Seasoned Equity Offerings: Offer Date 72 A Biased and Haphazard Sample for Demonstration Purposes Only Eventus (R) software is produced by Cowan Research, L.C. http://www.eventstudy.com/ ESTIMATION PERIOD: Ends 46 days before the event date; 255 days in length. TOTAL EVENTS IN REQUEST FILE: 1123 EVENTS DROPPED: 84 EVENTS WITH USEABLE RETURNS: 1039 MINIMUM RETURN DATA REQUIRED FOR ESTIMATION: 65 STATISTICAL SIGNIFICANCE LEVELS: 1 tailed NOTE: Useable returns means all nonmissing returns except the first day after a missing estimation period return. Seasoned Equity Offerings: Offer Date 73 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 21207 65163910 11JAN1996 -0.00007 45.49% 0.00053 -0.35 0.44 88373 20221810 23JAN1996 0.00065 36.08% -0.00042 0.66 -0.25 32651 42270410 23JAN1996 -0.00091 36.08% -0.00102 0.22 0.91 77129 49446R10 29JAN1996 0.00057 41.96% 0.00022 0.26 0.18 75175 55262C10 05FEB1996 0.00155 47.45% 0.00036 0.67 -0.34 80915 74366330 06FEB1996 0.00284 40.39% -0.00080 2.12 -0.46 10149 26942C10 12FEB1996 0.00273 42.35% 0.00172 0.62 0.10 11653 44923820 14FEB1996 0.00230 42.75% -0.00199 2.43 -0.48 89982 58501T10 14FEB1996 0.00076 42.75% -0.00031 0.60 -0.20 79866 80688210 14FEB1996 0.00183 39.22% -0.00019 1.25 0.46 77274 37555810 15FEB1996 0.00435 44.31% 0.00158 1.74 0.88 26737 35906P10 22FEB1996 0.00112 45.49% -0.00144 1.37 -0.66 80395 46591710 22FEB1996 0.00055 34.90% -0.00005 0.36 0.23 35107 70041620 22FEB1996 0.00324 50.20% 0.00076 1.43 0.60 79808 12692410 27FEB1996 0.00411 46.27% 0.00098 1.91 0.80 79147 16875520 28FEB1996 0.00364 41.96% 0.00072 1.62 -0.53 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 21207 65163910 -1.05 48.63% 0.00034 0.01812 -0.1012 88373 20221810 0.27 48.63% 0.00013 0.01116 -0.2692 32651 42270410 -0.14 47.84% 0.00103 0.03201 -0.0386 77129 49446R10 -0.07 47.06% 0.00007 0.00804 0.1792 75175 55262C10 -0.32 45.10% 0.00014 0.01159 -0.0174 80915 74366330 1.02 47.06% 0.00138 0.03671 -0.1601 10149 26942C10 0.38 43.92% 0.00052 0.02293 -0.4151 11653 44923820 0.15 42.35% 0.00113 0.03273 0.1073 89982 58501T10 0.40 50.20% 0.00010 0.00970 -0.1375 79866 80688210 0.42 45.88% 0.00064 0.02494 -0.1965 77274 37555810 0.55 42.75% 0.00127 0.03508 -0.0166 26737 35906P10 0.23 49.41% 0.00030 0.01677 -0.0842 80395 46591710 0.01 41.57% 0.00013 0.01142 -0.0012 35107 70041620 -0.85 44.31% 0.00037 0.01758 0.0765 79808 12692410 0.29 48.24% 0.00093 0.02939 -0.1094 79147 16875520 -3.39 49.41% 0.00326 0.05526 -0.2760 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 74 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80591 07367810 04MAR1996 0.00105 38.43% 0.00026 0.44 -0.18 42833 69511410 05MAR1996 0.00092 38.04% -0.00036 0.65 -0.86 80678 14743R10 07MAR1996 0.00344 51.37% -0.00002 1.90 -0.01 82216 81732210 07MAR1996 0.01099 35.85% 0.00756 3.23 1.50 77988 02071K10 08MAR1996 0.00256 41.18% -0.00285 2.91 -0.57 13283 02725810 08MAR1996 0.00212 44.71% 0.00167 0.28 0.31 79188 76119710 11MAR1996 0.00249 29.80% 0.00118 0.85 0.69 78994 68569110 12MAR1996 0.00471 41.18% 0.00304 0.92 -0.25 80610 56275110 18MAR1996 0.00473 45.49% 0.00368 0.61 -0.44 80414 15139210 19MAR1996 0.00494 44.71% 0.00178 1.94 0.03 75045 17245510 19MAR1996 -0.00112 21.96% -0.00340 1.24 -0.88 11895 00755F10 20MAR1996 0.00182 41.96% -0.00190 2.40 0.55 79794 04269W10 22MAR1996 0.00426 45.10% 0.00391 0.25 -0.74 11927 76123010 25MAR1996 0.00121 43.14% -0.00039 1.07 0.63 77448 54305710 26MAR1996 0.00249 39.22% 0.00068 1.09 -0.13 81292 84778810 27MAR1996 0.00187 37.99% 0.00085 0.66 0.33 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80591 07367810 0.44 46.27% 0.00012 0.01104 0.0962 42833 69511410 0.30 48.24% 0.00009 0.00895 -0.1256 80678 14743R10 0.24 50.98% 0.00041 0.01906 0.1109 82216 81732210 2.13 48.11% 0.00291 0.05245 -0.0567 77988 02071K10 -0.51 46.67% 0.00300 0.05373 -0.0862 13283 02725810 0.13 44.71% 0.00021 0.01436 0.0495 79188 76119710 0.12 38.43% 0.00087 0.02938 -0.2004 78994 68569110 -0.55 43.92% 0.00196 0.04427 -0.3328 80610 56275110 -1.45 47.45% 0.00216 0.04631 -0.1839 80414 15139210 -1.60 44.71% 0.00112 0.03140 0.1616 75045 17245510 -0.04 51.37% 0.00253 0.05036 -0.3286 11895 00755F10 -1.57 49.02% 0.00178 0.03976 -0.0260 79794 04269W10 -2.99 47.06% 0.00171 0.03999 -0.1011 11927 76123010 0.25 48.24% 0.00097 0.03095 -0.0006 77448 54305710 0.49 43.53% 0.00081 0.02833 -0.2201 81292 84778810 -0.18 41.05% 0.00024 0.01519 0.0905 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 75 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 11411 12613610 29MAR1996 0.00584 49.02% 0.00094 2.97 0.36 81097 70423110 29MAR1996 0.00301 41.18% 0.00216 0.71 1.36 81917 44106M10 01APR1996 0.00068 35.14% 0.00095 -0.11 0.12 80537 45090910 02APR1996 0.00882 38.82% 0.00533 1.98 -0.40 81660 75621K10 02APR1996 0.00162 42.60% 0.00109 0.31 0.03 80102 86667410 02APR1996 0.00113 41.18% 0.00097 0.11 0.08 78877 16516710 03APR1996 0.00703 54.51% 0.00539 0.99 0.24 82183 47209710 03APR1996 -0.00172 38.40% -0.00727 3.77 -1.57 76238 67050910 03APR1996 0.00098 40.00% -0.00018 0.71 0.20 54690 85590520 09APR1996 0.00313 38.82% 0.00125 0.92 -0.91 80241 29470310 10APR1996 0.00125 39.22% 0.00103 0.16 0.29 81676 89816810 11APR1996 0.00277 42.26% 0.00187 0.41 0.63 82501 45310510 15APR1996 0.00189 46.58% 0.00129 0.29 -0.25 80934 45336L10 17APR1996 0.00235 38.43% 0.00181 0.30 0.25 67264 07644630 18APR1996 0.00168 34.12% 0.00120 0.21 -0.45 80836 69345710 18APR1996 0.00526 47.06% 0.00205 1.99 0.79 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 11411 12613610 0.47 44.31% 0.00278 0.05170 0.0143 81097 70423110 0.89 44.71% 0.00296 0.05444 -0.3143 81917 44106M10 -0.27 39.64% 0.00009 0.00974 -0.0808 80537 45090910 -0.73 40.39% 0.00874 0.09354 -0.2144 81660 75621K10 -0.12 45.56% 0.00009 0.00912 -0.0660 80102 86667410 0.05 41.18% 0.00008 0.00913 -0.0107 78877 16516710 0.13 47.84% 0.00123 0.03505 0.1139 82183 47209710 0.86 47.20% 0.00219 0.04506 -0.2165 76238 67050910 0.28 43.53% 0.00045 0.02112 0.0731 54690 85590520 -0.50 38.82% 0.00051 0.02213 -0.0691 80241 29470310 0.15 44.31% 0.00034 0.01863 -0.1967 81676 89816810 -1.62 45.83% 0.00079 0.02687 0.0211 82501 45310510 -0.42 56.16% 0.00020 0.01427 -0.1959 80934 45336L10 -0.81 43.92% 0.00153 0.03912 -0.1280 67264 07644630 0.35 40.39% 0.00041 0.02032 -0.2694 80836 69345710 0.61 45.10% 0.00077 0.02659 0.0667 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 76 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 75491 36237J10 22APR1996 0.00648 42.35% 0.00381 1.51 -0.28 77617 45272910 24APR1996 0.00612 44.31% 0.00176 2.52 -0.45 81576 69329P10 24APR1996 0.00802 53.24% 0.00291 2.90 0.01 81252 40390810 30APR1996 0.00469 46.85% 0.00209 1.47 0.25 79299 69881310 01MAY1996 0.00254 46.27% -0.00086 1.82 -0.39 82576 36853810 02MAY1996 0.00951 42.67% 0.00942 0.14 0.76 77628 31749210 06MAY1996 0.00103 42.35% 0.00096 0.03 -0.04 77112 71940K10 06MAY1996 0.00574 44.31% 0.00404 0.84 -0.29 23544 03041110 08MAY1996 0.00139 45.10% 0.00067 0.38 -0.29 79641 21079530 08MAY1996 0.00718 52.16% 0.00313 2.18 -0.96 81487 34746110 09MAY1996 0.00289 43.78% 0.00046 1.36 0.21 65947 42217K10 16MAY1996 0.00053 38.04% 0.00015 0.17 -0.58 82298 25271C10 20MAY1996 0.00550 56.07% 0.00500 0.30 0.03 64290 62943010 20MAY1996 0.00117 39.22% -0.00035 0.88 0.13 79941 03015110 21MAY1996 0.00100 37.65% -0.00100 1.19 0.33 58413 31374720 21MAY1996 0.00061 39.22% -0.00069 0.73 -0.20 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 75491 36237J10 0.39 42.35% 0.00209 0.04562 -0.0483 77617 45272910 1.59 38.82% 0.00133 0.03569 0.0722 81576 69329P10 0.54 46.30% 0.00155 0.03803 0.2239 81252 40390810 -0.41 46.85% 0.00135 0.03626 -0.0188 79299 69881310 -0.98 45.88% 0.00078 0.02635 0.0068 82576 36853810 -1.86 44.00% 0.00268 0.05205 -0.3268 77628 31749210 -0.04 42.35% 0.00013 0.01127 -0.0727 77112 71940K10 -1.26 46.67% 0.00173 0.04126 -0.1199 23544 03041110 0.02 45.88% 0.00013 0.01138 -0.1552 79641 21079530 0.14 41.96% 0.00080 0.02709 0.2009 81487 34746110 -0.29 47.39% 0.00051 0.02178 -0.0581 65947 42217K10 0.46 50.59% 0.00025 0.01570 0.0380 82298 25271C10 -0.29 45.79% 0.00036 0.01901 0.1267 64290 62943010 0.54 45.88% 0.00025 0.01559 -0.0881 79941 03015110 0.89 46.67% 0.00147 0.03834 -0.1034 58413 31374720 0.38 44.31% 0.00015 0.01189 -0.0427 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 77 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81540 03071P10 22MAY1996 0.00149 39.83% 0.00018 0.68 -0.53 77325 26632S10 22MAY1996 0.00604 49.41% 0.00438 0.87 -0.24 76703 37191210 22MAY1996 0.00154 46.27% 0.00053 0.54 -0.05 64486 74367410 23MAY1996 0.00176 45.10% -0.00010 1.01 -0.54 80209 69439610 24MAY1996 0.00116 40.39% 0.00055 0.34 -0.07 23537 17252910 30MAY1996 0.00636 42.35% 0.00157 2.69 0.06 79695 35843810 30MAY1996 0.00042 41.96% -0.00257 1.70 0.22 11554 74342C10 30MAY1996 0.00138 46.67% -0.00188 1.86 -0.11 79250 91270710 30MAY1996 0.00170 42.35% 0.00059 0.62 -0.21 76374 46057310 03JUN1996 0.00868 43.87% 0.00584 1.72 0.12 81608 12617210 04JUN1996 0.00364 44.10% 0.00258 0.63 0.25 60169 20765110 05JUN1996 0.00041 41.18% 0.00016 0.14 -0.06 80145 03460310 06JUN1996 0.00580 44.31% 0.00468 0.72 2.07 76841 44937010 06JUN1996 0.00846 42.35% 0.00284 3.13 -0.71 46245 46985840 06JUN1996 0.00209 40.39% 0.00111 0.59 0.82 81920 67366210 06JUN1996 0.00224 50.00% -0.00021 1.62 -0.56 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81540 03071P10 -0.56 45.23% 0.00046 0.02112 -0.0424 77325 26632S10 -1.60 46.67% 0.00130 0.03516 -0.1507 76703 37191210 -0.81 49.80% 0.00041 0.01986 0.1439 64486 74367410 0.31 46.27% 0.00023 0.01460 0.0923 80209 69439610 0.31 43.53% 0.00022 0.01501 -0.2034 23537 17252910 -0.16 42.35% 0.00218 0.04530 -0.0220 79695 35843810 0.08 49.02% 0.00053 0.02187 -0.1238 11554 74342C10 -1.40 45.49% 0.00089 0.02754 -0.0099 79250 91270710 -0.74 44.71% 0.00051 0.02218 -0.0439 76374 46057310 -1.95 43.48% 0.00279 0.05142 -0.0236 81608 12617210 -0.29 44.98% 0.00086 0.02929 -0.1145 60169 20765110 -0.08 47.84% 0.00018 0.01353 -0.1101 80145 03460310 0.58 47.45% 0.00313 0.05555 -0.2788 76841 44937010 -0.17 42.75% 0.00273 0.05068 -0.0089 46245 46985840 0.15 47.06% 0.00090 0.02989 -0.2738 81920 67366210 -0.41 46.30% 0.00078 0.02682 0.1713 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 78 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80331 40252G10 07JUN1996 0.00300 48.24% -0.00054 1.99 -0.07 81481 25674710 10JUN1996 0.00345 45.10% 0.00041 1.74 0.45 78473 07003610 11JUN1996 0.00365 46.67% 0.00261 0.62 0.70 53058 59043810 11JUN1996 0.00068 35.69% 0.00003 0.38 0.13 81599 00097510 12JUN1996 0.00315 41.28% -0.00183 2.92 0.14 68312 63862010 12JUN1996 0.00075 41.18% -0.00029 0.62 0.13 81505 69703310 12JUN1996 0.00162 42.35% 0.00081 0.49 0.23 77669 31792310 13JUN1996 0.00417 44.31% 0.00167 1.45 0.64 82639 45292210 18JUN1996 0.00166 41.84% -0.00071 1.31 0.29 80688 43128410 20JUN1996 0.00134 42.35% 0.00045 0.53 0.02 82611 80517410 20JUN1996 0.00594 51.46% 0.00222 2.02 0.42 79637 91390310 20JUN1996 0.00295 47.84% 0.00216 0.45 0.10 82679 12561L10 21JUN1996 0.00321 50.00% -0.00501 3.58 2.32 82581 80640710 21JUN1996 0.00308 43.36% 0.00372 -0.41 0.11 80913 00819010 24JUN1996 0.00221 44.71% 0.00044 0.99 0.39 47707 33761010 25JUN1996 0.00223 38.43% 0.00019 1.22 0.41 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80331 40252G10 -1.08 44.31% 0.00111 0.03149 -0.0733 81481 25674710 0.23 46.67% 0.00091 0.02935 -0.0648 78473 07003610 0.40 45.88% 0.00108 0.03287 -0.0466 53058 59043810 0.27 43.53% 0.00010 0.00973 0.0387 81599 00097510 -0.90 43.83% 0.00364 0.05862 0.1476 68312 63862010 0.47 48.24% 0.00009 0.00938 0.0045 81505 69703310 0.44 44.71% 0.00055 0.02360 -0.0308 77669 31792310 -0.02 46.27% 0.00174 0.04124 -0.1276 82639 45292210 0.57 45.92% 0.00028 0.01600 -0.0779 80688 43128410 0.24 46.67% 0.00012 0.01087 -0.0261 82611 80517410 -2.38 49.51% 0.00175 0.03856 0.0896 79637 91390310 -0.00 44.31% 0.00017 0.01303 0.0944 82679 12561L10 -1.79 45.24% 0.00253 0.04397 0.3073 82581 80640710 -1.88 50.44% 0.00085 0.02883 -0.0554 80913 00819010 -0.20 46.27% 0.00042 0.01999 -0.0902 47707 33761010 1.04 43.14% 0.00104 0.03213 -0.3940 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 79 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 75414 74358610 25JUN1996 0.00095 27.84% 0.00140 -0.36 -0.79 79478 20678410 26JUN1996 0.00347 37.25% 0.00170 0.90 1.54 79542 30067R10 26JUN1996 0.00051 38.04% -0.00100 0.87 -0.05 77502 73182210 26JUN1996 0.00117 34.90% -0.00219 1.82 0.06 81509 78407610 26JUN1996 0.00187 40.78% -0.00075 1.40 -0.35 81290 83409210 26JUN1996 0.00201 42.75% -0.00006 1.21 -0.06 82635 11815H10 27JUN1996 0.00165 46.15% -0.00029 1.07 0.01 82699 35765810 27JUN1996 0.00409 36.90% 0.00728 -2.09 -0.06 80014 69343410 27JUN1996 0.00165 40.78% 0.00139 0.12 0.22 80356 74157010 28JUN1996 0.00024 35.29% 0.00021 0.02 -0.56 79179 55272T10 01JUL1996 0.00278 45.49% 0.00152 0.54 -0.50 80422 52186510 09JUL1996 0.00248 48.24% 0.00143 0.57 0.27 61146 69888410 11JUL1996 0.00262 40.39% 0.00072 1.08 -0.45 79121 97314910 11JUL1996 0.00556 47.45% 0.00135 2.07 0.38 77489 10588410 17JUL1996 -0.00006 39.61% -0.00425 2.44 -0.80 10182 87823710 17JUL1996 0.00368 42.35% 0.00130 1.01 0.60 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 75414 74358610 -1.57 48.24% 0.00055 0.02282 -0.3778 79478 20678410 -0.31 45.88% 0.00215 0.04583 -0.0526 79542 30067R10 0.35 47.84% 0.00016 0.01223 0.0552 77502 73182210 -0.36 44.71% 0.00110 0.03214 -0.0017 81509 78407610 -0.61 44.31% 0.00107 0.03197 -0.0645 81290 83409210 0.59 45.49% 0.00062 0.02465 -0.0543 82635 11815H10 0.49 51.92% 0.00020 0.01380 0.0427 82699 35765810 -3.00 42.86% 0.00209 0.04539 0.0569 80014 69343410 -0.16 44.31% 0.00015 0.01227 -0.1372 80356 74157010 -0.16 47.45% 0.00047 0.02175 -0.4044 79179 55272T10 -1.44 43.14% 0.00060 0.02351 0.0760 80422 52186510 0.22 49.02% 0.00046 0.02149 0.0959 61146 69888410 0.04 45.49% 0.00083 0.02853 -0.0392 79121 97314910 -1.65 46.67% 0.00119 0.03149 0.0662 77489 10588410 0.89 45.49% 0.00046 0.01935 0.0706 10182 87823710 -1.48 40.00% 0.00113 0.03233 -0.0109 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 80 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80832 57053810 18JUL1996 0.00129 38.82% -0.00038 1.03 -0.30 80020 74428410 18JUL1996 0.00761 48.24% 0.00281 2.48 -0.03 80987 49906410 19JUL1996 0.00164 37.25% 0.00133 0.08 0.11 32791 29274010 22JUL1996 0.00256 46.27% 0.00041 1.15 0.03 75473 87907510 22JUL1996 0.00111 43.14% -0.00088 1.08 -0.02 82236 70335310 23JUL1996 0.00124 39.13% 0.00039 0.49 -0.16 82647 71694110 23JUL1996 0.00117 45.52% 0.00058 0.62 -1.81 82517 74957310 25JUL1996 0.00547 30.63% 0.00437 0.91 2.52 11192 00848810 26JUL1996 0.00417 47.45% -0.00055 2.54 -1.05 77880 74191710 29JUL1996 0.00224 34.12% 0.00147 0.34 0.03 79436 40049C10 30JUL1996 0.00057 32.94% -0.00331 2.11 -0.35 81131 74150410 30JUL1996 0.00389 43.53% 0.00085 1.50 0.35 81123 22843910 31JUL1996 0.00097 36.08% -0.00046 0.79 -0.17 81559 36930Q10 31JUL1996 0.00101 39.22% -0.00065 0.83 -0.04 82805 01855R30 01AUG1996 -0.00086 19.05% -0.00362 1.40 -0.23 82234 05851610 01AUG1996 0.00587 45.00% 0.00478 0.71 1.29 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80832 57053810 0.80 45.49% 0.00190 0.04366 -0.1370 80020 74428410 -0.39 41.18% 0.00161 0.03841 0.0960 80987 49906410 -0.50 42.75% 0.00048 0.02187 -0.1108 32791 29274010 0.14 46.27% 0.00051 0.02218 0.1046 75473 87907510 0.26 44.71% 0.00022 0.01410 0.1416 82236 70335310 -0.11 50.31% 0.00010 0.00956 -0.1097 82647 71694110 -0.34 49.25% 0.00036 0.01698 0.0101 82517 74957310 2.73 43.75% 0.00453 0.06653 -0.4535 11192 00848810 0.26 47.06% 0.00167 0.03959 0.0189 77880 74191710 -0.38 41.96% 0.00034 0.01842 -0.1124 79436 40049C10 0.75 44.71% 0.00073 0.02599 0.0406 81131 74150410 -0.09 43.92% 0.00083 0.02795 -0.0604 81123 22843910 0.35 43.53% 0.00014 0.01160 -0.0698 81559 36930Q10 -0.09 42.75% 0.00031 0.01740 0.0626 82805 01855R30 0.89 46.43% 0.00056 0.02331 0.0090 82234 05851610 0.48 