Silviase/jgov_v1.4_full_ann huggingface dataset:
Table 12-2

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
All Industries
1	0.0040 (8.84)	0.0034 (5.58)	0.2978 0.5464
2	0.0069 (12.07)	0.0053 (9.27)	-0.0035 (-6.57)	0.5423 0.8811
3	0.0024 (1.12)	0.0028 (2.59)	0.0266 (0.74)	0.2938 0.5415
4	0.0066 (3.53)	0.0052 (5.48)	-0.0035 (-6.47)	0.0047 (0.16)	0.5365 0.8769
Construction
1	0.0034 (0.84)	0.0032 (3.38)	0.1088 0.6450
2	0.0008 (0.20)	0.0073 (4.68)	-0.0062 (-3.20)	0.2023 0.8266
3	-0.0093 (-2.15)	-0.0007 (-0.64)	0.1587 (5.17)	0.3275 0.8795
4	-0.0138 (-3.46)	0.0037 (2.70)	-0.0075 (-4.67)	0.1743 (6.34)	0.4691 1.2495
Manufacturing
1	0.0029 (7.97)	0.0038 (7.47)	0.4155 0.5096
2	0.0050 (10.46)	0.0048 (10.33)	-0.0030 (-5.76)	0.5849 0.7497
3	0.0011 (0.98)	0.0031 (4.57)	0.0288 (1.74)	0.4301 0.5569
4	0.0031 (3.20)	0.0040 (6.86)	-0.0031 (-5.96)	0.0307 (2.22)	0.6049 0.8425
Food and Beverages
1	0.0020 (3.17)	0.0062 (8.29)	0.4591 0.7794
2	0.0044 (5.63)	0.0071 (10.15)	-0.0029 (-4.46)	0.5634 0.9940
3	-0.00004 (-0.05)	0.0051 (7.24)	0.0509 (4.43)	0.5623 0.9382
4	0.0023 (2.66)	0.0061 (8.93)	-0.0025 (-4.21)	0.0441 (4.18)	0.6395 1.1355
Real Purchase of Land

### Table 12-2 (Contd.)

Portfolio Equations of the Corporation :

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
Non-ferrous Metal
1	-0.0004 (-0.68)	-0.0009 (-2.36)	0.0565 1.8586
2	0.0002 (0.24)	-0.0006 (-1.32)	-0.0015 (-0.92)	0.0547 1.8864
3	-0.0004 (-0.61)	-0.0009 (-2.16)	0.0041 (0.18)	0.0448 1.8584
4	0.00004 (0.04)	-0.0007 (-1.36)	-0.0016 (-0.98)	0.0087 (0.37)	0.0442 1.8886
Fabricated Metal
Products	0.0010 (3.04)	-0.00003 (-0.06)	-0.0349 1.4847
1
2	0.0010 (1.54)	-0.00003 (-0.04)	0.000002 (0.00)	-0.0482 1.4847
3	0.0009 (2.65)	-0.00003 (-0.05)	0.0046 (1.08)	-0.0329 1.4817
4	0.0011 (1.64)	0.0002 (0.21)	-0.0002 (-0.30)	0.0049 (1.11)	-0.0451 1.4814
Machinery
1	0.0042 (1.35)	0.0008 (0.89)	-0.0389 0.6795
2	0.0018 (0.57)	0.0038 (3.04)	-0.0041 (-3.29)	0.0759 0.8366
3	-0.0012 (-0.28)	-0.0005 (-0.47)	0.0597 (2.02)	0.00008 0.6861
4	-0.0067 (-1.70)	0.0025 (2.02)	-0.0050 (-4.14)	0.0876 (3.16)	0.1712 0.8983
Electrical
Machinery	0.0053 (2.91)	0.0002 (0.46)	-0.0155 0.6904
1
2	0.0053 (2.83)	0.0002 (0.20)	0.00008 (0.05)	-0.0285 0.6905
3	0.0006 (0.32)	-0.0010 (-2.16)	0.0351 (5.05)	0.2250 1.0480
4	0.0008 (0.42)	-0.0015 (-1.93)	0.0013 (0.87)	0.0361 (5.12)	0.2226 1.0869
### Table 12-2 (Contd.)

Portfolio Equations of the Corporation :

