02 - Re + Portfolio

T.
Bond return
UStreasury10yearbondatendofeachyear
FederalReserveofSt.Louis(FRED)
Source:
Computation Tocomputethereturnonaconstantmaturitybond,Iaddtwocomponentsthepromisedcouponatth
Thereturnonthe10yearbondfor1928=3.17%(Couponratepromisedattheendof1927)Pricech
Bond used:
Year
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
T.Bondrate Returnonbond
3.17%
3.45%
0.84%
3.36%
4.20%
3.22%
4.54%
3.93%
2.56%
3.35%
8.79%
3.53%
1.86%
3.01%
7.96%
2.84%
4.47%
2.59%
5.02%
2.73%
1.38%
2.56%
4.21%
2.35%
4.41%
2.01%
5.40%
2.47%
2.02%
2.49%
2.29%
2.49%
2.49%
2.48%
2.58%
2.33%
3.80%
2.24%
3.13%
2.39%
0.92%
2.44%
1.95%
2.19%
4.66%
2.39%
0.43%
2.70%
0.30%
2.75%
2.27%
2.59%
4.14%
2.51%
3.29%
2.96%
1.34%
3.59%
2.26%
3.21%
6.80%
3.86%
2.10%
4.69%
2.65%
Page 1
T. Bond return
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
3.84%
4.06%
3.86%
4.13%
4.18%
4.62%
4.84%
5.70%
6.03%
7.65%
6.39%
5.93%
6.36%
6.74%
7.43%
8.00%
6.87%
7.69%
9.01%
10.39%
12.84%
13.72%
10.54%
11.83%
11.50%
9.26%
7.11%
8.99%
9.11%
7.84%
8.08%
7.09%
6.77%
5.77%
7.81%
5.71%
6.30%
5.81%
4.65%
6.44%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
1.58%
3.27%
5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
0.78%
0.67%
2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
4.96%
8.22%
17.69%
6.24%
15.00%
9.36%
14.21%
8.04%
23.48%
1.43%
9.94%
14.92%
8.25%
Page 2
T. Bond return
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
G_05 Years
G_10 Years
Average_05 Y
Average_10 Y
The last data
5.11%
5.05%
3.82%
4.25%
4.22%
4.39%
4.70%
4.02%
2.21%
3.84%
3.29%
1.88%
1.76%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
11.12%
8.46%
16.04%
2.97%
2.47%
3.26%
2.60%
3.46%
1.76%
Page 3
T. Bond return
sthepromisedcouponatthestartoftheyearandthepricechangeduetointerestratechanges.
attheendof1927)Pricechangeonabondwithacouponrateof3.17%,whentheinterestrategoesto3.45%.
Page 4
T. Bond return
Page 5
T. Bond return
Page 6
T. Bond return
oesto3.45%.
Page 7
T. Bond return
Page 8
T. Bond return
Page 9
Country
AbuDhabi
Albania
Andorra(Principalityof)
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria
BurkinaFaso
Cambodia
Cameroon
Canada
CaymanIslands
CapeVerde
Chile
China
Colombia
Congo(DemocraticRepublico
Congo(Republicof)
CookIslands
CostaRica
Cted'Ivoire
Croatia
Cuba
Curacao
GDP(inbillions)
390
12.9
4.5
124.2
609.9
10.4
2.6
1560.4
428.3
73.4
8.4
32.9
150
3.7
71.7
524.8
1.6
5.557
30.6
17.9
14.8
2245.7
54.5
11.6
15.2
29.6
1826.8
1.897
4
277.2
9240.3
378.4
32.7
14.1
1.2
49.6
31.1
57.9
60.8
1
Moody'srating
Aa2
B1
Baa1
Ba2
Caa1
Ba2
Baa1
Aaa
Aaa
Baa3
Baa2
Baa2
Ba3
B3
B3
Aa3
Caa2
A1
Ba3
B3
A2
Baa2
Baa2
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
B1
Ba1
Caa2
A3
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
21.9
208.9
335.9
61.2
94.5
272
24.3
24.9
47.5
3.9
267.3
2806.4
19.3
16.1
3730.3
48.1
242.2
53.8
0.5
18.6
274
133.4
15.3
1876.8
868.4
232.1
1.4
290.6
2149.5
14.4
4919.6
1
33.7
321.9
55.2
1304.6
175.8
31
44.4
10.5
45.9
B3
A1
Aaa
B1
B3
Caa1
Ba3
A1
B1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B2
Caa1
Ba1
Aa1
B3
Aa1
Ba1
Baa3
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa3
A1
Aa1
B1
Baa2
B1
Aa3
Aa2
Baa1
B2
Aaa
Baa1
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKhaimah(Emirateof)
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
SouthAfrica
60.1
51.8
10.2
313.2
9.6
11.9
1260.9
8
11.5
4.4
1.5
103.8
15.6
13.1
853.54
185.8
11.3
521.8
512.6
80
232.3
42.7
15.3
29
202.4
272.1
525.9
227.3
203.2
5.2
189.6
2096.8
7.5
748.5
14.8
45.5
1
297.9
97.7
48
350.6
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba2
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Baa2
B2
Aa3
B1
B1
A3
Aaa
A2
Ba1
Baa2
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIslands
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia
1393
67.2
1.5
0.713
5.3
579.7
685.4
970.9
387.3
24.6
47
