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1 ! W � � ) . � ! B 0 " V! W � � ) . � ! B 0 " V! W � � ) . � ! B 0 " V! W � � ) . � ! B 0 " V

2 XX XX! W � � ) . � ! B Y W! W � � ) . � ! B Y W! W � � ) . � ! B Y W! W � � ) . � ! B Y W2 ! W � � ) . � ! > Z X! W � � ) . � ! > Z X! W � � ) . � ! > Z X! W � � ) . � ! > Z X

3 ! W � � ) . � [ � ) * X! W � � ) . � [ � ) * X! W � � ) . � [ � ) * X! W � � ) . � [ � ) * X

3 ! W � � ) . � 3 # > \ � ]! W � � ) . � 3 # > \ � ]! W � � ) . � 3 # > \ � ]! W � � ) . � 3 # > \ � ]

4

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� � � � � Q ! > � � $ V! > � � $ V! > � � $ V! > � � $ V! W � � ) . �! W � � ) . �! W � � ) . �! W � � ) . �4 ! W � � ) . � � 1 - �! W � � ) . � � 1 - �! W � � ) . � � 1 - �! W � � ) . � � 1 - �4 ! W � � ) . � 3 � ' ) �! W � � ) . � 3 � ' ) �! W � � ) . � 3 � ' ) �! W � � ) . � 3 � ' ) �5 ! W � � ) . � � � �! W � � ) . � � � �! W � � ) . � � � �! W � � ) . � � � �5 � 2 # � ; � � � B W �� 2 # � ; � � � B W �� 2 # � ; � � � B W �� 2 # � ; � � � B W �6 ! W � � ) . � 3 � A - V! W � � ) . � 3 � A - V! W � � ) . � 3 � A - V! W � � ) . � 3 � A - V6 . �. �. �. �! > 2 � � � � 3 # � � � @ -! > 2 � � � � 3 # � � � @ -! > 2 � � � � 3 # � � � @ -! > 2 � � � � 3 # � � � @ -7 . � 3 # W � � ) . �. � 3 # W � � ) . �. � 3 # W � � ) . �. � 3 # W � � ) . �! , ? # �! , ? # �! , ? # �! , ? # �

9 # V# V# V# V 3 # W � � ) . � � � ! W � � ) . � � � * F >3 # W � � ) . � � � ! W � � ) . � � � * F >3 # W � � ) . � � � ! W � � ) . � � � * F >3 # W � � ) . � � � ! W � � ) . � � � * F >! , ? # � . �! , ? # � . �! , ? # � . �! , ? # � . �

20 L � � � QZ � O � � QM� c � S d � I O � Q � � \ L � � � ! V ) , V! V ) , V! V ) , V! V ) , V21 6 / 9 � � � � % �6 / 9 � � � � % �6 / 9 � � � � % �6 / 9 � � � � % ��� ��6 # % � H X � � 0 > * = � � � V6 # % � H X � � 0 > * = � � � V6 # % � H X � � 0 > * = � � � V6 # % � H X � � 0 > * = � � � V22 � # ! . � � � � % �� # ! . � � � � % �� # ! . � � � � % �� # ! . � � � � % ��� ��! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *! � ) > B , - . � " � $ � . � # 6 # % � H X � � 0 > *23 $ B % % �$ B % % �$ B % % �$ B % % �6 / 9 �6 / 9 �6 / 9 �6 / 9 ��� ��! > B & � ) . � � ' # � % �! > B & � ) . � � ' # � % �! > B & � ) . � � ' # � % �! > B & � ) . � � ' # � % �

23 $ B % % �$ B % % �$ B % % �$ B % % �� # ! . �� # ! . �� # ! . �� # ! . ��� ��! > � � # ' � � ' # � % �! > � � # ' � � ' # � % �! > � � # ' � � ' # � % �! > � � # ' � � ' # � % �

24 $ B % % �$ B % % �$ B % % �$ B % % �� . # ! . �� . # ! . �� . # ! . �� . # ! . ��� ��( 2 # ) /( 2 # ) /( 2 # ) /( 2 # ) /H X �H X �H X �H X �# % �# % �# % �# % �66 66## ##" � $ � . �" � $ � . �" � $ � . �" � $ � . �! � � # � - . �! � � # � - . �! � � # � - . �! � � # � - . �

