Silviase/jgov_v1.4_full_ann huggingface dataset:
Table 5

Choice of Lag Length Based On the Schwarz Information Criterion

Industry	Discount Factor	Profit Rates
all industries	1	1
construction	3	4
manufacturing	1	1
food and beverages	1	4
textiles	1	1
pulp, paper, and paper products	1	2
chemicals	1	4
steel	1	1
non-ferrous metal	1	2
fabricated metal products	1	1
machinery	3	4
electrical machinery	1	2
wholesale and retail trade	1	1
real estate	1	1

Notes: The lag length was chosen among the first to fourth order on the basis of the Schwarz Information Criterion.
Estimation of the Stochastic Processes Characterizing the Discount Factor and the Profit Rate

Table 6

Industry	CONST.	TIME TREND	1st LAGGED	2nd LAGGED	3rd LAGGED	4th LAGGED	R²/D.W.
All industries
Discount factor	8.16x10-5(0.67)	-0.0034(-0.03)	-0.011.98
Profit rate	0.0180(4.80)	5.92x10-5(2.27)	0.5324(5.62)	0.442.08
Construction
Discount factor	1.54x10-4(0.95)	-0.3479(-3.39)	-0.3360(-3.25)	-0.3719(-3.64)	0.191.78
Profit rate	0.0074(0.59)	2.98x10-4(2.99)	0.2139(2.30)	0.0575(0.59)	-0.0648(-0.66)	0.6202(6.84)	0.551.60
Manufacturing
Discount factor	8.00x10-5(0.56)	-0.0262(-0.23)	-0.011.98
Profit rate	0.0225(4.96)	1.03x10-5(0.32)	0.4817(4.92)	0.211.95
Food and beverages
Discount factor	9.23x10-5(0.49)	-0.3023(-2.88)	0.072.02
Profit rate	0.0211(2.39)	4.22x10-5(0.78)	0.0594(0.70)	-0.0215(-0.26)	-0.2181(-2.64)	0.7011(8.19)	0.491.52
Textiles
Discount factor	1.12x10-4(0.52)	-0.0022(-1.08)	0.002.55
Profit rate	0.0170(3.33)	9.40x10-5(1.19)	0.4244(4.19)	0.192.01
Pulp, paper, and paper products
Discount factor	0.0115(1.00)	-0.0128(-0.11)	-0.012.00
Profit rate	0.0128(2.89)	-1.36x10-4(-1.74)	0.9421(9.66)	-0.4748(-4.89)	0.551.90
Chemicals
Discount factor	7.09x10-5(0.51)	0.0106(0.09)	-0.011.91
Profit rate	0.0276(2.42)	-9.22x10-5(-1.54)	0.3929(3.55)	0.2735(2.38)	-0.2619(-2.25)	0.2541(2.22)	0.282.05
Steel
Discount factor	8.26x10-5(0.57)	-0.1054(-0.96)	-0.001.97
Profit rate	0.0609(4.02)	-2.03x10-4(-1.03)	0.4718(4.83)	0.221.86
Table 6 (Continued)

Estimation of the Stochastic Processes Characterizing the Discount Factor and the Profit Rate

Industry	CONST.	TIME TREND	1st LAGGED	2nd LAGGED	3rd LAGGED	4th LAGGED	R²/D.W.
Non-ferrous metal
Discount factor	8.47x10-5(0.48)	0.1289(1.19)	0.00
Profit rate	7.75x10-4(0.53)	3.31x10-5(1.17)	1.0272(9.98)	-0.3785(-3.68)	0.62
Fabricated metal
products
Discount factor	1.92x10-4(0.92)	-0.2594(-2.35)	0.05
Profit rate	0.0024(2.53)	1.22x10-4(4.45)	0.5058(5.34)	0.75
Machinery
Discount factor	1.29x10-4(0.78)	-0.2046(-1.96)	-0.0432(-0.41)	-0.3346(-3.30)	0.12
Profit rate	0.0198(1.63)	1.83x10-4(1.84)	0.2796(2.71)	0.0590(0.54)	-0.0078(-0.07)	0.4032(3.88)	0.39
Electrical
machinery	9.59x10-5(0.47)	-0.2372(-2.22)	0.04
Discount factor	2.03
Profit rate	0.0379(2.58)	-1.43x10-5(-0.12)	0.5112(4.72)	0.2256(2.09)	0.44
Wholesale and retail trade	9.27x10-5(0.55)	-0.0657(-0.59)	-0.00
Discount factor	1.99
Profit rate	0.1613(5.08)	6.78x10-4(2.19)	0.4370(4.40)	0.29
Real estate
Discount factor	4.22x10-5(0.25)	-0.1976(-1.88)	0.02
Profit rate	0.0213(4.41)	1.43x10-6(0.03)	0.5854(6.60)	0.33
2.09