822.1
1.5
21.5
177.4
402.3
2678.5
16768.4
55.7
438.3
171.4
26.8
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa1
B1
B1
Adj.DefaultSpread
0.50%
4.50%
1.60%
3.00%
7.50%
3.00%
1.60%
0.00%
0.00%
2.20%
1.90%
1.90%
3.60%
6.50%
6.50%
0.60%
9.00%
0.70%
3.60%
6.50%
0.85%
1.90%
1.90%
6.50%
5.50%
5.50%
0.00%
0.60%
5.50%
0.60%
0.60%
1.90%
6.50%
3.60%
4.50%
2.50%
4.50%
2.50%
9.00%
1.20%
TotalRiskPremium
CountryRiskPremium Region
6.50%
0.75%
Middle East
12.50%
6.75%
Eastern Europe & Russia
8.15%
2.40%
Western Europe
10.25%
4.50%
Africa
17.00%
11.25%
Central and South America
10.25%
4.50%
8.15%
2.40%
Caribbean
5.75%
0.00%
Australia & New Zealand
5.75%
0.00%
Western Europe
9.05%
3.30%
8.60%
2.85%
Caribbean
8.60%
2.85%
Middle East
11.15%
5.40%
Asia
15.50%
9.75%
Caribbean
15.50%
9.75%
6.65%
0.90%
Western Europe
19.25%
13.50%
6.80%
1.05%
Caribbean
5.40%
11.15%
15.50%
9.75%
7.03%
1.28%
Africa
8.60%
2.85%
8.60%
2.85%
15.50%
9.75%
Africa
14.00%
8.25%
Asia
14.00%
8.25%
Africa
5.75%
0.00%
North America
6.65%
0.90%
Caribbean
14.00%
8.25%
Africa
6.65%
0.90%
6.65%
0.90%
Asia
8.60%
2.85%
15.50%
9.75%
Africa
11.15%
5.40%
Africa
12.50%
6.75%
9.50%
3.75%
12.50%
6.75%
Africa
9.50%
3.75%
19.25%
13.50%
Caribbean
7.55%
1.80%
Caribbean
6.50%
0.70%
0.00%
4.50%
6.50%
7.50%
3.60%
0.70%
4.50%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
5.50%
7.50%
2.50%
0.40%
6.50%
0.40%
2.50%
2.20%
2.20%
2.20%
1.60%
0.40%
0.70%
1.90%
10.00%
0.70%
0.40%
4.50%
1.90%
4.50%
0.60%
0.50%
1.60%
5.50%
0.00%
1.60%
15.50%
6.80%
5.75%
12.50%
15.50%
17.00%
11.15%
6.80%
12.50%
12.50%
5.75%
6.35%
11.15%
11.15%
5.75%
14.00%
17.00%
9.50%
6.35%
15.50%
6.35%
9.50%
9.05%
9.05%
9.05%
8.15%
6.35%
6.80%
8.60%
20.75%
6.80%
6.35%
12.50%
8.60%
12.50%
6.65%
6.50%
8.15%
14.00%
5.75%
8.15%
9.75%
1.05%
0.00%
6.75%
9.75%
11.25%
5.40%
1.05%
6.75%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
8.25%
11.25%
3.75%
0.60%
9.75%
0.60%
3.75%
3.30%
3.30%
3.30%
2.40%
0.60%
1.05%
2.85%
15.00%
1.05%
0.60%
6.75%
2.85%
6.75%
0.90%
0.75%
2.40%
8.25%
0.00%
2.40%
Western Europe
Western Europe
Caribbean
Africa
Africa
Asia
Western Europe
Western Europe
Africa
Western Europe
Africa
Western Europe
Western Europe
Asia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Africa
Asia
Middle East
Middle East
Western Europe
0.00%
0.50%
3.60%
1.20%
1.20%
1.60%
1.20%
6.50%
5.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.00%
1.20%
1.90%
0.85%
2.50%
0.50%
0.85%
2.20%
1.90%
5.50%
0.60%
4.50%
4.50%
1.20%
0.00%
0.85%
2.50%
1.90%
5.75%
6.50%
11.15%
7.55%
7.55%
8.15%
7.55%
15.50%
14.00%
11.15%
9.05%
9.50%
12.50%
9.05%
5.75%
5.75%
15.50%
11.15%
5.75%
6.80%
17.00%
8.60%
12.50%
10.25%
7.55%
8.60%
7.03%
9.50%
6.50%
7.03%
9.05%
8.60%
14.00%
6.65%
12.50%
12.50%
7.55%
5.75%
7.03%
9.50%
8.60%
0.00%
0.75%
5.40%
1.80%
1.80%
2.40%
1.80%
9.75%
8.25%
5.40%
3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
4.50%
1.80%
2.85%
1.28%
3.75%
0.75%
1.28%
3.30%
2.85%
8.25%
0.90%
6.75%
6.75%
1.80%
0.00%
1.28%
3.75%
2.85%
Western Europe
Asia
Asia
Western Europe
Asia
Asia
Caribbean
Africa
Africa
Africa
Western Europe
Africa
Western Europe
Middle East
Asia
Asia
Asia
Western Europe
Middle East
Middle East
Africa
Middle East
Africa
Middle East
Asia
Africa
1.90%
4.50%
1.60%
6.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
1.60%
4.50%
10.00%
0.50%
0.40%
0.00%
1.90%
7.50%
4.50%
4.50%
8.60%
12.50%
8.15%
15.50%
11.15%
5.75%
5.75%
6.65%
8.15%
8.15%
11.15%
9.05%
8.15%
12.50%
20.75%
6.50%
6.35%
5.75%
8.60%
17.00%
12.50%
12.50%
2.85%
6.75%
2.40%
9.75%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
2.40%
6.75%
15.00%
0.75%
0.60%
0.00%
2.85%
11.25%
6.75%
6.75%
Western Europe
Asia
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Middle East
Western Europe
North America
Asia
Africa
Date updated:
5-Jan-15
Created by:
Aswath Damodaran, adamodar@stern.nyu.edu
What is this data?
