Proiect Econometrie Master

Cuprins
1.Analiza statistic elementar...................................................................................................................... 2

2.Modelul Sharpe .......................................................................................................................................... 3
2.1.Actiunea Hewlett-Packard Company (HPQ) ............................................................................ 4

2.2.Actiunea Intel Corporation (INTC) .......................................................................................... 8
2.3.Actiunea Microsoft (MSFT) ................................................................................................... 11
2.4.Actiunea AT&T Inc. (ATT) .................................................................................................... 14
3.Modelul CAPM........................................................................................................................................ 17
3.1. Actiunea Hewlett-Packard Company (HPQ) ......................................................................... 18

3.2. Actiunea Intel Corporation (INTC) ....................................................................................... 21
3.3.Actiunea Microsoft (MSFT) ................................................................................................... 24
3.4.Actiunea AT&T Inc (ATT) ..................................................................................................... 28
4 Concluzii.....32
1. Analiza statistic elementar

Esantionul considerat contine 757 de randamente zilnice ale actiunilor Hewlett-Packard
Company (HPQ), Intel Corporation (INTC), Microsoft (MSFT), AT&T Inc. (ATT) , inregistrate
de la data de 21.10.2008 pana la 20.10.2011. Toate cele 4 actiuni actiuni selectate intra in
componenta indicelui DIJA si de asemenea cele patru companii actioneaza pe o piata comuna,
cea a produselor IT, electronice.
Ca proxy al pietei New York-eze am ales indicele Dow Jones, unul dintre cei mai cunoscuti
indici bursieri din lume. Indicele, calculat pentru prima oara pe 26 mai 1896, urmareste evolutia
celor mai importante 30 de blue chip-uri (companii stabile, de dimensiuni mari, si profitabile) din
Statele Unite. Rentabilitatea activului fara risc a fost considerat randamentul Treasury Bonds cu
maturitatea la un an.
Randamentul titlurilor a fost obtinut folosind urmatoarea formula:
unde Pt
reprezinta pretul activului financiar la momentul de timp t, iar Rt reprezinta randamentul

activului financiar la momentul t.
Preturile de inchidere ale actiunilor au fost ajustate in functie de dividende.
Nivelul de semnificatie folosit este de 5%.
n tabelele 1 i 2 sunt prezentai principalii indicatori statistici pentru seriile cursurilor
aciunilor i pentru seriile randamentelor acestora precum i matricea de corelaie dintre cursurile
acestora.
Indicator
HPQ
INTC
MSFT
ATT
Media
Rata fara
risc
40.24597625 18.51498681 24.22282322 24.75377309 10286.57393
Abaterea standard
7.404884605 3.152043675 3.652902315 2.955833542 1459.135644
Minim
22.2
11.15
14.33
18.36
6547.05
Maxim
53.64
24.24
30.32
30.95
12810.54
Tabelul 1
Indicator
Randament
HPQ
Randament
INTC
Randament Randament
MSFT
ATT
Media
-0.00034835
0.000878956 0.00042129
Randament
Rata
fara
risc
0.000469558 0.000409606
Abaterea
standard
Minim
0.02358963
0.021851121 0.02058475
0.016418989 0.015471517
-0.20034072
-0.08961142
-0.07602612
Maxim
0.14481066
0.113090627 0.12264724
-0.1175178
Tabelul 2
2
-0.077012903
0.131889764 0.108778745
Matricea de corelatie
HPQ
INTC
MSFT
ATT
1 0.36923303 0.62552142 0.115369923
HPQ
INTC
0.36923303
1 0.85287938 0.725315839
MSFT
0.62552142 0.85287938
ATT
-0.1153699 0.72531584 0.48878996
1 0.488789963
1
n anexe sunt reprezentate grafic evoluiile cursurilor celor patru aciuni precum i evoluia
rentabilitilor acestora
Tot n anexe se regsete i captura principalului ecran din eviews cu toate datele necesare i tabelul
coninnd cursuri i rentabiliti.
2.Modelul Sharpe
Continuatorul ideilor economice ale lui Markowitz, W. Sharpe a introdus n calculul
rentabilitii unui titlu noiunea de volatilitate care prezint legtura existent ntre evoluia
rentabilitii unui titlu i evoluia rentabilitii unui factor macroeconomic considerat de obicei
renabilitatea medie a pieei.
In acest proiect am analizat dependenta care exista intre randamentul unui titlu si
randamentul pietei. Ecuatia de regresie a modelului este urmatoarea:
unde Ri este randamentul titlului, Rp randamentul pietei iar
eroarea.
Cele 4 ecuaii ale modelelor Sharpe sunt
R_HPQ = - 0.0007813734863 + 1.057170108*R_DJI
prob (0.2068)
(0.000)
SE
(0.000618)
(0.039986)
R_INTC = 0.0004352521574 + 1.083247061*R_DJI

prob (0.3938)
(0.000)
SE
(0.000510)
(0.032982)
R_MSFT = 0.000006065810622 + 1.013721889*R_DJI

prob
(0.99)
(0.000)
SE
(0.000485)
(0.031362)
R_ATT = 0.0001309952529 + 0.8265586144*R_DJI

prob (0.7267)
(0.000)
SE
(0.000375)
(0.024224)
Analiza bonitii modelelor

2.1.Actiunea Hewlett-Packard Company (HPQ)
Dependent Variable: R_HPQ
Method: Least Squares
Date: 11/28/11 Time: 10:11
Sample: 1 757
Included observations: 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
-0.000781
1.057170
0.000618
0.039986
-1.263440
26.43864
0.2068
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.480743
0.480056
0.017010
0.218447
2010.856
1.997356
Mean dependent var

S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
-0.000348
0.023590
-5.307414
-5.295183
699.0018
0.000000
.15
Ecuaia de regresie a modelului Sharp este
.10
R_HPQ = - 0.0007813734863 + 1.057170108*R_DJI
.05
La modificarea rentabilitii pieei cu 1 punct

procentual rentabilitatea aciunii HPQ se modific
n acelai sens cu 1.057170108.
R_HPQ
.00
-.05
-.10
-.15
-.20
-.25
-.08
Validarea modelului
Coeficientul de determinatie R2 are o valoare de

48%. Acest lucru semnifica faptul ca 48% din
R_DJI
evolutia variabilei dependente este influentata de
variabila explicativa. Deoarace aceasta valoare nu
este foarte mare, inseamna ca o mare parte din variatia randamentului actiunii este determinata
de factori neinclusi in model, specifici firmei.
-.04
.00
.04
.08
.12
Decizia se ia pe baza lui p-value.

Pentru termenul liber Avand un p-value de 20.68%, suntem in zona de indecizie deci nu
putem respinge ipoteza nula.
Pentru coeficientul randamentului pieei P-value este aproape nula (0.0000) deci mai mic dect
5 % Deoarece valoarea statisticii p-value este foarte mica, eroarea pe care o facem respingand
ipoteza nula este si ea foarte mica. Deci se respinge ipoteza nul i rezult c 0, deci este
semnificativ statistic
Testul t
Validarea se poate face i cu ajutorul testului t
Testul t pentru termenul liber are urmatoarele ipoteze:
T statistic calculat este -1.26 fiind in intervalul (t critic( -1.963); t critic(1.963)), si deci
nu putem respinge ipoteza nula ( O putem accepta pentru ca t calc < t critic ). Deci
e
nesemnificativ statistic.
Testul t pentru coeficientul randamentului pietei are urmatoarele ipoteze:
T statistic calculat este 24.43 fiind in afara intervalului(t critic( -1.963); t critic(1.963)),
si astfel respingem ipoteza nula (t calc > t critic )
T critic a fost obtinut apeland functia Excel TINV(0.05; 757). In acest caz, testul t este
bilateral.
n aceast analiz testul Fisher nu ofer nicio informaie n plus pentru c cele patru
regresii sunt simple.
Teste bazate pe reziduuri

Testul Durbin Watson
unde
.15
Analizand graficul, autocorelare nu este evidenta. Astfel vom

trece la estimarea lui din model.
.10
RESIDHPQ
.05
.00
-.05
-.10
-.15
-.20
-.20 -.15 -.10 -.05 .00
.05
.10
.15
RESIDHPQ(-1)
Dependent Variable: RESIDHPQ

Date: 11/21/11 Time: 10:02
Sample(adjusted): 2 757
Included observations: 756 after adjusting endpoints
Variable
Coefficient
Std. Error
t-Statistic
Prob.
RESIDHPQ(-1)
-0.003940
0.036227
-0.108754
0.9134
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.000003
0.000003
0.016926
0.216296
2011.441
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
6.13E-05
0.016926
-5.318627
-5.312506
2.003343
P value este foarte mare 0,9134. Astfel, vom accepta ipoteza nula, si vom concluziona ca
nu exista autocorelare.
Valoarea coeficientului
este -0.0039 foarte apropiat de zero iar statistica DurbinWatson are valoarea 2.000071 . Fiind foarte apropiat de 2 concluzionm ca autocorelarea nu
este prezenta.
Testul White
Var(ei)= 2, 2-constant
{
Pentru a aplica testul White se construieste o regresie auxiliara:
White Heteroskedasticity Test:

F-statistic
Obs*R-squared
0.593071
1.188991
Probability
Probability
0.552885
0.551841
Test Equation:
Dependent Variable: RESID^2
Date: 11/21/11 Time: 10:47
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
R_DJI^2
0.000271
-0.002198
0.076757
5.85E-05
0.003586
0.080846
4.633815
-0.612914
0.949424
0.0000
0.5401
0.3427
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.001571
-0.001078
0.001520
0.001742
3839.620
1.955124
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000289
0.001519
-10.13638
-10.11803
0.593071
0.552885
Testul F pentru acest model de regresie are ipotezele:

{
Probabilitatea atasata lui F statistic este destul de mare 0.552885, dar nu peste 0,8. Eroarea
pe care o facem prin respingerea ipotezei nule este destul de mare. Ne situam intr-o zona de
indecizie. Putem folosi statistica LM
Pentru k grade de libertate i un nivel de ncredere n rezultate de 95% se determin
valoarea
. Dac
atunci se respinge H0, deci modelul este heteroscedastic, iar dac
atunci se accept H0, deci modelul este homoscedastic.
Se observ c LM = 1,1889 iar pentru k=2, din tabelul cu valorile distribuiei rezult
, iar din comparaie rezult c
atunci se accept H0, deci modelul
este homoscedastic.
Testul de normalitate Jarque-Bera

Ipotezele testului sunt :
300
Series: Residuals
Sample 1 757
Observations 757
250
200
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
150
100
50
Jarque-Bera
Probability
0
-0.15
-0.10
-0.05
0.00
0.05
-1.28E-18
0.000562
0.126276
-0.182925
0.016999
-1.509530
28.67525
21080.34
0.000000
0.10
{
P value este foarte mic, aproape nula iar statistica JB foarte mare Deci putem respinge ipoteza
nula, concluzionand ca erorile nu sunt normal repartizate. Distributia este leptocurtica deoarece
Kurtosis >3, i prezint o asimetrie stnga deoarece Skewness este negativ.
Astfel modelul necesit corecie.
2.2. Actiunea Intel Corporation (INTC)

Dependent Variable: R_INTC
Date: 11/28/11 Time: 10:12
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
0.000435
1.083247
0.000510
0.032982
0.853231
32.84366
0.3938
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.588266
0.587720
0.014030
0.148623
2156.628
2.197110
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000879
0.021851
-5.692543
-5.680313
1078.706
0.000000
.12
.08
R_INTC
.04
.00
-.04
-.08
-.12
-.08
-.04
.00
.04
.08
.12
R_DJI

R_INTC = 0.0004352521574 + 1.083247061*R_DJI
La modificarea rentabilitii pieei cu o unitate rentabilitatea aciunii INTC se modific n acelai

sens cu 1.083247061 uniti.
Validarea modelului
Coeficientul de determinatie R2 are o valoare de 58.8%. Acest lucru semnifica faptul ca

58.8% din evolutia variabilei dependente este influentata de variabila explicativa. Deoarace
aceasta valoare nu este foarte mare, inseamna ca o mare parte din variatia randamentului actiunii
este determinata de factori neinclusi in model, specifici firmei.
Pentru termenul liber Avand un p-value de 39.38%, suntem in zona de indecizie deci nu
putem respinge ipoteza nula.
8
Testul t
Pentru termenul liber
T statistic calculat este 0.853231 fiind in intervalul (t critic( -1.963); t critic(1.963)), si deci nu
putem respinge ipoteza nula ( O putem accepta pentru ca t calc < t critic ). Deci
e
Pentru coeficientul randamentului pieei
si astfel respingem ipoteza nula (t calc > t critic ).

.08
Analizand graficul, autocorelare nu este evidenta. Astfel

vom trece la estimarea lui din model.
.06
RESIDINTC
.04
.02
.00
-.02
-.04
-.06
-.08
-.04
.00
.04
.08
RESIDINTC(-1)
Dependent Variable: RESIDINTC

Date: 11/21/11 Time: 10:17
Variable
Coefficient
Std. Error
t-Statistic
Prob.
RESIDINTC(-1)
-0.104061
0.036238
-2.871563
0.0042
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.010799
0.010799
0.013928
0.146469
2158.799
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
3.12E-05
0.014004
-5.708462
-5.702340
1.987591
este -0.104 iar statistica Durbin-Watson are valoarea 2.208 .
Din tabelele statisticii obinem dl = 1.65 si du = 1.69 deci DW este intre du si 4 - du concluzionm
ca autocorelarea nu este prezenta.
Testul White
F-statistic
Obs*R-squared
3.594310
7.149063
Probability
Probability
0.027952
0.028029
Test Equation:
Date: 11/28/11 Time: 11:34
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
R_DJI^2
0.000183
-0.000652
0.055635
1.53E-05
0.000935
0.021080
12.01484
-0.696763
2.639179
0.0000
0.4862
0.0085
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.009444
0.006816
0.000396
0.000118
4857.187
1.814877
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000196
0.000398
-12.82480
-12.80646
3.594310
0.027952
Probabilitatea atasata lui F statistic este mic 0.027952. Eroarea pe care o facem prin
respingerea ipotezei nule este mic deci putem respinge ipoteza nul. Putem folosi statistica LM
Se observ c LM = 7.149 iar pentru k=2, din tabelul cu valorile distribuiei rezult
atunci se respinge H0, deci modelul
este heteroscedastic. Modelul necesit corecie.
160
Series: Residuals
Sample 1 757
Observations 757
140
120
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
100
80
60
40
20
-1.04E-18
-5.99E-05
0.065062
-0.052296
0.014021
0.432125
5.097157
Jarque-Bera
Probability
0
-0.050
-0.025
0.000
0.025
0.050
162.2817
0.000000
P value este foarte mic, aproape

nula iar statistica JB foarte mare
Deci putem respinge ipoteza nula,
concluzionand ca erorile nu sunt
normal repartizate. Distributia este
leptocurtica deoarece Kurtosis >3,
i prezint o asimetrie dreapta
deoarece Skewness este pozitiv.
10
2.3. Actiunea Microsoft (MSFT)

Dependent Variable: R_MSFT
Date: 11/28/11 Time: 10:12
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
6.07E-06
1.013722
0.000485
0.031362
0.012505
32.32368
0.9900
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.580514
0.579958
0.013341
0.134379
2194.762
1.979686
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000421
0.020585
-5.793295
-5.781064
1044.820
0.000000
.15
.10
R_MSFT = 0.000006065810622 + 1.013721889*R_DJI