27 � . # ! . � � � � % �� . # ! . � � � � % �� . # ! . � � � � % �� . # ! . � � � � % ��� ��! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *! > V < W � � [ � # � % � # 6 # % � H X � � 0 > *28 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��! > � � � . � � ' # � % �! > � � � . � � ' # � % �! > � � � . � � ' # � % �! > � � � . � � ' # � % �

28 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��! > � � # ' � ' � �� % �! > � � # ' � ' � �� % �! > � � # ' � ' � �� % �! > � � # ' � ' � �� % �

29

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� � � � � Q � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /! > V < W � � [ � # � % � # 6 # % � H X � ( 2 # ) /

31 � ? � � . � � � � % �� ? � � . � � � � % �� ? � � . � � � � % �� ? � � . � � � � % ��� ��( � ' X � B � 6 # % � H X � � 0 > * � � X( � ' X � B � 6 # % � H X � � 0 > * � � X( � ' X � B � 6 # % � H X � � 0 > * � � X( � ' X � B � 6 # % � H X � � 0 > * � � X" � $ � . �" � $ � . �" � $ � . �" � $ � . �35 L � � � Q� � O � � QM� � � � U � Q J � � R � d R � � Q � c � S � Q ! V ) , V! V ) , V! V ) , V! V ) , V37 � � � % �� � � % �� � � % �� � � % �6 / 9 �6 / 9 �6 / 9 �6 / 9 ��� ��= � � � V= � � � V= � � � V= � � � V" � $ � . �" � $ � . �" � $ � . �" � $ � . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �# � � 2 # ) / / # � ] � ) * X / # � � " /# � � 2 # ) / / # � ] � ) * X / # � � " /# � � 2 # ) / / # � ] � ) * X / # � � " /# � � 2 # ) / / # � ] � ) * X / # � � " /37 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��7 � # � - . � $ � . � = � � � V7 � # � - . � $ � . � = � � � V7 � # � - . � $ � . � = � � � V7 � # � - . � $ � . � = � � � V

37 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " ! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " ! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " ! > ' � 9 � ! � � # � - . � " � $ � . � � � % � / � " 38 � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��" � $ � . � [ � ) * X" � $ � . � [ � ) * X" � $ � . � [ � ) * X" � $ � . � [ � ) * X! � � # � - . �! � � # � - . �! � � # � - . �! � � # � - . �

40 � ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % ��� ��! � � # � - . � " � $ � . � ( 2 # ) /! � � # � - . � " � $ � . � ( 2 # ) /! � � # � - . � " � $ � . � ( 2 # ) /! � � # � - . � " � $ � . � ( 2 # ) /

41 � � � % �� � � % �� � � % �� � � % �� # ! . �� # ! . �� # ! . �� # ! . ��� ��= � � � V= � � � V= � � � V= � � � V[ � # � % �[ � # � % �[ � # � % �[ � # � % �! > V < W � �! > V < W � �! > V < W � �! > V < W � �43 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��� V < W � � [ � � % � = � � � V� V < W � � [ � � % � = � � � V� V < W � � [ � � % � = � � � V� V < W � � [ � � % � = � � � V

43 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��! > ' � 9 � ! > V < W � � " � $ � . � � " ! > ' � 9 � ! > V < W � � " � $ � . � � " ! > ' � 9 � ! > V < W � � " � $ � . � � " ! > ' � 9 � ! > V < W � � " � $ � . � � " 44 � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��! > V < W � � [ � # � % � C 2 # � &! > V < W � � [ � # � % � C 2 # � &! > V < W � � [ � # � % � C 2 # � &! > V < W � � [ � # � % � C 2 # � &

45 � ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % �� ? � � . � $ B % % ��� ��! > V < W � � [ � # � % � [ � ) * X! > V < W � � [ � # � % � [ � ) * X! > V < W � � [ � # � % � [ � ) * X! > V < W � � [ � # � % � [ � ) * X

