Industry Name Number of firms Beta D/E Ratio Tax rate

Advertising 255 1.12 32.29% 13.92%

Aerospace/Defense 210 0.99 26.27% 13.31%
Air Transport 160 0.97 100.92% 16.15%
Apparel 1166 1.07 17.84% 13.42%
Auto & Truck 130 1.24 93.91% 12.66%
Auto Parts 624 1.33 37.00% 16.55%
Bank 568 1.01 367.12% 18.93%
Banks (Regional) 944 0.71 142.34% 18.85%
Beverage 99 0.83 21.29% 12.82%
Beverage (Alcoholic) 209 0.78 24.36% 18.60%
Biotechnology 666 1.12 13.07% 2.91%
Broadcasting 144 1.28 40.12% 17.52%
Brokerage & Investment Banking 525 1.06 415.35% 11.36%
Building Materials 420 1.00 44.77% 16.08%
Business & Consumer Services 709 0.93 25.13% 18.11%
Cable TV 65 1.06 56.80% 14.42%
Chemical (Basic) 760 1.05 40.13% 13.56%
Chemical (Diversified) 86 1.41 42.99% 20.09%
Chemical (Specialty) 693 1.07 20.55% 16.99%
Coal & Related Energy 322 1.18 25.95% 6.36%
Computer Services 938 1.00 15.82% 17.31%
Computer Software 1068 1.10 7.33% 11.68%
Computers/Peripherals 371 1.05 16.06% 12.32%
Construction 466 0.99 48.57% 14.87%
Diversified 365 0.99 79.08% 13.26%
Educational Services 145 1.11 20.26% 14.29%
Electrical Equipment 847 1.08 29.89% 13.88%
Electronics 1188 1.07 31.80% 12.33%
Electronics (Consumer & Office) 208 1.20 57.73% 12.17%
Engineering 1141 1.11 83.04% 17.02%
Entertainment 356 1.13 28.71% 8.79%
Environmental & Waste Services 307 1.11 40.91% 11.25%
Farming/Agriculture 331 0.92 42.90% 13.56%
Financial Svcs. 520 0.95 656.46% 17.11%
Financial Svcs. (Non-bank & Insurance) 149 1.03 679.35% 13.67%
Food Processing 1223 0.81 27.68% 15.80%
Food Wholesalers 115 0.79 70.98% 18.45%
Furn/Home Furnishings 323 0.99 26.97% 14.93%
Healthcare Equipment 448 0.99 17.33% 8.87%
Healthcare Facilities 170 0.87 80.65% 16.54%
Healthcare Products 155 0.85 19.42% 13.49%
Healthcare Services 328 0.93 31.97% 17.34%
Heathcare Information and Technology 266 1.07 20.13% 8.16%
Heavy Construction 334 1.33 60.13% 17.82%
Homebuilding 155 1.27 58.09% 19.22%
Hotel/Gaming 618 0.99 30.37% 12.19%
Household Products 456 0.89 14.25% 13.98%
Information Services 171 1.02 12.13% 16.19%
Insurance (General) 220 0.83 57.51% 13.65%
Insurance (Life) 117 1.04 61.35% 17.28%
Insurance (Prop/Cas.) 220 0.79 39.18% 11.96%
Internet software and services 715 1.16 4.72% 7.77%
Investment Co. 448 0.90 95.78% 5.97%
Machinery 1249 1.13 25.23% 17.48%
Metals & Mining 1700 1.27 27.00% 4.26%
Office Equipment & Services 162 0.89 32.17% 17.48%
Oil/Gas (Integrated) 55 1.22 22.11% 25.53%
Oil/Gas (Production and Exploration) 1219 1.28 30.67% 6.41%
Oil/Gas Distribution 198 1.07 61.85% 8.92%
Oilfield Svcs/Equip. 570 1.37 36.67% 14.22%
Packaging & Container 399 0.92 63.06% 17.17%
Paper/Forest Products 318 1.08 91.95% 11.75%
Pharma & Drugs 823 0.94 14.74% 12.53%
Power 719 0.84 105.84% 15.12%
Precious Metals 1237 1.24 14.66% 3.52%
Publshing & Newspapers 401 0.91 39.77% 15.27%