R_MSFT
.05
La modificarea rentabilitii pieei cu o unitate

rentabilitatea aciunii MSFT se modific n acelai sens
cu 1.0137 uniti.
.00
-.05
-.10
Validarea modelului

58%. Acest lucru semnifica faptul ca 58% din evolutia
R_DJI
variabilei dependente este influentata de variabila
explicativa. Deoarace aceasta valoare nu este foarte
mare, inseamna ca o mare parte din variatia randamentului actiunii este determinata de factori
neinclusi in model, specifici firmei.
-.15
-.08
-.04
.00
.04
.08
.12

Pentru termenul liber Avand un p-value de 99%,. Acceptm ipoteza nul i anume c =
0, deci c nu este semnificativ statistic
Pentru coeficientul randamentului pieei P-value este aproape nula (0.0000) deci mai
mic dect 5 % Deoarece valoarea statisticii p-value este foarte mica, eroarea pe care o facem
respingand ipoteza nula este si ea foarte mica. Deci se respinge ipoteza nul i rezult c 0,
deci este semnificativ statistic.
11
Testul t
Testul t pentru termenul liber
T statistic calculat este 0.0125 fiind in intervalul (t critic( -1.963); t critic(1.963)), si deci
e
nesemnificativ statistic
Testul t pentru coeficientul randamentului pietei

.12
Analizand graficul, autocorelare nu este evidenta. Astfel

RESIDMSFT
.08
.04
.00
-.04
-.08
-.12
-.15
-.10
-.05
.00
.05
.10
RESIDMSFT(-1)
Dependent Variable: RESIDMSFT

Date: 11/21/11 Time: 10:18
Variable
Coefficient
Std. Error
t-Statistic
Prob.
RESIDMSFT(-1)
0.006430
0.036269
0.177292
0.8593
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.000032
0.000032
0.013293
0.133415
2194.085
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
4.10E-05
0.013293
-5.801813
-5.795691
2.005032
P value este foarte mare 0,8593. Acceptm ipoteza nul i anume c = 0, deci c nu
este semnificativ statistic
12
este 0.00643 foarte apropiat de zero iar statistica DurbinWatson are valoarea 2.0128 . Fiind foarte apropiat de 2 concluzionm ca autocorelarea nu este
prezenta.
Testul White
F-statistic
Obs*R-squared
2.283103
4.556779
Probability
Probability
0.102672
0.102449
Test Equation:
Date: 11/28/11 Time: 11:37
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
R_DJI^2
0.000163
0.001750
0.056822
2.44E-05
0.001498
0.033771
6.678057
1.168389
1.682582
0.0000
0.2430
0.0929
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.006020
0.003383
0.000635
0.000304
4500.447
1.911293
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000178
0.000636
-11.88229
-11.86395
2.283103
0.102672
Probabilitatea atasata lui F statistic este 0.102. Ne situam intr-o zona de indecizie. Putem
folosi statistica LM
atunci se accept H0, deci modelul este
homoscedastic.
200
Series: Residuals
Sample 1 757
Observations 757
160
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
120
80
-3.69E-19
-0.000237
0.089832
-0.104551
0.013332
-0.276975
13.81806
40
Jarque-Bera
Probability
0
-0.10
-0.05
0.00
0.05
3701.013
0.000000

Deci putem respinge ipoteza
nula, concluzionand ca erorile nu
sunt
normal
repartizate.
Distributia este leptocurtica
deoarece Kurtosis >3, i prezint
o asimetrie stnga deoarece
Skewness este negativ.
13
2.4. Actiunea AT&T Inc (ATT)

Dependent Variable: R_ATT
Date: 11/28/11 Time: 10:13
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
0.000131
0.826559
0.000375
0.024224
0.349634
34.12167
0.7267
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.606625
0.606104
0.010305
0.080172
2390.254
1.939812
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000470
0.016419
-6.309786
-6.297555
1164.288
0.000000
.16
.12
R_ATT = 0.0001309952529 + 0.8265586144*R_DJI

R_ATT
.08
La modificarea rentabilitii pieei cu o unitate

rentabilitatea aciunii ATT se modific n acelai sens cu
0.8265 uniti.
.04
.00
-.04
-.08
-.08
-.04
.00
.04
.08
.12
Validarea modelului

60.6%. Acest lucru semnifica faptul ca 60.6% din
evolutia variabilei dependente este influentata de variabila explicativa. Deoarace aceasta valoare
nu este foarte mare, inseamna ca o mare parte din variatia randamentului actiunii este
determinata de factori neinclusi in model, specifici firmei.
R_DJI

Pentru termenul liber Avand un p-value de 72.67%. Acceptm ipoteza nul i anume c = 0,
deci c nu este semnificativ statistic
Testul t
14
T statistic calculat este 0.3496 fiind in intervalul (t critic( -1.963); t critic(1.963)), si deci
e
Testul t pentru coeficientul randamentului pietei

.06
.04
RESIDATT
.02
.00
-.02
-.04
-.06
-.05
.00
.05
RESIDATT(-1)
Analizand graficul, autocorelare nu este evidenta. Astfel vom trece la estimarea lui
din
model.
Dependent Variable: RESIDATT
Date: 11/21/11 Time: 10:17
Variable
Coefficient
Std. Error
t-Statistic
Prob.
RESIDATT(-1)
0.025401
0.036228
0.701147
0.4834
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.000639
0.000639
0.010255
0.079405
2390.231
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
3.54E-05
0.010259
-6.320718
-6.314596
1.999269
P value este mare 0.4834 dar ne aflm ntr-o zon de indecizie. Valoarea coeficientului
este 0.0254 foarte apropiat de zero iar statistica Durbin-Watson are valoarea 2.0508 . Fiind
foarte apropiat de 2 concluzionm ca autocorelarea nu este prezenta.
15
Testul White
F-statistic
Obs*R-squared
48.91743
86.94290
Probability
Probability
0.000000
0.000000
Test Equation:
Date: 11/28/11 Time: 11:39
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
R_DJI
R_DJI^2
8.02E-05
0.001905
0.104373
8.53E-06
0.000523
0.011792
9.393343
3.641180
8.851146
0.0000
0.0003
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.114852
0.112504
0.000222
3.71E-05
5296.939
1.680249
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000106
0.000235
-13.98663
-13.96828
48.91743
0.000000
Probabilitatea atasata lui F statistic este foarte mic. Eroarea pe care o facem prin
respingerea ipotezei nule este mic deci respingem H0 .
Putem folosi i statistica LM. Se observ c LM = 86.94 iar pentru k=2, din tabelul cu
valorile distribuiei rezult
atunci se
respinge H0, deci modelul este heteroscedastic.
140
Series: Residuals
Sample 1 757
Observations 757
120
100
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
80
60
40
20
-1.32E-18
-0.000233
0.045267
-0.043849
0.010298
0.017547
5.930611
Jarque-Bera
Probability
0
-0.025
0.000
270.9338
0.000000

i prezint o usoara asimetrie
dreapta deoarece Skewness este
pozitiv.
0.025
16
3.Modelul CAPM
Modelul CAPM, dezvoltat de Sharpe(1964), Lintner(1965) si Mosin(1966) a fost si este
inca, unul dintre cele mai apreciate modele in finante. A fost utilizat in foarte multe domenii
financiare, fiind principalul instrument de calcul pentru costul capitalului si rata de rentabilitate
ceruta pentru fondurile de investitii. Legtura dintre risc si randament este unul dintre conceptele
fundamentale din economie, care i-a preocupat intotdeauna pe investitori. Modelul CAPM,
sustine ca beta, reprezinta singurul instrument de masura al riscului sistematic relevant pentru
investitori. Principala preocupare n testarea CAPM este dac relaia dintre beta i randamentele
ateptate este una pozitiv i semnificativ din punct de vedere statistic.
Ecuatie de regresie testata este urmatoarea:
Ri - Rf = + ( Rp - Rf ) +
unde Rp este randamentul portofoliului pietei, Rf-randamentul activului fara risc iar Ri
randamentul activului financiar i.
Cele patru modele CAPM sunt

RF_HPQ = -0.0007770986724 + 1.004009512*RF_DJI
prob
(0.2111)
(0.000)
SE
(0.000621)
(0.009961)
RF_INTC = 0.0004670557621 + 0.9971637633*RF_DJI
prob
(0.3635)
(0.000)
SE
(0.000514)
(0.00824)
RF_MSFT = 0.000008906957082 + 0.9998751333*RF_DJI
prob
(0.9854)
(0.000)
SE
(0.000486)
(0.007803)
RF_ATT = 0.00007246002005 + 1.005277426*RF_DJI
prob
(0.8518)
(0.000)
SE
(0.000388)
(0.00622)
17
3.1.Actiunea Hewlett-Packard Company (HPQ)

Dependent Variable: RF_HPQ
Date: 11/28/11 Time: 10:14
Sample: 1 757
Excluded observations: 2
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
-0.000777
1.004010
0.000621
0.009961
-1.251480
100.7931
0.2111
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.930995
0.930903
0.017052
0.218958
2003.663
1.990671
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.001316
0.064872
-5.302418
-5.290162
10159.25
0.000000
.4
.3
RF_HPQ
.2
.1
.0
-.1
-.2
-.3
-.4
-.4
-.3
-.2
-.1
.0
.1
.2
.3
RF_DJI
Ecuaia de regresie a modelului CAPM este RF_HPQ = -0.0007770986724 + 1.004009512*RF_DJI

La modificarea rentabilitii pieei cu o unitate rentabilitatea aciunii HPQ se va modifica n
acelai sens cu 1.004 uniti.
Validarea modelului
Coeficientul de determinatie R2 are o valoare mare de 93%. Acest lucru semnifica faptul
ca 93% din evolutia variabilei dependente este influentata de variabila explicativa. Doar 7% din
variatia rentabilitatii suplimentare a actiunii HPQ se datoreaza unor factori neinclusi in model.
18
Testul t
Testul t pentru termenul liber are urmatoarele ipoteze:
T statistic calculat este de -1.25 fiind in intervalul (t critic( -1.963); t critic(1.963)), si

deci nu putem respinge ipoteza nula ( O putem accepta pentru ca t calc < t critic ). Deci
e
Testul t pentru coeficientul beta este unilateral dreapta si are urmatoarele ipoteze:
T statistic calculat
are valoarea 0.4026 mai mic decat t critic(1.963) deci ipoteza
nula nu poate fi respinsa. Acceptam

i conchidem c evoluia rentabilitii aciunii HPQ este
apropiat de cea a indicelui pieei, i conform teoriei lui Markowitz i riscul aciunii este apropiat
de cel al pieei. Deci aciunea HPQ are o volatilitate similar cu piaa nefiind mai mult sau mai
puin agresiv.
Testul Wald
Pentru verificarea restriciei pentru parametrul se poate aplica i testul Wald cu ipoteza nul
n acest caz conform ordinii parametrilor n outputul din eviews c ( ) fiind c (2).
Wald Test:
Equation: CAPMHPQ
Test Statistic
F-statistic
Chi-square
Value
df Probability
0.162020
0.162020
(1, 753)
1
0.6874
0.6873
Value
Std. Err.
0.004010
0.009961
Null Hypothesis Summary:

Normalized Restriction (= 0)
-1 + C(2)
Restrictions are linear in coefficients.
Valoarea mic a statisticii asociate testului F precum i valoarea mare a probabilitii p-value ne
conduc la acceptarea ipotezei nule. Deci se confirm faptul c, comporatamentele rentabilitii i
riscului aciunii HPQ sunt apropiate de cel a pieei.

Analizand graficul, autocorelarea nu este evidenta. Astfel vom trece la estimarea lui
19
din model.
Dependent Variable: FRESIDHPQ

Date: 11/28/11 Time: 10:30
Excluded observations: 3 after adjusting endpoints
Variable
Coefficient
Std. Error
t-Statistic
Prob.
FRESIDHPQ(-1)
0.000465
0.036291
0.012820
0.9898
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
-0.000013
-0.000013
0.016975
0.216699
2001.261
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
6.06E-05
0.016975
-5.312779
-5.306638
2.007572
prezenta.
Testul White
F-statistic
Obs*R-squared
0.404124
0.810601
Probability
Probability
0.667706
0.666776
Test Equation:
Date: 11/28/11 Time: 10:56
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
RF_DJI^2
0.000268
-7.22E-05
0.005753
6.14E-05
0.000906
0.006625
4.358454
-0.079718
0.868395
0.0000
0.9365
0.3855
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.001074
-0.001583
0.001528
0.001756
3825.483
1.941575
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000290
0.001527
-10.12578
-10.10740
0.404124
0.667706
Probabilitatea atasata lui F statistic este destul de mare 0.6677, dar nu peste 0,8. Eroarea
pe care o facem prin respingerea ipotezei nule este destul de mare. Ne situam intr-o zona de
20
este homoscedastic.
300
Series: Residuals
Sample 1 757
Observations 755
250
200
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
150
100
50
1.18E-18
0.000434
0.126938
-0.183365
0.017041
-1.513822
28.67843
Jarque-Bera
Probability
0
-0.15
-0.10
-0.05
0.00
0.05

normal repartizate. Distributia
este leptocurtica deoarece Kurtosis
>3, i prezint o asimetrie stnga
deoarece Skewness este negativ.
21031.42
0.000000
0.10
3.2. Actiunea Intel Corporation (INTC)

Dependent Variable: RF_INTC
Date: 11/28/11 Time: 10:13
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
0.000467
0.997164
0.000514
0.008240
0.909320
121.0208
0.3635
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.951101
0.951036
0.014105
0.149817
2146.912
2.200135
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.002545
0.063745
-5.681887
-5.669630
14646.04
0.000000
.3
Ecuaia de regresie a modelului CAPM este
.2
RF_INTC = 0.0004670557621 + 0.9971637633*RF_DJI
RF_INTC
.1
La modificarea rentabilitii pieei cu o unitate rentabilitatea

aciunii INTC se va modifica n acelai sens cu 0.997 uniti
.0
-.1
Validarea modelului
-.2
-.3
-.4
-.4
-.3
-.2
-.1
.0
RF_DJI
.1
.2
.3
21
Coeficientul de determinatie R2 are o valoare mare de 95%. Acest lucru semnifica faptul
ca 95% din evolutia variabilei dependente este influentata de variabila explicativa. Doar 5% din
variatia rentabilitatii suplimentare a actiunii INTC se datoreaza unor factori neinclusi in model.
Testul t
T statistic calculat este de 0.909 fiind in intervalul (t critic( -1.963); t critic(1.963)), si
e
Testul t pentru coeficientul beta este unilateral stnga si are urmatoarele ipoteze:
are valoarea 0.34 mai mare decat t critic( - 1.963) deci
ipoteza nula nu poate fi respinsa. Acceptam

i conchidem c evoluia rentabilitii aciunii
HPQ este apropiat de cea a indicelui pieei, i conform teoriei lui Markowitz i riscul aciunii
este apropiat de cel al pieei. Deci aciunea HPQ are o volatilitate similar cu piaa nefiind mai
mult sau mai puin agresiv.
Testul Wald
Wald Test:
Equation: CAPMINTC
Test Statistic
F-statistic
Chi-square
Value
df Probability
0.118487
0.118487
(1, 753)
1
0.7308
0.7307
Value
Std. Err.
-0.002836
0.008240

