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CAPITAL ASSET PRICING MODEL (CAPM).
AN EMPIRICAL TEST OF PORTFOLIO PRICING.
Hanken School of Economics
Department of Finance and Statistics
Research Methods in Finance
Supervisor: Johan Knif and David Gonzalez
Authors: Ernest Owusu Boakye &
Abdullah Jobayed
Date: October 7, 2015
HANKEN SCHOOL OF ECONOMICS
Department of: Finance and Statistics Type of work:
Term paper
Authors:
Ernest Owusu Boakye
Abdullah Jobayed (
Date: 06.10.2015
Abstract:
Capital Asset Pricing Model, widely known as CAPM model, is an equilibrium model
used in asset pricing to test whether the expected return of assets or portfolios are in
line with market return. In this paper, the authors tested the CAPM model with two
portfolios to determine whether the CAPM can exactly price them. The authors
designed two portfolios, which are equal weighted and value weighted, using OMX
Helsinki 25 index as the market portfolio and the average of Euribor 1 Week discount
rate as risk free return. 415 observations were monitored in order to avoid statistical
errors.
The authors found that CAPM can exactly price the value weighted portfolios but not
the equal weighted portfolio. Even though the test found mispricing of the portfolio, it
has shown some aspects or scenarios which can help in further study.
Keywords: Capital asset pricing model (CAPM), OMX Helsinki 25, Equal Weighted
Portfolio, Value Weighted Portfolio.
CONTENTS
1 INTRODUCTION ......................................................................................................2
2 METHODOLOGY .....................................................................................................3
3 DATA COLLECTION...............................................................................................5
4 ANALYSIS ..................................................................................................................7
5 FINDINGS.................................................................................................................10
6 CONCLUSION .........................................................................................................15
REFERENCES ..............................................................................................................16
APPENDIX 1 AVERAGE DAILY RETURN, VALUE & EQUAL WEIGHT
PORTFOLIO AND EURIBOR DISCOUNT RATE.............................................17
2
INTRODUCTION
Background of the Study.
Modeling expected returns in financial asset, such as stocks, had yield some anomalies
in empirical finance research in past decade. Previous studies have proved that some of
these anomalies can be explained in risk and return framework. Some Models that were
useful to explain these anomalies include Capital Asset Pricing Model (CAPM). The
CAPM was developed independently by three researchers (Treynor 1962; Sharpe 1964;
Lintner 1965). In their various study, the researchers tried to explain how returns on
financial asset can be related to their corresponding risk factors. The assumption is that
assets such as stock returns are proportional and linear related to their risk, which is
commonly expressed as security market line in finance theory (Markowitz 1959). That
is, for an investor to invest in the market, the investor should be compensated for taking
more risk with higher returns. Hence their works marked the foundation of asset pricing
theory in finance. Other studies such as Fama-French three factor model by Fama and
French (2004) used the CAPM model as a benchmark to model three factors Asset
Pricing to further explain the systematic risk component part in the CAPM with respect
to returns.
Problem of the Study
Many studies have been done in this field of asset pricing (Markowitz 1959; Jansen
1968; Kent et al, 2001; Fama and French, 2004; Choudhary and Choudhary, 2010 and
others). Jansen (1968) in his work introduces a variable Alpha (ᾳ) to the CAPM as a
performance measure of a portfolio mostly referred to as the market CAPM model.
Portfolio or fund managers use Jansen’s alpha as a benchmark to measure their portfolio
performance against the market. Measuring portfolio performance with Jansen’s alpha
evaluated by the intercept α is actively applied in corporate financial management
(Cuthbertson and Nitzsche 2004:175). Some of these studies have shown that the one
factor CAPM cannot be sufficient or adequate to price financial asset or explain the risk
and return framework in theoretical and empirical finance. Studies have compared
CAPM to other models and made various conclusions. As a result of that, previous
3
studies have further model alternatives that capture more than one factor to explain the
systematic risk component part of the CAPM namely Fama and French (2004) three
factor model, the four factor model, the Arbitrage Pricing Model (APT) model and
others. However in all previous studies, the CAPM have been referred as the basis for
the modeling.
Purpose of the Study
This paper evaluate the validity of the Capital Asset Pricing Model (CAPM) under the
assumption that the CAPM model can price portfolios or determine the required rate of
return for an investor in financial market.
Objective of the Study.
To examine whether the Capital Asset Pricing Model (CAPM) can price assets or
portfolios in financial Market.
Study Question.
Can the Capital Asset Pricing Model (CAPM) exactly price assets or portfolio in
financial market?
METHODOLOGY
As previously stated, to test the CAPM model, the authors intend to introduce the
theoretical Capital Asset Pricing Model (CAPM) and the market Capital Asset Pricing
Model to test the pricing of the portfolios created using equal and value weight. The
portfolio will be created using random criteria for the selection of stocks from the
Finnish stock market. These stocks will be grouped into two portfolios by value (value
weighted portfolio) and equal weight (equal weighted portfolio) under the principle of
portfolio building. The number of stocks to be included in the portfolio will be limited
to four stocks due to time limitation; however it could be improved in further study. The
Helsinki OMX 25 as a market index and the Euribor risk free rate will be used as an
input variables to model the pricing of the portfolios using CAPM, under the hypothesis
that the CAPM can exactly price our portfolio from 0 to 10% significance level.
4
The theoretical CAPM is stated as: the Expected return on a portfolio equals risk free
rate plus systematic risk (beta) times the risk premium on the market return over the risk
free rate
E(Ri) = Rf + βE(Rm – Rf) ≈ E(Rp-Rf)= βE(Rm – Rf) (1)
Where:
E(Rp) - Expected Return on a Portfolio (Required Rate of Return for Investor)
Rf - Riskless return on the market
Rm - Market Return
β - the Beta (the market volatility) calculated by:
The market model of the CAPM which integrate Jansen’s alpha as:
E(Rp-Rf) = ᾳ + βE(Rm – Rf)+ɛt (2)
Where:
E(Rp) - Expected Return on a Portfolio (Required Rate of Return for Investor)
Rf - Riskless return on the market
Rm - Market Return
β - The Beta (the market volatility or exposure to the portfolios) calculated by:
ᾳ - Measures mispricing (0 = no mispricing, otherwise mispricing)
ɛt - Residual Component under assumption that ɛt~ iid(0, δ
2
)
The market CAPM will be used to model the pricing of portfolios using regression
E(Rp-Rf) = ᾳ + βE(Rm – Rf)+ɛt (3)
β=
β=
5
The theory will be tested under the Hypothesis that:
H0: E(Rp)=Rf + βE(Rm – Rf) (4)
CAPM estimated exactly the price of the portfolio and no systematic mispricing.
H1: E(Rp) ≠ Rf + βE(Rm – Rf) (5)
CAPM estimated over/under estimated the price of the portfolio and there were
systematic mispricing.
Under statistical assumption (0 < P- value < 0.10). as our significance level.
Where:
Ho = Null Hypothesis
H1 = Alternative Hypothesis.
DATA COLLECTION
Secondary data was collected to analyze this study due to the level of confidence and
accuracy from the financial market. The data was extracted from Helsinki stock
exchange which is part of the OMX group. Due to time limitation, the data collected
was limited to a period of 1 year 8 months from 03.01.2014 to 31.08.2015 given 415
observations. This is a sample data from four large companies listed on the exchange.
In order to conduct the test on the CAPM model, the authors imported daily average
stock price for individual stocks i.e. Elisa OYJ, Nokia OYJ, Sampo OYJ and Kone OYJ
for the time period of 03.01.2014 to 31.08.2015. These four companies were randomly
selected from Helsinki OMX 25 index to build the portfolio Value Weighted and the
Equal Weighted Portfolios. The Helsinki OMX25 index is a market index portfolio of
the most traded stocks on the finish stock market, categorized as large capitalization
stocks. From 415 daily average price of each stock, the authors calculated the daily
returns using log returns method, for each company for the same time period. Daily
closing price of the market (Helsinki OMX 25) index was also extracted for the same
period. Additionally, this paper used Euribor 1 week current rates as the risk free rate.
6
The returns where calculated as:
Ri = ln(Pt/Pt-1) or (6)
Ri = ln(Pt) – In(Pt-1) (7)
Where:
Ri - Return of the stock
Pt - Current Price
Pt-1 - Previous Price.
The Portfolio was calculated as:
E(Rp) = ∑wiRi (8)
Where: The weight of the stock in the portfolio is multiplied by the return and sum to
form expected return on a portfolio
E(Rp) - Expected Portfolio return
Wi -Weight of the stock in the Portfolio
Ri - Daily return of the stock.
Average of one week Euribor rate was calculated using arithmetic mean method:
ẋ= (x1+x2……xn)/n-1 (9)
Value weight of a portfolio was calculated as:
Wi = mkti Cap/ Tcap. p (10)
Where:
Wi - Weight of the stock in the portfolio
mkti Cap - Market capitalization of a stock
Tcap. p. - Total Market Capitalization of the portfolio
7
DATA ANALYSIS
Econometric software EViews and Microsoft Excel were used to analysis the data to
check for standards in empirical finance research such as descriptive statistics,
normality and regression outputs. The authors used excel to calculate and organized the
data for easy analysis in EViews. The results of the returns calculated using excel can be
found in Appendix.
Figure 1. Descriptive Statistics
ELSIA_OYJ EW_PORTFO... KONE_OYJ NOKIA_OYJ OMXH_25 SAMPO_A_O... VW_PORTFO...
Mean 0.104623 0.038904 0.017072 -0.012187 0.023506 0.046108 0.024564
Median 0.174125 0.074576 0.061576 0.000000 0.054869 0.086543 0.061198
Maximum 5.105028 3.699670 7.599276 7.611449 4.228915 3.340840 3.523872
Minimum -7.547004 -5.717911 -5.515814 -11.25127 -5.368657 -6.730883 -5.960839
Std. Dev. 1.263715 1.037867 1.357146 1.832891 1.127453 1.031524 1.097574
Skewness -0.796417 -0.332325 -0.036005 -0.499484 -0.227509 -1.120266 -0.447477
Kurtosis 10.27764 5.937528 6.201939 8.230021 4.505118 10.06566 5.833242
Jarque-Bera 959.7076 156.8498 177.3710 490.2369 42.75231 950.0650 152.6544
Probability 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
Sum 43.41850 16.14510 7.084697 -5.057747 9.754938 19.13494 10.19425
Sum Sq. Dev. 661.1481 445.9477 762.5237 1390.829 526.2565 440.5131 498.7329
Observations 415 415 415 415 415 415 415
Figure1. 1Represents the Descriptive Statistics for individual returns, the portfolio and the market
OMX 25
Table 1.
N= 4 COMPANIES
MKT CAP VALUE
WEIGHT
EQUAL WEIGHT
ELSIA 4,901,244,288.00 0.08 0.25
NOKIA 21,520,055,062.00 0.33 0.25
KONE 14,535,806,522.00 0.23 0.25
SAMPO A 23,553,420,000.00 0.37 0.25
TOTAL CAP 64,510,525,872.00 1.00 1
Table1: Represents portfolio weights and individual market capitalization (total number
of outstanding share times the share price).
8
Normality Test
The assumption for normality test is a standard test for a distribution in empirical
finance. It is assumed that stock returns studied over time exhibit close to normal
distribution, seldom will a distribution exhibit a normal distribution empirically,
theoretical yes. That gives the researcher some confidence in the data to use for
modeling or prediction purpose. Statistical benchmarks to check this normality have
been developed and accepted in finance. The first and second moment’s i.e. mean and
standard deviations are mostly used to measure normality test. Other tests such as
skewness and kurtosis further gives the researcher the idea of extreme examples that
often may be considered statistically significant to consider in the distribution.
Assumption
Under efficient market hypothesis, stock returns over time are normally distributed with
Mean = 0, Standard deviation = 1
X~N (0, 1),
H0: μ = 0, δ = 1
H1: μ ≠ 0, δ ≠ 1
In finance perceptive, the mean represents expected return stated previously and the
standard deviation the risk. The authors tested the distribution to verify its conformity to
the standard normal distribution to be used in modeling. The econometric software
EViews was used to run the test and statistical measures such as the mean, standard
deviation, skewness, kurtosis are shown in figure 1 above, Three independent
distributions i.e. equal weight portfolio, value weight portfolio and the market portfolio
(OMX 25) distributions were tested separately and shown graphically below.
The authors tested for correlations between the distributions to verify the relationship
between them. The statistical benchmark to observe is 1 and – 1, which is interpreted as
perfectly positive correlation and perfectly negative correlation. Positive correlation
means the distributions move in the same direction and negative for opposite direction.
The test informs the researcher the pattern of the results.
9
Figure 1: Normality test of equal weighted portfolio
Figure 2: Normality test of equal weighted portfolio
From the figures above, with 415 observations, both equal weighted and value
weighted portfolio distributions failed the normality test with mean and standard
deviation of 0.038904, 0.024564 and 1.037867, 1.097574 respectively. Both
observations are negatively skewed with kurtosis = 5. Hence we reject the null
hypothesis that our distribution is a normal distribution.
Figure 5: Normality test of Helsinki OMX 25 stock index
10
Furthermore, the Helsinki OMXH 25 distribution with 415 observations also failed the
normality test with mean = 0.023506 and standard deviation = 1.127453, negatively
skewed with 4.5 kurtosis, however it is statistically significate to be included in the
model because it is very close to normal distribution.
Correlation test
Correlation is a statistical parameter that measures “the degree of linear association”
between parameters. Even though two correlated variable may be treated symmetrical
way, it doesn’t necessarily mean that changes in one variable would cause changes in
another variable. In this context, correlation coefficient shows a linear relationship
between two variables and relates the variables on an average scale in their movement
in perspective of one another (Brooks 2008: 28).
OMXH_25 EW_PORTFO...VW_PORTFO...
OMXH_25 1 0.821961930...0.817021706...
EW_PORTFO...0.821961930... 1 0.977212934...
VW_PORTFO...0.817021706...0.977212934... 1
The correlation coefficient test shows that, the equal and value weighted portfolio
distributions are positively correlated with the OMX 25 index. The correlation
coefficients are very high indicating that there will not be much diversification of risk
because the performance of the portfolio moves together with the market that is to
emphasize that if the market is doing well, it is a signal to us that the portfolio will also
be doing well likewise in bad times hence they will be exhibiting high betas. However,
this is not the main objective of the study but to be considered in further studies.
FINDINGS
For empirical interpretations of the findings, econometric software tool EViews was
used to running multiply one factor CAPM regression to ascertain the validity of the
model in pricing financial assets i.e. returns of portfolio. Ordinary Least Squares (OLS)
regression estimates will be used for interpretations.
11
Test 1.
Assumption: daily risk free rate do not change significantly and will be excluded in the
model:
Figure 8: Simple regression analysis between Equal Weighted Portfolio and
Helsinki OMX 25 index
Heteroskedasticity Test: Breusch-Pagan-Godfrey
F-statistic 0.090619 Prob. F(1,413) 0.7635
Obs*R-squared 0.091037 Prob. Chi-Square(1) 0.7629
Scaled explained SS 0.241645 Prob. Chi-Square(1) 0.6230
From the result it shows that, there is no systematic mispricing in the model from the
constant c (alpha) of 0.021118 and a Prob. Value of 0.4678, which is statistically
insignificant. The OMXH 25 (beta) coefficient is 0.75665 below the benchmark of 1
meaning that no risk premium will be require investing in the index which is statistically
significant with prob. Value of 0.0000. The model explained 0.675621 of the variations
between the variables leaving about 0.32 unexplained with adjusted R square of
0.674836. Overall the model is statistically significate with prob. F- statistic of 0.000.
A test on heteroskedascity with Breusch-Pagan-Godfrey shows that, the constant
variance in the error component has not been violated with P. Value of the R squared
0.7629, giving the authors the confident that the estimates coefficients are reliable.
12
Heteroskedasticity Test: Breusch-Pagan-Godfrey
F-statistic 0.090619 Prob. F(1,413) 0.7635
Obs*R-squared 0.091037 Prob. Chi-Square(1) 0.7629
Scaled explained SS 0.241645 Prob. Chi-Square(1) 0.6230
However, the model was tested under the assumption of no significant changes in the
daily risk free rate and that was not included in the model. Further test was done
incorporating the risk free rate and the result shows:
Figure 10: Simple regression analysis between Equal Weighted Portfolio and
Helsinki OMX 25 index
In this result, it was found that there were some significant systematic mispricing in the
model indicating a Constant (c) value of 0.056915 and a prob. value of 0.0534 under the
stated significance level. The systematic risk component OMXH 25 – Euribor risk free
(beta) coefficient did not change, is still statistically significant with prob. Value of
0.000 as well as the R squared and the Adjusted R squared. The model showed
homoscedasticity, meaning that the constant variance of the error component is upheld
and we can be confident in the estimates to be true representative of the variables.
