TABLE 3 REGRESSION RESULTS INCREASE IN ECONOMIC FREEDOM AND STOCK MARKET RETURNS Independent Dependent Variable: Variables Annualize Equity Market Return (1) (2) (3) Constant 0.0128 0.0869 0.0640 (1.23) (1.135) (0.800) % FREE 2.6556 ** 2.5457 ** 2.0554 ** (6.793) (6.257) (3.204) BEGF
-0.0109 -0.0463 (-0.977) (-1.234) ENDF 0.0382 (0.989) [R.sup.2] 0.1552 0.1584 0.1617 F-Statistic 46.14 23.54 16.02 (1, 252 d.f.) (2, 251 d.^) (3, 250 d.f.) ** Indicates coefficient is statistically significant at the 99 percent confidence level; t-statistics in parentheses.
Jamie Hope, Catalyst; David Wilcox, Stone Computers; Rupert Lyle, BEGF
; Peter Whatson, BEGF
and Paul Harper, Barclays
Of the pounds 6.3 million total equity, BEGF invested pounds 4.5 million while TriVest VCT, British Smaller Companies VCT and new and existing management invested pounds 1.8 million.
The deal involved staff from all three offices of BEGF including Bob Henry from the southern team, who led the deal, David Hall from the north and Tim Hazell from the Midlands.
Andrew Henton, a partner at BEGF, said: 'Sure, manufacturing has its dogs but it also has its stars.'
BEGF said it aims to assist companies looking for cash injections of between pounds 500,000 to pounds 9 million.
is sponsored by Baring Private Equity Partners, the venture capital arm of ING Asset Managment.
chairman Gilbert Chalk said: 'The Birmingham market has very real critical mass and historically a good deal flow.