Wk7 DQ - Financial Management - Business & Finance
Discussion Question 7 – CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6
Please answer each of the following questions in detail and provide in-text citations in support of your argument. Include examples whenever applicable. Make sure to provide examples for each of the questions below.
1. Explain the criteria for assessing performance of a security, namely, expected rate of return, standard deviation of rate of return, and coefficient of variation (CV). Explain how by forming a portfolio an instrument can be generated that has properties better than each of its constituents in terms of the standard deviation of rate of return and CV.
2. Please, consider the information you obtained in answering part 1 of the PA 2 in week 6 again . Suppose that the corporation is offered an investment which has the following cash flows. Please justify if the project is feasible based on WACC that you calculated in your PA 2.
Table 2
Please see the attachment below for the Table 2
Note:
1. Please find the attachment for the PA 2 assignment mentioned in the question, so you could take a look and use the information there to complete this assignment.
2. Define the words in your own words. Do not directly quote from the textbook.
3. Need to write at least 2 paragraphs
4. Need to include the information from the textbook as the reference.
5. Need to include at least 2 peer-reviewed articles as the reference.
6. Need to provide examples whenever applicable.
7. Please find the related PowerPoint and textbook in the attachment.
8. Please answer each of the following questions in detail and provide in-text citations in support of your argument. Include examples whenever applicable.
9. Please find the Course Learning Outcome list of this course in the attachment
Textbook Information:
Ross, S. A., Westerfield, R. W., & Jordan, R. D. (2018). Fundamentals of corporate finance (12th ed.). McGraw-Hill
ISBN: 9781259918957
CHAPTER 11
PROJECT ANALYSIS AND EVALUATION
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Perform and interpret a sensitivity analysis for a proposed investment
Perform and interpret a scenario analysis for a proposed investment
Determine and interpret cash, accounting, and financial break-even points
Explain how the degree of operating leverage can affect the cash flows of a project
Discuss how capital rationing affects the ability of a company to accept projects
Key Concepts and Skills
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Evaluating NPV Estimates
Scenario and Other What-If Analyses
Break-Even Analysis
Operating Cash Flow, Sales Volume, and Break-Even
Operating Leverage
Capital Rationing
Chapter Outline
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
NPV estimates are just that – estimates.
A positive NPV is a good start – now we need to take a closer look.
Forecasting risk – how sensitive is our NPV to changes in the cash flow estimates; the more sensitive, the greater the forecasting risk.
Sources of value – why does this project create value?
Evaluating NPV Estimates
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
4
Section 11.1
There are two primary reasons for a positive NPV: (1) we have constructed a good project or (2) we have done a bad job of estimating NPV.
Lecture Tip: With the lower flat-tax for corporations, previously unattractive projects may not have positive NPVs. So, there may be a one-time exception to the two reasons for finding positive NPV projects.
Lecture Tip: Perhaps the single largest source of positive NPVs is the economic concept of monopoly rents – positive profits that occur from being the only one able or allowed to do something. Monopoly rents are often associated with patent rights and technological edges and they quickly disappear in a competitive market. Introducing this notion in class provides a springboard for discussions of both business and financial strategy, as well as for discussion of the application of economic theory to the real world.
According to Alan Shapiro, the following are project characteristics associated with positive NPVs.
1) Economies of scale
2) Product differentiation
3) Cost advantages
4) Access to distribution channels
5) Favorable government policy
What happens to the NPV under different cash flow scenarios?
At the very least, look at:
Best case – high revenues, low costs
Worst case – low revenues, high costs
Measures of the range of possible outcomes
Best case and worst case are not necessarily probable, but they can still be possible.
Scenario Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
5
Section 11.2 (B)
A good example of the worst case actually happening is the sinking of the Titanic. There were a lot of little things that went wrong, none of which were that important by themselves, but in combination they were deadly.
A more recent example of the worst case scenario happening is the 2004 hurricane season in Florida. During the months of August and September, 4 hurricanes (Charley, Frances, Ivan, Jeanne) hit the state of Florida (the most previously had been 3 in the state of Texas in the late 1880s). This is ignoring tropical storm Bonnie that hit the panhandle a week before Charley came through. The eyes of 3 of the 4 hurricanes (all but Ivan, who tore through the panhandle) passed over Polk County in central Florida. The probability of 3 hurricanes passing over the same location in the span of 6 weeks is extremely low. The eyes of two of the hurricanes (Frances and Jeanne) made landfall on the east side of Florida within 10 miles of each other. Again, the probability of this happening 3 weeks apart is very, very small. To imagine anything more devastating would have been difficult, making this truly a worst-case scenario…until Katrina paid a visit to New Orleans and the levees failed!
Lecture Tip: A major misconception about a project’s estimated NPV at this point is that it depends upon how the cash flows actually turn out. This thinking misses the point that NPV is an ex ante valuation of an uncertain future. The distinction between the valuation of what is expected versus the ex post value of what transpired is often difficult for students to appreciate.
A useful analogy for getting this point across is the market value of a new car. The potential to be a “lemon” is in every car, as is the possibility of being a “cream puff.” The greater the likelihood that a car will have problems, the lower the price will be. The point, however, is that a new car doesn’t have many different prices right now – one for each conceivable repair record. Rather, there is one price embodying the different potential outcomes and their expected value. So it is with NPV – the potential for good and bad cash flows is reflected in a single market value.
Consider the project discussed in the text in section 11.2.
The initial cost is $200,000, and the project has a 5-year life. There is no salvage.
Depreciation is straight-line, the required return is 12\%, and the tax rate is 21\%.
The base, lower, and upper values are given for unit sales, price per unit, variable costs per unit, and fixed costs.
Click on the Excel icon to see base case, best case, and worst case scenarios results.
New Project Example
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
6
Section 11.2 (B)
Click on the Excel icon to go to a spreadsheet that includes both the scenario analysis and the sensitivity analysis presented in the book.
Scenario Net Income Cash Flow NPV IRR
Base case 23,700 63,700 29,624 17.8\%
Worst Case -18,565 21,435 -122,732 -17.7\%
Best Case 71,495 111,495 201,915 47.9\%
Summary of Scenario Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
7
Section 11.2 (B)
Lecture Tip: You may wish to integrate this discussion of risk with some of the topics to be discussed in forthcoming chapters. The variability between best- and worst-case scenarios is the essence of forecasting risk. Similarly, we link the risk of a security with the variability of its expected return. This point provides another opportunity to link economic theory (investor/manager rationality versus required returns) with real-world decision-making. You might also want to point out that the cases examined in this type of analysis typically aren’t literally the best and worst cases possible. The true worst-case scenario is something absurdly unlikely, such as an earthquake that swallows our production plant. Instead, the worst-case used in scenario analysis is simply a pessimistic (but possible) forecast used to develop expected cash flows.
What happens to NPV when we change one variable at a time?
This is a subset of scenario analysis where we are looking at the effect of specific variables on NPV.
The greater the volatility in NPV in relation to a specific variable, the larger the forecasting risk associated with that variable, and the more attention we want to pay to its estimation.
Sensitivity Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
8
Section 11.2 (C)
Click on the Excel icon to return to the new project spreadsheet. If desired, it may be a good point at which to demonstrate the Solver function in Excel, as you can identify how high/low an input could go before NPV becomes negative.
Scenario Unit Sales Cash Flow NPV IRR
Base case 6,000 63,700 29,624 17.8\%
Worst case 5,500 55,800 1,147 12.2\%
Best case 6,500 71,600 58,102 23.2\%
Summary of Sensitivity Analysis for New Project
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.2 (C)
Using an older standard tax rate of 34\%, the worst case scenario gives a negative NPV. This illustrates that the reduction in taxes will make some previously unattractive investments favorable.
9
Simulation is really just an expanded sensitivity and scenario analysis.
Monte Carlo simulation can estimate thousands of possible outcomes based on conditional probability distributions and constraints for each of the variables.
The output is a probability distribution for NPV with an estimate of the probability of obtaining a positive net present value.
The simulation only works as well as the information that is entered, and very bad decisions can be made if care is not taken to analyze the interaction between variables.
Simulation Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
10
Section 11.2 (D)
Lecture Tip: A very useful software is Crystal Ball, which is a simulation package that integrates with Excel. It is relatively inexpensive, yet it is very useful for basic-to-moderate simulation analysis. For example, the software allows you to build models (such as NPV) in Excel, then define the assumptions behind the inputs (such as distribution, possible extreme values, etc.), as well as the interaction (i.e., correlation) between the inputs. Output is then generated based on a simulation of 1,000 runs, providing distribution analysis and numerical summary statistics.
Beware “Paralysis of Analysis”
At some point you have to make a decision.
If the majority of your scenarios have positive NPVs, then you can feel reasonably comfortable about accepting the project.
If you have a crucial variable that leads to a negative NPV with a small change in the estimates, then you may want to forego the project.
Making a Decision
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.2 (D)
11
Common tool for analyzing the relationship between sales volume and profitability
There are three common break-even measures:
Accounting break-even:
sales volume at which NI = 0
Cash break-even:
sales volume at which OCF = 0
Financial break-even:
sales volume at which NPV = 0
Break-Even Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.3
12
There are two types of costs that are important in breakeven analysis: variable and fixed.
Total variable costs = quantity × cost per unit
Fixed costs are constant, regardless of output, over some time period.
Total costs = fixed + variable = FC + vQ
Example:
Your firm pays $3,000 per month in fixed costs. You also pay $15 per unit to produce your product.
What is your total cost if you produce 1,000 units?
What if you produce 5,000 units?
Example: Costs
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
13
Section 11.3 (A)
Produce 1000 units: TC = 3000 + 15 × 1000 = 18,000
Produce 5000 units: TC = 3000 + 15 × 5000 = 78,000
Lecture Tip: You may wish to emphasize that, in computing total variable costs, the only relevant costs are those that are directly related to the manufacture and sale of the product. Allocated (or indirect) costs should not enter the analysis. Suggest to the students that when they are uncertain, they should use the “with/without” criterion: will the costs be different if the investment is made? If not, the cost is, by definition, not directly related to the decision and should not be included.
Average Cost
TC / # of units
Will decrease as # of units increases
Marginal Cost
The cost to produce one more unit
Same as variable cost per unit
Example: What is the average cost and marginal cost under each situation in the previous example?
Produce 1,000 units: Average = 18,000 / 1000 = $18
Produce 5,000 units: Average = 78,000 / 5000 = $15.60
Average vs. Marginal Cost
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
14
Section 11.3 (A)
Lecture Tip: Students should recognize that as quantity increases, total fixed costs remain constant, but on a per unit basis, they decrease with increasing volume. And, as quantity increases, total cost per unit approaches variable cost per unit. If a company expects a high unit sales volume, the company may desire to exploit the possible economies of scale by investing more in fixed costs in an effort to lower variable cost per unit. However, this could create future financial problems if sales expectations fail to materialize. You might mention that this sensitivity to earnings declines will be examined later in this chapter through the discussion of the degree of operating leverage.
The quantity that leads to a zero net income
NI = (Sales – VC – FC – D)(1 – T) = 0
QP – vQ – FC – D = 0
Q(P – v) = FC + D
Q = (FC + D) / (P – v)
Accounting Break-Even
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.3 (B)
15
Accounting break-even is often used as an early stage screening number.
If a project cannot break-even on an accounting basis, then it is not going to be a worthwhile project.
Accounting break-even gives managers an indication of how a project will impact accounting profit.
Using Accounting Break-Even
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.3 (C)
16
We are more interested in cash flow than we are in accounting numbers.
As long as a firm has non-cash deductions, there will be a positive cash flow.
If a firm just breaks even on an accounting basis, cash flow = depreciation.
If a firm just breaks even on an accounting basis, NPV will generally be < 0.
Accounting Break-Even and Cash Flow
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.4 (A)
17
Consider the following project:
A new product requires an initial investment of $5 million and will be depreciated to an expected salvage of zero over 5 years.
The price of the new product is expected to be $25,000, and the variable cost per unit is $15,000.
The fixed cost is $1 million.
What is the accounting break-even point each year?
Depreciation = 5,000,000 / 5 = 1,000,000
Q = (1,000,000 + 1,000,000)/(25,000 – 15,000) = 200 units
Example
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
18
Section 11.4 (A)
What is the operating cash flow at the accounting break-even point (ignoring taxes)?
OCF = (S – VC – FC - D) + D
OCF = (200 × 25,000 – 200 × 15,000 – 1,000,000 -1,000,000) + 1,000,000 = 1,000,000
What is the cash break-even quantity (ignoring taxes)?
OCF = [(P-v)Q – FC – D] + D = (P-v)Q – FC
Q = (OCF + FC) / (P – v)
Q = (0 + 1,000,000) / (25,000 – 15,000) = 100 units
Sales Volume and Operating Cash Flow
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
19
Section 11.4 (B)
Cash break-even occurs where operating cash flow = 0.
Accounting Break-even
Where NI = 0
Q = (FC + D)/(P – v)
Cash Break-even
Where OCF = 0
Q = (FC + OCF)/(P – v); (ignoring taxes)
Financial Break-even
Where NPV = 0
Cash BE < Accounting BE < Financial BE
Three Types of Break-Even Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
20
Section 11.4 (C)
Lecture Tip: Inquisitive students may ask how the computations change when you include taxes. The equations change as follows:
OCF = [(P − v)Q − FC − D](1 − T) + D
Use a tax rate = 21\% and rework the Wettways example from the book:
Need 1170 in OCF to break-even on a financial basis
OCF = [(40 − 20)(Q) − 500 − 700](1 − .21) + 700 = 1170
Q = 89.75
You end up with a new quantity of 90 units. The firm must sell an additional 16 units to offset the effects of taxes. Although, with the recent tax cuts, this difference is not as large as it previously was.
Consider the previous example.
Assume a required return of 18\%
Accounting break-even = 200
Cash break-even = 100 (ignoring taxes)
What is the financial break-even point (ignoring taxes)?
What OCF (or payment) makes NPV = 0?
N = 5; PV = 5,000,000; I/Y = 18;
CPT PMT = 1,598,889 = OCF
Q = (1,000,000 + 1,598,889) / (25,000 – 15,000)
= 260 units (ignoring taxes)
The question now becomes: Can we sell at least 260 units per year?
Example: Break-Even Analysis
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
21
Section 11.4 (C)
Assumptions: Cash flows are the same every year, no salvage and no NWC. If there were salvage and NWC, you would net it out to year 0 so that all you have in future years is OCF.
Operating leverage is the relationship between sales and operating cash flow.
Degree of operating leverage measures this relationship.
The higher the DOL, the greater the variability in operating cash flow.
The higher the fixed costs, the higher the DOL.
DOL depends on the sales level you are starting from.
DOL = 1 + (FC / OCF)
Operating Leverage
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.5
22
Consider the previous example.
Suppose sales are 300 units.
This meets all three break-even measures.
What is the DOL at this sales level?
OCF = (25,000 – 15,000) × 300 – 1,000,000 = 2,000,000
DOL = 1 + 1,000,000 / 2,000,000 = 1.5
What will happen to OCF if unit sales increases by 20\%?
Percentage change in OCF = DOL × Percentage change in Q
Percentage change in OCF = 1.5(.2) = .3 or 30\%
OCF would increase to 2,000,000(1.3) = 2,600,000
Example: DOL
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.5 (C)
23
Capital rationing occurs when a firm or division has limited resources.
Soft rationing – the limited resources are temporary, often self-imposed
Hard rationing – capital will never be available for this project
The profitability index is a useful tool when a manager is faced with soft rationing.
Capital Rationing
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
24
Section 11.6
If you face hard rationing, you need to reevaluate your analysis. If you truly estimated the required return and expected cash flows appropriately and computed a positive NPV, then capital should be available.
Lecture Tip: In 2008, the economy was suffering from a real estate and credit crisis. As a result, lenders essentially withdrew from the market and credit dried up. This is a perfect example of an issue that would create a situation very close to hard rationing for many businesses.
Lecture Tip: If lower tax rates result in higher cash flows and more attractive projects, then the issue of capital rationing will become even more pronounced.
What is sensitivity analysis, scenario analysis and simulation?
Why are these analyses important, and how should they be used?
What are the three types of break-even analysis, and how should each be used?
What is the degree of operating leverage?
What is the difference between hard rationing and soft rationing?
Quick Quiz
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
Section 11.7
25
Is it ethical for a medical patient to pay for a portion of R&D costs (since experimental procedures are not covered by insurance) prior to the introduction of the final product?
Is it proper for physicians to recommend this procedure when they have a vested interest in its usage?
Ethics Issues
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
26
Case: Researchers associated with South Miami Hospital (SMH) developed a new experimental laser treatment for heart patients. Its development team and the physicians who use the laser consider it to be a lifesaving advance. It should be noted that the physicians who are touting the laser hold a significant stake in the company that produces the laser. To offer a substitute for a balloon angioplasty to treat heart blockages, the experimental laser was developed at a cost of $250,000. SMH estimates that it will cost $20,000 to install the laser. The procedure requires a nurse at $50 per hour, a technician at $30 per hour, and a physician who is paid $750 per hour. Patients are billed $3,000 for the procedure compared to $1,500 for the traditional balloon treatment.
Now ask the students to determine the break-even quantity for the new procedure:
Fixed cost = 250,000 + 20,000 = 270,000
Variable cost = 50 + 30 + 750 = 830 per hour
Cash Break-Even = 250,000 / (3,000 – 830) = 115.2 hours,
or approximately 116 patients (assuming a one-hour procedure per patient).
A project requires an initial investment of $1,000,000 and is depreciated straight-line to zero salvage over its 10-year life.
The project produces items that sell for $1,000 each, with variable costs of $700 per unit. Fixed costs are $350,000 per year.
What is the accounting break-even quantity, operating cash flow at accounting break-even (ignoring taxes), and DOL at that output level?
Comprehensive Problem
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
27
Section 11.7
Accounting break-even:
Q = (FC + D) / (P – V) = ($350,000 + $100,000) / ($1,000 - $700) = 1,500 units
OCF = ( S – VC – FC – D) + D = (1,500 × $1,000 – 1,500 × $700 - $350,000 - $100,000) + $100,000 = $100,000
DOL = 1 + (FC / OCF) = 1 + ($350,000 / 100,000) = 4.5
End of Chapter
CHAPTER 11
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
11-‹#›
11-‹#›
Microsoft Excel
97-2003 Worksheet
Scenario
Base Lower Upper
Unit Sales 6000 5500 6500 Depreciation 40000
Price per unit 80 75 85
VC per unit 60 58 62 No NWC
FC per unit 50000 45000 55000
Base Case Analysis Best Case Worst Case
Pro Forma Statement Pro Forma Statement Pro Forma Statement
Sales 480000 Sales 552500 Sales 412500
VC 360000 VC 377000 VC 341000
FC 50000 FC 45000 FC 55000
Depreciation 40000 Depreciation 40000 Depreciation 40000
EBIT 30000 EBIT 90500 EBIT -23500
Taxes 6300 Taxes 19005 Taxes -4935
NI 23700 NI 71495 NI -18565
Cash Flows
Year OCF NCS CFFA Year OCF NCS CFFA Year OCF NCS CFFA
0 -200000 -200000 0 -200000 -200000 0 -200000 -200000
1 63700 63700 1 111495 111495 1 21435 21435
2 63700 63700 2 111495 111495 2 21435 21435
3 63700 63700 3 111495 111495 3 21435 21435
4 63700 63700 4 111495 111495 4 21435 21435
5 63700 63700 5 111495 111495 5 21435 21435
NPV $29,624.24 NPV $201,914.52 NPV -$122,731.62
Sensitivity Analysis For Unit Sales
Pro Forma Statement Base Lower Upper
Sales 480000 440000 520000
VC 360000 330000 390000
FC 50000 50000 50000
Depreciation 40000 40000 40000
EBIT 30000 20000 40000
Taxes 6300 4200 8400
NI 23700 15800 31600
Cash Flows
Year
0 -200,000 -200,000 -200,000
1 63700 55800 71600
2 63700 55800 71600
3 63700 55800 71600
4 63700 55800 71600
5 63700 55800 71600
NPV $29,624.24 $1,146.51 $58,101.98
Numbers in blue were computed in Excel.
Sensitivity
Base Lower Upper
Unit Sales 6000 5500 6500 Depreciation 40000
Price per unit 80 75 85
VC per unit 60 58 62 No NWC
FC per unit 50000 45000 55000
Base Case Analysis Best Case Worst Case
Pro Forma Statement Pro Forma Statement Pro Forma Statement
Sales 480000 Sales 552500 Sales 412500
VC 360000 VC 377000 VC 341000
FC 50000 FC 45000 FC 55000
Depreciation 40000 Depreciation 40000 Depreciation 40000
EBIT 30000 EBIT 90500 EBIT -23500
Taxes 6300 Taxes 19005 Taxes -4935
NI 23700 NI 71495 NI -18565
Cash Flows
Year OCF NCS CFFA Year OCF NCS CFFA Year OCF NCS CFFA
0 -200000 -200000 0 -200000 -200000 0 -200000 -200000
1 63700 63700 1 111495 111495 1 21435 21435
2 63700 63700 2 111495 111495 2 21435 21435
3 63700 63700 3 111495 111495 3 21435 21435
4 63700 63700 4 111495 111495 4 21435 21435
5 63700 63700 5 111495 111495 5 21435 21435
NPV $29,624.24 NPV $201,914.52 NPV -$122,731.62
Sensitivity Analysis For Unit Sales
Pro Forma Statement Base Lower Upper
Sales 480000 440000 520000
VC 360000 330000 390000
FC 50000 50000 50000
Depreciation 40000 40000 40000
EBIT 30000 20000 40000
Taxes 6300 4200 8400
NI 23700 15800 31600
Cash Flows
Year
0 -200,000 -200,000 -200,000
1 63700 55800 71600
2 63700 55800 71600
3 63700 55800 71600
4 63700 55800 71600
5 63700 55800 71600
NPV $29,624.24 $1,146.51 $58,101.98
Numbers in blue were computed in Excel.
RETURN, RISK, AND THE SECURITY MARKET LINE
CHAPTER 13
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
1-‹#›
Show how to calculate expected returns, variance, and standard deviation
Discuss the impact of diversification
Summarize the systematic risk principle
Describe the security market line and the risk-return trade-off
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Key Concepts and Skills
1-‹#›
Expected Returns and Variances
Portfolios
Announcements, Surprises, and Expected Returns
Risk: Systematic and Unsystematic
Diversification and Portfolio Risk
Systematic Risk and Beta
The Security Market Line
The SML and the Cost of Capital: A Preview
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Chapter Outline
1-‹#›
11.3
Lecture Tip: You may find it useful to emphasize the economic foundations of the material in this chapter. Specifically, we assume:
-Investor rationality: Investors are assumed to prefer more money to less and less risk to more, all else equal. The result of this assumption is that the ex ante risk-return trade-off will be upward sloping.
-As risk-averse return-seekers, investors will take actions consistent with the rationality assumptions. They will require higher returns to invest in riskier assets and are willing to accept lower returns on less risky assets.
-Similarly, they will seek to reduce risk while attaining the desired level of return, or increase return without exceeding the maximum acceptable level of risk.
Expected returns are based on the probabilities of possible outcomes.
In this context, “expected” means average if the process is repeated many times.
The “expected” return does not even have to be a possible return.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Expected Returns
1-‹#›
11.4
Section 13.1 (A)
Use the following example to illustrate the mathematical nature of expected returns:
Consider a game where you toss a fair coin: If it is Heads, then student A pays student B $1. If it is Tails, then student B pays student A $1. Most students will remember from their statistics that the expected value is $0 (=.5(1) + .5(-1)). That means that if the game is played over and over then each student should expect to break-even. However, if the game is only played once, then one student will win $1 and one will lose $1.
Suppose you have predicted the following returns for stocks C and T in three possible states of the economy. What are the expected returns?
State Probability C T___
Boom 0.3 0.15 0.25
Normal 0.5 0.10 0.20
Recession ??? 0.02 0.01
RC = .3(15) + .5(10) + .2(2) = 9.9\%
RT = .3(25) + .5(20) + .2(1) = 17.7\%
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example: Expected Returns
1-‹#›
11.5
Section 13.1 (A)
What is the probability of a recession? 1- 0.3 - 0.5 = 0.2
If the risk-free rate is 4.15\%, what is the risk premium?
Stock C: 9.9 – 4.15 = 5.75\%
Stock T: 17.7 – 4.15 = 13.55\%
Variance and standard deviation measure the volatility of returns.
Using unequal probabilities for the entire range of possibilities
Weighted average of squared deviations
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Variance and Standard Deviation
1-‹#›
11.6
Section 13.1 (B)
It’s important to point out that these formulas are for populations, unlike the formulas in chapter 12 that were for samples (dividing by n-1 instead of n). Further, the probabilities that are used account for the division.
Remind the students that standard deviation is the square root of the variance.
Consider the previous example. What are the variance and standard deviation for each stock?
Stock C
2 = .3(0.15-0.099)2 + .5(0.10-0.099)2 + .2(0.02-0.099)2 = 0.002029
= 4.50\%
Stock T
2 = .3(0.25-0.177)2 + .5(0.20-0.177)2 + .2(0.01-0.177)2 = 0.007441
= 8.63\%
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example: Variance and Standard Deviation
1-‹#›
11.7
Section 13.1 (B)
It is helpful to remind students that the standard deviation (but not the variance) is expressed in the same units as the original data, which is a percentage return in our example.
Consider the following information:
State Probability ABC, Inc. Return
Boom .25 0.15
Normal .50 0.08
Slowdown .15 0.04
Recession .10 -0.03
What is the expected return?
What is the variance?
What is the standard deviation?
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Another Example
1-‹#›
11.8
Section 13.1 (B)
E(R) = .25(0.15) + .5(0.08) + .15(0.04) + .1(-0.03) = 8.05\%
Variance = .25(.15-0.0805)2 + .5(0.08-0.0805)2 + .15(0.04-0.0805)2 + .1(-0.03-0.0805)2 = 0.00267475
Standard Deviation = 5.17\%
A portfolio is a collection of assets.