45.56% 0.00088 0.02923 0.0325 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 81 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80833 63079510 01AUG1996 0.00312 36.47% 0.00147 0.86 0.01 53137 63691910 01AUG1996 0.00352 40.78% 0.00185 0.77 0.27 77237 21867P10 05AUG1996 0.00737 44.31% 0.00355 2.00 0.59 54690 85590520 06AUG1996 0.00248 46.27% 0.00100 0.80 -0.34 81090 46623210 07AUG1996 0.00326 36.08% -0.00027 1.91 0.21 82217 86793310 07AUG1996 0.00121 35.78% 0.00072 0.24 -0.08 80681 29717810 08AUG1996 0.00093 41.57% -0.00036 0.69 0.10 80375 68162K10 09AUG1996 0.00339 38.82% 0.00021 1.76 0.10 56952 14733910 13AUG1996 0.00046 38.82% 0.00001 0.22 0.08 81252 40390810 13AUG1996 0.00367 45.49% 0.00039 1.71 0.36 11545 16875K20 15AUG1996 0.00723 41.18% 0.00459 1.49 2.61 38914 15677T10 16AUG1996 0.00189 50.59% -0.00023 1.09 -0.55 88373 20221810 11SEP1996 0.00054 32.94% 0.00018 0.23 -0.13 80242 21992110 12SEP1996 0.00155 40.00% -0.00295 3.07 0.04 82841 02109K10 18SEP1996 0.00184 43.33% -0.00006 1.43 0.41 76563 59309810 24SEP1996 0.00018 40.39% -0.00087 0.84 0.28 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80833 63079510 0.11 38.43% 0.00082 0.02849 -0.0035 53137 63691910 -0.36 44.71% 0.00069 0.02587 0.0585 77237 21867P10 0.75 43.14% 0.00183 0.04215 0.0816 54690 85590520 0.10 43.92% 0.00021 0.01423 0.0319 81090 46623210 0.87 43.92% 0.00094 0.02989 -0.2347 82217 86793310 -0.37 41.67% 0.00040 0.02006 -0.1686 80681 29717810 0.25 49.41% 0.00015 0.01189 -0.0825 80375 68162K10 0.85 45.10% 0.00102 0.03141 -0.1661 56952 14733910 -0.04 42.75% 0.00018 0.01348 -0.0654 81252 40390810 0.16 45.88% 0.00120 0.03396 0.0306 11545 16875K20 2.35 48.24% 0.00251 0.04870 -0.1573 38914 15677T10 -0.52 47.84% 0.00031 0.01661 0.0762 88373 20221810 -0.15 42.75% 0.00009 0.00947 -0.2679 80242 21992110 1.65 51.37% 0.00311 0.05477 -0.0894 82841 02109K10 0.92 44.17% 0.00054 0.02266 0.1378 76563 59309810 0.25 47.06% 0.00041 0.01978 0.1383 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 82 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81675 84610H10 25SEP1996 0.00085 38.04% 0.00040 0.33 -0.43 82793 37803P10 02OCT1996 0.00072 33.87% 0.00058 0.19 -0.14 42606 11522310 10OCT1996 0.00148 32.55% 0.00105 0.47 0.67 83291 60268310 10OCT1996 0.00260 42.00% 0.00161 1.05 0.30 75179 64020410 10OCT1996 0.00255 44.71% 0.00124 1.01 -0.52 80971 26414210 15OCT1996 0.00123 32.55% 0.00052 0.63 0.26 79163 30024810 17OCT1996 0.00162 45.49% -0.00045 1.70 -0.37 83280 45816H10 17OCT1996 -0.00000 38.38% -0.00251 3.10 0.35 80135 45868P10 17OCT1996 0.00188 41.57% 0.00057 1.15 0.19 33647 29990030 22OCT1996 0.00208 37.65% 0.00286 -0.43 0.94 75976 64049110 22OCT1996 0.00142 35.69% -0.00008 1.28 0.12 79508 62543V10 24OCT1996 0.00160 44.31% 0.00081 0.79 0.54 81012 86504110 25OCT1996 0.00045 35.69% -0.00153 1.67 -0.27 82290 91018H10 28OCT1996 0.00125 43.10% 0.00055 0.87 0.97 76224 08160H10 29OCT1996 0.00064 40.78% 0.00019 0.52 0.63 25487 12654510 29OCT1996 0.00058 47.06% -0.00214 2.10 -1.16 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81675 84610H10 -0.06 48.63% 0.00010 0.00984 -0.0144 82793 37803P10 -0.13 45.16% 0.00020 0.01433 -0.0411 42606 11522310 0.07 45.10% 0.00056 0.02335 0.0632 83291 60268310 -0.22 46.00% 0.00164 0.03994 0.0041 75179 64020410 0.35 44.71% 0.00039 0.01922 0.1268 80971 26414210 0.49 44.71% 0.00074 0.02714 -0.3093 79163 30024810 0.26 48.63% 0.00094 0.02951 -0.0384 83280 45816H10 -0.10 46.46% 0.00230 0.04221 -0.1489 80135 45868P10 0.32 45.88% 0.00031 0.01665 -0.0013 33647 29990030 -0.58 44.31% 0.00205 0.04536 -0.3016 75976 64049110 0.10 44.71% 0.00159 0.03936 -0.1456 79508 62543V10 0.19 49.02% 0.00037 0.01846 0.1697 81012 86504110 0.06 42.75% 0.00143 0.03686 -0.0117 82290 91018H10 0.26 48.28% 0.00066 0.02474 0.1483 76224 08160H10 0.06 45.88% 0.00037 0.01881 0.0702 25487 12654510 -0.36 43.53% 0.00065 0.02221 -0.0478 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 83 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 82160 23221710 29OCT1996 0.00178 41.57% 0.00082 0.88 0.53 81864 34520610 31OCT1996 0.00331 44.71% 0.00299 0.32 0.16 80334 45767410 31OCT1996 0.00249 44.71% 0.00122 1.23 0.25 83422 87123710 31OCT1996 0.00850 51.81% 0.00588 4.40 -0.46 82307 89151A10 31OCT1996 0.00354 49.04% 0.00235 0.93 0.02 81220 45765U10 01NOV1996 0.00204 41.57% -0.00129 2.85 -0.39 79455 91086510 01NOV1996 0.00349 48.63% 0.00187 1.28 -0.45 77679 19723610 12NOV1996 0.00138 37.65% 0.00065 0.73 0.46 11956 90465L40 12NOV1996 0.00058 41.18% -0.00034 0.91 0.56 49614 03190910 13NOV1996 0.00301 45.49% 0.00134 1.53 0.05 80395 46591710 13NOV1996 0.00059 38.43% -0.00010 0.59 -0.23 78068 85430520 13NOV1996 0.00325 35.29% 0.00257 0.72 0.59 83176 90389610 13NOV1996 0.00695 46.04% 0.00297 3.18 1.97 56741 18987310 14NOV1996 0.00419 48.63% 0.00322 0.91 0.01 82599 66774610 14NOV1996 0.00344 43.15% 0.00345 -0.03 0.48 82639 45292210 18NOV1996 0.00231 42.44% 0.00066 1.18 0.10 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 82160 23221710 0.83 46.27% 0.00129 0.03587 0.0338 81864 34520610 -0.18 45.10% 0.00055 0.02341 -0.0329 80334 45767410 -1.73 45.88% 0.00111 0.03018 0.0620 83422 87123710 1.41 46.99% 0.00245 0.04311 -0.1713 82307 89151A10 -0.75 47.12% 0.00075 0.02622 0.1433 81220 45765U10 -1.82 48.24% 0.00206 0.03931 -0.0669 79455 91086510 0.82 49.80% 0.00051 0.02205 0.1371 77679 19723610 0.32 47.84% 0.00067 0.02562 -0.3664 11956 90465L40 -0.23 47.45% 0.00125 0.03470 -0.1266 49614 03190910 0.64 51.76% 0.00067 0.02503 -0.0387 80395 46591710 0.28 47.84% 0.00015 0.01186 -0.0290 78068 85430520 -0.16 41.96% 0.00108 0.03245 -0.2643 83176 90389610 -0.33 41.73% 0.00375 0.05549 0.0617 56741 18987310 -0.23 45.10% 0.00067 0.02534 -0.0038 82599 66774610 -0.22 43.65% 0.00094 0.03082 -0.0736 82639 45292210 0.43 48.78% 0.00029 0.01606 -0.1300 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 84 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 78877 16516710 19NOV1996 0.00675 58.04% 0.00625 0.62 0.68 77855 36092110 19NOV1996 0.00239 36.08% 0.00133 0.87 -0.51 83162 75993010 19NOV1996 0.00340 49.02% 0.00181 1.36 -0.26 77257 78387P10 19NOV1996 0.00369 41.18% 0.00108 2.39 -0.07 80677 14066R10 20NOV1996 0.00082 37.65% 0.00007 0.64 -0.35 83557 86444410 20NOV1996 -0.00247 46.25% -0.00132 1.36 -0.11 11198 88889610 20NOV1996 0.00337 38.82% 0.00195 1.43 0.54 26606 91800510 20NOV1996 0.00029 34.12% -0.00063 0.78 -0.42 80190 00173510 21NOV1996 0.00060 40.39% -0.00006 0.61 -0.10 83283 46612K10 21NOV1996 0.00644 49.61% 0.00350 2.54 0.48 63830 74018910 21NOV1996 0.00144 44.31% 0.00033 0.99 -0.26 80443 23333J10 25NOV1996 0.00402 41.57% 0.00352 0.38 -0.49 81707 33748950 25NOV1996 0.00118 35.69% 0.00058 0.52 -0.22 82612 80917210 25NOV1996 0.00305 41.51% 0.00097 1.41 0.53 82682 20452C10 05DEC1996 0.00355 42.19% 0.00340 0.06 -0.82 58413 31374720 10DEC1996 0.00049 37.65% -0.00027 0.63 -0.37 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 78877 16516710 -1.24 51.76% 0.00116 0.03275 0.2282 77855 36092110 -0.05 43.53% 0.00050 0.02188 0.0337 83162 75993010 -0.48 47.71% 0.00115 0.03268 -0.2343 77257 78387P10 0.10 45.88% 0.00172 0.03943 0.0225 80677 14066R10 0.30 49.80% 0.00011 0.01001 -0.1637 83557 86444410 -2.64 51.25% 0.00231 0.04204 -0.2000 11198 88889610 -0.19 44.71% 0.00532 0.07268 -0.3160 26606 91800510 0.55 50.59% 0.00007 0.00761 -0.1757 80190 00173510 0.42 50.59% 0.00014 0.01144 -0.2580 83283 46612K10 -2.35 41.86% 0.00281 0.04553 0.0213 63830 74018910 0.08 48.24% 0.00024 0.01453 0.0804 80443 23333J10 0.40 40.78% 0.00105 0.03258 -0.0975 81707 33748950 0.36 38.82% 0.00028 0.01670 -0.4417 82612 80917210 -2.89 45.75% 0.00314 0.05205 0.0824 82682 20452C10 -0.77 42.71% 0.00101 0.03167 0.0459 58413 31374720 0.53 44.71% 0.00013 0.01118 0.0227 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 85 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 79893 04560410 11DEC1996 0.00037 35.29% 0.00010 0.21 -0.33 77928 20442910 11DEC1996 0.00024 40.39% -0.00056 0.63 -0.26 58481 91184320 11DEC1996 0.00335 45.49% 0.00183 1.14 0.07 81073 02358610 12DEC1996 0.00397 43.53% 0.00242 1.40 0.78 76138 07330210 12DEC1996 0.00377 38.82% 0.00172 1.66 0.31 77669 31792310 12DEC1996 0.00719 47.84% 0.00534 1.45 -0.15 81748 78462X10 12DEC1996 0.00163 35.69% 0.00086 0.58 1.00 65947 42217K10 13DEC1996 0.00154 40.39% 0.00088 0.55 -0.25 71475 84250210 16DEC1996 0.00092 38.82% 0.00033 0.47 -0.39 30593 25857020 17DEC1996 0.00755 28.24% 0.00176 4.99 -2.15 58094 65942410 17DEC1996 0.00188 43.53% 0.00072 0.89 -0.32 28388 92904210 18DEC1996 0.00066 42.35% 0.00039 0.24 -0.10 78927 25159110 08JAN1997 0.00088 43.14% 0.00012 0.59 -0.11 82217 86793310 09JAN1997 0.00137 35.29% 0.00108 0.18 -0.28 75341 26441150 14JAN1997 0.00089 43.53% 0.00016 0.52 -0.49 79534 74147T10 15JAN1997 0.00085 40.39% 0.00027 0.44 -0.13 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 79893 04560410 0.11 49.41% 0.00009 0.00919 -0.0063 77928 20442910 0.07 48.63% 0.00018 0.01325 0.1473 58481 91184320 -0.86 44.31% 0.00058 0.02208 -0.0367 81073 02358610 1.17 44.31% 0.00132 0.03588 -0.1652 76138 07330210 -0.24 40.00% 0.00125 0.03384 -0.0077 77669 31792310 -0.51 46.67% 0.00200 0.04381 -0.0687 81748 78462X10 -1.39 47.06% 0.00128 0.03415 -0.0090 65947 42217K10 0.37 44.31% 0.00011 0.01050 -0.1399 71475 84250210 0.15 47.06% 0.00022 0.01483 0.0181 30593 25857020 4.79 39.22% 0.01573 0.12458 -0.4340 58094 65942410 0.10 46.67% 0.00018 0.01272 0.0879 28388 92904210 0.24 45.49% 0.00005 0.00669 -0.0167 78927 25159110 0.28 47.45% 0.00011 0.01018 0.1482 82217 86793310 0.27 41.57% 0.00037 0.01936 -0.2461 75341 26441150 0.24 47.84% 0.00009 0.00924 -0.0143 79534 74147T10 0.41 45.49% 0.00009 0.00925 -0.1518 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 86 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80381 07201210 22JAN1997 0.00208 52.16% 0.00137 0.51 -0.47 79701 45795620 22JAN1997 0.00241 40.39% 0.00009 1.81 -0.20 80182 46624A10 22JAN1997 0.00102 43.92% 0.00091 0.07 -0.14 54324 55288510 22JAN1997 0.00128 37.65% 0.00070 0.46 -0.11 80004 63172840 24JAN1997 0.00414 40.39% 0.00389 0.33 0.46 80316 17163B10 27JAN1997 0.00504 50.20% 0.00055 4.10 1.38 11887 48243420 29JAN1997 0.00530 45.49% 0.00313 1.72 0.07 82643 52977110 29JAN1997 0.00141 43.53% -0.00062 1.74 -0.17 78987 59501710 29JAN1997 0.00129 49.02% 0.00169 -0.11 -1.03 83784 74031410 29JAN1997 0.00969 52.22% 0.01005 0.63 0.95 83901 82668B10 29JAN1997 0.01364 50.72% 0.01129 3.35 1.74 71686 84473010 29JAN1997 0.00152 47.45% 0.00056 0.72 -0.46 83873 44851510 31JAN1997 0.00769 48.00% 0.00447 1.80 -1.34 83718 02593010 03FEB1997 0.00144 29.07% 0.00220 -0.68 -0.31 80711 03748R10 05FEB1997 0.00136 41.57% 0.00020 0.81 -0.55 81276 82990510 10FEB1997 0.00342 44.71% 0.00289 0.48 0.09 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80381 07201210 -0.08 50.98% 0.00014 0.01148 0.0376 79701 45795620 0.88 41.57% 0.00077 0.02693 0.1188 80182 46624A10 -0.01 45.10% 0.00012 0.01092 -0.0474 54324 55288510 0.07 44.71% 0.00007 0.00836 -0.1439 80004 63172840 -0.36 44.31% 0.00178 0.04226 -0.1505 80316 17163B10 -0.98 49.41% 0.00230 0.03834 0.0469 11887 48243420 0.92 39.22% 0.00084 0.02816 0.0879 82643 52977110 -0.89 43.53% 0.00083 0.02599 -0.0030 78987 59501710 -4.18 51.76% 0.00171 0.03745 0.0253 83784 74031410 -1.82 44.44% 0.00167 0.03973 -0.0598 83901 82668B10 1.77 39.13% 0.00177 0.04193 0.3269 71686 84473010 -0.09 49.02% 0.00012 0.01018 -0.0205 83873 44851510 0.45 44.00% 0.00108 0.03297 0.0758 83718 02593010 -0.99 41.86% 0.00007 0.00830 -0.2501 80711 03748R10 0.31 50.59% 0.00011 0.00976 -0.0774 81276 82990510 -0.41 45.88% 0.00048 0.02161 -0.0513 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 87 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81285 02971210 11FEB1997 0.00095 45.10% -0.00101 1.50 -0.64 80563 70756910 11FEB1997 0.00614 47.45% 0.00399 1.88 0.58 76999 87244340 11FEB1997 0.00442 40.78% 0.00404 0.50 1.02 88373 20221810 12FEB1997 0.00074 27.84% 0.00029 0.36 -0.07 80695 83219710 12FEB1997 0.00100 39.61% 0.00063 0.33 0.01 72072 84759810 12FEB1997 0.00644 45.88% 0.00696 -0.18 -1.53 83917 92829T10 12FEB1997 0.00770 39.29% 0.00525 2.80 1.44 82548 03070X10 13FEB1997 0.00005 36.47% -0.00300 2.47 -0.12 81872 45792310 13FEB1997 0.00260 44.71% 0.00010 2.19 0.45 80092 46360610 13FEB1997 0.00125 41.57% 0.00071 0.42 -0.32 79713 57772J10 18FEB1997 0.00169 40.78% -0.00039 1.68 -0.06 88795 44840710 19FEB1997 0.00229 46.67% 0.00126 1.12 0.16 83912 89693710 19FEB1997 0.01077 51.69% 0.00993 1.26 1.79 66376 94262220 19FEB1997 0.00379 43.92% 0.00192 1.55 0.55 79545 09972410 21FEB1997 0.00112 48.24% 0.00005 0.88 -0.21 79157 12512910 21FEB1997 0.00393 50.59% 0.00322 0.99 0.02 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81285 02971210 0.42 50.59% 0.00032 0.01664 -0.0245 80563 70756910 -0.69 43.53% 0.00200 0.04272 -0.1437 76999 87244340 -1.02 44.71% 0.00325 0.05656 -0.1699 88373 20221810 0.07 38.04% 0.00007 0.00808 -0.2304 80695 83219710 -0.10 46.27% 0.00008 0.00867 -0.0184 72072 84759810 -4.19 46.27% 0.00315 0.05355 -0.1174 83917 92829T10 0.45 39.29% 0.00380 0.06184 -0.1448 82548 03070X10 0.18 45.49% 0.00100 0.02889 0.0271 81872 45792310 -1.60 46.27% 0.00280 0.04967 -0.0264 80092 46360610 -0.02 48.63% 0.00015 0.01192 -0.1522 79713 57772J10 0.63 48.63% 0.00095 0.03010 -0.0617 88795 44840710 -2.79 43.92% 0.00190 0.03992 -0.0441 83912 89693710 -0.23 46.07% 0.00226 0.04748 0.0624 66376 94262220 0.31 42.35% 0.00062 0.02343 0.0222 79545 09972410 0.29 48.63% 0.00022 0.01448 -0.0185 79157 12512910 -2.74 46.27% 0.00129 0.03170 0.0836 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 88 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 83688 75913U10 21FEB1997 0.00397 40.00% 0.00344 2.47 0.62 78170 79222810 21FEB1997 0.00144 40.78% -0.00001 1.19 -0.15 70121 10536820 26FEB1997 0.00291 32.94% 0.00305 -0.10 -0.03 83193 14188810 26FEB1997 0.00430 47.21% 0.00333 1.07 0.50 78215 91317410 03MAR1997 0.00235 44.71% 0.00185 0.50 0.13 80395 46591710 05MAR1997 0.00125 42.35% 0.00022 0.76 -0.46 80495 47045710 05MAR1997 0.00182 40.39% 0.00131 0.37 -0.26 65947 42217K10 06MAR1997 0.00153 41.57% 0.00065 0.68 -0.21 81165 60650110 06MAR1997 0.00328 41.57% 0.00254 0.74 0.73 83830 81631R10 07MAR1997 0.00484 44.55% 0.00289 1.63 0.58 77661 23331A10 10MAR1997 0.00027 36.08% -0.00226 2.00 -0.51 50017 54150930 10MAR1997 0.00296 45.10% 0.00136 1.34 -0.04 80183 59522J10 10MAR1997 0.00088 40.00% 0.00023 0.51 -0.10 80408 86190710 11MAR1997 0.00094 41.57% 0.00025 0.53 -0.21 83701 89411610 12MAR1997 0.00166 43.66% 0.00112 0.90 0.09 11347 25385910 13MAR1997 0.00541 41.57% 0.00387 1.34 1.29 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 83688 75913U10 1.13 42.22% 0.00156 0.03770 -0.0056 78170 79222810 0.43 46.27% 0.00059 0.02380 -0.2052 70121 10536820 -0.55 34.90% 0.00058 0.02413 0.0863 83193 14188810 -0.36 43.65% 0.00065 0.02411 0.0249 78215 91317410 -0.96 45.10% 0.00063 0.02427 -0.0974 80395 46591710 0.42 49.80% 0.00014 0.01132 -0.0276 80495 47045710 0.33 42.35% 0.00055 0.02352 -0.2636 65947 42217K10 0.37 45.88% 0.00010 0.00941 -0.0818 81165 60650110 0.04 45.88% 0.00101 0.03150 -0.0511 83830 81631R10 1.16 42.57% 0.00188 0.04362 0.1088 77661 23331A10 0.96 47.45% 0.00074 0.02609 -0.0693 50017 54150930 0.01 49.41% 0.00064 0.02444 -0.0155 80183 59522J10 0.23 46.27% 0.00009 0.00924 -0.0896 80408 86190710 0.52 46.27% 0.00012 0.01079 -0.0088 83701 89411610 0.41 45.77% 0.00023 0.01474 -0.1664 11347 25385910 -2.94 41.18% 0.00275 0.04809 -0.1134 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 89 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 70703 42216910 14MAR1997 0.00100 38.82% 0.00019 0.64 -0.14 79977 44490310 14MAR1997 0.00104 42.35% -0.00044 1.27 0.18 80030 80100310 14MAR1997 0.00488 43.92% 0.00334 1.30 0.47 82793 37803P10 17MAR1997 0.00150 35.29% 0.00100 0.40 -0.26 80691 53117210 18MAR1997 0.00094 37.65% 0.00041 0.41 -0.12 79860 74739910 18MAR1997 0.00337 39.22% 0.00276 0.42 -0.05 83900 81756710 18MAR1997 0.00555 35.64% 