13
From this inference, we can reject the Null Hypothesis (H0) and accept the Alternative
Hypothesis (H1) that the CAPM estimated over/under estimated the price of the
portfolio and there were systematic mispricing for the equal weighted Portfolio.
Test 2.
The same procedure for the test 1 was implemented in test 2 for the value weighted
portfolio, under the same assumptions.
Dependent Variable: VW_PORTFOLIO
Method: Least Squares
Date: 10/01/15 Time: 21:17
Sample: 1/03/2014 8/31/2015
Included observations: 415
Variable Coefficient Std. Error t-Statistic Prob.
C 0.005869 0.031111 0.188637 0.8505
OMXH_25 0.795369 0.027621 28.79578 0.0000
R-squared 0.667524 Mean dependent var 0.024564
Adjusted R-squared 0.666719 S.D. dependent var 1.097574
S.E. of regression 0.633635 Akaike info criterion 1.930119
Sum squared resid 165.8165 Schwarz criterion 1.949532
Log likelihood -398.4997 Hannan-Quinn criter. 1.937796
F-statistic 829.1967 Durbin-Watson stat 2.246786
Prob(F-statistic) 0.000000
Figure 12: Simple regression analysis between Value Weighted Portfolio as constant
and Helsinki OMX 25 index
Heteroskedasticity Test: Breusch-Pagan-Godfrey
F-statistic 1.067564 Prob. F(1,413) 0.3021
Obs*R-squared 1.069968 Prob. Chi-Square(1) 0.3010
Scaled explained SS 2.912995 Prob. Chi-Square(1) 0.0879
From the above results, similar pattern was shown that there is no systematic mispricing
in the model from the constant c (alpha) of 0.00586 and with high Prob. Value of
0.8505 which is statistical insignificant under the stated significance level. The OMXH
14
25 (beta) coefficient is + 0.79536 below the benchmark of 1, meaning no risk premium
will be required investing in the index, which is statistically significant with prob. Value
of 0.0000. The model explained 0.66758 of the variations between the variables leaving
about 0.32 unexplained with adjusted R square of 0.666719. Overall the model is
statistically significate with prob. F- statistic of 0.0000 and no heteroscedasticity in the
model hence we can be confident in the result.
Moreover, incorporating the Euribor risk free rate, the results have shown that:
Dependent Variable: VW_PORTFOLIO-EURIBOR_RATE
Method: Least Squares
Date: 10/01/15 Time: 21:44
Sample: 1/03/2014 8/31/2015
Included observations: 415
Variable Coefficient Std. Error t-Statistic Prob.
C 0.035970 0.031459 1.143392 0.2535
OMXH_25-EURIBOR_RAT... 0.795369 0.027621 28.79578 0.0000
R-squared 0.667524 Mean dependent var 0.171664
Adjusted R-squared 0.666719 S.D. dependent var 1.097574
S.E. of regression 0.633635 Akaike info criterion 1.930119
Sum squared resid 165.8165 Schwarz criterion 1.949532
Log likelihood -398.4997 Hannan-Quinn criter. 1.937796
F-statistic 829.1967 Durbin-Watson stat 2.246786
Prob(F-statistic) 0.000000
Figure 14: Regression analysis between Value Weighted Portfolio (c) excluding
Euribor Rate and Helsinki OMX 25 index.
Heteroskedasticity Test: Breusch-Pagan-Godfrey
F-statistic 1.067564 Prob. F(1,413) 0.3021
Obs*R-squared 1.069968 Prob. Chi-Square(1) 0.3010
Scaled explained SS 2.912995 Prob. Chi-Square(1) 0.0879
There is no statistically mispricing in the model, given a prob. Value of 0.2535 for the
constant coefficient of 0.03597 indicating no significance under the stated significance.
Beta coefficient of the value weighted portfolio minus the Euribor risk-free rate is
0.795369 at a prob. Value of 0.00000. R squared and the Adjusted R square gives an
indication that the model is a good model and statistically significant given the input
data. The model showed homoscedasticity ( there is no heteroscedasticity). Hence, we
15
are confident that, the model estimated true coefficients with accurate P. values,
therefore we can accept the null hypothesis on this result that the CAPM could exactly
price the value weighted portfolio.
CONCLUSION
From the findings, it can be concluded that, the tested theoretical CAPM model which at
any point in time should hold in pricing financial asset or estimating returns could only
pass the test empirically on the value weighted portfolio and not on the equal weighted
portfolio. Testing financial theories empirically could yield a different result, however
that should not undermine the model as a good model to be used as a benchmark (Edwin
et al. 2003:309)
The approach under which this study was conducted may be different from the approach
other researchers may adopt, however the underline assumption is to test the validity of
CAPM in pricing the portfolios the authors have designed. The data size, portfolio stock
selection and designing were very limited due to time and the authors recognize that it
could impact on the result but alternatives or more diversified portfolios with very large
data set can be used to improve on this finding in the future.
16
References
Brooks, C., 2008. Introductory econometrics for finance. 2nd ed. Cambridge:
Cambridge University Press.
Choudhary, K. and S. Choudhary, 2010. Testing capital asset pricing model: empirical
evidences from Indian equity market. Eurasian Journal of Business and
Economics, 3(6), 136.
Cuthbertson, K. and D. Nitzsche, 2004. Quantitative financial economics: stocks, bonds
& foreign exchange. 2nd ed. John Wiley & Sons, Inc.
Edwin, J.E., J. G. Martin, J. B. Stephen and N. G. William, 2003. Modern portfolio
theory and investment analysis. 6th ed. John Wiley & Sons, Inc.
Lintner, J., 1965. The valuation of risk assets and the selection of risky investments in
stock portfolios and capital budgets. The Review of Economics and Statistics,
47(1), 15.
Sharpe, W.F., 1964. Capital asset prices: a theory of market equilibrium under
conditions of risk. The Journal of Finance, 19(3), 433.
17
Appendix 1 Average daily return, value & equal weight portfolio
and euribor discount rate
Date
ELIS
A
OYJ
NOKI
A OYJ
SAMP
O A
OYJ
KON
E
OYJ
OMX
H 25
VW
PORTFOLI
O
EW
PORTFOLI
O
EURIBO
R RATE
03-01-
14 0.67 0.17 0.06 0.55 0.63 0.25 0.36 -0.1471
07-01-
14 0.31 0.34 -0.20 0.82 -0.17 0.25 0.32 -0.1471
08-01-
14 -0.62 0.00 -0.20 -1.64 -0.03 -0.49 -0.62 -0.1471
09-01-
14 0.83 1.68 0.42 -1.17 0.70 0.51 0.44 -0.1471
10-01-
14 0.36 -0.33 0.51 -0.59 0.64 -0.03 -0.01 -0.1471
13-01-
14 0.10 -0.50 -0.53 0.78 0.45 -0.18 -0.04 -0.1471
14-01-
14 -0.26 -2.21 -0.40 -0.34 -0.50 -0.98 -0.80 -0.1471
15-01-
14 0.56 1.02 0.62 0.19 1.12 0.65 0.60 -0.1471
16-01-
14 -0.05 0.00 -0.96 1.02 0.00 -0.13 0.00 -0.1471
17-01-
14 -0.31 -0.85 -0.65 0.18 -0.08 -0.51 -0.41 -0.1471
20-01-
14 -0.46 -0.17 0.11 -0.25 0.16 -0.11 -0.19 -0.1471
21-01-
14 0.46 -0.17 0.88 -0.49 -0.65 0.19 0.17 -0.1471
22-01-
14 0.05 -0.86 -0.25 1.65 0.51 0.00 0.15 -0.1471
23-01-
14 -0.41 -7.18 1.04 2.04 -1.32 -1.59 -1.13 -0.1471
24-01-
14 -2.50 -3.80 -2.07 -1.41 -2.06 -2.53 -2.44 -0.1471
27-01-
14 -0.32 -0.58 -2.44 -2.17 -1.17 -1.60 -1.38 -0.1471
28-01-
14 0.63 0.00 2.18 0.58 0.83 0.97 0.85 -0.1471
29-01-
14 -0.26 1.35 -0.37 -5.52 -0.23 -0.95 -1.20 -0.1471
30-01-
14 0.26 -0.58 -0.23 -0.62 -0.70 -0.40 -0.29 -0.1471
31-01-
14 -0.37 -0.39 -0.64 -1.35 -1.58 -0.69 -0.68 -0.1471
03-02-
14 -0.26 -1.76 -0.50 1.05 -0.98 -0.55 -0.37 -0.1471
04-02- -0.90 -1.79 -0.62 -0.13 0.78 -0.92 -0.86 -0.1471
18
14
05-02-
14 1.27 1.20 1.69 0.07 0.68 1.13 1.06 -0.1471
06-02-
14 0.94 1.18 2.15 1.69 2.81 1.63 1.49 -0.1471
07-02-
14 1.24 1.94 0.59 1.22 0.78 1.23 1.25 -0.1471
10-02-
14 0.31 4.88 0.48 0.70 0.86 1.98 1.59 -0.1471
11-02-
14 1.68 -1.48 1.28 0.91 1.26 0.31 0.60 -0.1471
12-02-
14 0.40 -1.88 2.03 0.06 -0.15 0.16 0.15 -0.1471
13-02-
14 0.35 -0.38 -0.98 -1.35 -0.12 -0.76 -0.59 -0.1471
14-02-
14 0.05 -0.57 0.74 0.22 0.19 0.13 0.11 -0.1471
17-02-
14 0.75 -0.19 0.65 0.28 0.41 0.29 0.37 -0.1471
18-02-
14 0.45 1.14 -0.35 -0.19 -0.06 0.24 0.26 -0.1471
19-02-
14 0.79 0.94 -0.46 -0.03 0.25 0.20 0.31 -0.1471
20-02-
14 0.20 0.19 -0.19 -0.38 0.00 -0.08 -0.05 -0.1471
21-02-
14 -0.25 1.30 0.19 0.44 0.58 0.59 0.42 -0.1471
24-02-
14 0.54 1.10 -0.14 -1.08 0.44 0.12 0.11 -0.1471
25-02-
14 0.49 1.81 -1.93 -3.18 0.14 -0.78 -0.70 -0.1471
26-02-
14 -0.78 0.72 1.52 -2.13 -0.71 0.25 -0.17 -0.1471
27-02-
14 -0.84 -0.72 0.14 -1.39 -0.01 -0.57 -0.70 -0.1471
28-02-
14 0.15 0.54 0.19 0.27 0.06 0.32 0.29 -0.1471
03-03-
14 -1.34 -2.53 -1.57 -1.79 -2.81 -1.92 -1.81 -0.1471
04-03-
14 1.14 1.99 1.35 1.31 2.20 1.54 1.45 -0.1471
05-03-
14 1.13 1.43 0.05 -0.89 0.35 0.38 0.43 -0.1471
06-03-
14 0.05 0.18 0.27 0.72 0.52 0.32 0.31 -0.1471
07-03-
14 0.05 0.53 -0.85 0.82 -1.40 0.06 0.14 -0.1471
10-03-
14 0.24 0.18 -0.55 -2.16 -0.84 -0.61 -0.57 -0.1471
11-03-
14 0.44 -0.70 -0.17 -0.03 0.06 -0.27 -0.12 -0.1471
12-03-
14 -0.15 -2.14 -1.03 -2.11 -1.77 -1.58 -1.36 -0.1471
19
13-03-
14 -1.27 -0.36 -1.07 -1.03 -1.43 -0.84 -0.93 -0.1471
14-03-
14 -1.89 -2.20 -1.08 0.89 0.02 -1.07 -1.07 -0.1471
17-03-
14 3.16 1.10 1.67 2.91 1.53 1.87 2.21 -0.1471
18-03-
14 0.73 0.18 1.81 1.91 0.86 1.21 1.16 -0.1471
19-03-
14 0.39 -0.37 0.63 -0.34 -0.76 0.06 0.08 -0.1471
20-03-
14 0.34 -0.74 -0.36 -1.44 -1.12 -0.67 -0.55 -0.1471
21-03-
14 0.29 -1.68 0.11 0.45 -0.47 -0.40 -0.21 -0.1471
24-03-
14 -1.01 -2.09 -0.44 -0.69 -1.19 -1.09 -1.06 -0.1471
25-03-
14 -1.60 0.96 1.02 0.86 1.33 0.76 0.31 -0.1471
26-03-
14 0.88 1.70 1.06 2.00 1.20 1.47 1.41 -0.1471
27-03-
14 -0.10 -0.94 0.65 0.70 -0.67 0.07 0.08 -0.1471
28-03-
14 1.11 0.75 0.00 0.83 1.12 0.52 0.67 -0.1471
31-03-
14 0.58 0.56 0.80 0.49 0.52 0.64 0.61 -0.1471
01-04-
14 0.38 0.93 1.82 0.85 2.13 1.20 1.00 -0.1471
02-04-
14 -0.38 2.19 0.73 0.46 0.19 1.07 0.75 -0.1471
03-04-
14 -7.55 0.72 -0.49 1.26 -0.53 -0.23 -1.52 -0.1471
04-04-
14 -1.09 -0.54 0.00 0.29 0.20 -0.20 -0.33 -0.1471
07-04-
14 0.47 -3.48 -0.58 -1.81 -1.32 -1.74 -1.35 -0.1471
08-04-
14 -0.68 2.76 -0.95 0.68 0.09 0.68 0.45 -0.1471
09-04-
14 0.42 0.72 -0.19 1.79 -0.25 0.61 0.69 -0.1471
10-04-
14 1.24 1.08 -0.32 -0.70 -0.89 0.18 0.32 -0.1471
11-04-
14 -0.83 -3.08 -1.26 -2.36 -1.46 -2.08 -1.88 -0.1471
14-04-
14 -0.94 -2.42 -0.70 0.46 -0.74 -1.03 -0.90 -0.1471
15-04-
14 0.31 -1.14 -0.22 0.00 -1.10 -0.43 -0.26 -0.1471
16-04-
14 1.30 -0.38 0.33 -0.98 1.32 -0.13 0.06 -0.1471
17-04-
14 0.77 1.33 0.30 0.03 0.44 0.62 0.61 -0.1471
22-04-
14 1.97 2.42 0.81 2.28 1.75 1.77 1.87 -0.1471
20
23-04-
14 0.70 -1.48 -0.59 0.26 0.17 -0.60 -0.28 -0.1471
24-04-
14 4.14 -1.13 0.35 -0.97 0.01 -0.15 0.60 -0.1471
25-04-
14 0.57 0.38 -4.62 -0.23 -1.42 -1.57 -0.98 -0.1471
