Chadwick, A. (2018).

Awareness on Stock Market Investment Journal in Business Research,

8(2), 60-65.
37 PUBLICATIONS 154 CITATION
Chadwick, A. (2018). Awareness on Stock Market Investment Journal in Business Research,
8(2), 60-65.
37 PUBLICATIONS 154 CITATION
 ABSTRACT
Stock market investment provides a ready market for the sale and purchase of existing
securities. This facilitates the steady marketability of shares and debentures. It also provides
price continuity to the investors regarding the securities they hold or intend to purchase. It is the
place where persons with cash can convert it into securities. The easy marketability of securities
enhances their liquidity and, hence, increases the value of securities. Moreover, stock market
investment creates favorable climate suitable for investment of surplus funds into business
sector. Thus, encourages savings and channels the funds towards industrial progress. In this
manner, stock exchange mobilize savings and channels the flow of capital into most profitable
ventures.
The study is an attempt to empirically examine the form or degree of capital market
efficiency for the case of Chittagong Stock Exchange (CSE) over the period June 2008 through
December 2009 employing the event study methodology which tests an investment scheme that is
based upon the trading on information events and the event under consideration is „earnings
announcements‟. The test result shows that the degree of capital market efficiency is very low.
The presence of a good number of non-actively traded shares, informational asymmetry, price
manipulation, floatation of so many IPOs within a short span of time are the leading factors
originating lower degree of efficiency. Careful monitoring, effective intervention by regulatory
bodies, timely disclosure and dissemination of all relevant information along with other
corrective measures can reduce the hesitancy of investors and a significant level of market
efficiency the CSE might experience.

Keywords: Earnings Announcement, Capital Market, Market Efficiency, CSE.

 3

1.0 Introduction
An efficient capital market is sought highly to arrive at two desired goals- to build investors’
confidence, to increase resource mobilization and improve the efficiency in allocating them
at appropriate areas, both are important to stimulate the development of an economy
(Adelegan, 2009). Economies without well-functioning stock markets may suffer from three
types of imperfections: first, opportunities for risk diversification are limited for investors
and entrepreneurs, second, firms are unable to optimally structure their financing packages
and third, countries without well-functioning markets lack information about the prospects of
firms whose shares are traded, thereby restricting the promotion of investment and its’
efficiency (Demirguc-Kunt et al, 1996). Countries with better developed financial systems,
i.e. financial markets and institutions that more effectively channel society’s savings to its
most productive use, experience faster economic growth (Thorsten Beck and Rahman, 2006).
Bangladesh also feels the need for an efficient and transparent capital market to canalize
money from the surplus units of the society who are not supposed to invest their fund but buy
securities from the capital markets to potential investors who gather in the capital markets to
finance their projects, so that it accelerates the growth for overall benefit of the economy.

A number of evolutionary and regulatory measures have been taken by the Government of
Bangladesh to boost the capital market of the country to develop a strong platform for
entrepreneurs for raising capital. The Government has also sought assistance from various
international agencies to suggest necessary capital market reforms for Bangladesh. The main
international agencies that have been working in the capital market reforms projects in
Bangladesh today are: Asian Development Bank (ADB), the International Monetary Fund
(IMF), The World Bank, the United States Agency for International Development (USAID)
and the United Nations Development Program (UNDP). Despite the presence of various
domestic and international regulatory agencies, the capital market of Bangladesh is yet to
make a steady growth. The investors are still very scared to enter into the market as it has not
been recognized a complete safeguard to the investors to generate profit due to uneven
fluctuations in security prices. Very often the investors lose their confidence in the market
and in the regulatory bodies. This is partly because of inadequate regulations, lack of
supervision and administrative slackness towards the application of existing rules and
somewhat because of superficial speculation owing to which market moves dramatically. But
 4

with all of its superfluous issues, the paper aims to examine the degree of efficiency at which
our capital market is operating.

