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2. Estimating Beta Value.

Tax Rate 35% Assumed tax rate

Charles schwab Quick & Reilly Waterhouse


(Sep 87- Aug 97)(Jan 84- Aug 97)
(May 87-Sep 96)

Expected return 0.04 0.02 0.04

S.D 0.15 0.13 0.17

Stock Variance 0.02 0.02 0.03

MARKET VARIANCES 0 #DIV/0! #DIV/0!

COVAR 0 0 0

BETA 2.32 2.17 1.39

D/E ratio 0.09 0 0.61

Unleverd Beta 2.19 2.17 1

Unleverd Beta for Amedritrade 1.79

3. Estimating cost of equity

Prevailing Rf 6.69%
From exhibit 3a taking prevailing yeilds on US Government Securities of 20 yr bond,
as it is most appropriate to use for estimating risk free rate in prevailing time
Historic Rf on LTB 5.50%
From exhibit 3c taking return value on portfolio of US Government bonds with matuarity near 20 years
this Rf is used to calculate the risk premium on govt. stocks in past.

Rm (Large company stock) 12.70%


From exhibit 3c taking average annual return on S&P's 500 stock price index

Premium (Rm-Rf) 7.20%


Estimated risk premium based on historic average returns on US Government Securities and Common Stock. From exhibit 3c.

To estimate the cost of equity we use Capital Asset Pricing Model (CAPM), formula used in that is
Ke= Rf + B(Rm-Rf)
which is calculated as
ke= 6.69% + 1.78(12.7%-5.5%)
ke = 19.54%

Cost of Equity 19.55%


COST OF CAPITAL AT AMERITRADE
1. Estimating Stock Variance, Market Variance and Covariances of Stock &Market.