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
Textiles
1	0.0017(2.11)	0.0030(2.14)	0.01781.3649
2	0.0033(3.00)	0.0046(2.92)	-0.0024(-2.08)	0.05861.4415
3	0.0016(1.80)	0.0029(1.94)	0.0029(0.36)	0.00651.3756
4	0.0032(2.75)	0.0044(2.72)	-0.0024(-2.06)	0.0022(0.28)	0.04701.4483
Pulp, Paper, and Paper Products	0.0029(6.81)	0.0019(5.19)	0.23711.8604
1	0.0028(5.42)	0.0019(5.16)	0.0004(0.19)	0.22771.8618
2	0.0021(3.48)	0.0015(3.76)	0.0416(1.80)	0.25821.9245
3	0.0022(3.34)	0.0015(3.70)	-0.0004(-0.20)	0.0426(1.79)	0.24901.9255
Chemicals
1	0.0028(3.34)	0.0019(5.39)	0.32541.4254
2	0.0070(4.77)	0.0019(5.94)	-0.0039(-3.40)	0.40511.6178
3	0.0021(1.19)	0.0017(3.23)	0.0086(0.39)	0.31811.4385
4	0.0086(3.42)	0.0022(4.33)	-0.0043(-3.46)	-0.0170(-0.78)	0.40201.6217
Steel
1	0.0013(0.57)	0.0061(6.32)	0.36461.4436
2	0.0066(2.22)	0.0062(6.69)	-0.0032(-2.59)	0.40751.5738
3	0.0023(0.83)	0.0065(5.33)	-0.0131(-0.62)	0.35961.4985
4	0.0073(2.19)	0.0066(5.54)	-0.0032(-2.54)	-0.0098(-0.48)	0.40161.6165
Table 12-2 (Contd.)

Portfolio Equations of the Corporation :

Real Purchase of Land

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
Wholesale and Retail Trade	0.0138	0.0027	0.1032
1	(1.23)	(3.26)	0.5041
2	0.0151	0.0050	-0.0032	0.3106
(1.54)	(5.80)	(-4.98)	0.7062
3	0.0161	0.0029	-0.0113	0.0929
(1.20)	(2.74)	(-0.31)	0.5139
4	0.0174	0.0052	-0.0032	-0.0113	0.3028
(1.48)	(5.01)	(-4.95)	(-0.36)	0.7206
Real Estate
1	-0.0331	0.0771	0.2703
(-1.77)	(5.24)	1.1069
2	-0.0429	0.0735	0.0044	0.2622
(-1.34)	(4.20)	(0.38)	1.1076
3	-0.0670	0.0414	1.2011	0.3328
(-3.13)	(2.22)	(2.90)	1.2505
4	-0.1177	0.0177	0.0191	1.4734	0.3466
(-3.13)	(0.75)	(1.63)	(3.33)	1.3264

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 12-3

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
All Industries
1	0.0102(2.35)	0.0468(7.92)	0.57070.9827
2	0.0101(1.47)	0.0467(6.80)	0.0002(0.03)	0.56520.9824
3	0.0137(0.66)	0.0483(4.66)	-0.0591(-0.17)	0.56540.9876
4	0.0136(0.61)	0.0482(4.25)	0.000082(0.01)	-0.0586(-0.17)	0.55970.9874
Construction
1	0.0670(1.28)	0.0266(2.20)	0.42541.0128
2	0.0657(1.22)	0.0286(1.36)	-0.0030(-0.12)	0.41811.0132
3	0.0199(0.31)	0.0120(0.73)	0.5869(1.31)	0.43061.0864
4	0.0155(0.24)	0.0164(0.72)	-0.0073(-0.28)	0.6022(1.33)	0.42381.0887
Manufacturing
1	-0.0005(-0.10)	0.0293(3.96)	0.33320.4915
2	0.0178(2.30)	0.0375(4.98)	-0.0264(-3.06)	0.39700.5617
3	-0.0328(-2.12)	0.0154(1.61)	0.5224(2.21)	0.36440.5248
4	-0.0153(-0.98)	0.0233(2.49)	-0.0268(-3.21)	0.5389(2.41)	0.43200.6081
Food and Beverages
1	0.0409(1.72)	0.0188(0.67)	0.04193.3632
2	0.0423(1.28)	0.0194(0.66)	-0.0017(-0.06)	0.02963.3624
3	0.0447(1.45)	0.0208(0.70)	-0.0955(-0.20)	0.03013.3698
4	0.0472(1.16)	0.0218(0.68)	-0.0026(-0.09)	-0.1025(-0.21)	0.01763.3691
### Table 12-3 (Contd.)

Portfolio Equations of the Corporation :

