.005056324 0.4967 0.631257840 (4) (0.0032) 0.000897400 CEO 2013 0.00 0.0237 0.017018044 0.4984 0.357706130 (3) 0.005285921 1.441118415 CEO 2014 0.01 0.0611 0.046097907 0.6085 0.459166626 (3) 0.022086344 1.380388554 CLG 2010 0.00 0.0748 0.048193015 0.6579 0.423713231 (3) 0.001831003 1.600848592 CLG 2011 0.99 0.0146 0.014163927 0.8467 0.822348307 (4) 0.0003 0.000861345 1.030324965 CLG 2012 0.99 0.0104 0.011578621 0.7481 0.831989953 (4) 0.0242 0.002830006 CLG 2013 0.95 0.0260 0.026417911 0.7450 0.757052920 (4) 0.0452 0.002544939 0.982737125 CLG 2014 0.99 0.0077 0.008004340 0.7515 0.785714667 (4) (0.0751) 0.011372827 0.950652836 CSC 2009 0.10 0.0355 0.027552837 0.8040 0.624499335 (4) 0.079600004 CSC 2010 0.18 0.0583 0.053428477 0.7698 0.704916008 (4) 0.2270 0.048630900 1.106929226 CSC 2011 0.12 0.0606 0.060933892 0.7788 0.783535527 (4) 0.6641 0.047134774 0.992798756 CSC 2012 1.00 -0.0011 -0.001128728 0.8470 0.856630869 (4) (1.0002) 0.033201744 0.987841354 CSC 2013 0.96 0.0031 0.003122009 0.8419 0.838645483 (4) 0.0566 0.067645424 CSC 2014 0.62 0.0214 0.019839747 0.7691 0.711483000 (4) 0.0419 0.063577041 1.084959033 D11 2010 0.00 0.2668 0.266839248 0.4823 0.482255957 (4) 0.094685165 D11 2011 0.00 0.2051 0.197698765 0.4868 0.469227586 (4) (0.3910) 0.003776907 1.053959627 D11 2012 0.88 0.0062 0.005977270 0.4799 0.465192895 (4) (0.8086) 0.006746311 1.045794184 D11 2013 0.02 0.0070 0.006620934 0.4921 0.462614451 (4) (0.0033) 0.080871798 1.085251145 D11 2014 0.00 0.0085 0.007677732 0.4943 0.448165068 (4) 0.0005 0.115586468 D2D 2008 0.00 0.0870 0.046161084 0.5443 0.288677989 (3) 0.0810 0.022956294 2.208504953 D2D 2009 0.00 0.0671 0.040521011 0.6447 0.389243953 (3) 0.0033 0.021697233 1.836794324 D2D 2010 0.00 0.1196 0.086548387 0.6128 0.443567253 (3) 0.1494 0.005103946 1.513511131 D2D 2011 0.02 0.0549 0.050755007 0.5681 0.525166854 (4) 0.0139 0.042144665 D2D 2012 0.01 0.0471 0.043317865 0.5981 0.550623982 (4) (0.0283) 0.101586608 1.118817646 D2D 2013 0.00 0.0402 0.036470443 0.6719 0.609126684 (4) (0.0174) 0.194858823 1.134158641 xiii 0.0768 id MACK 11 D2D 2014 0.00 DIG 2009 DIG 12 13 14 15 YEAR Y DISTRESS NITA NIMTA TLTA TLMTA SIGMA CASHMTA MB 0.0514 0.042272597 0.6498 0.534077202 (4) (0.0375) 0.196523932 1.290545432 0.00 0.1590 0.069985264 0.3636 0.160041537 (2) 0.126987000 3.280249360 2010 0.00 0.1062 0.061285512 0.4114 0.237332527 (2) 0.0011 0.059484405 2.131823894 DIG 2011 0.04 0.0265 0.026223883 0.4777 0.473286262 (3) (0.0148) 0.052317505 1.012566303 DIG 2012 0.10 0.0047 0.004434660 0.4980 0.465521929 (3) (0.0802) 0.047788944 DIG 2013 0.14 0.0118 0.010943044 0.4778 0.444831717 (3) 0.0161 0.007986437 1.094202400 DIG 2014 0.02 0.0087 0.007858410 0.5118 0.461033927 (3) (0.0119) 0.084648235 1.126968369 DLR 2009 0.00 0.0303 0.022146362 0.6545 0.478113655 (4) 0.081431548 DLR 2010 0.04 0.0361 0.027745220 0.7007 0.538026178 (4) 0.0228 0.051700635 1.338465813 DLR 2011 0.92 0.0242 0.022720517 0.7663 0.719126642 (4) 0.0398 0.007134146 1.071640495 DLR 2012 0.99 0.0028 0.002916242 0.7867 0.806753285 (4) (0.0894) 0.032248244 0.973298802 DLR 2013 1.00 -0.0272 -0.027921020 0.7711 0.792213147 (4) (0.2030) 0.036328865 DLR 2014 1.00 -0.0421 -0.045844989 0.7963 0.866133083 (5) (0.1989) 0.019716712 0.918422666 DRH 2009 0.00 0.0687 0.062048134 0.1480 0.133643069 (4) 0.036537435 1.131095211 DRH 2010 0.00 0.0766 0.072124850 0.1137 0.107046744 (4) 0.0071 0.018741910 1 DRH 2011 0.99 -0.0149 -0.029940547 0.2860 0.575365130 (4) (0.1713) 0.017260109 0.489322249 DRH 2012 1.00 -0.0818 -0.157403561 0.3906 0.751587579 (4) (0.4455) 0.012556275 0.532599282 DRH 2013 0.54 0.0075 0.014702236 0.3961 0.772262808 (4) 0.5745 0.022629644 0.525144287 DRH 2014 0.09 0.0375 0.050801707 0.3249 0.440740490 (4) 0.0542 0.047260433 1 DTA 2009 0.13 0.0120 0.010280416 0.5090 0.437776103 (4) 0.005595148 1.164783770 DTA 2010 0.00 