-1 + C(2)
riscului aciunii INTC sunt apropiate de cel a pieei.
22

.08
.06
FRESIDINTC
.04
.02
.00
-.02
-.04
-.06
-.08
-.04
.00
.04
.08
FRESIDINTC(-1)
Analizand graficul, autocorelarea nu este evidenta. Astfel vom trece la estimarea lui
din model.
Dependent Variable: FRESIDINTC

Date: 11/28/11 Time: 10:37
Variable
Coefficient
Std. Error
t-Statistic
Prob.
FRESIDINTC(-1)
-0.104538
0.036298
-2.879974
0.0041
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.010904
0.010904
0.014006
0.147527
2146.025
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
3.26E-05
0.014083
-5.697278
-5.691137
1.992516
este -0.104 iar statistica Durbin-Watson are valoarea 2.208 .
Din tabelele statisticii obinem dl = 1.65 si du = 1.69 deci DW este intre du si 4 - du concluzionm
ca autocorelarea nu este prezenta.
Testul White
F-statistic
Obs*R-squared
1.117460
2.237187
Probability
Probability
0.327652
0.326739
Test Equation:
Date: 11/28/11 Time: 11:43
Sample: 1 757
23
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
RF_DJI^2
0.000203
0.000269
-0.001365
1.63E-05
0.000240
0.001754
12.49352
1.123058
-0.778694
0.0000
0.2618
0.4364
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.002963
0.000311
0.000404
0.000123
4829.082
1.772004
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000198
0.000404
-12.78432
-12.76594
1.117460
0.327652
Probabilitatea atasata lui F este mare 0.327 dar nu peste 0.8. Eroarea pe care o facem prin
respingerea ipotezei nule este destul de mare. Ne situam intr-o zona de indecizie. Putem folosi
statistica LM.
este homoscedastic.
140
Series: Residuals
Sample 1 757
Observations 755
120
100
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
80
60
40
20
Jarque-Bera
Probability
0
-0.050
-0.025
0.000
0.025
1.89E-18
-0.000180
0.064230
-0.050537
0.014096
0.425339
5.149319
168.0889
0.000000
0.050
P value este foarte mic, aproape nula iar

statistica JB foarte mare Deci putem
respinge ipoteza nula, concluzionand ca
erorile nu sunt normal repartizate.
Distributia este leptocurtica deoarece
Kurtosis >3, i prezint o asimetrie dreapta
deoarece Skewness este pozitiv.
3.3. Actiunea Microsoft (MSFT)

Dependent Variable: RF_MSFT
Date: 11/28/11 Time: 10:13
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
8.91E-06
0.999875
0.000486
0.007803
0.018311
128.1377
0.9854
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.956150
0.956092
0.013358
0.134365
2188.005
1.983305
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
24
0.002093
0.063749
-5.790741
-5.778485
16419.27
0.000000
.3
.2
RF_MSFT
.1
.0
-.1
-.2
-.3
-.4
-.4
-.3
-.2
-.1
.0
.1
.2
.3
RF_DJI
Ecuaia de regresie a modelului CAPM

este RF_MSFT = 0.000008906957082 + 0.9998751333*RF_DJI
La modificarea rentabilitii pieei cu o unitate rentabilitatea aciunii MSFT se va modifica n
acelai sens cu 0.999 uniti
Validarea modelului
Coeficientul de determinatie R2 are o valoare mare de 95.6%. Acest lucru semnifica
faptul ca 95.6% din evolutia variabilei dependente este influentata de variabila explicativa. Doar
4.4% din variatia rentabilitatii suplimentare a actiunii MSFT se datoreaza unor factori neinclusi
in model.
Testul t
e
Testul t pentru coeficientul beta este unilateral stnga si are urmatoarele ipoteze:
are valoarea -0.016 mai mic decat t critic(-1.963) deci ipoteza

i conchidem c evoluia rentabilitii aciunii MSFT este
de cel al pieei. Deci aciunea MSFT are o volatilitate similar cu piaa nefiind mai mult sau mai
puin agresiv.
25
Testul Wald
Wald Test:
Equation: CAPMMSFT
Test Statistic
Value
F-statistic
Chi-square
df Probability
0.000256
0.000256
(1, 753)
1
0.9872
0.9872
Value
Std. Err.
-0.000125
0.007803

-1 + C(2)
riscului aciunii MSFT sunt apropiate de cel a pieei.
.12
FRESIDMSFT
.08
Analizand graficul, autocorelarea nu este evidenta.

Astfel vom trece la estimarea lui din model.
.04
.00
-.04
-.08
-.12
-.15
-.10
-.05
.00
.05
.10
FRESIDMSFT(-1)
Dependent Variable: FRESIDMSFT

Date: 11/28/11 Time: 10:37
Variable
Coefficient
Std. Error
t-Statistic
Prob.
FRESIDMSFT(-1)
0.005851
0.036338
0.161012
0.8721
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.000025
0.000025
0.013318
0.133380
2183.979
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
26
4.09E-05
0.013318
-5.798084
-5.791943
2.007492
prezenta.
Testul White
F-statistic
Obs*R-squared
0.528877
1.060483
Probability
Probability
0.589485
0.588463
Test Equation:
Date: 11/28/11 Time: 11:46
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
RF_DJI^2
0.000184
-0.000365
-0.001443
2.57E-05
0.000379
0.002770
7.174514
-0.963256
-0.520838
0.0000
0.3357
0.6026
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.001405
-0.001251
0.000639
0.000307
4483.785
1.894283
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000178
0.000639
-11.86963
-11.85125
0.528877
0.589485
Probabilitatea atasata lui F statistic este destul de mare 0.589, dar nu peste 0,8. Eroarea pe
care o facem prin respingerea ipotezei nule este destul de mare. Ne situam intr-o zona de
atunci se accept H0, deci modelul este
homoscedastic.
27

200
Series: Residuals
Sample 1 757
Observations 755
160
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
120
80
1.84E-18
-0.000265
0.090039
-0.104743
0.013349
-0.268128
13.85566
40
Jarque-Bera
Probability
0
-0.10
-0.05
0.00
3716.262
0.000000
0.05
P value este foarte mic, aproape nula iar statistica JB foarte mare Deci putem respinge ipoteza
nula, concluzionand ca erorile nu sunt normal repartizate. Distributia este leptocurtica deoarece
Kurtosis >3, i prezint o asimetrie stnga deoarece Skewness este negativ.
3.4. Actiunea AT&T Inc (ATT)
Dependent Variable: RF_ATT
Date: 11/28/11 Time: 10:14
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
7.25E-05
1.005277
0.000388
0.006220
0.186891
161.6297
0.8518
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.971984
0.971946
0.010647
0.085364
2359.249
1.944553
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
28
0.002168
0.063569
-6.244369
-6.232113
26124.14
0.000000
.3
.2
RF_ATT
.1
.0
-.1
-.2
-.3
-.4
-.4
-.3
-.2
-.1
.0
.1
.2
.3
RF_DJI
Ecuaia de regresie a modelului CAPM este RF_ATT = 0.00007246002005 + 1.005277426*RF_DJI

La modificarea rentabilitii pieei cu o unitate rentabilitatea aciunii ATT se va modifica n
acelai sens cu 1.005 uniti
Validarea modelului
Coeficientul de determinatie R2 are o valoare de 97%. Acest lucru semnifica faptul ca
97% din evolutia variabilei dependente este influentata de variabila explicativa. Doar 3% din
variatia rentabilitatii suplimentare a actiunii ATTT se datoreaza unor factori neinclusi in model.
Testul t
e
Testul t pentru coeficientul beta este unilateral dreapta si are urmatoarele ipoteze:
are valoarea 0.848 mai mic decat t critic(1.963) deci ipoteza

i conchidem c evoluia rentabilitii aciunii ATT este
de cel al pieei. Deci aciunea ATT are o volatilitate similar cu piaa nefiind mai mult sau mai
puin agresiv.
29
Testul Wald
Wald Test:
Equation: CAPMATT
Test Statistic
Value
F-statistic
Chi-square
df Probability
0.719970
0.719970
(1, 753)
1
0.3964
0.3962
Value
Std. Err.
0.005277
0.006220

-1 + C(2)
riscului aciunii ATT sunt apropiate de cel a pieei.

.06
FRESIDATT
.04
Analizand graficul, autocorelarea nu este evidenta. Astfel

.02
.00
-.02
-.04
-.06
-.05
.00
.05
FRESIDATT(-1)
Dependent Variable: FRESIDATT

Date: 11/28/11 Time: 10:38
Variable
Coefficient
Std. Error
t-Statistic
Prob.
FRESIDATT(-1)
0.024740
0.036395
0.679764
0.4969
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.000609
0.000609
0.010619
0.084803
2354.486
Mean dependent var

S.D. dependent var
Schwarz criterion
Durbin-Watson stat
30
2.48E-05
0.010623
-6.250959
-6.244818
1.998267
P value este mare 0,4969 dar ne putem afla ntr-o zon de indecizie. Valoarea
coeficientului este 0.02474 foarte apropiat de zero iar statistica Durbin-Watson are valoarea
1.95 . Fiind foarte apropiat de 2 concluzionm ca autocorelarea nu este prezenta.
Testul White
F-statistic
Obs*R-squared
3.101164
6.176131
Probability
Probability
0.045573
0.045590
Test Equation:
Date: 11/28/11 Time: 11:49
Sample: 1 757
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
RF_DJI
RF_DJI^2
0.000103
8.01E-05
0.002502
9.33E-06
0.000138
0.001006
11.05340
0.581561
2.485554
0.0000
0.5610
0.0132
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.008180
0.005542
0.000232
4.05E-05
5248.226
1.559066
Mean dependent var

S.D. dependent var
Schwarz criterion
F-statistic
Prob(F-statistic)
0.000113
0.000233
-13.89464
-13.87625
3.101164
0.045573
Probabilitatea atasata lui F statistic este mic. Eroarea pe care o facem prin respingerea
ipotezei nule este mic. Putem folosi statistica LM
atunci se respinge H0, deci modelul este
heteroscedastic.
120
Series: Residuals
Sample 1 757
Observations 755
100
80
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
60
40
20
Jarque-Bera
Probability
0
-0.025
0.000
2.16E-18
0.000260
0.041620
-0.045016
0.010640
-0.163247
5.232697
160.1711
0.000000

i prezint o asimetrie stnga
deoarece Skewness este negativ.
0.025
31
Concluzii
Toate cele patru active studiate au comportamente asemntoare avnd o volatilitate i un risc
apropiate de cele ale pieei.
Dei perioada analizat este una nefavorabil din punct de vedere economic toate cele patru
firme au avut o evoluie stabil, n ultima parte a perioadei chiar una cresctoare (mai puin
Microsoft aa cum se observ i din grafice).
Mai observm i faptul c toate datele urmeaz repartiii leptocurtice, specifice datelor financiare
n tabelul urmtor am sistematizat verificarea ipotezelor modelului de ctre cele patru regresii,
att n cazul modelelor Sharpe ct i n cazul modelelor CAPM. n cazul nerespectrii unor
ipoteze modelele necesit corecii.
Ipoteza/ Actiunea
Independena erorilor
Homoscedasticitate
Normalitatea
distribuiei erorilor
HPQ
Da
Da
Nu
INTC
Da
Nu
Nu
MSFT
Da
Da
Nu
ATT
Da
Nu
Nu
Bibliografie
1.
V. Voineagu, E. ian, R. erban, S. Ghi, D. Todose, C. Boboc, D. Pele Teorie i

practic econometrie, Ed. II, Ed. Meteor Press, Bucureti, 2009;
2.
L.Spircu, R.Ciumara Econometrie, Ed. Pro Universitaria, 2007;
3.
L.Spircu Suporturi de seminar
4.
www. http://finance.yahoo.com/
5.
http://www.treasury.gov/resource-center/data-chart-center/interest
rates/Pages/TextView.aspx?data=yield
32
Anexe
Reprezentri grafice ale evoluiilor cursurilor i rentabilitilor aciunilor
HPQ
60
50
40
30
HPQ
20
10
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
Evoluia cursului aciunii HPQ
INTC
30
25
20
15
INTC
10
5
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
Evoluia cursului aciunii INTC
33
MSFT
35
30
25
20
15
10
5
0
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
MSFT
Evoluia cursului aciunii MSFT
ATT
35
30
25
20
15
10
5
0
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
ATT
Evoluia cursului aciunii ATT
DJI
14000
13000
12000
11000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
DJI
Evoluia indicelui pieei DJI
34
R_HPQ
0.2
0.15
0.1
0.05
-0.05
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
R_HPQ
-0.1
-0.15
-0.2
-0.25
Evoluia randamentului aciunii HPQ
R_INTC
0.15
0.1
0.05
R_INTC
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
0
-0.05
-0.1
Evoluia randamentului aciunii INTC
35
R_MSFT
0.15
0.1
0.05
-0.05
R_MSFT
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
-0.1
-0.15
Evoluia randamentului aciunii MSFT
R_ATT
0.15
0.1
0.05
R_ATT
-0.05
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
-0.1
Evoluia randamentului aciunii ATT
36
R_DJI
0.15
0.1
0.05
R_DJI
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
751
0
-0.05
-0.1
Evoluia randamentului indicelui pieei DJI