Net Borrowings

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
Textiles
1	-0.0168 (-1.20)	0.0313 (1.28)	0.0937 1.0655
2	0.0059 (0.30)	0.0529 (1.91)	-0.0328 (-1.62)	0.1126 1.1116
3	-0.0199 (-1.31)	0.0275 (1.07)	0.0749 (0.53)	0.0851 1.0567
4	0.0030 (0.14)	0.0492 (1.71)	-0.0324 (-1.60)	0.0658 (0.47)	0.1034 1.1012
Pulp, Paper, and Paper Products	0.0274 (7.94)	0.0243 (8.34)	0.5351 1.4467
1
2	0.0220 (5.34)	0.0243 (8.56)	0.0378 (2.29)	0.5588 1.5495
3	0.0205 (4.20)	0.0212 (6.52)	0.3624 (1.95)	0.5511 1.4766
4	0.0174 (3.42)	0.0219 (6.80)	0.0323 (1.92)	0.2839 (1.52)	0.5661 1.5543
Chemicals
1	-0.0286 (-2.40)	0.0174 (3.51)	0.3425 1.0064
2	0.0004 (0.02)	0.0178 (3.63)	-0.0269 (-1.54)	0.3536 1.0413
3	-0.0161 (-0.63)	0.0205 (2.71)	-0.1715 (-0.54)	0.3366 1.0275
4	0.0356 (0.94)	0.0248 (3.17)	-0.0341 (-1.83)	-0.3775 (-1.14)	0.3501 1.1124
Steel
1	-0.0749 (-2.79)	0.0627 (5.37)	0.2729 0.6489
2	0.0310 (0.93)	0.0656 (6.29)	-0.0636 (-4.59)	0.4204 0.8188
3	0.0050 (0.16)	0.0978 (7.27)	-0.9771 (-4.23)	0.4011 0.9561
4	0.1000 (2.98)	0.0984 (8.30)	-0.0601 (-4.84)	-0.9153 (-4.49)	0.5346 1.2109
### Table 12-3 (Contd.)

Portfolio Equations of the Corporation :

Net Borrowings

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
Non-ferrous Metal
1	-0.0497 (-6.26)	-0.0391 (-6.83)	0.3824 1.0368
2	-0.0519 (-4.30)	-0.0402 (-5.55)	0.0060 (0.24)	0.3750 1.0371
3	-0.0452 (-4.05)	-0.0374 (-5.74)	-0.2043 (-0.57)	0.3771 1.0622
4	-0.0480 (-3.53)	-0.0388 (-5.10)	0.0093 (0.36)	-0.2309 (-0.63)	0.3701 1.0663
Fabricated Metal
Products	-0.0041 (-0.75)	-0.0152 (-1.73)	0.0301 1.5625
1	-0.0082 (-0.76)	-0.0201 (-1.41)	0.0057 (0.44)	0.0200 1.5683
2	-0.0046 (-0.80)	-0.0151 (-1.72)	0.0207 (0.30)	0.0188 1.5633
3	-0.0080 (-0.73)	-0.0195 (-1.33)	0.0050 (0.37)	0.0134 (0.19)	0.0078 1.5680
Machinery
1	0.0080 (0.20)	-0.0107 (-0.92)	0.2837 1.1816
2	-0.0076 (-0.19)	0.0082 (0.49)	-0.0258 (-1.54)	0.2959 1.2158
3	-0.0369 (-0.70)	-0.0218 (-1.51)	0.4980 (1.29)	0.2897 1.2647
4	-0.0735 (-1.33)	-0.0018 (-0.10)	-0.0330 (-1.94)	0.6823 (1.75)	0.3140 1.3437
Electrical
Machinery	-0.0705 (-1.49)	0.0072 (0.64)	0.4120 2.1744
1	-0.0478 (-1.01)	-0.0322 (-1.54)	0.0932 (2.22)	0.4398 2.3977
2	-0.1339 (-2.52)	-0.0084 (-0.66)	0.4765 (2.36)	0.4443 2.3835
3	-0.1182 (-2.30)	-0.0585 (-2.66)	0.1118 (2.75)	0.5623 (2.87)	0.4873 2.7828
Table 12-3 (Contd.)

Portfolio Equations of the Corporation :

(Use of Marginal q as a Proxy of Profitability of Capital Investment)

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
Wholesale and Retail Trade	-0.3976	0.0507	0.3687
1	(-2.86)	(4.96)	2.2520
2	-0.3952	0.0548	-0.0057	0.3638
(-2.83)	(4.51)	(-0.63)	2.2689
3	-0.3123	0.0583	-0.4209	0.3679
(-1.89)	(4.49)	(-0.95)	2.2671
4	-0.3098	0.0624	-0.0057	-0.4210	0.3630
(-1.86)	(4.28)	(-0.63)	(-0.95)	2.2847
Real Estate
1	-0.0094	0.1355	0.2012
(-0.25)	(4.55)	1.2204
2	-0.1065	0.1003	0.0433	0.2264
(-1.68)	(2.89)	(1.89)	1.2864
3	-0.0538	0.0888	1.5720	0.2239
(-1.21)	(2.28)	(1.82)	1.3134
4	-0.2362	0.0037	0.0689	2.5521	0.2916
(-3.11)	(0.08)	(2.91)	(2.86)	1.5562

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 13-1

Portfolio Equations of the Corporation :