28-04-
14 0.47 -1.71 -0.14 -0.13 -0.57 -0.62 -0.38 -0.1471
29-04-
14 1.78 3.76 1.54 0.49 2.01 2.06 1.89 -0.1471
30-04-
14 -0.19 -0.93 -0.50 -0.23 -0.05 -0.56 -0.46 -0.1471
02-05-
14 1.29 -0.19 0.17 -0.26 0.05 0.04 0.25 -0.1471
05-05-
14 -0.18 -1.50 0.19 -1.01 -0.14 -0.67 -0.63 -0.1471
06-05-
14 1.01 -0.57 0.64 -0.96 -0.22 -0.10 0.03 -0.1471
07-05-
14 0.41 -0.38 -0.36 -0.97 0.34 -0.45 -0.32 -0.1471
08-05-
14 -0.05 1.52 0.72 0.90 1.34 0.97 0.77 -0.1471
09-05-
14 -0.41 -0.38 -0.64 0.10 -0.10 -0.37 -0.33 -0.1471
12-05-
14 0.59 1.13 0.11 0.53 0.79 0.58 0.59 -0.1471
13-05-
14 0.54 1.85 0.55 1.76 1.13 1.26 1.18 -0.1471
14-05-
14 -0.45 -0.92 -0.88 0.61 -0.41 -0.53 -0.41 -0.1471
15-05-
14 -0.45 -1.30 -0.19 -0.13 -1.05 -0.57 -0.52 -0.1471
16-05-
14 -0.59 -0.94 -0.22 -0.26 -0.58 -0.50 -0.50 -0.1471
19-05-
14 1.95 -0.19 0.17 -0.13 0.73 0.12 0.45 -0.1471
20-05-
14 1.29 1.32 0.67 1.45 0.77 1.11 1.18 -0.1471
21-05-
14 -0.58 2.77 0.61 -1.15 0.59 0.84 0.41 -0.1471
22-05-
14 -0.45 3.40 0.05 0.68 0.54 1.27 0.92 -0.1471
23-05-
14 -0.49 1.05 -0.33 -0.97 0.25 -0.03 -0.18 -0.1471
26-05-
14 0.09 0.69 0.74 -0.42 0.41 0.41 0.28 -0.1471
27-05-
14 -0.63 0.17 0.00 -0.20 -0.21 -0.03 -0.16 -0.1471
28-05-
14 -0.77 0.00 -0.05 -0.52 -0.43 -0.20 -0.34 -0.1471
30-05-
14 -0.50 1.71 1.60 -0.66 0.08 0.97 0.54 -0.1471
02-06-
14 1.00 0.51 0.27 -0.73 0.80 0.18 0.26 -0.1471
21
03-06-
14 -0.05 -0.68 -0.35 -0.27 -0.94 -0.42 -0.33 -0.1471
04-06-
14 0.05 -1.54 0.11 -0.87 0.12 -0.67 -0.56 -0.1471
05-06-
14 0.99 0.86 1.05 0.13 0.51 0.77 0.76 -0.1471
06-06-
14 1.38 0.34 1.06 1.03 0.95 0.84 0.95 -0.1471
09-06-
14 0.22 -1.03 0.00 0.50 0.27 -0.21 -0.08 -0.1471
10-06-
14 0.44 1.37 -0.77 -0.93 -0.09 0.00 0.03 -0.1471
11-06-
14 -0.66 0.85 -0.16 1.23 -0.55 0.45 0.31 -0.1471
12-06-
14 0.18 0.50 -0.29 0.82 0.17 0.26 0.30 -0.1471
13-06-
14 -1.78 -0.50 -1.10 0.55 -0.39 -0.58 -0.71 -0.1471
16-06-
14 -0.50 -0.68 0.24 0.00 -0.24 -0.17 -0.23 -0.1471
17-06-
14 -0.09 0.00 0.48 0.97 0.25 0.39 0.34 -0.1471
18-06-
14 0.36 -4.69 -0.08 0.10 0.33 -1.55 -1.08 -0.1471
19-06-
14 1.07 2.29 0.19 0.93 0.36 1.12 1.12 -0.1471
23-06-
14 0.27 0.52 -0.05 0.10 0.35 0.20 0.21 -0.1471
24-06-
14 0.31 -1.22 -0.59 -0.73 -1.19 -0.76 -0.56 -0.1471
25-06-
14 -0.93 -1.59 -1.41 -1.19 -1.40 -1.38 -1.28 -0.1471
26-06-
14 0.40 0.00 1.03 -0.59 0.32 0.28 0.21 -0.1471
27-06-
14 -0.45 -0.54 0.08 -0.23 -0.16 -0.23 -0.28 -0.1471
30-06-
14 0.36 -0.72 -0.27 -0.13 -0.65 -0.34 -0.19 -0.1471
01-07-
14 0.22 0.54 1.02 -0.85 0.67 0.38 0.23 -0.1471
02-07-
14 -0.62 0.36 1.68 0.46 0.37 0.79 0.47 -0.1471
03-07-
14 1.07 1.07 0.26 2.11 1.28 1.01 1.13 -0.1471
04-07-
14 -0.62 -0.35 0.18 0.67 -0.73 0.05 -0.03 -0.1471
07-07-
14 -0.04 -0.89 -0.98 -0.74 -0.64 -0.82 -0.66 -0.1471
08-07-
14 0.44 -2.54 -0.85 -0.29 -1.43 -1.19 -0.81 -0.1471
09-07-
14 0.44 0.00 -0.83 -0.58 0.20 -0.40 -0.24 -0.1471
10-07-
14 -0.93 0.55 -0.03 -0.82 -1.10 -0.08 -0.31 -0.1471
22
11-07-
14 -0.63 0.36 0.35 -0.62 -0.16 0.06 -0.13 -0.1471
14-07-
14 1.16 0.18 0.43 1.08 1.74 0.55 0.71 -0.1471
15-07-
14 0.31 -0.73 1.30 -0.49 -0.73 0.15 0.10 -0.1471
16-07-
14 -4.11 1.09 0.82 1.20 1.59 0.62 -0.25 -0.1471
17-07-
14 -2.05 0.18 0.13 1.76 -0.63 0.35 0.01 -0.1471
18-07-
14 -0.80 1.43 -0.76 2.54 0.26 0.71 0.60 -0.1471
21-07-
14 0.19 0.36 -0.21 0.22 0.52 0.10 0.14 -0.1471
22-07-
14 1.04 0.71 0.68 -0.50 0.15 0.45 0.48 -0.1471
23-07-
14 0.98 0.18 0.00 -0.65 0.72 -0.01 0.12 -0.1471
24-07-
14 0.00 7.61 -0.24 0.25 0.48 2.51 1.91 -0.1471
25-07-
14 0.05 -0.16 -0.47 0.28 -0.20 -0.16 -0.08 -0.1471
28-07-
14 -0.23 -0.65 -0.53 -0.31 -0.57 -0.50 -0.43 -0.1471
29-07-
14 0.32 0.16 -0.11 -0.53 0.02 -0.08 -0.04 -0.1471
30-07-
14 0.09 0.00 -0.35 -0.76 -0.49 -0.29 -0.25 -0.1471
31-07-
14 -0.79 -2.15 -0.48 -0.06 -1.08 -0.97 -0.87 -0.1471
01-08-
14 -2.07 -1.69 -0.84 -1.31 -1.05 -1.32 -1.48 -0.1471
04-08-
14 0.24 0.17 -0.19 -0.39 0.40 -0.08 -0.04 -0.1471
05-08-
14 0.57 1.18 0.22 0.64 -0.45 0.66 0.65 -0.1471
06-08-
14 -1.57 -1.69 -1.28 0.29 -1.40 -1.09 -1.06 -0.1471
07-08-
14 -0.34 0.00 0.76 0.22 -0.40 0.30 0.16 -0.1471
08-08-
14 -1.94 -2.25 -1.67 -1.12 -1.69 -1.76 -1.75 -0.1471
11-08-
14 1.32 1.73 0.44 1.63 1.71 1.21 1.28 -0.1471
12-08-
14 0.34 -0.17 1.04 0.91 0.05 0.55 0.53 -0.1471
13-08-
14 0.19 -0.17 -0.93 0.34 0.23 -0.30 -0.14 -0.1471
14-08-
14 -0.19 1.20 -0.74 -0.72 0.12 -0.05 -0.11 -0.1471
15-08-
14 0.05 -0.68 0.88 -0.69 -0.25 -0.06 -0.11 -0.1471
18-08-
14 -0.19 0.51 0.49 0.76 1.01 0.51 0.39 -0.1471
23
19-08-
14 0.10 1.19 0.65 1.03 1.25 0.87 0.74 -0.1471
20-08-
14 -0.44 3.48 0.05 0.59 0.40 1.28 0.92 -0.1471
21-08-
14 0.19 1.94 0.59 -0.06 0.84 0.86 0.67 -0.1471
22-08-
14 0.58 -0.80 0.35 -0.50 -0.57 -0.21 -0.09 -0.1471
25-08-
14 0.34 0.80 0.59 -0.84 0.65 0.32 0.22 -0.1471
26-08-
14 0.00 0.16 0.13 -0.91 0.22 -0.10 -0.16 -0.1471
27-08-
14 1.14 -0.96 0.21 0.00 0.29 -0.16 0.10 -0.1471
28-08-
14 -0.90 -1.62 -1.07 0.85 -1.58 -0.81 -0.69 -0.1471
29-08-
14 -0.77 3.54 0.56 0.72 0.57 1.49 1.01 -0.1471
01-09-
14 -0.14 -0.16 0.08 -0.09 -0.14 -0.06 -0.08 -0.1471
02-09-
14 -0.19 0.63 0.53 0.87 0.61 0.59 0.46 -0.1471
03-09-
14 -0.48 1.41 0.48 1.20 0.83 0.88 0.65 -0.1471
04-09-
14 1.50 0.46 0.21 1.25 1.12 0.63 0.85 -0.1471
05-09-
14 0.48 -0.46 -0.24 0.48 -0.26 -0.10 0.06 -0.1471
08-09-
14 -0.05 1.23 -0.29 -0.39 0.11 0.21 0.13 -0.1471
09-09-
14 -0.62 0.00 -0.61 -0.09 -0.83 -0.29 -0.33 -0.1471
10-09-
14 -1.26 -1.08 -0.21 -1.28 -0.81 -0.82 -0.96 -0.1471
11-09-
14 -0.05 1.08 -0.21 -0.43 -0.37 0.18 0.10 -0.1471
12-09-
14 -0.44 0.31 -0.30 -0.06 -0.21 -0.05 -0.12 -0.1471
15-09-
14 0.05 1.21 -0.27 -0.86 -0.07 0.12 0.03 -0.1471
16-09-
14 -0.29 -0.45 -0.11 -0.22 -0.63 -0.26 -0.27 -0.1471
17-09-
14 2.75 0.60 0.51 0.22 0.82 0.65 1.02 -0.1471
18-09-
14 -0.10 0.60 0.16 0.19 0.23 0.29 0.21 -0.1471
19-09-
14 0.43 1.78 2.44 0.09 0.94 1.54 1.18 -0.1471
22-09-
14 -0.48 -0.29 0.81 -0.46 -0.12 0.06 -0.11 -0.1471
23-09-
14 -0.86 -1.34 -0.16 -1.06 -1.24 -0.81 -0.85 -0.1471
24-09-
14 0.34 0.30 -0.05 0.44 0.38 0.20 0.26 -0.1471
24
25-09-
14 0.57 1.33 0.34 0.28 -0.56 0.67 0.63 -0.1471
26-09-
14 0.19 -0.44 -0.44 -0.63 0.13 -0.44 -0.33 -0.1471
29-09-
14 -0.29 0.00 -0.03 -1.48 -0.51 -0.37 -0.45 -0.1471
30-09-
14 0.19 -0.30 0.00 1.04 0.64 0.15 0.23 -0.1471
01-10-
14 -0.62 -1.34 -0.78 0.19 -1.42 -0.74 -0.64 -0.1471
02-10-
14 -1.69 -1.21 -0.39 -1.81 -1.76 -1.08 -1.28 -0.1471
03-10-
14 -0.59 0.30 0.29 0.06 1.08 0.18 0.02 -0.1471
06-10-
14 -1.13 4.15 0.03 0.86 1.05 1.50 0.98 -0.1471
07-10-
14 -1.80 -3.55 -0.90 -0.22 -1.87 -1.70 -1.62 -0.1471
08-10-
14 -3.13 -3.06 0.53 -0.61 -1.42 -1.20 -1.57 -0.1471
09-10-
14 -0.37 1.39 0.00 1.33 -0.24 0.74 0.59 -0.1471
10-10-
14 -0.47 -2.48 -1.60 -2.23 -1.63 -1.95 -1.70 -0.1471
13-10-
14 -0.47 0.16 -0.62 -0.16 -0.15 -0.25 -0.27 -0.1471
14-10-
14 0.32 -0.79 -0.38 0.13 0.51 -0.35 -0.18 -0.1471
15-10-
14 -1.38 -3.21 -2.02 -0.45 -3.15 -2.02 -1.77 -0.1471
16-10-
14 -1.23 -0.98 -2.55 -1.17 0.03 -1.62 -1.48 -0.1471
17-10-
14 5.11 2.44 2.30 3.48 3.27 2.83 3.33 -0.1471
20-10-
14 0.46 -0.32 0.00 0.79 -0.66 0.11 0.23 -0.1471
21-10-
14 1.62 1.92 1.02 1.59 2.00 1.49 1.54 -0.1471
22-10-
14 2.04 2.19 0.79 0.46 1.20 1.28 1.37 -0.1471
23-10-
14 2.10 4.83 0.60 0.06 0.78 2.00 1.90 -0.1471
24-10-
14 -0.10 -1.94 0.59 0.52 -1.03 -0.32 -0.23 -0.1471
27-10-
14 0.58 -0.45 0.54 0.61 -0.30 0.23 0.32 -0.1471
28-10-
14 1.81 0.30 0.32 0.36 1.86 0.44 0.70 -0.1471
29-10-
14 1.03 -0.91 0.45 0.36 -0.12 0.02 0.23 -0.1471
30-10-
14 0.09 -0.30 -0.24 0.45 0.47 -0.08 0.00 -0.1471
31-10-
14 1.76 1.51 1.37 2.55 1.17 1.71 1.80 -0.1471
25
03-11-
14 0.23 0.90 -0.26 -0.85 -0.66 0.03 0.00 -0.1471
04-11-
14 0.23 -2.11 0.47 -1.49 -0.78 -0.85 -0.72 -0.1471
05-11-
14 0.95 0.30 0.91 1.78 1.44 0.91 0.99 -0.1471
06-11-
14 -0.09 -0.15 -0.47 0.62 0.08 -0.09 -0.02 -0.1471
07-11-
14 -0.82 -1.53 -1.55 0.03 -1.13 -1.13 -0.97 -0.1471
10-11-
14 -0.14 0.31 -0.24 1.25 0.88 0.29 0.30 -0.1471
11-11-
14 2.74 1.22 0.98 1.15 0.51 1.23 1.52 -0.1471
12-11-
14 -0.89 -1.07 -0.50 -0.72 -1.46 -0.77 -0.79 -0.1471
13-11-
14 0.36 1.37 0.37 1.06 0.98 0.86 0.79 -0.1471
14-11-
14 0.31 -3.54 0.45 0.03 -0.33 -0.99 -0.69 -0.1471
17-11-
14 0.31 -2.86 -0.45 0.03 0.05 -1.09 -0.74 -0.1471
18-11-
14 0.44 2.23 0.11 0.57 1.10 0.94 0.84 -0.1471
19-11-
14 0.92 -1.11 -0.32 0.17 -0.22 -0.38 -0.08 -0.1471
20-11-
14 -0.57 -0.16 -0.08 -0.08 0.03 -0.14 -0.22 -0.1471
21-11-
14 1.87 2.99 1.18 3.34 2.70 2.32 2.35 -0.1471
24-11-
14 0.56 1.54 0.78 2.35 1.32 1.37 1.31 -0.1471
25-11-
14 -0.82 0.30 0.70 1.46 0.20 0.62 0.41 -0.1471
26-11-
14 -0.22 0.46 0.44 -0.95 -0.01 0.08 -0.07 -0.1471
27-11-
14 0.91 1.06 1.07 -0.48 0.24 0.70 0.64 -0.1471
28-11-
14 0.21 0.00 0.43 -0.91 -1.18 -0.03 -0.07 -0.1471
01-12-
14 -0.39 0.30 -0.43 -0.11 -0.19 -0.11 -0.16 -0.1471
02-12-
14 -0.22 0.45 0.56 1.21 0.01 0.61 0.50 -0.1471
03-12-
14 0.60 -0.90 -0.45 0.64 0.43 -0.28 -0.03 -0.1471
04-12-
14 0.26 -0.45 -0.10 0.66 -0.36 -0.02 0.09 -0.1471
05-12-
14 1.95 1.50 0.23 0.42 1.53 0.83 1.02 -0.1471
08-12-
14 -0.25 1.03 -0.38 -0.10 -0.54 0.16 0.07 -0.1471
09-12-
14 -0.42 -3.29 -0.71 -1.91 -1.67 -1.82 -1.58 -0.1471
26
10-12-
14 0.25 0.61 -0.31 -0.64 -0.34 -0.04 -0.02 -0.1471
11-12-
14 0.80 -1.06 0.49 -0.76 -0.14 -0.29 -0.13 -0.1471
12-12-
14 -1.94 -1.38 -1.18 -2.14 -2.41 -1.52 -1.66 -0.1471
15-12-
14 -2.85 -2.35 -1.35 -0.50 -2.42 -1.61 -1.76 -0.1471
16-12-
14 -3.80 -1.92 -1.79 -0.50 1.25 -1.70 -2.00 -0.1471
17-12-
14 0.95 1.12 0.13 1.75 0.26 0.89 0.99 -0.1471
18-12-
14 2.36 3.61 2.08 2.39 2.61 2.68 2.61 -0.1471
19-12-
14 0.48 -0.31 1.01 1.07 -0.12 0.54 0.56 -0.1471
22-12-
14 0.83 0.62 1.28 0.90 0.62 0.94 0.91 -0.1471
23-12-
14 -0.35 1.37 0.79 -0.18 1.04 0.68 0.41 -0.1471
29-12-
14 -0.35 0.45 -0.08 0.24 -0.09 0.15 0.07 -0.1471
30-12-
14 -0.88 -0.76 -1.40 -0.55 -1.25 -0.95 -0.90 -0.1471
02-01-
15 0.35 0.76 0.31 0.00 0.63 0.39 0.35 -0.1471
05-01-
15 -0.62 -1.98 -0.31 -0.85 -2.00 -1.01 -0.94 -0.1471
07-01-
15 1.10 -1.71 -1.68 -1.34 -0.60 -1.40 -0.91 -0.1471
08-01-
15 0.22 0.93 1.35 0.30 1.87 0.89 0.70 -0.1471
09-01-
15 0.17 -0.62 0.61 0.27 -0.56 0.09 0.11 -0.1471
12-01-
15 0.70 -0.31 -0.18 0.11 0.15 -0.09 0.08 -0.1471
13-01-
15 2.02 0.93 0.94 0.86 0.99 1.00 1.19 -0.1471
14-01-
15 -0.51 0.93 -0.48 -0.86 -1.49 -0.10 -0.23 -0.1471
15-01-
15 -0.90 -1.08 -0.31 0.38 1.43 -0.46 -0.48 -0.1471
16-01-
15 -0.17 0.46 1.40 2.41 1.70 1.19 1.02 -0.1471
19-01-
15 2.39 1.99 1.50 2.89 1.86 2.04 2.19 -0.1471
20-01-