46 � � � % �� � � % �� � � % �� � � % �� . # ! . �� . # ! . �� . # ! . �� . # ! . ��� ��� � / X� � / X� � / X� � / X� ? # " - . �� ? # " - . �� ? # " - . �� ? # " - . �[ < - & � /[ < - & � /[ < - & � /[ < - & � /� ?� ?� ?� ?" � $ � . �" � $ � . �" � $ � . �" � $ � . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �! � ) > B , - . �! > V < W � � /! > V < W � � /! > V < W � � /! > V < W � � /47 � � � % �� � � % �� � � % �� � � % �� ? � � . �� ? � � . �� ? � � . �� ? � � . ��� ��( � ' X( � ' X( � ' X( � ' X" � $ � . �" � $ � . �" � $ � . �" � $ � . �49 6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % �6 / 9 � $ B % % ��� ��( � ' 9 � = � � � V( � ' 9 � = � � � V( � ' 9 � = � � � V( � ' 9 � = � � � V

49 � # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % �� # ! . � $ B % % ��� ��( � ' 9 � > � # , V( � ' 9 � > � # , V( � ' 9 � > � # , V( � ' 9 � > � # , V

50 � . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % �� . # ! . � $ B % % ��� ��! W � � ) . � 3 � A - % � # % � � > B � - . �! W � � ) . � 3 � A - % � # % � � > B � - . �! W � � ) . � 3 � A - % � # % � � > B � - . �! W � � ) . � 3 � A - % � # % � � > B � - . �

55

c � c � Q

� � � � � Q � S Q f � Q L � � � QMe O � � f � � Q \ O S � � Q J e O � O � S � Q L � d � ! V ) , V! V ) , V! V ) , V! V ) , V63 3 � ( # � ; � �3 � ( # � ; � �3 � ( # � ; � �3 � ( # � ; � �! > � � � . �! > � � � . �! > � � � . �! > � � � . �63 � # � - & �� # � - & �� # � - & �� # � - & �� > B �� > B �� > B �� > B �� � ) � �� � ) � �� � ) � �� � ) � �= � ) D - W # ?= � ) D - W # ?= � ) D - W # ?= � ) D - W # ?�� ��

OLS�� ��83 � � O ^ Q L � � � QMe O � c � � Q J � O � � � Q � 2 # - $ . �� 2 # - $ . �� 2 # - $ . �� 2 # - $ . �85 3 # > � � - . �3 # > � � - . �3 # > � � - . �3 # > � � - . �87 ! 1 2 # �! 1 2 # �! 1 2 # �! 1 2 # �� � � � % �� � � � % �� � � � % �� � � � % �88 : ; < % �: ; < % �: ; < % �: ; < % �95

� � � � � � � � � �� � � � � � � � � �� � � � � � � � � �� � � � � � � � � � � � �

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1 � � � � � � � � � ! " # � $ � � % & ' # (� � � � � � � � � ! " # � $ � � % & ' # (� � � � � � � � � ! " # � $ � � % & ' # (� � � � � � � � � ! " # � $ � � % & ' # ( 5

2 � ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 0# & � 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � � 55

3 � ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � � 57

4 � " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� " # � $ - � : # ; < � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / �� ) * � + � , � & � - . / �� ) * � + � , � & � - . / �� ) * � + � , � & � - . / � 59

5 � ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � �� ) * � + � , � & � - . / � � " # � $ - � � 9 - 1 � = - ! � > 5 ? � � � $ 2 0 3 � # / ) 4 5 0 5 $ � 6 5 1 � 7 - 8 / � � 61

6 � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )GG GG 63

7 � & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !� & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !� & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !� & � - . / � � " # � $ - � � � � � � � � 4 � H I / ) J K 4 5 L 5 $ ( � M � � N * !GG GG 64

8 � ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )� ) * � + � " # � $ - � � @ ; # � � 4 � A 5 B C + � D > 5 / 0 E F - )GG GG 65

9 � ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !� ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !� ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !� ) * � + � " # � $ - � � � � � � � � 4 � H I / ) J K O 5 $ ( � M � � N * !GG GG 66

10 � & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �G VG VG VG V 67

11 � 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0Breusch-Godfrey Serial Correlation LM

Test� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

68

12 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV 69

13 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

69

14 � & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� & � - . / � � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 70

15 � 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0Breusch-Godfrey Serial Correlation LM

