Case Study 1
mrsaiz
CaseStudy1.pdf
Harvard Business School 9-201-046 Rev. April 26, 2001
Professors Mark Mitchell and Erik Stafford prepared this case with the assistance of Research Associates Jose Camacho and Aldo Sesia as the basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation.
Copyright © 2000 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School.
1
Cost of Capital at Ameritrade
In mid-1997, Joe Ricketts, Chairman and CEO of Ameritrade Holding Corporation, wanted to improve his company’s competitive position in deep-discount brokerage1 by taking advantage of emerging economies of scale. The success of the strategy required Ameritrade grow its customer base. The growth would require substantial investments in technology to improve service and capacity, and in advertising, to increase customer awareness. The strategy would require large expenditures relative to Ameritrade’s existing capital. In order to evaluate whether the strategy would generate sufficient future cash flows to merit the investment, Ricketts needed an estimate of the project’s risk.
Company Background
Formed in 1971, Ameritrade has been a pioneer in the deep-discount brokerage sector. Not only did Ameritrade help create the deep discount market, but it also was the first to offer many new services that changed the way individual investors managed their portfolios. Ameritrade, for example, was the first to offer automated touch-tone phone trading (1988), online internet trading2 (1994), a personal digital assistant to access trades (1995), and online program investing for individual investors (1996).
The average return on equity during 1975 to 1996 was 40%, as all years, except two, posted a positive return. Recent returns on equity were much higher, with each of the most recent five years having larger returns than the 40% average.
In March 1997, Ameritrade (NASDAQ: AMTD) raised $22.5 million in an initial public offering allowing the company to continue its long tradition of adopting the latest advances in technology, and to substantially increase advertising to build its brand and improve market share.
1 Deep-discount brokers offer no-frills execution of equity and fixed income transactions for a minimal fee. 2 In 1995 Ameritrade acquired K. Aufhauser & Company which in 1994 launched the first internet trading site.
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201-046 Cost of Capital at Ameritrade
2
Revenue Sources
Exhibit 1 displays Ameritrade’s income statement for the fiscal years 1995-1997 and Exhibit 2 presents the balance sheet for 1996 and 1997.
Ameritrade’s two primary sources of revenue were from transaction and net interest. Transaction revenues consisted of brokerage commissions, clearing fees, and payment for order flow, which were cash payments received by Ameritrade for routing orders to execution agents. Interest revenues were generated by charging customers on debt balances maintained in brokerage accounts and the investment of customers’ cash segregated in compliance with federal regulations in short- term marketable securities. Interest revenues were offset by interest payments to customers based on credit balances maintained in brokerage accounts.
Virtually all of Ameritrade’s revenues were directly linked to the stock market. Investors generally curtailed trading activity and their borrowing in response to sustained downward movements in the stock market. For example, trading activity declined more than 20% in 1988 following the stock market crash of October 19, 1987. A substantial decline in the stock market could therefore lead to a steep decline in Ameritrade’s brokerage commissions and net interest revenues.
Full-service brokers were less sensitive to market movements than deep-discount brokers like Ameritrade. Full-service brokers received asset management fees, which partially shielded the revenue stream from market declines. Moreover, most full-service brokerage firms such as Merrill Lynch diversified their revenue stream by engaging in investment banking activities such as mergers and security underwritings.
Planned Investments and the Cost of Capital
Ricketts planned to grow Ameritrade’s revenues by targeting self-directed investors. Ricketts decided Ameritrade’s mission was ‘to be the largest brokerage firm worldwide based on the number of trades.’
Ricketts’ strategy called for price cutting, technology enhancements, and increased advertising. First, Ameritrade would reduce commissions from $29.95 to $8.00 per trade for all Internet market orders. There were currently no major players in this price range although many customers were price sensitive. To ensure competitors such as Charles Schwab and E*Trade did not follow Ameritrade’s lead and try to compete on price, Ameritrade would have to become the low cost provider of reliable online brokerage services. State of the art technology was the only way to prevent system outages and move towards the goal of 100% reliability. Therefore, up to $100 million would be budgeted for technology enhancements which also would increase trade execution speed - an important attribute to individual investors. Finally, Ameritrade’s advertising budget would be increased to $155 million for the 1998 and 1999 fiscal years combined.
In order to gauge the financial impact of the advertising program and the investment in physical plant and technology, there needed to be some accounting for the project’s risk. The plan would only create value if the investment returned more than it cost. Surely the providers of capital would demand a return that reflected the riskiness of the investment. Joe Ricketts strongly believed that his role as CEO was to maximize shareholder value. If the expected returns on investment were greater than the cost of capital, he was going to invest, even if there was a chance of bankrupting the firm. Ricketts felt that the expected return on investment was very high, on the order of 30% to 50%. But, he also knew that some members of his management team were not nearly as optimistic as he was, estimating the expected investment returns at only 10% to 15%. But what was the cost of capital?
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Cost of Capital at Ameritrade 201-046
3
Recently, a CS First Boston analyst report employed a discount rate of 12% when evaluating Ameritrade. The CFO at Ameritrade often used a 15% discount rate, while there were some managers at Ameritrade who felt that the borrowing cost of 8-9% was the appropriate rate by which to discount the future profit estimates. There was also the issue of the type of business that Ameritrade was in. Was Ameritrade a discount brokerage firm or instead a technology/Internet firm? A recent analyst report from ABN-AMRO valued Ameritrade on a comparables basis using Internet firms such as Yahoo, Mecklermedia, and Netscape. In addition, E*Trade management continued to insist that E*Trade, while deriving all of its revenues from brokerage operations, was not a brokerage firm, and thus should not be valued as such.
Joe Ricketts hired a consultant to provide a cost of capital estimate that could be used in evaluating Ameritrade’s upcoming investments. Exhibits 3-6 provide information that was considered in estimating the cost of capital for Ameritrade.