The capital market in which security prices adjust rapidly to the arrival of all relevant new
information and, therefore, the current prices of security reflect all current and upcoming
information about the security due to which making economic profit is almost impossible is
called efficient capital market. In an efficient capital market it is somehow difficult to beat
the market even if one is a professional, well-informed, experienced investor. Market
efficiency does not require that the market price be equal to true value at every point in time.
All it requires is that errors in the market price be unbiased, i.e., that prices can be greater
than or less than true value, as long as these deviations are random. Randomness implies that
there is an equal chance that stocks are under or over valued at any point in time. Moreover,
market efficiency is a matter of degree, not of kind. Though the financial analysts talk about
three different types or forms of market efficiency but the forms basically stands to describe
how fast relevant information are reflected in security prices to estimate its fundamental
values. The forms are i) weak form efficiency in which current price reflects the information
contained in all past prices and technical analysis is of no use, ii) semi-strong form efficiency
asserts that current price reflects all publicly available information and fundamental analysis
is out of use, finally iii) Strong Form Efficiency for which current price reflects all
information, public as well as private, and insiders’ information become useless.

A market to be efficient, there should be profit maximizing investors who recognize the
'potential for excess return', can replicate the beat the market scheme that earns the excess
return, and have the resources to trade on the stock until the inefficiency disappears. In
relation to our capital market, though we have a large number of profit seeking investors to
fulfill all these requirements for an efficient market, but yet it is seemed to be a weak form
efficient market because of the slackness of convenient information. The annual reports of
some of the listed companies are mistrusted and often supposed to be as speculative by the
market. The market moved radically over a period of time and turned into a speculative
market and then a gamble market transforming the investors into speculators. (Raihan and
Anwar Ullah, 2007). Besides, companies’ information is released and circulated before their
annual reports are published and officially available. In fact, semi strong form and strong
form efficiency is very rare in less developed countries because of the facts brought up
 5

above. The study therefore aims to test the form of efficiency of our capital market with
reference to Chittagong Stock Exchange (CSE).

2.0 Literature Review

The term efficiency is used to describe a market in which new information is reflected in
market price of financial assets without making any delay. The term ‘efficiency’ bears
different significances. Economists use this word to refer to operational efficiency that
emphasizes on the way resources are employed to facilitate the operation of the market,
while this study is concerned with the informational efficiency of capital market which
considers how quick the stock prices adjust on the arrival of new information. Emerging
markets are generally thought to be less efficient compared to developed market. The study
on testing market efficiency of emerging markets is very few in number than the studies on
developed market.

Evidence supporting weak-form efficiency of the developing markets is found in a number of

studies which implies that price changes are random, i.e., profitable investment trading
strategy cannot be derived based on the past prices. (Working, 1934; Kendall, 1953;
Osborne, 1959; Fama, 1991). The others found the evidence to reject the weak-form
efficiency in the developing and emerging markets. (Roux and Gilberson, 1978; Harvey,
1994; Poshakwale. S, 1996). In a world bank study reports significant serial correlation in
equity returns from 19 emerging markets and suggest that stock prices in emerging markets
violates weak-form efficiency (Claessens, Dasgupta and Glen, 1995). Similar results have
been acquired in the study of Harvey (1994), Roux and Gilberson (1978) and Poshakwale S.
(1996). Only one study has been found for testing degree of efficiency of Chittagong stock
exchange (CSE) with special attention to weak-form. The study found no grounds to tag CSE
as a weak-form efficient market (Raihan and Anwar Ullah, 2007). Thus, we cannot predict
the impact of investors’ information search behavior on stock prices in advance based on the
above discussions.

3.0 Statement of the Problem

With the above backdrop, it is evident that research findings on the efficiency of stock
markets of developing and less developed countries are controversial. In Bangladesh, both
banks and capital market are working together for the development of the economy. Though,
 6

the primary sources of external funds for business entrepreneurs are loans from commercial
banks, capital market also contributes a lot to support economic growth. The amount of
industrial term loans disbursed by banks and financial institutions stood at Taka 199.7
billion, many-fold higher than the amount of Taka 5.9 billion raised by new capital issues,
Taka 0.9 billion raised through private placements and Taka 5.0 billion through public
offerings in FY09 (table-B and table-C).
Table A: Industrial term loans of banks and financial institutions (billion Taka)
Particulars FY ’05 FY ’06 FY ’07 FY ’08 FY ’09
Disbursement 87.0 96.5 123.9 201.5 199.7
Recovery 85.4 67.6 90.7 136.2 163.0
Outstanding 226.3 273.8 339.2 400.9 478.1
Source: Bangladesh Bank Annual Report

Table B: Equity through private placement and public offering (billion Taka)
Particulars FY ’05 FY ’06 FY ’07 FY ’08 FY ’09
Equity through private placement & 1.2 1.7 3.14 5.2 5.9
IPOs (billion Taka)
private placement (billion Taka) 0.1 0.2 0.04 1.5 0.9
Public Offering (billion Taka) 1.1 1.5 3.1 3.7 5.0
Source: Bangladesh Bank Annual Report

It denotes that banks and financial institutions are still the major sources of investment
financing in Bangladesh as our capital market is operating far below than its potential. The
rationale for testing weak form efficiency of emerging capital market like CSE is evident.
But in the absence of such sort of attribute, how close the market is to other two forms and if
not how far the market deviates from ideal one can be a matter of interest.