Beta, Unlevered beta and other risk measures
US companies
Home Page:
http://www.damodaran.com
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Data website:
Companies in each industrhttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions:
http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Industry
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Bank
Building Materials
Business & Consumer Service
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
52
93
22
64
22
75
13
676
22
46
28
46
39
177
18
46
10
103
42
119
1.18
1.16
0.98
0.99
1.09
1.35
0.81
0.53
1.06
1.14
1.30
1.16
1.12
1.19
0.91
0.94
1.17
1.03
1.64
1.16
50.62%
18.96%
81.51%
20.73%
105.95%
28.64%
218.66%
77.69%
21.88%
23.04%
71.06%
303.54%
32.23%
30.41%
44.80%
40.31%
33.20%
21.36%
110.41%
27.56%
4.13%
14.87%
18.71%
11.16%
4.45%
11.05%
26.43%
20.66%
8.54%
5.55%
18.34%
13.99%
17.45%
13.30%
21.18%
10.88%
22.47%
11.16%
0.99%
10.48%
0.80
1.00
0.59
0.84
0.54
1.07
0.31
0.33
0.88
0.93
0.82
0.32
0.88
0.94
0.67
0.69
0.93
0.86
0.78
0.93
Industry
Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Offic
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Servic
Farming/Agriculture
Financial Svcs. (Non-bank & I
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Te
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
64
55
23
400
151
42
126
28
189
56
84
103
37
288
96
14
27
26
261
138
127
35
56
80
135
67
24
1.21
1.60
1.00
1.10
1.03
1.13
1.24
1.37
1.03
1.31
1.21
1.28
0.84
0.67
0.99
1.41
1.09
1.32
0.99
1.05
0.95
1.29
0.97
1.18
1.03
1.11
1.03
9.47%
45.39%
60.89%
8.48%
13.42%
39.42%
16.86%
4.43%
14.69%
27.31%
27.52%
40.58%
60.46%
1206.66%
27.21%
17.10%
26.61%
109.96%
15.67%
26.66%
19.75%
60.76%
75.58%
54.64%
18.89%
13.31%
43.04%
7.35%
16.28%
13.96%
1.48%
4.58%
12.18%
5.99%
4.50%
8.64%
14.18%
4.11%
6.31%
9.36%
18.49%
13.70%
13.47%
14.48%
1.94%
6.73%
13.27%
6.35%
18.11%
10.93%
11.41%
10.46%
17.93%
19.21%
1.11
1.16
0.66
1.02
0.91
0.84
1.07
1.32
0.91
1.06
0.95
0.93
0.54
0.06
0.80
1.23
0.89
0.63
0.86
0.86
0.80
0.86
0.58
0.80
0.88
1.01
0.76
Industry
Insurance (Life)
Insurance (Prop/Cas.)
Investments & Asset Manage
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Explor
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversifi
Real Estate (Operations & Ser
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
25
52
148
137
124
25
8
392
85
161
26
22
82
147
43
213
18
11
52
68
4
79
30
5
90
23
21
1.04
0.83
1.10
1.23
1.28
1.34
0.81
1.27
0.96
1.54
0.95
0.84
0.83
1.29
1.15
0.79
1.02
1.82
1.30
1.21
1.35
0.89
1.18
1.44
1.12
1.03
1.05
71.23%
32.90%
74.07%
20.43%
50.69%
51.88%
11.06%
48.18%
47.75%
27.63%
48.60%
51.02%
75.74%
40.80%
47.39%
88.52%
45.42%
27.56%
57.34%
31.64%
37.59%
27.87%
50.19%
19.46%
48.00%
31.37%
56.14%
24.30%
22.18%
6.84%
15.64%
1.80%
18.65%
14.56%
7.04%
4.68%
10.99%
18.18%
11.54%
20.77%
1.33%
14.93%
1.24%
7.21%
9.39%
8.63%
11.25%
15.53%
15.14%
18.76%
30.64%
16.84%
21.36%
22.94%
0.68
0.66
0.65
1.05
0.86
0.94
0.74
0.87
0.66
1.24
0.68
0.58
0.52
0.92
0.82
0.42
0.72
1.46
0.85
0.95
1.02
0.72
0.83
1.27
0.80
0.83
0.73
Industry
Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Applicatio
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)
Total Market
Number of firms
Beta
D/E Ratio
Tax rate
Unlevered beta
46
128
4
100
47
14
13
20
327
259
40
21
126
77
20
21
10
30
8
21
19
7887
1.40
1.07
1.02
1.21
1.23
1.36
0.84
1.12
1.29
1.10
1.31
1.15
1.24
1.07
1.09
0.86
1.05
1.32
0.10
0.59
1.09
1.06
7.52%
41.45%
87.74%
10.75%
17.63%
53.62%
7.34%
17.30%
