% LIQUIDITY FACTORS OF PASTOR AND STAMBAUGH (JPE 2003) UPDATED THROUGH DEC 2021 % Column 1: Month % Column 2: Levels of aggregated liquidity (Figure 1 in the paper) % Column 3: Innovations in aggregated liquidity (non-traded liquidity factor; equation(8); the main series) % Column 4: Traded liquidity factor (LIQ_V, 10-1 portfolio return) % Note: The traded factor is the value-weighted return on the 10-1 portfolio from a sort on historical % liquidity betas. This procedure is simpler than sorting on predicted betas (as in the original study) % and through 2021 it is similarly successful at creating a spread in post-ranking betas. The traded % factor has a positive and significant alpha through 2021, consistent with liquidity risk being priced. % % Month Agg Liq. Innov Liq (eq8) Traded Liq (LIQ_V) 196208 -0.01753665 0.00426023 -99 196209 -0.00407476 0.01147633 -99 196210 -0.10421182 -0.07479163 -99 196211 -0.01974170 0.02843548 -99 196212 -0.00508932 0.01463853 -99 196301 -0.05579688 0.00905296 -99 196302 0.01440415 0.02619550 -99 196303 -0.02345353 -0.02054689 -99 196304 0.05413256 0.07702770 -99 196305 0.00354149 -0.01331133 -99 196306 0.00959259 -0.00231619 -99 196307 0.01432622 0.01944132 -99 196308 0.03377117 0.03770538 -99 196309 -0.00754051 0.01892017 -99 196310 0.02680674 0.03168925 -99 196311 -0.05313628 -0.06088392 -99 196312 -0.02057456 0.01217648 -99 196401 -0.07136865 -0.05455765 -99 196402 -0.02474947 0.01256749 -99 196403 0.03138953 0.04257202 -99 196404 -0.04066632 -0.02842692 -99 196405 -0.02572531 -0.00734378 -99 196406 -0.05656731 -0.01053608 -99 196407 0.05819052 0.05646450 -99 196408 -0.04851473 -0.04501370 -99 196409 -0.00816173 0.01124312 -99 196410 0.01293438 0.03847276 -99 196411 0.01488576 -0.00482622 -99 196412 -0.02673007 -0.01513283 -99 196501 0.03792484 0.06951601 -99 196502 -0.01642848 0.02163858 -99 196503 0.03397015 0.01651155 -99 196504 0.02236123 0.03956662 -99 196505 -0.01294328 0.03284560 -99 196506 -0.16340986 -0.11319135 -99 196507 -0.08097770 -0.04903589 -99 196508 -0.03474854 0.07368988 -99 196509 0.02700284 0.06347529 -99 196510 0.00619570 -0.02571299 -99 196511 0.04447103 0.06459382 -99 196512 0.04087982 0.02337970 -99 196601 0.03997342 0.02006805 -99 196602 0.03502076 0.04384075 -99 196603 -0.06624631 -0.06657380 -99 196604 0.02544957 0.05354240 -99 196605 -0.12120717 -0.07814500 -99 196606 -0.05336572 -0.01304233 -99 196607 -0.03300131 0.00875370 -99 196608 -0.10666850 -0.08621806 -99 196609 -0.08782498 -0.04533624 -99 196610 -0.20654128 -0.08344089 -99 196611 -0.05410496 0.05094219 -99 196612 -0.02167905 0.04767892 -99 196701 -0.02740850 0.01259014 -99 196702 -0.07258040 0.01435182 -99 196703 -0.00863176 0.03587013 -99 196704 -0.00152597 0.01950667 -99 196705 0.01392227 0.02337661 -99 196706 -0.06198466 -0.04946150 -99 196707 -0.02837509 0.01318210 -99 196708 0.02907304 0.07019670 -99 196709 0.02354394 0.02991280 -99 196710 -0.03053991 -0.04316360 -99 196711 -0.03066846 -0.01288958 -99 196712 0.00159134 0.03362369 -99 196801 -0.02152331 0.00209075 -0.02385085 196802 -0.03459893 -0.01973255 0.02285474 196803 -0.11694312 -0.08266821 0.01067122 196804 0.02245332 0.08789475 0.01182781 196805 -0.02061391 0.01114887 -0.01402705 196806 0.00822169 0.03164448 -0.00386764 196807 -0.01049623 0.00786012 -0.04067385 196808 -0.02019994 -0.00934852 0.00327020 196809 -0.00870728 0.01378667 0.01168661 196810 0.00660634 0.02600940 -0.00211189 196811 -0.00022576 0.01504126 -0.01029900 196812 -0.02857454 -0.01148293 0.01400067 196901 -0.03378834 -0.00815585 0.02281620 196902 -0.02503033 0.01095197 0.05790585 196903 -0.02256855 0.00663234 -0.01069171 196904 -0.01274491 0.00880252 0.01961206 196905 0.01158629 0.04553855 0.01883568 196906 -0.04735751 -0.03928828 0.05054385 196907 -0.12262451 -0.09263746 0.03698282 196908 -0.08789095 -0.04553493 0.00284043 196909 0.01326256 0.09089889 0.01789287 196910 -0.06038219 -0.02478134 -0.05093539 196911 0.01656733 0.03954140 0.02937924 196912 -0.01985261 -0.02524627 0.03910843 197001 -0.11018564 -0.06909294 0.02222465 197002 -0.08139629 -0.00994516 -0.05997182 197003 -0.13845301 -0.06293702 0.00276374 197004 -0.09427155 -0.02872790 0.03988847 197005 -0.24058807 -0.19554341 -0.07790799 197006 -0.18762334 -0.13744158 -0.03603967 197007 -0.01379573 0.06626180 -0.00117671 197008 -0.06668893 0.00907803 0.00200811 197009 -0.06687556 -0.01427137 -0.01577652 197010 0.09627156 0.09698691 -0.01641146 197011 -0.05985976 -0.04693966 -0.00552738 197012 -0.07305842 -0.01723670 0.04984003 197101 0.01775836 0.04384814 -0.04048085 197102 -0.06448822 -0.03751878 -0.01793555 197103 0.03170128 0.06148541 0.01797642 197104 -0.00998386 0.00668820 0.02622471 197105 -0.01940864 -0.02770488 0.00368298 197106 -0.04414564 -0.01335602 -0.04293859 197107 -0.10142122 -0.03326408 -0.00596082 197108 -0.04506715 -0.00685183 0.02497528 197109 0.01980991 0.06111110 0.00377134 197110 -0.05637401 -0.01289398 0.03154290 197111 -0.09198767 -0.03815455 0.00673334 197112 0.00850009 0.04757727 -0.00132402 197201 -0.09412266 -0.08145763 -0.03669286 197202 -0.03060037 0.01594506 0.00969740 197203 -0.01137246 0.02533243 0.03382246 197204 -0.00295654 0.01758868 0.01401382 197205 -0.06445359 -0.04382542 -0.00251954 197206 0.00610800 0.00264375 0.01461396 197207 -0.08959187 -0.06769824 0.01614596 197208 0.01435214 0.02134590 -0.02701586 197209 -0.01895737 0.02600311 -0.01634573 197210 -0.03986215 -0.02410893 -0.01902972 197211 -0.01686769 -0.03299665 -0.00816412 197212 -0.07355568 -0.03660636 0.00900269 197301 -0.05781599 -0.02770359 -0.01486163 197302 -0.04853245 0.02722927 -0.01082593 197303 -0.03054217 -0.01318236 -0.01272406 197304 -0.04049684 -0.01100848 0.02307425 197305 -0.11534552 -0.06491351 -0.00261441 197306 -0.20033228 -0.16508180 -0.03236227 197307 -0.09612580 -0.00875773 0.00254919 197308 -0.09691967 -0.02580932 0.01591023 197309 -0.12374937 -0.00368549 0.01708202 197310 -0.05408999 0.02483714 -0.04303971 197311 -0.30250782 -0.23911512 -0.02655529 197312 -0.13258622 -0.08041980 -0.01675243 197401 -0.16222705 -0.06571089 0.10250596 197402 -0.12089040 -0.05431697 0.03769419 197403 -0.00128850 0.11431303 0.04482981 197404 -0.04192028 0.00233514 0.02300093 197405 -0.10176336 -0.08482687 0.05882930 197406 -0.06936954 -0.06538507 -0.00960425 197407 -0.23115673 -0.13654196 -0.00559386 197408 -0.10185960 -0.06267862 -0.03185659 197409 -0.11031084 -0.06596701 0.02156429 197410 -0.08565812 0.00627670 -0.07688055 197411 -0.08357406 0.03435123 -0.02330062 197412 -0.10467737 -0.04181331 0.01523821 197501 -0.11363563 -0.07659808 0.10876389 197502 -0.07571968 0.01795398 0.03662677 197503 -0.13072540 0.00618494 0.05969079 197504 0.00011554 0.03541860 0.00217849 197505 -0.06664547 -0.01202046 -0.03349678 197506 0.02342901 0.02364197 -0.01748245 197507 -0.05962827 -0.02809171 -0.00961332 197508 -0.12755964 -0.12224360 -0.00855122 197509 -0.08967729 -0.05345448 -0.01921566 197510 -0.06496285 0.02533646 0.09069118 197511 0.00741821 0.02795932 0.03623193 197512 -0.02442816 -0.02139024 -0.00279676 197601 -0.06026916 -0.03548081 0.01889973 197602 -0.01850114 0.05055314 -0.04154115 197603 -0.01869402 0.00840044 -0.01547489 197604 -0.02836403 -0.04878217 -0.02147658 197605 -0.09013978 -0.08802749 -0.03940119 197606 -0.06495230 -0.02411116 -0.00663523 197607 -0.09137023 -0.05395387 -0.02832679 197608 -0.01515904 0.03125339 0.01810316 197609 -0.03775239 0.01744701 -0.01575295 197610 -0.08540734 -0.04498536 0.00653387 197611 -0.08199193 -0.02183527 -0.02436709 197612 -0.02567946 0.05532417 -0.01139266 197701 -0.06248706 -0.04494468 -0.03086918 197702 -0.00039705 0.03528576 -0.00920798 197703 -0.05633423 0.03163745 0.01040882 197704 -0.01072185 -0.01001119 -0.02282789 197705 -0.03332456 -0.01484469 0.01636490 197706 -0.00864341 0.01604759 0.02395620 197707 -0.04816932 -0.01430683 0.00139087 197708 -0.04412220 0.00456724 0.03093138 197709 -0.04748178 -0.02208128 0.01013275 197710 -0.03260695 -0.00240142 -0.01274382 197711 -0.01279571 0.02791821 0.00334035 197712 0.02084873 0.03482073 -0.00705913 197801 -0.04222258 -0.00701274 0.00736737 197802 -0.01929822 0.01234321 0.00018492 197803 -0.01049430 0.00277031 0.01715305 197804 -0.00780383 0.01826003 0.03159316 197805 0.01785201 0.02100722 0.01451886 197806 0.01073519 0.01269881 0.01060351 197807 -0.04349239 -0.03676335 0.03028210 197808 0.02096417 0.03606435 -0.00056369 197809 -0.00570674 -0.01222831 -0.02721710 197810 -0.10828928 -0.10298933 0.04372945 197811 -0.07491575 -0.03185651 -0.03258404 197812 -0.03422058 0.03664192 0.00261659 197901 -0.01441439 0.02474510 -0.00987982 197902 -0.03296427 0.00696537 -0.02962058 197903 -0.04381288 0.02115589 -0.00548050 197904 0.00478602 0.05510273 0.01765909 197905 -0.08102735 -0.04676429 -0.02151047 197906 -0.01188102 0.02291208 -0.01708665 197907 0.02263928 0.06107403 -0.01701357 197908 0.01305124 0.03570077 0.01518750 197909 -0.07426784 -0.06427295 -0.01024127 197910 -0.15447257 -0.10437794 -0.00051500 197911 -0.03883258 0.00821258 -0.06797930 197912 -0.00920058 0.02556447 -0.01646801 198001 -0.05958447 -0.01991575 0.00135218 198002 -0.09784091 -0.04289012 0.01930311 198003 -0.14193797 -0.08637939 0.02745496 198004 -0.05117316 -0.02945394 -0.00952238 198005 0.03284126 0.07905986 -0.00780980 198006 -0.01566887 0.00218167 0.01063233 198007 -0.03519602 -0.01766988 -0.00699638 198008 0.00723605 0.05234858 0.01334038 198009 -0.04758752 -0.01751757 0.00989653 198010 -0.01239088 0.03467165 0.02669153 198011 -0.02423485 0.00305151 0.03009778 198012 -0.05639616 -0.01384743 0.02694688 198101 -0.02295500 0.00377198 0.03966380 198102 -0.00758953 0.00053898 0.00287617 198103 -0.02136465 0.01290280 0.01465041 198104 -0.02810852 0.00985293 -0.01873627 198105 0.00737341 0.02850603 -0.02642600 198106 0.00168118 0.03020218 0.06166828 198107 -0.01763500 0.01035802 -0.01321385 198108 -0.07670137 -0.04416783 -0.00157323 198109 -0.15284444 -0.12049924 0.09324899 198110 -0.04551135 -0.00157965 -0.02447171 198111 -0.03161579 -0.01258707 0.06097189 198112 -0.02358720 0.02626849 0.00956992 198201 -0.06997584 -0.05857811 -0.01978417 198202 -0.12230555 -0.08204841 -0.01144574 198203 -0.03094867 0.00978324 0.04354018 198204 0.00482292 0.04427745 -0.02399156 198205 -0.00252187 -0.00837581 0.02935751 198206 -0.01252549 0.01944461 0.04970968 198207 0.01259311 0.01738016 -0.01586295 198208 -0.05756179 -0.03731824 -0.00509109 198209 -0.02623568 0.02402053 0.04186289 198210 -0.04193409 -0.00610015 -0.03783243 198211 -0.00449950 0.02776957 0.01049033 198212 0.00074378 0.02923202 -0.03135686 198301 -0.02964785 0.00125198 -0.05499215 198302 0.00812041 0.03886855 -0.03157817 198303 -0.04766193 -0.02667234 0.04051042 198304 -0.00471343 0.02464692 0.03543041 198305 -0.07871142 -0.04670623 0.01830252 198306 -0.00339973 0.04776249 0.00094532 198307 -0.04793408 -0.02440093 0.04395687 198308 -0.04234025 -0.01072404 0.04392753 198309 -0.02372084 0.02599934 0.01339034 198310 0.03439859 0.06046110 0.05833173 198311 0.01370172 0.04962518 -0.07128232 198312 -0.03358922 0.01366078 0.05049241 198401 -0.02518414 -0.00588246 0.06415702 198402 -0.04222727 -0.02792487 0.00542683 198403 -0.00982163 0.03000845 0.00929480 198404 -0.08444471 -0.04762645 0.00440053 198405 0.00682982 0.04557110 