CopyrightTHE COST OF CAPITAL AT AMERITRADEHarvard Business School Case 201-046 (2nd edition)Case Software 2-201-711Copyright 2000 by the President and Fellows of Harvard CollegeProfessors 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.

Exhibit 1Exhibit 1 Consolidated Annual Income Statements for the Fiscal Year Ending in September199719961995Net RevenuesTransaction Income$51,936,902$36,469,561$23,977,481Net Interest18,193,94611,477,8788,434,584Other7,107,4926,391,3142,607,538Total Net Revenues77,238,34054,338,75335,019,603Expenses Excluding InterestEmployee Compensation19,290,80814,049,6428,481,977Commissions and Clearance3,320,2622,530,6422,516,796Communications5,623,4683,685,5352,352,590Occupancy and Equipment Cost5,422,8392,889,6541,626,725Advertising and Promotion13,970,8347,537,2654,842,392Provision for Losses59,000148,0141,428,663Amortization of Goodwill363,002363,00294,152Other7,763,0144,717,4062,846,280Total Expenses Excluding Interest55,813,22735,921,16024,189,575Income Before Income Taxes21,425,11318,417,59310,830,028Taxes7,602,9647,259,2483,798,881Net Income$13,822,149$11,158,345$7,031,147EPS$1.00$0.87$0.55Shares Outstanding13,768,88912,813,82312,813,823Source: Ameritrade Annual Report, 1997.

Exhibit 2Exhibit 2 Consolidated Annual Balance Sheets for the Fiscal Year Ending in September19971996ASSETSCash and Cash Equivalents$53,522,447$15,767,170Cash and Investments Segregated in Compliance with Federal Regulations319,763,921175,668,497Receivable from Brokers, Dealers, and Clearing Organizations17,823,64015,096,862Receivable from Customers and Correspondents325,407,147166,075,055Furniture, Equipment, and Leasehold Improvements8,709,9233,746,178Goodwill6,346,7636,709,765Equity Investments7,597,9727,157,783Other Investments5,000,0005,000,000Deferred Income Taxes39,314444,378Other Assets13,145,6166,013,544Total Assets$757,356,743$401,679,232LIABILITIES AND STOCKHOLDERS' EQUITYLiabilities:Payable to Brokers, Dealers, and Clearing Organizations1,404,9991,193,479Payable to Customers and Correspondents666,279,440356,942,970Accounts Payable and Accrued Liabilities19,252,9317,221,008Notes Payable to Bank--4,853,000Income Taxes Payable3,430,279806,711Total Liabilities690,367,649371,017,168Stockholders' Equity:Class A Common Stock131,534114,494Class B Common Stock13,64413,644Additional Paid in Capital23,297,506809,665Retained Earnings43,546,41029,724,261Total Stockholders' Equity66,989,09430,662,064Total Liabilities and Stockholders' Equity$757,356,743$401,679,232Source: Ameritrade Annual Report, 1997.

Exhibit 3Exhibit 3 Capital Market Return Data (Historical and Current)Prevailing Yields on U.S. Government Securities (August 31, 1997)Annualized Yield to Maturity3-Month T-Bills5.24%1-Year Bonds5.59%5-Year Bonds6.22%10-Year Bonds6.34%20-Year Bonds6.69%30-Year Bonds6.61%Historic Average Total Annual Returns on U.S. Government Securities and Common Stocks (1950-1996)Average Annual ReturnStandard DeviationT-Bills5.2%3.0%Intermediate Bondsa6.4%6.6%Long-term Bondsb6.0%10.8%Large Company Stocksc14.0%16.8%Small Company Stocksd17.8%25.6%Historic Average Total Annual Returns on U.S. Government Securities and Common Stocks (1929-1996)Average Annual ReturnStandard DeviationT-Bills3.8%3.3%Intermediate Bondsa5.4%5.8%Long-term Bondsb5.5%9.2%Large Company Stocksc12.7%20.3%Small Company Stocksd17.7%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).

Exhibit 4Exhibit 4 Selected Data for Comparable FirmsDebt/ValueDebt/Capital(Market Values)(Book Values)Firm Name (Industry)CurrentAverage1992-1996CurrentAverage1992-1996BrokerageRevenues (%)A G Edwards (Investment Services)a0.000.000.000.0057Bear Stearns (Investment Services)0.600.500.690.6035Charles Schwab Corp (Discount Brokerage)0.050.080.250.3082E*Trade (Discount Brokerage)0.00NA0.00NA95Lehman Brothers (Investment Services)0.79NA0.800.79b13Mecklermedia (Internet)0.000.00b0.000.00b0Merrill Lynch & Co (Investment Services)0.570.520.770.6537Morgan Stanley Dean Witter (Investment Services)0.570.530.700.6312Netscape (Internet)0.00NA0.00NA0Paine Webber (Investment Service)0.510.530.630.5846Quick & Reilly Group (Discount Brokerage)0.000.000.000.0081Raymond James Financial (Investment Services)0.050.040.070.0651Waterhouse Investor Srvcs (Discount Brokerage)NA0.38NA0.70c99Yahoo! (Internet)0.00NA0.00NA0Source: 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.

Exhibit 5Exhibit 5 Stock Price Data for Discount BrokersAmeritradeDateSharesPriceDividendStock Split31-Mar-9713,15315.6251.00030-Apr-9713,15312.5000.030-May-9713,15314.0000.030-Jun-9714,51815.7500.031-Jul-9714,51815.3750.029-Aug-9714,51818.8130.0Charles SchwabDateSharesPriceDividendStock Split30-Sep-8729,12115.8750.030-Oct-8729,1217.8750.030-Nov-8729,1216.6250.031-Dec-8725,3886.0000.029-Jan-8825,3886.5000.029-Feb-8825,3889.0000.031-Mar-8825,3887.3750.029-Apr-8825,3887.6250.031-May-8825,3886.8750.030-Jun-8825,2947.2500.029-Jul-8825,2947.5000.031-Aug-8825,2946.7500.030-Sep-8825,3286.7500.031-Oct-8825,3287.5000.030-Nov-8825,3286.7500.030-Dec-8825,3546.7500.031-Jan-8925,35410.2500.028-Feb-8925,3548.6250.031-Mar-8925,3548.8750.028-Apr-8925,35410.1250.031-May-8925,35411.7500.03030-Jun-8925,35211.0000.031-Jul-8925,35216.5000.03031-Aug-8925,35215.7500.029-Sep-8925,38614.0000.031-Oct-8925,38613.0000.03030-Nov-8925,38612.5000.029-Dec-8925,33213.8750.031-Jan-9025,33213.5000.03028-Feb-9025,33215.2500.030-Mar-9025,33217.0000.030-Apr-9025,33215.1250.03031-May-9025,33215.7500.029-Jun-9025,09915.2500.031-Jul-9025,09913.6250.03031-Aug-9025,09912.6250.028-Sep-9025,25511.3750.031-Oct-9025,25512.6250.04030-Nov-9025,25511.8750.031-Dec-9024,46411.3750.031-Jan-9124,46416.0000.04028-Feb-9124,46418.2500.028-Mar-9124,46420.2500.030-Apr-9124,46418.1250.04031-May-9124,46422.5000.028-Jun-9124,43524.7500.031-Jul-9124,43527.5000.05030-Aug-9124,43528.3750.030-Sep-9125,59631.1250.031-Oct-9125,59637.7500.06029-Nov-9125,59632.7500.031-Dec-9138,39430.3750.03 