3.1 Objective of the Study

The main objective of the paper is to examine the level of efficiency of stock market of
Bangladesh, particularly of Chittagong Stock Exchange (CSE). To assess the form of
efficiency, the paper will investigate whether significant abnormal returns can be generated
CSE in the period surrounding firms’ annual earnings disclosures. The speed of reaction of
the market to earnings information disclosures of the sample firms will be measured to reach
to a precise decision
3.2 Methodology and Data Sources
The study is an attempt to examine how quick the stock prices adjust on the arrival of new
information; therefore it is concerned with the informational efficiency of capital market of
Bangladesh, particularly of Chittagong Stock Exchange (CSE). There are a number of
 7

different approaches of testing for market whether informational efficiency exists or not, and
the approach used greatly depends on the investment scheme being tested. Two major
approaches are-
Event Study: The study is employed to test an investment scheme that is based upon the
trading on information events. The information events can be market-wide, such as macro-
economic announcements, or firm-specific, such as stock splits, earnings announcements or
acquisition announcements, etc. For having the evidence of excess returns, event study
scrutinizes the returns around the event.

Portfolio Study: Portfolio Study is applied to test an investment scheme that is based upon
the trading on a observable characteristic of a firm like price earnings ratios, price book value
ratios or dividend yields, etc. In this study, portfolios of stocks with these characteristics are
created and tracked over time to see if, in fact, they make excess returns.

The study is designed to examine market reactions to excess returns around specific
information events ‘earnings announcements’, therefore, an event study is the reasonable
methodology for the study which is conducted following the proposed way, steps of which
are discussed in the following section.

3.3 Hypothesis to be Tested under Event Study Methodology

A group of investors in the capital market argues that arrival of new information attract
speculators and hence increase stock price volatility (Osborne, 1959; Fama, 1991; Chiang
and Wang, 2002) while others argue that it spreads out investors choices and thus lead to
lower stock price volatility and higher stock prices (Glen, 1995; Gilberson, 1978; Mamun et
al, 2013). Based on these notions, event study is designed to test the null hypothesis
containing ‘the market does not react to the arrival of new information (that is, the market is
not efficient) against the alternative hypothesis ‘the market does react to the arrival of new
information (that is, the market is efficient).
3.4 Sample Period and Data Sources
The data set of this empirical analysis consists of the stock prices of CSE. The data used are
daily and cover the period June 2008 through December 2009. To confirm the results of the
empirical analysis I also compute the excess returns for each of the stocks taken into account.
The study is also aided by the data of secondary sources that are found available in the CSE
 8

Publications, library and information division of Chittagong Stock Exchange (CSE), Inquiry
Committee reports and market-generated information about daily price of stocks and market
index available in daily newspapers, websites of SEC.

3.5 Applying the Methodology

The necessary steps that should be successively pursued in resorting event study are-
identification of the event, recording the announcement date, collecting prices, measuring
stock returns, measuring market returns, adjusting risk, averaging the excess returns,
computing standard errors, estimating t-statistics. A brief clarification of the steps is given
here.

The event to be studied is clearly identified, and the date on which the event was announced
is to be pinpointed. In conducting the research a large sample of stocks have been collected
in which twenty (20) such stocks are found that have in common the incidence of a particular
event ‘announcement of earnings per share’. The date on which the event announced is called
announcement date which has been recorded for each stock. Name of the companies whose
stocks we are considering and the dates on which the announcement of event comes in CSE
for different stocks have been recorded in appendix-2. Close prices around the event dates
are collected to calculate the returns of the stocks. Moreover, the prices of the underlying
stock (j) were collected for each of the ten days prior to the option listing announcement date,
the day of the earnings announcement, and each of the ten days after. Thus, the paper will use
the prices of 21 trading days for each stock. Returns for each of the trading days for each

stock (Rjt) are computed. Returns on the market index (Rmt) are computed for each of the 21
trading days. It is worth noting that ‘Chittagong Stock Exchange All Share Price Index
(CASPI)’ embodies the market index in computing the market return rate.