15 2.66 0.75 1.18 0.00 0.07 0.89 1.15 -0.1471
21-01-
15 -0.21 0.00 0.17 0.48 1.18 0.16 0.11 -0.1471
22-01-
15 0.94 2.67 1.72 2.72 2.10 2.20 2.01 -0.1471
23-01-
15 2.26 3.88 2.89 2.74 2.39 3.14 2.94 -0.1471
27
26-01-
15 1.07 0.14 0.35 1.57 1.33 0.61 0.78 -0.1471
27-01-
15 -0.87 0.00 -0.75 0.75 -1.97 -0.17 -0.22 -0.1471
28-01-
15 -1.04 0.42 2.14 -0.16 1.13 0.80 0.34 -0.1471
29-01-
15 -1.17 -3.56 -1.23 -3.48 -1.58 -2.51 -2.36 -0.1471
30-01-
15 -3.89 -0.73 0.12 -3.93 0.11 -1.38 -2.11 -0.1471
02-02-
15 -0.42 -1.62 -0.51 -0.15 -0.76 -0.79 -0.68 -0.1471
03-02-
15 -0.81 1.47 1.21 0.60 1.55 1.01 0.62 -0.1471
04-02-
15 -0.17 0.00 -0.12 -0.38 -0.13 -0.14 -0.17 -0.1471
05-02-
15 0.17 0.15 0.44 2.27 2.24 0.73 0.76 -0.1471
06-02-
15 0.30 -0.15 0.21 0.10 -0.01 0.07 0.11 -0.1471
09-02-
15 0.21 -2.07 -1.27 -1.36 -1.40 -1.45 -1.12 -0.1471
10-02-
15 0.89 2.36 -0.30 -1.05 0.56 0.51 0.47 -0.1471
11-02-
15 0.13 1.16 0.84 -0.23 -0.36 0.65 0.47 -0.1471
12-02-
15 -0.21 1.29 0.28 0.55 1.04 0.64 0.48 -0.1471
13-02-
15 -0.89 0.28 0.80 1.17 0.75 0.59 0.34 -0.1471
16-02-
15 0.30 -0.14 -0.09 -0.75 -0.31 -0.23 -0.17 -0.1471
17-02-
15 -0.08 -0.14 -0.46 -0.10 -0.06 -0.24 -0.20 -0.1471
18-02-
15 0.89 1.13 0.39 0.52 0.76 0.71 0.73 -0.1471
19-02-
15 0.04 0.14 0.34 0.17 -0.12 0.21 0.18 -0.1471
20-02-
15 0.17 -0.14 0.23 0.45 0.39 0.15 0.18 -0.1471
23-02-
15 0.42 -0.42 0.79 0.91 0.47 0.39 0.43 -0.1471
24-02-
15 0.29 0.00 0.72 -1.61 0.82 -0.08 -0.15 -0.1471
25-02-
15 0.33 0.42 0.54 1.71 -0.18 0.75 0.75 -0.1471
26-02-
15 0.42 0.84 -0.47 1.87 0.37 0.56 0.66 -0.1471
27-02-
15 0.21 0.00 0.69 -0.87 -0.11 0.07 0.01 -0.1471
02-03-
15 0.78 0.97 -0.04 1.06 0.19 0.61 0.69 -0.1471
03-03-
15 0.20 0.55 -0.04 -1.06 -0.74 -0.06 -0.09 -0.1471
28
04-03-
15 -0.29 -0.69 -0.36 -2.83 -0.15 -1.02 -1.04 -0.1471
05-03-
15 1.55 1.24 1.35 0.97 1.05 1.24 1.28 -0.1471
06-03-
15 -0.24 0.27 0.94 0.30 0.59 0.48 0.32 -0.1471
09-03-
15 -1.26 -1.37 0.00 -1.14 0.19 -0.81 -0.94 -0.1471
10-03-
15 -0.70 -0.42 1.00 -0.60 -0.64 0.04 -0.18 -0.1471
11-03-
15 1.68 1.38 0.71 1.10 1.72 1.09 1.22 -0.1471
12-03-
15 0.24 -0.41 0.49 0.30 -0.12 0.13 0.16 -0.1471
13-03-
15 -0.04 0.00 0.19 0.05 -0.01 0.08 0.05 -0.1471
16-03-
15 -0.16 0.69 0.36 0.02 0.81 0.35 0.23 -0.1471
17-03-
15 0.32 -0.55 -0.38 1.67 -0.11 0.08 0.27 -0.1471
18-03-
15 -0.61 -0.28 0.85 1.64 0.32 0.54 0.40 -0.1471
19-03-
15 0.28 0.69 0.34 0.50 0.86 0.49 0.45 -0.1471
20-03-
15 0.24 -0.14 1.26 0.74 0.52 0.60 0.52 -0.1471
23-03-
15 0.61 -0.83 -0.23 -0.45 -0.22 -0.41 -0.22 -0.1471
24-03-
15 0.68 0.69 -0.04 0.52 0.36 0.38 0.46 -0.1471
25-03-
15 1.67 -0.27 -0.02 0.28 -0.71 0.09 0.41 -0.1471
26-03-
15 -1.63 -3.50 -1.58 -1.21 -1.14 -2.14 -1.98 -0.1471
27-03-
15 -6.78 1.13 0.08 -0.81 -0.93 -0.29 -1.59 -0.1471
30-03-
15 -0.34 0.42 1.18 1.17 0.99 0.81 0.61 -0.1471
31-03-
15 0.51 0.14 -0.93 -1.58 -1.08 -0.61 -0.46 -0.1471
01-04-
15 -0.26 -1.41 0.27 -0.99 -0.02 -0.61 -0.60 -0.1471
02-04-
15 0.13 0.14 0.61 0.58 0.25 0.41 0.37 -0.1471
07-04-
15 -0.17 1.27 0.96 1.99 1.36 1.21 1.01 -0.1471
08-04-
15 0.00 0.14 0.66 0.83 0.21 0.47 0.41 -0.1471
09-04-
15 1.49 0.14 0.02 0.54 0.41 0.29 0.55 -0.1471
10-04-
15 1.84 4.10 1.07 1.33 1.18 2.20 2.08 -0.1471
13-04-
15 0.78 3.94 0.18 0.28 0.53 1.50 1.30 -0.1471
29
14-04-
15 0.98 -5.16 -0.27 -0.02 -0.44 -1.75 -1.12 -0.1471
15-04-
15 0.28 3.20 0.53 -0.53 0.17 1.16 0.87 -0.1471
16-04-
15 4.72 -4.71 -0.16 -0.84 -0.28 -1.46 -0.25 -0.1471
17-04-
15 0.73 -0.69 -6.73 -1.46 -2.10 -2.96 -2.04 -0.1471
20-04-
15 0.69 -1.40 -0.37 0.38 0.46 -0.46 -0.17 -0.1471
21-04-
15 2.56 2.91 0.39 1.85 1.44 1.73 1.93 -0.1471
22-04-
15 0.85 2.56 -1.78 -3.13 -1.60 -0.44 -0.37 -0.1471
23-04-
15 0.66 -2.43 -1.29 -3.93 -1.07 -2.12 -1.75 -0.1471
24-04-
15 0.22 -1.24 -1.26 2.04 0.71 -0.40 -0.06 -0.1471
27-04-
15 0.44 -1.53 0.25 -0.39 0.30 -0.47 -0.31 -0.1471
28-04-
15 0.65 -1.55 -0.45 -1.11 -2.53 -0.88 -0.62 -0.1471
29-04-
15 -0.80 -2.31 -0.64 -2.71 -2.58 -1.67 -1.61 -0.1471
30-04-
15 -0.48 -11.25 -0.83 -2.47 -1.15 -4.65 -3.76 -0.1471
04-05-
15 0.84 -3.32 0.37 1.89 0.81 -0.48 -0.06 -0.1471
05-05-
15 -0.40 -0.34 -1.30 -0.54 -2.50 -0.74 -0.64 -0.1471
06-05-
15 -0.48 -1.36 -0.33 -0.85 -0.43 -0.80 -0.75 -0.1471
07-05-
15 -0.55 0.85 0.09 0.08 1.01 0.29 0.12 -0.1471
08-05-
15 0.29 4.81 2.29 2.00 2.41 2.91 2.35 -0.1471
11-05-
15 0.77 1.77 0.59 0.08 -0.29 0.88 0.80 -0.1471
12-05-
15 -1.32 -2.25 -1.63 -1.97 -1.68 -1.89 -1.79 -0.1471
13-05-
15 0.96 0.49 0.80 1.47 0.98 0.86 0.93 -0.1471
15-05-
15 0.22 -1.31 0.14 1.09 0.44 -0.12 0.04 -0.1471
18-05-
15 0.04 -0.49 -0.09 -0.99 -0.16 -0.42 -0.38 -0.1471
19-05-
15 0.11 3.25 1.68 0.96 1.86 1.92 1.50 -0.1471
20-05-
15 0.15 1.90 0.52 0.80 0.84 1.01 0.84 -0.1471
21-05-
15 -0.29 3.09 0.16 0.05 0.50 1.08 0.75 -0.1471
22-05-
15 0.26 0.45 0.18 -0.03 -0.23 0.23 0.22 -0.1471
30
25-05-
15 -0.51 -1.37 -1.42 -0.83 -0.87 -1.20 -1.03 -0.1471
26-05-
15 -0.37 0.92 -0.25 -1.07 -0.70 -0.05 -0.19 -0.1471
27-05-
15 0.81 2.25 -0.39 -0.15 0.95 0.64 0.63 -0.1471
28-05-
15 0.04 0.00 -0.57 -0.10 -0.73 -0.23 -0.16 -0.1471
29-05-
15 1.59 -0.60 -1.34 -1.65 -1.28 -0.94 -0.50 -0.1471
01-06-
15 0.50 0.30 0.21 -0.10 0.42 0.19 0.23 -0.1471
02-06-
15 0.50 -1.05 -0.12 0.91 0.12 -0.15 0.06 -0.1471
03-06-
15 0.00 -0.15 0.30 -1.48 0.11 -0.27 -0.33 -0.1471
04-06-
15 -1.00 -0.45 -0.37 -2.12 -1.05 -0.84 -0.99 -0.1471
05-06-
15 -0.72 -2.14 -1.07 0.11 -1.30 -1.14 -0.96 -0.1471
08-06-
15 -0.47 -1.25 -0.92 0.45 -1.28 -0.68 -0.55 -0.1471
09-06-
15 -1.39 -0.47 -1.24 -1.93 -0.22 -1.15 -1.26 -0.1471
10-06-
15 -0.37 0.63 0.53 1.51 1.31 0.71 0.57 -0.1471
11-06-
15 0.66 0.93 1.42 2.27 0.45 1.39 1.32 -0.1471
12-06-
15 -0.15 -0.93 -1.49 -1.26 -1.19 -1.15 -0.96 -0.1471
15-06-
15 -1.00 -2.54 -1.47 -1.63 -1.31 -1.82 -1.66 -0.1471
16-06-
15 -0.11 0.96 0.22 -1.76 1.07 -0.01 -0.17 -0.1471
17-06-
15 -0.07 0.48 0.27 -0.41 -1.10 0.16 0.06 -0.1471
18-06-
15 1.29 0.00 0.31 -0.41 0.70 0.12 0.30 -0.1471
22-06-
15 3.57 2.35 2.77 1.94 2.70 2.50 2.66 -0.1471
23-06-
15 1.37 1.53 1.21 1.48 0.86 1.39 1.40 -0.1471
24-06-
15 0.77 -0.76 0.09 0.53 -0.30 -0.04 0.16 -0.1471
25-06-
15 1.34 -0.92 0.14 0.48 -0.03 -0.05 0.26 -0.1471
26-06-
15 -0.21 0.15 0.37 0.26 0.46 0.23 0.15 -0.1471
29-06-
15 -1.52 -3.94 -2.04 -1.51 -2.65 -2.52 -2.25 -0.1471
30-06-
15 -0.94 -1.46 -0.89 -2.19 -1.43 -1.38 -1.37 -0.1471
01-07-
15 0.80 2.10 1.06 0.16 1.05 1.18 1.03 -0.1471
31
02-07-
15 0.17 -1.94 0.35 -1.62 -0.92 -0.87 -0.76 -0.1471
03-07-
15 -2.18 -1.15 -0.14 -0.42 -0.54 -0.69 -0.97 -0.1471
06-07-
15 -0.28 -1.83 -0.70 -1.54 -1.59 -1.24 -1.09 -0.1471
07-07-
15 -0.25 -2.21 -0.90 -2.29 -2.25 -1.60 -1.41 -0.1471
08-07-
15 -0.25 -0.69 0.02 -0.17 0.71 -0.28 -0.27 -0.1471
09-07-
15 1.95 1.88 2.53 1.21 2.65 1.97 1.89 -0.1471
10-07-
15 2.98 2.84 3.34 0.77 2.22 2.57 2.48 -0.1471
13-07-
15 1.62 0.98 1.99 1.05 1.73 1.41 1.41 -0.1471
14-07-
15 1.53 -0.65 0.61 1.67 0.74 0.50 0.79 -0.1471
15-07-
15 -0.23 0.82 0.82 -2.49 -0.13 0.00 -0.27 -0.1471
16-07-
15 -1.00 0.81 0.82 0.82 1.36 0.68 0.36 -0.1471
17-07-
15 3.26 1.92 -1.10 7.60 0.52 2.20 2.92 -0.1471
20-07-
15 0.77 0.32 0.32 3.53 1.42 1.08 1.24 -0.1471
21-07-
15 -2.54 -0.95 -0.39 -3.19 -2.60 -1.37 -1.77 -0.1471
22-07-
15 0.36 -1.61 -0.61 -4.27 -1.10 -1.69 -1.53 -0.1471
23-07-
15 -0.23 0.00 -0.17 1.35 -0.04 0.22 0.24 -0.1471
24-07-
15 -0.10 1.45 -0.83 0.37 -0.27 0.26 0.22 -0.1471
27-07-
15 -1.59 -2.75 -1.29 -2.13 -1.46 -1.99 -1.94 -0.1471
28-07-
15 0.37 -1.16 -0.04 0.24 0.73 -0.32 -0.15 -0.1471
29-07-
15 2.44 -0.50 0.60 0.62 0.93 0.38 0.79 -0.1471
30-07-
15 -0.23 7.09 0.13 2.05 1.19 2.86 2.26 -0.1471
31-07-
15 -0.49 -0.47 -0.31 0.45 -0.08 -0.21 -0.21 -0.1471
03-08-
15 2.05 -0.31 0.84 0.71 0.74 0.52 0.82 -0.1471
04-08-
15 0.77 -0.31 0.94 1.04 0.23 0.53 0.61 -0.1471
05-08-
15 0.06 -0.16 0.20 1.16 0.30 0.28 0.31 -0.1471
06-08-
15 -0.32 -0.32 0.39 1.22 -0.10 0.29 0.24 -0.1471
07-08-
15 -0.93 -1.59 -0.74 -0.33 -0.90 -0.95 -0.90 -0.1471
32
10-08-
15 0.51 0.00 0.65 -0.20 0.73 0.23 0.24 -0.1471
11-08-
15 -0.19 -2.11 0.13 -3.09 -1.55 -1.37 -1.32 -0.1471
12-08-
15 -2.61 -3.33 -1.75 -4.88 -2.92 -3.05 -3.14 -0.1471
13-08-
15 0.72 2.18 1.71 3.35 1.81 2.16 1.99 -0.1471
14-08-
15 0.39 -0.83 0.28 -0.56 0.02 -0.27 -0.18 -0.1471
17-08-
15 -0.10 -0.67 0.09 -0.62 -0.09 -0.34 -0.32 -0.1471
18-08-
15 0.46 1.01 0.41 -0.27 -0.09 0.46 0.40 -0.1471
19-08-
15 -1.38 -1.68 -1.13 -0.54 -1.95 -1.20 -1.18 -0.1471
20-08-
15 -2.10 -2.92 -2.54 -2.28 -2.67 -2.57 -2.46 -0.1471
21-08-
15 -1.87 -2.65 -2.69 -1.26 -2.55 -2.29 -2.12 -0.1471
24-08-
15 -5.50 -7.83 -5.59 -3.95 -5.37 -5.96 -5.72 -0.1471
25-08-
15 4.61 4.73 2.61 2.85 4.23 3.52 3.70 -0.1471
26-08-
15 0.21 1.65 0.05 -1.52 -0.94 0.24 0.10 -0.1471
27-08-
15 2.36 2.87 1.97 2.03 2.85 2.31 2.30 -0.1471
28-08-
15 -0.54 -0.89 -0.16 -0.94 0.12 -0.61 -0.63 -0.1471
31-08-
15 0.68 -0.36 -0.30 0.03 -0.98 -0.17 0.01 -0.1471
Source: Nasdaqomxnordic .com and Homefinance.nl

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Capital asset pricing_model

  • 1. CAPITAL ASSET PRICING MODEL (CAPM). AN EMPIRICAL TEST OF PORTFOLIO PRICING. Hanken School of Economics Department of Finance and Statistics Research Methods in Finance Supervisor: Johan Knif and David Gonzalez Authors: Ernest Owusu Boakye & Abdullah Jobayed Date: October 7, 2015
  • 2. HANKEN SCHOOL OF ECONOMICS Department of: Finance and Statistics Type of work: Term paper Authors: Ernest Owusu Boakye Abdullah Jobayed ( Date: 06.10.2015 Abstract: Capital Asset Pricing Model, widely known as CAPM model, is an equilibrium model used in asset pricing to test whether the expected return of assets or portfolios are in line with market return. In this paper, the authors tested the CAPM model with two portfolios to determine whether the CAPM can exactly price them. The authors designed two portfolios, which are equal weighted and value weighted, using OMX Helsinki 25 index as the market portfolio and the average of Euribor 1 Week discount rate as risk free return. 415 observations were monitored in order to avoid statistical errors. The authors found that CAPM can exactly price the value weighted portfolios but not the equal weighted portfolio. Even though the test found mispricing of the portfolio, it has shown some aspects or scenarios which can help in further study. Keywords: Capital asset pricing model (CAPM), OMX Helsinki 25, Equal Weighted Portfolio, Value Weighted Portfolio.
