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4.5 Results for Covariate 3 - Size for Bankruptcies............. 73
4.6 Results for Covariate 4 - Age for Bankruptcies............. 73
4.7 Results for Covariate 5 - Liability for Bankruptcies .......... 74
4.8 Results for Covariate 1 - Growth for Acquisitions ........... 75
4.9 Results for Covariate 2 - Profit for Acquisitions ............ 75
4.10 Results for Covariate 3 - Size for Acquisitions............. 78
4.11 Results for Covariate 4 - Age for Acquisitions ............. 78
4.12 Results for Covariate 5 - Liability for Acquisitions........... 79
5.1 Results With τ = 0.5 and Q = 99 December .............. 95
5.2 Results with τ — —0.5 and θ = 99 December ............. 96
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