Case Study
mrsaiz
AMERTRADECASEORIGINAL.xlsExhibit 1
| Exhibit 1 Consolidated Annual Income Statements for the Fiscal Year Ending in September | |||
| 1997 | 1996 | 1995 | |
| Net Revenues | |||
| Transaction Income | $51,936,902 | $36,469,561 | $23,977,481 |
| Net Interest | 18,193,946 | 11,477,878 | 8,434,584 |
| Other | 7,107,492 | 6,391,314 | 2,607,538 |
| Total Net Revenues | 77,238,340 | 54,338,753 | 35,019,603 |
| Expenses Excluding Interest | |||
| Employee Compensation | 19,290,808 | 14,049,642 | 8,481,977 |
| Commissions and Clearance | 3,320,262 | 2,530,642 | 2,516,796 |
| Communications | 5,623,468 | 3,685,535 | 2,352,590 |
| Occupancy and Equipment Cost | 5,422,839 | 2,889,654 | 1,626,725 |
| Advertising and Promotion | 13,970,834 | 7,537,265 | 4,842,392 |
| Provision for Losses | 59,000 | 148,014 | 1,428,663 |
| Amortization of Goodwill | 363,002 | 363,002 | 94,152 |
| Other | 7,763,014 | 4,717,406 | 2,846,280 |
| Total Expenses Excluding Interest | 55,813,227 | 35,921,160 | 24,189,575 |
| Income Before Income Taxes | 21,425,113 | 18,417,593 | 10,830,028 |
| Taxes | 7,602,964 | 7,259,248 | 3,798,881 |
| Net Income | $13,822,149 | $11,158,345 | $7,031,147 |
| EPS | $1.00 | $0.87 | $0.55 |
| Shares Outstanding | 13,768,889 | 12,813,823 | 12,813,823 |
| Source: Ameritrade Annual Report, 1997. |
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Exhibit 2
| Exhibit 2 Consolidated Annual Balance Sheets for the Fiscal Year Ending in September | ||
| 1997 | 1996 | |
| ASSETS | ||
| Cash and Cash Equivalents | $53,522,447 | $15,767,170 |
| Cash and Investments Segregated in Compliance with Federal Regulations | 319,763,921 | 175,668,497 |
| Receivable from Brokers, Dealers, and Clearing Organizations | 17,823,640 | 15,096,862 |
| Receivable from Customers and Correspondents | 325,407,147 | 166,075,055 |
| Furniture, Equipment, and Leasehold Improvements | 8,709,923 | 3,746,178 |
| Goodwill | 6,346,763 | 6,709,765 |
| Equity Investments | 7,597,972 | 7,157,783 |
| Other Investments | 5,000,000 | 5,000,000 |
| Deferred Income Taxes | 39,314 | 444,378 |
| Other Assets | 13,145,616 | 6,013,544 |
| Total Assets | $757,356,743 | $401,679,232 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Liabilities: | ||
| Payable to Brokers, Dealers, and Clearing Organizations | 1,404,999 | 1,193,479 |
| Payable to Customers and Correspondents | 666,279,440 | 356,942,970 |
| Accounts Payable and Accrued Liabilities | 19,252,931 | 7,221,008 |
| Notes Payable to Bank | -- | 4,853,000 |
| Income Taxes Payable | 3,430,279 | 806,711 |
| Total Liabilities | 690,367,649 | 371,017,168 |
| Stockholders' Equity: | ||
| Class A Common Stock | 131,534 | 114,494 |
| Class B Common Stock | 13,644 | 13,644 |
| Additional Paid in Capital | 23,297,506 | 809,665 |
| Retained Earnings | 43,546,410 | 29,724,261 |
| Total Stockholders' Equity | 66,989,094 | 30,662,064 |
| Total Liabilities and Stockholders' Equity | $757,356,743 | $401,679,232 |
| Source: Ameritrade Annual Report, 1997. |
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Exhibit 3
| Exhibit 3 Capital Market Return Data (Historical and Current) | ||
| Prevailing Yields on U.S. Government Securities (August 31, 1997) | ||
| Annualized Yield to Maturity | ||
| 3-Month T-Bills | 5.24% | |
| 1-Year Bonds | 5.59% | |
| 5-Year Bonds | 6.22% | |
| 10-Year Bonds | 6.34% | |
| 20-Year Bonds | 6.69% | |
| 30-Year Bonds | 6.61% | |
| Historic Average Total Annual Returns on U.S. Government Securities and Common Stocks (1950-1996) | ||
| Average Annual Return | Standard Deviation | |
| T-Bills | 5.2% | 3.0% |
| Intermediate Bondsa | 6.4% | 6.6% |
| Long-term Bondsb | 6.0% | 10.8% |
| Large Company Stocksc | 14.0% | 16.8% |
| Small Company Stocksd | 17.8% | 25.6% |
| Historic Average Total Annual Returns on U.S. Government Securities and Common Stocks (1929-1996) | ||
| Average Annual Return | Standard Deviation | |
| T-Bills | 3.8% | 3.3% |
| Intermediate Bondsa | 5.4% | 5.8% |
| Long-term Bondsb | 5.5% | 9.2% |
| Large Company Stocksc | 12.7% | 20.3% |
| Small Company Stocksd | 17.7% | 34.1% |
| Sources: Yields are from Datastream, historical data are from Ibbotson Associates, SBBI 2000 Yearbook. | ||
| aPortfolio of U.S. Government bonds with maturity near 5 years. | ||
| bPortfolio of U.S. Government bonds with maturity near 20 years. | ||
| cStandard & Poor's 500 Stock Price Index. | ||
| dA subset of small cap stocks traded on the NYSE (1926-1981); Dimensional Fund Advisor's Small Company Fund (1982-1997). |
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Exhibit 4
| Exhibit 4 Selected Data for Comparable Firms | |||||||
| Debt/Assets | Debt/Assets | ||||||
| (Market Values) | (Book Values) | ||||||
| Firm Name (Industry) | Current | Average 1992-1996 | Current | Average 1992-1996 | Brokerage Revenues (%) | ||
| A G Edwards (Investment Services)a | 0.00 | 0.00 | 0.00 | 0.00 | 57 | ||
| Bear Stearns (Investment Services) | 0.60 | 0.50 | 0.69 | 0.60 | 35 | ||
| Charles Schwab Corp (Discount Brokerage) | 0.05 | 0.08 | 0.25 | 0.30 | 82 | ||
| E*Trade (Discount Brokerage) | 0.00 | NA | 0.00 | NA | 95 | ||
| Lehman Brothers (Investment Services) | 0.79 | NA | 0.80 | 0.79b | 13 | ||
| Mecklermedia (Internet) | 0.00 | 0.00b | 0.00 | 0.00b | 0 | ||
| Merrill Lynch & Co (Investment Services) | 0.57 | 0.52 | 0.77 | 0.65 | 37 | ||