0.00571 -0.17 0.33 77292 74369L10 19MAR1997 0.00346 46.67% 0.00147 1.45 0.42 54690 85590520 21MAR1997 0.00275 50.59% 0.00211 0.47 -0.11 76712 00130H10 24MAR1997 0.00347 50.59% 0.00184 1.20 -0.09 75892 22660310 24MAR1997 0.00200 35.29% 0.00069 0.97 -0.02 79547 29476L10 24MAR1997 0.00171 46.67% 0.00128 0.29 -0.28 82217 86793310 24MAR1997 0.00142 38.82% 0.00118 0.18 -0.26 82504 52324W10 25MAR1997 0.00356 40.39% 0.00183 1.12 -0.33 80488 98388R10 26MAR1997 0.00299 42.35% 0.00041 1.78 -0.49 28952 23820810 27MAR1997 0.00402 45.10% 0.00027 2.74 -0.05 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 70703 42216910 0.30 46.27% 0.00009 0.00901 -0.2336 79977 44490310 -3.04 48.24% 0.00175 0.03707 -0.0085 80030 80100310 -1.47 40.78% 0.00209 0.04387 -0.0852 82793 37803P10 0.17 39.08% 0.00023 0.01504 -0.0881 80691 53117210 0.20 45.49% 0.00009 0.00917 -0.0377 79860 74739910 -1.06 45.88% 0.00204 0.04495 -0.2812 83900 81756710 1.17 40.59% 0.00125 0.03560 -0.1574 77292 74369L10 -1.43 46.67% 0.00342 0.05713 0.0416 54690 85590520 0.02 46.27% 0.00015 0.01217 0.1355 76712 00130H10 0.58 47.45% 0.00045 0.02084 0.0079 75892 22660310 0.31 44.71% 0.00017 0.01231 -0.1929 79547 29476L10 0.03 49.41% 0.00010 0.01004 0.0212 82217 86793310 0.42 45.49% 0.00034 0.01844 -0.2360 82504 52324W10 -2.09 48.24% 0.00133 0.03385 -0.1352 80488 98388R10 -0.42 46.27% 0.00213 0.04507 -0.0986 28952 23820810 0.91 47.06% 0.00215 0.04501 -0.0139 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 90 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 79088 47715510 27MAR1997 0.00186 41.96% 0.00013 1.26 -0.10 81882 60365K10 27MAR1997 0.00399 41.57% 0.00174 1.57 -0.40 78223 00847410 08APR1997 -0.00063 38.04% -0.00059 0.02 0.72 84092 46047F10 08APR1997 0.00509 46.97% 0.00362 1.45 1.75 81469 02520B10 10APR1997 0.00351 41.18% 0.00315 0.31 0.66 80591 07367810 10APR1997 0.00176 47.45% 0.00148 0.21 -0.13 84038 81413710 10APR1997 0.00069 36.84% -0.00226 1.72 -0.05 83241 06806210 15APR1997 0.00085 35.94% -0.00131 1.95 0.55 80852 89170710 15APR1997 0.00424 43.92% 0.00340 0.67 0.35 81675 84610H10 16APR1997 0.00092 40.78% 0.00034 0.44 -0.15 83667 44992310 23APR1997 0.00483 50.92% 0.00217 2.22 -0.80 83926 12658310 24APR1997 0.00023 41.82% 0.00110 0.10 0.98 84033 74070610 29APR1997 0.00335 48.28% 0.00498 -0.56 0.04 82217 86793310 30APR1997 0.00160 40.00% 0.00137 0.09 -0.26 12074 74154110 01MAY1997 0.00222 44.31% -0.00077 2.37 -0.06 16715 85325810 08MAY1997 0.00320 33.73% 0.00214 0.85 0.30 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 79088 47715510 0.36 45.49% 0.00091 0.02984 -0.1079 81882 60365K10 -0.11 45.10% 0.00153 0.03836 0.0476 78223 00847410 -0.13 48.24% 0.00053 0.02290 0.0469 84092 46047F10 -1.86 42.42% 0.00126 0.03294 0.2908 81469 02520B10 -2.27 44.31% 0.00295 0.05326 -0.1217 80591 07367810 -0.05 46.67% 0.00018 0.01331 -0.0332 84038 81413710 1.31 51.32% 0.00038 0.01905 0.0770 83241 06806210 0.61 45.16% 0.00074 0.02546 -0.0394 80852 89170710 0.52 41.57% 0.00052 0.02278 0.1106 81675 84610H10 0.19 46.27% 0.00010 0.00977 -0.0031 83667 44992310 0.20 46.63% 0.00130 0.03441 0.1501 83926 12658310 -0.94 48.18% 0.00031 0.01693 0.0224 84033 74070610 -1.49 44.83% 0.00020 0.01381 -0.1274 82217 86793310 0.38 46.27% 0.00032 0.01779 -0.2417 12074 74154110 0.92 43.92% 0.00120 0.03323 0.1057 16715 85325810 0.71 35.69% 0.00096 0.03088 0.1461 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 91 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 48144 50124210 13MAY1997 0.00164 40.39% 0.00222 0.29 0.14 83565 58392810 13MAY1997 0.00264 41.71% 0.00206 0.54 -0.34 77157 69076840 13MAY1997 0.00210 42.75% 0.00144 0.48 -0.62 80412 00849210 15MAY1997 0.00130 41.18% 0.00141 -0.01 0.02 79351 88521810 15MAY1997 0.00196 45.10% 0.00022 1.36 -0.47 76543 45043010 20MAY1997 0.00269 37.25% 0.00149 1.24 0.66 80241 29470310 22MAY1997 0.00082 38.04% 0.00074 0.17 -0.04 64451 81414110 29MAY1997 0.00115 40.00% 0.00023 0.65 -0.55 10042 13886910 05JUN1997 0.00004 32.16% -0.00154 1.21 0.21 80209 69439610 05JUN1997 0.00093 38.43% 0.00078 0.20 -0.27 29103 89614K10 05JUN1997 -0.00114 33.73% -0.00113 0.12 0.15 82632 08916010 10JUN1997 0.00157 40.00% 0.00054 1.03 -0.37 32897 41078310 11JUN1997 0.00030 27.06% -0.00138 1.83 0.10 78999 69487310 11JUN1997 0.00676 49.02% 0.00662 1.15 0.84 83234 02078710 12JUN1997 0.00215 41.57% 0.00183 0.72 -0.02 79770 52903910 17JUN1997 0.00102 36.47% 0.00079 0.30 -0.20 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 48144 50124210 -3.44 45.10% 0.00213 0.04337 -0.0209 83565 58392810 -0.04 44.22% 0.00071 0.02659 -0.1055 77157 69076840 -0.07 42.75% 0.00022 0.01449 -0.0109 80412 00849210 -0.33 43.14% 0.00016 0.01248 -0.0404 79351 88521810 0.41 50.20% 0.00026 0.01507 -0.0836 76543 45043010 -0.20 46.67% 0.00136 0.03610 -0.2013 80241 29470310 -0.36 48.63% 0.00028 0.01664 -0.2910 64451 81414110 0.35 45.88% 0.00014 0.01171 -0.0305 10042 13886910 1.73 47.84% 0.00131 0.03610 -0.1904 80209 69439610 -0.27 47.06% 0.00013 0.01127 -0.1095 29103 89614K10 -0.19 57.65% 0.00053 0.02318 -0.2837 82632 08916010 0.38 46.67% 0.00033 0.01772 0.0976 32897 41078310 0.84 41.18% 0.00429 0.06539 -0.0683 78999 69487310 -1.78 43.53% 0.00231 0.04590 0.0429 83234 02078710 -0.82 48.24% 0.00164 0.04013 -0.0842 79770 52903910 -0.17 47.45% 0.00021 0.01448 -0.1686 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 92 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 79069 00493310 19JUN1997 0.00293 43.92% 0.00225 1.50 0.33 81481 25674710 19JUN1997 0.00156 49.41% 0.00049 1.31 -0.39 75585 43730510 24JUN1997 0.00346 37.25% 0.00263 0.81 0.07 77873 81764810 24JUN1997 0.00109 36.86% 0.00049 1.10 0.40 79894 05346910 25JUN1997 0.00128 43.92% 0.00108 0.25 -0.40 80677 14066R10 25JUN1997 0.00076 39.22% 0.00038 0.34 -0.20 79893 04560410 02JUL1997 0.00063 35.29% 0.00027 0.28 -0.34 80190 00173510 09JUL1997 0.00095 41.57% 0.00041 0.57 -0.07 82793 37803P10 10JUL1997 0.00172 38.43% 0.00123 0.56 0.10 79782 75893910 10JUL1997 0.00195 41.18% 0.00095 1.07 0.00 79351 88521810 14JUL1997 0.00128 43.53% 0.00023 1.08 -0.45 76712 00130H10 17JUL1997 0.00429 51.76% 0.00278 1.33 -0.70 81301 53051210 17JUL1997 0.00102 43.53% 0.00032 0.72 -0.04 80416 19329010 18JUL1997 0.00262 40.00% 0.00181 1.27 0.14 80732 05530010 21JUL1997 0.00167 37.65% 0.00148 0.24 0.22 29102 62956810 22JUL1997 0.00177 41.18% 0.00034 1.11 -1.05 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 79069 00493310 -1.00 47.84% 0.00150 0.03680 0.0241 81481 25674710 -0.30 47.45% 0.00091 0.02923 0.0276 75585 43730510 0.68 39.22% 0.00213 0.04636 -0.2144 77873 81764810 -0.08 44.31% 0.00041 0.01920 0.0346 79894 05346910 -0.34 51.37% 0.00012 0.01059 0.0284 80677 14066R10 0.14 45.88% 0.00011 0.01033 -0.1860 79893 04560410 0.02 47.45% 0.00010 0.00963 -0.1416 80190 00173510 0.34 50.20% 0.00013 0.01145 -0.2107 82793 37803P10 0.54 42.35% 0.00027 0.01650 -0.1341 79782 75893910 0.85 43.53% 0.00017 0.01268 0.0685 79351 88521810 0.14 49.02% 0.00025 0.01501 -0.0334 76712 00130H10 0.30 47.84% 0.00051 0.02170 0.0777 81301 53051210 0.43 47.84% 0.00009 0.00939 0.0910 80416 19329010 0.07 40.78% 0.00048 0.02093 -0.0062 80732 05530010 0.43 40.39% 0.00075 0.02743 -0.4124 29102 62956810 0.08 46.27% 0.00067 0.02509 0.0538 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 93 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 70965 72146710 22JUL1997 0.00251 38.82% 0.00216 0.60 0.16 84118 72585Q10 23JUL1997 0.00107 43.57% -0.00021 2.08 0.61 79654 19587210 24JUL1997 0.00101 39.22% 0.00039 0.50 -0.29 26729 58016910 25JUL1997 0.00102 49.41% -0.00018 1.15 -0.69 82213 75807540 25JUL1997 0.00323 50.98% 0.00198 1.95 -0.23 52425 93965310 28JUL1997 0.00053 34.90% 0.00023 0.47 0.09 80037 87139910 31JUL1997 0.00169 48.24% 0.00064 1.61 -0.03 80439 10947310 06AUG1997 0.00440 48.63% 0.00319 2.10 -0.19 84250 34106410 06AUG1997 0.00752 43.80% 0.00554 1.67 -0.62 84510 03794510 07AUG1997 0.00912 50.00% 0.00959 1.37 1.41 10753 35908110 07AUG1997 0.00243 49.02% 0.00147 1.04 -0.15 82566 21869010 11AUG1997 -0.00024 47.84% -0.00079 1.53 0.46 84003 06541210 12AUG1997 0.00237 45.67% 0.00035 1.61 0.19 84192 05376210 13AUG1997 0.00407 39.86% 0.00125 2.03 -0.12 84262 85811910 13AUG1997 0.00207 45.93% 0.00127 0.79 0.13 84392 49427F10 14AUG1997 -0.00028 38.46% -0.00218 1.66 -0.25 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 70965 72146710 0.14 43.92% 0.00052 0.02280 -0.1379 84118 72585Q10 -0.57 53.57% 0.00164 0.03907 0.0562 79654 19587210 0.30 44.31% 0.00013 0.01137 -0.0080 26729 58016910 0.07 48.63% 0.00044 0.02007 0.0049 82213 75807540 -0.32 49.80% 0.00069 0.02361 -0.0160 52425 93965310 0.16 44.71% 0.00017 0.01292 0.0482 80037 87139910 0.07 48.63% 0.00099 0.03045 0.0217 80439 10947310 -1.02 43.53% 0.00168 0.03803 0.0399 84250 34106410 -0.48 40.88% 0.00270 0.05149 0.3834 84510 03794510 -3.67 50.00% 0.00321 0.05220 -0.0211 10753 35908110 0.43 47.45% 0.00024 0.01498 0.0663 82566 21869010 -0.58 50.98% 0.00138 0.03554 0.0190 84003 06541210 1.00 43.75% 0.00042 0.02005 0.0459 84192 05376210 0.79 46.62% 0.00317 0.05636 -0.1649 84262 85811910 -0.97 51.11% 0.00078 0.02724 0.1479 84392 49427F10 0.87 43.96% 0.00021 0.01319 -0.0032 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 94 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 77606 50025510 14AUG1997 0.00197 44.71% 0.00115 1.09 -0.39 80843 84760810 14AUG1997 0.00274 46.27% 0.00339 1.43 0.25 84523 23701510 15AUG1997 0.00507 38.27% 0.00460 1.55 -0.34 82307 89151A10 15AUG1997 0.00027 43.53% -0.00077 1.57 0.17 83803 91377M10 15AUG1997 0.00393 44.64% 0.00192 2.10 1.25 84569 95101810 19AUG1997 0.00227 36.14% 0.00117 1.52 -0.15 84599 20452F10 20AUG1997 0.01183 49.30% 0.00710 3.98 -1.12 83965 85238910 21AUG1997 0.00251 45.30% 0.00144 1.23 0.48 61698 92006210 21AUG1997 0.00007 32.55% 0.00008 -0.05 -0.01 83188 13321L10 27AUG1997 -0.00064 40.00% -0.00159 0.97 -0.04 75341 26441150 09SEP1997 0.00141 43.92% 0.00047 0.73 -0.30 80388 30158610 09SEP1997 0.00146 45.88% 0.00063 0.81 -0.02 45356 90212410 09SEP1997 0.00257 54.12% 0.00070 1.49 -0.81 80381 07201210 10SEP1997 0.00171 46.67% 0.00102 0.64 -0.13 78927 25159110 11SEP1997 0.00104 42.35% 0.00030 0.62 -0.16 75341 26441150 11SEP1997 0.00136 43.92% 0.00042 0.73 -0.29 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 77606 50025510 -0.46 45.49% 0.00045 0.01990 0.0583 80843 84760810 -3.76 50.98% 0.00353 0.05428 0.0395 84523 23701510 -2.02 44.44% 0.00189 0.04104 0.2349 82307 89151A10 -0.05 48.63% 0.00054 0.02141 0.0721 83803 91377M10 -1.01 41.96% 0.00157 0.03728 0.1041 84569 95101810 -0.70 40.96% 0.00057 0.02192 0.0570 84599 20452F10 -0.34 45.07% 0.00274 0.04783 0.1627 83965 85238910 0.11 48.07% 0.00123 0.03486 -0.1115 61698 92006210 0.06 47.06% 0.00017 0.01299 -0.1877 83188 13321L10 0.28 50.59% 0.00022 0.01435 0.1998 75341 26441150 0.25 47.45% 0.00010 0.00958 0.0231 80388 30158610 0.17 43.53% 0.00024 0.01526 0.2472 45356 90212410 0.03 47.84% 0.00025 0.01322 0.0220 80381 07201210 0.02 48.24% 0.00012 0.01041 0.0656 78927 25159110 0.17 47.06% 0.00008 0.00846 0.1647 75341 26441150 0.25 47.45% 0.00010 0.00962 0.0222 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 95 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 24046 18450210 12SEP1997 0.00153 46.27% -0.00076 2.06 -0.32 83318 86831610 12SEP1997 0.00207 42.75% 0.00120 1.22 0.66 78881 23251P10 15SEP1997 0.00185 38.04% 0.00041 1.33 0.38 80100 82878110 16SEP1997 0.00130 42.35% 0.00058 0.58 -0.11 84342 87294110 16SEP1997 0.00480 40.97% 0.00415 0.45 0.06 45356 90212410 16SEP1997 0.00278 54.12% 0.00092 1.38 -0.77 23931 66577210 17SEP1997 0.00057 42.35% -0.00071 0.77 -0.74 81519 92552U10 17SEP1997 0.00435 49.41% 0.00546 -0.22 -0.43 26470 29265N10 18SEP1997 0.00187 46.67% 0.00066 0.86 -0.27 75262 62891610 18SEP1997 0.00706 37.25% 0.00530 1.51 0.19 64290 62943010 18SEP1997 0.00103 44.31% 0.00039 0.48 -0.07 82639 45292210 22SEP1997 0.00286 48.24% 0.00120 1.24 0.04 26252 20590810 23SEP1997 0.00629 50.98% 0.00457 1.45 1.03 80688 43128410 25SEP1997 0.00110 43.92% -0.00019 0.93 -0.18 77129 49446R10 25SEP1997 0.00099 43.14% 0.00003 0.66 -0.18 10772 84281110 30SEP1997 0.00438 42.75% 0.00208 1.76 0.47 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 24046 18450210 0.16 47.06% 0.00062 0.02283 0.1047 83318 86831610 -0.07 46.27% 0.00075 0.02635 -0.2453 78881 23251P10 0.89 46.27% 0.00236 0.04851 -0.1607 80100 82878110 0.11 46.67% 0.00013 0.01131 0.0123 84342 87294110 0.13 40.28% 0.00265 0.05197 -0.2262 45356 90212410 -0.07 48.24% 0.00025 0.01347 0.0423 23931 66577210 0.36 46.67% 0.00007 0.00706 -0.0715 81519 92552U10 -5.71 48.24% 0.00269 0.04480 0.1014 26470 29265N10 0.41 48.24% 0.00016 0.01229 -0.1069 75262 62891610 -0.32 41.96% 0.00171 0.04060 -0.1065 64290 62943010 0.15 47.84% 0.00028 0.01671 0.0106 82639 45292210 0.26 50.59% 0.00028 0.01581 -0.0321 26252 20590810 -2.13 46.27% 0.00157 0.03622 0.0570 80688 43128410 0.31 47.84% 0.00011 0.00975 0.0239 77129 49446R10 0.40 46.67% 0.00009 0.00943 0.1000 10772 84281110 -0.14 45.88% 0.00125 0.03460 -0.0602 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 96 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80104 90338710 30SEP1997 0.00596 52.94% 0.00309 1.88 -0.54 83365 22148510 03OCT1997 0.00148 43.14% 0.00096 0.57 0.52 82803 98144310 03OCT1997 0.00146 42.75% -0.00072 1.42 -0.44 80417 22575610 08OCT1997 0.00230 49.02% 0.00101 0.92 0.00 81045 75610910 08OCT1997 0.00106 45.88% 0.00040 0.43 -0.25 80779 12990910 09OCT1997 0.00219 47.06% 0.00053 1.10 -0.15 78102 40429710 09OCT1997 0.00071 41.57% -0.00197 1.85 0.12 71686 84473010 09OCT1997 0.00226 51.37% -0.00013 1.44 -0.89 80153 03303710 14OCT1997 0.00171 41.96% -0.00080 2.05 1.08 84573 11766110 14OCT1997 0.00416 48.72% 0.00356 0.40 0.28 83495 25375210 15OCT1997 0.00460 40.78% 0.00383 0.82 0.29 83455 70322410 15OCT1997 0.00122 30.20% 0.00020 0.79 0.12 76638 48007410 16OCT1997 0.00286 48.63% 0.00110 1.26 -0.09 82547 00797310 17OCT1997 0.00785 44.71% 0.00599 1.85 1.14 82793 37803P10 20OCT1997 0.00253 42.75% 0.00214 0.36 0.46 77006 05461510 21OCT1997 0.00538 37.25% 0.00817 -1.61 0.01 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80104 90338710 0.63 50.20% 0.00114 0.03322 0.1343 83365 22148510 -0.75 46.67% 0.00131 0.03605 -0.0504 82803 98144310 -0.15 45.49% 0.00067 0.02516 -0.0870 80417 22575610 -0.35 46.67% 0.00027 0.01584 -0.0457 81045 75610910 -0.39 49.80% 0.00013 0.01099 0.0202 80779 12990910 0.36 47.45% 0.00018 0.01279 0.0515 78102 40429710 0.42 48.63% 0.00054 0.02240 0.0398 71686 84473010 0.32 45.49% 0.00022 0.01316 -0.1699 80153 03303710 -0.24 42.35% 0.00162 0.03915 0.1661 84573 11766110 0.84 43.59% 0.00034 0.01828 0.1047 83495 25375210 -1.13 40.78% 0.00258 0.05056 0.0262 83455 70322410 -0.03 40.78% 0.00030 0.01724 -0.0778 76638 48007410 0.15 45.88% 0.00039 0.01928 0.0579 82547 00797310 -1.51 45.10% 0.00296 0.05307 -0.0420 82793 37803P10 -0.00 42.35% 0.00031 0.01747 -0.1031 77006 05461510 -2.64 41.18% 0.00267 0.05133 -0.2390 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 97 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 84620 50064810 21OCT1997 0.00572 42.86% 0.00200 2.60 -0.50 86106 51155710 21OCT1997 0.00194 49.41% 0.00055 1.00 -0.02 83722 57772M10 21OCT1997 0.00018 33.73% -0.00154 1.09 -0.10 84291 00831810 22OCT1997 0.00249 43.45% 0.00278 -0.09 0.35 80711 03748R10 22OCT1997 0.00198 45.88% 0.00089 0.68 -0.26 61322 70163010 22OCT1997 0.00542 41.57% 0.00050 3.34 0.10 76712 00130H10 23OCT1997 0.00343 51.76% 0.00258 0.68 -0.36 84084 42856510 23OCT1997 0.00210 43.72% 0.00291 -0.47 0.02 42439 43809210 23OCT1997 0.00248 48.63% -0.00017 1.87 0.03 84753 68283810 23OCT1997 0.00865 45.35% 0.00432 1.77 -1.57 80794 03070N10 24OCT1997 0.00566 39.61% 0.00287 1.96 0.03 77596 07010710 24OCT1997 0.00193 40.78% 0.00092 0.70 -0.10 63562 39788810 29OCT1997 0.00670 40.00% 0.00326 2.48 0.64 82643 52977110 29OCT1997 0.00320 47.84% 0.00182 1.14 0.19 79919 84849710 29OCT1997 0.00118 42.75% 0.00030 0.65 -0.02 81696 27876210 30OCT1997 -0.00087 40.39% -0.00442 