Investment in Plant and Equipment

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
All Industries
1	0.0489 (33.15)	0.0232 (11.58)	-0.0014 (-2.97)	0.7456 1.0068
2	0.0423 (15.39)	0.0191 (7.92)	0.0079 (2.81)	-0.0025 (-4.19)	0.7663 1.1263
3	0.0311 (4.58)	0.0158 (4.69)	0.3004 (2.69)	-0.0015 (-3.36)	0.7644 1.0481
4	0.0159 (2.17)	0.0077 (2.07)	0.0105 (3.94)	0.4075 (3.84)	-0.0030 (-5.37)	0.8017 1.3198
Construction
1	0.0084 (0.66)	0.0139 (5.36)	-0.0020 (-1.81)	0.2683 0.5690
2	0.0007 (0.05)	0.0102 (2.72)	0.0087 (1.39)	-0.0034 (-2.28)	0.2770 0.5726
3	-0.0308 (-3.08)	0.0013 (0.57)	0.5008 (8.94)	-0.0019 (-2.40)	0.6364 1.4653
4	-0.0319 (-3.02)	0.0008 (0.27)	0.0015 (0.33)	0.4974 (8.68)	-0.0021 (-1.96)	0.6321 1.4601
Manufacturing
1	0.0473 (27.49)	0.0286 (11.68)	-0.0025 (-5.01)	0.7312 0.5617
2	0.0377 (12.67)	0.0240 (9.36)	0.0147 (3.79)	-0.0042 (-6.52)	0.7704 0.6969
3	0.0281 (5.89)	0.0204 (6.94)	0.3087 (4.24)	-0.0024 (-5.26)	0.7793 0.7633
4	0.0209 (4.36)	0.0169 (5.88)	0.0133 (3.77)	0.2850 (4.22)	-0.0040 (-6.69)	0.8116 0.9048
Food and Beverages
1	0.0285 (13.99)	0.0269 (11.14)	-0.0012 (-2.54)	0.6347 0.9048
2	0.0201 (6.63)	0.0223 (8.60)	0.0103 (3.53)	-0.0026 (-4.39)	0.6814 1.0775
3	0.0274 (10.27)	0.0264 (10.36)	0.0272 (0.65)	-0.0011 (-2.34)	0.6320 0.9028
4	0.0189 (5.47)	0.0218 (8.03)	0.0103 (3.53)	0.0294 (0.75)	-0.0026 (-4.23)	0.6796 1.0785
Portfolio Equations of the Corporation :

Table 13-1 (Contd.)

Investment in Plant and Equipment

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Textiles
1	0.0311
(10.34)	0.0399
(7.25)	-0.0013
(-1.00)	0.4031
0.7753
2	0.0316
(5.47)	0.0401
(6.77)	-0.0005
(-0.09)	-0.0011
(-0.63)	0.3953
0.7758
3	0.0291
(9.10)	0.0372
(6.56)	0.0500
(1.70)	-0.0011
(-0.92)	0.4177
0.8020
4	0.0295
(5.06)	0.0374
(6.15)	-0.0005
(-0.08)	0.0500
(1.69)	-0.0010
(-0.59)	0.4098
0.8024
Pulp, Paper, and Paper Products	0.0134
(3.38)	0.0034
(1.14)	-0.0070
(-4.05)	0.6849
1.4020
1
2	0.0084
(2.46)	0.0037
(1.50)	0.0380
(5.87)	-0.0067
(-4.68)	0.7795
2.0393
3	0.0131
(3.32)	0.0038
(1.28)	0.1118
(1.19)	-0.0061
(-3.26)	0.6866
1.4518
4	0.0084
(2.44)	0.0037
(1.49)	0.0379
(5.66)	0.0080
(0.10)	-0.0067
(-4.23)	0.7766
2.0402
Chemicals
1	0.0515
(9.69)	0.0156
(6.61)	-0.0022
(-3.40)	0.6373
1.1093
2	0.0520
(5.05)	0.0157
(5.41)	-0.0006
(-0.06)	-0.0022
(-2.20)	0.6326
1.1087
3	0.0551
(5.18)	0.0165
(5.06)	-0.0500
(-0.40)	-0.0022
(-3.40)	0.6334
1.1083
4	0.0593
(3.21)	0.0174
(3.83)	-0.0034
(-0.28)	-0.0690
(-0.48)	-0.0020
(-1.87)	0.6289
1.1057
Steel
1	0.1042
(5.94)	0.0656
(9.18)	-0.0046
(-1.59)	0.6963
1.3817
2	0.1503
(7.04)	0.0689
(10.17)	-0.0352
(-3.39)	0.0011
(0.34)	0.7323
1.5824
3	0.1159
(5.60)	0.0724
(7.55)	-0.1783
(-1.06)	-0.0033
(-1.05)	0.6968
1.4631
4	0.1734
(7.03)	0.0800
(8.78)	-0.0386
(-3.70)	-0.2837
(-1.79)	0.0037
(1.06)	0.7398
1.7888
Portfolio Equations of the Corporation :

Table 13-1 (Contd.)

