QUESTION
Introduction:
This case analyzes the relationship between risk and return in capital markets. Using financial market data, we study the concepts of return, standard deviation, correlation, and risk, as well as the impact of forming portfolios of stocks on risk and return.
Tools
Use Excel’s statistical functions and graphics capabilities to study the data provided in the case’s Exhibits 1 and 2, which you can download from Canvas. We do not use the international data contained in Exhibit 3.
Questions:
Please address the following questions in your presentation.
1. [Executive Summary] Given your analysis below, provide Richard Eckstrom with some recommendations regarding the investment strategy that the State of South Carolina should adopt and how to defend it.
2. Exhibit 1 provides the annual returns for Treasury bills, Treasury bonds, corporate bonds, and common stocks over the 1926-1997 period in the United States.
(a) Using this sample, estimate the average annual return, minimum return, maximum return, and standard deviation for each asset class.
(b) Suppose that you invested one dollar in each asset class at the beginning of 1926. How much wealth would you have in each at the end of 1997?
(c) Plot the trajectories in (b) above. What does this tell you about the risk-return relationship for each asset class?
3. Exhibit 2 provides the monthly returns for 30 stocks.
(a) Estimate the average monthly return and standard deviation for each stock.
(b) Make a scatter plot for the thirty stocks with standard deviation on the x-axis and average monthly return on the y-axis. Is there an obvious relationship between these two statistics?
4. Consider equal-weighted1 and value-weighted2 portfolios (two assets each) of Exxon, General Motors, and General Electric (i.e., EX+GM, EX+GE, GE+GM), i.e., 6 portfolios in total (3 equal-weighted and 3 value-weighted).
(a) Calculate the realized returns for each of these portfolios for every month during the January 1990 to June 1998 period. Note that the weights of the value-weighted portfolios change each month.
(b) Using these realized portfolio returns, estimate the mean monthly return and standard deviation of each portfolio.
(c) Is there anything noteworthy about the standard deviation of some of these portfolios compared to those of the individual stocks? If so, why do you think this occurs?
5. Form value-weighted portfolios of one stock, five stocks, ten stocks, and thirty stocks. Start alphabetically in forming these portfolios. For example, the five-stock portfolio should contain Aluminum Company America, Allied Signal, AMEX, AT&T, and Bethlehem Steel.
(a) As before, start by calculating the realized returns for each of these portfolios for every month. Note again that the weights of the value-weighted portfolios change each month.
(b) Estimate the mean monthly return and standard deviation of each portfolio.
(c) Make a plot with standard deviation on the y-axis and number of assets of the x-axis. Describe what you see and why this should arise.
Exhibit 1
Exhibit 1 Annual Total Returns 1926-1997 (in percent) | |||||
Year | Inflation | Treasury Bills | Treasury Bonds | Corporate Bonds | Common Stocks |
1926 | -1.49 | 3.27 | 7.77 | 7.37 | 11.62 |
1927 | -2.08 | 3.12 | 8.93 | 7.44 | 37.49 |
1928 | -0.97 | 3.56 | 0.1 | 2.84 | 43.61 |
1929 | 0.2 | 4.75 | 3.42 | 3.27 | -8.42 |
1930 | -6.03 | 2.41 | 4.66 | 7.98 | -24.9 |
1931 | -9.52 | 1.07 | -5.31 | -18.5 | -43.34 |
1932 | -10.3 | 0.96 | 16.84 | 10.82 | -8.19 |
1933 | 0.51 | 0.3 | -0.07 | 10.38 | 53.99 |
1934 | 2.03 | 16 | 10.03 | 13.84 | -1.44 |
1935 | 2.99 | 0.17 | 4.98 | 9.16 | 47.67 |
1936 | 1.21 | 0.18 | 7.52 | 6.74 | 33.92 |
1937 | 3.1 | 0.31 | 0.23 | 2.75 | -35.03 |
1938 | -2.78 | -0.02 | 5.53 | 6.13 | 31.12 |
1939 | -0.48 | 0.02 | 4.52 | 3.97 | -0.41 |
1940 | 0.96 | 0 | 2.96 | 3.39 | -9.78 |
1941 | 9.72 | 0.06 | 0.93 | 2.73 | -11.59 |
1942 | 9.29 | 0.27 | 3.22 | 2.6 | 20.34 |
1943 | 3.16 | 0.35 | 2.08 | 2.83 | 25.9 |
1944 | 2.11 | 0.33 | 2.81 | 4.73 | 19.75 |
1945 | 2.25 | 0.33 | 10.73 | 4.08 | 36.44 |
1946 | 18.16 | 0.35 | -0.1 | 1.72 | -8.07 |
1947 | 9.01 | 0.5 | -2.62 | -2.34 | 5.71 |
1948 | 2.71 | 0.81 | 3.4 | 4.14 | 5.5 |
1949 | -1.8 | 1.1 | 6.45 | 3.31 | 18.79 |
1950 | 5.79 | 1.2 | 0.06 | 2.12 | 31.71 |
1951 | 5.87 | 1.49 | -3.93 | -2.69 | 24.02 |
1952 | 0.88 | 1.66 | 1.16 | 3.52 | 18.37 |
1953 | 0.62 | 1.82 | 3.64 | 3.41 | -0.99 |
1954 | -0.5 | 0.86 | 7.19 | 5.39 | 52.62 |
1955 | 0.37 | 1.57 | -1.29 | 0.48 | 31.56 |
1956 | 2.86 | 2.46 | -5.59 | -6.81 | 6.56 |
1957 | 3.02 | 3.14 | 7.46 | 8.71 | -10.78 |
1958 | 1.76 | 1.54 | -6.09 | -2.22 | 43.36 |
1959 | 1.5 | 2.95 | -0.39 | -0.97 | 11.96 |
1960 | 1.48 | 2.66 | 13.78 | 9.07 | 0.47 |
1961 | 0.67 | 2.13 | 0.97 | 4.82 | 26.89 |
1962 | 1.22 | 2.73 | 6.89 | 7.95 | -8.73 |
1963 | 1.65 | 3.12 | 1.21 | 2.19 | 22.8 |
1964 | 1.19 | 3.54 | 3.51 | 4.77 | 16.48 |
1965 | 1.92 | 3.93 | 0.71 | -0.46 | 12.45 |
1966 | 3.35 | 4.76 | 4.69 | 0.2 | -10.06 |
1967 | 3.04 | 4.21 | -9.18 | -4.95 | 23.98 |
1968 | 4.72 | 5.21 | -0.26 | 2.57 | 11.06 |
1969 | 6.11 | 6.58 | -5.07 | -8.09 | -8.5 |
1970 | 5.49 | 6.52 | 12.11 | 18.37 | 4.01 |
1971 | 3.36 | 4.39 | 13.23 | 11.01 | 14.31 |
1972 | 3.41 | 3.84 | 5.69 | 7.26 | 18.98 |
1973 | 8.8 | 6.93 | -1.11 | 1.14 | -14.66 |
1974 | 12.2 | 8 | 4.35 | -3.06 | -26.47 |
1975 | 7.01 | 5.8 | 9.2 | 14.64 | 37.2 |
1976 | 4.81 | 5.08 | 16.75 | 18.65 | 23.84 |
1977 | 6.77 | 5.12 | -0.69 | 1.71 | -7.18 |
1978 | 9.03 | 7.18 | -1.18 | -0.07 | 6.56 |
1979 | 13.31 | 10.38 | -1.23 | -4.18 | 18.44 |
1980 | 12.4 | 11.24 | -3.95 | -2.76 | 32.42 |
1981 | 8.94 | 14.71 | 1.86 | -1.24 | -4.91 |
1982 | 3.87 | 10.54 | 40.36 | 42.56 | 21.41 |
1983 | 3.8 | 8.8 | 0.65 | 6.26 | 22.51 |
1984 | 3.95 | 9.85 | 15.48 | 16.86 | 6.27 |
1985 | 3.77 | 7.72 | 30.97 | 30.09 | 32.16 |
1986 | 1.13 | 6.16 | 24.53 | 19.85 | 18.47 |
1987 | 4.41 | 5.47 | -2.71 | -0.27 | 5.23 |
1988 | 4.42 | 6.35 | 9.67 | 10.7 | 16.81 |
1989 | 4.65 | 8.37 | 18.11 | 16.23 | 31.49 |
1990 | 6.11 | 7.81 | 6.18 | 6.78 | -3.17 |
1991 | 3.06 | 5.6 | 19.3 | 19.89 | 30.55 |
1992 | 2.9 | 3.51 | 8.05 | 9.39 | 7.67 |
1993 | 2.75 | 2.9 | 18.24 | 13.19 | 9.99 |
1994 | 2.67 | 3.9 | -7.77 | -5.76 | 1.31 |
1995 | 2.74 | 5.6 | 31.67 | 27.2 | 37.43 |
1996 | 3.32 | 5.21 | -0.93 | 1.4 | 23.07 |
1997 | 1.7 | 5.26 | 15.88 | 12.95 | 33.36 |
Exhibit 2a
Exhibit 2 Monthly Returns for Dow 30 Stocks | |||||||||||
ALUMINUM COMPANY AMER | ALLIED SIGNAL INC | AMERICAN EXPRESS CO | AT&T | ||||||||
Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | ||||
31-Jan-90 | -15.8 | 6.59 | -2.5 | 5.23 | -14.7 | 14.55 | -14.3 | 48.94 | |||
28-Feb-90 | 4.7 | 5.39 | 4.6 | 5.1 | -2.1 | 12.41 | 1.9 | 41.95 | |||
30-Mar-90 | 0.8 | 5.64 | 5.3 | 5.27 | -11.6 | 12.15 | 6.5 | 42.75 | |||
30-Apr-90 | -3.6 | 5.69 | -5.1 | 5.33 | 6.2 | 10.74 | -4.5 | 45.18 | |||
31-May-90 | 6.5 | 5.44 | 5.2 | 5.06 | 7.8 | 11.31 | 7.5 | 43.17 | |||
29-Jun-90 | -3.4 | 5.8 | 0.7 | 5.26 | 5.9 | 12.2 | -10 | 46.39 | |||
31-Jul-90 | 9.7 | 5.54 | -8.2 | 5.29 | -5.3 | 12.82 | -3.9 | 41.93 | |||
31-Aug-90 | -7.4 | 6.04 | -6.8 | 4.86 | -17.2 | 12.14 | -12.5 | 40.29 | |||
28-Sep-90 | -2.7 | 5.6 | -10.1 | 4.46 | -12.4 | 10.06 | -3.6 | 35.26 | |||
31-Oct-90 | -14.5 | 5.4 | -9.9 | 3.86 | -9.6 | 9.77 | 10.1 | 33.62 | |||
30-Nov-90 | 3.3 | 4.58 | 12.2 | 3.48 | 8.6 | 8.73 | -5.5 | 37.03 | |||
31-Dec-90 | 5 | 4.73 | -2.7 | 3.84 | 1.7 | 9.48 | -5.2 | 34.99 | |||
31-Jan-91 | 12.7 | 4.89 | 7.4 | 3.64 | 10.3 | 9.57 | 8.3 | 32.81 | |||
28-Feb-91 | -0.4 | 5.46 | 4.1 | 3.91 | 5.5 | 10.55 | 2.3 | 35.53 | |||
28-Mar-91 | 2.1 | 5.44 | -2.5 | 4.01 | 20.3 | 11.13 | 3.6 | 36.35 | |||
30-Apr-91 | 3.7 | 5.56 | 2.2 | 3.91 | -12.6 | 13.41 | 9.1 | 37.41 | |||
31-May-91 | 5.4 | 5.73 | 2.4 | 3.99 | 2.5 | 11.61 | -0.7 | 40.82 | |||
28-Jun-91 | -5.1 | 6.03 | 10.5 | 4.02 | -11.3 | 11.9 | 3.9 | 40.55 | |||
31-Jul-91 | 5.2 | 5.73 | 17.8 | 4.48 | 12.8 | 10.56 | 4.2 | 41.97 | |||
30-Aug-91 | -1.9 | 5.99 | -0.1 | 5.28 | 4.4 | 11.91 | -2.2 | 43.75 | |||
30-Sep-91 | -7.8 | 5.88 | -5.5 | 5.21 | -2.4 | 12.43 | -3 | 42.79 | |||
31-Oct-91 | -0.2 | 5.43 | 14.5 | 4.95 | -25.9 | 12.04 | 3.7 | 48.97 | |||
29-Nov-91 | -7.7 | 5.39 | -5.7 | 5.67 | 0 | 8.93 | -6.4 | 50.76 | |||
31-Dec-91 | 10 | 4.98 | 12.9 | 5.31 | 9.2 | 8.93 | 8.5 | 47.5 | |||
31-Jan-92 | 0.2 | 5.48 | 12.8 | 6.03 | 0.6 | 9.64 | -4.8 | 51.1 | |||
28-Feb-92 | 8.2 | 5.49 | 0.8 | 6.8 | 1.8 | 9.7 | -0.3 | 48.66 | |||
31-Mar-92 | 1.6 | 5.9 | 1.8 | 6.82 | 10.1 | 9.88 | 10.7 | 48.49 | |||
