SUMEDHA Journal of Management Impact of Bonus Share Announcements on Share Prices An Empirical Study of BSE & NSE Companies

– Swati Goyal* – Dr. Harpreet Kaur Kohli**

Abstract

This study examined share price reaction to the announcement of bonus issue for a sample of Indian 80 companies such as, 30 index companies of BSE and 50 index companies of NSE. Out of these 80 Indian companies the study covers only those which announced the bonus share during the period of 2007 to 2011 Standard event study methodology has been used for the purpose of studying the Bonus issue announcement reaction. Bonus issue announcement yields abnormal returns around the announcement date. The study found that Indian market is semi strong in nature because it reflects the bonus share announcement in the share prices of the company.

Introduction A bonus share is a free share of stock given to current shareholders in a company, based upon the number of shares that the shareholder already owns. While the issue of bonus shares increases the total number of shares issued and owned, it does not increase the value of the company. Although the total number of increases, the ratio of number of shares held by each shareholder remains constant. This usually happens after a company has made profits, thus increasing its employed capital. Therefore, a bonus issue can be seen as an alternative to . The whole idea behind the issue of Bonus shares is to bring the Nominal Share Capital into line with the true excess of assets over liabilities. Bonus shares are issued by cashing in on the free reserves of the company. The assets of a company also consist of cash reserves. A company builds up its reserves by retaining part of its profit over the years (the part that is not paid out as ). After a while, these free reserves increase, and the company wanting to issue bonus shares converts part of the reserves into capital.

Meaning of Efficient Market Hypothesis In finance, the Efficient-Market Hypothesis (EMH) asserts that financial markets are "informational efficient", or that prices on traded assets, e.g., , bonds, or property, already reflect all known information. The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except

* Assistant Professor, Dept. of Commerce, S.D. College for Women, Moga, Punjab, PIN: 142001, ** Assistant Professor, Dept of Distance Education (Commerce), Punjabi University, Patiala.

32 Vol.2, No.2, April - June 2013 through luck. Information or news in the EMH is defined as anything that may affect prices that is unknowable in the present and thus appears randomly in the future. The objective of the study is to study the impact of bonus announcement on share price of the companies listed in BSE and NSE. The scope of study is limited to bonus announcement information in the stock market. There are many more types of information or announcements which affect the share prices of the companies such as stock splits, buy back and merger & acquisitions. So, our study is limited to the information about bonus share announcement.

Review of Literature Raja M. and Sudhahar J. Clement (2010) examined the effect of bonus announcement in IT industry and found that a capital market was said to be efficient with respect to an information item if the prices of securities fully impound the return implications of that item. The efficiency with which the capital formation was carried out depends on the efficiency of the capital markets and financial institutions. Sherbet Mandar (2009) studied who benefits most from bonus issue the shareholder. One of them was a boost in the sentiment in the stock of the company which had announced a Bonus. The other positive effects of a Bonus were: the share price of the company becomes more affordable because of the price adjustment & the liquidity increases because of more number of shares being available for trading. Both these factors help increase the activity in the stock. Dhar Satyajit and Chhaochharia Sweta (2008) examined that stock splits and bonus issues were purely cosmetic events. This paper examined the effects of these two types of events for the Indian stock market. They had that the two events were associated with significantly positive announcement effect. For bonus issues, the abnormal returns were about 1.8% and for stock splits, it was about 0.8%. On a whole, the paper found evidence of semi-strong form efficiency in the Indian stock market. Kumar G. Arun, Malhotra Madhuri and Thenmozhi M (2007) examined share price reaction to the announcement of Bonus Issue for a sample of Indian Software and Finance firms. Bonus issue announcement yields negative abnormal returns around the announcement date in the case of finance sector. The market was semi strong form efficient for finance sector but it was not so, for the software sector. The announcement yields no significant returns for the software sector, which implies that bonus issue announcement had no significant impact on the investors' sentiments. Malhotra Madhuri, Thenmozhi M. and Kumar G. Arun (2007) examined share price reaction to the announcement of Bonus Issue for a sample of Indian Companies. There was a negative reaction after the bonus issue announcement conveying that the market under reacted after the announcement. Bhattacharya S. Prasad and Singh Harminder (2006) examined the Indian stock futures data to explore efficient market hypothesis and biasedness. They had experienced voluminous transactions within a short time span after its establishment; the Indian stock futures market provides an unparalleled case for exploring these issues involving expectation and efficiency. The results based on Markov switching analysis showed that relatively longer time

