Determinants of Capital Structure Spreadsheet/ Discounted Cash Flow Analysis Spreadsheet

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Ch06_Determinants_of_Capital_Structure_SPREADSHEET1.xlsx
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Data

Determinants of Capital Structure
Question: What factors determine a company's capital structure? Answer the question using regression analysis on data from the firms in the S&P 500.
Dependent Variable (Y) Explanatory Variables (X)
Name Debt Ratio Size Growth Rate Profitability Asset Tangibility
ADC TELECOM.INCO. 31.48 1.296899 -38.28 0.00 0.43
AES CORP. 67.43 29.122992 7.94 2.77 0.80
AFLAC INCO. 2.76 50.963984 5.60 1.80 0.60
ALLTEL CORP. 35.16 16.661098 4.13 9.64 0.89
AMR (AMER.AIRL.) CORP. 47.49 29.329984 -3.99 0.00 0.97
TIME WARNER INCO. 22.37 121.782992 72.54 3.82 0.15
AT & T CORP. 30.03 47.987984 -19.41 4.76 1.22
AT&T WIRELESS SVS.INCO. 22.24 47.826992 16.91 2.07 0.55
ABBOTT LABS.INCO. 22.42 26.715328 12.71 11.86 0.50
ADOBE SYSTEMS INCO. 0.00 1.555044 0.74 25.93 0.17
ADVD.MICRO DEVC. 29.50 7.094341 -8.83 0.00 1.42
AETNA INCO. 3.98 40.554192 -12.48 2.54 0.60
AGILENT TECHS.INCO. 18.34 6.269997 -17.47 0.00 0.68
AIR PRDS.& CHEMS.INCO. 26.93 9.323098 4.83 5.64 1.25
ALBERTO CULVER CO. 16.49 1.945608 8.77 10.36 0.30
ALBERTSONS INCO. 34.58 15.393996 -1.22 5.43 1.04
ALCAN INC. 25.65 41.506264 3.18 5.39 0.60
ALCOA INCO. 23.94 30.367984 -2.13 3.98 0.81
ALLEGHENY EN.INCO. 56.61 10.171895 -14.90 0.00 1.16
ALLEGHENY TECHS.INCO. 28.75 1.850599 -7.66 0.00 0.94
ALLERGAN INCO. 36.53 1.636299 2.91 0.00 0.44
ALLIED WASTE INDS.INC 59.41 13.860896 -2.76 0.69 0.50
ALLSTATE CORPORATION 3.78 134.141968 3.34 2.46 0.60
ALTERA CORP. 0.00 1.453505 -15.62 11.53 0.25
AMSOUTH BANC. 22.41 45.615504 -7.52 2.03 0.60
AMBAC FINL.GP.INC 48.35 16.747311 20.35 4.26 0.60
AMERADA HESS CORP. 28.18 13.982998 6.07 6.31 1.15
AMEREN CORP. 34.42 13.801996 6.00 6.48 1.28
AMER.ELEC.PWR.CO.INCO. 39.47 36.743984 2.03 1.88 0.99
AMERICAN EXPRESS CO. 22.69 175.000976 3.21 2.28 0.60
AMER.GREETINGS CORP. 33.27 2.584119 -2.83 6.63 0.41
WYETH 32.26 29.727312 6.12 8.62 0.39
AMERICAN INTL.GP.INCO. 15.14 678.345728 20.93 1.65 0.60
AMER.POWER CONV.CORP. 0.00 1.779971 -0.42 11.21 0.22
AMERISOURCEBERGEN CORP. 14.82 12.040122 62.16 4.79 0.04
AMGEN INCO. 11.76 26.176496 32.04 9.32 0.21
ANADARKO PETROLEUM CORP. 24.62 20.545984 -3.42 8.00 1.31
ANALOG DEVICES INCO. 0.00 4.092876 -7.39 6.42 0.43
ANDREW CORPORATION 15.39 2.073232 -0.15 1.71 0.29
ANHEUSER-BUSCH COS.INCO. 49.60 14.689497 4.88 16.47 1.12
AON CORP. 8.10 26.502992 10.30 2.92 0.60
APACHE CORP. 18.74 12.416122 22.38 12.78 1.47
APPLE COMPUTERS INCO. 4.50 6.754996 -8.05 1.19 0.17
APPLERA CORP. 0.00 2.126714 6.63 10.07 0.60
APPLIED MATS.INCO. 5.45 10.311618 -22.35 0.00 0.30
APPD.MICRO CIRCUITS CORP 0.10 1.224556 -16.15 0.00 0.12
ARCHER-DANLS.-MIDL.CO. 30.16 17.182864 33.60 4.47 0.77
ASHLAND 23.04 7.005999 -1.89 3.74 0.42
AUTOZONE INCO. 42.32 3.654922 6.78 16.80 0.70
AUTODESK INCO. 0.00 1.01716 0.54 13.62 0.24
AUTOMATIC DATA PROC. 0.43 19.833664 4.36 5.65 0.09
AVAYA INCO. 25.85 3.686999 -17.34 0.00 0.45