for 231-Jan-9238,39431.8750.04028-Feb-9238,39433.2500.031-Mar-9238,47934.6250.030-Apr-9238,47928.5000.06029-May-9238,47928.8750.030-Jun-9238,62623.5000.031-Jul-9238,62624.6250.06031-Aug-9238,62622.5000.030-Sep-9238,14918.0000.030-Oct-9238,14920.2500.06030-Nov-9238,14924.8750.031-Dec-9237,74126.1250.029-Jan-9337,74130.2500.06026-Feb-9337,74132.3750.031-Mar-9337,74136.5000.030-Apr-9337,74132.7500.07528-May-9337,74135.2500.030-Jun-9356,61228.5000.03 for 230-Jul-9356,61229.0000.05031-Aug-9356,61232.8750.030-Sep-9357,62534.5000.029-Oct-9357,62534.6250.05030-Nov-9357,81531.8750.031-Dec-9357,81532.3750.031-Jan-9457,81529.5000.07028-Feb-9457,81527.5000.031-Mar-9457,81526.8750.029-Apr-9457,81528.3750.07031-May-9457,81530.2500.030-Jun-9457,11424.7500.029-Jul-9457,11426.7500.07031-Aug-9457,11430.7500.030-Sep-9456,82929.6250.031-Oct-9456,82935.3750.07030-Nov-9457,32531.8750.030-Dec-9457,32534.8750.031-Jan-9557,32540.0000.09028-Feb-9557,32544.3750.031-Mar-9585,98832.2500.03 for 228-Apr-9585,98834.2500.06031-May-9585,98835.0000.030-Jun-9585,89643.8750.031-Jul-9585,89646.1250.08031-Aug-9587,06146.6250.029-Sep-95174,12229.0000.02 for 131-Oct-95174,12222.8750.04030-Nov-95174,67824.2500.029-Dec-95174,67820.1250.031-Jan-96174,67825.1250.04029-Feb-96174,67825.5000.029-Mar-96174,67825.8750.030-Apr-96174,03224.5000.04031-May-96174,03224.2500.028-Jun-96174,98924.5000.031-Jul-96174,98924.1250.05030-Aug-96174,98925.0000.030-Sep-96175,16623.0000.031-Oct-96175,16625.0000.05029-Nov-96175,16630.2500.031-Dec-96175,17332.0000.031-Jan-97175,17337.5000.028-Feb-97175,17337.5000.05031-Mar-97175,17332.0000.030-Apr-97175,06836.6250.030-May-97175,06840.6250.05030-Jun-97175,81340.5000.031-Jul-97176,42247.0000.029-Aug-97176,42242.7500.050E*TradeDateSharesPriceDividendStock Split30-Aug-9629,39310.5000.030-Sep-9629,53913.1880.031-Oct-9629,53911.1250.029-Nov-9629,53910.9380.031-Dec-9629,54511.5000.031-Jan-9729,54517.6250.028-Feb-9729,54524.0000.031-Mar-9730,44018.0000.030-Apr-9730,44015.0000.030-May-9730,44017.6250.030-Jun-9730,95819.6250.031-Jul-9730,95830.5000.029-Aug-9730,95832.1250.0Quick & ReillyDateSharesPriceDividendStock Split31-Jan-846,31817.6250.029-Feb-846,31815.0000.05030-Mar-846,31814.8750.030-Apr-846,31817.1250.031-May-846,31817.3750.029-Jun-846,31818.0000.05031-Jul-846,31814.7500.031-Aug-846,31818.0000.05028-Sep-846,31817.0000.031-Oct-846,31817.8750.030-Nov-846,31815.2500.05031-Dec-846,31815.5000.031-Jan-856,31823.3750.028-Feb-856,31823.7500.11029-Mar-856,31823.1250.030-Apr-856,31820.6250.031-May-856,31822.6250.06028-Jun-856,31824.0000.031-Jul-856,31824.1250.030-Aug-856,31822.8750.06030-Sep-856,31820.1250.031-Oct-856,31822.2500.029-Nov-856,31825.5000.06031-Dec-856,31832.5000.031-Jan-866,31836.3750.028-Feb-866,31839.1250.17031-Mar-866,31839.0000.030-Apr-866,31830.3750.030-May-8611,14933.3750.07030-Jun-8611,14935.5000.031-Jul-8611,14929.0000.029-Aug-8611,14928.7500.07030-Sep-8611,14923.8750.031-Oct-8611,14932.1250.028-Nov-8611,14929.5000.07031-Dec-8611,14926.7500.030-Jan-8711,14936.1250.027-Feb-8711,14936.8750.20031-Mar-8711,14936.0000.030-Apr-8716,72421.3750.03 for 229-May-8716,72421.5000.05530-Jun-879,47719.2500.031-Jul-879,47720.2500.031-Aug-879,47724.6250.05530-Sep-879,47723.0000.030-Oct-879,47712.1250.030-Nov-879,47711.6250.05531-Dec-879,47712.5000.029-Jan-889,47712.6250.029-Feb-889,47713.5000.18031-Mar-889,45212.2500.029-Apr-889,45212.6250.031-May-889,45211.5000.06030-Jun-889,45211.8750.029-Jul-889,45211.5000.031-Aug-889,45211.2500.06030-Sep-889,45211.7500.031-Oct-889,45211.7500.030-Nov-889,45211.5000.06030-Dec-889,45210.8750.031-Jan-899,45215.0000.028-Feb-899,45213.7500.06031-Mar-899,45213.2500.028-Apr-899,45213.0000.031-May-899,45216.1250.06030-Jun-899,45214.0000.031-Jul-899,45216.5000.031-Aug-899,45217.0000.06029-Sep-899,45216.7500.031-Oct-899,45215.7500.030-Nov-899,45214.8750.06029-Dec-899,45213.6250.031-Jan-909,45212.0000.028-Feb-909,45213.6250.13030-Mar-909,45213.2500.030-Apr-909,45213.0000.031-May-909,45215.2500.07029-Jun-909,45214.0000.031-Jul-909,45213.5000.031-Aug-909,45211.3750.07028-Sep-909,45210.3750.031-Oct-909,4529.7500.030-Nov-909,45210.1250.07031-Dec-909,43710.2500.031-Jan-919,43713.1250.028-Feb-919,43716.1250.07028-Mar-919,21018.8750.030-Apr-919,21017.5000.031-May-919,21017.7500.07028-Jun-919,45217.0000.031-Jul-919,45219.6250.030-Aug-919,45220.6250.07030-Sep-919,21019.2500.031-Oct-919,21020.3750.029-Nov-919,21020.0000.07031-Dec-919,22027.7500.031-Jan-929,22027.5000.028-Feb-929,22028.5000.18031-Mar-929,29228.6250.030-Apr-929,29221.5000.029-May-929,29221.5000.08030-Jun-929,29221.0000.031-Jul-929,29220.1250.031-Aug-929,29219.6250.08030-Sep-929,88420.1250.030-Oct-929,88421.0000.030-Nov-929,88425.3750.08031-Dec-929,88424.7500.029-Jan-939,88427.0000.026-Feb-939,88426.0000.22031-Mar-939,82427.1250.030-Apr-939,82425.1250.028-May-939,82426.1250.10030-Jun-9310,31528.8751.44330-Jul-9310,62330.7500.031-Aug-9310,62335.0000.10030-Sep-9310,64336.2500.029-Oct-9310,64335.8750.030-Nov-9310,67834.2500.10031-Dec-9311,21235.7501.78831-Jan-9410,67835.3750.028-Feb-9411,23828.3750.27031-Mar-9411,23825.6250.029-Apr-9411,23826.3750.031-May-9411,23826.8750.12030-Jun-9411,16825.3750.029-Jul-9411,16824.7500.031-Aug-9411,12129.2500.12030-Sep-9411,12125.8750.031-Oct-9411,11125.7500.030-Nov-9411,11124.7500.12030-Dec-9411,11128.3750.031-Jan-9511,07530.8750.028-Feb-9511,07535.0000.29031-Mar-9511,07535.5000.028-Apr-9511,07540.6250.031-May-9511,07547.0000.030-Jun-9516,61336.6250.1503 