I want to know how to make a thorough analysis by comparing the following regression outputs. The regressions are estimated using the Arbitrage Pricing Theory (APT) with the second one testing for heteroscedasticity-robust standard errors via the Huber-White covariance method.

There are 13 variables in total with 326 monthly observations from March 1986 to April 2013. The variables are as follows: Microsoft stock price, S&P 500 index price, the US consumer price index, industrial production index, US Treasury bill yields for 3-month, 6-month, 1-year, 3-year, 5-year and 10-year maturities, a measure of narrow money supply, consumer credit, credit spread (difference in annualised average yields between a portfolio of AAA-rated bonds and a portfolio of BAA-rated bonds).

APT Regression Output

Huber-White Test



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