AVERY DENNISON CORP. 28.75 4.105299 6.95 8.38 0.61
AVON PRODUCTS INCO. 32.75 3.425499 6.25 21.67 0.50
BB & T CORP. 20.05 90.466544 7.07 1.70 0.60
BMC SOFTWARE INCO. 0.00 2.808399 -8.28 1.84 0.26
BAKER HUGHES INCO. 23.55 6.302199 0.37 3.08 0.58
BALL CORP. 41.45 4.0696 10.74 7.53 0.67
BANK ONE CORP. 35.24 326.562816 -6.15 1.72 0.60
BANK OF AMERICA CORP. 26.60 736.444928 -5.48 1.84 0.60
BANK OF NY.CO.INCO. 8.67 92.396976 -5.42 1.63 0.60
BARD C R INCO. 10.01 1.679599 9.26 12.48 0.23
BARRICK GOLD CORP. 25.65 41.506264 3.18 5.39 0.60
BAUSCH & LOMB INCO. 28.24 2.999399 4.45 5.82 0.45
BAXTER INTL.INCO. 33.20 13.778997 8.94 7.68 0.56
BEAR STEARNS COS.INCO. 42.82 212.16808 -10.39 1.13 0.60
BECTON DICKINSON & CO. 23.44 5.572251 7.76 11.33 0.70
BED BATH & BEYOND INCO. 0.00 2.188841 24.97 18.34 0.33
BELLSOUTH CORP. 30.14 49.701984 -4.70 9.29 1.34
BEMIS CO.INCO. 25.73 2.292931 6.77 6.89 0.71
BEST BUY CO.INCO. 10.82 7.662997 18.80 1.57 0.40
BIG LOTS INCO. 11.43 1.784265 8.40 5.66 0.70
BIOGEN INCO. 25.65 41.506264 3.18 5.39 0.60
BIOMET INCO. 6.82 1.672168 14.73 19.03 0.28
BLACK & DECKER CORP. 26.49 4.222499 -0.57 8.15 0.37
H & R BLOCK INCO. 19.07 4.603904 15.52 15.16 0.17
BOEING CO. 27.89 51.792992 -0.55 2.49 0.41
OFFICEMAX INCORPORATED 30.91 7.376158 1.84 1.94 0.84
BOSTON SCIENTIFIC CORP. 30.27 5.698998 9.27 11.29 0.23
BRISTOL MYERS SQUIBB CO. 32.96 26.236992 4.68 13.22 0.36
BROADCOM CORP. 0.00 2.028527 13.67 0.00 0.17
BROWN-FORMAN CORP. 36.93 2.264 3.15 12.41 0.44
BRUNSWICK CORP. 16.87 3.602499 2.70 4.76 0.48
BURL.NTHN.SANTA FE CORP 24.81 26.938992 0.75 4.24 1.16
BURLINGTON RES.INCO. 29.80 12.994998 11.06 12.89 1.33
CIENA CORP. 30.71 2.378612 -30.92 0.00 0.17
CIGNA CORP. 1.67 89.951952 -1.74 0.85 0.60
CINERGY CORP. 37.70 14.119202 -19.36 4.98 1.04
CMS ENERGY CORP. 52.62 13.837996 -15.07 2.48 0.85
COMPAQ COMPUTERS 25.65 41.506264 3.18 5.39 0.60
CSX CORP. 33.61 21.76 -1.65 2.49 0.90
CVS CORP. 10.21 10.543099 9.80 9.16 0.38
CALPINE CORP. 64.74 27.30392 57.79 3.48 0.81
CAMPBELL SOUP CO. 56.86 6.204997 2.14 12.55 0.65
CAPITAL ONE FINL.CORP. 32.00 46.283696 21.73 4.26 0.60
CARDINAL HEALTH INCO. 14.58 18.521392 23.84 9.02 0.20
CARNIVAL CORP. 30.23 24.490992 21.14 10.72 0.83
CATERPILLAR INCO. 55.28 35.848992 4.11 4.91 0.40
CENDANT CORP. 54.18 38.368992 68.62 4.67 0.35
CENTEX CORP. 61.47 11.557605 15.25 7.13 0.10
CENTURYTEL INCO. 40.30 7.895851 8.85 6.36 0.91
SCHWAB CHARLES CORP. 3.87 45.659984 -15.37 1.28 0.60
CHARTER ONE FINL. 25.37 42.628048 2.64 2.22 0.60
CHEVRONTEXACO CORP. 15.58 80.828944 33.64 10.03 1.25
CHIRON CORP. 25.86 4.195168 23.14 8.10 0.29
CHUBB CORP. 7.46 37.737088 16.23 2.67 0.60
CINCINNATI FIN. 3.89 15.508996 11.84 2.82 0.60
CINTAS CORP. 21.80 2.582945 12.20 10.70 0.49
CIRCUIT CITY INCO. 0.34 3.776754 -2.07 2.02 0.42
CISCO SYSTEMS INCO. 0.00 35.630992 -0.09 9.90 0.22
CITIGROUP INCO. 32.32 1264.030976 -5.39 1.88 0.60
CTZN.COMMS.CORP. 64.31 7.689109 10.10 5.76 0.82
CITRIX SYS.INCO. 26.19 1.34177 7.76 12.03 0.12
CLEAR CHL.COMMS.INCO. 24.92 28.352 15.16 5.07 0.22
CLOROX CO. 29.27 3.652 0.50 14.09 0.58
COCA COLA CO. 20.16 26.895984 0.95 18.49 0.36
COCA COLA ENTS. 45.32 25.699984 5.52 4.42 0.53