0.0935 0.083083505 0.5314 0.472433951 (4) 0.1712 0.041393162 1.138966092 DTA 2011 0.97 0.0082 0.011154327 0.5360 0.725502368 (4) (0.1384) 0.012039445 DTA 2012 0.93 0.0036 0.005060367 0.4987 0.706398086 (4) (0.0289) 0.026292710 0.690863347 DTA 2013 1.00 -0.0266 -0.037523020 0.5461 0.771362122 (4) (0.1915) 0.024427580 0.706564822 DTA 2014 0.95 0.0027 0.003243384 0.5528 0.674497097 (4) 0.1791 0.020428286 0.818276911 DXG 2009 0.00 0.0697 0.038312019 0.7254 0.398946103 (3) 0.078382350 1.938872682 DXG 2010 0.00 0.1048 0.073031767 0.5798 0.404036443 (3) 0.163698962 1.535464693 xiv RSIZE 0.0847 INFORM id 16 17 18 19 20 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM DXG 2011 0.01 0.0277 0.032865626 0.4841 0.573433531 (3) (0.0218) 0.143485079 0.815771065 DXG 2012 0.00 0.0709 0.077972888 0.2901 0.319193188 (3) 0.0323 0.183346479 DXG 2013 0.00 0.0653 0.059129206 0.4767 0.431945297 (3) (0.0419) 0.052072263 1.116104253 DXG 2014 0.00 0.0777 0.068235365 0.5037 0.442432483 (3) 0.0345 0.315631037 1.162759183 EFI 2009 0.00 0.1220 0.051583140 0.0628 0.026563237 (4) 0.036591821 EFI 2010 0.00 0.0585 0.054380901 0.0596 0.055483105 (4) 0.0153 0.193203137 1.093334713 EFI 2011 0.00 0.0675 0.108460004 0.0517 0.083124830 (4) 0.0867 0.229175065 0.559093696 EFI 2012 0.00 0.0734 0.115028741 0.0254 0.039877968 (4) (0.0051) 0.360140206 0.582677656 EFI 2013 0.00 0.0379 0.054559572 0.0131 0.018859403 (4) (0.0856) 0.324825349 EFI 2014 0.00 0.0396 0.058488246 0.0081 0.011972884 (4) 0.0083 0.173319137 0.622822921 FDC 2010 0.00 0.0902 0.065903248 0.6034 0.440712557 (3) 0.027119351 FDC 2011 0.00 0.0421 0.029493008 0.4362 0.305556219 (3) (0.1010) 0.007526936 1.584838493 FDC 2012 0.00 0.0454 0.032789718 0.3968 0.286548844 (3) 0.0077 0.006027694 1.549436831 FDC 2013 0.00 0.2335 0.184493397 0.3007 0.237549110 (3) 0.3735 0.378119234 1.469098190 FDC 2014 0.00 0.0191 0.014170014 0.3477 0.258297627 (3) (0.4113) 0.032877308 FID 2013 1.00 0.0129 0.012604040 0.8766 0.859513178 (5) 0.005711375 1.020154744 FID 2014 0.00 0.0960 0.093153248 0.0445 0.043183179 (4) 0.020053876 1.037817549 FLC 2010 0.00 0.0289 0.028922149 0.0653 0.065261850 (4) 0.018470212 FLC 2011 0.01 0.0276 0.019965928 0.5007 0.362704063 (3) (0.0037) 0.001018023 1.433652659 FLC 2012 0.40 0.0171 0.019202829 0.4325 0.485424077 (3) 0.0309 0.003483549 FLC 2013 0.03 0.0472 0.049355032 0.3982 0.416573076 (3) 0.0787 0.006444471 0.942416629 FLC 2014 0.00 0.0659 0.062573654 0.2753 0.261624475 (3) (0.0423) 0.099149545 1.061120894 HAG 2008 0.00 0.0789 0.038056477 0.5267 0.253908371 (1) 0.0618 0.028860625 2.472864768 HAG 2009 0.00 0.0975 0.038917663 0.5809 0.231935461 (1) (0.0054) 0.063645220 HAG 2010 0.00 0.1115 0.053203116 0.4660 0.222284357 (2) 0.0319 0.091196972 2.734828660 HAG 2011 0.00 0.0457 0.038912459 0.6058 0.516173226 (2) 0.0398 0.096498130 1.220130155 HAG 2012 0.11 0.0112 0.009327820 0.6540 0.545366788 (2) (0.0980) 0.067125031 1.241281719 xv 0.0211 id 21 22 23 24 25 26 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM HAG 2013 0.00 0.0284 0.022650229 0.5465 0.436186988 (2) 0.0273 0.065542349 HAG 2014 0.01 0.0405 0.032100722 0.5768 0.456792274 (2) 0.0270 0.021304157 1.330943784 HAR 2012 0.00 0.0227 0.022729415 0.1853 0.185266516 (3) 0.010431957 HAR 2013 0.00 0.0293 0.035421978 0.0999 0.120813263 (4) 0.0131 0.016326602 0.820695019 HAR 2014 0.00 0.0433 0.045268996 0.0459 0.047937963 (3) 0.0113 0.019036348 1 HDC 2008 0.38 0.0600 0.051758404 0.7795 0.672397779 (3) 0.1980 0.009519612 1.172433055 HDC 2009 0.00 0.0988 0.061842404 0.7476 0.468139023 (3) (0.0599) 0.040084085 1.689530180 HDC 2010 0.00 0.0904 0.058478060 0.5714 0.36970347 (3) (0.0133) 0.042006848 1.726850032 HDC 2011 0.01 0.0662 0.058415153 0.5398 0.475987029 (3) 0.0794 0.033570194 HDC 2012 0.19 0.0317 0.029212391 0.5505 0.507319331 (3) (0.0971) 0.012488833 1.111890710 HDC 2013 0.08 