| Morgan Stanley Dean Witter (Investment Services) | 0.57 | 0.53 | 0.70 | 0.63 | 12 | ||
| Netscape (Internet) | 0.00 | NA | 0.00 | NA | 0 | ||
| Paine Webber (Investment Service) | 0.51 | 0.53 | 0.63 | 0.58 | 46 | ||
| Quick & Reilly Group (Discount Brokerage) | 0.00 | 0.00 | 0.00 | 0.00 | 81 | ||
| Raymond James Financial (Investment Services) | 0.05 | 0.04 | 0.07 | 0.06 | 51 | ||
| Waterhouse Investor Srvcs (Discount Brokerage) | NA | 0.38 | NA | 0.70c | 99 | ||
| Yahoo! (Internet) | 0.00 | NA | 0.00 | NA | 0 | ||
| Source: Compustat; Standard & Poor's; company public filings. | |||||||
| aInvestment Services includes brokerage, asset management, investment banking, and trading. | |||||||
| bIndicates average over 1993-1996. | |||||||
| cIndicates average over 1992-1995. |
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Exhibit 5
| Exhibit 5 Stock Price Data for Discount Brokers | ||||
| Ameritrade | ||||
| Date | Shares | Price | Dividend | Stock Split |
| 31-Mar-97 | 13,153 | 15.625 | 1.000 | |
| 30-Apr-97 | 13,153 | 12.500 | - 0 | |
| 30-May-97 | 13,153 | 14.000 | - 0 | |
| 30-Jun-97 | 14,518 | 15.750 | - 0 | |
| 31-Jul-97 | 14,518 | 15.375 | - 0 | |
| 29-Aug-97 | 14,518 | 18.813 | - 0 | |
| Charles Schwab | ||||
| Date | Shares | Price | Dividend | Stock Split |
| 30-Sep-87 | 29,121 | 15.875 | - 0 | |
| 30-Oct-87 | 29,121 | 7.875 | - 0 | |
| 30-Nov-87 | 29,121 | 6.625 | - 0 | |
| 31-Dec-87 | 25,388 | 6.000 | - 0 | |
| 29-Jan-88 | 25,388 | 6.500 | - 0 | |
| 29-Feb-88 | 25,388 | 9.000 | - 0 | |
| 31-Mar-88 | 25,388 | 7.375 | - 0 | |
| 29-Apr-88 | 25,388 | 7.625 | - 0 | |
| 31-May-88 | 25,388 | 6.875 | - 0 | |
| 30-Jun-88 | 25,294 | 7.250 | - 0 | |
| 29-Jul-88 | 25,294 | 7.500 | - 0 | |
| 31-Aug-88 | 25,294 | 6.750 | - 0 | |
| 30-Sep-88 | 25,328 | 6.750 | - 0 | |
| 31-Oct-88 | 25,328 | 7.500 | - 0 | |
| 30-Nov-88 | 25,328 | 6.750 | - 0 | |
| 30-Dec-88 | 25,354 | 6.750 | - 0 | |
| 31-Jan-89 | 25,354 | 10.250 | - 0 | |
| 28-Feb-89 | 25,354 | 8.625 | - 0 | |
| 31-Mar-89 | 25,354 | 8.875 | - 0 | |
| 28-Apr-89 | 25,354 | 10.125 | - 0 | |
| 31-May-89 | 25,354 | 11.750 | 0.030 | |
| 30-Jun-89 | 25,352 | 11.000 | - 0 | |
| 31-Jul-89 | 25,352 | 16.500 | 0.030 | |
| 31-Aug-89 | 25,352 | 15.750 | - 0 | |
| 29-Sep-89 | 25,386 | 14.000 | - 0 | |
| 31-Oct-89 | 25,386 | 13.000 | 0.030 | |
| 30-Nov-89 | 25,386 | 12.500 | - 0 | |
| 29-Dec-89 | 25,332 | 13.875 | - 0 | |
| 31-Jan-90 | 25,332 | 13.500 | 0.030 | |
| 28-Feb-90 | 25,332 | 15.250 | - 0 | |
| 30-Mar-90 | 25,332 | 17.000 | - 0 | |
| 30-Apr-90 | 25,332 | 15.125 | 0.030 | |
| 31-May-90 | 25,332 | 15.750 | - 0 | |
| 29-Jun-90 | 25,099 | 15.250 | - 0 | |
| 31-Jul-90 | 25,099 | 13.625 | 0.030 | |
| 31-Aug-90 | 25,099 | 12.625 | - 0 | |
| 28-Sep-90 | 25,255 | 11.375 | - 0 | |
| 31-Oct-90 | 25,255 | 12.625 | 0.040 | |
| 30-Nov-90 | 25,255 | 11.875 | - 0 | |
| 31-Dec-90 | 24,464 | 11.375 | - 0 | |
| 31-Jan-91 | 24,464 | 16.000 | 0.040 | |
| 28-Feb-91 | 24,464 | 18.250 | - 0 | |
| 28-Mar-91 | 24,464 | 20.250 | - 0 | |
| 30-Apr-91 | 24,464 | 18.125 | 0.040 | |
| 31-May-91 | 24,464 | 22.500 | - 0 | |
| 28-Jun-91 | 24,435 | 24.750 | - 0 | |
| 31-Jul-91 | 24,435 | 27.500 | 0.050 | |
| 30-Aug-91 | 24,435 | 28.375 | - 0 | |
| 30-Sep-91 | 25,596 | 31.125 | - 0 | |
| 31-Oct-91 | 25,596 | 37.750 | 0.060 | |
| 29-Nov-91 | 25,596 | 32.750 | - 0 | |
| 31-Dec-91 | 38,394 | 30.375 | - 0 | 3 for 2 |
| 31-Jan-92 | 38,394 | 31.875 | 0.040 | |
| 28-Feb-92 | 38,394 | 33.250 | - 0 | |
| 31-Mar-92 | 38,479 | 34.625 | - 0 | |
| 30-Apr-92 | 38,479 | 28.500 | 0.060 | |
| 29-May-92 | 38,479 | 28.875 | - 0 | |
| 30-Jun-92 | 38,626 | 23.500 | - 0 | |
| 31-Jul-92 | 38,626 | 24.625 | 0.060 | |
| 31-Aug-92 | 38,626 | 22.500 | - 0 | |
| 30-Sep-92 | 38,149 | 18.000 | - 0 | |
| 30-Oct-92 | 38,149 | 20.250 | 0.060 | |
| 30-Nov-92 | 38,149 | 24.875 | - 0 | |
| 31-Dec-92 | 37,741 | 26.125 | - 0 | |
| 29-Jan-93 | 37,741 | 30.250 | 0.060 | |
| 26-Feb-93 | 37,741 | 32.375 | - 0 | |
| 31-Mar-93 | 37,741 | 36.500 | - 0 | |
| 30-Apr-93 | 37,741 | 32.750 | 0.075 | |
| 28-May-93 | 37,741 | 35.250 | - 0 | |
| 30-Jun-93 | 56,612 | 28.500 | - 0 | 3 for 2 |
| 30-Jul-93 | 56,612 | 29.000 | 0.050 | |
| 31-Aug-93 | 56,612 | 32.875 | - 0 | |
| 30-Sep-93 | 57,625 | 34.500 | - 0 | |
| 29-Oct-93 | 57,625 | 34.625 | 0.050 | |
| 30-Nov-93 | 57,815 | 31.875 | - 0 | |
| 31-Dec-93 | 57,815 | 32.375 | - 0 | |
| 31-Jan-94 | 57,815 | 29.500 | 0.070 | |
| 28-Feb-94 | 57,815 | 27.500 | - 0 | |
| 31-Mar-94 | 57,815 | 26.875 | - 0 | |
| 29-Apr-94 | 57,815 | 28.375 | 0.070 | |
| 31-May-94 | 57,815 | 30.250 | - 0 | |
| 30-Jun-94 | 57,114 | 24.750 | - 0 | |
| 29-Jul-94 | 57,114 | 26.750 | 0.070 | |
| 31-Aug-94 | 57,114 | 30.750 | - 0 | |
| 30-Sep-94 | 56,829 | 29.625 | - 0 | |
| 31-Oct-94 | 56,829 | 35.375 | 0.070 | |
| 30-Nov-94 | 57,325 | 31.875 | - 0 | |
| 30-Dec-94 | 57,325 | 34.875 | - 0 | |
| 31-Jan-95 | 57,325 | 40.000 | 0.090 | |
| 28-Feb-95 | 57,325 | 44.375 | - 0 | |
| 31-Mar-95 | 85,988 | 32.250 | - 0 | 3 for 2 |
| 28-Apr-95 | 85,988 | 34.250 | 0.060 | |
| 31-May-95 | 85,988 | 35.000 | - 0 | |
| 30-Jun-95 | 85,896 | 43.875 | - 0 | |
| 31-Jul-95 | 85,896 | 46.125 | 0.080 | |
| 31-Aug-95 | 87,061 | 46.625 | - 0 | |
| 29-Sep-95 | 174,122 | 29.000 | - 0 | 2 for 1 |
| 31-Oct-95 | 174,122 | 22.875 | 0.040 | |
| 30-Nov-95 | 174,678 | 24.250 | - 0 | |
