Useful Data Sets

The . ^ ata age

This page provides information on how to collect data from a variety of sources. it also allows you to look at

and download a number of data sets that you might find useful in corporate finance and valuation. If you

have trouble viewing the data in your browser, you can download the data in excel format. I will try to keep

them updated, and include the dates of the updates with the data sets. If you want to see the company-specific

information, you can download the data on individual firms below.

Recent additions: While most of the data sets here are based upon U.S. firms, I have added updates for

Europe (Western Europe and the UK), Japan and for Emerging Markets (Latin America, Asia and Eastern

Europe) for a few data items - betas and price multiples. You can download the data in excel files but the

html files will contain only the US data. While I will update the US data every six months or so, I will update

the non-US data once a year. I have also added the archived files from previous years for those of you who

want historical data. The data is as of the end of each year.

Date of last update:

Date of last Number of Data Market update firms source

United States January 2005 7091 Value Line

Europe (EU, UK, Switzerland & Scandinavia) January 2005 3679 Bloomberg

Japan January 2005 2609 Bloomberg

Emerging Markets (Asia, Latin America, Eastern Europe, Mid January 2005

East and Africa)

Australia, New Zealand & Canada January 2005

Archived Data : The data reported in the download is the most recent data (from the dates of the last update).

For the US data, you can download the archived averages from the end of the previous years (1998-2003).

The 2003 archived average is the average as of December 2003, for instance.

Individual company information: While the industry averages are reported below, you can also download

information on individual firms. The files below contain the information for the U, Europe and Emerging

Markets separately. Be forewarned that these are large files and may take a while to download.

1. For the U.S: compfirm.xls

2. For Europe: Eurocornpfirm.xls

3. For Japan: Japancompfirm.xls

4. For Emerging Markets: emergcompfirrn.xls (Asia, Latin America, Africa and Middle East)

5. For Australia, New Zealand and Canada: restcompfirm.xls

Variable definitions: You can get the definitions of the variables used in the datasets by clicking here

Source data: If you want more information on the source data, click here.

Collecting Data

1 of 6 6/8/2005 5:20 PM

 EE-RM/STD-00-550 COMMENT 86

Useful Data Sets 

lof6 

he ata age 

This page provides information on how to collect data from a variety of sources. it also allows you to look at 

and download a number of data sets that you might find useful in corporate finance and valuation. If you 

have trouble viewing the data in your browser, you can download the data in excel format. I will try to keep 

them updated, and include the dates of the updates with the data sets. If you want to see the company-specific 

information, you can download the data on individual firms below. 

Recent additions: While most of the data sets here are based upon U.S. firms, I have added updates for 

Europe (Western Europe and the UK), Japan and for Emerging Markets (Latin America, Asia and Eastern 

Europe) for a few data items - betas and price multiples. You can download the data in excel files but the 

html files will contain only the US data. While I will update the US data every six months or so, I will update 

the non-US data once a year. I have also added the archived files from previous years for those of you who 

want historical data. The data is as of the end of each year. 

Market 

United States 

Europe (EU, UK, Switzerland & Scandinavia) 

Japan 

Date of last 

update 

January 2005 

January 2005 

January 2005 

Emerging M~rkets (Asia, Latin America, Eastern Europe, Mid Janua 2005 

East and Afnca) ry 

Number of Data 

firms source 

Value Line 

!Bloomberg 

; Bloomberg 

Bloomberg 

. ... . ..._.... . ... . ............ _ .. _......... . .................................................................... __ . i······_·································· 

Australia, New Zealand & Canada January 2005 Bloomberg 

Archived Data: The data reported in the download is the most recent data (from the dates of the last update). 

For the US data, you can download the archived averages from the end of the previous years (1998-2003). 

The 2003 archived average is the average as of December 2003, for instance. 

Individual company information: While the industry averages are reported below, you can also download 

information on individual firms. The files below contain the information for the U, Europe and Emerging 

Markets separately. Be forewarned that these are large files and may take a while to download. 