0.0205 0.017350083 0.5456 0.461534045 (3) (0.0555) 0.009683913 1.239422306 HDC 2014 0.14 0.0188 0.016195296 0.4951 0.426809746 (3) (0.0140) 0.021875996 1.191467284 HDG 2010 0.00 0.1841 0.097224492 0.5461 0.288320449 (3) 0.021149254 2.307732737 HDG 2011 0.01 0.0809 0.080078103 0.5402 0.534847580 (3) 0.1333 0.067611482 1.012635548 HDG 2012 0.41 0.0214 0.019932581 0.6119 0.569315618 (3) (0.2509) 0.046089688 HDG 2013 0.01 0.0615 0.054943660 0.6354 0.567542418 (3) 0.1106 0.112898791 1.136754328 HDG 2014 0.00 0.0710 0.042565923 0.5417 0.324834551 (3) (0.0968) 0.091002667 1.808400343 HLD 2013 0.00 0.1334 0.107091946 0.3586 0.287837025 (3) 0.126183903 HLD 2014 0.00 0.1209 0.099793633 0.3824 0.315680386 (4) 0.0144 0.140220035 1.318157908 HQC 2008 0.90 0.0016 0.001165832 0.8656 0.633350804 (3) 0.0032 0.003291099 1.368988456 HQC 2009 0.01 0.0291 0.018209178 0.7080 0.443343893 (3) 0.0329 0.007527006 1.651174704 HQC 2010 0.00 0.1121 0.080778607 0.6568 0.473171082 (3) 0.1780 0.013904075 HQC 2011 1.00 0.0024 0.002617104 0.6932 0.760507464 (3) (0.1837) 0.005107338 0.897109255 HQC 2012 0.99 0.0070 0.007934734 0.7231 0.818842428 (3) 0.0372 0.006643111 0.876058279 HQC 2013 0.98 0.0073 0.007846035 0.6956 0.744670273 (3) (0.0343) 0.007028472 0.932883229 HQC 2014 0.88 0.0074 0.008373042 0.5597 0.631080348 (3) (0.0089) 0.007283856 IDJ 2010 0.00 0.0372 0.028060102 0.1382 0.104184829 (3) 0.033345976 1.356599646 xvi id 27 28 29 30 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM IDJ 2011 1.00 -0.0563 -0.149092458 0.1138 0.301321336 (4) (0.2352) 0.035713089 0 IDJ 2012 0.50 0.0009 0.002184521 0.1367 0.323247882 (4) 0.2046 0.032176342 0.429191461 IDJ 2013 0.95 -0.0403 -0.089555572 0.0498 0.110850055 (4) (0.0925) 0.009432158 0.476083336 IDJ 2014 1.00 -0.0876 -0.308181646 0.0267 0.093962988 (4) (0.1102) 0.050499812 0.394010260 IDV 2010 0.12 0.0601 0.046887296 0.8111 0.632691970 (4) 0.057825243 1.291162573 IDV 2011 0.16 0.0508 0.038991010 0.8144 0.625418768 (4) (0.0167) 0.054387747 1.323094307 IDV 2012 0.92 0.0308 0.027592437 0.8388 0.750224891 (4) 0.0038 0.022685792 IDV 2013 0.66 0.0570 0.050628903 0.8406 0.746886796 (4) 0.0913 0.031685958 1.128044293 IDV 2014 0.00 0.1150 0.073965557 0.7942 0.510855399 (4) (0.0452) 0.025593858 1.605306499 IJC 2008 0.00 0.0960 0.066824835 0.4236 0.294970960 (2) 0.0978 0.006438511 1.450119959 IJC 2009 0.00 0.0942 0.061619708 0.3540 0.231453600 (3) (0.0088) 0.004401807 IJC 2010 0.16 0.0531 0.047380300 0.8007 0.714371259 (3) 0.1168 0.081399294 1.128791662 IJC 2011 0.00 0.0725 0.080518775 0.2835 0.315020363 (2) (0.0678) 0.025756694 0.889920793 IJC 2012 0.02 0.0398 0.041813582 0.3461 0.363413327 (2) (0.0652) 0.018000631 0.949429315 IJC 2013 0.05 0.0336 0.035629799 0.3744 0.397064690 (3) (0.0073) 0.010054322 IJC 2014 0.08 0.0342 0.029966156 0.5444 0.476483494 (2) (0.0032) 0.014798304 1.149805259 ITA 2008 0.00 0.0463 0.033820999 0.2391 0.174775092 (2) 0.0790 0.014008443 1.805495261 ITA 2009 0.00 0.0586 0.034423738 0.3017 0.177283772 (2) (0.0196) 0.008532639 2.196487778 ITA 2010 0.00 0.0740 0.059263459 0.3563 0.285180202 (2) 0.0584 0.005330848 ITA 2011 0.38 0.0081 0.009342714 0.3524 0.406363459 (2) (0.0848) 0.007649780 0.818333104 ITA 2012 0.95 0.0033 0.004313611 0.4101 0.536795973 (3) (0.0173) 0.003974986 0.723903419 ITA 2013 0.66 0.0081 0.010078079 0.3356 0.417403364 (2) 0.0056 0.006944588 0.784645078 ITA 2014 0.15 0.0120 0.013673981 0.3342 0.379748863 (2) 0.0037 0.004608937 ITC 2009 0.00 0.0371 0.024051734 0.5521 0.358013902 (3) 0.005095119 1.860467519 ITC 2010 0.00 0.0731 0.053393454 0.2948 0.215438487 (3) 0.0586 0.017092333 1.677433610 ITC 2011 0.99 -0.0497 -0.053412980 0.3467 0.372316231 (3) (0.3925) 0.006426077 1 ITC 2012 0.06 0.0026 0.002754823 0.3324 0.350171447 (3) 0.2866 0.004757599 0.914430427 xvii id 31 32 33 34 35 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM ITC 2013 1.00 -0.1283 -0.137919628 0.3616 0.388834035 (3) (0.5748) 0.001206775 0.893842167 ITC 2014 0.02 0.0034 0.003659473 0.3134 0.341177259 (3) 0.5764 0.004638769 0.871477101 KAC 2010 0.00 0.0372 0.022602626 0.4431 0.269534393 (3) 0.012918229 1.830879597 KAC 2011 0.66 0.0008 0.000727866 0.6129 0.546182151 (3) (0.0362) 0.006931400 1.133065650 KAC 2012 0.23 0.0011 0.001143275 0.4058 0.409777481 (4) 0.0005 0.003164639 KAC 2013 0.01 0.0047 0.004842562 0.0870 0.088820390 (4) 0.0071 0.009464137 0.965715118 KAC 2014 0.02 0.0031 0.002547307 0.4179 0.338061134 (4) (0.0055) 0.043442046 1.240973740 KBC 2008 0.00 0.0586 0.024413505 0.4097 0.170762815 (1) 0.0349 0.011292233 3.027649251 KBC 2009 0.00 0.0699 0.033087008 0.6002 0.284158975 (2) 0.0171 0.078774079 KBC 2010 0.00 0.0958 0.059747267 0.5422 0.338296263 (2) 0.0592 0.024219034 1.752764805 KBC 2011 0.81 0.0030 0.002998286 0.5554 0.556846220 (2) (0.0990) 0.002822504 0.996817400 KBC 2012 1.00 -0.0370 -0.041368667 0.5896 0.659400512 (3) (0.2670) 0.006605382 0.874001583 KBC 2013 0.66 0.0058 0.005839691 0.6078 0.613583503 (3) 0.2804 0.008303983 KBC 2014 0.18 0.0250 0.021297627 0.5205 0.444266178 (2) 0.0270 0.009752508 1.208389729 KDH 2010 0.00 0.0660 0.042746220 0.3876 0.251040159 (3) 0.069351169 KDH 2011 0.00 0.0043 0.003649439 0.4017 0.343619748 (3) (0.0808) 0.043164259 1.289594474 KDH 2012 0.74 -0.0264 -0.026714878 0.4399 0.445404998 (3) (0.1466) 0.051696028 0.980820167 KDH 2013 0.61 -0.0715 -0.067444955 0.4453 0.419842261 (3) (0.0780) 0.047934726 1.083917188 KDH 2014 0.00 0.0327 0.026278950 0.5077 0.407748825 (3) 0.2799 0.111872119 1 KHA 2008 0.00 0.1108 0.107942830 0.3540 0.344870979 (3) 0.2555 0.181401933 1.034847993 KHA 2009 0.00 0.1240 0.085751756 0.2567 0.177497938 (3) (0.1033) 0.153888905 1.713964733 KHA 2010 0.00 0.1051 0.088134354 0.2899 0.243015082 (4) 0.0498 0.063522318 1.312286757 KHA 2011 0.00 0.0627 0.068911138 0.2623 0.288162607 (4) 0.0318 0.096228318 KHA 2012 0.00 0.0742 0.069278747 0.3053 0.285114109 (4) (0.0504) 0.168771899 1.110573071 KHA 2013 0.00 0.0647 0.057278310 0.2794 0.247296017 (4) (0.0501) 0.171531847 1.204625136 KHA 2014 0.00 0.1566 0.110703626 0.2421 0.171136827 (4) 0.0773 0.120881225 1.726206836 LGL 2009 0.00 0.0998 0.063901401 0.6470 0.414322458 (3) 0.046128979 xviii id 36 37 38 39 40 41 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM LGL 2010 0.00 0.0721 0.059586242 0.5113 0.422624431 (3) 0.0147 0.091032544 1.260540459 LGL 2011 0.89 0.0024 0.002566362 0.5847 0.635320223 (4) (0.1284) 0.030329913 0.903523180 LGL 2012 0.97 0.0015 0.001781746 0.6187 0.719490967 (4) 0.0049 0.010774628 0.832772876 LGL 2013 1.00 -0.0930 -0.120609138 0.5015 0.650407290 (4) (0.8082) 0.018156142 LGL 2014 0.00 0.0611 0.068975177 0.4713 0.531920901 (4) 1.0779 0.003258048 0.857047061 LHG 2010 0.00 0.1020 0.070395116 0.6551 0.452232057 (3) 0.048131402 LHG 2011 0.18 0.0509 0.047728711 0.6641 0.622433807 (3) 0.0658 0.032896764 1.082945703 LHG 2012 0.46 0.0320 0.030086759 0.6192 0.582764074 (3) (0.0973) 0.015444648 1.080649213 LHG 2013 0.86 0.0147 0.014629720 0.6097 0.607856711 (4) (0.0548) 0.034000031 1.004003837 LHG 2014 0.06 0.0171 0.016201170 0.5670 0.538543290 (4) (0.0167) 0.076470135 NBB 2008 0.00 0.0590 0.029675082 0.5420 0.272828121 (2) 0.0512 0.008048926 2.396610047 NBB 2009 0.00 0.0541 0.034933624 0.5239 0.338558104 (3) 0.0334 0.164153189 1.889947065 NBB 2010 0.00 0.0516 0.034313679 0.4533 0.301267593 (3) 0.0059 0.062984656 1.973145558 NBB 2011 0.02 0.0198 0.015148267 0.5834 0.446668526 (3) (0.0392) 0.005705147 NBB 2012 0.01 0.0634 0.057187561 0.5473 0.493856965 (3) 0.3066 0.002445433 1.175542061 NBB 2013 0.77 0.0082 0.007677200 0.5722 0.536445666 (3) (0.3132) 0.002365589 1.096913511 NBB 2014 0.03 0.0113 0.009287557 0.4944 0.405803955 (3) (0.0167) 0.002563892 1.320920393 NDN 2011 0.82 0.0588 