  • 3. CONTENTS 1 INTRODUCTION ......................................................................................................2 2 METHODOLOGY .....................................................................................................3 3 DATA COLLECTION...............................................................................................5 4 ANALYSIS ..................................................................................................................7 5 FINDINGS.................................................................................................................10 6 CONCLUSION .........................................................................................................15 REFERENCES ..............................................................................................................16 APPENDIX 1 AVERAGE DAILY RETURN, VALUE & EQUAL WEIGHT PORTFOLIO AND EURIBOR DISCOUNT RATE.............................................17
  • 4. 2 INTRODUCTION Background of the Study. Modeling expected returns in financial asset, such as stocks, had yield some anomalies in empirical finance research in past decade. Previous studies have proved that some of these anomalies can be explained in risk and return framework. Some Models that were useful to explain these anomalies include Capital Asset Pricing Model (CAPM). The CAPM was developed independently by three researchers (Treynor 1962; Sharpe 1964; Lintner 1965). In their various study, the researchers tried to explain how returns on financial asset can be related to their corresponding risk factors. The assumption is that assets such as stock returns are proportional and linear related to their risk, which is commonly expressed as security market line in finance theory (Markowitz 1959). That is, for an investor to invest in the market, the investor should be compensated for taking more risk with higher returns. Hence their works marked the foundation of asset pricing theory in finance. Other studies such as Fama-French three factor model by Fama and French (2004) used the CAPM model as a benchmark to model three factors Asset Pricing to further explain the systematic risk component part in the CAPM with respect to returns. Problem of the Study Many studies have been done in this field of asset pricing (Markowitz 1959; Jansen 1968; Kent et al, 2001; Fama and French, 2004; Choudhary and Choudhary, 2010 and others). Jansen (1968) in his work introduces a variable Alpha (ᾳ) to the CAPM as a performance measure of a portfolio mostly referred to as the market CAPM model. Portfolio or fund managers use Jansen’s alpha as a benchmark to measure their portfolio performance against the market. Measuring portfolio performance with Jansen’s alpha evaluated by the intercept α is actively applied in corporate financial management (Cuthbertson and Nitzsche 2004:175). Some of these studies have shown that the one factor CAPM cannot be sufficient or adequate to price financial asset or explain the risk and return framework in theoretical and empirical finance. Studies have compared CAPM to other models and made various conclusions. As a result of that, previous
  • 5. 3 studies have further model alternatives that capture more than one factor to explain the systematic risk component part of the CAPM namely Fama and French (2004) three factor model, the four factor model, the Arbitrage Pricing Model (APT) model and others. However in all previous studies, the CAPM have been referred as the basis for the modeling. Purpose of the Study This paper evaluate the validity of the Capital Asset Pricing Model (CAPM) under the assumption that the CAPM model can price portfolios or determine the required rate of return for an investor in financial market. Objective of the Study. To examine whether the Capital Asset Pricing Model (CAPM) can price assets or portfolios in financial Market. Study Question. Can the Capital Asset Pricing Model (CAPM) exactly price assets or portfolio in financial market? METHODOLOGY As previously stated, to test the CAPM model, the authors intend to introduce the theoretical Capital Asset Pricing Model (CAPM) and the market Capital Asset Pricing Model to test the pricing of the portfolios created using equal and value weight. The portfolio will be created using random criteria for the selection of stocks from the Finnish stock market. These stocks will be grouped into two portfolios by value (value weighted portfolio) and equal weight (equal weighted portfolio) under the principle of portfolio building. The number of stocks to be included in the portfolio will be limited to four stocks due to time limitation; however it could be improved in further study. The Helsinki OMX 25 as a market index and the Euribor risk free rate will be used as an input variables to model the pricing of the portfolios using CAPM, under the hypothesis that the CAPM can exactly price our portfolio from 0 to 10% significance level.
  • 6. 4 The theoretical CAPM is stated as: the Expected return on a portfolio equals risk free rate plus systematic risk (beta) times the risk premium on the market return over the risk free rate E(Ri) = Rf + βE(Rm – Rf) ≈ E(Rp-Rf)= βE(Rm – Rf) (1) Where: E(Rp) - Expected Return on a Portfolio (Required Rate of Return for Investor) Rf - Riskless return on the market Rm - Market Return β - the Beta (the market volatility) calculated by: The market model of the CAPM which integrate Jansen’s alpha as: E(Rp-Rf) = ᾳ + βE(Rm – Rf)+ɛt (2) Where: E(Rp) - Expected Return on a Portfolio (Required Rate of Return for Investor) Rf - Riskless return on the market Rm - Market Return β - The Beta (the market volatility or exposure to the portfolios) calculated by: ᾳ - Measures mispricing (0 = no mispricing, otherwise mispricing) ɛt - Residual Component under assumption that ɛt~ iid(0, δ 2 ) The market CAPM will be used to model the pricing of portfolios using regression E(Rp-Rf) = ᾳ + βE(Rm – Rf)+ɛt (3) β= β=
  • 7. 5 The theory will be tested under the Hypothesis that: H0: E(Rp)=Rf + βE(Rm – Rf) (4) CAPM estimated exactly the price of the portfolio and no systematic mispricing. H1: E(Rp) ≠ Rf + βE(Rm – Rf) (5) CAPM estimated over/under estimated the price of the portfolio and there were systematic mispricing. Under statistical assumption (0 < P- value < 0.10). as our significance level. Where: Ho = Null Hypothesis H1 = Alternative Hypothesis. DATA COLLECTION Secondary data was collected to analyze this study due to the level of confidence and accuracy from the financial market. The data was extracted from Helsinki stock exchange which is part of the OMX group. Due to time limitation, the data collected was limited to a period of 1 year 8 months from 03.01.2014 to 31.08.2015 given 415 observations. This is a sample data from four large companies listed on the exchange. In order to conduct the test on the CAPM model, the authors imported daily average stock price for individual stocks i.e. Elisa OYJ, Nokia OYJ, Sampo OYJ and Kone OYJ for the time period of 03.01.2014 to 31.08.2015. These four companies were randomly selected from Helsinki OMX 25 index to build the portfolio Value Weighted and the Equal Weighted Portfolios. The Helsinki OMX25 index is a market index portfolio of the most traded stocks on the finish stock market, categorized as large capitalization stocks. From 415 daily average price of each stock, the authors calculated the daily returns using log returns method, for each company for the same time period. Daily closing price of the market (Helsinki OMX 25) index was also extracted for the same period. Additionally, this paper used Euribor 1 week current rates as the risk free rate.
  • 8. 6 The returns where calculated as: Ri = ln(Pt/Pt-1) or (6) Ri = ln(Pt) – In(Pt-1) (7) Where: Ri - Return of the stock Pt - Current Price Pt-1 - Previous Price. The Portfolio was calculated as: E(Rp) = ∑wiRi (8) Where: The weight of the stock in the portfolio is multiplied by the return and sum to form expected return on a portfolio E(Rp) - Expected Portfolio return Wi -Weight of the stock in the Portfolio Ri - Daily return of the stock. Average of one week Euribor rate was calculated using arithmetic mean method: ẋ= (x1+x2……xn)/n-1 (9) Value weight of a portfolio was calculated as: Wi = mkti Cap/ Tcap. p (10) Where: Wi - Weight of the stock in the portfolio mkti Cap - Market capitalization of a stock Tcap. p. - Total Market Capitalization of the portfolio
  • 9. 7 DATA ANALYSIS Econometric software EViews and Microsoft Excel were used to analysis the data to check for standards in empirical finance research such as descriptive statistics, normality and regression outputs. The authors used excel to calculate and organized the data for easy analysis in EViews. The results of the returns calculated using excel can be found in Appendix. Figure 1. Descriptive Statistics ELSIA_OYJ EW_PORTFO... KONE_OYJ NOKIA_OYJ OMXH_25 SAMPO_A_O... VW_PORTFO... Mean 0.104623 0.038904 0.017072 -0.012187 0.023506 0.046108 0.024564 Median 0.174125 0.074576 0.061576 0.000000 0.054869 0.086543 0.061198 Maximum 5.105028 3.699670 7.599276 7.611449 4.228915 3.340840 3.523872 Minimum -7.547004 -5.717911 -5.515814 -11.25127 -5.368657 -6.730883 -5.960839 Std. Dev. 1.263715 1.037867 1.357146 1.832891 1.127453 1.031524 1.097574 Skewness -0.796417 -0.332325 -0.036005 -0.499484 -0.227509 -1.120266 -0.447477 Kurtosis 10.27764 5.937528 6.201939 8.230021 4.505118 10.06566 5.833242 Jarque-Bera 959.7076 156.8498 177.3710 490.2369 42.75231 950.0650 152.6544 Probability 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 Sum 43.41850 16.14510 7.084697 -5.057747 9.754938 19.13494 10.19425 Sum Sq. Dev. 661.1481 445.9477 762.5237 1390.829 526.2565 440.5131 498.7329 Observations 415 415 415 415 415 415 415 Figure1. 1Represents the Descriptive Statistics for individual returns, the portfolio and the market OMX 25 Table 1. N= 4 COMPANIES MKT CAP VALUE WEIGHT EQUAL WEIGHT ELSIA 4,901,244,288.00 0.08 0.25 NOKIA 21,520,055,062.00 0.33 0.25 KONE 14,535,806,522.00 0.23 0.25 SAMPO A 23,553,420,000.00 0.37 0.25 TOTAL CAP 64,510,525,872.00 1.00 1 Table1: Represents portfolio weights and individual market capitalization (total number of outstanding share times the share price).
  • 10. 8 Normality Test The assumption for normality test is a standard test for a distribution in empirical finance. It is assumed that stock returns studied over time exhibit close to normal distribution, seldom will a distribution exhibit a normal distribution empirically, theoretical yes. That gives the researcher some confidence in the data to use for modeling or prediction purpose. Statistical benchmarks to check this normality have been developed and accepted in finance. The first and second moment’s i.e. mean and standard deviations are mostly used to measure normality test. Other tests such as skewness and kurtosis further gives the researcher the idea of extreme examples that often may be considered statistically significant to consider in the distribution. Assumption Under efficient market hypothesis, stock returns over time are normally distributed with Mean = 0, Standard deviation = 1 X~N (0, 1), H0: μ = 0, δ = 1 H1: μ ≠ 0, δ ≠ 1 In finance perceptive, the mean represents expected return stated previously and the standard deviation the risk. The authors tested the distribution to verify its conformity to the standard normal distribution to be used in modeling. The econometric software EViews was used to run the test and statistical measures such as the mean, standard deviation, skewness, kurtosis are shown in figure 1 above, Three independent distributions i.e. equal weight portfolio, value weight portfolio and the market portfolio (OMX 25) distributions were tested separately and shown graphically below. The authors tested for correlations between the distributions to verify the relationship between them. The statistical benchmark to observe is 1 and – 1, which is interpreted as perfectly positive correlation and perfectly negative correlation. Positive correlation means the distributions move in the same direction and negative for opposite direction. The test informs the researcher the pattern of the results.
  • 11. 9 Figure 1: Normality test of equal weighted portfolio Figure 2: Normality test of equal weighted portfolio From the figures above, with 415 observations, both equal weighted and value weighted portfolio distributions failed the normality test with mean and standard deviation of 0.038904, 0.024564 and 1.037867, 1.097574 respectively. Both observations are negatively skewed with kurtosis = 5. Hence we reject the null hypothesis that our distribution is a normal distribution. Figure 5: Normality test of Helsinki OMX 25 stock index
  • 12. 10 Furthermore, the Helsinki OMXH 25 distribution with 415 observations also failed the normality test with mean = 0.023506 and standard deviation = 1.127453, negatively skewed with 4.5 kurtosis, however it is statistically significate to be included in the model because it is very close to normal distribution. Correlation test Correlation is a statistical parameter that measures “the degree of linear association” between parameters. Even though two correlated variable may be treated symmetrical way, it doesn’t necessarily mean that changes in one variable would cause changes in another variable. In this context, correlation coefficient shows a linear relationship between two variables and relates the variables on an average scale in their movement in perspective of one another (Brooks 2008: 28). OMXH_25 EW_PORTFO...VW_PORTFO... OMXH_25 1 0.821961930...0.817021706... EW_PORTFO...0.821961930... 1 0.977212934... VW_PORTFO...0.817021706...0.977212934... 1 The correlation coefficient test shows that, the equal and value weighted portfolio distributions are positively correlated with the OMX 25 index. The correlation coefficients are very high indicating that there will not be much diversification of risk because the performance of the portfolio moves together with the market that is to emphasize that if the market is doing well, it is a signal to us that the portfolio will also be doing well likewise in bad times hence they will be exhibiting high betas. However, this is not the main objective of the study but to be considered in further studies. FINDINGS For empirical interpretations of the findings, econometric software tool EViews was used to running multiply one factor CAPM regression to ascertain the validity of the model in pricing financial assets i.e. returns of portfolio. Ordinary Least Squares (OLS) regression estimates will be used for interpretations.
  • 13. 11 Test 1. Assumption: daily risk free rate do not change significantly and will be excluded in the model: Figure 8: Simple regression analysis between Equal Weighted Portfolio and Helsinki OMX 25 index Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic 0.090619 Prob. F(1,413) 0.7635 Obs*R-squared 0.091037 Prob. Chi-Square(1) 0.7629 Scaled explained SS 0.241645 Prob. Chi-Square(1) 0.6230 From the result it shows that, there is no systematic mispricing in the model from the constant c (alpha) of 0.021118 and a Prob. Value of 0.4678, which is statistically insignificant. The OMXH 25 (beta) coefficient is 0.75665 below the benchmark of 1 meaning that no risk premium will be require investing in the index which is statistically significant with prob. Value of 0.0000. The model explained 0.675621 of the variations between the variables leaving about 0.32 unexplained with adjusted R square of 0.674836. Overall the model is statistically significate with prob. F- statistic of 0.000. A test on heteroskedascity with Breusch-Pagan-Godfrey shows that, the constant variance in the error component has not been violated with P. Value of the R squared 0.7629, giving the authors the confident that the estimates coefficients are reliable.
  • 14. 12 Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic 0.090619 Prob. F(1,413) 0.7635 Obs*R-squared 0.091037 Prob. Chi-Square(1) 0.7629 Scaled explained SS 0.241645 Prob. Chi-Square(1) 0.6230 However, the model was tested under the assumption of no significant changes in the daily risk free rate and that was not included in the model. Further test was done incorporating the risk free rate and the result shows: Figure 10: Simple regression analysis between Equal Weighted Portfolio and Helsinki OMX 25 index In this result, it was found that there were some significant systematic mispricing in the model indicating a Constant (c) value of 0.056915 and a prob. value of 0.0534 under the stated significance level. The systematic risk component OMXH 25 – Euribor risk free (beta) coefficient did not change, is still statistically significant with prob. Value of 0.000 as well as the R squared and the Adjusted R squared. The model showed homoscedasticity, meaning that the constant variance of the error component is upheld and we can be confident in the estimates to be true representative of the variables.