Notes: For notations, see Table 3. D.W. is Durbin-Watson Statistics.
Table 7

Summary Statistics of Average Q (AVQ) and Fundamentals (MAQ)

Industry	AVQ	MAQ	S.D.(AVQ)/S.D.(MAQ)
all industries	1.2135
(1.0797)	1.2493
(0.2412)	4.4764
construction	1.8020
(2.3842)	3.8475
(0.7805)	3.0547
manufacturing	1.5899
(1.2716)	1.1631
(0.2511)	5.0641
food and beverages	1.3981
(1.4760)	1.3952
(0.2655)	5.5593
textiles	0.9151
(1.0337)	1.1069
(0.2308)	4.4788
pulp, paper, and paper products	-0.0849
(0.0870)	0.1872
(0.2118)	0.4108
chemicals	2.5548
(1.9024)	2.0450
(0.5574)	3.4130
steel	3.3800
(1.6539)	2.0541
(0.5803)	2.8501
non-ferrous metal	0.1902
(0.2611)	0.2412
(0.1029)	2.5374
fabricated metal products	0.0583
(0.2889)	0.5976
(0.1685)	1.7145
machinery	2.7670
(2.2268)	3.6088
(0.6786)	3.2815
electrical machinery	7.6279
(4.5000)	4.3456
(1.0680)	4.2135
wholesale and retail trade	5.1149
(4.7562)	9.8541
(1.8123)	2.6244
real estate	-0.1896
(0.8943)	1.5040
(0.3778)	2.3671

Notes: (1) The values are sample means and those in the parentheses are standard deviations.

(2) S.D.(AVQ)/S.D.(MAQ): ratio of the standard deviation of the AVQ to that of the MAQ.
Relationship between Average q (AVQ) and the Fundamentals (MAQ)

Table 8

Industry	CONST.	MAQ	R²/D.W.
All industries	-0.0267 (-0.04)	0.9927 (2.06)	0.0376 0.0776
Construction	-8.0425 (-11.12)	2.5587 (13.89)	0.6980 0.6254
Manufacturing	0.3773 (0.58)	1.0426 (1.91)	0.0307 0.0934
Food and beverages	0.3532 (0.41)	0.7489 (1.23)	0.0062 0.0774
Textiles	-1.0350 (-1.99)	1.7618 (3.83)	0.1442 0.1510
Pulp, paper, and paper products	-0.0468 (-4.22)	-0.2035 (-5.17)	0.2366 0.2326
Chemicals	4.9723 (6.64)	-1.1821 (-3.34)	0.1092 0.0928
Steel	1.9176 (2.95)	0.7120 (2.34)	0.0510 0.1844
Non-ferrous metal	-0.2547 (-5.05)	1.8444 (9.59)	0.5229 0.3381
Fabricated metal products	-0.6052 (-6.75)	1.1101 (7.69)	0.4119 0.3594
Machinery	-2.0847 (-1.72)	1.3444 (4.07)	0.1577 0.2140
Electrical machinery	7.0871 (3.41)	0.1244 (0.27)	-0.0113 0.1040
Wholesale and Retail Trade	3.0680 (1.06)	0.2077 (0.72)	-0.0059 0.2132
Real Estate	0.1693 (0.42)	-0.2387 (-0.92)	-0.0019 0.2348

Notes: For notations see the notes in Table 3 and 6.
Test of the Stock Market Efficiency

Table 9

Industry	Test statistics	P-value
all industries	0.0481	0.9530
construction	138.1243	0.0000
manufacturing	4.8829	0.0099
food and beverages	0.0854	0.9182
textiles	3.0184	0.0545
pulp, paper, and paper products	1005.890	0.0000
chemicals	22.4303	0.0000
steel	28.8918	0.0000
non-ferrous metal	12.9988	0.0000
fabricated metal products	249.1942	0.0000
machinery	7.6683	0.0009
electrical machinery	23.8733	0.0000
wholesale and retail trade	45.2174	0.0000
real estate	161.6834	0.0000

Notes: Under the null hypothesis the test statistics follows the F distribution of degrees 2 and 82.
Table 10