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201-046 Cost of Capital at Ameritrade
4
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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Cost of Capital at Ameritrade 201-046
5
Exhibit 2 Consolidated Annual Balance Sheets for the Fiscal Year Ending in September
1997 1996
ASSETS
Cash & Cash Equivalents $ 53,522,447 $ 15,767,170
Cash & Investments Segregated in Compliance with Federal Regulations 319,763,921 175,668,497
Receivable from Brokers, Dealers, & Clearing Organizations 17,823,640 15,096,862
Receivable from Customers & Correspondents 325,407,147 166,075,055
Furniture, Equipment, & 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 & STOCKHOLDER'S EQUITY
Liabilities:
Payable to Brokers, Dealers, & Clearing Organizations 1,404,999 1,193,479
Payable to Customers & 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
Stockholder's 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 Stockholder's Equity 66,989,094 30,662,064
Total Liabilities & Stockholder's Equity $ 757,356,743 $ 401,679,232
Source: Ameritrade Annual Report, 1997.
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201-046 Cost of Capital at Ameritrade
6
Exhibit 3 Capital Market Return Data (Historical and Current)
Prevailing Yields on US 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 US 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 US 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%
Source: Yields are from Datastream, historical data are from Ibbotson Associates, SBBI 2000 Yearbook. aPortfolio of US Government bonds with maturity near 5 years. bPortfolio of US Government bonds with maturity near 20 years. cStandard and 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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201-046 Cost of Capital at Ameritrade
8
Exhibit 5 Stock Price Data for Discount Brokers
Ameritrade
Date Shares Price Dividend Stock Split
31-Mar-97 13,153 15.625 -
30-Apr-97 13,153 12.500 -
30-May-97 13,153 14.000 -
30-Jun-97 14,518 15.750 -
31-Jul-97 14,518 15.375 -
29-Aug-97 14,518 18.813 -
Charles Schwab
Date Shares Price Dividend Stock Split
30-Sep-87 29,121 15.875 -
30-Oct-87 29,121 7.875 -
30-Nov-87 29,121 6.625 -
31-Dec-87 25,388 6.000 -
29-Jan-88 25,388 6.500 -
29-Feb-88 25,388 9.000 -
31-Mar-88 25,388 7.375 -
29-Apr-88 25,388 7.625 -
31-May-88 25,388 6.875 -
30-Jun-88 25,294 7.250 -
29-Jul-88 25,294 7.500 -
31-Aug-88 25,294 6.750 -
30-Sep-88 25,328 6.750 -
31-Oct-88 25,328 7.500 -
30-Nov-88 25,328 6.750 -
30-Dec-88 25,354 6.750 -
31-Jan-89 25,354 10.250 -
28-Feb-89 25,354 8.625 -
31-Mar-89 25,354 8.875 -
28-Apr-89 25,354 10.125 -
31-May-89 25,354 11.750 0.030
30-Jun-89 25,352 11.000 -
31-Jul-89 25,352 16.500 0.030
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Cost of Capital at Ameritrade 201-046
9
31-Aug-89 25,352 15.750 -
29-Sep-89 25,386 14.000 -
31-Oct-89 25,386 13.000 0.030
30-Nov-89 25,386 12.500 -
29-Dec-89 25,332 13.875 -
31-Jan-90 25,332 13.500 0.030
28-Feb-90 25,332 15.250 -
30-Mar-90 25,332 17.000 -
30-Apr-90 25,332 15.125 0.030
31-May-90 25,332 15.750 -
29-Jun-90 25,099 15.250 -
31-Jul-90 25,099 13.625 0.030
31-Aug-90 25,099 12.625 -
28-Sep-90 25,255 11.375 -
31-Oct-90 25,255 12.625 0.040
30-Nov-90 25,255 11.875 -
31-Dec-90 24,464 11.375 -
31-Jan-91 24,464 16.000 0.040
28-Feb-91 24,464 18.250 -
28-Mar-91 24,464 20.250 -
30-Apr-91 24,464 18.125 0.040
31-May-91 24,464 22.500 -
28-Jun-91 24,435 24.750 -
31-Jul-91 24,435 27.500 0.050
30-Aug-91 24,435 28.375 -
30-Sep-91 25,596 31.125 -
31-Oct-91 25,596 37.750 0.060
29-Nov-91 25,596 32.750 -
31-Dec-91 38,394 30.375 - 3 for 2
31-Jan-92 38,394 31.875 0.040
28-Feb-92 38,394 33.250 -
31-Mar-92 38,479 34.625 -
30-Apr-92 38,479 28.500 0.060
29-May-92 38,479 28.875 -
30-Jun-92 38,626 23.500 -
31-Jul-92 38,626 24.625 0.060
31-Aug-92 38,626 22.500 -
30-Sep-92 38,149 18.000 -
30-Oct-92 38,149 20.250 0.060
30-Nov-92 38,149 24.875 -
31-Dec-92 37,741 26.125 -
29-Jan-93 37,741 30.250 0.060
26-Feb-93 37,741 32.375 -
31-Mar-93 37,741 36.500 -
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201-046 Cost of Capital at Ameritrade
10
30-Apr-93 37,741 32.750 0.075
28-May-93 37,741 35.250 -
30-Jun-93 56,612 28.500 - 3 for 2
30-Jul-93 56,612 29.000 0.050
31-Aug-93 56,612 32.875 -
30-Sep-93 57,625 34.500 -
29-Oct-93 57,625 34.625 0.050
30-Nov-93 57,815 31.875 -
31-Dec-93 57,815 32.375 -
31-Jan-94 57,815 29.500 0.070
28-Feb-94 57,815 27.500 -
31-Mar-94 57,815 26.875 -
29-Apr-94 57,815 28.375 0.070
31-May-94 57,815 30.250 -
30-Jun-94 57,114 24.750 -
29-Jul-94 57,114 26.750 0.070
31-Aug-94 57,114 30.750 -
30-Sep-94 56,829 29.625 -
31-Oct-94 56,829 35.375 0.070
30-Nov-94 57,325 31.875 -
30-Dec-94 57,325 34.875 -
31-Jan-95 57,325 40.000 0.090
28-Feb-95 57,325 44.375 -
31-Mar-95 85,988 32.250 - 3 for 2
28-Apr-95 85,988 34.250 0.060
31-May-95 85,988 35.000 -
30-Jun-95 85,896 43.875 -
31-Jul-95 85,896 46.125 0.080
31-Aug-95 87,061 46.625 -
29-Sep-95 174,122 29.000 - 2 for 1
31-Oct-95 174,122 22.875 0.040
30-Nov-95 174,678 24.250 -
29-Dec-95 174,678 20.125 -
31-Jan-96 174,678 25.125 0.040
29-Feb-96 174,678 25.500 -
29-Mar-96 174,678 25.875 -
30-Apr-96 174,032 24.500 0.040
31-May-96 174,032 24.250 -
28-Jun-96 174,989 24.500 -
31-Jul-96 174,989 24.125 0.050
30-Aug-96 174,989 25.000 -
30-Sep-96 175,166 23.000 -
31-Oct-96 175,166 25.000 0.050
29-Nov-96 175,166 30.250 -
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Cost of Capital at Ameritrade 201-046
11
31-Dec-96 175,173 32.000 -
31-Jan-97 175,173 37.500 -
28-Feb-97 175,173 37.500 0.050
31-Mar-97 175,173 32.000 -
30-Apr-97 175,068 36.625 -
30-May-97 175,068 40.625 0.050
30-Jun-97 175,813 40.500 -
31-Jul-97 176,422 47.000 -
29-Aug-97 176,422 42.750 0.050
E*Trade
Date Shares Price Dividend Stock Split
30-Aug-96 29,393 10.500 -
30-Sep-96 29,539 13.188 -
31-Oct-96 29,539 11.125 -
29-Nov-96 29,539 10.938 -
31-Dec-96 29,545 11.500 -
31-Jan-97 29,545 17.625 -
28-Feb-97 29,545 24.000 -
31-Mar-97 30,440 18.000 -
30-Apr-97 30,440 15.000 -
30-May-97 30,440 17.625 -
30-Jun-97 30,958 19.625 -
31-Jul-97 30,958 30.500 -
29-Aug-97 30,958 32.125 -
Quick & Reilly
Date Shares Price Dividend Stock Split
31-Jan-84 6,318 17.625 -
29-Feb-84 6,318 15.000 0.050
30-Mar-84 6,318 14.875 -
30-Apr-84 6,318 17.125 -
31-May-84 6,318 17.375 -
29-Jun-84 6,318 18.000 0.050
31-Jul-84 6,318 14.750 -
31-Aug-84 6,318 18.000 0.050
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201-046 Cost of Capital at Ameritrade
12
28-Sep-84 6,318 17.000 -
31-Oct-84 6,318 17.875 -
30-Nov-84 6,318 15.250 0.050
31-Dec-84 6,318 15.500 -
31-Jan-85 6,318 23.375 -
28-Feb-85 6,318 23.750 0.110
29-Mar-85 6,318 23.125 -
30-Apr-85 6,318 20.625 -
31-May-85 6,318 22.625 0.060
28-Jun-85 6,318 24.000 -
31-Jul-85 6,318 24.125 -
30-Aug-85 6,318 22.875 0.060
30-Sep-85 6,318 20.125 -
31-Oct-85 6,318 22.250 -
29-Nov-85 6,318 25.500 0.060
31-Dec-85 6,318 32.500 -
31-Jan-86 6,318 36.375 -
28-Feb-86 6,318 39.125 0.170
31-Mar-86 6,318 39.000 -
30-Apr-86 6,318 30.375 -
30-May-86 11,149 33.375 0.070
30-Jun-86 11,149 35.500 -
31-Jul-86 11,149 29.000 -
29-Aug-86 11,149 28.750 0.070