  • 15. 13 From this inference, we can reject the Null Hypothesis (H0) and accept the Alternative Hypothesis (H1) that the CAPM estimated over/under estimated the price of the portfolio and there were systematic mispricing for the equal weighted Portfolio. Test 2. The same procedure for the test 1 was implemented in test 2 for the value weighted portfolio, under the same assumptions. Dependent Variable: VW_PORTFOLIO Method: Least Squares Date: 10/01/15 Time: 21:17 Sample: 1/03/2014 8/31/2015 Included observations: 415 Variable Coefficient Std. Error t-Statistic Prob. C 0.005869 0.031111 0.188637 0.8505 OMXH_25 0.795369 0.027621 28.79578 0.0000 R-squared 0.667524 Mean dependent var 0.024564 Adjusted R-squared 0.666719 S.D. dependent var 1.097574 S.E. of regression 0.633635 Akaike info criterion 1.930119 Sum squared resid 165.8165 Schwarz criterion 1.949532 Log likelihood -398.4997 Hannan-Quinn criter. 1.937796 F-statistic 829.1967 Durbin-Watson stat 2.246786 Prob(F-statistic) 0.000000 Figure 12: Simple regression analysis between Value Weighted Portfolio as constant and Helsinki OMX 25 index Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic 1.067564 Prob. F(1,413) 0.3021 Obs*R-squared 1.069968 Prob. Chi-Square(1) 0.3010 Scaled explained SS 2.912995 Prob. Chi-Square(1) 0.0879 From the above results, similar pattern was shown that there is no systematic mispricing in the model from the constant c (alpha) of 0.00586 and with high Prob. Value of 0.8505 which is statistical insignificant under the stated significance level. The OMXH
  • 16. 14 25 (beta) coefficient is + 0.79536 below the benchmark of 1, meaning no risk premium will be required investing in the index, which is statistically significant with prob. Value of 0.0000. The model explained 0.66758 of the variations between the variables leaving about 0.32 unexplained with adjusted R square of 0.666719. Overall the model is statistically significate with prob. F- statistic of 0.0000 and no heteroscedasticity in the model hence we can be confident in the result. Moreover, incorporating the Euribor risk free rate, the results have shown that: Dependent Variable: VW_PORTFOLIO-EURIBOR_RATE Method: Least Squares Date: 10/01/15 Time: 21:44 Sample: 1/03/2014 8/31/2015 Included observations: 415 Variable Coefficient Std. Error t-Statistic Prob. C 0.035970 0.031459 1.143392 0.2535 OMXH_25-EURIBOR_RAT... 0.795369 0.027621 28.79578 0.0000 R-squared 0.667524 Mean dependent var 0.171664 Adjusted R-squared 0.666719 S.D. dependent var 1.097574 S.E. of regression 0.633635 Akaike info criterion 1.930119 Sum squared resid 165.8165 Schwarz criterion 1.949532 Log likelihood -398.4997 Hannan-Quinn criter. 1.937796 F-statistic 829.1967 Durbin-Watson stat 2.246786 Prob(F-statistic) 0.000000 Figure 14: Regression analysis between Value Weighted Portfolio (c) excluding Euribor Rate and Helsinki OMX 25 index. Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic 1.067564 Prob. F(1,413) 0.3021 Obs*R-squared 1.069968 Prob. Chi-Square(1) 0.3010 Scaled explained SS 2.912995 Prob. Chi-Square(1) 0.0879 There is no statistically mispricing in the model, given a prob. Value of 0.2535 for the constant coefficient of 0.03597 indicating no significance under the stated significance. Beta coefficient of the value weighted portfolio minus the Euribor risk-free rate is 0.795369 at a prob. Value of 0.00000. R squared and the Adjusted R square gives an indication that the model is a good model and statistically significant given the input data. The model showed homoscedasticity ( there is no heteroscedasticity). Hence, we
  • 17. 15 are confident that, the model estimated true coefficients with accurate P. values, therefore we can accept the null hypothesis on this result that the CAPM could exactly price the value weighted portfolio. CONCLUSION From the findings, it can be concluded that, the tested theoretical CAPM model which at any point in time should hold in pricing financial asset or estimating returns could only pass the test empirically on the value weighted portfolio and not on the equal weighted portfolio. Testing financial theories empirically could yield a different result, however that should not undermine the model as a good model to be used as a benchmark (Edwin et al. 2003:309) The approach under which this study was conducted may be different from the approach other researchers may adopt, however the underline assumption is to test the validity of CAPM in pricing the portfolios the authors have designed. The data size, portfolio stock selection and designing were very limited due to time and the authors recognize that it could impact on the result but alternatives or more diversified portfolios with very large data set can be used to improve on this finding in the future.
  • 18. 16 References Brooks, C., 2008. Introductory econometrics for finance. 2nd ed. Cambridge: Cambridge University Press. Choudhary, K. and S. Choudhary, 2010. Testing capital asset pricing model: empirical evidences from Indian equity market. Eurasian Journal of Business and Economics, 3(6), 136. Cuthbertson, K. and D. Nitzsche, 2004. Quantitative financial economics: stocks, bonds & foreign exchange. 2nd ed. John Wiley & Sons, Inc. Edwin, J.E., J. G. Martin, J. B. Stephen and N. G. William, 2003. Modern portfolio theory and investment analysis. 6th ed. John Wiley & Sons, Inc. Lintner, J., 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 15. Sharpe, W.F., 1964. Capital asset prices: a theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 433.
  • 19. 17 Appendix 1 Average daily return, value & equal weight portfolio and euribor discount rate Date ELIS A OYJ NOKI A OYJ SAMP O A OYJ KON E OYJ OMX H 25 VW PORTFOLI O EW PORTFOLI O EURIBO R RATE 03-01- 14 0.67 0.17 0.06 0.55 0.63 0.25 0.36 -0.1471 07-01- 14 0.31 0.34 -0.20 0.82 -0.17 0.25 0.32 -0.1471 08-01- 14 -0.62 0.00 -0.20 -1.64 -0.03 -0.49 -0.62 -0.1471 09-01- 14 0.83 1.68 0.42 -1.17 0.70 0.51 0.44 -0.1471 10-01- 14 0.36 -0.33 0.51 -0.59 0.64 -0.03 -0.01 -0.1471 13-01- 14 0.10 -0.50 -0.53 0.78 0.45 -0.18 -0.04 -0.1471 14-01- 14 -0.26 -2.21 -0.40 -0.34 -0.50 -0.98 -0.80 -0.1471 15-01- 14 0.56 1.02 0.62 0.19 1.12 0.65 0.60 -0.1471 16-01- 14 -0.05 0.00 -0.96 1.02 0.00 -0.13 0.00 -0.1471 17-01- 14 -0.31 -0.85 -0.65 0.18 -0.08 -0.51 -0.41 -0.1471 20-01- 14 -0.46 -0.17 0.11 -0.25 0.16 -0.11 -0.19 -0.1471 21-01- 14 0.46 -0.17 0.88 -0.49 -0.65 0.19 0.17 -0.1471 22-01- 14 0.05 -0.86 -0.25 1.65 0.51 0.00 0.15 -0.1471 23-01- 14 -0.41 -7.18 1.04 2.04 -1.32 -1.59 -1.13 -0.1471 24-01- 14 -2.50 -3.80 -2.07 -1.41 -2.06 -2.53 -2.44 -0.1471 27-01- 14 -0.32 -0.58 -2.44 -2.17 -1.17 -1.60 -1.38 -0.1471 28-01- 14 0.63 0.00 2.18 0.58 0.83 0.97 0.85 -0.1471 29-01- 14 -0.26 1.35 -0.37 -5.52 -0.23 -0.95 -1.20 -0.1471 30-01- 14 0.26 -0.58 -0.23 -0.62 -0.70 -0.40 -0.29 -0.1471 31-01- 14 -0.37 -0.39 -0.64 -1.35 -1.58 -0.69 -0.68 -0.1471 03-02- 14 -0.26 -1.76 -0.50 1.05 -0.98 -0.55 -0.37 -0.1471 04-02- -0.90 -1.79 -0.62 -0.13 0.78 -0.92 -0.86 -0.1471
  • 20. 18 14 05-02- 14 1.27 1.20 1.69 0.07 0.68 1.13 1.06 -0.1471 06-02- 14 0.94 1.18 2.15 1.69 2.81 1.63 1.49 -0.1471 07-02- 14 1.24 1.94 0.59 1.22 0.78 1.23 1.25 -0.1471 10-02- 14 0.31 4.88 0.48 0.70 0.86 1.98 1.59 -0.1471 11-02- 14 1.68 -1.48 1.28 0.91 1.26 0.31 0.60 -0.1471 12-02- 14 0.40 -1.88 2.03 0.06 -0.15 0.16 0.15 -0.1471 13-02- 14 0.35 -0.38 -0.98 -1.35 -0.12 -0.76 -0.59 -0.1471 14-02- 14 0.05 -0.57 0.74 0.22 0.19 0.13 0.11 -0.1471 17-02- 14 0.75 -0.19 0.65 0.28 0.41 0.29 0.37 -0.1471 18-02- 14 0.45 1.14 -0.35 -0.19 -0.06 0.24 0.26 -0.1471 19-02- 14 0.79 0.94 -0.46 -0.03 0.25 0.20 0.31 -0.1471 20-02- 14 0.20 0.19 -0.19 -0.38 0.00 -0.08 -0.05 -0.1471 21-02- 14 -0.25 1.30 0.19 0.44 0.58 0.59 0.42 -0.1471 24-02- 14 0.54 1.10 -0.14 -1.08 0.44 0.12 0.11 -0.1471 25-02- 14 0.49 1.81 -1.93 -3.18 0.14 -0.78 -0.70 -0.1471 26-02- 14 -0.78 0.72 1.52 -2.13 -0.71 0.25 -0.17 -0.1471 27-02- 14 -0.84 -0.72 0.14 -1.39 -0.01 -0.57 -0.70 -0.1471 28-02- 14 0.15 0.54 0.19 0.27 0.06 0.32 0.29 -0.1471 03-03- 14 -1.34 -2.53 -1.57 -1.79 -2.81 -1.92 -1.81 -0.1471 04-03- 14 1.14 1.99 1.35 1.31 2.20 1.54 1.45 -0.1471 05-03- 14 1.13 1.43 0.05 -0.89 0.35 0.38 0.43 -0.1471 06-03- 14 0.05 0.18 0.27 0.72 0.52 0.32 0.31 -0.1471 07-03- 14 0.05 0.53 -0.85 0.82 -1.40 0.06 0.14 -0.1471 10-03- 14 0.24 0.18 -0.55 -2.16 -0.84 -0.61 -0.57 -0.1471 11-03- 14 0.44 -0.70 -0.17 -0.03 0.06 -0.27 -0.12 -0.1471 12-03- 14 -0.15 -2.14 -1.03 -2.11 -1.77 -1.58 -1.36 -0.1471
  • 21. 19 13-03- 14 -1.27 -0.36 -1.07 -1.03 -1.43 -0.84 -0.93 -0.1471 14-03- 14 -1.89 -2.20 -1.08 0.89 0.02 -1.07 -1.07 -0.1471 17-03- 14 3.16 1.10 1.67 2.91 1.53 1.87 2.21 -0.1471 18-03- 14 0.73 0.18 1.81 1.91 0.86 1.21 1.16 -0.1471 19-03- 14 0.39 -0.37 0.63 -0.34 -0.76 0.06 0.08 -0.1471 20-03- 14 0.34 -0.74 -0.36 -1.44 -1.12 -0.67 -0.55 -0.1471 21-03- 14 0.29 -1.68 0.11 0.45 -0.47 -0.40 -0.21 -0.1471 24-03- 14 -1.01 -2.09 -0.44 -0.69 -1.19 -1.09 -1.06 -0.1471 25-03- 14 -1.60 0.96 1.02 0.86 1.33 0.76 0.31 -0.1471 26-03- 14 0.88 1.70 1.06 2.00 1.20 1.47 1.41 -0.1471 27-03- 14 -0.10 -0.94 0.65 0.70 -0.67 0.07 0.08 -0.1471 28-03- 14 1.11 0.75 0.00 0.83 1.12 0.52 0.67 -0.1471 31-03- 14 0.58 0.56 0.80 0.49 0.52 0.64 0.61 -0.1471 01-04- 14 0.38 0.93 1.82 0.85 2.13 1.20 1.00 -0.1471 02-04- 14 -0.38 2.19 0.73 0.46 0.19 1.07 0.75 -0.1471 03-04- 14 -7.55 0.72 -0.49 1.26 -0.53 -0.23 -1.52 -0.1471 04-04- 14 -1.09 -0.54 0.00 0.29 0.20 -0.20 -0.33 -0.1471 07-04- 14 0.47 -3.48 -0.58 -1.81 -1.32 -1.74 -1.35 -0.1471 08-04- 14 -0.68 2.76 -0.95 0.68 0.09 0.68 0.45 -0.1471 09-04- 14 0.42 0.72 -0.19 1.79 -0.25 0.61 0.69 -0.1471 10-04- 14 1.24 1.08 -0.32 -0.70 -0.89 0.18 0.32 -0.1471 11-04- 14 -0.83 -3.08 -1.26 -2.36 -1.46 -2.08 -1.88 -0.1471 14-04- 14 -0.94 -2.42 -0.70 0.46 -0.74 -1.03 -0.90 -0.1471 15-04- 14 0.31 -1.14 -0.22 0.00 -1.10 -0.43 -0.26 -0.1471 16-04- 14 1.30 -0.38 0.33 -0.98 1.32 -0.13 0.06 -0.1471 17-04- 14 0.77 1.33 0.30 0.03 0.44 0.62 0.61 -0.1471 22-04- 14 1.97 2.42 0.81 2.28 1.75 1.77 1.87 -0.1471