33 SUMEDHA Journal of Management horizon was more effective in eliminating arbitrage opportunities than the short run Mishra A.K, (2006) examined the stock price reaction to the information content of bonus issues with a view of examining the Indian stock market was semi-strong efficient or not. The period of the study was June 1998 to August 2004. Samples of 46 bonus issues had been used to study the announcement effect by using event study methodology. The results indicated that there were significant positive abnormal returns for a five-day period prior to bonus announcement in line with evidence from developed stock market. On the announcement day the average abnormal return of -0.10% was observed. The results provided stronger evidence of semi-strong market efficiency of the Indian stock market. Srinivas Shirur (2006) examined many a times that the market react positively to the announcement of bonus shares. In this study it is attempted to analyze reasons issuance of the bonus shares. Period of the study is January 2000 to September 2006 in which 165 companies had issued bonus shares. All the companies listed on National Stock Exchange and which had issued bonus shares within the concerned period have been included. Gupta Amitabh (2006) investigated the stock market reaction associated with earnings announcements in the Indian stock market, and to verify whether these announcements possess any informational value. An event study was conducted on 50 companies, comprising the CNX Nifty Index, which made earnings announcements in March 2004. The sample was divided into two sub-samples of `good' and `bad' news announcements respectively. The results of the study indicated that earnings announcements contained important information which causes stock prices to change. Gupta Vandana (2003) examined the announcement effects of bonus issues on share prices in India during the six- year period January 1, 1995 to December 31, 2000 with a view to testing the semi-strong efficiency of the Indian stock market. Using a sample of 145 bonus issues, the announcement effects had been studied in terms of the event study methodology. The results for the full sample indicate that there were significant abnormal returns for a seven-day period before bonus announcements. There was no abnormal return on the day of the bonus announcement. Lukose Jijo P. J. and Rao S Narayan (2002) examined the operating performance behavior around bonus distribution for a large sample of firms listed on Bombay Stock Exchange (BSE) to examined the relevance of signaling hypothesis in India. Consistent with the signaling hypotheses, bonus issuers exhibit superior operating performance relative to control firms with similar pre-event performance. The operating performance of firms issuing bonus shares was superior to their industry peers both prior to and subsequent to the bonus issue. They linked the impact of corporate control mechanism on signaling by documenting the relationship between ownership-structure and post bonus issue operating performance.

Research Methodology This study is based upon the Empirical Research design. The study intends to cover the 80 companies such as, 30 index companies of BSE and 50 index companies of NSE. Out of these 80 Indian companies the study covers only those which announced the Bonus share during the period of 2007 to 2011. These companies are belongs to A category and represent the Indian stock market.

34 Vol.2, No.2, April - June 2013 In our sample size, Reliance Power has been excluded because the bonus issue was announced after the listing of 14 days. So the data related to share prices for an estimation window was not available. In this study, we have analyzed 22 companies who announce bonus issue. The secondary data has been collected from various websites such as NSE, BSE, SEBI, books, journals, newspapers & magazines etc. The bonus announcement dates are collected from CapitalinePlus and the share prices are taken from NSE, BSE and Yahoo Finance. Tools of Analysis: Tool used to analyze the collected data are: 1. Event Study • Event window is 14 days before and after the announcement.(t = -14 to t = +14) • Estimation window is t = -214 to t = -14 • Collect daily return around the announcement. • Step for applying the event study are: - An event study is designed to examine market reactions to, and abnormal returns around specific information events. The information events can be market-wide, such as macro-economic announcements, or firm-specific, such as bonus announcements. The steps in an event study are as follows - (1) The event to be studied is clearly identified, and the date on which the event was announced pinpointed. The presumption in event studies is that the timing of the event is known with a fair degree of certainty. Since financial markets react to the information about an event, rather than the event itself, most event studies are centered around the announcement date for the event. Announcement Date ______|______(2) Once the event dates are known, returns are collected around these dates for each of the firms in the sample. In doing so, two decisions have to be made. First, the analyst has to decide whether to collect weekly, daily or shorter-interval returns around the event. This will, in part, be decided by how precisely the event date is known (the more precise, the more likely it is that shorter return intervals can be used) and by how quickly information is reflected in prices (the faster the adjustment, the shorter the return interval to use). Second, the analyst has to determine how many periods of returns before and after the announcement date will be considered as part of the 'event window'. That decision also will be determined by the precision of the event date, since more imprecise dates will require longer windows. -14 -13 -12 -11 -10- 9- 8- 7- 6 -5 -4 -3 -2 -1 (Rj0) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Return window: -14 to +14