2.64 -0.17 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 84620 50064810 2.01 41.96% 0.00160 0.03935 0.0120 86106 51155710 0.16 48.24% 0.00014 0.01126 -0.0809 83722 57772M10 0.98 48.24% 0.00068 0.02609 0.0721 84291 00831810 -0.60 46.43% 0.00104 0.03244 -0.1103 80711 03748R10 0.53 45.49% 0.00016 0.01262 0.0797 61322 70163010 2.19 43.92% 0.00384 0.06152 -0.0956 76712 00130H10 -0.82 47.84% 0.00041 0.01934 0.0710 84084 42856510 -0.61 45.58% 0.00150 0.03896 -0.2197 42439 43809210 0.55 48.63% 0.00064 0.02457 0.0527 84753 68283810 0.15 43.02% 0.00331 0.05718 -0.1528 80794 03070N10 0.72 43.14% 0.00297 0.05440 -0.2403 77596 07010710 0.14 44.31% 0.00085 0.02923 -0.0888 63562 39788810 1.00 45.49% 0.00210 0.04531 -0.0547 82643 52977110 -1.06 46.27% 0.00082 0.02750 0.0607 79919 84849710 -0.11 46.67% 0.00019 0.01342 0.0384 81696 27876210 -0.32 46.27% 0.00245 0.04835 0.2192 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 98 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 84133 86814610 30OCT1997 0.00190 40.72% -0.00004 1.68 0.91 82746 87156R10 30OCT1997 0.00222 38.04% 0.00134 0.60 -0.48 67264 07644630 03NOV1997 0.00182 43.53% 0.00094 0.58 -0.16 76765 08471010 04NOV1997 0.00081 36.47% 0.00034 0.33 -0.27 83718 02593010 06NOV1997 0.00194 43.14% 0.00078 0.81 0.03 25487 12654510 06NOV1997 0.00054 46.27% -0.00140 1.38 -0.65 79331 29665F20 06NOV1997 0.00205 36.86% 0.00091 0.80 0.04 77464 31792810 06NOV1997 0.00184 52.16% -0.00003 1.24 -0.29 78923 71819M10 06NOV1997 0.00361 41.57% 0.00160 1.40 0.16 61209 89388910 06NOV1997 0.00142 34.12% 0.00055 0.61 0.18 81012 86504110 07NOV1997 0.00114 39.22% -0.00052 1.15 -0.41 51960 57776710 10NOV1997 0.00582 47.45% 0.00518 0.50 0.73 10182 87823710 10NOV1997 0.00247 45.49% 0.00157 0.79 0.12 84420 26881Q10 11NOV1997 0.00373 42.76% 0.00301 0.95 0.02 84168 45715310 11NOV1997 0.00213 45.54% -0.00028 1.50 -0.10 12166 76041610 11NOV1997 0.00322 41.18% 0.00118 1.29 0.25 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 84133 86814610 -0.26 47.06% 0.00132 0.03537 0.0919 82746 87156R10 -0.02 43.14% 0.00141 0.03763 -0.2714 67264 07644630 0.31 47.45% 0.00022 0.01469 -0.1410 76765 08471010 -0.07 48.24% 0.00017 0.01280 -0.2911 83718 02593010 0.07 46.27% 0.00020 0.01394 -0.0381 25487 12654510 -0.83 48.24% 0.00052 0.02086 -0.0533 79331 29665F20 0.07 41.96% 0.00031 0.01730 0.0524 77464 31792810 0.31 46.27% 0.00014 0.01110 0.0701 78923 71819M10 0.30 40.39% 0.00072 0.02651 0.2052 61209 89388910 0.24 39.22% 0.00011 0.01049 0.0498 81012 86504110 -0.39 47.45% 0.00101 0.03128 -0.0409 51960 57776710 0.32 46.27% 0.00223 0.04728 -0.1434 10182 87823710 -1.32 46.27% 0.00121 0.03408 -0.0523 84420 26881Q10 -2.65 48.68% 0.00268 0.05010 -0.2352 84168 45715310 -0.25 45.54% 0.00085 0.02841 -0.0401 12166 76041610 1.02 43.14% 0.00067 0.02564 -0.2104 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 99 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 64418 20756710 12NOV1997 0.00117 42.35% 0.00006 0.72 0.06 80395 46591710 12NOV1997 0.00179 44.71% 0.00080 0.66 -0.09 79770 52903910 12NOV1997 0.00097 39.61% 0.00058 0.29 -0.01 77171 55903610 12NOV1997 0.00099 41.96% -0.00434 3.35 -0.44 84094 49832610 13NOV1997 0.00221 35.93% 0.00318 -0.29 -0.10 83879 51281510 13NOV1997 0.00039 41.96% -0.00217 1.84 0.43 80691 53117210 13NOV1997 0.00105 45.49% 0.00042 0.47 -0.03 76477 01880410 17NOV1997 0.00101 45.49% 0.00003 0.65 0.17 80685 39961310 18NOV1997 0.00174 39.13% 0.00113 0.34 0.09 84033 74070610 18NOV1997 0.00147 44.10% 0.00087 0.50 -0.01 64653 74460D10 18NOV1997 0.00122 43.92% 0.00036 0.60 -0.25 82618 80004C10 18NOV1997 0.00452 46.27% 0.00357 0.91 -0.82 84771 03784910 20NOV1997 0.00872 46.25% 0.00176 2.45 -0.06 82603 71361C10 20NOV1997 0.00180 45.49% 0.00099 0.67 -0.10 84041 89681810 20NOV1997 0.00189 40.89% 0.00027 0.91 -0.04 79910 55972F20 21NOV1997 0.00176 39.61% -0.00022 1.38 -0.54 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 64418 20756710 0.19 45.10% 0.00015 0.01190 -0.1223 80395 46591710 -0.14 47.06% 0.00013 0.01122 -0.0953 79770 52903910 -0.33 47.84% 0.00023 0.01518 -0.1143 77171 55903610 1.08 45.49% 0.00178 0.04072 -0.0504 84094 49832610 -1.58 47.62% 0.00147 0.03807 -0.1465 83879 51281510 -0.54 49.41% 0.00130 0.03504 0.0462 80691 53117210 -0.33 53.73% 0.00012 0.01035 -0.0200 76477 01880410 0.09 48.24% 0.00017 0.01303 0.1099 80685 39961310 0.41 40.71% 0.00025 0.01589 -0.0498 84033 74070610 -0.44 44.54% 0.00017 0.01278 -0.0662 64653 74460D10 -0.28 48.24% 0.00016 0.01226 0.2033 82618 80004C10 -2.00 48.63% 0.00194 0.04241 0.0507 84771 03784910 1.64 45.00% 0.00187 0.04358 0.1273 82603 71361C10 -0.77 51.37% 0.00122 0.03466 -0.1153 84041 89681810 0.59 44.00% 0.00036 0.01882 0.2229 79910 55972F20 -0.51 48.24% 0.00147 0.03760 -0.2528 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 100 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81098 72348110 21NOV1997 0.00382 45.49% 0.00126 1.59 0.28 12395 76714710 21NOV1997 0.00130 37.25% -0.00006 0.88 -0.18 65429 87155110 21NOV1997 0.00210 39.22% 0.00147 0.46 0.02 86001 10458010 24NOV1997 0.00119 38.43% 0.00019 0.54 -0.36 44637 45837210 24NOV1997 0.00350 50.20% -0.00123 2.94 0.26 84320 57632N10 25NOV1997 0.00447 46.35% -0.00465 4.76 0.41 11552 15102010 26NOV1997 0.00106 39.22% 0.00042 0.54 0.30 84568 92839P10 26NOV1997 0.00182 44.06% 0.00063 0.50 0.67 80681 29717810 02DEC1997 0.00168 48.63% 0.00134 0.30 -0.10 79894 05346910 03DEC1997 0.00126 45.49% 0.00097 0.26 -0.02 80167 40521910 03DEC1997 0.00522 43.92% 0.00385 0.96 -0.32 81917 44106M10 09DEC1997 0.00156 49.41% 0.00062 0.60 -0.15 62156 14092010 10DEC1997 0.00637 32.94% 0.00637 0.21 0.31 76789 20390210 10DEC1997 0.00295 52.55% 0.00148 0.95 -0.09 27511 22279510 10DEC1997 0.00165 44.71% -0.00014 1.11 -0.18 67598 42191510 10DEC1997 0.00098 45.88% 0.00026 0.43 -0.18 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81098 72348110 0.70 46.27% 0.00162 0.04010 -0.1012 12395 76714710 0.10 44.71% 0.00033 0.01799 -0.0404 65429 87155110 -0.18 45.10% 0.00028 0.01676 -0.2035 86001 10458010 0.50 48.24% 0.00016 0.01247 -0.0570 44637 45837210 1.09 46.67% 0.00205 0.04441 0.0129 84320 57632N10 1.31 45.83% 0.00219 0.04396 -0.0834 11552 15102010 -0.60 44.31% 0.00162 0.04027 -0.0365 84568 92839P10 0.10 51.05% 0.00113 0.03375 -0.1186 80681 29717810 -0.47 50.98% 0.00016 0.01215 -0.1416 79894 05346910 -0.37 47.84% 0.00011 0.01027 0.0362 80167 40521910 -0.52 45.88% 0.00138 0.03681 -0.0669 81917 44106M10 -0.12 47.84% 0.00015 0.01203 -0.0554 62156 14092010 -1.11 37.25% 0.00213 0.04612 0.1936 76789 20390210 -0.25 49.80% 0.00024 0.01473 -0.0127 27511 22279510 -0.00 52.16% 0.00020 0.01330 0.0274 67598 42191510 0.06 46.27% 0.00010 0.00982 -0.1313 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 101 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 79660 66478510 10DEC1997 0.00131 42.75% 0.00079 0.35 0.04 41663 42739810 11DEC1997 0.00275 40.78% -0.00083 2.03 0.03 76149 78651420 11DEC1997 0.00118 49.41% -0.00041 0.98 -0.51 75351 50022810 12DEC1997 0.00148 39.61% -0.00088 1.40 -0.11 79010 31564610 15DEC1997 0.00216 44.71% 0.00111 0.58 0.38 75037 09690310 16DEC1997 0.00141 36.47% 0.00077 0.40 0.26 12215 56124020 16DEC1997 0.00267 42.75% -0.00103 2.01 -0.20 83962 76009V10 16DEC1997 0.00028 38.43% -0.00201 1.43 0.02 82743 85512C10 16DEC1997 0.00050 36.47% -0.00037 0.54 0.15 79184 71659710 17DEC1997 0.00332 55.69% 0.00038 1.75 -0.25 84793 11246210 18DEC1997 0.00504 37.72% 0.00708 -0.58 -0.36 78931 14441810 18DEC1997 0.00105 42.75% -0.00072 0.99 -0.17 79547 29476L10 18DEC1997 0.00175 49.80% 0.00128 0.37 -0.03 84363 21891610 08JAN1998 0.00064 42.41% 0.00017 0.32 -0.11 64936 25747010 14JAN1998 0.00014 45.10% -0.00119 0.82 -0.60 79547 29476L10 21JAN1998 0.00120 48.63% 0.00081 0.34 0.09 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 79660 66478510 -0.12 45.88% 0.00008 0.00853 -0.0908 41663 42739810 1.11 44.31% 0.00090 0.02944 0.1200 76149 78651420 -0.10 48.63% 0.00029 0.01632 -0.1139 75351 50022810 0.42 45.10% 0.00020 0.01325 0.0542 79010 31564610 0.41 44.71% 0.00086 0.02929 -0.2085 75037 09690310 -0.13 44.31% 0.00024 0.01524 -0.1145 12215 56124020 1.58 49.41% 0.00112 0.03307 -0.1910 83962 76009V10 -0.22 47.84% 0.00069 0.02564 -0.0432 82743 85512C10 -0.07 43.92% 0.00025 0.01571 -0.3057 79184 71659710 0.11 48.24% 0.00045 0.02012 -0.0154 84793 11246210 -0.30 36.84% 0.00058 0.02424 -0.0647 78931 14441810 0.47 47.84% 0.00013 0.01076 0.0407 79547 29476L10 -0.53 49.80% 0.00011 0.01014 0.0705 84363 21891610 -0.11 50.45% 0.00013 0.01113 -0.2350 64936 25747010 0.38 46.67% 0.00010 0.00845 -0.0998 79547 29476L10 -0.36 50.98% 0.00011 0.01014 0.0826 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 102 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 85668 12666710 22JAN1998 0.00237 36.55% -0.00119 2.50 -0.03 75892 22660310 22JAN1998 0.00144 43.14% 0.00086 0.51 -0.08 71686 84473010 22JAN1998 0.00185 50.98% -0.00027 1.42 -0.89 61807 61539420 26JAN1998 0.00281 48.24% 0.00185 0.64 0.27 70121 10536820 29JAN1998 0.00164 49.80% 0.00073 0.61 -0.01 84658 21922H10 02FEB1998 0.00180 45.81% -0.00022 1.03 -0.01 80677 14066R10 03FEB1998 0.00085 43.92% 0.00039 0.30 -0.17 84351 97186710 03FEB1998 0.00365 44.07% 0.00067 2.02 0.54 16424 37576610 04FEB1998 0.00106 45.88% -0.00009 0.96 -1.23 77515 50060010 05FEB1998 0.00393 41.96% 0.00236 1.33 -0.09 78029 76123550 05FEB1998 0.00176 32.94% -0.00042 1.38 0.07 82217 86793310 05FEB1998 0.00203 47.45% 0.00103 0.70 0.22 76391 58469030 06FEB1998 0.00256 48.63% 0.00047 1.89 0.20 84569 95101810 06FEB1998 0.00389 41.29% 0.00240 1.20 0.23 52898 71800960 09FEB1998 0.00128 42.35% -0.00021 1.05 -0.10 84001 91490610 09FEB1998 0.00228 48.24% 0.00096 0.89 0.07 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 85668 12666710 -0.17 44.98% 0.00173 0.03878 -0.0234 75892 22660310 -0.48 47.45% 0.00024 0.01479 0.1073 71686 84473010 0.61 45.10% 0.00025 0.01317 -0.1974 61807 61539420 0.02 44.31% 0.00035 0.01844 0.0649 70121 10536820 0.14 49.02% 0.00015 0.01192 -0.1048 84658 21922H10 0.32 47.10% 0.00025 0.01494 -0.0696 80677 14066R10 0.23 46.67% 0.00010 0.00971 -0.1707 84351 97186710 0.52 43.22% 0.00170 0.03997 -0.2694 16424 37576610 -0.60 47.45% 0.00033 0.01381 -0.0675 77515 50060010 -1.02 44.71% 0.00145 0.03639 0.0635 78029 76123550 1.21 41.57% 0.00452 0.06731 -0.0169 82217 86793310 0.14 48.24% 0.00027 0.01595 -0.1177 76391 58469030 -2.29 47.06% 0.00191 0.03886 0.0538 84569 95101810 -0.05 42.29% 0.00087 0.02855 0.1444 52898 71800960 0.25 46.27% 0.00033 0.01726 0.1112 84001 91490610 0.39 43.92% 0.00032 0.01753 0.1927 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 103 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 79897 16172610 10FEB1998 0.00154 43.14% 0.00109 0.31 -0.24 76123 79014810 10FEB1998 0.00225 48.24% 0.00022 1.45 -0.31 82794 40636P30 11FEB1998 0.00146 38.82% 0.00114 0.27 0.09 82266 56032120 11FEB1998 0.00573 52.16% 0.00446 0.88 -0.04 83613 89531R10 11FEB1998 0.00004 40.00% -0.00128 1.01 0.13 70121 10536820 12FEB1998 0.00154 50.20% 0.00066 0.63 -0.06 79547 29476L10 12FEB1998 0.00091 48.24% 0.00052 0.36 0.07 79547 29476L10 12FEB1998 0.00091 48.24% 0.00052 0.36 0.07 70703 42216910 12FEB1998 0.00061 37.65% 0.00035 0.24 -0.08 84033 74070610 12FEB1998 0.00113 45.49% 0.00056 0.45 0.06 84436 78411010 13FEB1998 0.00371 42.79% 0.00119 2.16 0.59 84016 10343010 18FEB1998 0.00124 45.10% 0.00030 0.74 0.29 80779 55448910 19FEB1998 0.00159 44.71% 0.00017 1.11 -0.25 83718 02593010 24FEB1998 0.00132 47.84% 0.00008 0.98 0.05 71300 02649410 24FEB1998 0.00098 45.10% 0.00062 0.33 -0.09 70121 10536820 24FEB1998 0.00156 49.80% 0.00067 0.64 -0.09 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 79897 16172610 0.14 43.14% 0.00013 0.01112 -0.2210 76123 79014810 0.36 39.61% 0.00054 0.02199 -0.1552 82794 40636P30 -0.12 46.27% 0.00028 0.01686 0.1529 82266 56032120 0.36 47.06% 0.00092 0.03021 0.1582 83613 89531R10 -0.07 45.49% 0.00078 0.02732 0.2116 70121 10536820 0.15 49.41% 0.00014 0.01158 -0.0680 79547 29476L10 -0.35 50.98% 0.00011 0.00996 0.0855 79547 29476L10 -0.35 50.98% 0.00011 0.00996 0.0855 70703 42216910 -0.30 48.24% 0.00008 0.00882 -0.1262 84033 74070610 -0.12 46.27% 0.00018 0.01295 -0.0073 84436 78411010 -0.21 47.30% 0.00279 0.05122 -0.0188 84016 10343010 0.04 44.31% 0.00016 0.01180 -0.1273 80779 55448910 0.10 46.67% 0.00023 0.01379 0.0246 83718 02593010 0.17 49.02% 0.00022 0.01404 -0.0123 71300 02649410 -0.16 47.45% 0.00009 0.00903 -0.0590 70121 10536820 0.24 50.20% 0.00014 0.01150 -0.0824 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 104 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81917 44106M10 24FEB1998 0.00125 51.76% 0.00005 0.93 -0.20 80796 58439C10 24FEB1998 0.00835 42.75% 0.00676 1.07 -0.96 83351 03638410 25FEB1998 0.00338 40.39% 0.00232 1.18 1.00 79449 73746410 26FEB1998 0.00038 41.18% 0.00012 0.21 -0.18 51596 48262010 04MAR1998 0.00150 49.80% -0.00025 1.19 -0.17 30681 68191910 04MAR1998 0.00240 51.37% 0.00058 1.43 -0.55 12072 70159Q10 06MAR1998 0.00139 47.45% 0.00075 0.58 -0.03 53058 59043810 10MAR1998 0.00063 43.92% 0.00018 0.31 0.01 84626 68196910 11MAR1998 0.00240 45.96% 0.00037 1.45 -0.64 82694 29084Q10 13MAR1998 0.00214 43.92% 0.00101 0.84 0.36 85331 05379010 17MAR1998 0.00463 47.95% 0.00277 2.94 -1.03 44134 48917010 17MAR1998 0.00118 47.45% -0.00056 1.35 -0.15 82643 52977110 18MAR1998 0.00171 49.41% 0.00093 0.97 0.09 75892 22660310 19MAR1998 0.00108 43.92% 0.00099 0.32 -0.10 83134 29287210 19MAR1998 0.00262 45.10% 0.00160 0.96 0.07 82576 36853810 19MAR1998 0.00156 44.71% -0.00057 1.69 0.15 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81917 44106M10 0.05 49.41% 0.00022 0.01373 -0.0243 80796 58439C10 0.06 41.96% 0.00223 0.04667 -0.0925 83351 03638410 -0.42 45.49% 0.00346 0.05834 -0.2147 79449 73746410 -0.14 45.49% 0.00009 0.00913 0.0727 51596 48262010 0.83 47.06% 0.00025 0.01507 -0.2051 30681 68191910 0.21 45.49% 0.00030 0.01485 -0.1085 12072 70159Q10 -0.12 49.80% 0.00017 0.01249 0.1576 53058 59043810 0.14 48.63% 0.00008 0.00906 -0.0574 84626 68196910 0.22 46.97% 0.00124 0.03398 0.0446 82694 29084Q10 0.35 45.88% 0.00051 0.02228 -0.1291 85331 05379010 2.08 43.84% 0.00111 0.02711 0.1239 44134 48917010 0.31 47.06% 0.00037 0.01769 -0.0494 82643 52977110 -0.65 46.67% 0.00083 0.02764 0.0658 75892 22660310 -0.72 47.84% 0.00029 0.01634 0.0742 83134 29287210 0.13 47.06% 0.00085 0.02872 0.0332 82576 36853810 1.11 49.80% 0.00149 0.03794 -0.0370 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 105 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81277 78474110 20MAR1998 0.00282 45.88% 0.00237 1.33 0.31 88373 20221810 24MAR1998 0.00084 41.18% 0.00069 0.27 -0.09 80779 55448910 24MAR1998 0.00131 43.14% 0.00022 0.97 -0.23 24046 18450210 25MAR1998 0.00322 49.41% 0.00206 1.10 -0.05 78816 15852010 27MAR1998 0.00041 36.86% -0.00021 0.47 -0.07 81469 02520B10 30MAR1998 0.00341 43.14% 0.00200 1.44 -0.73 78931 14441810 02APR1998 0.00030 41.96% -0.00098 0.98 -0.32 81048 84917P10 02APR1998 0.00439 36.86% 0.00386 0.67 -0.10 62092 88355610 06APR1998 0.00052 45.49% -0.00050 0.99 -0.56 58334 66765510 07APR1998 0.00061 42.75% -0.00060 0.79 -0.30 84274 90177410 07APR1998 0.00303 45.10% 0.00162 1.17 -0.31 11881 44966150 08APR1998 0.00313 40.78% 0.00066 2.01 -1.11 81740 82922610 08APR1998 0.00297 47.06% 0.00260 0.47 -0.15 28388 92904210 09APR1998 0.00259 47.84% 0.00163 0.88 -0.27 77129 49446R10 16APR1998 0.00050 45.49% -0.00042 0.67 -0.30 83583 94973H10 16APR1998 0.00193 52.16% 0.00017 1.50 -0.28 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81277 78474110 -2.57 43.53% 0.00195 0.03990 0.0753 88373 20221810 -0.45 48.63% 0.00014 0.01111 -0.0452 80779 55448910 0.02 45.10% 0.00024 0.01404 -0.0031 24046 18450210 -0.14 46.67% 0.00050 0.02109 0.1176 78816 15852010 0.27 46.27% 0.00062 0.02498 -0.3709 81469 02520B10 -0.68 45.88% 0.00225 0.04579 0.0181 78931 14441810 0.59 50.59% 0.00013 0.01027 0.0411 81048 84917P10 -0.42 41.57% 0.00084 0.02844 -0.0146 62092 88355610 -0.52 45.10% 