30-Apr-92 | 10.3 | 6 | 15.3 | 6.98 | -1.6 | 10.8 | 6.1 | 53.86 | |||
29-May-92 | 0.3 | 6.58 | 0 | 8.05 | 1.1 | 10.62 | -1.7 | 57.16 | |||
30-Jun-92 | -2.3 | 6.6 | -7.3 | 8.01 | 3.3 | 10.74 | 2 | 56.17 | |||
31-Jul-92 | -2.8 | 6.49 | 3.3 | 7.54 | -1.1 | 11.04 | 2 | 57.03 | |||
31-Aug-92 | -11.8 | 6.31 | -5.2 | 7.78 | -9.2 | 10.92 | -3.7 | 58.19 | |||
30-Sep-92 | 2.5 | 5.53 | -0.7 | 7.34 | 6 | 9.91 | 4 | 56.04 | |||
30-Oct-92 | 5.3 | 5.67 | 6.7 | 7.34 | -2.3 | 10.43 | 0 | 58.02 | |||
30-Nov-92 | 1.1 | 5.97 | 3.4 | 7.83 | 7 | 10.19 | 8 | 58.02 | |||
31-Dec-92 | 2.1 | 6.01 | 5.9 | 8.06 | 8.7 | 10.91 | 8.9 | 62.67 | |||
29-Jan-93 | 3.8 | 6.14 | -4.8 | 8.57 | -5.5 | 11.89 | 3.7 | 68.12 | |||
26-Feb-93 | -5.2 | 6.37 | 14.8 | 8.16 | 5.4 | 11.11 | 5.7 | 70.62 | |||
31-Mar-93 | -8 | 6.01 | 1.1 | 9.33 | 11.7 | 11.71 | 2.2 | 74.63 | |||
30-Apr-93 | 2.5 | 5.53 | -2.1 | 9.45 | 3.2 | 12.97 | -1.5 | 75.8 | |||
28-May-93 | 2.7 | 5.67 | 2.7 | 9.26 | 2.7 | 13.38 | 10.1 | 74.63 | |||
30-Jun-93 | 3.7 | 5.78 | 0 | 9.47 | 12.2 | 13.74 | 3 | 82.14 | |||
30-Jul-93 | 1.8 | 6.17 | 5.1 | 9.47 | 1.9 | 15.52 | 0.6 | 84.68 | |||
31-Aug-93 | 6 | 6.28 | 7 | 9.95 | -0.4 | 15.7 | -0.8 | 85.19 | |||
30-Sep-93 | -10.6 | 6.62 | -2.5 | 10.61 | 10.4 | 15.64 | -5.8 | 84.51 | |||
29-Oct-93 | 1.3 | 5.92 | -1.7 | 10.28 | -9.4 | 17.42 | -2.3 | 79.34 | |||
30-Nov-93 | 2.4 | 6 | -0.3 | 10.1 | -2.7 | 15.66 | -5 | 77.49 | |||
31-Dec-93 | 0.2 | 6.11 | 11.1 | 10.08 | -1.6 | 15.23 | -3.3 | 73.76 | |||
31-Jan-94 | 14.6 | 6.13 | -0.5 | 11.19 | 6.5 | 15.08 | 8.1 | 70.89 | |||
28-Feb-94 | -4.9 | 6.99 | -2.5 | 11.14 | -10.3 | 15.94 | -7.5 | 76.63 | |||
31-Mar-94 | -4.8 | 6.65 | -4.4 | 10.34 | -5.1 | 14.29 | -1.8 | 70.89 | |||
29-Apr-94 | -5.1 | 6.33 | -5.5 | 10.36 | 7.7 | 13.56 | 0 | 69.31 | |||
31-May-94 | 4.4 | 6.01 | 2.3 | 9.79 | 5.4 | 14.51 | 6.6 | 69.31 | |||
30-Jun-94 | 3.5 | 6.24 | -1.4 | 9.97 | -6.8 | 13.53 | 0.1 | 73.87 | |||
29-Jul-94 | 7 | 6.5 | 10.5 | 9.85 | 3.8 | 12.74 | 0.5 | 73.82 | |||
31-Aug-94 | 7.9 | 6.95 | -1.9 | 10.88 | 6.1 | 13.11 | 0 | 74.16 | |||
30-Sep-94 | 0.9 | 7.46 | -8.7 | 10.63 | 8 | 13.91 | -0.5 | 74.16 | |||
31-Oct-94 | 1.1 | 7.54 | 1.5 | 9.65 | 2.4 | 15.03 | 1.9 | 84.75 | |||
30-Nov-94 | -4.3 | 7.58 | -5.3 | 9.79 | -4 | 15.28 | -10.7 | 86.29 | |||
30-Dec-94 | 6.1 | 7.29 | 4.2 | 9.23 | 0.3 | 15.02 | 3 | 76.78 | |||
31-Jan-95 | -9 | 7.74 | 5.1 | 9.62 | 6.8 | 14.95 | -0.7 | 78.54 | |||
28-Feb-95 | -0.8 | 7.02 | 6.5 | 10.12 | 6.7 | 15.97 | 3.5 | 77.96 | |||
31-Mar-95 | 6.4 | 6.97 | 3.6 | 10.72 | 3.7 | 17.04 | 0.9 | 80.69 | |||
28-Apr-95 | 8.1 | 7.42 | 1 | 11.11 | 0.3 | 17.29 | -1.9 | 81.2 | |||
31-May-95 | 4.1 | 8.03 | 2.4 | 11.22 | 2.2 | 17.23 | 0 | 79.63 | |||
30-Jun-95 | 7.8 | 8.28 | 10.2 | 11.48 | -0.7 | 17.6 | 5.1 | 80.3 | |||
31-Jul-95 | 13.7 | 8.93 | 5.1 | 12.65 | 9.9 | 17.48 | -0.5 | 83.86 | |||
31-Aug-95 | 0.6 | 10.15 | -4.7 | 13.29 | 4.9 | 19.09 | 7.3 | 83.46 | |||
29-Sep-95 | -7.4 | 10.2 | -0.6 | 12.57 | 9.9 | 19.69 | 16.7 | 89.83 | |||
31-Oct-95 | -3.5 | 9.44 | -3.7 | 12.49 | -7.9 | 21.64 | -2.7 | 104.3 | |||
30-Nov-95 | 15.1 | 9.1 | 11.9 | 12.03 | 4.6 | 19.81 | 2.9 | 101.53 | |||
29-Dec-95 | -9.6 | 10.37 | 0.3 | 13.4 | -2.6 | 20.59 | -1.2 | 104.86 | |||
31-Jan-96 | 5.6 | 9.37 | 5 | 13.44 | 11.7 | 20.04 | 3.3 | 103.07 | |||
29-Feb-96 | 2.5 | 9.84 | 12 | 14.11 | -0.3 | 22.28 | -4.9 | 106.46 | |||
29-Mar-96 | 10.1 | 10.08 | 6.3 | 15.73 | 7.6 | 22.22 | -3.4 | 101.28 | |||
30-Apr-96 | -0.4 | 10.96 | -1.9 | 16.72 | -1.3 | 23.85 | 0.2 | 97.72 | |||
31-May-96 | -0.7 | 10.92 | -5.2 | 16.4 | -5.7 | 23.43 | 1.8 | 97.92 | |||
28-Jun-96 | -6.9 | 10.83 | 4.3 | 15.48 | -2.5 | 22.1 | -0.1 | 99.72 | |||
31-Jul-96 | 1.7 | 10.08 | 2.8 | 16.15 | -1.5 | 21.56 | -15.7 | 99.63 | |||
30-Aug-96 | 7.1 | 10.19 | 5.5 | 16.61 | 0 | 20.93 | 0.5 | 83.96 | |||
30-Sep-96 | -5 | 10.82 | 6.7 | 17.46 | 5.7 | 20.93 | 0.2 | 84.36 | |||
31-Oct-96 | -0.1 | 10.27 | -0.6 | 18.63 | 2.1 | 21.94 | -8.5 | 84.25 | |||
29-Nov-96 | 8.5 | 10.21 | 12.2 | 18.52 | 11.2 | 22.29 | 12.1 | 56.66 | |||
31-Dec-96 | 0.2 | 11.03 | -8.5 | 20.71 | 8.6 | 24.78 | 11.4 | 63.54 | |||
31-Jan-97 | 8.2 | 11.05 | 5 | 18.95 | 10 | 26.77 | -4.7 | 70.28 | |||
28-Feb-97 | 3.6 | 11.96 | 3 | 19.9 | 5.6 | 29.44 | 1.3 | 63.8 | |||
31-Mar-97 | -4.6 | 12.35 | -1.4 | 20.43 | -8.8 | 31.1 | -11.7 | 64.61 | |||
30-Apr-97 | 3.1 | 11.75 | 1.4 | 20.15 | 10.2 | 28.37 | -3.9 | 56.51 | |||
30-May-97 | 5.4 | 12.07 | 6.6 | 20.43 | 5.7 | 31.16 | 9.7 | 54.43 | |||
30-Jun-97 | 2.4 | 12.78 | 9.4 | 21.72 | 7.2 | 32.86 | -3.7 | 59.71 | |||
31-Jul-97 | 17.4 | 13.09 | 9.8 | 23.77 | 12.7 | 35.09 | 5 | 56.97 | |||
29-Aug-97 | -6.8 | 15.37 | -10.2 | 26.11 | -7.2 | 39.45 | 5.9 | 59.81 | |||
30-Sep-97 | -0.3 | 14.31 | 3 | 23.37 | 5.3 | 36.45 | 14.3 | 63.35 | |||
31-Oct-97 | -11 | 14.26 | -15.3 | 24.05 | -4.5 | 38.38 | 10.5 | 71.88 | |||
28-Nov-97 | -7.5 | 12.7 | 3.5 | 20.37 | 1.1 | 36.57 | 14.3 | 79.39 | |||
31-Dec-97 | 4.6 | 11.6 | 4.5 | 20.94 | 13.4 | 36.98 | 10.3 | 90.76 | |||
30-Jan-98 | 8.5 | 12.14 | 0.3 | 21.89 | -6.2 | 41.48 | 2.1 | 99.59 | |||
27-Feb-98 | -3.6 | 13.17 | 9.7 | 21.97 | 7.6 | 38.9 | -2.6 | 101.72 | |||
31-Mar-98 | -6.2 | 12.66 | -1.3 | 24.09 | 1.9 | 41.86 | 8.3 | 99.08 | |||
30-Apr-98 | 12.6 | 11.57 | 4.3 | 23.85 | 11.5 | 42.7 | -8.6 | 106.54 | |||
29-May-98 | -10.2 | 13.05 | -2.1 | 24.88 | 0.4 | 47.52 | 1.2 | 97.43 | |||
30-Jun-98 | -5 | 11.68 | 3.8 | 24.28 | 11.1 | 47.33 | -5.6 | 98.87 |
Exhibit 2b
Exhibit 2 Monthly Returns for Dow 30 Stocks | |||||||||||
BETHLEHEM STEEL CORP | BOEING CO | CHEVRON CORP | COCA COLA CO | ||||||||
Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | ||||
31-Jan-90 | -2.7 | 1.39 | -0.2 | 13.68 | -1.3 | 23.18 | -10.8 | 26.37 | |||
28-Feb-90 | -2.2 | 1.35 | 8.3 | 13.65 | 1.4 | 22.88 | 2.4 | 23.51 | |||
30-Mar-90 | 12.1 | 1.31 | 12.3 | 14.72 | 0.6 | 22.96 | 6.6 | 24.06 | |||
30-Apr-90 | -17.2 | 1.47 | -2.8 | 16.53 | -2.4 | 23.09 | 2 | 25.19 | |||
31-May-90 | 9.1 | 1.22 | 19 | 16.07 | 7.3 | 22.54 | 18.4 | 25.7 | |||
29-Jun-90 | -8.5 | 1.32 | 6.2 | 20.22 | 0.5 | 23.95 | -1.2 | 30.42 | |||
31-Jul-90 | -15.5 | 1.21 | -1.3 | 20.23 | 13.9 | 24.95 | 2.3 | 29.58 | |||
31-Aug-90 | -11.2 | 1.02 | -16 | 19.97 | -4.4 | 28.14 | -6.9 | 30.25 | |||
28-Sep-90 | 0 | 0.9 | -13.7 | 16.69 | -2.5 | 26.9 | -6 | 28.16 | |||
31-Oct-90 | -5.2 | 0.91 | 7.5 | 14.42 | -7.9 | 26.16 | 13.6 | 26.37 | |||
30-Nov-90 | 4.2 | 0.86 | -0.6 | 15.51 | 3.7 | 24.08 | 3.5 | 29.96 | |||
31-Dec-90 | 25.5 | 0.89 | 2.5 | 15.33 | 3.9 | 24.7 | 0.5 | 30.87 | |||
31-Jan-91 | 0.8 | 1.12 | 8.8 | 15.58 | -1.7 | 25.66 | 4.8 | 31.05 | |||
28-Feb-91 | 9.1 | 1.13 | -1.8 | 16.96 | 6.5 | 25.22 | 7.4 | 32.55 | |||
28-Mar-91 | -14.7 | 1.22 | -2.6 | 16.57 | 2.3 | 26.59 | 4 | 34.97 | |||
30-Apr-91 | 0.9 | 1.04 | -2.7 | 16.14 | 1.6 | 27.21 | -2.8 | 36.23 | |||
31-May-91 | 15.1 | 1.05 | 7.4 | 15.71 | -4.5 | 27.34 | 8.5 | 35.22 | |||
28-Jun-91 | 1.6 | 1.2 | -6.4 | 16.79 | -4.7 | 26.1 | -4.4 | 38.23 | |||
31-Jul-91 | 11.6 | 1.22 | 1.4 | 15.73 | 2.5 | 24.69 | 10.3 | 36.38 | |||
30-Aug-91 | -0.1 | 1.37 | 7.8 | 15.94 | 0.6 | 25.31 | 9.4 | 40.13 | |||
30-Sep-91 | -5.6 | 1.36 | 2 | 17.1 | 2.4 | 25.17 | -1.5 | 43.89 | |||
31-Oct-91 | -9.6 | 1.29 | -3 | 17.43 | 1.7 | 25.77 | 3.3 | 42.98 | |||
29-Nov-91 | -25.6 | 1.16 | -9.6 | 16.92 | -9.6 | 26.21 | 4.5 | 44.4 | |||
31-Dec-91 | 24.4 | 0.86 | 7.9 | 15.2 | 3.4 | 23.4 | 15.7 | 46.23 | |||
31-Jan-92 | 3.6 | 1.07 | 6.5 | 16.39 | -7.8 | 24.14 | -3.4 | 53.36 | |||
28-Feb-92 | 2.6 | 1.11 | -9.1 | 17.46 | -1.8 | 22.26 | 5.5 | 51.53 | |||
31-Mar-92 | -0.8 | 1.13 | -4.6 | 15.79 | 3.9 | 21.56 | 0.3 | 54.36 | |||
30-Apr-92 | -1.7 | 1.12 | 0.3 | 15.06 | 9 | 22.39 | 1.5 | 54.32 | |||
29-May-92 | -2.6 | 1.11 | 0.3 | 15.1 | 3.5 | 24.4 | 6 | 55.15 | |||
30-Jun-92 | 7.1 | 1.08 | -9.1 | 15.06 | -6.1 | 24.97 | -8.8 | 58.47 | |||
31-Jul-92 | -8.3 | 1.16 | 0.3 | 13.61 | 6.5 | 23.23 | 4.7 | 52.7 | |||
31-Aug-92 | -13.5 | 1.06 | -6.3 | 13.65 | 4.1 | 24.75 | 2.7 | 55.17 | |||
30-Sep-92 | -3.1 | 0.92 | -1.3 | 12.71 | 0.9 | 25.48 | -5.5 | 56.66 | |||
30-Oct-92 | 7.5 | 1.05 | -2 | 12.47 | -4.2 | 25.3 | 0.3 | 53.21 | |||
30-Nov-92 | 23 | 1.13 | -1.7 | 12.21 | -2 | 24.23 | -1.8 | 53.38 | |||
31-Dec-92 | 4.1 | 1.39 | 14.2 | 11.92 | 1.1 | 23.47 | 5.3 | 52.23 | |||
29-Jan-93 | 18 | 1.45 | -12.2 | 13.62 | 4.7 | 23.69 | 1.2 | 54.85 | |||
26-Feb-93 | -9.9 | 1.71 | -1.8 | 11.96 | 7 | 24.8 | 0 | 55.51 | |||
31-Mar-93 | 3.7 | 1.54 | 1.8 | 11.66 | 8 | 26.25 | 1 | 55.51 | |||
30-Apr-93 | 11.3 | 1.59 | 8.6 | 11.88 | 3.6 | 28.34 | -7.6 | 55.7 | |||
28-May-93 | -1.3 | 1.78 | 4.9 | 12.89 | 3.3 | 29.36 | 5.4 | 51.45 | |||