Tabel ul cu evoluia cursurilor aciunilor
Date
10/20/2008
10/21/2008
10/22/2008
10/23/2008
10/24/2008
10/27/2008
10/28/2008
10/29/2008
10/30/2008
10/31/2008
11/3/2008
11/4/2008
11/5/2008
11/6/2008
11/7/2008
11/10/2008
11/11/2008
11/12/2008
11/13/2008
11/14/2008
11/17/2008
11/18/2008
11/19/2008
11/20/2008
HPQ
INTC
MSFT
ATT
DJI
39.86
14.53
23.07
22.48 9265.43
36.98
13.82
21.8
21.44 9045.21
34.24
13.21
20.09
19.81 8519.21
32.22
13.15
20.83
21.04 8691.25
31.53
12.94
20.49
20.56 8378.95
30.3
12.91
19.76
20.32 8175.77
34.1
14.37
21.55
23 9065.12
34.4
13.54
21.46
22.41 8990.96
36.63
14.65
21.12
22.58 9180.69
37.2
14.53
20.84
22.3 9325.01
37.52
14.17
21.11
23.17 9319.83
37.17
14.73
21.96
24.39 9625.28
35.23
13.76
20.6
22.62 9139.27
32.69
12.68
19.48
21.65 8695.79
33.67
13.37
20.06
22.49 8943.81
33.21
13.12
19.87
22.88 8870.54
32.32
12.73
19.78
22.77 8693.96
30.26
12.36
18.94
21.81 8282.66
30.82
13.19
19.83
23.88 8835.25
29.6
12.17
18.72
23.03 8497.31
28.52
11.88
18.03
22.3 8273.58
32.65
11.98
18.43
22.13 8424.75
32.1
11.42
17.18
21.02 7997.28
30.94
11.18
16.47
20.42 7552.29
37
Rf
0.00004694
0.00004833
0.00004556
0.00004472
0.00004444
0.00004361
0.00004250
0.00003917
0.00003778
0.00003722
0.00003639
0.00003556
0.00003389
0.00003250
0.00003333
0.00003222
0.00002861
0.00003222
0.00003167
0.00003000
0.00002917
0.00002694
0.00002417
0.00002306
11/21/2008
11/24/2008
11/25/2008
11/26/2008
11/28/2008
12/1/2008
12/2/2008
12/3/2008
12/4/2008
12/5/2008
12/8/2008
12/9/2008
12/10/2008
12/11/2008
12/12/2008
12/15/2008
12/16/2008
12/17/2008
12/18/2008
12/19/2008
12/22/2008
12/23/2008
12/24/2008
12/26/2008
12/29/2008
12/30/2008
12/31/2008
1/2/2009
1/5/2009
1/6/2009
1/7/2009
1/8/2009
1/9/2009
1/12/2009
1/13/2009
1/14/2009
1/15/2009
1/16/2009
1/20/2009
1/21/2009
1/22/2009
33.67
34.7
32.66
34.22
34.29
32.5
33.31
33.84
32.45
32.59
34.24
33.54
34.11
33.8
34.96
33.92
35.38
35.52
34.45
34.48
33.85
33.65
33.78
34.06
34.66
35.25
35.35
35.85
35.39
38.29
36.86
36.66
36.52
36.02
34.9
34.47
34.82
33.87
32.47
34.2
34.57
11.98
12.39
12
12.77
12.61
11.48
12.14
12.49
11.67
12.15
12.74
13.07
13.04
12.81
13.48
13.34
14.3
13.95
13.03
13.2
13.11
12.86
13.01
12.96
12.91
13.43
13.4
13.89
13.63
14.05
13.2
13.3
12.93
12.6
12.49
11.96
12.15
12.56
11.75
12.12
11.72
18.49
19.44
18.78
19.25
18.99
17.48
17.99
18.67
17.95
18.67
19.74
19.35
19.36
18.27
18.19
17.89
18.89
18.47
18.13
17.96
18.02
18.11
18.01
17.97
17.81
18.17
18.26
19.1
19.28
19.5
18.33
18.9
18.34
18.29
18.62
17.93
18.07
18.52
17.36
18.21
16.07
20.99
22.44
22.73
23.65
23.79
22.46
23.36
24.23
23.47
23.45
24.98
24.29
23.39
23.28
23.48
22.6
23.52
23.43
23.09
23.43
23.43
23.09
23.18
23.28
23.21
23.52
23.74
24.51
23.68
23.58
23
22.98
22.55
21.93
21.97
21.48
21.23
21.33
21.15
21.8
21.56
38
8046.42
8443.39
8479.47
8726.61
8829.04
8149.09
8419.09
8591.69
8376.24
8635.42
8934.18
8691.33
8761.42
8565.09
8629.68
8564.53
8924.14
8824.34
8604.99
8579.11
8519.69
8419.49
8468.48
8515.55
8483.93
8668.39
8776.39
9034.69
8952.89
9015.1
8769.7
8742.46
8599.18
8473.97
8448.56
8200.14
8212.49
8281.22
7949.09
8228.1
8122.8
0.00002639
0.00002639
0.00002583
0.00002500
0.00002250
0.00002139
0.00001944
0.00001694
0.00001500
0.00001472
0.00001361
0.00001361
0.00001417
0.00001389
0.00001389
0.00001250
0.00001250
0.00001194
0.00001222
0.00001111
0.00001139
0.00001111
0.00001056
0.00001000
0.00000944
0.00001028
0.00001111
0.00001194
0.00001250
0.00001222
0.00001222
0.00001194
0.00001194
0.00001194
0.00001167
0.00001167
0.00001194
0.00001167
0.00001194
0.00001167
0.00001278
1/23/2009
1/26/2009
1/27/2009
1/28/2009
1/29/2009
1/30/2009
2/2/2009
2/3/2009
2/4/2009
2/5/2009
2/6/2009
2/9/2009
2/10/2009
2/11/2009
2/12/2009
2/13/2009
2/17/2009
2/18/2009
2/19/2009
2/20/2009
2/23/2009
2/24/2009
2/25/2009
2/26/2009
2/27/2009
3/2/2009
3/3/2009
3/4/2009
3/5/2009
3/6/2009
3/9/2009
3/10/2009
3/11/2009
3/12/2009
3/13/2009
3/16/2009
3/17/2009
3/18/2009
3/19/2009
3/20/2009
3/23/2009
34.86
34.65
34.96
36.44
35
33.85
33.76
35.16
35.1
34.18
35.89
35.39
34.3
34.17
34.33
34.94
33.45
33.2
30.58
30.43
28.52
28.85
29.34
29.46
28.28
27.34
27.44
27.91
26.38
26.28
24.94
26.42
27.95
28.66
28.77
28.35
29.06
28.32
28.43
28.19
30.47
11.99
12.23
12.62
12.81
12.22
11.79
12.46
12.55
12.82
13.16
13.6
13.77
13
13
12.93
12.82
12.2
12.34
11.71
11.8
11.15
11.76
12.03
11.74
11.76
11.37
11.34
11.78
11.37
11.46
11.59
12.85
12.89
13.41
13.57
13.16
13.76
14.07
13.99
13.53
14.33
16.16
16.56
16.59
16.95
16.52
16.06
16.75
17.38
17.5
17.89
18.47
18.26
17.66
18.05
18.09
17.93
17.11
17.14
16.94
17.03
16.28
16.24
16.04
15.53
15.28
14.93
15.02
15.25
14.44
14.45
14.33
15.59
16.18
16.09
15.75
15.37
15.98
16.04
16.21
16.14
17.34
22.08
22.68
21.92
21.9
20.89
20.81
21.27
21.45
20.85
21.26
22.05
21.89
20.76
20.66
20.53
20.45
19.63
19.41
19.6
19.93
19.17
19.65
20.04
20.36
20.09
19.48
19.16
19.44
19.07
19.09
18.36
19.46
19.74
20.58
20.52
20.59
21.45
21.72
21.64
21.41
22.76
39
8077.56
8116.03
8174.73
8375.45
8149.01
8000.86
7936.83
8078.36
7956.66
8063.07
8280.59
8270.87
7888.88
7939.53
7932.76
7850.41
7552.6
7555.63
7465.95
7365.67
7114.78
7350.94
7270.89
7182.08
7062.93
6763.29
6726.02
6875.84
6594.44
6626.94
6547.05
6926.49
6930.4
7170.06
7223.98
7216.97
7395.7
7486.58
7400.8
7278.38
7775.86
0.00001306
0.00001306
0.00001333
0.00001417
0.00001417
0.00001417
0.00001472
0.00001472
0.00001500
0.00001583
0.00001667
0.00001667
0.00001667
0.00001611
0.00001694
0.00001694
0.00001778
0.00001861
0.00001778
0.00001917
0.00001972
0.00002083
0.00002028
0.00002000
0.00001861
0.00001889
0.00001972
0.00001833
0.00001861
0.00001917
0.00001972
0.00001972
0.00001944
0.00001861
0.00001917
0.00001917
0.00001667
0.00001667
0.00001667
0.00001667
0.00001722
3/24/2009
3/25/2009
3/26/2009
3/27/2009
3/30/2009
3/31/2009
4/1/2009
4/2/2009
4/3/2009
4/6/2009
4/7/2009
4/8/2009
4/9/2009
4/13/2009
4/14/2009
4/15/2009
4/16/2009
4/17/2009
4/20/2009
4/21/2009
4/22/2009
4/23/2009
4/24/2009
4/27/2009
4/28/2009
4/29/2009
4/30/2009
5/1/2009
5/4/2009
5/5/2009
5/6/2009
5/7/2009
5/8/2009
5/11/2009
5/12/2009
5/13/2009
5/14/2009
5/15/2009
5/18/2009
5/19/2009
5/20/2009
29.91
30.3
32.43
32.56
31.38
31.32
32.12
32.91
33.36
32.98
32.54
32.3
33.64
33.72
33.33
34.05
35.76
35.46
33.88
34.61
33.88
33.96
34.97
34.63
34.6
35.61
35.15
35.68
36.28
35.95
35.49
33.73
33.88
34.22
34.18
33.42
34.12
34.2
34.91
35.74
33.87
13.85
13.8
14.61
14.24
13.59
13.88
13.88
14.5
14.73
14.65
14.27
14.1
14.76
14.76
14.78
14.42
14.67
14.41
13.85
14.18
14.47
14.34
14.42
14.11
13.9
14.17
14.57
14.6
15.38
15.05
15.01
14.69
14.24
14.31
14.16
14.09
14.47
14.15
14.45
14.57
14.51
16.96
16.91
17.81
17.15
16.53
17.38
18.26
18.25
17.73
17.74
17.74
18.15
18.6
18.53
18.3
17.81
18.69
18.16
17.6
17.94
17.76
17.9
19.78
19.3
18.85
19.15
19.16
19.14
19.1
18.72
18.72
18.27
18.37
18.27
18.81
18.68
18.97
19.12
19.48
19.33
19.4
22.26
22.13
22.27
21.98
21.27
21.3
21.91
22.43
22.68
22.48
21.92
21.8
22.41
22.34
21.7
21.85
22.31
22.28
21.71
21.7
22.1
21.89
21.6
21.73
22.02
21.91
22
22.33
22.92
22.75
22.92
21.85
21.68
21.77
22.09
21.67
21.45
21.36
21.11
21.18
20.72
40
7660.21
7749.81
7924.56
7776.18
7522.02
7608.92
7761.6
7978.08
8017.59
7975.85
7789.56
7837.11
8083.38
8057.81
7920.18
8029.62
8125.43
8131.33
7841.73
7969.56
7886.57
7957.06
8076.29
8025
8016.95
8185.73
8168.12
8212.41
8426.74
8410.65
8512.28
8409.85
8574.65
8418.77
8469.11
8284.89
8331.32
8268.64
8504.08
8474.85
8422.04
0.00001667
0.00001583
0.00001611
0.00001611
0.00001583
0.00001611
0.00001639
0.00001667
0.00001667
0.00001667
0.00001639
0.00001667
0.00001583
0.00001500
0.00001500
0.00001500
0.00001583
0.00001500
0.00001472
0.00001444
0.00001361
0.00001389
0.00001361
0.00001444
0.00001389
0.00001361
0.00001361
0.00001444
0.00001472
0.00001417
0.00001500
0.00001528
0.00001472
0.00001500
0.00001444
0.00001389
0.00001389
0.00001389
0.00001333
0.00001222
0.00001250
5/21/2009
5/22/2009
5/26/2009
5/27/2009
5/28/2009
5/29/2009
6/1/2009
6/2/2009
6/3/2009
6/4/2009
6/5/2009
6/8/2009
6/9/2009
6/10/2009
6/11/2009
6/12/2009
6/15/2009
6/16/2009
6/17/2009
6/18/2009
6/19/2009
6/22/2009
6/23/2009
6/24/2009
6/25/2009
6/26/2009
6/29/2009
6/30/2009
7/1/2009
7/2/2009
7/6/2009
7/7/2009
7/8/2009
7/9/2009
7/10/2009
7/13/2009
7/14/2009
7/15/2009
7/16/2009
7/17/2009
7/20/2009
33.43
33.35
33.68
33.55
33.9
33.56
35.17
35.01
34.81
35.26
36.49
36.63
36.07
36.02
36.45
36.97
36.3
36.07
36.64
36.76
37.55
36.95
36.58
36.44
37.32
36.82
38.16
37.84
37.87
37.06
36.94
36.07
36.43
36.52
36.46
36.52
36.36
38.01
38.84
39.14
39.58
14.14
14.02
14.42
14.4
14.64
14.64
15.37
15.08
14.84
15.02
14.83
14.83
15.29
15.33
15.23
15.19
14.88
14.77
15.03
14.78
14.91
14.6
14.72
14.99
15.19
15.17
15.25
15.41
15.87
15.57
15.4
15.13
14.84
14.92
14.94
15.36
15.67
16.81
17.23
17.5
17.6
18.87
18.8
19.36
19.16
19.47
19.88
20.37
20.37
20.68
20.78
21.07
20.99
21.02
21.46
21.73
22.21
22.29
22.32
22.54
22.37
22.91
22.16
22.22
22.34
22.64
22.23
22.71
22.63
22.88
22.24
22.08
21.45
21.47
21.36
21.31
22.11
22
22.96
23.26
23.12
23.35
20.32
20.33
21.04
20.67
21.15
21.28
21.16
21.33
21
20.91
21.09
20.95
20.79
20.85
21.28
21.47
21.15
20.79
20.73
20.72
20.64
20.73
21.17
21.16
21.34
21.31
21.65
21.33
21.52
21.11
21.29
20.89
20.56
20.42
20.47
20.76
20.48
20.93
20.71
20.94
21.33
41
8292.13
8277.32
8473.49
8300.02
8403.8
8500.33
8721.44
8740.87
8675.24
8750.24
8763.13
8764.49
8763.06
8739.02
8770.92
8799.26
8612.13
8504.67
8497.18
8555.6
8539.73
8339.01
8322.91
8299.86
8472.4
8438.39
8529.38
8447
8504.06
8280.74
8324.87
8163.6
8178.41
8183.17
8146.52
8331.68
8359.49
8616.21
8711.82
8743.94
8848.15
0.00001361
0.00001389
0.00001361
0.00001333
0.00001306
0.00001333
0.00001278
0.00001250
0.00001306
0.00001722
0.00001722
0.00001556
0.00001528
0.00001472
0.00001444
0.00001417
0.00001417
0.00001389
0.00001444
0.00001417
0.00001389
0.00001389
0.00001389
0.00001306
0.00001250
0.00001417
0.00001556
0.00001500
0.00001361
0.00001333
0.00001278
0.00001250
0.00001306
0.00001250
0.00001306
0.00001306
0.00001389
0.00001306
0.00001333
0.00001306
0.00001278
7/21/2009
7/22/2009
7/23/2009
7/24/2009
7/27/2009
7/28/2009
7/29/2009
7/30/2009
7/31/2009
8/3/2009
8/4/2009
8/5/2009
8/6/2009
8/7/2009
8/10/2009
8/11/2009
8/12/2009
8/13/2009
8/14/2009
8/17/2009
8/18/2009
8/19/2009
8/20/2009
8/21/2009
8/24/2009
8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/14/2009
9/15/2009
9/16/2009
39.72
39.95
40.77
40.85
40.96
41.1
41.31
41.82
42.39
42.47
42.51
42.35
41.33
42.63
42.76
42.48
43.25
43.42
43.17
42.21
43.04
42.91
43.06
43.84
43.85
43.74
43.55
43.87
43.82
43.95
42.95
43.32
43.52
44.16
44.52
45.02
45.53
45.13
44.82
44.76
44.76
17.6
17.82
18.14
18.03
18.13
18.04
18.07
18
17.93
18.04
17.99
17.69
17.54
17.35
17.6
17.49
17.64
17.87
17.61
17.31
17.61
17.64
17.55
17.72
17.6
17.92
18.23
18.26
19
19.06
18.5
18.26
18.22
18.42
18.57
18.7
18.54
18.3
18.16
18.34
18.43
23.63
23.61
24.33
22.32
22
22.34
22.65
22.66
22.39
22.68
22.63
22.66
22.33
22.43
22.29
22.02
22.4
22.48
22.55
22.13
22.57
22.64
22.66
23.37
23.59
23.59
23.5
23.63
23.62
23.59
22.97
22.84
23.08
23.57
23.76
23.72
23.93
23.8
23.93
24.12
24.12
21.46
21.69
22.25
22.23
22.47
22.29
22.66
23
22.91
22.91
22.94
22.47
22.31
22.37
22.34
22.15
22.4
22.25
22.23
21.85
21.92
22.16
22.3
22.71
22.83
22.97
23.15
23.07
22.89
22.75
22.15
22.16
21.96
22.28
22.49
22.65
23.19
23.28
23.17
23.32
23.18
42
8915.94
8881.26
9069.29
9093.24
9108.51
9096.72
9070.72
9154.46
9171.61
9286.56
9320.19
9280.97
9256.26
9370.07
9337.95
9241.45
9361.61
9398.19
9321.4
9135.34
9217.94
9279.16
9350.05
9505.96
9509.28
9539.29
9543.52
9580.63
9544.2
9496.28
9310.6
9280.67
9344.61
9441.27
9497.34
9547.22
9627.48
9605.41
9626.8
9683.41
9791.71
0.00001306
0.00001361
0.00001306
0.00001361
0.00001361
0.00001389
0.00001333
0.00001333
0.00001333
0.00001306
0.00001361
0.00001333
0.00001444
0.00001361
0.00001333
0.00001306
0.00001250
0.00001222
0.00001250
0.00001194
0.00001194
0.00001167
0.00001250
0.00001222
0.00001306
0.00001250
0.00001278
0.00001222
0.00001194
0.00001194
0.00001139
0.00001167
0.00001167
0.00001139
0.00001111
0.00001111
0.00001083
0.00001111
0.00001083
0.00001056
0.00001111
9/17/2009
9/18/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
10/12/2009
10/13/2009
10/14/2009
10/15/2009
10/16/2009
10/19/2009
10/20/2009
10/21/2009
10/22/2009
10/23/2009
10/26/2009
10/27/2009
10/28/2009
10/29/2009
10/30/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/9/2009
11/10/2009
11/11/2009
11/12/2009
44.83
45.26
45.46
46.11
46.03
45.97
46.11
46.96
46.53
46.3
45.08
44.41
45.18
46.11
45.66
45.57
46.47
46.13
45.79
46.97
47.08
47.44
47.54
47.8
47.29
47.39
47.63
46.94
46.39
46.03
47.42
46.55
47.23
46.6
46.84
47.91
48.21
49.03
49
49.04
48.74
18.21
18.35
18.33
18.32
18.65
18.33
18.17
18.52