R.E.I.T. 48 0.89 560.60% 2.99%
Railroad 56 0.68 65.38% 21.56%
Real Estate 415 1.05 77.09% 12.96%
Real Estate (Development) 611 1.12 64.59% 17.32%
Real Estate (Operations & Services) 439 0.93 85.84% 13.51%
Recreation 292 0.95 31.84% 15.30%
Reinsurance 35 0.97 42.79% 11.47%
Restaurant 298 0.70 23.26% 20.90%
Retail (Automotive) 138 0.98 51.60% 19.42%
Retail (Building Supply) 51 0.75 18.80% 23.15%
Retail (Distributors) 842 0.96 97.73% 19.16%
Retail (General) 226 0.91 32.07% 22.21%
Retail (Grocery and Food) 170 0.63 38.11% 23.43%
Retail (Internet) 108 1.06 5.00% 11.10%
Retail (Special Lines) 536 1.04 13.85% 20.10%
Rubber& Tires 91 1.10 51.66% 16.86%
Semiconductor 564 1.22 13.88% 8.19%
Semiconductor Equip 264 1.51 22.44% 7.82%
Shipbuilding & Marine 351 1.09 90.71% 11.28%
Shoe 95 1.03 7.42% 16.82%
Steel 725 1.33 81.02% 12.68%
Telecom (Wireless) 117 0.95 31.99% 14.76%
Telecom. Equipment 550 1.19 15.23% 9.09%
Telecom. Services 325 0.93 65.54% 11.92%
Thrift 295 0.74 5432.46% 18.11%
Tobacco 48 0.54 15.48% 19.70%
Tranportation 223 0.94 48.75% 19.61%
Trucking 185 0.81 77.55% 21.99%
Utility (General) 61 0.70 107.15% 23.56%
Utility (Water) 97 0.77 63.18% 14.78%
Grand Total 40943 1.05 98.96% 13.40%
Unlevered beta Cash/Firm value Unlevered beta corrected for cash
0.87 10.96% 0.98
0.81 9.58% 0.89
0.52 13.09% 0.60
0.93 6.67% 1.00
0.68 12.32% 0.77
1.01 14.78% 1.19
0.25 16.96% 0.31
0.33 25.74% 0.44
0.70 4.93% 0.74
0.65 3.37% 0.68
0.99 5.97% 1.05
0.96 6.40% 1.03
0.23 18.07% 0.28
0.73 9.95% 0.81
0.77 7.11% 0.83
0.71 5.56% 0.76
0.78 9.18% 0.86
1.05 5.45% 1.11
0.91 7.84% 0.99
0.95 11.99% 1.08
0.88 8.99% 0.97
1.03 8.25% 1.12
0.92 11.11% 1.04
0.70 6.22% 0.75
0.59 11.63% 0.67
0.95 14.12% 1.10
0.86 10.61% 0.96
0.84 17.19% 1.01
0.79 17.47% 0.96
0.66 18.22% 0.81
0.90 7.83% 0.97
0.82 5.60% 0.86
0.67 9.34% 0.74
0.15 16.20% 0.18
0.15 12.07% 0.17
0.65 5.21% 0.69
0.50 10.98% 0.56
0.80 14.18% 0.94
0.86 6.75% 0.92
0.52 2.95% 0.54
0.73 6.15% 0.78
0.73 8.90% 0.81
0.90 6.11% 0.96
0.89 9.88% 0.99
0.86 13.79% 1.00
0.78 6.94% 0.84
0.79 4.20% 0.82
0.93 5.65% 0.98
0.55 22.57% 0.71
0.69 26.11% 0.94
0.59 10.13% 0.65
1.11 8.46% 1.22
0.47 18.49% 0.58
0.94 11.75% 1.06
1.01 6.51% 1.08
0.70 13.21% 0.81
1.05 6.47% 1.12
1.00 5.06% 1.05
0.69 2.01% 0.70
1.04 6.73% 1.12
0.60 6.94% 0.65
0.59 7.35% 0.64
0.83 5.52% 0.88
0.44 5.37% 0.47
1.08 6.34% 1.16
0.68 8.55% 0.75
0.14 2.34% 0.14
0.45 2.47% 0.46
0.63 8.50% 0.69
0.73 13.10% 0.84
0.53 4.52% 0.56
0.75 12.75% 0.86
0.71 17.69% 0.86
0.59 4.79% 0.62
0.69 7.24% 0.74
0.65 3.67% 0.68
0.53 12.63% 0.61
0.73 6.11% 0.78
0.49 8.82% 0.54
1.02 5.67% 1.08
0.94 7.37% 1.01
0.77 7.80% 0.84
1.08 9.42% 1.20
1.25 16.20% 1.49
0.61 10.87% 0.68
0.97 9.01% 1.06
0.78 9.42% 0.86
0.74 6.44% 0.79
1.04 11.91% 1.18
0.59 6.04% 0.63
0.02 2.82% 0.02
0.48 3.23% 0.49
0.67 9.85% 0.75
0.51 8.32% 0.55
0.38 6.06% 0.41
0.50 5.66% 0.53
0.57 10.95% 0.64