30-Jun-93 | -3.2 | 1.75 | -6.6 | 13.45 | -0.4 | 30.04 | 4 | 54.23 | |||
30-Jul-93 | -22.7 | 1.7 | 6.4 | 12.57 | 0.7 | 28.54 | 0.6 | 56.19 | |||
31-Aug-93 | -6.9 | 1.31 | 1.3 | 13.37 | 6.4 | 28.75 | 0.3 | 56.52 | |||
30-Sep-93 | 6.5 | 1.22 | -3.2 | 13.46 | 5 | 30.29 | -2.2 | 56.68 | |||
29-Oct-93 | 15.7 | 1.31 | -2.3 | 13.04 | -0.8 | 31.82 | 2.7 | 54.94 | |||
30-Nov-93 | 4.5 | 1.51 | 3.7 | 12.74 | -9.5 | 31.57 | -2.8 | 56.41 | |||
31-Dec-93 | 17.3 | 1.58 | 12 | 13.12 | 0.3 | 28.28 | 6.3 | 54.62 | |||
31-Jan-94 | 14.7 | 1.86 | 0 | 14.69 | 7.2 | 28.37 | -8.4 | 57.96 | |||
28-Feb-94 | -7 | 2.13 | 8.7 | 14.69 | -6.2 | 30.41 | 4.3 | 53.09 | |||
31-Mar-94 | -8.6 | 1.99 | -4.8 | 15.88 | -3 | 28.21 | -4.2 | 55.36 | |||
29-Apr-94 | 1.3 | 2.12 | 1.1 | 15.12 | 6 | 27.35 | 2.8 | 52.71 | |||
31-May-94 | -4.3 | 2.14 | 3.6 | 15.31 | -1.2 | 28.98 | -3.6 | 54.17 | |||
30-Jun-94 | -3.2 | 2.05 | -0.3 | 15.79 | -3.7 | 27.28 | 1.4 | 52.22 | |||
29-Jul-94 | 19.5 | 1.98 | -3.5 | 15.75 | 6 | 27.29 | 9.2 | 52.54 | |||
31-Aug-94 | 3.4 | 2.43 | 2.5 | 15.19 | -3.5 | 28.92 | 3.7 | 57.39 | |||
30-Sep-94 | -8.7 | 2.51 | -4.9 | 15.5 | -1.8 | 27.61 | 6.1 | 59.49 | |||
31-Oct-94 | -8.9 | 2.29 | 1.4 | 14.74 | 8.1 | 27.13 | 3.6 | 62.71 | |||
30-Nov-94 | -7.2 | 2.09 | 2.8 | 14.95 | -2 | 29.33 | 1.9 | 64.97 | |||
30-Dec-94 | 1.4 | 1.95 | 4.7 | 15.29 | 2.3 | 28.43 | 0.7 | 65.73 | |||
31-Jan-95 | -13.2 | 1.98 | -5.3 | 16.02 | 0 | 29.08 | 1.9 | 66.22 | |||
28-Feb-95 | 0.8 | 1.72 | 4.2 | 15.16 | 7.8 | 29.08 | 4.8 | 67.5 | |||
31-Mar-95 | 2.4 | 1.73 | 16.5 | 15.72 | 0.8 | 31.04 | 2.9 | 70.72 | |||
28-Apr-95 | -12.4 | 1.77 | 2.3 | 18.33 | -1.3 | 31.28 | 3.1 | 71.73 | |||
31-May-95 | 4.4 | 1.55 | 7.5 | 18.75 | 4.7 | 30.87 | 6 | 73.96 | |||
30-Jun-95 | 10.2 | 1.62 | 6.4 | 20.11 | -5.6 | 32.02 | 3.8 | 78.11 | |||
31-Jul-95 | -3.1 | 1.79 | 7 | 21.39 | 6.5 | 30.24 | 2.9 | 80.8 | |||
31-Aug-95 | -7.1 | 1.73 | -4.1 | 22.88 | -1 | 32.19 | -2.1 | 83.18 | |||
29-Sep-95 | -3.4 | 1.62 | 6.6 | 21.92 | 0.8 | 31.54 | 7.7 | 81.44 | |||
31-Oct-95 | -7.1 | 1.56 | -4 | 23.37 | -4.1 | 31.79 | 4.2 | 87.02 | |||
30-Nov-95 | 6.7 | 1.45 | 11.6 | 22.43 | 6.7 | 30.48 | 5.7 | 90.65 | |||
29-Dec-95 | -0.9 | 1.58 | 7.5 | 25.01 | 6.1 | 32.2 | -2 | 95.02 | |||
31-Jan-96 | 9 | 1.56 | -1.1 | 26.89 | -1 | 34.16 | 1.5 | 93.14 | |||
29-Feb-96 | -9.1 | 1.7 | 5 | 26.59 | 8.2 | 33.83 | 7.1 | 94.55 | |||
29-Mar-96 | -4.5 | 1.55 | 6.8 | 27.84 | 0.9 | 36.28 | 2.8 | 101.29 | |||
30-Apr-96 | 4.8 | 1.48 | -5.2 | 29.84 | 3.3 | 36.61 | -1.5 | 103.5 | |||
31-May-96 | -7.3 | 1.52 | 4.1 | 28.29 | 3.9 | 37.85 | 12.9 | 101.94 | |||
28-Jun-96 | -6.9 | 1.41 | 2.2 | 29.37 | -1.3 | 39 | 6.8 | 115.07 | |||
31-Jul-96 | -14.7 | 1.32 | 1.6 | 30.15 | -1.9 | 38.51 | -4.3 | 122.31 | |||
30-Aug-96 | 1.2 | 1.12 | 2.6 | 30.63 | 2.7 | 37.77 | 7.2 | 117 | |||
30-Sep-96 | -2.4 | 1.14 | 4.4 | 31.54 | 6.4 | 38.43 | 1.5 | 125.43 | |||
31-Oct-96 | -18.8 | 1.11 | 0.9 | 32.93 | 5 | 40.88 | -0.7 | 126.83 | |||
29-Nov-96 | 10.8 | 0.91 | 4.5 | 33.24 | 2.7 | 42.92 | 1.5 | 125.9 | |||
31-Dec-96 | -1.4 | 1 | 7.2 | 34.63 | -3 | 43.73 | 2.9 | 127.45 | |||
31-Jan-97 | -5.6 | 0.99 | 0.6 | 37.19 | 2.1 | 42.41 | 10 | 130.94 | |||
28-Feb-97 | -1.5 | 0.94 | -4.8 | 37.4 | -2 | 43.3 | 5.4 | 144 | |||
31-Mar-97 | 0 | 0.92 | -3.1 | 36.46 | 7.9 | 42.08 | -8.4 | 151.78 | |||
30-Apr-97 | 0 | 0.92 | 0 | 35.56 | -1.6 | 45.42 | 14.1 | 138.71 | |||
30-May-97 | 21.2 | 0.92 | 7.1 | 35.56 | 3 | 44.75 | 7.7 | 158.31 | |||
30-Jun-97 | 4.4 | 1.12 | 0.7 | 38.26 | 5.6 | 45.74 | -0.5 | 169.81 | |||
31-Jul-97 | 7.8 | 1.17 | 10.6 | 38.25 | 6.8 | 48.32 | 1.7 | 168.57 | |||
29-Aug-97 | 6.7 | 1.26 | -6.9 | 40.8 | -1.2 | 51.62 | -17.1 | 171.36 | |||
30-Sep-97 | -14.1 | 1.35 | -0.1 | 54.57 | 7.3 | 50.7 | 6.7 | 142.15 | |||
31-Oct-97 | -3 | 1.16 | -11.8 | 54.51 | -0.2 | 54.38 | -7.2 | 151.3 | |||
28-Nov-97 | 2.5 | 1.13 | 11 | 48.06 | -2.6 | 54.3 | 10.6 | 140.45 | |||
31-Dec-97 | -15.2 | 1.16 | -7.9 | 53.19 | -4 | 52.66 | 6.7 | 154.58 | |||
30-Jan-98 | 13.7 | 0.98 | -2.7 | 48.92 | -2.9 | 50.57 | -2.9 | 164.93 | |||
27-Feb-98 | 7.6 | 1.11 | 14.2 | 47.61 | 9 | 49.09 | 6 | 160.14 | |||
31-Mar-98 | 27.6 | 1.2 | -3.9 | 54.23 | -0.7 | 53.11 | 13.1 | 169.72 | |||
30-Apr-98 | 14.7 | 1.53 | -4 | 50.74 | 3 | 52.48 | -2 | 191.38 | |||
29-May-98 | -21.3 | 1.76 | -4.3 | 48.73 | -2.7 | 54.03 | 3.3 | 187.52 | |||
30-Jun-98 | 1.5 | 1.39 | -6.7 | 48.24 | 4.9 | 52.24 | 9.3 | 193.53 |
Exhibit 2c
Exhibit 2 Monthly Returns for Dow 30 Stocks | |||||||||||||||
DU PONT | EASTMAN KODAK CO | EXXON CORP | GENERAL ELECTRIC CO | GENERAL MOTORS CORP | |||||||||||
Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | ||||||
31-Jan-90 | -7.6 | 28.77 | -7.3 | 13.34 | -6 | 62.58 | -3.5 | 58.2 | -1.5 | 25.44 | |||||
28-Feb-90 | 4.7 | 26.58 | 0 | 12.37 | 1.3 | 58.83 | 0 | 56.17 | 9.6 | 25.06 | |||||
30-Mar-90 | -2.2 | 27.54 | 4 | 12.21 | -1.9 | 58.83 | 4 | 55.72 | 2.2 | 27.02 | |||||
30-Apr-90 | -2.9 | 26.36 | -5.8 | 12.69 | -1.9 | 57.66 | -0.4 | 57.75 | -3.5 | 27.62 | |||||
31-May-90 | 8.1 | 25.59 | 10.5 | 11.96 | 7.4 | 56.56 | 8.4 | 57.52 | 11.6 | 26.64 | |||||
29-Jun-90 | -3.4 | 27.39 | 0.6 | 13.06 | -0.3 | 60 | 0.5 | 61.9 | -2.1 | 29.28 | |||||
31-Jul-90 | 7.8 | 26.12 | -5.9 | 13.15 | 8.4 | 59.84 | 3.4 | 62.13 | -2.1 | 28.67 | |||||
31-Aug-90 | -12.3 | 28.15 | 6.9 | 12.37 | -2.5 | 64.84 | -13.4 | 64.26 | -13.1 | 28.07 | |||||
28-Sep-90 | -5.9 | 24.42 | -4.3 | 13.06 | -2 | 62.5 | -11.3 | 55.62 | -8.8 | 23.93 | |||||
31-Oct-90 | -2.2 | 22.88 | 3.2 | 12.49 | 0 | 61.11 | -4.6 | 48.43 | 1.4 | 21.82 | |||||
30-Nov-90 | 12.6 | 22.38 | 7.9 | 12.9 | 4.7 | 61.11 | 5.3 | 46.21 | 1.4 | 22.12 | |||||
31-Dec-90 | -0.3 | 24.91 | -1.8 | 13.75 | 2.2 | 63.13 | 5.7 | 48.65 | -5.8 | 21.97 | |||||
31-Jan-91 | -1.4 | 24.64 | 2.4 | 13.51 | -0.2 | 64.49 | 11.5 | 50.34 | 5.5 | 20.63 | |||||
28-Feb-91 | 5 | 24.3 | 3.8 | 13.83 | 8.1 | 64.33 | 7 | 56.16 | 10.1 | 21.75 | |||||
28-Mar-91 | -1.3 | 25.23 | -0.3 | 14.2 | 6.1 | 68.7 | 2.4 | 59.67 | -4.4 | 23.7 | |||||
30-Apr-91 | 12.1 | 24.89 | -4.6 | 14.15 | 1.7 | 72.83 | 1.6 | 61.09 | -5.3 | 22.86 | |||||
31-May-91 | 14.5 | 27.91 | 3 | 13.51 | -1 | 74.08 | 9.9 | 62.08 | 21.7 | 21.65 | |||||
28-Jun-91 | -2.9 | 31.68 | -8.6 | 13.75 | -0.2 | 72.52 | -4.2 | 67.78 | -5.5 | 26.12 | |||||
31-Jul-91 | 6.5 | 30.76 | 5.8 | 12.57 | 2.2 | 72.35 | -1 | 64.42 | -2.5 | 24.95 | |||||
30-Aug-91 | -0.4 | 32.77 | 6.4 | 13.31 | -0.8 | 73.91 | 2.2 | 63.77 | -3.4 | 24.33 | |||||
30-Sep-91 | -6.5 | 32.35 | -1.2 | 13.99 | 2.1 | 72.51 | -6.7 | 65.19 | -1.6 | 23.26 | |||||
31-Oct-91 | 5.5 | 30.28 | 5.9 | 13.83 | 2.5 | 74.01 | -0.5 | 60.37 | -6 | 23 | |||||
29-Nov-91 | -5.9 | 31.96 | 4.4 | 14.65 | -2.8 | 75.87 | -6.2 | 60.05 | -11.3 | 21.61 | |||||
31-Dec-91 | 5.1 | 29.77 | 3.5 | 15.13 | 3.8 | 72.92 | 19 | 56.35 | -6.1 | 18.92 | |||||
31-Jan-92 | -0.3 | 31.29 | 4.7 | 15.67 | -4.3 | 75.65 | -1.6 | 66.29 | 12.1 | 17.78 | |||||
28-Feb-92 | 0.4 | 31.21 | -10.6 | 16.4 | -0.8 | 72.39 | 4.5 | 65.21 | 17.1 | 19.94 | |||||
31-Mar-92 | 3 | 31.04 | -9 | 14.49 | -4.2 | 70.99 | -3 | 68.14 | -2.3 | 23.09 | |||||
30-Apr-92 | 13.9 | 31.96 | -2.5 | 13.2 | 9.6 | 68 | 1.2 | 65.46 | 13.3 | 22.55 | |||||
29-May-92 | -2 | 36.41 | 1.9 | 12.88 | 2.2 | 74.52 | -0.3 | 66.21 | -3.9 | 25.56 | |||||
30-Jun-92 | -4.3 | 35.4 | 0.6 | 12.96 | 2.1 | 75.3 | 2.5 | 66 | 11.3 | 24.55 | |||||
31-Jul-92 | 6.2 | 33.98 | 8.4 | 13.04 | 2.6 | 76.85 | -1.6 | 66.72 | -5.4 | 30.23 | |||||
31-Aug-92 | -7.1 | 36.08 | 2.9 | 14.14 | 2.3 | 78.87 | -3.3 | 65.64 | -15.9 | 28.6 | |||||
30-Sep-92 | -4.6 | 33.22 | 0.6 | 14.38 | -0.6 | 79.8 | 6.5 | 63.5 | -7.2 | 23.79 | |||||
30-Oct-92 | 2.7 | 31.71 | -8.1 | 14.46 | -4.1 | 79.3 | -1.9 | 66.85 | -4.3 | 22.15 | |||||
30-Nov-92 | 0.4 | 32.55 | 3.7 | 13.29 | -1.7 | 76.04 | 8.5 | 65.57 | 5.5 | 21.2 | |||||
31-Dec-92 | -2.1 | 32.38 | -3.3 | 13.61 | 2.7 | 73.87 | 3.5 | 71.12 | 0 | 22.24 | |||||
29-Jan-93 | -2.9 | 31.78 | 23.1 | 13.17 | 0 | 75.88 | 0.7 | 73.02 | 17.1 | 22.74 | |||||
26-Feb-93 | 2.3 | 30.86 | 8.5 | 16.22 | 5.3 | 75.88 | -2.3 | 73.55 | -0.8 | 26.62 | |||||
31-Mar-93 | 4 | 31.28 | 1.2 | 17.44 | 3.9 | 78.99 | 6.7 | 71.85 | 1 | 26.27 | |||||
30-Apr-93 | 8 | 32.54 | -10.1 | 17.64 | -0.2 | 82.13 | 1.7 | 76.12 | 8.6 | 26.53 | |||||
28-May-93 | 2 | 35.16 | 7.2 | 15.85 | 0.3 | 81.97 | 2.3 | 77.4 | -1.3 | 28.83 | |||||
30-Jun-93 | -10.7 | 35.58 | -3.4 | 16.83 | 1 | 81.35 | 3.9 | 79.21 | 10.9 | 28.3 | |||||
30-Jul-93 | -0.5 | 31.81 | 7.3 | 16.38 | -0.8 | 82.13 | 2.9 | 81.83 | 9 | 31.45 | |||||
31-Aug-93 | 4.7 | 31.64 | 14.7 | 17.57 | 0.7 | 81.51 | -0.3 | 84.18 | -2.9 | 34.28 | |||||