0.00044 0.01893 0.0330 58334 66765510 0.84 44.71% 0.00026 0.01577 -0.1209 84274 90177410 0.12 45.49% 0.00091 0.02940 -0.0609 11881 44966150 -0.35 49.41% 0.00477 0.06750 -0.3295 81740 82922610 -0.70 43.14% 0.00108 0.03239 -0.0408 28388 92904210 -0.33 40.78% 0.00044 0.01979 -0.0636 77129 49446R10 0.30 49.80% 0.00010 0.00928 0.0025 83583 94973H10 -0.09 50.98% 0.00060 0.02239 -0.0115 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 106 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 83297 69318P10 17APR1998 0.00184 41.96% -0.00007 1.34 -0.14 81553 31788420 20APR1998 0.00204 43.53% 0.00166 0.32 -0.05 70295 98983410 20APR1998 0.00119 39.22% 0.00069 0.38 -0.25 79654 19587210 21APR1998 0.00042 43.53% -0.00023 0.46 -0.11 79212 22757310 21APR1998 0.00107 46.67% -0.00119 1.87 -0.53 49031 34349610 21APR1998 0.00233 49.80% 0.00083 1.17 -0.45 81087 44546710 21APR1998 0.00166 39.61% 0.00051 0.88 0.34 23835 55269010 21APR1998 0.00173 45.49% 0.00083 0.65 -0.35 77239 22002T10 22APR1998 0.00424 42.75% 0.00423 0.05 0.13 84429 58461C10 23APR1998 0.00442 46.27% 0.00264 1.37 -0.14 85042 85238110 23APR1998 0.00258 42.24% -0.00081 2.39 -0.02 78049 00253520 28APR1998 0.00227 43.53% 0.00080 1.07 0.09 83452 65440K10 29APR1998 0.00393 45.88% 0.00333 0.49 -0.18 85043 85492310 29APR1998 0.00808 51.43% 0.00866 -0.13 -0.67 80969 22284P10 30APR1998 0.00119 41.96% -0.00004 1.06 0.09 11539 68381510 30APR1998 0.00210 40.78% 0.00184 0.29 -0.18 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 83297 69318P10 0.97 49.41% 0.00102 0.03157 -0.2638 81553 31788420 -0.03 45.10% 0.00045 0.02126 -0.0559 70295 98983410 -0.01 50.20% 0.00007 0.00757 -0.1442 79654 19587210 0.26 47.84% 0.00010 0.00995 -0.0249 79212 22757310 -0.22 47.06% 0.00074 0.02364 -0.0074 49031 34349610 0.10 46.67% 0.00039 0.01828 -0.1234 81087 44546710 0.47 45.88% 0.00111 0.03310 -0.4412 23835 55269010 0.22 47.45% 0.00023 0.01470 0.0869 77239 22002T10 -0.14 42.35% 0.00254 0.05064 -0.4490 84429 58461C10 0.23 45.10% 0.00088 0.02872 -0.0776 85042 85238110 0.36 39.75% 0.00140 0.03393 0.0437 78049 00253520 0.69 46.67% 0.00054 0.02274 -0.1697 83452 65440K10 -0.04 39.22% 0.00041 0.02007 0.1731 85043 85492310 -1.88 44.00% 0.00165 0.03960 -0.0165 80969 22284P10 -0.16 47.84% 0.00085 0.02838 -0.1568 11539 68381510 -0.39 47.06% 0.00044 0.02084 -0.1494 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 107 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 84319 53679710 01MAY1998 0.00193 42.35% 0.00052 1.09 0.14 61700 92581110 01MAY1998 0.00729 40.78% 0.00483 1.79 -0.26 79089 34988210 05MAY1998 0.00326 47.06% 0.00159 1.18 0.14 83580 96683410 05MAY1998 0.00296 50.20% 0.00107 1.55 0.88 34746 31677310 06MAY1998 0.00150 52.55% -0.00014 1.14 -1.26 83283 46612K10 06MAY1998 0.00322 43.92% 0.00075 2.13 -0.16 91257 74326610 06MAY1998 0.00311 45.49% 0.00111 1.34 0.45 82811 05873K10 08MAY1998 0.00546 47.06% 0.00316 1.69 0.27 85213 80640310 08MAY1998 -0.00063 38.16% -0.00009 -0.04 1.43 85264 69806L10 12MAY1998 0.00086 45.14% 0.00025 0.45 0.09 78032 40442910 13MAY1998 0.00350 47.45% 0.00259 0.76 -0.11 84142 90295630 13MAY1998 0.00184 42.35% -0.00020 1.35 -0.34 80029 75992910 15MAY1998 0.00309 41.57% 0.00250 0.42 0.45 84999 00750X10 20MAY1998 0.00297 46.93% 0.00068 1.78 0.68 85361 10001P10 20MAY1998 0.00440 50.85% 0.00323 1.48 0.25 11591 27636910 20MAY1998 0.00333 47.45% 0.00116 1.56 0.21 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 84319 53679710 0.32 46.27% 0.00099 0.03104 -0.2219 61700 92581110 0.85 43.53% 0.00276 0.05199 -0.1304 79089 34988210 0.75 47.45% 0.00098 0.03094 -0.0401 83580 96683410 -0.18 45.88% 0.00150 0.03718 0.0088 34746 31677310 0.44 49.80% 0.00025 0.01263 -0.0737 83283 46612K10 -1.20 43.92% 0.00220 0.04329 -0.0546 91257 74326610 1.31 47.06% 0.00062 0.02400 -0.2269 82811 05873K10 0.38 41.96% 0.00136 0.03571 -0.0207 85213 80640310 -0.99 52.63% 0.00175 0.04151 -0.2595 85264 69806L10 0.20 47.22% 0.00011 0.01041 -0.0725 78032 40442910 -0.59 44.31% 0.00095 0.02999 -0.0416 84142 90295630 0.88 49.41% 0.00168 0.04067 -0.2021 80029 75992910 0.38 41.57% 0.00043 0.02059 -0.1364 84999 00750X10 -1.04 46.37% 0.00149 0.03505 -0.1908 85361 10001P10 0.38 47.46% 0.00104 0.03070 -0.0704 11591 27636910 0.20 49.02% 0.00111 0.03210 -0.1163 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 108 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 83998 83291410 20MAY1998 0.00213 49.41% 0.00106 1.00 0.46 85168 12791410 21MAY1998 0.00206 48.88% -0.00019 1.74 0.69 11159 23334310 21MAY1998 0.00309 45.10% 0.00168 0.97 0.24 80135 45868P10 21MAY1998 0.00178 51.76% -0.00003 1.42 0.00 85429 46585510 21MAY1998 0.00079 45.61% -0.00046 1.56 0.68 82803 98144310 21MAY1998 0.00223 47.06% 0.00028 1.34 -0.41 85626 83402510 22MAY1998 0.00850 40.74% 0.00841 1.10 0.83 70703 42216910 27MAY1998 0.00067 37.25% 0.00049 0.15 -0.16 85625 75508110 28MAY1998 0.00297 40.74% 0.00229 0.58 0.26 83291 60268310 29MAY1998 0.00950 52.94% 0.00633 2.00 -0.46 65270 74936040 29MAY1998 0.00517 49.02% 0.00125 2.37 0.23 80325 26844310 01JUN1998 0.00490 42.75% 0.00210 1.77 0.83 84092 46047F10 02JUN1998 0.00383 45.88% 0.00036 2.15 -1.11 84238 62885810 02JUN1998 0.00200 45.88% 0.00072 0.97 0.42 80915 74366330 02JUN1998 0.00299 44.31% 0.00071 1.42 0.24 83392 55081810 04JUN1998 0.00573 49.80% 0.00367 1.47 -1.13 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 83998 83291410 -1.22 48.24% 0.00078 0.02550 0.0179 85168 12791410 -0.57 50.00% 0.00117 0.03125 -0.1120 11159 23334310 0.43 45.10% 0.00043 0.02009 0.0347 80135 45868P10 -0.84 47.84% 0.00053 0.01932 0.0736 85429 46585510 1.58 46.49% 0.00059 0.02243 -0.0714 82803 98144310 0.21 45.88% 0.00049 0.02054 -0.0463 85626 83402510 -1.13 33.33% 0.00166 0.03969 0.0441 70703 42216910 -0.32 49.41% 0.00007 0.00794 -0.1911 85625 75508110 0.22 40.74% 0.00060 0.02484 -0.0956 83291 60268310 -0.09 44.71% 0.00163 0.03823 -0.0623 65270 74936040 1.81 47.06% 0.00113 0.03182 -0.0815 80325 26844310 1.03 43.53% 0.00200 0.04382 -0.1543 84092 46047F10 -0.17 49.41% 0.00158 0.03647 0.0092 84238 62885810 -1.72 46.67% 0.00147 0.03613 0.0725 80915 74366330 0.63 44.31% 0.00075 0.02647 -0.1406 83392 55081810 -3.53 47.84% 0.00288 0.04659 0.0346 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 109 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 84129 98970110 04JUN1998 0.00224 48.24% 0.00080 0.88 -0.20 77823 49455010 08JUN1998 0.00258 49.41% 0.00152 0.66 0.09 84275 91116310 10JUN1998 0.00296 47.45% 0.00102 1.12 0.01 83860 26590310 11JUN1998 0.00162 42.35% 0.00146 0.11 0.18 84427 58497410 11JUN1998 0.00518 44.31% 0.00152 1.99 -0.35 85675 03232P10 12JUN1998 0.00080 42.86% 0.00158 -0.27 0.19 80723 43730610 16JUN1998 0.00092 38.43% -0.00024 0.64 0.13 84000 88355H10 16JUN1998 0.00290 44.31% 0.00188 0.51 -0.49 65330 52490110 17JUN1998 0.00245 51.76% -0.00005 1.36 -0.65 78045 55922240 19JUN1998 0.00171 50.59% -0.00077 1.30 -0.53 85260 45254R10 22JUN1998 0.00031 39.43% -0.00052 0.63 -0.07 80692 56106310 23JUN1998 0.00066 42.35% 0.00022 0.24 0.05 85772 76119610 23JUN1998 0.00329 50.75% 0.00038 0.94 -0.62 81707 33748950 26JUN1998 0.00103 47.84% 0.00033 0.37 -0.11 37284 88160910 26JUN1998 0.00266 51.37% -0.00003 1.41 -0.08 72776 87234010 29JUN1998 0.00119 35.69% 0.00079 0.22 -0.11 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 84129 98970110 0.30 45.10% 0.00054 0.02280 -0.0965 77823 49455010 -0.21 43.92% 0.00031 0.01707 0.1581 84275 91116310 -0.49 45.88% 0.00120 0.03364 -0.0739 83860 26590310 -0.13 44.31% 0.00058 0.02414 -0.0130 84427 58497410 1.71 45.10% 0.00174 0.04091 -0.2308 85675 03232P10 -0.64 46.43% 0.00147 0.03900 -0.2413 80723 43730610 0.38 40.39% 0.00014 0.01153 0.1542 84000 88355H10 0.38 45.10% 0.00037 0.01909 0.0653 65330 52490110 0.32 45.49% 0.00037 0.01741 -0.0862 78045 55922240 0.57 43.14% 0.00024 0.01369 0.0017 85260 45254R10 -0.08 48.00% 0.00030 0.01688 0.0185 80692 56106310 0.06 45.49% 0.00009 0.00940 -0.2277 85772 76119610 1.02 52.24% 0.00030 0.01724 0.0588 81707 33748950 0.01 48.63% 0.00017 0.01301 -0.2743 37284 88160910 0.42 49.80% 0.00029 0.01524 0.0345 72776 87234010 -0.13 43.14% 0.00008 0.00859 -0.1863 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 110 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 79265 30244510 30JUN1998 0.00126 42.75% -0.00064 1.02 0.42 76563 59290710 30JUN1998 0.00334 51.37% 0.00167 0.90 -0.35 79724 67087210 30JUN1998 0.00210 46.67% 0.00099 0.62 0.21 77129 49446R10 09JUL1998 0.00100 50.20% -0.00009 0.57 -0.25 79133 03833610 16JUL1998 0.00192 50.98% -0.00014 1.19 -0.11 80281 87662860 16JUL1998 0.00129 33.73% -0.00081 1.26 0.28 75489 85503010 21JUL1998 0.00278 50.20% 0.00075 1.30 -0.28 83827 62624B10 22JUL1998 0.00147 45.10% 0.00143 0.03 -0.14 76149 78651420 22JUL1998 0.00206 49.80% 0.00070 0.80 -0.46 83142 97341110 22JUL1998 0.00394 49.02% 0.00175 1.38 -0.27 80127 39538410 24JUL1998 0.00131 49.80% -0.00074 1.18 -0.38 49745 53517110 28JUL1998 0.00426 38.04% 0.00303 0.76 -0.16 79860 74739910 29JUL1998 0.00308 49.41% 0.00052 1.65 0.23 61188 84489510 05AUG1998 0.00123 45.10% -0.00002 0.86 -0.05 71395 78412D10 12AUG1998 0.00043 43.53% 0.00082 -0.03 0.06 83962 76009V10 13AUG1998 0.00090 41.96% -0.00055 1.05 -0.06 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 79265 30244510 0.40 46.27% 0.00073 0.02661 -0.2030 76563 59290710 -0.29 45.49% 0.00039 0.01856 0.0722 79724 67087210 -0.46 43.53% 0.00030 0.01645 0.1569 77129 49446R10 0.21 49.80% 0.00009 0.00911 -0.0676 79133 03833610 0.14 47.45% 0.00026 0.01453 -0.0572 80281 87662860 -0.22 45.10% 0.00652 0.08073 -0.2673 75489 85503010 -0.66 50.59% 0.00061 0.02214 -0.1930 83827 62624B10 -0.04 45.49% 0.00016 0.01254 -0.1252 76149 78651420 0.17 46.27% 0.00025 0.01507 -0.0844 83142 97341110 -0.22 43.92% 0.00075 0.02567 0.0411 80127 39538410 0.66 48.63% 0.00022 0.01359 -0.0234 49745 53517110 0.09 39.61% 0.00102 0.03179 0.0083 79860 74739910 0.21 47.84% 0.00086 0.02772 0.0640 61188 84489510 0.19 43.14% 0.00024 0.01485 -0.1211 71395 78412D10 -0.79 50.20% 0.00034 0.01823 -0.3186 83962 76009V10 0.23 45.88% 0.00059 0.02359 0.0703 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 111 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 60097 58505510 17SEP1998 0.00196 50.98% 0.00062 1.08 -0.92 77129 49446R10 24SEP1998 0.00103 50.98% 0.00054 0.47 -0.15 24248 60411010 24SEP1998 0.00120 45.88% 0.00043 0.50 -0.37 85238 29474110 01OCT1998 -0.00018 40.78% -0.00059 0.67 0.27 12248 74373710 06OCT1998 0.00177 43.53% 0.00174 0.25 0.22 65947 42217K10 07OCT1998 0.00022 44.71% 0.00002 0.39 0.06 75341 26441150 15OCT1998 0.00014 47.06% -0.00008 0.77 0.06 79449 73746410 29OCT1998 0.00037 42.35% 0.00023 0.33 -0.08 77129 49446R10 04NOV1998 0.00048 47.84% 0.00073 0.53 0.07 77129 49446R10 04NOV1998 0.00048 47.84% 0.00073 0.53 0.07 83903 86663B10 10NOV1998 0.00253 45.49% 0.00220 1.02 -0.41 81917 44106M10 11NOV1998 -0.00038 49.02% -0.00053 0.96 -0.25 77129 49446R10 12NOV1998 0.00052 47.84% 0.00068 0.54 0.04 77129 49446R10 12NOV1998 0.00052 47.84% 0.00068 0.54 0.04 75789 31340030 16NOV1998 0.00128 49.02% 0.00012 1.20 -1.61 86173 45727710 19NOV1998 0.01347 42.65% 0.02417 4.08 -0.58 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 60097 58505510 -0.52 49.02% 0.00053 0.02054 -0.2188 77129 49446R10 0.00 49.80% 0.00011 0.01010 0.0079 24248 60411010 0.48 43.14% 0.00011 0.00995 -0.0917 85238 29474110 0.07 47.45% 0.00025 0.01536 0.0370 12248 74373710 -0.09 47.06% 0.00046 0.02153 0.1472 65947 42217K10 -0.06 47.84% 0.00011 0.01014 -0.0705 75341 26441150 -0.13 48.63% 0.00020 0.01273 0.0633 79449 73746410 -0.02 45.49% 0.00007 0.00828 0.0391 77129 49446R10 -0.10 48.24% 0.00013 0.01042 0.0143 77129 49446R10 -0.10 48.24% 0.00013 0.01042 0.0143 83903 86663B10 0.54 45.10% 0.00063 0.02411 -0.1409 81917 44106M10 0.27 48.24% 0.00025 0.01382 0.0081 77129 49446R10 0.02 49.02% 0.00014 0.01063 -0.0133 77129 49446R10 0.02 49.02% 0.00014 0.01063 -0.0133 75789 31340030 -0.41 47.06% 0.00047 0.01579 -0.0712 86173 45727710 0.80 38.24% 0.01002 0.09065 0.2311 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 112 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 75341 26441150 20NOV1998 0.00022 46.67% 0.00049 0.72 0.03 81123 22843910 02DEC1998 0.00015 49.02% 0.00029 0.76 -0.09 84363 21891610 07DEC1998 -0.00039 41.57% -0.00002 0.23 0.11 85900 12596510 09DEC1998 0.00005 39.16% 0.00178 1.10 0.04 80399 55438210 09DEC1998 -0.00021 40.78% 0.00015 0.46 0.05 78927 25159110 10DEC1998 -0.00028 44.31% 0.00036 0.53 0.22 85067 57793310 11DEC1998 0.00019 43.14% 0.00113 1.18 0.15 53859 59668010 15DEC1998 0.00124 40.78% 0.00064 0.19 -0.55 24046 18450210 17DEC1998 0.00084 50.20% 0.00123 1.51 -0.61 75154 14365810 21DEC1998 0.00067 52.94% 0.00270 0.98 0.60 76557 55262L10 04JAN1999 0.00090 49.02% -0.00028 1.67 -1.68 80395 46591710 08JAN1999 0.00029 46.27% 0.00054 0.39 0.23 84734 33793010 15JAN1999 0.00170 49.02% 0.00107 1.54 -0.39 85769 48725610 20JAN1999 0.00139 46.23% 0.00145 0.52 0.17 84595 00129610 25JAN1999 0.00215 48.63% 0.00258 0.97 0.50 80684 35180710 27JAN1999 0.00034 47.84% -0.00009 0.99 -0.15 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 75341 26441150 -0.03 46.67% 0.00020 0.01268 0.0702 81123 22843910 -0.09 50.20% 0.00027 0.01481 -0.1231 84363 21891610 -0.34 50.59% 0.00018 0.01295 -0.1167 85900 12596510 0.14 42.66% 0.00088 0.02784 -0.0123 80399 55438210 -0.03 47.84% 0.00019 0.01312 0.1624 78927 25159110 0.00 47.84% 0.00018 0.01251 0.0283 85067 57793310 0.36 45.10% 0.00070 0.02455 0.0115 53859 59668010 -0.04 47.84% 0.00035 0.01834 -0.3587 24046 18450210 -0.00 49.41% 0.00067 0.02106 -0.1090 75154 14365810 -0.88 48.63% 0.00075 0.02264 0.0240 76557 55262L10 -0.66 50.98% 0.00117 0.02644 0.0288 80395 46591710 -0.06 49.80% 0.00023 0.01459 0.0226 84734 33793010 0.49 46.27% 0.00063 0.02156 -0.1420 85769 48725610 -0.02 48.74% 0.00040 0.01913 0.0066 84595 00129610 -0.35 53.33% 0.00107 0.03038 0.1468 80684 35180710 0.20 47.84% 0.00035 0.01654 0.0427 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 113 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 88795 44840710 02FEB1999 0.00221 44.31% 0.00245 1.43 0.50 77191 88162G10 02FEB1999 0.00174 47.06% 0.00153 0.69 -0.05 81116 92241710 02FEB1999 0.00134 45.49% 0.00258 1.06 1.27 84599 20452F10 04FEB1999 0.00335 49.41% 0.00286 2.15 0.18 86021 50242410 04FEB1999 0.00446 52.24% 0.00513 1.13 -0.17 80185 72749310 04FEB1999 0.00237 50.20% 0.00222 0.62 0.05 81540 03071P10 05FEB1999 0.00054 47.45% -0.00007 0.70 -0.37 85196 64093310 05FEB1999 0.00515 44.31% 0.00460 2.49 0.30 83906 85891210 05FEB1999 0.00267 48.24% 0.00276 0.91 0.41 85385 64121Q10 08FEB1999 0.00746 45.88% 0.00723 1.96 0.49 81756 89406510 09FEB1999 0.00545 46.27% 0.00547 0.50 0.27 85945 42280620 10FEB1999 -0.00178 33.55% -0.00081 1.05 0.23 86211 59497210 10FEB1999 0.00255 42.62% 0.00069 1.41 -0.23 23317 29356110 11FEB1999 0.00155 48.24% 0.00059 0.96 -0.70 86002 78417810 11FEB1999 0.00392 51.95% 0.00426 2.39 -0.69 84093 47189610 12FEB1999 0.00158 41.18% 0.00104 1.24 -0.14 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 88795 44840710 -2.50 48.24% 0.00236 0.03998 -0.1475 77191 88162G10 -1.49 47.06% 0.00107 0.02937 -0.2264 81116 92241710 -3.76 49.80% 0.00351 0.04923 0.0249 84599 20452F10 -3.18 45.88% 0.00356 0.04632 -0.0252 86021 50242410 0.88 48.51% 0.00072 0.02532 0.0063 80185 72749310 -0.32 43.53% 0.00043 0.01925 0.1322 81540 03071P10 -0.62 50.20% 0.00097 0.02971 0.0884 85196 64093310 -0.07 45.10% 0.00255 0.04377 0.0394 83906 85891210 -0.40 48.24% 0.00162 0.03870 0.0091 85385 64121Q10 -2.09 46.67% 0.00389 0.05457 0.0799 81756 89406510 -2.04 44.31% 0.00198 0.04154 0.0613 85945 42280620 0.38 46.45% 0.00123 0.03348 0.2080 86211 59497210 -2.87 43.44% 0.00500 0.06141 0.1388 23317 29356110 0.15 42.75% 0.00033 0.01603 0.0146 86002 78417810 0.85 48.05% 0.00194 0.03780 0.1204 84093 47189610 0.15 45.10% 0.00209 0.04449 -0.0412 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 114 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 85277 20589R10 