18.27
18.36
17.73
17.79
17.92
18.41
18.53
18.65
18.92
19.14
19.22
19.54
19.39
18.93
19.15
18.93
18.63
18.87
18.55
18.6
18.52
17.85
18.03
17.93
17.83
17.35
17.57
17.85
17.89
18.39
18.43
18.75
18.6
24.22
24.18
24.22
24.67
24.61
24.83
24.46
24.72
24.65
24.62
23.82
23.89
23.59
24.04
24.03
24.57
24.46
24.62
24.71
24.85
25.57
25.37
25.23
25.24
25.44
25.45
26.82
27.45
27.37
26.82
27.01
26.54
26.69
26.35
26.86
27.25
27.3
27.75
27.77
27.87
28.1
23.03
23.62
23.47
23.14
23.69
23.6
23.54
23.95
23.75
23.59
23.24
23.16
23.37
23.71
23.21
23
22.75
22.7
22.96
22.9
22.97
22.79
23.05
23.04
23
23.14
22.81
22.44
22.7
23.12
23.26
22.76
22.69
22.49
22.64
23
22.99
23.35
23.37
23.44
23.31
43
9783.92
9820.2
9778.86
9829.87
9748.55
9707.44
9665.19
9789.36
9742.2
9712.28
9509.28
9487.67
9599.75
9731.25
9725.58
9786.87
9864.94
9885.8
9871.06
10015.86
10062.94
9995.91
10092.19
10041.48
9949.36
10081.31
9972.18
9867.96
9882.17
9762.69
9962.58
9712.73
9789.44
9771.91
9802.14
10005.96
10023.42
10226.94
10246.97
10291.26
10197.47
0.00001139
0.00001111
0.00001167
0.00001139
0.00001083
0.00001139
0.00001111
0.00001139
0.00001111
0.00001028
0.00001028
0.00001000
0.00001028
0.00000944
0.00000972
0.00001056
0.00000972
0.00000972
0.00001000
0.00001000
0.00001056
0.00001083
0.00001111
0.00001056
0.00001111
0.00001139
0.00001083
0.00001083
0.00001111
0.00001028
0.00001056
0.00001056
0.00001000
0.00001000
0.00000944
0.00000944
0.00000917
0.00000889
0.00000889
0.00000861
0.00000889
11/13/2009
11/16/2009
11/17/2009
11/18/2009
11/19/2009
11/20/2009
11/23/2009
11/24/2009
11/25/2009
11/27/2009
11/30/2009
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/7/2009
12/8/2009
12/9/2009
12/10/2009
12/11/2009
12/14/2009
12/15/2009
12/16/2009
12/17/2009
12/18/2009
12/21/2009
12/22/2009
12/23/2009
12/24/2009
12/28/2009
12/29/2009
12/30/2009
12/31/2009
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/11/2010
1/12/2010
1/13/2010
48.95
49.83
50.33
49.51
48.86
49.08
50.04
49.22
49.09
48.13
48.12
48.64
48.04
48.02
48.83
48.26
48
48.99
49.17
49.09
49.78
50.09
50.45
49.67
50.59
51.07
51.53
51.56
51.94
51.83
51.64
51.99
50.6
51.52
51.74
51.26
51.28
51.66
51.5
51.05
51.3
18.73
19.12
19.21
19.02
18.24
18.19
18.34
18.33
18.28
18.06
18.15
18.58
18.64
18.78
19.34
19.25
18.89
18.91
19.05
18.81
18.89
18.71
18.32
18.02
18.55
18.99
18.94
19
19.22
19.19
19.28
19.46
19.28
19.74
19.73
19.66
19.47
19.69
19.8
19.48
19.81
28.36
28.28
28.84
28.95
28.63
28.48
28.79
28.76
28.64
28.09
28.28
28.85
28.63
28.68
28.82
28.64
28.43
28.56
28.72
28.7
28.95
28.86
28.94
28.46
29.19
29.34
29.63
29.73
29.8
29.97
30.18
29.77
29.3
29.76
29.77
29.58
29.28
29.48
29.1
28.91
29.18
23.28
23.31
23.3
23.33
23.15
23.07
23.75
24.03
24.01
23.93
23.89
24.1
24.25
24.4
24.47
24.8
24.48
24.44
24.61
24.84
24.87
24.47
24.4
24.14
24.22
24.42
24.74
24.86
24.92
25.12
25.13
25.11
24.85
25.34
25.22
24.85
24.57
24.39
24.27
24.26
23.97
44
10270.47
10406.96
10437.42
10426.31
10332.44
10318.16
10450.95
10433.71
10464.4
10309.92
10344.84
10471.58
10452.68
10366.15
10388.9
10390.11
10285.97
10337.05
10405.83
10471.5
10501.05
10452
10441.12
10308.26
10328.89
10414.14
10464.93
10466.44
10520.1
10547.08
10545.41
10548.51
10428.05
10583.96
10572.02
10573.68
10606.86
10618.19
10663.99
10627.26
10680.77
0.00000806
0.00000750
0.00000750
0.00000806
0.00000778
0.00000722
0.00000722
0.00000750
0.00000722
0.00000778
0.00000833
0.00001000
0.00000889
0.00000806
0.00000861
0.00000889
0.00000972
0.00001028
0.00001139
0.00001056
0.00000972
0.00001000
0.00001111
0.00001139
0.00001139
0.00001194
0.00001306
0.00001306
0.00001250
0.00001306
0.00001250
0.00001139
0.00001111
0.00001111
0.00001028
0.00000972
0.00000944
0.00001028
0.00000944
0.00000917
0.00000917
1/14/2010
1/15/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010
2/26/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/15/2010
51.58
51.54
51.82
51.29
50.38
48.42
49.17
48.86
48.58
46.95
46.24
46.98
47.73
47.87
46.2
46.48
46.75
47.27
47.17
47.76
47.6
48.57
49.23
49.91
49.89
49.67
49.23
49.89
50.02
49.89
50.63
50.22
50.2
50.6
51.11
50.82
50.96
50.86
51.1
51.43
51.57
20.3
19.66
19.9
19.92
19.7
18.82
19.21
18.9
19.13
18.83
18.34
18.54
18.82
18.75
18.12
18.55
18.44
18.72
18.76
19.11
19.46
19.74
19.68
19.86
19.84
19.88
19.43
19.72
19.66
19.56
19.88
19.72
19.55
19.56
19.81
19.79
19.95
20.19
20.25
20.27
20.17
29.77
29.67
29.9
29.41
28.85
27.84
28.19
28.36
28.53
28.04
27.09
27.31
27.36
27.53
26.77
26.94
26.65
26.93
26.91
27.04
26.85
27.38
27.62
27.98
27.79
27.75
27.36
27.65
27.63
27.69
28.03
27.49
27.49
27.65
27.62
27.65
27.82
27.98
28.19
28.27
28.29
23.57
23.21
23.58
23.25
23.1
22.85
23.02
22.8
23.06
22.99
22.82
22.84
23.12
23.02
22.53
22.72
22.48
22.73
22.61
22.67
22.56
22.79
22.86
22.72
22.59
22.52
22.35
22.42
22.29
22.33
22.5
22.39
22.4
22.46
22.49
22.75
23
22.97
23.04
23.06
23.2
45
10710.55
10609.65
10725.43
10603.15
10389.88
10172.98
10196.86
10194.29
10236.16
10120.46
10067.33
10185.53
10296.85
10270.55
10002.18
10012.23
9908.39
10058.64
10038.38
10144.19
10099.14
10268.81
10309.24
10392.9
10402.35
10383.38
10282.41
10374.16
10321.03
10325.26
10403.79
10405.98
10396.76
10444.14
10566.2
10552.52
10564.38
10567.33
10611.84
10624.69
10642.15
0.00000861
0.00000861
0.00000833
0.00000833
0.00000889
0.00000917
0.00000861
0.00000833
0.00000917
0.00000917
0.00000972
0.00000889
0.00000861
0.00000889
0.00000944
0.00001056
0.00001056
0.00000972
0.00000944
0.00000972
0.00001028
0.00001083
0.00001028
0.00001000
0.00000944
0.00000889
0.00000889
0.00000889
0.00000889
0.00000917
0.00000972
0.00001056
0.00001083
0.00001028
0.00001083
0.00001111
0.00001139
0.00001111
0.00001139
0.00001139
0.00001139
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/3/2010
5/4/2010
5/5/2010
5/6/2010
5/7/2010
5/10/2010
5/11/2010
5/12/2010
51.5
51.39
51.88
51.64
52.09
52.29
52.2
52.63
52.56
52.11
52.4
52.29
52.38
53
52.99
52.43
52.76
53
53.01
52.91
53.64
53.35
52.88
52.77
52.69
52.83
52.45
53.03
53.38
52.39
52.42
52.02
51.13
51.86
49.82
50.11
47.55
45.97
48.31
47.64
48.76
20.97
21.19
21.15
20.95
21.19
21.6
21.37
21.29
21.19
21.28
21.28
21.24
21.33
21.52
21.34
21.39
21.26
21.48
21.48
21.69
22.41
23.08
22.79
22.87
22.98
22.68
22.86
22.9
22.69
22.25
22.16
22.38
21.76
22.16
21.49
21.27
20.64
20.45
21.64
21.38
22.15
28.37
28.62
28.6
28.58
28.59
28.86
28.64
28.99
28.65
28.58
28.76
28.29
28.17
28.27
28.32
28.35
28.9
29.31
29.29
29.41
29.77
29.82
29.63
29.98
30.29
30.26
30.32
29.91
30.05
29.8
29.86
29.94
29.5
29.81
29.1
28.83
27.99
27.25
27.95
27.9
28.44
23.26
23.31
23.45
23.62
23.76
23.89
23.63
23.53
23.62
23.86
23.35
23.26
23.5
23.68
23.68
23.46
23.8
24.18
24.13
23.96
24
24
23.71
24.13
24.38
24.09
24.03
24.01
24.03
23.73
23.7
23.91
23.83
24.03
23.69
23.57
22.99
22.96
23.48
23.45
23.61
46
10685.98
10733.67
10779.17
10741.98
10785.89
10888.83
10836.15
10841.21
10850.36
10895.86
10907.42
10856.63
10927.07
10973.55
10969.99
10897.52
10927.07
10997.35
11005.97
11019.42
11123.11
11144.57
11018.66
11092.05
11117.06
11124.92
11134.29
11204.28
11205.03
10991.99
11045.27
11167.32
11008.61
11151.83
10926.77
10868.12
10520.32
10380.43
10785.14
10748.26
10896.91
0.00001167
0.00001139
0.00001111
0.00001222
0.00001222
0.00001194
0.00001167
0.00001222
0.00001139
0.00001167
0.00001278
0.00001333
0.00001361
0.00001306
0.00001278
0.00001278
0.00001278
0.00001250
0.00001250
0.00001194
0.00001139
0.00001194
0.00001167
0.00001222
0.00001250
0.00001278
0.00001306
0.00001167
0.00001194
0.00001167
0.00001139
0.00001194
0.00001194
0.00001083
0.00000944
0.00001056
0.00001083
0.00001056
0.00001111
0.00001111
0.00000944
5/13/2010
5/14/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/21/2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010
7/12/2010
47.93
46.66
46.75
46.03
46.24
45.21
45.83
44.95
45.11
44.98
46.18
45.27
44.84
46.51
46.71
45.31
44.51
45.14
44.68
45.75
46.43
46.2
47.28
47.31
47.54
47.28
46.82
46.09
46.21
45.22
45.25
45.4
43.66
42.65
42.27
42.19
42.54
44.31
44.82
44.59
45.02
21.59
21
21.13
20.56
20.72
19.95
20.06
19.83
20.01
19.86
20.88
20.55
20.32
20.93
21.01
20.1
19.49
19.36
19.12
19.72
19.8
20.04
20.61
20.62
20.65
20.53
20.33
20.13
19.97
19.5
19.22
19.53
18.99
18.66
18.47
18.42
18.69
19.32
19.29
19.42
19.74
28.24
27.94
27.95
27.75
27.4
26.3
26.04
25.49
25.3
24.27
25.23
25.03
25.12
25.67
26.06
25.02
24.54
24.36
24.05
24.26
24.9
24.74
25.79
25.54
25.59
25.65
25.18
25
24.56
24.26
23.8
23.59
22.62
22.33
22.47
22.58
23.11
23.58
23.68
23.55
24.09
23.54
23.23
23.57
23.4
23.39
22.83
22.73
22.34
22.24
22.07
22.53
22.22
22.25
22.66
22.68
22.1
22.24
22.84
22.77
23.27
23.13
23.02
23.36
23.34
23.39
23.26
23.27
23.19
23.27
22.91
22.67
22.82
22.37
22.12
22.26
22.21
22.32
22.64
22.86
23.11
23.12
47
10782.95
10620.16
10625.83
10510.95
10444.37
10068.01
10193.39
10066.57
10043.75
9974.45
10258.99
10136.63
10024.02
10249.54
10255.28
9931.97
9816.49
9939.98
9899.25
10172.53
10211.07
10190.89
10404.77
10409.46
10434.17
10450.64
10442.41
10293.52
10298.44
10152.8
10143.81
10138.52
9870.3
9774.02
9732.53
9686.48
9743.62
10018.28
10138.99
10198.03
10216.27
0.00001000
0.00000972
0.00000972
0.00000944
0.00000972
0.00000972
0.00001000
0.00001028
0.00001028
0.00000944
0.00000972
0.00001056
0.00001056
0.00000944
0.00000972
0.00000944
0.00000917
0.00000944
0.00000833
0.00000861
0.00000861
0.00000833
0.00000778
0.00000833
0.00000806
0.00000806
0.00000833
0.00000806
0.00000806
0.00000833
0.00000861
0.00000889
0.00000889
0.00000861
0.00000889
0.00000861
0.00000833
0.00000833
0.00000833
0.00000833
0.00000750
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/7/2010
9/8/2010
46.09
46.65
46.73
45.53
46
45.93
44.82
45.4
45.48
45.89
46.88
46.45
45.74
45.37
46.87
46.67
46.09
45.68
41.24
41.98
41.72
40.18
39.56
39.86
39.96
40.23
40.76
40.17
39.27
38.47
37.83
37.69
37.67
37.45
38
37.89
38.64
39.1
39.75
39.34
38.25
20.16
20.49
20.64
20.17
20.72
20.77
20.4
20.9
20.81
20.83
20.71
20.47
20.18
19.77
20.29
20.02
20.04
19.98
19.96
19.96
19.16
18.78
18.8
18.51
18.82
18.88
18.94
18.27
18.28
18.08
17.8
17.87
17.58
17.76
17.36
17.08
17.54
17.67
17.82
17.52
17.31
24.38
24.68
24.75
24.15
24.48
24.72
24.37
25.07
25.04
25.32
25.38
25.18
25.26
25.04
25.55
25.38
24.97
24.62
24.79
24.85
24.33
24.12
23.76
23.67
23.77
24.1
24.21
23.84
23.64
23.68
23.45
23.51
23.24
23.34
23.06
22.89
23.31
23.35
23.69
23.37
23.34
23.22
23.23
23.26
22.98
23.15
23.07
23.19
23.74
23.77
24.16
24.33
24.38
24.21
24.14
24.74
24.84
24.79
24.88
24.7
25
25.13
24.71
24.81
24.86
24.8
25.1
25.39
25.1
24.61
24.65
24.86
25.02
24.85
25.07
24.78
25.15
25.45
25.5
25.53
25.38
25.49
48
10363.02
10366.72
10359.31
10097.9
10154.43
10229.96
10120.53
10322.3
10424.62
10525.43
10537.69
10497.88
10467.16
10465.94
10674.38
10636.38
10680.43
10674.98
10653.56
10698.75
10644.25
10378.83
10319.95
10303.15
10302.01
10405.85
10415.54
10271.21
10213.62
10174.41
10040.45
10060.06
9985.81
10150.65
10009.73
10014.72
10269.47
10320.1
10447.93
10340.69
10387.01
0.00000750
0.00000778
0.00000778
0.00000750
0.00000750
0.00000750
0.00000750
0.00000806
0.00000833
0.00000833
0.00000833
0.00000806
0.00000778
0.00000750
0.00000778
0.00000750
0.00000694
0.00000722
0.00000694
0.00000694
0.00000694
0.00000722
0.00000694
0.00000722
0.00000694
0.00000694
0.00000722
0.00000694
0.00000750
0.00000722
0.00000694
0.00000750
0.00000722
0.00000694
0.00000694
0.00000694
0.00000694
0.00000694
0.00000667
0.00000722
0.00000750
9/9/2010
9/10/2010
9/13/2010
9/14/2010
9/15/2010
9/16/2010
9/17/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/11/2010
10/12/2010
10/13/2010
10/14/2010
10/15/2010
10/18/2010
10/19/2010
10/20/2010
10/21/2010
10/22/2010
10/25/2010
10/26/2010
10/27/2010
10/28/2010
10/29/2010
11/1/2010
11/2/2010
11/3/2010
11/4/2010
38.26
37.72
37.8
38.8
39.13
39.85
38.65
38.9
39.42
39.06
39.65
40.47
40.75
41.1
42
41.55
40.26
40.13
40.3
40.23
40.3
40.64
40.69
40.84
41.68
41.61
42.29
42.78
42.3
42.29
41.87
42.34
42.35
42.42
41.86
42.13
41.52
41.96
42.38
43.26
43.52
17.4
17.37
17.94
18.12
18.1
18.34
18.19
18.3
18.5
18.38
18.35
18.78
18.6
18.86
18.6
18.56
18.68
18.24
18.51
18.67
18.76
18.87
18.91
19.11
18.6
18.68
18.68
18.55
18.57
18.99
19.1
19.18
19.21
19.37
19.52
19.79
19.38
19.89
19.66
19.96
20.43
23.42
23.26
24.49
24.42
24.5
24.71
24.6
24.81
24.53
24.01
23.83
24.17
24.12
24.07
23.9
23.89
23.78
23.32
23.75
23.83
23.93
23.97
23.99
24.22
24.72
24.61
24.91
25.19
24.48
24.69
24.8
24.76
24.57
25.26
25.41
25.64
26.02
26.29
26.72
26.37
26.47
25.88
25.9
25.99
25.99
26.07
26.16
26.21
26.56
26.62
26.61
26.53
26.6
26.87
26.91
26.72
26.61
26.81
26.86
27.32
27.02
26.67
26.64
26.74
26.8
26.88
26.91
26.75
27.02
26.63
27.01
26.76
26.71
26.77
26.73
26.76
26.91
26.93
27.11
27.32
27.43
27.79
49
10415.24
10462.77
10544.13
10526.49