Investment in Plant and Equipment

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Non-ferrous Metal
1	0.0191
(9.07)	0.0050
(3.18)	-0.0027
(-2.75)	0.4719
1.3984
2	0.0159
(5.14)	0.0038
(2.15)	0.0118
(1.42)	-0.0039
(-3.01)	0.4787
1.4281
3	0.0181
(6.29)	0.0046
(2.62)	0.0436
(0.50)	-0.0027
(-2.72)	0.4667
1.4038
4	0.0158
(4.67)	0.0038
(2.02)	0.0116
(1.32)	0.0075
(0.08)	-0.0039
(-2.89)	0.4718
1.4280
Fabricated Metal
Products	0.0225
(13.80)	0.0133
(6.50)	0.0006
(0.37)	0.3712
1.0897
1
2	0.0057
(1.48)	-0.0010
(-0.28)	0.0176
(4.74)	-0.0063
(-3.03)	0.5068
1.4343
3	0.0206
(12.64)	0.0135
(7.05)	0.0528
(3.44)	-0.0006
(-0.40)	0.4477
1.2150
4	0.0058
(1.60)	0.0006
(0.18)	0.0158
(4.43)	0.0428
(3.07)	-0.0066
(-3.35)	0.5553
1.5431
Machinery
1	0.0567
(6.43)	0.0103
(4.13)	0.0013
(1.60)	0.3221
1.0545
2	0.0568
(6.48)	0.0159
(3.38)	-0.0091
(-1.39)	0.0030
(2.04)	0.3301
1.1269
3	0.0139
(1.35)	0.0017
(0.68)	0.4255
(5.69)	-0.00009
(-0.13)	0.5301
1.3382
4	0.0145
(1.42)	0.0061
(1.45)	-0.0071
(-1.30)	0.4198
(5.90)	0.0013
(1.01)	0.5343
1.3643
Electrical
Machinery	0.0988
(5.66)	0.0111
(2.37)	0.0031
(4.34)	0.4490
0.6545
1
2	0.0959
(5.40)	0.0165
(2.16)	-0.0130
(-0.89)	0.0031
(4.37)	0.4476
0.6818
3	0.0299
(2.54)	-0.0045
(-1.47)	0.5013
(12.13)	0.0029
(6.85)	0.8082
1.6156
4	0.0304
(2.56)	-0.0062
(-1.26)	0.0039
(0.45)	0.5044
(11.98)	0.0029
(6.78)	0.8062
1.6266
Table 13-1 (Contd.)

Portfolio Equations of the Corporation :

Investment in Plant and Equipment

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Wholesale and Retail Trade	0.1093(6.75)	0.0092(7.59)	0.0004(0.86)	0.54520.7676
1
2	0.1060(7.12)	0.0054(3.69)	0.0046(3.95)	-0.0007(-1.38)	0.61680.9179
3	0.1043(5.31)	0.0087(5.46)	0.0244(0.45)	0.0004(0.70)	0.54050.7748
4	0.0933(5.16)	0.0040(2.18)	0.0048(4.12)	0.0609(1.23)	-0.0009(-1.71)	0.61930.9776
Real Estate
1	0.0399(7.38)	0.0100(2.43)	-0.0039(-2.89)	0.35521.6053
2	0.0364(4.13)	0.0089(1.94)	0.0020(0.51)	-0.0033(-1.94)	0.34901.6028
3	0.0403(5.55)	0.0104(1.68)	-0.0107(-0.08)	-0.0038(-2.52)	0.34691.6071
4	0.0365(3.44)	0.0090(1.33)	0.0020(0.50)	-0.0018(-0.01)	-0.0033(-1.83)	0.34041.6031

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 13-2

Portfolio Equations of the Corporation :

Real Purchase of Land

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
All Industries
1	0.0038 (12.54)	0.0035 (8.48)	-0.0009 (-9.77)	0.6802 1.3045
2	0.0047 (8.03)	0.0041 (7.90)	-0.0010 (-1.75)	-0.0008 (-6.13)	0.6884 1.3436
3	0.0008 (0.53)	0.0022 (3.17)	0.0521 (2.21)	-0.0009 (-10.19)	0.6953 1.3585
4	0.0019 (1.10)	0.0029 (3.34)	-0.0008 (-1.25)	0.0444 (1.82)	-0.0008 (-6.48)	0.6975 1.3728
Construction
1	-0.0091 (-1.72)	0.0053 (4.91)	-0.0016 (-3.42)	0.2153 0.8943
2	-0.0063 (-1.10)	0.0067 (4.29)	-0.0032 (-1.23)	-0.0010 (-1.67)	0.2204 0.9101
3	-0.0214 (-4.25)	0.0014 (1.18)	0.1567 (5.55)	-0.0015 (-3.92)	0.4322 1.1933
4	-0.0175 (-3.43)	0.0035 (2.52)	-0.0057 (-2.59)	0.1689 (6.13)	-0.0006 (-1.16)	0.4715 1.2975
Manufacturing
1	0.0031 (13.12)	0.0038 (11.25)	-0.0007 (-10.10)	0.7434 1.2397
2	0.0033 (7.24)	0.0039 (10.02)	-0.0002 (-0.33)	-0.0007 (-6.91)	0.7405 1.2385
3	0.0018 (2.46)	0.0032 (7.33)	0.0220 (2.01)	-0.0007 (-10.15)	0.7531 1.3233
4	0.0019 (2.45)	0.0033 (7.07)	-0.0003 (-0.52)	0.0226 (2.04)	-0.0007 (-6.79)	0.7508 1.3255
Food and Beverages
1	0.0022 (4.51)	0.0055 (9.74)	-0.0009 (-7.72)	0.6894 1.4311
2	0.0022 (2.84)	0.0056 (8.42)	-0.000036 (-0.05)	-0.0009 (-5.59)	0.6853 1.4307
3	0.0007 (1.16)	0.0049 (8.90)	0.0370 (4.10)	-0.0008 (-7.43)	0.7417 1.6054
4	0.0007 (0.82)	0.0049 (7.74)	0.000009 (0.01)	0.0370 (4.07)	-0.0008 (-5.48)	0.7383 1.6055
### Table 13-2 (Contd.)