0.02411814 198406 -0.01601648 0.02483768 -0.00251545 198407 -0.02663180 0.01111180 0.02114858 198408 0.00187372 0.03261618 -0.03419201 198409 -0.01898864 0.01060559 0.02442012 198410 -0.02988708 -0.01155727 -0.00887039 198411 -0.00231840 0.00593838 0.01627870 198412 -0.03602564 -0.00364999 0.00039742 198501 -0.00841324 0.01650396 -0.01660344 198502 -0.01040315 0.00581869 0.02277367 198503 0.00593392 0.00323844 0.03882319 198504 0.01006849 0.02948968 0.03804409 198505 0.00000677 0.02233604 -0.00808688 198506 -0.00496640 -0.00272170 0.00855668 198507 -0.02202200 0.02277428 -0.01828073 198508 0.02641898 0.03266746 0.02600935 198509 -0.01917228 -0.00913379 0.01085101 198510 -0.01874444 -0.01516612 0.05068405 198511 -0.00196966 0.02663013 0.00714591 198512 -0.01579079 0.02361030 -0.01941905 198601 -0.06592515 -0.03724816 0.01964165 198602 -0.00938448 0.01969409 0.00105304 198603 0.00792626 0.04427761 0.03636420 198604 0.02937072 0.02368751 -0.00514238 198605 0.00463582 0.01843425 0.02744911 198606 -0.06956802 -0.06464891 0.06008930 198607 -0.00237977 0.01845412 -0.01803947 198608 -0.02734166 0.01242546 -0.02737228 198609 -0.00466824 -0.02467136 0.04080236 198610 0.03939260 0.06213322 0.02056557 198611 0.01677837 0.02202189 -0.03060519 198612 0.01118096 0.03197100 -0.01213806 198701 -0.02911501 -0.00991881 -0.07241072 198702 0.00529227 0.02488467 -0.04014600 198703 -0.02361702 0.01667019 -0.01467193 198704 -0.12662749 -0.10964750 -0.03959467 198705 0.00544621 0.03076124 0.01152273 198706 0.00750473 0.05712944 0.02590464 198707 0.01877447 -0.02577590 0.00712808 198708 -0.00003515 0.01161324 -0.05849465 198709 -0.04182135 -0.05549046 0.00235247 198710 -0.46169773 -0.39319125 0.05410623 198711 -0.02515845 -0.07199886 -0.01776240 198712 -0.10552480 -0.02671509 0.00747977 198801 -0.11083843 -0.07607559 0.04419692 198802 -0.03348581 0.06225470 0.00331616 198803 -0.03029858 0.02714262 -0.02013371 198804 0.00880543 0.02880282 -0.02541390 198805 -0.06855347 -0.00167879 -0.00528940 198806 0.00688993 0.01926578 -0.00985635 198807 0.01712411 0.03243752 -0.00858824 198808 -0.02484266 0.02635278 0.03568304 198809 -0.02317842 0.00109858 0.01492452 198810 -0.04267395 0.00290931 0.02377163 198811 -0.06681857 -0.00929735 -0.00081669 198812 -0.02431808 0.00221793 -0.04444234 198901 0.01842500 0.07450453 -0.00165920 198902 -0.00261030 0.01258123 -0.00456775 198903 0.00049190 0.00653775 -0.00865838 198904 -0.02148396 -0.00375392 -0.01977793 198905 0.04337706 0.04784365 -0.03820612 198906 -0.00150094 0.00055812 0.07318250 198907 0.01777991 0.02425949 0.03079457 198908 -0.08467239 -0.05384041 0.00659580 198909 0.02786316 0.01529426 -0.04839777 198910 -0.15749531 -0.11324891 0.02607578 198911 -0.00979964 0.01570545 -0.02504374 198912 -0.02131812 0.00900100 0.02053414 199001 -0.02371547 -0.00621780 -0.03457354 199002 -0.00493618 0.02535523 -0.03002814 199003 -0.02227970 0.03502040 -0.02598953 199004 0.00903327 0.00822884 0.05816795 199005 0.01200611 0.01064825 -0.00646495 199006 0.00178264 -0.00415065 0.02555087 199007 -0.02635311 -0.01653489 0.05100865 199008 0.02512102 0.00331990 0.04465373 199009 -0.01568082 0.05724321 0.01983949 199010 0.05201194 0.04888166 -0.01340604 199011 0.02180100 0.00714697 -0.01164781 199012 -0.05574597 -0.03053982 -0.03404481 199101 0.03895971 0.02220850 -0.09445254 199102 -0.02117548 -0.03827155 -0.01952056 199103 -0.02611774 -0.02600490 -0.00698394 199104 0.00646525 0.04361447 0.01757126 199105 -0.00602298 0.00011226 -0.01097174 199106 0.04170756 0.04902486 0.03000179 199107 -0.00135326 0.00290371 0.01557993 199108 -0.01695233 -0.02153434 -0.01601040 199109 -0.01442521 0.01590737 0.01147226 199110 -0.02169450 0.01998006 0.02148354 199111 0.02615505 -0.00295078 0.04268530 