An asset’s risk and return are important in how they affect the risk and return of the portfolio.
The risk-return trade-off for a portfolio is measured by the portfolio expected return and standard deviation, just as with individual assets.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Portfolios
1-‹#›
11.9
Section 13.2
Lecture Tip: Each individual has their own level of risk tolerance. Some people are just naturally more inclined to take risk, and they will not require the same level of compensation as others for doing so. Our risk preferences also change through time. We may be willing to take more risk when we are young and without a spouse or kids. But, once we start a family, our risk tolerance may drop.
Suppose you have $15,000 to invest and you have purchased securities in the following amounts. What are your portfolio weights in each security?
$2000 of C
$3000 of KO
$4000 of INTC
$6000 of BP
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example: Portfolio Weights
C: 2/15 = .133
KO: 3/15 = .2
INTC: 4/15 = .267
BP: 6/15 = .4
1-‹#›
11.10
Section 13.2 (A)
C – Citigroup
KO – Coca-Cola
INTC – Intel
BP – BP
Show the students that the sum of the weights = 1
The expected return of a portfolio is the weighted average of the expected returns of the respective assets in the portfolio.
You can also find the expected return by finding the portfolio return in each possible state and computing the expected value as we did with individual securities.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Portfolio Expected Returns
1-‹#›
Section 13.2 (B)
11.11
Consider the portfolio weights computed previously. If the individual stocks have the following expected returns, what is the expected return for the portfolio?
C: 19.69\%
KO: 5.25\%
INTC: 16.65\%
BP: 18.24\%
E(RP) = .133(19.69\%) + .2(5.25\%) + .267(16.65\%) + .4(18.24\%) = 15.41\%
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example: Expected Portfolio Returns
1-‹#›
Section 13.2 (B)
11.12
Compute the portfolio return for each state:
RP = w1R1 + w2R2 + … + wmRm
Compute the expected portfolio return using the same formula as for an individual asset.
Compute the portfolio variance and standard deviation using the same formulas as for an individual asset.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Portfolio Variance
1-‹#›
11.13
Section 13.2 (C)
Consider the following information on returns and probabilities:
Invest 50\% of your money in Asset A.
State Probability A B Portfolio
Boom .4 30\% -5\% 12.5\%
Bust .6 -10\% 25\% 7.5\%
What are the expected return and standard deviation for each asset?
What are the expected return and standard deviation for the portfolio?
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example: Portfolio Variance
1-‹#›
11.14
Section 13.2 (C)
If A and B are your only choices, what percent are you investing in Asset B? 50\%
Asset A: E(RA) = .4(30) + .6(-10) = 6\%
Variance(A) = .4(30-6)2 + .6(-10-6)2 = 384
Std. Dev.(A) = 19.6\%
Asset B: E(RB) = .4(-5) + .6(25) = 13\%
Variance(B) = .4(-5-13)2 + .6(25-13)2 = 216
Std. Dev.(B) = 14.7\%
Portfolio (solutions to portfolio return in each state appear with mouse click after last question)
Portfolio return in boom = .5(30) + .5(-5) = 12.5
Portfolio return in bust = .5(-10) + .5(25) = 7.5
Expected return = .4(12.5) + .6(7.5) = 9.5 or
Expected return = .5(6) + .5(13) = 9.5
Variance of portfolio = .4(12.5-9.5)2 + .6(7.5-9.5)2 = 6
Standard deviation = 2.45\%
Note that the variance is NOT equal to .5(384) + .5(216) = 300 and
Standard deviation is NOT equal to .5(19.6) + .5(14.7) = 17.17\%
What would the expected return and standard deviation for the portfolio be if we invested 3/7 of our money in A and 4/7 in B? Portfolio return = 10\% and standard deviation = 0
Portfolio variance using covariances:
COV(A,B) = .4(30-6)(-5-13) + .6(-10-6)(25-13) = -288
Variance of portfolio = (.5)2(384) + (.5)2(216) + 2(.5)(.5)(-288) = 6
Standard deviation = 2.45\%
Consider the following information on returns and probabilities:
State Probability X Z
Boom .25 15\% 10\%
Normal .60 10\% 9\%
Recession .15 5\% 10\%
What are the expected return and standard deviation for a portfolio with an investment of $6,000 in asset X and $4,000 in asset Z?
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Another Example: Portfolio Variance
1-‹#›
11.15
Section 13.2 (C)
Portfolio return in Boom: .6(15) + .4(10) = 13\%
Portfolio return in Normal: .6(10) + .4(9) = 9.6\%
Portfolio return in Recession: .6(5) + .4(10) = 7\%
Expected return = .25(13) + .6(9.6) + .15(7) = 10.06\%
Variance = .25(13-10.06)2 + .6(9.6-10.06)2 + .15(7-10.06)2 = 3.6924
Standard deviation = 1.92\%
Compare to return on X of 10.5\% and standard deviation of 3.12\%
And return on Z of 9.4\% and standard deviation of .49\%
Using covariances:
COV(X,Z) = .25(15-10.5)(10-9.4) + .6(10-10.5)(9-9.4) + .15(5-10.5)(10-9.4) = .3
Portfolio variance = (.6 × 3.12)2 + (.4 × .49)2 + 2(.6)(.4)(.3) = 3.6868
Portfolio standard deviation = 1.92\% (difference in variance due to rounding)
Lecture Tip: Here are a few tips to pass along to students suffering from “statistics overload”:
-The distribution is just the picture of all possible outcomes.
-The mean return is the central point of the distribution.
-The standard deviation is the average deviation from the mean.
-Assuming investor rationality (two-parameter utility functions), the mean is a proxy for expected return and the standard deviation is a proxy for total risk.
Realized returns are generally not equal to expected returns.
There is the expected component and the unexpected component.
At any point in time, the unexpected return can be either positive or negative.
Over time, the average of the unexpected component is zero.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Expected vs. Unexpected Returns
1-‹#›
Section 13.3 (A)
11.16
Announcements and news contain both an expected component and a surprise component.
It is the surprise component that affects a stock’s price and therefore its return.
This is very obvious when we watch how stock prices move when an unexpected announcement is made or earnings are different than anticipated.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Announcements and News
1-‹#›
11.17
Section 13.3 (B)
Lecture Tip: It is easy to see the effect of unexpected news on stock prices and returns. Consider the following two cases:
(1) On November 17, 2004 it was announced that K-Mart would acquire Sears in an $11 billion deal. Sears’ stock price jumped from a closing price of $45.20 on November 16 to a closing price of $52.99 (a 7.79\% increase) and K-Mart’s stock price jumped from $101.22 on November 16 to a closing price of $109.00 on November 17 (a 7.69\% increase). Both stocks traded even higher during the day. Why the jump in price? Unexpected news, of course. (2) On November 18, 2004, Williams-Sonoma cut its sales and earnings estimates for the fourth quarter of 2004 and its share price dropped by 6\%. There are plenty of other examples where unexpected news causes a change in price and expected returns.
Efficient markets are a result of investors trading on the unexpected portion of announcements.
The easier it is to trade on surprises, the more efficient markets should be.
Efficient markets involve random price changes because we cannot predict surprises.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Efficient Markets
1-‹#›
Section 13.3 (B)
11.18
Risk factors that affect a large number of assets
Also known as non-diversifiable risk or market risk
Includes such things as changes in GDP, inflation, interest rates, etc.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Systematic Risk
1-‹#›
11.19
Section 13.4 (A)
Risk factors that affect a limited number of assets
Also known as unique risk and asset-specific risk
Includes such things as labor strikes, part shortages, etc.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Unsystematic Risk
1-‹#›
11.20
Section 13.4 (A)
Lecture Tip: You can expand the discussion of the difference between systematic and unsystematic risk by using the example of a strike by employees. Students will generally agree that this is unique or unsystematic risk for one company. However, what if the UAW stages the strike against the entire auto industry. Will this action impact other industries or the entire economy? If the answer to this question is yes, then this becomes a systematic risk factor. The important point is that it is not the event that determines whether it is systematic or unsystematic risk; it is the impact of the event.
Total Return = expected return
+ unexpected return
Unexpected return =
systematic portion + unsystematic portion
Therefore, total return can be expressed as follows:
Total Return = expected return
+ systematic portion + unsystematic portion
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Returns
1-‹#›
Section 13.4 (B)
11.21
Portfolio diversification is the investment in several different asset classes or sectors.
Diversification is not just holding a lot of assets.
For example, if you own 50 Internet stocks, you are not diversified.
However, if you own 50 stocks that span 20 different industries, then you are diversified.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Diversification
1-‹#›
11.22
Section 13.5
Video Note: “Portfolio Management” looks at the value of diversification.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Table 13.7
1-‹#›
Section 13.5 (A)
11.23
Diversification can substantially reduce the variability of returns without an equivalent reduction in expected returns.
This reduction in risk arises because worse than expected returns from one asset are offset by better than expected returns from another.
However, there is a minimum level of risk that cannot be diversified away and that is the systematic portion.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
The Principle of Diversification
1-‹#›
11.24
Section 13.5 (B)
A discussion of the potential benefits of international investing may be helpful at this point.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Figure 13.1
1-‹#›
Section 13.5 (B)
11.25
The risk that can be eliminated by combining assets into a portfolio.
Often considered the same as unsystematic, unique or asset-specific risk
If we hold only one asset, or assets in the same industry, then we are exposing ourselves to risk that we could diversify away.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Diversifiable Risk
1-‹#›
Section 13.5 (C)
11.26
Total risk = systematic risk + unsystematic risk
The standard deviation of returns is a measure of total risk.
For well-diversified portfolios, unsystematic risk is very small.
Consequently, the total risk for a diversified portfolio is essentially equivalent to the systematic risk.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Total Risk
1-‹#›
Section 13.5 (D)
11.27
There is a reward for bearing risk.
There is not a reward for bearing risk unnecessarily.
The expected return on a risky asset depends only on that asset’s systematic risk since unsystematic risk can be diversified away.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Systematic Risk Principle
1-‹#›
11.28
Section 13.6 (A)
A discussion of diversification via mutual funds and ETFs may add to the students’ understanding.
How do we measure systematic risk?
We use the beta coefficient.
What does beta tell us?
A beta of 1 implies the asset has the same systematic risk as the overall market.
A beta < 1 implies the asset has less systematic risk than the overall market.
A beta > 1 implies the asset has more systematic risk than the overall market.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Measuring Systematic Risk
1-‹#›
11.29
Section 13.6 (B)
Lecture Tip: Remember that the cost of equity depends on both the firm’s business risk and its financial risk. So, all else equal, borrowing money will increase a firm’s equity beta because it increases the volatility of earnings. Robert Hamada derived the following equation to reflect the relationship between levered and unlevered betas (excluding tax effects):
L = U(1 + D/E)
where:
L = equity beta of a levered firm;
U = equity beta of an unlevered firm;
D/E = debt-to-equity ratio
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Table 13.8 – Selected Betas
1-‹#›
11.30
Section 13.6 (B)
Lecture Tip: Students sometimes wonder just how high a stock’s beta can get. In earlier years, one would say that, while the average beta for all stocks must be 1.0, the range of possible values for any given beta is from - to +.
Today, the Internet provides another way of addressing the question. Go to the Yahoo! Finance stock screener site. This site allows you to search many financial markets by fundamental criteria.
Consider the following information:
Standard Deviation Beta
Security C 20\% 1.25
Security K 30\% 0.95
Which security has more total risk?
Which security has more systematic risk?
Which security should have the higher expected return?
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Total vs. Systematic Risk
1-‹#›
11.31
Section 13.6 (B)
Security K has the higher total risk.
Security C has the higher systematic risk.
Security C should have the higher expected return.
Many sites provide betas for companies.
Yahoo! Finance provides beta, plus a lot of other information under its Key Statistics section.
Enter a ticker symbol and get a basic quote.
Click on Key Statistics.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Work the Web Example
1-‹#›
Section 13.6 (B)
11.32
Consider the previous example with the following four securities.
Security Weight Beta
C .133 1.685
KO .2 0.195
INTC .267 1.161
BP .4 1.434
What is the portfolio beta?
.133(1.685) + .2(.195) + .267(1.161) + .4(1.434) = 1.147
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example: Portfolio Betas
1-‹#›
11.33
Section 13.6 (C)
Which security has the highest systematic risk?
C
Which security has the lowest systematic risk?
KO
Is the systematic risk of the portfolio more or less than the market?
more
Remember that the risk premium = expected return – risk-free rate.
The higher the beta, the greater the risk premium should be.
Can we define the relationship between the risk premium and beta so that we can estimate the expected return?
YES!
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Beta and the Risk Premium
1-‹#›
Section 13.7 (A)
11.34
Example: Portfolio Expected Returns and Betas
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Rf
E(RA)
A
1-‹#›
11.35
Section 13.7 (A)
Based on the example in the book:
Point out that there is a linear relationship between beta and expected return. Ask if the students remember the form of the equation for a line.
Y = mx + b
E(R) = slope (Beta) + y-intercept
The y-intercept is = the risk-free rate, so all we need is the slope
Lecture Tip: The example in the book illustrates a greater than 100\% investment in asset A. This means that the investor has borrowed money on margin (technically at the risk-free rate) and used that money to purchase additional shares of asset A. This can increase the potential returns, but it also increases the risk.
Expected Return 0 0.4 0.8 1.2 1.6 2 2.4 0.08 0.11 0.14000000000000001 0.17 0.2 0.23 0.26 0 0.4 0.8 1.2 1.6 2 2.4 0 0.4 0.8 1.2 1.6 2 2.4 0 0.4 0.8 1.2 1.6 2 2.4 Beta
Expected Return
The reward-to-risk ratio is the slope of the line illustrated in the previous example.
Slope = (E(RA) – Rf) / (A – 0)
Reward-to-risk ratio for previous example =
(20 – 8) / (1.6 – 0) = 7.5
What if an asset has a reward-to-risk ratio of 8 (implying that the asset plots above the line)?
What if an asset has a reward-to-risk ratio of 7 (implying that the asset plots below the line)?
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Reward-to-Risk Ratio: Definition and Example
1-‹#›
11.36
Section 13.7 (A)
Ask students if they remember how to compute the slope of a line: rise / run.
If the reward-to-risk ratio = 8, then investors will want to buy the asset. This will drive the price up and the expected return down (remember time value of money and valuation). When will the flurry of trading stop? When the reward-to-risk ratio reaches 7.5.
If the reward-to-risk ratio = 7, then investors will want to sell the asset. This will drive the price down and the expected return up. When will the flurry of trading stop? When the reward-to-risk ratio reaches 7.5.
In equilibrium, all assets and portfolios must have the same reward-to-risk ratio, and they all must equal the reward-to-risk ratio for the market.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Market Equilibrium
1-‹#›
Section 13.7 (A)
11.37
The security market line (SML) is the representation of market equilibrium.
The slope of the SML is the reward-to-risk ratio: (E(RM) – Rf) / M
But since the beta for the market is always equal to one, the slope can be rewritten.
Slope = E(RM) – Rf = market risk premium
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Security Market Line
1-‹#›
11.38
Section 13.7 (B)
Based on the discussion earlier, we now have all the components of the line:
E(R) = [E(RM) – Rf] + Rf
Lecture Tip: Although the realized market risk premium has on average been approximately 8.5\%, the historical average should not be confused with the anticipated risk premium for any particular future period. There is abundant evidence that the realized market return has varied greatly over time. The historical average value should be treated accordingly. On the other hand, there is currently no universally accepted means of coming up with a good ex ante estimate of the market risk premium, so the historical average might be as good a guess as any. In the late 1990’s, there was evidence that the risk premium had been shrinking. In fact, Alan Greenspan was concerned with the reduction in the risk premium because he was afraid that investors had lost sight of how risky stocks actually are. Investors had a wake-up call in late 2000 and 2001 (and again in 2008 and 2009).
The capital asset pricing model defines the relationship between risk and return.
E(RA) = Rf + A(E(RM) – Rf)
If we know an asset’s systematic risk, we can use the CAPM to determine its expected return.
This is true whether we are talking about financial assets or physical assets.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
The Capital Asset Pricing Model (CAPM)
1-‹#›
Section 13.7 (B)
11.39
Pure time value of money: measured by the risk-free rate
Reward for bearing systematic risk: measured by the market risk premium
Amount of systematic risk: measured by beta
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Factors Affecting
Expected Return
1-‹#›
Section 13.7 (B)
11.40
Consider the betas for each of the assets given earlier. If the risk-free rate is 4.15\% and the market risk premium is 7.5\%, what is the expected return for each?
Security Beta Expected Return
C 2.685 3.15 + 1.685(7.5) = 15.79\%
KO 0.195 3.15 + 0.195(7.5) = 4.61\%
INTC 2.161 3.15 + 1.161(7.5) = 11.86\%
BP 2.434 3.15 + 1.434(7.5) = 13.93\%
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Example - CAPM
1-‹#›
11.41
Section 13.7 (B)
Lecture Tip: Students should remember …
COST OF CAPITAL
CHAPTER 14
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Determine a firm’s cost of equity capital
Determine a firm’s cost of debt
Determine a firm’s overall cost of capital and how to use it to value a company
Explain how to correctly include flotation costs in capital budgeting projects
Describe some of the pitfalls associated with a firm’s overall cost of capital and what to do about them
Key Concepts and Skills
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
The Cost of Capital: Some Preliminaries
The Cost of Equity
The Costs of Debt and Preferred Stock
The Weighted Average Cost of Capital
Divisional and Project Costs of Capital
Company Valuation with the WACC
Flotation Costs and the Weighted Average Cost of Capital
Chapter Outline
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
We know that the return earned on assets depends on the risk of those assets.
The return to an investor is the same as the cost to the company.
Our cost of capital provides us with an indication of how the market views the risk of our assets.
Knowing our cost of capital can also help us determine our required return for capital budgeting projects.
Why Cost of Capital Is Important
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.4
Section 14.1
Lecture Tip: Students often find it easier to grasp the intricacies of cost of capital estimation when they understand why it is important. A good estimate is required for:
-good capital budgeting decisions – neither the NPV rule nor the IRR rule can be implemented without knowledge of the appropriate discount rate
-financing decisions – the optimal/target capital structure minimizes the cost of capital
-operating decisions – cost of capital is used by regulatory agencies in order to determine the “fair” return in some regulated industries (e.g. utilities)
The required return is the same as the appropriate discount rate and is based on the risk of the cash flows.
We need to know the required return for an investment before we can compute the NPV and make a decision about whether or not to take the investment.
We need to earn at least the required return to compensate our investors for the financing they have provided.
Required Return
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.1 (A)
12.5
The cost of equity is the return required by equity investors given the risk of the cash flows from the firm.
Business risk
Financial risk
There are two major methods for determining the cost of equity.
Dividend growth model
SML, or CAPM
Cost of Equity
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.2
12.6
Start with the dividend growth model formula and rearrange to solve for RE.
The Dividend Growth Model Approach
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.7
Section 14.2 (A)
Remind students that D1 = D0(1+g).
You may also want to take this time to remind them that return is comprised of the dividend yield (D1 / P0) and the capital gains yield (g).
Suppose that your company is expected to pay a dividend of $1.50 per share next year.
There has been a steady growth in dividends of 5.1\% per year and the market expects that to continue.
The current price is $25. What is the cost of equity?
Example: Dividend
Growth Model
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.8
Section 14.2 (A)
One method for estimating the growth rate is to use the historical average.
Year Dividend Percent Change
2014 1.23 -
2015 1.30
2016 1.36
2017 1.43
2018 1.50
Example: Estimating the Dividend Growth Rate
(1.30 – 1.23) / 1.23 = 5.7\%
(1.36 – 1.30) / 1.30 = 4.6\%
(1.43 – 1.36) / 1.36 = 5.1\%
(1.50 – 1.43) / 1.43 = 4.9\%
Average = (5.7 + 4.6 + 5.1 + 4.9) / 4 = 5.1\%
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.9
Section 14.2 (A)
Our historical growth rates are fairly close, so we could feel reasonably comfortable that the market will expect our dividend to grow at around 5.1\%. Note that when we are computing our cost of equity, it is important to consider what the market expects our growth rate to be, not what we may know it to be internally. The market price is based on market expectations, not our private information. So, another way to estimate the market consensus estimate is to look at analysts’ forecasts and take an average.
Lecture Tip: It is noted in the text that there are other ways to compute g. Rather than use the arithmetic mean, as in the example, the geometric mean (which implies a compound growth rate) can be used. OLS regression with the log of the dividends as the dependent variable and time as the independent variable is also an option. Another way to estimate g is to assume that the ROE and retention rate are constant. If this is the case, then g = ROE × retention rate.
Advantage – easy to understand and use
Disadvantages
Only applicable to companies currently paying dividends
Not applicable if dividends aren’t growing at a reasonably constant rate
Extremely sensitive to the estimated growth rate – an increase in g of 1\% increases the cost of equity by 1\%
Does not explicitly consider risk
Advantages and Disadvantages of Dividend Growth Model
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.10
Section 14.2 (A)
Point out that there is no allowance for the uncertainty about the growth rate.
Lecture Tip: Some students may question how you value the stock for a firm that doesn’t pay dividends. In the case of growth-oriented, non-dividend-paying firms, analysts often look at the trend in earnings or use similar firms to project the future date of the first expected dividend and its future growth rate. However, such processes are subject to greater estimation error, and when companies fail to meet (or even exceed) estimates, the stock price can experience a high degree of variability. It should also be pointed out that no firm pays zero dividends forever – at some point, every going concern will pay dividends. Microsoft is a good example. Many people believed that Microsoft would never pay dividends, but even it ran out of investments for all of the cash that it generated and began paying dividends in 2003.
Use the following information to compute our cost of equity.
Risk-free rate, Rf
Market risk premium, E(RM) – Rf
Systematic risk of asset,
You can find data on betas and rates at Yahoo! Finance.
The SML Approach
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.11
Section 14.2 (B)
You will often hear this referred to as the Capital Asset Pricing Model Approach as well.
www: Click on the link to go to finance.yahoo.com. Both betas and 3-month T-bills are available on this site. To get betas, enter a ticker symbol to get the stock quote, then choose Key Statistics. To get the T-bill rates, click on “Bonds” under Investing on the home page.
Suppose your company has an equity beta of .58, and the current risk-free rate is 6.1\%. If the expected market risk premium is 8.6\%, what is your cost of equity capital?
RE = 6.1 + .58(8.6) = 11.1\%
Since we came up with similar numbers using both the dividend growth model and the SML approach, we should feel good about our estimate.
Example – SML
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.12
Section 14.2 (B)
The similarity is completely dependent on estimates of the risk-free rate and market risk premium.
Advantages
Explicitly adjusts for systematic risk
Applicable to all companies, as long as we can estimate beta
Disadvantages
Have to estimate the expected market risk premium, which does vary over time
Have to estimate beta, which also varies over time
We are using the past to predict the future, which is not always reliable.
Advantages and Disadvantages of SML
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.13
Section 14.2 (B)
A good example to illustrate how beta estimates can lag changes in the risk of equity, consider Citigroup (C), which was used in an example in the slides in the previous chapter. In Sept. 2012, (based on calculations on Yahoo) Citigroup had a beta of 2.6. Yet, its capital gains return from Sept 2002 to Sept 2012 was almost -90\%!! On the positive side, in Sept. 2012, APPL had a beta of .88, yet its capital gains return over the past 10 years was over 9,000\%!!!!!.
Lecture Tip: Students are often surprised when they find that the two approaches typically result in different estimates. Suggest that it would be more surprising if the results were identical. Why? The underlying assumptions of the two approaches are very different. The constant growth model is a variant of a growing perpetuity model and requires that dividends are expected to grow at a constant rate forever and that the discount rate is greater than the growth rate. The SML approach requires assumptions of normality of returns and/or quadratic utility functions. It also requires the absence of taxes, transaction costs, and other market imperfections.
Suppose our company has a beta of 1.5. The market risk premium is expected to be 9\%, and the current risk-free rate is 6\%.
We have used analysts’ estimates to determine that the market believes our dividends will grow at 6\% per year and our last dividend was $2.
Our stock is currently selling for $15.65. What is our cost of equity?
Using SML: RE = 6\% + 1.5(9\%) = 19.5\%
Using DGM: RE = [2(1.06) / 15.65] + .06 = 19.55\%
Example – Cost of Equity
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.14
Section 14.2
Since the two models are reasonably close, we can assume that our cost of equity is probably around 19.5\%. Again, though, this similarity is a function of the inputs selected and is not indicative of the true similarity that could be expected.
The cost of debt is the required return on our company’s debt.
We usually focus on the cost of long-term debt or bonds.
The required return is best estimated by computing the yield-to-maturity on the existing debt.
We may also use estimates of current rates based on the bond rating we expect when we issue new debt.
The cost of debt is NOT the coupon rate.
Cost of Debt
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.15
Section 14.3 (A)
Point out that the coupon rate was the cost of debt for the company when the bond was issued. We are interested in the rate we would have to pay on newly issued debt, which could be very different from past rates.
Lecture Tip: Consider what happens to corporate bond rates and mortgage rates as the Federal Reserve board changes the fed funds rate. If the Federal Reserve raises the fed funds rate by a quarter point, virtually all bond rates, from government to municipal to corporate, will increase after this action.
Suppose we have a bond issue currently outstanding that has 25 years left to maturity.
The coupon rate is 9\%, and coupons are paid semiannually.
The bond is currently selling for $908.72 per $1,000 bond.
What is the cost of debt?
N = 50; PMT = 45; FV = 1000; PV = -908.72; CPT I/Y = 5\%; YTM = 5(2) = 10\%
Example: Cost of Debt
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.16
Section 14.3 (A)
Remind students that it is a trial and error process to find the YTM if they do not have a financial calculator or spreadsheet application.