Portfolio Equations of the Corporation :

Real Purchase of Land

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Textiles
1	0.0014
(1.75)	0.0038
(2.59)	-0.0005
(-1.61)	0.0377
1.4160
2	0.0031
(2.04)	0.0046
(2.89)	-0.0021
(-1.31)	-0.0001
(-0.20)	0.0466
1.4429
3	0.0013
(1.52)	0.0037
(2.39)	0.0022
(0.28)	-0.0005
(-1.58)	0.0258
1.4227
4	0.0030
(1.92)	0.0044
(2.70)	-0.0021
(-1.30)	0.0022
(0.27)	-0.00009
(-0.19)	0.0346
1.4495
Pulp, Paper, and Paper Products	0.0012
(1.14)	0.0006
(0.80)	-0.0008
(-1.75)	0.2564
1.8997
2	0.0012
(1.07)	0.0006
(0.80)	0.0003
(0.15)	-0.0008
(-1.73)	0.2470
1.9008
3	0.0011
(1.08)	0.0007
(0.94)	0.0304
(1.21)	-0.0006
(-1.13)	0.2609
1.9323
4	0.0012
(1.07)	0.0007
(0.93)	-0.0003
(-0.13)	0.0312
(1.21)	-0.0006
(-1.11)	0.2514
1.9326
Chemicals
1	0.0040
(4.59)	0.0012
(3.01)	-0.0003
(-3.18)	0.3953
1.6029
2	0.0062
(3.69)	0.0016
(3.35)	0.0026
(-1.51)	-0.0002
(-1.00)	0.4050
1.6383
3	0.0036
(2.02)	0.0011
(1.96)	0.0065
(0.31)	-0.0003
(-3.15)	0.3882
1.6126
4	0.0073
(2.43)	0.0018
(2.49)	-0.0031
(-1.54)	-0.0107
(-0.45)	-0.0001
(-0.76)	0.3988
1.6347
Steel
1	0.0022
(0.94)	0.0059
(6.15)	-0.0004
(-1.14)	0.3669
1.4827
2	0.0067
(2.22)	0.0063
(6.58)	-0.0034
(-2.31)	0.0001
(0.22)	0.4002
1.5723
3	0.0025
(0.90)	0.0061
(4.68)	-0.0045
(-0.20)	-0.0004
(-0.96)	0.3590
1.4978
4	0.0078
(2.21)	0.0068
(5.23)	-0.0035
(-2.37)	-0.0142
(-0.63)	0.0002
(0.46)	0.3954
1.6340
### Table 13-2 (Contd.)

Portfolio Equations of the Corporation :

Real Purchase of Land

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Non-ferrous Metal
1	-0.0001 (-0.20)	-0.0007 (-1.63)	-0.0003 (-1.19)	0.0377 1.4160
2	-0.00001 (-0.24)	-0.0006 (-1.34)	-0.0004 (-0.17)	-0.0003 (-0.76)	0.0496 1.8977
3	-0.0002 (-0.24)	-0.0007 (-1.51)	0.0033 (0.14)	-0.0003 (-1.18)	0.0495 1.8947
4	-0.00001 (-0.09)	-0.0007 (2.70)	-0.0005 (-1.30)	0.0049 (0.27)	-0.0002 (-0.19)	0.0377 1.8974
Fabricated Metal
Products	0.0007 (1.56)	0.00004 (0.08)	-0.0006 (-1.27)	-0.0269 1.5487
1
2	-0.0007 (-0.58)	-0.0011 (-1.04)	0.0014 (1.26)	-0.0011 (-1.80)	-0.0191 1.6280
3	0.0011 (0.99)	0.0007 (0.13)	0.0304 (1.42)	-0.0006 (-1.57)	0.2609 1.5687
4	-0.0006 (-0.57)	-0.0009 (-0.84)	0.0012 (1.05)	0.0054 (1.23)	-0.0012 (-1.87)	-0.0124 1.6325
Machinery
1	0.0019 (0.59)	0.0013 (1.43)	-0.0007 (-2.52)	0.0270 0.7830
2	0.0019 (0.62)	0.0042 (2.51)	-0.0048 (-2.05)	0.0002 (0.35)	0.0653 0.8392
3	-0.0075 (-1.79)	-0.0006 (-0.60)	0.0936 (3.21)	-0.0010 (-3.56)	0.1306 0.8942
4	-0.0071 (-1.73)	0.0021 (1.22)	-0.0043 (-1.97)	0.0901 (3.14)	-0.0002 (-0.37)	0.1618 0.9059
Electrical
Machinery	0.0028 (1.50)	0.0011 (2.29)	-0.0002 (-3.23)	0.0926 0.8225
1
2	0.0029 (1.50)	0.0100 (1.24)	0.0003 (0.19)	-0.0002 (-3.21)	0.0812 0.8210
3	-0.0022 (-1.20)	0.00002 (0.05)	0.0362 (5.69)	-0.0003 (-4.05)	0.3530 1.2775
4	-0.0020 (-1.10)	-0.0007 (-0.88)	0.0015 (1.16)	0.0374 (5.82)	-0.0003 (-4.12)	0.3559 1.3225
Table 13-2 (Contd.)

