Industry Name

Number of Firms
Advertising
30
Aerospace/Defense
39
Air Transport
36
Apparel
41
Auto & Truck
19
Auto Parts (OEM)
29
Auto Parts (Replacement)
26
Bank
170
Bank (Canadian)
7
Bank (Foreign)
2
Bank (Midwest)
32
Beverage (Alcoholic)
19
Beverage (Soft Drink)
13
Building Materials
37
Cable TV
22
Canadian Energy
15
Cement & Aggregates
13
Chemical (Basic)
15
Chemical (Diversified)
32
Chemical (Specialty)
78
Computer & Peripherals
138
Computer Software & Svcs
399
Diversified Co.
92
Drug
287
Drugstore
10
E-Commerce
6
Educational Services
27
Electric Util. (Central)
32
Electric Utility (East)
34
Electric Utility (West)
20
Electrical Equipment
81
Electronics
137
Entertainment
91
Environmental
50
Financial Svcs. (Div.)
185
Food Processing
86
Food Wholesalers
23
Foreign Electron/Entertn
13
Foreign Telecom.
14
Furn./Home Furnishings
33
Gold/Silver Mining
30
Grocery
26
Healthcare Info Systems
32
Home Appliance
12
Homebuilding
54
Hotel/Gaming
52
Household Products
29
Industrial Services
173
Insurance (Life)
30
Insurance (Prop/Casualty
56
Internet
309
Investment Co.
25
Investment Co. (Foreign)
20
Machinery
122
Manuf. Housing/Rec Veh
20
Maritime
14

Average Beta
1.31
0.82
1.04
0.82
0.89
0.92
0.67
0.78
1.11
1.27
0.85
0.54
0.76
0.85
1.29
0.77
0.75
0.97
0.80
0.77
1.36
1.37
0.82
0.90
0.91
3.30
0.84
0.53
0.58
0.61
0.96
1.10
0.95
0.69
0.97
0.68
0.70
0.99
1.27
0.84
0.60
0.70
0.87
0.91
0.82
0.84
0.78
0.92
0.87
0.79
2.57
0.58
1.16
0.78
0.81
0.82

Market D/E Ratio

10.30%
35.17%
73.58%
40.16%
162.38%
80.05%
130.05%
42.01%
26.06%
9.87%
46.16%
19.23%
11.32%
50.50%
83.82%
43.98%
34.03%
36.89%
25.91%
41.06%
4.68%
2.89%
28.45%
3.35%
13.63%
0.92%
4.25%
93.11%
63.95%
81.35%
3.61%
10.67%
24.70%
90.92%
78.57%
36.90%
32.62%
27.88%
14.99%
28.21%
15.21%
39.46%
9.84%
40.16%
63.21%
84.28%
15.95%
19.68%
20.38%
7.08%
4.69%
2.73%
3.52%
49.43%
41.46%
130.83%

Tax Rate
22.50%
28.13%
31.31%
29.84%
30.39%
31.42%
28.47%
32.52%
29.35%
18.90%
32.35%
25.85%
19.21%
30.33%
-1.48%
37.55%
29.06%
21.88%
32.13%
22.58%
16.17%
17.00%
19.38%
5.69%
16.16%
14.14%
37.15%
22.59%
31.98%
24.23%
19.78%
40.41%
40.10%
21.72%
24.91%
18.22%
29.77%
42.14%
31.35%
23.86%
13.12%
29.20%
21.36%
28.86%
25.32%
28.92%
34.80%
38.93%
29.77%
11.76%
2.02%
1.58%
0.62%
26.72%
37.71%
13.90%

Unlevered Beta
1.21
0.66
0.69
0.64
0.42
0.59
0.35
0.61
0.94
1.18
0.64
0.47
0.69
0.63
0.70
0.61
0.60
0.75
0.68
0.59
1.31
1.33
0.66
0.87
0.81
3.27
0.82
0.31
0.40
0.37
0.93
1.04
0.83
0.40
0.61
0.52
0.57
0.85
1.15
0.69
0.53
0.54
0.80
0.71
0.56
0.53
0.71
0.82
0.76
0.75
2.46
0.57
1.12
0.57
0.64
0.39

Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Diversified
Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility
Wireless Networking
Market