for 231-Jul-9516,61338.5000.031-Aug-9516,61337.3750.10029-Sep-9516,61345.8750.031-Oct-9524,92023.7500.03 for 230-Nov-9524,95225.3750.07029-Dec-9524,95220.5000.031-Jan-9625,05623.2500.029-Feb-9625,05626.2500.08029-Mar-9625,05629.5000.030-Apr-9625,05630.5000.031-May-9625,05633.8750.07028-Jun-9625,05632.5000.031-Jul-9625,17828.3750.030-Aug-9625,17829.2500.08030-Sep-9625,17826.5000.031-Oct-9625,17826.2500.029-Nov-9625,17828.3750.08031-Dec-9625,17829.8750.031-Jan-9725,17336.6250.028-Feb-9725,17335.0000.19031-Mar-9737,76020.8750.03 for 230-Apr-9737,76022.1250.030-May-9737,76023.0000.06030-Jun-9738,60623.2500.031-Jul-9738,66426.2500.029-Aug-9738,66434.2500.060Waterhouse Investor ServicesDateSharesPriceDividendStock Split29-May-872,5726.9380.030-Jun-872,5728.0000.031-Jul-872,5728.2500.031-Aug-872,5727.5000.030-Sep-872,5728.0000.030-Oct-872,5726.2500.030-Nov-872,5726.0000.031-Dec-872,5725.2500.029-Jan-882,5724.5000.029-Feb-882,4824.7500.031-Mar-882,4826.0000.029-Apr-882,4825.8750.031-May-882,4826.2500.030-Jun-882,4825.0000.029-Jul-882,4823.5000.031-Aug-882,4823.2500.030-Sep-882,4824.0000.031-Oct-882,4823.3750.030-Nov-882,4823.5000.030-Dec-882,4822.7500.031-Jan-892,4823.7500.028-Feb-892,4723.7500.031-Mar-892,4724.7500.028-Apr-892,4724.2500.031-May-892,4205.0000.030-Jun-892,4206.0000.031-Jul-892,4206.0000.031-Aug-892,4195.7500.12029-Sep-892,4195.6250.031-Oct-892,4195.3750.030-Nov-892,4175.0000.029-Dec-892,4174.5000.031-Jan-902,4174.3750.028-Feb-902,4203.7500.030-Mar-902,4204.2500.030-Apr-902,4204.3750.031-May-902,5724.2500.029-Jun-902,5724.7500.031-Jul-902,5724.6250.031-Aug-902,3774.3750.15028-Sep-902,3774.2500.031-Oct-902,3774.0000.030-Nov-902,3703.7500.031-Dec-902,3703.6250.031-Jan-912,3703.7500.028-Feb-912,3204.5000.028-Mar-912,3206.1250.030-Apr-912,3207.0000.031-May-912,3208.2500.028-Jun-912,9008.0000.05 for 431-Jul-912,90010.3750.030-Aug-912,94310.7500.16030-Sep-912,94314.2500.031-Oct-912,94314.0000.029-Nov-912,94315.5000.031-Dec-912,94327.5000.031-Jan-922,94326.5000.028-Feb-924,41521.7500.03 for 231-Mar-924,46625.3750.030-Apr-924,46620.6250.029-May-924,46621.7500.030-Jun-924,46617.1250.031-Jul-924,46617.6250.031-Aug-924,46613.7500.20030-Sep-924,84714.3750.030-Oct-924,84715.6250.030-Nov-924,84720.7500.031-Dec-924,84720.5000.029-Jan-934,84725.2500.026-Feb-934,84724.3750.031-Mar-936,07120.5000.05 for 430-Apr-936,07118.5000.028-May-936,07127.2500.030-Jun-936,07233.5000.030-Jul-936,07233.0000.031-Aug-936,07242.6250.25030-Sep-936,07250.1250.029-Oct-936,07247.2500.030-Nov-939,10825.7500.03 for 231-Dec-939,15021.2500.031-Jan-949,15021.2500.028-Feb-949,15020.5000.031-Mar-949,15017.6250.029-Apr-949,15016.0000.031-May-949,15015.2500.030-Jun-949,15013.3750.029-Jul-949,15013.0000.031-Aug-949,15017.0000.20030-Sep-949,15014.1250.031-Oct-949,15016.1250.030-Nov-949,15014.2500.030-Dec-949,15412.2500.031-Jan-959,15414.5000.028-Feb-959,15417.3750.031-Mar-959,15416.1250.028-Apr-959,15415.6250.031-May-959,15417.5000.030-Jun-959,15423.0000.031-Jul-959,15427.6250.031-Aug-959,15428.6250.25029-Sep-9511,44225.5000.05 for 431-Oct-9511,44219.7500.030-Nov-9511,44219.7500.029-Dec-9511,45224.7500.031-Jan-9611,45223.6250.029-Feb-9611,45224.6250.029-Mar-9611,45233.3750.030-Apr-9611,45236.2500.031-May-9611,45836.6250.028-Jun-9611,45837.1250.031-Jul-9611,50137.6250.030-Aug-9611,50137.3750.22030-Sep-9611,50137.8750.0Source: Center for Research on Security Prices, University of Chicago.

Exhibit 6Exhibit 6 Stock Return Data for Investment Service firms, Internet Firms, and the Aggregate Stock MarketDateA G EdwardsBear StearnsLehman Bros.Meckler-mediaMerrill LynchMorgan StanleyDean WitterNetscapePaineWebberRaymondJamesYahoo!VW NYSE,AMEX, andNASDAQEW NYSE,AMEX, andNASDAQ31-Jan-840.026040-0.013280-0.0428600.040000-0.0129100.00576029-Feb-84-0.111680-0.167330-0.175370-0.102560-0.039170-0.05381030-Mar-84-0.042290-0.0191400.073300-0.0500000.0134500.00710030-Apr-840.012050-0.0117100.080510-0.0676700.002730-0.01942031-May-84-0.017860-0.044780-0.113730-0.072580-0.052350-0.05077029-Jun-840.1006100.1197900.084960-0.0434800.0235900.01380031-Jul-840.016670-0.076280-0.0901600.018180-0.020350-0.04745031-Aug-840.1781400.3045700.1891900.2142900.1125700.08962028-Sep-84-0.032710-0.077820-0.105300-0.0294100.0003900.00027031-Oct-840.0241500.0236300.0297900.0151500.000130-0.02089030-Nov-84-0.066040-0.091290-0.041320-0.179100-0.010620-0.03141031-Dec-84-0.017170-0.013700-0.046550-0.0545500.0237900.00505031-Jan-850.3316100.2777800.4318200.4307700.0857300.12276028-Feb-85-0.007780-0.023190-0.0222200.0270300.0170000.04714029-Mar-85-0.036860-0.0858200.0266200.013160-0.001930-0.00853030-Apr-85-0.094260-0.034290-0.123810-0.025970-0.002180-0.01129031-May-850.0859700.0893600.0652200.0133300.0558700.02293028-Jun-850.1025000.011720-0.0401400.0394700.0171900.00347031-Jul-85-0.0646400.040930-0.0925300.017720-0.0005400.01951030-Aug-85-0.036590-0.052240-0.0384300.025000-0.004800-0.00341030-Sep-85-0.132490-0.141730-0.049180-0.048780-0.039650-0.05614031-Oct-850.0882400.1009200.0086200.0000000.0445700.01896029-Nov-850.099100-0.1034500.1275000.1974400.2564100.0692700.05327031-Dec-850.1418000.1935900.0223000.0035800.0159200.0430600.02913031-Jan-860.0397100.1567600.1527300.1071400.2888900.0098600.04340028-Feb-860.1493100.1308400.0365900.0683900.1034500.0728400.06236031-Mar-860.0839900.1287200.0122300.0363600.1718800.0538800.04772030-Apr-86-0.0868300.065640-0.1027200.051150-0.137430-0.100000-0.0080600.01584030-May-860.0260700.003620-0.0080800.0134200.051530-0.0074100.0508100.03663030-Jun-86-0.066370-0.168520-0.054610-0.062910-0.116500-0.0406000.0143000.00896031-Jul-86