Charles Schwab
Date Shares Price Div Stock Split Return Rs- E(return) Stock Variance
Market returnRm-E(Return)
Market Variance
Covar
X Y
30-Sep-87 29,121 15.875
30-Oct-87 29,121 7.875 -0.504 -0.540 0.291 -0.225 -0.236 0.056 0.128
30-Nov-87 29,121 6.625 -0.159 -0.195 0.038 -0.073 -0.084 0.007 0.016
31-Dec-87 25,388 6.000 -0.094 -0.130 0.017 0.070 0.059 0.003 -0.008
29-Jan-88 25,388 6.500 0.083 0.047 0.002 0.045 0.034 0.001 0.002
29-Feb-88 25,388 9.000 0.385 0.349 0.122 0.052 0.040 0.002 0.014
31 -Mar-88 25,388 7.375 -0.181 -0.216 0.047 -0.017 -0.029 0.001 0.006
29-Apr-88 25,388 7.625 0.034 -0.002 0.000 0.011 -0.001 0.000 0.000
31-May-88 25,388 6.875 -0.098 -0.134 0.018 0.001 -0.011 0.000 0.001
30-Jun-88 25,294 7.250 0.055 0.019 0.000 0.051 0.040 0.002 0.001
29-Jul-88 25,294 7.500 0.034 -0.001 0.000 -0.007 -0.019 0.000 0.000
31-Aug-88 25,294 6.750 -0.100 -0.136 0.018 -0.028 -0.039 0.002 0.005
30-Sep-88 25,328 6.750 0.000 -0.036 0.001 0.037 0.026 0.001 -0.001
31-Oct-88 25,328 7.500 0.111 0.075 0.006 0.018 0.006 0.000 0.000
30-Nov-88 25,328 6.750 -0.100 -0.136 0.018 -0.016 -0.028 0.001 0.004
30-Dec-88 25,354 6.750 0.000 -0.036 0.001 0.021 0.009 0.000 0.000
29-Jan-89 25,354 10.250 0.519 0.483 0.233 0.066 0.054 0.003 0.026
29-Feb-89 25,354 8.625 -0.159 -0.194 0.038 -0.016 -0.028 0.001 0.005
32 -Mar-88 25,354 8.875 0.029 -0.007 0.000 0.022 0.010 0.000 0.000
29-Apr-89 25,354 10.125 0.141 0.105 0.011 0.049 0.037 0.001 0.004
31-May-89 25,354 11.750 0.030 0.163 0.128 0.016 0.040 0.028 0.001 0.004
30-Jun-89 25,352 11.000 -0.064 -0.100 0.010 -0.005 -0.017 0.000 0.002
29-Jul-89 25,352 16.500 0.030 0.503 0.467 0.218 0.078 0.066 0.004 0.031
31-Aug-89 25,352 15.750 -0.045 -0.081 0.007 0.022 0.011 0.000 -0.001
30-Sep-89 25,386 14.000 -0.111 -0.147 0.022 -0.002 -0.013 0.000 0.002
31-Oct-89 25,386 13.000 0.030 -0.069 -0.105 0.011 -0.029 -0.041 0.002 0.004
30-Nov-89 25,386 12.500 -0.038 -0.074 0.006 0.018 0.006 0.000 0.000
30-Dec-89 25,332 13.875 0.110 0.074 0.005 0.018 0.007 0.000 0.001
29-Jan-90 25,332 13.500 0.030 -0.025 -0.061 0.004 -0.070 -0.082 0.007 0.005
29-Feb-90 25,332 15.250 0.130 0.094 0.009 0.015 0.003 0.000 0.000
33 -Mar-88 25,332 17.000 0.115 0.079 0.006 0.024 0.013 0.000 0.001
29-Apr-90 25,332 15.125 0.030 -0.109 -0.144 0.021 -0.028 -0.040 0.002 0.006
31-May-90 25,332 15.750 0.041 0.005 0.000 0.089 0.077 0.006 0.000
30-Jun-90 25,099 15.250 -0.032 -0.068 0.005 -0.004 -0.016 0.000 0.001
29-Jul-90 25,099 13.625 0.030 -0.105 -0.140 0.020 -0.009 -0.021 0.000 0.003
31-Aug-90 25,099 12.625 -0.073 -0.109 0.012 -0.092 -0.103 0.011 0.011
30-Sep-90 25,255 11.375 -0.099 -0.135 0.018 -0.054 -0.065 0.004 0.009
31-Oct-90 25,255 12.625 0.040 0.113 0.078 0.006 -0.012 -0.024 0.001 -0.002
30-Nov-90 25,255 11.875 -0.059 -0.095 0.009 0.066 0.054 0.003 -0.005
30-Dec-90 24,464 11.375 -0.042 -0.078 0.006 0.030 0.018 0.000 -0.001
29-Jan-91 24,464 16.000 0.040 0.410 0.374 0.140 0.049 0.038 0.001 0.014
29-Feb-91 24,464 18.250 0.141 0.105 0.011 0.076 0.064 0.004 0.007
34 -Mar-88 24,464 20.250 0.110 0.074 0.005 0.029 0.017 0.000 0.001
29-Apr-91 24,464 18.125 0.040 -0.103 -0.139 0.019 0.003 -0.008 0.000 0.001
31-May-91 24,464 22.500 0.241 0.205 0.042 0.041 0.029 0.001 0.006
30-Jun-91 24,435 24.750 0.100 0.064 0.004 -0.044 -0.056 0.003 -0.004
29-Jul-91 24,435 27.500 0.050 0.113 0.077 0.006 0.047 0.035 0.001 0.003
31-Aug-91 24,435 28.375 0.032 -0.004 0.000 0.027 0.015 0.000 0.000
30-Sep-91 25,596 31.125 0.097 0.061 0.004 -0.011 -0.023 0.001 -0.001
31-Oct-91 25,596 37.750 0.060 0.215 0.179 0.032 0.018 0.006 0.000 0.001
30-Nov-91 25,596 32.750 -0.132 -0.168 0.028 -0.037 -0.049 0.002 0.008
30-Dec-91 38,394 30.375 3 2 0.391 0.355 0.126 0.107 0.096 0.009 0.034
29-Jan-92 38,394 31.875 0.040 0.051 0.015 0.000 -0.002 -0.013 0.000 0.000
29-Feb-92 38,394 33.250 0.043 0.007 0.000 0.013 0.002 0.000 0.000
35 -Mar-88 38,479 34.625 0.041 0.005 0.000 -0.024 -0.035 0.001 0.000
29-Apr-92 38,479 28.500 0.060 -0.175 -0.211 0.045 0.014 0.002 0.000 0.000
31-May-92 38,479 28.875 0.013 -0.023 0.001 0.007 -0.005 0.000 0.000
30-Jun-92 38,626 23.500 -0.186 -0.222 0.049 -0.019 -0.031 0.001 0.007
29-Jul-92 38,626 24.625 0.060 0.050 0.015 0.000 0.040 0.028 0.001 0.000
31-Aug-92 38,626 22.500 -0.086 -0.122 0.015 -0.021 -0.032 0.001 0.004
30-Sep-92 38,149 18.000 -0.200 -0.236 0.056 0.012 0.001 0.000 0.000