30-Sep-86 11,149 23.875 -
31-Oct-86 11,149 32.125 -
28-Nov-86 11,149 29.500 0.070
31-Dec-86 11,149 26.750 -
30-Jan-87 11,149 36.125 -
27-Feb-87 11,149 36.875 0.200
31-Mar-87 11,149 36.000 -
30-Apr-87 16,724 21.375 - 3 for 2
29-May-87 16,724 21.500 0.055
30-Jun-87 9,477 19.250 -
31-Jul-87 9,477 20.250 -
31-Aug-87 9,477 24.625 0.055
30-Sep-87 9,477 23.000 -
30-Oct-87 9,477 12.125 -
30-Nov-87 9,477 11.625 0.055
31-Dec-87 9,477 12.500 -
29-Jan-88 9,477 12.625 -
29-Feb-88 9,477 13.500 0.180
31-Mar-88 9,452 12.250 -
29-Apr-88 9,452 12.625 -
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
Cost of Capital at Ameritrade 201-046
13
31-May-88 9,452 11.500 0.060
30-Jun-88 9,452 11.875 -
29-Jul-88 9,452 11.500 -
31-Aug-88 9,452 11.250 0.060
30-Sep-88 9,452 11.750 -
31-Oct-88 9,452 11.750 -
30-Nov-88 9,452 11.500 0.060
30-Dec-88 9,452 10.875 -
31-Jan-89 9,452 15.000 -
28-Feb-89 9,452 13.750 0.060
31-Mar-89 9,452 13.250 -
28-Apr-89 9,452 13.000 -
31-May-89 9,452 16.125 0.060
30-Jun-89 9,452 14.000 -
31-Jul-89 9,452 16.500 -
31-Aug-89 9,452 17.000 0.060
29-Sep-89 9,452 16.750 -
31-Oct-89 9,452 15.750 -
30-Nov-89 9,452 14.875 0.060
29-Dec-89 9,452 13.625 -
31-Jan-90 9,452 12.000 -
28-Feb-90 9,452 13.625 0.130
30-Mar-90 9,452 13.250 -
30-Apr-90 9,452 13.000 -
31-May-90 9,452 15.250 0.070
29-Jun-90 9,452 14.000 -
31-Jul-90 9,452 13.500 -
31-Aug-90 9,452 11.375 0.070
28-Sep-90 9,452 10.375 -
31-Oct-90 9,452 9.750 -
30-Nov-90 9,452 10.125 0.070
31-Dec-90 9,437 10.250 -
31-Jan-91 9,437 13.125 -
28-Feb-91 9,437 16.125 0.070
28-Mar-91 9,210 18.875 -
30-Apr-91 9,210 17.500 -
31-May-91 9,210 17.750 0.070
28-Jun-91 9,452 17.000 -
31-Jul-91 9,452 19.625 -
30-Aug-91 9,452 20.625 0.070
30-Sep-91 9,210 19.250 -
31-Oct-91 9,210 20.375 -
29-Nov-91 9,210 20.000 0.070
31-Dec-91 9,220 27.750 -
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
201-046 Cost of Capital at Ameritrade
14
31-Jan-92 9,220 27.500 -
28-Feb-92 9,220 28.500 0.180
31-Mar-92 9,292 28.625 -
30-Apr-92 9,292 21.500 -
29-May-92 9,292 21.500 0.080
30-Jun-92 9,292 21.000 -
31-Jul-92 9,292 20.125 -
31-Aug-92 9,292 19.625 0.080
30-Sep-92 9,884 20.125 -
30-Oct-92 9,884 21.000 -
30-Nov-92 9,884 25.375 0.080
31-Dec-92 9,884 24.750 -
29-Jan-93 9,884 27.000 -
26-Feb-93 9,884 26.000 0.220
31-Mar-93 9,824 27.125 -
30-Apr-93 9,824 25.125 -
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 -
31-Aug-93 10,623 35.000 0.100
30-Sep-93 10,643 36.250 -
29-Oct-93 10,643 35.875 -
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 -
28-Feb-94 11,238 28.375 0.270
31-Mar-94 11,238 25.625 -
29-Apr-94 11,238 26.375 -
31-May-94 11,238 26.875 0.120
30-Jun-94 11,168 25.375 -
29-Jul-94 11,168 24.750 -
31-Aug-94 11,121 29.250 0.120
30-Sep-94 11,121 25.875 -
31-Oct-94 11,111 25.750 -
30-Nov-94 11,111 24.750 0.120
30-Dec-94 11,111 28.375 -
31-Jan-95 11,075 30.875 -
28-Feb-95 11,075 35.000 0.290
31-Mar-95 11,075 35.500 -
28-Apr-95 11,075 40.625 -
31-May-95 11,075 47.000 -
30-Jun-95 16,613 36.625 0.150 3 for 2
31-Jul-95 16,613 38.500 -
31-Aug-95 16,613 37.375 0.100
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
Cost of Capital at Ameritrade 201-046
15
29-Sep-95 16,613 45.875 -
31-Oct-95 24,920 23.750 - 3 for 2
30-Nov-95 24,952 25.375 0.070
29-Dec-95 24,952 20.500 -
31-Jan-96 25,056 23.250 -
29-Feb-96 25,056 26.250 0.080
29-Mar-96 25,056 29.500 -
30-Apr-96 25,056 30.500 -
31-May-96 25,056 33.875 0.070
28-Jun-96 25,056 32.500 -
31-Jul-96 25,178 28.375 -
30-Aug-96 25,178 29.250 0.080
30-Sep-96 25,178 26.500 -
31-Oct-96 25,178 26.250 -
29-Nov-96 25,178 28.375 0.080
31-Dec-96 25,178 29.875 -
31-Jan-97 25,173 36.625 -
28-Feb-97 25,173 35.000 0.190
31-Mar-97 37,760 20.875 - 3 for 2
30-Apr-97 37,760 22.125 -
30-May-97 37,760 23.000 0.060
30-Jun-97 38,606 23.250 -
31-Jul-97 38,664 26.250 -
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 -
30-Jun-87 2,572 8.000 -
31-Jul-87 2,572 8.250 -
31-Aug-87 2,572 7.500 -
30-Sep-87 2,572 8.000 -
30-Oct-87 2,572 6.250 -
30-Nov-87 2,572 6.000 -
31-Dec-87 2,572 5.250 -
29-Jan-88 2,572 4.500 -
29-Feb-88 2,482 4.750 -
31-Mar-88 2,482 6.000 -
29-Apr-88 2,482 5.875 -
31-May-88 2,482 6.250 -
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
201-046 Cost of Capital at Ameritrade
16
30-Jun-88 2,482 5.000 -
29-Jul-88 2,482 3.500 -
31-Aug-88 2,482 3.250 -
30-Sep-88 2,482 4.000 -
31-Oct-88 2,482 3.375 -
30-Nov-88 2,482 3.500 -
30-Dec-88 2,482 2.750 -
31-Jan-89 2,482 3.750 -
28-Feb-89 2,472 3.750 -
31-Mar-89 2,472 4.750 -
28-Apr-89 2,472 4.250 -
31-May-89 2,420 5.000 -
30-Jun-89 2,420 6.000 -
31-Jul-89 2,420 6.000 -
31-Aug-89 2,419 5.750 0.120
29-Sep-89 2,419 5.625 -
31-Oct-89 2,419 5.375 -
30-Nov-89 2,417 5.000 -
29-Dec-89 2,417 4.500 -
31-Jan-90 2,417 4.375 -
28-Feb-90 2,420 3.750 -
30-Mar-90 2,420 4.250 -
30-Apr-90 2,420 4.375 -
31-May-90 2,572 4.250 -
29-Jun-90 2,572 4.750 -
31-Jul-90 2,572 4.625 -
31-Aug-90 2,377 4.375 0.150
28-Sep-90 2,377 4.250 -
31-Oct-90 2,377 4.000 -
30-Nov-90 2,370 3.750 -
31-Dec-90 2,370 3.625 -
31-Jan-91 2,370 3.750 -
28-Feb-91 2,320 4.500 -
28-Mar-91 2,320 6.125 -
30-Apr-91 2,320 7.000 -
31-May-91 2,320 8.250 -
28-Jun-91 2,900 8.000 - 5 for 4
31-Jul-91 2,900 10.375 -
30-Aug-91 2,943 10.750 0.160
30-Sep-91 2,943 14.250 -
31-Oct-91 2,943 14.000 -
29-Nov-91 2,943 15.500 -
31-Dec-91 2,943 27.500 -
31-Jan-92 2,943 26.500 -
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
Cost of Capital at Ameritrade 201-046
17
28-Feb-92 4,415 21.750 - 3 for 2
31-Mar-92 4,466 25.375 -
30-Apr-92 4,466 20.625 -
29-May-92 4,466 21.750 -
30-Jun-92 4,466 17.125 -
31-Jul-92 4,466 17.625 -
31-Aug-92 4,466 13.750 0.200
30-Sep-92 4,847 14.375 -
30-Oct-92 4,847 15.625 -
30-Nov-92 4,847 20.750 -
31-Dec-92 4,847 20.500 -
29-Jan-93 4,847 25.250 -
26-Feb-93 4,847 24.375 -
31-Mar-93 6,071 20.500 - 5 for 4
30-Apr-93 6,071 18.500 -
28-May-93 6,071 27.250 -
30-Jun-93 6,072 33.500 -
30-Jul-93 6,072 33.000 -
31-Aug-93 6,072 42.625 0.250
30-Sep-93 6,072 50.125 -
29-Oct-93 6,072 47.250 -
30-Nov-93 9,108 25.750 - 3 for 2
31-Dec-93 9,150 21.250 -
31-Jan-94 9,150 21.250 -
28-Feb-94 9,150 20.500 -
31-Mar-94 9,150 17.625 -
29-Apr-94 9,150 16.000 -
31-May-94 9,150 15.250 -
30-Jun-94 9,150 13.375 -
29-Jul-94 9,150 13.000 -
31-Aug-94 9,150 17.000 0.200
30-Sep-94 9,150 14.125 -
31-Oct-94 9,150 16.125 -
30-Nov-94 9,150 14.250 -
30-Dec-94 9,154 12.250 -
31-Jan-95 9,154 14.500 -
28-Feb-95 9,154 17.375 -
31-Mar-95 9,154 16.125 -
28-Apr-95 9,154 15.625 -
31-May-95 9,154 17.500 -
30-Jun-95 9,154 23.000 -
31-Jul-95 9,154 27.625 -
31-Aug-95 9,154 28.625 0.250
29-Sep-95 11,442 25.500 - 5 for 4
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
201-046 Cost of Capital at Ameritrade
18
31-Oct-95 11,442 19.750 -
30-Nov-95 11,442 19.750 -
29-Dec-95 11,452 24.750 -
31-Jan-96 11,452 23.625 -
29-Feb-96 11,452 24.625 -
29-Mar-96 11,452 33.375 -
30-Apr-96 11,452 36.250 -
31-May-96 11,458 36.625 -
28-Jun-96 11,458 37.125 -
31-Jul-96 11,501 37.625 -
30-Aug-96 11,501 37.375 0.220
30-Sep-96 11,501 37.875 -
Source: Center for Research on Security Prices, University of Chicago.
