By Robert Higgins
This paperback textual content has been written to give average strategies and glossy advancements in a realistic and intuitive demeanour. it truly is meant for non-financial managers and company scholars drawn to the perform of monetary administration. Emphasis is at the managerial purposes of economic research.
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25 5-Year Aggregate Equity 482 30 2016 International Valuation Handbook – Industry Cost of Capital Calculation of Industry Financial Statistics45 GICS Code and Number of Companies in the Main Set Industries are identified herein by Global Industry Classification Standard (GICS) code. The GICS code and a short description of the industry are provided in the upper left of each of the industry data pages. , “healthy”) set of companies is also provided. The main set of companies is used to calculate the “Median”, “GICS Composite”, “Large Composite”, and “Small Composite”.
As such, the median can be thought of as the “typical” observation. , extreme values that are not “typical”). , middle value). 43, 44 GICS Composite The GICS Composite is calculated in order to give the analyst a sense of the characteristics of the industry as a whole. The GICS Composite includes all companies identified in the screening process as “healthy”, and having at least 75% of their revenues derived from a single GICS code. 43 44 When the total number of observations is odd, the middle value is the single middle observation (there are an equal number of observations above and below this single observation).
Source of underlying market benchmark and short-term risk-free rate returns: Morningstar Direct database. All calculations by Duff & Phelps. 2016 International Valuation Handbook – Industry Cost of Capital 41 Raw (OLS) Beta Ri Rf D Ei u Rm Rf H where: Ri = Historical return on company or portfolio i Rf = Expected return on a risk-free security (assumed to be "0" herein) D = Regression constant Ei = Beta coefficient of company or portfolio i Rm = Historical return on market portfolio H = Regression error term Raw (OLS) beta is calculated in this book as a linear regression with a company’s (or portfolio’s) monthly total returns acting as the dependent variable, and the monthly total returns of the market benchmark acting as the independent variable.