-0.067630-0.141920-0.039710-0.070670-0.010990-0.187500-0.059690-0.07361029-Aug-860.1046600.1603100.1451100.1490500.1759300.0384600.0663900.02211030-Sep-86-0.094340-0.145530-0.052810-0.119400-0.015590-0.092590-0.079140-0.06049031-Oct-860.1510400.2170500.1951200.1608300.1726900.0816300.0494400.02462028-Nov-86-0.022620-0.057320-0.074050-0.030890-0.075210-0.0566000.015170-0.00628031-Dec-86-0.040740-0.102160-0.075950-0.129190-0.063200-0.026800-0.026540-0.03453030-Jan-870.3349500.3181800.1986300.1129100.1785700.3195900.1283700.11682027-Feb-870.000000-0.022990-0.015430-0.048610-0.0335400.2890600.0476300.07495031-Mar-870.044950-0.024650-0.0029200.036500-0.0035000.2619400.0232400.03309030-Apr-87-0.122380-0.121020-0.1520500.005280-0.084210-0.116400-0.017130-0.01961029-May-87-0.023900-0.028990-0.0413800.020320-0.061150-0.1018000.0052200.00071030-Jun-87-0.1046500.0220900.010870-0.0034400.020490-0.0312000.0438300.02201031-Jul-870.073390-0.0073500.1003600.0234900.052210-0.0620700.0440500.03470031-Aug-870.0271800.1037000.0325700.0693700.0230500.1691200.0372300.01559030-Sep-87-0.0711300.080270-0.0317500.023730-0.029960-0.142640-0.020740-0.01551030-Oct-87-0.337840-0.400000-0.357380-0.337560-0.474900-0.352940-0.224870-0.27085030-Nov-87-0.174420-0.145830-0.153060-0.163930-0.021760-0.113640-0.072900-0.05230031-Dec-870.0333300.0239000.0914600.148460-0.128790-0.0384600.0704100.02794029-Jan-880.0806500.1445800.072630-0.0195100.1130400.1376000.0453400.07811029-Feb-880.0623900.1578900.0625000.1686600.109690-0.0352900.0516100.06201031-Mar-88-0.035460-0.054550-0.0643600.055560-0.0780100.089270-0.0170600.03437029-Apr-880.0294100.0194200.0000000.106880-0.038460-0.0674200.0110000.01525031-May-88-0.042860-0.0857100.031750-0.0862400.032320-0.0481900.000940-0.01702030-Jun-880.1594000.0937500.1139900.2751000.070310-0.0086100.0513900.04848029-Jul-88-0.006490-0.0673100.0139500.004720-0.0365000.025640-0.0071800.00055031-Aug-88-0.039220-0.041240-0.050460-0.0157200.038180-0.050000-0.027940-0.02371030-Sep-880.0840800.0286700.039020-0.0031900.0367600.0173700.0372800.01870031-Oct-88-0.0063300.0842100.0516400.051280-0.0283700.1576300.017650-0.01178030-Nov-88-0.0573200.029130-0.049550-0.036700-0.065400-0.069770-0.016400-0.03670030-Dec-880.042970-0.038100-0.0900500.0539700.0157500.1050000.0208000.01954031-Jan-890.1699300.1782200.2708300.0783100.1162800.1931800.0659400.06313028-Feb-89-0.0446900.001010-0.0371900.0324000.0280600.051430-0.0163600.00279031-Mar-89-0.0388300.025420-0.0472100.006110-0.047620-0.0090900.0215500.01703028-Apr-89-0.006130-0.0413200.040540-0.0550600.0142900.0183500.0485300.03068031-May-890.1543200.0687100.0606100.1376300.0707000.0900900.0396500.02737030-Jun-89-0.0034200.034190-0.061730-0.017010-0.0264900.069420-0.004980-0.00833031-Jul-890.1783800.1074400.2324600.1100000.2585000.1472900.0777200.03161031-Aug-890.0871600.034850-0.0394300.0626100.016430-0.0135100.0222800.01929029-Sep-890.008270-0.083970-0.108210-0.063830-0.1604300.009590-0.0017500.00447031-Oct-89-0.148150-0.075000-0.025100-0.069580-0.121020-0.122450-0.029380-0.05095030-Nov-890.103260-0.034950-0.0865800.050940-0.0142000.0155000.017850-0.00822029-Dec-89-0.0967500.009430-0.004740-0.0718100.000000-0.0610700.018280-0.01217031-Jan-90-0.115380-0.028040-0.133330-0.077370-0.037040-0.012360-0.070050-0.04581028-Feb-900.0559000.0607700.0000000.0295400.0387700.1487600.0149800.01575030-Mar-900.137410-0.038460-0.0333300.0082000.0447800.0754000.0241500.02204030-Apr-90-0.104170-0.020000-0.0344800.028460-0.042860-0.013420-0.028160-0.02672031-May-900.2034900.1792900.1385500.1292200.1197000.1189100.0888700.04665029-Jun-90-0.007920-0.009170-0.0476200.0246500.013420-0.036590-0.0043000.00538031-Jul-90-0.058820-0.0833300.061110-0.163230-0.0662300.000000-0.009380-0.02729031-Aug-90-0.081460-0.097780-0.132280-0.068180-0.113190-0.101270-0.091730-0.10979028-Sep-90-0.268570-0.142860-0.091460-0.121950-0.096770-0.116340-0.053870-0.08049031-Oct-900.046880-0.097220-0.046980-0.012630-0.151790-0.048000-0.012420-0.05633030-Nov-900.1194000.1249200.1071400.0927800.1267400.0840300.0659800.03665031-Dec-900.0957300.1250000.0709700.0259400.0377400.1445000.029540-0.00387031-Jan-910.2024500.1358000.1867500.1011500.0545500.0748300.0490400.08525028-Feb-910.1683700.1426100.1725900.1848700.3193100.2192400.0756900.13365028-Mar-910.1369400.1250000.2183400.1773000.1973700.2708300.0287800.07782030-Apr-910.0193100.0341900.089610-0.0150600.0549500.0573800.0033500.03102031-May-910.0757600.0946300.0860900.087560-0.0414600.0639500.0405900.03034028-Jun-91-0.099720-0.128000-0.064020-0.103110-0.142080-0.041090-0.044240-0.03450031-Jul-910.1988200.1100900.0814300.1612000.0955400.0342900.0468300.03492030-Aug-910.025220-0.0148800.0181800.0299700.0816300.0386700.0269100.02857030-Sep-910.2029000.0169500.1488100.0634900.1189200.114260-0.0110600.00867031-Oct-910.0763100.0583300.0725400.0812900.2029000.1052600.0177200.02386029-Nov-91-0.126870-0.039760-0.067630-0.016170-0.152610-0.125540-0.037270-0.02539031-Dec-910.2996600.1826100.2317700.1971800.3350700.2178200.1070400.03645031-Jan-92-0.0561100.066180-0.031710-0.110040-0.0160400.165530-0.0016500.14948028-Feb-92-0.0664300.080000-0.019650-0.0088500.080430-0.0035000.0132900.05201031-Mar-92-0.088760-0.077420-0.015660-0.013390-0.0454500.128840-0.023680-0.01412030-Apr-92-0.163220-0.006990-0.109090-0.110860-0.142860-0.1355100.013850-0.03289029-May-920.0987700.006690-0.0040800.0506900.049140-0.0864900.0065200.00550030-Jun-92-0.078430-0.0222200.041240-0.0243300.023670-0.014910-0.019240-0.03970031-Jul-92-0.006130-0.0454500.0198000.0972600.0693600.0060200.0399300.02728031-Aug-920.043460-0.014290-0.030580-0.075180-0.135350-0.071860-0.020760