After measuring returns, by period, around the announcement date, next order of business is
to adjust them to market performance and risk to arrive at excess returns for each stock in the
sample.

In general, the capital asset pricing model is used to control for risk, in which, the beta (β)
factor, as a measure of the response of the security’s returns to the change in the rates of
return to the market portfolio, is estimated using the returns from a time period outside the
event window using 100 trading days from before the event and 100 trading days after the
 9

event. After measuring beta, the excess returns can be computed for each of the 21 trading
days for each stock. When the excess returns are available, averaging them average excess
returns are found. Dividing the average excess returns by the respective standard error, t-
statistics are known, which are used as the best approximate of market efficiency under event
study. Formulae employed in conducting the study are furnished in appendix-2.

4.0 Analysis of Findings

A brief study of different forms of market efficiency, especially how they appear in graph,
will enable us to explain the form of market efficiency that is prevailing for the case of CSE
found in event study. To judge the form of efficiency that a market does hold, we plot the
average excess return found across all stocks in the sample used against trading days locating
the event announcement day at the center.

In a semi-strong form efficient market,

the average excess return should have
a value that is not significantly
different from zero up to the
announcement date. After reaching the
announcement date, the market value
of the stock should adjust with the
arrived information instantaneously
without making any delay; the average
excess return should have a value that
is significantly different from zero.
Thus, in a semi-strong form efficient
market, the average excess return
exhibits the pattern shown in figure-1.

For the case of strong form of market

efficiency, the value of the average
excess return should gradually increase
in the days prior to the announcement.
There should be a substantial increase
 10

in the average excess return on the day of the announcement reflecting the response of those
stocks for which information did not leak, and there should be no further change in the
average excess return after the announcement. If the market is strong form efficient and if the
information related to the event that is going to be studied leaks out prior to the
announcement, we should see a different pattern. In this case the average excess return
should exhibit the pattern shown in figure-2.

Now, let us stare at the response of

average excess returns against time due to
the arrival of new information announced
on the event day. The result obtained by
applying the methodology is given in
table-1 (in annexure) and the pattern
exhibited by the average excess return is
shown in figure-3.

The oscillations in average excess return

against time are too random to exhibit
any specific form of market efficiency. Starting with -2.5941 or -259.41%, yielding some
negative and few positive values, the average excess return finishes at 0.1460 or 14.60%. But
it does not reveal any systematic pattern on the way of its progress. We do not have any
guarantee to say that it is either a semi-strong form or a strong form efficient market.

In the absence of semi-strong or strong form of market efficiency, theory suggests to

consider a market as weak efficient one. Moreover, market efficiency is a matter of degree,
not of kind. Therefore, if we limit our study only in strong and semi-strong – these two form
of market efficiency; it will slender the study. Again, as none of these two forms of market
efficiency is substantial in the present case, we can’t conclude that the market is not efficient
at all, that is, the degree of market efficiency is zero. This decision would be misleading in
the sense that when a market is not efficient at all, there will be no price fluctuations and the
average excess return will not show any response on the arrival of new information prior to
and on the announcement date. But, as the average excess returns pose some sort of
 11

methodical response, the remaining weak form market efficiency could be noteworthy for
CSE.

4.1 Analysis of Result Using t-ratio-

The result for seeking market efficiency can be analyzed by using the t-ratio. How to
calculate the t-ratio or t-statistics is explained briefly in the methodology. The t-ratios of
excess returns are summarized in table-2 (in annexure). The study considers following
hypothesis–
Null hypothesis- H0: The market is not efficient
Alternative hypothesis- Ha: The market is efficient
If the t-statistics are statistically significant, that is, the null hypothesis is rejected, the event
under consideration affects return while the sign posed by the excess return determines
whether the effect is positive or negative.
A special rule of thumb used for statistical inference named ‘2-t rule of thumb’ can be
employed decision making. ‘2-t rule of thumb’ states that-

‘If the number of degrees of freedom is 20 or more and the level of significance is set at 5%
or 0.05, then the null hypothesis should be rejected if computed t-value exceeds 2 in absolute
form.’

The study considers the price of twenty stocks of twenty-one trading days. Therefore, for
each trading day there are twenty-one excess returns for twenty stocks and averaging them
we have an average excess return. A standard error is also found.