1. For the U.S: compfirm.xls 

2. For Europe: Eurocompfirm.xls 

3. For Japan: Japancompfirnl.xls 

4. For Emerging Markets: emergcomptlrm.xls (Asia, Latin America, Africa and Middle East) 

5. For Australia, New Zealand and Canada: rcstcompfirm.xls 

Variable definitions: You can get the definitions of the variables used in the datasets by clicking here 

Source data: If you want more information on the source data, click here. 

Collecting Data 

6/8/2005 5:20 PM 
Useful Data Sets

Comments

Old fashioned but very effective at delivering substantial amounts of

Instructions on

Getting Information

information on one page.

Clearly the best all-round source of data on any firm almost anywhere in

Gettin ata g D from the world. It has two shortcomings. It is not very user friendy, making it Bloomberg o

difficult to wade through the data to get the information you need, and it Bloomberg file n)

(online version) is often difficult to download the data that you need from the terminal.

Data Sets

Topic Data Sets

Corporate Insider and Institutional

Governance Holdings by Industry Sector

Iistorical Returns on Stocks,

3onds and Bills - United States

Discount

Rate

Estimation

Description

This data set includes insider

holdings and institutional holdings

as a percent of outstanding stock,

classified by industry.

This data set includes actual returns

on stocks, bonds and bills for the

United States from 1928 to the most

recent year. It is a useful starting

point for estimating historical equity

premiums.

These risk premiums are estimated

based upon a simple 2-stage

Dividend discount model and reflect

the risk premium which would

justify they current level of the

index, given the dividend yield,

expected growth in earnings and the

level of the long term bond rate.

These are risk premiums estimates

for other markets based upon the

country ratings assigned by Standard

and Poors'.

This data set lists betas by industrial

Download Archived

Excel file Data

1998,

1999,

Download 2000, 2001,

2002,

2003

1998,

U.S. firms X1999,

'Europe 2000,

Japan ;2001,

Emerg Mkt 2002,

2003

sector. The betas are computed using i

5 years of monthly returns for each

stock and then averaged (simple).

The unlevered betas are estimated

using the average market debt/equity

ratios by industrial sector. (Hamada

betas).

This is the KPMG survey of

!corporate tax rates by country.

E

2 of 6 6/8/2005 5:20 PM

 EE-RM/STD-00-550 COMMENT 86

Useful Data Sets 

20f6 

Data 

Source Comments Instructions on 

Getting Information 

V I L· Old fashioned but very effective at delivering substantial amounts of 

a ue me . .c. . mlormatlOn on one page. 

Clearly the best all-round source of data on any firm almost anywhere in 

BI b the world. It has two shortcomings. It is not very user-friendy, making it 

oom erg difficult to wade through the data to get the information you need, and it 

is often difficult to download the data that you need from the terminal. 

Getting Data from 

Bloomberg- pdf file 

(online version) 

Data Sets 

Topic :nata Sets 

Corporate lInsider and Institutional Download Governance iHoidings by Industry Sector 

Discount 

Rate 

Estimation 

iHistorical Returns on Stocks, Download 

'Bonds and Bills - United States 

i 

[Implied Equity Risk Premiums Download 

1- United States 

IRisk Premiums for Other 

IMarkets [Download 

Data 

1998, 

1999, 

12000, 

:2001, 

2002, 

2003 ! 

Description 

This data set includes insider 

holdings and institutional holdings 

as a percent of outstanding stock, 

classified by industry. 

'This data set includes actual returns 

on stocks, bonds and bills for the 

United States from 1928 to the most 

Irecent year. It is a useful starting 

/

point.for estimating historical equity 

premIUms. 

I 

--"---

These risk premiums are estimated 

based upon a simple 2-stage 

Dividend discount model and reflect 

the risk premium which would 

'ustify they current level of the 

index, given the dividend yield, 

expected growth in earnings and the 

Ilevel of the long term bond rate. 