10572.73
10594.83
10607.85
10753.62
10761.03
10739.31
10662.42
10860.26
10812.04
10858.14
10835.28
10788.05
10829.68
10751.27
10944.72
10967.65
10948.58
11006.48
11010.34
11020.4
11096.08
11096.92
11062.78
11143.69
10978.62
11107.97
11146.57
11132.56
11164.05
11169.46
11126.28
11113.95
11118.4
11124.62
11188.72
11215.13
11434.84
0.00000722
0.00000722
0.00000722
0.00000694
0.00000722
0.00000722
0.00000722
0.00000694
0.00000694
0.00000694
0.00000722
0.00000722
0.00000750
0.00000750
0.00000722
0.00000722
0.00000694
0.00000667
0.00000639
0.00000583
0.00000583
0.00000583
0.00000611
0.00000611
0.00000611
0.00000639
0.00000611
0.00000611
0.00000611
0.00000583
0.00000639
0.00000639
0.00000639
0.00000639
0.00000611
0.00000611
0.00000611
0.00000611
0.00000583
0.00000611
0.00000611
11/5/2010
11/8/2010
11/9/2010
11/10/2010
11/11/2010
11/12/2010
11/15/2010
11/16/2010
11/17/2010
11/18/2010
11/19/2010
11/22/2010
11/23/2010
11/24/2010
11/26/2010
11/29/2010
11/30/2010
12/1/2010
12/2/2010
12/3/2010
12/6/2010
12/7/2010
12/8/2010
12/9/2010
12/10/2010
12/13/2010
12/14/2010
12/15/2010
12/16/2010
12/17/2010
12/20/2010
12/21/2010
12/22/2010
12/23/2010
12/27/2010
12/28/2010
12/29/2010
12/30/2010
12/31/2010
1/3/2011
1/4/2011
43.18
43.7
43.57
43.61
42.56
41.68
42.01
41.28
40.46
41.17
41.96
42.71
43.64
43.2
42.66
42.07
41.41
42.04
42.57
42.49
42.32
41.67
42.13
42.01
42.09
41.21
41.1
40.79
41.51
41.52
41.45
41.47
41.04
41.3
41.38
41.8
41.87
41.81
41.65
42.29
43.17
20.7
20.69
20.62
20.5
20.67
20.98
20.75
20.53
20.54
20.48
20.6
20.71
20.55
20.84
20.79
20.78
20.62
20.93
21.14
21.13
21.14
21.03
21.26
21.25
21.35
20.95
20.92
20.73
20.75
20.91
20.69
20.56
20.35
20.31
20.31
20.34
20.4
20.48
20.49
20.32
20.61
26.19
26.15
26.29
26.28
26.03
25.63
25.56
25.33
25.1
25.36
25.21
25.25
24.65
24.9
24.78
24.84
24.79
25.56
26.39
26.52
26.34
26.37
26.73
26.58
26.83
26.74
27.11
27.33
27.47
27.38
27.29
27.55
27.67
27.78
27.55
27.49
27.45
27.33
27.39
27.46
27.57
27.63
27.55
27.55
27.43
27.22
26.87
27.03
26.66
26.4
26.85
26.74
26.71
26.46
26.57
26.37
26.15
26.24
26.7
26.95
26.9
26.72
26.94
27.03
27.21
27.27
27.17
27.7
27.5
27.6
27.58
27.5
27.44
27.5
27.57
27.61
27.6
27.67
27.69
27.74
28.01
28.21
50
11444.08
11406.84
11346.75
11357.04
11283.1
11192.58
11201.97
11023.5
11007.88
11181.23
11203.55
11178.58
11036.37
11187.28
11092
11052.49
11006.02
11255.78
11362.41
11382.09
11362.19
11359.16
11372.48
11370.06
11410.32
11428.56
11476.54
11457.47
11499.25
11491.91
11478.13
11533.16
11559.49
11573.49
11555.03
11575.54
11585.38
11569.71
11577.51
11670.75
11691.18
0.00000667
0.00000667
0.00000750
0.00000806
0.00000750
0.00000722
0.00000722
0.00000750
0.00000722
0.00000722
0.00000778
0.00000778
0.00000778
0.00000750
0.00000778
0.00000806
0.00000722
0.00000722
0.00000778
0.00000833
0.00000833
0.00000806
0.00000806
0.00000833
0.00000833
0.00000861
0.00000833
0.00000833
0.00000833
0.00000833
0.00000833
0.00000889
0.00000861
0.00000833
0.00000806
0.00000806
0.00000806
0.00000778
0.00000861
0.00000833
0.00000806
1/5/2011
1/6/2011
1/7/2011
1/10/2011
1/11/2011
1/12/2011
1/13/2011
1/14/2011
1/18/2011
1/19/2011
1/20/2011
1/21/2011
1/24/2011
1/25/2011
1/26/2011
1/27/2011
1/28/2011
1/31/2011
2/1/2011
2/2/2011
2/3/2011
2/4/2011
2/7/2011
2/8/2011
2/9/2011
2/10/2011
2/11/2011
2/14/2011
2/15/2011
2/16/2011
2/17/2011
2/18/2011
2/22/2011
2/23/2011
2/24/2011
2/25/2011
2/28/2011
3/1/2011
3/2/2011
3/3/2011
3/4/2011
43.73
44.4
44.61
44.39
44.95
45.16
45.17
45.76
45.85
45.83
46.28
46.73
47.05
46.58
46.38
46.25
45.03
45.21
46.03
46.39
46.82
46.93
47.63
47.63
48.42
48.03
48.13
47.8
47.48
48.47
48.11
48.15
47.72
43.13
41.72
42.23
43.17
42.46
42.78
42.74
42.16
20.4
20.24
20.13
20.16
20.51
20.75
20.74
20.54
20.54
20.47
20.41
20.29
20.7
21
21.19
21.19
20.91
20.91
20.93
21.01
21.2
21.3
21.31
21.26
21.09
21.42
21.38
21.2
21.08
21.37
21.59
21.76
21.43
20.78
20.92
21.48
21.1
21.02
21.12
21.41
21.19
27.48
28.29
28.07
27.7
27.59
28.02
27.67
27.78
28.13
27.94
27.82
27.5
27.85
27.92
28.25
28.33
27.24
27.22
27.47
27.42
27.14
27.26
27.68
27.76
27.45
26.99
26.74
26.73
26.62
26.68
26.86
26.72
26.25
26.25
26.43
26.21
26.24
25.83
25.75
25.87
25.62
28.3
27.92
27.63
27.14
26.73
26.86
26.9
27.23
27.13
27.13
27.04
27.13
27.28
27.55
27.52
26.94
26.33
26.36
26.69
26.5
26.81
26.79
26.78
26.73
26.79
27.05
27.27
27.26
27.05
27.11
27.3
27.36
27.01
26.85
26.74
26.94
27.18
26.9
26.98
26.94
26.74
51
11722.89
11697.31
11674.76
11637.45
11671.88
11755.44
11731.9
11787.38
11837.93
11825.29
11822.8
11871.84
11980.52
11977.19
11985.44
11989.83
11823.7
11891.93
12040.16
12041.97
12062.26
12092.15
12161.63
12233.15
12239.89
12229.29
12273.26
12268.19
12226.64
12288.17
12318.14
12391.25
12212.79
12105.78
12068.5
12130.45
12226.34
12058.02
12066.8
12258.2
12169.88
0.00000806
0.00000778
0.00000722
0.00000722
0.00000750
0.00000722
0.00000750
0.00000750
0.00000750
0.00000778
0.00000750
0.00000750
0.00000694
0.00000667
0.00000722
0.00000750
0.00000778
0.00000806
0.00000861
0.00000861
0.00000861
0.00000833
0.00000833
0.00000833
0.00000833
0.00000833
0.00000806
0.00000750
0.00000778
0.00000778
0.00000750
0.00000722
0.00000750
0.00000694
0.00000694
0.00000722
0.00000806
0.00000722
0.00000694
0.00000722
0.00000722
3/7/2011
3/8/2011
3/9/2011
3/10/2011
3/11/2011
3/14/2011
3/15/2011
3/16/2011
3/17/2011
3/18/2011
3/21/2011
3/22/2011
3/23/2011
3/24/2011
3/25/2011
3/28/2011
3/29/2011
3/30/2011
3/31/2011
4/1/2011
4/4/2011
4/5/2011
4/6/2011
4/7/2011
4/8/2011
4/11/2011
4/12/2011
4/13/2011
4/14/2011
4/15/2011
4/18/2011
4/19/2011
4/20/2011
4/21/2011
4/25/2011
4/26/2011
4/27/2011
4/28/2011
4/29/2011
5/2/2011
5/3/2011
41.54
41.95
41.6
41.04
41.29
41.13
40.57
39.79
41.07
40.96
41.41
41.38
41.7
42.73
42.16
41.77
40.75
40.94
40.61
40.62
39.99
39.94
40.82
40.72
40.35
40.69
40.72
40.77
40.01
39.91
39.4
39.64
40.53
40.63
40.18
40.34
40.68
40.18
40.02
39.73
39.98
20.84
20.76
20.83
20.43
20.51
20.48
19.83
19.47
19.55
19.58
19.84
19.8
19.94
20.03
20.02
19.99
19.93
20.1
19.83
19.38
19.15
19.37
19.6
19.68
19.67
19.77
19.42
19.44
19.24
19.41
19.28
19.51
21.04
21.09
21.56
22.09
22.24
22.4
22.75
22.51
22.83
25.39
25.58
25.56
25.09
25.35
25.36
25.07
24.47
24.46
24.48
25.01
24.98
25.21
25.48
25.29
25.09
25.17
25.28
25.07
25.16
25.22
25.45
25.82
25.87
25.74
25.65
25.31
25.3
25.1
25.05
24.76
24.83
25.43
25.19
25.28
25.86
26.04
26.37
25.59
25.33
25.48
26.72
27.25
27.58
27.4
27.26
27
26.64
26.18
26.57
26.76
27.07
26.91
26.95
27.34
27.63
28.12
28.78
29.41
29.32
29.33
29.47
29.4
29.6
29.67
29.83
29.78
29.6
29.32
29.42
29.77
29.44
29.44
29.27
29.8
29.68
30.06
30.52
30.47
30.23
30.32
30.95
52
12090.03
12214.38
12213.09
11984.61
12044.4
11993.16
11855.42
11613.3
11774.59
11858.52
12036.53
12018.63
12086.02
12170.56
12220.59
12197.88
12279.01
12350.61
12319.73
12376.72
12400.03
12393.9
12426.75
12409.49
12380.05
12381.11
12263.58
12270.99
12285.15
12341.83
12201.59
12266.75
12453.54
12505.99
12479.88
12595.37
12690.96
12763.31
12810.54
12807.36
12807.51
0.00000694
0.00000667
0.00000611
0.00000639
0.00000583
0.00000667
0.00000639
0.00000694
0.00000694
0.00000667
0.00000722
0.00000833
0.00000833
0.00000861
0.00000833
0.00000833
0.00000750
0.00000667
0.00000833
0.00000806
0.00000750
0.00000750
0.00000722
0.00000667
0.00000639
0.00000694
0.00000667
0.00000667
0.00000667
0.00000667
0.00000639
0.00000639
0.00000611
0.00000611
0.00000639
0.00000611
0.00000611
0.00000556
0.00000528
0.00000556
0.00000500
5/4/2011
5/5/2011
5/6/2011
5/9/2011
5/10/2011
5/11/2011
5/12/2011
5/13/2011
5/16/2011
5/17/2011
5/18/2011
5/19/2011
5/20/2011
5/23/2011
5/24/2011
5/25/2011
5/26/2011
5/27/2011
5/31/2011
6/1/2011
6/2/2011
6/3/2011
6/6/2011
6/7/2011
6/8/2011
6/9/2011
6/10/2011
6/13/2011
6/14/2011
6/15/2011
6/16/2011
6/17/2011
6/20/2011
6/21/2011
6/22/2011
6/23/2011
6/24/2011
6/27/2011
6/28/2011
6/29/2011
6/30/2011
40.58
40.45
40.46
40.66
41.21
40.7
40.52
40.06
39.45
36.59
36.17
35.82
35.67
35.5
35.66
35.7
36.23
36.64
37.06
36.31
36.11
35.8
35.65
35.26
35.05
35.15
34.94
34.47
34.55
34.08
34.78
34.81
34.8
35.11
34.93
35.04
34.72
34.79
34.9
35.36
36.21
23.27
23.38
23.03
22.54
22.81
23.18
23.48
23.18
23.41
23.32
23.65
23.31
23
22.64
22.39
22.46
22.28
22
22.29
21.79
21.88
21.52
21.62
21.85
21.61
21.55
21.17
21.18
21.61
21.21
21.21
20.99
21.12
21.44
21.19
21.5
21
21.13
21.28
21.18
21.95
25.73
25.46
25.54
25.5
25.34
25.04
25
24.71
24.26
24.37
24.54
24.56
24.34
24.02
24
24.04
24.52
24.6
24.85
24.28
24.07
23.76
23.86
23.91
23.79
23.81
23.56
23.89
24.07
23.59
23.85
24.11
24.32
24.6
24.5
24.48
24.15
25.04
25.64
25.46
25.84
30.88
30.33
30.37
30.45
30.78
30.48
30.74
30.51
30.17
30.23
30.31
30.5
30.42
30.19
30.27
30.11
30.22
30.4
30.66
30.28
30.08
29.77
29.49
29.44
29.47
29.46
29.47
29.68
29.91
29.48
29.56
29.89
30.08
30.22
30
29.84
29.57
29.88
30.13
30.37
30.51
53
12723.58
12584.17
12638.74
12684.68
12760.36
12630.03
12695.92
12595.75
12548.37
12479.58
12560.18
12605.32
12512.04
12381.26
12356.21
12394.66
12402.76
12441.58
12569.79
12290.14
12248.55
12151.26
12089.96
12070.81
12048.94
12124.36
11951.91
11952.97
12076.11
11897.27
11961.52
12004.36
12080.38
12190.01
12109.67
12050
11934.58
12043.56
12188.69
12261.42
12414.34
0.00000472
0.00000528
0.00000500
0.00000500
0.00000528
0.00000500
0.00000528
0.00000528
0.00000528
0.00000500
0.00000556
0.00000556
0.00000500
0.00000500
0.00000500
0.00000500
0.00000500
0.00000528
0.00000500
0.00000500
0.00000500
0.00000500
0.00000528
0.00000528
0.00000500
0.00000528
0.00000528
0.00000500
0.00000472
0.00000500
0.00000500
0.00000444
0.00000417
0.00000444
0.00000500
0.00000583
0.00000528
0.00000528
0.00000556
0.00000528
0.00000528
7/1/2011
7/5/2011
7/6/2011
7/7/2011
7/8/2011
7/11/2011
7/12/2011
7/13/2011
7/14/2011
7/15/2011
7/18/2011
7/19/2011
7/20/2011
7/21/2011
7/22/2011
7/25/2011
7/26/2011
7/27/2011
7/28/2011
7/29/2011
8/1/2011
8/2/2011
8/3/2011
8/4/2011
8/5/2011
8/8/2011
8/9/2011
8/10/2011
8/11/2011
8/12/2011
8/15/2011
8/16/2011
8/17/2011
8/18/2011
8/19/2011
8/22/2011
8/23/2011
8/24/2011
8/25/2011
8/26/2011
8/29/2011
36.85
36.28
36.01
36.26
36.24
35.1
35.08
35.25
34.94
34.9
34.83
35.42
35.09
36.04
36.51
36.89
37.27
36.61
36.04
34.98
35.01
34.17
34.1
32.37
32.46
30.65
31.36
29.7
30.89
32.15
32.26
32.44
31.22
29.35
23.47
24.32
24.41
25.08
24.9
24.69
25.98
22.31
22.22
22.53
23.01
22.87
22.63
22.23
22.26
22.05
22.15
22.06
22.84
22.77
22.59
22.91
22.81
22.68
22.31
22.33
22.11
22.02
21.51
21.81
20.85
20.79
20.11
20.6
19.93
20.76
20.65
20.89
20.79
20.67
19.77
19.19
19.38
19.71
19.8
19.42
19.77
20.3
25.86
25.87
26.16
26.6
26.75
26.46
26.37
26.46
26.3
26.61
26.42
27.37
26.89
26.93
27.36
27.73
27.9
27.16
27.55
27.23
27.1
26.63
26.75
25.78
25.52
24.33
25.42
24.05
25.03
24.94
25.35
25.35
25.25
24.67
24.05
23.98
24.72
24.9
24.57
25.25
25.84
30.77
30.73
30.76
30.76
30.67
30.33
30.3
30.35
30.12
29.85
29.66
29.87
29.77
29.82
29.86
29.46
29.49
29.5
28.82
28.82
29.07
28.74
29.05
28.34
28.49
27.28
28.41
27.46
28.01
27.79
28.37
28.35
28.73
28.03
27.56
28.02
28.54
28.98
28.62
28.6
28.82
54
12582.77
12569.87
12626.02
12719.49
12657.2
12505.76
12446.88
12491.61
12437.12
12479.73
12385.16
12587.42
12571.91
12724.41
12681.16
12592.8
12501.3
12302.55
12240.11
12143.24
12132.49
11866.62
11896.44
11383.68
11444.61
10809.85
11239.77
10719.94
11143.31
11269.02
11482.9
11405.93
11410.21
10990.58
10817.65
10854.65
11176.76
11320.71
11149.82
11284.54
11539.25
0.00000556
0.00000472
0.00000472
0.00000500
0.00000444
0.00000417
0.00000417
0.00000417
0.00000472
0.00000528
0.00000556
0.00000556
0.00000556
0.00000583
0.00000583
0.00000583
0.00000556
0.00000611
0.00000472
0.00000444
0.00000333
0.00000306
0.00000333
0.00000306
0.00000250
0.00000278
0.00000306
0.00000333
0.00000333
0.00000333
0.00000278
0.00000278
0.00000250
0.00000278
0.00000306
0.00000278
0.00000250
0.00000250
0.00000250
0.00000278
0.00000278
8/30/2011
8/31/2011
9/1/2011
9/2/2011
9/6/2011
9/7/2011
9/8/2011
9/9/2011
9/12/2011
9/13/2011
9/14/2011
9/15/2011
9/16/2011
9/19/2011
9/20/2011
9/21/2011
9/22/2011
9/23/2011
9/26/2011
9/27/2011
9/28/2011
9/29/2011
9/30/2011
10/3/2011
10/4/2011
10/5/2011
10/6/2011
10/7/2011
10/10/2011
10/11/2011
10/12/2011
10/13/2011
10/14/2011
10/17/2011
10/18/2011
10/19/2011
10/20/2011
25.91
25.89
25.53
24.21
23.5
24.01
23.74
22.53
22.58
22.7
22.93
23.27
23.53
22.91
22.47
23.98
22.8
22.32
22.71
23.59
23.19
23.78
22.45
22.2
23.02
23.86
25.05
24.88
25.74
25.92
25.87
25.63
26.11
24.86
25.61
24.98
24.74
20.24
20.13
19.99
19.64
19.54
20.08
19.9
19.7
20.28
20.76
21.12
21.54
21.97
21.93
22.2
21.94
21.62
22.16
22.24
22.54
22.31
22.21
21.34
20.62
21.22
21.85
22.03
22.29
22.88
22.99
23.12
23.39
23.5
23.28
23.4
24.24
23.61
26.23
26.6
26.21
25.8
25.51
26
26.22
25.74
25.89
26.04
26.5
26.99
27.12
27.21