0.060188476 0.7412 0.758167739 (4) 0.003212201 0.976322031 NDN 2012 1.00 0.0133 0.014780701 0.7717 0.859595119 (4) (0.2043) 0.001341821 NDN 2013 0.89 0.0362 0.037896824 0.7130 0.747088291 (4) 0.0829 0.004080978 0.951299379 NDN 2014 0.00 0.1063 0.087219576 0.5182 0.425119947 (4) (0.0125) 0.016804142 1.256079635 NHN 2011 0.00 0.0027 0.001254856 0.7076 0.332649869 (2) 0.000676037 2.131011927 NHN 2012 0.08 0.0068 0.004053635 0.8248 0.490298525 (2) 0.0062 0.014529102 1.688334716 NHN 2013 0.01 0.0762 0.048748040 0.7795 0.498992794 (2) 0.1009 0.014680855 NHN 2014 0.17 0.0320 0.020879071 0.8249 0.537578882 (2) (0.0606) 0.012807560 1.560586422 NLG 2013 0.03 0.0064 0.005278563 0.5240 0.434147675 (3) 0.041628281 1.255016187 NLG 2014 0.00 0.0243 0.020250315 0.4933 0.410674823 (3) 0.079243838 xix 0.0320 id 42 43 44 45 46 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM 0.017524076 1.135966139 NTB 2010 0.79 0.0185 0.016449536 0.7347 0.654122347 (3) NTB 2011 1.00 0.0023 0.002527727 0.7760 0.860348813 (4) (0.0177) 0.001981562 1 NTB 2012 1.00 -0.0211 -0.023116273 0.8385 0.918962186 (4) (0.6072) 0.000369713 0.909133697 NTL 2008 0.01 0.0640 0.045891732 0.7314 0.524541026 (3) 0.1134 0.052512508 NTL 2009 0.00 0.4528 0.159548111 0.5255 0.18516806 (2) 0.1155 0.112450566 3.761724329 NTL 2010 0.00 0.3084 0.158718853 0.5027 0.258721208 (3) 0.0465 0.238287021 2.388366094 NTL 2011 0.00 0.0468 0.043677462 0.5808 0.542062466 (3) (0.1529) 0.168335160 1.080122878 NTL 2012 0.00 0.0419 0.034706697 0.4638 0.383832890 (3) (0.0509) 0.121747865 1 NTL 2013 0.00 0.0694 0.059143894 0.3441 0.293116179 (3) 0.0344 0.080269361 1.210804321 NTL 2014 0.00 0.0268 0.023140964 0.3696 0.318807874 (3) (0.0631) 0.055325665 1.190891654 NVT 2010 0.00 0.0048 0.004096255 0.2949 0.251699032 (3) 0.015384247 1.233475163 NVT 2011 1.00 -0.0511 -0.075554571 0.3954 0.585207103 (4) (0.6791) 0.013957782 0.592512643 NVT 2012 0.91 -0.0590 -0.077740453 0.3548 0.467326204 (3) 0.4538 0.022310466 0.722354310 NVT 2013 0.06 0.0148 0.019199777 0.2814 0.364476347 (3) 0.2525 0.011524456 NVT 2014 0.49 0.0039 0.005610057 0.3032 0.434911864 (3) (0.0231) 0.014113163 0.675831540 PDR 2010 0.00 0.0859 0.047293403 0.5917 0.325755948 (2) 0.002801135 PDR 2011 0.67 0.0009 0.000757769 0.6934 0.556045501 (2) (0.0725) 0.010010046 1.253586870 PDR 2012 0.87 0.0010 0.000800971 0.7251 0.610216601 (3) 0.0004 0.001631139 1.192860850 PDR 2013 0.93 0.0004 0.000355072 0.7477 0.641421002 (3) (0.0011) 0.001127040 1.169444469 PDR 2014 0.94 0.0069 0.006081648 0.7574 0.669571181 (3) 0.0188 0.001160417 PFL 2010 0.00 0.1487 0.125995262 0.4371 0.370422951 (3) 0.008532111 1.194933212 PFL 2011 0.05 0.0416 0.076250434 0.2302 0.422139534 (3) (0.0531) 0.017862810 PFL 2012 1.00 -0.0349 -0.071886990 0.2950 0.608223738 (4) (0.3529) 0.002342952 0.485246313 PFL 2013 1.00 -0.1509 -0.353916430 0.3612 0.847014929 (4) (0.4937) 0.001661517 0.504636465 PFL 2014 0.98 -0.0249 -0.057110892 0.3599 0.825436570 (4) 0.5829 0.002199003 0.525745068 PIV 2010 0.00 0.0458 0.039044204 0.1418 0.121051459 (5) 0.098592745 1.186177715 PIV 2011 0.95 -0.1139 -0.114631193 0.4060 0.408549174 (5) 0.064200776 0.993911411 xx (0.2301) id 47 48 49 50 51 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM PIV 2012 0.00 -0.0231 -0.034466231 0.3987 0.595026949 (5) 0.0726 0.295193006 PIV 2013 0.91 0.0006 0.001216168 0.4088 0.808619920 (5) 0.1128 0.026909335 0.544745868 PIV 2014 0.00 0.1982 0.216822749 0.5433 0.594384745 (5) 0.9395 0.076719366 0.897713244 PPI 2010 0.01 0.0582 0.047382651 0.5547 0.451675885 (3) 0.006903008 1.310611128 PPI 2011 0.96 0.0093 0.010209617 0.6474 0.708829312 (4) (0.0307) 0.010160905 0.894005792 PPI 2012 1.00 0.0013 0.001417724 0.6342 0.714112294 (4) (0.0965) 0.003778274 0.864645144 PPI 2013 0.98 0.0001 0.000152011 0.6574 0.728495536 (4) (0.0139) 0.014844736 PPI 2014 0.46 0.0259 0.023988645 