This document is authorized for use only by Monica Maize ([email protected]). Copying or posting is an infringement of copyright. Please contact [email protected] or 800-988-0886 for additional copies.
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3 49
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1 81
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1 29
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1 95
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2 83
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1 68
2 0
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7 0
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90 6
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76 3
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7 0
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65 0
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19 4
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32 4
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30 9
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2 23
8 0
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2 10
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5 20
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0 52
8 0
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8 42
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0 46
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2 04
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2 20
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7 33
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0 73
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2 34
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5 22
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4 40
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3 47
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91 2
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-8 7
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3 78
4 0
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0 00
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8 0
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3 75
6 0
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8 06
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4 45
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7 26
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1 95
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3 84
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4 28
6 0
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8 57
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3 17
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8 62
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3 23
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0 09
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1 70
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5 94
0 0
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9 37
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1 39
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7 51
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7 03
1 0
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0 86
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5 13
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4 84
8 0
2 9
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-8 8
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0 64
9 0
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6 73
1 0
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1 39
5 0
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0 47
2 0
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3 65
0 0
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2 56
4 0
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0 71
8 0
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0 05
5 0
3 1
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8 -0
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92 2
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31 9
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67 6
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72 8
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87 0
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-8 8
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0 63
3 0
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8 42
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5 16
4 0
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5 12
8 0
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2 83
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1 76
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1 17
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64 0
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6 99
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7 82
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7 08
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7 83
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1 62
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9 31
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6 59
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6 31
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10 1
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r- 8
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88 3
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54 2
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76 2
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90 9
0 0
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15 5
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70 3
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2 8
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r- 89
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0 61
3 0
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4 13
2 0
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4 05
4 0
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5 50
6 0
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1 42
9 0
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1 83
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4 85
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3 06
8 0
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5 43
2 0
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6 87
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6 06
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3 76
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7 07
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3 96
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2 73
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-8 9
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0 34
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3 41
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6 17
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6 94
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0 74
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4 72