Regression of the Market Valuation on

the Fundamentals and the Market Value of Land

Industry	CONST.	MAQ	LAND VALUE	R²/D.W.
all industries	-0.2985 (-0.74)	-0.5873 (-1.68)	2.4087 (17.93)	0.8145 0.1709
construction	-4.6209 (-6.34)	0.5731 (1.88)	2.2912 (13.09)	0.9223 0.5231
manufacturing	-0.5501 (-1.28)	-0.1473 (-0.40)	2.8537 (16.50)	0.7791 0.2162
food and beverages	-0.6325 (-1.06)	-0.4914 (-1.13)	2.6923 (15.47)	0.7508 0.1656
textiles	-1.0081 (-3.11)	0.3328 (1.06)	2.2303 (20.49)	0.8657 0.2731
pulp, paper, and paper products	-0.0967 (-3.27)	-0.1893 (-4.78)	1.2164 (10.22)	0.6446 0.2342
chemicals	-0.5526 (-0.85)	-0.9038 (-4.20)	3.7795 (16.25)	0.7822 0.2434
steel	-0.0096 (-0.01)	0.7085 (2.73)	1.7194 (13.58)	0.6959 0.2460
non-ferrous metal	-0.2711 (-8.05)	0.4310 (2.28)	2.6982 (16.13)	0.8931 0.3618
fabricated metal products	-0.1615 (-2.02)	-0.2560 (-1.41)	1.7161 (21.79)	0.9419 0.5606
machinery	1.8814 (2.69)	-0.9972 (-4.19)	2.6340 (23.40)	0.9057 0.6056
electrical machinery	4.0926 (2.77)	-1.2419 (-3.51)	4.9754 (11.80)	0.6269 0.2106
wholesale and retail trade	2.4831 (1.07)	-0.4838 (-1.92)	1.5217 (20.11)	0.8433 0.3236
real estate	1.6951 (3.68)	0.1794 (0.74)	0.6301 (8.74)	0.5197 0.2877

Notes: For notations, see Table 3 and 6.
Table 11-1

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
All Industries
1	0.0574 (26.58)	-0.000042 (-0.06)	0.2933 0.3355
2	0.0374 (9.39)	-0.0034 (-3.94)	0.0206 (5.66)	0.4926 0.5227
3	0.0056 (1.05)	-0.0013 (-2.67)	0.7642 (10.04)	0.6876 0.9684
4	-0.0019 (-0.41)	-0.0035 (-6.23)	0.0144 (5.82)	0.6693 (10.15)	0.7803 1.3511
Construction
1	0.0653 (13.14)	0.0020 (2.56)	0.0678 0.4032
2	0.0303 (2.52)	-0.0024 (-1.50)	0.0191 (3.17)	0.1636 0.4337
3	-0.0251 (-2.89)	-0.0013 (-2.19)	0.5343 (11.12)	0.6348 1.5058
4	-0.0283 (-2.86)	-0.0019 (-1.78)	0.0029 (0.68)	0.5210 (10.02)	0.6323 1.4856
Manufacturing
1	0.0538 (19.13)	-0.0013 (-1.51)	0.2071 0.1702
2	0.0340 (6.96)	-0.0049 (-4.55)	0.0288 (4.71)	0.3747 0.2542
3	0.0084 (1.59)	-0.0017 (-2.95)	0.6712 (9.27)	0.6180 0.8686
4	0.0009 (0.18)	-0.0040 (-5.11)	0.0182 (4.00)	0.5970 (8.67)	0.6795 0.9207
Food and Beverages
1	0.0424 (15.50)	-0.0009 (-1.15)	0.0025 0.3642
2	0.0218 (4.67)	-0.0040 (-4.38)	0.0214 (5.12)	0.2438 0.5224
3	0.0331 (8.04)	-0.0005 (-0.66)	0.1833 (2.96)	0.0915 0.4910
4	0.0152 (3.01)	-0.0035 (-3.89)	0.0202 (4.99)	0.1527 (2.80)	0.3405 0.6443
Table 11-1 (Contd.)

Portfolio Equations of the Corporation :

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Textiles
1	0.0375 (10.40)	0.0032 (2.38)	0.0526 0.4025
2	0.0335 (4.63)	0.0021 (0.97)	0.0049 (0.64)	0.0452 0.4022
3	0.0326 (8.50)	0.0028 (2.17)	0.0988 (2.86)	0.1335 0.5472
4	0.0292 (4.12)	0.0019 (0.90)	0.0043 (0.58)	0.0982 (2.83)	0.1258 0.5461
Pulp, Paper, and Paper Products	-0.0074 (-2.70)	-0.0133 (-7.64)	0.5255 1.0301
2	-0.0125 (-4.56)	-0.0131 (-8.36)	0.0373 (4.35)	0.6134 1.2877
3	-0.0060 (-2.17)	-0.0107 (-5.27)	0.2427 (2.22)	0.5480 1.1342
4	-0.0112 (-3.92)	-0.0115 (-6.12)	0.0345 (3.96)	0.1546 (1.51)	0.6195 1.3385
Chemicals
1	0.0838 (16.12)	-0.0040 (-4.61)	0.3032 0.5852
2	0.0512 (3.73)	-0.0060 (-5.21)	0.0333 (2.55)	0.3487 0.6743
3	0.0296 (2.50)	-0.0030 (-3.82)	0.5140 (4.96)	0.4634 0.9797
4	-0.0029 (-0.18)	-0.0050 (-4.94)	0.0332 (2.94)	0.5137 (5.19)	0.5113 1.1234
Steel
1	0.1876 (8.47)	0.0031 (0.77)	0.3528 0.6054
2	0.2435 (8.60)	0.0102 (2.23)	-0.0454 (-2.96)	0.4108 0.6897
3	0.1230 (4.33)	-0.0036 (-0.84)	0.6309 (3.34)	0.4264 0.7360
4	0.1777 (5.00)	0.0030 (0.60)	-0.0366 (-2.44)	0.5371 (2.87)	0.4608 0.7765
Table 11-1 (Contd.)