Reminders
Preferred stock generally pays a constant dividend each period.
Dividends are expected to be paid every period forever.
Preferred stock is a perpetuity, so we take the perpetuity formula, rearrange and solve for RP.
RP = D / P0
Cost of Preferred Stock
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.3 (B)
12.17
Your company has preferred stock that has an annual dividend of $3.
If the current price is $25, what is the cost of preferred stock?
RP = 3 / 25 = 12\%
Example: Cost of Preferred Stock
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.3 (B)
12.18
We can use the individual costs of capital that we have computed to get our “average” cost of capital for the firm.
This “average” is the required return on the firm’s assets, based on the market’s perception of the risk of those assets.
The weights are determined by how much of each type of financing is used.
The Weighted Average Cost of Capital
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4
12.19
Notation
E = market value of equity = # of outstanding shares times price per share
D = market value of debt = # of outstanding bonds times bond price
V = market value of the firm = D + E
Weights
wE = E/V = percent financed with equity
wD = D/V = percent financed with debt
Capital Structure Weights
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.20
Section 14.4 (A)
Note that for bonds we would find the market value of each bond issue and then add them together.
Also note that preferred stock would just become another component of the equation if the firm has issued it.
Finally, we generally ignore current liabilities in our computations. However, if a company finances a substantial portion of its assets with current liabilities, it should be included in the process.
Lecture Tip: It may be helpful to mention and differentiate between the three types of weightings in the capital structure equation: book, market and target. It is also helpful to mention that the total market value of equity incorporates the market value of all three common equity accounts on the balance sheet (common stock, additional paid-in capital and retained earnings).
Lecture Tip: The cost of short-term debt is usually very different from that of long-term debt. Some types of current liabilities are interest-free, such as accruals. However, accounts payable has a cost associated with it if the company forgoes discounts. The cost of notes payable and other current liabilities depends on market rates of interest for short-term loans. Since these loans are often negotiated with banks, you can get estimates of the short-term cost of capital from the company’s bank. The market value and book value of current liabilities are usually very similar, so you can use the book value as an estimate of market value.
Suppose you have a market value of equity equal to $500 million and a market value of debt equal to $475 million.
What are the capital structure weights?
V = 500 million + 475 million = 975 million
wE = E/V = 500 / 975 = .5128 = 51.28\%
wD = D/V = 475 / 975 = .4872 = 48.72\%
Example: Capital Structure Weights
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.21
Section 14.4 (A)
We are concerned with aftertax cash flows, so we also need to consider the effect of taxes on the various costs of capital.
Interest expense reduces our tax liability (subject to limitation).
This reduction in taxes reduces our cost of debt.
After-tax cost of debt = RD(1-TC)
Dividends are not tax deductible, so there is no tax impact on the cost of equity.
WACC = wERE + wDRD(1-TC)
Taxes and the WACC
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.22
Section 14.4 (B)
Point out that if we have other financing that is a significant part of our capital structure, we would just add additional terms to the equation and consider any tax consequences.
The Tax Cuts and Jobs Act of 2017 placed limitations on the amount of interest that can be deducted in certain situations. If there is no deduction, then the pretax and aftertax cost of debt would be equal. If any deduction is allowed, then the aftertax cost would be lower.
Lecture Tip: With a lower tax rate and/or less deductibility, the overall WACC would be higher, which would reduce project/firm value. However, the lower tax rate also increases cash flows, which would increase project/firm value. The latter seems to be the dominant impact.
Lecture Tip: If the firm utilizes substantial amounts of current liabilities, equation 14.7 from the text should be modified as follows:
WACC = (E/V)RE + (D/V)RD(1-TC) + (P/V)RP + (CL/V)RCL(1-TC)
where CL/V represents the market value of current liabilities in the firm’s capital structure and V = E + D + P + CL.
Equity Information
50 million shares
$80 per share
Beta = 1.15
Market risk premium = 9\%
Risk-free rate = 5\%
Debt Information
$1 billion in outstanding debt (face value)
Current quote = 110
Coupon rate = 9\%, semiannual coupons
15 years to maturity
Tax rate = 21\%
Extended Example: WACC - I
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.23
Section 14.4 (B)
Remind students that bond prices are quoted as a percent of par value.
What is the cost of equity?
RE = 5 + 1.15(9) = 15.35\%
What is the cost of debt?
N = 30; PV = -1,100; PMT = 45; FV = 1,000; CPT I/Y = 3.9268
RD = 3.927(2) = 7.854\%
What is the after-tax cost of debt?
RD(1-TC) = 7.854(1-.21) = 6.205\%
Extended Example: WACC - II
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.24
Section 14.4 (B)
Point out that students do not have to compute the YTM based on the entire face amount. They can still use a single bond or they could also base everything on 100 (PV = -110; FV = 100; PMT = 4.5).
We assume that the interest expense remains fully deductible.
What are the capital structure weights?
E = 50 million (80) = 4 billion
D = 1 billion (1.10) = 1.1 billion
V = 4 + 1.1 = 5.1 billion
wE = E/V = 4 / 5.1 = .7843
wD = D/V = 1.1 / 5.1 = .2157
What is the WACC?
WACC = .7843(15.35\%) + .2157(6.205\%) = 13.38\%
Extended Example: WACC - III
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.25
Section 14.4 (B)
Go to Yahoo! Finance to get information on Eastman Chemical (EMN).
Under Profile and Key Statistics, you can find the following information:
# of shares outstanding
Book value per share
Price per share
Beta
Under analysts estimates, you can find analysts estimates of earnings growth (use as a proxy for dividend growth).
The Bonds section at Yahoo! Finance can provide the T-bill rate.
Use this information, along with the CAPM and DGM, to estimate the cost of equity.
Eastman Chemical I
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.26
Go to FINRA to get market information on Eastman Chemical’s bond issues.
Enter “Eastman Ch” to find the bond information.
Note that you may not be able to find information on all bond issues due to the illiquidity of the bond market.
Go to the SEC website to get book value information from the firm’s most recent 10Q.
Eastman Chemical II
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.27
Find the weighted average cost of the debt.
Use market values if you were able to get the information.
Use the book values if market information was not available.
They are often very close.
Compute the WACC.
Use market value weights if available.
Eastman Chemical III
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.28
Find estimates of WACC at ValuePro.
Look at the assumptions.
How do the assumptions impact the estimate of WACC?
Example: Work the Web
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.29
Table 14.1 Cost of Equity
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.30
Table 14.1 Cost of Debt
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.31
Table 14.1 WACC
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
Section 14.4 (C)
12.32
Using the WACC as our discount rate is only appropriate for projects that have the same risk as the firm’s current operations.
If we are looking at a project that does NOT have the same risk as the firm, then we need to determine the appropriate discount rate for that project.
Divisions also often require separate
discount rates.
Does every GE Business Unit have the same cost?
Divisional and Project Costs of Capital
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.33
Section 14.5
It is important to point out that a single corporate WACC is not very useful for companies that have several disparate divisions.
www: Click on the link and then go to “GE Businesses” to see an index of businesses owned by General Electric. Ask the students if they think that projects proposed by “GE Capital” should have the same discount rate as projects proposed by the “Energy” group. You can go through the list and illustrate why the divisional cost of capital is important for a company like GE.
If GE’s WACC was used for every division, then the riskier divisions would get more investment capital and the less risky divisions would lose the opportunity to invest in positive NPV projects.
What would happen if we use the WACC for all projects regardless of risk?
Assume the WACC = 15\%
Project Required Return IRR
A 20\% 17\%
B 15\% 18\%
C 10\% 12\%
Example: Using WACC
for All Projects
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.34
Section 14.5 (B)
Ask students which projects would be accepted if they used the WACC for the discount rate? Compare 15\% to the IRR and accept projects A and B.
Now ask students which projects should be accepted if you use the required return based on the risk of the project? Accept B and C.
So, what happened when we used the WACC? We accepted a risky project that we shouldn’t have and rejected a less risky project that we should have accepted. What will happen to the overall risk of the firm if the company does this on a consistent basis? Most students will see that the firm will become riskier. What will happen to the firm’s cost of capital as the firm becomes riskier? It will increase (adjusting for changes in market returns in general) as well.
Lecture Tip: It may help students to distinguish between the average cost of capital to the firm and the required return on a given investment if the idea is turned around from the firm’s point of view to the investor’s point of view. Consider an investor who is holding a portfolio of T-bills, corporate bonds and common stocks. Suppose there is an equal amount invested in each. The T-bills have paid 5\% on average, the corporate bonds 10\%, and the common stocks 15\%. Thus, the average portfolio return is 10\%. Now suppose that the investor has some additional money to invest and they can choose between T-bills that are currently paying 7\% and common stock that is expected to pay 13\%. What choice will the investor make if he uses the 10\% average portfolio return as his cut-off rate? (Invest in common stock 13\%>10\%, but not in T-bills 7\%<10\%.) What if he uses the average return for each security as the cut-off rate? (Invest in T-bills 7\% > 5\%, but not common stock 13\%<15\%.)
Lecture Tip: You may wish to point out here that the divisional concept is no more than a firm-level application of the portfolio concept introduced in the section on risk and return. And, not surprisingly, the overall firm beta is therefore the weighted average of the betas of the firm’s divisions.
Find one or more companies that specialize in the product or service that we are considering.
Compute the beta for each company.
Take an average.
Use that beta along with the CAPM to find the appropriate return for a project of that risk.
Often difficult to find pure play companies
The Pure Play Approach
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.35
Section 14.5 (C)
Note that technically you need to unlever the beta for each company before computing the average. Once the average of the unlevered beta has been found, you then relever to match the capital structure of the firm. This is done because the equity beta contains both business risk and financial risk – what we really need is the business risk and then we apply our own financial risk.
Consider the project’s risk relative to the firm overall.
If the project has more risk than the firm, use a discount rate greater than the WACC.
If the project has less risk than the firm, use a discount rate less than the WACC.
You may still accept projects that you shouldn’t and reject projects you should accept, but your error rate should be lower than not considering differential risk at all.
Subjective Approach
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14-‹#›
12.36
Section 14.5 (D)
Lecture Tip: Ask the class to consider a situation in which a company maintains a large portfolio of marketable securities. Now ask them to consider the impact this large security balance would have on a company’s current and quick ratios and how this might impact the company’s ability to meet short-term obligations. The students should easily remember that a larger liquidity ratio implies less risk (and less potential profit). Although the revenue realized from the marketable securities would be less than the interest expense on the …
Financial &
managerial
Accounting
John J. Wild
Ken W. Shaw
Barbara Chiappetta
5th
edition
information
for decisions
5th
edition
fin
a
n
c
ia
l &
m
a
n
a
g
er
ia
l
a
c
c
o
u
n
t
in
g
Wild
Shaw
chiappetta
9 7 8 0 0 7 8 0 2 5 6 0 0
9 0 0 0 0
www.mhhe.com
ISBN 978-0-07-802560-0
MHID 0-07-802560-5
E
A
N
Get Connected.
Studying anytime, anywhere has never been easier...
With Connect Plus Accounting for Financial and Managerial Accounting, 5e, you receive the most advanced study tools
as well as a fully integrated, media-rich E-book.
What kind of study tools?
LearnSmart™—no two students are alike. LearnSmart™ uses a series of adaptive questions to pinpoint exactly what
you know and what you don’t know. The result is your own learning path that helps you retain more knowledge, learn
faster, and study more efficiently.
Guided Examples give you a narrated, animated, step-by-step walkthrough of an exercise similar to the one you’ve
been assigned by your instructor, allowing you to identify, review, and reinforce the concepts and activities covered in
class.
Interactive Presentations provide important chapter material through an engaging, hands-on presentation, bringing
the text content to life.
The Media-Rich E-book allows your instructor to share notes with you and your classmates. You can also insert and
review your own notes, highlight the text, search for specific information, and interact with media resources.
Connect Plus Accounting gives you a complete digital solution that allows you to access your course materials from any
computer, anytime.
If Connect Plus Accounting sounds good to you,
start a three-week FREE TRIAL today!
How?
Just ask your instructor for the course’s Connect Course URL. At the course
home page, click the “Register Now” button, type in your e-mail address, and
click “Start Free Trial.”
It’s that simple to begin using Connect Plus Accounting today.
in
fo
r
m
a
t
io
n
fo
r
d
ec
isio
n
s
M
D
D
A
L
IM
1211314 10/05/12 C
Y
A
N
M
A
G
Y
E
L
O
B
L
A
C
K
The integrated solutions for Wild’s Financial and Managerial
Accounting 5e have been proven to help you achieve your
course goals of improving student readiness, enhancing
student engagement, and increasing their comprehension
of content. Known for its engaging style, the Wild solution
employs the use of current companies, LearnSmart, and
instant feedback on practice problems to help students
engage with course materials, comprehend the content, and
achieve higher outcomes in the course.
McGraw-Hill’s adaptive learning component, LearnSmart,
provides assignable modules that help students master core
concepts and come to class more prepared.
In addition, Interactive Presentations deliver learning
objectives in an interactive environment, giving students
access to course-critical content anytime, anywhere.
Finally, our new Intelligent Response Technology-based
content offers students an intelligent homework experience
that helps them stay focused on learning instead of
navigating the technology.
McGraw-Hill LearnSmart™
is an adaptive learning program
that identifies what an individual
student knows and doesn’t know.
LearnSmart’s adaptive learning path
helps students learn faster, study
more efficiently, and retain more
knowledge.
Intelligent Response Technology (IRT)
is Connect Accounting’s new student
interface for end-of-chapter assessment
content. Intelligent Response Technology
provides a general journal application
that looks and feels more like what you
would find in a general ledger software
package, improves answer acceptance to
reduce student frustration with formatting
issues (such as rounding), and, for
select questions, provides an expanded
table that guides students through
the process of solving the problem.
Connect Accounting’s Interactive
Presentations teach each chapter’s
core learning objectives and
concepts through an engaging,
hands-on presentation, bringing
the text content to life. Interactive
Presentations harness the full
power of technology to truly
engage and appeal to all learning
styles. Interactive Presentations are
ideal in all class formats—online,
face-to-face, or hybrid.
Get Connected.
FEATURES
PROVEN EFFECTIVE
LearnSmart™
Intelligent Response Technology
Interactive Presentations
accounting
®
The integrated solutions for Wild’s Financial and Managerial
Accounting 5e have been proven to help you achieve your
course goals of improving student readiness, enhancing
student engagement, and increasing their comprehension
of content. Known for its engaging style, the Wild solution
employs the use of current companies, LearnSmart, and
instant feedback on practice problems to help students
engage with course materials, comprehend the content, and
achieve higher outcomes in the course.
McGraw-Hill’s adaptive learning component, LearnSmart,
provides assignable modules that help students master core
concepts and come to class more prepared.
In addition, Interactive Presentations deliver learning
objectives in an interactive environment, giving students
access to course-critical content anytime, anywhere.
Finally, our new Intelligent Response Technology-based
content offers students an intelligent homework experience
that helps them stay focused on learning instead of
navigating the technology.
McGraw-Hill LearnSmart™
is an adaptive learning program
that identifies what an individual
student knows and doesn’t know.
LearnSmart’s adaptive learning path
helps students learn faster, study
more efficiently, and retain more
knowledge.
Intelligent Response Technology (IRT)
is Connect Accounting’s new student
interface for end-of-chapter assessment
content. Intelligent Response Technology
provides a general journal application
that looks and feels more like what you
would find in a general ledger software
package, improves answer acceptance to
reduce student frustration with formatting
issues (such as rounding), and, for
select questions, provides an expanded
table that guides students through
the process of solving the problem.
Connect Accounting’s Interactive
Presentations teach each chapter’s
core learning objectives and
concepts through an engaging,
hands-on presentation, bringing
the text content to life. Interactive
Presentations harness the full
power of technology to truly
engage and appeal to all learning
styles. Interactive Presentations are
ideal in all class formats—online,
face-to-face, or hybrid.
Get Connected.
FEATURES
PROVEN EFFECTIVE
LearnSmart™
Intelligent Response Technology
Interactive Presentations
accounting
®
Get Engaged.
Lecture Capture
eBooks
Connect Plus includes a
media-rich eBook that allows
you to share your notes with
your students. Your students can
insert and review their own notes,
highlight the text, search for
specific information, and interact
with media resources. Using an
eBook with Connect Plus gives your
students a complete digital solution
that allows them to access their
materials from any computer.
Make your classes available anytime,
anywhere. With simple, one-click
recording, students can search for a
word or phrase and be taken to the
exact place in your lecture that they
need to review.
Get Engaged.
Lecture Capture
eBooks
Connect Plus includes a
media-rich eBook that allows
you to share your notes with
your students. Your students can
insert and review their own notes,
highlight the text, search for
specific information, and interact
with media resources. Using an
eBook with Connect Plus gives your
students a complete digital solution
that allows them to access their
materials from any computer.
Make your classes available anytime,
anywhere. With simple, one-click
recording, students can search for a
word or phrase and be taken to the
exact place in your lecture that they
need to review.
Financial and
Managerial Accounting
John J. Wild
University of Wisconsin at Madison
Ken W. Shaw
University of Missouri at Columbia
Barbara Chiappetta
Nassau Community College
INFORMATION FOR DECISIONS
5thedition
wiL25605_fm_i-xxxiv_1.indd Page i 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page i 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
FINANCIAL AND MANAGERIAL ACCOUNTING: INFORMATION FOR DECISIONS, FIFTH EDITION
Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New
York, NY, 10020. Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States
of America. Previous editions © 2011, 2009, and 2007. No part of this publication may be reproduced or distributed in any
form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill
Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for
distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
This book is printed on acid-free paper.
1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2
ISBN 978-0-07-802560-0
MHID 0-07-802560-5
Senior Vice President, Products & Markets: Kurt L. Strand
Vice President, General Manager, Products
& Markets: Brent Gordon
Vice President, Content Production &
Technology Services: Kimberly Meriwether David
Director: Tim Vertovec
Executive Brand Manager: Steve Schuetz
Executive Director of Development: Ann Torbert
Managing Development Editor: Christina A. Sanders
Director of Digital Content: Patricia Plumb
Digital Development Editor: Julie Hankins
Senior Marketing Manager: Michelle Heaster
To my students and family, especially Kimberly, Jonathan, Stephanie, and Trevor.
To my wife Linda and children, Erin, Emily, and Jacob.
To my mother, husband Bob, and sons Michael and David.
Lead Project Manager: Lori Koetters
Senior Buyer: Carol A. Bielski
Lead Designer: Matthew Baldwin
Cover Designer: Laurie Entringer
Cover Image: © Getty Images
Senior Content Licensing Specialist: Jeremy Cheshareck
Photo Researcher: Sarah Evertson
Lead Media Project Manager: Brian Nacik
Media Project Manager: Ron Nelms
Typeface: 10.5/12 Times Roman
Compositor: Aptara®, Inc.
Printer: R. R. Donnelley
Library of Congress Cataloging-in-Publication Data
Wild, John J.
Financial and managerial accounting: information for decisions / John J. Wild, University of
Wisconsin at Madison, Ken W. Shaw, University of Missouri at Columbia, Barbara Chiappetta,
Nassau Community College.—5th edition.
pages cm
Includes index.
ISBN 978-0-07-802560-0 (alk. paper)—ISBN 0-07-802560-5 (alk. paper)
1. Accounting. 2. Managerial accounting. I. Shaw, Ken W. II. Chiappetta, Barbara. III. Title.
HF5636.W674 2013
658.15911—dc23
2012037525
All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an
endorsement by the authors or McGraw-Hill, and McGraw-Hill does not guarantee the accuracy of the information presented at
these sites.
www.mhhe.com
wiL25605_fm_i-xxxiv_1.indd Page ii 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page ii 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
iii
Adapting to the Needs of Todays Students
Enhancements in technology have changed the spectrum of
how we live and learn in the world today. Being able to
download and work with learning tools on smart phones,
tablets, or laptop computers empowers students to drive their
own learning by putting increasingly intelligent technology
into their hands.
No two students are alike, and whether the goal is to
become an accountant or a businessperson or simply to be
an informed consumer of accounting information, Financial
and Managerial Accounting (FinMan) has helped generations
of students succeed by giving them support in the form
of leading-edge accounting content that engages students,
paired with state-of-the-art technology that elevates their
understanding of key accounting principles.
With FinMan on your side, you’ll be provided with engaging
content in a motivating style to help students see the relevance
of accounting. Students are motivated when reading materials
that are clear and pertinent. FinMan excels at engaging students.
Its chapter-opening vignettes showcase dynamic, successful
entrepreneurial individuals and companies guaranteed to
interest and excite students, and highlights the usefulness of
accounting to those business owners. This edition’s featured
companies—Polaris, Arctic Cat, KTM, and Piaggio—captivate
students with their products and annual reports, which are a
pathway for learning financial statements. Further, this book’s
coverage of the accounting cycle fundamentals is widely
praised for its clarity and effectiveness.
FinMan also delivers innovative technology to help student
performance. Connect Accounting provides students with
instant grading and feedback for assignments that are
completed online. With our new Intelligent Response
Technology, we are taking our accounting content to the next
level, delivering assessment material in a more intuitive, less
restrictive format that adapts to the needs of today’s students.
Our new content features:
• a general journal interface that looks and feels more like
that found in practice.
• an auto-calculation feature that allows students to focus on
concepts rather than rote tasks.
• a smart (auto-fill) drop-down design.
The end result is content that better prepares students for
the real world. Connect Accounting also includes digitally
based, interactive adaptive learning tools that provide an
opportunity to engage students more effectively by offering
varied instructional methods and more personalized learning
paths that build on different learning styles, interests, and
abilities, allowing students to work at their own pace.
McGraw-Hill LearnSmart™ is an intelligent learning system
that uses a series of adaptive questions to pinpoint each
student’s knowledge gaps. LearnSmart then provides an
optimal learning path for each student, so that they spend less
time in areas they already know and more time in areas they
don’t. The result is LearnSmart’s adaptive learning path that
helps students retain more knowledge, learn faster, and study
more efficiently.
Our Interactive Presentations teach each chapter’s core
learning objectives in a rich multimedia format, bringing the
content to life. Your students will come to class prepared
when you assign Interactive Presentations. Students can also
review the Interactive Presentations as they study.
Guided Examples provide students with narrated, animated,
step-by-step walkthroughs of algorithmic versions of assigned
exercises. Students appreciate the Guided Examples because
they can help students learn accounting and complete
assignments when outside of class.
Connect Plus Accounting integrates a media-rich online
version of the textbook with Connect Accounting.
This is an excellent book that is well-written and contains excellent illustrations. It has the
best online supplements of any of the texts that I have reviewed. . . . This is an excellent
book that I would recommend to all of my colleagues.
— KAREN CRISONINO, County College of Morris
Financial and Managerial Accounting, 5e
wiL25605_fm_i-xxxiv_1.indd Page iii 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page iii 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
JOHN J. WILD is a distinguished profes-
sor of accounting at the University of Wisconsin
at Madison. He previously held appointments at
Michigan State University and the University of
Manchester in England. He received his BBA, MS,
and PhD from the University of Wisconsin.
Professor Wild teaches accounting courses at
both the undergraduate and graduate levels. He
has received numerous teaching honors, includ-
ing the Mabel W. Chipman Excellence-in-Teaching Award, the depart-
mental Excellence-in-Teaching Award, and the Teaching Excellence
Award from the 2003 and 2005 business graduates at the University of
Wisconsin. He also received the Beta Alpha Psi and Roland F. Salmonson
Excellence-in-Teaching Award from Michigan State University. Professor
Wild has received several research honors and is a past KPMG Peat
Marwick National Fellow and is a recipient of fellowships from the
American Accounting Association and the Ernst and Young Foundation.
Professor Wild is an active member of the American Accounting
Association and its sections. He has served on several committees of
these organizations, including the Outstanding Accounting Educator
Award, Wildman Award, National Program Advisory, Publications, and
Research Committees. Professor Wild is author of Fundamental Accounting
Principles, Financial Accounting, Managerial Accounting, and College
Accounting, each published by McGraw-Hill/Irwin. His research articles on
accounting and analysis appear in The Accounting Review, Journal of
Accounting Research, Journal of Accounting and Economics, Contemporary
Accounting Research, Journal of Accounting, Auditing and Finance,
Journal of Accounting and Public Policy, and other journals. He is past
associate editor of Contemporary Accounting Research and has served on
several editorial boards including The Accounting Review.
In his leisure time, Professor Wild enjoys hiking, sports, travel, people,
and spending time with family and friends.
KEN W. SHAW is an associate professor
of accounting and the Deloitte Professor of
Accounting at the University of Missouri. He
previously was on the faculty at the University
of Maryland at College Park. He received an
accounting degree from Bradley University
and an MBA and PhD from the University of
Wisconsin. He is a Certified Public Accountant
with work experience in public accounting.
Professor Shaw teaches financial accounting at the undergraduate
and graduate levels. He received the Williams-Keepers LLC Teaching
Excellence award in 2007, was voted the “Most Influential Professor”
by three School of Accountancy graduating classes, and is a two-time
recipient of the O’Brien Excellence in Teaching Award. He is the advisor
to his School’s chapter of the Association of Certified Fraud Examiners.
Professor Shaw is an active member of the American Accounting
Association and its sections. He has served on many committees of
these organizations and presented his research papers at national and
regional meetings. Professor Shaw’s research appears in the Journal of
Accounting Research; Contemporary Accounting Research; Journal of
Financial and Quantitative Analysis; Journal of the American Taxation
Association; Strategic Management Journal; Journal of Accounting,
Auditing, and Finance; Journal of Financial Research; and other journals.
He has served on the editorial boards of Issues in Accounting Education
and the Journal of Business Research. Professor Shaw is co-author of
Fundamental Accounting Principles, Managerial Accounting, and College
Accounting, published by McGraw-Hill.