35 SUMEDHA Journal of Management where, Rjt = Returns on firm j for period t (t = –14, ...,0, .... +14) (3) The returns, by period, around the announcement date, are adjusted for market performance and risk to arrive at abnormal returns for each firm in the sample. For instance, if the capital asset pricing model is used to control for risk - Abnormal Return on period t = Return on day t – (Riskfree rate + Beta * Return on market on day t) (ER-jn) (Rj0) (ER+jn) ______|______|______|______Return window: -14 to +14 where, ERjt = abnormal Returns on firm j for period t (t = –14, ...,0, .... +14) (4) The abnormal returns, by period, are averaged across all firms in the sample and a standard error is computed.

j N ER jt Average abnormal return on day t =  N j1 Where, N = Number of events in the event study (5) Cumulative Abnormal Returns (CAR): The cumulative of the daily abnormal returns over the time period under observation is the CAR.

t2 CAR AR j,, t1 t 2  jt t t1 (6) Degree of Freedom: The concept of degrees of freedom is central to the principle of estimating statistics of populations from samples of them. "Degrees of freedom" is commonly abbreviated to df. Estimates of parameters can be based upon different amounts of information. The number of independent pieces of information that go into the estimate of a parameter is called the degrees of freedom (df). In general, the degrees of freedom of an estimate is equal to the number of independent scores that go into the estimate minus the number of parameters estimated as intermediate steps in the estimation of the parameter itself. For example, if the variance, σ², is to be estimated from a random sample of N independent scores, then the degrees of freedom is equal to the number of independent scores (N) minus the number of parameters estimated as intermediate steps (one,μ estimated by M) and is therefore equal to N-1.

36 Vol.2, No.2, April - June 2013 Hypotheses of the Study

H0(1) : There is no significant relation between bonus issue announcements & share prices.

H1 (1): There is a significant relation between bonus issue announcements & share prices. Data Interpretation and Analysis Table-1: Bonus Announcements

Event AAR Z- value CAAR Z-value Window -14 0.0055 0.03 0.01 0.03 -13 -0.003 -0.01 0.00 0.01 -12 0.00 -0.02 0.00 -0.01 -11 0.00 0.00 0.00 -0.01 -10 0.00 -0.01 0.00 -0.02 -9 0.01 0.03 0.00 0.02 -8 -0.01 -0.06 -0.01 -0.05 -7 0.00 -0.01 -0.01 -0.06 -6 0.00 0.00 -0.01 -0.06 -5 0.00 0.00 -0.01 -0.06 -4 -0.01 -0.03 -0.02 -0.09 -3 0.00 -0.01 -0.02 -0.10 -2 0.01 0.03 -0.01 -0.07 -1 0.00 0.01 -0.01 -0.06 0 0.01 0.03 -0.01 -0.03 1 0.00 0.02 0.00 -0.01 2 0.00 -0.01 0.00 -0.02 3 0.00 -0.01 -0.01 -0.03 4 0.00 0.00 0.00 -0.03 5 -0.01 -0.03 -0.01 -0.06 6 0.00 0.00 -0.01 -0.06 7 0.01 0.04 0.00 -0.02 8 0.00 -0.01 -0.01 -0.03 9 -0.01 -0.03 -0.01 -0.06 10 0.00 -0.01 -0.01 -0.07 11 0.00 0.01 -0.01 -0.06 12 0.01 0.03 -0.01 -0.03 13 0.00 0.00 -0.01 -0.03 14 0.00 0.01 0.00 -0.02

37 SUMEDHA Journal of Management Interpretation Table 1 Highlights the AAR, CAAR and the corresponding Z value for each of the day 29 days of the event window for all the 21 companies announced the bonus issue during 2007 to 2011. On the day of bonus issue announcement, the AAR is .005 with Z value .029 and CAAR is -.006 with Z value -0.0332 both are significant at 95% degree of freedom(value lay b/w -1.96 to +1.96). Further analysis indicate that the AAR and CAARs for each day prior to and post announcement day are equally significant at 95% degree of freedom. So, it is expected that the share price reaction to bonus announcements should be statistically significant.