Portfolio Equations of the Corporation :

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Non-ferrous Metal
1	0.0128 (10.89)	-0.00007 (-0.11)	0.3954 1.2150
2	0.0096 (3.53)	-0.0012 (-1.08)	0.0112 (1.26)	0.3999 1.2346
3	0.0107 (6.21)	-0.0005 (-0.64)	0.1384 (1.59)	0.4068 1.2820
4	0.0088 (3.16)	-0.0012 (-1.08)	0.0080 (0.87)	0.1168 (1.29)	0.4049 1.2827
Fabricated Metal
Products	0.0225 (12.32)	0.0058 (4.24)	0.2128 0.9516
1
2	0.0022 (0.66)	-0.0062 (-2.93)	0.0212 (6.67)	0.4924 1.4090
3	0.0211 (11.11)	0.0053 (3.93)	0.0392 (2.22)	0.2500 0.9783
4	0.0013 (0.39)	-0.0064 (-3.14)	0.0209 (6.77)	0.0348 (2.47)	0.5236 1.4655
Machinery
1	0.0823 (19.26)	0.0025 (3.37)	0.2394 0.8906
2	0.0749 (10.32)	0.0010 (0.69)	0.0062 (1.25)	0.2447 0.9013
3	0.0156 (1.56)	0.00003 (0.04)	0.4482 (7.12)	0.5333 1.3508
4	0.0166 (1.62)	0.0005 (0.42)	-0.0020 (-0.50)	0.4578 (6.93)	0.5288 1.3626
Electrical
Machinery	0.1226 (14.34)	0.0039 (7.24)	0.4390 0.6362
1
2	0.1168 (9.06)	0.0036 (5.46)	0.0057 (0.60)	0.4344 0.6323
3	0.0162 (1.57)	0.0023 (6.72)	0.4654 (11.90)	0.7982 1.4243
4	0.0218 (1.98)	0.0026 (6.49)	-0.0080 (-1.38)	0.4762 (12.01)	0.8005 1.4976
Portfolio Equations of the Corporation :

Table 11-1 (Contd.)

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Wholesale and Retail Trade	0.2138(23.68)	0.0012(1.96)	0.25440.4629
1
2	0.1582(14.11)	-0.0010(-1.74)	0.0074(6.54)	0.51260.7231
3	0.1334(6.02)	0.0004(0.68)	0.1983(3.92)	0.36870.7052
4	0.1019(5.41)	-0.0014(-2.53)	0.0067(6.28)	0.1514(3.59)	0.57711.0129
Real Estate
1	0.0506(10.47)	-0.0039(-2.75)	0.25911.3486
2	0.0315(3.56)	-0.0017(-1.06)	0.0079(2.53)	0.30671.4541
3	0.0371(5.01)	-0.0051(-3.45)	0.2238(2.36)	0.29951.4723
4	0.0266(2.85)	-0.0031(-1.68)	0.0060(1.81)	0.1576(1.57)	0.31941.5111

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 11-2

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
All Industries
1	0.0054(13.02)	-0.00069(-4.87)	0.24750.5125
2	0.0036(4.13)	-0.00098(-5.19)	0.0018(2.26)	0.28480.5696
3	-0.0040(-3.62)	-0.00092(-8.91)	0.1380(8.85)	0.61981.2285
4	-0.0043(-3.73)	-0.0010(-7.30)	0.0006(0.94)	0.1343(8.34)	0.61931.2393
Construction
1	0.0155(7.41)	0.0002(0.51)	-0.01660.5308
2	0.0106(1.98)	-0.0004(-0.64)	0.0027(1.01)	-0.01650.5486
3	-0.0162(-3.62)	-0.0010(-3.32)	0.1873(7.59)	0.40761.1095
4	-0.0123(-2.46)	-0.0003(-0.48)	-0.0036(-1.66)	0.2036(7.74)	0.42061.1589
Manufacturing
1	0.0041(10.13)	-0.0005(-4.32)	0.19340.3533
2	0.0027(3.45)	-0.0008(-4.63)	0.0021(2.15)	0.22870.3928
3	-0.0016(-1.95)	-0.0006(-6.16)	0.0846(7.29)	0.51421.0001
4	-0.0019(-2.09)	-0.0007(-4.83)	0.0006(0.77)	0.0821(6.80)	0.51160.9888
Food and Beverages
1	0.0053(8.45)	-0.0008(-4.39)	0.18750.5081
2	0.0026(2.20)	-0.0012(-5.16)	0.0028(2.64)	0.24440.5826
3	0.0018(2.12)	-0.0006(-4.07)	0.0689(5.33)	0.39650.7887
4	-0.0002(-0.17)	-0.0010(-4.76)	0.0023(2.44)	0.0655(5.18)	0.43260.8551
Table 11-2 (Contd.)