-0.02444030-Sep-92-0.0714300.0162600.020150-0.051850-0.106920-0.1130300.0124200.01193030-Oct-920.1153800.0240000.0938300.0312500.1408500.1167900.0109000.01632030-Nov-920.1666700.1003900.0957100.0755600.1972800.2091500.0401900.06773031-Dec-92-0.0638400.045110-0.0144900.0518900.010360-0.0324300.0175400.03565029-Jan-930.089950-0.0143900.0987400.0157000.0359000.1376500.0123300.06674026-Feb-93-0.019420-0.0058400.0466500.022080-0.054650-0.1379300.005450-0.00791031-Mar-930.0802000.0814800.0458700.1105000.0894700.0436600.0250100.03088030-Apr-93-0.0506900.089040-0.010530-0.064450-0.0724600.005490-0.025510-0.01276028-May-93-0.0524300.1333300.0794300.1023000.1364600.0382500.0294200.03795030-Jun-930.0515500.0502800.0693100.0514400.0737300.0033700.0051300.01197030-Jul-930.0637300.0266000.0740700.0198900.034330-0.057890-0.0007600.01410031-Aug-930.0101400.0399000.1189700.1793600.0672200.1544100.0393400.04040030-Sep-930.0825700.0421100.0103100.0497700.0195300.0873800.0006100.02579029-Oct-930.046610-0.111110-0.007400-0.096260-0.099620-0.0357100.0180400.04009030-Nov-93-0.0323900.018180-0.063230-0.084010-0.088510-0.027780-0.017350-0.02437031-Dec-93-0.032970-0.016850-0.074380-0.0139400.014080-0.0500000.0194500.01612031-Jan-940.0163000.1142900.0732100.1219100.0972200.0649600.0313300.04892028-Feb-94-0.048130-0.106670-0.094710-0.156850-0.097050-0.070920-0.024090-0.00949031-Mar-94-0.190340-0.098270-0.045050-0.083080-0.039400-0.047010-0.048550-0.045740-0.04602029-Apr-94-0.0139900.0833300.000000-0.010070-0.037110-0.007410-0.0403200.009830-0.01082031-May-940.0717700.0198200.9056600.063860-0.025560-0.007760-0.0030300.009500-0.00027030-Jun-94-0.080000-0.165640-0.166670-0.128710-0.102560-0.048120-0.053030-0.016950-0.027380-0.02657029-Jul-940.014490-0.0514700.050000-0.0113600.0464300.0659300.032000-0.0689700.0304100.01547031-Aug-940.1500000.1410900.039680-0.2758600.1154900.1554600.0151900.1851900.0428300.03679030-Sep-94-0.086210-0.123290-0.092310-0.031750-0.147690-0.109320-0.115380-0.026250-0.0186500.00450031-Oct-940.0137000.0156300.050850-0.3114800.1438300.0523100.060870-0.0322600.014870-0.00240030-Nov-94-0.060000-0.029230-0.037100-0.071430-0.034920-0.091010-0.098690-0.041670-0.037070-0.04057030-Dec-940.043480-0.016000-0.0084000.410260-0.059210-0.0021100.100920-0.0260900.012750-0.01286031-Jan-950.0208300.0813000.152540-0.1818200.0309100.0190700.0000000.0957100.0205500.02771028-Feb-950.2244900.1368400.0691200.1555600.1194500.1205800.1663300.1639300.0396200.02799031-Mar-95-0.016000-0.013330-0.0069000.7307700.0365900.004750-0.071940-0.0231000.0269700.01874028-Apr-950.0397700.1148600.0833300.5666700.0705900.0315400.0620200.0144900.0248800.02598031-May-95-0.0109300.0381800.0153800.5177300.0386800.0953200.1602900.0500000.0341600.02050030-Jun-950.0006600.0555600.1075900.4112100.1170200.077180-0.0443000.0593200.0308400.04869031-Jul-950.0888900.0350900.017140-0.0066200.0571400.0237200.0860900.1225800.0406700.05518031-Aug-95-0.005100-0.0610200.0640400.1266700.0429700.038860-0.0551200.0114900.0093400.03038029-Sep-950.0980500.042420-0.015870-0.1124300.0846000.1165500.2626300.025970-0.0072700.0363900.02599031-Oct-95-0.042250-0.075580-0.064520-0.373330-0.112000-0.0997900.4080000.120250-0.011490-0.011150-0.04058030-Nov-950.0651000.1018900.0425300.5106400.004680-0.0086200.5710200.0110700.0523300.0429700.01720029-Dec-95-0.115740-0.086210-0.060770-0.098590-0.081080-0.0652200.005420-0.101120-0.0565700.0154000.00978031-Jan-960.0523600.1572300.205880-0.1855500.1202900.1857400.1816500.0375000.0352900.0280900.03329029-Feb-96-0.0348300.060870-0.032200-0.1558800.013190-0.015750-0.379000-0.0363900.0056800.0160500.03154029-Mar-960.0323700.0206200.0808100.0909100.0542300.109330-0.1862700.1069200.0212400.0112000.02412030-Apr-96-0.0552800.015150-0.0514000.333330-0.006170-0.0302900.469880-0.0511400.0055600.0251300.05733031-May-960.0904300.014180-0.0325100.1562500.077430-0.0149300.1157800.0536500.005520-0.0588200.0267200.06105028-Jun-960.064780-0.0207300.0102000.0945900.005790-0.007580-0.0854000.085710-0.001320-0.250000-0.007660-0.03060031-Jul-960.009220-0.047620-0.065660-0.172840-0.068330-0.004070-0.365460-0.115790-0.077350-0.142860-0.053390-0.07862030-Aug-960.0228300.045560-0.0843200.0447800.014490-0.020510-0.104430-0.0121400.1197600.0902800.0322200.04477030-Sep-960.045890-0.0053500.2248500.0285700.0755100.0418800.3109500.0181800.0415000.0828000.0529900.02897031-Oct-960.0257500.016130-0.028990-0.0347200.0664100.013570-0.0458200.1190500.005150-0.0705900.013940-0.01997029-Nov-960.0460300.1703700.1611900.1654700.1466200.1965200.2627100.1542600.164100-0.0316500.0657300.02477031-Dec-960.0811200.0136400.077250-0.0246900.015580-0.0499000.0179000.0412900.065550-0.111110-0.011350-0.00142031-Jan-970.0111500.0762300.0079700.0506300.0322100.003500-0.3340700.2800000.0705400.9926500.0530400.06172028-Feb-970.0441200.0550000.0651400.3373500.1447300.105030-0.231020-0.0895800.034880-0.107010-0.000880-0.01043031-Mar-97-0.128730-0.125000-0.130110-0.135140-0.105470-0.0693100.032190-0.134100-0.050040-0.070250-0.044390-0.04788030-Apr-970.1382100.1619000.1623900.0625000.1109200.077870-0.0997900.2035400.1087000.2133300.042460-0.02139030-May-970.0607100.0704900.207650-0.2451000.1157900.0752500.0923800.0485300.176470-0.0549500.0712500.08517030-Jun-970.1563600.051920-0.012200-0.0129900.1250000.0468200.084570-0.014080-0.0016400.0930200.0442000.04424031-Jul-97-0.0117000.1992700.2314800.0657900.1813400.2209600.1442500.1482100.0570800.6028400.0763100.04862029-Aug-97-0.059170-0.031400-0.121600-0.006170-0.124050-0.0822400.085180-0.0435500.0021600.053100-0.0364500.027020Source: Center for Research on Security Prices, University of Chicago.