These are risk premiums estimates 

for other markets based upon the 

country ratings assigned by Standard 

[and Poors'. ~~~r.--~--~--~--~-- --~----

This data set lists betas by industrial I 

ILevered and Unlevered Betas 

Iby IndustJy ! 

IMarginal tax rate by country [ 

1998, 

tU.S. firms 1999, 

iEurope 2000, 

Japan 2001, 

Emerg Mkt 2002, 

2003 

Download 

sector. The betas are computed using I 

5 years of monthly returns for each 

stock and then averaged (simple). ~ The unlevered betas are estimated 

lusing the average market debt/equity 

!

ratios by industrial sector. (Hamada 

betas). 

[This is the KPMG survey of 

!corporate tax rates by country. 

6/8/20055:20 PM 
Useful Data Sets

Performance

Measures

Total Beta By Industry Sector Download

,Costs of Capital by Industry

',Sector Download

1998, . 1999,

2000,

2001,

2002,

2003

1 1998,

.1999,

2000,

X001,

2002,

2003

Please give them full credit when

you use any of the information from

this file.

These are betas adjusted to reflect a

!firm's total exposure to risk rather

Ithan just the market risk component.

It is a function of the market beta

;and the portion of the total risk that

is market risk. These betas might

provide better estimates of costs of

equity for undiversified owners of

!businesses.

This data set lists costs of equity,

costs of debt, market debt ratios and

costs of capital by industrial sector.

This data set lists annualized

Jensen's Alpha By Industry Download Jensen's alphas by industry, as well

!EVA and Equity EVA by

;Industry

Debt Ratio Trade Off

'Variables by Industry

has R-squared values.

1998 This lists out the average economic

1999, value added and equity economic

2000 value added by industry sector.

Download 2001, While I have not made any

2002, adjustments to the operating income

2003 and book value of capital, this is a

Download

Coverage Ratios oW n °a treasury bond rate and typical

1998,

1999,

2000,

2001,

2002,

2003

good starting point for comparisons.

This data set lists the industry

averages of the market debt ratio, the

effective ax ra t te (t b ax enefit),

( insider holdings (discipline),

(variance in operating income

(bankruptcy risk) and fixed assets to

total assets (agency costs).

This data set lists S&P bond ratings

Ratings, Spreads and Interest D 1 d classes, with normal spreads over the

interest coverage ratios

This summarizes the impact of

converting operating lease

commitments int d If k t o e on mar e

debt to capital ratios, operating

income and return on capital,

(categorized by industry.

This summarizes the results of the

Cross Sectional Regression of latest cross sectional regression of

Debt Ratio the market debt ratio (total debt to

capital) against financial variables.

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 EE-RM/STD-00-550 COMMENT 86

Useful Data Sets 

30f6 

Performance 

Measures 

'Total Beta By Industry Sector Download 

)Costs of Capital by Industry i IScctor 

i 

[Jensen's Alpha By IndustlY 

I 

lEV A and Equity EV A by 

iIndustlY 

i 

incbt Ratio Tradc Off 

IVariables by Industry 

IRatings, Spreads and Interest 

ICoverage Ratios 

Download 

Download 

Download 

Download 

Download 

iOperating Lease effect on debt Download I 

iCross Sectional Regression of 

!Debt Ratio 

1998, 

1999, 

2000, 

2001, 

2002, 

2003 

1998, 

1999, 

2000, 

2001, 

2002, 

2003 

1998, 

1999, 

2000, 

12001, 

12002, 

2003 

1998, 

:1999, 

2000, 

12001, 

12002, 

12003 

IPlease give them full credit when 

iyou use any of the information from 

Ithis file. 

""IThese are bet~s adjusted to reflect a 

I,firm's total exposure to risk rather 

Ithan just the market risk component. 

lIt is a function of the market beta 

land the portion of the total risk that 

l

iiS market risk. These betas might 

provide better estimates of costs of I 

lequity for undiversified owners of 

Ibusinesses. 