199112 -0.05322488 -0.07387620 -0.04975020 199201 -0.06539798 -0.04295063 -0.07488177 199202 -0.03882487 0.01187280 -0.05000811 199203 -0.03465568 0.02179668 -0.00041515 199204 0.03518324 0.04564244 -0.00469220 199205 0.00132677 0.05058828 -0.00143516 199206 0.06758642 0.00800719 0.01826110 199207 -0.05001814 -0.05240490 0.02365128 199208 -0.00621343 -0.00267416 0.05068542 199209 0.01457686 0.03277081 -0.02260095 199210 -0.05938488 -0.05420815 -0.01937455 199211 0.00064743 0.03136807 -0.05084703 199212 0.00997526 0.02363434 -0.02983846 199301 0.01066853 0.04034226 -0.01201289 199302 -0.03033631 -0.01025638 0.06236053 199303 -0.03524115 -0.00733793 -0.03747903 199304 0.00905305 0.03760098 -0.01379561 199305 -0.01625729 0.00931739 0.03466957 199306 -0.01856489 0.00915068 -0.03491807 199307 -0.01795869 0.00880611 -0.01324547 199308 0.04142405 0.02516847 0.01284106 199309 0.02295099 0.03630458 -0.07445304 199310 0.00044278 0.01405735 0.03208663 199311 0.00701532 0.02073198 0.04998252 199312 0.04816587 0.02946739 0.01614878 199401 0.03945276 0.06958642 -0.00324173 199402 -0.05118445 -0.03996173 0.00873348 199403 -0.01754406 -0.01143819 0.02580259 199404 -0.07560195 -0.05267468 0.00561683 199405 -0.04146914 -0.00204264 0.03170384 199406 -0.07876295 -0.03611315 0.00006866 199407 0.01170539 0.06218131 -0.00852911 199408 -0.01712680 0.03548263 0.00632528 199409 0.02057847 0.01562103 0.03183037 199410 0.02948730 0.03151357 0.01108546 199411 -0.01550632 -0.04709407 -0.02217630 199412 -0.03463670 -0.01362795 0.01866498 199501 0.02206376 0.06068910 -0.03116726 199502 0.02359710 0.02419002 -0.02682658 199503 0.00997819 -0.01349491 0.00985672 199504 0.03159925 0.04962062 0.00323005 199505 0.00549143 0.00973891 -0.01178502 199506 -0.02606348 -0.03733587 -0.00551905 199507 -0.00492064 0.00989965 0.03955352 199508 -0.00307188 0.01933705 -0.02138460 199509 -0.02972287 -0.02655718 -0.07687102 199510 -0.00932857 0.00436611 0.03752280 199511 0.03077631 0.05725405 0.00921387 199512 -0.06585245 -0.03054573 -0.01631356 199601 -0.02406434 -0.00959948 0.02852797 199602 0.02437703 0.07098067 0.00964349 199603 -0.05198898 -0.04542246 -0.01158013 199604 -0.02575378 0.01643478 -0.03273056 199605 0.01231168 0.02350217 -0.01011010 199606 -0.01043103 -0.01149315 -0.04785969 199607 -0.03805803 -0.01578342 -0.03919239 199608 0.06257344 0.09033789 0.00682659 199609 -0.00120862 -0.01795360 -0.03212940 199610 -0.01304696 -0.03772226 -0.02184299 199611 -0.00762476 -0.01323636 0.02313479 199612 0.01492212 0.02427102 -0.02164940 199701 -0.01805322 0.04856120 -0.02843271 199702 0.00010695 -0.01772303 -0.03056509 199703 -0.00914433 0.01507302 0.01362363 199704 0.01870290 0.02035579 0.08775789 199705 0.02624563 0.04099528 0.00800034 199706 -0.00984361 -0.00681934 0.00382522 199707 -0.00843406 0.00049315 0.01570858 199708 -0.05685736 -0.01197465 -0.01724692 199709 -0.02726881 0.03269980 -0.01502329 199710 -0.17045339 -0.11014849 0.01982109 199711 0.02225625 0.07120815 0.07818389 199712 -0.02601744 0.03084278 0.03538202 199801 -0.04385878 -0.07370212 0.03098841 199802 -0.12011072 -0.00117435 0.04998641 199803 -0.05901035 -0.00755421 -0.03167249 199804 0.04140759 0.09594602 -0.02072274 199805 0.00691948 0.01363995 -0.00535602 199806 -0.04217002 -0.03169037 0.01675034 199807 -0.05127160 0.00499327 0.01071449 199808 -0.05158333 0.01130725 -0.02735748 199809 -0.27408101 -0.25694219 0.04377373 199810 -0.04391960 0.05778276 0.02423320 199811 0.04820277 0.11904943 0.01156041 199812 -0.14833407 -0.10756148 0.02902354 199901 0.06342531 0.06551462 0.05038095 199902 -0.08654181 -0.06267337 0.02041706 199903 -0.06150471 -0.00709503 -0.00365112 199904 0.19802355 0.27888464 0.08832930 199905 -0.13408331 -0.13937357 -0.00711144 199906 