31-Oct-92 38,149 20.250 0.060 0.128 0.092 0.009 0.011 -0.001 0.000 0.000
30-Nov-92 38,149 24.875 0.228 0.193 0.037 0.040 0.029 0.001 0.006
30-Dec-92 37,741 26.125 0.050 0.014 0.000 0.018 0.006 0.000 0.000
29-Jan-93 37,741 30.250 0.060 0.160 0.124 0.015 0.012 0.001 0.000 0.000
29-Feb-93 37,741 32.375 0.070 0.034 0.001 0.005 -0.006 0.000 0.000
36 -Mar-88 37,741 36.500 0.127 0.092 0.008 0.025 0.013 0.000 0.001
29-Apr-93 37,741 32.750 0.075 -0.101 -0.137 0.019 -0.026 -0.037 0.001 0.005
31-May-93 37,741 35.250 0.076 0.040 0.002 0.029 0.018 0.000 0.001
30-Jun-93 56,612 28.500 3 2 0.213 0.177 0.031 0.005 -0.006 0.000 -0.001
29-Jul-93 56,612 29.000 0.050 0.019 -0.017 0.000 -0.001 -0.012 0.000 0.000
31-Aug-93 56,612 32.875 0.134 0.098 0.010 0.039 0.028 0.001 0.003
30-Sep-93 57,625 34.500 0.049 0.014 0.000 0.001 -0.011 0.000 0.000
31-Oct-93 57,625 34.625 0.050 0.005 -0.031 0.001 0.018 0.007 0.000 0.000
30-Nov-93 57,815 31.875 -0.079 -0.115 0.013 -0.017 -0.029 0.001 0.003
30-Dec-93 57,815 32.375 0.016 -0.020 0.000 0.019 0.008 0.000 0.000
29-Jan-94 57,815 29.500 0.070 -0.087 -0.123 0.015 0.031 0.020 0.000 -0.002
29-Feb-94 57,815 27.500 -0.068 -0.104 0.011 -0.024 -0.036 0.001 0.004
37 -Mar-88 57,815 26.875 -0.023 -0.059 0.003 -0.046 -0.057 0.003 0.003
29-Apr-94 57,815 28.375 0.070 0.058 0.023 0.001 0.010 -0.002 0.000 0.000
31-May-94 57,815 30.250 0.066 0.030 0.001 0.010 -0.002 0.000 0.000
30-Jun-94 57,114 24.750 -0.182 -0.218 0.047 -0.027 -0.039 0.002 0.008
29-Jul-94 57,114 26.750 0.070 0.084 0.048 0.002 0.030 0.019 0.000 0.001
31-Aug-94 57,114 30.750 0.150 0.114 0.013 0.043 0.031 0.001 0.004
30-Sep-94 56,829 29.625 -0.037 -0.072 0.005 -0.019 -0.030 0.001 0.002
31-Oct-94 56,829 35.375 0.070 0.196 0.161 0.026 0.015 0.003 0.000 0.001
30-Nov-94 57,325 31.875 -0.099 -0.135 0.018 -0.037 -0.049 0.002 0.007
30-Dec-94 57,325 34.875 0.094 0.058 0.003 0.013 0.001 0.000 0.000
29-Jan-95 57,325 40.000 0.090 0.150 0.114 0.013 0.021 0.009 0.000 0.001
29-Feb-95 57,325 44.375 0.109 0.073 0.005 0.040 0.028 0.001 0.002
28-Mar-88 85,988 32.250 3 2 0.090 0.054 0.003 0.027 0.015 0.000 0.001
29-Apr-95 85,988 34.250 0.060 0.064 0.028 0.001 0.025 0.013 0.000 0.000
31-May-95 85,988 35.000 0.022 -0.014 0.000 0.034 0.023 0.001 0.000
30-Jun-95 85,896 43.875 0.254 0.218 0.047 0.031 0.019 0.000 0.004
29-Jul-95 85,896 46.125 0.080 0.053 0.017 0.000 0.041 0.029 0.001 0.001
31-Aug-95 87,061 46.625 0.011 -0.025 0.001 0.009 -0.002 0.000 0.000
30-Sep-95 174,122 29.000 2 1 0.244 0.208 0.043 0.036 0.025 0.001 0.005
31-Oct-95 174,122 22.875 0.040 -0.210 -0.246 0.060 -0.011 -0.023 0.001 0.006
30-Nov-95 174,678 24.250 0.060 0.024 0.001 0.043 0.031 0.001 0.001
30-Dec-95 174,678 20.125 -0.170 -0.206 0.042 0.015 0.004 0.000 -0.001
29-Jan-96 174,678 25.125 0.040 0.250 0.215 0.046 0.028 0.017 0.000 0.004
29-Feb-96 174,678 25.500 0.015 -0.021 0.000 0.016 0.005 0.000 0.000
39 -Mar-88 174,678 25.875 0.015 -0.021 0.000 0.011 0.000 0.000 0.000
29-Apr-96 174,032 24.500 0.040 -0.052 -0.087 0.008 0.025 0.014 0.000 -0.001
31-May-96 174,032 24.250 -0.010 -0.046 0.002 0.027 0.015 0.000 -0.001
30-Jun-96 174,989 24.500 0.010 -0.026 0.001 -0.008 -0.019 0.000 0.000
29-Jul-96 174,989 24.125 0.050 -0.013 -0.049 0.002 -0.053 -0.065 0.004 0.003
31-Aug-96 174,989 25.000 0.036 0.000 0.000 0.032 0.021 0.000 0.000
30-Sep-96 175,166 23.000 -0.080 -0.116 0.013 0.053 0.041 0.002 -0.005
31-Oct-96 175,166 25.000 0.050 0.089 0.053 0.003 0.014 0.002 0.000 0.000
30-Nov-96 175,166 30.250 0.210 0.174 0.030 0.066 0.054 0.003 0.009
30-Dec-96 175,173 32.000 0.058 0.022 0.000 -0.011 -0.023 0.001 -0.001
29-Jan-97 175,173 37.500 0.172 0.136 0.018 0.053 0.042 0.002 0.006
29-Feb-97 175,173 37.500 0.050 0.001 -0.035 0.001 -0.001 -0.012 0.000 0.000
40 -Mar-88 175,173 32.000 -0.147 -0.183 0.033 -0.044 -0.056 0.003 0.010
29-Apr-97 175,068 36.625 0.145 0.109 0.012 0.042 0.031 0.001 0.003
31-May-97 175,068 40.625 0.050 0.111 0.075 0.006 0.071 0.060 0.004 0.004
30-Jun-97 175,813 40.500 -0.003 -0.039 0.002 0.044 0.033 0.001 -0.001
29-Jul-97 176,422 47.000 0.160 0.125 0.016 0.076 0.065 0.004 0.008
31-Aug-97 176,422 42.750 0.050 -0.089 -0.125 0.016 -0.036 -0.048 0.002 0.006
E(return)0.04 E(return) 0.01
Stock VAR 0.021829 Market VAR 0.00168
S.D 0.147747 S.D 0.04101
COVAR 0.0039
BETA 2.32