| 29-Dec-95 | 174,678 | 20.125 | - 0 | |
| 31-Jan-96 | 174,678 | 25.125 | 0.040 | |
| 29-Feb-96 | 174,678 | 25.500 | - 0 | |
| 29-Mar-96 | 174,678 | 25.875 | - 0 | |
| 30-Apr-96 | 174,032 | 24.500 | 0.040 | |
| 31-May-96 | 174,032 | 24.250 | - 0 | |
| 28-Jun-96 | 174,989 | 24.500 | - 0 | |
| 31-Jul-96 | 174,989 | 24.125 | 0.050 | |
| 30-Aug-96 | 174,989 | 25.000 | - 0 | |
| 30-Sep-96 | 175,166 | 23.000 | - 0 | |
| 31-Oct-96 | 175,166 | 25.000 | 0.050 | |
| 29-Nov-96 | 175,166 | 30.250 | - 0 | |
| 31-Dec-96 | 175,173 | 32.000 | - 0 | |
| 31-Jan-97 | 175,173 | 37.500 | - 0 | |
| 28-Feb-97 | 175,173 | 37.500 | 0.050 | |
| 31-Mar-97 | 175,173 | 32.000 | - 0 | |
| 30-Apr-97 | 175,068 | 36.625 | - 0 | |
| 30-May-97 | 175,068 | 40.625 | 0.050 | |
| 30-Jun-97 | 175,813 | 40.500 | - 0 | |
| 31-Jul-97 | 176,422 | 47.000 | - 0 | |
| 29-Aug-97 | 176,422 | 42.750 | 0.050 | |
| E*Trade | ||||
| Date | Shares | Price | Dividend | Stock Split |
| 30-Aug-96 | 29,393 | 10.500 | - 0 | |
| 30-Sep-96 | 29,539 | 13.188 | - 0 | |
| 31-Oct-96 | 29,539 | 11.125 | - 0 | |
| 29-Nov-96 | 29,539 | 10.938 | - 0 | |
| 31-Dec-96 | 29,545 | 11.500 | - 0 | |
| 31-Jan-97 | 29,545 | 17.625 | - 0 | |
| 28-Feb-97 | 29,545 | 24.000 | - 0 | |
| 31-Mar-97 | 30,440 | 18.000 | - 0 | |
| 30-Apr-97 | 30,440 | 15.000 | - 0 | |
| 30-May-97 | 30,440 | 17.625 | - 0 | |
| 30-Jun-97 | 30,958 | 19.625 | - 0 | |
| 31-Jul-97 | 30,958 | 30.500 | - 0 | |
| 29-Aug-97 | 30,958 | 32.125 | - 0 | |
| Quick & Reilly | ||||
| Date | Shares | Price | Dividend | Stock Split |
| 31-Jan-84 | 6,318 | 17.625 | - 0 | |
| 29-Feb-84 | 6,318 | 15.000 | 0.050 | |
| 30-Mar-84 | 6,318 | 14.875 | - 0 | |
| 30-Apr-84 | 6,318 | 17.125 | - 0 | |
| 31-May-84 | 6,318 | 17.375 | - 0 | |
| 29-Jun-84 | 6,318 | 18.000 | 0.050 | |
| 31-Jul-84 | 6,318 | 14.750 | - 0 | |
| 31-Aug-84 | 6,318 | 18.000 | 0.050 | |
| 28-Sep-84 | 6,318 | 17.000 | - 0 | |
| 31-Oct-84 | 6,318 | 17.875 | - 0 | |
| 30-Nov-84 | 6,318 | 15.250 | 0.050 | |
| 31-Dec-84 | 6,318 | 15.500 | - 0 | |
| 31-Jan-85 | 6,318 | 23.375 | - 0 | |
| 28-Feb-85 | 6,318 | 23.750 | 0.110 | |
| 29-Mar-85 | 6,318 | 23.125 | - 0 | |
| 30-Apr-85 | 6,318 | 20.625 | - 0 | |
| 31-May-85 | 6,318 | 22.625 | 0.060 | |
| 28-Jun-85 | 6,318 | 24.000 | - 0 | |
| 31-Jul-85 | 6,318 | 24.125 | - 0 | |
| 30-Aug-85 | 6,318 | 22.875 | 0.060 | |
| 30-Sep-85 | 6,318 | 20.125 | - 0 | |
| 31-Oct-85 | 6,318 | 22.250 | - 0 | |
| 29-Nov-85 | 6,318 | 25.500 | 0.060 | |
| 31-Dec-85 | 6,318 | 32.500 | - 0 | |
| 31-Jan-86 | 6,318 | 36.375 | - 0 | |
| 28-Feb-86 | 6,318 | 39.125 | 0.170 | |
| 31-Mar-86 | 6,318 | 39.000 | - 0 | |
| 30-Apr-86 | 6,318 | 30.375 | - 0 | |
| 30-May-86 | 11,149 | 33.375 | 0.070 | |
| 30-Jun-86 | 11,149 | 35.500 | - 0 | |
| 31-Jul-86 | 11,149 | 29.000 | - 0 | |
| 29-Aug-86 | 11,149 | 28.750 | 0.070 | |
| 30-Sep-86 | 11,149 | 23.875 | - 0 | |
| 31-Oct-86 | 11,149 | 32.125 | - 0 | |
| 28-Nov-86 | 11,149 | 29.500 | 0.070 | |
| 31-Dec-86 | 11,149 | 26.750 | - 0 | |
| 30-Jan-87 | 11,149 | 36.125 | - 0 | |
| 27-Feb-87 | 11,149 | 36.875 | 0.200 | |
| 31-Mar-87 | 11,149 | 36.000 | - 0 | |
| 30-Apr-87 | 16,724 | 21.375 | - 0 | 3 for 2 |
| 29-May-87 | 16,724 | 21.500 | 0.055 | |
| 30-Jun-87 | 9,477 | 19.250 | - 0 | |
| 31-Jul-87 | 9,477 | 20.250 | - 0 | |
| 31-Aug-87 | 9,477 | 24.625 | 0.055 | |
| 30-Sep-87 | 9,477 | 23.000 | - 0 | |
| 30-Oct-87 | 9,477 | 12.125 | - 0 | |
| 30-Nov-87 | 9,477 | 11.625 | 0.055 | |
| 31-Dec-87 | 9,477 | 12.500 | - 0 | |
| 29-Jan-88 | 9,477 | 12.625 | - 0 | |
| 29-Feb-88 | 9,477 | 13.500 | 0.180 | |
| 31-Mar-88 | 9,452 | 12.250 | - 0 | |
| 29-Apr-88 | 9,452 | 12.625 | - 0 | |
| 31-May-88 | 9,452 | 11.500 | 0.060 | |
| 30-Jun-88 | 9,452 | 11.875 | - 0 | |
| 29-Jul-88 | 9,452 | 11.500 | - 0 | |
| 31-Aug-88 | 9,452 | 11.250 | 0.060 | |
| 30-Sep-88 | 9,452 | 11.750 | - 0 | |
| 31-Oct-88 | 9,452 | 11.750 | - 0 | |
| 30-Nov-88 | 9,452 | 11.500 | 0.060 | |
| 30-Dec-88 | 9,452 | 10.875 | - 0 | |
| 31-Jan-89 | 9,452 | 15.000 | - 0 | |
| 28-Feb-89 | 9,452 | 13.750 | 0.060 | |
| 31-Mar-89 | 9,452 | 13.250 | - 0 | |
| 28-Apr-89 | 9,452 | 13.000 | - 0 | |
| 31-May-89 | 9,452 | 16.125 | 0.060 | |
| 30-Jun-89 | 9,452 | 14.000 | - 0 | |
| 31-Jul-89 | 9,452 | 16.500 | - 0 | |
| 31-Aug-89 | 9,452 | 17.000 | 0.060 | |
| 29-Sep-89 | 9,452 | 16.750 | - 0 | |
| 31-Oct-89 | 9,452 | 15.750 | - 0 | |
| 30-Nov-89 | 9,452 | 14.875 | 0.060 | |
| 29-Dec-89 | 9,452 | 13.625 | - 0 | |
| 31-Jan-90 | 9,452 | 12.000 | - 0 | |
| 28-Feb-90 | 9,452 | 13.625 | 0.130 | |
| 30-Mar-90 | 9,452 | 13.250 | - 0 | |
| 30-Apr-90 | 9,452 | 13.000 | - 0 | |
| 31-May-90 | 9,452 | 15.250 | 0.070 | |
| 29-Jun-90 | 9,452 | 14.000 | - 0 | |
| 31-Jul-90 | 9,452 | 13.500 | - 0 | |
| 31-Aug-90 | 9,452 | 11.375 | 0.070 | |
| 28-Sep-90 | 9,452 | 10.375 | - 0 | |
| 31-Oct-90 | 9,452 | 9.750 | - 0 | |
| 30-Nov-90 | 9,452 | 10.125 | 0.070 | |
| 31-Dec-90 | 9,437 | 10.250 | - 0 | |
| 31-Jan-91 | 9,437 | 13.125 | - 0 | |
| 28-Feb-91 | 9,437 | 16.125 | 0.070 | |
| 28-Mar-91 | 9,210 | 18.875 | - 0 | |
| 30-Apr-91 | 9,210 | 17.500 | - 0 | |
| 31-May-91 | 9,210 | 17.750 | 0.070 | |
| 28-Jun-91 | 9,452 | 17.000 | - 0 | |
| 31-Jul-91 | 9,452 | 19.625 | - 0 | |
| 30-Aug-91 | 9,452 | 20.625 | 0.070 | |
| 30-Sep-91 | 9,210 | 19.250 | - 0 | |
| 31-Oct-91 | 9,210 | 20.375 | - 0 | |
| 29-Nov-91 | 9,210 | 20.000 | 0.070 | |