COLGATE-PALM.CO. 41.49 7.478796 1.91 21.25 0.68
COMCAST CORP. 24.73 109.158976 30.70 4.04 0.23
COMERICA INCO. 9.63 52.591984 -6.87 1.38 0.60
CMP.ASSOCS.INTL. 28.28 11.053998 -20.07 0.00 0.13
COMPUTER SCIS.CORP. 23.77 10.433196 6.59 6.21 0.40
COMPUWARE CORP. 0.00 2.10251 -14.89 5.50 0.24
COMVERSE TECH.INCO. 20.06 2.728041 -14.49 0.00 0.14
CONAGRA FOODS INCO. 39.35 15.071399 -7.89 6.41 0.36
CONCORD EFS INCO. 25.65 41.506264 22.69 13.82 0.60
CONEXANT SYS. 84.27 0.690447 -34.17 0.00 0.25
CONOCO INCO. 25.65 41.506264 3.18 5.39 0.60
CONSECO INCO. 25.65 41.506264 3.18 5.39 0.60
CONS.EDISON INCO. 34.88 20.336992 1.38 4.51 0.95
CONSTELLATION EN. 35.51 15.718899 35.75 3.57 0.87
CONVERGYS CORP. 7.45 1.810199 1.91 10.88 0.59
COOPER INDS.LTD. 27.05 4.965298 -3.07 4.21 0.39
COOPER TIRE RUB. 30.60 2.868866 0.40 4.38 0.89
MOLSON COORS BREWING CO. 29.22 4.281421 18.27 5.58 0.97
CORNING INCO. 29.54 9.526996 -24.31 0.00 0.74
COSTCO WHOLESALE CORP. 10.20 13.177368 9.77 6.41 0.68
COUNTRYWIDE FINL.CORP. 73.44 97.949776 58.39 6.30 0.60
CRANE CO. 23.20 1.707538 3.14 8.45 0.45
CUMMINS INCO. 32.02 4.462997 -1.54 2.78 0.70
DTE ENERGY CO. 41.04 20.752992 7.95 4.81 0.85
DANA CORP. 33.35 9.287999 -13.86 3.91 0.48
DANAHER CORP. 18.85 6.890049 11.90 9.55 0.22
DARDEN RESTAURANTS INCO. 24.68 2.666211 7.94 10.32 1.32
DEERE & CO. 59.52 24.781888 5.72 4.75 0.29
DELL INCO. 2.63 19.177984 9.13 17.37 0.14
DELPHI AUTV.SYS.CORP. 18.95 17.068992 -1.21 0.48 0.90
DELTA AIR LINES INCO. 49.28 25.486992 -7.38 0.00 1.02
DELUXE CORP. 107.24 0.56296 -0.55 30.67 0.75
DEVON ENERGY CORP. 32.83 27.161984 38.22 12.82 1.04
DILLARDS INCO. 40.91 6.411096 -3.92 1.82 0.79
DOLLAR GENERAL CORP. 10.63 2.652708 14.73 13.79 0.64
DOMINION RES.INCO. 42.04 43.958992 9.26 2.54 0.83
DONNELLEY R R & SONS CO. 29.11 3.188949 -6.00 6.65 1.52
DOVER CORP. 20.80 5.13375 -6.51 7.53 0.37
DOW CHEMICALS CO. 34.70 37.777984 12.35 6.36 1.08
DOW JONES & CO.INCO. 11.90 1.286759 -11.08 15.18 1.35
DU PONT E I DE NEMOURS 28.39 35.984992 -1.52 3.52 0.67
DUKE ENERGY CORP. 39.88 55.050992 -22.72 0.00 0.85
DYNEGY INCO. 46.79 13.300998 -41.86 5.47 0.74
EMC CORP. 0.98 14.020837 -11.09 5.22 0.21
EOG RES.INCO. 23.76 4.667502 7.11 12.29 1.77
EASTMAN CHEMS.CO. 42.26 6.187999 3.10 0.00 1.59
EASTMAN KODAK CO. 22.49 14.439997 -1.64 2.80 0.92
EATON CORP. 25.02 7.804997 -1.00 6.21 0.54
ECOLAB INCO. 21.18 3.185749 18.44 10.91 0.58
EDISON INTL.INCO. 41.04 34.961984 1.96 5.08 0.74
EL PASO CORP. 59.54 37.000992 -32.63 0.00 1.01
ELECTRONIC DTSY.CORP. 32.92 17.506992 3.76 0.00 0.48
EMERSON ELECTRIC CO. 27.14 15.193997 -3.53 8.60 0.45
ENGELHARD CORP. 15.79 2.906099 -12.49 8.43 0.73
ENRON CORP. 25.65 41.506264 3.18 5.39 0.60
ENTERGY CORP. 29.51 27.723664 -2.81 4.81 1.14
EQUIFAX INCO. 53.02 1.553299 -14.58 12.68 0.10
EQUITY OFFE.PROPS.TST. 47.45 24.189008 12.32 4.76 0.60
EXELON 38.26 41.190992 28.23 4.14 0.67
EXXON MOBIL CORP. 5.48 174.277984 1.14 14.18 1.32
FISERV INCO. 11.62 7.214174 17.75 5.13 0.08
FMC 41.90 2.506599 -21.19 3.49 1.14
FPL GROUP INCO. 37.16 26.934992 10.79 5.83 1.12
FAMILY DOLLAR STRS.INCO. 0.00 1.985694 14.89 14.10 0.63
FANNIE MAE 95.26 1009.568768 7.04 3.67 0.60