Quick & Reilly

Date Shares Price Div Stock Split Return Rs-E(return) Stock Var Market Return
Rm-E(return)
Market Var COVAR
X Y
31-Jan-84 6,318 17.625
29-Feb-84 6,318 15.000 0.050 -0.15 -0.17 0.03 -0.0392 -0.0524 0.0027 0.0089
30-Mar-84 6,318 14.875 -0.01 -0.03 0.00 0.0135 0.0002 0.0000 0.0000
30-Apr-84 6,318 17.125 0.15 0.13 0.02 0.0027 -0.0105 0.0001 -0.0013
31-May-84 6,318 17.375 0.01 -0.01 0.00 -0.0524 -0.0656 0.0043 0.0007
29-Jun-84 6,318 18.000 0.050 0.04 0.01 0.00 0.0236 0.0103 0.0001 0.0001
31-Jul-84 6,318 14.750 -0.18 -0.21 0.04 -0.0204 -0.0336 0.0011 0.0069
31-Aug-84 6,318 18.000 0.050 0.22 0.20 0.04 0.1126 0.0993 0.0099 0.0198
28-Sep-84 6,318 17.000 -0.06 -0.08 0.01 0.0004 -0.0129 0.0002 0.0010
31-Oct-84 6,318 17.875 0.05 0.03 0.00 0.0001 -0.0131 0.0002 -0.0004
30-Nov-84 6,318 15.250 0.050 -0.14 -0.17 0.03 -0.0106 -0.0239 0.0006 0.0040
31-Dec-84 6,318 15.500 0.02 -0.01 0.00 0.0238 0.0105 0.0001 -0.0001
31-Jan-85 6,318 23.375 0.51 0.48 0.23 0.0857 0.0725 0.0053 0.0350
29-Feb-85 6,318 23.750 0.110 0.02 0.00 0.00 0.0170 0.0037 0.0000 0.0000
30-Mar-85 6,318 23.125 -0.03 -0.05 0.00 -0.0019 -0.0152 0.0002 0.0008
30-Apr-85 6,318 20.625 -0.11 -0.13 0.02 -0.0022 -0.0154 0.0002 0.0020
31-May-85 6,318 22.625 0.060 0.10 0.08 0.01 0.0559 0.0426 0.0018 0.0032
29-Jun-85 6,318 24.000 0.06 0.04 0.00 0.0172 0.0039 0.0000 0.0001
31-Jul-85 6,318 24.125 0.01 -0.02 0.00 -0.0005 -0.0138 0.0002 0.0003
31-Aug-85 6,318 22.875 0.060 -0.05 -0.07 0.01 -0.0048 -0.0181 0.0003 0.0013
28-Sep-85 6,318 20.125 -0.12 -0.14 0.02 -0.0397 -0.0529 0.0028 0.0077
31-Oct-85 6,318 22.250 0.11 0.08 0.01 0.0446 0.0313 0.0010 0.0025
30-Nov-85 6,318 25.500 0.060 0.15 0.12 0.02 0.0693 0.0560 0.0031 0.0070
31-Dec-85 6,318 32.500 0.27 0.25 0.06 0.0431 0.0298 0.0009 0.0074
31-Jan-86 6,318 36.375 0.12 0.09 0.01 0.0099 -0.0034 0.0000 -0.0003
29-Feb-86 6,318 39.125 0.170 0.08 0.06 0.00 0.0728 0.0596 0.0036 0.0033
30-Mar-86 6,318 39.000 0.00 -0.03 0.00 0.0539 0.0406 0.0017 -0.0011
30-Apr-86 6,318 30.375 -0.22 -0.25 0.06 -0.0081 -0.0213 0.0005 0.0052
31-May-86 11,149 33.375 0.070 0.10 0.08 0.01 0.0508 0.0376 0.0014 0.0029
29-Jun-86 11,149 35.500 0.06 0.04 0.00 0.0143 0.0010 0.0000 0.0000
31-Jul-86 11,149 29.000 -0.18 -0.21 0.04 -0.0597 -0.0729 0.0053 0.0152
31-Aug-86 11,149 28.750 0.070 -0.01 -0.03 0.00 0.0664 0.0531 0.0028 -0.0016
28-Sep-86 11,149 23.875 -0.17 -0.19 0.04 -0.0791 -0.0924 0.0085 0.0179
31-Oct-86 11,149 32.125 0.35 0.32 0.10 0.0494 0.0362 0.0013 0.0116
30-Nov-86 11,149 29.500 0.070 -0.08 -0.10 0.01 0.0152 0.0019 0.0000 -0.0002
31-Dec-86 11,149 26.750 -0.09 -0.12 0.01 -0.0265 -0.0398 0.0016 0.0047
31-Jan-87 11,149 36.125 0.35 0.33 0.11 0.1284 0.1151 0.0133 0.0375
29-Feb-87 11,149 36.875 0.200 0.03 0.00 0.00 0.0476 0.0344 0.0012 0.0001
30-Mar-87 11,149 36.000 -0.02 -0.05 0.00 0.0232 0.0100 0.0001 -0.0005
30-Apr-87 16,724 21.375 3 2 -0.11 -0.13 0.02 -0.0171 -0.0304 0.0009 0.0041
31-May-87 16,724 21.500 0.055 0.01 -0.02 0.00 0.0052 -0.0080 0.0001 0.0001
29-Jun-87 9,477 19.250 -0.10 -0.13 0.02 0.0438 0.0306 0.0009 -0.0040
31-Jul-87 9,477 20.250 0.05 0.03 0.00 0.0441 0.0308 0.0009 0.0008
31-Aug-87 9,477 24.625 0.055 0.22 0.19 0.04 0.0372 0.0240 0.0006 0.0047
28-Sep-87 9,477 23.000 -0.07 -0.09 0.01 -0.0207 -0.0340 0.0012 0.0031
31-Oct-87 9,477 12.125 -0.47 -0.50 0.25 -0.2249 -0.2381 0.0567 0.1185
30-Nov-87 9,477 11.625 0.055 -0.04 -0.06 0.00 -0.0729 -0.0862 0.0074 0.0053
31-Dec-87 9,477 12.500 0.08 0.05 0.00 0.0704 0.0572 0.0033 0.0029
31-Jan-88 9,477 12.625 0.01 -0.01 0.00 0.0453 0.0321 0.0010 -0.0005
29-Feb-88 9,477 13.500 0.180 0.08 0.06 0.00 0.0516 0.0384 0.0015 0.0023
30-Mar-88 9,452 12.250 -0.09 -0.12 0.01 -0.0171 -0.0303 0.0009 0.0036
30-Apr-88 9,452 12.625 0.03 0.01 0.00 0.0110 -0.0023 0.0000 0.0000
31-May-88 9,452 11.500 0.060 -0.08 -0.11 0.01 0.0009 -0.0123 0.0002 0.0013
29-Jun-88 9,452 11.875 0.03 0.01 0.00 0.0514 0.0381 0.0015 0.0003
31-Jul-88 9,452 11.500 -0.03 -0.06 0.00 -0.0072 -0.0204 0.0004 0.0011
31-Aug-88 9,452 11.250 0.060 -0.02 -0.04 0.00 -0.0279 -0.0412 0.0017 0.0017