In his leisure time, Professor Shaw enjoys tennis, cycling, music, and
coaching his children’s sports teams.
About the Authors
BARBARA CHIAPPETTA received
her BBA in Accountancy and MS in Education
from Hofstra University and is a tenured full
professor at Nassau Community College. For
the past two decades, she has been an active
executive board member of the Teachers of
Accounting at Two-Year Colleges (TACTYC),
serving 10 years as vice president and as
president from 1993 through 1999. As an
active member of the American Accounting
Association, she has served on the Northeast Regional Steering
Committee, chaired the Curriculum Revision Committee of the Two-
Year Section, and participated in numerous national committees.
Professor Chiappetta has been inducted into the American Accounting
Association Hall of Fame for the Northeast Region. She had also
received the Nassau Community College dean of instruction’s Faculty
Distinguished Achievement Award. Professor Chiappetta was honored
with the State University of New York Chancellor’s Award for Teaching
Excellence in 1997. As a confirmed believer in the benefits of the
active learning pedagogy, Professor Chiappetta has authored Student
Learning Tools, an active learning workbook for a first-year accounting
course, published by McGraw-Hill/Irwin.
In her leisure time, Professor Chiappetta enjoys tennis and partici-
pates on a U.S.T.A. team. She also enjoys the challenge of bridge. Her
husband, Robert, is an entrepreneur in the leisure sport industry. She
has two sons—Michael, a lawyer, specializing in intellectual property
law in New York, and David, a composer, pursuing a career in music
for film in Los Angeles.
iv
wiL25605_fm_i-xxxiv_1.indd Page iv 10/17/12 2:05 PM user-f502wiL25605_fm_i-xxxiv_1.indd Page iv 10/17/12 2:05 PM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
Dear Colleagues/Friends,
As we roll out the new edition of Financial and Managerial Accounting, we thank
each of you who provided suggestions to improve our textbook. As teachers, we
know how important it is to select the right book for our course. This new edition
reflects the advice and wisdom of many dedicated reviewers, symposium and
workshop participants, students, and instructors. Our book consistently rates
number one in customer loyalty because of you. Together, we have created
the most readable, concise, current, accurate, and innovative accounting book
available today.
Throughout the writing process, we steered this book in the manner you direct-
ed. Reviewers, instructors, and students say this book’s enhanced presentation,
graphics, and technology cater to different learning styles and helps students
better understand accounting. Connect Plus Accounting offers new features to
improve student learning and to assist instructor teaching and grading. You and
your students will find all these tools easy to apply.
We owe the success of this book to you and other instructors who graciously
took time to help us focus on the changing demands of today’s students and
their learning needs. We feel fortunate to have witnessed our profession’s
extraordinary devotion to teaching. Your feedback and suggestions are reflected
in everything we write. Please accept our heartfelt thanks for your dedication in
helping today’s students learn, understand, and appreciate accounting.
With kindest regards,
John J. Wild Ken W. Shaw Barbara Chiappetta
v
wiL25605_fm_i-xxxiv_1.indd Page v 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page v 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
Adapting to the Needs of
McGraw-Hill Connect Plus Accounting is a complete online assignment, learning, and textbook assessment solution
that connects your students with the tools and resources needed to achieve success through faster learning, more
efficient studying, and higher retention of knowledge. Key features found in Connect Plus Accounting include:
Intelligent Response Technology Intelligent Response
Technology is Connect Accountings new student interface
for end-of-chapter assessment content. Intelligent Response
Technology provides a general journal application that looks and
feels more like what you would find in a general ledger software
package, improves answer acceptance to reduce student frustra-
tion with formatting issues (such as rounding), and, for select
questions, provides an expanded table that guides students
through the process of solving the problem.
I love how the general journal was set up.
It felt like what I would be filling out if I had
an accounting job.
—Student, Chabot Community College
I like that this system was
formatted like real-world
accounting is.
—Student, Rose State College
vi
wiL25605_fm_i-xxxiv_1.indd Page vi 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page vi 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
Todays Students!
Connect Accounting helps students learn
more efficiently by providing feedback
and practice material when they need
it, where they need it. Connect grades
homework automatically and gives imme-
diate feedback on any questions students
may have missed.
This system has improved the journal entry and T-account set-up processes to more
accurately resemble the way it is done in class.
—Student, Tallahassee Community College
vii
wiL25605_fm_i-xxxiv_1.indd Page vii 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page vii 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
Interactive Presentations Connect
Accountings Interactive Presentations
teach each chapters core learning objec-
tives and concepts through an
engaging, hands-on presenta-
tion, bringing the text content
to life. Interactive Presentations
harness the full power of tech-
nology to truly engage and
appeal to all learning styles.
Interactive Presentations are
ideal in all class formats—online,
face-to-face, or hybrid.
Adapting to the Needs of
Integrated eBooks Connect
Plus includes a media-rich eBook.
With it, you can share your notes
with your students, and they can
insert their own notes, highlight
the text, search for specific infor-
mation, and review their materials.
Using an eBook with Connect gives
your students a complete digital
solution that allows them to access
their materials from any computer.
And over time, as more and more
students use mobile devices, our
eBooks will even enable them to
learn on the go.
viii
wiL25605_fm_i-xxxiv_1.indd Page viii 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page viii 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
Guided Examples Guided Examples
provide narrated, animated, and step-
by-step walkthroughs of algorithmic ver-
sions of assigned exercises in Connect
Accounting, allowing the student to iden-
tify, review, or reinforce the concepts and
activities covered in class. Guided Examples
provide immediate feedback and focus on
the areas where students need the most
guidance.
LearnSmart No two students are alike.
McGraw-Hill LearnSmart™ is an intelligent
learning system that uses a series of adaptive
questions to pinpoint each students knowl-
edge gaps. LearnSmart then provides an opti-
mal learning path for each student, so that
they spend less time in areas they already
know and more time in areas they dont. The
result is that LearnSmarts adaptive learning
path helps students retain more knowledge,
learn faster, and study more efficiently.
Student Resource Library
The Connect Accounting Student
Study Center gives access to addi-
tional resources such as recorded lec-
tures, online practice materials, an
eBook, and more.
Todays Students!
ix
wiL25605_fm_i-xxxiv_1.indd Page ix 10/12/12 7:49 AM user-f502wiL25605_fm_i-xxxiv_1.indd Page ix 10/12/12 7:49 AM user-f502 /208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles/208/MH01865/wiL25605_disk1of1/0078025605/wiL25605_pagefiles
Simple Assignment Management and Smart Grading
With Connect Plus Accounting, creating assignments is easier than ever, so you can spend more time teaching
and less time managing. Connect Accounting enables you to:
• Create and deliver assignments easily with select end-of-chapter questions and test bank items.
• Go paperless with the eBook and online submission and grading of student assignments.
• Have assignments scored automatically, giving students immediate feedback on their work and side-by-
side comparisons with correct answers.
• Reinforce classroom concepts with practice tests and instant quizzes.
McGraw-Hill’s solutions are proven to improve student performance. With Connect
Accounting, students can access a wealth of engaging resources to help them study
more effectively and perform at a higher level on homework and exams. Connect
Accounting also allows instructors to assign McGraw-Hill’s …
2
2
Professional Assignment 2
The annual rate of return is the amount earned on a fund throughout the year (Carvajal & Popovici 2020).
Investors will view an average rate of return of 10\% or more as a good return on investment for long-term investments in the stock market (Sim & Wright, 2017). It is important to know that in some instances, the returns may be low and high, as they fluctuate with the stock prices. I have chosen five corporations from which to analyze their annual rate of return (Carvajal & Popovici, 2021). These companies are;
· Walmart
· eBay
· Toyota
· Thor Industries
· McDonalds
Walmart is an American multinational retail corporation that operates a chain of hypermarkets, stores, grocery stores. Walmart operates thousands of stores in the United States and expanded internationally by the means of innovation. eBay is a global commerce leader that connects millions of buyers and sellers in 190 markets around the world. The organization exists to enable community opportunities for individuals, entrepreneurs, businesses, and organizations of all sizes. eBay has approximately 1.7 billion live listings, 187 million active buyers worldwide, and 20 million sellers on the eBay marketplace. Toyota is a multinational automotive manufacturer headquartered in Japan. It is known for manufacturing high-quality, high-value cars, vans, and trucks that set the standard for long-term resale value and durability. Thor Industries is an American manufacturer of recreational vehicles. The organization sells towable and motorized recreational vehicles through its subsidized brands. McDonald’s is an American fast-food company that is known for its hamburgers.
Each industry has its annual rate of return which is different for each corporation. Companies will be assessed based on their annual rates of return as shareholders will assess their strengths using the data on selling and purchase of shares (Carvajal & Popovici 2020; Gniadkowska-Szymanska, 2017). With the aid of Yahoo-finance, the historical data for these companies can be derived and the annual rate of return evaluated. Organizations such as these, have different rates of return. However, these rates have not deviated so much from one another.
From the graph, it is evident that several organizations are at the same rates of return.
WACC
The information has been derived from the income statement of the organization. It will be helpful in the calculation of the WACC.
2021
2020
Debt
1976
2262
Finance, capital lease, and financing obligations
339
337
Total Interest Expense
2315
2599
Current Debt and Capital Lease Obligation
5,296
8,241
Long-term debt
41,194
43,714
Long-term operating lease obligations
12,909
16,171
Long-term finance lease obligations
3,847
4,307
Total Debt
63,246
72,433
Cost of Debt
3.66\%
3.59\%
Equity:
400,258.52
2021
2020
2019
Income before income taxes
20,564
20,116
11,460
Provision for income taxes
6,858
4,915
4,281
Tax Rate
33.35\%
24.43\%
37.36\%
Weight of Equity
0.863548256
Weight of Debt
0.136451744
Cost of Equity
7.08\%
Cost of Debt
3.66\%
Tax Rate (1-tax rate)
66.65\%
WACC
6.45\%
The WACC for Walmart as of January 31, 2021, is 6.45\%.
Beta
Beta is a measure of how individual asset moves when the overall stock market increases or decreases (Gajurel & Chowdhury, 2021). Beta is a useful measure of the contribution of an individual asset to the risk of the market portfolio when it is added in a small quantity. Beta is calculated as follows;
Beta
Calculated
1.92
Data source
0.47
Annual Rate of Return for Five corporations
Walmart
eBay
McDonalds
Thor Industries
Toyota Corporation
Date
Adj Close
Annual Rate
Adj Close
Annual Rate
Adj Close
Annual Rate
Adj Close
Annual Rate
Adj Close
Annual Rate
2021-1-4
$ 145.35
1.638\%
$ 51.18
2.457\%
$ 207.79
-2.053\%
$ 93.18
0.867\%
$ 153.29
-0.832\%
2020-12-31
$ 142.99
-0.021\%
$ 49.94
-0.595\%
$ 212.10
1.417\%
$ 92.37
-3.715\%
$ 154.57
0.311\%
2020-1-2
$ 116.04
0.084\%
$ 35.56
0.525\%
$ 193.63
1.596\%
$ 71.76
-0.594\%
$ 142.24
1.202\%
2019-12-31
$ 115.95
-0.470\%
$ 35.38
0.862\%
$ 190.57
0.355\%
$ 72.18
0.405\%
$ 140.54
-0.050\%
2019-1-2
$ 89.26
0.204\%
$ 27.84
2.741\%
$ 165.79
-0.854\%
$ 49.51
0.460\%
$ 116.28
0.172\%
2018-12-31
$ 89.08
1.101\%
$ 27.09
-0.604\%
$ 167.21
1.138\%
$ 49.28
1.277\%
$ 116.08
-0.224\%
2018-1-2
$ 92.09
-0.162\%
$ 36.73
0.844\%
$ 159.08
0.637\%
$ 144.27
3.032\%
$ 128.37
0.939\%
2017-12-29
$ 92.24
-0.656\%
$ 36.43
-0.476\%
$ 158.07
-0.568\%
$ 139.96
-1.508\%
$ 127.17
-0.861\%
2017-1-3
$ 62.52
-0.668\%
$ 28.80
0.504\%
$ 107.10
-1.740\%
$ 92.21
0.429\%
$ 118.55
1.145\%
2016-12-30
$ 62.94
-0.202\%
$ 28.66
-0.972\%
$ 108.98
-0.875\%
$ 91.82
-0.677\%
$ 117.20
0.137\%
2016-1-4
$ 54.39
0.261\%
$ 25.51
-3.896\%
$ 102.12
-0.475\%
$ 49.96
-1.453\%
$ 117.42
-1.292\%
2015-12-31
$ 54.24
-0.618\%
$ 26.52
-0.978\%
$ 102.61
-1.086\%
$ 50.69
-2.062\%
$ 118.95
-0.146\%
2015-1-2
$ 73.96
0.023\%
$ 22.83
0.160\%
$ 78.30
-0.471\%
$ 49.10
-0.700\%
$ 118.14
0.151\%
2014-12-31
$ 73.94
-1.054\%
$ 22.80
-1.941\%
$ 78.67
-0.585\%
$ 49.44
0.233\%
$ 117.96
-0.342\%
2014-1-2
$ 66.28
0.279\%
$ 21.91
-1.709\%
$ 78.25
-0.641\%
$ 47.78
-0.490\%
$ 110.17
-1.064\%
2013-12-31
$ 66.09
0.076\%
$ 22.29
1.580\%
$ 78.75
0.021\%
$ 48.01
0.709\%
$ 111.35
0.460\%
2013-1-2
$ 56.76
1.469\%
$ 21.77
4.954\%
$ 70.83
2.142\%
$ 32.29
2.689\%
$ 85.82
2.896\%
2012-12-31
$ 55.93
0.913\%
$ 20.72
2.361\%
$ 69.33
0.717\%
$ 31.43
1.589\%
$ 83.37
1.273\%
2012-1-3
$ 48.27
0.949\%
$ 12.73
3.276\%
$ 75.27
-1.496\%
$ 21.94
1.232\%
$ 59.59
2.464\%
2011-12-30
$ 47.81
-0.384\%
$ 12.32
-0.099\%
$ 76.40
-0.477\%
$ 21.67
0.512\%
$ 58.14
1.324\%
2011-1-3
$ 42.49
1.161\%
$ 11.65
3.009\%
$ 56.62
-0.209\%
$ 26.40
0.265\%
$ 68.67
1.012\%
2010-12-31
$ 42.00
-0.259\%
$ 11.30
-1.072\%
$ 56.74
0.000\%
$ 26.33
-0.147\%
$ 67.98
0.357\%
2010-1-4
$ 41.28
1.449\%
$ 9.71
1.560\%
$ 44.94
0.543\%
$ 23.84
-0.992\%
$ 72.31
1.087\%
2009-12-31
$ 40.69
-1.578\%
$ 9.56
-1.141\%
$ 44.69
-0.718\%
$ 24.08
-0.477\%
$ 71.53
-0.297\%
2009-1-2
$ 42.60
1.978\%
$ 5.96
4.893\%
$ 44.07
2.477\%
$ 10.09
2.695\%
$ 55.40
1.411\%
2008-12-31
$ 41.77
1.818\%
$ 5.67
0.000\%
$ 42.99
0.726\%
$ 9.82
4.104\%
$ 54.62
1.323\%
2008-1-2
$ 34.34
-1.334\%
$ 13.20
-2.132\%
$ 39.05
-1.385\%
$ 27.65
-0.978\%
$ 86.41
0.273\%
2007-12-31
$ 34.80
-1.151\%
$ 13.48
-1.762\%
$ 39.59
-0.997\%
$ 27.92
-0.446\%
$ 86.18
-0.404\%
2007-1-3
$ 34.16
2.924\%
$ 12.26
0.332\%
$ 28.73
-1.043\%
$ 31.05
1.400\%
$ 107.81
0.734\%
2006-12-29
$ 33.18
0.369\%
$ 12.21
-0.795\%
$ 29.03
-0.068\%
$ 30.61
0.182\%
$ 107.02
0.037\%
2006-1-3
$ 32.73
-1.225\%
$ 18.06
2.829\%
$ 21.43
-0.595\%
$ 27.42
1.437\%
$ 83.73
2.109\%
2005-12-30
$ 33.14
-1.443\%
$ 17.56
-1.219\%
$ 21.56
-1.238\%
$ 27.03
-1.215\%
$ 81.99
0.941\%
2005-1-3
$ 37.31
0.998\%
$ 23.18
-1.935\%
$ 19.93
-0.751\%
$ 24.20
-2.045\%
$ 62.85
-0.600\%
2004-12-31
$ 36.94
-0.453\%
$ 23.63
-1.222\%
$ 20.08
-0.993\%
$ 24.70
0.270\%
$ 63.23
1.501\%
2004-1-2
$ 36.23
-1.424\%
$ 12.80
-2.523\%
$ 15.25
-0.161\%
$ 18.36
-1.668\%
$ 52.66
0.305\%
2003-12-31
$ 36.75
0.510\%
$ 13.12
0.512\%
$ 15.27
0.202\%
$ 18.67
-0.231\%
$ 52.50
-0.189\%
2003-1-2
$ 35.51
2.135\%
$ 7.04
2.231\%
$ 10.02
2.881\%
$ 12.09
5.811\%
$ 40.66
1.517\%
2002-12-31
$ 34.76
-0.257\%
$ 6.89
0.059\%
$ 9.74
2.074\%
$ 11.41
-0.896\%
$ 40.04
-0.151\%
2002-1-2
$ 39.74
0.865\%
$ 6.72
-1.097\%
$ 15.82
0.076\%
$ 6.25
1.872\%
$ 38.37
0.470\%
2001-12-31
$ 39.40
-1.381\%
$ 6.79
-1.616\%
$ 15.81
-0.490\%
$ 6.13
0.677\%
$ 38.19
1.722\%
2001-2-1
$ 37.91
-1.956\%
$ 4.90
-2.305\%
$ 17.19
-1.096\%
$ 4.27
3.537\%
$ 51.36
1.226\%
2001-1-31
$ 38.66
$ 5.01
$ 17.38
$ 4.13
$ 50.73
Sources:
https://finance.yahoo.com/quote/EBAY/history?p=EBAY,
https://finance.yahoo.com/quote/THO/history?period1=980899200&period2=1612051200&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true
https://finance.yahoo.com/quote/TM/history?period1=980899200&period2=1612051200&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true
Income Statement
Walmart Inc.
Consolidated Statements of Income
Fiscal Years Ended January 31,
(Amounts in millions, except per share data)
2021
2020
2019
Revenues:
Net sales
$ 555,233
$ 519,926
$ 510,329
Membership and other income
3,918
4,038
4,076
Total revenues
559,151
523,964
514,405
Costs and expenses:
Cost of sales
420,315
394,605
385,301
Operating, selling, general and administrative expenses
116,288
108,791
107,147
Operating income
22,548
20,568
21,957
Interest:
Debt
1,976
2,262
1,975
Finance, capital lease, and financing obligations
339
337
371
Interest income
-121
-189
-217
Interest, net
2,194
2,410
2,129
Other (gains) and losses
-210
-1,958
8,368
Income before income taxes
20,564
20,116
11,460
Provision for income taxes
6,858
4,915
4,281
Consolidated net income
13,706
15,201
7,179
Consolidated net income attributable to noncontrolling
interest
-196
-320
-509
Consolidated net income attributable to Walmart
$ 13,510
$ 14,881
$ 6,670
Net income per common share:
Basic net income per common share attributable to
$ 4.77
$ 5.22
$ 2.28
Walmart
Diluted net income per common share attributable to
4.75
5.19
2.26
Walmart
Weighted-average common shares outstanding:
Basic
2,831
2,850
2,929
Diluted
2,847
2,868
2,945
Dividends declared per common share
$ 2.16
$ 2.12
$ 2.08
Consolidated net income
$ 13,706
$ 15,201
$ 7,179
Consolidated net income attributable to noncontrolling
-196
-320
-509
interest
Consolidated net income attributable to Walmart
13,510
14,881
6,670
Other comprehensive income (loss), net of income taxes
Currency translation and other
842
286
-226
Net investment hedges
-221
122
272
Cash flow hedges
235
-399
-290
Minimum pension liability
-30
-1,244
131
Other comprehensive income (loss), net of income taxes
826
-1,235
-113
Other comprehensive (income) losses attributable to
213
-28
188
noncontrolling interest
Other comprehensive income (loss) attributable to Walmart
1,039
-1,263
75
Balance Sheet
Walmart Inc.
Consolidated Balance Sheets
As of January 31,
(Amounts in millions)
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$ 17,741
$ 9,465
Receivables, net
6,516
6,284
Inventories
44,949
44,435
Prepaid expenses and other
20,861
1,622
Total current assets
90,067
61,806
Property and equipment, net
92,201
105,208
Operating lease right-of-use assets
13,642
17,424
Finance lease right-of-use assets, net
4,005
4,417
Goodwill
28,983
31,073
Other long-term assets
23,598
16,567
Total assets
$ 252,496
$ 236,495
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings
$ 224
$ 575
Accounts payable
49,141
46,973
Accrued liabilities
37,966
22,296
Accrued income taxes
242
280
Long-term debt due within one year
3,115
5,362
Operating lease obligations due within one year
1,466
1,793
Finance lease obligations due within one year
491
511
Total current liabilities
92,645
77,790
Long-term debt
41,194
43,714
Long-term operating lease obligations
12,909
16,171
Long-term finance lease obligations
3,847
4,307
Deferred income taxes and other
14,370
12,961
Commitments and contingencies
Equity:
Common stock
282
284
Capital in excess of par value
3,646
3,247
Retained earnings
88,763
83,943
Accumulated other comprehensive loss
-11,766
-12,805
Total Walmart shareholders equity
80,925
74,669
Noncontrolling interest
6,606
6,883
Total equity
87,531
81,552
Total liabilities and equity
$ 252,496
$ 236,495
Conclusion
Investor’s analysts will use the WACC to check whether there is a return on their investment. This will aid management in understanding whether an organization is adding value. The beta will be very useful in ascertaining the return that should be expected from an investment.
References
Carvajal, M. J., & Popovici, I. (2020). A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere. Pharmacy, 8(3), 162.
Carvajal, M. J., & Popovici, I. (2021). The rate of return to a pharmacy education investment in the US. Research in Social and Administrative Pharmacy, 17(5), 904-910.
eBay (n.d.) Historical Statements. Retrieved from https://finance.yahoo.com/quote/EBAY/history?p=EBAY
Gajurel, D., & Chowdhury, B. (2021). Realized volatility, jump, and beta: evidence from Canadian stock market. Applied Economics, 1-22.
Gniadkowska-Szymanska, A. (2017). The multifactorial Pastor-Stambaugh model: Explaining the impact of liquidity on the rate of return based on the example of the Warsaw Stock Exchange. Equilibrium. Quarterly Journal of Economics and Economic Policy, 12(2), 211-228.
McDonald (n.d.) Historical Statements. Retrieved from
Prol, J. L., & Steininger, K. W. (2020). Photovoltaic self-consumption is now profitable in Spain: Effects of the new regulation on prosumers internal rate of return. Energy Policy, 146, 111793.
Sim, T., & Wright, R. H. (2017). Stock valuation using the dividend discount model: An internal rate of return approach. In Growing Presence of Real Options in Global Financial Markets. Emerald Publishing Limited.