FEDEX CORP. 13.11 15.384997 7.19 6.60 1.24
FREDDIE MAC 92.05 803.448832 9.72 2.98 0.60
FEDR.DEPT.STRS.INCO. 27.90 14.549999 -6.05 6.01 0.66
FIFTH THIRD BANCORP 24.39 91.142944 14.84 2.46 0.60
FIRST DATA 13.97 25.585584 10.95 5.56 0.09
FIRSTENERGY CORP. 37.10 32.569936 20.53 3.08 0.69
FLEETBOSTON FINL.CORP. 14.35 200.234944 -12.77 1.71 0.60
FLUOR CORP. 7.87 3.38343 -4.06 5.42 0.28
FORD MTR.CO. 59.18 303.827968 -1.16 1.96 0.38
FOREST LABS. 0.00 2.90048 35.77 32.14 0.11
FORTUNE BRANDS INCO. 26.51 7.444897 2.49 10.78 0.37
FRANK.RES. 16.12 6.970748 3.90 8.03 0.60
FREEPORT-MCMOR.CPR.& GD. 47.23 4.718362 5.79 7.44 1.23
GPU INC. 25.65 41.506264 3.18 5.39 0.60
GANNETT 26.07 14.706237 2.55 9.49 0.32
GAP INCO. 26.86 10.313998 5.06 12.14 0.68
GATEWAY INCO. 0.00 2.028437 -29.23 0.00 0.46
GEN.DYNAMICS 24.98 16.182996 17.07 9.17 0.24
GENERAL ELECTRIC CO. 47.09 647.48288 1.29 3.80 0.14
GEN.MILLS 48.59 18.226992 16.18 7.86 0.27
GENERAL MOTORS CORP. 63.14 430.420736 0.33 3.05 0.26
GENUINE PARTS 16.46 4.116496 0.32 9.16 0.20
GEORGIA PACIFIC CORP. 43.63 24.404992 -2.83 3.48 0.81
GILLETTE CO. 33.27 9.954996 -0.15 14.40 0.71
GOLDEN WEST FINL. 35.17 82.549856 -0.98 1.98 0.60
GOODRICH CORP. 37.75 5.866999 0.15 3.50 0.39
GOODYEAR TIRE& RUBBER CO 35.71 14.607998 1.60 0.00 0.86
GRAINGER W W 5.72 2.604381 -2.12 9.56 0.59
GT.LAKES CHM. 26.40 1.646799 -4.29 0.00 0.79
GUIDANT CORP. 20.44 4.639199 13.22 9.60 0.31
HCA INCO. 41.34 21.062992 9.37 8.84 0.88
MANOR CARE INCO. 27.59 2.39671 8.37 6.36 0.95
HEALTHSOUTH CORP. 25.65 41.506264 3.18 5.39 0.60
HALLIBURTON CO. 23.46 14.724997 11.07 0.00 0.41
HARLEY-DAVIDSON INCO. 20.20 4.923084 17.19 19.71 0.44
HARRAHS ENTM. INCO. 55.84 6.578843 7.59 7.04 0.88
HARTFORD FINL.SVS.GP. 2.52 225.007952 8.97 0.05 0.60
HASBRO INCO. 22.85 3.114385 -6.07 6.29 0.18
HEINZ HJ CO. 53.45 9.224749 -4.33 6.94 0.37
HERCULES INCO. 50.22 2.684 -16.33 4.91 0.76
HERSHEY FOODS CORP. 27.38 3.582539 -0.38 14.38 0.90
HEWLETT-PACKARD CO. 10.54 71.848944 14.41 3.97 0.19
HILTON HOTELS 50.61 8.177999 -5.82 4.45 0.63
HOME DEPOT INCO. 3.96 34.436992 12.32 14.48 0.71
HOMESTAKE MNG. 25.65 41.506264 3.18 5.39 0.60
HONEYWELL INTL.INCO. 17.79 29.001984 -2.63 5.72 0.40
HSBC FIN.CORP. 80.72 119.153872 6.26 3.45 0.60
HUMANA 16.28 5.293322 5.18 5.23 0.19
HUNTINGTON BCSH.INCO. 27.11 30.483792 -3.73 1.72 0.60
IMS HEALTH INCO. 35.50 1.583058 -1.01 41.31 0.20
ITT INDUSTRIES INCO. 10.83 5.564297 5.22 8.62 0.45
ILLINOIS TOOL WKS. 9.02 10.822582 0.17 10.62 0.42
IMMUNEX CORP. 25.65 41.506264 3.18 5.39 0.60
INCO LTD. 25.65 41.506264 3.18 5.39 0.60
INGERSOLL-RAND CO.LTD. 21.75 10.664898 3.93 7.19 0.20
INTEL CORP. 2.46 47.142992 -3.68 12.85 0.82
INTL.BUS.MACH.CORP. 23.59 100.168944 0.28 8.33 0.37
INTL.FLAV.& FRAG. 38.52 2.296591 9.14 8.58 0.44
INTL.GAME TECH. 37.97 4.090312 28.44 14.47 0.15
INTL.PAPER CO. 43.74 35.524992 -3.68 2.39 1.01
INTERPUBLIC GP.COS.INCO. 20.81 11.889999 1.39 0.00 0.14
INTUIT INCO. 1.12 2.607205 14.70 12.31 0.18
JP MORGAN CHASE & CO. 26.43 770.911744 -9.61 1.02 0.60
JDS UNIPHASE CORP. 0.00 2.110199 -22.11 0.00 0.24
JABIL CIRCUIT 19.86 3.244744 9.95 2.13 0.36