28-Sep-88 9,452 11.750 0.04 0.02 0.00 0.0373 0.0240 0.0006 0.0005
31-Oct-88 9,452 11.750 0.00 -0.02 0.00 0.0177 0.0044 0.0000 -0.0001
30-Nov-88 9,452 11.500 0.060 -0.02 -0.04 0.00 -0.0164 -0.0297 0.0009 0.0012
31-Dec-88 9,452 10.875 -0.05 -0.08 0.01 0.0208 0.0075 0.0001 -0.0006
31-Jan-89 9,452 15.000 0.38 0.35 0.13 0.0659 0.0527 0.0028 0.0187
29-Feb-89 9,452 13.750 0.060 -0.08 -0.10 0.01 -0.0164 -0.0296 0.0009 0.0031
30-Mar-89 9,452 13.250 -0.04 -0.06 0.00 0.0216 0.0083 0.0001 -0.0005
30-Apr-89 9,452 13.000 -0.02 -0.04 0.00 0.0485 0.0353 0.0012 -0.0015
31-May-89 9,452 16.125 0.060 0.25 0.22 0.05 0.0397 0.0264 0.0007 0.0058
29-Jun-89 9,452 14.000 -0.13 -0.16 0.02 -0.0050 -0.0182 0.0003 0.0029
31-Jul-89 9,452 16.500 0.18 0.15 0.02 0.0777 0.0645 0.0042 0.0099
31-Aug-89 9,452 17.000 0.060 0.03 0.01 0.00 0.0223 0.0090 0.0001 0.0001
28-Sep-89 9,452 16.750 -0.01 -0.04 0.00 -0.0018 -0.0150 0.0002 0.0006
31-Oct-89 9,452 15.750 -0.06 -0.08 0.01 -0.0294 -0.0426 0.0018 0.0036
30-Nov-89 9,452 14.875 0.060 -0.05 -0.08 0.01 0.0179 0.0046 0.0000 -0.0004
31-Dec-89 9,452 13.625 -0.08 -0.11 0.01 0.0183 0.0050 0.0000 -0.0005
31-Jan-90 9,452 12.000 -0.12 -0.14 0.02 -0.0701 -0.0833 0.0069 0.0120
29-Feb-90 9,452 13.625 0.130 0.15 0.12 0.01 0.0150 0.0017 0.0000 0.0002
30-Mar-90 9,452 13.250 -0.03 -0.05 0.00 0.0242 0.0109 0.0001 -0.0006
30-Apr-90 9,452 13.000 -0.02 -0.04 0.00 -0.0282 -0.0414 0.0017 0.0018
31-May-90 9,452 15.250 0.070 0.18 0.15 0.02 0.0889 0.0756 0.0057 0.0116
29-Jun-90 9,452 14.000 -0.08 -0.11 0.01 -0.0043 -0.0176 0.0003 0.0019
31-Jul-90 9,452 13.500 -0.04 -0.06 0.00 -0.0094 -0.0226 0.0005 0.0014
31-Aug-90 9,452 11.375 0.070 -0.15 -0.18 0.03 -0.0917 -0.1050 0.0110 0.0186
28-Sep-90 9,452 10.375 -0.09 -0.11 0.01 -0.0539 -0.0671 0.0045 0.0076
31-Oct-90 9,452 9.750 -0.06 -0.08 0.01 -0.0124 -0.0257 0.0007 0.0022
30-Nov-90 9,452 10.125 0.070 0.05 0.02 0.00 0.0660 0.0527 0.0028 0.0011
31-Dec-90 9,437 10.250 0.01 -0.01 0.00 0.0295 0.0163 0.0003 -0.0002
31-Jan-91 9,437 13.125 0.28 0.26 0.07 0.0490 0.0358 0.0013 0.0092
29-Feb-91 9,437 16.125 0.070 0.23 0.21 0.04 0.0757 0.0624 0.0039 0.0131
30-Mar-91 9,210 18.875 0.17 0.15 0.02 0.0288 0.0155 0.0002 0.0023
30-Apr-91 9,210 17.500 -0.07 -0.10 0.01 0.0034 -0.0099 0.0001 0.0010
31-May-91 9,210 17.750 0.070 0.02 -0.01 0.00 0.0406 0.0273 0.0007 -0.0002
29-Jun-91 9,452 17.000 -0.04 -0.07 0.00 -0.0442 -0.0575 0.0033 0.0038
31-Jul-91 9,452 19.625 0.15 0.13 0.02 0.0468 0.0336 0.0011 0.0044
31-Aug-91 9,452 20.625 0.070 0.05 0.03 0.00 0.0269 0.0137 0.0002 0.0004
28-Sep-91 9,210 19.250 -0.07 -0.09 0.01 -0.0111 -0.0243 0.0006 0.0022
31-Oct-91 9,210 20.375 0.06 0.03 0.00 0.0177 0.0045 0.0000 0.0002
30-Nov-91 9,210 20.000 0.070 -0.01 -0.04 0.00 -0.0373 -0.0505 0.0026 0.0020
31-Dec-91 9,220 27.750 0.39 0.36 0.13 0.1070 0.0938 0.0088 0.0340
31-Jan-92 9,220 27.500 -0.01 -0.03 0.00 -0.0017 -0.0149 0.0002 0.0005
29-Feb-92 9,220 28.500 0.180 0.04 0.02 0.00 0.0133 0.0000 0.0000 0.0000
30-Mar-92 9,292 28.625 0.00 -0.02 0.00 -0.0237 -0.0369 0.0014 0.0007
30-Apr-92 9,292 21.500 -0.25 -0.27 0.07 0.0139 0.0006 0.0000 -0.0002
31-May-92 9,292 21.500 0.080 0.00 -0.02 0.00 0.0065 -0.0067 0.0000 0.0001
29-Jun-92 9,292 21.000 -0.02 -0.05 0.00 -0.0192 -0.0325 0.0011 0.0016
31-Jul-92 9,292 20.125 -0.04 -0.07 0.00 0.0399 0.0267 0.0007 -0.0018
31-Aug-92 9,292 19.625 0.080 -0.02 -0.05 0.00 -0.0208 -0.0340 0.0012 0.0015
28-Sep-92 9,884 20.125 0.03 0.00 0.00 0.0124 -0.0008 0.0000 0.0000
31-Oct-92 9,884 21.000 0.04 0.02 0.00 0.0109 -0.0024 0.0000 0.0000
30-Nov-92 9,884 25.375 0.080 0.21 0.19 0.04 0.0402 0.0269 0.0007 0.0051
31-Dec-92 9,884 24.750 -0.02 -0.05 0.00 0.0175 0.0043 0.0000 -0.0002
31-Jan-93 9,884 27.000 0.09 0.07 0.00 0.0123 -0.0009 0.0000 -0.0001
29-Feb-93 9,884 26.000 0.220 -0.03 -0.05 0.00 0.0055 -0.0078 0.0001 0.0004
30-Mar-93 9,824 27.125 0.04 0.02 0.00 0.0250 0.0118 0.0001 0.0002
30-Apr-93 9,824 25.125 -0.07 -0.10 0.01 -0.0255 -0.0388 0.0015 0.0038
31-May-93 9,824 26.125 0.100 0.04 0.02 0.00 0.0294 0.0162 0.0003 0.0003
