TABLE 11
ESTIMATED COEFFICIENTS AND STANDARD ERRORS: GROUP MARKET

NUMINS (1) NUMINS (2) NUMINSa (3) BCBS (4) HMO (5) HMO (6) COMM (7) COMM (8) HERF (9) TOP5 (10) LOSSRb (11) LOSSRb (12)
Constant 26.677*
(6.854)		 27.276*
(6.936)		 30.167
(5.023)		 0.244
(0.192)		 0.341**
(0.172)		 0.515*
(0.106)		 0.414*
(0.119)		 0.485*
(0.106)		 0.026
(.093)		 0.572*
(0.077)		 0.550**
(0.258)		 0.586***
(0.338)
POP 4.179*
(1.569)		 4.242*
(1.577)		 2.973**
(1.291)		 0.026
(0.044)		 0.074***
(0.039)		 0.093*
(0.024)		 -0.100*
(0.027)		 -0.093*
(0.024)		 -0.0091
(0.021)		 0.018
(0.018)		 -0.034
(0.068)		 -0.034
(0.069)
PREEX -0.078**
(0.032)		 -0.076**
(0.033)		 3.137
(2.033)		 0.00077
(0.001)		 -0.00041
(0.001)		 0.00014
(0.000)		 -0.00036
(0.001)		 -0.00014
(0.000)		 0.0012*
(0.000)		 0.00075**
(0.000)		 0.000
(0.001)		 0.000
(0.001)
SOMALL -0.736
(1.346)		 -0.655
(1.356)		 -0.213
(1.305)		 0.033
(0.038)		 -0.039
(0.034)		 -0.015
(0.021)		 0.0056
(0.023)		 0.015
(0.021)		 0.031***
(0.018)		 0.019
(0.015)		 0.015
(0.046)		 0.010
(1.046)
ALL 5.504***
(2.981)		 5.392***
(2.995)		 2.514***
(2.446)		 -0.046
(0.083)		 0.011
(0.075)		 -0.022
(0.046)		 0.035
(0.052)		 0.022
(0.046)		 -0.018
(0.041)		 -0.062**
(0.034)		 -0.048
(0.101)		 -0.048
(0.103)
GRENEW 1.450
(7.542)		 2.013
(7.615)		   0.230
(0.211)		 -0.256
(0.189)		 -0.093
(0.117)		 0.026
(0.131)		 0.093
(0.117)		 0.239**
(0.103)		 0.145***
(0.085)		 0.353
(0.291)		 0.315
(0.293)
AGE -12.455
(8.886)		 -12.749
(8.926)		 -9.445**
(4.129)		 -0.120
(0.249)		 0.074
(0.223)		 -0.011
(0.137)		 0.046
(0.154)		 0.011
(0.137)		 -0.171
(0.121)		 -0.059
(0.100)		 -0.154
(0.353)		 -0.129
(0.355)
HEALTH -15.381**
(6.214)		 -15.607**
(6.243)		 -12.685*
(4.8)		 -0.092
(0.174)		 0.089
(0.156)		 0.023
(0.096)		 0.0032
(0.108)		 -0.023
(0.096)		 -0.117
(0.084)		 -0.0036
(0.070)		 -0.269
(0.240)		 -0.247
(0.241)
COMPOSIT 15.506**
(6.668)		 15.431**
(6.691)		 12.566*
(3.379)		 -0.03
(0.187)		 0.095
(0.167)		 0.073
(0.103)		 -0.064
(0.115)		 -0.073
(0.103)		 0.056
(0.091)		 -0.027
(0.075)		 0.092
(0.233)		 0.078
(0.234)
BCBS   -2.452
(3.756)		       -0.710*
(0.058)		   -0.290*
(0.058)		        
NUMINS                     0.000
(0.004)		 0.000
(0.004)
HERF                     -0.260
(0.257)		  
TOP5                       -0.089
(0.328)
1995DUM -1.128**
(0.507)		 -1.098**
(0.511)		 -1.045***
(0.489)		 0.012
(0.014)		 -0.033*
(0.013)		 -0.024*
(0.008)		 0.021**
(0.009)		 0.024**
(0.008)		 0.014**
(0.007)		 0.001
(0.006)		 -0.002
(0.019)		 -0.006
(0.019)
1996DUM 0.469
(0.464)		 0.465
(0.466)		 0.554
(0.448)		 -001.9
(0.013)		 -0.0059
(0.012)		 -0.0073
(0.007)		 0.0078
(0.008)		 0.0073
(0.007)		 0.0076
(0.006)		 -0.0039
(0.005)		 0.011
(0.016)		 0.008
(0.016)
adjusted r2 0.988 0.988 0.988 0.890 0.902 0.963 0.876 0.902 0.959 0.969 0.201 0.193
F 206.365* 201.595* 223.856* 21.740* 24.646* 66.997* 19.176* 24.353* 60.675* 80.994* 1.615** 1.582**

*Significant at 0.99.

**Significant at 0.95.

***Significant at 0.90.

a - All independent regulatory variables are entered as dummies.

b - Dependent variable is an unweighted average calculated only among companies in which at least 85 percent of the business is known major medical.