23FEB1999 0.00504 43.92% 0.00378 2.75 -0.42 12067 67000810 24FEB1999 0.00283 45.88% 0.00241 0.30 0.27 85593 00825210 25FEB1999 0.00158 50.20% 0.00049 1.44 -0.38 85427 39890510 01MAR1999 0.00304 48.24% 0.00249 0.83 -0.13 85879 45030610 01MAR1999 0.00162 42.33% 0.00188 1.22 0.53 10929 74577110 02MAR1999 0.00169 46.27% 0.00159 0.92 0.19 86235 00339B10 04MAR1999 0.00774 50.82% 0.00817 1.11 -0.14 83650 26613X10 10MAR1999 0.00178 47.45% 0.00095 0.99 0.80 80007 84476710 16MAR1999 0.00042 39.61% 0.00061 0.61 0.46 86257 22542910 18MAR1999 0.00422 48.25% 0.00375 0.63 0.13 77606 50025510 18MAR1999 0.00269 55.29% 0.00110 1.39 -0.59 82743 85512C10 23MAR1999 -0.00017 40.78% -0.00039 0.77 0.18 75808 15464710 25MAR1999 0.00029 48.24% -0.00015 0.44 -0.06 84250 34106410 07APR1999 -0.00110 43.53% -0.00210 1.53 0.38 81621 41316010 19APR1999 0.00356 43.92% 0.00292 1.26 0.57 87581 29286610 20APR1999 0.00174 44.31% 0.00131 0.84 -0.03 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 85277 20589R10 -0.63 41.96% 0.00349 0.05129 0.0564 12067 67000810 -3.91 48.24% 0.00219 0.03911 -0.0712 85593 00825210 -0.91 49.02% 0.00143 0.03329 0.1764 85427 39890510 -0.32 46.67% 0.00100 0.03034 0.0172 85879 45030610 -1.80 43.92% 0.00323 0.05172 -0.0945 10929 74577110 0.27 43.53% 0.00046 0.01982 -0.0615 86235 00339B10 0.41 47.54% 0.00419 0.06442 -0.3694 83650 26613X10 -2.30 50.98% 0.00226 0.04157 0.0294 80007 84476710 0.48 47.06% 0.00103 0.03173 -0.4667 86257 22542910 -0.01 44.74% 0.00134 0.03601 0.1547 77606 50025510 -0.30 47.84% 0.00074 0.02289 0.0358 82743 85512C10 0.56 47.84% 0.00041 0.01930 0.0887 75808 15464710 -0.09 54.12% 0.00019 0.01298 0.0169 84250 34106410 -0.24 47.45% 0.00125 0.03115 -0.0079 81621 41316010 -1.49 43.53% 0.00301 0.05094 -0.0528 87581 29286610 0.17 48.63% 0.00113 0.03285 -0.2045 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 115 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 86106 51155710 22APR1999 0.00010 47.45% 0.00005 0.26 0.11 83805 91131910 23APR1999 0.00198 43.92% 0.00109 1.73 -0.14 76712 00130H10 27APR1999 0.00036 47.45% -0.00117 1.71 -0.96 67598 42191510 27APR1999 -0.00086 43.92% -0.00131 0.39 -0.29 77575 58494910 27APR1999 0.00346 52.55% 0.00277 1.01 0.20 86338 90131410 27APR1999 0.00693 45.74% 0.00255 2.27 1.40 81639 74437C10 28APR1999 0.00727 47.84% 0.00563 1.54 0.19 70332 03251110 29APR1999 -0.00009 41.96% -0.00096 1.12 -0.53 12781 50558810 29APR1999 0.00016 44.31% -0.00009 0.05 -0.18 85627 83545G10 29APR1999 0.00504 52.55% 0.00429 1.59 -0.21 85902 15871110 05MAY1999 0.00186 44.08% 0.00175 1.00 0.09 81917 44106M10 05MAY1999 -0.00070 41.96% -0.00069 0.83 0.15 86318 14066710 06MAY1999 0.00949 43.10% 0.00747 1.53 0.27 83596 28566110 06MAY1999 0.00066 40.39% -0.00016 0.61 -0.21 86311 70966810 06MAY1999 0.00109 42.86% 0.00004 0.63 -0.34 83189 04226010 07MAY1999 0.00135 42.75% 0.00103 0.55 -0.13 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 86106 51155710 -0.09 52.94% 0.00015 0.01167 0.0615 83805 91131910 -0.07 44.31% 0.00162 0.03639 -0.1623 76712 00130H10 0.55 48.63% 0.00117 0.03114 -0.1224 67598 42191510 0.02 49.02% 0.00017 0.01235 -0.0101 77575 58494910 -1.34 49.80% 0.00152 0.03501 0.0540 86338 90131410 -3.41 40.31% 0.01014 0.08619 0.2102 81639 74437C10 -2.85 43.14% 0.00360 0.05152 -0.0081 70332 03251110 0.39 44.31% 0.00096 0.02964 -0.0151 12781 50558810 -0.09 50.59% 0.00013 0.01153 -0.0097 85627 83545G10 0.39 44.31% 0.00150 0.03627 0.1252 85902 15871110 0.18 44.08% 0.00082 0.02715 -0.0800 81917 44106M10 0.45 47.45% 0.00028 0.01528 0.0561 86318 14066710 1.01 42.24% 0.00467 0.06797 -0.1684 83596 28566110 -1.14 47.06% 0.00066 0.02278 -0.0173 86311 70966810 -0.20 44.29% 0.00086 0.02842 0.1269 83189 04226010 -0.07 47.06% 0.00050 0.02168 0.0738 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 116 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 85311 70590610 07MAY1999 0.00432 47.84% 0.00414 1.29 0.57 84114 68388R20 10MAY1999 0.00090 40.78% 0.00056 1.91 -0.00 84154 59189N10 11MAY1999 -0.00084 40.78% -0.00091 1.22 0.15 83674 58226610 12MAY1999 0.00073 45.10% -0.00088 1.30 -0.39 12008 26747510 13MAY1999 0.00419 54.90% 0.00305 0.76 -0.39 86436 88335R10 19MAY1999 0.00310 44.44% -0.01007 2.60 -0.59 24046 18450210 20MAY1999 0.00175 50.59% -0.00022 1.42 -0.97 59767 68382910 20MAY1999 0.00460 48.63% 0.00436 0.38 0.11 75660 56824020 21MAY1999 -0.00188 38.43% -0.00163 2.33 0.37 56275 63544910 24MAY1999 0.00114 47.84% 0.00021 1.22 -0.38 86041 98742510 24MAY1999 0.00214 47.20% 0.00198 1.01 -0.04 85388 65333H70 25MAY1999 0.00322 43.92% 0.00326 2.22 1.36 45911 02075310 27MAY1999 0.00319 46.67% 0.00213 1.51 -0.11 85239 36354710 27MAY1999 0.00095 47.45% 0.00049 1.02 0.04 80752 42279910 01JUN1999 0.00028 41.18% -0.00050 1.43 -0.36 77512 46093930 03JUN1999 0.00230 44.71% 0.00185 2.08 -0.49 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 85311 70590610 -1.09 45.10% 0.00434 0.06325 -0.1183 84114 68388R20 0.68 48.63% 0.00279 0.05046 0.0361 84154 59189N10 0.38 50.20% 0.00121 0.03314 -0.4414 83674 58226610 -1.60 47.84% 0.00162 0.03446 0.1999 12008 26747510 -0.95 47.84% 0.00095 0.02839 0.0818 86436 88335R10 -6.05 48.15% 0.01370 0.10808 -0.0643 24046 18450210 -0.90 46.67% 0.00093 0.02434 -0.1128 59767 68382910 -0.50 45.10% 0.00108 0.03235 -0.0302 75660 56824020 1.03 41.96% 0.00248 0.04580 -0.0532 56275 63544910 -0.28 47.84% 0.00067 0.02233 -0.0355 86041 98742510 -0.09 49.07% 0.00082 0.02659 0.1165 85388 65333H70 -2.24 45.49% 0.00349 0.04672 0.1094 45911 02075310 -1.53 45.88% 0.00261 0.04587 -0.0524 85239 36354710 -0.75 44.31% 0.00063 0.02081 0.0845 80752 42279910 -0.19 47.06% 0.00117 0.03096 -0.0311 77512 46093930 0.92 48.63% 0.00269 0.04938 -0.0243 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 117 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 76209 74054020 09JUN1999 0.00131 45.49% 0.00182 1.15 0.66 84607 29084610 11JUN1999 0.00135 42.35% 0.00096 0.67 -0.45 77668 30218210 11JUN1999 0.00305 49.41% 0.00209 0.60 0.00 76764 83168310 11JUN1999 -0.00205 36.86% -0.00263 0.73 -0.58 19916 81185010 15JUN1999 0.00222 49.80% 0.00056 1.18 -1.21 82546 00797410 17JUN1999 0.00159 47.06% 0.00179 1.36 0.93 58318 88077910 17JUN1999 -0.00011 44.31% -0.00046 1.29 0.07 86252 17285320 21JUN1999 0.00358 43.94% 0.00252 0.71 -0.16 52214 60520310 29JUN1999 0.00058 31.18% 0.00109 -0.14 0.43 68849 90297110 29JUN1999 -0.00090 44.31% -0.00082 0.50 0.11 83929 25367510 01JUL1999 -0.00065 38.43% -0.00126 0.42 -0.15 79129 37002110 08JUL1999 0.00049 41.18% 0.00034 0.68 -0.06 16678 50104410 20JUL1999 0.00145 50.98% 0.00012 0.84 -0.71 86155 23108210 21JUL1999 0.00300 43.69% 0.00136 2.76 -0.05 18016 42705610 21JUL1999 -0.00024 41.18% -0.00117 1.54 -0.76 86077 55276330 21JUL1999 0.00569 43.70% 0.00433 -0.21 0.49 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 76209 74054020 -0.09 45.49% 0.00136 0.03448 -0.0482 84607 29084610 0.40 45.88% 0.00251 0.05011 0.0361 77668 30218210 -1.57 46.67% 0.00111 0.02987 -0.1177 76764 83168310 0.36 49.02% 0.00114 0.03341 -0.0867 19916 81185010 -0.15 45.49% 0.00070 0.02289 -0.1190 82546 00797410 -0.55 47.84% 0.00210 0.04197 -0.0254 58318 88077910 -0.12 48.63% 0.00095 0.02781 0.0853 86252 17285320 -0.67 40.40% 0.00161 0.03873 0.0087 52214 60520310 -0.03 45.16% 0.00024 0.01551 -0.2481 68849 90297110 0.23 51.37% 0.00027 0.01595 0.0867 83929 25367510 -0.57 47.84% 0.00250 0.04969 -0.0684 79129 37002110 0.49 45.10% 0.00015 0.01088 0.2570 16678 50104410 -0.42 46.67% 0.00062 0.02258 -0.0149 86155 23108210 1.35 47.30% 0.00384 0.05742 0.1046 18016 42705610 1.20 39.61% 0.00062 0.02168 -0.0097 86077 55276330 -4.00 39.76% 0.00815 0.08572 0.2877 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 118 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 77178 74752510 21JUL1999 0.00674 50.59% 0.00463 0.93 -0.36 11278 82001310 22JUL1999 0.00804 38.43% 0.00975 0.33 2.47 75100 88654710 23JUL1999 0.00290 44.31% 0.00129 1.20 -0.70 75857 83418210 28JUL1999 0.00396 52.55% 0.00225 1.19 -0.60 83657 64114K10 04AUG1999 0.00814 43.14% 0.00659 1.61 0.62 82535 92343C10 05AUG1999 0.00808 45.10% 0.00556 2.38 -0.44 81188 22404410 09AUG1999 0.00267 52.94% 0.00139 0.85 -0.38 80055 92343610 09AUG1999 0.00476 54.51% 0.00232 1.40 -0.27 85223 92842820 09AUG1999 0.01149 48.24% 0.01118 -0.54 0.74 84240 67439110 10AUG1999 0.00154 39.61% 0.00083 0.92 -0.08 37234 34609160 17AUG1999 0.00015 42.75% -0.00085 1.94 -0.32 82743 85512C10 18AUG1999 -0.00045 42.75% -0.00068 0.73 0.14 81509 78407610 21SEP1999 0.00829 47.45% 0.00584 1.55 0.49 84044 00752510 23SEP1999 0.00634 52.55% 0.00485 1.35 0.67 80924 12512710 23SEP1999 0.00130 44.71% -0.00180 2.49 -0.82 63781 90921810 23SEP1999 0.00174 38.04% 0.00056 1.98 -0.02 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 77178 74752510 -2.68 42.75% 0.00224 0.03920 0.0552 11278 82001310 -0.76 38.04% 0.02041 0.14226 -0.0571 75100 88654710 -0.74 45.49% 0.00102 0.02781 -0.0461 75857 83418210 -0.96 43.53% 0.00115 0.02941 -0.0642 83657 64114K10 -1.86 42.35% 0.00862 0.08897 -0.0149 82535 92343C10 -1.19 44.31% 0.00431 0.05888 -0.1105 81188 22404410 -0.88 47.45% 0.00087 0.02636 -0.0150 80055 92343610 -2.64 52.16% 0.00307 0.04649 -0.1754 85223 92842820 -2.44 43.92% 0.01057 0.10202 -0.0319 84240 67439110 0.01 45.49% 0.00237 0.04808 -0.1112 37234 34609160 1.04 47.45% 0.00156 0.03644 -0.0425 82743 85512C10 0.34 50.59% 0.00047 0.02070 0.1639 81509 78407610 -1.55 43.14% 0.00418 0.05976 -0.0699 84044 00752510 -0.82 46.67% 0.00274 0.04880 0.0346 80924 12512710 -0.54 42.75% 0.00329 0.05087 -0.0312 63781 90921810 1.41 44.71% 0.00200 0.04195 0.0183 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 119 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 86565 01671410 28SEP1999 0.00411 44.44% 0.00032 2.07 0.76 62034 70963110 29SEP1999 0.00082 45.88% 0.00001 1.34 0.15 68830 76162410 29SEP1999 0.00436 45.88% 0.00331 0.87 -0.12 83121 20819210 30SEP1999 0.00364 42.75% 0.00254 1.18 0.03 82849 91728910 30SEP1999 0.00518 36.47% 0.00504 1.47 0.93 76712 00130H10 07OCT1999 0.00177 50.59% -0.00006 1.73 -0.97 77392 73173810 07OCT1999 0.00388 40.39% 0.00307 1.09 0.82 84247 74192910 11OCT1999 0.00134 47.45% -0.00150 2.69 0.34 85802 04644A10 13OCT1999 0.00270 43.53% 0.00151 0.75 0.24 85972 15985210 13OCT1999 0.00032 43.92% 0.00021 0.28 0.84 86807 70804610 14OCT1999 0.00597 45.57% 0.00203 2.98 0.65 83113 04313610 15OCT1999 0.00327 42.75% 0.00249 0.83 0.21 80307 09067K10 15OCT1999 0.00256 50.98% 0.00104 1.20 -0.03 79742 90384910 18OCT1999 0.00761 48.24% 0.00582 1.38 -0.76 85827 37936U10 25OCT1999 0.00208 49.41% -0.00091 1.65 -0.16 84400 42691810 25OCT1999 0.00046 42.75% 0.00029 0.15 0.11 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 86565 01671410 -2.18 50.79% 0.00508 0.06684 -0.0493 62034 70963110 0.74 47.84% 0.00058 0.02132 -0.0606 68830 76162410 -0.38 42.35% 0.00103 0.03043 0.0205 83121 20819210 0.06 49.02% 0.00345 0.05790 -0.1903 82849 91728910 1.68 44.71% 0.00379 0.05990 -0.0653 76712 00130H10 0.61 49.80% 0.00121 0.03175 -0.0894 77392 73173810 0.13 38.04% 0.00260 0.04955 -0.0849 84247 74192910 -0.55 45.88% 0.00405 0.05626 0.1250 85802 04644A10 -0.82 49.41% 0.00205 0.04373 -0.1425 85972 15985210 -0.13 50.59% 0.00099 0.03066 0.0140 86807 70804610 2.29 44.30% 0.00226 0.04552 -0.0400 83113 04313610 0.18 40.78% 0.00184 0.04244 0.0305 80307 09067K10 -0.36 45.10% 0.00085 0.02588 0.0523 79742 90384910 -0.04 46.27% 0.00309 0.05422 -0.0729 85827 37936U10 -1.59 46.67% 0.00232 0.04108 0.2084 84400 42691810 -0.03 45.88% 0.00016 0.01272 -0.0781 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 120 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81539 03251510 26OCT1999 0.00438 48.24% 0.00159 1.85 0.10 86902 58440X10 26OCT1999 0.00263 42.47% 0.00015 0.03 1.18 86725 46185R10 27OCT1999 0.00548 49.59% 0.00446 0.55 0.37 86795 00373610 29OCT1999 0.00342 40.19% -0.00574 3.89 0.18 86777 46588H10 29OCT1999 -0.00246 42.73% -0.00489 1.31 -1.16 77284 65332V10 01NOV1999 0.00385 46.67% 0.00029 2.21 -0.85 80926 13123X10 03NOV1999 0.00130 39.61% 0.00055 0.68 -0.09 82547 00797310 04NOV1999 0.00692 51.37% 0.00373 1.46 0.01 65832 02081310 08NOV1999 0.00156 45.49% 0.00053 0.35 0.38 20482 00282410 11NOV1999 0.00082 47.84% -0.00070 0.33 -0.89 83413 80306210 15NOV1999 0.00502 49.02% 0.00140 0.99 -0.18 86155 23108210 18NOV1999 0.00572 47.84% 0.00137 2.63 -0.09 80752 43357B10 18NOV1999 0.00452 47.06% 0.00199 1.34 -0.13 86974 45071810 18NOV1999 0.01216 47.22% 0.00237 1.77 4.35 86070 00684710 23NOV1999 0.00558 44.71% 0.00057 2.29 1.29 86259 28604510 23NOV1999 0.00405 45.88% 0.00244 0.73 1.68 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81539 03251510 -0.90 47.45% 0.00332 0.05318 -0.0585 86902 58440X10 -6.22 46.58% 0.00452 0.05355 -0.0314 86725 46185R10 -0.41 46.34% 0.00110 0.03299 0.0269 86795 00373610 -5.48 41.12% 0.01091 0.08494 0.0725 86777 46588H10 -4.48 46.36% 0.00696 0.07182 -0.0831 77284 65332V10 -0.55 45.49% 0.00188 0.03658 -0.1137 80926 13123X10 0.29 45.49% 0.00052 0.02222 0.1922 82547 00797310 -1.67 47.06% 0.00355 0.05465 -0.0492 65832 02081310 -0.68 44.31% 0.00067 0.02464 0.0612 20482 00282410 -1.13 50.20% 0.00039 0.01575 -0.1021 83413 80306210 -2.24 49.80% 0.00249 0.04452 0.0869 86155 23108210 0.72 48.63% 0.00313 0.05312 0.1123 80752 43357B10 -0.05 43.92% 0.00117 0.03264 0.0001 86974 45071810 -5.51 45.83% 0.00558 0.05789 0.0277 86070 00684710 -1.15 43.92% 0.00305 0.04842 0.0168 86259 28604510 -0.20 43.14% 0.00197 0.04219 0.0316 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 121 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 84769 03209510 07DEC1999 0.00190 45.49% 0.00089 0.59 0.49 86732 70453H10 07DEC1999 0.00078 39.74% -0.00301 1.46 0.88 86907 65332K10 09DEC1999 -0.00041 47.47% -0.00634 5.62 3.65 20626 26054310 16DEC1999 0.00128 50.98% -0.00025 1.42 -0.84 80089 40049J20 18JAN2000 0.00237 52.16% -0.00011 1.77 -0.91 86194 87994610 18JAN2000 0.00201 44.31% 0.00013 1.84 -0.33 11997 20030020 19JAN2000 0.00319 52.55% 0.00068 0.88 -1.47 86928 80864H10 21JAN2000 0.01279 52.34% 0.00920 3.13 0.48 11997 20030020 24JAN2000 0.00317 52.16% 0.00041 0.91 -1.57 84624 55590410 24JAN2000 0.00516 51.76% 0.00365 0.75 -0.26 83553 80546810 24JAN2000 0.00675 50.20% 0.00233 2.46 0.25 87165 43785210 26JAN2000 0.01633 52.70% 0.00455 -0.69 -0.42 86977 46096710 26JAN2000 0.01503 51.96% 0.00933 6.88 -1.35 86238 01747T10 27JAN2000 0.00839 49.80% 0.00412 1.43 0.39 84342 87294110 27JAN2000 0.00664 49.41% 0.00226 1.32 0.49 87184 75657710 03FEB2000 0.02395 53.95% 0.01590 2.90 2.17 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 84769 03209510 -0.01 46.67% 0.00046 0.02059 0.1129 86732 70453H10 -3.86 45.03% 0.00534 0.06445 -0.0391 86907 65332K10 -1.50 49.49% 0.00633 0.06816 0.0896 20626 26054310 0.96 49.41% 0.00039 0.01766 0.0421 80089 40049J20 -0.21 47.84% 0.00094 0.02801 0.1704 86194 87994610 0.58 46.67% 0.00070 0.02465 0.0834 11997 20030020 -1.56 48.24% 0.00107 0.02737 -0.0403 86928 80864H10 -0.85 46.09% 0.00511 0.06886 0.1619 11997 20030020 -1.56 47.84% 0.00109 0.02742 -0.0499 84624 55590410 -0.49 44.31% 0.00228 0.04742 0.1431 83553 80546810 -1.06 46.67% 0.00218 0.04260 0.0676 87165 43785210 -6.22 37.84% 0.01052 0.09836 0.0811 86977 46096710 0.70 47.06% 0.00974 0.09121 -0.0905 86238 01747T10 -2.12 44.31% 0.00308 0.05165 -0.0830 84342 87294110 -2.37 42.35% 0.00282 0.04847 0.0326 87184 75657710 -0.93 38.16% 0.00856 0.09210 0.1659 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 122 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 82743 85512C10 03FEB2000 -0.00047 43.53% -0.00146 1.01 0.03 25769 49238610 07FEB2000 0.00188 50.20% 0.00065 1.68 -0.47 86298 90116710 07FEB2000 0.00480 49.80% 0.00336 0.62 0.04 83161 78190410 08FEB2000 0.00880 52.94% 0.00709 1.01 -0.05 79108 80090710 08FEB2000 0.00350 55.69% -0.00034 2.23 -1.01 86252 17285320 09FEB2000 0.00385 47.84% 0.00180 1.41 -0.41 82228 92923B10 09FEB2000 0.00578 46.67% 0.00518 1.40 0.28 76076 17275R10 14FEB2000 0.00415 54.51% 0.00056 1.01 -0.97 77389 02492810 16FEB2000 