30-Sep-93 | -4.4 | 32.82 | -2.7 | 19.98 | 0.2 | 81.2 | -1.8 | 83.96 | -10.9 | 33.13 | |||||
29-Oct-93 | 2.4 | 31.48 | 5.9 | 19.47 | -0.2 | 81.33 | 1.2 | 81.89 | 14.1 | 29.55 | |||||
30-Nov-93 | 1.2 | 32.24 | -2.4 | 20.62 | -2.9 | 81.18 | 1.4 | 82.85 | 11.2 | 33.71 | |||||
31-Dec-93 | 1 | 32.33 | -7.6 | 20.06 | 0.6 | 77.91 | 7.3 | 84.03 | 4 | 37.33 | |||||
31-Jan-94 | 16.3 | 32.68 | -2.3 | 18.54 | 5.3 | 78.38 | 2.7 | 89.45 | 11.6 | 38.99 | |||||
28-Feb-94 | -4.3 | 38.01 | -1.6 | 14.54 | -1.4 | 82.57 | -2.2 | 91.9 | -4.6 | 43.52 | |||||
31-Mar-94 | -0.5 | 36.07 | 3.2 | 14.17 | -3.1 | 80.55 | -4.4 | 89.88 | -7.5 | 41.39 | |||||
29-Apr-94 | 7.8 | 35.9 | -6.5 | 14.67 | 0 | 78.09 | -4.8 | 85.38 | 5.3 | 38.28 | |||||
31-May-94 | 9.3 | 38.69 | 13.9 | 13.72 | -1.6 | 78.09 | 4.5 | 81.33 | -4.9 | 41.25 | |||||
30-Jun-94 | -6 | 42.08 | 2.7 | 15.5 | -7.2 | 75.92 | -5.6 | 84.96 | -6.5 | 39.07 | |||||
29-Jul-94 | 1.9 | 39.59 | 0.5 | 15.91 | 4.8 | 70.47 | 8 | 79.75 | 2.2 | 37.42 | |||||
31-Aug-94 | 2.7 | 40.36 | 3.7 | 16.09 | 1.2 | 73.89 | -1.2 | 86.16 | -1.8 | 38.26 | |||||
30-Sep-94 | -4.1 | 41.12 | 4 | 16.55 | -3.4 | 73.89 | -2.5 | 85.19 | -6.7 | 37.42 | |||||
31-Oct-94 | 2.8 | 39.47 | -7 | 17.55 | 9.3 | 71.38 | 1.6 | 82.41 | -15.7 | 35.16 | |||||
30-Nov-94 | -8.9 | 40.58 | -4.6 | 16.32 | -2.8 | 78.05 | -5.9 | 83.69 | -3 | 29.63 | |||||
30-Dec-94 | 4.2 | 36.68 | 4.9 | 15.43 | 0.6 | 74.95 | 11.8 | 78.64 | 10.5 | 28.73 | |||||
31-Jan-95 | -5.1 | 38.22 | 2.6 | 16.22 | 2.9 | 75.42 | 1 | 87.19 | -7.7 | 31.74 | |||||
28-Feb-95 | 6.3 | 36.26 | 4.9 | 16.64 | 3.4 | 77.59 | 6.3 | 88.05 | 10.2 | 29.29 | |||||
31-Mar-95 | 7.8 | 38.22 | 4.4 | 17.32 | 4.3 | 79.3 | -0.6 | 93.6 | 3.2 | 32.12 | |||||
28-Apr-95 | 8.9 | 41.22 | 8 | 18.09 | 4.3 | 82.73 | 3.7 | 92.32 | 2.6 | 33.16 | |||||
31-May-95 | 3.8 | 34.6 | 5.7 | 19.54 | 3.8 | 86.3 | 3.6 | 95.74 | 7 | 34.04 | |||||
30-Jun-95 | 1.3 | 37.51 | 0.4 | 20.55 | -1.1 | 88.63 | -2.1 | 98.4 | -2.3 | 36.21 | |||||
31-Jul-95 | -2.5 | 37.38 | -4.9 | 20.63 | 2.7 | 87.73 | 4.7 | 95.49 | 4 | 35.04 | |||||
31-Aug-95 | -1.6 | 36.43 | 0.9 | 19.61 | -4.1 | 90.06 | -0.2 | 99.94 | -2.7 | 36.44 | |||||
29-Sep-95 | 5.2 | 36.28 | 2.6 | 19.74 | 5.1 | 85.4 | 9 | 99.73 | -0.5 | 35.22 | |||||
31-Oct-95 | -9.3 | 38.15 | 5.7 | 20.25 | 5.7 | 89.72 | -0.8 | 107.25 | -6.7 | 35.03 | |||||
30-Nov-95 | 7.4 | 34.62 | 9.6 | 21.41 | 2.3 | 94.84 | 6.1 | 106.41 | 11.5 | 32.7 | |||||
29-Dec-95 | 5.1 | 36.93 | -1.8 | 23.33 | 4.8 | 96.08 | 7.9 | 112.12 | 9 | 36.35 | |||||
31-Jan-96 | 9.8 | 38.8 | 9.5 | 22.92 | -1.1 | 100.73 | 6.6 | 120.26 | -0.5 | 39.62 | |||||
29-Feb-96 | 0.4 | 42.62 | -2 | 25.1 | 0 | 99.64 | -1.6 | 128.19 | -1.9 | 39.44 | |||||
29-Mar-96 | 8.5 | 42.48 | -0.7 | 24.46 | 2.5 | 98.71 | 3.8 | 126.11 | 3.9 | 38.41 | |||||
30-Apr-96 | -3.3 | 46.09 | 7.7 | 24.56 | 4.3 | 101.23 | -0.8 | 130.07 | 1.9 | 39.91 | |||||
31-May-96 | 0.1 | 44.86 | -2.3 | 26.46 | 0.6 | 105.58 | 7.1 | 128.43 | 2.4 | 41.01 | |||||
28-Jun-96 | -0.8 | 44.7 | 4.5 | 25.73 | 2.5 | 105.27 | 4.8 | 137.57 | -5 | 41.67 | |||||
31-Jul-96 | 2.1 | 44.35 | -4 | 26.89 | -5.3 | 107.91 | -4.7 | 144.22 | -6.9 | 39.59 | |||||
30-Aug-96 | 2.4 | 45.26 | -2.3 | 25.34 | 0 | 102.16 | 1.1 | 136.51 | 2.6 | 36.85 | |||||
30-Sep-96 | 7.3 | 46.08 | 8.3 | 24.43 | 2.1 | 101.23 | 10 | 137.97 | -3.3 | 37.51 | |||||
31-Oct-96 | 5.2 | 49.44 | 1.4 | 26.45 | 6.5 | 103.38 | 6.3 | 150.26 | 11.7 | 36.28 | |||||
29-Nov-96 | 2.2 | 52.04 | 2.4 | 26.83 | 7.4 | 110.06 | 7.5 | 159.76 | 8.2 | 40.54 | |||||
31-Dec-96 | -0.1 | 53.06 | -1.1 | 27.03 | 3.8 | 117.19 | -4.4 | 171.73 | -3.3 | 43.56 | |||||
31-Jan-97 | 16.5 | 52.99 | 8.1 | 26.74 | 5.7 | 121.69 | 4.7 | 162.79 | 5.8 | 42.15 | |||||
28-Feb-97 | -1.6 | 61.72 | 4 | 28.91 | -2.5 | 128.68 | -0.6 | 170.4 | -1.1 | 44.61 | |||||
31-Mar-97 | -1.2 | 60.38 | -15.3 | 29.91 | 7.5 | 124.49 | -3 | 169.38 | -4.3 | 43.75 | |||||
30-Apr-97 | 0.1 | 59.68 | 9.4 | 25.22 | 5.1 | 133.84 | 11.8 | 163.41 | 4.5 | 41.16 | |||||
30-May-97 | 2.9 | 60.03 | 0.2 | 27.58 | 5.4 | 140.68 | 8.8 | 198.05 | 0 | 43.01 | |||||
30-Jun-97 | 15.8 | 71.14 | -7.4 | 27.5 | 3.4 | 147.12 | 7.7 | 197.21 | -2.8 | 42.64 | |||||
31-Jul-97 | 6.7 | 70.98 | -12.7 | 25.25 | 4.9 | 152.09 | 8.3 | 212.31 | 11 | 40.65 | |||||
29-Aug-97 | -6.6 | 75.71 | -1.8 | 22.04 | -4.1 | 159.53 | -10.8 | 229.03 | 2.2 | 45.11 | |||||
30-Sep-97 | -1.2 | 70.35 | -0.7 | 21.3 | 4.7 | 151.4 | 9.2 | 204.34 | 6.7 | 45.19 | |||||
31-Oct-97 | -7.6 | 69.5 | -7.8 | 21.16 | -4.1 | 158.52 | -5.1 | 222.3 | -4.1 | 48.21 | |||||
28-Nov-97 | 7 | 64.32 | 2 | 19.51 | 0 | 152.02 | 14.3 | 211.5 | -4.3 | 46.23 | |||||
31-Dec-97 | -0.8 | 68.49 | -0.1 | 19.75 | 0.3 | 150.42 | -0.3 | 241.77 | 5.8 | 43.89 | |||||
30-Jan-98 | -5.7 | 67.92 | 7.7 | 19.68 | -3.1 | 150.88 | 5.6 | 240.14 | -4.6 | 42.97 | |||||
27-Feb-98 | 8.8 | 64.03 | 1.2 | 21.2 | 8.2 | 146.26 | 0.3 | 253.64 | 19.8 | 40.98 | |||||
31-Mar-98 | 10.9 | 69.34 | -1.1 | 21.32 | 6.1 | 157.2 | 11.2 | 254.45 | -1.7 | 48.76 | |||||
30-Apr-98 | 7.1 | 76.54 | 11.3 | 20.97 | 8 | 165.66 | -1.2 | 281.01 | -0.6 | 45.97 | |||||
29-May-98 | 6.5 | 81.96 | -0.5 | 23.33 | -2.9 | 178.98 | -2.1 | 277.75 | 7.4 | 45.72 | |||||
30-Jun-98 | -3.2 | 87.11 | 2.4 | 23.03 | 1.2 | 172.5 | 9 | 271.64 | -7 | 48.04 | |||||
Exhibit 2d
Exhibit 2 Monthly Returns for Dow 30 Stocks | ||||||||||||||
GOODYEAR TIRE & RUBR CO | INT BUSINESS MACHS CORP | INTERNATIONAL PAPER CO | NAVISTAR INT CORP | MCDONALDS CORP | ||||||||||
Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | |||||
31-Jan-90 | -17.2 | 2.51 | 4.8 | 54.48 | -10.6 | 6.15 | 0 | 0.97 | -5.4 | 12.76 | ||||
28-Feb-90 | -5 | 2.08 | 6.6 | 57.09 | 0.8 | 5.5 | -9.7 | 0.97 | -3.2 | 12.07 | ||||
30-Mar-90 | 5.9 | 1.95 | 2.2 | 60.13 | 0 | 5.5 | 17.9 | 0.88 | 0.8 | 11.65 | ||||
30-Apr-90 | -1 | 2.07 | 2.7 | 60.99 | -1.7 | 5.49 | -6.1 | 1.04 | -4.7 | 11.75 | ||||
31-May-90 | 2.3 | 2.04 | 11.2 | 62.64 | 6.6 | 5.39 | 6.5 | 0.98 | 14.7 | 11.19 | ||||
29-Jun-90 | -15.7 | 2.07 | -2.1 | 68.96 | -3.1 | 5.71 | 0 | 1.04 | 2.5 | 12.81 | ||||
31-Jul-90 | -12 | 1.74 | -5.1 | 67.53 | 10.8 | 5.53 | -9.1 | 1.04 | -11.6 | 12.85 | ||||
31-Aug-90 | -12.5 | 1.53 | -7.5 | 64.08 | -14.8 | 6.13 | -16.7 | 0.94 | -10.9 | 11.36 | ||||
28-Sep-90 | -25.3 | 1.32 | 4.4 | 58.55 | -8.7 | 5.18 | -16 | 0.79 | -6.7 | 10.09 | ||||
31-Oct-90 | -10.3 | 0.99 | -0.9 | 60.94 | 6.9 | 4.75 | -19 | 0.66 | -2.9 | 9.32 | ||||
30-Nov-90 | 7.9 | 0.89 | 9 | 60.36 | 6.8 | 5.08 | -5.9 | 0.53 | 11.7 | 9.05 | ||||
31-Dec-90 | 18 | 0.93 | -0.6 | 65.09 | 8.6 | 5.38 | 12.5 | 0.5 | 3.6 | 10.08 | ||||
31-Jan-91 | 7.3 | 1.1 | 12.2 | 64.53 | 10 | 5.86 | 27.8 | 0.56 | -2.1 | 10.45 | ||||
28-Feb-91 | 2.3 | 1.18 | 2.5 | 72.38 | 5 | 6.45 | 21.7 | 0.72 | 11 | 10.23 | ||||
28-Mar-91 | 14.5 | 1.2 | -11.6 | 73.52 | -0.6 | 6.72 | 10.7 | 0.88 | 10.2 | 11.35 | ||||
30-Apr-91 | -10.1 | 1.38 | -9.6 | 65.07 | 3.1 | 6.68 | -6.5 | 0.97 | -3.6 | 12.47 | ||||
31-May-91 | 24 | 1.24 | 4.2 | 58.85 | 13 | 6.88 | 3.4 | 0.91 | 4.8 | 12.02 | ||||
28-Jun-91 | 26.7 | 1.54 | -8.5 | 60.64 | -0.2 | 7.73 | -6.7 | 0.94 | -6.1 | 12.56 | ||||
31-Jul-91 | 14.7 | 1.95 | 4.2 | 55.5 | -1.4 | 7.73 | -10.7 | 0.88 | -0.4 | 11.81 | ||||
30-Aug-91 | 0.6 | 2.23 | -3.1 | 57.85 | 0.8 | 7.62 | 0 | 0.78 | -0.1 | 11.76 | ||||
30-Sep-91 | 14.7 | 2.24 | 7 | 55.35 | -2.2 | 7.64 | -4 | 0.78 | 7.3 | 11.72 | ||||
31-Oct-91 | 14 | 2.57 | -5.2 | 59.29 | 11.6 | 7.55 | -8.3 | 0.75 | -0.7 | 12.5 | ||||
29-Nov-91 | -4.1 | 2.93 | -4.6 | 56.21 | -11.6 | 8.43 | 0 | 0.69 | -3 | 12.41 | ||||
31-Dec-91 | 11.7 | 3.77 | -3.8 | 52.92 | 6 | 7.4 | -4.5 | 0.69 | 13 | 12.01 | ||||
31-Jan-92 | 12.9 | 3.78 | 1.1 | 50.87 | 2.1 | 7.86 | 23.8 | 0.66 | 14.5 | 13.57 | ||||
28-Feb-92 | 6.8 | 4.26 | -2.1 | 51.44 | 2.8 | 8.02 | 23.1 | 0.81 | -6.7 | 15.54 | ||||
31-Mar-92 | 1.4 | 4.55 | -3.9 | 49.66 | -0.3 | 8.21 | -9.4 | 1 | -1.5 | 14.46 | ||||
30-Apr-92 | 11.3 | 4.61 | 8.7 | 47.73 | 1.2 | 8.77 | -10.3 | 0.91 | 11.3 | 14.24 | ||||
29-May-92 | -2.1 | 5.13 | 1.3 | 51.87 | -4.8 | 8.87 | -11.5 | 0.81 | 5.9 | 15.85 | ||||
30-Jun-92 | -3.3 | 5.02 | 7.9 | 51.87 | -0.9 | 8.39 | -8.7 | 0.72 | -1.9 | 16.74 | ||||
31-Jul-92 | -0.9 | 4.87 | -3.2 | 55.86 | -4.5 | 8.53 | 0 | 0.66 | -4.6 | 16.54 | ||||
31-Aug-92 | -7 | 4.82 | -7.3 | 54.08 | -6.1 | 8.14 | -28.6 | 0.66 | -2.9 | 15.78 | ||||
30-Sep-92 | -3.4 | 4.48 | -6.8 | 49.44 | 2.6 | 7.6 | 13.3 | 0.47 | 4.4 | 15.28 | ||||
30-Oct-92 | 13.1 | 4.37 | -17.2 | 46.09 | 1.4 | 7.79 | -11.8 | 0.53 | 3.4 | 15.98 | ||||
30-Nov-92 | 4.5 | 4.94 | 3.9 | 38.17 | 1.4 | 7.9 | 6.7 | 0.47 | 7 | 16.52 | ||||