Thor Industries (n.d.) Historical Statements. Retrieved from https://finance.yahoo.com/quote/THO/history?period1=980899200&period2=1612051200&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true
Toyota (n.d.) Historical Statements. Retrieved from https://finance.yahoo.com/quote/TM/history?period1=980899200&period2=1612051200&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true
Walmart (n.d.) Historical Statements. Retrieved from
Annual Rate of Return
…
CLA_2
Walmart eBay McDonalds Thor Industries Toyota
Date Adj Close Annual Rate Adj Close Annual Rate Adj Close Annual Rate Adj Close Annual Rate Adj Close Annual Rate
1/29/21 $ 139.36 -2.294\% $ 56.16 0.124\% $ 205.43 0.492\% $ 120.21 -0.445\% $ 140.52 -1.959\%
1/28/21 $ 142.59 -0.063\% $ 56.09 -3.328\% $ 204.43 -0.087\% $ 120.74 -1.186\% $ 143.30 0.462\%
1/27/21 $ 142.68 -2.519\% $ 57.99 -1.396\% $ 204.60 -3.969\% $ 122.18 1.706\% $ 142.64 -2.315\%
1/26/21 $ 146.32 0.892\% $ 58.80 3.299\% $ 212.89 0.952\% $ 120.12 4.898\% $ 145.98 -0.506\%
1/25/21 $ 145.02 -0.089\% $ 56.90 1.390\% $ 210.87 -0.019\% $ 114.38 5.480\% $ 146.72 -0.835\%
1/22/21 $ 145.15 1.017\% $ 56.11 0.106\% $ 210.91 -0.070\% $ 108.28 1.535\% $ 147.95 -2.265\%
1/21/21 $ 143.68 -0.455\% $ 56.05 0.409\% $ 211.06 -0.047\% $ 106.63 -0.585\% $ 151.34 0.903\%
1/20/21 $ 144.34 1.468\% $ 55.82 -1.432\% $ 211.16 2.148\% $ 107.25 0.473\% $ 149.98 1.241\%
1/19/21 $ 142.24 -0.868\% $ 56.63 2.776\% $ 206.67 -0.391\% $ 106.75 2.230\% $ 148.13 -0.189\%
1/15/21 $ 143.48 -1.598\% $ 55.08 0.271\% $ 207.48 0.674\% $ 104.39 -0.048\% $ 148.41 -1.955\%
1/14/21 $ 145.79 -0.326\% $ 54.93 -0.793\% $ 206.09 -1.707\% $ 104.44 2.115\% $ 151.34 0.457\%
1/13/21 $ 146.26 -1.026\% $ 55.37 -0.591\% $ 209.64 0.231\% $ 102.26 -0.339\% $ 150.65 -0.728\%
1/12/21 $ 147.77 1.134\% $ 55.69 3.838\% $ 209.15 -1.235\% $ 102.60 4.222\% $ 151.75 -1.075\%
1/11/21 $ 146.10 0.449\% $ 53.60 -1.015\% $ 211.75 -0.763\% $ 98.36 2.848\% $ 153.39 0.353\%
1/8/21 $ 145.45 -0.014\% $ 54.14 2.641\% $ 213.37 1.818\% $ 95.60 -5.567\% $ 152.85 0.118\%
1/7/21 $ 145.47 -0.007\% $ 52.73 -0.301\% $ 209.53 0.463\% $ 101.07 2.983\% $ 152.67 -0.562\%
1/6/21 $ 145.48 0.622\% $ 52.89 2.261\% $ 208.56 -0.227\% $ 98.10 3.053\% $ 153.53 0.085\%
1/5/21 $ 144.58 -0.534\% $ 51.71 1.024\% $ 209.03 0.598\% $ 95.15 2.099\% $ 153.40 0.072\%
1/4/21 $ 145.35 1.638\% $ 51.18 2.457\% $ 207.79 -2.053\% $ 93.18 0.867\% $ 153.29 -0.832\%
12/31/20 $ 142.99 -0.021\% $ 49.94 -0.595\% $ 212.10 1.417\% $ 92.37 -3.715\% $ 154.57 0.311\%
12/30/20 $ 143.02 -0.083\% $ 50.24 -0.611\% $ 209.11 -0.542\% $ 95.87 0.839\% $ 154.09 0.488\%
12/29/20 $ 143.14 -0.636\% $ 50.55 1.227\% $ 210.25 -0.614\% $ 95.07 -1.723\% $ 153.34 0.484\%
12/28/20 $ 144.05 1.191\% $ 49.93 0.239\% $ 211.54 1.236\% $ 96.72 -4.587\% $ 152.60 1.406\%
12/24/20 $ 142.34 0.195\% $ 49.81 -1.995\% $ 208.94 -0.298\% $ 101.26 0.117\% $ 150.47 -0.458\%
12/23/20 $ 142.07 -0.682\% $ 50.81 -0.954\% $ 209.57 0.047\% $ 101.14 0.766\% $ 151.16 0.258\%
12/22/20 $ 143.04 -1.220\% $ 51.30 0.097\% $ 209.47 0.118\% $ 100.37 1.539\% $ 150.77 -0.661\%
12/21/20 $ 144.79 0.014\% $ 51.25 -2.848\% $ 209.22 -1.598\% $ 98.84 4.388\% $ 151.77 -1.309\%
12/18/20 $ 144.77 -0.103\% $ 52.73 0.019\% $ 212.59 0.387\% $ 94.59 2.810\% $ 153.77 -0.564\%
12/17/20 $ 144.92 0.460\% $ 52.72 -1.125\% $ 211.77 0.210\% $ 91.97 -0.054\% $ 154.64 -0.291\%
12/16/20 $ 144.26 -0.103\% $ 53.32 2.970\% $ 211.33 -0.495\% $ 92.02 -4.519\% $ 155.09 1.455\%
12/15/20 $ 144.41 -0.048\% $ 51.76 4.940\% $ 212.37 1.378\% $ 96.28 5.220\% $ 152.85 -0.476\%
12/14/20 $ 144.48 -0.923\% $ 49.26 0.892\% $ 209.47 1.983\% $ 91.38 -2.975\% $ 153.58 1.694\%
12/11/20 $ 145.82 -0.027\% $ 48.83 -0.952\% $ 205.36 -0.135\% $ 94.14 2.124\% $ 151.00 5.395\%
12/10/20 $ 145.86 -0.468\% $ 49.29 0.202\% $ 205.63 -0.312\% $ 92.16 -1.025\% $ 143.07 1.543\%
12/9/20 $ 146.54 -0.793\% $ 49.19 -0.785\% $ 206.27 0.144\% $ 93.11 -1.633\% $ 140.88 1.531\%
12/8/20 $ 147.71 0.901\% $ 49.58 -0.280\% $ 205.98 -0.240\% $ 94.64 -2.874\% $ 138.74 0.426\%
12/7/20 $ 146.38 -0.539\% $ 49.72 -1.861\% $ 206.47 -0.882\% $ 97.40 2.728\% $ 138.15 -0.094\%
12/4/20 $ 147.17 -0.262\% $ 50.66 1.343\% $ 208.30 -0.365\% $ 94.78 0.649\% $ 138.28 1.040\%
12/3/20 $ 147.56 -0.814\% $ 49.98 -2.086\% $ 209.06 0.308\% $ 94.17 -0.806\% $ 136.85 0.373\%
12/2/20 $ 148.76 -1.399\% $ 51.03 1.630\% $ 208.42 -2.473\% $ 94.93 -3.240\% $ 136.34 0.147\%
12/1/20 $ 150.86 -0.098\% $ 50.21 0.178\% $ 213.64 -0.600\% $ 98.06 2.679\% $ 136.14 1.242\%
11/30/20 $ 151.01 0.782\% $ 50.12 -1.476\% $ 214.92 0.184\% $ 95.46 -0.217\% $ 134.46 -4.152\%
11/27/20 $ 149.83 -0.152\% $ 50.86 1.749\% $ 214.53 -0.462\% $ 95.67 1.647\% $ 140.16 -0.817\%
11/25/20 $ 150.06 0.310\% $ 49.98 -0.158\% $ 215.52 -0.169\% $ 94.11 -0.294\% $ 141.31 -1.775\%
11/24/20 $ 149.59 0.285\% $ 50.06 1.255\% $ 215.88 1.241\% $ 94.39 -1.910\% $ 143.84 0.404\%
11/23/20 $ 149.17 0.458\% $ 49.44 1.840\% $ 213.22 1.350\% $ 96.21 4.221\% $ 143.26 0.792\%
11/20/20 $ 148.49 -1.244\% $ 48.54 -1.600\% $ 210.36 -0.475\% $ 92.23 0.754\% $ 142.13 0.855\%
11/19/20 $ 150.35 2.012\% $ 49.32 2.543\% $ 211.36 -0.190\% $ 91.54 1.163\% $ 140.92 -0.644\%
11/18/20 $ 147.35 -0.188\% $ 48.08 0.413\% $ 211.77 -0.227\% $ 90.48 -0.665\% $ 141.83 -0.640\%
11/17/20 $ 147.63 -2.034\% $ 47.88 -0.454\% $ 212.25 -0.333\% $ 91.08 3.503\% $ 142.74 -0.955\%
11/16/20 $ 150.66 1.254\% $ 48.10 -0.247\% $ 212.96 1.605\% $ 87.95 2.448\% $ 144.11 1.743\%
11/13/20 $ 148.78 1.546\% $ 48.22 4.368\% $ 209.57 0.099\% $ 85.82 2.948\% $ 141.62 1.372\%
11/12/20 $ 146.50 0.169\% $ 46.16 -2.375\% $ 209.36 -2.297\% $ 83.33 -3.166\% $ 139.69 -1.978\%
11/11/20 $ 146.25 1.649\% $ 47.27 2.483\% $ 214.22 2.179\% $ 86.01 4.025\% $ 142.48 1.799\%
11/10/20 $ 143.86 1.397\% $ 46.11 -3.753\% $ 209.61 0.047\% $ 82.61 3.944\% $ 139.94 0.215\%
11/9/20 $ 141.87 -1.542\% $ 47.87 -4.788\% $ 209.51 -1.554\% $ 79.42 -9.995\% $ 139.64 1.763\%
11/6/20 $ 144.07 1.590\% $ 50.22 2.558\% $ 212.79 0.116\% $ 87.77 -1.887\% $ 137.20 0.095\%
11/5/20 $ 141.80 1.058\% $ 48.95 3.271\% $ 212.54 0.668\% $ 89.44 1.797\% $ 137.07 2.146\%
11/4/20 $ 140.30 -0.576\% $ 47.38 -2.274\% $ 211.13 -0.894\% $ 87.85 2.082\% $ 134.16 -1.267\%
11/3/20 $ 141.11 1.681\% $ 48.47 2.170\% $ 213.02 1.975\% $ 86.04 0.426\% $ 135.87 1.955\%
11/2/20 $ 138.76 1.182\% $ 47.43 0.503\% $ 208.86 -0.207\% $ 85.67 2.372\% $ 133.24 1.474\%
10/30/20 $ 137.13 -0.840\% $ 47.19 -3.406\% $ 209.29 -0.911\% $ 83.66 -2.821\% $ 131.29 -0.046\%
10/29/20 $ 138.29 -0.086\% $ 48.82 -7.748\% $ 211.21 0.121\% $ 86.06 -1.132\% $ 131.35 0.979\%
10/28/20 $ 138.41 -2.001\% $ 52.76 -0.562\% $ 210.95 -3.784\% $ 87.04 0.822\% $ 130.07 -1.821\%
10/27/20 $ 141.20 0.498\% $ 53.05 0.393\% $ 219.09 -0.581\% $ 86.32 -0.514\% $ 132.46 -0.294\%
10/26/20 $ 140.50 -1.182\% $ 52.85 -0.840\% $ 220.36 -1.960\% $ 86.77 -0.580\% $ 132.85 -0.323\%
10/23/20 $ 142.17 0.209\% $ 53.29 2.828\% $ 224.73 -0.192\% $ 87.27 -2.662\% $ 133.28 -0.105\%
10/22/20 $ 141.88 -0.590\% $ 51.81 -1.008\% $ 225.16 0.420\% $ 89.63 0.842\% $ 133.42 0.210\%
10/21/20 $ 142.72 0.347\% $ 52.33 -2.579\% $ 224.22 0.325\% $ 88.88 -6.363\% $ 133.14 1.384\%
10/20/20 $ 142.22 0.662\% $ 53.70 -0.221\% $ 223.49 0.640\% $ 94.72 2.548\% $ 131.31 0.328\%
10/19/20 $ 141.28 -1.224\% $ 53.82 -2.742\% $ 222.06 -1.480\% $ 92.33 -1.545\% $ 130.88 0.184\%
10/16/20 $ 143.02 0.124\% $ 55.31 0.773\% $ 225.38 -0.118\% $ 93.77 -1.387\% $ 130.64 -0.405\%
10/15/20 $ 142.84 0.409\% $ 54.89 -1.895\% $ 225.64 0.884\% $ 95.08 2.114\% $ 131.17 -0.274\%
10/14/20 $ 142.26 -1.578\% $ 55.94 -1.982\% $ 223.66 0.119\% $ 93.09 -1.000\% $ 131.53 -0.848\%
10/13/20 $ 144.52 1.363\% $ 57.06 3.913\% $ 223.39 0.547\% $ 94.03 0.525\% $ 132.65 0.643\%
10/12/20 $ 142.57 1.024\% $ 54.87 -0.126\% $ 222.17 0.568\% $ 93.53 -1.670\% $ 131.80 -0.212\%
10/9/20 $ 141.11 1.000\% $ 54.94 6.270\% $ 220.91 -0.431\% $ 95.11 -1.143\% $ 132.08 -0.657\%
10/8/20 $ 139.71 0.333\% $ 51.60 2.213\% $ 221.87 -0.301\% $ 96.20 -5.719\% $ 132.95 0.392\%
10/7/20 $ 139.25 0.185\% $ 50.47 2.545\% $ 222.54 1.061\% $ 101.86 1.441\% $ 132.43 0.887\%
10/6/20 $ 138.99 -0.829\% $ 49.20 -4.161\% $ 220.19 -0.880\% $ 100.41 -1.218\% $ 131.26 -0.638\%
10/5/20 $ 140.15 0.921\% $ 51.29 0.174\% $ 222.13 1.515\% $ 101.64 3.249\% $ 132.10 0.280\%
10/2/20 $ 138.86 -1.820\% $ 51.20 -1.345\% $ 218.79 1.393\% $ 98.39 1.320\% $ 131.73 -0.530\%
10/1/20 $ 141.41 2.240\% $ 51.89 0.536\% $ 215.77 0.046\% $ 97.10 3.456\% $ 132.43 -0.008\%
9/30/20 $ 138.28 2.000\% $ 51.62 -1.050\% $ 215.67 0.370\% $ 93.80 1.055\% $ 132.44 -1.357\%
9/29/20 $ 135.54 -0.080\% $ 52.16 -2.606\% $ 214.87 -0.720\% $ 92.81 -0.413\% $ 134.25 -1.302\%
9/28/20 $ 135.65 -0.015\% $ 53.54 2.929\% $ 216.42 0.949\% $ 93.20 1.533\% $ 136.01 2.260\%
9/25/20 $ 135.67 0.416\% $ 51.99 1.343\% $ 214.38 0.949\% $ 91.78 1.361\% $ 132.97 0.846\%
9/24/20 $ 135.11 0.521\% $ 51.30 2.147\% $ 212.36 0.534\% $ 90.54 -1.917\% $ 131.85 -1.086\%
9/23/20 $ 134.40 -1.692\% $ 50.21 -0.472\% $ 211.23 -0.668\% $ 92.29 -2.174\% $ 133.29 0.783\%
9/22/20 $ 136.70 0.901\% $ 50.45 1.544\% $ 212.64 0.000\% $ 94.32 4.856\% $ 132.25 0.782\%
9/21/20 $ 135.47 1.307\% $ 49.68 3.099\% $ 212.64 -1.768\% $ 89.85 1.290\% $ 131.22 -2.283\%
9/18/20 $ 133.71 -1.029\% $ 48.16 -0.062\% $ 216.43 -1.043\% $ 88.70 -1.411\% $ 134.25 -0.557\%
9/17/20 $ 135.10 0.315\% $ 48.19 -3.594\% $ 218.70 -0.997\% $ 89.96 2.527\% $ 135.00 0.721\%
9/16/20 $ 134.67 -0.804\% $ 49.95 -2.662\% $ 220.90 1.091\% $ 87.71 -6.812\% $ 134.03 0.000\%
9/15/20 $ 135.76 0.029\% $ 51.30 -0.999\% $ 218.50 0.817\% $ 93.90 -2.465\% $ 134.03 0.194\%
9/14/20 $ 135.72 0.453\% $ 51.82 -0.895\% $ 216.72 1.167\% $ 96.24 5.662\% $ 133.77 1.833\%
9/11/20 $ 135.11 -0.080\% $ 52.28 0.856\% $ 214.20 0.349\% $ 90.94 -3.217\% $ 131.34 0.887\%
9/10/20 $ 135.21 -2.226\% $ 51.83 -2.118\% $ 213.46 0.707\% $ 93.92 1.086\% $ 130.18 -0.727\%
9/9/20 $ 138.26 1.035\% $ 52.94 3.640\% $ 211.95 0.992\% $ 92.90 1.894\% $ 131.13 -0.076\%
9/8/20 $ 136.83 -3.115\% $ 51.05 -1.941\% $ 209.86 0.870\% $ 91.16 0.585\% $ 131.23 -1.468\%
9/4/20 $ 141.16 -1.190\% $ 52.05 -1.173\% $ 208.04 -0.973\% $ 90.63 2.219\% $ 133.17 2.448\%
9/3/20 $ 142.85 -2.149\% $ 52.67 -3.566\% $ 210.08 -1.130\% $ 88.64 -7.003\% $ 129.95 -1.958\%
9/2/20 $ 145.96 0.061\% $ 54.58 2.649\% $ 212.46 1.651\% $ 95.07 1.555\% $ 132.52 0.166\%
9/1/20 $ 145.87 6.104\% $ 53.15 -2.084\% $ 208.99 -0.389\% $ 93.60 0.665\% $ 132.30 -0.098\%
8/31/20 $ 137.23 -1.039\% $ 54.27 1.231\% $ 209.80 -0.066\% $ 92.98 -4.291\% $ 132.43 -1.119\%
8/28/20 $ 138.66 2.651\% $ 53.61 -3.690\% $ 209.94 1.274\% $ 97.06 -1.440\% $ 133.92 0.269\%
8/27/20 $ 135.04 4.437\% $ 55.62 -3.952\% $ 207.28 -0.737\% $ 98.47 -1.025\% $ 133.56 -0.991\%
8/26/20 $ 129.18 0.054\% $ 57.87 0.909\% $ 208.82 0.521\% $ 99.48 1.045\% $ 134.89 0.074\%
8/25/20 $ 129.11 -0.534\% $ 57.34 -1.250\% $ 207.73 0.014\% $ 98.45 -5.374\% $ 134.79 0.022\%
8/24/20 $ 129.80 -0.228\% $ 58.06 0.974\% $ 207.70 0.495\% $ 103.88 -1.654\% $ 134.76 0.693\%
8/21/20 $ 130.09 0.809\% $ 57.50 0.949\% $ 206.68 0.802\% $ 105.62 -0.789\% $ 133.83 -0.194\%
8/20/20 $ 129.05 -1.399\% $ 56.96 -0.087\% $ 205.03 0.176\% $ 106.45 -0.875\% $ 134.09 -0.832\%
8/19/20 $ 130.87 -1.722\% $ 57.01 1.185\% $ 204.66 -0.386\% $ 107.39 -0.785\% $ 135.21 -0.641\%
8/18/20 $ 133.14 -0.658\% $ 56.33 -0.560\% $ 205.46 0.788\% $ 108.23 -2.958\% $ 136.08 0.405\%
8/17/20 $ 134.02 2.237\% $ 56.65 1.866\% $ 203.84 0.789\% $ 111.48 4.628\% $ 135.53 0.971\%
8/14/20 $ 131.05 0.567\% $ 55.60 0.018\% $ 202.24 0.261\% $ 106.44 0.855\% $ 134.22 -1.052\%
8/13/20 $ 130.31 0.380\% $ 55.59 1.414\% $ 201.71 0.228\% $ 105.54 1.305\% $ 135.64 -0.588\%
8/12/20 $ 129.82 1.290\% $ 54.81 2.186\% $ 201.25 0.496\% $ 104.17 -2.105\% $ 136.44 1.991\%
8/11/20 $ 128.15 -1.282\% $ 53.63 -0.147\% $ 200.26 0.430\% $ 106.38 -0.240\% $ 133.75 2.406\%
8/10/20 $ 129.81 1.459\% $ 53.71 -1.533\% $ 199.40 -0.235\% $ 106.64 -1.576\% $ 130.57 0.468\%
8/7/20 $ 127.93 0.478\% $ 54.54 0.236\% $ 199.87 0.696\% $ 108.33 -0.472\% $ 129.96 1.254\%
8/6/20 $ 127.32 -0.355\% $ 54.41 -2.828\% $ 198.48 1.948\% $ 108.85 -6.505\% $ 128.34 2.781\%
8/5/20 $ 127.77 -1.400\% $ 55.97 0.584\% $ 194.65 -0.050\% $ 116.16 1.245\% $ 124.82 1.542\%
8/4/20 $ 129.57 1.794\% $ 55.64 -0.425\% $ 194.75 2.519\% $ 114.72 -3.566\% $ 122.91 1.616\%
8/3/20 $ 127.27 -0.077\% $ 55.88 2.307\% $ 189.90 0.062\% $ 118.89 5.753\% $ 120.94 1.332\%
7/31/20 $ 127.37 -0.555\% $ 54.61 1.018\% $ 189.79 -0.580\% $ 112.24 -1.489\% $ 119.34 -2.581\%
7/30/20 $ 128.08 -0.437\% $ 54.05 0.348\% $ 190.89 -0.409\% $ 113.93 -1.934\% $ 122.46 -1.242\%
7/29/20 $ 128.64 -0.815\% $ 53.87 -3.283\% $ 191.67 -0.015\% $ 116.15 1.762\% $ 123.99 -1.179\%
7/28/20 $ 129.69 0.418\% $ 55.66 -1.550\% $ 191.70 -2.521\% $ 114.12 -1.064\% $ 125.46 -1.668\%
7/27/20 $ 129.15 -0.023\% $ 56.53 3.757\% $ 196.60 1.265\% $ 115.34 4.827\% $ 127.57 1.867\%
7/24/20 $ 129.18 -0.304\% $ 54.45 -0.054\% $ 194.12 0.591\% $ 109.91 -0.438\% $ 125.21 -0.518\%
7/23/20 $ 129.57 -0.772\% $ 54.48 -2.135\% $ 192.98 -0.540\% $ 110.39 -5.053\% $ 125.86 -0.317\%
7/22/20 $ 130.58 0.249\% $ 55.65 -0.443\% $ 194.03 2.881\% $ 116.11 1.667\% $ 126.26 -0.008\%
7/21/20 $ 130.25 0.652\% $ 55.90 -3.268\% $ 188.52 0.712\% $ 114.19 3.778\% $ 126.27 -0.797\%
7/20/20 $ 129.40 -0.205\% $ 57.76 0.583\% $ 187.18 0.068\% $ 109.96 1.470\% $ 127.28 0.173\%
7/17/20 $ 129.67 -0.349\% $ 57.42 -0.891\% $ 187.05 0.293\% $ 108.35 -2.140\% $ 127.06 0.450\%
7/16/20 $ 130.12 0.151\% $ 57.93 0.444\% $ 186.50 -0.444\% $ 110.70 1.316\% $ 126.49 -0.662\%
7/15/20 $ 129.93 -0.008\% $ 57.68 -1.175\% $ 187.33 0.549\% $ 109.25 4.611\% $ 127.33 0.709\%
7/14/20 $ 129.94 1.904\% $ 58.36 1.329\% $ 186.31 3.088\% $ 104.33 4.715\% $ 126.43 1.098\%