JEFFERSON PILOT 4.16 32.768 4.24 1.68 0.60
JOHN HANCOCK FINL.SVS. 3.10 111.300432 4.12 0.92 0.60
JOHNSON & JOHNSON 8.60 47.588992 12.84 18.18 0.36
JOHNSON CONTROLS 18.35 12.833697 9.70 6.94 0.50
KMART CORP. 25.65 41.506264 3.18 5.39 0.60
KB HOME 34.23 4.069962 14.17 10.08 0.60
KLA TENCOR CORP. 0.00 2.823564 -4.07 5.13 0.23
KELLOGG CO. 50.48 10.230796 8.21 9.99 0.61
KERR-MCGEE 35.92 10.173997 0.52 3.88 1.42
KEYCORP 24.75 84.486976 -11.25 1.39 0.60
KEYSPAN CORP. 41.99 14.514692 10.53 4.72 0.60
KIMBERLY-CLARK CORP. 25.17 16.549699 0.87 11.71 0.91
KINDER MORGAN KANS INCO. 33.30 10.036707 -26.04 4.76 0.68
KING PHARMS.INCO. 10.93 3.158426 35.42 4.17 0.10
KNIGHT-RIDDER 36.63 4.096678 -2.84 8.20 0.48
KOHLS CORP. 16.25 6.698446 18.67 10.08 0.61
KROGER 44.35 20.183984 3.16 3.49 0.91
LSI LOGIC CORP. 25.17 3.440416 -14.80 0.00 0.34
LEGGETT&PLATT 30.20 3.889699 0.86 6.77 0.53
LEHMAN BROS.HDG.INCO. 70.80 309.890816 -13.21 3.14 0.60
LEXMARK INTL.GP.A 4.36 3.4504 7.69 15.93 0.42
ELI LILLY & CO. 22.53 21.678096 5.02 13.66 0.51
LIMITED BRANDS INCO. 8.23 7.872999 -4.02 10.46 0.47
LINCOLN NAT.CORP. 1.41 106.69896 -10.52 0.61 0.60
LINEAR TECH. 0.00 2.056878 -4.93 11.90 0.23
LIZ CLAIBORNE 17.61 2.606998 10.96 13.06 0.34
LOCKHEED MARTIN CORP. 23.94 25.932992 7.91 5.45 0.33
LOEWS CORP. 8.17 76.641584 -14.46 0.00 0.60
LOUISIANA PACIFIC CORP. 32.11 3.204399 -7.78 11.93 0.56
LOWE'S COMPANIES INCO. 19.72 19.041984 17.98 12.45 0.79
LUCENT TECHS.INCO. 37.93 15.764996 -36.96 0.00 0.26
MBIA INCO. 60.37 30.267728 20.91 5.61 0.60
MBNA CORP. 22.28 59.113344 14.09 4.87 0.60
MGIC INVT CORP. 10.13 5.917384 14.96 9.83 0.60
MARRIOTT INTL.INCO. 17.79 8.176996 -34.44 6.93 0.38
MARSH & MCLENNAN COS. 22.84 14.698999 4.49 12.30 0.19
MASCO CORP. 34.42 12.148998 14.72 8.12 0.30
MATTEL INCO. 16.52 4.001519 2.03 14.97 0.41
MAXIM INTEG.PRDS.INCO. 0.00 2.367961 10.06 15.40 0.64
MAY DEPT.STORES INCO. 33.36 12.096999 -2.76 5.41 0.75
MAYTAG INCO. 34.18 2.840454 4.10 5.32 0.93
MCDERMOTT INTL. 25.37 1.248873 7.54 0.00 0.99
MCDONALDS CORP. 38.12 25.525088 6.37 7.21 1.12
MCGRAW-HILL COS.INCO. 0.49 5.394067 4.09 13.76 0.21
MCKESSON CORPORATION 10.37 14.437797 15.88 4.74 0.09
MEADWESTVACO CORP. 33.94 12.486995 20.03 1.44 0.92
MEDIMMUNE INCO. 25.80 2.643399 24.95 9.66 0.13
MEDTRONIC INCO. 19.18 12.332498 15.19 14.94 0.23
MELLON FINL.CORP. 18.69 33.982992 -8.26 2.28 0.60
MERCK & CO.INCO. 16.75 40.579984 -17.72 14.86 0.52
MERCURY INTACT.CORP. 41.03 1.977089 18.16 5.01 0.07
MEREDITH CORP. 26.10 1.43672 -0.52 1.62 0.26
MERRILL LYNCH & CO.INCO. 40.08 494.51776 -14.91 2.01 0.60
METLIFE INCO. 2.86 326.840832 4.66 0.91 0.60
MICRON TECH. 15.35 7.074496 -25.03 0.00 1.32
MICROSOFT CORP. 0.00 79.570992 11.93 14.77 0.08
MILLIPORE CORP. 33.29 0.874047 -5.71 15.99 0.62
3M CO. 17.67 17.416992 2.92 16.26 0.91
MIRANT CORP. 12.91 12.130996 -27.04 0.00 0.66
MOLEX INCO. 1.03 2.221556 -5.97 3.87 1.17
MOODYS CORP. 31.87 0.9414 27.44 60.15 0.15
MORGAN STANLEY 57.97 602.84288 -8.37 0.98 0.60
MOTOROLA INCO. 28.03 28.748992 -10.37 4.71 0.65
NCR CORP. 6.30 4.921999 -2.06 1.84 0.43
NICOR INCO. 28.23 3.797199 5.03 4.48 1.05
NIKE INCO. 12.76 6.525898 5.95 7.96 0.46