  • 22. 20 23-04- 14 0.70 -1.48 -0.59 0.26 0.17 -0.60 -0.28 -0.1471 24-04- 14 4.14 -1.13 0.35 -0.97 0.01 -0.15 0.60 -0.1471 25-04- 14 0.57 0.38 -4.62 -0.23 -1.42 -1.57 -0.98 -0.1471 28-04- 14 0.47 -1.71 -0.14 -0.13 -0.57 -0.62 -0.38 -0.1471 29-04- 14 1.78 3.76 1.54 0.49 2.01 2.06 1.89 -0.1471 30-04- 14 -0.19 -0.93 -0.50 -0.23 -0.05 -0.56 -0.46 -0.1471 02-05- 14 1.29 -0.19 0.17 -0.26 0.05 0.04 0.25 -0.1471 05-05- 14 -0.18 -1.50 0.19 -1.01 -0.14 -0.67 -0.63 -0.1471 06-05- 14 1.01 -0.57 0.64 -0.96 -0.22 -0.10 0.03 -0.1471 07-05- 14 0.41 -0.38 -0.36 -0.97 0.34 -0.45 -0.32 -0.1471 08-05- 14 -0.05 1.52 0.72 0.90 1.34 0.97 0.77 -0.1471 09-05- 14 -0.41 -0.38 -0.64 0.10 -0.10 -0.37 -0.33 -0.1471 12-05- 14 0.59 1.13 0.11 0.53 0.79 0.58 0.59 -0.1471 13-05- 14 0.54 1.85 0.55 1.76 1.13 1.26 1.18 -0.1471 14-05- 14 -0.45 -0.92 -0.88 0.61 -0.41 -0.53 -0.41 -0.1471 15-05- 14 -0.45 -1.30 -0.19 -0.13 -1.05 -0.57 -0.52 -0.1471 16-05- 14 -0.59 -0.94 -0.22 -0.26 -0.58 -0.50 -0.50 -0.1471 19-05- 14 1.95 -0.19 0.17 -0.13 0.73 0.12 0.45 -0.1471 20-05- 14 1.29 1.32 0.67 1.45 0.77 1.11 1.18 -0.1471 21-05- 14 -0.58 2.77 0.61 -1.15 0.59 0.84 0.41 -0.1471 22-05- 14 -0.45 3.40 0.05 0.68 0.54 1.27 0.92 -0.1471 23-05- 14 -0.49 1.05 -0.33 -0.97 0.25 -0.03 -0.18 -0.1471 26-05- 14 0.09 0.69 0.74 -0.42 0.41 0.41 0.28 -0.1471 27-05- 14 -0.63 0.17 0.00 -0.20 -0.21 -0.03 -0.16 -0.1471 28-05- 14 -0.77 0.00 -0.05 -0.52 -0.43 -0.20 -0.34 -0.1471 30-05- 14 -0.50 1.71 1.60 -0.66 0.08 0.97 0.54 -0.1471 02-06- 14 1.00 0.51 0.27 -0.73 0.80 0.18 0.26 -0.1471
  • 23. 21 03-06- 14 -0.05 -0.68 -0.35 -0.27 -0.94 -0.42 -0.33 -0.1471 04-06- 14 0.05 -1.54 0.11 -0.87 0.12 -0.67 -0.56 -0.1471 05-06- 14 0.99 0.86 1.05 0.13 0.51 0.77 0.76 -0.1471 06-06- 14 1.38 0.34 1.06 1.03 0.95 0.84 0.95 -0.1471 09-06- 14 0.22 -1.03 0.00 0.50 0.27 -0.21 -0.08 -0.1471 10-06- 14 0.44 1.37 -0.77 -0.93 -0.09 0.00 0.03 -0.1471 11-06- 14 -0.66 0.85 -0.16 1.23 -0.55 0.45 0.31 -0.1471 12-06- 14 0.18 0.50 -0.29 0.82 0.17 0.26 0.30 -0.1471 13-06- 14 -1.78 -0.50 -1.10 0.55 -0.39 -0.58 -0.71 -0.1471 16-06- 14 -0.50 -0.68 0.24 0.00 -0.24 -0.17 -0.23 -0.1471 17-06- 14 -0.09 0.00 0.48 0.97 0.25 0.39 0.34 -0.1471 18-06- 14 0.36 -4.69 -0.08 0.10 0.33 -1.55 -1.08 -0.1471 19-06- 14 1.07 2.29 0.19 0.93 0.36 1.12 1.12 -0.1471 23-06- 14 0.27 0.52 -0.05 0.10 0.35 0.20 0.21 -0.1471 24-06- 14 0.31 -1.22 -0.59 -0.73 -1.19 -0.76 -0.56 -0.1471 25-06- 14 -0.93 -1.59 -1.41 -1.19 -1.40 -1.38 -1.28 -0.1471 26-06- 14 0.40 0.00 1.03 -0.59 0.32 0.28 0.21 -0.1471 27-06- 14 -0.45 -0.54 0.08 -0.23 -0.16 -0.23 -0.28 -0.1471 30-06- 14 0.36 -0.72 -0.27 -0.13 -0.65 -0.34 -0.19 -0.1471 01-07- 14 0.22 0.54 1.02 -0.85 0.67 0.38 0.23 -0.1471 02-07- 14 -0.62 0.36 1.68 0.46 0.37 0.79 0.47 -0.1471 03-07- 14 1.07 1.07 0.26 2.11 1.28 1.01 1.13 -0.1471 04-07- 14 -0.62 -0.35 0.18 0.67 -0.73 0.05 -0.03 -0.1471 07-07- 14 -0.04 -0.89 -0.98 -0.74 -0.64 -0.82 -0.66 -0.1471 08-07- 14 0.44 -2.54 -0.85 -0.29 -1.43 -1.19 -0.81 -0.1471 09-07- 14 0.44 0.00 -0.83 -0.58 0.20 -0.40 -0.24 -0.1471 10-07- 14 -0.93 0.55 -0.03 -0.82 -1.10 -0.08 -0.31 -0.1471
  • 24. 22 11-07- 14 -0.63 0.36 0.35 -0.62 -0.16 0.06 -0.13 -0.1471 14-07- 14 1.16 0.18 0.43 1.08 1.74 0.55 0.71 -0.1471 15-07- 14 0.31 -0.73 1.30 -0.49 -0.73 0.15 0.10 -0.1471 16-07- 14 -4.11 1.09 0.82 1.20 1.59 0.62 -0.25 -0.1471 17-07- 14 -2.05 0.18 0.13 1.76 -0.63 0.35 0.01 -0.1471 18-07- 14 -0.80 1.43 -0.76 2.54 0.26 0.71 0.60 -0.1471 21-07- 14 0.19 0.36 -0.21 0.22 0.52 0.10 0.14 -0.1471 22-07- 14 1.04 0.71 0.68 -0.50 0.15 0.45 0.48 -0.1471 23-07- 14 0.98 0.18 0.00 -0.65 0.72 -0.01 0.12 -0.1471 24-07- 14 0.00 7.61 -0.24 0.25 0.48 2.51 1.91 -0.1471 25-07- 14 0.05 -0.16 -0.47 0.28 -0.20 -0.16 -0.08 -0.1471 28-07- 14 -0.23 -0.65 -0.53 -0.31 -0.57 -0.50 -0.43 -0.1471 29-07- 14 0.32 0.16 -0.11 -0.53 0.02 -0.08 -0.04 -0.1471 30-07- 14 0.09 0.00 -0.35 -0.76 -0.49 -0.29 -0.25 -0.1471 31-07- 14 -0.79 -2.15 -0.48 -0.06 -1.08 -0.97 -0.87 -0.1471 01-08- 14 -2.07 -1.69 -0.84 -1.31 -1.05 -1.32 -1.48 -0.1471 04-08- 14 0.24 0.17 -0.19 -0.39 0.40 -0.08 -0.04 -0.1471 05-08- 14 0.57 1.18 0.22 0.64 -0.45 0.66 0.65 -0.1471 06-08- 14 -1.57 -1.69 -1.28 0.29 -1.40 -1.09 -1.06 -0.1471 07-08- 14 -0.34 0.00 0.76 0.22 -0.40 0.30 0.16 -0.1471 08-08- 14 -1.94 -2.25 -1.67 -1.12 -1.69 -1.76 -1.75 -0.1471 11-08- 14 1.32 1.73 0.44 1.63 1.71 1.21 1.28 -0.1471 12-08- 14 0.34 -0.17 1.04 0.91 0.05 0.55 0.53 -0.1471 13-08- 14 0.19 -0.17 -0.93 0.34 0.23 -0.30 -0.14 -0.1471 14-08- 14 -0.19 1.20 -0.74 -0.72 0.12 -0.05 -0.11 -0.1471 15-08- 14 0.05 -0.68 0.88 -0.69 -0.25 -0.06 -0.11 -0.1471 18-08- 14 -0.19 0.51 0.49 0.76 1.01 0.51 0.39 -0.1471
  • 25. 23 19-08- 14 0.10 1.19 0.65 1.03 1.25 0.87 0.74 -0.1471 20-08- 14 -0.44 3.48 0.05 0.59 0.40 1.28 0.92 -0.1471 21-08- 14 0.19 1.94 0.59 -0.06 0.84 0.86 0.67 -0.1471 22-08- 14 0.58 -0.80 0.35 -0.50 -0.57 -0.21 -0.09 -0.1471 25-08- 14 0.34 0.80 0.59 -0.84 0.65 0.32 0.22 -0.1471 26-08- 14 0.00 0.16 0.13 -0.91 0.22 -0.10 -0.16 -0.1471 27-08- 14 1.14 -0.96 0.21 0.00 0.29 -0.16 0.10 -0.1471 28-08- 14 -0.90 -1.62 -1.07 0.85 -1.58 -0.81 -0.69 -0.1471 29-08- 14 -0.77 3.54 0.56 0.72 0.57 1.49 1.01 -0.1471 01-09- 14 -0.14 -0.16 0.08 -0.09 -0.14 -0.06 -0.08 -0.1471 02-09- 14 -0.19 0.63 0.53 0.87 0.61 0.59 0.46 -0.1471 03-09- 14 -0.48 1.41 0.48 1.20 0.83 0.88 0.65 -0.1471 04-09- 14 1.50 0.46 0.21 1.25 1.12 0.63 0.85 -0.1471 05-09- 14 0.48 -0.46 -0.24 0.48 -0.26 -0.10 0.06 -0.1471 08-09- 14 -0.05 1.23 -0.29 -0.39 0.11 0.21 0.13 -0.1471 09-09- 14 -0.62 0.00 -0.61 -0.09 -0.83 -0.29 -0.33 -0.1471 10-09- 14 -1.26 -1.08 -0.21 -1.28 -0.81 -0.82 -0.96 -0.1471 11-09- 14 -0.05 1.08 -0.21 -0.43 -0.37 0.18 0.10 -0.1471 12-09- 14 -0.44 0.31 -0.30 -0.06 -0.21 -0.05 -0.12 -0.1471 15-09- 14 0.05 1.21 -0.27 -0.86 -0.07 0.12 0.03 -0.1471 16-09- 14 -0.29 -0.45 -0.11 -0.22 -0.63 -0.26 -0.27 -0.1471 17-09- 14 2.75 0.60 0.51 0.22 0.82 0.65 1.02 -0.1471 18-09- 14 -0.10 0.60 0.16 0.19 0.23 0.29 0.21 -0.1471 19-09- 14 0.43 1.78 2.44 0.09 0.94 1.54 1.18 -0.1471 22-09- 14 -0.48 -0.29 0.81 -0.46 -0.12 0.06 -0.11 -0.1471 23-09- 14 -0.86 -1.34 -0.16 -1.06 -1.24 -0.81 -0.85 -0.1471 24-09- 14 0.34 0.30 -0.05 0.44 0.38 0.20 0.26 -0.1471
  • 26. 24 25-09- 14 0.57 1.33 0.34 0.28 -0.56 0.67 0.63 -0.1471 26-09- 14 0.19 -0.44 -0.44 -0.63 0.13 -0.44 -0.33 -0.1471 29-09- 14 -0.29 0.00 -0.03 -1.48 -0.51 -0.37 -0.45 -0.1471 30-09- 14 0.19 -0.30 0.00 1.04 0.64 0.15 0.23 -0.1471 01-10- 14 -0.62 -1.34 -0.78 0.19 -1.42 -0.74 -0.64 -0.1471 02-10- 14 -1.69 -1.21 -0.39 -1.81 -1.76 -1.08 -1.28 -0.1471 03-10- 14 -0.59 0.30 0.29 0.06 1.08 0.18 0.02 -0.1471 06-10- 14 -1.13 4.15 0.03 0.86 1.05 1.50 0.98 -0.1471 07-10- 14 -1.80 -3.55 -0.90 -0.22 -1.87 -1.70 -1.62 -0.1471 08-10- 14 -3.13 -3.06 0.53 -0.61 -1.42 -1.20 -1.57 -0.1471 09-10- 14 -0.37 1.39 0.00 1.33 -0.24 0.74 0.59 -0.1471 10-10- 14 -0.47 -2.48 -1.60 -2.23 -1.63 -1.95 -1.70 -0.1471 13-10- 14 -0.47 0.16 -0.62 -0.16 -0.15 -0.25 -0.27 -0.1471 14-10- 14 0.32 -0.79 -0.38 0.13 0.51 -0.35 -0.18 -0.1471 15-10- 14 -1.38 -3.21 -2.02 -0.45 -3.15 -2.02 -1.77 -0.1471 16-10- 14 -1.23 -0.98 -2.55 -1.17 0.03 -1.62 -1.48 -0.1471 17-10- 14 5.11 2.44 2.30 3.48 3.27 2.83 3.33 -0.1471 20-10- 14 0.46 -0.32 0.00 0.79 -0.66 0.11 0.23 -0.1471 21-10- 14 1.62 1.92 1.02 1.59 2.00 1.49 1.54 -0.1471 22-10- 14 2.04 2.19 0.79 0.46 1.20 1.28 1.37 -0.1471 23-10- 14 2.10 4.83 0.60 0.06 0.78 2.00 1.90 -0.1471 24-10- 14 -0.10 -1.94 0.59 0.52 -1.03 -0.32 -0.23 -0.1471 27-10- 14 0.58 -0.45 0.54 0.61 -0.30 0.23 0.32 -0.1471 28-10- 14 1.81 0.30 0.32 0.36 1.86 0.44 0.70 -0.1471 29-10- 14 1.03 -0.91 0.45 0.36 -0.12 0.02 0.23 -0.1471 30-10- 14 0.09 -0.30 -0.24 0.45 0.47 -0.08 0.00 -0.1471 31-10- 14 1.76 1.51 1.37 2.55 1.17 1.71 1.80 -0.1471
  • 27. 25 03-11- 14 0.23 0.90 -0.26 -0.85 -0.66 0.03 0.00 -0.1471 04-11- 14 0.23 -2.11 0.47 -1.49 -0.78 -0.85 -0.72 -0.1471 05-11- 14 0.95 0.30 0.91 1.78 1.44 0.91 0.99 -0.1471 06-11- 14 -0.09 -0.15 -0.47 0.62 0.08 -0.09 -0.02 -0.1471 07-11- 14 -0.82 -1.53 -1.55 0.03 -1.13 -1.13 -0.97 -0.1471 10-11- 14 -0.14 0.31 -0.24 1.25 0.88 0.29 0.30 -0.1471 11-11- 14 2.74 1.22 0.98 1.15 0.51 1.23 1.52 -0.1471 12-11- 14 -0.89 -1.07 -0.50 -0.72 -1.46 -0.77 -0.79 -0.1471 13-11- 14 0.36 1.37 0.37 1.06 0.98 0.86 0.79 -0.1471 14-11- 14 0.31 -3.54 0.45 0.03 -0.33 -0.99 -0.69 -0.1471 17-11- 14 0.31 -2.86 -0.45 0.03 0.05 -1.09 -0.74 -0.1471 18-11- 14 0.44 2.23 0.11 0.57 1.10 0.94 0.84 -0.1471 19-11- 14 0.92 -1.11 -0.32 0.17 -0.22 -0.38 -0.08 -0.1471 20-11- 14 -0.57 -0.16 -0.08 -0.08 0.03 -0.14 -0.22 -0.1471 21-11- 14 1.87 2.99 1.18 3.34 2.70 2.32 2.35 -0.1471 24-11- 14 0.56 1.54 0.78 2.35 1.32 1.37 1.31 -0.1471 25-11- 14 -0.82 0.30 0.70 1.46 0.20 0.62 0.41 -0.1471 26-11- 14 -0.22 0.46 0.44 -0.95 -0.01 0.08 -0.07 -0.1471 27-11- 14 0.91 1.06 1.07 -0.48 0.24 0.70 0.64 -0.1471 28-11- 14 0.21 0.00 0.43 -0.91 -1.18 -0.03 -0.07 -0.1471 01-12- 14 -0.39 0.30 -0.43 -0.11 -0.19 -0.11 -0.16 -0.1471 02-12- 14 -0.22 0.45 0.56 1.21 0.01 0.61 0.50 -0.1471 03-12- 14 0.60 -0.90 -0.45 0.64 0.43 -0.28 -0.03 -0.1471 04-12- 14 0.26 -0.45 -0.10 0.66 -0.36 -0.02 0.09 -0.1471 05-12- 14 1.95 1.50 0.23 0.42 1.53 0.83 1.02 -0.1471 08-12- 14 -0.25 1.03 -0.38 -0.10 -0.54 0.16 0.07 -0.1471 09-12- 14 -0.42 -3.29 -0.71 -1.91 -1.67 -1.82 -1.58 -0.1471
