Table 1: Performance of factor estimators from 1000 simulations. Trace statistics for various time lengths and sample sizes.

		T=3		T=5		T=7		T=10		T=15
		TRDFM	$$\frac{T{R}_{DFM}}{T{R}_{CFM}}$$	TRDFM	$$\frac{T{R}_{DFM}}{T{R}_{CFM}}$$	TRDFM	$$\frac{T{R}_{DFM}}{T{R}_{CFM}}$$	TRDFM	$$\frac{T{R}_{DFM}}{T{R}_{CFM}}$$	TRDFM	$$\frac{T{R}_{DFM}}{T{R}_{CFM}}$$
n = 10	P = 5	0.77	1.00	0.80	1.02	0.83	1.02	0.86	1.02	0.88	1.01
	P = 10	0.77	1.00	0.78	1.02	0.81	1.03	0.83	1.03	0.86	1.02
	P = 15	0.77	1.00	0.77	1.02	0.78	1.03	0.81	1.03	0.84	1.02
n = 50	P = 5	0.85	1.01	0.87	1.02	0.90	1.02	0.92	1.02	0.93	1.01
	P = 10	0.85	1.01	0.86	1.02	0.87	1.03	0.90	1.03	0.92	1.02
	P = 15	0.85	1.01	0.85	1.02	0.86	1.03	0.88	1.03	0.91	1.02
n = 100	P = 5	0.86	1.01	0.89	1.02	0.91	1.02	0.93	1.02	0.95	1.01
	P = 10	0.86	1.01	0.86	1.02	0.89	1.03	0.92	1.03	0.94	1.02
	P = 15	0.87	1.01	0.86	1.02	0.88	1.03	0.90	1.03	0.93	1.03
n = 200	P = 5	0.88	1.01	0.90	1.02	0.92	1.02	0.94	1.02	0.96	1.02
	P = 10	0.87	1.01	0.89	1.02	0.91	1.03	0.93	1.03	0.95	1.02
	P = 15	0.89	1.01	0.88	1.02	0.89	1.03	0.92	1.04	0.93	1.03
n = 300	P = 5	0.86	1.01	0.91	1.02	0.93	1.03	0.95	1.05	0.96	1.03
	P = 10	0.87	1.01	0.90	1.02	0.91	1.03	0.94	1.03	0.97	1.07
	P = 15	0.90	1.01	0.89	1.02	0.91	1.03	0.93	1.04	0.96	1.09