| 31-Dec-91 | 9,220 | 27.750 | - 0 | |
| 31-Jan-92 | 9,220 | 27.500 | - 0 | |
| 28-Feb-92 | 9,220 | 28.500 | 0.180 | |
| 31-Mar-92 | 9,292 | 28.625 | - 0 | |
| 30-Apr-92 | 9,292 | 21.500 | - 0 | |
| 29-May-92 | 9,292 | 21.500 | 0.080 | |
| 30-Jun-92 | 9,292 | 21.000 | - 0 | |
| 31-Jul-92 | 9,292 | 20.125 | - 0 | |
| 31-Aug-92 | 9,292 | 19.625 | 0.080 | |
| 30-Sep-92 | 9,884 | 20.125 | - 0 | |
| 30-Oct-92 | 9,884 | 21.000 | - 0 | |
| 30-Nov-92 | 9,884 | 25.375 | 0.080 | |
| 31-Dec-92 | 9,884 | 24.750 | - 0 | |
| 29-Jan-93 | 9,884 | 27.000 | - 0 | |
| 26-Feb-93 | 9,884 | 26.000 | 0.220 | |
| 31-Mar-93 | 9,824 | 27.125 | - 0 | |
| 30-Apr-93 | 9,824 | 25.125 | - 0 | |
| 28-May-93 | 9,824 | 26.125 | 0.100 | |
| 30-Jun-93 | 10,315 | 28.875 | 1.443 | |
| 30-Jul-93 | 10,623 | 30.750 | - 0 | |
| 31-Aug-93 | 10,623 | 35.000 | 0.100 | |
| 30-Sep-93 | 10,643 | 36.250 | - 0 | |
| 29-Oct-93 | 10,643 | 35.875 | - 0 | |
| 30-Nov-93 | 10,678 | 34.250 | 0.100 | |
| 31-Dec-93 | 11,212 | 35.750 | 1.788 | |
| 31-Jan-94 | 10,678 | 35.375 | - 0 | |
| 28-Feb-94 | 11,238 | 28.375 | 0.270 | |
| 31-Mar-94 | 11,238 | 25.625 | - 0 | |
| 29-Apr-94 | 11,238 | 26.375 | - 0 | |
| 31-May-94 | 11,238 | 26.875 | 0.120 | |
| 30-Jun-94 | 11,168 | 25.375 | - 0 | |
| 29-Jul-94 | 11,168 | 24.750 | - 0 | |
| 31-Aug-94 | 11,121 | 29.250 | 0.120 | |
| 30-Sep-94 | 11,121 | 25.875 | - 0 | |
| 31-Oct-94 | 11,111 | 25.750 | - 0 | |
| 30-Nov-94 | 11,111 | 24.750 | 0.120 | |
| 30-Dec-94 | 11,111 | 28.375 | - 0 | |
| 31-Jan-95 | 11,075 | 30.875 | - 0 | |
| 28-Feb-95 | 11,075 | 35.000 | 0.290 | |
| 31-Mar-95 | 11,075 | 35.500 | - 0 | |
| 28-Apr-95 | 11,075 | 40.625 | - 0 | |
| 31-May-95 | 11,075 | 47.000 | - 0 | |
| 30-Jun-95 | 16,613 | 36.625 | 0.150 | 3 for 2 |
| 31-Jul-95 | 16,613 | 38.500 | - 0 | |
| 31-Aug-95 | 16,613 | 37.375 | 0.100 | |
| 29-Sep-95 | 16,613 | 45.875 | - 0 | |
| 31-Oct-95 | 24,920 | 23.750 | - 0 | 3 for 2 |
| 30-Nov-95 | 24,952 | 25.375 | 0.070 | |
| 29-Dec-95 | 24,952 | 20.500 | - 0 | |
| 31-Jan-96 | 25,056 | 23.250 | - 0 | |
| 29-Feb-96 | 25,056 | 26.250 | 0.080 | |
| 29-Mar-96 | 25,056 | 29.500 | - 0 | |
| 30-Apr-96 | 25,056 | 30.500 | - 0 | |
| 31-May-96 | 25,056 | 33.875 | 0.070 | |
| 28-Jun-96 | 25,056 | 32.500 | - 0 | |
| 31-Jul-96 | 25,178 | 28.375 | - 0 | |
| 30-Aug-96 | 25,178 | 29.250 | 0.080 | |
| 30-Sep-96 | 25,178 | 26.500 | - 0 | |
| 31-Oct-96 | 25,178 | 26.250 | - 0 | |
| 29-Nov-96 | 25,178 | 28.375 | 0.080 | |
| 31-Dec-96 | 25,178 | 29.875 | - 0 | |
| 31-Jan-97 | 25,173 | 36.625 | - 0 | |
| 28-Feb-97 | 25,173 | 35.000 | 0.190 | |
| 31-Mar-97 | 37,760 | 20.875 | - 0 | 3 for 2 |
| 30-Apr-97 | 37,760 | 22.125 | - 0 | |
| 30-May-97 | 37,760 | 23.000 | 0.060 | |
| 30-Jun-97 | 38,606 | 23.250 | - 0 | |
| 31-Jul-97 | 38,664 | 26.250 | - 0 | |
| 29-Aug-97 | 38,664 | 34.250 | 0.060 | |
| Waterhouse Investor Services | ||||
| Date | Shares | Price | Dividend | Stock Split |
| 29-May-87 | 2,572 | 6.938 | - 0 | |
| 30-Jun-87 | 2,572 | 8.000 | - 0 | |
| 31-Jul-87 | 2,572 | 8.250 | - 0 | |
| 31-Aug-87 | 2,572 | 7.500 | - 0 | |
| 30-Sep-87 | 2,572 | 8.000 | - 0 | |
| 30-Oct-87 | 2,572 | 6.250 | - 0 | |
| 30-Nov-87 | 2,572 | 6.000 | - 0 | |
| 31-Dec-87 | 2,572 | 5.250 | - 0 | |
| 29-Jan-88 | 2,572 | 4.500 | - 0 | |
| 29-Feb-88 | 2,482 | 4.750 | - 0 | |
| 31-Mar-88 | 2,482 | 6.000 | - 0 | |
| 29-Apr-88 | 2,482 | 5.875 | - 0 | |
| 31-May-88 | 2,482 | 6.250 | - 0 | |
| 30-Jun-88 | 2,482 | 5.000 | - 0 | |
| 29-Jul-88 | 2,482 | 3.500 | - 0 | |
| 31-Aug-88 | 2,482 | 3.250 | - 0 | |
| 30-Sep-88 | 2,482 | 4.000 | - 0 | |
| 31-Oct-88 | 2,482 | 3.375 | - 0 | |
| 30-Nov-88 | 2,482 | 3.500 | - 0 | |
| 30-Dec-88 | 2,482 | 2.750 | - 0 | |
| 31-Jan-89 | 2,482 | 3.750 | - 0 | |
| 28-Feb-89 | 2,472 | 3.750 | - 0 | |
| 31-Mar-89 | 2,472 | 4.750 | - 0 | |
| 28-Apr-89 | 2,472 | 4.250 | - 0 | |
| 31-May-89 | 2,420 | 5.000 | - 0 | |
| 30-Jun-89 | 2,420 | 6.000 | - 0 | |
| 31-Jul-89 | 2,420 | 6.000 | - 0 | |
| 31-Aug-89 | 2,419 | 5.750 | 0.120 | |
| 29-Sep-89 | 2,419 | 5.625 | - 0 | |
| 31-Oct-89 | 2,419 | 5.375 | - 0 | |
| 30-Nov-89 | 2,417 | 5.000 | - 0 | |
| 29-Dec-89 | 2,417 | 4.500 | - 0 | |
| 31-Jan-90 | 2,417 | 4.375 | - 0 | |
| 28-Feb-90 | 2,420 | 3.750 | - 0 | |
| 30-Mar-90 | 2,420 | 4.250 | - 0 | |
| 30-Apr-90 | 2,420 | 4.375 | - 0 | |
| 31-May-90 | 2,572 | 4.250 | - 0 | |
| 29-Jun-90 | 2,572 | 4.750 | - 0 | |
| 31-Jul-90 | 2,572 | 4.625 | - 0 | |
| 31-Aug-90 | 2,377 | 4.375 | 0.150 | |
| 28-Sep-90 | 2,377 | 4.250 | - 0 | |
| 31-Oct-90 | 2,377 | 4.000 | - 0 | |
| 30-Nov-90 | 2,370 | 3.750 | - 0 | |
| 31-Dec-90 | 2,370 | 3.625 | - 0 | |
| 31-Jan-91 | 2,370 | 3.750 | - 0 | |
| 28-Feb-91 | 2,320 | 4.500 | - 0 | |
| 28-Mar-91 | 2,320 | 6.125 | - 0 | |
| 30-Apr-91 | 2,320 | 7.000 | - 0 | |
| 31-May-91 | 2,320 | 8.250 | - 0 | |
| 28-Jun-91 | 2,900 | 8.000 | - 0 | 5 for 4 |
| 31-Jul-91 | 2,900 | 10.375 | - 0 | |
| 30-Aug-91 | 2,943 | 10.750 | 0.160 | |
| 30-Sep-91 | 2,943 | 14.250 | - 0 | |
| 31-Oct-91 | 2,943 | 14.000 | - 0 | |
| 29-Nov-91 | 2,943 | 15.500 | - 0 | |
| 31-Dec-91 | 2,943 | 27.500 | - 0 | |
| 31-Jan-92 | 2,943 | 26.500 | - 0 | |
| 28-Feb-92 | 4,415 | 21.750 | - 0 | 3 for 2 |
| 31-Mar-92 | 4,466 | 25.375 | - 0 | |
| 30-Apr-92 | 4,466 | 20.625 | - 0 | |
| 29-May-92 | 4,466 | 21.750 | - 0 | |
| 30-Jun-92 | 4,466 | 17.125 | - 0 | |
| 31-Jul-92 | 4,466 | 17.625 | - 0 | |
| 31-Aug-92 | 4,466 | 13.750 | 0.200 | |