PRIMER GRUPOPRIMER GRUPO COMPARABLE:Charles Schwab Corp, Quick & Reilly Group, yWaterhouse Investor ServicesExhibit 5 Stock Price Data for Discount BrokersLa estimacin de la varianza , Mercado de varianza y covarianzas de Stock & Market .Charles SchwabDateSharesPriceDividendStock SplitRt=Retornos MensualesRs- E(return)Stock VarianceMarket returnRm-PROM(Return)Market VarianceCovarRt = (PtPt1)+Dt / Pt1 (si no hubiera division de acciones); y, Rt = [(x/y*PtPt1)+(x/y*Dt) / Pt1 (si hubiera division de acciones x por y)XY31-Dec-9138,39430.3750.03231-Jan-9238,39431.8750.0400.05069958850.05058483060.0025588251-0.00165-0.0130.000-0.001Rt = (PtPt1)+Dt / Pt128-Feb-9238,39433.2500.00.04313725490.0430224970.00185093520.013290.0010.0000.00031-Mar-9238,47934.6250.00.04135338350.04123862560.0017006242-0.02368-0.0360.001-0.00130-Apr-9238,47928.5000.060-0.1751624549-0.17527721280.03072210130.013850.0020.000-0.00029-May-9238,47928.8750.00.01315789470.01304313680.00017012340.00652-0.0050.000-0.00030-Jun-9238,62623.5000.0-0.1861471861-0.1862619440.0346935118-0.01924-0.0310.0010.00631-Jul-9238,62624.6250.0600.05042553190.0503107740.0025311740.039930.0280.0010.00131-Aug-9238,62622.5000.0-0.0862944162-0.08640917410.0074665454-0.02076-0.0330.0010.00330-Sep-9238,14918.0000.0-0.2-0.20011475790.04004591630.012420.0010.000-0.00030-Oct-9238,14920.2500.0600.12833333330.12821857540.01644000310.0109-0.0010.000-0.00030-Nov-9238,14924.8750.00.22839506170.22828030380.05211189710.040190.0280.0010.00631-Dec-9237,74126.1250.00.05025125630.05013649840.00251366850.017540.0060.0000.00029-Jan-9337,74130.2500.0600.16019138760.16007662970.02562452740.012330.0010.0000.00026-Feb-9337,74132.3750.00.07024793390.0701331760.00491866240.00545-0.0060.000-0.00031-Mar-9337,74136.5000.00.12741312740.12729836950.01620487490.025010.0130.0000.00230-Apr-9337,74132.7500.075-0.1006849315-0.10079968940.0101605774-0.02551-0.0370.0010.00428-May-9337,74135.2500.00.07633587790.076221120.00580965910.029420.0180.0000.00130-Jun-9356,61228.5000.032-0.2872340426-0.28734880040.08256933310.00513-0.0070.0000.002Rt = [(x/y*PtPt1)+(x/y*Dt) / Pt130-Jul-9356,61229.0000.0500.01929824560.01918348770.0003680062-0.00076-0.0130.000-0.00031-Aug-9356,61232.8750.00.13362068970.13350593180.01782383380.039340.0280.0010.00430-Sep-9357,62534.5000.00.04942965780.04931489990.00243195940.00061-0.0110.000-0.00129-Oct-9357,62534.6250.0500.00507246380.00495770590.00002457880.018040.0060.0000.00030-Nov-9357,81531.8750.0-0.0794223827-0.07953714060.0063261567-0.01735-0.0290.0010.00231-Dec-9357,81532.3750.00.01568627450.01557151660.00024247210.019450.0080.0000.00031-Jan-9457,81529.5000.070-0.0866409266-0.08675568450.00752654880.031330.0200.000-0.00228-Feb-9457,81527.5000.0-0.0677966102-0.06791136810.0046119539-0.02409-0.0360.0010.00231-Mar-9457,81526.8750.0-0.0227272727-0.02284203060.0005217584-0.04574-0.0580.0030.00129-Apr-9457,81528.3750.0700.05841860470.05830384680.00339933850.00983-0.0020.000-0.00031-May-9457,81530.2500.00.06607929520.06596453730.00435132020.0095-0.0020.000-0.00030-Jun-9457,11424.7500.0-0.1818181818-0.18193293970.0330995945-0.02738-0.0390.0020.00729-Jul-9457,11426.7500.0700.08363636360.08352160570.00697585860.030410.0190.0000.00231-Aug-9457,11430.7500.00.14953271030.14941795240.02232572450.042830.0310.0010.00530-Sep-9456,82929.6250.0-0.0365853659-0.03670012370.0013468991-0.01865-0.0300.0010.00131-Oct-9456,82935.3750.0700.19645569620.19634093830.03854976410.014870.0030.0000.00130-Nov-9457,32531.8750.0-0.0989399293-0.09905468720.0098118311-0.03707-0.0490.0020.00530-Dec-9457,32534.8750.00.09411764710.09400288920.00883654320.012750.0010.0000.00031-Jan-9557,32540.0000.0900.14953405020.14941929230.02232612490.020550.0090.0000.00128-Feb-9557,32544.3750.00.1093750.10926024210.01193780050.039620.0280.0010.00331-Mar-9585,98832.2500.032-0.4098591549-0.40997391280.16807860920.026970.0150.000-0.00628-Apr-9585,98834.2500.0600.0638759690.06376121110.0040654920.024880.0130.0000.00131-May-9585,98835.0000.00.02189781020.02178305230.00047450140.034160.0220.0000.00030-Jun-9585,89643.8750.00.25357142860.25345667070.06424028390.030840.0190.0000.00531-Jul-9585,89646.1250.0800.05310541310.05299065520.00280800950.040670.0290.0010.00231-Aug-9587,06146.6250.00.01084010840.01072535050.00011503310.00934-0.0020.000-0.00029-Sep-95174,12229.0000.021-0.7560321716-0.75614692950.57175817890.036390.0250.001-0.01931-Oct-95174,12222.8750.040-0.2098275862-0.20994234410.0440757878-0.01115-0.0230.0010.00530-Nov-95174,67824.2500.00.06010928960.05999453170.00359934380.042970.0310.0010.00229-Dec-95174,67820.1250.0-0.1701030928-0.17021785070.02897411670.01540.0040.000-0.00131-Jan-96174,67825.1250.0400.25043478260.25032002470.06266011480.028090.0160.0000.00429-Feb-96174,67825.5000.00.01492537310.01481061520.00021935430.016050.0040.0000.00029-Mar-96174,67825.8750.00.01470588240.01459112450.00021290090.0112-0.0010.000-0.00030-Apr-96174,03224.5000.040-0.0515942029-0.05170896080.00267381660.025130.0130.000-0.00131-May-96174,03224.2500.0-0.0102040816-0.01031883950.00010647840.026720.0150.000-0.00028-Jun-96174,98924.5000.00.01030927840.01019452050.0001039282-0.00766-0.0190.000-0.00031-Jul-96174,98924.1250.050-0.0132653061-0.0133800640.0001790261-0.05339-0.0650.0040.00130-Aug-96174,98925.0000.00.03626943010.03615467220.00130716030.032220.0200.0000.00130-Sep-96175,16623.0000.0-0.08-0.08011475790.00641837440.052990.0410.002-0.00331-Oct-96175,16625.0000.0500.08913043480.08901567690.00792379070.013940.0020.0000.00029-Nov-96175,16630.2500.00.210.20988524210.04405181490.065730.0540.0030.01131-Dec-96175,17332.0000.00.05785123970.05773648180.0033335013-0.01135-0.0230.001-0.001PROM. RT.0.0001147579PROM(return)0.012Stock VAR0.0264120448Market VAR0.00061S.D0.163S.D0.02476COVAR0.000905330BETA1.476186876Quick & ReillyDateSharesPriceDividendStock SplitRetornos MensualesRs- E(return)Stock VarianceMarket returnRm-PROM(Return)Market