This data set lists costs of equity, 

costs of debt, market debt ratios and 

costs of capital by industrial sector. 

IThis data set lists annualized 

IJensen's alphas by industry, as well 

las R-squared values. 

This lists out the average economic 

value added and equity economic 

value added by industry sector. 

While I have not made any 

adjustments to the operating income 

and book value of capital, this is a 

good starting point for comparisons. 

This data set lists the industry 

averages of the market debt ratio, the 

effective tax rate (tax benefit), 

linsider holdings ( discipline), I.. •• ivanance m operatmg mcome 

kbankruptcy risk) and fixed assets to 

Itotal assets (agency costs). "-_ ... - -_._--.. _-------

This data set lists S&P bond ratings 

classes, with normal spreads over the 

treasury bond rate and typical 

interest coverage ratios 

IThis summarizes the impact of 

Iconverting operating lease 

Icommitments into debt on market 

Idebt to capital ratios, operating 

lincome and return on capital, 

~ __ "_ _icateg?!ized by industry. 

This summarizes the results of the 

latest cross sectional regression of 

the market debt ratio (total debt to 

capital) against financial variables. 

6/8/20055:20 PM 
Useful Data Sets

Duration, Cyclicality and

Inflation Measures by Sector

This lists the coefficients obtained

when we regress sector market value I

changes (quarterly) against changes

in long term interest rates, GNP

,growth and inflation.

This data set includes annual data on

interest rates, inflation rates, GNP

growth and the weighted dollar from

Dividend Policy Trade Off

Variables by Industry

Cross Sectional Regression of

Dividend Ratios

Capital Expenditures,

Depreciation Reinvestment

!Rate and Sales to Capital

Ratios by Industry

Cash Flow

Estimation Operating and Net Margins by

Industry Sector

Working Capital Requirements

by Industry Sector

Return on Equity

decomposition by Industry

Growth Rate sector:

Estimation

Fundamental Growth Rate in

EPS by Industry

Download

Download

'Download

Download

Download

1998,

1999,

2000,

2001,

2002,

2003

1998,

1999, . 2000,

2001,

2002,

.2003

1998,

1999,

,2000,

,2001,

2002,

2003

1998,

1999,

2000,

2001,

2002,

2003

1998,

1999,

2000,

2001,

2002,

2003

1998,

1999,

!2000,

1981 on...

This data set lists the industry

averages of the dividend yield and

payout ratios, as well as other

variables that might be relevant in

examining the trade off involved in

paying dividends.

This summarizes the results of the

latest cross sectional regression of

the dividend yield and payout ratio

against financial variables.

This lists out average capital

expenditures and depreciation by

industry sector, as a percent of

operating income. It is a useful

resource during valuation. It also

includes the sales to capital ratio

which is useful when valuing young

firms with negative earnings.

This reports average operating and

net margins by industry sector for

the most recent time period.

This lists out average inventory,

accounts receivable, accounts

payable and non-cash working

capital by industry sector, as a

percent of revenues.

This data set reports average return

on equity (net income/book value of

equity) by industry sector and

decomposes these returns into a pure

,return on assets and leverage.

----- - --- ---

This data set summarizes growth

rates from fundamentals (ROE

Retention Ratio) by industry group.

4 of 6 6/8/2005 5:20 PM

 EE-RM/STD-00-550 COMMENT 86

Useflll Data Sets 

Structure 

Dividend 

Policy 

Cash Flow 

Estimation 

'Duration, Cyclicality and 

Inflation Measures by Sector 

:Macro Economic Data for 

:Debt Design 

'Dividend Policy Trade Off 

:Variables by Industry 

ICross Sectional Regression of 

!Dividend Ratios 

I 

iCapital Expenditures, 

IDepreciation, Reinvestment 

IRate and Sales to Capital 

iRatios by Industry 

Download 

Download 

Download 

Download 

IOperating and Net Margins by Download 

l.lndustry Sector 

r----

iWorking Capital Requirements 'Old 

I ! own oa iby Industry Sector 

.1998, 

1999, 

2000, 

2001, 

,2002, 

:2003 

IThis lists the coefficients obtained 

iwhen we regress sector market value 

r

iChangeS (quarterly) against changes 

in long term interest rates, GNP 

!growth and inflation. 