Figure - 1 Interpretation Figure 1 showed that AARs is fluctuating randomly prior to and post announcement event period and influence can be made that the abnormal return are having increase/decrease trend due to Bonus issue announcement. As we have find that all the values are lying between the -1.96 to +1.96 it means that the announcement is impacting the share price around the event day and investor get abnormal return on their investment.

Figure - 2

38 Vol.2, No.2, April - June 2013

Interpretation Figure 2 showed that CAARs is fluctuating randomly prior to and post announcement event period and influence can be made that the abnormal return are having increase/decrease trend due to Bonus issue announcement. As we have find that all the values are lying between the -1.96 to +1.96 it means that the announcement is impacting the share price around the event day and investor get abnormal return on their investment.

Conclusion This study examined the impact of bonus issue announcement of the 80 index companies from NSE & BSE such as, 30 index companies of BSE and 50 index companies of NSE. Out of these 80 Indian companies the study covers only those which announced the bonus share during the period of 2007 to 2011. To study impact of the announcement, the degree of freedom and Z-value is calculated. The Z value of AARs and CAARs of all samples are equally significant at 95% degree of freedom which means that the share price reflect the bonus issue announcements. The reason for such an observation could be that the index companies are subjected to greater attention by the market participants and therefore public information is quickly incorporated into prices and leaving a scope for systematically superior returns. So, the study found that Indian stock market is semi strong in nature because it reflects the Bonus Issue announcement in the share prices of the company.

References • Bhattacharya S. Prasad and Singh Harminder, (2006) "An Explanation of Efficient Market Hypothesis and Unbiasedness Using Markov Switching Framework". • http://papers.ssrn.com/sol3/papers.cfm?abstract_id=943354 [Viewed on 23/02/10] • Dhar Satyajit and Chhaochharia Sweta, (2008) "Market Reaction around the Stock Splits and Bonus Issues: Some Indian Evidence". http://papers.ssrn.com/sol3/ papers.cfm?abstract_id=1087200 [viewed on 3/03/10] • Gupta Vandana (2001) "Announcement Effects of Bonus Issues on. Equity Prices: The Indian Experience". • http://www.indianjournals.com/ijor.aspx?target=ijor:ijfr&volume=13&issue=1and2 &article=004 [viewed on 26/03/2010]. • Gupta Amitabh (2006) "Impact of earnings announcement on stock Prices: Some Empirical Evidences from India", The Icfai Journal of Applied Finance, March, vol.12 (3) pp. 5-17. • http://www.bseindia.com/

39 SUMEDHA Journal of Management • http://www.nseindia.com/ • http://in.finance.yahoo.com/ • http://dpe.nic.in/newgl/glch0312.htm • http://www.rediff.com/money/2004/sep/18tutorial.htm • http://www.bcvaz.in/financial_management/bonus_shares.htm • http://financeonline.in/index.php/component/content/article/93.html • Kothari R.C .(1990) , Research Methodology, New Age International Publishers Ltd., New Delhi • Kumar G. Arun, Malhotra Madhuri and Thenmozhi M, (2007) "Effect of bonus issue announcement on stock returns using market model", Journal of International Finance and Economics, Volume V, Number 1, 2007. • Lukose Jijo P. J. and Rao Narayan S, (2002) "Does bonus issue signal superior profitability? a study of the BSE Listed Firms". • http://papers.ssrn.com/sol3/pap[ers.cfm?abstract_id=428122] [Viewed on 25/02/10] • M. Raja & Sudhahar J. Clement,(2010) "An empirical test of Indian stock market efficiency in respect of bonus announcement", Asia Pacific Journal of Finance and Banking Research, Vol. 4., No. 4, 2010. • Mishra A.K, (2006) "An empirical analysis of market reaction around the bonus issues in India". • http://econpapers.repec.org/paper/wpawuwpfi/0507003.htm [Viewed on 26/02/10]. • Malhotra Madhuri, Thenmozhi M. and Kumar G. Arun,(2007) "Stock market reaction and liquidity changes around bonus issue announcement: evidence from India". • http://papers.ssrn.com/sol3/papers.cfm?abstract_id=962830, [Viewed on 1/03/10]. • Sherbet Mandar (2009) "Bonus issue: Who Benefits the Most from it?" • http://www.valueandgrowth.in/Learning/Files/BonusIssue.pdf. [Viewed on 20/03/2010] • Shrinivas, S (2006), "Why do companies issue bonus shares?", Management & Change, Volume : 10, Issue : 2