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3 1
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-8 9
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4 81
5 0
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7 50
0 0
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2 51
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6 95
8 0
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2 10
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2 93
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5 09
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7 0
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2 00
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2 84
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4 28
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1 34
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0 34
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2 92
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0 79
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1 34
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0 43
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5 88
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8 33
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6 11
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6 32
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C op
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7 48
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4 90
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r- 9
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69 4
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73 0
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73 7
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08 3
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87 8
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78 2
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r- 91
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1 93
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3 41
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8 96
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1 50
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5 49
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0 33
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3 10
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7 57
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9 46
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8 60
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8 75
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4 14
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4 05
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3 03
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2 80
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6 40
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0 31
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4 20
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4 42
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3 45
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9 88
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1 00
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6 12
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9 55
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3 42
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4 68
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3 49
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52 2
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48 8
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16 3
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86 7
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29 0
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88 1
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34 9
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89 2
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42 6
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10 6
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3 1
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-9 1
0 .0
7 63
1 0
0 .0
5 83
3 0
0 .0
7 25
4 0
0 .0
8 12
9 0
0 .2
0 29
0 0
0 .1
0 52
6 0
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1 77
2 0
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2 38
6 0
2 9
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v- 9
1 -0
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68 7
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76 3
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1 0
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17 7
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71 8
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50 7
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78 2
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70 4
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64 5
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-9 2
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5 61
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6 61
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3 17
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1 00
4 0
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1 60
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6 55
3 0
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0 16
5 0
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4 94
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2 8
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b -9
2 -0
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64 3
0 0
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00 0
0 -0
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96 5
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88 5
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04 3
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35 0
0 0
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32 9
0 0
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20 1
0
3 1
-M a
r- 9
2 -0
.0 8
87 6
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74 2
0 -0
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56 6
0 -0
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33 9
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.0 4
54 5
0 0
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88 4
0 -0
.0 2
36 8
0 -0
.0 1
41 2
0
3 0
-A p
r- 92
-0 .1
6 32
2 0
-0 .0
0 69
9 0
-0 .1
0 90
9 0
-0 .1
1 08
6 0
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4 28
6 0
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3 55
1 0
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1 38
5 0
-0 .0
3 28
9 0
2 9
-M a
y- 92
0 .0
9 87
7 0
0 .0
0 66
9 0
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0 40
8 0
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5 06
9 0
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4 91
4 0
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8 64
9 0