156
182
38
36
36
35
18
28
71
36
48
42
92
85
43
143
16
81
90
191
11
31
27
104
9
26
30
18
112
164
25
124
10
11
17
45
2
13
69
5761

0.85
0.83
0.81
0.91
0.62
0.70
0.82
0.89
1.14
0.82
0.78
0.75
0.71
0.90
0.79
0.69
0.77
0.86
0.75
1.18
0.90
1.03
1.20
1.70
2.12
0.86
0.78
1.04
1.39
1.45
0.79
0.78
0.87
0.59
1.05
0.86
1.39
0.55
1.77
0.87

26.82%
7.00%
21.95%
33.18%
69.10%
33.46%
23.84%
74.09%
16.29%
138.42%
61.05%
15.66%
30.51%
8.46%
15.58%
8.08%
68.61%
23.83%
20.23%
15.43%
2.87%
21.02%
98.02%
3.12%
1.82%
16.21%
75.94%
116.74%
5.50%
22.49%
117.48%
19.37%
84.70%
22.29%
15.11%
117.61%
145.44%
83.18%
7.77%
26.80%

8.65%
16.76%
18.75%
17.78%
30.44%
21.11%
36.73%
32.22%
18.32%
28.44%
32.36%
29.70%
14.45%
17.67%
28.88%
0.59%
32.88%
30.55%
17.84%
30.46%
34.44%
32.74%
33.43%
19.30%
25.42%
27.42%
25.08%
16.25%
13.82%
8.02%
24.24%
32.18%
30.27%
27.72%
32.41%
31.94%
30.56%
88.89%
8.93%
21.14%

0.68
0.79
0.69
0.72
0.42
0.56
0.71
0.59
1.00
0.41
0.55
0.68
0.57
0.84
0.71
0.64
0.53
0.74
0.64
1.06
0.88
0.91
0.73
1.66
2.09
0.77
0.50
0.53
1.32
1.20
0.42
0.69
0.55
0.51
0.96
0.48
0.69
0.51
1.65
0.72

Cash/Firm Value Unlevered Beta corrected for cash

5.20%
1.28
3.87%
0.68
10.56%
0.77
4.54%
0.67
12.73%
0.48
6.33%
0.63
2.54%
0.36
14.49%
0.71
7.22%
1.01
10.16%
1.31
13.22%
0.74
1.50%
0.48
1.59%
0.71
3.50%
0.65
10.59%
0.78
2.70%
0.62
3.63%
0.62
2.97%
0.78
3.58%
0.70
2.82%
0.60
4.78%
1.37
6.57%
1.43
5.39%
0.70
2.89%
0.89
0.67%
0.82
3.24%
3.38
5.74%
0.87
2.11%
0.31
1.85%
0.41
2.89%
0.39
1.05%
0.94
5.86%
1.10
3.20%
0.86
1.10%
0.41
6.23%
0.65
5.10%
0.55
3.31%
0.59
15.84%
1.01
2.94%
1.19
3.19%
0.72
7.42%
0.57
2.08%
0.56
5.39%
0.85
5.99%
0.75
4.40%
0.58
4.32%
0.55
1.36%
0.72
4.31%
0.86
5.56%
0.80
5.59%
0.79
12.05%
2.79
0.14%
0.57
1.03%
1.13
2.89%
0.59
8.16%
0.70
5.08%
0.41

9.81%
2.52%
2.35%
3.15%
1.81%
2.00%
5.86%
2.50%
4.37%
2.42%
3.79%
2.31%
1.22%
4.67%
3.27%
0.25%
2.02%
4.27%
1.89%
7.16%
0.61%
1.43%
13.01%
5.92%
7.69%
6.24%
7.63%
12.55%
3.60%
3.36%
2.23%
10.87%
6.46%
6.97%
1.40%
10.07%
3.66%
0.62%
4.14%
5.47%

0.76
0.81
0.71
0.74
0.42
0.57
0.75
0.61
1.05
0.42
0.57
0.69
0.57
0.88
0.74
0.64
0.54
0.77
0.66
1.15
0.89
0.92
0.84
1.77
2.26
0.82
0.54
0.60
1.37
1.24
0.43
0.77
0.58
0.55
0.97
0.53
0.72
0.51
1.72
0.76