This data set includes annual data on 

interest rates, inflation rates, GNP 

growth and the weighted dollar from 

1981 on ... 

IThis data set lists the industry 

averages of the dividend yield and 

payout ratios, as well as other 

variables that might be relevant in 

lexamining the trade off involved in 

ipaying dividends. ------ --~-~~------ ~-- ---

11998, 

i1999, 

2000, 

2001, 

,2002, 

i2003 

1998, 

:1999, 

i2000, 

12001, 

2002, 

!2003 ----- --.-.. ~--,-

1998, 

1999, 

2000, 

2001, 

2002, 

2003 

This summarizes the results of the 

latest cross sectional regression of 

the dividend yield and payout ratio 

against financial variables. 

!This lists out average capital 

expenditures and depreciation by 

industry sector, as a percent of 

operating income. It is a useful 

resource during valuation. It also 

includes the sales to capital ratio 

which is useful when valuing young 

lfirms with negative earnings. 

This reports average operating and 

net margins by industry sector for 

the most recent time period. 

This lists out average inventory, 

accounts receivable, accounts 

payable and non-cash working 

capital by industry sector, as a 

Ipercent of revenues. 

1998, This data set reports average return 

iReturn on Equity 

!decomposition by Industry 

;bbb: on equity (net income/book value of 

Download equity) by industry sector and 

Growth Rate ;sector: :2001, decomposes these returns into a pure 

2002, .return on assets and leverage. Estimation .2003 I 

-. -----.~.~----~-~. '---'-'r~ ------;i~998·,--IThisdata s~t-s~~;~arize~ gr~~th--~-~-

IFundamental Growth Rate in nownload i 1999, Irates from fundamentals (ROE * 

IEPS by Industry . I 12000, IRetention Ratio) by industry group. 

40f6 6/8/20055:20 PM 
Useful Data Sets

2001,

2002,

2003

Multiples

Historical Growth Rate in

Earnings by Industry

!Fundamental Growth Rate in

EBIT by Industry

PE Ratios, PEG Ratios and

,Expected Growth Rates by

,Industry Sector

Price and. Value to Book

Ratios and ROE by Industry

;Sector

and Margins by Industry

Sector

Download

Download

1998,

1999,

2000,

2001,

2002,

2003

1998,

1999,

2000,

2001,

2002,

2003

1998,

U.S. 1999,

Europe 2000,

Japan 2001,

,Emerg Mkt 2002,

U.S.

Europe

Japan

Emerg Mkt

2003

1998,

1999, . 2000,

2001,

2002,

2003

1998,

1999,

12000,

U. S .

Price and Value to Sales Ratios

Europe

Japan 2001,

Emerg Mkt 2002,

2003

1998, . U.S. 1999,

Value/EBIT & Value/EBITDA Europe 2000,

Multiples by Industry Sector Japan 2001,

Earnings. Book Value and

.Sales Multiple Averages by

Count

Regressions of Multiples

against fundamentals

1998,

1999,

2000,

This data set summarizes growth in

!earnings over the last 5 years by

;industry.

This data set summarizes growth

rates from fundamentals

(ROC*Reinvestment Rate) by

industry group.

This lists out the PE ratio, expected

growth (Value Line) and the

PE/growth by industry group for the

most recent time period.

This lists outs Price/Book value

!ratios and ROE by industry group

for the most recent time period.

This lists out Price/Sales ratios and

margins by industry group for the

most recent time period.

._....... _.._ ...... ._ ......... ........ ...