Portfolio Equations of the Corporation :

Real Purchase of Land

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Textiles
1	0.0021(2.62)	-0.000069(-0.23)	-0.03991.3103
2	0.0033(2.09)	0.0003(0.56)	-0.0015(-0.90)	-0.04251.3226
3	0.0017(1.93)	-0.0001(-0.33)	0.0076(0.95)	-0.04121.3558
4	0.0030(1.83)	0.0002(0.52)	-0.0016(-0.93)	0.0078(0.98)	-0.04311.3708
Pulp, Paper, and Paper Products	-0.0017(-2.63)	-0.0017(-4.18)	0.16211.6792
2	-0.0017(-2.41)	-0.0017(-4.15)	0.0002(0.09)	0.15141.6798
3	-0.0014(-2.16)	-0.0012(-2.48)	0.0478(1.87)	0.18781.7543
4	-0.0013(-1.76)	-0.0012(-2.42)	-0.0007(-0.31)	0.0496(1.89)	0.17831.7570
Chemicals
1	0.0068(9.85)	-0.0005(-4.31)	0.25311.3044
2	0.0061(3.24)	-0.0005(-3.36)	0.0006(0.38)	0.24491.3106
3	0.0016(0.98)	-0.0004(-3.59)	0.0487(3.30)	0.33631.5927
4	0.0010(0.42)	-0.0004(-2.89)	0.0007(0.40)	0.0486(3.28)	0.32901.5986
Steel
1	0.0098(3.91)	0.0003(0.56)	0.04730.8865
2	0.0151(4.61)	0.0009(1.75)	-0.0043(-2.42)	0.10250.9576
3	0.0032(0.96)	-0.0004(-0.89)	0.0654(3.00)	0.13500.9648
4	0.0082(1.97)	0.0002(0.29)	-0.0034(-1.92)	0.0568(2.59)	0.16391.0013
Table 11-2 (Contd.)

Portfolio Equations of the Corporation :

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Non-ferrous Metal
1	0.0002 (0.67)	-0.0004 (-2.58)	0.0685 1.8981
2	0.0003 (0.43)	-0.0004 (-1.39)	-0.0004 (-0.16)	0.0568 1.9001
3	0.0002 (0.51)	-0.0004 (-2.39)	-0.0018 (-0.09)	0.0566 1.8988
4	0.0003 (0.43)	-0.0004 (-1.38)	-0.0003 (-0.14)	-0.0010 (-0.04)	0.0446 1.9003
Fabricated Metal
Products	0.0007 (1.56)	-0.0003 (-0.97)	-0.0227 1.5193
1
2	-0.0007 (-0.68)	-0.0011 (-1.81)	0.0014 (1.52)	-0.0060 1.6280
3	0.0005 (1.04)	-0.0004 (-1.17)	0.0054 (1.26)	-0.0152 1.5260
4	-0.0008 (-0.82)	-0.0011 (-1.87)	0.0014 (1.47)	0.0051 (1.20)	-0.0004 1.6316
Machinery
1	0.0075 (5.10)	-0.0004 (-1.75)	-0.0102 0.7026
2	0.0076 (2.98)	-0.0004 (-0.89)	-0.0002 (-0.01)	-0.0232 0.7024
3	0.0072 (-1.76)	-0.0010 (-3.60)	0.0987 (3.85)	0.1401 0.8973
4	-0.0062 (-1.50)	-0.0006 (-1.24)	-0.0019 (-1.18)	0.1079 (4.04)	0.1446 0.9041
Electrical
Machinery	0.0070 (7.39)	-0.0001 (-1.99)	0.0303 0.7327
1
2	0.0049 (3.51)	-0.0002 (-2.83)	0.0021 (2.02)	0.0667 0.7824
3	-0.0016 (-1.06)	-0.0002 (-4.68)	0.0376 (6.44)	0.3587 1.2843
4	-0.0024 (-1.43)	-0.0003 (-4.63)	0.0010 (1.20)	0.0362 (6.09)	0.3622 1.3018
Portfolio Equations of the Corporation :

Table 11-2 (Contd.)