26.98
25.99
25.06
25.06
25.44
25.67
25.58
25.45
24.89
24.53
25.34
25.89
26.34
26.25
26.94
27
26.96
27.18
27.27
26.98
27.31
27.13
27.04
29.17
28.05
27.84
27.62
27.41
27.7
27.54
27.12
27.46
27.69
27.83
28.11
28.5
28.15
28.41
27.87
27.33
27.43
27.91
28.23
28.12
28.4
28.09
27.73
27.88
28.31
28.41
28.44
29.17
28.77
28.99
29.1
29.17
29.02
29.21
29.09
28.99
55
11559.95
11613.53
11493.57
11240.26
11139.3
11414.86
11295.81
10992.13
11061.12
11105.85
11246.73
11433.18
11509.09
11401.01
11408.66
11124.84
10733.83
10771.48
11043.86
11190.69
11010.9
11153.98
10913.38
10655.3
10808.71
10939.95
11123.33
11103.12
11433.18
11416.3
11518.85
11478.13
11644.49
11397
11577.05
11504.62
11541.78
0.00000278
0.00000361
0.00000306
0.00000333
0.00000306
0.00000306
0.00000278
0.00000250
0.00000278
0.00000250
0.00000222
0.00000250
0.00000306
0.00000278
0.00000278
0.00000278
0.00000278
0.00000333
0.00000306
0.00000361
0.00000333
0.00000306
0.00000278
0.00000250
0.00000306
0.00000333
0.00000250
0.00000306
0.00000306
0.00000333
0.00000333
0.00000306
0.00000333
0.00000333
0.00000333
0.00000333
0.00000333
Tabelul cu rentabiliti
R_HPQ
-0.07225
-0.07409
-0.059
-0.02142
-0.03901
0.125413
0.008798
0.064826
0.015561
0.008602
-0.00933
-0.05219
-0.0721
0.029979
-0.01366
-0.0268
-0.06374
0.018506
-0.03958
-0.03649
0.144811
-0.01685
-0.03614
0.088235
0.030591
-0.05879
0.047765
0.002046
-0.0522
0.024923
0.015911
-0.04108
0.004314
0.050629
-0.02044
0.016995
-0.00909
R_INTC
-0.04886
-0.04414
-0.00454
-0.01597
-0.00232
0.113091
-0.05776
0.081979
-0.00819
-0.02478
0.03952
-0.06585
-0.07849
0.054416
-0.0187
-0.02973
-0.02907
0.067152
-0.07733
-0.02383
0.008418
-0.04674
-0.02102
0.071556
0.034224
-0.03148
0.064167
-0.01253
-0.08961
0.057491
0.02883
-0.06565
0.041131
0.04856
0.025903
-0.0023
-0.01764
R_MSFT
-0.05505
-0.07844
0.036834
-0.01632
-0.03563
0.090587
-0.00418
-0.01584
-0.01326
0.012956
0.040265
-0.06193
-0.05437
0.029774
-0.00947
-0.00453
-0.04247
0.04699
-0.05598
-0.03686
0.022185
-0.06782
-0.04133
0.122647
0.051379
-0.03395
0.025027
-0.01351
-0.07952
0.029176
0.037799
-0.03856
0.040111
0.057311
-0.01976
0.000517
-0.0563
R_ATT
-0.04626
-0.07603
0.06209
-0.02281
-0.01167
0.13189
-0.02565
0.007586
-0.0124
0.039013
0.052654
-0.07257
-0.04288
0.038799
0.017341
-0.00481
-0.04216
0.094911
-0.03559
-0.0317
-0.00762
-0.05016
-0.02854
0.027914
0.069081
0.012923
0.040475
0.00592
-0.05591
0.040071
0.037243
-0.03137
-0.00085
0.065245
-0.02762
-0.03705
-0.0047
R_DJI
-0.02377
-0.05815
0.020194
-0.03593
-0.02425
0.108779
-0.00818
0.021102
0.01572
-0.00056
0.032774
-0.05049
-0.04852
0.028522
-0.00819
-0.01991
-0.04731
0.066716
-0.03825
-0.02633
0.018271
-0.05074
-0.05564
0.065428
0.049335
0.004273
0.029146
0.011738
-0.07701
0.033133
0.020501
-0.02508
0.030942
0.034597
-0.02718
0.008064
-0.02241
56
R_Rf
0.029586
-0.05747
-0.01829
-0.00621
-0.01875
-0.02548
-0.07843
-0.03546
-0.01471
-0.02239
-0.0229
-0.04687
-0.04098
0.025641
-0.03333
-0.11207
0.126214
-0.01724
-0.05263
-0.02778
-0.07619
-0.10309
-0.04598
0.144578
0
-0.02105
-0.03226
-0.1
-0.04938
-0.09091
-0.12857
-0.11475
-0.01852
-0.07547
0
0.040816
-0.01961
Primarisc
-0.05335
-0.00068
0.038487
-0.02972
-0.0055
0.134256
0.070251
0.056563
0.030426
0.021833
0.055675
-0.00362
-0.00754
0.002881
0.025141
0.092163
-0.17352
0.083958
0.014383
0.001448
0.094462
0.052353
-0.00967
-0.07915
0.049335
0.025326
0.061404
0.111738
-0.02763
0.124042
0.149072
0.089678
0.049461
0.110069
-0.02718
-0.03275
-0.0028
0.03432
-0.02975
0.043042
0.003957
-0.03012
0.000871
-0.01827
-0.00591
0.003863
0.008289
0.017616
0.017023
0.002837
0.014144
-0.01283
0.081944
-0.03735
-0.00543
-0.00382
-0.01369
-0.03109
-0.01232
0.010154
-0.02728
-0.04133
0.05328
0.010819
0.008389
-0.00602
0.008947
0.042334
-0.03952
-0.03286
-0.00266
0.041469
-0.00171
-0.02621
0.050029
-0.01393
-0.0308
-0.00379
0.052303
-0.01039
0.071964
-0.02448
-0.06595
0.013047
-0.00682
-0.01907
0.011664
-0.00384
-0.00386
0.040279
-0.00223
0.036567
-0.01872
0.030814
-0.0605
0.007576
-0.02782
-0.02552
-0.00873
-0.04243
0.015886
0.033745
-0.06449
0.031489
-0.033
0.023038
0.020017
0.031889
0.015055
-0.04606
-0.03519
0.056828
0.007223
0.021514
0.026521
0.033435
0.0125
-0.05592
0
-0.00438
-0.01649
0.055897
-0.02223
-0.01841
-0.00938
0.003341
0.004994
-0.00552
-0.00222
-0.0089
0.020213
0.004953
0.046002
0.009424
0.011411
-0.06
0.031097
-0.02963
-0.00273
0.018043
-0.03706
0.007808
0.024903
-0.06263
0.048963
-0.11752
0.0056
0.024752
0.001812
0.0217
-0.02537
-0.02785
0.042964
0.037612
0.006904
0.022286
0.03242
-0.01137
-0.03286
0.022084
0.008591
-0.03748
0.040708
-0.00383
-0.01451
0.014725
0
-0.01451
0.003898
0.004314
-0.00301
0.013356
0.009354
0.032435
-0.03386
-0.00422
-0.0246
-0.00087
-0.01871
-0.02749
0.001824
-0.0223
-0.01164
0.00471
-0.00844
0.030733
-0.01101
0.024119
0.027174
-0.03351
-0.00091
-0.04612
-0.00383
0.022105
0.008463
-0.02797
0.019664
0.037159
-0.00726
-0.05162
-0.00482
0.007541
-0.00755
0.041988
-0.01118
-0.02486
-0.00301
-0.00693
-0.01176
0.005819
0.005558
-0.00371
0.021742
0.012459
0.029431
-0.00905
0.006949
-0.02722
-0.00311
-0.01639
-0.01456
-0.003
-0.0294
0.001506
0.008369
-0.04011
0.0351
-0.0128
-0.00557
0.004763
0.007233
0.024554
-0.02704
-0.01818
-0.008
0.017832
-0.01506
0.013374
0.026977
-0.00117
-0.04618
0.00642
57
0
-0.1
0
-0.04444
0.023256
-0.09091
0.025
-0.02439
-0.05
-0.05263
-0.05556
0.088235
0.081081
0.075
0.046512
-0.02222
0
-0.02273
0
0
-0.02326
0
0.02381
-0.02326
0.02381
-0.02326
0.095238
0.021739
0
0.021277
0.0625
0
0
0.039216
0
0.018868
0.055556
0.052632
0
0
-0.03333
0.007541
0.09245
0.041988
0.033261
-0.04811
0.087902
-0.03193
0.012629
0.055819
0.05819
0.051842
-0.06649
-0.06862
-0.04557
-0.05557
0.029171
-0.02722
0.019621
-0.01639
-0.01456
0.020257
-0.0294
-0.0223
0.031625
-0.06392
0.058355
-0.10804
-0.02731
0.004763
-0.01404
-0.03795
-0.02704
-0.01818
-0.04722
0.017832
-0.03393
-0.04218
-0.02565
-0.00117
-0.04618
0.039754
0.004682
0.017769
-0.04264
-0.00747
-0.07892
-0.00491
-0.06277
0.011571
0.016984
0.00409
-0.04005
-0.03324
0.003658
0.017128
-0.05482
-0.00379
-0.05099
0.059342
0.057911
0.025403
0.003838
-0.0146
0.025044
-0.02546
0.003884
-0.00844
0.08088
-0.01838
0.013039
0.070297
0.004009
-0.03624
-0.00191
0.025543
0.024595
0.013674
-0.01139
-0.01334
-0.00738
0.041486
0.002378
-0.00538
-0.00851
-0.04836
0.011475
-0.05105
0.007686
-0.05508
0.054709
0.022959
-0.02411
0.001704
-0.03316
-0.00264
0.038801
-0.0348
0.007916
0.011344
0.108714
0.003113
0.040341
0.011931
-0.03021
0.045593
0.022529
-0.00569
-0.03288
0.059128
-0.0335
-0.00361
0.058696
-0.02533
-0.04565
0.021339
0
0.044669
0.015862
-0.00543
-0.02594
-0.01191
0.046809
0
0.002216
-0.00884
-0.04573
0.001753
-0.01167
0.005313
-0.04404
-0.00246
-0.01232
-0.0318
-0.0161
-0.02291
0.006028
0.015313
-0.05311
0.000693
-0.0083
0.087927
0.037845
-0.00556
-0.02113
-0.02413
0.039688
0.003755
0.010599
-0.00432
0.074349
-0.02191
-0.00295
0.053223
-0.03706
-0.03615
0.051422
0.050633
-0.00055
-0.02849
0.000564
0
0.023112
0.024793
-0.00376
-0.00629
-0.0039
-0.0401
-0.01121
0.009789
0.016837
-0.03813
0.025039
0.019847
0.015968
-0.01326
-0.03036
-0.01643
0.014614
-0.01903
0.001049
-0.03824
0.059913
0.014388
0.042553
-0.00292
0.003411
0.041768
0.012587
-0.00368
-0.01063
0.063055
-0.02197
-0.00584
0.006326
-0.01302
-0.0323
0.00141
0.028638
0.023733
0.011146
-0.00882
-0.02491
-0.00547
0.027982
-0.00312
-0.00085
-0.01038
-0.03794
0.000401
-0.01187
-0.01343
-0.03406
0.033193
-0.01089
-0.01221
-0.01659
-0.04242
-0.00551
0.022275
-0.04093
0.004928
-0.01206
0.057956
0.000564
0.034581
0.00752
-0.00097
0.024765
0.012288
-0.01146
-0.01654
0.06835
-0.01487
0.011697
0.022549
-0.01872
-0.03268
0.011553
0.020066
0.027891
0.004952
-0.00521
-0.02336
0.006104
0.031424
-0.00316
58
0.051724
0
0.04918
0.046875
-0.04478
0.078125
0.028986
0.056338
-0.02667
-0.0137
-0.06944
0.014925
0.044118
-0.07042
0.015152
0.029851
0.028986
0
-0.01408
-0.04286
0.029851
0
-0.13043
0
0
0
0.033333
-0.03226
-0.05
0.017544
0
-0.01724
0.017544
0.017241
0.016949
0
0
-0.01667
0.016949
-0.05
-0.05263
-0.05258
-0.01038
-0.08712
-0.04647
0.032907
-0.09156
-0.06305
-0.02315
0.015777
0.001484
0.052855
-0.05735
-0.04963
0.092697
-0.05608
-0.02492
-0.04104
0.057956
0.014649
0.077438
-0.02233
-0.00097
0.1552
0.012288
-0.01146
-0.01654
0.035017
0.017385
0.061697
0.005005
-0.01872
-0.01544
-0.00599
0.002825
0.010942
0.004952
-0.00521
-0.00669
-0.01084
0.081424
0.049468
-0.01157
0.021602
0.05022
-0.00839
-0.04456
0.021547
-0.02109
0.002361
0.029741
-0.00972
-0.00087
0.029191
-0.01292
0.015078
0.016816
-0.0091
-0.0128
-0.04959
0.004447
0.010035
-0.00117
-0.02224
0.020946
0.002345
0.02076
0.023775
-0.05232
-0.01299
-0.00239
0.009895
-0.00386
0.010432
-0.01003
0.047974
-0.00455
-0.00571
0.012927
0.034884
0.003837
-0.01529
-0.00139
0.001355
-0.02436
0.017337
-0.01772
-0.03886
0.023827
0.020451
-0.00898
0.005579
-0.0215
-0.01488
0.019424
0.028229
0.002059
0.053425
-0.02146
-0.00266
-0.02132
-0.03063
0.004916
-0.01048
-0.00494
0.026969
-0.02211
0.021201
0.008304
-0.00412
-0.0255
-0.00849
0.028531
-0.00139
0.016667
0
0.049863
-0.01887
-0.01592
0.012129
-0.01265
0
0.031018
0.002616
-0.01241
-0.02678
0.04941
-0.02836
-0.03084
0.019318
-0.01003
0.007883
0.105028
-0.02427
-0.02332
0.015915
0.000522
-0.00104
-0.00209
-0.0199
0
-0.02404
0.005473
-0.00544
0.029557
-0.00691
0.015525
0.007907
0.018828
-0.0077
0.003621
-0.02732
-0.00371
0.029787
-0.01033
0.01618
0.021058
0.024648
0
0.015218
0.004836
0.013956
-0.0038
0.001429
0.020932
-0.02865
0.006912
0.021053
-0.00134
-0.02558
-0.00046
0.018433
-0.0095
-0.01325
0.006019
0.013346
-0.005
0.004108
0.015
0.026422
-0.00742
0.007473
-0.04668
-0.00778
0.004151
0.014699
-0.01901
-0.01015
-0.0042
-0.0117
0.003316
-0.02172
-0.01931
0.000492
0.034924
-0.01759
0.023222
0.006147
-0.00564
0.008034
-0.01547
-0.00429
0.008608
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0.002886
-0.01708
0.013818
0.011932
0.000726
-0.03562
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0.008938
0.014984
-0.00635
-0.001
0.021053
-0.00215
0.005422
0.026098
-0.00191
0.012083
-0.01203
0.019596
-0.01818
0.005979
-0.02175
0.005604
-0.00752
0.028474
-0.00344
-0.00623
-0.01543
-0.00179
0.0237
-0.02047
0.012504
0.011486
0.026012
0.002228
-0.00751
0.008645
0.001473
0.000155
-0.00016
-0.00274
59
0
0
0.055556
-0.05263
-0.01852
-0.01887
-0.05769
0.020408
-0.02
0.061224
-0.03846
-0.02
0
0.061224
0.019231
-0.03774
0.058824
0.018519
-0.03636
0.018868
-0.03704
-0.03846
0
0
-0.04
-0.08333
0.022727
0.088889
0.020408
-0.02
-0.02041
-0.02083
0.021277
-0.04167
-0.02174
0.044444
0.319149
0
-0.09677
-0.01786
-0.03636
-0.01708
0.013818
-0.04362
0.053358
-0.0171
0.035169
0.047279
-0.01147
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-0.06758
0.037458
0.041053
-0.00215
-0.0558
0.006868
0.035826
-0.04674
-0.03055
0.05596
-0.03705
0.043017
0.01671
0.005604
-0.00752
0.068474
0.079896
-0.02896
-0.10431
-0.02219
0.0437
-6.4E-05
0.033337
-0.00979
0.067679
0.023967
-0.05195
-0.3105
0.001473
0.096929
0.017694
0.03362
0.011938
0.014266
-0.01812
-0.00634
0.015803
0.003275
0.021491
-0.01598
-0.01001
-0.00383
0.024149
-0.0134
0.036393
-0.00839
0.000793
-0.02139
-0.00324
-0.02355
0.009981
0.00247
-0.00164
0.001646
-0.00438
0.04538
0.021836
0.007724
0.011242
0.003537
0.005791
0.020526
0.001962
0.002693
0.003418
0.005109
0.012346
0.01363
0.001887
0.000942
-0.00376
-0.02409
0.031454
-0.00652
-0.00263
-0.02041
-0.00739
0.017603
-0.01663
0.008796
-0.02079
0.008219
0.018342
0.013342
-0.00132
0.005274
0.010492
0.029851
-0.0189
-0.01092
-0.01753
-0.01917
0.005391
0.00134
0.028112
0.020182
0.07275
0.024985
0.01567
0.005714
0
0.0125
0.017957
-0.00606
0.005546
-0.00496
0.001663
-0.00387
-0.00389
0.006135
-0.00277
-0.01668
-0.00848
-0.01083
0.012582
0.022089
0.003602
0.001346
0.009857
-0.00754
0.024139
-0.03274
0.002708
0.005401
0.013429
-0.01811
0.021592
-0.00352
0.011047
-0.02797
-0.00719
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0
0
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0
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0
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0
0
0.3
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0
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0.111111
-0.1
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0.125
0.222222
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0.040353
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0.222197
0.050909
0.249115
0.061419
-0.0884
0.040231
0.187171
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0.039494
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0.001794
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Cuprins

