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