31-Dec-92 | -4.9 | 5.15 | -26.2 | 38.95 | 2.1 | 7.96 | 12.5 | 0.5 | -0.5 | 17.65 | ||||
29-Jan-93 | -0.5 | 4.9 | 2.2 | 28.77 | -3.2 | 8.15 | 33.3 | 0.57 | -0.3 | 17.74 | ||||
26-Feb-93 | -0.7 | 4.87 | 6.6 | 29.41 | 0.3 | 7.89 | -4.2 | 0.76 | 4.3 | 17.69 | ||||
31-Mar-93 | 11.3 | 4.82 | -6.4 | 31.05 | -2.7 | 7.86 | -13 | 0.73 | 4.4 | 18.42 | ||||
30-Apr-93 | -0.3 | 5.37 | -4.4 | 29.08 | 5.2 | 7.65 | 0 | 0.59 | -9 | 19.24 | ||||
28-May-93 | 6.9 | 5.7 | 9.6 | 27.8 | 2.2 | 8.05 | 10 | 0.59 | 3.4 | 17.51 | ||||
30-Jun-93 | 6.9 | 5.7 | -6.4 | 30.15 | -4.1 | 8.17 | -9.1 | 0.64 | -1 | 18.1 | ||||
30-Jul-93 | -1.8 | 6.18 | -9.9 | 28.22 | -0.4 | 7.85 | 6.5 | 0.64 | 4.8 | 17.8 | ||||
31-Aug-93 | 2.2 | 6.07 | 3.4 | 25.44 | 2.8 | 7.82 | -10.3 | 0.68 | 4.6 | 18.67 | ||||
30-Sep-93 | 2.6 | 6.18 | -8.2 | 26.15 | -7.5 | 7.99 | -0.5 | 1.22 | -3.5 | 19.48 | ||||
29-Oct-93 | 2.6 | 6.38 | 9.5 | 23.98 | -1.2 | 7.43 | 14.2 | 1.21 | 11.1 | 18.34 | ||||
30-Nov-93 | -0.2 | 6.55 | 17.7 | 26.27 | 12.9 | 7.34 | -7.4 | 1.39 | 1.9 | 20.37 | ||||
31-Dec-93 | 2.8 | 6.51 | 4.9 | 30.77 | 1.5 | 8.24 | -6 | 1.29 | -2.8 | 20.73 | ||||
31-Jan-94 | 5.7 | 6.86 | 0 | 32.68 | 10.9 | 8.37 | 10.1 | 1.21 | 6.6 | 20.12 | ||||
28-Feb-94 | -6.2 | 7.26 | -6 | 32.68 | -2.8 | 9.28 | -7.2 | 1.9 | 0 | 21.45 | ||||
31-Mar-94 | -10.5 | 6.79 | 3.3 | 30.58 | -6.5 | 8.97 | -7.8 | 1.81 | -6.2 | 21.4 | ||||
29-Apr-94 | -3.7 | 6.08 | 5.3 | 31.6 | -3.9 | 8.39 | -15.2 | 1.67 | 5.5 | 20.08 | ||||
31-May-94 | -0.1 | 5.87 | 10 | 33.26 | 6.8 | 8.08 | -11.9 | 1.42 | 3.3 | 21.18 | ||||
30-Jun-94 | -7.1 | 5.83 | -6.7 | 36.63 | -4.3 | 8.58 | -19.5 | 1.25 | -6.7 | 21.94 | ||||
29-Jul-94 | -1 | 5.44 | 5.3 | 34.26 | 10 | 8.26 | -2.8 | 1 | -6.1 | 20.44 | ||||
31-Aug-94 | -1.2 | 5.39 | 11.1 | 36.08 | 6.4 | 9.08 | 26 | 0.98 | 4.4 | 19.2 | ||||
30-Sep-94 | -4.6 | 5.3 | 1.6 | 39.94 | 1.8 | 9.61 | -15.3 | 1.23 | -6.6 | 19.99 | ||||
31-Oct-94 | 5.2 | 5.05 | 7 | 40.72 | -5.1 | 9.8 | -5.4 | 1.04 | 9.5 | 18.53 | ||||
30-Nov-94 | -3 | 5.31 | -4.7 | 43.57 | -3.5 | 9.3 | -1.9 | 0.98 | -1.5 | 20.29 | ||||
30-Dec-94 | -0.7 | 5.13 | 3.9 | 41.54 | 5.4 | 8.94 | 17.5 | 0.97 | 3.1 | 19.82 | ||||
31-Jan-95 | 7.1 | 5.09 | -1.9 | 43.16 | -5.6 | 9.43 | 0.8 | 1.13 | 11.5 | 20.43 | ||||
28-Feb-95 | 3 | 5.45 | 4.7 | 42.35 | 8 | 8.89 | -4.9 | 1.14 | 2.1 | 22.79 | ||||
31-Mar-95 | -0.3 | 5.58 | 9.1 | 44.18 | -1.8 | 9.55 | -12.1 | 1.08 | 2.6 | 23.23 | ||||
28-Apr-95 | 3.4 | 5.56 | 15.2 | 48.22 | 2.7 | 9.38 | 10.8 | 0.96 | 2.6 | 23.84 | ||||
31-May-95 | 11.5 | 5.75 | -1.5 | 55.28 | 2.7 | 9.69 | 9.7 | 1.06 | 8.4 | 24.45 | ||||
30-Jun-95 | -2.4 | 6.39 | 3.2 | 54 | 9.1 | 9.96 | -2.4 | 1.16 | 3.3 | 26.27 | ||||
31-Jul-95 | 5.5 | 6.23 | 13.4 | 55.74 | -1.5 | 10.86 | 1.7 | 1.14 | -1.3 | 27.18 | ||||
31-Aug-95 | -7.2 | 6.57 | -4.8 | 63.22 | -2.5 | 10.7 | -15.4 | 1.16 | -5.3 | 26.84 | ||||
29-Sep-95 | -1.6 | 6.09 | -8.6 | 58.79 | 2.6 | 10.64 | -7.7 | 0.98 | 4.8 | 25.36 | ||||
31-Oct-95 | -3.5 | 6 | 2.9 | 53.74 | -11.9 | 10.69 | -14.6 | 0.9 | 7.2 | 26.55 | ||||
30-Nov-95 | 12.2 | 5.79 | -0.4 | 55.31 | 4.1 | 9.42 | 7.3 | 0.77 | 9 | 28.45 | ||||
29-Dec-95 | 7.1 | 6.46 | -5.4 | 54.95 | -1 | 9.74 | -3.4 | 0.83 | 1.1 | 30.97 | ||||
31-Jan-96 | 5.5 | 6.92 | 18.7 | 51.02 | 7.6 | 9.88 | -10.6 | 0.8 | 11.4 | 31.42 | ||||
29-Feb-96 | -0.5 | 7.3 | 13.2 | 61.71 | -11.7 | 10.63 | 6.6 | 0.71 | -0.4 | 34.99 | ||||
29-Mar-96 | 7.7 | 7.22 | -9.3 | 69.74 | 10.5 | 9.32 | 2.5 | 0.75 | -4 | 34.81 | ||||
30-Apr-96 | 2.2 | 7.83 | -3.1 | 63.27 | 0.9 | 11.68 | 15.7 | 0.78 | -0.3 | 33.42 | ||||
31-May-96 | -2.6 | 8 | -0.6 | 58.59 | 0.6 | 11.79 | -13.5 | 0.9 | 0.7 | 33.53 | ||||
28-Jun-96 | -5 | 7.75 | -7.3 | 58.05 | -7.5 | 11.82 | -4.8 | 0.78 | -2.9 | 33.71 | ||||
31-Jul-96 | -7.8 | 7.44 | 8.6 | 53.84 | 2.7 | 11 | 1.3 | 0.74 | -0.8 | 32.75 | ||||
30-Aug-96 | 3.7 | 6.86 | 6.7 | 58.01 | 6.3 | 11.3 | -2.5 | 0.75 | 0.2 | 32.43 | ||||
30-Sep-96 | 1.1 | 7.08 | 8.9 | 60.33 | 6.3 | 11.93 | -12.8 | 0.73 | 2.2 | 32.43 | ||||
31-Oct-96 | -0.5 | 7.16 | 3.6 | 65.67 | 0.3 | 12.75 | 10.3 | 0.63 | -6.1 | 33.13 | ||||
29-Nov-96 | 6.3 | 7.12 | 23.8 | 68.05 | 0.3 | 12.79 | 1.3 | 0.69 | 5.2 | 31.13 | ||||
31-Dec-96 | 5.9 | 7.54 | -4.9 | 84.07 | -4.7 | 12.75 | -3.9 | 0.7 | -2.9 | 32.7 | ||||
31-Jan-97 | 6.1 | 7.98 | 3.5 | 78.41 | 0.9 | 12.16 | 9.6 | 0.67 | 0.3 | 31.66 | ||||
28-Feb-97 | -2.7 | 8.47 | -8.1 | 81.19 | 2.4 | 12.27 | -3.8 | 0.74 | -4.8 | 31.75 | ||||
31-Mar-97 | -0.7 | 8.2 | -4.5 | 74.4 | -6.3 | 12.49 | -2.6 | 0.71 | 9.2 | 30.18 | ||||
30-Apr-97 | 0.5 | 8.14 | 16.9 | 71.03 | 8.3 | 11.71 | 21.3 | 0.46 | 13.2 | 32.97 | ||||
30-May-97 | 11.5 | 8.21 | 8 | 87.88 | 13.9 | 12.68 | 46.2 | 0.67 | -5.9 | 37.02 | ||||
30-Jun-97 | 8.5 | 9.11 | 4.3 | 86.43 | 1.4 | 14.4 | 3.8 | 0.98 | -3.9 | 34.77 | ||||
31-Jul-97 | 2.2 | 9.88 | 17.2 | 90.17 | 15.6 | 14.61 | 19.6 | 0.85 | 11.3 | 33.32 | ||||
29-Aug-97 | -4.3 | 10.09 | -3.9 | 105.66 | -5.6 | 16.89 | 20.3 | 1.02 | -11.8 | 37.07 | ||||
30-Sep-97 | 11.6 | 9.61 | 4.6 | 99.58 | 4.3 | 15.95 | 11.3 | 1.22 | 0.7 | 32.55 | ||||
31-Oct-97 | -8.9 | 10.72 | -7.1 | 104.12 | -18.2 | 16.63 | -16.1 | 1.44 | -5.9 | 32.77 | ||||
28-Nov-97 | -2.6 | 9.79 | 11.4 | 96.75 | 6.1 | 13.61 | -5.1 | 1.21 | 8.4 | 30.83 | ||||
31-Dec-97 | 4.8 | 9.49 | -4.5 | 107.56 | -9.2 | 14.36 | 12.8 | 1.15 | -1.5 | 33.41 | ||||
30-Jan-98 | -1.6 | 9.95 | -5.6 | 101.71 | 5.9 | 13.04 | 8.8 | 1.22 | -1.3 | 32.89 | ||||
27-Feb-98 | 11.1 | 9.79 | 6 | 96 | 2.6 | 13.81 | 12.5 | 1.33 | 16 | 32.46 | ||||
31-Mar-98 | 9.4 | 10.83 | -0.5 | 101.53 | 0.5 | 14.09 | 15.2 | 1.5 | 10 | 37.58 | ||||
30-Apr-98 | -7.6 | 11.88 | 11.6 | 100.98 | 11.3 | 14.17 | -14.6 | 1.72 | 3.1 | 41.33 | ||||
29-May-98 | 3.1 | 11.01 | 1.6 | 110.85 | -11.4 | 15.81 | 1 | 1.47 | 6.2 | 42.44 | ||||
30-Jun-98 | -10.3 | 11.3 | -2.3 | 110.79 | -6.5 | 14.14 | -4.3 | 1.48 | 5.1 | 45.11 |
Exhibit 2e
Exhibit 2 Monthly Returns for Dow 30 Stocks | ||||||||||||||
MERCK & CO INC | 3M | PROCTER & GAMBLE CO | PHILIP MORRIS COS INC | PRIMERICA CORP | ||||||||||
Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | |||||
31-Jan-90 | -6.8 | 30.64 | -1.9 | 17.84 | -8.3 | 24.35 | -9 | 38.62 | -8.1 | 2.74 | ||||
28-Feb-90 | -5.4 | 28.56 | 3.5 | 17.5 | -0.2 | 22.18 | -2.3 | 35.14 | 2.9 | 2.51 | ||||
30-Mar-90 | 2.3 | 27.03 | 1.6 | 17.95 | 6.1 | 22.14 | 8 | 34.33 | 2.3 | 2.58 | ||||
30-Apr-90 | 5.4 | 27.48 | -2.5 | 18.23 | 4.9 | 23.46 | 6 | 36.77 | 4.5 | 3.1 | ||||
31-May-90 | 13.6 | 28.96 | 5 | 17.78 | 17 | 24.45 | 0.3 | 38.97 | 13.8 | 3.24 | ||||
29-Jun-90 | 4.8 | 32.72 | 4.8 | 18.51 | 5.4 | 28.61 | 11.2 | 39.09 | 4.6 | 3.68 | ||||
31-Jul-90 | 2.7 | 34.3 | 4.3 | 19.29 | 0.1 | 30.17 | 3 | 43.18 | -5.2 | 3.78 | ||||
31-Aug-90 | -7.8 | 35.24 | -12.1 | 20.12 | -11.2 | 30.04 | -5.7 | 44.45 | -13.6 | 3.57 | ||||
28-Sep-90 | -6.7 | 32.28 | -2.1 | 17.53 | -5.4 | 26.66 | 1.2 | 41.9 | -26.5 | 3.08 | ||||
31-Oct-90 | 1 | 29.76 | 2.4 | 17.12 | 8.6 | 25.24 | 4.1 | 41.83 | -11.1 | 2.28 | ||||
30-Nov-90 | 12.2 | 30.05 | 3.8 | 17.54 | 5.4 | 27.23 | 3.2 | 43.56 | 24.8 | 2.01 | ||||
31-Dec-90 | 4.9 | 33.72 | 5.5 | 18.04 | 4.5 | 28.7 | 7.3 | 44.95 | 1.1 | 2.51 | ||||
31-Jan-91 | 1.8 | 34.82 | -1 | 18.89 | -7.9 | 30.03 | 7.5 | 47.89 | 15.7 | 2.47 | ||||
28-Feb-91 | 11.6 | 35.45 | 5.2 | 18.7 | 2.5 | 27.47 | 18.7 | 51.48 | 16.6 | 2.85 | ||||
28-Mar-91 | 3.9 | 39.56 | 0 | 19.5 | 4.8 | 28.17 | 3.7 | 61.08 | -0.8 | 3.33 | ||||
30-Apr-91 | 2.1 | 40.87 | 0.7 | 19.5 | -0.9 | 29.48 | -1.8 | 62.93 | -3.4 | 3.3 | ||||
31-May-91 | 10.3 | 41.74 | 7.7 | 19.63 | 1.5 | 29.04 | 2.4 | 61.77 | 7.7 | 3.18 | ||||
28-Jun-91 | -1.8 | 46.05 | -1.7 | 20.98 | -9.1 | 29.48 | -6.5 | 63.28 | -12.3 | 3.42 | ||||
31-Jul-91 | 10.9 | 44.94 | -6.3 | 20.56 | 5 | 26.68 | 6.7 | 58.81 | 14.4 | 3.04 | ||||
30-Aug-91 | -1 | 49.83 | -0.1 | 19.27 | 3.4 | 27.84 | 9.4 | 62.75 | 6.3 | 3.46 | ||||
30-Sep-91 | 2.6 | 49.1 | 3.7 | 19.08 | 1.6 | 28.79 | -2 | 68.66 | 5.6 | 3.68 | ||||
31-Oct-91 | 5.5 | 50.3 | 1 | 19.82 | -0.9 | 28.7 | -2.8 | 66.85 | 2.8 | 3.81 | ||||
29-Nov-91 | 6.6 | 53.06 | -3.8 | 20.01 | -3.1 | 28.27 | -3.4 | 64.99 | -10.3 | 3.91 | ||||
31-Dec-91 | 14.2 | 56.59 | 9.8 | 19.08 | 15.9 | 27.39 | 19.2 | 62.79 | 20.7 | 3.51 | ||||
31-Jan-92 | -5.6 | 64.35 | -4.5 | 20.89 | 11.1 | 31.76 | -4.8 | 74.02 | 5.7 | 4.26 | ||||
28-Feb-92 | 0.3 | 60.73 | 0.9 | 19.96 | -2 | 35.1 | 0.5 | 70.44 | 0 | 4.49 | ||||
31-Mar-92 | -6.2 | 60.92 | -2.5 | 19.96 | 0.6 | 34.39 | -0.6 | 70.79 | -3 | 4.49 | ||||
30-Apr-92 | -1.4 | 56.86 | 5.6 | 19.46 | 1.5 | 34.65 | 2.8 | 69.87 | 1.4 | 4.35 | ||||