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0 65
2 0
0 .0
0 55
0 0
3 0
-J un
-9 2
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7 84
3 0
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2 22
2 0
0 .0
4 12
4 0
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2 43
3 0
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2 36
7 0
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1 49
1 0
-0 .0
1 92
4 0
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3 97
0 0
3 1
-J ul
-9 2
-0 .0
0 61
3 0
-0 .0
4 54
5 0
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1 98
0 0
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9 72
6 0
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6 93
6 0
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0 60
2 0
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3 99
3 0
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2 72
8 0
3 1
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2 0
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34 6
0 -0
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42 9
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05 8
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51 8
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18 6
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07 6
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p -9
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14 3
0 0
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62 6
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18 5
0 -0
.1 0
69 2
0 -0
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30 3
0 0
.0 1
24 2
0 0
.0 1
19 3
0
3 0
-O ct
-9 2
0 .1
1 53
8 0
0 .0
2 40
0 0
0 .0
9 38
3 0
0 .0
3 12
5 0
0 .1
4 08
5 0
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1 67
9 0
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1 09
0 0
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1 63
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v- 9
2 0
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66 7
0 0
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03 9
0 0
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57 1
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72 8
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91 5
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01 9
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38 4
0 0
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0 0
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18 9
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75 4
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8 99
5 0
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1 43
9 0
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9 87
4 0
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1 57
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3 59
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3 76
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1 23
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6 67
4 0
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d oc
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t i s
au th
or iz
ed fo
r u se
o nl
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M on
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M ai
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C op
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58 4
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66 5
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20 8
0 -0
.0 5
46 5
0 -0
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79 3
0 0
.0 0
54 5
0 -0
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79 1
0
3 1
-M a
r- 9
3 0
.0 8
02 0
0 0
.0 8
14 8
0 0
.0 4
58 7
0 0
.1 1
05 0
0 0
.0 8
94 7
0 0
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36 6
0 0
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50 1
0 0
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08 8
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3 0
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r- 93
-0 .0
5 06
9 0
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8 90
4 0
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1 05
3 0
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6 44
5 0
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7 24
6 0
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0 54
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2 55
1 0
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1 27
6 0
2 8
-M a
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-0 .0
5 24
3 0
0 .1
3 33
3 0
0 .0
7 94
3 0
0 .1
0 23
0 0
0 .1
3 64
6 0
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3 82
5 0
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2 94
2 0
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3 79
5 0
3 0
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-9 3
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5 15
5 0
0 .0
5 02
8 0
0 .0
6 93
1 0
0 .0
5 14
4 0
0 .0
7 37
3 0
0 .0
0 33
7 0
0 .0
0 51
3 0
0 .0
1 19
7 0
3 0
-J ul
-9 3
0 .0
6 37
3 0
0 .0
2 66
0 0
0 .0
7 40
7 0
0 .0
1 98
9 0
0 .0
3 43
3 0
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5 78
9 0
-0 .0
0 07
6 0
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1 41
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3 1
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01 4
0 0
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99 0
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89 7
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93 6
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72 2
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44 1
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93 4
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25 7
0 0
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21 1
0 0
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03 1
0 0
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97 7
0 0
.0 1
95 3
0 0
.0 8
73 8
0 0
.0 0
06 1
0 0
.0 2
57 9
0
2 9
-O ct
-9 3
0 .0
4 66
1 0
-0 .1
1 11
1 0
-0 .0
0 74
0 0
-0 .0
9 62
6 0
-0 .0
9 96
2 0
-0 .0
3 57
1 0
0 .0
1 80
4 0
0 .0
4 00
9 0
3 0
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v- 9
3 -0
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23 9
0 0
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81 8
0 -0
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32 3
0 -0
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40 1
0 -0
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85 1
0 -0
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77 8
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73 5
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43 7
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29 7
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68 5
0 -0
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43 8
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39 4
0 0
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40 8
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00 0