5.59%
9.70%
64.03%
154.38%
11.72%
65.43%
19.75%
21.03%
20.21%
66.66%
26.26%
61.30%
50.17%
66.14%
9.38%
20.44%
13.58%
10.11%
6.88%
6.75%
20.15%
1.46%
5.07%
6.86%
13.99%
5.76%
8.70%
11.83%
12.39%
20.08%
21.30%
27.38%
3.93%
30.59%
15.10%
10.76%
1.31
0.81
0.58
1.11
1.06
0.91
0.80
0.95
1.22
1.01
0.85
0.47
1.12
0.68
0.93
0.73
0.90
0.89
0.08
0.42
0.76
0.67
mpanies
html
ls
file/variable.htm
Cash/Firm value
Unlevered beta corrected for cash
HiLo Risk
Standard
deviation of
equity
3.77%
5.61%
3.63%
2.52%
7.78%
6.06%
8.41%
12.56%
1.66%
4.23%
1.58%
21.95%
5.00%
5.17%
2.98%
8.61%
5.52%
5.54%
5.70%
5.64%
0.83
1.06
0.61
0.86
0.59
1.14
0.34
0.37
0.89
0.98
0.83
0.41
0.93
1.00
0.70
0.75
0.99
0.91
0.83
0.99
0.6900
0.4353
0.4971
0.5106
0.6152
0.4917
0.1480
0.1969
0.5838
0.6977
0.4053
0.4180
0.3410
0.5382
0.3746
0.5541
0.3198
0.4312
0.6123
0.5193
51.52%
50.15%
53.32%
56.24%
43.52%
53.89%
39.98%
37.41%
55.14%
61.94%
62.12%
44.77%
43.52%
52.77%
52.83%
50.32%
41.14%
51.80%
74.62%
59.41%
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
5.03%
4.99%
6.32%
4.02%
4.08%
11.55%
6.52%
4.51%
10.67%
11.07%
3.26%
1.17%
5.94%
2.51%
2.28%
2.10%
3.65%
6.10%
4.54%
5.72%
4.16%
6.66%
1.28%
3.95%
3.40%
3.77%
4.99%
1.17
1.22
0.70
1.06
0.95
0.95
1.14
1.38
1.01
1.19
0.99
0.94
0.58
0.06
0.82
1.26
0.92
0.68
0.90
0.91
0.84
0.92
0.59
0.83
0.91
1.04
0.80
0.4644
0.3884
0.3898
0.5719
0.5615
0.5092
0.5870
0.6108
0.4862
0.5367
0.6339
0.6112
0.5378
0.2987
0.4540
0.5645
0.4335
0.7017
0.5028
0.5200
0.5306
0.3704
0.3416
0.4525
0.5794
0.3610
0.2812
66.35%
47.26%
32.85%
93.06%
75.04%
70.19%
65.34%
56.16%
69.01%
47.91%
58.48%
65.61%
41.59%
38.80%
42.05%
35.73%
54.24%
53.18%
64.48%
46.72%
70.49%
53.78%
43.11%
49.55%
61.63%
42.71%
35.35%
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
10.21%
4.74%
10.82%
5.94%
5.52%
5.51%
3.43%
4.30%
0.96%
6.07%
2.50%
3.25%
1.93%
11.87%
7.41%
1.69%
12.23%
1.32%
4.50%
4.09%
9.16%
2.35%
1.34%
1.52%
1.78%
2.68%
2.08%
0.75
0.69
0.73
1.11
0.91
1.00
0.76
0.91
0.67
1.32
0.70
0.59
0.53
1.05
0.88
0.43
0.82
1.47
0.89
0.99
1.12
0.74
0.85
1.29
0.81
0.85
0.75
0.1725
0.2422
0.4238
0.4598
0.7351
0.3942
0.4107
0.6440
0.3010
0.5574
0.3367
0.4571
0.3032
0.7545
0.3531
0.1767
0.6338
0.4916
0.5133
0.5114
0.4123
0.3574
0.4353
0.3399
0.4701
0.3159
0.4125
34.48%
36.73%
41.63%
46.22%
74.49%
49.87%
33.56%
71.93%
43.15%
65.23%
31.06%
44.94%
29.70%
93.69%
50.42%
31.55%
43.65%
45.97%
50.05%
50.41%
21.20%
44.43%
48.06%
50.71%
52.06%
46.36%
51.83%
Cash/Firm value
HiLo Risk
Standard
deviation of
equity
6.18%
4.50%
11.24%
5.22%
9.76%
3.49%
3.53%
15.83%
5.58%
4.58%
6.31%
7.90%
6.22%
1.96%
2.06%
4.11%
1.76%
2.72%
38.92%
0.84%
0.66%
4.95%
1.39
0.85
0.65
1.17
1.17
0.94
0.82
1.13
1.29
1.06
0.90
0.51
1.20
0.69
0.94
0.77
0.92
0.92
0.14
0.42
0.77
0.70
0.5190
0.4280
0.3456
0.4111
0.3887
0.4613
0.4250
0.6514
0.6319
0.5374
0.3778
0.5844
0.4811
0.5288
0.6449
0.3829
0.3456
0.3604
0.6038
0.1577
0.3330
0.4697
70.16%
51.42%
49.54%
57.12%
60.18%
71.45%
40.80%
69.84%
72.48%
61.85%
52.45%
53.05%
62.74%
55.60%
41.74%
42.36%
30.73%
48.49%
NA
23.02%
38.21%
53.60%
Returns by year
Date updated: 4-Jan-11

Created by:
Aswath Damodaran, adamodar@stern.nyu.edu
What is this daHistorical returns: Stocks, T.Bonds & T.Bills with premiums
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in ehttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable defini http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
CustomixedGeometricriskpremiumestimator
Whatisyourriskfreerate?