40 Vol.2, No.2, April - June 2013 ANNEXURE Abnormal returns of those companies which have announced bonus issue Days Siemens Cipla GAIL Kotak Ambuja Unitech Unitech HCL (India) Mah. Cem. 2008 2009 Technologies Bank -14 -0.006 -0.007 -0.015 0.000 0.016 0.028 -0.001 0.022 -13 -0.011 -0.003 -0.043 0.001 0.014 0.028 0.004 -0.015 -12 0.012 -0.018 0.012 0.003 0.010 -0.011 0.001 -0.007 -11 0.007 0.014 -0.020 0.001 -0.008 0.051 -0.007 -0.033 -10 0.016 -0.002 -0.029 0.001 -0.019 0.006 0.003 0.006 -9 0.009 -0.002 -0.005 -0.002 -0.001 0.069 -0.002 0.011 -8 -0.273 -0.005 -0.012 -0.001 -0.012 0.028 0.008 0.003 -7 -0.037 0.000 -0.004 0.000 0.001 0.028 0.013 0.020 -6 -0.024 0.001 -0.026 0.018 0.016 0.028 -0.002 0.002 -5 -0.008 0.001 0.014 0.008 0.004 0.016 -0.003 0.029 -4 -0.034 -0.002 -0.013 -0.002 -0.016 0.040 -0.003 -0.002 -3 -0.032 0.002 0.054 -0.004 0.000 0.028 -0.001 -0.009 -2 0.020 0.064 0.012 0.001 0.006 0.028 -0.006 -0.012 -1 0.020 0.010 0.000 0.005 0.013 0.028 -0.004 -0.010 0 -0.034 0.000 -0.010 0.003 -0.003 0.028 0.003 -0.020 1 -0.008 0.018 -0.035 -0.001 0.009 0.028 0.007 -0.013 2 -0.020 0.042 0.006 -0.002 0.001 -0.011 -0.008 -0.016 3 0.006 0.048 0.037 0.000 -0.007 -0.049 -0.007 0.009 4 0.022 0.004 0.035 -0.001 0.001 0.027 -0.001 0.042 5 -0.017 -0.032 0.016 -0.001 -0.011 -0.047 -0.004 0.015 6 0.024 -0.009 -0.021 0.000 0.005 0.011 -0.005 0.020 7 -0.002 -0.007 0.015 -0.001 -0.008 -0.017 -0.004 -0.002 8 -0.005 -0.014 0.017 -0.005 -0.005 0.067 -0.007 0.014 9 -0.003 0.010 -0.029 0.001 -0.012 0.024 -0.008 -0.011 10 -0.025 -0.001 -0.005 -0.002 -0.002 0.032 -0.004 0.016 11 -0.014 0.009 -0.002 0.004 0.003 0.028 -0.007 -0.003 12 0.002 0.013 0.017 0.004 0.018 0.028 -0.003 0.002 13 -0.021 -0.012 0.010 0.002 0.001 -0.011 0.004 0.001 14 -0.002 -0.004 -0.062 0.001 0.004 0.054 0.002 0.001 15 -0.005 -0.006 -0.010 -0.001 -0.029 0.003 -0.006 -0.015