29-Jun-93 10,315 28.875 1.443 0.16 0.14 0.02 0.0051 -0.0081 0.0001 -0.0011
31-Jul-93 10,623 30.750 0.06 0.04 0.00 -0.0008 -0.0140 0.0002 -0.0006
31-Aug-93 10,623 35.000 0.100 0.14 0.12 0.01 0.0393 0.0261 0.0007 0.0030
28-Sep-93 10,643 36.250 0.04 0.01 0.00 0.0006 -0.0126 0.0002 -0.0001
31-Oct-93 10,643 35.875 -0.01 -0.03 0.00 0.0180 0.0048 0.0000 -0.0002
30-Nov-93 10,678 34.250 0.100 -0.04 -0.07 0.00 -0.0174 -0.0306 0.0009 0.0021
31-Dec-93 11,212 35.750 1.788 0.10 0.07 0.01 0.0195 0.0062 0.0000 0.0004
31-Jan-94 10,678 35.375 -0.01 -0.04 0.00 0.0313 0.0181 0.0003 -0.0006
29-Feb-94 11,238 28.375 0.270 -0.19 -0.21 0.05 -0.0241 -0.0373 0.0014 0.0080
30-Mar-94 11,238 25.625 -0.10 -0.12 0.01 -0.0457 -0.0590 0.0035 0.0072
30-Apr-94 11,238 26.375 0.03 0.00 0.00 0.0098 -0.0034 0.0000 0.0000
31-May-94 11,238 26.875 0.120 0.02 0.00 0.00 0.0095 -0.0038 0.0000 0.0000
29-Jun-94 11,168 25.375 -0.06 -0.08 0.01 -0.0274 -0.0406 0.0017 0.0033
31-Jul-94 11,168 24.750 -0.02 -0.05 0.00 0.0304 0.0172 0.0003 -0.0008
31-Aug-94 11,121 29.250 0.120 0.19 0.16 0.03 0.0428 0.0296 0.0009 0.0048
28-Sep-94 11,121 25.875 -0.12 -0.14 0.02 -0.0187 -0.0319 0.0010 0.0045
31-Oct-94 11,111 25.750 0.00 -0.03 0.00 0.0149 0.0016 0.0000 0.0000
30-Nov-94 11,111 24.750 0.120 -0.03 -0.06 0.00 -0.0371 -0.0503 0.0025 0.0030
31-Dec-94 11,111 28.375 0.15 0.12 0.01 0.0128 -0.0005 0.0000 -0.0001
31-Jan-95 11,075 30.875 0.09 0.06 0.00 0.0206 0.0073 0.0001 0.0005
29-Feb-95 11,075 35.000 0.290 0.14 0.12 0.01 0.0396 0.0264 0.0007 0.0031
30-Mar-95 11,075 35.500 0.01 -0.01 0.00 0.0270 0.0137 0.0002 -0.0001
30-Apr-95 11,075 40.625 0.14 0.12 0.01 0.0249 0.0116 0.0001 0.0014
31-May-95 11,075 47.000 0.16 0.13 0.02 0.0342 0.0209 0.0004 0.0028
29-Jun-95 16,613 36.625 0.150 3 2 0.17 0.15 0.02 0.0308 0.0176 0.0003 0.0026
31-Jul-95 16,613 38.500 0.05 0.03 0.00 0.0407 0.0274 0.0008 0.0007
31-Aug-95 16,613 37.375 0.100 -0.03 -0.05 0.00 0.0093 -0.0039 0.0000 0.0002
28-Sep-95 16,613 45.875 0.23 0.20 0.04 0.0364 0.0231 0.0005 0.0047
31-Oct-95 24,920 23.750 3 2 -0.22 -0.25 0.06 -0.0112 -0.0244 0.0006 0.0061
30-Nov-95 24,952 25.375 0.070 0.07 0.05 0.00 0.0430 0.0297 0.0009 0.0014
31-Dec-95 24,952 20.500 -0.19 -0.22 0.05 0.0154 0.0021 0.0000 -0.0005
31-Jan-96 25,056 23.250 0.13 0.11 0.01 0.0281 0.0148 0.0002 0.0016
29-Feb-96 25,056 26.250 0.080 0.13 0.11 0.01 0.0161 0.0028 0.0000 0.0003
30-Mar-96 25,056 29.500 0.12 0.10 0.01 0.0112 -0.0021 0.0000 -0.0002
30-Apr-96 25,056 30.500 0.03 0.01 0.00 0.0251 0.0119 0.0001 0.0001
31-May-96 25,056 33.875 0.070 0.11 0.09 0.01 0.0267 0.0135 0.0002 0.0012
29-Jun-96 25,056 32.500 -0.04 -0.07 0.00 -0.0077 -0.0209 0.0004 0.0014
31-Jul-96 25,178 28.375 -0.13 -0.15 0.02 -0.0534 -0.0666 0.0044 0.0101
31-Aug-96 25,178 29.250 0.080 0.03 0.01 0.00 0.0322 0.0190 0.0004 0.0002
28-Sep-96 25,178 26.500 -0.09 -0.12 0.01 0.0530 0.0397 0.0016 -0.0047
31-Oct-96 25,178 26.250 -0.01 -0.03 0.00 0.0139 0.0007 0.0000 0.0000
30-Nov-96 25,178 28.375 0.080 0.08 0.06 0.00 0.0657 0.0525 0.0028 0.0031
31-Dec-96 25,178 29.875 0.05 0.03 0.00 -0.0114 -0.0246 0.0006 -0.0007
31-Jan-97 25,173 36.625 0.23 0.20 0.04 0.0530 0.0398 0.0016 0.0080
29-Feb-97 25,173 35.000 0.190 -0.04 -0.06 0.00 -0.0009 -0.0141 0.0002 0.0009
30-Mar-97 37,760 20.875 3 2 -0.11 -0.13 0.02 -0.0444 -0.0576 0.0033 0.0075
30-Apr-97 37,760 22.125 0.06 0.04 0.00 0.0425 0.0292 0.0009 0.0010
31-May-97 37,760 23.000 0.060 0.04 0.02 0.00 0.0713 0.0580 0.0034 0.0010
29-Jun-97 38,606 23.250 0.01 -0.01 0.00 0.0442 0.0309 0.0010 -0.0004
31-Jul-97 38,664 26.250 0.13 0.10 0.01 0.0763 0.0631 0.0040 0.0066
31-Aug-97 38,664 34.250 0.060 0.31 0.28 0.08 -0.0365 -0.0497 0.0025 -0.0140
E(Rs) 0.02 E(Return) 0.01
VAR 0.017321 VAR 0.0017
S.D 0.1316 S.D 0.0416
COVAR 0.00374
BETA 2.17
Waterhouse Investor Services
Date Shares Price Div Stock Split Return Rs-E(Return) Stock Var Market Return
Rm-E(Return)
Market Var COVAR
X Y
29-May-87 2,572 6.938
30-Jun-87 2,572 8.000 0.153 0.110 0.012 0.0438 0.0331 0.0011 0.0036
31-Jul-87 2,572 8.250 0.031 0.031 0.000 0.0441 0.0333 0.0011 0.0010