29-May-92 | 4.2 | 56.04 | 2.9 | 20.56 | -0.5 | 34.98 | -0.5 | 71.83 | -5.5 | 4.4 | ||||
30-Jun-92 | -2.8 | 58.41 | 1.4 | 20.97 | -10.5 | 31.17 | -4.5 | 71.48 | 0 | 4.15 | ||||
31-Jul-92 | 6.4 | 56.36 | 3.1 | 21.26 | 10.7 | 31.21 | 8.7 | 67.18 | 15.2 | 4.24 | ||||
31-Aug-92 | -5.8 | 59.98 | -0.7 | 21.91 | -7.4 | 34.35 | 2.7 | 73.01 | -9.7 | 4.86 | ||||
30-Sep-92 | -8.5 | 56.22 | 4.1 | 21.59 | 5.3 | 31.8 | 4.1 | 74.95 | 10.1 | 4.39 | ||||
30-Oct-92 | -1.4 | 51.33 | 0.4 | 22.44 | 7.6 | 33.52 | -10.3 | 76.15 | -2.3 | 4.81 | ||||
30-Nov-92 | 2.8 | 50.61 | -0.1 | 22.53 | 2.6 | 35.9 | 4.8 | 68.28 | 12.2 | 4.7 | ||||
31-Dec-92 | -3.3 | 52.05 | -1.3 | 22.34 | -1.2 | 36.83 | -2.3 | 71.54 | 1.3 | 5.24 | ||||
29-Jan-93 | -6.9 | 49.75 | -2.6 | 22.05 | -6.7 | 36.45 | -3.1 | 69.29 | 9.8 | 5.31 | ||||
26-Feb-93 | -4.6 | 46.31 | 8.5 | 21.47 | 4.5 | 33.81 | -10.2 | 67.16 | 3.7 | 5.83 | ||||
31-Mar-93 | -7.5 | 44.16 | 3.8 | 23.12 | -4.1 | 35.34 | -3.7 | 60.31 | 26.1 | 7.6 | ||||
30-Apr-93 | 4.6 | 40.58 | 1.6 | 23.99 | -1 | 33.96 | -26.6 | 57.36 | -0.3 | 7.65 | ||||
28-May-93 | 3.4 | 42.44 | 2.2 | 24.38 | 0 | 33.45 | 7.2 | 42.13 | 1.2 | 7.63 | ||||
30-Jun-93 | -6.5 | 43.87 | -4.3 | 24.73 | 5.9 | 33.45 | -2.4 | 45.15 | 13.5 | 7.69 | ||||
30-Jul-93 | -13.7 | 40.65 | -2.8 | 23.63 | -5.7 | 35.43 | -2.8 | 43.3 | 2.6 | 9.26 | ||||
31-Aug-93 | 4.1 | 35.07 | 5.2 | 22.97 | -0.8 | 33.21 | 3.4 | 42.07 | 9.9 | 10.41 | ||||
30-Sep-93 | -2.7 | 36.5 | -6.2 | 23.98 | -1.8 | 32.96 | -4.6 | 43.52 | 7.6 | 10.41 | ||||
29-Oct-93 | 4.5 | 34.92 | 0.9 | 22.32 | 14.9 | 32.38 | 17.2 | 40.2 | -7.6 | 11.2 | ||||
30-Nov-93 | 6.6 | 36.48 | 5.9 | 22.51 | 4.6 | 36.99 | 4.2 | 47.1 | -9.1 | 10.35 | ||||
31-Dec-93 | 1.2 | 42.73 | -0.2 | 23.52 | 0.4 | 38.73 | 0.5 | 49.09 | -2.8 | 9.38 | ||||
31-Jan-94 | 6.2 | 44.08 | -1.4 | 23.47 | 4.9 | 38.9 | 8.3 | 48.77 | 8.4 | 9.41 | ||||
28-Feb-94 | -11.3 | 46.8 | -0.9 | 23.14 | -3.4 | 40.61 | -7.1 | 52.83 | -11.6 | 13.51 | ||||
31-Mar-94 | -7.2 | 41.51 | -6.1 | 22.74 | -7 | 39.29 | -8.4 | 49.1 | -5.1 | 11.9 | ||||
29-Apr-94 | -0.4 | 38.15 | -1 | 21.19 | 6.9 | 36.56 | 7.7 | 44.39 | -1.4 | 11.3 | ||||
31-May-94 | 3 | 37.99 | 5 | 20.97 | -0.9 | 38.86 | -9.6 | 47.79 | -5 | 11.14 | ||||
30-Jun-94 | -1.5 | 38.25 | -2.7 | 21.6 | -5.3 | 38.52 | 6 | 43.2 | -1.9 | 10.64 | ||||
29-Jul-94 | -0.4 | 37.4 | 7.1 | 21.02 | 5.1 | 36.5 | 6.8 | 45.17 | 2.7 | 10.44 | ||||
31-Aug-94 | 15.2 | 37.24 | 4.6 | 22.5 | 9.2 | 38.13 | 10.9 | 48.24 | 12.2 | 10.78 | ||||
30-Sep-94 | 5.3 | 42.89 | 0.2 | 23.35 | -2.1 | 41.63 | 1.6 | 53.15 | -11.1 | 12.04 | ||||
31-Oct-94 | 0 | 44.9 | 0.2 | 23.34 | 6 | 40.78 | 0.2 | 52.94 | 5.7 | 10.66 | ||||
30-Nov-94 | 4.6 | 44.9 | -6.7 | 23.4 | -0.6 | 43 | -2.4 | 53.04 | -5.3 | 11.27 | ||||
30-Dec-94 | 3.2 | 46.87 | 4.1 | 21.55 | -0.8 | 42.81 | -2.4 | 51.74 | -1.1 | 10.62 | ||||
31-Jan-95 | 5.6 | 47.98 | -1.9 | 22.44 | 5.6 | 42.49 | 3.9 | 49.42 | 14.5 | 10.37 | ||||
28-Feb-95 | 5.3 | 50.65 | 5.4 | 22.02 | 2.1 | 44.63 | 1.7 | 51.35 | 5.4 | 11.82 | ||||
31-Mar-95 | 1.3 | 53.32 | 6.2 | 23.02 | -0.4 | 45.58 | 9 | 52.21 | -0.6 | 12.46 | ||||
28-Apr-95 | 0.6 | 52.87 | 2.6 | 24.4 | 6 | 45.41 | 3.6 | 55.7 | 7.1 | 12.38 | ||||
31-May-95 | 9.6 | 53.18 | 1.4 | 25.03 | 2.9 | 47.89 | 7.6 | 57.72 | 2.3 | 13.1 | ||||
30-Jun-95 | 5.2 | 58.12 | -4.4 | 25.2 | 0 | 49.4 | 3.2 | 61.57 | 3.9 | 13.47 | ||||
31-Jul-95 | 5.1 | 60.75 | -1.3 | 24.09 | -3.6 | 49.4 | -3.7 | 62.83 | 8.3 | 13.99 | ||||
31-Aug-95 | -3.4 | 63.84 | -2.7 | 23.78 | 0.7 | 47.34 | 4.2 | 60.51 | 1.7 | 15.15 | ||||
29-Sep-95 | 13 | 61.68 | 3.2 | 22.95 | 11 | 47.69 | 13.2 | 62.69 | 10.7 | 15.35 | ||||
31-Oct-95 | 2.7 | 69.19 | 0.9 | 23.69 | 5.7 | 52.87 | 0.9 | 70.14 | -4.6 | 16.95 | ||||
30-Nov-95 | 7.6 | 71.04 | 15.8 | 23.9 | 6.8 | 55.61 | 4.2 | 70.77 | 18.2 | 16.11 | ||||
29-Dec-95 | 6.6 | 76.45 | 1.5 | 27.43 | -4 | 59.37 | 4 | 73.71 | 5.3 | 18.99 | ||||
31-Jan-96 | 6.9 | 80.81 | -2.8 | 27.85 | 1.7 | 56.96 | 2.8 | 75.33 | 5 | 19.81 | ||||
29-Feb-96 | -5.5 | 86.35 | 1.7 | 27.07 | -2.4 | 57.65 | 6.7 | 77.42 | 2.1 | 20.8 | ||||
29-Mar-96 | -5.5 | 81.57 | -0.8 | 27.33 | 3.4 | 56.29 | -10.4 | 82.64 | -1.3 | 21.16 | ||||
30-Apr-96 | -2.8 | 76.65 | 1.7 | 27.03 | 0.2 | 58.17 | 2.7 | 73.25 | -6.8 | 20.88 | ||||
31-May-96 | 6.8 | 74.27 | 4.5 | 27.5 | 4 | 58 | 10.3 | 74.78 | 1.5 | 19.45 | ||||
28-Jun-96 | 0.5 | 79.33 | 1.1 | 28.55 | 3.1 | 60.32 | 5.7 | 82.46 | 9.9 | 19.69 | ||||
31-Jul-96 | -0.6 | 78.62 | -2.3 | 28.86 | -1 | 62.16 | 0.6 | 86.29 | -7.4 | 21.64 | ||||
30-Aug-96 | 2.1 | 78.16 | 6.5 | 27.21 | -0.4 | 61.22 | -14.2 | 86.81 | 3 | 20.04 | ||||
30-Sep-96 | 7.8 | 79.84 | 1.5 | 28.82 | 9.7 | 60.96 | 1.3 | 74.47 | 13.3 | 20.58 | ||||
31-Oct-96 | 5 | 85.61 | 9.5 | 29.24 | 2 | 66.84 | 2.9 | 73.48 | 10.7 | 23.6 | ||||
29-Nov-96 | 12.4 | 89.05 | 10.3 | 32.01 | 9.8 | 67.79 | 11.8 | 75.63 | 10.6 | 26.06 | ||||
31-Dec-96 | -3.6 | 100.05 | -0.9 | 35.01 | -1 | 74.46 | 10.6 | 84.53 | 0.8 | 28.83 | ||||
31-Jan-97 | 13.8 | 95.98 | 2.7 | 34.69 | 7.5 | 73.4 | 5.2 | 92.03 | 15.8 | 28.99 | ||||
28-Feb-97 | 1.7 | 109.24 | 8.5 | 35.63 | 3.9 | 78.85 | 13.8 | 96.81 | 2.4 | 33.46 | ||||
31-Mar-97 | -8.1 | 111.05 | -8 | 38.46 | -4.5 | 81.92 | -14.7 | 110.15 | -10.5 | 34.26 | ||||
30-Apr-97 | 7.3 | 101.94 | 2.8 | 35.27 | 10 | 77.97 | 3.5 | 92.4 | 15.6 | 30.67 | ||||
30-May-97 | -0.6 | 109.35 | 6.2 | 36.26 | 9.6 | 85.44 | 11.7 | 95.63 | -0.6 | 35.6 | ||||
30-Jun-97 | 14.3 | 108.49 | 11.3 | 38.24 | 2.4 | 93.39 | 1.5 | 106.87 | 14.7 | 35.27 | ||||
31-Jul-97 | 1.5 | 123.5 | -7.3 | 42.56 | 8.1 | 95.68 | 2 | 107.19 | 14.3 | 40.44 | ||||
29-Aug-97 | -11.6 | 125.39 | -4.6 | 39.44 | -12.5 | 103.04 | -3.2 | 109.3 | -11.7 | 46.13 | ||||
30-Sep-97 | 9.3 | 110.9 | 2.9 | 37.34 | 3.8 | 90.17 | -3.9 | 105.82 | 7.6 | 40.71 | ||||
31-Oct-97 | -10.7 | 120.71 | -1 | 38.41 | -1.2 | 93.56 | -4.7 | 100.71 | 2.6 | 43.8 | ||||
28-Nov-97 | 6.2 | 107.8 | 7.1 | 37.39 | 12 | 92.12 | 9.8 | 96.01 | 9 | 48.93 | ||||
31-Dec-97 | 12.3 | 113.61 | -15.8 | 39.82 | 4.8 | 103.21 | 4.9 | 105.4 | 5.9 | 58.21 | ||||
30-Jan-98 | 10.7 | 127.02 | 1.8 | 33.54 | -1.5 | 107.27 | -8.3 | 109.64 | -8 | 61.64 | ||||
27-Feb-98 | 8.7 | 140.65 | 2.8 | 34.12 | 8.3 | 105.34 | 4.8 | 100.61 | 12.5 | 56.7 | ||||
31-Mar-98 | 0.8 | 152.85 | 6.7 | 34.86 | -0.6 | 113.93 | -3.2 | 105.46 | 7.9 | 63.64 | ||||
30-Apr-98 | -6 | 153.31 | 3.7 | 36.77 | -2.3 | 113.26 | -10.9 | 101.22 | 2.2 | 69.1 | ||||
29-May-98 | -2.9 | 144.12 | -1.3 | 38.13 | 2.1 | 110.33 | 0.7 | 90.14 | 0.1 | 70.47 | ||||
30-Jun-98 | 14.7 | 139.85 | -11.3 | 37.47 | 8.6 | 112.59 | 6.4 | 90.8 | -1 | 70.44 | ||||
Exhibit 2f
Exhibit 2 Monthly Returns for Dow 30 Stocks | ||||||||||||||||||||
SEARS ROEBUCK & CO | TEXACO INC. | UNION CARBIDE | UNITED TECHNOLOGIES | WESTINGHOUSE | WOOLWORTH CORP | USX CORP | ||||||||||||||
Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | Return (%) | Market Cap ($ bil) | |||||||
31-Jan-90 | 4.6 | 13.05 | -1.1 | 15.63 | -4.8 | 3.27 | -8.1 | 6.91 | -2.4 | 10.75 | -8.9 | 4.11 | -6.3 | 9.15 | ||||||
28-Feb-90 | 4.1 | 13.65 | 2.4 | 15.47 | 10.7 | 3.11 | 3.4 | 6.35 | -1.2 | 10.5 | 3.2 | 3.72 | 7.8 | 8.57 | ||||||
30-Mar-90 | -4.3 | 14.04 | -0.2 | 15.63 | -10.3 | 3.41 | 12 | 6.51 | 6.7 | 10.28 | 5.9 | 3.84 | -0.4 | 9.15 | ||||||
30-Apr-90 | -9.6 | 13.44 | -1.9 | 15.6 | -10.9 | 3.08 | -3.9 | 7.29 | -3.9 | 10.97 | -3.7 | 4.07 | -7.1 | 9.11 | ||||||
31-May-90 | 3.5 | 12.16 | 3.9 | 15.3 | 4.5 | 2.74 | 7.4 | 7.01 | 1.2 | 10.44 | 10.8 | 3.88 | 2.7 | 8.37 | ||||||
29-Jun-90 | 0.7 | 12.41 | -4.2 | 15.7 | -3.8 | 2.83 | -2.3 | 7.47 | 1 | 10.57 | -1.5 | 4.24 | -1.9 | 8.59 | ||||||
31-Jul-90 | -7.9 | 12.52 | 11.7 | 15 | 0.6 | 2.74 | 3.5 | 6.93 | -2.8 | 10.72 | -7.2 | 4.25 | 4.5 | 8.41 | ||||||
31-Aug-90 | -11.5 | 11.53 | -1.2 | 16.76 | -12.3 | 2.76 | -16.8 | 7.17 | -7.4 | 10.32 | -15.3 | 3.91 | -5.9 | 8.79 | ||||||
28-Sep-90 | -13.2 | 10.03 | -0.8 | 16.36 | -10.4 | 2.38 | -12.5 | 5.92 | -9.2 | 9.55 | -7.3 | 3.31 | -6.2 | 8.18 | ||||||
31-Oct-90 | -3 | 8.7 | -3.3 | 15.81 | 9.2 | 2.15 | 5.6 | 5.17 | -15.1 | 8.66 | 7.9 | 3.07 | 4.1 | 7.68 | ||||||
30-Nov-90 | 8.1 | 8.45 | 1.8 | 15.29 | -0.8 | 2.35 | -0.1 | 5.46 | 6.8 | 7.35 | 15.3 | 3.28 | 0.7 | 8 | ||||||
31-Dec-90 | -2.9 | 8.96 | 1.7 | 15.36 | 2.3 | 2.29 | 7.3 | 5.4 | 7 | 7.75 | 3.4 | 3.78 | -2.4 | 7.97 | ||||||
31-Jan-91 | 13.3 | 8.71 | -2.6 | 15.62 | 16 | 2.04 | -0.8 | 5.81 | 0 | 8.31 | 5 | 3.92 | 2.5 | 7.78 | ||||||
28-Feb-91 | 10 | 9.86 | 9.2 | 15 | 0.7 | 2.37 | 5.7 | 5.76 | -5.8 | 8.31 | 4 | 4.08 | -0.1 | 7.97 | ||||||
28-Mar-91 | 12.5 | 10.68 | 0.6 | 16.39 | -6.6 | 2.35 | -2.5 | 6.03 | 12.3 | 7.72 | 2.3 | 4.24 | 0.4 | 7.88 | ||||||