  • 28. 26 10-12- 14 0.25 0.61 -0.31 -0.64 -0.34 -0.04 -0.02 -0.1471 11-12- 14 0.80 -1.06 0.49 -0.76 -0.14 -0.29 -0.13 -0.1471 12-12- 14 -1.94 -1.38 -1.18 -2.14 -2.41 -1.52 -1.66 -0.1471 15-12- 14 -2.85 -2.35 -1.35 -0.50 -2.42 -1.61 -1.76 -0.1471 16-12- 14 -3.80 -1.92 -1.79 -0.50 1.25 -1.70 -2.00 -0.1471 17-12- 14 0.95 1.12 0.13 1.75 0.26 0.89 0.99 -0.1471 18-12- 14 2.36 3.61 2.08 2.39 2.61 2.68 2.61 -0.1471 19-12- 14 0.48 -0.31 1.01 1.07 -0.12 0.54 0.56 -0.1471 22-12- 14 0.83 0.62 1.28 0.90 0.62 0.94 0.91 -0.1471 23-12- 14 -0.35 1.37 0.79 -0.18 1.04 0.68 0.41 -0.1471 29-12- 14 -0.35 0.45 -0.08 0.24 -0.09 0.15 0.07 -0.1471 30-12- 14 -0.88 -0.76 -1.40 -0.55 -1.25 -0.95 -0.90 -0.1471 02-01- 15 0.35 0.76 0.31 0.00 0.63 0.39 0.35 -0.1471 05-01- 15 -0.62 -1.98 -0.31 -0.85 -2.00 -1.01 -0.94 -0.1471 07-01- 15 1.10 -1.71 -1.68 -1.34 -0.60 -1.40 -0.91 -0.1471 08-01- 15 0.22 0.93 1.35 0.30 1.87 0.89 0.70 -0.1471 09-01- 15 0.17 -0.62 0.61 0.27 -0.56 0.09 0.11 -0.1471 12-01- 15 0.70 -0.31 -0.18 0.11 0.15 -0.09 0.08 -0.1471 13-01- 15 2.02 0.93 0.94 0.86 0.99 1.00 1.19 -0.1471 14-01- 15 -0.51 0.93 -0.48 -0.86 -1.49 -0.10 -0.23 -0.1471 15-01- 15 -0.90 -1.08 -0.31 0.38 1.43 -0.46 -0.48 -0.1471 16-01- 15 -0.17 0.46 1.40 2.41 1.70 1.19 1.02 -0.1471 19-01- 15 2.39 1.99 1.50 2.89 1.86 2.04 2.19 -0.1471 20-01- 15 2.66 0.75 1.18 0.00 0.07 0.89 1.15 -0.1471 21-01- 15 -0.21 0.00 0.17 0.48 1.18 0.16 0.11 -0.1471 22-01- 15 0.94 2.67 1.72 2.72 2.10 2.20 2.01 -0.1471 23-01- 15 2.26 3.88 2.89 2.74 2.39 3.14 2.94 -0.1471
  • 29. 27 26-01- 15 1.07 0.14 0.35 1.57 1.33 0.61 0.78 -0.1471 27-01- 15 -0.87 0.00 -0.75 0.75 -1.97 -0.17 -0.22 -0.1471 28-01- 15 -1.04 0.42 2.14 -0.16 1.13 0.80 0.34 -0.1471 29-01- 15 -1.17 -3.56 -1.23 -3.48 -1.58 -2.51 -2.36 -0.1471 30-01- 15 -3.89 -0.73 0.12 -3.93 0.11 -1.38 -2.11 -0.1471 02-02- 15 -0.42 -1.62 -0.51 -0.15 -0.76 -0.79 -0.68 -0.1471 03-02- 15 -0.81 1.47 1.21 0.60 1.55 1.01 0.62 -0.1471 04-02- 15 -0.17 0.00 -0.12 -0.38 -0.13 -0.14 -0.17 -0.1471 05-02- 15 0.17 0.15 0.44 2.27 2.24 0.73 0.76 -0.1471 06-02- 15 0.30 -0.15 0.21 0.10 -0.01 0.07 0.11 -0.1471 09-02- 15 0.21 -2.07 -1.27 -1.36 -1.40 -1.45 -1.12 -0.1471 10-02- 15 0.89 2.36 -0.30 -1.05 0.56 0.51 0.47 -0.1471 11-02- 15 0.13 1.16 0.84 -0.23 -0.36 0.65 0.47 -0.1471 12-02- 15 -0.21 1.29 0.28 0.55 1.04 0.64 0.48 -0.1471 13-02- 15 -0.89 0.28 0.80 1.17 0.75 0.59 0.34 -0.1471 16-02- 15 0.30 -0.14 -0.09 -0.75 -0.31 -0.23 -0.17 -0.1471 17-02- 15 -0.08 -0.14 -0.46 -0.10 -0.06 -0.24 -0.20 -0.1471 18-02- 15 0.89 1.13 0.39 0.52 0.76 0.71 0.73 -0.1471 19-02- 15 0.04 0.14 0.34 0.17 -0.12 0.21 0.18 -0.1471 20-02- 15 0.17 -0.14 0.23 0.45 0.39 0.15 0.18 -0.1471 23-02- 15 0.42 -0.42 0.79 0.91 0.47 0.39 0.43 -0.1471 24-02- 15 0.29 0.00 0.72 -1.61 0.82 -0.08 -0.15 -0.1471 25-02- 15 0.33 0.42 0.54 1.71 -0.18 0.75 0.75 -0.1471 26-02- 15 0.42 0.84 -0.47 1.87 0.37 0.56 0.66 -0.1471 27-02- 15 0.21 0.00 0.69 -0.87 -0.11 0.07 0.01 -0.1471 02-03- 15 0.78 0.97 -0.04 1.06 0.19 0.61 0.69 -0.1471 03-03- 15 0.20 0.55 -0.04 -1.06 -0.74 -0.06 -0.09 -0.1471
  • 30. 28 04-03- 15 -0.29 -0.69 -0.36 -2.83 -0.15 -1.02 -1.04 -0.1471 05-03- 15 1.55 1.24 1.35 0.97 1.05 1.24 1.28 -0.1471 06-03- 15 -0.24 0.27 0.94 0.30 0.59 0.48 0.32 -0.1471 09-03- 15 -1.26 -1.37 0.00 -1.14 0.19 -0.81 -0.94 -0.1471 10-03- 15 -0.70 -0.42 1.00 -0.60 -0.64 0.04 -0.18 -0.1471 11-03- 15 1.68 1.38 0.71 1.10 1.72 1.09 1.22 -0.1471 12-03- 15 0.24 -0.41 0.49 0.30 -0.12 0.13 0.16 -0.1471 13-03- 15 -0.04 0.00 0.19 0.05 -0.01 0.08 0.05 -0.1471 16-03- 15 -0.16 0.69 0.36 0.02 0.81 0.35 0.23 -0.1471 17-03- 15 0.32 -0.55 -0.38 1.67 -0.11 0.08 0.27 -0.1471 18-03- 15 -0.61 -0.28 0.85 1.64 0.32 0.54 0.40 -0.1471 19-03- 15 0.28 0.69 0.34 0.50 0.86 0.49 0.45 -0.1471 20-03- 15 0.24 -0.14 1.26 0.74 0.52 0.60 0.52 -0.1471 23-03- 15 0.61 -0.83 -0.23 -0.45 -0.22 -0.41 -0.22 -0.1471 24-03- 15 0.68 0.69 -0.04 0.52 0.36 0.38 0.46 -0.1471 25-03- 15 1.67 -0.27 -0.02 0.28 -0.71 0.09 0.41 -0.1471 26-03- 15 -1.63 -3.50 -1.58 -1.21 -1.14 -2.14 -1.98 -0.1471 27-03- 15 -6.78 1.13 0.08 -0.81 -0.93 -0.29 -1.59 -0.1471 30-03- 15 -0.34 0.42 1.18 1.17 0.99 0.81 0.61 -0.1471 31-03- 15 0.51 0.14 -0.93 -1.58 -1.08 -0.61 -0.46 -0.1471 01-04- 15 -0.26 -1.41 0.27 -0.99 -0.02 -0.61 -0.60 -0.1471 02-04- 15 0.13 0.14 0.61 0.58 0.25 0.41 0.37 -0.1471 07-04- 15 -0.17 1.27 0.96 1.99 1.36 1.21 1.01 -0.1471 08-04- 15 0.00 0.14 0.66 0.83 0.21 0.47 0.41 -0.1471 09-04- 15 1.49 0.14 0.02 0.54 0.41 0.29 0.55 -0.1471 10-04- 15 1.84 4.10 1.07 1.33 1.18 2.20 2.08 -0.1471 13-04- 15 0.78 3.94 0.18 0.28 0.53 1.50 1.30 -0.1471
  • 31. 29 14-04- 15 0.98 -5.16 -0.27 -0.02 -0.44 -1.75 -1.12 -0.1471 15-04- 15 0.28 3.20 0.53 -0.53 0.17 1.16 0.87 -0.1471 16-04- 15 4.72 -4.71 -0.16 -0.84 -0.28 -1.46 -0.25 -0.1471 17-04- 15 0.73 -0.69 -6.73 -1.46 -2.10 -2.96 -2.04 -0.1471 20-04- 15 0.69 -1.40 -0.37 0.38 0.46 -0.46 -0.17 -0.1471 21-04- 15 2.56 2.91 0.39 1.85 1.44 1.73 1.93 -0.1471 22-04- 15 0.85 2.56 -1.78 -3.13 -1.60 -0.44 -0.37 -0.1471 23-04- 15 0.66 -2.43 -1.29 -3.93 -1.07 -2.12 -1.75 -0.1471 24-04- 15 0.22 -1.24 -1.26 2.04 0.71 -0.40 -0.06 -0.1471 27-04- 15 0.44 -1.53 0.25 -0.39 0.30 -0.47 -0.31 -0.1471 28-04- 15 0.65 -1.55 -0.45 -1.11 -2.53 -0.88 -0.62 -0.1471 29-04- 15 -0.80 -2.31 -0.64 -2.71 -2.58 -1.67 -1.61 -0.1471 30-04- 15 -0.48 -11.25 -0.83 -2.47 -1.15 -4.65 -3.76 -0.1471 04-05- 15 0.84 -3.32 0.37 1.89 0.81 -0.48 -0.06 -0.1471 05-05- 15 -0.40 -0.34 -1.30 -0.54 -2.50 -0.74 -0.64 -0.1471 06-05- 15 -0.48 -1.36 -0.33 -0.85 -0.43 -0.80 -0.75 -0.1471 07-05- 15 -0.55 0.85 0.09 0.08 1.01 0.29 0.12 -0.1471 08-05- 15 0.29 4.81 2.29 2.00 2.41 2.91 2.35 -0.1471 11-05- 15 0.77 1.77 0.59 0.08 -0.29 0.88 0.80 -0.1471 12-05- 15 -1.32 -2.25 -1.63 -1.97 -1.68 -1.89 -1.79 -0.1471 13-05- 15 0.96 0.49 0.80 1.47 0.98 0.86 0.93 -0.1471 15-05- 15 0.22 -1.31 0.14 1.09 0.44 -0.12 0.04 -0.1471 18-05- 15 0.04 -0.49 -0.09 -0.99 -0.16 -0.42 -0.38 -0.1471 19-05- 15 0.11 3.25 1.68 0.96 1.86 1.92 1.50 -0.1471 20-05- 15 0.15 1.90 0.52 0.80 0.84 1.01 0.84 -0.1471 21-05- 15 -0.29 3.09 0.16 0.05 0.50 1.08 0.75 -0.1471 22-05- 15 0.26 0.45 0.18 -0.03 -0.23 0.23 0.22 -0.1471
  • 32. 30 25-05- 15 -0.51 -1.37 -1.42 -0.83 -0.87 -1.20 -1.03 -0.1471 26-05- 15 -0.37 0.92 -0.25 -1.07 -0.70 -0.05 -0.19 -0.1471 27-05- 15 0.81 2.25 -0.39 -0.15 0.95 0.64 0.63 -0.1471 28-05- 15 0.04 0.00 -0.57 -0.10 -0.73 -0.23 -0.16 -0.1471 29-05- 15 1.59 -0.60 -1.34 -1.65 -1.28 -0.94 -0.50 -0.1471 01-06- 15 0.50 0.30 0.21 -0.10 0.42 0.19 0.23 -0.1471 02-06- 15 0.50 -1.05 -0.12 0.91 0.12 -0.15 0.06 -0.1471 03-06- 15 0.00 -0.15 0.30 -1.48 0.11 -0.27 -0.33 -0.1471 04-06- 15 -1.00 -0.45 -0.37 -2.12 -1.05 -0.84 -0.99 -0.1471 05-06- 15 -0.72 -2.14 -1.07 0.11 -1.30 -1.14 -0.96 -0.1471 08-06- 15 -0.47 -1.25 -0.92 0.45 -1.28 -0.68 -0.55 -0.1471 09-06- 15 -1.39 -0.47 -1.24 -1.93 -0.22 -1.15 -1.26 -0.1471 10-06- 15 -0.37 0.63 0.53 1.51 1.31 0.71 0.57 -0.1471 11-06- 15 0.66 0.93 1.42 2.27 0.45 1.39 1.32 -0.1471 12-06- 15 -0.15 -0.93 -1.49 -1.26 -1.19 -1.15 -0.96 -0.1471 15-06- 15 -1.00 -2.54 -1.47 -1.63 -1.31 -1.82 -1.66 -0.1471 16-06- 15 -0.11 0.96 0.22 -1.76 1.07 -0.01 -0.17 -0.1471 17-06- 15 -0.07 0.48 0.27 -0.41 -1.10 0.16 0.06 -0.1471 18-06- 15 1.29 0.00 0.31 -0.41 0.70 0.12 0.30 -0.1471 22-06- 15 3.57 2.35 2.77 1.94 2.70 2.50 2.66 -0.1471 23-06- 15 1.37 1.53 1.21 1.48 0.86 1.39 1.40 -0.1471 24-06- 15 0.77 -0.76 0.09 0.53 -0.30 -0.04 0.16 -0.1471 25-06- 15 1.34 -0.92 0.14 0.48 -0.03 -0.05 0.26 -0.1471 26-06- 15 -0.21 0.15 0.37 0.26 0.46 0.23 0.15 -0.1471 29-06- 15 -1.52 -3.94 -2.04 -1.51 -2.65 -2.52 -2.25 -0.1471 30-06- 15 -0.94 -1.46 -0.89 -2.19 -1.43 -1.38 -1.37 -0.1471 01-07- 15 0.80 2.10 1.06 0.16 1.05 1.18 1.03 -0.1471
  • 33. 31 02-07- 15 0.17 -1.94 0.35 -1.62 -0.92 -0.87 -0.76 -0.1471 03-07- 15 -2.18 -1.15 -0.14 -0.42 -0.54 -0.69 -0.97 -0.1471 06-07- 15 -0.28 -1.83 -0.70 -1.54 -1.59 -1.24 -1.09 -0.1471 07-07- 15 -0.25 -2.21 -0.90 -2.29 -2.25 -1.60 -1.41 -0.1471 08-07- 15 -0.25 -0.69 0.02 -0.17 0.71 -0.28 -0.27 -0.1471 09-07- 15 1.95 1.88 2.53 1.21 2.65 1.97 1.89 -0.1471 10-07- 15 2.98 2.84 3.34 0.77 2.22 2.57 2.48 -0.1471 13-07- 15 1.62 0.98 1.99 1.05 1.73 1.41 1.41 -0.1471 14-07- 15 1.53 -0.65 0.61 1.67 0.74 0.50 0.79 -0.1471 15-07- 15 -0.23 0.82 0.82 -2.49 -0.13 0.00 -0.27 -0.1471 16-07- 15 -1.00 0.81 0.82 0.82 1.36 0.68 0.36 -0.1471 17-07- 15 3.26 1.92 -1.10 7.60 0.52 2.20 2.92 -0.1471 20-07- 15 0.77 0.32 0.32 3.53 1.42 1.08 1.24 -0.1471 21-07- 15 -2.54 -0.95 -0.39 -3.19 -2.60 -1.37 -1.77 -0.1471 22-07- 15 0.36 -1.61 -0.61 -4.27 -1.10 -1.69 -1.53 -0.1471 23-07- 15 -0.23 0.00 -0.17 1.35 -0.04 0.22 0.24 -0.1471 24-07- 15 -0.10 1.45 -0.83 0.37 -0.27 0.26 0.22 -0.1471 27-07- 15 -1.59 -2.75 -1.29 -2.13 -1.46 -1.99 -1.94 -0.1471 28-07- 15 0.37 -1.16 -0.04 0.24 0.73 -0.32 -0.15 -0.1471 29-07- 15 2.44 -0.50 0.60 0.62 0.93 0.38 0.79 -0.1471 30-07- 15 -0.23 7.09 0.13 2.05 1.19 2.86 2.26 -0.1471 31-07- 15 -0.49 -0.47 -0.31 0.45 -0.08 -0.21 -0.21 -0.1471 03-08- 15 2.05 -0.31 0.84 0.71 0.74 0.52 0.82 -0.1471 04-08- 15 0.77 -0.31 0.94 1.04 0.23 0.53 0.61 -0.1471 05-08- 15 0.06 -0.16 0.20 1.16 0.30 0.28 0.31 -0.1471 06-08- 15 -0.32 -0.32 0.39 1.22 -0.10 0.29 0.24 -0.1471 07-08- 15 -0.93 -1.59 -0.74 -0.33 -0.90 -0.95 -0.90 -0.1471
  • 34. 32 10-08- 15 0.51 0.00 0.65 -0.20 0.73 0.23 0.24 -0.1471 11-08- 15 -0.19 -2.11 0.13 -3.09 -1.55 -1.37 -1.32 -0.1471 12-08- 15 -2.61 -3.33 -1.75 -4.88 -2.92 -3.05 -3.14 -0.1471 13-08- 15 0.72 2.18 1.71 3.35 1.81 2.16 1.99 -0.1471 14-08- 15 0.39 -0.83 0.28 -0.56 0.02 -0.27 -0.18 -0.1471 17-08- 15 -0.10 -0.67 0.09 -0.62 -0.09 -0.34 -0.32 -0.1471 18-08- 15 0.46 1.01 0.41 -0.27 -0.09 0.46 0.40 -0.1471 19-08- 15 -1.38 -1.68 -1.13 -0.54 -1.95 -1.20 -1.18 -0.1471 20-08- 15 -2.10 -2.92 -2.54 -2.28 -2.67 -2.57 -2.46 -0.1471 21-08- 15 -1.87 -2.65 -2.69 -1.26 -2.55 -2.29 -2.12 -0.1471 24-08- 15 -5.50 -7.83 -5.59 -3.95 -5.37 -5.96 -5.72 -0.1471 25-08- 15 4.61 4.73 2.61 2.85 4.23 3.52 3.70 -0.1471 26-08- 15 0.21 1.65 0.05 -1.52 -0.94 0.24 0.10 -0.1471 27-08- 15 2.36 2.87 1.97 2.03 2.85 2.31 2.30 -0.1471 28-08- 15 -0.54 -0.89 -0.16 -0.94 0.12 -0.61 -0.63 -0.1471 31-08- 15 0.68 -0.36 -0.30 0.03 -0.98 -0.17 0.01 -0.1471 Source: Nasdaqomxnordic .com and Homefinance.nl