41 SUMEDHA Journal of Management Abnormal returns of those companies which have announced bonus issue Days Wipro TCS TCS Sterlite Reliance O N G C M & M 2008 2009 Inds. Inds. -14 0.011 0.003 -0.002 0.006 -0.001 0.015 0.017 -13 0.023 -0.005 0.012 0.000 -0.001 -0.004 0.014 -12 -0.021 0.003 0.008 -0.005 -0.001 0.011 -0.004 -11 0.005 -0.001 -0.007 -0.009 -0.001 0.004 0.009 -10 0.021 -0.006 -0.004 -0.001 -0.001 -0.009 0.013 -9 -0.010 0.027 0.002 0.002 -0.001 0.012 -0.004 -8 -0.017 -0.007 0.014 -0.005 -0.001 -0.009 -0.006 -7 -0.017 -0.004 0.008 0.006 -0.001 -0.034 0.007 -6 0.004 0.004 0.000 -0.001 -0.001 -0.024 0.009 -5 -0.034 -0.006 0.009 0.006 -0.001 0.013 -0.002 -4 -0.038 -0.002 -0.003 0.019 -0.001 -0.006 0.001 -3 -0.009 -0.018 -0.008 0.003 -0.001 0.009 0.028 -2 -0.002 -0.030 0.002 -0.005 -0.001 0.000 0.004 -1 0.016 -0.029 0.003 -0.003 -0.001 0.023 0.003 0 0.073 0.042 -0.002 0.001 -0.001 0.015 0.018 1 0.019 0.077 0.003 -0.013 -0.001 0.043 0.002 2 -0.007 -0.011 -0.009 -0.016 -0.001 0.006 -0.004 3 -0.009 -0.009 0.006 -0.004 -0.001 0.002 0.006 4 0.007 -0.006 0.004 -0.007 -0.001 -0.011 0.015 5 -0.008 -0.005 0.005 -0.009 -0.001 0.013 0.002 6 0.007 -0.020 0.007 -0.012 -0.001 0.006 0.016 7 -0.003 -0.002 0.007 0.005 -0.001 -0.002 0.005 8 -0.003 0.013 0.012 0.002 -0.001 -0.013 -0.003 9 0.015 -0.028 0.001 -0.005 -0.001 -0.007 0.007 10 -0.005 0.035 -0.003 -0.005 -0.001 0.017 -0.012 11 -0.020 0.001 -0.004 0.014 -0.001 0.001 -0.018 12 0.042 0.007 0.002 -0.011 -0.001 -0.003 0.002 13 -0.004 0.001 0.000 -0.003 -0.001 0.012 0.008 14 0.000 -0.004 0.000 0.010 -0.001 0.019 0.025 15 -0.001 -0.004 0.004 0.013 -0.001 -0.011 -0.003

42 Vol.2, No.2, April - June 2013 Abnormal returns of those companies which have announced bonus issue

Days Larsen & Larsen JP ITC Infosys B H E L Toubro & Associates Tech. 2007 Toubro 2008 -14 -0.028 -0.029 -0.001 -0.001 0.039 0.049 -13 -0.039 -0.011 -0.009 -0.005 0.001 -0.009 -12 -0.058 -0.021 -0.001 0.009 -0.014 0.000 -11 0.005 0.011 -0.015 0.006 0.003 -0.001 -10 -0.005 -0.012 -0.013 0.003 -0.014 -0.002 -9 -0.002 0.027 0.006 0.025 -0.025 0.001 -8 0.028 0.021 0.000 -0.011 0.007 -0.005 -7 -0.001 -0.013 -0.004 -0.009 -0.007 0.010 -6 0.013 0.002 -0.010 0.013 -0.029 -0.009 -5 -0.034 -0.013 0.006 0.008 0.028 -0.035 -4 -0.033 -0.012 0.003 0.004 0.002 -0.034 -3 -0.031 -0.033 -0.003 0.015 -0.008 -0.014 -2 0.023 -0.006 0.002 -0.008 0.007 0.029 -1 -0.029 -0.015 -0.005 -0.003 0.004 -0.002 0 -0.036 0.032 -0.009 0.008 0.002 -0.002 1 -0.050 0.039 -0.021 0.003 -0.003 -0.011 2 0.010 -0.007 -0.020 0.016 0.006 -0.013 3 0.008 -0.032 -0.012 0.000 -0.003 -0.010 4 -0.055 -0.012 -0.023 -0.012 -0.006 -0.010 5 -0.003 -0.027 -0.010 0.019 -0.015 -0.009 6 0.039 -0.001 -0.013 -0.013 -0.016 -0.037 7 0.054 -0.032 -0.002 -0.013 0.019 0.150 8 -0.030 -0.013 -0.027 -0.019 -0.035 0.010 9 -0.029 0.014 0.001 -0.019 -0.017 -0.009 10 -0.002 0.001 0.004 -0.007 -0.044 -0.035 11 0.048 0.021 0.014 0.006 -0.021 -0.034 12 -0.009 0.009 0.000 0.012 0.005 -0.014 13 0.022 0.009 -0.007 -0.002 -0.017 0.029 14 -0.021 0.000 0.005 -0.004 0.031 -0.002 15 -0.013 -0.038 0.001 0.004 0.008 -0.002

43