7/13/20 $ 127.48 -0.892\% $ 57.59 -1.650\% $ 180.64 0.022\% $ 99.52 -0.769\% $ 125.05 0.064\%
7/10/20 $ 128.63 2.268\% $ 58.55 0.084\% $ 180.60 0.298\% $ 100.29 4.519\% $ 124.97 0.916\%
7/9/20 $ 125.74 2.625\% $ 58.50 1.617\% $ 180.07 -0.821\% $ 95.86 -4.165\% $ 123.83 -1.268\%
7/8/20 $ 122.48 -1.997\% $ 57.56 2.204\% $ 181.55 0.016\% $ 99.93 0.533\% $ 125.41 0.359\%
7/7/20 $ 124.96 6.559\% $ 56.31 1.467\% $ 181.52 -1.432\% $ 99.40 -1.981\% $ 124.96 -1.604\%
7/6/20 $ 117.02 -0.269\% $ 55.49 3.275\% $ 184.14 2.677\% $ 101.39 -3.277\% $ 126.98 0.466\%
7/2/20 $ 117.34 -0.402\% $ 53.70 2.609\% $ 179.28 -0.619\% $ 104.77 1.134\% $ 126.39 1.796\%
7/1/20 $ 117.81 -0.075\% $ 52.31 0.968\% $ 180.39 0.103\% $ 103.59 -1.256\% $ 124.14 -1.193\%
6/30/20 $ 117.90 0.603\% $ 51.81 2.197\% $ 180.20 0.909\% $ 104.90 -0.422\% $ 125.63 -0.998\%
6/29/20 $ 117.19 0.623\% $ 50.68 0.822\% $ 178.57 1.688\% $ 105.34 0.920\% $ 126.89 0.577\%
6/26/20 $ 116.46 -1.168\% $ 50.27 2.972\% $ 175.58 -1.666\% $ 104.37 -3.100\% $ 126.16 -1.268\%
6/25/20 $ 117.83 -0.492\% $ 48.80 1.284\% $ 178.53 -0.834\% $ 107.66 0.686\% $ 127.77 -0.023\%
6/24/20 $ 118.41 -0.638\% $ 48.18 -2.090\% $ 180.03 -1.256\% $ 106.93 -4.222\% $ 127.80 -1.004\%
6/23/20 $ 119.17 -0.503\% $ 49.19 1.293\% $ 182.30 -0.449\% $ 111.54 -0.666\% $ 129.09 0.746\%
6/22/20 $ 119.77 1.515\% $ 48.56 1.786\% $ 183.12 0.481\% $ 112.28 1.010\% $ 128.13 0.266\%
6/19/20 $ 117.97 1.564\% $ 47.70 -0.310\% $ 182.24 -1.558\% $ 111.15 -1.272\% $ 127.79 -1.035\%
6/18/20 $ 116.14 -0.878\% $ 47.85 0.021\% $ 185.11 -0.684\% $ 112.58 0.638\% $ 129.12 0.186\%
6/17/20 $ 117.16 -0.520\% $ 47.84 0.642\% $ 186.38 0.247\% $ 111.86 -0.341\% $ 128.88 -0.557\%
6/16/20 $ 117.77 1.321\% $ 47.53 0.479\% $ 185.92 0.437\% $ 112.24 0.596\% $ 129.60 1.712\%
6/15/20 $ 116.22 0.288\% $ 47.31 0.481\% $ 185.11 0.169\% $ 111.58 6.249\% $ 127.40 -0.329\%
6/12/20 $ 115.89 -1.976\% $ 47.08 -0.586\% $ 184.79 0.881\% $ 104.82 5.413\% $ 127.82 2.680\%
6/11/20 $ 118.20 -0.887\% $ 47.36 -2.696\% $ 183.17 -4.326\% $ 99.29 -8.273\% $ 124.44 -5.145\%
6/10/20 $ 119.26 -0.157\% $ 48.65 -1.010\% $ 191.27 -1.882\% $ 107.86 -0.725\% $ 131.01 0.321\%
6/9/20 $ 119.44 0.091\% $ 49.14 2.092\% $ 194.91 -1.557\% $ 108.64 -0.352\% $ 130.59 -1.127\%
6/8/20 $ 119.34 -0.264\% $ 48.13 -0.205\% $ 197.96 2.746\% $ 109.02 10.562\% $ 132.07 0.737\%
6/5/20 $ 119.65 -0.451\% $ 48.22 -1.100\% $ 192.60 2.008\% $ 98.10 0.864\% $ 131.10 2.268\%
6/4/20 $ 120.19 -1.108\% $ 48.76 6.076\% $ 188.77 -0.026\% $ 97.25 4.730\% $ 128.16 -0.444\%
6/3/20 $ 121.53 -0.380\% $ 45.88 1.017\% $ 188.82 2.993\% $ 92.76 5.600\% $ 128.73 1.763\%
6/2/20 $ 121.99 -0.016\% $ 45.42 1.711\% $ 183.25 0.096\% $ 87.71 2.445\% $ 126.48 0.024\%
6/1/20 $ 122.01 -0.081\% $ 44.65 -0.749\% $ 183.08 0.583\% $ 85.59 1.211\% $ 126.45 0.349\%
5/29/20 $ 122.11 0.299\% $ 44.98 3.281\% $ 182.01 -0.621\% $ 84.56 1.708\% $ 126.01 -1.848\%
5/28/20 $ 121.75 0.983\% $ 43.53 0.181\% $ 183.14 0.537\% $ 83.13 -3.775\% $ 128.36 1.215\%
5/27/20 $ 120.56 -1.120\% $ 43.45 1.806\% $ 182.16 1.546\% $ 86.32 3.492\% $ 126.81 2.152\%
5/26/20 $ 121.91 -0.379\% $ 42.68 -0.207\% $ 179.37 0.233\% $ 83.36 3.643\% $ 124.11 5.422\%
5/22/20 $ 122.38 -0.529\% $ 42.76 2.281\% $ 178.95 -0.363\% $ 80.38 0.502\% $ 117.56 -0.331\%
5/21/20 $ 123.03 -0.367\% $ 41.80 -0.564\% $ 179.60 0.531\% $ 79.98 0.665\% $ 117.95 -1.573\%
5/20/20 $ 123.48 0.399\% $ 42.04 0.728\% $ 178.65 2.491\% $ 79.45 3.429\% $ 119.82 1.344\%
5/19/20 $ 122.99 -2.146\% $ 41.73 -0.236\% $ 174.25 -0.145\% $ 76.77 1.144\% $ 118.22 -1.052\%
5/18/20 $ 125.65 1.356\% $ 41.83 0.922\% $ 174.51 3.405\% $ 75.90 7.848\% $ 119.47 2.183\%
5/15/20 $ 123.96 2.021\% $ 41.45 0.166\% $ 168.67 -0.916\% $ 70.17 5.992\% $ 116.89 -0.051\%
5/14/20 $ 121.48 -0.235\% $ 41.38 1.100\% $ 170.22 1.488\% $ 66.09 -1.034\% $ 116.95 -0.690\%
5/13/20 $ 121.77 -0.057\% $ 40.92 -1.005\% $ 167.70 -2.130\% $ 66.77 -6.910\% $ 117.76 -2.026\%
5/12/20 $ 121.84 0.089\% $ 41.34 -0.309\% $ 171.31 -2.429\% $ 71.55 -5.844\% $ 120.17 -2.830\%
5/11/20 $ 121.73 0.592\% $ 41.47 -0.047\% $ 175.53 -0.193\% $ 75.86 0.454\% $ 123.62 0.422\%
5/8/20 $ 121.01 0.858\% $ 41.49 1.868\% $ 175.87 0.061\% $ 75.51 11.133\% $ 123.10 1.292\%
5/7/20 $ 119.97 -0.711\% $ 40.72 1.020\% $ 175.76 2.318\% $ 67.56 3.909\% $ 121.52 -0.049\%
5/6/20 $ 120.83 -1.153\% $ 40.30 1.550\% $ 171.73 -1.275\% $ 64.97 2.044\% $ 121.58 -0.312\%
5/5/20 $ 122.23 0.829\% $ 39.68 1.223\% $ 173.93 -1.457\% $ 63.65 6.084\% $ 121.96 1.039\%
5/4/20 $ 121.22 0.633\% $ 39.20 1.467\% $ 176.49 -0.433\% $ 59.90 -3.032\% $ 120.70 -0.347\%
5/1/20 $ 120.46 1.121\% $ 38.63 -1.467\% $ 177.25 -2.647\% $ 61.74 -5.050\% $ 121.12 -2.019\%
4/30/20 $ 119.12 -1.672\% $ 39.20 2.029\% $ 182.01 -0.139\% $ 64.94 -5.995\% $ 123.59 -3.397\%
4/29/20 $ 121.13 -3.498\% $ 38.41 -0.128\% $ 182.26 1.011\% $ 68.95 6.282\% $ 127.86 1.871\%
4/28/20 $ 125.44 -0.234\% $ 38.46 -1.398\% $ 180.43 0.022\% $ 64.75 4.985\% $ 125.49 1.033\%
4/27/20 $ 125.73 -0.885\% $ 39.01 0.709\% $ 180.39 1.011\% $ 61.60 7.745\% $ 124.20 1.329\%
4/24/20 $ 126.85 0.706\% $ 38.73 3.728\% $ 178.57 1.082\% $ 57.01 6.707\% $ 122.56 0.721\%
4/23/20 $ 125.96 -2.353\% $ 37.31 -0.893\% $ 176.65 -2.410\% $ 53.32 3.635\% $ 121.68 0.206\%
4/22/20 $ 128.96 1.825\% $ 37.65 1.687\% $ 180.96 4.890\% $ 51.41 0.076\% $ 121.43 0.628\%
4/21/20 $ 126.62 -0.494\% $ 37.02 -0.080\% $ 172.32 -2.266\% $ 51.37 0.536\% $ 120.67 -0.858\%
4/20/20 $ 127.25 -1.733\% $ 37.05 0.479\% $ 176.27 -2.420\% $ 51.10 -2.240\% $ 121.71 -2.355\%
4/17/20 $ 129.47 -0.159\% $ 36.87 0.643\% $ 180.59 3.611\% $ 52.26 7.098\% $ 124.61 2.256\%
4/16/20 $ 129.68 2.735\% $ 36.63 2.806\% $ 174.19 0.929\% $ 48.68 4.873\% $ 121.83 -0.948\%
4/15/20 $ 126.18 -0.186\% $ 35.62 1.251\% $ 172.58 -3.400\% $ 46.36 -8.203\% $ 122.99 -1.333\%
4/14/20 $ 126.42 2.910\% $ 35.18 2.780\% $ 178.54 2.126\% $ 50.32 9.802\% $ 124.64 2.749\%
4/13/20 $ 122.79 2.833\% $ 34.21 2.712\% $ 174.79 -1.968\% $ 45.62 -9.880\% $ 121.26 -1.758\%
4/9/20 $ 119.36 -0.033\% $ 33.30 2.454\% $ 178.26 3.439\% $ 50.36 7.816\% $ 123.41 -0.105\%
4/8/20 $ 119.40 -0.123\% $ 32.49 4.302\% $ 172.24 1.076\% $ 46.58 8.456\% $ 123.54 1.336\%
4/7/20 $ 119.55 -3.290\% $ 31.12 1.401\% $ 170.39 -0.822\% $ 42.80 3.879\% $ 121.90 -0.418\%
4/6/20 $ 123.55 5.369\% $ 30.69 5.844\% $ 171.80 9.914\% $ 41.17 14.900\% $ 122.41 6.244\%
4/3/20 $ 117.09 0.697\% $ 28.95 0.751\% $ 155.58 -0.727\% $ 35.47 -6.814\% $ 115.00 -2.423\%
4/2/20 $ 116.27 3.875\% $ 28.73 1.415\% $ 156.72 2.083\% $ 37.97 2.405\% $ 117.82 0.947\%
4/1/20 $ 111.85 0.457\% $ 28.33 -4.351\% $ 153.49 -4.439\% $ 37.07 -10.037\% $ 116.71 -2.738\%
3/31/20 $ 111.34 -1.372\% $ 29.59 -3.690\% $ 160.46 -1.667\% $ 40.98 -0.520\% $ 119.95 -4.300\%
3/30/20 $ 112.88 4.993\% $ 30.70 3.292\% $ 163.15 2.481\% $ 41.20 -0.986\% $ 125.22 -1.600\%
3/27/20 $ 107.39 -0.219\% $ 29.70 0.066\% $ 159.16 -2.016\% $ 41.61 -6.902\% $ 127.24 0.710\%
3/26/20 $ 107.62 0.383\% $ 29.68 6.118\% $ 162.40 2.646\% $ 44.58 10.227\% $ 126.34 4.079\%
3/25/20 $ 107.21 -5.018\% $ 27.92 2.498\% $ 158.16 0.634\% $ 40.25 9.942\% $ 121.29 4.158\%
3/24/20 $ 112.73 0.654\% $ 27.23 4.926\% $ 157.16 16.658\% $ 36.44 6.699\% $ 116.35 4.617\%
3/23/20 $ 111.99 0.272\% $ 25.92 -4.600\% $ 133.04 -7.981\% $ 34.08 -2.589\% $ 111.10 -4.712\%
3/20/20 $ 111.69 -4.696\% $ 27.15 -7.068\% $ 144.09 -0.678\% $ 34.97 -3.280\% $ 116.46 -1.508\%
3/19/20 $ 117.06 -2.145\% $ 29.13 -5.584\% $ 145.07 8.513\% $ 36.14 7.190\% $ 118.23 1.844\%
3/18/20 $ 119.60 2.746\% $ 30.81 -6.134\% $ 133.24 -7.247\% $ 33.63 -15.345\% $ 116.07 -2.401\%
3/17/20 $ 116.36 11.072\% $ 32.76 3.175\% $ 143.25 -0.937\% $ 39.21 0.821\% $ 118.89 9.145\%
3/16/20 $ 104.16 -6.649\% $ 31.73 -5.286\% $ 144.60 -17.287\% $ 38.89 -22.004\% $ 108.50 -6.882\%
3/13/20 $ 111.32 9.220\% $ 33.45 2.865\% $ 171.89 4.032\% $ 48.46 8.579\% $ 116.23 3.529\%
3/12/20 $ 101.52 -9.509\% $ 32.51 -5.306\% $ 165.09 -10.121\% $ 44.47 -13.737\% $ 112.20 -9.019\%
3/11/20 $ 111.64 -4.578\% $ 34.28 -3.415\% $ 182.68 -5.985\% $ 51.02 -8.135\% $ 122.79 -3.363\%
3/10/20 $ 116.87 2.220\% $ 35.47 1.453\% $ 193.94 6.726\% $ 55.35 10.524\% $ 126.99 3.363\%
3/9/20 $ 114.31 -0.060\% $ 34.96 -2.420\% $ 181.33 -6.224\% $ 49.82 -31.196\% $ 122.79 -3.458\%
3/6/20 $ 114.38 1.124\% $ 35.82 -2.255\% $ 192.97 0.272\% $ 68.06 0.300\% $ 127.11 -1.631\%
3/5/20 $ 113.10 -0.731\% $ 36.63 -3.355\% $ 192.45 -4.293\% $ 67.85 -12.009\% $ 129.20 -2.030\%
3/4/20 $ 113.93 3.362\% $ 37.88 4.708\% $ 200.89 3.695\% $ 76.51 3.937\% $ 131.85 0.685\%
3/3/20 $ 110.16 -2.596\% $ 36.14 2.091\% $ 193.60 -1.512\% $ 73.55 -2.414\% $ 130.95 -1.335\%
3/2/20 $ 113.06 7.339\% $ 35.39 3.740\% $ 196.55 4.225\% $ 75.35 2.798\% $ 132.71 1.488\%
2/28/20 $ 105.06 -2.495\% $ 34.09 -0.690\% $ 188.42 -2.833\% $ 73.27 -0.172\% $ 130.75 -0.496\%
2/27/20 $ 107.71 -3.016\% $ 34.33 -4.601\% $ 193.84 -4.428\% $ 73.40 -7.065\% $ 131.40 -2.799\%
2/26/20 $ 111.01 -0.535\% $ 35.95 0.629\% $ 202.61 -0.947\% $ 78.77 0.929\% $ 135.13 0.817\%
2/25/20 $ 111.61 -1.673\% $ 35.72 -2.170\% $ 204.54 -0.667\% $ 78.04 -0.966\% $ 134.03 -0.343\%
2/24/20 $ 113.49 -1.924\% $ 36.51 -2.492\% $ 205.91 -1.095\% $ 78.80 -5.843\% $ 134.49 -3.327\%
2/21/20 $ 115.69 0.753\% $ 37.43 1.344\% $ 208.18 0.367\% $ 83.54 -2.424\% $ 139.04 -0.050\%
2/20/20 $ 114.83 0.009\% $ 36.93 0.425\% $ 207.42 -0.255\% $ 85.59 3.101\% $ 139.11 0.917\%
2/19/20 $ 114.82 -1.643\% $ 36.77 -0.902\% $ 207.95 -0.241\% $ 82.98 0.070\% $ 137.84 -1.111\%
2/18/20 $ 116.72 1.465\% $ 37.10 -0.710\% $ 208.45 -0.434\% $ 82.92 -1.535\% $ 139.38 -0.551\%
2/14/20 $ 115.02 0.382\% $ 37.37 2.522\% $ 209.35 -0.152\% $ 84.20 -0.254\% $ 140.15 -0.676\%
2/13/20 $ 114.58 1.363\% $ 36.44 0.108\% $ 209.67 -0.018\% $ 84.42 1.589\% $ 141.10 -0.938\%
2/12/20 $ 113.03 0.389\% $ 36.40 1.930\% $ 209.71 0.799\% $ 83.09 3.741\% $ 142.43 0.225\%
2/11/20 $ 112.59 0.130\% $ 35.70 1.159\% $ 208.04 1.175\% $ 80.04 1.320\% $ 142.11 0.586\%
2/10/20 $ 112.44 -1.036\% $ 35.29 -0.498\% $ 205.61 0.753\% $ 78.99 0.074\% $ 141.28 -0.747\%
2/7/20 $ 113.62 0.120\% $ 35.47 -4.853\% $ 204.07 -0.594\% $ 78.93 -2.228\% $ 142.34 -1.055\%
2/6/20 $ 113.48 -0.429\% $ 37.23 2.316\% $ 205.28 -0.702\% $ 80.71 -0.875\% $ 143.85 1.492\%
2/5/20 $ 113.97 1.327\% $ 36.38 -0.751\% $ 206.73 -0.117\% $ 81.42 0.899\% $ 141.72 0.545\%
2/4/20 $ 112.46 0.871\% $ 36.65 8.417\% $ 206.97 -0.261\% $ 80.69 1.126\% $ 140.95 1.451\%
2/3/20 $ 111.49 -0.192\% $ 33.69 2.443\% $ 207.51 0.564\% $ 79.78 1.955\% $ 138.92 0.058\%
1/31/20 $ 111.70 -1.809\% $ 32.88 -4.373\% $ 206.35 -1.028\% $ 78.24 -1.650\% $ 138.84 -1.600\%
1/30/20 $ 113.74 0.594\% $ 34.35 1.379\% $ 208.48 0.808\% $ 79.54 0.748\% $ 141.08 -0.333\%
1/29/20 $ 113.07 -0.611\% $ 33.88 -4.606\% $ 206.80 1.907\% $ 78.95 -1.016\% $ 141.55 -0.725\%
1/28/20 $ 113.76 0.637\% $ 35.48 2.037\% $ 202.89 0.500\% $ 79.75 1.832\% $ 142.58 1.072\%
1/27/20 $ 113.04 1.294\% $ 34.76 0.339\% $ 201.88 -0.904\% $ 78.31 -1.012\% $ 141.06 -1.198\%
1/24/20 $ 111.59 -1.251\% $ 34.64 -0.705\% $ 203.71 -1.027\% $ 79.10 -2.463\% $ 142.76 -0.210\%
1/23/20 $ 112.99 -0.250\% $ 34.89 -0.783\% $ 205.81 0.932\% $ 81.08 1.400\% $ 143.06 1.054\%
1/22/20 $ 113.27 0.440\% $ 35.16 0.475\% $ 203.91 0.133\% $ 79.95 1.149\% $ 141.56 -0.578\%
1/21/20 $ 112.78 0.547\% $ 35.00 -0.280\% $ 203.64 -0.388\% $ 79.04 -0.613\% $ 142.38 1.657\%
1/17/20 $ 112.16 -0.814\% $ 35.09 -0.279\% $ 204.43 0.534\% $ 79.52 0.000\% $ 140.04 -0.043\%
1/16/20 $ 113.08 0.536\% $ 35.19 1.656\% $ 203.34 0.514\% $ 79.52 1.390\% $ 140.10 0.530\%
1/15/20 $ 112.47 -0.778\% $ 34.61 -0.057\% $ 202.29 1.175\% $ 78.42 3.994\% $ 139.36 -0.722\%
1/14/20 $ 113.35 0.259\% $ 34.63 1.769\% $ 199.93 0.391\% $ 75.35 4.862\% $ 140.37 -0.135\%
1/13/20 $ 113.06 -0.431\% $ 34.03 -0.460\% $ 199.15 -0.367\% $ 71.78 4.315\% $ 140.56 0.592\%
1/10/20 $ 113.55 -0.839\% $ 34.18 -0.828\% $ 199.88 -0.520\% $ 68.75 2.302\% $ 139.73 -0.557\%
1/9/20 $ 114.50 1.028\% $ 34.47 -1.187\% $ 200.93 1.178\% $ 67.18 -0.921\% $ 140.51 -0.462\%
1/8/20 $ 113.33 -0.344\% $ 34.88 -0.056\% $ 198.57 1.606\% $ 67.80 0.835\% $ 141.16 -0.248\%
1/7/20 $ 113.72 -0.931\% $ 34.90 -0.448\% $ 195.41 0.148\% $ 67.24 -2.427\% $ 141.51 0.524\%
1/6/20 $ 114.79 -0.204\% $ 35.06 -0.502\% $ 195.12 1.118\% $ 68.89 -2.383\% $ 140.77 0.014\%
1/3/20 $ 115.02 -0.887\% $ 35.23 -0.941\% $ 192.95 -0.354\% $ 70.55 -1.693\% $ 140.75 -1.053\%
1/2/20 $ 116.04 0.084\% $ 35.56 0.525\% $ 193.63 1.596\% $ 71.76 -0.594\% $ 142.24 1.202\%
12/31/19 $ 115.95 -0.470\% $ 35.38 0.862\% $ 190.57 0.355\% $ 72.18 0.405\% $ 140.54 -0.050\%
12/30/19 $ 116.49 -0.159\% $ 35.07 -0.751\% $ 189.89 -0.638\% $ 71.89 -0.553\% $ 140.61 -0.475\%
12/27/19 $ 116.68 0.059\% $ 35.34 -0.498\% $ 191.11 0.562\% $ 72.29 0.283\% $ 141.28 -0.177\%
12/26/19 $ 116.61 0.008\% $ 35.52 0.110\% $ 190.04 0.198\% $ 72.09 -1.405\% $ 141.53 0.134\%
12/24/19 $ 116.60 0.402\% $ 35.48 0.000\% $ 189.66 0.239\% $ 73.11 -1.163\% $ 141.34 -0.438\%
12/23/19 $ 116.13 -1.053\% $ 35.48 0.055\% $ 189.21 -0.478\% $ 73.96 2.850\% $ 141.96 -0.007\%
12/20/19 $ 117.36 0.175\% $ 35.46 0.415\% $ 190.12 0.041\% $ 71.88 1.640\% $ 141.97 -0.555\%
12/19/19 $ 117.16 0.183\% $ 35.31 1.116\% $ 190.04 0.728\% $ 70.72 1.044\% $ 142.76 0.260\%
12/18/19 $ 116.94 -1.178\% $ 34.92 -0.727\% $ 188.66 -0.454\% $ 69.98 4.405\% $ 142.39 -0.267\%
12/17/19 $ 118.33 0.612\% $ 35.17 1.403\% $ 189.52 -0.690\% $ 66.96 -0.446\% $ 142.77 0.168\%
12/16/19 $ 117.61 0.208\% $ 34.68 -0.226\% $ 190.83 0.385\% $ 67.26 1.084\% $ 142.53 0.302\%
12/13/19 $ 117.36 0.442\% $ 34.76 0.480\% $ 190.10 0.412\% $ 66.54 -0.550\% $ 142.10 0.352\%
12/12/19 $ 116.84 0.637\% $ 34.59 1.111\% $ 189.31 0.813\% $ 66.91 …
Income Statement
Walmart Inc. Walmart Inc.