Test� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

71

16 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� & � - . / � � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 71

17 S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� &� &� &� &UU UUOLSVV VV72

� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

18 � ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV 73

19 � 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0� 5 W $ / T � D > 5 W / 0Breusch-Godfrey Serial Correlation LM

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73

20 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� X 0 5 Y Z � ? �� X 0 5 Y Z � ? �� X 0 5 Y Z � ? �� X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ �� ) * � + � " # � $ - � 4 5 0 5 $ �� ) * � + � " # � $ - � 4 5 0 5 $ �� ) * � + � " # � $ - � 4 5 0 5 $ �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV 74

21 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

75

22 � ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �� ) * � + � " # � $ - � � P Q � � R � , S ' M � � 5 $ / T �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 76

23 W $ / T � D > 5 W / 0W $ / T � D > 5 W / 0W $ / T � D > 5 W / 0W $ / T � D > 5 W / 0� 5� 5� 5� 5Breusch-Godfrey Serial Correlation LM

Test� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

76

24 � 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0� 5 $ / T � D > 5 / 0ARCH� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �� ) * � + � " # � $ - � 4 5 0 5 $ � � X 0 5 Y Z � ? �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV 77

25 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV $ - �$ - �$ - �$ - �� ) * � + � " # �� ) * � + � " # �� ) * � + � " # �� ) * � + � " # �UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

78

26 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �� & � - . / � � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �G VG VG VG V

79

27 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � - . / � � " # � $ - �� - . / � � " # � $ - �� - . / � � " # � $ - �� - . / � � " # � $ - �� &� &� &� &UU UU� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �� 9 - 1 � = - ! � > 5 ? � �VV VV

80

28 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �: # ; < � = - ! � > 5 ? � �VV VV

81

29 � & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0� & S 5 / ! M � [ \ I B � � 4 5 ? K \ 1 � ] ^ # _ Z � � F / � 5 K � � � ` M � 7 - a � 5 $ / T � D > 5 / 0UU UUOLSVV VV � ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �� ) * � + � " # � $ - �UU UU� > 5 ? � �� > 5 ? � �� > 5 ? � �� > 5 ? � �� 9 - 1 � = - !� 9 - 1 � = - !� 9 - 1 � = - !� 9 - 1 � = - !VV VV

82

30 � W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0� W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0� W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0� W W W & S 5 / ! M � [ \ I B W W W � � 4 5 W W W ? K \ 1 � ] ^ # W W W _ Z � � F / W W W � 5 K � � � W W W ` M � 7 W W W - a � 5 W W W $ / T � D > 5 W W W / 0UU UUOLSG VG VG VG V83

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2 � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �56

3. � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �56

4 � � � � � � �� � � � � � �� � � � � � �� � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � �� � � � � � � � � � � � � �58

5 � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � �58

6. � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �60

7 � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � ! " # $ �60

8 � � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �62

9 � � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �� � � � � � � � � � � � � � � � � � ! " # $ �62

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The Impact of Capital Structure on the Performance of Jordanian Conventional and Islamic Banks for the

Period (1998-2013)

Prepared by: Fuaad Mohammad Abdullah

Supervised by: Dr. Mahmoud Ali Jaradat

Abstract

The aim of this study was to examine the impact of capital structure

on the performance of Jordanian conventional and Islamic banks for the

period (1998-2013).

The study sample consisted of (4) Jordanian banks, including two

conventional banks, and two Islamic banks, where data for the independent

variables (debt ratio, and equity ratio), and for the dependent variables

(return on assets, and return on equity) has been collected, and four linear

regression model have been built to link between the variables of the study.

The results indicated that there is no statistically significant impact

for the capital structure measured by debt ratio and equity ratio on return on

assets, in the Jordanian conventional and Islamic banks, while it was found

that there is a positive statistically significant impact for the capital

structure measured by debt ratio on the return on equity in the Jordanian

conventional banks, and negative statistically significant impact for the

capital structure measured by equity ratio on the return on equity in the

Jordanian conventional banks.

The study recommended that the Jordanian conventional and Islamic

banks are must to finance their banking and investment activities through

increasing the capital, rather than depend on debt, as well as taking into

consideration the characteristics of the nature of the bank before making

financing decisions.

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