Here, the number of degrees of freedom following the formula ‘number of observation -1’ is
20. Now, if we set the significance level at 5%, we can make use of the ‘2-t rule of thumb’.

If we pay our attention to the t-ratios given in the table-2 (in annexure), employing the ‘2-t
rule of thumb’ we can conclude that –

‘Since none of the t-ratios exceeds the value 2(two) in absolute form, therefore the null
hypothesis, H0: The market is not efficient, should not be rejected, a statistically insignificant
decision is made, meaning that there is no room for addressing CSE as an efficient market.’
But such a conclusion limits the study in the sense that it ignores all other forms of efficiency
 12

except the strong one which ultimately signifies a semi-strong or weak form efficient market
the CSE can be addressed as.

5.0 Causes of Lower Degree of Efficiency

A number of reasons can be cited for the lower degree of market efficiency of CSE, some of
which are given below.

The foremost important reason is perhaps the presence of a good number of non-actively
traded shares is there in our stock market. The low level of market efficiency may result from
the persistent of such large number of non-actively traded shares. Some of these shares do
not produce any return for a long period. As a result, on the arrival of new information about
these shares investors fall in the dispute that it may bring nothing to their urns. And sensible
investors along with others do not feel any interest to engage their funds in these securities
due to which prices of them do not response to new information, significant level of market
efficiency can’t be gained.

Informational asymmetry and price manipulation may be another intuitive reason for the
lower degree of market efficiency. Our stock markets often suffer from informational
inefficiency. Due to the misleading and deceptive information provided by speculators,
investors face difficulty in choosing the optimal investment, as information on corporate
performance is slow or less available. The resulting uncertainty may induce investors either
to withdraw their fund from the market until this uncertainty is resolved or discourage them
to invest funds for long term. Moreover, if investors are not rewarded for taking on higher
risk by investing in the stock market, or if excess volatility weakens investor’s confidence,
they will not invest their savings in the stock market. As a result, there is a very little scope
inefficiency to disappear.

CSE is a small market consisting small investors and another source of low level of market
efficiency is the execution cost of an investment. Everyone agrees to the point that investors
seek profit from their investment. But with little investment if the execution cost of an
investment covers the expected profit, it will push the investors to loss and they will no
longer be in the market. Market will lose a large number of investors who operate in the
market with an aim of profit maximization.
 13

Floatation of so many IPOs within a short span of time is another factor. Shareholders
quickly dispose their shareholdings to invest in new stocks hoping to reap windfall gains.
Moreover, investors often become frustrated by the poor performance of the issues listed in
the bourses. Dividends paid by listed companies are very small which raise the frustration of
the investors.

Delays in settlement are another common occurrence in stock market. Financing procedures
and delivery of securities some time take unusual long time for which money is blocked.
Some companies announce their dividend without holding annual general meeting (AGM)
that makes the shareholders confused about the financial status of the companies. Moreover,
being the directors of listed companies of CSE, some members serve their own interest using
internal information of share market. All these together produce timidity in investors’ and
results an inefficient market.

6.0 Policy Recommendations and Conclusions

Lower degree or weak form of market efficiency is a common phenomenon for less
developed or developing countries like Bangladesh. Individual stock price undergoes ups and
downs which is a regular feature of an efficient stock market. In the absence of price
fluctuation, potential investors lose interest to participate in the stock market. However, to
attain a reasonable degree of market efficiency, the foremost essential is to revive investors’
confidence which can be brought in a number of ways.

Revising the tax treatment, asking the multinational companies making huge monopoly
profits to sell shares in the stock market, lowering the interest rates on saving instruments, re-
imposing the restrictions on the limit of investment, taking actions against the companies do
not call AGM regularly and do not pay dividends proportionate with their profits, ensuring
adequate supply of stocks through active participation of the government in the capital
market particularly to dampen the excess demand, taking necessary steps to increase the
liquidity of stock market- investors’ confidence can be retrieved and market efficiency will
ultimately encompass a significant level.

Moreover, careful monitoring of volatility by the concerned authority on a regular basis and
effective intervention at the right time if necessary especially during unpredictable
 14

movements of individual stock prices will sustain the efficiency level earned through the
actions mentioned above.