0.6194 0.573924145 (4) 0.0698 0.003961427 1.087805531 PTL 2010 0.00 0.0002 0.000157202 0.5866 0.534138045 (3) 0.176884069 PTL 2011 0.30 0.0506 0.066504909 0.5522 0.725159603 (3) 0.3242 0.010890006 0.748083170 PTL 2012 0.98 -0.0005 -0.000678591 0.5756 0.782894254 (3) (0.3291) 0.097872527 0.721899877 PTL 2013 1.00 -0.0826 -0.144375468 0.4682 0.818768018 (4) (0.4752) 0.040643360 0.599261286 PTL 2014 0.72 0.0014 0.002555284 0.4307 0.775374169 (4) 0.4869 0.023728136 PV2 2010 0.00 0.0468 0.043426073 0.3625 0.336117560 (3) 0.028347940 1.081231785 PV2 2011 0.00 0.0518 0.075044537 0.3303 0.478495889 (3) 0.1055 0.108137962 PV2 2012 0.32 0.0014 0.002591048 0.1238 0.223681276 (4) (0.1701) 0.020532547 0.515310497 PV2 2013 1.00 -0.4947 -7.615954386 0.1186 1.826370921 (4) (1.2386) 0.261199134 0.357098595 PV2 2014 0.00 -0.1049 1.974272916 0.1262 -2.375322610 (4) 0.9907 -1.857314114 0.345672981 PVL 2010 0.00 -0.0100 -0.007678445 0.3469 0.266783272 (3) 0.065931857 1.316896945 PVL 2011 0.95 0.0016 0.002570200 0.4221 0.676509543 (4) 0.0215 0.007557125 0.604862308 PVL 2012 1.00 -0.0278 -0.042003454 0.4516 0.682276292 (4) (0.1566) 0.001742928 PVL 2013 1.00 -0.2186 -0.361714679 0.6065 1.003312785 (4) (0.9761) 0.002457963 0.669511825 PVL 2014 0.90 0.0048 0.007768279 0.6035 0.985887253 (4) 1.1461 0.003700896 0.674376381 PVR 2010 0.00 0.0245 0.022910112 0.5576 0.521316045 (3) 0.246701788 1.073675335 PVR 2011 0.01 0.0297 0.031358754 0.4873 0.515227147 (3) 0.0138 0.099831881 0.944650757 PVR 2012 0.89 -0.0161 -0.019238745 0.4995 0.597773100 (3) (0.1157) 0.040060641 0.835186672 PVR 2013 0.99 -0.0043 -0.005458797 0.6702 0.855090183 (4) 0.0114 0.011770834 xxi id MACK 52 PVR 2014 0.97 PXA 2011 PXA 53 54 55 56 YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB 0.0006 0.000931865 0.5015 1.00 0.0084 0.010527409 2012 1.00 -0.1168 PXA 2013 1.00 PXA 2014 0.93 PXL 2010 PXL 0.739008269 (4) 0.0403 0.003972600 0.679831740 0.7207 0.900106252 (4) 0.003038151 0.797942062 -0.144758316 0.8225 1.019458180 (4) (1.4721) 0.006746076 0.824731339 -0.0928 -0.118337652 0.9100 1.161017256 (4) 0.0581 0.000869553 0.819578535 0 0.0008 0.001200273 0.8171 1.290166424 (4) 1.2900 0.023380045 0.00 0.0324 0.030883894 0.2798 0.267089957 (3) 0.118953609 1.049606713 2011 0.16 0.0113 0.024190360 0.1471 0.315547771 (3) (0.0067) 0.029214694 0 PXL 2012 0.13 0.0004 0.000831961 0.1328 0.306939289 (3) (0.0364) 0.114372157 0.420146036 PXL 2013 0.61 -0.0049 -0.008990841 0.1121 0.204055648 (4) (0.0209) 0.001171774 0.447238939 PXL 2014 0.86 -0.0037 -0.006409756 0.2911 0.503447304 (4) 0.0063 0.000862379 0.575198832 QCG 2010 0.00 0.0523 0.037208381 0.5152 0.366670276 (2) 0.020024025 1.538671128 QCG 2011 0.88 -0.0072 -0.006739821 0.5387 0.501011559 (3) (0.1059) 0.002790019 1.098925447 QCG 2012 0.90 0.0012 0.001308380 0.5926 0.626764542 (3) 0.0329 0.008093332 QCG 2013 0.90 0.0023 0.002499094 0.6064 0.651947305 (3) 0.0095 0.019473490 0.913261102 QCG 2014 0.73 0.0048 0.006090421 0.4287 0.547067825 (3) 0.0082 0.019721942 0.738677262 RCL 2008 0.00 0.0874 0.070435484 0.1299 0.104739664 (3) 0.2421 0.003805541 1.961538462 RCL 2009 0.00 0.2868 0.153663175 0.4564 0.244507862 (4) 0.0459 0.055534443 RCL 2010 0.00 0.1952 0.111170739 0.4243 0.241596428 (4) (0.0838) 0.046772374 2.211226058 RCL 2011 0.00 0.0972 0.092462790 0.4399 0.418318103 (4) 0.2310 0.017784727 1.084288570 RCL 2012 0.00 0.0891 0.077033882 0.3775 0.326303460 (4) (0.1647) 0.034587487 1.285447041 RCL 2013 0.00 0.0623 0.055044747 0.4641 0.410171910 (4) (0.0569) 0.068234550 RCL 2014 0.00 0.0734 0.057548331 0.3915 0.306970094 (4) (0.0496) 0.171658954 1.488719522 SCR 2009 0.98 0.0083 0.008265123 0.7680 0.768038320 (3) 0.017307558 SCR 2010 0.00 0.0562 0.043787883 0.4783 0.372742792 (2) 0.0421 0.093812254 SCR 2011 0.65 0.0024 0.002542440 0.4412 0.469647603 (3) (0.1080) 0.005382403 0.897208678 