Real Purchase of Land

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Wholesale and Retail Trade	0.0561(12.39)	-0.0015(-5.07)	0.23260.5978
1
2	0.0510(7.34)	-0.0017(-4.71)	0.0007(0.96)	0.23180.6170
3	0.0130(1.19)	-0.0019(-6.69)	0.1061(4.24)	0.36820.8720
4	0.0121(1.06)	-0.0020(-5.86)	0.0002(0.31)	0.1047(4.09)	0.36080.8755
Real Estate
1	0.0298(1.50)	0.0015(0.26)	0.01700.8040
2	-0.0775(-2.21)	0.0139(2.15)	0.0445(3.59)	0.14590.9610
3	-0.0905(-3.46)	-0.0088(-1.69)	1.9941(5.96)	0.31581.3308
4	-0.1318(-4.02)	-0.0009(-0.14)	0.0236(2.02)	1.7347(4.92)	0.34191.3574

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 11-3

Portfolio Equations of the Corporation : Net Borrowings

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
All Industries
1	0.0270 (5.27)	-0.0007 (-0.38)	0.2315 0.4966
2	-0.0171 (-1.76)	-0.0080 (-3.84)	0.0454 (5.12)	0.4173 0.7257
3	-0.0657 (-4.15)	-0.0030 (-2.00)	1.3688 (6.07)	0.4715 0.8805
4	-0.0839 (-5.67)	-0.0083 (-4.62)	0.0348 (4.45)	1.1389 (5.45)	0.5743 1.1507
Construction
1	0.0162 (6.43)	0.0064 (1.58)	0.4091 0.9839
2	0.1246 (1.93)	0.0016 (0.19)	0.0206 (0.64)	0.4046 0.9904
3	0.0391 (0.56)	0.0019 (0.41)	0.7285 (1.90)	0.4279 1.0986
4	0.0416 (0.53)	0.0024 (0.28)	-0.0023 (-0.07)	0.7388 (1.77)	0.4205 1.0996
Manufacturing
1	0.0105 (2.16)	-0.0065 (-4.49)	0.3631 0.5071
2	-0.0110 (-1.22)	-0.0105 (-5.24)	0.0314 (2.76)	0.4124 0.6015
3	-0.0468 (-4.20)	-0.0071 (-5.71)	0.8466 (5.53)	0.5368 0.8472
4	-0.0541 (-4.58)	-0.0093 (-5.24)	0.0176 (1.70)	0.7746 (4.93)	0.5478 0.8745
Food and Beverages
1	0.0502 (2.58)	0.0002 (0.04)	0.0364 3.3643
2	0.0450 (1.17)	-0.0005 (-0.07)	0.0054 (0.16)	0.0243 3.3676
3	0.0492 (1.60)	0.0003 (0.05)	0.0197 (0.04)	0.0240 3.3630
4	0.0445 (1.02)	-0.0005 (-0.07)	0.0053 (0.15)	0.0116 (0.02)	0.0117 3.3668
### Table 11-3 (Contd.)

Portfolio Equations of the Corporation :

Net Borrowings

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Textiles
1	-0.0125 (-0.91)	-0.0003 (-0.06)	0.0746 1.0315
2	0.0159 (0.58)	0.0074 (0.90)	-0.0348 (-1.20)	0.0798 1.0506
3	-0.0184 (-1.20)	-0.0008 (-0.15)	0.1201 (0.87)	0.0717 1.0296
4	0.0105 (0.37)	0.0071 (0.86)	-0.0356 (-1.23)	0.1252 (0.91)	0.0777 1.0495
Pulp, Paper, and Paper Products	-0.0309 (-5.51)	-0.0210 (-5.94)	0.3957 1.1418
1	-0.0357 (-5.85)	-0.0209 (-5.99)	0.0355 (1.86)	0.4140 1.1982
2	-0.0282 (-4.98)	-0.0163 (-3.89)	0.4569 (2.05)	0.4192 1.1760
3	-0.0325 (-5.13)	-0.0169 (-4.05)	0.0284 (1.47)	0.3844 (1.69)	0.4277 1.2114
Chemicals
1	0.0126 (1.38)	-0.0063 (-4.18)	0.3773 1.0813
2	-0.0372 (-1.53)	-0.0094 (-4.61)	0.0509 (2.20)	0.4061 1.1797
3	-0.0165 (-0.70)	-0.0058 (-3.72)	0.2766 (1.34)	0.3835 1.0983
4	-0.0663 (-2.06)	-0.0089 (-4.30)	0.0509 (2.21)	0.2762 (1.37)	0.4126 1.1960
Steel
1	0.0589 (2.08)	-0.0111 (-2.13)	0.0609 0.4605
2	0.1241 (3.39)	-0.0029 (-0.50)	-0.0530 (-2.67)	0.1288 0.5111
3	0.0214 (0.56)	-0.0151 (-2.56)	0.3658 (1.43)	0.0733 0.5146
4	0.0947 (1.97)	-0.0061 (-0.90)	-0.0491 (-2.42)	0.2403 (0.95)	0.1277 0.5382
### Table 11-3 (Contd.)