0.00256 46.27% 0.00164 0.98 0.24 86123 45845L10 16FEB2000 0.00590 46.67% 0.00239 1.49 1.37 86360 52186310 16FEB2000 0.01211 48.24% 0.00776 1.57 1.18 45495 77938210 16FEB2000 0.00276 44.31% 0.00014 2.57 -0.12 83596 28566110 17FEB2000 0.00229 50.98% 0.00017 1.13 -0.42 86848 91731180 17FEB2000 0.00529 48.84% -0.00622 4.26 2.12 84607 29084610 24FEB2000 0.00393 43.53% 0.00033 1.47 0.78 81256 45812P10 24FEB2000 0.00642 43.14% 0.00101 2.61 -0.04 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 82743 85512C10 0.43 50.20% 0.00041 0.01962 0.1754 25769 49238610 1.04 50.20% 0.00045 0.01922 0.1225 86298 90116710 -0.58 45.49% 0.00148 0.03808 0.0097 83161 78190410 -0.32 44.71% 0.00139 0.03670 -0.0024 79108 80090710 -1.01 48.63% 0.00147 0.03309 -0.0656 86252 17285320 -0.08 43.92% 0.00184 0.04219 -0.0636 82228 92923B10 1.39 46.67% 0.00156 0.03846 -0.1042 76076 17275R10 -2.07 48.24% 0.00072 0.01753 -0.0287 77389 02492810 0.54 45.88% 0.00093 0.03022 -0.0817 86123 45845L10 -0.76 48.63% 0.00310 0.05391 0.0400 86360 52186310 -1.45 41.57% 0.00563 0.07314 0.1333 45495 77938210 1.04 46.67% 0.00187 0.04136 -0.1578 83596 28566110 -0.49 48.63% 0.00060 0.02270 -0.1181 86848 91731180 -2.28 48.26% 0.00826 0.08306 -0.0017 84607 29084610 -0.88 41.96% 0.00261 0.04945 0.1712 81256 45812P10 -1.07 42.75% 0.00477 0.06633 0.0687 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 123 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 75107 00365410 29FEB2000 0.00703 46.27% 0.00554 0.77 0.18 27713 69332S10 29FEB2000 0.00388 49.41% 0.00143 1.09 -0.50 83526 96506310 29FEB2000 0.00477 48.63% 0.00250 1.56 0.15 84026 26008610 03MAR2000 0.00205 44.71% 0.00041 0.96 0.49 86916 75040P10 03MAR2000 0.00655 50.92% 0.00270 1.87 0.53 81241 11434A10 07MAR2000 0.00430 49.02% 0.00001 1.36 0.64 85496 71383110 08MAR2000 0.00487 46.27% 0.00135 1.33 0.21 87238 45069F10 09MAR2000 0.00573 50.75% 0.00392 1.30 -0.01 87057 09065H10 13MAR2000 0.00617 42.73% 0.00464 2.67 0.92 75696 29134510 14MAR2000 0.00363 47.06% 0.00171 0.85 0.46 85415 58446J10 15MAR2000 0.00158 38.82% -0.00237 1.82 0.90 85995 63007510 16MAR2000 0.00912 46.27% 0.00758 0.84 0.11 83151 64052210 16MAR2000 0.00110 39.61% 0.00018 0.96 -0.49 87180 64114R10 17MAR2000 0.01114 46.00% 0.00037 3.81 0.52 84571 25276210 21MAR2000 0.00767 56.08% 0.00513 1.32 0.59 86838 64107U10 23MAR2000 0.00644 44.09% -0.00479 4.22 2.14 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 75107 00365410 -0.16 41.57% 0.00228 0.04776 0.0618 27713 69332S10 -0.76 43.92% 0.00084 0.02706 0.0353 83526 96506310 0.24 50.59% 0.00133 0.03566 -0.0945 84026 26008610 0.11 44.71% 0.00076 0.02708 -0.1194 86916 75040P10 -0.61 46.01% 0.00152 0.03687 0.0907 81241 11434A10 -1.56 45.10% 0.00252 0.04739 -0.1574 85496 71383110 -1.02 47.45% 0.00232 0.04655 0.0447 87238 45069F10 0.70 43.28% 0.00351 0.06028 0.0261 87057 09065H10 1.60 40.00% 0.00574 0.07539 0.0357 75696 29134510 -0.46 45.49% 0.00241 0.04871 0.0635 85415 58446J10 -0.77 41.57% 0.00309 0.05362 -0.0469 85995 63007510 -0.17 41.57% 0.00368 0.06071 -0.0326 83151 64052210 0.31 43.92% 0.00199 0.04456 -0.1019 87180 64114R10 -0.99 41.00% 0.00832 0.08807 -0.0489 84571 25276210 -0.33 47.84% 0.00210 0.04496 0.0752 86838 64107U10 -1.09 42.47% 0.00613 0.07108 0.0788 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 124 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 29102 62956810 24MAR2000 0.00452 47.06% 0.00202 2.51 -0.04 77823 49455010 28MAR2000 0.00096 49.02% 0.00023 0.83 -0.30 79799 00207R10 29MAR2000 0.00148 52.55% -0.00161 1.42 -0.34 85291 37956X10 29MAR2000 0.00719 43.92% 0.00447 1.45 0.36 76614 75886F10 29MAR2000 0.00349 41.18% -0.00041 2.23 0.03 79798 03823610 30MAR2000 0.00462 50.59% 0.00163 1.03 -0.27 85292 40606910 03APR2000 0.00609 42.35% 0.00239 1.98 0.61 87019 64122D50 06APR2000 0.00344 44.30% -0.00188 3.27 0.83 85463 21887F10 07APR2000 0.00560 41.57% 0.00329 1.01 1.23 87332 58124310 07APR2000 0.00600 44.29% -0.00752 3.42 0.57 82261 36229U10 11APR2000 0.00338 46.67% 0.00041 1.80 0.30 87361 69325Q10 11APR2000 0.01278 54.67% -0.00405 3.83 -0.69 86038 89612A10 12APR2000 0.00388 43.53% 0.00108 1.83 -0.01 87191 90334M10 12APR2000 0.01755 51.20% 0.00812 0.71 -1.23 77699 35952H10 13APR2000 0.00927 48.24% 0.00601 1.41 0.00 80557 58241110 13APR2000 0.00154 39.22% 0.00118 0.19 -0.03 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 29102 62956810 1.48 43.92% 0.00156 0.03756 -0.1247 77823 49455010 0.38 49.41% 0.00022 0.01412 -0.0340 79799 00207R10 -1.00 49.80% 0.00199 0.04237 0.1019 85291 37956X10 -0.15 39.22% 0.00282 0.05250 0.0899 76614 75886F10 -0.30 45.10% 0.00233 0.04623 -0.2233 79798 03823610 -1.35 47.45% 0.00229 0.04572 -0.0048 85292 40606910 -0.07 43.53% 0.00262 0.04982 0.0130 87019 64122D50 0.51 42.28% 0.00363 0.05736 -0.0169 85463 21887F10 0.04 42.75% 0.00244 0.04857 -0.0852 87332 58124310 0.45 40.00% 0.00539 0.07184 -0.0009 82261 36229U10 0.26 49.80% 0.00157 0.03852 0.1458 87361 69325Q10 -0.98 42.67% 0.00403 0.05784 0.0286 86038 89612A10 0.27 44.31% 0.00155 0.03830 0.1126 87191 90334M10 -3.95 38.40% 0.01231 0.10762 0.1135 77699 35952H10 -0.70 41.96% 0.00289 0.05258 0.2727 80557 58241110 -0.05 40.00% 0.00044 0.02106 0.0435 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 125 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 87364 74837P10 13APR2000 0.00144 50.63% -0.00122 -0.29 1.02 76963 62941030 14APR2000 0.00794 27.06% 0.00301 1.81 1.39 76100 88517530 14APR2000 0.00341 41.96% -0.00008 1.81 0.89 12067 67000810 19APR2000 0.00495 49.41% 0.00168 0.55 -0.50 57808 92829810 09MAY2000 0.00685 53.33% 0.00275 2.08 0.02 81007 69357H10 12MAY2000 0.00530 50.98% -0.00138 2.09 0.10 80332 36727810 19MAY2000 0.00657 49.02% 0.00304 0.67 0.51 82717 49005710 23MAY2000 0.00391 45.88% 0.00354 0.03 -0.35 79788 01903Q10 25MAY2000 0.00057 42.75% -0.00156 1.32 -0.51 82775 41651510 05JUN2000 -0.00050 46.27% -0.00147 1.81 -2.07 79788 01903Q10 08JUN2000 0.00050 43.14% -0.00154 1.27 -0.53 87455 65333U10 14JUN2000 0.01223 53.40% 0.00081 3.67 0.40 82681 15092610 15JUN2000 0.01286 46.67% 0.00743 2.54 0.78 83982 22405110 21JUN2000 0.00190 47.84% 0.00094 0.72 -0.19 86111 02991220 22JUN2000 0.00307 47.06% 0.00087 1.13 0.11 85180 35843010 22JUN2000 -0.00287 34.90% -0.00448 2.07 -0.26 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 87364 74837P10 -0.54 46.84% 0.00300 0.05496 -0.0816 76963 62941030 -0.44 35.69% 0.00716 0.08334 -0.0455 76100 88517530 0.38 44.31% 0.00229 0.04657 -0.0414 12067 67000810 -2.20 46.27% 0.00258 0.04712 -0.0441 57808 92829810 0.32 47.84% 0.00120 0.03286 -0.0968 81007 69357H10 -1.38 47.84% 0.00249 0.04539 0.0700 80332 36727810 -1.06 42.75% 0.00245 0.04809 -0.0177 82717 49005710 -0.62 45.10% 0.00215 0.04628 0.0157 79788 01903Q10 -0.02 45.10% 0.00062 0.02343 -0.0870 82775 41651510 0.37 49.41% 0.00089 0.02316 0.0077 79788 01903Q10 -0.03 45.49% 0.00062 0.02343 -0.0937 87455 65333U10 0.05 43.69% 0.00771 0.08184 0.0446 82681 15092610 0.31 41.57% 0.00581 0.07385 0.0268 83982 22405110 -0.20 46.27% 0.00065 0.02469 0.1753 86111 02991220 -1.09 44.31% 0.00142 0.03313 -0.0297 85180 35843010 1.40 43.53% 0.00224 0.04560 0.1799 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 126 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 63079 49291410 27JUN2000 0.00467 43.14% 0.00229 2.15 0.39 85211 87163010 29JUN2000 0.00590 46.67% 0.00396 0.91 0.21 10667 45255W10 14JUL2000 0.00475 43.53% 0.00233 1.75 1.13 83650 26613X10 19JUL2000 0.00214 49.80% 0.00018 1.10 0.11 87252 84760T10 25JUL2000 0.00417 44.38% 0.00145 1.84 0.91 24476 19247910 26JUL2000 0.00705 49.80% 0.00390 1.93 0.86 57534 65182410 26JUL2000 0.01066 47.06% 0.00728 2.24 1.48 87189 89969010 26JUL2000 0.01006 51.26% 0.00540 2.93 0.56 85002 00234610 27JUL2000 0.00593 44.71% 0.00240 2.97 1.22 83405 73172K10 27JUL2000 0.00551 49.80% 0.00256 2.06 0.03 76149 78651420 28JUL2000 0.00024 45.49% 0.00023 0.39 -1.06 87314 25385P10 31JUL2000 0.00456 46.01% 0.00099 2.75 0.54 75854 51841510 31JUL2000 0.00395 54.12% 0.00174 0.80 -0.08 86969 37957110 01AUG2000 0.01182 47.44% 0.00774 2.22 0.25 77129 49446R10 01AUG2000 0.00041 44.31% 0.00027 0.30 -0.19 87424 56169310 01AUG2000 0.00087 41.73% -0.00153 2.00 0.66 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 63079 49291410 1.37 43.92% 0.00208 0.04304 -0.1890 85211 87163010 -0.71 43.92% 0.00346 0.05735 -0.0574 10667 45255W10 0.95 43.14% 0.00349 0.05631 0.1183 83650 26613X10 -0.80 48.63% 0.00194 0.04086 -0.1406 87252 84760T10 0.59 42.13% 0.00393 0.05891 -0.1106 24476 19247910 -0.79 45.10% 0.00357 0.05239 -0.1478 57534 65182410 -0.04 41.18% 0.00456 0.06013 -0.0011 87189 89969010 -0.60 43.72% 0.00733 0.07717 -0.0293 85002 00234610 0.47 44.31% 0.00537 0.06583 0.0594 83405 73172K10 -1.18 46.67% 0.00352 0.05217 -0.2458 76149 78651420 -0.11 45.88% 0.00095 0.02949 0.0200 87314 25385P10 0.53 44.17% 0.00615 0.07248 0.1394 75854 51841510 -2.41 49.02% 0.00185 0.03319 -0.0336 86969 37957110 -2.83 41.45% 0.00920 0.08463 0.0314 77129 49446R10 0.13 47.06% 0.00011 0.01020 -0.0152 87424 56169310 1.09 40.16% 0.00552 0.07144 0.1410 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 127 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 76224 08160H10 02AUG2000 0.00234 46.67% 0.00102 0.54 0.81 81481 25674710 02AUG2000 0.00264 49.41% 0.00156 1.36 -1.71 65832 02081310 09AUG2000 0.00241 48.24% 0.00135 0.90 -0.17 71475 02989910 10AUG2000 0.00058 48.24% 0.00007 0.40 -0.20 86288 22160N10 10AUG2000 -0.00052 43.53% -0.00270 1.57 0.12 88664 42628110 10AUG2000 0.00413 54.51% 0.00251 0.60 0.24 76900 86859F10 24AUG2000 0.00224 40.39% 0.00084 1.15 0.35 79857 70341410 11SEP2000 0.00503 55.69% 0.00364 2.08 0.25 82157 04916410 14SEP2000 0.00099 44.31% -0.00039 1.67 -0.37 87612 46069S10 15SEP2000 0.00389 50.53% 0.00498 2.96 0.04 87638 90042310 20SEP2000 0.01169 48.70% 0.00752 4.15 0.39 76584 04951310 21SEP2000 0.00485 52.55% 0.00179 1.37 -0.72 76951 74267L10 21SEP2000 0.00271 36.86% 0.00251 0.58 -0.31 12052 36955010 25SEP2000 -0.00018 49.80% -0.00035 0.76 -1.00 77292 74369L10 25SEP2000 0.01091 49.41% 0.00565 2.79 2.28 86311 70966810 26SEP2000 0.00237 51.37% 0.00175 0.59 0.08 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 76224 08160H10 -0.71 45.10% 0.00304 0.05295 0.0270 81481 25674710 -0.50 45.49% 0.00144 0.03378 -0.0819 65832 02081310 0.04 44.71% 0.00088 0.02865 0.0228 71475 02989910 -0.10 47.06% 0.00037 0.01877 0.1215 86288 22160N10 -0.03 41.57% 0.00254 0.04788 0.0344 88664 42628110 -0.73 45.49% 0.00120 0.03213 -0.0858 76900 86859F10 0.38 45.88% 0.00213 0.04506 -0.2666 79857 70341410 1.66 50.20% 0.00237 0.04648 -0.0028 82157 04916410 0.53 44.71% 0.00114 0.03150 0.0558 87612 46069S10 -1.46 49.47% 0.00840 0.07291 -0.1778 87638 90042310 0.05 43.48% 0.01383 0.10403 -0.1246 76584 04951310 -2.46 49.80% 0.00279 0.04254 0.0286 76951 74267L10 0.39 39.61% 0.00255 0.05058 -0.1792 12052 36955010 0.11 50.59% 0.00058 0.02224 -0.0382 77292 74369L10 -0.53 42.75% 0.00704 0.06943 0.0062 86311 70966810 0.19 47.84% 0.00105 0.03221 0.0008 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 128 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 86580 67066G10 05OCT2000 0.00938 46.27% 0.00696 1.03 1.05 76769 92343P10 05OCT2000 0.00174 45.10% 0.00023 1.62 0.62 88155 23316210 11OCT2000 0.01554 49.38% 0.01366 2.97 1.40 83541 68339910 11OCT2000 0.00604 44.71% 0.00208 2.90 1.17 23229 12589610 16OCT2000 -0.00083 41.18% -0.00103 0.68 -0.79 86176 49558210 17OCT2000 0.00587 52.94% 0.00500 0.24 -0.15 88202 90384410 17OCT2000 0.01629 48.31% 0.01668 2.84 5.08 76088 87238410 19OCT2000 0.00056 43.92% 0.00003 0.57 -0.12 86362 46600W10 24OCT2000 0.01303 43.92% 0.00983 2.43 0.70 82743 85512C10 25OCT2000 0.00092 47.45% 0.00047 0.48 -0.04 83879 51281510 15NOV2000 0.00035 46.27% -0.00164 1.44 -0.23 76841 44937010 16NOV2000 0.00586 48.24% 0.00253 2.05 0.07 75860 45253H10 16NOV2000 0.01284 52.16% 0.00869 2.56 1.39 87799 67105910 17NOV2000 0.00195 42.31% 0.00679 0.64 -0.98 64936 25746U10 21NOV2000 0.00132 49.41% 0.00111 0.51 -0.80 78906 39763710 27NOV2000 0.00367 41.96% 0.00222 1.14 0.01 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 86580 67066G10 -1.33 41.96% 0.00512 0.06582 0.0466 76769 92343P10 1.19 45.88% 0.00156 0.03719 0.0334 88155 23316210 1.64 37.04% 0.00721 0.07787 0.0826 83541 68339910 0.42 43.53% 0.00598 0.07008 0.1455 23229 12589610 0.53 46.27% 0.00060 0.02288 0.1131 86176 49558210 -1.08 47.45% 0.00372 0.06019 0.1920 88202 90384410 0.38 51.69% 0.01649 0.10373 0.0645 76088 87238410 0.31 47.45% 0.00049 0.02191 -0.1153 86362 46600W10 0.63 41.18% 0.00747 0.08339 0.0340 82743 85512C10 0.29 51.37% 0.00031 0.01749 0.0012 83879 51281510 -0.22 49.80% 0.00109 0.02958 -0.0073 76841 44937010 -1.30 43.53% 0.00423 0.05716 0.0227 75860 45253H10 0.09 39.61% 0.00711 0.07750 -0.0250 87799 67105910 -3.56 43.08% 0.01504 0.11712 -0.0130 64936 25746U10 0.38 49.80% 0.00026 0.01389 0.0541 78906 39763710 0.12 42.75% 0.00317 0.05554 -0.1586 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 129 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 76712 00130H10 29NOV2000 0.00322 50.98% 0.00202 1.15 -0.68 83534 64125C10 06DEC2000 0.01062 51.76% 0.00749 2.04 0.51 18411 84258710 06DEC2000 0.00127 51.37% 0.00070 0.73 -0.98 83478 09807210 11DEC2000 0.00399 45.10% 0.00242 1.06 0.98 85837 65715D10 14DEC2000 0.00654 47.45% 0.00452 1.90 -0.14 85761 12707210 18DEC2000 0.00058 41.96% 0.00065 0.01 -0.01 86111 02991220 18JAN2001 0.00316 47.45% 0.00136 1.58 0.36 68187 94874110 23JAN2001 0.00066 48.24% 0.00051 0.22 -0.17 86926 88731910 24JAN2001 0.00347 49.80% 0.00289 1.03 -0.14 88172 50101410 30JAN2001 0.00575 53.75% 0.00704 0.50 -0.39 83827 62624B10 31JAN2001 0.00094 43.92% 0.00097 0.10 -0.15 84192 05376210 01FEB2001 0.00616 50.20% 0.00598 0.87 0.92 84519 17177910 05FEB2001 0.00730 49.80% 0.00893 1.42 0.13 25487 15131310 08FEB2001 -0.00144 44.71% -0.00182 1.65 -1.02 86821 29975910 09FEB2001 0.00187 47.45% 0.00109 1.11 0.72 82775 41651510 12FEB2001 0.00265 50.20% 0.00244 1.40 -2.38 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 76712 00130H10 0.05 48.24% 0.00096 0.02956 -0.0679 83534 64125C10 -1.44 43.92% 0.00514 0.06231 -0.0398 18411 84258710 0.53 50.59% 0.00037 0.01611 0.0300 83478 09807210 0.59 43.92% 0.00184 0.04060 -0.0409 85837 65715D10 0.25 42.35% 0.00360 0.05781 0.0660 85761 12707210 -0.39 45.49% 0.00030 0.01698 -0.1260 86111 02991220 0.15 43.53% 0.00148 0.03421 0.0242 68187 94874110 0.03 48.63% 0.00007 0.00834 0.1076 86926 88731910 -0.68 49.02% 0.00257 0.04811 0.0365 88172 50101410 -0.64 48.75% 0.00234 0.04756 0.1597 83827 62624B10 -0.05 46.67% 0.00009 0.00941 -0.1127 84192 05376210 -0.76 47.45% 0.00308 0.05049 -0.0159 84519 17177910 -2.81 48.24% 0.00487 0.05277 -0.0183 25487 15131310 -0.10 44.71% 0.00180 0.03918 0.0373 86821 29975910 0.43 48.63% 0.00327 0.05574 -0.0526 82775 41651510 -0.22 49.41% 0.00120 0.02754 -0.0239 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 130 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 87415 78127010 16FEB2001 0.00283 45.88% 0.00323 1.59 0.18 23229 12589610 23FEB2001 0.00017 48.24% -0.00091 0.86 -0.76 87357 98375910 01MAR2001 -0.00060 47.84% -0.00034 2.85 0.63 86720 21988R10 08MAR2001 0.00249 51.37% 0.00288 0.86 0.19 84041 89681810 09MAR2001 0.00207 47.45% 0.00212 0.39 -0.17 27959 26439910 13MAR2001 0.00188 55.69% 0.00103 0.56 -0.86 85802 04644A10 15MAR2001 0.00703 47.84% 0.00793 1.61 0.55 85240 41076810 15MAR2001 0.00364 52.94% 0.00309 0.75 0.20 76614 75886F10 19MAR2001 0.00777 44.71% 0.00844 1.27 2.72 86308 28368B10 20MAR2001 0.00158 51.37% 0.00100 0.66 -0.36 24221 21037110 21MAR2001 0.00141 53.73% 0.00046 0.48 -0.60 85772 74922710 22MAR2001 0.00172 49.02% 0.00140 0.23 -0.01 61946 09211310 18APR2001 0.00237 53.73% 0.00239 0.23 -0.25 52425 93965310 23APR2001 0.00185 44.31% 0.00263 -0.01 -0.14 79890 49359610 24APR2001 0.00084 40.39% 0.00060 0.32 -0.08 86021 50242410 25APR2001 0.00299 53.73% 0.00285 0.78 -0.02 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 87415 78127010 -1.30 43.53% 0.00488 