NABORS INDS.LTD. 40.78 5.602689 12.31 4.72 0.73
NAT.CITY CORP. 32.45 113.933408 2.07 2.12 0.60
NATIONAL SEMICON.CORP. 0.99 2.244599 -7.89 0.00 1.15
NAT.SERVICE INDS.INCO. 25.65 41.506264 3.18 5.39 0.60
NAVISTAR INTL.CORP. 48.00 5.436997 -4.42 1.27 0.47
NETWORK APPLIANCE CORP. 0.00 1.278541 15.48 7.00 0.38
NEW YORK TIMES CO. 25.11 3.804738 -2.57 9.18 0.65
NEWELL RUBBERMAID INCO. 39.18 7.412596 3.77 0.62 0.46
NEWMONT MINING CORP. 10.46 10.297765 27.38 5.69 0.57
NEXTEL COMM.INCO. 49.79 20.509984 23.72 9.71 0.71
NISOURCE INCO. 40.90 16.623796 1.05 2.34 0.99
NIAGARA MOHAWK HDG.INC 25.65 41.506264 3.18 5.39 0.60
NOBLE CORP. 18.48 3.189632 3.81 6.30 1.11
NORDSTROM INCO. 27.64 4.465684 5.50 7.49 0.86
NORFOLK SOUTHERN CORP. 34.76 20.595984 1.65 4.34 0.85
NORTEL NETWORKS CORP. 25.65 41.506264 3.18 5.39 0.60
NORTHERN TRUST CORP. 23.57 41.450192 -10.01 1.37 0.60
NORTHROP GRUMMAN CORP. 18.88 33.008992 50.96 2.84 0.18
NOVELL INCO. 0.00 1.567652 -0.60 0.00 0.34
NOVELLUS SYSTEMS INCO. 1.46 2.360289 -7.63 0.00 0.37
NUCOR CORP. 20.11 4.492349 10.96 1.84 1.18
OCCIDENTAL PTL.CORP. 24.74 18.167984 -11.76 10.31 1.19
OFFICE DEPOT INCO. 13.71 6.145241 2.10 6.55 0.39
OMNICOM GROUP INCO. 18.05 14.355361 11.89 6.06 0.10
ORACLE CORP. 3.02 10.866999 -2.20 21.93 0.24
PACCAR INCO. 38.75 9.877798 1.15 8.00 0.33
PG & E CORP. 16.49 29.850992 -26.45 3.38 0.97
PMC-SIERRA INCO. 31.65 0.552956 -28.92 0.00 0.37
PNC FINL.SVS.GP.INCO. 16.80 68.167984 -7.83 1.77 0.60
PPG INDUSTRIES INCO. 19.78 8.423997 0.49 7.18 0.90
PPL CORP. 50.20 17.122992 -0.57 6.91 0.60
PACTIV CORP. 36.18 3.705999 0.04 7.22 0.67
PALL CORP. 28.35 1.953187 9.65 6.22 0.59
PALMONE INCO. 9.41 0.541826 -6.23 0.00 0.29
PARAMETRIC TECH.CORP. 0.00 0.57769 -10.22 0.00 0.41
PARKER-HANNIFIN CORP. 23.40 5.942304 6.18 4.35 0.60
PAYCHEX INCO. 0.00 3.690782 20.60 9.94 0.09
PENNEY JC CO.INCO. 29.37 18.299984 -17.65 0.00 0.31
PEOPLESOFT INCO. 0.00 4.182678 9.29 3.17 0.22
PEOPLES ENERGY 32.52 2.928537 14.69 5.01 1.01
PEPSI BOTTLING GP. 49.72 11.543998 8.75 5.72 0.59
PEPSICO INCO. 9.05 25.326992 9.69 15.66 0.58
PERKINELMER INCO. 21.07 2.607718 -3.25 3.15 0.24
PFIZER INCO. 12.48 116.774992 15.46 8.92 0.22
PHARMACIA CORP. 25.65 41.506264 3.18 5.39 0.60
PHELPS DODGE CORP. 26.96 7.265296 -2.90 2.72 1.16
ALTRIA GROUP 25.51 96.174992 -1.37 11.54 0.28
CONOCOPHILLIPS 21.58 82.401936 63.16 6.89 0.75
PINNACLE WEST CAP.CORP. 35.75 9.536376 -8.60 4.20 1.09
PITNEY-BOWES INCO. 43.68 8.891387 5.65 6.97 0.31
PLACER DOME INCO. 25.65 41.506264 3.18 5.39 0.60
POWER-ONE INCO. 3.20 0.3498 -20.54 0.00 0.32
PRAXAIR INCO. 33.91 8.304996 3.63 9.25 1.30
PROCTER & GAMBLE CO. 31.22 43.705984 2.78 13.63 0.54
PROGRESS ENERGY INCO. 41.60 26.201984 28.52 5.59 0.95
PROGRESSIVE CORP.OHIO 9.15 16.281497 20.78 9.72 0.60
PROVIDIAN FINL.CORP. 9.06 14.05084 -22.10 1.42 0.60
PUB.SER.ENTER.GP.INCO. 50.46 27.686992 17.52 6.75 0.63
PULTE HOMES INCO. 36.51 8.063348 29.58 9.59 0.02
QLOGIC CORP. 0.00 0.817419 29.46 15.44 0.13
QUALCOMM INCO. 2.68 8.415686 7.49 13.02 0.15
QUINTILES TRNAT.CORP. 25.65 41.506264 3.18 5.39 0.60
QWEST COMMS.INTL. 66.78 26.215984 -4.90 9.23 1.70
RADIOSHACK CORP. 27.85 2.221699 -1.02 14.80 0.53
