표 8 MBS 기간 프리미엄과 투자자별 거래행태: 중·장기물

	(1) dSP20-5		(2) dSP20-7		(3) dSP20-10		(4) dSP20-15
	계수값	[t-값]	계수값	[t-값]	계수값	[t-값]	계수값	[t-값]
Intercept	10.860**	[2.25]	10.531**	[2.23]	15.151***	[5.15]	6.156**	[2.26]
증권	-0.132*	[-1.83]	-0.097	[-1.37]	-0.067	[-1.58]	-0.009	[-0.22]
투신	0.057	[1.39]	0.101**	[2.49]	0.039	[1.56]	0.029	[1.27]
은행	0.006	[0.17]	0.004	[0.11]	0.023	[1.12]	0.028	[1.49]
종금	0.018	[0.95]	0.019	[1.01]	0.011	[0.97]	0.005	[0.51]
보험	0.044	[0.97]	0.022	[0.49]	0.012	[0.43]	-0.014	[-0.55]
연기금	0.011	[0.37]	-0.012	[-0.41]	0.010	[0.51]	-0.010	[-0.60]
외국인	0.016	[1.02]	0.012	[0.80]	-0.002	[-0.16]	0.004	[0.50]
Maturity30	7.740	[1.67]	10.363**	[2.28]	2.424	[0.86]	1.301	[0.50]
증권×Maturity30	-0.352***	[-3.46]	-0.300***	[-3.02]	-0.021	[-0.34]	-0.079	[-1.38]
투신×Maturity30	0.037	[0.43]	-0.068	[-0.81]	-0.032	[-0.62]	-0.125***	[-2.60]
은행×Maturity30	0.035	[0.38]	-0.040	[-0.44]	0.028	[0.50]	-0.007	[-0.13]
종금×Maturity30	-0.008	[-0.21]	-0.023	[-0.61]	0.001	[0.06]	-0.055**	[-2.57]
보험×Maturity30	-0.096	[-1.24]	0.092	[1.21]	-0.020	[-0.43]	0.044	[1.00]
연기금×Maturity30	-0.116*	[-1.67]	-0.023	[-0.34]	-0.041	[-0.96]	0.023	[0.57]
외국인×Maturity30	0.143***	[3.02]	0.142***	[3.08]	0.003	[0.10]	0.022	[0.84]
Control variables	Included		Included		Included		Included
Year dummy	Included		Included		Included		Included
Observations	338		338		338		338
F-value	39.69***		27.92***		23.59***		15.71*
Adj. R-squared	0.814		0.752		0.718		0.624

주: 는 각각 유의수준 10%,
5%,
1% 수준에서 통계적으로 유의적임.
MBS, mortgage-backed securities.