| 30-Sep-92 | 4,847 | 14.375 | - 0 | |
| 30-Oct-92 | 4,847 | 15.625 | - 0 | |
| 30-Nov-92 | 4,847 | 20.750 | - 0 | |
| 31-Dec-92 | 4,847 | 20.500 | - 0 | |
| 29-Jan-93 | 4,847 | 25.250 | - 0 | |
| 26-Feb-93 | 4,847 | 24.375 | - 0 | |
| 31-Mar-93 | 6,071 | 20.500 | - 0 | 5 for 4 |
| 30-Apr-93 | 6,071 | 18.500 | - 0 | |
| 28-May-93 | 6,071 | 27.250 | - 0 | |
| 30-Jun-93 | 6,072 | 33.500 | - 0 | |
| 30-Jul-93 | 6,072 | 33.000 | - 0 | |
| 31-Aug-93 | 6,072 | 42.625 | 0.250 | |
| 30-Sep-93 | 6,072 | 50.125 | - 0 | |
| 29-Oct-93 | 6,072 | 47.250 | - 0 | |
| 30-Nov-93 | 9,108 | 25.750 | - 0 | 3 for 2 |
| 31-Dec-93 | 9,150 | 21.250 | - 0 | |
| 31-Jan-94 | 9,150 | 21.250 | - 0 | |
| 28-Feb-94 | 9,150 | 20.500 | - 0 | |
| 31-Mar-94 | 9,150 | 17.625 | - 0 | |
| 29-Apr-94 | 9,150 | 16.000 | - 0 | |
| 31-May-94 | 9,150 | 15.250 | - 0 | |
| 30-Jun-94 | 9,150 | 13.375 | - 0 | |
| 29-Jul-94 | 9,150 | 13.000 | - 0 | |
| 31-Aug-94 | 9,150 | 17.000 | 0.200 | |
| 30-Sep-94 | 9,150 | 14.125 | - 0 | |
| 31-Oct-94 | 9,150 | 16.125 | - 0 | |
| 30-Nov-94 | 9,150 | 14.250 | - 0 | |
| 30-Dec-94 | 9,154 | 12.250 | - 0 | |
| 31-Jan-95 | 9,154 | 14.500 | - 0 | |
| 28-Feb-95 | 9,154 | 17.375 | - 0 | |
| 31-Mar-95 | 9,154 | 16.125 | - 0 | |
| 28-Apr-95 | 9,154 | 15.625 | - 0 | |
| 31-May-95 | 9,154 | 17.500 | - 0 | |
| 30-Jun-95 | 9,154 | 23.000 | - 0 | |
| 31-Jul-95 | 9,154 | 27.625 | - 0 | |
| 31-Aug-95 | 9,154 | 28.625 | 0.250 | |
| 29-Sep-95 | 11,442 | 25.500 | - 0 | 5 for 4 |
| 31-Oct-95 | 11,442 | 19.750 | - 0 | |
| 30-Nov-95 | 11,442 | 19.750 | - 0 | |
| 29-Dec-95 | 11,452 | 24.750 | - 0 | |
| 31-Jan-96 | 11,452 | 23.625 | - 0 | |
| 29-Feb-96 | 11,452 | 24.625 | - 0 | |
| 29-Mar-96 | 11,452 | 33.375 | - 0 | |
| 30-Apr-96 | 11,452 | 36.250 | - 0 | |
| 31-May-96 | 11,458 | 36.625 | - 0 | |
| 28-Jun-96 | 11,458 | 37.125 | - 0 | |
| 31-Jul-96 | 11,501 | 37.625 | - 0 | |
| 30-Aug-96 | 11,501 | 37.375 | 0.220 | |
| 30-Sep-96 | 11,501 | 37.875 | - 0 | |
| Source: Center for Research on Security Prices, University of Chicago. |
&A
&C&P
Exhibit 6
| Exhibit 6 Stock Return Data for Investment Service firms, Internet Firms, and the Aggregate Stock Market | ||||||||||||
| Date | A G Edwards | Bear Stearns | Lehman Bros. | Meckler-media | Merrill Lynch | Morgan Stanley Dean Witter | Netscape | Paine Webber | Raymond James | Yahoo! | VW NYSE, AMEX, and NASDAQ | EW NYSE, AMEX, and NASDAQ |
| 31-Jan-84 | 0.026040 | -0.013280 | -0.042860 | 0.040000 | -0.012910 | 0.005760 | ||||||
| 29-Feb-84 | -0.111680 | -0.167330 | -0.175370 | -0.102560 | -0.039170 | -0.053810 | ||||||
| 30-Mar-84 | -0.042290 | -0.019140 | 0.073300 | -0.050000 | 0.013450 | 0.007100 | ||||||
| 30-Apr-84 | 0.012050 | -0.011710 | 0.080510 | -0.067670 | 0.002730 | -0.019420 | ||||||
| 31-May-84 | -0.017860 | -0.044780 | -0.113730 | -0.072580 | -0.052350 | -0.050770 | ||||||
| 29-Jun-84 | 0.100610 | 0.119790 | 0.084960 | -0.043480 | 0.023590 | 0.013800 | ||||||
| 31-Jul-84 | 0.016670 | -0.076280 | -0.090160 | 0.018180 | -0.020350 | -0.047450 | ||||||
| 31-Aug-84 | 0.178140 | 0.304570 | 0.189190 | 0.214290 | 0.112570 | 0.089620 | ||||||
| 28-Sep-84 | -0.032710 | -0.077820 | -0.105300 | -0.029410 | 0.000390 | 0.000270 | ||||||
| 31-Oct-84 | 0.024150 | 0.023630 | 0.029790 | 0.015150 | 0.000130 | -0.020890 | ||||||
| 30-Nov-84 | -0.066040 | -0.091290 | -0.041320 | -0.179100 | -0.010620 | -0.031410 | ||||||
| 31-Dec-84 | -0.017170 | -0.013700 | -0.046550 | -0.054550 | 0.023790 | 0.005050 | ||||||
| 31-Jan-85 | 0.331610 | 0.277780 | 0.431820 | 0.430770 | 0.085730 | 0.122760 | ||||||
| 28-Feb-85 | -0.007780 | -0.023190 | -0.022220 | 0.027030 | 0.017000 | 0.047140 | ||||||
| 29-Mar-85 | -0.036860 | -0.085820 | 0.026620 | 0.013160 | -0.001930 | -0.008530 | ||||||
| 30-Apr-85 | -0.094260 | -0.034290 | -0.123810 | -0.025970 | -0.002180 | -0.011290 | ||||||
| 31-May-85 | 0.085970 | 0.089360 | 0.065220 | 0.013330 | 0.055870 | 0.022930 | ||||||
| 28-Jun-85 | 0.102500 | 0.011720 | -0.040140 | 0.039470 | 0.017190 | 0.003470 | ||||||
| 31-Jul-85 | -0.064640 | 0.040930 | -0.092530 | 0.017720 | -0.000540 | 0.019510 | ||||||
| 30-Aug-85 | -0.036590 | -0.052240 | -0.038430 | 0.025000 | -0.004800 | -0.003410 | ||||||
| 30-Sep-85 | -0.132490 | -0.141730 | -0.049180 | -0.048780 | -0.039650 | -0.056140 | ||||||
| 31-Oct-85 | 0.088240 | 0.100920 | 0.008620 | 0.000000 | 0.044570 | 0.018960 | ||||||
| 29-Nov-85 | 0.099100 | -0.103450 | 0.127500 | 0.197440 | 0.256410 | 0.069270 | 0.053270 | |||||
| 31-Dec-85 | 0.141800 | 0.193590 | 0.022300 | 0.003580 | 0.015920 | 0.043060 | 0.029130 | |||||
| 31-Jan-86 | 0.039710 | 0.156760 | 0.152730 | 0.107140 | 0.288890 | 0.009860 | 0.043400 | |||||
| 28-Feb-86 | 0.149310 | 0.130840 | 0.036590 | 0.068390 | 0.103450 | 0.072840 | 0.062360 | |||||
| 31-Mar-86 | 0.083990 | 0.128720 | 0.012230 | 0.036360 | 0.171880 | 0.053880 | 0.047720 | |||||
| 30-Apr-86 | -0.086830 | 0.065640 | -0.102720 | 0.051150 | -0.137430 | -0.100000 | -0.008060 | 0.015840 | ||||
| 30-May-86 | 0.026070 | 0.003620 | -0.008080 | 0.013420 | 0.051530 | -0.007410 | 0.050810 | 0.036630 | ||||
| 30-Jun-86 | -0.066370 | -0.168520 | -0.054610 | -0.062910 | -0.116500 | -0.040600 | 0.014300 | 0.008960 | ||||
| 31-Jul-86 | -0.067630 | -0.141920 | -0.039710 | -0.070670 | -0.010990 | -0.187500 | -0.059690 | -0.073610 | ||||