30-Apr-91 | 6.8 | 12.01 | 5.9 | 16.49 | 2.8 | 2.22 | -5.2 | 5.88 | -6.4 | 8.67 | -7.8 | 4.34 | 2.3 | 7.89 | ||||||
31-May-91 | 10 | 12.82 | -3.4 | 17.46 | 11.7 | 2.28 | 2.9 | 5.57 | 8.2 | 8.02 | 9 | 3.97 | -4.9 | 7.99 | ||||||
28-Jun-91 | -6.8 | 13.94 | -6.8 | 16.65 | 1.9 | 2.51 | -5.1 | 5.68 | -6.3 | 8.67 | -7.9 | 4.33 | -12.2 | 6.52 | ||||||
31-Jul-91 | 8.3 | 13.02 | 9.4 | 15.52 | 0 | 2.56 | 4.8 | 5.35 | -6.3 | 8.74 | -5.2 | 3.99 | 12.8 | 5.73 | ||||||
30-Aug-91 | 2.4 | 14.09 | -1.3 | 16.98 | 6.7 | 2.56 | 3.6 | 5.61 | -6.8 | 8.19 | 6.1 | 3.74 | 29.1 | 6.46 | ||||||
30-Sep-91 | -7.2 | 14.26 | -1.9 | 16.56 | -5.8 | 2.7 | -6 | 5.76 | -7.3 | 7.53 | -5.7 | 3.97 | -5.7 | 8.33 | ||||||
31-Oct-91 | -2.6 | 13.24 | 3.6 | 16.24 | -3.7 | 2.56 | 8.1 | 5.47 | -20.8 | 6.99 | 0.1 | 3.75 | -3.2 | 7.91 | ||||||
29-Nov-91 | -4.3 | 12.9 | -9.3 | 16.82 | -9 | 2.47 | -1.1 | 5.91 | -8.7 | 5.54 | -11.4 | 3.72 | -8.5 | 7.66 | ||||||
31-Dec-91 | 7.1 | 12.17 | 5.2 | 15.05 | 15.7 | 2.21 | 13.9 | 5.79 | 14.3 | 4.95 | 4.4 | 3.29 | -9.3 | 6.92 | ||||||
31-Jan-92 | 8.3 | 13.03 | -0.9 | 15.83 | 14.2 | 2.57 | -6.5 | 6.6 | 2.8 | 6.13 | 12.3 | 3.45 | -6.1 | 6.27 | ||||||
28-Feb-92 | 7 | 14.11 | -1.7 | 15.48 | 7.6 | 2.93 | 0.3 | 6.13 | 9.1 | 6.3 | -2.5 | 3.84 | 1 | 5.88 | ||||||
31-Mar-92 | 3.5 | 14.92 | -2.3 | 15.22 | 1.5 | 3.12 | 3.2 | 6.13 | -6.9 | 6.81 | 7.4 | 3.75 | -12.6 | 5.85 | ||||||
30-Apr-92 | -2.8 | 15.44 | 9.7 | 14.86 | 11 | 3.17 | 3.8 | 6.34 | -2.7 | 6.32 | -7.6 | 4.02 | 15 | 5.56 | ||||||
29-May-92 | 1.1 | 15.01 | 2.8 | 16.09 | 4.5 | 3.52 | -1.9 | 6.58 | -5.2 | 6.15 | -2.7 | 3.68 | 4.2 | 6.39 | ||||||
30-Jun-92 | -8.9 | 15.01 | -3.5 | 16.54 | -5.7 | 3.65 | -0.5 | 6.4 | 3.7 | 5.77 | -1.4 | 3.58 | -7.9 | 6.57 | ||||||
31-Jul-92 | 0.6 | 13.71 | 4.9 | 15.96 | 29.6 | 3.46 | 9.1 | 6.37 | -2.8 | 6.02 | 7 | 3.54 | -1.1 | 6.19 | ||||||
31-Aug-92 | 5 | 13.8 | 2.7 | 16.55 | -9.6 | 1.91 | -2.7 | 6.95 | -3.3 | 5.85 | 5.2 | 3.75 | -9.4 | 6.12 | ||||||
30-Sep-92 | 7.8 | 14.31 | -2.5 | 17 | -1.9 | 1.71 | -10.9 | 6.7 | -0.8 | 5.59 | 7 | 3.94 | -2 | 5.44 | ||||||
30-Oct-92 | -6.1 | 15.44 | -5.2 | 16.59 | 11.4 | 1.68 | -6.6 | 6.03 | -20.8 | 5.55 | 1.6 | 4.22 | -8.7 | 5.34 | ||||||
30-Nov-92 | 4.2 | 14.49 | 0.2 | 15.52 | 11.5 | 1.88 | -0.9 | 5.63 | -0.5 | 4.4 | 5 | 4.26 | -2.7 | 4.87 | ||||||
31-Dec-92 | 5.2 | 14.92 | -0.6 | 15.56 | 3.1 | 2.07 | 7.2 | 5.52 | 5.9 | 4.31 | -7.7 | 4.47 | 4.5 | 4.7 | ||||||
29-Jan-93 | 8 | 15.71 | 1 | 15.46 | 2.3 | 2.19 | -2.6 | 5.95 | 2.8 | 4.6 | -6.2 | 4.15 | -1.4 | 4.94 | ||||||
26-Feb-93 | 8.4 | 16.96 | 5.1 | 15.62 | -0.4 | 2.24 | -3.6 | 5.8 | -2 | 4.73 | -1.3 | 3.85 | 12 | 4.87 | ||||||
31-Mar-93 | 3.5 | 18.26 | 1.2 | 16.2 | 7.5 | 2.2 | 5.6 | 5.54 | 10.3 | 4.6 | 9.5 | 3.8 | 3.3 | 5.4 | ||||||
30-Apr-93 | -4.3 | 18.9 | -0.2 | 16.4 | 8.3 | 2.37 | 4.2 | 5.84 | 2.5 | 5.08 | -3.4 | 4.16 | -5.1 | 5.58 | ||||||
28-May-93 | 4.6 | 18.08 | 2.3 | 16.36 | -2.2 | 2.57 | 8.3 | 6.09 | 1.5 | 5.21 | -3.3 | 3.98 | 2.3 | 5.3 | ||||||
30-Jun-93 | 1.1 | 18.78 | -1 | 16.53 | 2 | 2.48 | 2.1 | 6.54 | 4.1 | 5.25 | -7.7 | 3.85 | -10 | 5.37 | ||||||
30-Jul-93 | 22 | 19.18 | -0.6 | 16.37 | -2.6 | 2.91 | 0.5 | 6.7 | -0.8 | 5.53 | -7.2 | 3.56 | 4.4 | 4.84 | ||||||
31-Aug-93 | 9.5 | 17.48 | 4.5 | 16.27 | -0.3 | 2.84 | 5.7 | 6.73 | -1.7 | 5.49 | 3.5 | 3.27 | 15.9 | 5.05 | ||||||
30-Sep-93 | -1.1 | 19.01 | 4.4 | 16.79 | 4.7 | 2.8 | -2.4 | 7.05 | -15.4 | 5.36 | -2.9 | 3.38 | -1.2 | 5.8 | ||||||
29-Oct-93 | 6.5 | 18.85 | 0.6 | 17.53 | 1.9 | 2.94 | 11.7 | 6.88 | 11.5 | 4.55 | -8.3 | 3.3 | -7.5 | 5.73 | ||||||
30-Nov-93 | -4.5 | 20.08 | -4.7 | 17.63 | 6.6 | 2.99 | 0.5 | 7.69 | -2.8 | 5.08 | 2.2 | 2.98 | -7.9 | 5.3 | ||||||
31-Dec-93 | -2.8 | 19.03 | 1 | 16.6 | 7.2 | 3.16 | 0.2 | 7.69 | 0.9 | 4.9 | 9.7 | 3.05 | -2.2 | 4.84 | ||||||
31-Jan-94 | 3.8 | 18.54 | 4.4 | 16.77 | 14 | 3.4 | 8.7 | 7.75 | -0.5 | 4.96 | 3.1 | 3.35 | 13.2 | 4.73 | ||||||
28-Feb-94 | -16.1 | 19.24 | -2.9 | 17.51 | -5.6 | 3.87 | 1.6 | 8.42 | 2.7 | 4.95 | -15 | 3.41 | -6.8 | 5.3 | ||||||
31-Mar-94 | -5.5 | 16 | -2.9 | 16.8 | -5.8 | 3.62 | -8.6 | 8.5 | -16.5 | 5.08 | -31.3 | 2.9 | -4.3 | 4.94 | ||||||
29-Apr-94 | 9 | 15.12 | 1 | 16.32 | 17.2 | 3.42 | 2.6 | 7.76 | -3.1 | 4.24 | 11.8 | 2 | 2.3 | 4.73 | ||||||
31-May-94 | 8.6 | 16.49 | 1.1 | 16.48 | 2.6 | 4 | 4.8 | 7.97 | 12.3 | 4.11 | -5.3 | 2.19 | 2.5 | 4.84 | ||||||
30-Jun-94 | -5.2 | 17.78 | -4.9 | 16.45 | -1.4 | 4.06 | -3.2 | 8.4 | -10.6 | 4.59 | 0.8 | 2.08 | -2.2 | 4.91 | ||||||
29-Jul-94 | -1.6 | 16.86 | 5.2 | 15.65 | 6.6 | 4.01 | -6.2 | 8.16 | 4.3 | 4.11 | -3.8 | 2.09 | 3.7 | 4.8 | ||||||
31-Aug-94 | 1.1 | 16.6 | -1.3 | 16.46 | 22.3 | 4.27 | 6.4 | 7.65 | 16.9 | 4.29 | 7.4 | 2 | 0.3 | 4.98 | ||||||
30-Sep-94 | 1.3 | 16.64 | -3 | 16.04 | -1.1 | 5.2 | -1.6 | 8.08 | -8 | 4.99 | 6.9 | 2.14 | 2.9 | 4.94 | ||||||
31-Oct-94 | 3.1 | 16.87 | 9 | 15.56 | -2.9 | 5.14 | 0.6 | 7.91 | 9 | 4.61 | -9.9 | 2.29 | 7.3 | 5.09 | ||||||
30-Nov-94 | -3.7 | 17.4 | -3.7 | 16.96 | -12.7 | 4.95 | -6.3 | 7.96 | -9.7 | 5.01 | -8.9 | 2.05 | -4.6 | 5.41 | ||||||
30-Dec-94 | -2.6 | 16.61 | -3.6 | 16.12 | 2.6 | 4.25 | 7.5 | 7.29 | -3.9 | 4.54 | 6.2 | 1.87 | -9 | 5.16 | ||||||
31-Jan-95 | -3.8 | 16.18 | 2.9 | 15.54 | -13.2 | 4.37 | 2.2 | 7.84 | 14.7 | 4.36 | 6 | 1.99 | -2.3 | 4.7 | ||||||
28-Feb-95 | 12.2 | 15.56 | 4.7 | 15.99 | 13 | 3.79 | 4.1 | 8.01 | 10.7 | 4.98 | -3.2 | 2.09 | 2.6 | 4.59 | ||||||
31-Mar-95 | 8.4 | 17.32 | 4.5 | 16.54 | 7 | 4.25 | 4.1 | 8.17 | -8.9 | 5.51 | 21.3 | 2.02 | 7.7 | 4.67 | ||||||
28-Apr-95 | 1.6 | 20.67 | 2.6 | 17.29 | 4.9 | 4.55 | 5.8 | 8.51 | 6.2 | 5.04 | -13.5 | 2.45 | 7.1 | 5.03 | ||||||
31-May-95 | 4.9 | 21.02 | 1.4 | 17.75 | -8.8 | 4.77 | 4.4 | 9.01 | -3 | 5.36 | -3.9 | 2.12 | 6.9 | 5.38 | ||||||
30-Jun-95 | 5.3 | 21.89 | -4.2 | 17.78 | 15 | 4.33 | 3 | 9.36 | 0.9 | 5.19 | -1.6 | 2.04 | -0.6 | 5.71 | ||||||
31-Jul-95 | 6.3 | 23.11 | 1.1 | 17.04 | 3.7 | 4.6 | 7.5 | 9.64 | -6.8 | 5.24 | 3.3 | 2 | 1.9 | 5.67 | ||||||
31-Aug-95 | -0.1 | 12.67 | -1.2 | 17.24 | 2.7 | 4.77 | -0.1 | 10.36 | 0.4 | 4.88 | -14.4 | 2.07 | 3.3 | 5.98 | ||||||
29-Sep-95 | 13.9 | 12.61 | -0.4 | 16.82 | 12 | 4.87 | 6 | 10.27 | 10.1 | 4.89 | 17.8 | 1.77 | -4.2 | 6.13 | ||||||
31-Oct-95 | -7.8 | 14.36 | 5.6 | 16.75 | -4.7 | 5.46 | 0.4 | 10.89 | -5.8 | 5.39 | -7.1 | 2.09 | -10.1 | 5.67 | ||||||
30-Nov-95 | 16.5 | 13.24 | 9.6 | 17.71 | 5.1 | 5.2 | 6.3 | 10.94 | 19.8 | 5.07 | 2.6 | 1.95 | 4.5 | 5.1 | ||||||
29-Dec-95 | -1 | 15.35 | 6.3 | 19.21 | -5.4 | 5.44 | 1.2 | 11.55 | -3 | 6.62 | -13.3 | 2 | 6.1 | 5.28 | ||||||
31-Jan-96 | 6.4 | 15.2 | 3 | 20.73 | 12.3 | 5.15 | 8.2 | 11.58 | 26.7 | 6.8 | -13.5 | 1.73 | -3.8 | 5.6 | ||||||
29-Feb-96 | 9.9 | 16.18 | -0.4 | 21.36 | 7.3 | 5.78 | 5.2 | 12.52 | -10.6 | 8.62 | 6.7 | 1.5 | -0.4 | 5.39 | ||||||
29-Mar-96 | 7.4 | 17.69 | 7.5 | 21.06 | 10.3 | 6.18 | 4.5 | 13.1 | 4.7 | 7.68 | 30.2 | 1.6 | 4.1 | 5.32 | ||||||
30-Apr-96 | 2.6 | 19.11 | -0.3 | 22.65 | -8.3 | 6.7 | -1.6 | 13.7 | -2.6 | 8.08 | 22.4 | 2.08 | 14.3 | 5.53 | ||||||
31-May-96 | 2.2 | 19.57 | -1.1 | 22.58 | -4.8 | 6.15 | -0.5 | 13.45 | -2.4 | 7.87 | 7.2 | 2.54 | 0.2 | 6.32 | ||||||
28-Jun-96 | -4.4 | 19.91 | 0.1 | 22.12 | -7.8 | 5.74 | 5.1 | 13.31 | 2.7 | 7.67 | 9.8 | 2.73 | -8 | 6.29 | ||||||
31-Jul-96 | -15.7 | 19.07 | 1.3 | 22.16 | 5.7 | 5.29 | -2.2 | 14 | -11.3 | 7.91 | -14.4 | 2.99 | 1.9 | 5.78 | ||||||
30-Aug-96 | 7.9 | 16.08 | 5.4 | 22.46 | 3.4 | 5.49 | 0.7 | 13.7 | -1.9 | 7.02 | 10.4 | 2.56 | 2.7 | 5.89 | ||||||
30-Sep-96 | 1.7 | 17.22 | 3.7 | 23.45 | 5.5 | 5.65 | 6.8 | 13.73 | 13.7 | 6.86 | -2.9 | 2.83 | 3.6 | 6 | ||||||
31-Oct-96 | 8.1 | 17.52 | 10.5 | 24.31 | -6.6 | 5.96 | 7 | 14.66 | -7.8 | 7.84 | 1.8 | 2.75 | 1.2 | 6.22 | ||||||
29-Nov-96 | 3.3 | 18.94 | -1.6 | 26.86 | 8.7 | 5.53 | 9.4 | 15.56 | 9.5 | 7.21 | 14.3 | 2.8 | 5.4 | 6.29 | ||||||
31-Dec-96 | -7.5 | 19.47 | -1 | 26.2 | -11.4 | 5.87 | -5.5 | 16.01 | 6 | 7.89 | -8.3 | 3.2 | 4.4 | 6.58 | ||||||
31-Jan-97 | 4.3 | 18.01 | 7.9 | 25.95 | 11 | 5.21 | 5.3 | 15.93 | -7.5 | 8.38 | -7.4 | 2.95 | 11.5 | 6.86 | ||||||
28-Feb-97 | 13.5 | 18.79 | -5.8 | 28 | 4.5 | 5.78 | 8.3 | 16.77 | -5.9 | 11.52 | 2.5 | 2.73 | 0.7 | 7.65 | ||||||
31-Mar-97 | -7.6 | 21.24 | 10.7 | 26.15 | -6.3 | 6.02 | 0.7 | 17.86 | 3.6 | 10.42 | 12 | 2.8 | 4.7 | 7.65 | ||||||
30-Apr-97 | -4.2 | 19.62 | -3.7 | 28.96 | 12.7 | 5.63 | -0.2 | 17.98 | -5.6 | 10.8 | -8 | 3.13 | -0.9 | 8.01 | ||||||
30-May-97 | 2.8 | 18.82 | 4.2 | 27.82 | -5.9 | 6.32 | 6.7 | 17.95 | 20.3 | 10.19 | 12.2 | 2.88 | 8.8 | 7.95 | ||||||
