Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Services
Heathcare Information and Technology

Number of firms Beta

2
4
5
329
14
93
38
1
3
19
14
13
130
39
13
7
134
11
128
5
116
85
12
65
17
17
93
29
9
112
61
5
33
109
47
152
10
30
6
9

0.96
1.04
2.15
1.41
1.61
1.61
1.68
1.87
0.89
1.86
1.60
1.85
1.19
1.37
1.75
2.05
1.37
1.63
1.36
0.65
1.52
1.63
1.48
1.36
1.64
1.84
1.64
1.30
1.49
1.90
1.57
1.15
1.56
1.18
1.16
1.31
1.21
1.42
1.20
2.05

D/E Ratio Tax rate

0.24%
0.27%
124.77%
63.62%
16.25%
37.43%
58.24%
150.92%
0.76%
13.33%
6.92%
3.04%
159.59%
51.36%
0.20%
7.45%
18.00%
26.11%
17.66%
0.61%
4.18%
14.65%
69.31%
15.12%
20.44%
51.67%
16.59%
28.45%
6.99%
69.74%
42.82%
5.83%
23.51%
146.65%
115.56%
36.37%
29.99%
14.66%
18.04%
14.40%

15.45%
23.30%
0.00%
14.30%
13.09%
21.67%
18.39%
0.00%
16.67%
23.21%
13.22%
13.67%
13.16%
15.36%
15.60%
9.50%
18.00%
17.89%
21.09%
17.66%
15.00%
14.23%
10.36%
19.01%
10.67%
17.42%
16.41%
9.95%
8.30%
20.52%
11.33%
18.15%
12.42%
18.87%
19.05%
16.34%
20.69%
17.04%
14.14%
8.45%

Heavy Construction
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
Railroad
Real Estate
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Restaurant
Retail (Automotive)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Tranportation

31
50
38
17
1
80
136
31
9
10
10
27
71
57
141
48
4
18
2
25
87
13
13
2
3
84
7
3
1
10
16
9
16
11
168
6
21
6
12
5
12

1.61
1.24
1.11
1.59
1.92
1.06
1.36
1.98
1.51
1.81
1.86
1.68
1.41
1.40
1.31
1.53
2.17
1.11
1.15
1.94
1.48
1.39
1.57
1.18
1.11
1.03
1.94
1.05
2.88
1.42
1.51
2.20
1.83
1.27
1.67
1.67
1.56
1.46
1.50
1.32
1.59

3.23%
33.21%
1.70%
28.88%
67.35%
132.78%
6.08%
12.37%
4.29%
4.88%
73.42%
9.62%
64.56%
148.02%
10.86%
24.10%
102.93%
13.70%
0.62%
43.73%
23.13%
222.05%
49.32%
0.00%
10.77%
76.54%
2.74%
0.23%
0.04%
9.86%
42.54%
91.32%
35.26%
26.77%
47.67%
60.77%
18.00%
36.85%
111.99%
0.01%
104.50%

22.61%
23.29%
15.79%
13.07%
16.19%
10.62%
21.97%
16.21%
22.42%
20.36%
14.23%
17.11%
17.79%
10.91%
16.26%
18.97%
0.00%
20.15%
13.00%
23.43%
18.77%
13.51%
9.06%
28.59%
32.43%
13.75%
3.26%
12.12%
0.00%
18.97%
18.03%
7.63%
14.05%
18.08%
18.72%
17.80%
11.95%
3.60%
25.04%
18.75%
22.52%

Trucking
Utility (Water)
Internet software and services
Healthcare Equipment
Healthcare Facilities
Healthcare Products
Grand Total

6
1
14
6
14
6
3377

0.80
0.40
1.08
0.58
0.99
1.56
1.45

2.78%
5.62%
7.11%
40.99%
35.24%
6.52%
32.30%

20.16%
32.58%
22.64%
16.67%
22.41%
24.08%
16.77%

Unlevered beta Cash/Firm value

0.96
1.03
0.96
0.91
1.41
1.24
1.14
0.75
0.89
1.68
1.51
1.80
0.50
0.95
1.75
1.92
1.19
1.34
1.19
0.65
1.47
1.45
0.92
1.21
1.39
1.29
1.44
1.03
1.40
1.22
1.14
1.10
1.30
0.54
0.60
1.00
0.97
1.27
1.04
1.81

0.24%
0.01%
2.06%
2.06%
5.84%
1.53%
19.83%
50.69%
0.05%
0.69%
4.43%
0.86%
13.32%
6.33%
0.01%
1.71%
2.92%
3.62%
2.65%
29.76%
6.46%
3.29%
6.96%
0.42%
2.80%
5.25%
1.53%
1.10%
0.03%
3.57%
3.75%
0.00%
0.50%
2.06%
4.87%
1.90%
1.36%
2.82%
3.45%
1.87%

Unlevered beta corrected for cash

0.96
1.03
0.98
0.93
1.50
1.26
1.42
1.51
0.89
1.69
1.58
1.82
0.58
1.02
1.75
1.95
1.23
1.39
1.23
0.92
1.57
1.49
0.98
1.22
1.43
1.36
1.47
1.04
1.40
1.27
1.18
1.10
1.30
0.55
0.63
1.02
0.99
1.30
1.07
1.84

1.57
0.99
1.09
1.27
1.22
0.48
1.30
1.80
1.46
1.74
1.14
1.56
0.92
0.60
1.20
1.28
1.07
1.00
1.14
1.46
1.24
0.48
1.08
1.18
1.03
0.62
1.89
1.04
2.88
1.32
1.12
1.20
1.40
1.04
1.20
1.12
1.35
1.08
0.82
1.32
0.88

1.99%
2.69%
0.97%
19.39%
3.33%
15.69%
3.29%
5.48%
0.37%
3.67%
12.75%
0.73%
2.40%
0.55%
1.93%
2.24%
15.12%
3.22%
0.00%
2.55%
2.97%
0.92%
1.31%
0.06%
5.41%
4.28%
0.03%
2.24%
8.91%
0.40%
1.77%
0.55%
3.16%
0.41%
9.35%
1.09%
2.12%
0.59%
1.57%
0.01%
1.82%

1.60
1.01
1.10
1.58
1.27
0.57
1.35
1.90
1.46
1.81
1.31
1.57
0.95
0.61
1.23
1.31
1.26
1.03
1.14
1.49
1.28
0.48
1.10
1.18
1.09
0.65
1.89
1.07
3.16
1.32
1.14
1.20
1.45
1.05
1.32
1.13
1.37
1.08
0.83
1.32
0.90

0.79
0.39
1.03
0.43
0.78
1.49
1.14

0.52%
15.96%
0.79%
3.26%
2.00%
2.01%
6.26%

0.79
0.46
1.04
0.45
0.79
1.52
1.22