| 29-Aug-86 | 0.104660 | 0.160310 | 0.145110 | 0.149050 | 0.175930 | 0.038460 | 0.066390 | 0.022110 | ||||
| 30-Sep-86 | -0.094340 | -0.145530 | -0.052810 | -0.119400 | -0.015590 | -0.092590 | -0.079140 | -0.060490 | ||||
| 31-Oct-86 | 0.151040 | 0.217050 | 0.195120 | 0.160830 | 0.172690 | 0.081630 | 0.049440 | 0.024620 | ||||
| 28-Nov-86 | -0.022620 | -0.057320 | -0.074050 | -0.030890 | -0.075210 | -0.056600 | 0.015170 | -0.006280 | ||||
| 31-Dec-86 | -0.040740 | -0.102160 | -0.075950 | -0.129190 | -0.063200 | -0.026800 | -0.026540 | -0.034530 | ||||
| 30-Jan-87 | 0.334950 | 0.318180 | 0.198630 | 0.112910 | 0.178570 | 0.319590 | 0.128370 | 0.116820 | ||||
| 27-Feb-87 | 0.000000 | -0.022990 | -0.015430 | -0.048610 | -0.033540 | 0.289060 | 0.047630 | 0.074950 | ||||
| 31-Mar-87 | 0.044950 | -0.024650 | -0.002920 | 0.036500 | -0.003500 | 0.261940 | 0.023240 | 0.033090 | ||||
| 30-Apr-87 | -0.122380 | -0.121020 | -0.152050 | 0.005280 | -0.084210 | -0.116400 | -0.017130 | -0.019610 | ||||
| 29-May-87 | -0.023900 | -0.028990 | -0.041380 | 0.020320 | -0.061150 | -0.101800 | 0.005220 | 0.000710 | ||||
| 30-Jun-87 | -0.104650 | 0.022090 | 0.010870 | -0.003440 | 0.020490 | -0.031200 | 0.043830 | 0.022010 | ||||
| 31-Jul-87 | 0.073390 | -0.007350 | 0.100360 | 0.023490 | 0.052210 | -0.062070 | 0.044050 | 0.034700 | ||||
| 31-Aug-87 | 0.027180 | 0.103700 | 0.032570 | 0.069370 | 0.023050 | 0.169120 | 0.037230 | 0.015590 | ||||
| 30-Sep-87 | -0.071130 | 0.080270 | -0.031750 | 0.023730 | -0.029960 | -0.142640 | -0.020740 | -0.015510 | ||||
| 30-Oct-87 | -0.337840 | -0.400000 | -0.357380 | -0.337560 | -0.474900 | -0.352940 | -0.224870 | -0.270850 | ||||
| 30-Nov-87 | -0.174420 | -0.145830 | -0.153060 | -0.163930 | -0.021760 | -0.113640 | -0.072900 | -0.052300 | ||||
| 31-Dec-87 | 0.033330 | 0.023900 | 0.091460 | 0.148460 | -0.128790 | -0.038460 | 0.070410 | 0.027940 | ||||
| 29-Jan-88 | 0.080650 | 0.144580 | 0.072630 | -0.019510 | 0.113040 | 0.137600 | 0.045340 | 0.078110 | ||||
| 29-Feb-88 | 0.062390 | 0.157890 | 0.062500 | 0.168660 | 0.109690 | -0.035290 | 0.051610 | 0.062010 | ||||
| 31-Mar-88 | -0.035460 | -0.054550 | -0.064360 | 0.055560 | -0.078010 | 0.089270 | -0.017060 | 0.034370 | ||||
| 29-Apr-88 | 0.029410 | 0.019420 | 0.000000 | 0.106880 | -0.038460 | -0.067420 | 0.011000 | 0.015250 | ||||
| 31-May-88 | -0.042860 | -0.085710 | 0.031750 | -0.086240 | 0.032320 | -0.048190 | 0.000940 | -0.017020 | ||||
| 30-Jun-88 | 0.159400 | 0.093750 | 0.113990 | 0.275100 | 0.070310 | -0.008610 | 0.051390 | 0.048480 | ||||
| 29-Jul-88 | -0.006490 | -0.067310 | 0.013950 | 0.004720 | -0.036500 | 0.025640 | -0.007180 | 0.000550 | ||||
| 31-Aug-88 | -0.039220 | -0.041240 | -0.050460 | -0.015720 | 0.038180 | -0.050000 | -0.027940 | -0.023710 | ||||
| 30-Sep-88 | 0.084080 | 0.028670 | 0.039020 | -0.003190 | 0.036760 | 0.017370 | 0.037280 | 0.018700 | ||||
| 31-Oct-88 | -0.006330 | 0.084210 | 0.051640 | 0.051280 | -0.028370 | 0.157630 | 0.017650 | -0.011780 | ||||
| 30-Nov-88 | -0.057320 | 0.029130 | -0.049550 | -0.036700 | -0.065400 | -0.069770 | -0.016400 | -0.036700 | ||||
| 30-Dec-88 | 0.042970 | -0.038100 | -0.090050 | 0.053970 | 0.015750 | 0.105000 | 0.020800 | 0.019540 | ||||
| 31-Jan-89 | 0.169930 | 0.178220 | 0.270830 | 0.078310 | 0.116280 | 0.193180 | 0.065940 | 0.063130 | ||||
| 28-Feb-89 | -0.044690 | 0.001010 | -0.037190 | 0.032400 | 0.028060 | 0.051430 | -0.016360 | 0.002790 | ||||
| 31-Mar-89 | -0.038830 | 0.025420 | -0.047210 | 0.006110 | -0.047620 | -0.009090 | 0.021550 | 0.017030 | ||||
| 28-Apr-89 | -0.006130 | -0.041320 | 0.040540 | -0.055060 | 0.014290 | 0.018350 | 0.048530 | 0.030680 | ||||
| 31-May-89 | 0.154320 | 0.068710 | 0.060610 | 0.137630 | 0.070700 | 0.090090 | 0.039650 | 0.027370 | ||||
| 30-Jun-89 | -0.003420 | 0.034190 | -0.061730 | -0.017010 | -0.026490 | 0.069420 | -0.004980 | -0.008330 | ||||
| 31-Jul-89 | 0.178380 | 0.107440 | 0.232460 | 0.110000 | 0.258500 | 0.147290 | 0.077720 | 0.031610 | ||||
| 31-Aug-89 | 0.087160 | 0.034850 | -0.039430 | 0.062610 | 0.016430 | -0.013510 | 0.022280 | 0.019290 | ||||
| 29-Sep-89 | 0.008270 | -0.083970 | -0.108210 | -0.063830 | -0.160430 | 0.009590 | -0.001750 | 0.004470 | ||||
| 31-Oct-89 | -0.148150 | -0.075000 | -0.025100 | -0.069580 | -0.121020 | -0.122450 | -0.029380 | -0.050950 | ||||
| 30-Nov-89 | 0.103260 | -0.034950 | -0.086580 | 0.050940 | -0.014200 | 0.015500 | 0.017850 | -0.008220 | ||||
| 29-Dec-89 | -0.096750 | 0.009430 | -0.004740 | -0.071810 | 0.000000 | -0.061070 | 0.018280 | -0.012170 | ||||
| 31-Jan-90 | -0.115380 | -0.028040 | -0.133330 | -0.077370 | -0.037040 | -0.012360 | -0.070050 | -0.045810 | ||||
| 28-Feb-90 | 0.055900 | 0.060770 | 0.000000 | 0.029540 | 0.038770 | 0.148760 | 0.014980 | 0.015750 | ||||
| 30-Mar-90 | 0.137410 | -0.038460 | -0.033330 | 0.008200 | 0.044780 | 0.075400 | 0.024150 | 0.022040 | ||||
| 30-Apr-90 | -0.104170 | -0.020000 | -0.034480 | 0.028460 | -0.042860 | -0.013420 | -0.028160 | -0.026720 | ||||
| 31-May-90 | 0.203490 | 0.179290 | 0.138550 | 0.129220 | 0.119700 | 0.118910 | 0.088870 | 0.046650 | ||||
| 29-Jun-90 | -0.007920 | -0.009170 | -0.047620 | 0.024650 | 0.013420 | -0.036590 | -0.004300 | 0.005380 | ||||
| 31-Jul-90 | -0.058820 | -0.083330 | 0.061110 | -0.163230 | -0.066230 | 0.000000 | -0.009380 | -0.027290 | ||||