Portfolio Equations of the Corporation :

Real Purchase of Land

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Wholesale and Retail Trade	0.0116(1.31)	0.0019(2.83)	-0.0019(-7.06)	0.44590.9197
1
2	0.0126(1.45)	0.0030(3.53)	-0.0014(-2.05)	-0.0015(-4.90)	0.46770.9579
3	0.0026(0.24)	0.0010(1.20)	0.0438(1.52)	-0.0020(-7.27)	0.45500.9507
4	0.0054(0.51)	0.0022(2.07)	-0.0012(-1.81)	0.0344(1.19)	-0.0016(-5.04)	0.47060.9689
Real Estate
1	-0.0299(-1.45)	0.0791(5.04)	0.0019(0.38)	0.26231.1095
2	-0.0504(-1.50)	0.0730(4.16)	0.0115(0.78)	0.0051(0.78)	0.25851.1175
3	-0.0827(-3.16)	0.0290(1.31)	1.4209(3.05)	-0.0056(-1.04)	0.33341.2915
4	-0.1173(-3.09)	0.0168(0.70)	0.0177(1.25)	1.5009(3.21)	-0.0012(-0.19)	0.33831.3298

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 13-3

Portfolio Equations of the Corporation : Net Borrowings

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
All Industries
1	0.0096(2.29)	0.0472(8.25)	-0.0034(-2.58)	0.59951.1108
2	-0.0073(-0.92)	0.0367(5.28)	0.0201(2.49)	-0.0062(-3.65)	0.62451.2093
3	0.0077(0.38)	0.0464(4.62)	0.0319(0.10)	-0.0034(-2.56)	0.59441.1085
4	-0.0237(-1.03)	0.0296(2.55)	0.0217(2.59)	0.2532(0.76)	-0.0065(-3.71)	0.62241.2059
Construction
1	0.0606(0.84)	0.0277(1.87)	-0.0008(-0.13)	0.41811.0140
2	0.0618(0.78)	0.0283(1.31)	-0.0014(-0.04)	-0.0006(-0.07)	0.41061.0138
3	0.0147(0.18)	0.0129(0.69)	0.5861(1.30)	-0.0006(-0.10)	0.42331.0869
4	0.0218(0.26)	0.0167(0.72)	-0.0103(-0.28)	0.6098(1.32)	0.0010(0.12)	0.41631.0890
Manufacturing
1	0.0026(0.63)	0.0292(4.87)	-0.0080(-6.51)	0.56250.8347
2	-0.0066(-0.84)	0.0248(3.67)	0.0143(1.39)	-0.0097(-5.64)	0.56770.8749
3	-0.0250(-1.99)	0.0174(2.25)	0.4456(2.33)	-0.0078(-6.54)	0.58600.8727
4	-0.0316(-2.32)	0.0142(1.74)	0.0122(1.22)	0.4239(2.21)	-0.0093(-5.50)	0.58860.9033
Food and Beverages
1	0.0409(1.70)	0.0189(0.66)	-0.00004(-0.01)	0.02963.3632
2	0.0436(1.13)	0.0204(0.62)	-0.0034(-0.09)	0.0005(0.07)	0.01713.3611
3	0.0449(1.43)	0.0207(0.69)	-0.0990(-0.20)	-0.0002(-0.03)	0.01753.3702
4	0.0478(1.08)	0.0223(0.65)	-0.0035(-0.09)	-0.0998(-0.20)	0.0003(0.04)	0.00473.3681
### Table 13-3 (Contd.)