Portfolio Equations of the Corporation :

Net Borrowings

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Non-ferrous Metal
1	-0.0196 (-4.11)	-0.0149 (-5.40)	0.2827 1.0167
2	-0.0316 (-2.83)	-0.0194 (-4.16)	0.0431 (1.19)	0.2865 1.0388
3	-0.0106 (-1.51)	-0.0132 (-4.55)	-0.6133 (-1.73)	0.3004 1.1266
4	-0.0261 (-2.33)	-0.0195 (-4.27)	0.0650 (1.76)	-0.7888 (-2.17)	0.3188 1.2116
Fabricated Metal
Products	-0.0102 (-1.47)	-0.0115 (-2.21)	0.0519 1.5707
1	-0.0318 (-2.01)	-0.0242 (-2.45)	0.0226 (1.51)	0.0671 1.6094
2	-0.0119 (-1.61)	-0.0121 (-2.28)	0.0472 (0.68)	0.0454 1.5780
3	-0.0330 (-2.06)	-0.0245 (-2.47)	0.0222 (1.48)	0.0427 (0.62)	0.0597 1.6157
Machinery
1	-0.0131 (-0.70)	-0.0064 (-1.96)	0.3095 1.2489
2	-0.0093 (-0.29)	-0.0056 (-0.89)	-0.0032 (-0.15)	0.3008 1.2453
3	-0.1055 (-1.90)	-0.0098 (-2.61)	0.6204 (1.77)	0.3277 1.3890
4	-0.0978 (-1.73)	-0.0064 (-1.02)	-0.0156 (-0.69)	0.6942 (1.89)	0.3231 1.3906
Electrical
Machinery	-0.0407 (-1.62)	-0.0004 (-0.23)	0.4094 2.1801
1	-0.1040 (-2.83)	-0.0029 (-1.55)	0.0630 (2.31)	0.4401 2.3491
2	0.1532 (-3.15)	-0.0020 (-1.22)	0.4923 (2.66)	0.4517 2.4129
3	-0.1886 (-3.66)	-0.0039 (-2.04)	0.0508 (1.87)	0.4239 (2.28)	0.4688 2.5302
### Table 11-3 (Contd.)

Portfolio Equations of the Corporation :

Net Borrowings

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

Industry	CONST.	AVQ	LAND	CF	R-squ./D.W.
Wholesale and Retail Trade	0.2539	-0.0034	0.1774
1	(3.67)	(-0.73)	1.6937
2	0.0305	-0.0123	0.0296	0.2479
(0.30)	(-2.28)	(2.90)	1.8487
3	-0.1601	-0.0074	1.0204	0.2285
(-0.90)	(-1.56)	(2.50)	1.9331
4	-0.2818	-0.0145	0.0258	0.8398	0.2791
(-1.57)	(-2.70)	(2.54)	(2.09)	2.0489
Real Estate
1	0.1354	0.0227	0.0412
(3.57)	(2.02)	0.9878
2	-0.2066	0.0621	0.1420	0.4133
(-3.67)	(5.99)	(7.15)	1.6555
3	-0.0262	0.0089	2.6789	0.1791
(-0.47)	(0.81)	(3.78)	1.3010
4	-0.2470	0.0511	0.1264	1.2908	0.4363
(-4.21)	(4.45)	(6.05)	(2.05)	1.7891