The authority should identify the factors that cause unpredictable price movements and
disseminate the information to interested stakeholders. In addition, the authority may take
measures to make timely disclosure and dissemination of all relevant information relating to
real worth of the companies experiencing excess fluctuations in stock prices to the
shareholders and investors which will revolve the market efficiency of CSE.
 15

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 17

Appendix
Appendix 1: List of the Securities with Their Respective Announcement Dates

Scrip ID Scrip Name Date of Event Announcement (AGM Date)

12016 Eagle Star 26.11.2008
12024 H.R. Textiles 23.03.2009
13006 Reckit Benckiser (Bd) Ltd. 04.06.2009
15002 Heidelberg Cement Bangladesh Ltd 04.06.2009
16003 Anwar Galvanizing 25.03.2009
16019 Singer Bangladesh Limited 29.04.2009
17002 Apex Footwear 14.05.2009
22007 Pubali Bank 14.05.2009
22012 Al-Arafah Islami Bank Ltd 08.06.2009
22013 Prime Bank Limited 30.03.2009
22014 Dhaka Bank Limited 31.03.2009
22016 NCC Bank Ltd. 12.05.2009
22018 Mutual Trust Bank Limited 28.05.2009
22020 Standard Bank Limited 23.04.2009
22022 Bank Asia Limited 15.06.2009
22023 Mercantile Bank Limited 31.03.2009
22024 Uttara Bank Limited 04.06.2009
22025 Eastern Bank Limited 28.04.2009
25002 I.D.L.C. Ltd. 30.03.2009
25003 Uttara Finance 06.05.2009

Appendix 2: Formulae used to Measure the Statistics

Statistics Formulae Necessary Descriptions
Stock Return P −P • Rjt= Returns on stock j for day t (t = -n, ...,0, .... +n)
jt jt −1
Rjt = P • Pjt= Prices of stock j for day t (t = -n, ...,0, .... +n)
jt −1 • Pjt-1= Prices of stock j for day t-1 (t = -n,...,0,...+n)
Market Return MPRt − MPRt −1 ‘Chittagong Stock Exchange All Share Price Index -
Rmt= MPR CASPI’ is used as market index
t −1

Beta (β) Rjt = α + βjRmt • Rjt = Returns on stock j for day t (t = -n,...,0, ...+n)
• Rmt = Market returns for day t (t = -n, ...,0, .... +n)
• βj = Beta of the stock ‘J’
Excess Return ERjt = Rjt – βj Rmt t = -10,-9,…0…,+9,+10
Average Excess N • t = -10,-9,….,0,….,+9,+10.
Return ER jt • N = Number of events in the event study
j =1 • For 21 trading days 21 average excess returns is
ARt = ,
N found
Standard Error 23 • t = -10,-9,….,0,….,9,10
(ER jt − ER t ) • For 21 trading days 21 standard error is found
j =1
SER=
N −1
t-statistic ARt The best approximate of market efficiency under
S
t-statistic = ERt event study is t-statistic
 18

Appendix 3: Table of Average Excess Return and t-ratios

Table-1: Average Excess Return Table-2: The t-statistics
Trading Day Average Excess Return Day AER SE t-statistic
-10 -2.5941 -10 -2.59412 6.390286 -0.40595
-9 -0.9582 -9 -0.95823 3.838394 -0.24964
-8 -2.9134 -8 -2.91341 7.49576 -0.38867
-7 -1.5724 -7 -1.57245 4.17164 -0.37694
-6 -0.21727 -6 -0.21727 1.101551 -0.19724
-5 -0.1254 -5 -0.1254 0.872375 -0.14374
-4 -0.0256 -4 -0.02563 1.000987 -0.0256
-3 -0.0258 -3 -0.02582 1.294902 -0.01994
-2 -0.0565 -2 -0.05651 2.832947 -0.01995
-1 0.1813 -1 0.181343 1.250459 0.145021
0 0.0728 0 0.072829 1.311124 0.055547
1 1.4908 1 1.490778 3.223517 0.462469
2 -0.2816 2 -0.28162 1.915102 -0.14705
3 -0.0584 3 -0.05848 2.620327 -0.02232
4 0.0072 4 0.007232 2.302113 0.003141
5 0.0076 5 0.007644 1.452377 0.005263
6 0.1876 6 0.187593 1.865573 0.100555
7 0.1509 7 0.150989 2.0295 0.074397
8 -0.0698 8 -0.06986 1.102036 -0.06339
9 -0.2889 9 -0.28895 0.970016 -0.29788
10 -0.1460 10 -0.14601 2.853832 -0.05116

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