SCR 2012 0.23 0.0135 0.014386864 0.4170 0.445015714 (3) 0.0602 0.011470961 0.900805141 SCR 2013 0.30 0.0014 0.001522921 0.3932 0.420299009 (3) (0.0806) 0.021609860 0.902558234 xxii INFORM id MACK 57 SCR 2014 0.09 SDI 2011 SDI 58 59 60 61 YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA 0.0049 0.004778333 0.3934 0.95 0.0134 0.012521688 2012 0.43 0.0277 SDI 2013 0.06 SDI 2014 0.00 SJS 2008 SJS 0.382800923 (3) 0.0084 0.006907436 0.9189 0.856868544 (3) 0.082275004 0.020137628 0.8540 0.620748716 (2) (0.0398) 0.040273501 1.390810259 0.0920 0.082145770 0.7785 0.695131921 (3) 0.3703 0.024764392 1.137262683 0 0.1374 0.090684277 0.7283 0.480804227 (2) (0.2100) 0.003146551 1.609481197 0.00 0.0747 0.035618963 0 (2) 0.0554 0.002751980 5.366250000 2009 0.00 0.2352 0.069142462 0.1667 0.049026807 (2) 0.0328 0.069423849 SJS 2010 0.00 0.1023 0.047552500 0.3693 0.171694801 (2) (0.0137) 0.016961951 2.940634528 SJS 2011 0.02 -0.0164 -0.013106598 0.3889 0.311153351 (2) (0.1109) 0.006673974 1.425377317 SJS 2012 0.18 -0.0549 -0.045371985 0.3999 0.330415263 (3) (0.1037) 0.011044912 1.361698192 SJS 2013 0.00 0.0125 0.010890144 0.3741 0.325786820 (3) 0.1785 0.014637954 SJS 2014 0.00 0.0289 0.022646984 0.2566 0.201373335 (3) 0.0246 0.020762033 1.621571113 STL 2008 0.97 0.0216 0.020396315 0.8629 0.815313369 (3) 0.1428 0.014542209 1.061121255 STL 2009 0.99 0.0142 0.012287944 0.9422 0.817574067 (3) (0.0654) 0.012859680 1.156733081 STL 2010 0.66 0.0144 0.013515639 0.7021 0.659983527 (3) 0.0812 0.031928964 STL 2011 0.97 -0.0028 -0.002807125 0.6060 0.612422114 (4) (0.3075) 0.002988031 0.983476391 SZL 2009 0.00 0.0557 0.031113582 0.3988 0.222649109 (3) 0.097016885 2.504883426 SZL 2010 0.00 0.0797 0.055919403 0.4385 0.307638999 (3) 0.0800 0.037000575 1.733726888 SZL 2011 0.02 0.0464 0.045792895 0.5234 0.516644842 (3) 0.0744 0.063592086 SZL 2012 0.00 0.0421 0.041257202 0.5270 0.516549724 (4) (0.0092) 0.159705353 1.028397616 SZL 2013 0.01 0.0345 0.031032715 0.5884 0.529384244 (3) (0.0855) 0.094631627 1.146026715 SZL 2014 0.00 0.0352 0.031743026 0.0087 0.007898594 (4) 0.0100 0.148886510 1.630424431 TDH 2008 0.00 0.1384 0.106125052 0.0562 0.043084163 (3) 0.2880 0.055501928 TDH 2009 0.00 0.1606 0.073737112 0.0847 0.038886742 (2) (0.1720) 0.024529768 5.042850083 TDH 2010 0.00 0.1064 0.076202358 0.2439 0.174629174 (3) 0.0744 0.031718488 1.977744789 TDH 2011 0.02 0.0197 0.019263465 0.2728 0.266763057 (3) (0.0866) 0.021059622 1.051139715 TDH 2012 0.02 0.0148 0.014289913 0.2699 0.260774081 (3) (0.0320) 0.016594440 1 xxiii MB INFORM id 62 63 64 65 66 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM TDH 2013 0.01 0.0096 0.009038495 0.2281 0.214919545 (3) (0.0302) 0.019203336 1.154621237 TDH 2014 0.00 0.0209 0.018248136 0.2398 0.209052670 (3) 0.0273 0.033743624 1.371083335 TIG 2010 0.00 0.0633 0.041394412 0.1181 0.077287593 (3) 0.013243199 1.869924167 TIG 2011 0.94 -0.0294 -0.052290388 0.0698 0.124201886 (4) (0.2115) 0.016244141 0.378331793 TIG 2012 0.00 0.0077 0.011215548 0.1427 0.208567773 (4) 0.1906 0.149244460 0.509563859 TIG 2013 0.00 0.0283 0.033144662 0.0076 0.008945000 (4) 0.0226 0.203321653 TIG 2014 0.00 0.0576 0.059485257 0.0109 0.011277251 (4) 0.0546 0.276374436 0.941240900 TIX 2009 0.00 0.0476 0.029921997 0.1815 0.114106971 (3) 0.036395520 3.016020388 TIX 2010 0.00 0.0662 0.048017513 0.1497 0.108604401 (3) 0.0690 0.083594395 TIX 2011 0.00 0.0920 0.079014612 0.1809 0.155375484 (3) 0.0995 0.182875543 1.404671565 TIX 2012 0.00 0.0896 0.074609589 0.0906 0.075371955 (3) (0.0331) 0.208611101 1.609922587 TIX 2013 0.00 0.0675 0.056416999 0.0998 0.083412459 (3) (0.0516) 0.194597506 1.562451272 TIX 2014 0.00 0.0744 0.057402549 0.0929 0.071683743 (3) (0.0146) 0.195291705 V11 2008 0.00 0.0170 0.016695719 0.2999 0.294835924 (4) 0.1521 0.028375188 1.043163288 V11 2009 0.00 0.0174 0.015861638 0.2802 