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.
Table 12-1

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

Industry	CONST.	MAQ	LAND	CF	R-squ./D.W.
All Industries
1	0.0492 (31.82)	0.0230 (10.98)	0.7203 0.8761
2	0.0492 (20.31)	0.0231 (9.46)	-0.000032 (-0.01)	0.7168 0.8762
3	0.0337 (4.70)	0.0166 (4.66)	0.2605 (2.20)	0.7333 0.8851
4	0.0331 (4.30)	0.0162 (4.16)	0.00054 (0.24)	0.2639 (2.20)	0.7301 0.8848
Construction
1	0.0243 (2.60)	0.0113 (5.19)	0.2472 0.5105
2	0.0239 (2.48)	0.0119 (3.18)	-0.0010 (-0.22)	0.2380 0.5153
3	-0.0161 (-1.98)	-0.0012 (-0.58)	0.5033 (8.72)	0.6141 1.3631
4	-0.0189 (-2.27)	0.0015 (0.53)	-0.0047 (-1.39)	0.5131 (8.88)	0.6186 1.4215
Manufacturing
1	0.0463 (23.71)	0.0286 (10.23)	0.6490 0.4095
2	0.0484 (15.74)	0.0296 (9.88)	-0.0031 (-0.91)	0.6482 0.4167
3	0.0257 (4.67)	0.0198 (5.82)	0.3322 (3.95)	0.7037 0.5740
4	0.0279 (4.76)	0.0208 (5.90)	-0.0034 (-1.08)	0.3342 (3.98)	0.7044 0.5875
Food and Beverages
1	0.0283 (13.44)	0.0277 (11.23)	0.6095 0.8337
2	0.0270 (9.28)	0.0272 (10.43)	0.0016 (0.66)	0.6066 0.8390
3	0.0264 (9.74)	0.0268 (10.25)	0.0477 (1.13)	0.6108 0.8431
4	0.0244 (6.91)	0.0260 (9.33)	0.0020 (0.84)	0.0532 (1.24)	0.6093 0.8537
Table 12-1 (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	0.0317 (10.78)	0.0380 (7.36)	0.4031 0.7403
2	0.0341 (8.11)	0.0402 (6.82)	-0.0033 (-0.77)	0.4000 0.7630
3	0.0296 (9.41)	0.0354 (6.66)	0.0514 (1.75)	0.4188 0.7744
4	0.0318 (7.29)	0.0374 (6.19)	-0.0030 (-0.71)	0.0505 (1.72)	0.4150 0.7923
Pulp, Paper, and Paper Products	0.0280 (16.30)	0.0141 (9.71)	0.6235 1.2560
2	0.0225 (12.38)	0.0141 (11.25)	0.0388 (5.33)	0.7204 1.7150
3	0.0236 (9.85)	0.0122 (7.60)	0.2319 (2.54)	0.6479 1.3966
4	0.0201 (9.03)	0.0129 (9.10)	0.0360 (4.88)	0.1442 (1.76)	0.7277 1.7918
Chemicals
1	0.0433 (8.58)	0.0200 (9.53)	0.5887 0.9595
2	0.0630 (6.82)	0.0204 (9.99)	-0.0182 (-2.51)	0.6146 1.0295
3	0.0459 (4.18)	0.0207 (6.43)	-0.0360 (-0.27)	0.5838 0.9573
4	0.0783 (4.98)	0.0234 (7.23)	-0.0214 (-2.78)	-0.1652 (-1.21)	0.6168 1.0525
Steel
1	0.0941 (5.71)	0.0669 (9.35)	0.6905 1.3334
2	0.1496 (7.08)	0.0685 (10.33)	-0.0334 (-3.79)	0.7353 1.5797
3	0.1142 (5.53)	0.0758 (8.41)	-0.2468 (-1.60)	0.6964 1.4715
4	0.1657 (7.02)	0.0761 (9.11)	-0.0326 (-3.72)	-0.2133 (-1.49)	0.7394 1.7175
Table 12-1 (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	0.0170 (8.32)	0.0031 (2.12)	0.4280 1.2741
2	0.0188 (6.08)	0.0040 (2.15)	-0.0049 (-0.76)	0.4250 1.2872
3	0.0159 (5.53)	0.0027 (1.61)	0.0502 (0.55)	0.4229 1.2848
4	0.0176 (5.07)	0.0036 (1.84)	-0.0059 (-0.89)	0.0671 (0.72)	0.4214 1.3046
Fabricated Metal
Products	0.0221 (17.59)	0.0134 (6.61)	0.3781 1.0824
1
2	0.0152 (6.59)	0.0050 (1.63)	0.0097 (3.49)	0.4551 1.2774
3	0.0210 (17.18)	0.0134 (7.09)	0.0514 (3.45)	0.4537 1.2165
4	0.0158 (7.08)	0.0068 (2.26)	0.0076 (2.75)	0.0403 (2.71)	0.4962 1.3435
Machinery
1	0.0526 (6.18)	0.0111 (4.52)	0.3088 1.0439
2	0.0539 (6.11)	0.0096 (2.65)	0.0021 (0.59)	0.3031 1.0342
3	0.0145 (1.57)	0.0017 (0.67)	0.4225 (6.30)	0.5360 1.3348
4	0.0117 (1.19)	0.0032 (1.03)	-0.0025 (-0.83)	0.4365 (6.30)	0.5342 1.3598
Electrical
Machinery	0.0679 (3.85)	0.0230 (5.48)	0.3245 0.5421
1
2	0.0655 (3.61)	0.0274 (3.41)	-0.0103 (-0.64)	0.3194 0.5679
3	-0.0004 (-0.03)	0.0062 (1.89)	0.5130 (9.86)	0.6953 0.8951
4	0.0006 (0.04)	0.0031 (0.53)	0.0069 (0.63)	0.5183 (9.79)	0.6929 0.8936
Table 12-1 (Contd.)

Portfolio Equations of the Corporation :

Investment in Plant and Equipment

(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	0.1088(6.73)	0.0090(7.57)	0.54670.7658
1
2	0.1072(7.17)	0.0063(4.89)	0.0037(3.79)	0.61230.8813
3	0.1018(5.28)	0.0084(5.52)	0.0343(0.66)	0.54350.7786
4	0.1003(5.62)	0.0057(3.66)	0.0037(3.77)	0.0343(0.72)	0.60990.8990
Real Estate
1	0.0464(9.00)	0.0140(3.46)	0.29511.4482
2	0.0315(3.66)	0.0086(1.83)	0.0066(2.14)	0.32581.5192
3	0.0509(8.30)	0.0187(3.50)	-0.1589(-1.34)	0.30211.5235
4	0.0353(3.28)	0.0115(1.70)	0.0059(1.75)	-0.0751(-0.59)	0.32011.5419

Notes: For notations, see Table 3 and 6.

The coefficients of the seasonal dummies are suppressed.