VarianceCovarXY31-Dec-919,22027.7500.031-Jan-929,22027.5000.0-0.009009009-0.00912376690.0002474444-0.00165-0.0130.0000.00028-Feb-929,22028.5000.1800.04290909090.0427943330.0013095520.013290.0010.0000.00031-Mar-929,29228.6250.00.00438596490.0042712070.0000054541-0.02368-0.0360.001-0.00030-Apr-929,29221.5000.0-0.2489082969-0.24902305480.06534652040.013850.0020.000-0.00129-May-929,29221.5000.0800.00372093020.00360617230.00000900260.00652-0.0050.000-0.00030-Jun-929,29221.0000.0-0.023255814-0.02337057180.0008986308-0.01924-0.0310.0010.00131-Jul-929,29220.1250.0-0.0416666667-0.04178142460.00234140090.039930.0280.001-0.00131-Aug-929,29219.6250.080-0.0208695652-0.02098432310.000761259-0.02076-0.0330.0010.00130-Sep-929,88420.1250.00.0254777070.02536294910.00035180060.012420.0010.0000.00030-Oct-929,88421.0000.00.04347826090.0433635030.00135106990.0109-0.0010.000-0.00030-Nov-929,88425.3750.0800.21214285710.21202809930.04219799240.040190.0280.0010.00631-Dec-929,88424.7500.0-0.0246305419-0.02474529980.00098294160.017540.0060.000-0.00029-Jan-939,88427.0000.00.09090909090.0907943330.00708757440.012330.0010.0000.00026-Feb-939,88426.0000.220-0.0288888889-0.02900364680.00126808970.00545-0.0060.0000.00031-Mar-939,82427.1250.00.04326923080.04315447290.0013357470.025010.0130.0000.00130-Apr-939,82425.1250.0-0.0737327189-0.07384747680.0064728585-0.02551-0.0370.0010.00328-May-939,82426.1250.1000.04378109450.04366633660.00137342410.029420.0180.0000.00130-Jun-9310,31528.8751.4430.16049760770.16038284980.0236471350.00513-0.0070.000-0.00130-Jul-9310,62330.7500.00.06493506490.0648203070.0033888357-0.00076-0.0130.000-0.00131-Aug-9310,62335.0000.1000.14146341460.14134865670.01815542190.039340.0280.0010.00430-Sep-9310,64336.2500.00.03571428570.03559952780.00084058990.00061-0.0110.000-0.00029-Oct-9310,64335.8750.0-0.0103448276-0.01045958550.00029125470.018040.0060.000-0.00030-Nov-9310,67834.2500.100-0.0425087108-0.04262346870.0024235997-0.01735-0.0290.0010.00131-Dec-9311,21235.7501.7880.0960.09588524210.0079706760.019450.0080.0000.00131-Jan-9410,67835.3750.0-0.0104895105-0.01060426840.0002962140.031330.0200.000-0.00028-Feb-9411,23828.3750.270-0.1902473498-0.19036210770.0387966718-0.02409-0.0360.0010.00731-Mar-9411,23825.6250.0-0.0969162996-0.09703105740.010740764-0.04574-0.0580.0030.00629-Apr-9411,23826.3750.00.02926829270.02915353480.00050836430.00983-0.0020.000-0.00031-May-9411,23826.8750.1200.0235071090.02339235110.00028176140.0095-0.0020.000-0.00030-Jun-9411,16825.3750.0-0.0558139535-0.05592871140.0039106652-0.02738-0.0390.0020.00229-Jul-9411,16824.7500.0-0.0246305419-0.02474529980.00098294160.030410.0190.000-0.00031-Aug-9411,12129.2500.1200.18666666670.18655190880.03238031420.042830.0310.0010.00630-Sep-9411,12125.8750.0-0.1153846154-0.11549937330.0149098687-0.01865-0.0300.0010.00431-Oct-9411,11125.7500.0-0.0048309179-0.00494567580.00013345510.014870.0030.000-0.00030-Nov-9411,11124.7500.120-0.0341747573-0.03428951520.0016724922-0.03707-0.0490.0020.00230-Dec-9411,11128.3750.00.14646464650.14634988860.01952818670.012750.0010.0000.00031-Jan-9511,07530.8750.00.08810572690.0879909690.00662341550.020550.0090.0000.00128-Feb-9511,07535.0000.2900.14299595140.14288119350.01857076490.039620.0280.0010.00431-Mar-9511,07535.5000.00.01428571430.01417095640.00005721950.026970.0150.0000.00028-Apr-9511,07540.6250.00.14436619720.14425143930.01894610180.024880.0130.0000.00231-May-9511,07547.0000.00.15692307690.1568083190.02256055640.034160.0220.0000.00430-Jun-9516,61336.6250.15032-0.3263297872-0.32644454510.11092306520.030840.0190.000-0.00631-Jul-9516,61338.5000.00.05119453920.05107978140.00197786390.040670.0290.0010.00131-Aug-9516,61337.3750.100-0.0266233766-0.02673813450.00111187130.00934-0.0020.0000.00029-Sep-9516,61345.8750.00.22742474920.22730999130.0487099870.036390.0250.0010.00631-Oct-9524,92023.7500.032-0.7234332425-0.72354800040.5331257403-0.01115-0.0230.0010.01730-Nov-9524,95225.3750.0700.07136842110.07125366320.00417924280.042970.0310.0010.00229-Dec-9524,95220.5000.0-0.1921182266-0.19223298450.03953718030.01540.0040.000-0.00131-Jan-9625,05623.2500.00.13414634150.13403158360.01623712650.028090.0160.0000.00229-Feb-9625,05626.2500.0800.13247311830.13235836040.01581350530.016050.0040.0000.00129-Mar-9625,05629.5000.00.12380952380.12369476590.01370963860.0112-0.0010.000-0.00030-Apr-9625,05630.5000.00.03389830510.03378354720.00073858650.025130.0130.0000.00031-May-9625,05633.8750.0700.11295081970.11283606180.01128469860.026720.0150.0000.00228-Jun-9625,05632.5000.0-0.0405904059-0.04070516380.002238403-0.00766-0.0190.0000.00131-Jul-9625,17828.3750.0-0.1269230769-0.12703783480.0178608349-0.05339-0.0650.0040.00830-Aug-9625,17829.2500.0800.03365638770.03354162980.00072549580.032220.0200.0000.00130-Sep-9625,17826.5000.0-0.094017094-0.09413185190.01014823570.052990.0410.002-0.00431-Oct-9625,17826.2500.0-0.0094339623-0.00954872020.00026099440.013940.0020.000-0.00029-Nov-9625,17828.3750.0800.0840.08388524210.00597198850.065730.0540.0030.00531-Dec-9625,17829.8750.00.05286343610.05274867820.0021290914-0.01135-0.0230.001-0.001PROM. RT.0.00672135780.012Stock VAR0.0206379929Market VAR0.00061S.D0.144S.D0.02476COVAR0.001362267BETA2.221246395Waterhouse Investor ServicesDateSharesPriceDividendStock SplitRetornos MensualesRs- E(return)Stock VarianceMarket returnRm-PROM(Return)Market