0 0
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94 5
0 0
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61 2
0
3 1
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-9 4
0 .0
1 63
0 0
0 .1
1 42
9 0
0 .0
7 32
1 0
0 .1
2 19
1 0
0 .0
9 72
2 0
0 .0
6 49
6 0
0 .0
3 13
3 0
0 .0
4 89
2 0
2 8
-F e
b -9
4 -0
.0 4
81 3
0 -0
.1 0
66 7
0 -0
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47 1
0 -0
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68 5
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70 5
0 -0
.0 7
09 2
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.0 2
40 9
0 -0
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94 9
0
3 1
-M a
r- 9
4 -0
.1 9
03 4
0 -0
.0 9
82 7
0 -0
.0 4
50 5
0 -0
.0 8
30 8
0 -0
.0 3
94 0
0 -0
.0 4
70 1
0 -0
.0 4
85 5
0 -0
.0 4
57 4
0 -0
.0 4
60 2
0
2 9
-A p
r- 94
-0 .0
1 39
9 0
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8 33
3 0
0 .0
0 00
0 0
-0 .0
1 00
7 0
-0 .0
3 71
1 0
-0 .0
0 74
1 0
-0 .0
4 03
2 0
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0 98
3 0
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1 08
2 0
3 1
-M a
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0 .0
7 17
7 0
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1 98
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0 .9
0 56
6 0
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6 38
6 0
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2 55
6 0
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0 77
6 0
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0 30
3 0
0 .0
0 95
0 0
-0 .0
0 02
7 0
3 0
-J un
-9 4
-0 .0
8 00
0 0
-0 .1
6 56
4 0
-0 .1
6 66
7 0
-0 .1
2 87
1 0
-0 .1
0 25
6 0
-0 .0
4 81
2 0
-0 .0
5 30
3 0
-0 .0
1 69
5 0
-0 .0
2 73
8 0
-0 .0
2 65
7 0
2 9
-J ul
-9 4
0 .0
1 44
9 0
-0 .0
5 14
7 0
0 .0
5 00
0 0
-0 .0
1 13
6 0
0 .0
4 64
3 0
0 .0
6 59
3 0
0 .0
3 20
0 0
-0 .0
6 89
7 0
0 .0
3 04
1 0
0 .0
1 54
7 0
3 1
-A u
g -9
4 0
.1 5
00 0
0 0
.1 4
10 9
0 0
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96 8
0 -0
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58 6
0 0
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54 9
0 0
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54 6
0 0
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51 9
0 0
.1 8
51 9
0 0
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28 3
0 0
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67 9
0
3 0
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p -9
4 -0
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62 1
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32 9
0 -0
.0 9
23 1
0 -0
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17 5
0 -0
.1 4
76 9
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93 2
0 -0
.1 1
53 8
0 -0
.0 2
62 5
0 -0
.0 1
86 5
0 0
.0 0
45 0
0
3 1
-O ct
-9 4
0 .0
1 37
0 0
0 .0
1 56
3 0
0 .0
5 08
5 0
-0 .3
1 14
8 0
0 .1
4 38
3 0
0 .0
5 23
1 0
0 .0
6 08
7 0
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3 22
6 0
0 .0
1 48
7 0
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0 24
0 0
3 0
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4 -0
.0 6
00 0
0 -0
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92 3
0 -0
.0 3
71 0
0 -0
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14 3
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49 2
0 -0
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10 1
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70 7
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3 0
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4 0
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34 8
0 -0
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60 0
0 -0
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84 0
0 0
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02 6
0 -0
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92 1
0 -0
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21 1
0 0
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27 5
0 -0
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28 6
0
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2 08
3 0
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8 13
0 0
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5 25
4 0
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8 18
2 0
0 .0
3 09
1 0
0 .0
1 90
7 0
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0 00
0 0
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9 57
1 0
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2 05
5 0
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2 77
1 0
2 8
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b -9
5 0
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44 9
0 0
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68 4
0 0
.0 6
91 2
0 0
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55 6
0 0
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94 5
0 0
.1 2
05 8
0 0
.1 6
63 3
0 0
.1 6
39 3
0 0
.0 3
96 2
0 0
.0 2
79 9
0
3 1
-M a
r- 9
5 -0
.0 1
60 0
0 -0
.0 1
33 3
0 -0
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69 0
0 0
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0 0
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65 9
0 0
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47 5
0 -0
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19 4
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31 0
0 0
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69 7
0 0
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87 4
0
2 8
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r- 95
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3 97
7 0
0 .1
1 48
6 0
0 .0
8 33
3 0
0 .5
6 66
7 0
0 .0
7 05
9 0
0 .0
3 15
4 0
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6 20
2 0
0 .0
1 44
9 0
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2 48
8 0
0 .0
2 59
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3 1
-M a
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-0 .0
1 09
3 0
0 .0
3 81
8 0
0 .0
1 53
8 0
0 .5
1 77
3 0
0 .0
3 86
8 0
0 .0
9 53
2 0
0 .1
6 02
9 0
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5 00
0 0
0 .0
3 41
6 0
0 .0
2 05
0 0
3 0
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-9 5
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0 06
6 0
0 .0
5 55
6 0
0 .1
0 75
9 0
0 .4
1 12
1 0
0 .1
1 70
2 0
0 .0
7 71
8 0
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4 43
0 0
0 .0
5 93
2 0
0 .0
3 08
4 0
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4 86
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8 88
9 0
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3 50
9 0
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1 71
4 0
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0 66
2 0
0 .0
5 71
4 0
0 .0
2 37
2 0
0 .0
8 60
9 0
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2 25
8 0
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4 06
7 0
0 .0
5 51
8 0
Th is
d oc
um en
t i s
au th
or iz
ed fo
r u se
o nl
y by
M on
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M ai
ze (m
rs m
ai ze
1@ gm
ai l.c
om ).