1.Analiza statistic elementar...................................................................................................................... 2

2.1.Actiunea Hewlett-Packard Company (HPQ) ............................................................................ 4

3.1. Actiunea Hewlett-Packard Company (HPQ) ......................................................................... 18

1. Analiza statistic elementar

reprezinta pretul activului financiar la momentul de timp t, iar Rt reprezinta randamentul

7.404884605 3.152043675 3.652902315 2.955833542 1459.135644

1 0.36923303 0.62552142 0.115369923

-0.1153699 0.72531584 0.48878996

R_INTC = 0.0004352521574 + 1.083247061*R_DJI

R_MSFT = 0.000006065810622 + 1.013721889*R_DJI

R_ATT = 0.0001309952529 + 0.8265586144*R_DJI

Analiza bonitii modelelor

Mean dependent var

Ecuaia de regresie a modelului Sharp este

R_HPQ = - 0.0007813734863 + 1.057170108*R_DJI

La modificarea rentabilitii pieei cu 1 punct

Coeficientul de determinatie R2 are o valoare de

Decizia se ia pe baza lui p-value.

Teste bazate pe reziduuri

Analizand graficul, autocorelare nu este evidenta. Astfel vom

Dependent Variable: RESIDHPQ

Mean dependent var

White Heteroskedasticity Test:

Mean dependent var

Testul F pentru acest model de regresie are ipotezele:

Testul de normalitate Jarque-Bera

2.2. Actiunea Intel Corporation (INTC)

Mean dependent var

Ecuaia de regresie a modelului Sharp este

La modificarea rentabilitii pieei cu o unitate rentabilitatea aciunii INTC se modific n acelai

Coeficientul de determinatie R2 are o valoare de 58.8%. Acest lucru semnifica faptul ca

Teste bazate pe reziduuri

Analizand graficul, autocorelare nu este evidenta. Astfel

Dependent Variable: RESIDINTC

Mean dependent var

este -0.104 iar statistica Durbin-Watson are valoarea 2.208 .

Mean dependent var

P value este foarte mic, aproape

2.3. Actiunea Microsoft (MSFT)

Mean dependent var

Ecuaia de regresie a modelului Sharp este

R_MSFT = 0.000006065810622 + 1.013721889*R_DJI

La modificarea rentabilitii pieei cu o unitate

Coeficientul de determinatie R2 are o valoare de

Decizia se ia pe baza lui p-value.

Teste bazate pe reziduuri

Analizand graficul, autocorelare nu este evidenta. Astfel

Dependent Variable: RESIDMSFT

Mean dependent var

Mean dependent var

P value este foarte mic, aproape

2.4. Actiunea AT&T Inc (ATT)

Mean dependent var

Ecuaia de regresie a modelului Sharp este

R_ATT = 0.0001309952529 + 0.8265586144*R_DJI

La modificarea rentabilitii pieei cu o unitate

Coeficientul de determinatie R2 are o valoare de

Decizia se ia pe baza lui p-value.

Teste bazate pe reziduuri

Mean dependent var

Mean dependent var

P value este foarte mic, aproape

Cele patru modele CAPM sunt