RALSTON PURINA CO. 25.65 41.506264 3.18 5.39 0.60
RAYTHEON CO. 31.68 23.330992 2.34 3.04 0.24
REEBOK INTL.LTD. 18.37 1.967264 6.75 9.46 0.22
REGIONS FINL.CORP. 25.65 41.506264 3.18 5.39 0.60
CENTERPOINT EN.INC 51.49 21.376992 -30.71 5.60 0.93
ROBERT HALF INTL. 0.25 0.974246 -9.89 0.74 0.43
ROCKWELL COLLINS INCO. 1.74 2.417999 0.42 10.58 0.44
ROCKWELL ATMTN.INCO. 19.39 3.985999 -16.90 7.96 0.55
ROHM & HAAS CO. 27.26 9.444999 -2.27 3.74 0.81
ROWAN COS.INC. 28.50 2.190808 1.68 0.13 1.29
ROYAL DUTCH PTL.CO. 11.97 100.854464 10.58 8.55 1.08
RYDER SYSTEM 34.40 5.278601 -3.46 4.09 0.60
SAFECO CORP. 51.73 35.845088 2.43 1.23 0.60
SBC COMMUNICATIONS INCO. 18.30 100.165936 -7.42 9.81 1.36
SABRE HDG.CORP. 19.89 2.956152 -8.56 3.60 0.21
SAFEWAY INCORPORATED 51.81 15.096696 3.60 0.76 0.93
SANMINA-SCI CORP. 25.89 7.450255 38.36 0.00 0.29
SAPIENT CORP. 0.00 0.2269 -28.39 0.00 0.17
SARA LEE CORP. 41.34 15.083999 1.46 10.20 0.49
SCHERING-PLOUGH CORP. 22.73 15.101997 -5.31 0.00 0.45
SCHLUMBERGER LTD. 38.06 19.724992 13.07 3.13 0.55
SCIEN.ATLANTA CORP. 0.53 1.880428 -5.54 5.35 0.17
SEALED AIR CORP. 49.37 4.619096 4.81 7.29 0.55
SEARS ROEBUCK & CO.INCO. 29.99 27.344992 0.15 8.20 0.48
SEMPRA EN. 24.09 22.008992 3.36 4.91 0.69
SHERWIN-WILLIAMS CO. 13.95 3.682607 1.24 10.42 0.44
SIEBEL SYS. 0.73 2.754993 -8.97 0.22 0.19
SIGMA ALDRICH CORP. 15.82 1.535247 5.80 14.47 0.71
SNAP-ON INCO. 15.70 2.1224 0.87 4.90 0.39
SOLECTRON CORP. 43.11 6.484697 -7.99 0.00 0.29
SOUTHTRUST CORP. 23.04 51.92488 -7.73 1.67 0.60
SOUTHERN CO. 39.14 34.170992 3.78 6.23 1.22
SOUTHWEST AIRLINES CO. 15.57 9.877999 1.67 5.36 1.07
SPRINT CORP. 12.28 22.933984 -7.09 8.85 1.55
SPRINT CORP. 71.82 21.845984 26.02 1.46 0.85
ST.JUDE MED.INC. 14.24 2.556093 17.91 17.63 0.29
ST.PAUL TVLRS.COS.INCO. 9.80 38.277984 1.57 2.03 0.60
STANLEY WORKS INCO. 29.27 2.364599 -0.87 5.40 0.52
STAPLES INCO. 11.65 6.503043 7.29 8.80 0.44
STARBUCKS CORP. 0.19 2.729745 23.39 11.70 0.89
STARWOOD HTLS.& RESORTS 38.89 11.893997 -4.27 4.07 0.81
STATE STREET CORP. 31.40 87.533936 -4.74 0.90 0.60
JANUS CAPITAL GP. 19.68 4.332199 -23.80 29.80 0.60
STRYKER 0.83 3.132999 16.56 17.01 0.34
SUN MICROSYSTEMS INCO. 11.79 12.984999 -10.07 0.00 0.38
SUNTRUST BANKS INCO. 23.13 125.393104 -6.38 1.44 0.60
SUNOCO INCO. 20.99 6.921998 8.49 5.98 1.15
SUPERVALU INCO. 36.65 5.896241 -1.97 6.48 0.66
SYMBOL TECHS.INCO. 7.00 1.418048 1.82 0.76 0.33
SYNOVUS FINL.CORP. 13.55 21.632624 4.78 2.28 0.60
SYSCO CORP. 19.78 6.936518 10.64 13.78 0.52
T ROWE PRICE GP.INCO. 0.00 1.546576 -6.20 16.92 0.60
TECO ENERGY INCO. 47.73 9.347497 6.08 0.00 0.86
TJX COS.INCO. 15.89 4.396765 11.64 17.28 0.70
MONSTER WORLDWIDE INCO. 3.60 1.122278 -19.27 0.00 0.19
YUM! BRANDS INCO. 37.96 5.441998 5.72 14.27 1.03
TRW INCO. 25.65 41.506264 3.18 5.39 0.60
TXU CORP. 43.07 31.678992 -20.62 3.72 0.99
TARGET CORP. 39.53 31.391984 9.28 7.73 0.74
TEKTRONIX INCO. 8.95 1.247168 -10.96 2.73 0.34
TELLABS INCO. 0.00 2.607499 -33.85 0.00 0.25
TEMPLE INLAND INCO. 32.38 21.142992 2.78 0.85 0.22
TENET HLTHCR.CORP. 32.99 12.297998 5.00 0.00 0.66
TERADYNE INCO. 23.26 1.785361 -23.69 0.00 0.73