Enteryourstartingyear
LT
1928
Valueofstocksinstartingyear:
ValueofT.Billsinstartingyear:
ValueofT.bondsinstartingyear:
Estimateofriskpremiumbasedonyourinputs:
100
100
100
4.62%
AnnualReturnsonInvestmentsin
Year
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
S&P 500
43.81%
-8.30%
-25.12%
-43.84%
-8.64%
49.98%
-1.19%
46.74%
31.94%
-35.34%
29.28%
-1.10%
-10.67%
-12.77%
19.17%
25.06%
19.03%
35.82%
-8.43%
5.20%
3-month T.Bill
3.08%
3.16%
4.55%
2.31%
1.07%
0.96%
0.32%
0.18%
0.17%
0.30%
0.08%
0.04%
0.03%
0.08%
0.34%
0.38%
0.38%
0.38%
0.38%
0.57%
10-year T. Bond Stocks

0.84%
$
143.81
4.20%
$
131.88
4.54%
$
98.75
-2.56%
$
55.46
8.79%
$
50.66
1.86%
$
75.99
7.96%
$
75.09
4.47%
$
110.18
5.02%
$
145.38
1.38%
$
94.00
4.21%
$
121.53
4.41%
$
120.20
5.40%
$
107.37
-2.02%
$
93.66
2.29%
$
111.61
2.49%
$
139.59
2.58%
$
166.15
3.80%
$
225.67
3.13%
$
206.65
0.92%
$
217.39
Page 26
Returns by year
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
5.70%
18.30%
30.81%
23.68%
18.15%
-1.21%
52.56%
32.60%
7.44%
-10.46%
43.72%
12.06%
0.34%
26.64%
-8.81%
22.61%
16.42%
12.40%
-9.97%
23.80%
10.81%
-8.24%
3.56%
14.22%
18.76%
-14.31%
-25.90%
37.00%
23.83%
-6.98%
6.51%
18.52%
31.74%
-4.70%
20.42%
22.34%
6.15%
31.24%
18.49%
5.81%
1.02%
1.10%
1.17%
1.48%
1.67%
1.89%
0.96%
1.66%
2.56%
3.23%
1.78%
3.26%
3.05%
2.27%
2.78%
3.11%
3.51%
3.90%
4.84%
4.33%
5.26%
6.56%
6.69%
4.54%
3.95%
6.73%
7.78%
5.99%
4.97%
5.13%
6.93%
9.94%
11.22%
14.30%
11.01%
8.45%
9.61%
7.49%
6.04%
5.72%
1.95%
4.66%
0.43%
-0.30%
2.27%
4.14%
3.29%
-1.34%
-2.26%
6.80%
-2.10%
-2.65%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
-1.58%
3.27%
-5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
-0.78%
0.67%
-2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
-4.96%
Page 27
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
229.79
271.85
355.60
439.80
519.62
513.35
783.18
1,038.47
1,115.73
999.05
1,435.84
1,608.95
1,614.37
2,044.40
1,864.26
2,285.80
2,661.02
2,990.97
2,692.74
3,333.69
3,694.23
3,389.77
3,510.49
4,009.72
4,761.76
4,080.44
3,023.54
4,142.10
5,129.20
4,771.20
5,081.77
6,022.89
7,934.26
7,561.16
9,105.08
11,138.90
11,823.51
15,516.60
18,386.33
19,455.08
Returns by year
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
16.54%
31.48%
-3.06%
30.23%
7.49%
9.97%
1.33%
37.20%
22.68%
33.10%
28.34%
20.89%
-9.03%
-11.85%
-21.97%
28.36%
10.74%
4.83%
15.61%
5.48%
-36.55%
25.94%
14.82%
2.10%
15.89%
32.15%
13.48%
6.45%
8.11%
7.55%
5.61%
3.41%
2.98%
3.99%
5.52%
5.02%
5.05%
4.73%
4.51%
5.76%
3.67%
1.66%
1.03%
1.23%
3.01%
4.68%
4.64%
1.59%
0.14%
0.13%
0.03%
0.05%
0.07%
0.05%
8.22%
17.69%
6.24%
15.00%
9.36%
14.21%
-8.04%
23.48%
1.43%
9.94%
14.92%
-8.25%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
-11.12%
8.46%
16.04%
2.97%
-9.10%
10.75%
ArithmeticAverage
19282014
11.53%
19652014
11.23%
20052014
9.37%
3.53%
5.04%
1.44%
5.28%
7.11%
5.31%
GeometricAverage
19282014
19652014
20052014
3.49%
4.99%
1.42%
5.00%
6.70%
4.88%
9.60%
9.84%
7.60%
Page 28
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
22,672.40
29,808.58
28,895.11
37,631.51
40,451.51
44,483.33
45,073.14
61,838.19
75,863.69
100,977.34
129,592.25
156,658.05
142,508.98
125,622.01
98,027.82
125,824.39
139,341.42
146,077.85
168,884.34
178,147.20
113,030.22
142,344.87
163,441.94
166,871.56
193,388.43
255,553.31
289,995.13
Returns by year
US companies
a.html
xls
afile/variable.htm
Estimatesofriskpremiumsfrom1928,overthelast50yearsandoverthelast10years
areprovidedatthebottomofthistable.