31-Aug-87 2,572 7.500 -0.091 -0.091 0.018 0.0372 0.0265 0.0007 -0.0024
30-Sep-87 2,572 8.000 0.067 0.067 0.001 -0.0207 -0.0315 0.0010 -0.0021
30-Oct-87 2,572 6.250 -0.219 -0.219 0.069 -0.2249 -0.2356 0.0555 0.0515
30-Nov-87 2,572 6.000 -0.040 -0.040 0.007 -0.0729 -0.0836 0.0070 0.0033
31-Dec-87 2,572 5.250 -0.125 -0.125 0.028 0.0704 0.0597 0.0036 -0.0075
29-Jan-88 2,572 4.500 -0.143 -0.143 0.035 0.0453 0.0346 0.0012 -0.0049
29-Feb-88 2,482 4.750 0.056 0.056 0.000 0.0516 0.0409 0.0017 0.0023
31-Mar-88 2,482 6.000 0.263 0.263 0.048 -0.0171 -0.0278 0.0008 -0.0073
29-Apr-88 2,482 5.875 -0.021 -0.021 0.004 0.0110 0.0003 0.0000 0.0000
31-May-88 2,482 6.250 0.064 0.064 0.000 0.0009 -0.0098 0.0001 -0.0006
30-Jun-88 2,482 5.000 -0.200 -0.200 0.059 0.0514 0.0407 0.0017 -0.0081
29-Jul-88 2,482 3.500 -0.300 -0.300 0.118 -0.0072 -0.0179 0.0003 0.0054
31-Aug-88 2,482 3.250 -0.071 -0.071 0.013 -0.0279 -0.0387 0.0015 0.0028
30-Sep-88 2,482 4.000 0.231 0.231 0.035 0.0373 0.0265 0.0007 0.0061
31-Oct-88 2,482 3.375 -0.156 -0.156 0.040 0.0177 0.0069 0.0000 -0.0011
30-Nov-88 2,482 3.500 0.037 0.037 0.000 -0.0164 -0.0271 0.0007 -0.0010
30-Dec-88 2,482 2.750 -0.214 -0.214 0.066 0.0208 0.0101 0.0001 -0.0022
31-Jan-89 2,482 3.750 0.364 0.364 0.103 0.0659 0.0552 0.0030 0.0201
28-Feb-89 2,472 3.750 0.000 0.000 0.002 -0.0164 -0.0271 0.0007 0.0000
31 -Mar-89 2,472 4.750 0.267 0.267 0.050 0.0216 0.0108 0.0001 0.0029
28-Apr-89 2,472 4.250 -0.105 -0.105 0.022 0.0485 0.0378 0.0014 -0.0040
31-May-89 2,420 5.000 0.176 0.176 0.018 0.0397 0.0289 0.0008 0.0051
30-Jun-89 2,420 6.000 0.200 0.200 0.025 -0.0050 -0.0157 0.0002 -0.0031
31 -Jul-89 2,420 6.000 0.000 0.000 0.002 0.0777 0.0670 0.0045 0.0000
31-Aug-89 2,419 5.750 0.120 -0.022 -0.022 0.004 0.0223 0.0115 0.0001 -0.0003
29-Sep-89 2,419 5.625 -0.022 -0.022 0.004 -0.0018 -0.0125 0.0002 0.0003
31-Oct-89 2,419 5.375 -0.044 -0.044 0.008 -0.0294 -0.0401 0.0016 0.0018
30-Nov-89 2,417 5.000 -0.070 -0.070 0.013 0.0179 0.0071 0.0001 -0.0005
29-Dec-89 2,417 4.500 -0.100 -0.100 0.020 0.0183 0.0075 0.0001 -0.0008
31-Jan-90 2,417 4.375 -0.028 -0.028 0.005 -0.0701 -0.0808 0.0065 0.0022
28-Feb-90 2,420 3.750 -0.143 -0.143 0.035 0.0150 0.0042 0.0000 -0.0006
30-Mar-90 2,420 4.250 0.133 0.133 0.008 0.0242 0.0134 0.0002 0.0018
30-Apr-90 2,420 4.375 0.029 0.029 0.000 -0.0282 -0.0389 0.0015 -0.0011
31-May-90 2,572 4.250 -0.029 -0.029 0.005 0.0889 0.0781 0.0061 -0.0022
29-Jun-90 2,572 4.750 0.118 0.118 0.006 -0.0043 -0.0150 0.0002 -0.0018
31-Jul-90 2,572 4.625 -0.026 -0.026 0.005 -0.0094 -0.0201 0.0004 0.0005
31-Aug-90 2,377 4.375 0.150 -0.022 -0.022 0.004 -0.0917 -0.1025 0.0105 0.0022
28-Sep-90 2,377 4.250 -0.029 -0.029 0.005 -0.0539 -0.0646 0.0042 0.0018
31-Oct-90 2,377 4.000 -0.059 -0.059 0.010 -0.0124 -0.0232 0.0005 0.0014
30-Nov-90 2,370 3.750 -0.063 -0.063 0.011 0.0660 0.0552 0.0031 -0.0035
31-Dec-90 2,370 3.625 -0.033 -0.033 0.006 0.0295 0.0188 0.0004 -0.0006
31 -Jan-91 2,370 3.750 0.034 0.034 0.000 0.0490 0.0383 0.0015 0.0013
28-Feb-91 2,320 4.500 0.200 0.200 0.025 0.0757 0.0650 0.0042 0.0130
28-Mar-91 2,320 6.125 0.361 0.361 0.101 0.0288 0.0180 0.0003 0.0065
30-Apr-91 2,320 7.000 0.143 0.143 0.010 0.0034 -0.0074 0.0001 -0.0011
31-May-91 2,320 8.250 0.179 0.179 0.018 0.0406 0.0299 0.0009 0.0053
28-Jun-91 2,900 8.000 5 4 0.212 0.212 0.029 -0.0442 -0.0550 0.0030 -0.0117
31-Jul-91 2,900 10.375 0.297 0.297 0.064 0.0468 0.0361 0.0013 0.0107
30-Aug-91 2,943 10.750 0.160 0.052 0.052 0.000 0.0269 0.0162 0.0003 0.0008
30-Sep-91 2,943 14.250 0.326 0.326 0.080 -0.0111 -0.0218 0.0005 -0.0071
31-Oct-91 2,943 14.000 -0.018 -0.018 0.004 0.0177 0.0070 0.0000 -0.0001
29-Nov-91 2,943 15.500 0.107 0.107 0.004 -0.0373 -0.0480 0.0023 -0.0051
31 -Dec-91 2,943 27.500 0.774 0.774 0.535 0.1070 0.0963 0.0093 0.0746
31 -Jan-92 2,943 26.500 -0.036 -0.036 0.006 -0.0017 -0.0124 0.0002 0.0005
28-Feb-92 4,415 21.750 3 2 0.231 0.231 0.035 0.0133 0.0026 0.0000 0.0006
31-Mar-92 4,466 25.375 0.167 0.167 0.015 -0.0237 -0.0344 0.0012 -0.0057