| 31-Aug-90 | -0.081460 | -0.097780 | -0.132280 | -0.068180 | -0.113190 | -0.101270 | -0.091730 | -0.109790 | ||||
| 28-Sep-90 | -0.268570 | -0.142860 | -0.091460 | -0.121950 | -0.096770 | -0.116340 | -0.053870 | -0.080490 | ||||
| 31-Oct-90 | 0.046880 | -0.097220 | -0.046980 | -0.012630 | -0.151790 | -0.048000 | -0.012420 | -0.056330 | ||||
| 30-Nov-90 | 0.119400 | 0.124920 | 0.107140 | 0.092780 | 0.126740 | 0.084030 | 0.065980 | 0.036650 | ||||
| 31-Dec-90 | 0.095730 | 0.125000 | 0.070970 | 0.025940 | 0.037740 | 0.144500 | 0.029540 | -0.003870 | ||||
| 31-Jan-91 | 0.202450 | 0.135800 | 0.186750 | 0.101150 | 0.054550 | 0.074830 | 0.049040 | 0.085250 | ||||
| 28-Feb-91 | 0.168370 | 0.142610 | 0.172590 | 0.184870 | 0.319310 | 0.219240 | 0.075690 | 0.133650 | ||||
| 28-Mar-91 | 0.136940 | 0.125000 | 0.218340 | 0.177300 | 0.197370 | 0.270830 | 0.028780 | 0.077820 | ||||
| 30-Apr-91 | 0.019310 | 0.034190 | 0.089610 | -0.015060 | 0.054950 | 0.057380 | 0.003350 | 0.031020 | ||||
| 31-May-91 | 0.075760 | 0.094630 | 0.086090 | 0.087560 | -0.041460 | 0.063950 | 0.040590 | 0.030340 | ||||
| 28-Jun-91 | -0.099720 | -0.128000 | -0.064020 | -0.103110 | -0.142080 | -0.041090 | -0.044240 | -0.034500 | ||||
| 31-Jul-91 | 0.198820 | 0.110090 | 0.081430 | 0.161200 | 0.095540 | 0.034290 | 0.046830 | 0.034920 | ||||
| 30-Aug-91 | 0.025220 | -0.014880 | 0.018180 | 0.029970 | 0.081630 | 0.038670 | 0.026910 | 0.028570 | ||||
| 30-Sep-91 | 0.202900 | 0.016950 | 0.148810 | 0.063490 | 0.118920 | 0.114260 | -0.011060 | 0.008670 | ||||
| 31-Oct-91 | 0.076310 | 0.058330 | 0.072540 | 0.081290 | 0.202900 | 0.105260 | 0.017720 | 0.023860 | ||||
| 29-Nov-91 | -0.126870 | -0.039760 | -0.067630 | -0.016170 | -0.152610 | -0.125540 | -0.037270 | -0.025390 | ||||
| 31-Dec-91 | 0.299660 | 0.182610 | 0.231770 | 0.197180 | 0.335070 | 0.217820 | 0.107040 | 0.036450 | ||||
| 31-Jan-92 | -0.056110 | 0.066180 | -0.031710 | -0.110040 | -0.016040 | 0.165530 | -0.001650 | 0.149480 | ||||
| 28-Feb-92 | -0.066430 | 0.080000 | -0.019650 | -0.008850 | 0.080430 | -0.003500 | 0.013290 | 0.052010 | ||||
| 31-Mar-92 | -0.088760 | -0.077420 | -0.015660 | -0.013390 | -0.045450 | 0.128840 | -0.023680 | -0.014120 | ||||
| 30-Apr-92 | -0.163220 | -0.006990 | -0.109090 | -0.110860 | -0.142860 | -0.135510 | 0.013850 | -0.032890 | ||||
| 29-May-92 | 0.098770 | 0.006690 | -0.004080 | 0.050690 | 0.049140 | -0.086490 | 0.006520 | 0.005500 | ||||
| 30-Jun-92 | -0.078430 | -0.022220 | 0.041240 | -0.024330 | 0.023670 | -0.014910 | -0.019240 | -0.039700 | ||||
| 31-Jul-92 | -0.006130 | -0.045450 | 0.019800 | 0.097260 | 0.069360 | 0.006020 | 0.039930 | 0.027280 | ||||
| 31-Aug-92 | 0.043460 | -0.014290 | -0.030580 | -0.075180 | -0.135350 | -0.071860 | -0.020760 | -0.024440 | ||||
| 30-Sep-92 | -0.071430 | 0.016260 | 0.020150 | -0.051850 | -0.106920 | -0.113030 | 0.012420 | 0.011930 | ||||
| 30-Oct-92 | 0.115380 | 0.024000 | 0.093830 | 0.031250 | 0.140850 | 0.116790 | 0.010900 | 0.016320 | ||||
| 30-Nov-92 | 0.166670 | 0.100390 | 0.095710 | 0.075560 | 0.197280 | 0.209150 | 0.040190 | 0.067730 | ||||
| 31-Dec-92 | -0.063840 | 0.045110 | -0.014490 | 0.051890 | 0.010360 | -0.032430 | 0.017540 | 0.035650 | ||||
| 29-Jan-93 | 0.089950 | -0.014390 | 0.098740 | 0.015700 | 0.035900 | 0.137650 | 0.012330 | 0.066740 | ||||
| 26-Feb-93 | -0.019420 | -0.005840 | 0.046650 | 0.022080 | -0.054650 | -0.137930 | 0.005450 | -0.007910 | ||||
| 31-Mar-93 | 0.080200 | 0.081480 | 0.045870 | 0.110500 | 0.089470 | 0.043660 | 0.025010 | 0.030880 | ||||
| 30-Apr-93 | -0.050690 | 0.089040 | -0.010530 | -0.064450 | -0.072460 | 0.005490 | -0.025510 | -0.012760 | ||||
| 28-May-93 | -0.052430 | 0.133330 | 0.079430 | 0.102300 | 0.136460 | 0.038250 | 0.029420 | 0.037950 | ||||
| 30-Jun-93 | 0.051550 | 0.050280 | 0.069310 | 0.051440 | 0.073730 | 0.003370 | 0.005130 | 0.011970 | ||||
| 30-Jul-93 | 0.063730 | 0.026600 | 0.074070 | 0.019890 | 0.034330 | -0.057890 | -0.000760 | 0.014100 | ||||
| 31-Aug-93 | 0.010140 | 0.039900 | 0.118970 | 0.179360 | 0.067220 | 0.154410 | 0.039340 | 0.040400 | ||||
| 30-Sep-93 | 0.082570 | 0.042110 | 0.010310 | 0.049770 | 0.019530 | 0.087380 | 0.000610 | 0.025790 | ||||
| 29-Oct-93 | 0.046610 | -0.111110 | -0.007400 | -0.096260 | -0.099620 | -0.035710 | 0.018040 | 0.040090 | ||||
| 30-Nov-93 | -0.032390 | 0.018180 | -0.063230 | -0.084010 | -0.088510 | -0.027780 | -0.017350 | -0.024370 | ||||
| 31-Dec-93 | -0.032970 | -0.016850 | -0.074380 | -0.013940 | 0.014080 | -0.050000 | 0.019450 | 0.016120 | ||||
| 31-Jan-94 | 0.016300 | 0.114290 | 0.073210 | 0.121910 | 0.097220 | 0.064960 | 0.031330 | 0.048920 | ||||
| 28-Feb-94 | -0.048130 | -0.106670 | -0.094710 | -0.156850 | -0.097050 | -0.070920 | -0.024090 | -0.009490 | ||||
| 31-Mar-94 | -0.190340 | -0.098270 | -0.045050 | -0.083080 | -0.039400 | -0.047010 | -0.048550 | -0.045740 | -0.046020 | |||
| 29-Apr-94 | -0.013990 | 0.083330 | 0.000000 | -0.010070 | -0.037110 | -0.007410 | -0.040320 | 0.009830 | -0.010820 | |||
| 31-May-94 | 0.071770 | 0.019820 | 0.905660 | 0.063860 | -0.025560 | -0.007760 | -0.003030 | 0.009500 | -0.000270 | |||
| 30-Jun-94 | -0.080000 | -0.165640 | -0.166670 | -0.128710 | -0.102560 | -0.048120 | -0.053030 | -0.016950 | -0.027380 | -0.026570 | ||
| 29-Jul-94 | 0.014490 | -0.051470 | 0.050000 | -0.011360 | 0.046430 | 0.065930 | 0.032000 | -0.068970 | 0.030410 | 0.015470 | ||
