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 Useful Data Sets

lof6 

# he ata age

This page provides information onhowto collect data from a variety ofsources. it also allows you to look at and download a number ofdata sets that you might find useful in corporate finance and valuation. Ifyou have trouble viewing the data in yourbrowser, you can download the data in excel format. I will try to keep them updated, and include the dates ofthe updates with the data sets. Ifyou want to see the company-specific information, you can download the data on individual firms below.
Recentadditions: While most ofthe 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 ofyou who want historical data. The data is as ofthe end ofeach year.

Market
United States Europe (EU, UK, Switzerland & Scandinavia) Japan Date oflast update January 2005 January 2005 January 2005 Emerging**M~rkets** (Asia, LatinAmerica, Eastern Europe, Mid Janua 2005 East and Afnca) ry Number of Data firms source Value Line !Bloomberg
; Bloomberg Bloomberg

.... . ..._.... . ... ............._ .. _......... . ....................................................................__. i······_·································· Australia, NewZealand & Canada January 2005 Bloomberg

ArchivedData: The datareported inthe download is the most recent data (fromthe dates ofthe lastupdate). Forthe US data, you can download the archived averages from the end ofthe previous years (1998-2003). The 2003 archived average is the average as ofDecember 2003, for instance. Individual company information: While the industry averages are reported below, you can also download information onindividual firms. The files below contain the information for the U, Europe andEmerging Markets separately. Be forewarned that these are large files andmay take a while to download.
1. Forthe U.S: compfirm.xls 2. For Europe: Eurocompfirm.xls 3. ForJapan: Japancompfirnl.xls 4. ForEmerging Markets: emergcomptlrm.xls (Asia, LatinAmerica, Africa andMiddle East) 5. ForAustralia, New Zealand and Canada: rcstcompfirm.xls
Variable definitions: You can get the definitions ofthe variables used in the datasets by clicking here Source data: Ifyou want more information on the source data, click here. 

# Collecting Data

6/8/2005 5:20 PMUseful 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 D from g the world 

### It has two shortcomin s It is not ver user friend makin it

. g
. y y, g o Bloomberg difficult to wade through the data to get the information you need, and it Bloomberg file n) (online version) i 

### ft diffi lt t d l d th t d h d f h i s o en cu o own oa e a a t at you nee rom t e term nal. 

## 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 Useful Data Sets

20f6 

### Data Source Comments Instructions on Getting Information
V I L· Old fashioned butvery effective at delivering substantial amounts of

a ue me
. .c.
. 

### mlormatlOn on onepage. Clearly the best all-round source ofdata on any firm almost anywhere in BI b the world. It

### has two shortcomings. It

### is not veryuser-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- pdffile (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 institutionalholdings
as a percent ofoutstanding stock, classifiedby 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 riskpremiums are estimated basedupon a simple 2-stage Dividend discount model and reflect the risk premium which would 'ustify they current level ofthe index, given the dividend yield, expected growth in earnings and the Ilevel ofthe long term bond rate. These are riskpremiums estimates for other markets basedupon 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 computedusing 

# I 5 years ofmonthly 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 PMUseful 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 ff ti t t t b f e ec ve ax ra e ( ax ene it), i id h ldi di i li ( ns er o ngs ( sc p ne), (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.

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

30f6 Performance Measures 'Total Beta By Industry Sector Download

)Costs ofCapital by Industry i IScctor

i [Jensen's Alpha By IndustlY I

lEVA 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 ofthe information from Ithis file. ""IThese are

### bet~s adjusted to reflect a

I,firm's total exposure to risk rather Ithanjustthe marketrisk component. 

## lIt is a function ofthe marketbeta land the portion ofthe total riskthat 

## l iiS marketrisk. These betas might provide better estimates ofcosts of I lequity for undiversified owners of Ibusinesses.

This data set lists costs ofequity, costs ofdebt, market debt ratios and costs ofcapital 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 addedby industry sector. While I have not made any adjustments to the operating income and bookvalue ofcapital, this is a good starting point for comparisons. This data set lists the industry averages ofthe market debtratio, the effective tax rate (taxbenefit), linsider holdings (discipline),
I.. •• ivanance m operatmg mcome kbankruptcy risk) and fixed assets to Itotal assets (agency costs). "-_

...- -_._--.._------- This data set lists S&P bondratings classes, with normal spreads overthe treasury bondrate and typical interest coverage ratios IThis summarizes the impact of Iconverting operating lease Icommitments into debt on market Idebt to capital ratios, operating lincome andreturn on capital,**~**__"_ _icateg?!izedby industry. This summarizes the results ofthe latest cross sectional regression of the market debt ratio (total debt to capital) against financial variables.

6/8/20055:20 PMUseful 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 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 interestrates, inflation rates, GNP growth and the weighted dollar from 1981 on
... IThis data set lists the industry averages ofthe dividend yield and payout ratios, as well as other variables that mightbe relevant in lexamining the trade offinvolved 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 ofthe latest cross sectional regression of the dividend yield and payout ratio against financial variables. !This lists out average capital expenditures and depreciationby industry sector, as a percent of operating income. Itis a useful
resource during valuation. Italso includes the sales to capital ratio which is useful whenvaluing young lfirms with negative earnings.

This reports average operating and net margins by industry sector for the mostrecent time period.

This lists out average inventory, accounts receivable, accounts payable and non-cash working capital by industry sector, as a Ipercent ofrevenues.
1998, This data set reports average return iReturn on Equity !decomposition by Industry 

# ;bbb: on equity (net income/book value of Download equity) byindustry 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 

### i1999, Irates from fundamentals (ROE 

## * IEPS by Industry

. I 12000, IRetention Ratio) by industry group.

40f6 6/8/20055:20 PMUseful 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 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*ReinvestmentRate) 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. 

### J999, :. • 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 ofMultiples !against fundamentals Emerg Mkt

iDownload '2003

.......-. 1998, :1999, 2000, 2001, 2002, 2003

1998, 1999, 2000, This lists out the PEratio, expected growth (Value Line) and the ,PE/growthby industry group for the mostrecent time period.

This lists outs Price/Bookvalue I Iratios andROE by industry group for the most recent time period.

This lists out Price/Sales ratios and margins by industry group for the mostrecent time period.

This lists out Enterprise Value / EBITDA by industry group for the mostrecent time period. Enterprise Value is the market value ofequity plus the bookvalue ofdebt minus cash. This lists outthe average PE, Price to book, Price to Sales and Enterprise Value multiples by icountry. Italso includes summary Istatistics onreturns on equity and

I caPital and margins (net and operating). !This lists the output from the latest Iregressions ofmultiples against lfundamentals (PE, PBV and PS

6/812005 5:20 PMUseful 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 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