30-Apr-92 4,466 20.625 -0.187 -0.187 0.053 0.0139 0.0031 0.0000 -0.0006
29-May-92 4,466 21.750 0.055 0.055 0.000 0.0065 -0.0042 0.0000 -0.0002
30-Jun-92 4,466 17.125 -0.213 -0.213 0.065 -0.0192 -0.0300 0.0009 0.0064
31 -Jul-92 4,466 17.625 0.029 0.029 0.000 0.0399 0.0292 0.0009 0.0009
31-Aug-92 4,466 13.750 0.200 -0.209 -0.209 0.063 -0.0208 -0.0315 0.0010 0.0066
30-Sep-92 4,847 14.375 0.045 0.045 0.000 0.0124 0.0017 0.0000 0.0001
30-Oct-92 4,847 15.625 0.087 0.087 0.002 0.0109 0.0002 0.0000 0.0000
30-Nov-92 4,847 20.750 0.328 0.328 0.081 0.0402 0.0295 0.0009 0.0097
31-Dec-92 4,847 20.500 -0.012 -0.012 0.003 0.0175 0.0068 0.0000 -0.0001
29-Jan-93 4,847 25.250 0.232 0.232 0.036 0.0123 0.0016 0.0000 0.0004
26-Feb-93 4,847 24.375 -0.035 -0.035 0.006 0.0055 -0.0053 0.0000 0.0002
31-Mar-93 6,071 20.500 5 4 0.051 0.051 0.000 0.0250 0.0143 0.0002 0.0007
30-Apr-93 6,071 18.500 -0.098 -0.098 0.020 -0.0255 -0.0362 0.0013 0.0035
28-May-93 6,071 27.250 0.473 0.473 0.185 0.0294 0.0187 0.0003 0.0088
30-Jun-93 6,072 33.500 0.229 0.229 0.035 0.0051 -0.0056 0.0000 -0.0013
30-Jul-93 6,072 33.000 -0.015 -0.015 0.003 -0.0008 -0.0115 0.0001 0.0002
31 -Aug-93 6,072 42.625 0.250 0.299 0.299 0.066 0.0393 0.0286 0.0008 0.0086
30-Sep-93 6,072 50.125 0.176 0.176 0.018 0.0006 -0.0101 0.0001 -0.0018
29-Oct-93 6,072 47.250 -0.057 -0.057 0.010 0.0180 0.0073 0.0001 -0.0004
30-Nov-93 9,108 25.750 3 2 -0.183 -0.183 0.051 -0.0174 -0.0281 0.0008 0.0051
31-Dec-93 9,150 21.250 -0.175 -0.175 0.047 0.0195 0.0087 0.0001 -0.0015
31-Jan-94 9,150 21.250 0.000 0.000 0.002 0.0313 0.0206 0.0004 0.0000
28-Feb-94 9,150 20.500 -0.035 -0.035 0.006 -0.0241 -0.0348 0.0012 0.0012
31-Mar-94 9,150 17.625 -0.140 -0.140 0.034 -0.0457 -0.0565 0.0032 0.0079
29-Apr-94 9,150 16.000 -0.092 -0.092 0.018 0.0098 -0.0009 0.0000 0.0001
31-May-94 9,150 15.250 -0.047 -0.047 0.008 0.0095 -0.0012 0.0000 0.0001
30-Jun-94 9,150 13.375 -0.123 -0.123 0.028 -0.0274 -0.0381 0.0015 0.0047
29-Jul-94 9,150 13.000 -0.028 -0.028 0.005 0.0304 0.0197 0.0004 -0.0006
31-Aug-94 9,150 17.000 0.200 0.323 0.323 0.078 0.0428 0.0321 0.0010 0.0104
30-Sep-94 9,150 14.125 -0.169 -0.169 0.045 -0.0187 -0.0294 0.0009 0.0050
31-Oct-94 9,150 16.125 0.142 0.142 0.010 0.0149 0.0041 0.0000 0.0006
30-Nov-94 9,150 14.250 -0.116 -0.116 0.025 -0.0371 -0.0478 0.0023 0.0056
30-Dec-94 9,154 12.250 -0.140 -0.140 0.034 0.0128 0.0020 0.0000 -0.0003
31-Jan-95 9,154 14.500 0.184 0.184 0.020 0.0206 0.0098 0.0001 0.0018
28-Feb-95 9,154 17.375 0.198 0.198 0.024 0.0396 0.0289 0.0008 0.0057
31-Mar-95 9,154 16.125 -0.072 -0.072 0.013 0.0270 0.0162 0.0003 -0.0012
28-Apr-95 9,154 16.125 0.000 0.000 0.002 0.0249 0.0141 0.0002 0.0000
31-May-95 9.154 17.500 0.085 0.085 0.002 0.0342 0.0234 0.0005 0.0020
30-Jun-95 9,154 23.000 0.314 0.314 0.074 0.0308 0.0201 0.0004 0.0063
31-Jul-95 9,154 27.625 0.201 0.201 0.025 0.0407 0.0299 0.0009 0.0060
31-Aug-95 9,154 28.625 0.250 0.045 0.045 0.000 0.0093 -0.0014 0.0000 -0.0001
29-Sep-95 11,442 25.500 5 4 0.114 0.114 0.005 0.0364 0.0257 0.0007 0.0029
31-Oct-95 11,442 19.750 -0.225 -0.225 0.072 -0.0112 -0.0219 0.0005 0.0049
30-Nov-95 11,442 19.750 0.000 0.000 0.002 0.0430 0.0322 0.0010 0.0000
29- Dec-95 11,452 24.750 0.253 0.253 0.044 0.0154 0.0047 0.0000 0.0012
31-Jan-96 11,452 23.625 -0.045 -0.045 0.008 0.0281 0.0174 0.0003 -0.0008
29- Feb-96 11,452 24.625 0.042 0.042 0.000 0.0161 0.0053 0.0000 0.0002
29-Mar-96 11,452 33.375 0.355 0.355 0.098 0.0112 0.0005 0.0000 0.0002
30-Apr-96 11,452 36.250 0.086 0.086 0.002 0.0251 0.0144 0.0002 0.0012
31-May-96 11,458 36.625 0.010 0.010 0.001 0.0267 0.0160 0.0003 0.0002
28-Jun-96 11,458 37.125 0.014 0.014 0.001 -0.0077 -0.0184 0.0003 -0.0003
31-Jul-96 11,501 37.625 0.013 0.013 0.001 -0.0534 -0.0641 0.0041 -0.0009
30-Aug-96 11,501 37.375 0.220 -0.001 -0.001 0.002 0.0322 0.0215 0.0005 0.0000
30-Sep-96 11,501 37.875 0.013 0.013 0.001 0.0530 0.0423 0.0018 0.0006
E(Rs) 0.043 E(Return) 0.0107
Stock VAR 0.03 Market VAR 0.0016
S.D 0.172 S.D 0.0403
COVAR 0
BETA 1.39
VAR COVAR
#DIV/0! Err:502
#DIV/0!
#DIV/0!