30-Jun-97 | 9.4 | 19.26 | -0.3 | 28.77 | 0.7 | 5.87 | 3.3 | 19.04 | 14.2 | 12.36 | -0.5 | 3.24 | -3.3 | 8.59 | ||||||
31-Jul-97 | 17.4 | 21.07 | 6.7 | 28.67 | 17.7 | 5.91 | 1.9 | 19.66 | 4.1 | 14.7 | 18 | 3.22 | 11.5 | 8.31 | ||||||
29-Aug-97 | -9.7 | 24.72 | 0.2 | 30.6 | -7 | 6.95 | -7.3 | 19.91 | 7 | 15.29 | -21 | 3.8 | 1.8 | 9.26 | ||||||
30-Sep-97 | 0.3 | 22.22 | 6.5 | 30.47 | -5.1 | 6.44 | 3.8 | 18.38 | 5.4 | 16.61 | -1.1 | 3 | 14.2 | 9.37 | ||||||
31-Oct-97 | -26.5 | 22.3 | -7.1 | 32.45 | -6.2 | 6.11 | -13.6 | 19.07 | -2.3 | 17.5 | -14.1 | 2.98 | -3.9 | 10.7 | ||||||
28-Nov-97 | 10 | 16.4 | -0.2 | 30.14 | -2.9 | 5.73 | 7.5 | 16.31 | 13.7 | 18.66 | 13.8 | 2.56 | -3.7 | 10.29 | ||||||
31-Dec-97 | -1.2 | 17.96 | -3.8 | 30.92 | -2.7 | 6.09 | -2.8 | 17.46 | -1.9 | 21.34 | -5.8 | 2.92 | -1.5 | 9.86 | ||||||
30-Jan-98 | 1.7 | 17.74 | -4 | 29.76 | 2 | 5.92 | 11.6 | 16.96 | 1.7 | 20.94 | 6.7 | 2.75 | -0.6 | 9.73 | ||||||
27-Feb-98 | 15.7 | 18.03 | 7.7 | 28.56 | 6.5 | 6.04 | 10.3 | 18.93 | 3.5 | 21.29 | 9.2 | 2.93 | 3.6 | 9.68 | ||||||
31-Mar-98 | 8.4 | 20.78 | 8.1 | 30.51 | 7.9 | 6.4 | 3.4 | 20.81 | 9.7 | 22 | 5.3 | 3.2 | 8.9 | 9.97 | ||||||
30-Apr-98 | 3.3 | 22.45 | 2.3 | 32.59 | -3.2 | 6.87 | 6.6 | 21.16 | 5 | 24.25 | -8 | 3.37 | -4.8 | 10.85 | ||||||
29-May-98 | 4.6 | 23.18 | -5.6 | 33.33 | 3.4 | 6.64 | -4.1 | 22.59 | -10.9 | 25.46 | -14.1 | 3.11 | -1.7 | 10.33 | ||||||
30-Jun-98 | -1.2 | 24.16 | 3.4 | 31.25 | 6.9 | 6.8 | -1.6 | 21.57 | 0 | 22.8 | -3.2 | 2.67 | -2 | 10.09 |
Exhibit 3
Germany | Ireland | Italy | Japan | |||||||||
Date | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return |
1981 | 3.27 | 57,569 | 4.11 | -4.26 | 1,316 | 5.11 | 4.62 | 23,528 | -3.10 | 21.90 | 358,043 | 18.49 |
1982 | 19.42 | 61,691 | 23.10 | -5.61 | 995 | 38.04 | -10.55 | 18,073 | 27.56 | 5.72 | 439,744 | 10.83 |
1983 | 40.75 | 73,880 | 7.09 | 76.75 | 1,404 | 16.71 | 22.92 | 17,915 | 36.26 | 26.49 | 509,844 | 9.47 |
1984 | 11.06 | 69,496 | 18.14 | -0.91 | 1,147 | 12.36 | 30.84 | 19,532 | 44.70 | 29.18 | 509,844 | 10.48 |
1985 | 79.47 | 155,940 | 11.69 | 66.23 | 2,286 | 34.31 | 108.42 | 45,693 | 18.67 | 14.16 | 725,436 | 10.59 |
1986 | 7.23 | 211,692 | 11.89 | 54.20 | 4,350 | 5.42 | 73.73 | 106,518 | 50.21 | 56.86 | 1,455,105 | 14.17 |
1987 | -38.47 | 162,908 | 3.10 | -11.41 | 4,963 | 28.15 | -32.59 | 85,250 | -3.98 | 8.13 | 2,137,715 | 7.84 |
1988 | 31.09 | 200,860 | 2.98 | 43.60 | 7,340 | 25.57 | 26.41 | 96,192 | 14.52 | 38.09 | 2,964,727 | 5.36 |
1989 | 37.46 | 282,378 | -2.93 | 37.16 | 9,785 | 3.15 | 15.29 | 114,032 | -1.24 | 20.47 | 3,150,654 | -3.83 |
1990 | -18.36 | 260,676 | -2.06 | -26.33 | 8,162 | 7.00 | -27.72 | 89,919 | 8.41 | -38.94 | 2,027,842 | -0.09 |
1991 | 8.13 | 266,741 | 12.39 | 17.78 | 10,337 | 14.96 | 2.22 | 103,415 | 26.60 | 0.85 | 2,358,345 | 15.20 |
1992 | -4.29 | 238,333 | 16.31 | -9.58 | 8,528 | 5.81 | -5.59 | 77,353 | 1.68 | -21.42 | 1,826,976 | 12.66 |
1993 | 45.85 | 326,772 | 19.53 | 61.34 | 12,228 | 30.91 | 49.20 | 102,478 | 56.52 | 13.59 | 2,270,842 | 17.13 |
1994 | -7.93 | 339,363 | -6.14 | 5.35 | 14,756 | -10.87 | 7.41 | 133,167 | -13.11 | 7.08 | 2,747,311 | -3.49 |
1995 | 7.58 | 400,968 | 21.97 | 25.29 | 19,237 | 20.36 | -1.19 | 139,736 | 17.69 | 0.35 | 2,846,585 | 15.48 |
1996 | 27.95 | 495,237 | 6.98 | 25.93 | 25,440 | 13.60 | 10.98 | 170,052 | 49.12 | -6.98 | 2,386,941 | 3.75 |
1997 | 40.01 | 606,704 | 4.78 | 45.30 | 33,347 | 16.69 | 64.80 | 252,960 | 25.69 | -16.06 | 1,812,145 | 3.85 |
Netherland | New Zealand | South Africa | Switzerland | |||||||||
Date | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return |
1981 | 1.31 | 19,952 | 5.76 | 10.05 | 4,118 | 14.58 | -0.32 | 29,105 | 3.99 | -9.94 | 23,243 | -0.14 |
1982 | 24.85 | 21,604 | 29.26 | -19.02 | 2,931 | 11.43 | 50.82 | 36,353 | 28.94 | 12.70 | 22,587 | 13.72 |
1983 | 56.95 | 28,191 | 7.93 | 95.93 | 5,066 | 27.01 | 16.23 | 43,604 | -2.18 | 26.15 | 25,662 | 3.07 |
1984 | 28.91 | 29,677 | 15.85 | -0.57 | 3,508 | -20.39 | 11.53 | 27,711 | 2.08 | 1.56 | 21,677 | 1.99 |
1985 | 32.58 | 48,023 | 15.20 | 46.88 | 5,083 | 18.10 | 38.72 | 20,221 | 7.90 | 58.91 | 41,534 | 6.25 |
1986 | 8.10 | 65,100 | 11.77 | 104.09 | 9,702 | 22.95 | 59.67 | 27,349 | 35.09 | 10.95 | 64,444 | 7.43 |
1987 | -18.70 | 66,162 | 4.26 | -35.61 | 7,396 | 20.88 | -3.90 | 39,421 | 15.35 | -34.49 | 57,494 | 6.48 |
1988 | 31.20 | 75,787 | 5.22 | -2.64 | 9,120 | 20.43 | 7.97 | 33,229 | 8.18 | 11.60 | 66,135 | 1.07 |
1989 | 26.89 | 106,486 | -2.03 | 20.65 | 10,139 | 21.78 | 62.56 | 56,242 | 23.88 | 27.19 | 85,831 | -3.84 |
1990 | -13.25 | 101,225 | -0.97 | -34.78 | 6,516 | 12.28 | -7.12 | 53,254 | 18.85 | -20.82 | 90,166 | -0.20 |
1991 | 17.23 | 112,860 | 11.32 | 26.42 | 11,550 | 40.53 | 30.49 | 96,672 | 12.77 | 20.91 | 116,529 | 8.14 |
1992 | 9.00 | 110,892 | 19.02 | 0.19 | 10,591 | 15.66 | -7.05 | 58,864 | 26.63 | 24.60 | 145,659 | 14.02 |
1993 | 46.31 | 159,107 | 16.98 | 55.63 | 17,072 | 20.88 | 66.13 | 104,746 | 31.24 | 48.05 | 212,466 | 15.70 |
1994 | 1.95 | 181,095 | -6.18 | -3.75 | 18,908 | -12.72 | 23.27 | 130,245 | -11.15 | -7.29 | 224,792 | -4.28 |
1995 | 20.89 | 231,344 | 17.20 | 15.64 | 22,404 | 19.53 | 4.69 | 139,970 | 30.70 | 28.05 | 329,869 | 18.50 |
1996 | 35.34 | 290,811 | 9.09 | 11.19 | 24,446 | 11.12 | 8.15 | 117,848 | 4.88 | 19.37 | 339,927 | 5.03 |
1997 | 46.43 | 363,562 | 11.21 | 6.89 | 19,631 | 6.79 | -11.09 | 95,414 | 27.88 | 53.42 | 482,030 | 8.94 |
UK | US | |||||
Date | Stock Return | Market Capitalization | Bond Return | Stock Return | Market Capitalization | Bond Return |
1981 | 12.83 | 184,752 | 2.08 | -3.61 | 893,430 | 1.90 |
1982 | 28.52 | 191,266 | 51.53 | 22.44 | 1,049,433 | 39.16 |
1983 | 25.97 | 210,607 | 20.31 | 22.55 | 1,222,131 | -0.58 |
1984 | 30.18 | 211,340 | 9.96 | 6.24 | 1,228,621 | 14.22 |
1985 | 22.84 | 302,349 | 11.14 | 32.23 | 1,554,711 | 29.74 |
1986 | 26.29 | 403,071 | 9.16 | 17.68 | 1,743,364 | 25.21 |
1987 | 7.90 | 562,787 | 21.88 | 4.74 | 1,800,268 | -3.45 |
1988 | 10.08 | 567,570 | 9.54 | 17.84 | 1,956,196 | 9.94 |
1989 | 37.39 | 665,860 | 5.96 | 32.40 | 2,355,377 | 17.98 |
1990 | -8.26 | 705,011 | 8.07 | -3.49 | 2,186,563 | 6.85 |
1991 | 20.87 | 800,896 | 18.82 | 29.16 | 2,900,656 | 18.17 |
1992 | 19.55 | 757,364 | 14.30 | 5.90 | 3,074,287 | 8.07 |
1993 | 24.59 | 917,948 | 40.52 | 10.29 | 3,332,434 | 16.94 |
1994 | -6.95 | 903,719 | -9.98 | 1.56 | 3,296,047 | -6.19 |
1995 | 26.36 | 1,097,924 | 18.07 | 36.99 | 4,935,800 | 31.54 |
1996 | 15.79 | 1,392,185 | 9.42 | 21.29 | 5,926,178 | -1.44 |
1997 | 24.75 | #REF! | 22.98 | 34.41 | 8,003,025 | 14.51 |
1
The common stocks have seen a substantial rise in their value from 1926 to 1997. A dollar invested in 1926 in stocks in now worth $1828. The market capitalisation of our portfolio of selected 30 stocks has grown from $582 billion to $1833 billion. But there is no single stock which can be attributed to this gain. Over different periods different stocks have seen a surge in returns while some have tanked at the same period. Thus, there is a need of diversification in the investments of the investors to achieve high gains and yet remain on the lower side of the risk. And that itself is the theme of the portfolio and our suggestion for the investment policy of the new pension fund.
The analysis should begin by commending the decision to keep a portion of the investment in bonds intact. The ratio is not being commented here but just the decision of keeping bonds. Bonds move opposite to the stock markets. They are safe heavens for continuous and reasonable return demanding investors. They act as a cushion for the losses that the stock market is susceptible to. Specially the systematic risk which affects the whole stock market.
Moving on to the choice of the stocks themselves, it is suggested that the investment should be made in a diversified portfolio with stocks picked up from different industries. A higher return from the stocks generally means that the risk associate with the selected stocks will also be high. But if the stocks belong to a varied set of industries which are not dependent on each other then there is less chance of all the stocks to crash together. Thus, just the like the bonds, the stocks as well will nullify the losses in each stock and keep the returns to a positive level mostly.
Further the portfolios should be made using the value weighted method instead of the equally weighted method. This helps to assign larger capital to larger stocks. The portfolio is also balanced for the changes in the market capitalisation of different s