| 31-Aug-94 | 0.150000 | 0.141090 | 0.039680 | -0.275860 | 0.115490 | 0.155460 | 0.015190 | 0.185190 | 0.042830 | 0.036790 | ||
| 30-Sep-94 | -0.086210 | -0.123290 | -0.092310 | -0.031750 | -0.147690 | -0.109320 | -0.115380 | -0.026250 | -0.018650 | 0.004500 | ||
| 31-Oct-94 | 0.013700 | 0.015630 | 0.050850 | -0.311480 | 0.143830 | 0.052310 | 0.060870 | -0.032260 | 0.014870 | -0.002400 | ||
| 30-Nov-94 | -0.060000 | -0.029230 | -0.037100 | -0.071430 | -0.034920 | -0.091010 | -0.098690 | -0.041670 | -0.037070 | -0.040570 | ||
| 30-Dec-94 | 0.043480 | -0.016000 | -0.008400 | 0.410260 | -0.059210 | -0.002110 | 0.100920 | -0.026090 | 0.012750 | -0.012860 | ||
| 31-Jan-95 | 0.020830 | 0.081300 | 0.152540 | -0.181820 | 0.030910 | 0.019070 | 0.000000 | 0.095710 | 0.020550 | 0.027710 | ||
| 28-Feb-95 | 0.224490 | 0.136840 | 0.069120 | 0.155560 | 0.119450 | 0.120580 | 0.166330 | 0.163930 | 0.039620 | 0.027990 | ||
| 31-Mar-95 | -0.016000 | -0.013330 | -0.006900 | 0.730770 | 0.036590 | 0.004750 | -0.071940 | -0.023100 | 0.026970 | 0.018740 | ||
| 28-Apr-95 | 0.039770 | 0.114860 | 0.083330 | 0.566670 | 0.070590 | 0.031540 | 0.062020 | 0.014490 | 0.024880 | 0.025980 | ||
| 31-May-95 | -0.010930 | 0.038180 | 0.015380 | 0.517730 | 0.038680 | 0.095320 | 0.160290 | 0.050000 | 0.034160 | 0.020500 | ||
| 30-Jun-95 | 0.000660 | 0.055560 | 0.107590 | 0.411210 | 0.117020 | 0.077180 | -0.044300 | 0.059320 | 0.030840 | 0.048690 | ||
| 31-Jul-95 | 0.088890 | 0.035090 | 0.017140 | -0.006620 | 0.057140 | 0.023720 | 0.086090 | 0.122580 | 0.040670 | 0.055180 | ||
| 31-Aug-95 | -0.005100 | -0.061020 | 0.064040 | 0.126670 | 0.042970 | 0.038860 | -0.055120 | 0.011490 | 0.009340 | 0.030380 | ||
| 29-Sep-95 | 0.098050 | 0.042420 | -0.015870 | -0.112430 | 0.084600 | 0.116550 | 0.262630 | 0.025970 | -0.007270 | 0.036390 | 0.025990 | |
| 31-Oct-95 | -0.042250 | -0.075580 | -0.064520 | -0.373330 | -0.112000 | -0.099790 | 0.408000 | 0.120250 | -0.011490 | -0.011150 | -0.040580 | |
| 30-Nov-95 | 0.065100 | 0.101890 | 0.042530 | 0.510640 | 0.004680 | -0.008620 | 0.571020 | 0.011070 | 0.052330 | 0.042970 | 0.017200 | |
| 29-Dec-95 | -0.115740 | -0.086210 | -0.060770 | -0.098590 | -0.081080 | -0.065220 | 0.005420 | -0.101120 | -0.056570 | 0.015400 | 0.009780 | |
| 31-Jan-96 | 0.052360 | 0.157230 | 0.205880 | -0.185550 | 0.120290 | 0.185740 | 0.181650 | 0.037500 | 0.035290 | 0.028090 | 0.033290 | |
| 29-Feb-96 | -0.034830 | 0.060870 | -0.032200 | -0.155880 | 0.013190 | -0.015750 | -0.379000 | -0.036390 | 0.005680 | 0.016050 | 0.031540 | |
| 29-Mar-96 | 0.032370 | 0.020620 | 0.080810 | 0.090910 | 0.054230 | 0.109330 | -0.186270 | 0.106920 | 0.021240 | 0.011200 | 0.024120 | |
| 30-Apr-96 | -0.055280 | 0.015150 | -0.051400 | 0.333330 | -0.006170 | -0.030290 | 0.469880 | -0.051140 | 0.005560 | 0.025130 | 0.057330 | |
| 31-May-96 | 0.090430 | 0.014180 | -0.032510 | 0.156250 | 0.077430 | -0.014930 | 0.115780 | 0.053650 | 0.005520 | -0.058820 | 0.026720 | 0.061050 |
| 28-Jun-96 | 0.064780 | -0.020730 | 0.010200 | 0.094590 | 0.005790 | -0.007580 | -0.085400 | 0.085710 | -0.001320 | -0.250000 | -0.007660 | -0.030600 |
| 31-Jul-96 | 0.009220 | -0.047620 | -0.065660 | -0.172840 | -0.068330 | -0.004070 | -0.365460 | -0.115790 | -0.077350 | -0.142860 | -0.053390 | -0.078620 |
| 30-Aug-96 | 0.022830 | 0.045560 | -0.084320 | 0.044780 | 0.014490 | -0.020510 | -0.104430 | -0.012140 | 0.119760 | 0.090280 | 0.032220 | 0.044770 |
| 30-Sep-96 | 0.045890 | -0.005350 | 0.224850 | 0.028570 | 0.075510 | 0.041880 | 0.310950 | 0.018180 | 0.041500 | 0.082800 | 0.052990 | 0.028970 |
| 31-Oct-96 | 0.025750 | 0.016130 | -0.028990 | -0.034720 | 0.066410 | 0.013570 | -0.045820 | 0.119050 | 0.005150 | -0.070590 | 0.013940 | -0.019970 |
| 29-Nov-96 | 0.046030 | 0.170370 | 0.161190 | 0.165470 | 0.146620 | 0.196520 | 0.262710 | 0.154260 | 0.164100 | -0.031650 | 0.065730 | 0.024770 |
| 31-Dec-96 | 0.081120 | 0.013640 | 0.077250 | -0.024690 | 0.015580 | -0.049900 | 0.017900 | 0.041290 | 0.065550 | -0.111110 | -0.011350 | -0.001420 |
| 31-Jan-97 | 0.011150 | 0.076230 | 0.007970 | 0.050630 | 0.032210 | 0.003500 | -0.334070 | 0.280000 | 0.070540 | 0.992650 | 0.053040 | 0.061720 |
| 28-Feb-97 | 0.044120 | 0.055000 | 0.065140 | 0.337350 | 0.144730 | 0.105030 | -0.231020 | -0.089580 | 0.034880 | -0.107010 | -0.000880 | -0.010430 |
| 31-Mar-97 | -0.128730 | -0.125000 | -0.130110 | -0.135140 | -0.105470 | -0.069310 | 0.032190 | -0.134100 | -0.050040 | -0.070250 | -0.044390 | -0.047880 |
| 30-Apr-97 | 0.138210 | 0.161900 | 0.162390 | 0.062500 | 0.110920 | 0.077870 | -0.099790 | 0.203540 | 0.108700 | 0.213330 | 0.042460 | -0.021390 |
| 30-May-97 | 0.060710 | 0.070490 | 0.207650 | -0.245100 | 0.115790 | 0.075250 | 0.092380 | 0.048530 | 0.176470 | -0.054950 | 0.071250 | 0.085170 |
| 30-Jun-97 | 0.156360 | 0.051920 | -0.012200 | -0.012990 | 0.125000 | 0.046820 | 0.084570 | -0.014080 | -0.001640 | 0.093020 | 0.044200 | 0.044240 |
| 31-Jul-97 | -0.011700 | 0.199270 | 0.231480 | 0.065790 | 0.181340 | 0.220960 | 0.144250 | 0.148210 | 0.057080 | 0.602840 | 0.076310 | 0.048620 |
| 29-Aug-97 | -0.059170 | -0.031400 | -0.121600 | -0.006170 | -0.124050 | -0.082240 | 0.085180 | -0.043550 | 0.002160 | 0.053100 | -0.036450 | 0.027020 |
| Source: Center for Research on Security Prices, University of Chicago. |
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