0.255490347 (4) (0.0531) 0.041574974 1.268660923 V11 2010 0.00 0.0098 0.009025061 0.3085 0.285465991 (4) (0.0357) 0.038550293 1.211163374 V11 2011 1.00 -0.0499 -0.056321562 0.8346 0.941659329 (5) (1.8199) 0.000303500 V11 2012 1.00 -0.0172 -0.019708883 0.8523 0.975306020 (5) 0.6513 0.001064536 0.873149175 VC3 2008 0.00 0.0331 0.030646151 0.1392 0.128733387 (3) 0.1969 0.044091636 VC3 2009 0.00 0.0243 0.018211834 0.2574 0.193126235 (3) (0.1356) 0.146513848 2.039038822 VC3 2010 0.00 0.0272 0.022205766 0.1921 0.156596877 (3) 0.0331 0.089123573 1.895441982 VC3 2011 0.00 0.0271 0.025561803 0.2650 0.250402114 (4) 0.1444 0.070545181 1.182073234 VC3 2012 0.03 0.0081 0.008063203 0.2838 0.282995894 (4) (0.1103) 0.006059269 VC3 2013 0.01 0.0079 0.007881027 0.2180 0.217255941 (4) (0.0171) 0.003465486 1.011824882 VC3 2014 0.00 0.0135 0.013045809 0.0013 0.001267765 (4) 0.0241 0.133250552 1.607039796 VCR 2010 0.00 0.0847 0.063540656 0.0035 0.002604876 (3) 0.066556162 1.788899219 VCR 2011 0.04 0.0193 0.024154915 0.1472 0.183842866 (3) 0.010462684 0.662351747 xxiv (0.0333) id 67 68 69 70 71 MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM VCR 2012 0.99 -0.0462 -0.065445395 0.1760 0.249119694 (4) (0.4848) 0.007816004 0.497217824 VCR 2013 0.97 -0.0404 -0.058654488 0.1925 0.279225472 (4) 0.0146 0.005350581 0 VCR 2014 0.17 0.0024 0.003292922 0.1899 0.261578905 (4) 0.4085 0.004404051 0.542475329 VIC 2008 0.00 0.0207 0.009082578 0.6290 0.275830507 (1) 0.0140 0.001955090 2.545980221 VIC 2009 0.00 0.0628 0.029881255 0.6467 0.307799066 (2) 0.0366 0.047447961 2.400557823 VIC 2010 0.00 0.0882 0.039523931 0.4392 0.196765970 (1) 0.0136 0.025956540 VIC 2011 0.00 0.0231 0.011646050 0.2825 0.142285909 (1) (0.0431) 0.017466236 3.510323445 VIC 2012 0.00 0.0281 0.014985250 0.3910 0.208175133 (1) 0.0069 0.015419588 2.700546497 VIC 2013 0.00 0.0895 0.052114994 0.3614 0.210501575 (1) 0.0785 0.057915215 2.480790419 VIC 2014 0.00 0.0349 0.021735057 0.3684 0.229394076 (1) (0.0611) 0.052349348 VNI 2009 0.00 0.0088 0.003941111 0.3364 0.150340964 (3) 0.002896208 2.295692240 VNI 2010 0.01 0.0091 0.007665109 0.4456 0.376379295 (4) 0.0080 0.046823075 1.188550151 VNI 2011 0.96 0.0004 0.000518222 0.4791 0.695276393 (4) (0.0109) 0.004330403 VNI 2012 0.98 -0.0080 -0.010902514 0.5059 0.691893058 (4) (0.0443) 0.000945185 0.720686764 VNI 2013 1.00 -0.0381 -0.053058563 0.5040 0.701268331 (4) (0.1775) 0.002387949 0.706514146 VNI 2014 1.00 -0.0476 -0.064977268 0.5370 0.732675106 (4) (0.0570) 0.000540488 0.726320800 VNN 2012 0.00 -0.0030 -0.005017677 0.1045 0.176258076 (4) 0.856933096 VNN 2013 0.58 -0.0276 -0.051545491 0.0352 0.065683265 (5) (0.0808) 0.040780185 0.426057770 VNN 2014 0.97 -0.0528 -0.114666079 0.1002 0.217665197 (5) (0.0849) 0.063907404 0.428009260 VPH 2009 0.00 0.0666 0.039067470 0.4272 0.250598838 (3) 0.007331919 VPH 2010 0.00 0.0064 0.005256495 0.3821 0.314606802 (3) (0.0614) 0.004207360 1.379436792 VPH 2011 0.50 0.0022 0.002485281 0.3732 0.412208448 (4) 0.0168 0.001404490 0.823484268 VPH 2012 0.30 0.0039 0.004290563 0.3319 0.362820297 (4) 0.0236 0.002158565 0.825113031 VPH 2013 0.59 0.0035 0.003594162 0.3863 0.396307435 (4) (0.0319) 0.000926475 1 VPH 2014 0.14 0.0017 0.001703777 0.3808 0.377452610 (4) (0.0152) 0.003352249 1.015827719 VRC 2010 0.00 0.1555 0.104932300 0.2800 0.188937756 (3) 0.058835380 VRC 2011 0.01 0.0435 0.045476709 0.3405 0.356086852 (4) 0.022587031 0.935289838 xxv (0.0737) id MACK YEAR Y DISTRESS NITA NIMTA TLTA TLMTA RSIZE SIGMA CASHMTA MB INFORM VRC 2012 0.85 0.0003 0.000409323 0.3063 0.367302238 (4) (0.1463) 0.003228537 0.748320271 VRC 2013 0.48 0.0020 0.002541286 0.2951 0.373567739 (4) 0.0069 0.001518671 0.713954170 72 VRC 2014 0.50 0.0022 0.002567119 0.2670 0.311285149 (4) (0.0007) 0.003447156 1 73 VRG 2014 0.00 0.0092 0.009226782 0.2495 0.249499417 (4) 0.287204443 1.000001959 xxvi