0.05855012 0.05936808 0.04311320 199907 0.06703473 0.05478261 -0.01594110 199908 0.05135435 -0.01616685 -0.00453102 199909 -0.04828547 -0.07723604 -0.03085289 199910 0.09828173 0.08210097 0.08997094 199911 -0.00169317 -0.03959076 -0.01713025 199912 -0.07442397 -0.08469076 0.04463737 200001 -0.06743720 -0.04526657 0.01080649 200002 -0.04172311 -0.01317382 0.00821657 200003 -0.00618156 0.11016094 -0.00107706 200004 -0.22530357 -0.21750673 -0.04361215 200005 0.06595434 0.08266250 -0.02551143 200006 -0.18106617 -0.15603384 -0.03406082 200007 0.05562614 -0.06177255 0.11108086 200008 -0.07174736 0.01794037 -0.00863057 200009 -0.16872981 -0.15467783 -0.03874534 200010 -0.13664786 -0.00331181 0.02325654 200011 -0.14439405 -0.12750407 -0.03634790 200012 0.09559686 0.06742064 0.01147489 200101 -0.14739081 -0.05310147 0.07102377 200102 -0.05684650 -0.06359485 0.03952130 200103 -0.06035493 0.02601284 0.07061035 200104 -0.06215272 0.10842102 0.00692612 200105 0.10054836 0.11399157 0.03163566 200106 0.01593630 0.08322740 0.00367084 200107 -0.04836669 -0.00239841 0.03626470 200108 -0.05230665 0.05734795 0.04917917 200109 -0.04060099 -0.12494994 -0.10046824 200110 0.06991310 0.09901687 0.03490791 200111 0.02057022 -0.00909646 0.03276847 200112 0.01329669 0.05159900 0.06856494 200201 -0.06933654 -0.01492224 -0.01226756 200202 -0.01014436 -0.00874182 0.03762029 200203 0.06089692 0.02569366 0.07804615 200204 -0.10984668 -0.03370105 0.05161829 200205 -0.03394845 -0.04489313 0.05111795 200206 -0.11584185 -0.05773044 -0.00931038 200207 -0.06592232 0.00235470 -0.04545052 200208 -0.02471742 -0.00411477 0.00362613 200209 -0.17025101 -0.09228380 0.00121132 200210 -0.30762302 -0.14816626 0.04115070 200211 -0.03852698 0.01615410 0.01739002 200212 -0.17765633 -0.00746620 -0.01139892 200301 -0.08552163 -0.08621844 -0.02109548 200302 -0.04021868 -0.03785937 0.01062062 200303 -0.10824941 -0.06922295 0.00069123 200304 -0.05209150 -0.00839269 0.03763324 200305 0.02654334 0.02256454 0.00803146 200306 -0.01773686 -0.00205089 -0.00873393 200307 -0.03637369 0.01838055 0.06835237 200308 -0.01409055 0.00123751 0.04069019 200309 -0.11151611 -0.02834080 -0.00805405 200310 -0.04081320 0.01086835 0.02084509 200311 -0.05097340 -0.02233815 0.00454893 200312 -0.02134025 0.04899800 -0.00325508 200401 -0.10836096 -0.01926717 -0.05251406 200402 -0.03629706 -0.05828954 0.02833066 200403 0.02709084 0.07335193 0.01719833 200404 -0.05259627 0.00935756 -0.00343125 200405 -0.00584636 -0.02340988 -0.00197162 200406 0.05580165 0.11027430 0.02778716 200407 -0.03592135 -0.01305000 0.07163805 200408 0.00419211 0.04687086 0.06458801 200409 -0.02612415 0.00158172 -0.00164037 200410 0.01505644 0.01776737 -0.01536710 200411 -0.01810987 0.03125080 0.01394736 200412 -0.07001299 -0.02037504 -0.03471279 200501 -0.00561092 0.01211728 0.04233995 200502 -0.05566893 -0.00281845 0.05583943 200503 -0.02000190 0.00209687 -0.00304622 200504 -0.12695313 -0.09907043 -0.05303951 200505 0.00357970 0.04805892 0.00006608 200506 0.00197650 0.08204579 0.04263413 200507 0.02442722 0.03472346 0.02730879 200508 0.04779531 0.07671565 0.03004829 200509 -0.02282613 0.01939261 0.03387571 200510 -0.05176370 0.00941386 -0.04393615 200511 0.08820635 0.06738884 0.00537350 200512 -0.02396660 -0.07744447 0.00040549 200601 -0.05568256 -0.03995004 0.03390266 200602 -0.05908258 -0.04089238 -0.03892763 200603 -0.02457918 0.01985183 0.01239827 200604 0.01282215 0.02944528 -0.00662866 200605 -0.02519272 0.00827698 0.02052905 200606 -0.06745814 -0.00021106 0.03216129 200607 0.00392041 -0.00087695 0.05464797 200608 0.01674504 -0.02679219 -0.02799618 200609 -0.06006415 -0.04416804 -0.01760065 200610 0.03231136 0.05991604 0.03789315 200611 -0.00477928 0.03950653 0.02841449 200612 0.02912667 