VarianceCovarXY31-Dec-912,94327.5000.031-Jan-922,94326.5000.0-0.0363636364-0.03647839430.0018563167-0.00165-0.0130.0000.00028-Feb-924,41521.7500.032-0.2688679245-0.26898268240.07594945250.013290.0020.000-0.00131-Mar-924,46625.3750.00.16666666670.16655190880.0255825018-0.02368-0.0350.001-0.00630-Apr-924,46620.6250.0-0.1871921182-0.18730687610.03760243620.013850.0030.000-0.00029-May-924,46621.7500.00.05454545450.05443069670.00228714420.00652-0.0050.000-0.00030-Jun-924,46617.1250.0-0.2126436782-0.2127584360.048121019-0.01924-0.0300.0010.00631-Jul-924,46617.6250.00.02919708030.02908232240.00050515810.039930.0290.0010.00131-Aug-924,46613.7500.200-0.2085106383-0.20862539620.0463248121-0.02076-0.0320.0010.00730-Sep-924,84714.3750.00.04545454550.04533978760.00150025980.012420.0010.0000.00030-Oct-924,84715.6250.00.08695652170.08684176390.00643768150.0109-0.0000.000-0.00030-Nov-924,84720.7500.00.3280.32788524210.1032199660.040190.0290.0010.00931-Dec-924,84720.5000.0-0.0120481928-0.01216295070.0003522960.017540.0060.000-0.00029-Jan-934,84725.2500.00.23170731710.23159255920.05061868190.012330.0010.0000.00026-Feb-934,84724.3750.0-0.0346534653-0.03476822320.0017118760.00545-0.0060.0000.00031-Mar-936,07120.5000.054-0.1987179487-0.19883270660.04220530860.025010.0140.000-0.00330-Apr-936,07118.5000.0-0.0975609756-0.09767573350.0108748051-0.02551-0.0370.0010.00428-May-936,07127.2500.00.4729729730.47285821510.21739056870.029420.0180.0000.00930-Jun-936,07233.5000.00.22935779820.22924304030.04956698460.00513-0.0060.000-0.00130-Jul-936,07233.0000.0-0.0149253731-0.0150401310.000468581-0.00076-0.0120.0000.00031-Aug-936,07242.6250.2500.29924242420.29912766640.08556857430.039340.0280.0010.00830-Sep-936,07250.1250.00.17595307920.17583832130.02863937550.00061-0.0110.000-0.00229-Oct-936,07247.2500.0-0.0573566085-0.05747136640.00410598580.018040.0070.000-0.00030-Nov-939,10825.7500.032-0.6825396825-0.68265444040.4750807817-0.01735-0.0290.0010.02031-Dec-939,15021.2500.0-0.1747572816-0.17487203940.03293449650.019450.0080.000-0.00131-Jan-949,15021.2500.00-0.00011475790.00004517670.031330.0200.000-0.00028-Feb-949,15020.5000.0-0.0352941176-0.03540887550.0017653002-0.02409-0.0350.0010.00131-Mar-949,15017.6250.0-0.1402439024-0.14035866030.0215987877-0.04574-0.0570.0030.00829-Apr-949,15016.0000.0-0.0921985816-0.09231333940.00978515440.00983-0.0010.0000.00031-May-949,15015.2500.0-0.046875-0.04698975790.00287256960.0095-0.0020.0000.00030-Jun-949,15013.3750.0-0.1229508197-0.12306557760.0168148736-0.02738-0.0390.0010.00529-Jul-949,15013.0000.0-0.0280373832-0.02815214110.00120817010.030410.0190.000-0.00131-Aug-949,15017.0000.2000.32307692310.32296216520.10008084370.042830.0320.0010.01030-Sep-949,15014.1250.0-0.1691176471-0.16923240490.0309193556-0.01865-0.0300.0010.00531-Oct-949,15016.1250.00.14159292040.14147816250.01819033840.014870.0040.0000.00130-Nov-949,15014.2500.0-0.1162790698-0.11639382770.0151291052-0.03707-0.0480.0020.00630-Dec-949,15412.2500.0-0.1403508772-0.14046563510.02163024230.012750.0020.000-0.00031-Jan-959,15414.5000.00.18367346940.18355871150.03131204980.020550.0090.0000.00228-Feb-959,15417.3750.00.19827586210.19816110420.03669312810.039620.0280.0010.00631-Mar-959,15416.1250.0-0.071942446-0.07205720390.0061879940.026970.0160.000-0.00128-Apr-959,15415.6250.0-0.0310077519-0.03112250980.00142348570.024880.0140.000-0.00031-May-959,15417.5000.00.120.11988524210.01283205080.034160.0230.0010.00330-Jun-959,15423.0000.00.31428571430.31417095640.09459583340.030840.0200.0000.00631-Jul-959,15427.6250.00.20108695650.20097219860.0377779860.040670.0290.0010.00631-Aug-959,15428.6250.2500.04524886880.04513411090.00148436910.00934-0.0020.000-0.00029-Sep-9511,44225.5000.054-0.1364628821-0.136577640.02050172650.036390.0250.001-0.00331-Oct-9511,44219.7500.0-0.2254901961-0.2256049540.0539222057-0.01115-0.0220.0010.00530-Nov-9511,44219.7500.00-0.00011475790.00004517670.042970.0320.001-0.00029-Dec-9511,45224.7500.00.2531645570.25304979910.06073425040.01540.0040.0000.00131-Jan-9611,45223.6250.0-0.0454545455-0.04556930330.00272232490.028090.0170.000-0.00129-Feb-9611,45224.6250.00.04232804230.04221328440.0012678360.016050.0050.0000.00029-Mar-9611,45233.3750.00.35532994920.35521519140.12152795010.0112-0.0000.000-0.00030-Apr-9611,45236.2500.00.08614232210.08602756420.00630768960.025130.0140.0000.00131-May-9611,45836.6250.00.01034482760.01023006970.00001312950.026720.0150.0000.00028-Jun-9611,45837.1250.00.01365187710.01353711920.0000480321-0.00766-0.0190.000-0.00031-Jul-9611,50137.6250.00.01346801350.01335325560.0000455174-0.05339-0.0650.004-0.00130-Aug-9611,50137.3750.220-0.0007973422-0.00091210010.00005653080.032220.0210.000-0.00030-Sep-9611,50137.8750.00.01337792640.01326316850.00004430990.052990.0420.0020.001PROM. RT.0.0148502106E(Return)0.011Stock VAR0.0371158671Market VAR0.00058S.D0.193S.D0.02417COVAR0.001893268BETA3.240539302

RESUMEN-CALCULOEstimacin de Valor Beta de AmeritradeAsuma que la tasa de impuestos corporativa es cero0%Charles schwabQuick & ReillyWaterhouse(ENE 92- DIC 96)(ENE 92- DIC 96)(ENE 92- SEP 96)Expected return0.00011475790.00672135780.0148502106S.D0.16251782930.14365929460.1926547874Stock Variance0.02641204480.02063799290.0371158671MARKET VARIANCES0.00061328940.00061328940.0005842446COVAR0.00090532980.00136226690.0018932675BETA1.47618687582.22124639473.2405393024D/E ratio0.086956521700.6129032258Se toma el promedio Deuda/Valor del anexo 4 (valor de mercado)Unleverd Beta1.35809192572.22124639472.0091343675Unleverd Beta for Ameritrade1.8628242293Estimacin de costo de capitalPrevailing Rf6.69%Desde anexo toma 3a yileds vigente en los Estados Unidos Gobierno de Valores de 10 aos de bonosya que es ms apropiado utilizar para la estimacin de la tasa libre de riesgo en el tiempo prevalecienteHistoric Rf on LTB5.50%Desde anexo 3c teniendo valor de retorno de la cartera de bonos del Gobierno de Estados Unidos con matuarity cerca de 20 aoseste Rf se utiliza para calcular la prima de riesgo a gobierno . acciones en el pasadoRm (Large company stock)12.70%Desde anexo 3c teniendo rentabilidad media anual de S & P 500 de stock ndice de preciosPremium (Rm-Rf)7.20%Prima de riesgo estimado en base a los rendimientos medios histricos en los Estados Unidos Gobierno de Valores y Acciones Comunes . De 3c anexoPara estimar el costo de capital que usamos Capital Asset Pricing Model ( CAPM ) , frmula utilizada esKe= Rf + B(Rm-Rf)como se calcula:ke= 6.69% + 1.86(12.7%-5.5%)ke = 20.10%Cost of Equity20.10%