Consolidated Statements of Income Consolidated Balance Sheets
Fiscal Years Ended January 31, As of January 31,
(Amounts in millions, except per share data) 2021 2020 2019 (Amounts in millions) 2021 2020
Revenues: ASSETS
Net sales $ 555,233 $ 519,926 $ 510,329 Current assets:
Membership and other income 3,918 4,038 4,076 Cash and cash equivalents $ 17,741 $ 9,465
Total revenues 559,151 523,964 514,405 Receivables, net 6,516 6,284
Costs and expenses: Inventories 44,949 44,435
Cost of sales 420,315 394,605 385,301 Prepaid expenses and other 20,861 1,622
Operating, selling, general and administrative expenses 116,288 108,791 107,147 Total current assets 90,067 61,806
Operating income 22,548 20,568 21,957
Interest: Property and equipment, net 92,201 105,208
Debt 1,976 2,262 1,975
Finance, capital lease and financing obligations 339 337 371 Operating lease right-of-use assets 13,642 17,424
Interest income (121) (189) (217) Finance lease right-of-use assets, net 4,005 4,417
Interest, net 2,194 2,410 2,129
Goodwill 28,983 31,073
Other (gains) and losses (210) (1,958) 8,368 Other long-term assets 23,598 16,567
Income before income taxes 20,564 20,116 11,460 Total assets $ 252,496 $ 236,495
Provision for income taxes 6,858 4,915 4,281
Consolidated net income 13,706 15,201 7,179 LIABILITIES AND EQUITY
Consolidated net income attributable to noncontrolling Current liabilities:
interest (196) (320) (509) Short-term borrowings $ 224 $ 575
Consolidated net income attributable to Walmart $ 13,510 $ 14,881 $ 6,670 Accounts payable 49,141 46,973
Net income per common share: Accrued liabilities 37,966 22,296
Basic net income per common share attributable to $ 4.77 $ 5.22 $ 2.28 Accrued income taxes 242 280
Walmart Long-term debt due within one year 3,115 5,362
Diluted net income per common share attributable to 4.75 5.19 2.26 Operating lease obligations due within one year 1,466 1,793
Walmart Finance lease obligations due within one year 491 511 5,314
Weighted-average common shares outstanding: Total current liabilities 92,645 77,790
Basic 2,831 2,850 2,929
Diluted 2,847 2,868 2,945 Long-term debt 41,194 43,714
Long-term operating lease obligations 12,909 16,171
Dividends declared per common share $ 2.16 $ 2.12 $ 2.08 Long-term finance lease obligations 3,847 4,307 57,950
Consolidated net income $ 13,706 $ 15,201 $ 7,179 Deferred income taxes and other 14,370 12,961
Consolidated net income attributable to noncontrolling (196) (320) (509)
interest Commitments and contingencies
Consolidated net income attributable to Walmart 13,510 14,881 6,670
Equity:
Other comprehensive income (loss), net of income taxes Common stock 282 284
Currency translation and other 842 286 (226) Capital in excess of par value 3,646 3,247
Net investment hedges (221) 122 272 Retained earnings 88,763 83,943
Cash flow hedges 235 (399) (290) Accumulated other comprehensive loss (11,766) (12,805)
Minimum pension liability (30) (1,244) 131 Total Walmart shareholders equity 80,925 74,669
Noncontrolling interest 6,606 6,883
Other comprehensive income (loss), net of income taxes 826 (1,235) (113) Total equity 87,531 81,552
Other comprehensive (income) loss attributable to 213 (28) 188 Total liabilities and equity $ 252,496 $ 236,495
noncontrolling interest
Other comprehensive income (loss) attributable to Walmart 1,039 (1,263) 75
Annual Rate of Return
Walmart eBay
Date Adj Close Annual Rate Adj Close Annual Rate Annual rate of return for security Expected Annual Rate of Return Date Interest Free rate 2021 2020 2021 2020 2019
1/29/21 $ 139.36 -2.294\% 56.161098 0.124\% 1.11\% -5.41\% 1/29/21 1.11\% Debt 1976 2262 Income before income taxes 20,564 20,116 11,460
1/28/21 $ 142.59 -0.063\% 56.091534 -3.328\% 1.07\% -1.10\% Beta 1/28/21 1.07\% Finance, capital lease and financing obligations 339 337 Provision for income taxes 6,858 4,915 4,281
1/27/21 $ 142.68 -2.519\% 57.989738 -1.396\% 1.04\% -5.78\% Calculated 1.92 1/27/21 1.04\% Total Interest Expense 2315 2599 Tax Rate 33.35\% 24.43\% 37.36\%
1/26/21 $ 146.32 0.892\% 58.804676 3.299\% 1.05\% 0.75\% Data source 0.47 1/26/21 1.05\%
1/25/21 $ 145.02 -0.089\% 56.896534 1.390\% 1.05\% -1.13\% 1/25/21 1.05\% Current Debt and Capital Lease Obligation 5,296 8,241
1/22/21 $ 145.15 1.017\% 56.111408 0.106\% 1.10\% 0.94\% 1/22/21 1.10\% Long-term debt 41,194 43,714 Weight of Equity 0.8635482562
1/21/21 $ 143.68 -0.455\% 56.051781 0.409\% 1.12\% -1.90\% 1/21/21 1.12\% Long-term operating lease obligations 12,909 16,171 Weight of Debt 0.1364517438
1/20/21 $ 144.34 1.468\% 55.823196 -1.432\% 1.10\% 1.80\% 1/20/21 1.10\% Long-term finance lease obligations 3,847 4,307 Cost of Equity 7.08\%
1/19/21 $ 142.24 -0.868\% 56.628197 2.776\% 1.10\% -2.67\% 1/19/21 1.10\% Total Debt 63,246 72,433 Cost of Debt 3.66\%
1/15/21 $ 143.48 -1.598\% 55.077827 0.271\% 1.11\% -4.08\% 1/18/21 ERROR:#N/A Tax Rate 66.65\%
1/14/21 $ 145.79 -0.326\% 54.928757 -0.793\% 1.15\% -1.68\% 1/15/21 1.11\% Cost of Debt 3.66\% 3.59\% WACC 6.45\%
1/13/21 $ 146.26 -1.026\% 55.366039 -0.591\% 1.10\% -2.97\% 1/14/21 1.15\%
1/12/21 $ 147.77 1.134\% 55.694004 3.838\% 1.15\% 1.12\% 1/13/21 1.10\% Equity: 400,258.52
1/11/21 $ 146.10 0.449\% 53.597031 -1.015\% 1.15\% -0.19\% 1/12/21 1.15\%
1/8/21 $ 145.45 -0.014\% 54.143635 2.641\% 1.13\% -1.06\% 1/11/21 1.15\%
1/7/21 $ 145.47 -0.007\% 52.732403 -0.301\% 1.08\% -1.00\% 1/8/21 1.13\%
1/6/21 $ 145.48 0.622\% 52.891415 2.261\% 1.04\% 0.24\% 1/7/21 1.08\%
1/5/21 $ 144.58 -0.534\% 51.708755 1.024\% 0.96\% -1.90\% 1/6/21 1.04\%
1/4/21 $ 145.35 1.638\% 51.18203 2.457\% 0.93\% 2.29\% 1/5/21 0.96\%
12/31/20 $ 142.99 -0.021\% 49.939751 -0.595\% 0.93\% -0.89\% 1/4/21 0.93\%
12/30/20 $ 143.02 -0.083\% 50.237896 -0.611\% 0.93\% -1.01\% 1/1/21 ERROR:#N/A
12/29/20 $ 143.14 -0.636\% 50.545982 1.227\% 0.94\% -2.08\% 12/31/20 0.93\%
12/28/20 $ 144.05 1.191\% 49.929813 0.239\% 0.94\% 1.42\% 12/30/20 0.93\%
12/24/20 $ 142.34 0.195\% 49.810551 -1.995\% 0.94\% -0.49\% 12/29/20 0.94\%
12/23/20 $ 142.07 -0.682\% 50.81432 -0.954\% 0.96\% -2.18\% 12/28/20 0.94\%
12/22/20 $ 143.04 -1.220\% 51.301289 0.097\% 0.93\% -3.19\% 12/25/20 ERROR:#N/A
12/21/20 $ 144.79 0.014\% 51.251598 -2.848\% 0.95\% -0.84\% 12/24/20 0.94\%
12/18/20 $ 144.77 -0.103\% 52.732403 0.019\% 0.95\% -1.07\% 12/23/20 0.96\%
12/17/20 $ 144.92 0.460\% 52.722462 -1.125\% 0.94\% 0.02\% 12/22/20 0.93\%
12/16/20 $ 144.26 -0.103\% 53.31876 2.970\% 0.92\% -1.04\% 12/21/20 0.95\%
12/15/20 $ 144.41 -0.048\% 51.758453 4.940\% 0.92\% -0.93\% 12/18/20 0.95\%
12/14/20 $ 144.48 -0.923\% 49.26395 0.892\% 0.90\% -2.59\% 12/17/20 0.94\%
12/11/20 $ 145.82 -0.027\% 48.826668 -0.952\% 0.90\% -0.88\% 12/16/20 0.92\%
12/10/20 $ 145.86 -0.468\% 49.293762 0.202\% 0.92\% -1.74\% 12/15/20 0.92\%
12/9/20 $ 146.54 -0.793\% 49.194382 -0.785\% 0.95\% -2.39\% 12/14/20 0.90\%
12/8/20 $ 147.71 0.901\% 49.581974 -0.280\% 0.92\% 0.88\% 12/11/20 0.90\%
12/7/20 $ 146.38 -0.539\% 49.721107 -1.861\% 0.94\% -1.89\% 12/10/20 0.92\%
12/4/20 $ 147.17 -0.262\% 50.655304 1.343\% 0.97\% -1.39\% 12/9/20 0.95\%
12/3/20 $ 147.56 -0.814\% 49.979504 -2.086\% 0.92\% -2.40\% 12/8/20 0.92\%
12/2/20 $ 148.76 -1.399\% 51.032959 1.630\% 0.95\% -3.55\% 12/7/20 0.94\%
12/1/20 $ 150.86 -0.098\% 50.208084 0.178\% 0.92\% -1.03\% 12/4/20 0.97\%
11/30/20 $ 151.01 0.782\% 50.118637 -1.476\% 0.84\% 0.73\% 12/3/20 0.92\%
11/27/20 $ 149.83 -0.152\% 50.864006 1.749\% 0.84\% -1.06\% 12/2/20 0.95\%
11/25/20 $ 150.06 0.310\% 49.982262 -0.158\% 0.88\% -0.21\% 12/1/20 0.92\%
11/24/20 $ 149.59 0.285\% 50.061516 1.255\% 0.88\% -0.26\% 11/30/20 0.84\%
11/23/20 $ 149.17 0.458\% 49.437359 1.840\% 0.86\% 0.09\% 11/27/20 0.84\%
11/20/20 $ 148.49 -1.244\% 48.535797 -1.600\% 0.83\% -3.14\% 11/26/20 ERROR:#N/A
11/19/20 $ 150.35 2.012\% 49.318466 2.543\% 0.86\% 3.07\% 11/25/20 0.88\%
11/18/20 $ 147.35 -0.188\% 48.080059 0.413\% 0.88\% -1.16\% 11/24/20 0.88\%
11/17/20 $ 147.63 -2.034\% 47.881916 -0.454\% 0.87\% -4.69\% 11/23/20 0.86\%
11/16/20 $ 150.66 1.254\% 48.099876 -0.247\% 0.91\% 1.57\% 11/20/20 0.83\%
11/13/20 $ 148.78 1.546\% 48.218761 4.368\% 0.89\% 2.15\% 11/19/20 0.86\%
11/12/20 $ 146.50 0.169\% 46.158047 -2.375\% 0.88\% -0.48\% 11/18/20 0.88\%
11/11/20 $ 146.25 1.649\% 47.267658 2.483\% ERROR:#N/A ERROR:#N/A 11/17/20 0.87\%
11/10/20 $ 143.86 1.397\% 46.108509 -3.753\% 0.98\% 1.78\% 11/16/20 0.91\%
11/9/20 $ 141.87 -1.542\% 47.872005 -4.788\% 0.96\% -3.83\% 11/13/20 0.89\%
11/6/20 $ 144.07 1.590\% 50.220032 2.558\% 0.83\% 2.29\% 11/12/20 0.88\%
11/5/20 $ 141.80 1.058\% 48.951904 3.271\% 0.79\% 1.30\% 11/11/20 ERROR:#N/A
11/4/20 $ 140.30 -0.576\% 47.376644 -2.274\% 0.78\% -1.82\% 11/10/20 0.98\%
11/3/20 $ 141.11 1.681\% 48.466442 2.170\% 0.90\% 2.40\% 11/9/20 0.96\%
11/2/20 $ 138.76 1.182\% 47.426178 0.503\% 0.87\% 1.47\% 11/6/20 0.83\%
10/30/20 $ 137.13 -0.840\% 47.188408 -3.406\% 0.88\% -2.41\% 11/5/20 0.79\%
10/29/20 $ 138.29 -0.086\% 48.823105 -7.748\% 0.85\% -0.94\% 11/4/20 0.78\%
10/28/20 $ 138.41 -2.001\% 52.756298 -0.562\% 0.79\% -4.56\% 11/3/20 0.90\%
10/27/20 $ 141.20 0.498\% 53.053516 0.393\% 0.79\% 0.23\% 11/2/20 0.87\%
10/26/20 $ 140.50 -1.182\% 52.845463 -0.840\% 0.81\% -3.01\% 10/30/20 0.88\%
10/23/20 $ 142.17 0.209\% 53.291294 2.828\% 0.85\% -0.38\% 10/29/20 0.85\%
10/22/20 $ 141.88 -0.590\% 51.805202 -1.008\% 0.87\% -1.93\% 10/28/20 0.79\%
10/21/20 $ 142.72 0.347\% 52.330288 -2.579\% 0.83\% -0.10\% 10/27/20 0.79\%
10/20/20 $ 142.22 0.662\% 53.697491 -0.221\% 0.81\% 0.53\% 10/26/20 0.81\%
10/19/20 $ 141.28 -1.224\% 53.816376 -2.742\% 0.78\% -3.06\% 10/23/20 0.85\%
10/16/20 $ 143.02 0.124\% 55.312382 0.773\% 0.76\% -0.46\% 10/22/20 0.87\%
10/15/20 $ 142.84 0.409\% 54.886368 -1.895\% 0.74\% 0.11\% 10/21/20 0.83\%
10/14/20 $ 142.26 -1.578\% 55.936539 -1.982\% 0.73\% -3.69\% 10/20/20 0.81\%
10/13/20 $ 144.52 1.363\% 57.056065 3.913\% 0.74\% 1.93\% 10/19/20 0.78\%
10/12/20 $ 142.57 1.024\% 54.86655 -0.126\% ERROR:#N/A ERROR:#N/A 10/16/20 0.76\%
10/9/20 $ 141.11 1.000\% 54.935902 6.270\% 0.79\% 1.19\% 10/15/20 0.74\%
10/8/20 $ 139.71 0.333\% 51.597145 2.213\% 0.78\% -0.08\% 10/14/20 0.73\%
10/7/20 $ 139.25 0.185\% 50.467716 2.545\% 0.81\% -0.39\% 10/13/20 0.74\%
10/6/20 $ 138.99 -0.829\% 49.199581 -4.161\% 0.76\% -2.28\% 10/12/20 ERROR:#N/A
10/5/20 $ 140.15 0.921\% 51.29002 0.174\% 0.78\% 1.05\% 10/9/20 0.79\%
10/2/20 $ 138.86 -1.820\% 51.200855 -1.345\% 0.70\% -4.13\% 10/8/20 0.78\%
10/1/20 $ 141.41 2.240\% 51.894367 0.536\% 0.68\% 3.67\% 10/7/20 0.81\%
9/30/20 $ 138.28 2.000\% 51.616959 -1.050\% 0.69\% 3.20\% 10/6/20 0.76\%
9/29/20 $ 135.54 -0.080\% 52.161865 -2.606\% 0.66\% -0.76\% 10/5/20 0.78\%
9/28/20 $ 135.65 -0.015\% 53.538975 2.929\% 0.67\% -0.64\% 10/2/20 0.70\%
9/25/20 $ 135.67 0.416\% 51.993435 1.343\% 0.66\% 0.19\% 10/1/20 0.68\%
9/24/20 $ 135.11 0.521\% 51.299927 2.147\% 0.67\% 0.38\% 9/30/20 0.69\%
9/23/20 $ 134.40 -1.692\% 50.210125 -0.472\% 0.68\% -3.86\% 9/29/20 0.66\%
9/22/20 $ 136.70 0.901\% 50.447899 1.544\% 0.68\% 1.10\% 9/28/20 0.67\%
9/21/20 $ 135.47 1.307\% 49.675133 3.099\% 0.68\% 1.88\% 9/25/20 0.66\%
9/18/20 $ 133.71 -1.029\% 48.159317 -0.062\% 0.70\% -2.61\% 9/24/20 0.67\%
9/17/20 $ 135.10 0.315\% 48.189041 -3.594\% 0.69\% -0.03\% 9/23/20 0.68\%
9/16/20 $ 134.67 -0.804\% 49.952534 -2.662\% 0.69\% -2.17\% 9/22/20 0.68\%
9/15/20 $ 135.76 0.029\% 51.299927 -0.999\% 0.68\% -0.57\% 9/21/20 0.68\%
9/14/20 $ 135.72 0.453\% 51.815109 -0.895\% 0.68\% 0.24\% 9/18/20 0.70\%
9/11/20 $ 135.11 -0.080\% 52.28075 0.856\% 0.67\% -0.77\% 9/17/20 0.69\%
9/10/20 $ 135.21 -2.226\% 51.834919 -2.118\% 0.68\% -4.89\% 9/16/20 0.69\%
9/9/20 $ 138.26 1.035\% 52.944538 3.640\% 0.71\% 1.33\% 9/15/20 0.68\%
9/8/20 $ 136.83 -3.115\% 51.05225 -1.941\% 0.69\% -6.60\% 9/14/20 0.68\%
9/4/20 $ 141.16 -1.190\% 52.052883 -1.173\% 0.72\% -2.94\% 9/11/20 0.67\%
9/3/20 $ 142.85 -2.149\% 52.667133 -3.566\% 0.63\% -4.69\% 9/10/20 0.68\%
9/2/20 $ 145.96 0.061\% 54.579239 2.649\% 0.66\% -0.49\% 9/9/20 0.71\%
9/1/20 $ 145.87 6.104\% 53.152592 -2.084\% 0.68\% 11.07\% 9/8/20 0.69\%
8/31/20 $ 137.23 -1.039\% 54.272114 1.231\% 0.72\% -2.65\% 9/7/20 ERROR:#N/A
8/28/20 $ 138.66 2.651\% 53.60833 -3.690\% 0.74\% 4.40\% 9/4/20 0.72\%
8/27/20 $ 135.04 4.437\% 55.623451 -3.952\% 0.74\% 7.82\% 9/3/20 0.63\%
8/26/20 $ 129.18 0.054\% 57.865784 0.909\% 0.69\% -0.53\% 9/2/20 0.66\%
8/25/20 $ 129.11 -0.534\% 57.342239 -1.250\% 0.69\% -1.66\% 9/1/20 0.68\%
8/24/20 $ 129.80 -0.228\% 58.063339 0.974\% 0.65\% -1.03\% 8/31/20 0.72\%
8/21/20 $ 130.09 0.809\% 57.500286 0.949\% 0.64\% 0.96\% 8/28/20 0.74\%
8/20/20 $ 129.05 -1.399\% 56.956993 -0.087\% 0.65\% -3.28\% 8/27/20 0.74\%
8/19/20 $ 130.87 -1.722\% 57.006386 1.185\% 0.68\% -3.92\% 8/26/20 0.69\%
8/18/20 $ 133.14 -0.658\% 56.334671 -0.560\% 0.67\% -1.87\% 8/25/20 0.69\%
8/17/20 $ 134.02 2.237\% 56.650772 1.866\% 0.69\% 3.65\% 8/24/20 0.65\%
8/14/20 $ 131.05 0.567\% 55.603699 0.018\% 0.71\% 0.44\% 8/21/20 0.64\%
8/13/20 $ 130.31 0.380\% 55.593819 1.414\% 0.71\% 0.08\% 8/20/20 0.65\%
8/12/20 $ 129.82 1.290\% 54.81345 2.186\% 0.69\% 1.84\% 8/19/20 0.68\%
8/11/20 $ 128.15 -1.282\% 53.628082 -0.147\% 0.64\% -3.04\% 8/18/20 0.67\%
8/10/20 $ 129.81 1.459\% 53.707104 -1.533\% 0.59\% 2.25\% 8/17/20 0.69\%
8/7/20 $ 127.93 0.478\% 54.536865 0.236\% 0.57\% 0.39\% 8/14/20 0.71\%
8/6/20 $ 127.32 -0.355\% 54.408451 -2.828\% 0.55\% -1.18\% 8/13/20 0.71\%
8/5/20 $ 127.77 -1.400\% 55.969189 0.584\% 0.55\% -3.18\% 8/12/20 0.69\%
8/4/20 $ 129.57 1.794\% 55.643211 -0.425\% 0.52\% 2.96\% 8/11/20 0.64\%
8/3/20 $ 127.27 -0.077\% 55.880283 2.307\% 0.56\% -0.66\% 8/10/20 0.59\%
7/31/20 $ 127.37 -0.555\% 54.60601 1.018\% 0.55\% -1.57\% 8/7/20 0.57\%
7/30/20 $ 128.08 -0.437\% 54.052837 0.348\% 0.55\% -1.34\% 8/6/20 0.55\%
7/29/20 $ 128.64 -0.815\% 53.865154 -3.283\% 0.58\% -2.09\% 8/5/20 0.55\%
7/28/20 $ 129.69 0.418\% 55.662964 -1.550\% 0.59\% 0.26\% 8/4/20 0.52\%
7/27/20 $ 129.15 -0.023\% 56.532234 3.757\% 0.62\% -0.61\% 8/3/20 0.56\%
7/24/20 $ 129.18 -0.304\% 54.447964 -0.054\% 0.59\% -1.12\% 7/31/20 0.55\%
7/23/20 $ 129.57 -0.772\% 54.477596 -2.135\% 0.59\% -2.02\% 7/30/20 0.55\%
7/22/20 $ 130.58 0.249\% 55.653088 -0.443\% 0.60\% -0.07\% 7/29/20 0.58\%
7/21/20 $ 130.25 0.652\% 55.90004 -3.268\% 0.61\% 0.69\% 7/28/20 0.59\%
7/20/20 $ 129.40 -0.205\% 57.757118 0.583\% 0.62\% -0.96\% 7/27/20 0.62\%
7/17/20 $ 129.67 -0.349\% 57.421265 -0.891\% 0.64\% -1.25\% 7/24/20 0.59\%
7/16/20 $ 130.12 0.151\% 57.934929 0.444\% 0.62\% -0.28\% 7/23/20 0.59\%
7/15/20 $ 129.93 -0.008\% 57.678089 -1.175\% 0.64\% -0.60\% 7/22/20 0.60\%
7/14/20 $ 129.94 1.904\% 58.359684 1.329\% 0.63\% 3.07\% 7/21/20 0.61\%
7/13/20 $ 127.48 -0.892\% 57.589195 -1.650\% 0.64\% -2.29\% 7/20/20 0.62\%
7/10/20 $ 128.63 2.268\% 58.547367 0.084\% 0.65\% 3.75\% 7/17/20 0.64\%
7/9/20 $ 125.74 2.625\% 58.497974 1.617\% 0.62\% 4.46\% 7/16/20 0.62\%
7/8/20 $ 122.48 -1.997\% 57.559555 2.204\% 0.67\% -4.44\% 7/15/20 0.64\%
7/7/20 $ 124.96 6.559\% 56.305042 1.467\% 0.65\% 11.97\% 7/14/20 0.63\%
7/6/20 $ 117.02 -0.269\% 55.485157 3.275\% 0.69\% -1.15\% 7/13/20 0.64\%
7/2/20 $ 117.34 -0.402\% 53.697231 2.609\% 0.68\% -1.39\% 7/10/20 0.65\%
7/1/20 $ 117.81 -0.075\% 52.314297 0.968\% 0.69\% -0.78\% 7/9/20 0.62\%
6/30/20 $ 117.90 0.603\% 51.810516 2.197\% 0.66\% 0.55\% 7/8/20 0.67\%
6/29/20 $ 117.19 0.623\% 50.684414 0.822\% 0.64\% 0.61\% 7/7/20 0.65\%
6/26/20 $ 116.46 -1.168\% 50.269535 2.972\% 0.64\% -2.82\% 7/6/20 0.69\%
6/25/20 $ 117.83 -0.492\% 48.797707 1.284\% 0.68\% -1.56\% 7/3/20 ERROR:#N/A
6/24/20 $ 118.41 -0.638\% 48.175385 -2.090\% 0.69\% -1.85\% 7/2/20 0.68\%
6/23/20 $ 119.17 -0.503\% 49.192825 1.293\% 0.72\% -1.62\% 7/1/20 0.69\%
6/22/20 $ 119.77 1.515\% 48.560627 1.786\% 0.71\% 2.25\% 6/30/20 0.66\%
6/19/20 $ 117.97 1.564\% 47.701237 -0.310\% 0.70\% 2.36\% 6/29/20 0.64\%
6/18/20 $ 116.14 -0.878\% 47.849403 0.021\% 0.71\% -2.33\% 6/26/20 0.64\%
6/17/20 $ 117.16 -0.520\% 47.839531 0.642\% 0.74\% -1.67\% 6/25/20 0.68\%
6/16/20 $ 117.77 1.321\% 47.533306 0.479\% 0.75\% 1.84\% 6/24/20 0.69\%
6/15/20 $ 116.22 0.288\% 47.30611 0.481\% 0.71\% -0.10\% 6/23/20 0.72\%
6/12/20 $ 115.89 -1.976\% 47.078915 -0.586\% 0.71\% -4.44\% 6/22/20 0.71\%
6/11/20 $ 118.20 -0.887\% 47.355503 -2.696\% 0.66\% -2.30\% 6/19/20 0.70\%
6/10/20 $ 119.26 -0.157\% 48.649529 -1.010\% 0.75\% -0.99\% 6/18/20 0.71\%
6/9/20 $ 119.44 0.091\% 49.143436 2.092\% 0.84\% -0.60\% 6/17/20 0.74\%
6/8/20 $ 119.34 -0.264\% 48.125992 -0.205\% 0.88\% -1.31\% 6/16/20 0.75\%
6/5/20 $ 119.65 -0.451\% 48.224773 -1.100\% 0.91\% -1.70\% 6/15/20 0.71\%
6/4/20 $ 120.19 -1.108\% 48.75819 6.076\% 0.82\% -2.87\% 6/12/20 0.71\%
6/3/20 $ 121.53 -0.380\% 45.883671 1.017\% 0.77\% -1.43\% 6/11/20 0.66\%
6/2/20 $ 121.99 -0.016\% 45.419399 1.711\% 0.68\% -0.65\% 6/10/20 0.75\%
6/1/20 $ 122.01 -0.081\% 44.648911 -0.749\% 0.66\% -0.76\% 6/9/20 0.84\%
5/29/20 $ 122.11 0.299\% 44.984764 3.281\% 0.65\% -0.02\% 6/8/20 0.88\%
5/28/20 $ 121.75 0.983\% 43.532684 0.181\% 0.70\% 1.24\% 6/5/20 0.91\%
5/27/20 $ 120.56 -1.120\% 43.453953 1.806\% 0.68\% -2.77\% 6/4/20 0.82\%
5/26/20 $ 121.91 -0.379\% 42.676403 -0.207\% 0.69\% -1.36\% 6/3/20 0.77\%
5/22/20 $ 122.38 -0.529\% 42.764988 2.281\% 0.66\% -1.62\% 6/2/20 0.68\%
5/21/20 $ 123.03 -0.367\% 41.800434 -0.564\% 0.68\% -1.33\% 6/1/20 0.66\%
5/20/20 $ 123.48 0.399\% 42.036648 0.728\% 0.68\% 0.14\% 5/29/20 0.65\%
5/19/20 $ 122.99 -2.146\% 41.731541 -0.236\% 0.70\% -4.75\% 5/28/20 0.70\%
5/18/20 $ 125.65 1.356\% 41.82996 0.922\% 0.73\% 1.93\% 5/27/20 0.68\%
5/15/20 $ 123.96 2.021\% 41.44611 0.166\% 0.64\% 3.29\% 5/26/20 0.69\%
5/14/20 $ 121.48 -0.235\% 41.377213 1.100\% 0.63\% -1.03\% 5/25/20 ERROR:#N/A
5/13/20 $ 121.77 -0.057\% 40.924465 -1.005\% 0.64\% -0.69\% 5/22/20 0.66\%
5/12/20 $ 121.84 0.089\% 41.337845 -0.309\% 0.69\% -0.46\% 5/21/20 0.68\%
5/11/20 $ 121.73 0.592\% 41.465794 -0.047\% 0.73\% 0.47\% 5/20/20 0.68\%
5/8/20 $ 121.01 0.858\% 41.485481 1.868\% 0.69\% 1.01\% 5/19/20 0.70\%
5/7/20 $ 119.97 -0.711\% 40.717773 1.020\% 0.63\% -1.94\% 5/18/20 0.73\%
5/6/20 $ 120.83 -1.153\% 40.304394 1.550\% 0.72\% -2.87\% 5/15/20 0.64\%
5/5/20 $ 122.23 0.829\% 39.684334 1.223\% 0.66\% 0.98\% 5/14/20 0.63\%
5/4/20 $ 121.22 0.633\% 39.202057 1.467\% 0.64\% 0.63\% 5/13/20 0.64\%
5/1/20 $ 120.46 1.121\% 38.631195 -1.467\% 0.64\% 1.56\% 5/12/20 0.69\%
4/30/20 $ 119.12 -1.672\% 39.202057 2.029\% 0.64\% -3.79\% 5/11/20 0.73\%
4/29/20 $ 121.13 -3.498\% 38.414665 -0.128\% 0.63\% -7.28\% 5/8/20 0.69\%
4/28/20 $ 125.44 -0.234\% 38.463879 -1.398\% 0.62\% -1.02\% 5/7/20 0.63\%
4/27/20 $ 125.73 -0.885\% 39.005215 0.709\% 0.67\% -2.31\% 5/6/20 0.72\%
4/24/20 $ 126.85 0.706\% 38.729622 3.728\% 0.60\% 0.80\% 5/5/20 0.66\%
4/23/20 $ 125.96 -2.353\% 37.312325 -0.893\% 0.61\% -5.07\% 5/4/20 0.64\%
4/22/20 $ 128.96 1.825\% 37.646969 1.687\% 0.63\% 2.92\% 5/1/20 0.64\%
4/21/20 $ 126.62 -0.494\% 37.017056 -0.080\% 0.58\% -1.48\% 4/30/20 0.64\%
4/20/20 $ 127.25 -1.733\% 37.046577 0.479\% 0.63\% -3.90\% 4/29/20 0.63\%
4/17/20 $ 129.47 -0.159\% 36.869419 0.643\% 0.65\% -0.90\% 4/28/20 0.62\%
4/16/20 $ 129.68 2.735\% 36.633202 2.806\% 0.61\% 4.68\% 4/27/20 0.67\%
4/15/20 $ 126.18 -0.186\% 35.619438 1.251\% 0.63\% -0.93\% 4/24/20 0.60\%
4/14/20 $ 126.42 2.910\% 35.176537 2.780\% 0.76\% 4.88\% 4/23/20 0.61\%
4/13/20 $ 122.79 2.833\% 34.211983 2.712\% 0.76\% 4.73\% 4/22/20 0.63\%
4/9/20 $ 119.36 -0.033\% 33.29665 2.454\% 0.73\% -0.73\% 4/21/20 0.58\%
4/8/20 $ 119.40 -0.123\% 32.489574 4.302\% 0.77\% -0.94\% 4/20/20 0.63\%
4/7/20 $ 119.55 -3.290\% 31.12149 1.401\% 0.75\% -6.99\% 4/17/20 0.65\%
4/6/20 $ 123.55 5.369\% 30.688429 5.844\% 0.67\% 9.67\% 4/16/20 0.61\%
4/3/20 $ 117.09 0.697\% 28.946333 0.751\% 0.62\% 0.77\% 4/15/20 0.63\%
4/2/20 $ 116.27 3.875\% 28.729801 1.415\% 0.63\% 6.85\% 4/14/20 0.76\%
4/1/20 $ 111.85 0.457\% 28.326265 -4.351\% 0.62\% 0.31\% 4/13/20 0.76\%
3/31/20 $ 111.34 -1.372\% 29.586086 -3.690\% 0.70\% -3.27\% 4/10/20 ERROR:#N/A
3/30/20 $ 112.88 4.993\% 30.698271 3.292\% 0.70\% 8.92\% 4/9/20 0.73\%
3/27/20 $ 107.39 -0.219\% 29.704193 0.066\% 0.72\% -1.08\% 4/8/20 0.77\%