CompoundedValueof$100
T.Bills
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
103.08
106.34
111.18
113.74
114.96
116.06
116.44
116.64
116.84
117.19
117.29
117.33
117.36
117.46
117.85
118.30
118.75
119.20
119.65
120.33
Page 29
Returns by year
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
121.56
122.90
124.34
126.18
128.29
130.72
131.98
134.17
137.60
142.04
144.57
149.27
153.82
157.30
161.67
166.70
172.54
179.28
187.95
196.10
206.41
219.96
234.66
245.32
255.01
272.16
293.33
310.90
326.35
343.09
366.87
403.33
448.58
512.73
569.18
617.26
676.60
727.26
771.15
815.27
Page 30
Returns by year
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
867.86
938.24
1,009.08
1,065.69
1,101.98
1,134.84
1,180.07
1,245.15
1,307.68
1,373.76
1,438.70
1,503.58
1,590.23
1,648.63
1,675.96
1,693.22
1,714.00
1,765.59
1,848.18
1,933.98
1,964.64
1,967.29
1,969.84
1,970.44
1,971.42
1,972.72
1,973.77
RiskPremium
StocksT.Bills
8.00%
6.19%
7.94%
RiskPremium
StocksT.Bills
6.11%
4.84%
6.18%
Page 31
Returns by year
T.Bonds
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
100.84
105.07
109.85
107.03
116.44
118.60
128.05
133.78
140.49
142.43
148.43
154.98
163.35
160.04
163.72
167.79
172.12
178.67
184.26
185.95
Stocks - Bills
Stocks - Bonds
40.73%
42.98%
-11.46%
-12.50%
-29.67%
-29.66%
-46.15%
-41.28%
-9.71%
-17.43%
49.02%
48.13%
-1.51%
-9.15%
46.57%
42.27%
31.77%
26.93%
-35.64%
-36.72%
29.21%
25.07%
-1.14%
-5.51%
-10.70%
-16.08%
-12.85%
-10.75%
18.84%
16.88%
24.68%
22.57%
18.65%
16.45%
35.44%
32.02%
-8.81%
-11.56%
4.63%
4.28%
Page 32
Historical
risk
premium
Returns by year
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
189.58
198.42
199.27
198.68
203.19
211.61
218.57
215.65
210.79
225.11
220.39
214.56
239.53
244.46
258.38
262.74
272.53
274.49
282.47
278.01
287.11
272.71
318.41
349.57
359.42
372.57
379.98
393.68
456.61
462.50
458.90
461.98
448.17
484.91
644.04
664.65
755.92
950.29
1,181.06
1,122.47
4.68%
17.20%
29.63%
22.20%
16.48%
-3.10%
51.60%
30.94%
4.88%
-13.69%
41.94%
8.80%
-2.71%
24.37%
-11.59%
19.50%
12.91%
8.50%
-14.81%
19.47%
5.55%
-14.80%
-3.12%
9.68%
14.80%
-21.03%
-33.68%
31.01%
18.86%
-12.11%
-0.42%
8.58%
20.52%
-19.00%
9.41%
13.89%
-3.47%
23.75%
12.46%
0.09%
3.75%
13.64%
30.38%
23.97%
15.88%
-5.35%
49.27%
33.93%
9.70%
-17.25%
45.82%
14.70%
-11.30%
24.58%
-14.51%
20.93%
12.69%
11.68%
-12.88%
25.38%
7.54%
-3.23%
-13.19%
4.43%
15.94%
-17.97%
-27.89%
33.39%
7.85%
-8.27%
7.29%
17.85%
34.72%
-12.90%
-12.40%
19.14%
-7.59%
5.52%
-5.79%
10.77%
Page 33
6.11%
6.62%
5.97%
6.36%
6.53%
6.66%
6.11%
6.57%
6.60%
6.33%
5.90%
5.87%
6.08%
5.50%
4.64%
5.17%
5.22%
4.93%
4.97%
5.21%
5.73%
5.37%
5.10%
5.34%
5.12%
5.13%
4.97%
5.07%
Returns by year
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,214.78
1,429.72
1,518.87
1,746.77
1,910.30
2,181.77
2,006.43
2,477.55
2,512.94
2,762.71
3,174.95
2,912.88
3,398.03
3,587.37
4,129.65
4,145.15
4,331.30
4,455.50
4,542.87
5,006.69
6,013.10
5,344.65
5,796.96
6,726.52
6,926.40
6,295.79
6,972.34
10.09%
8.31%
23.37%
13.78%
-10.61%
-9.30%
24.62%
15.23%
4.09%
-1.87%
6.98%
-4.24%
-2.66%
9.36%
31.68%
13.71%
17.66%
21.25%
28.05%
23.16%
23.61%
13.42%
16.38%
29.14%
-14.79%
-25.69%
-15.52%
-17.42%
-23.62%
-37.08%
27.33%
27.98%
9.52%
6.25%
1.82%
1.97%
10.94%
13.65%
0.84%
-4.73%
-38.14%
-56.65%
25.80%
37.05%
14.69%
6.36%
2.07%