0.02131480 -0.01618119 200701 0.04338604 0.01030163 0.00375580 200702 -0.00636273 0.03147734 0.02496826 200703 -0.03858859 -0.02715723 0.02931590 200704 -0.01314712 0.00903469 0.02008087 200705 0.02691214 0.06138211 0.02742498 200706 0.06254018 0.09308830 0.00799133 200707 -0.00280120 -0.01458860 0.02659782 200708 -0.15688331 -0.19633758 -0.00456816 200709 -0.04698278 -0.03294144 0.03336599 200710 -0.19141352 -0.04562310 0.05507869 200711 -0.16848869 -0.02448154 0.02204191 200712 -0.04286566 0.03238049 0.05044672 200801 -0.15709411 -0.05699590 -0.12538313 200802 0.07933861 -0.01646248 0.02891129 200803 -0.26874675 -0.15149624 0.04094670 200804 0.06011212 0.10818370 0.10817244 200805 -0.01916144 0.00507572 0.08001028 200806 -0.08686875 -0.03794800 0.09409628 200807 -0.17516923 -0.07113461 -0.13178885 200808 -0.00480399 0.02628167 0.01855953 200809 -0.10135535 -0.23618393 -0.13332696 200810 -0.22933114 -0.05211151 -0.08861246 200811 0.07299935 0.14931420 -0.05612372 200812 -0.30817351 -0.18719040 -0.08526836 200901 -0.04153930 -0.15420784 0.07956306 200902 -0.03539015 0.03517283 -0.00349384 200903 -0.09957398 -0.03250449 -0.04510556 200904 -0.09607496 -0.04141724 -0.04577754 200905 -0.07202845 0.07381983 0.01960292 200906 -0.04055036 0.02209572 -0.01331055 200907 0.07998253 0.04173864 -0.01618796 200908 -0.01591570 -0.00536390 -0.05485980 200909 0.01415541 0.06106593 0.06468133 200910 -0.06076067 -0.05178860 0.07777541 200911 -0.03523350 -0.01173753 -0.00261975 200912 0.13701863 -0.00065988 0.02296615 201001 0.05788092 0.11312553 -0.01105698 201002 0.01458775 0.03152474 -0.00755895 201003 0.01741274 0.03022705 -0.06257515 201004 -0.06437702 -0.05494978 0.01020015 201005 -0.07897659 -0.01852153 -0.02806075 201006 -0.05561637 0.01660586 0.00383754 201007 -0.01799447 0.00094260 0.02483923 201008 0.00024010 0.02647377 0.02131701 201009 -0.03019905 0.08246582 0.03255056 201010 -0.04022331 -0.04955523 0.02321111 201011 -0.01660529 -0.00514784 0.02746053 201012 0.03734654 0.08693549 0.03149786 201101 -0.03439518 -0.03460315 0.01095875 201102 -0.01118413 -0.01740976 -0.00994366 201103 -0.03241480 -0.01583924 0.00231690 201104 0.00998302 0.01995418 -0.05799259 201105 0.01771409 0.02183079 -0.02730839 201106 -0.00862560 0.02544526 -0.02120148 201107 -0.01355186 0.01465052 0.00095464 201108 -0.05098853 -0.04884514 -0.03777979 201109 0.01293392 0.02942101 -0.06395509 201110 -0.04259440 0.02491950 0.07642923 201111 -0.09608036 -0.02711369 0.02778666 201112 0.01012265 0.05193915 -0.00935414 201201 0.01929444 0.05245972 -0.02597123 201202 0.03100358 0.00786786 0.02392422 201203 -0.01914488 -0.00971430 -0.06113644 201204 0.00871881 -0.01548912 0.00326061 201205 0.08349386 -0.00814101 -0.00472821 201206 0.01774705 -0.00466563 0.01324631 201207 0.01630329 0.09852058 -0.00582316 201208 -0.04172850 -0.02209130 -0.00614965 201209 0.04557387 0.03435698 -0.02445392 201210 -0.02180944 -0.04386544 0.00352816 201211 -0.01304722 -0.05366218 -0.01710294 201212 0.01119825 0.02921294 0.01827545 201301 0.01585515 0.02753275 -0.02567376 201302 -0.02505065 -0.01735317 -0.00822369 201303 0.02583926 0.07159616 0.00640896 201304 -0.00685751 -0.01645413 -0.01827820 201305 0.00370257 0.01973480 0.00380257 201306 -0.02855361 0.01482090 -0.01314133 201307 -0.02128044 0.01053918 0.00307335 201308 -0.03568684 0.01367797 0.01378439 201309 -0.02413270 -0.00734332 -0.02251144 201310 0.06905300 0.10126873 -0.02143967 201311 -0.06684186 0.03579547 -0.02736205 201312 0.03024570 0.02590390 -0.00246068 201401 -0.00670812 0.01821911 0.03024870 201402 0.01876362 0.02294292 -0.00821650 201403 -0.00108249 0.02926772 0.03065507 201404 -0.00595369 -0.00637252 -0.05016133 201405 -0.07604790 -0.03182328 0.00285100 201406 0.03531573 