C op
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o r p
os tin
g is
a n
in fri
ng em
en t o
f c op
yr ig
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le as
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t c us
to m
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rv ic
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rv ar
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s. or
g or
8 00
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29 7
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88 6
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51 2
0 0
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14 9
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24 2
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24 3
0 0
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46 0
0 0
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65 5
0 0
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26 3
0 0
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59 7
0 -0
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72 7
0 0
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63 9
0 0
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59 9
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4 22
5 0
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7 55
8 0
-0 .0
6 45
2 0
-0 .3
7 33
3 0
-0 .1
1 20
0 0
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9 97
9 0
0 .4
0 80
0 0
0 .1
2 02
5 0
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1 14
9 0
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1 11
5 0
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4 05
8 0
3 0
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v- 9
5 0
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51 0
0 0
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18 9
0 0
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25 3
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06 4
0 0
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46 8
0 -0
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86 2
0 0
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10 2
0 0
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10 7
0 0
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23 3
0 0
.0 4
29 7
0 0
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72 0
0
2 9
-D e
c- 9
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57 4
0 -0
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62 1
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85 9
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10 8
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52 2
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54 2
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11 2
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65 7
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54 0
0 0
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97 8
0
3 1
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5 23
6 0
0 .1
5 72
3 0
0 .2
0 58
8 0
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8 55
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0 .1
2 02
9 0
0 .1
8 57
4 0
0 .1
8 16
5 0
0 .0
3 75
0 0
0 .0
3 52
9 0
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2 80
9 0
0 .0
3 32
9 0
2 9
-F e
b -9
6 -0
.0 3
48 3
0 0
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08 7
0 -0
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22 0
0 -0
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58 8
0 0
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31 9
0 -0
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57 5
0 -0
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90 0
0 -0
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63 9
0 0
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56 8
0 0
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60 5
0 0
.0 3
15 4
0
2 9
-M a
r- 9
6 0
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23 7
0 0
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06 2
0 0
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08 1
0 0
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09 1
0 0
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42 3
0 0
.1 0
93 3
0 -0
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62 7
0 0
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69 2
0 0
.0 2
12 4
0 0
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12 0
0 0
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41 2
0
3 0
-A p
r- 96
-0 .0
5 52
8 0
0 .0
1 51
5 0
-0 .0
5 14
0 0
0 .3
3 33
3 0
-0 .0
0 61
7 0
-0 .0
3 02
9 0
0 .4
6 98
8 0
-0 .0
5 11
4 0
0 .0
0 55
6 0
0 .0
2 51
3 0
0 .0
5 73
3 0
3 1
-M a
y- 96
0 .0
9 04
3 0
0 .0
1 41
8 0
-0 .0
3 25
1 0
0 .1
5 62
5 0
0 .0
7 74
3 0
-0 .0
1 49
3 0
0 .1
1 57
8 0
0 .0
5 36
5 0
0 .0
0 55
2 0
-0 .0
5 88
2 0
0 .0
2 67
2 0
0 .0
6 10
5 0
2 8
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-9 6
0 .0
6 47
8 0
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2 07
3 0
0 .0
1 02
0 0
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9 45
9 0
0 .0
0 57
9 0
-0 .0
0 75
8 0
-0 .0
8 54
0 0
0 .0
8 57
1 0
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0 13
2 0
-0 .2
5 00
0 0
-0 .0
0 76
6 0
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3 06
0 0
3 1
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-9 6
0 .0
0 92
2 0
-0 .0
4 76
2 0
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6 56
6 0
-0 .1
7 28
4 0
-0 .0
6 83
3 0
-0 .0
0 40
7 0
-0 .3
6 54
6 0
-0 .1
1 57
9 0
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7 73
5 0
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4 28
6 0
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5 33
9 0
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7 86
2 0
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g -9
6 0
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28 3
0 0
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55 6
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43 2
0 0
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47 8
0 0
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44 9
0 -0
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05 1
0 -0
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44 3
0 -0
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21 4
0 0
.1 1
97 6
0 0
.0 9
02 8
0 0
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22 2
0 0
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47 7
0
3 0
-S e
p -9
6 0
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0 -0
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0 0
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85 7
0 0
.0 7
55 1
0 0
.0 4
18 8
0 0
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09 5
0 0
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81 8
0 0
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15 0
0 0
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28 0
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29 9
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S ou
rc e:
C en
te r
fo r
R es
ea rc
h on
S ec
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P ric
es , U
ni ve
rs ity
o f C
hi ca
go .
a ” V
W (
E W
) N
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E , A
M E
X , &
N as
da q”
r ep
re se
nt s
th e
va lu
e- w
ei g ht
ed (
eq ua
l-w e ig
ht ed
) in
de x
of a
ll U
S p
ub lic
ly tr
ad ed
fi rm
s.
Th is
d oc
um en
t i s
au th
or iz
ed fo
r u se
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y by
M on
ic a
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rs m
ai ze
1@ gm
ai l.c
om ).
C op
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o r p
os tin
g is
a n
in fri
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en t o
f c op
yr ig
ht . P
le as
e co
nt ac
t c us
to m
er se
rv ic
e@ ha
rv ar
db us
in es
s. or
g or
8 00
-9 88
-0 88
6 fo
r a dd
iti on
al c
op ie
s.