0.06196 0.0216 23229 12589610 0.78 50.98% 0.00063 0.02320 0.1060 87357 98375910 -0.12 49.02% 0.00459 0.05544 -0.1744 86720 21988R10 -0.39 46.27% 0.00216 0.04397 0.0854 84041 89681810 -0.07 44.31% 0.00039 0.01925 0.0646 27959 26439910 0.52 54.90% 0.00040 0.01760 0.1160 85802 04644A10 -0.94 43.14% 0.00698 0.07685 0.0536 85240 41076810 0.27 48.63% 0.00104 0.03142 0.0584 76614 75886F10 -0.93 43.53% 0.00858 0.07973 -0.0716 86308 28368B10 0.32 50.20% 0.00039 0.01919 0.1546 24221 21037110 0.68 52.55% 0.00056 0.02210 -0.0239 85772 74922710 0.18 48.24% 0.00014 0.01179 -0.2864 61946 09211310 -0.10 51.37% 0.00051 0.02241 0.1548 52425 93965310 -0.47 43.14% 0.00028 0.01606 -0.0698 79890 49359610 0.05 48.24% 0.00015 0.01209 -0.1276 86021 50242410 -0.05 47.45% 0.00078 0.02608 -0.0646 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 131 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 55191 60659220 01MAY2001 0.00392 52.94% 0.00298 0.39 0.25 81045 75610910 01MAY2001 0.00106 49.80% 0.00128 0.07 -0.12 68187 94874110 01MAY2001 0.00098 52.16% 0.00114 0.09 -0.16 79788 01903Q10 02MAY2001 0.00155 50.98% 0.00131 0.73 -0.65 75326 03938010 02MAY2001 0.00514 44.71% 0.00674 -0.47 0.27 46703 44107P10 02MAY2001 0.00169 46.27% 0.00107 0.46 -0.18 89675 54231210 02MAY2001 0.00144 49.80% -0.00042 1.09 0.04 84373 74834L10 02MAY2001 0.00533 56.08% 0.00715 -0.07 -0.50 80926 13123X10 10MAY2001 -0.00040 44.71% -0.00090 0.36 0.15 85420 16090810 10MAY2001 0.00137 45.88% 0.00185 0.22 -0.08 79548 63623G10 16MAY2001 0.00097 47.45% 0.00146 0.23 -0.10 79660 66478510 16MAY2001 0.00144 50.98% 0.00091 0.28 0.14 86115 15101Q10 23MAY2001 0.00003 49.80% 0.00343 1.43 -0.63 87772 36235940 23MAY2001 -0.00289 38.43% -0.00252 1.71 0.83 24248 01852210 24MAY2001 0.00192 52.94% 0.00084 0.51 -0.79 46703 44107P10 29MAY2001 0.00156 46.67% 0.00107 0.53 -0.23 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 55191 60659220 0.54 48.63% 0.00086 0.02925 0.1009 81045 75610910 -0.16 49.80% 0.00015 0.01197 -0.2646 68187 94874110 -0.13 50.20% 0.00007 0.00843 0.0720 79788 01903Q10 -0.12 50.20% 0.00036 0.01709 -0.1044 75326 03938010 -0.72 43.14% 0.00230 0.04776 -0.0257 46703 44107P10 0.24 47.45% 0.00030 0.01696 -0.0566 89675 54231210 0.90 48.63% 0.00157 0.03892 -0.0041 84373 74834L10 -1.08 49.80% 0.00195 0.04304 0.1266 80926 13123X10 0.30 47.84% 0.00107 0.03275 0.0181 85420 16090810 -0.25 48.24% 0.00023 0.01425 -0.1742 79548 63623G10 -0.21 46.67% 0.00028 0.01613 -0.2283 79660 66478510 0.31 49.80% 0.00020 0.01416 -0.0507 86115 15101Q10 -1.47 47.84% 0.00259 0.03966 -0.0432 87772 36235940 0.41 52.16% 0.00265 0.04625 0.0009 24248 01852210 0.35 51.76% 0.00047 0.02056 -0.1515 46703 44107P10 0.30 47.84% 0.00031 0.01710 -0.0623 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 132 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 85172 00792410 31MAY2001 -0.00068 48.24% 0.00013 0.34 -1.12 88819 68628610 31MAY2001 0.00479 57.30% 0.00207 1.16 -1.41 45356 90212410 01JUN2001 0.00009 47.84% 0.00108 0.98 -0.82 80682 31529310 05JUN2001 0.00153 46.67% 0.00163 0.23 -0.25 77699 35952H10 11JUN2001 0.00286 48.24% 0.00654 1.36 -0.83 83565 58392810 12JUN2001 -0.00163 41.18% -0.00167 1.17 -0.18 65947 42217K10 15JUN2001 0.00235 49.41% 0.00248 0.42 -0.43 81119 98743410 20JUN2001 0.00262 50.98% 0.00393 0.21 0.21 83897 74913610 21JUN2001 0.00339 46.27% 0.00260 0.91 -0.20 76214 87075610 21JUN2001 -0.00045 45.49% -0.00082 1.00 0.24 88681 94271210 21JUN2001 0.00159 48.44% 0.00057 0.62 -0.11 84531 26882D10 25JUN2001 0.00519 43.14% 0.00457 0.86 -0.01 84136 89373510 25JUN2001 -0.00001 45.10% 0.00135 0.57 2.54 88499 02744M10 26JUN2001 0.00069 48.55% -0.00113 1.14 0.49 87284 64123410 28JUN2001 0.00328 51.37% 0.00381 0.93 -0.46 87289 81721M10 28JUN2001 0.00174 44.71% 0.00142 0.36 -0.26 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 85172 00792410 -0.48 53.33% 0.00047 0.01998 0.0215 88819 68628610 1.04 49.44% 0.00126 0.03424 0.1379 45356 90212410 -0.44 51.76% 0.00076 0.02342 0.0008 80682 31529310 -0.04 47.84% 0.00026 0.01608 0.0917 77699 35952H10 -1.37 49.80% 0.00416 0.05734 0.0376 83565 58392810 0.24 51.76% 0.00098 0.02876 -0.0704 65947 42217K10 -0.03 47.45% 0.00022 0.01390 0.0556 81119 98743410 -0.63 49.80% 0.00130 0.03438 0.0332 83897 74913610 0.47 49.41% 0.00155 0.03886 -0.1315 76214 87075610 0.25 49.02% 0.00121 0.03290 0.0333 88681 94271210 0.38 47.66% 0.00082 0.02847 0.0887 84531 26882D10 0.28 43.92% 0.00154 0.03848 -0.0695 84136 89373510 -1.07 47.06% 0.00523 0.06453 -0.1651 88499 02744M10 0.92 53.76% 0.00421 0.06478 0.0124 87284 64123410 -0.43 49.80% 0.00071 0.02221 0.1431 87289 81721M10 0.14 46.27% 0.00055 0.02330 -0.1946 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 133 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 88237 91343110 28JUN2001 0.00241 46.52% 0.00131 0.67 -0.00 50702 70910210 10JUL2001 0.00165 47.06% 0.00142 0.28 -0.03 86915 90333L10 12JUL2001 0.00096 39.22% 0.00039 0.75 0.23 88542 51654810 16JUL2001 0.00170 38.22% -0.00072 2.10 1.84 85265 78440X10 19JUL2001 0.00064 49.80% 0.00044 0.32 0.02 16424 37576610 23JUL2001 -0.00056 45.88% -0.00091 0.37 -0.49 79770 52904310 26JUL2001 0.00126 44.31% 0.00128 0.17 -0.09 81917 44106M10 31JUL2001 0.00136 52.55% 0.00110 0.42 -0.16 85806 13973310 02AUG2001 0.00124 47.84% 0.00174 0.13 -0.01 88830 14888410 07AUG2001 0.00410 40.00% 0.00440 -0.05 0.28 87842 59156R10 07AUG2001 0.00227 50.59% 0.00153 0.90 -1.10 79351 88521810 07AUG2001 0.00283 52.55% 0.00180 0.52 -0.08 72980 86037210 08AUG2001 0.00153 47.45% 0.00119 0.32 0.13 82201 92762410 10AUG2001 0.00293 47.45% 0.00259 1.97 -0.85 22293 21935010 13AUG2001 -0.00340 48.24% 0.00170 0.56 -1.60 82546 00797410 14AUG2001 0.00326 51.76% 0.00653 0.73 0.35 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 88237 91343110 0.48 48.70% 0.00109 0.03289 0.1523 50702 70910210 0.08 43.53% 0.00010 0.00987 -0.0640 86915 90333L10 0.16 48.63% 0.00106 0.03161 -0.3374 88542 51654810 0.64 45.03% 0.00496 0.06552 -0.0054 85265 78440X10 0.03 53.33% 0.00017 0.01266 0.0751 16424 37576610 0.14 49.02% 0.00066 0.02551 -0.0600 79770 52904310 -0.07 46.27% 0.00015 0.01205 -0.1031 81917 44106M10 -0.00 49.41% 0.00018 0.01271 -0.0684 85806 13973310 -0.43 49.02% 0.00045 0.02034 -0.1643 88830 14888410 -0.28 38.26% 0.00159 0.04028 0.1624 87842 59156R10 0.27 48.63% 0.00075 0.02610 0.0018 79351 88521810 0.40 47.45% 0.00033 0.01800 -0.0981 72980 86037210 0.02 49.02% 0.00064 0.02513 0.0105 82201 92762410 -0.55 49.80% 0.00540 0.06865 -0.0192 22293 21935010 -3.02 50.20% 0.00308 0.03995 -0.0372 82546 00797410 -2.29 48.24% 0.00385 0.05081 -0.2188 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 134 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 80424 60114810 14AUG2001 0.00149 48.24% 0.00133 0.38 -0.21 86547 02406110 15AUG2001 -0.00034 40.78% -0.00033 0.14 -0.19 79890 49359610 21AUG2001 0.00014 41.57% 0.00001 0.24 -0.15 64565 22237210 23AUG2001 0.00107 44.71% 0.00012 1.27 -1.07 80364 82567D10 05SEP2001 0.00161 51.37% 0.00115 0.38 0.13 85271 02493710 06SEP2001 0.00116 52.16% 0.00130 0.38 0.35 79788 01903Q10 20SEP2001 0.00160 52.94% 0.00127 0.71 -0.73 31974 34555010 24SEP2001 0.00165 52.94% 0.00193 0.15 0.31 87289 81721M10 03OCT2001 0.00232 49.41% 0.00220 0.26 0.08 83596 28566110 04OCT2001 0.00186 46.27% 0.00185 0.81 -0.97 79778 16342110 05OCT2001 0.00158 53.73% 0.00211 -0.02 0.01 88284 20366810 09OCT2001 0.00309 49.80% 0.00354 -0.34 0.41 37161 87237510 09OCT2001 0.00123 49.41% -0.00045 0.73 -0.64 58406 66807410 10OCT2001 0.00007 48.24% -0.00052 0.37 0.08 68857 12686C10 17OCT2001 0.00033 47.84% 0.00006 0.64 -0.46 88436 29264F20 17OCT2001 0.00257 43.53% 0.00078 0.89 1.31 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 80424 60114810 -0.01 48.63% 0.00017 0.01244 -0.1167 86547 02406110 -0.02 45.49% 0.00110 0.03328 0.1284 79890 49359610 0.04 49.80% 0.00017 0.01297 -0.0383 64565 22237210 0.40 46.67% 0.00064 0.02282 -0.0249 80364 82567D10 0.12 51.37% 0.00012 0.01044 -0.1223 85271 02493710 -0.22 49.41% 0.00047 0.02027 -0.0450 79788 01903Q10 0.04 51.76% 0.00047 0.02043 -0.0910 31974 34555010 -0.18 47.06% 0.00019 0.01289 0.0848 87289 81721M10 0.03 47.45% 0.00026 0.01606 -0.0821 83596 28566110 -0.06 43.14% 0.00069 0.02460 -0.0931 79778 16342110 -0.27 47.84% 0.00017 0.01256 0.0168 88284 20366810 -0.20 46.27% 0.00165 0.04075 -0.0903 37161 87237510 0.78 47.45% 0.00026 0.01462 0.1341 58406 66807410 0.24 50.98% 0.00032 0.01785 -0.1499 68857 12686C10 0.01 47.45% 0.00050 0.02132 -0.0252 88436 29264F20 0.70 46.67% 0.00340 0.05766 -0.0999 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 135 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 82775 41651510 17OCT2001 0.00043 53.33% 0.00049 0.70 -1.33 83879 51281510 17OCT2001 0.00005 51.37% 0.00120 0.57 -0.57 81045 75610910 18OCT2001 0.00108 54.12% 0.00103 0.24 0.20 82639 45254P10 22OCT2001 0.00464 46.67% 0.00511 0.24 0.11 85427 39890510 25OCT2001 0.00474 48.24% 0.00433 0.41 0.84 86313 91728620 25OCT2001 0.00139 41.57% 0.00129 0.02 0.18 75846 45031U10 30OCT2001 0.00147 49.02% 0.00123 0.34 0.10 86173 45727710 30OCT2001 -0.00706 44.71% -0.00016 1.84 -1.11 85935 02393410 01NOV2001 0.00247 41.57% 0.00193 0.31 0.18 85896 03702310 01NOV2001 0.00218 45.49% 0.00163 0.37 0.06 86176 49558210 01NOV2001 0.00231 53.33% 0.00162 1.04 -0.30 80987 49906410 01NOV2001 0.00303 48.24% 0.00255 1.00 -0.03 68187 94874110 02NOV2001 0.00099 53.73% 0.00125 0.12 -0.19 84563 82704810 06NOV2001 0.00474 47.06% 0.00246 1.48 -0.34 83906 85891210 06NOV2001 0.00336 50.59% 0.00348 0.45 -0.56 76693 44929510 07NOV2001 0.00128 50.98% 0.00148 1.72 -0.27 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 82775 41651510 -0.14 53.73% 0.00055 0.02129 -0.0995 83879 51281510 -0.79 47.45% 0.00095 0.02754 -0.2573 81045 75610910 -0.05 49.80% 0.00011 0.00983 -0.1642 82639 45254P10 -0.33 43.92% 0.00156 0.03913 -0.0231 85427 39890510 0.01 45.49% 0.00122 0.03409 0.0733 86313 91728620 0.02 41.18% 0.00020 0.01427 -0.1083 75846 45031U10 0.06 45.88% 0.00016 0.01195 0.0310 86173 45727710 -4.30 50.20% 0.01045 0.07790 0.0669 85935 02393410 0.24 42.35% 0.00047 0.02163 -0.0352 85896 03702310 0.25 44.71% 0.00023 0.01494 -0.1551 86176 49558210 0.28 50.98% 0.00138 0.03624 -0.0122 80987 49906410 0.12 47.45% 0.00098 0.02964 0.0170 68187 94874110 -0.14 48.63% 0.00007 0.00810 0.0241 84563 82704810 1.15 41.57% 0.00212 0.04529 -0.0099 83906 85891210 -0.06 45.10% 0.00162 0.04010 -0.0481 76693 44929510 -0.31 50.98% 0.00143 0.03039 0.0094 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 136 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 83879 51281510 07NOV2001 -0.00079 50.98% 0.00055 0.64 -0.65 10564 00684810 08NOV2001 0.00059 45.88% 0.00084 0.91 -0.09 85420 16090810 08NOV2001 0.00104 50.20% 0.00102 0.30 0.47 86896 20360710 12NOV2001 0.00107 50.59% 0.00056 0.42 0.06 41187 41987010 13NOV2001 0.00118 53.73% 0.00012 0.59 -0.28 61807 61539420 14NOV2001 0.00054 38.04% -0.00028 0.66 0.72 76088 87238410 14NOV2001 0.00156 48.63% 0.00100 0.36 -0.05 84281 92824110 14NOV2001 0.00168 47.84% 0.00435 0.73 0.52 86316 18066810 15NOV2001 0.00407 50.20% 0.00369 1.09 0.51 10933 57053510 15NOV2001 0.00101 51.37% 0.00120 0.44 -0.48 75592 72925110 15NOV2001 0.00118 48.24% 0.00113 0.35 -0.25 86106 29250R10 20NOV2001 0.00128 52.55% 0.00082 0.34 0.08 79617 71752810 20NOV2001 0.00251 45.10% 0.00260 0.33 0.10 88373 20221810 27NOV2001 0.00092 49.02% 0.00119 0.52 0.20 76477 01880410 04DEC2001 0.00388 55.29% 0.00494 -0.43 0.19 23042 29164110 04DEC2001 -0.00047 45.88% -0.00141 0.27 -0.10 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 83879 51281510 -0.76 50.20% 0.00101 0.02836 -0.2258 10564 00684810 -0.23 47.06% 0.00133 0.03433 0.0938 85420 16090810 -0.10 46.67% 0.00030 0.01611 -0.2577 86896 20360710 0.23 47.06% 0.00017 0.01290 0.1197 41187 41987010 0.55 52.55% 0.00015 0.01173 -0.0022 61807 61539420 0.34 42.75% 0.00038 0.01793 0.1252 76088 87238410 0.28 44.71% 0.00015 0.01196 -0.0524 84281 92824110 -1.45 45.10% 0.00326 0.05111 0.0287 86316 18066810 0.17 49.80% 0.00178 0.04037 -0.0688 10933 57053510 -0.05 52.55% 0.00025 0.01502 -0.1282 75592 72925110 0.05 47.84% 0.00023 0.01473 -0.2135 86106 29250R10 0.31 49.02% 0.00019 0.01358 -0.2323 79617 71752810 -0.00 37.65% 0.00069 0.02610 0.0092 88373 20221810 0.02 53.73% 0.00028 0.01531 -0.2708 76477 01880410 -0.66 48.63% 0.00064 0.02494 -0.0380 23042 29164110 0.57 52.94% 0.00048 0.02159 -0.0425 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 137 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB 81521 03097510 05DEC2001 0.00143 52.94% 0.00056 0.84 -0.04 58318 88077910 05DEC2001 0.00045 46.67% 0.00004 1.32 0.41 76306 04962L10 07DEC2001 0.00330 50.59% 0.00226 2.40 -1.03 77129 49446R10 11DEC2001 0.00103 49.41% 0.00088 0.32 -0.11 25099 92931B10 11DEC2001 0.00074 49.41% 0.00061 0.25 -0.21 79129 37002110 12DEC2001 0.00054 50.59% 0.00036 0.38 -0.03 63079 49291410 13DEC2001 -0.00011 43.53% -0.00092 1.30 0.83 84031 59814810 13DEC2001 0.00395 49.41% 0.00408 1.31 0.54 88575 59514P10 14DEC2001 -0.00064 42.35% 0.00293 2.50 0.97 79265 30244510 18DEC2001 0.00942 49.80% 0.00949 0.08 1.32 79233 42194610 18DEC2001 0.00159 49.41% 0.00164 0.33 -0.06 59300 91019710 18DEC2001 0.00166 51.76% 0.00187 0.19 0.21 85271 02493710 19DEC2001 0.00104 52.16% 0.00111 0.53 0.18 72661 83013710 19DEC2001 0.00112 49.02% 0.00118 0.10 0.19 84136 89373510 20DEC2001 0.00005 48.63% 0.00117 0.72 1.04 MEAN 0.00277 44.72% 0.00141 1.10 0.03 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* 81521 03097510 0.64 52.55% 0.00029 0.01552 0.1001 58318 88077910 0.52 47.45% 0.00103 0.02906 0.0181 76306 04962L10 0.87 47.45% 0.00227 0.04225 -0.0806 77129 49446R10 0.12 47.45% 0.00008 0.00840 0.0821 25099 92931B10 0.10 48.63% 0.00017 0.01306 -0.0072 79129 37002110 0.14 49.41% 0.00011 0.00966 0.0827 63079 49291410 0.60 46.67% 0.00186 0.04080 -0.0410 84031 59814810 0.05 49.80% 0.00167 0.03698 0.1147 88575 59514P10 -2.09 45.10% 0.00929 0.07935 -0.0268 79265 30244510 -0.17 44.71% 0.00367 0.06017 -0.0415 79233 42194610 -0.04 45.10% 0.00021 0.01384 -0.0273 59300 91019710 -0.16 50.59% 0.00019 0.01293 -0.1633 85271 02493710 -0.09 50.20% 0.00042 0.01901 -0.0486 72661 83013710 -0.07 54.51% 0.00019 0.01361 -0.1585 84136 89373510 -0.94 49.80% 0.00279 0.04827 0.0973 MEAN -0.22 46.17% 0.00150 0.03111 -0.0312 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 138 A Biased and Haphazard Sample for Demonstration Purposes Only Parameter Estimates and Estimation Period Statistics -------------- Benchmark Method=Fama-French Three-Factor Model; Market Index=Equal -------------- (continued) Request Mean % of Raw File Event Total Returns PERMNO CUSIP Date Return >0 Alpha Beta SMB MEDIAN 0.00200 44.71% 0.00097 0.96 -0.02 Request Time-Series Total Residual File Model Res- Return Standard Autocor- PERMNO CUSIP HML iduals > 0 Variance Deviation relation* MEDIAN -0.02 46.27% 0.00084 0.02743 -0.0231 * First order autocorrelation of time-series model abnormal returns Seasoned Equity Offerings: Offer Date 139 A Biased and Haphazard Sample for Demonstration Purposes Only Fama-French Time-Series Model, Equally Weighted Index Mean Compound Abnormal Skewnewss N Return CSectErr Generalized Corrected Days +:- /Median t Sign Z T1 ƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒ (+25,+252) 1037 -105.98% -4.511 -16.615 -12.778 212:825<<< -41.85% (<.001) (<.001) (<.001) (+253,+504) 1009 -144.44% -3.446 -17.480 -8.333 189:820<<< -51.32% (<.001) (<.001) (<.001) (+505,+757) 929 -142.37% -3.057 -13.089 -6.829 230:699<<< -41.38% (0.001) (<.001) (<.001) (+25,+757) 1037 <-9999.99% -1.008 -22.969 -1.379 110:927<<< -155.75% (0.157) (<.001) (0.084) (0,+757) 1039 <-9999.99% -1.007 -23.191 -1.377 107:932<<< -162.62% (0.157) (<.001) (0.084) ƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒ P-values are in parentheses. The symbols (,<,<<,<<< or ),>,>>,>>> show the significance and direction of the generalized sign test at the 0.10, 0.05, 0.01 and 0.001 levels, respectively.