0.08912352 0.01490484 201407 0.00959118 0.02663180 -0.00350738 201408 -0.00700054 -0.00231905 0.00314883 201409 0.00941009 0.02717926 0.02115319 201410 0.03163113 0.04446451 0.04231954 201411 -0.04094060 -0.03011622 0.00236985 201412 0.02835775 0.05726643 0.02576999 201501 0.00000045 0.02179336 -0.01673274 201502 -0.00776759 -0.00026627 -0.00040375 201503 -0.04323792 -0.02213937 0.01157650 201504 -0.02168402 0.00582342 -0.00442564 201505 0.01912767 0.00443847 0.04317894 201506 0.01125607 0.00814117 0.02902583 201507 0.04048247 0.03153379 0.00671139 201508 0.02574529 0.06954934 -0.00737752 201509 -0.04883700 -0.07861384 0.00834450 201510 0.00806740 0.10432411 -0.06896217 201511 -0.12188252 -0.03200024 0.03911356 201512 -0.08145102 -0.01229470 -0.00112737 201601 -0.08344219 -0.04240949 -0.03221813 201602 0.00319194 0.03094969 -0.03051365 201603 -0.02086384 0.00400241 -0.01691726 201604 0.08322854 0.09075209 -0.00757449 201605 -0.04462363 -0.05643276 0.01802774 201606 -0.01965535 -0.02928899 -0.01520333 201607 0.06304952 0.01029627 0.02875150 201608 0.00842886 -0.00686335 -0.00656478 201609 -0.04123357 -0.03407307 0.01795254 201610 0.10318810 0.08923895 0.01078285 201611 -0.07617042 -0.00572578 -0.00160345 201612 0.00176804 0.04892543 -0.01654246 201701 0.04593174 0.06842005 0.01933228 201702 -0.05743890 -0.05397285 -0.02753203 201703 -0.01058006 -0.06612577 -0.03521569 201704 -0.02999426 0.00838053 -0.02365847 201705 0.10504910 0.08932054 -0.03710820 201706 0.04242762 0.02194203 0.03106255 201707 -0.01941366 0.00994376 0.03180687 201708 0.02982534 0.06364220 -0.02556486 201709 0.05203451 0.05517086 -0.01450804 201710 0.02674841 0.02903176 -0.04841161 201711 0.03464210 0.01712691 -0.01537656 201712 0.03738427 0.04398890 0.04981454 201801 -0.05293457 -0.01155002 0.01107079 201802 0.00316478 0.02929129 0.05054294 201803 0.02888842 0.08541277 0.00339819 201804 -0.07862780 -0.01220561 0.01242290 201805 0.02705336 0.08567793 0.07039842 201806 0.10042700 0.12684112 -0.02196987 201807 -0.02330024 -0.02500539 -0.00580345 201808 0.09291973 0.04271158 -0.01683727 201809 -0.04382566 0.05523823 0.00519400 201810 -0.06898593 -0.03109400 -0.07000461 201811 0.01574058 0.04181679 0.02542913 201812 -0.06385120 -0.03918916 -0.00218687 201901 -0.03148679 -0.03043243 0.03099923 201902 0.06561846 0.15355552 -0.00710294 201903 0.00163278 -0.00416531 0.01089794 201904 0.03701845 0.05484318 -0.00625932 201905 -0.02204523 -0.02143839 -0.00572729 201906 -0.09717417 -0.06576454 -0.02669649 201907 0.07267815 0.07358001 0.00527544 201908 0.04584545 0.02153319 -0.00143081 201909 -0.04788306 -0.02610795 -0.04937003 201910 -0.06796135 0.00130386 0.00539638 201911 -0.04572686 0.04043106 0.02153492 201912 -0.01960538 0.02319808 -0.00319237 202001 -0.04190264 -0.01532280 0.01860375 202002 0.00824284 0.02655788 0.04246851 202003 -0.25802930 -0.16284044 -0.10358823 202004 0.01000256 -0.02334186 0.11756267 202005 -0.05674030 -0.06861195 0.07106842 202006 -0.01227106 0.02094607 0.06245735 202007 0.03426739 0.07241800 0.00165371 202008 0.00383215 -0.01561904 0.04386601 202009 -0.09547794 -0.11747005 -0.00482602 202010 -0.04482834 0.02831311 0.04065628 202011 0.05415954 0.06836535 0.02308695 202012 0.02731808 0.01411211 0.05024218 202101 0.10311356 0.05513982 -0.05006758 202102 -0.02910621 -0.04991646 0.02587200 202103 -0.07655840 -0.01217902 -0.07288459 202104 -0.04612418 -0.02625664 0.00307218 202105 -0.05344781 -0.00992771 -0.03238293 202106 -0.03793974 0.00305070 0.03755555 202107 0.00637972 0.04016532 -0.00023740 202108 0.01241843 0.03228969 0.00373615 202109 -0.01686562 -0.00660202 -0.01289893 202110 -0.00621351 -0.00832579 0.01567898 202111 0.01416643 0.03077425 -0.02639541 202112 0.06056828 0.07074077 -0.02345233