3/26/20 $ 107.62 0.383\% 29.684507 6.118\% 0.83\% -0.03\% 4/7/20 0.75\%
3/25/20 $ 107.21 -5.018\% 27.922728 2.498\% 0.88\% -10.42\% 4/6/20 0.67\%
3/24/20 $ 112.73 0.654\% 27.233767 4.926\% 0.84\% 0.48\% 4/3/20 0.62\%
3/23/20 $ 111.99 0.272\% 25.924732 -4.600\% 0.76\% -0.18\% 4/2/20 0.63\%
3/20/20 $ 111.69 -4.696\% 27.145184 -7.068\% 0.92\% -9.84\% 4/1/20 0.62\%
3/19/20 $ 117.06 -2.145\% 29.133337 -5.584\% 1.12\% -5.13\% 3/31/20 0.70\%
3/18/20 $ 119.60 2.746\% 30.806536 -6.134\% 1.18\% 4.18\% 3/30/20 0.70\%
3/17/20 $ 116.36 11.072\% 32.755318 3.175\% 1.02\% 20.27\% 3/27/20 0.72\%
3/16/20 $ 104.16 -6.649\% 31.731716 -5.286\% 0.73\% -13.40\% 3/26/20 0.83\%
3/13/20 $ 111.32 9.220\% 33.454132 2.865\% 0.94\% 16.80\% 3/25/20 0.88\%
3/12/20 $ 101.52 -9.509\% 32.509258 -5.306\% 0.88\% -19.02\% 3/24/20 0.84\%
3/11/20 $ 111.64 -4.578\% 34.280888 -3.415\% 0.82\% -9.52\% 3/23/20 0.76\%
3/10/20 $ 116.87 2.220\% 35.471809 1.453\% 0.76\% 3.56\% 3/20/20 0.92\%
3/9/20 $ 114.31 -0.060\% 34.960003 -2.420\% 0.54\% -0.61\% 3/19/20 1.12\%
3/6/20 $ 114.38 1.124\% 35.816292 -2.255\% 0.74\% 1.48\% 3/18/20 1.18\%
3/5/20 $ 113.10 -0.731\% 36.633202 -3.355\% 0.92\% -2.24\% 3/17/20 1.02\%
3/4/20 $ 113.93 3.362\% 37.883183 4.708\% 1.02\% 5.50\% 3/16/20 0.73\%
3/3/20 $ 110.16 -2.596\% 36.141087 2.091\% 1.02\% -5.91\% 3/13/20 0.94\%
3/2/20 $ 113.06 7.339\% 35.393066 3.740\% 1.10\% 13.05\% 3/12/20 0.88\%
2/28/20 $ 105.06 -2.495\% 34.093876 -0.690\% 1.13\% -5.81\% 3/11/20 0.82\%
2/27/20 $ 107.71 -3.016\% 34.330093 -4.601\% 1.30\% -6.97\% 3/10/20 0.76\%
2/26/20 $ 111.01 -0.535\% 35.946659 0.629\% 1.33\% -2.24\% 3/9/20 0.54\%
2/25/20 $ 111.61 -1.673\% 35.721321 -2.170\% 1.33\% -4.42\% 3/6/20 0.74\%
2/24/20 $ 113.49 -1.924\% 36.505119 -2.492\% 1.38\% -4.95\% 3/5/20 0.92\%
2/21/20 $ 115.69 0.753\% 37.426079 1.344\% 1.46\% 0.11\% 3/4/20 1.02\%
2/20/20 $ 114.83 0.009\% 36.926403 0.425\% 1.52\% -1.38\% 3/3/20 1.02\%
2/19/20 $ 114.82 -1.643\% 36.76965 -0.902\% 1.56\% -4.58\% 3/2/20 1.10\%
2/18/20 $ 116.72 1.465\% 37.102757 -0.710\% 1.55\% 1.39\% 2/28/20 1.13\%
2/14/20 $ 115.02 0.382\% 37.36729 2.522\% 1.59\% -0.72\% 2/27/20 1.30\%
2/13/20 $ 114.58 1.363\% 36.436539 0.108\% 1.61\% 1.14\% 2/26/20 1.33\%
2/12/20 $ 113.03 0.389\% 36.397354 1.930\% 1.62\% -0.74\% 2/25/20 1.33\%
2/11/20 $ 112.59 0.130\% 35.701736 1.159\% 1.59\% -1.21\% 2/24/20 1.38\%
2/10/20 $ 112.44 -1.036\% 35.290241 -0.498\% 1.56\% -3.41\% 2/21/20 1.46\%
2/7/20 $ 113.62 0.120\% 35.466595 -4.853\% 1.59\% -1.23\% 2/20/20 1.52\%
2/6/20 $ 113.48 -0.429\% 37.230122 2.316\% 1.65\% -2.33\% 2/19/20 1.56\%
2/5/20 $ 113.97 1.327\% 36.37775 -0.751\% 1.66\% 1.02\% 2/18/20 1.55\%
2/4/20 $ 112.46 0.871\% 36.652077 8.417\% 1.61\% 0.20\% 2/17/20 ERROR:#N/A
2/3/20 $ 111.49 -0.192\% 33.69326 2.443\% 1.54\% -1.78\% 2/14/20 1.59\%
1/31/20 $ 111.70 -1.809\% 32.880081 -4.373\% 1.51\% -4.85\% 2/13/20 1.61\%
1/30/20 $ 113.74 0.594\% 34.349689 1.379\% 1.57\% -0.30\% 2/12/20 1.62\%
1/29/20 $ 113.07 -0.611\% 33.879414 -4.606\% 1.60\% -2.63\% 2/11/20 1.59\%
1/28/20 $ 113.76 0.637\% 35.476395 2.037\% 1.65\% -0.29\% 2/10/20 1.56\%
1/27/20 $ 113.04 1.294\% 34.761177 0.339\% 1.61\% 1.01\% 2/7/20 1.59\%
1/24/20 $ 111.59 -1.251\% 34.643616 -0.705\% 1.70\% -3.95\% 2/6/20 1.65\%
1/23/20 $ 112.99 -0.250\% 34.88855 -0.783\% 1.74\% -2.07\% 2/5/20 1.66\%
1/22/20 $ 113.27 0.440\% 35.16288 0.475\% 1.77\% -0.78\% 2/4/20 1.61\%
1/21/20 $ 112.78 0.547\% 34.996323 -0.280\% 1.78\% -0.58\% 2/3/20 1.54\%
1/17/20 $ 112.16 -0.814\% 35.094292 -0.279\% 1.84\% -3.24\% 1/31/20 1.51\%
1/16/20 $ 113.08 0.536\% 35.192261 1.656\% 1.81\% -0.63\% 1/30/20 1.57\%
1/15/20 $ 112.47 -0.778\% 34.61422 -0.057\% 1.79\% -3.13\% 1/29/20 1.60\%
1/14/20 $ 113.35 0.259\% 34.633812 1.769\% 1.82\% -1.17\% 1/28/20 1.65\%
1/13/20 $ 113.06 -0.431\% 34.026371 -0.460\% 1.85\% -2.52\% 1/27/20 1.61\%
1/10/20 $ 113.55 -0.839\% 34.183136 -0.828\% 1.83\% -3.28\% 1/24/20 1.70\%
1/9/20 $ 114.50 1.028\% 34.467262 -1.187\% 1.85\% 0.28\% 1/23/20 1.74\%
1/8/20 $ 113.33 -0.344\% 34.87875 -0.056\% 1.87\% -2.37\% 1/22/20 1.77\%
1/7/20 $ 113.72 -0.931\% 34.898346 -0.448\% 1.83\% -3.46\% 1/21/20 1.78\%
1/6/20 $ 114.79 -0.204\% 35.055103 -0.502\% 1.81\% -2.05\% 1/20/20 ERROR:#N/A
1/3/20 $ 115.02 -0.887\% 35.231457 -0.941\% 1.80\% -3.35\% 1/17/20 1.84\%
1/2/20 $ 116.04 0.084\% 35.564568 0.525\% 1.88\% -1.56\% 1/16/20 1.81\%
12/31/19 $ 115.95 -0.470\% 35.378418 0.862\% 1.92\% -2.66\% 1/15/20 1.79\%
12/30/19 $ 116.49 -0.159\% 35.074699 -0.751\% 1.90\% -2.04\% 1/14/20 1.82\%
12/27/19 $ 116.68 0.059\% 35.33923 -0.498\% 1.88\% -1.61\% 1/13/20 1.85\%
12/26/19 $ 116.61 0.008\% 35.515579 0.110\% 1.90\% -1.72\% 1/10/20 1.83\%
12/24/19 $ 116.60 0.402\% 35.476395 0.000\% 1.90\% -0.97\% 1/9/20 1.85\%
12/23/19 $ 116.13 -1.053\% 35.476395 0.055\% 1.93\% -3.78\% 1/8/20 1.87\%
12/20/19 $ 117.36 0.175\% 35.456795 0.415\% 1.92\% -1.42\% 1/7/20 1.83\%
12/19/19 $ 117.16 0.183\% 35.309837 1.116\% 1.92\% -1.41\% 1/6/20 1.81\%
12/18/19 $ 116.94 -1.178\% 34.917938 -0.727\% 1.92\% -4.01\% 1/3/20 1.80\%
12/17/19 $ 118.33 0.612\% 35.172676 1.403\% 1.89\% -0.56\% 1/2/20 1.88\%
12/16/19 $ 117.61 0.208\% 34.682804 -0.226\% 1.89\% -1.33\% 1/1/20 ERROR:#N/A
12/13/19 $ 117.36 0.442\% 34.761177 0.480\% 1.82\% -0.82\% 12/31/19 1.92\%
12/12/19 $ 116.84 0.637\% 34.594624 1.111\% 1.90\% -0.52\% 12/30/19 1.90\%
12/11/19 $ 116.10 -0.118\% 34.212524 0.574\% 1.79\% -1.86\% 12/27/19 1.88\%
12/10/19 $ 116.24 -0.184\% 34.016579 0.433\% 1.85\% -2.05\% 12/26/19 1.90\%
12/9/19 $ 116.45 -0.351\% 33.869621 -0.835\% 1.83\% -2.35\% 12/25/19 ERROR:#N/A
12/6/19 $ 116.86 0.939\% 34.15374 0.201\% 1.84\% 0.12\% 12/24/19 1.90\%
12/5/19 $ 115.77 0.422\% 34.085167 -0.516\% 1.80\% -0.84\% 12/23/19 1.93\%
12/4/19 $ 115.28 0.017\% 34.261517 0.631\% 1.77\% -1.59\% 12/20/19 1.92\%
12/3/19 $ 115.26 -0.513\% 34.045971 -0.431\% 1.72\% -2.56\% 12/19/19 1.92\%
12/2/19 $ 115.86 0.159\% 34.192936 -1.761\% 1.83\% -1.37\% 12/18/19 1.92\%
11/29/19 $ 115.67 0.277\% 34.800369 -0.533\% 1.78\% -1.10\% 12/17/19 1.89\%
11/27/19 $ 115.35 -0.361\% 34.986519 0.279\% 1.77\% -2.31\% 12/16/19 1.89\%
11/26/19 $ 115.77 0.227\% 34.888927 -0.279\% 1.74\% -1.16\% 12/13/19 1.82\%
11/25/19 $ 115.51 -0.369\% 34.986519 2.057\% 1.76\% -2.32\% 12/12/19 1.90\%
11/22/19 $ 115.93 -0.418\% 34.274101 0.514\% 1.77\% -2.42\% 12/11/19 1.79\%
11/21/19 $ 116.42 0.611\% 34.098442 0.229\% 1.77\% -0.45\% 12/10/19 1.85\%
11/20/19 $ 115.71 -0.636\% 34.020367 -0.572\% 1.73\% -2.80\% 12/9/19 1.83\%
11/19/19 $ 116.45 -0.300\% 34.215549 -0.114\% 1.79\% -2.21\% 12/6/19 1.84\%
11/18/19 $ 116.80 1.154\% 34.254581 -0.483\% 1.81\% 0.55\% 12/5/19 1.80\%
11/15/19 $ 115.46 -1.486\% 34.420486 0.883\% 1.84\% -4.53\% 12/4/19 1.77\%
11/14/19 $ 117.19 -0.273\% 34.117958 0.920\% 1.82\% -2.19\% 12/3/19 1.72\%
11/13/19 $ 117.51 1.549\% 33.805664 -1.234\% 1.88\% 1.25\% 12/2/19 1.83\%
11/12/19 $ 115.70 0.067\% 34.225307 -0.512\% 1.92\% -1.63\% 11/29/19 1.78\%
11/11/19 $ 115.62 -0.335\% 34.400974 0.313\% ERROR:#N/A ERROR:#N/A 11/28/19 ERROR:#N/A
11/8/19 $ 116.01 -0.659\% 34.293625 0.714\% 1.94\% -3.04\% 11/27/19 1.77\%
11/7/19 $ 116.78 0.609\% 34.049641 -1.733\% 1.92\% -0.59\% 11/26/19 1.74\%
11/6/19 $ 116.07 0.537\% 34.644947 0.056\% 1.81\% -0.63\% 11/25/19 1.76\%
11/5/19 $ 115.45 1.091\% 34.625427 0.197\% 1.86\% 0.39\% 11/22/19 1.77\%
11/4/19 $ 114.20 -0.043\% 34.557117 0.453\% 1.79\% -1.72\% 11/21/19 1.77\%
11/1/19 $ 114.24 0.307\% 34.400974 0.000\% 1.73\% -1.00\% 11/20/19 1.73\%
10/31/19 $ 113.89 -0.714\% 34.400974 -1.716\% 1.69\% -2.91\% 11/19/19 1.79\%
10/30/19 $ 114.71 0.808\% 34.996281 -0.695\% 1.78\% -0.08\% 11/18/19 1.81\%
10/29/19 $ 113.79 -1.752\% 35.240257 0.472\% 1.84\% -5.04\% 11/15/19 1.84\%
10/28/19 $ 115.80 0.151\% 35.074352 0.279\% 1.85\% -1.40\% 11/14/19 1.82\%
10/25/19 $ 115.62 -0.050\% 34.976761 0.616\% 1.80\% -1.74\% 11/13/19 1.88\%
10/24/19 $ 115.68 -0.210\% 34.762054 -9.577\% 1.77\% -2.02\% 11/12/19 1.92\%
10/23/19 $ 115.93 -0.193\% 38.255833 0.665\% 1.77\% -1.99\% 11/11/19 ERROR:#N/A
10/22/19 $ 116.15 -0.134\% 38.002087 -0.818\% 1.78\% -1.89\% 11/8/19 1.94\%
10/21/19 $ 116.30 0.502\% 38.314388 1.127\% 1.80\% -0.69\% 11/7/19 1.92\%
10/18/19 $ 115.72 -0.586\% 37.884983 -0.693\% 1.76\% -2.73\% 11/6/19 1.81\%
10/17/19 $ 116.40 0.351\% 38.148483 0.436\% 1.76\% -0.94\% 11/5/19 1.86\%
10/16/19 $ 115.99 -0.092\% 37.982578 0.103\% 1.75\% -1.78\% 11/4/19 1.79\%
10/15/19 $ 116.10 0.302\% 37.943542 1.346\% 1.77\% …
CATEGORIES
Economics
Nursing
Applied Sciences
Psychology
Science
Management
Computer Science
Human Resource Management
Accounting
Information Systems
English
Anatomy
Operations Management
Sociology
Literature
Education
Business & Finance
Marketing
Engineering
Statistics
Biology
Political Science
Reading
History
Financial markets
Philosophy
Mathematics
Law
Criminal
Architecture and Design
Government
Social Science
World history
Chemistry
Humanities
Business Finance
Writing
Programming
Telecommunications Engineering
Geography
Physics
Spanish
ach
e. Embedded Entrepreneurship
f. Three Social Entrepreneurship Models
g. Social-Founder Identity
h. Micros-enterprise Development
Outcomes
Subset 2. Indigenous Entrepreneurship Approaches (Outside of Canada)
a. Indigenous Australian Entrepreneurs Exami
Calculus
(people influence of
others) processes that you perceived occurs in this specific Institution Select one of the forms of stratification highlighted (focus on inter the intersectionalities
of these three) to reflect and analyze the potential ways these (
American history
Pharmacology
Ancient history
. Also
Numerical analysis
Environmental science
Electrical Engineering
Precalculus
Physiology
Civil Engineering
Electronic Engineering
ness Horizons
Algebra
Geology
Physical chemistry
nt
When considering both O
lassrooms
Civil
Probability
ions
Identify a specific consumer product that you or your family have used for quite some time. This might be a branded smartphone (if you have used several versions over the years)
or the court to consider in its deliberations. Locard’s exchange principle argues that during the commission of a crime
Chemical Engineering
Ecology
aragraphs (meaning 25 sentences or more). Your assignment may be more than 5 paragraphs but not less.
INSTRUCTIONS:
To access the FNU Online Library for journals and articles you can go the FNU library link here:
https://www.fnu.edu/library/
In order to
n that draws upon the theoretical reading to explain and contextualize the design choices. Be sure to directly quote or paraphrase the reading
ce to the vaccine. Your campaign must educate and inform the audience on the benefits but also create for safe and open dialogue. A key metric of your campaign will be the direct increase in numbers.
Key outcomes: The approach that you take must be clear
Mechanical Engineering
Organic chemistry
Geometry
nment
Topic
You will need to pick one topic for your project (5 pts)
Literature search
You will need to perform a literature search for your topic
Geophysics
you been involved with a company doing a redesign of business processes
Communication on Customer Relations. Discuss how two-way communication on social media channels impacts businesses both positively and negatively. Provide any personal examples from your experience
od pressure and hypertension via a community-wide intervention that targets the problem across the lifespan (i.e. includes all ages).
Develop a community-wide intervention to reduce elevated blood pressure and hypertension in the State of Alabama that in
in body of the report
Conclusions
References (8 References Minimum)
*** Words count = 2000 words.
*** In-Text Citations and References using Harvard style.
*** In Task section I’ve chose (Economic issues in overseas contracting)"
Electromagnetism
w or quality improvement; it was just all part of good nursing care. The goal for quality improvement is to monitor patient outcomes using statistics for comparison to standards of care for different diseases
e a 1 to 2 slide Microsoft PowerPoint presentation on the different models of case management. Include speaker notes... .....Describe three different models of case management.
visual representations of information. They can include numbers
SSAY
ame workbook for all 3 milestones. You do not need to download a new copy for Milestones 2 or 3. When you submit Milestone 3
pages):
Provide a description of an existing intervention in Canada
making the appropriate buying decisions in an ethical and professional manner.
Topic: Purchasing and Technology
You read about blockchain ledger technology. Now do some additional research out on the Internet and share your URL with the rest of the class
be aware of which features their competitors are opting to include so the product development teams can design similar or enhanced features to attract more of the market. The more unique
low (The Top Health Industry Trends to Watch in 2015) to assist you with this discussion.
https://youtu.be/fRym_jyuBc0
Next year the $2.8 trillion U.S. healthcare industry will finally begin to look and feel more like the rest of the business wo
evidence-based primary care curriculum. Throughout your nurse practitioner program
Vignette
Understanding Gender Fluidity
Providing Inclusive Quality Care
Affirming Clinical Encounters
Conclusion
References
Nurse Practitioner Knowledge
Mechanics
and word limit is unit as a guide only.
The assessment may be re-attempted on two further occasions (maximum three attempts in total). All assessments must be resubmitted 3 days within receiving your unsatisfactory grade. You must clearly indicate “Re-su
Trigonometry
Article writing
Other
5. June 29
After the components sending to the manufacturing house
1. In 1972 the Furman v. Georgia case resulted in a decision that would put action into motion. Furman was originally sentenced to death because of a murder he committed in Georgia but the court debated whether or not this was a violation of his 8th amend
One of the first conflicts that would need to be investigated would be whether the human service professional followed the responsibility to client ethical standard. While developing a relationship with client it is important to clarify that if danger or
Ethical behavior is a critical topic in the workplace because the impact of it can make or break a business
No matter which type of health care organization
With a direct sale
During the pandemic
Computers are being used to monitor the spread of outbreaks in different areas of the world and with this record
3. Furman v. Georgia is a U.S Supreme Court case that resolves around the Eighth Amendments ban on cruel and unsual punishment in death penalty cases. The Furman v. Georgia case was based on Furman being convicted of murder in Georgia. Furman was caught i
One major ethical conflict that may arise in my investigation is the Responsibility to Client in both Standard 3 and Standard 4 of the Ethical Standards for Human Service Professionals (2015). Making sure we do not disclose information without consent ev
4. Identify two examples of real world problems that you have observed in your personal
Summary & Evaluation: Reference & 188. Academic Search Ultimate
Ethics
We can mention at least one example of how the violation of ethical standards can be prevented. Many organizations promote ethical self-regulation by creating moral codes to help direct their business activities
*DDB is used for the first three years
For example
The inbound logistics for William Instrument refer to purchase components from various electronic firms. During the purchase process William need to consider the quality and price of the components. In this case
4. A U.S. Supreme Court case known as Furman v. Georgia (1972) is a landmark case that involved Eighth Amendment’s ban of unusual and cruel punishment in death penalty cases (Furman v. Georgia (1972)
With covid coming into place
In my opinion
with
Not necessarily all home buyers are the same! When you choose to work with we buy ugly houses Baltimore & nationwide USA
The ability to view ourselves from an unbiased perspective allows us to critically assess our personal strengths and weaknesses. This is an important step in the process of finding the right resources for our personal learning style. Ego and pride can be
· By Day 1 of this week
While you must form your answers to the questions below from our assigned reading material
CliftonLarsonAllen LLP (2013)
5 The family dynamic is awkward at first since the most outgoing and straight forward person in the family in Linda
Urien
The most important benefit of my statistical analysis would be the accuracy with which I interpret the data. The greatest obstacle
From a similar but larger point of view
4 In order to get the entire family to come back for another session I would suggest coming in on a day the restaurant is not open
When seeking to identify a patient’s health condition
After viewing the you tube videos on prayer
Your paper must be at least two pages in length (not counting the title and reference pages)
The word assimilate is negative to me. I believe everyone should learn about a country that they are going to live in. It doesnt mean that they have to believe that everything in America is better than where they came from. It means that they care enough
Data collection
Single Subject Chris is a social worker in a geriatric case management program located in a midsize Northeastern town. She has an MSW and is part of a team of case managers that likes to continuously improve on its practice. The team is currently using an
I would start off with Linda on repeating her options for the child and going over what she is feeling with each option. I would want to find out what she is afraid of. I would avoid asking her any “why” questions because I want her to be in the here an
Summarize the advantages and disadvantages of using an Internet site as means of collecting data for psychological research (Comp 2.1) 25.0\% Summarization of the advantages and disadvantages of using an Internet site as means of collecting data for psych
Identify the type of research used in a chosen study
Compose a 1
Optics
effect relationship becomes more difficult—as the researcher cannot enact total control of another person even in an experimental environment. Social workers serve clients in highly complex real-world environments. Clients often implement recommended inte
I think knowing more about you will allow you to be able to choose the right resources
Be 4 pages in length
soft MB-920 dumps review and documentation and high-quality listing pdf MB-920 braindumps also recommended and approved by Microsoft experts. The practical test
g
One thing you will need to do in college is learn how to find and use references. References support your ideas. College-level work must be supported by research. You are expected to do that for this paper. You will research
Elaborate on any potential confounds or ethical concerns while participating in the psychological study 20.0\% Elaboration on any potential confounds or ethical concerns while participating in the psychological study is missing. Elaboration on any potenti
3 The first thing I would do in the family’s first session is develop a genogram of the family to get an idea of all the individuals who play a major role in Linda’s life. After establishing where each member is in relation to the family
A Health in All Policies approach
Note: The requirements outlined below correspond to the grading criteria in the scoring guide. At a minimum
Chen
Read Connecting Communities and Complexity: A Case Study in Creating the Conditions for Transformational Change
Read Reflections on Cultural Humility
Read A Basic Guide to ABCD Community Organizing
Use the bolded black section and sub-section titles below to organize your paper. For each section
Losinski forwarded the article on a priority basis to Mary Scott
Losinksi wanted details on use of the ED at CGH. He asked the administrative resident