-13.94%
15.84%
12.92%
32.08%
41.25%
13.42%
2.73%
StandardError
StocksT.Bonds
StocksT.Bills
StocksT.Bonds
6.25%
2.17%
2.32%
4.12%
2.42%
2.74%
4.06%
6.05%
8.65%
StocksT.Bonds
4.60%
3.14%
2.73%
Page 34
5.12%
5.24%
5.00%
5.14%
5.03%
4.90%
4.97%
5.08%
5.30%
5.53%
5.63%
5.96%
5.51%
5.17%
4.53%
4.82%
4.84%
4.80%
4.91%
4.79%
3.88%
4.29%
4.31%
4.10%
4.20%
4.62%
4.60%
BETA APALANCADO
BETA NO APALANCADO
COSTO DE CAPITAL INCLUI
DATOS
BETA APALANCADO
RATIO D/E
IMPUESTO EEUU
BETA DESAPALANCAD
CASH DE LA FIRMA
BETA DESPALANCADO
DATOS B
BETA DESAPALANCAD
RATIO D/E
IMPUESTO
BETA COMPARABLE
Rf
PRIMA POR RIESGO
RISGO PAIS
Re
DATOS EEUU
TA APALANCADO
0.53
77.69%
PUESTO EEUU
20.66%
TA DESAPALANCADO
0.32546809
SH DE LA FIRMA
12.56%
TA DESPALANCADO CASH
0.3722
DATOS BOLIVIA
TA DESAPALANCADO BAS
TA COMPARABLE
MA POR RIESGO
0.3722
75.86%
25%
0.58400874
2.47%
4.88%
5.40%
10.72%
Bolivia: Indice de Precios al Consumidor por Ao segn Mes (Base 2007),

Serie: 1967 - 2013
MES
1967
1968
1969
1970
1971
1972
Enero
0.00004029
0.00004212
0.00004347
0.00004474
0.00004624
0.00004810
Febrero
0.00004113
0.00004208
0.00004321
0.00004485
0.00004606
0.00004806
Marzo
0.00003884
0.00004204
0.00004292
0.00004485
0.00004617
0.00004777
Abril
0.00003935
0.00004183
0.00004285
0.00004467
0.00004591
0.00004777
Mayo
0.00003902
0.00004241
0.00004303
0.00004493
0.00004602
0.00004777
Junio
0.00004124
0.00004292
0.00004314
0.00004525
0.00004675
0.00004817
Julio
0.00004033
0.00004361
0.00004343
0.00004562
0.00004744
0.00004850
Agosto
0.00004066
0.00004343
0.00004416
0.00004565
0.00004799
0.00004835
Septiembre
0.00004077
0.00004314
0.00004423
0.00004565
0.00004828
0.00004854
Octubre
0.00004132
0.00004303
0.00004449
0.00004595
0.00004802
0.00004886
Noviembre
0.00004168
0.00004328
0.00004493
0.00004627
0.00004802
0.00006042
Diciembre
0.00004186
0.00004332
0.00004471
0.00004653
0.00004806
0.00005940
Prom. Anual
0.00004054
0.00004277
0.00004371
0.00004541
0.00004708
0.00005014
FUENTE: INSTITUTO NACIONAL DE ESTADSTICA
1973
1974
1975
1976
1977
1978
1979
0.00005926
0.00009284
0.00011264
0.00011939
0.00012842
0.00013805
0.00015717
0.00005937
0.00010433
0.00011257
0.00012085
0.00012779
0.00013633
0.00016048
0.00006050
0.00010622
0.00011254
0.00011893
0.00012509
0.00013641
0.00015975
0.00006119
0.00010695
0.00011243
0.00011808
0.00012559
0.00013671
0.00015856
0.00006155
0.00010790
0.00011299
0.00011895
0.00012570
0.00013568
0.00016256
0.00006177
0.00011034
0.00011502
0.00012075
0.00013030
0.00014074
0.00016545
0.00006392
0.00011067
0.00011759
0.00012169
0.00013163
0.00014620
0.00017044
0.00006611
0.00011100
0.00011945
0.00012232
0.00013371
0.00014832
0.00017376
0.00006804
0.00010870
0.00011966
0.00012236
0.00013372
0.00014946
0.00017585
0.00007413
0.00010786
0.00011934
0.00012267
0.00013573
0.00015516
0.00017877
0.00007530
0.00011034
0.00011899
0.00012325
0.00013636
0.00015523
0.00018660
0.00008004
0.00011122
0.00011794
0.00012442
0.00013744
0.00015597
0.00022686
0.00006593
0.00010737
0.00011593
0.00012114
0.00013096
0.00014452
0.00017302
1980
1981
1982
1983
1984
1985
1986
0.00023088
0.00031613
0.00036072
0.0014
0.0065
0.23
14.97
0.00023175
0.00032217
0.00041866
0.0015
0.0081
0.65
16.16
0.00023560
0.00032127
0.00045279
0.0017
0.0098
0.81
16.17
0.00023764
0.00032160
0.00050991
0.0019
0.0159
0.91
16.75