This lists out Enterprise Value /

EBITDA by industry group for the

most recent time period. Enterprise

Value is the market value of equity

plus the book value of debt minus

cash.

This lists out the average PE, Price

to book, Price to Sales and

Enterprise Value multiples by

!country. It also includes summary

statistics on returns on equity and

capital and margins (net and

operating).

This lists the output from the latest

regressions of multiples against

fundamentals (PE, PBV and PS

5 of 6 6/8/2005 5:20 PM

 EE-RM/STD-00-550 COMMENT 86

Usefitl Data Sets 

50f6 

Historical Growth Rate in 

lEarnings by IndustlY 

2001, 

2002, 

2003 

1998, 

1999, 

Download :2000, 

2001, 

2002, 

2003 

IThiS data set summarizes growth in 

learnings over the last 5 years by 

I· d IIll ustry. 

1998, I 

IFundamental Growth Rate in 

IEBIT by Industry 

'1999, 'This data set summarizes growth 

Download 2000, rates from fundamentals 

2001, (ROC*Reinvestment Rate) by 

\2002, ,industry group. i 

________ ~_003 ___ J __ 

'PE Ratios, PEG Ratios and 

[Expected Growth Rates by 

IIndustry Sector 

Price and Value to Book 

,Ratios and ROE by Industry 

ISector 1--

u.S. 

1998, 

1999, 

Europe i2000, 

Japan 2001, 

iEmerg Mkt 2002, 

2003 

11998, 

u.s. 11999, 

Europe 2000, 

Japan 2001, 

iEmerg Mkt 2002, 

2003 

1998, 

I.Price and Value to Sales Ratios '.U

E .S. J 999, 

:. • urope i2000, 

land Margms by Industry Japan 2001, 

:Sector :Emerg Mkt 12002, 

, :U.S. 

IValue/EBIT & Value/EBITDA I~pe 

IMultiples bv Industry Sector Japan 

lEarnings. Book Value and 

'Sales Multiple Averages by 

'Country 

!Regressions of Multiples 

!against fundamentals 

Emerg Mkt 

iDownload 

'2003 ....... -. 

1998, 

:1999, 

2000, 

2001, 

2002, 

2003 

1998, 

1999, 

2000, 

This lists out the PE ratio, expected 

growth (Value Line) and the 

,PE/growth by industry group for the 

most recent time period. 

This lists outs Price/Book value I 

Iratios and ROE by industry group 

for the most recent time period. 

This lists out Price/Sales ratios and 

margins by industry group for the 

most recent time period. 

This lists out Enterprise Value / 

EBITDA by industry group for the 

most recent time period. Enterprise 

Value is the market value of equity 

plus the book value of debt minus 

cash. 

This lists out the average PE, Price 

to book, Price to Sales and 

Enterprise Value multiples by 

icountry. It also includes summary 

Istatistics on returns on equity and 

I

caPital and margins (net and 

operating). 

!This lists the output from the latest 

Iregressions of multiples against 

lfundamentals (PE, PBV and PS 

6/812005 5:20 PM 
Useful Data Sets

Option Firm Value and Equity

Pricing Standard Deviations (for use in Download

Models real option pricing models)

ratios).

2001,

2002,

2003

1998,

1999,

2000,

2001,

2002,

2003

This lists out average annualized

stock price variance (in daily stock

prices) over the previous five years,

and the average firm value standard

deviation over the same period.

I

5 of 6 6/8/2005 5:20 PM

 EE-RM/STD-00-550 COMMENT 86

Useful Data Sets 

50f6 

Option 

Pricing 

Models 

iFirm Value and Equity 

!Standard Deviations (for use in Download 

real option pricing models) 

2001, 

2002, 

2003 

1998, 

1999, 

2000, 

2001, 

2002, 

2003 

iratios). 

lists out average annualized 

price variance (in daily stock 

over the previous five years, 

the average firm value standard 

over the same period. 

6/812005 5:20 PM