Portfolio Equations of the Corporation :

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Textiles
1	-0.0194
(-1.35)	0.0391
(1.49)	-0.0051
(-0.85)	0.0905
1.0822
2	0.0136
(0.50)	0.0531
(1.91)	-0.0413
(-1.43)	0.0035
(0.42)	0.1028
1.1126
3	-0.0221
(-1.43)	0.0354
(1.29)	0.0688
(0.48)	-0.0049
(-0.82)	0.0812
1.0724
4	0.0108
(0.39)	0.0494
(1.70)	-0.0413
(-1.42)	0.0678
(0.48)	0.0036
(0.43)	0.0935
1.1023
Pulp, Paper, and Paper Products	0.0079
(0.94)	0.0101
(1.60)	-0.0093
(-2.54)	0.5650
1.5084
2	0.0031
(0.37)	0.0104
(1.70)	0.0367
(2.30)	-0.0090
(-2.54)	0.5877
1.6196
3	0.0074
(0.88)	0.0108
(1.72)	0.2129
(1.07)	-0.0076
(-1.91)	0.5659
1.5104
4	0.0031
(0.37)	0.0108
(1.75)	0.0345
(2.09)	0.1183
(0.59)	-0.0081
(-2.09)	0.5842
1.6109
Chemicals
1	-0.0097
(-0.77)	0.0072
(1.29)	-0.0051
(-3.32)	0.4165
1.1766
2	-0.0368
(-1.53)	0.0020
(0.30)	0.0330
(1.32)	-0.0074
(-3.20)	0.4220
1.2187
3	0.0052
(0.21)	0.0108
(1.41)	-0.2039
(-0.69)	-0.0052
(-3.33)	0.4125
1.2101
4	0.0342
(-0.79)	0.0026
(0.25)	0.0320
(1.12)	-0.0244
(-0.07)	-0.0074
(-2.94)	0.4144
1.2207
Steel
1	-0.0321
(-1.25)	0.0569
(5.42)	-0.0196
(-4.57)	0.4192
0.8060
2	0.0228
(0.71)	0.0609
(5.96)	-0.0419
(-2.68)	-0.0128
(-2.64)	0.4617
0.8724
3	0.0122
(0.42)	0.0827
(6.13)	-0.6746
(-2.86)	-0.0147
(-3.29)	0.4680
0.9645
4	0.0089
(2.54)	0.0929
(7.17)	-0.0516
(-3.49)	-0.8156
(-3.63)	-0.0053
(-1.06)	0.5353
1.1717
### Table 13-3 (Contd.)

Portfolio Equations of the Corporation :

(Separate Treatment of the Fundamentals and the Non-fundamentals)

Industry	CONST.	MAQ	LAND	CF	NF	R-squ./D.W.
Non-ferrous Metal
1	-0.0466	-0.0364	-0.0039	0.3822
(-5.46)	(-5.74)	(-0.99)	1.0561
2	-0.0579	-0.0405	0.0409	-0.0082	0.3859
(-4.61)	(-5.65)	(1.22)	(-1.55)	1.0817
3	-0.0419	-0.0346	-0.2140	-0.0039	0.3771
(-3.59)	(-4.86)	(-0.60)	(-1.00)	1.0856
4	-0.0524	-0.0383	0.0516	-0.3755	-0.0094	0.3862
(-3.84)	(-5.10)	(1.46)	(-1.01)	(-1.74)	1.1484
Fabricated Metal
Products	-0.0102	-0.0139	-0.0099	0.0411
1	(-1.46)	(-1.58)	(-1.38)	1.5755
2	-0.0443	-0.0428	0.0357	-0.0238	0.0777
(-2.44)	(-2.57)	(2.02)	(-2.42)	1.6531
3	-0.0118	-0.0137	0.0446	-0.0109	0.0337
(-1.58)	(-1.55)	(0.63)	(-1.48)	1.5812
4	-0.0443	-0.0420	0.0347	0.0228	-0.0240	0.0669
(-2.42)	(-2.47)	(1.93)	(0.32)	(-2.42)	1.6531
Machinery
1	-0.0128	-0.0065	-0.0064	0.3007
(-0.31)	(-0.55)	(-1.71)	1.2488
2	-0.0127	-0.0028	-0.0061	-0.0052	0.2919
(-0.30)	(-0.12)	(-0.20)	(-0.75)	1.2441
3	-0.0928	-0.0226	0.7951	-0.0089	0.3267
(-1.63)	(-1.61)	(2.01)	(-2.30)	1.4369
4	-0.0925	-0.0211	-0.0024	0.7932	-0.0085	0.3179
(-1.61)	(-0.89)	(-0.08)	(1.98)	(-1.20)	1.4334
Electrical
Machinery	-0.0893	0.0145	-0.0019	0.4106
(-1.73)	(1.04)	(-0.90)	2.1965
2	-0.0683	-0.0249	0.0950	-0.0021	0.4401
(-1.33)	(-1.13)	(2.26)	(-1.02)	2.4221
3	-0.1560	-0.0006	0.4850	-0.0021	0.4447
(-2.72)	(-0.04)	(2.41)	(-1.02)	2.4101
4	-0.1428	-0.0508	0.1142	0.5739	-0.0024	0.4904
(-2.59)	(-2.22)	(2.81)	(2.93)	(-1.21)	2.8182