TEXAS INSTS.INCO. 5.59 14.883999 -6.05 8.70 0.64
TEXTRON INCO. 42.81 15.089999 -9.02 2.88 0.29
THERMO ELECTRON CORP. 8.13 3.388968 -2.76 5.82 0.18
THOMAS & BETTS CORP. 39.62 1.729917 -9.02 4.42 0.47
TIFFANY & CO 20.36 2.391087 6.24 11.76 0.51
TORCHMARK CORP. 6.51 13.460885 5.29 3.77 0.60
TOYS R US INCO. 30.19 9.956999 0.68 1.99 0.66
TRANSOCEAN INCO. 31.44 11.634397 25.57 1.21 0.91
TRIBUNE CO. 17.81 14.280151 4.45 7.26 0.25
TUPPERWARE CORP. 34.78 0.7737 3.06 8.00 1.37
TYCO INTL.LTD. 34.16 61.387984 8.35 2.68 0.32
US BANCORP 23.61 189.285984 13.50 2.37 0.60
UNUMPROVIDENT CORP. 5.61 49.718288 2.57 0.00 0.60
SLM CORP. 90.61 64.61064 5.79 4.15 0.60
US AIRWAYS GP.INCO. 25.65 41.506264 3.18 5.39 0.60
UST INCO. 66.03 1.726493 3.14 13.67 0.43
MARATHON OIL CORP. 22.40 19.446992 5.90 8.33 1.14
US.STEEL CORP. 25.87 7.472996 15.27 0.00 1.39
UNILEVER NV 42.59 46.957168 3.59 8.78 0.37
UNION PACIFIC CORP. 23.88 33.459984 -0.93 5.35 1.15
REGIONS FINL.CORP. 20.89 48.597984 -1.69 1.66 0.60
UNISYS CORP. 26.12 4.089999 -4.96 8.69 0.33
UNITEDHEALTH GP.INCO. 11.22 17.633984 10.92 13.33 0.09
UNITED TECHS.CORP. 15.89 33.364992 5.44 9.51 0.36
UNIVISION COMMS.INCO. 17.98 7.642914 14.94 6.03 0.11
UNOCAL CORP. 29.54 11.524997 -10.48 7.46 1.73
V F CORP. 24.02 4.128115 -3.24 13.04 0.38
VERITAS SFTW.CORP. 17.06 5.278965 13.11 9.03 0.18
VERIZON COMMS.INCO. 27.34 165.967952 2.23 2.94 1.10
VIACOM INCO. 11.00 89.848464 9.87 2.15 0.12
VISTEON CORP. 17.71 10.263998 -3.20 0.00 1.05
VITESSE SEMICON.CORP. 30.15 0.665744 -29.26 0.00 0.29
VULCAN MATERIALS CORP. 24.37 3.636859 5.09 6.69 1.14
WACHOVIA CORP. 26.99 401.031936 0.17 1.42 0.60
WAL MART STORES INCO. 25.23 104.911984 10.24 10.26 0.72
WALGREEN CO. 0.00 11.405897 15.30 11.90 0.56
WALT DISNEY CO. 26.89 49.987984 2.13 3.43 0.43 SUMMARY OUTPUT
WASHINGTON MUTUAL INCO. 34.22 275.177984 9.50 2.03 0.60
WASTE MAN.INC.COM. 41.20 20.655984 -2.51 4.69 1.02 Regression Statistics
WATSON PHARMS.INCO. 22.19 3.255469 20.97 8.36 0.19 Multiple R 0.3242972735
WELLPOINT HLTH.NET.INCO. 8.37 14.788677 30.18 8.57 0.06
WELLS FARGO & CO 22.78 387.79776 4.96 2.06 0.60
WENDY'S INTL.INCO. 23.74 3.132139 12.15 10.17 0.97
WESTVACO CORP. 25.65 41.506264 3.18 5.39 0.60
WEYERHAEUSER CO. 44.44 28.108992 7.54 2.84 0.97
WHIRLPOOL CORP. 19.92 7.092998 5.65 8.58 0.91
WILLAMETTE INDS.INCO. 25.65 41.506264 3.18 5.39 0.60
WILLIAMS COS.INCO. 44.33 27.021792 17.42 0.94 0.59
WINN-DIXIE STRS.INCO. 12.51 2.684115 -3.87 9.42 1.10
WORLDCOM INCO. 25.65 41.506264 3.18 5.39 0.60
WORTHINGTON INDS.INCO. 19.76 1.478068 4.19 6.28 0.83
WRIGLEY WILLIAM JR.CO. 0.16 2.487261 12.67 21.49 0.70
XL CAP.LTD. 4.71 40.454128 44.73 1.54 0.60
XCEL ENERGY INCO. 33.34 20.205376 -11.39 3.38 1.16
XEROX CORP. 56.25 23.064992 -5.66 3.95 0.27
XILINX INCO. 0.00 2.384672 4.23 5.44 0.26
YAHOO INCO. 12.64 5.931651 13.54 8.53 0.13
ZIMMER HDG.INCO. 21.95 5.053796 22.23 45.01 0.21
ZIONS BANCORP. 16.32 28.55464 -1.58 1.57 0.60
Notes on variables:
Debt ratio is Total Debt/Total Assets
Size is Total Assets ($millions)
Growth is the growth rate in sales (2-year average)
Profitability is ROA
Asset tangibility is Fixed Assets/Total Assets