0.00024481
0.00032870
0.00053040
0.0020
0.0234
1.23
16.91
0.00025835
0.00032914
0.00055537
0.0021
0.0243
2.20
17.63
0.00026215
0.00033388
0.00067522
0.0023
0.0256
3.65
17.95
0.00027089
0.00035388
0.00079597
0.0029
0.0294
6.08
18.06
0.00026457
0.00035215
0.00095093
0.0034
0.0404
9.52
18.47
0.00026809
0.00035460
0.00109008
0.0038
0.0643
9.34
18.58
0.00027116
0.00035411
0.00129456
0.0047
0.0846
9.64
18.56
0.00028116
0.00035180
0.00139503
0.0060
0.1361
11.26
18.68
0.00025476
0.00033662
0.00075247
0.0028
0.0390
4.63
17.41
1987
1988
1989
1990
1991
1992
1993
1994
19.14
20.58
25.24
29.59
36.58
40.59
44.46
48.18
19.38
20.98
25.38
29.56
36.67
41.50
44.88
48.44
19.51
21.16
25.60
29.67
36.91
41.72
44.86
48.40
19.82
22.16
25.63
29.76
37.09
41.83
44.91
48.64
19.89
22.47
25.79
29.93
37.38
42.12
45.25
48.94
19.85
22.94
25.74
30.53
37.66
42.39
45.66
49.17
19.84
23.85
25.86
31.07
37.98
42.71
46.17
49.63
20.03
24.43
26.67
31.41
38.37
43.10
46.98
50.24
20.15
24.34
27.66
31.78
38.53
43.13
47.23
50.55
20.57
24.84
28.24
32.88
38.90
43.36
47.47
50.93
20.51
24.79
28.73
33.81
39.23
43.57
47.56
51.79
20.68
25.12
29.28
34.56
39.58
43.72
47.78
51.86
19.95
23.14
26.65
31.21
37.91
42.48
46.10
49.73
1995
1996
1997
1998
1999
2000
2001
2002
52.29
59.28
63.02
68.20
70.32
72.80
75.06
75.57
52.58
60.92
63.13
68.77
70.59
73.10
75.04
75.73
53.07
60.78
62.98
68.91
70.29
73.55
74.87
75.50
53.89
60.65
63.33
69.10
70.18
74.26
75.02
75.48
54.14
60.88
63.79
69.32
70.24
73.33
74.89
75.51
54.52
61.20
64.38
69.48
70.50
73.47
75.44
75.59
54.73
61.89
65.20
69.64
70.64
74.00
76.34
75.90
55.01
62.54
65.63
69.66
71.01
74.29
75.84
76.07
55.30
62.64
64.94
69.62
71.43
75.66
75.64
76.42
56.34
62.59
65.19
70.31
71.94
76.67
75.70
76.83
57.35
62.92
65.27
70.33
71.99
74.72
75.53
77.25
58.38
63.02
67.26
70.22
72.42
74.89
75.58
77.43
54.80
61.61
64.51
69.46
70.96
74.23
75.41
76.11
2003
2004
2005
2006
2007
2008
2009
2010
77.74
80.97
85.35
88.69
94.03
104.70
116.26
116.35
77.57
81.13
85.40
88.96
94.81
107.44
116.18
116.54
77.62
80.91
85.53
88.72
95.10
108.49
115.61
116.40
77.86
80.93
85.21
88.84
94.85
109.29
115.11
116.51
77.87
81.26
85.79
89.59
95.28
111.33
114.89
116.49
78.03
81.87
87.11
90.14
96.09
112.73
115.12
116.65
78.50
82.30
86.70
90.65
98.66
113.25
114.89
117.37
79.00
82.59
87.01
90.82
100.23
113.99
115.61
118.61
79.19
82.57
87.14
90.90
100.42
114.99
115.73
119.52
80.18
83.24
87.46
91.32
101.67
115.20
116.10
120.98
79.76
83.69
87.84
92.01
102.92
115.35
115.88
122.33
80.48
84.20
88.33
92.70
103.57
115.84
116.15
124.49
78.65
82.14
86.57
90.28
98.14
111.88
115.63
118.52
2011
2012
2013
2014
126.10
133.49
140.05
148.53
128.19
134.15
140.96
149.65
129.33
134.55
141.31
149.97
129.36
134.75
141.41
150.21
129.62
135.41
141.80
150.84
129.80
135.70
142.23
152.66
130.49
136.22
143.10
153.78
130.99
136.70
145.02
153.88
131.39
137.21
146.99
153.31
132.01
137.73
148.07
153.45
132.44
138.39
148.02
154.54
133.08
139.13
148.14
155.84
130.23
136.12
143.93
152.22
GEOMETRICA A 5 AOS
GEOMETRICA A 10 AOS
ARITMETICA A 5 AOS
ARITMETICA A 10 AOS
ULTIMO DATO
2015
157.34
6.46%
6.47%
NO SE CALCULA
NO SE CALCULA
5.76%
Mes
ENERO
FEBRERO
MARZO
ABRIL
MAYO
JUNIO
JULIO
AGOSTO
SEPTIEMBRE
OCTUBRE
NOVIEMBRE
DICIEMBRE
ENERO
FEBRERO
MARZO
ABRIL
MAYO
JUNIO
JULIO
AGOSTO
SEPTIEMBRE
OCTUBRE
NOVIEMBRE
DICIEMBRE
Enero
Febrero
Marzo
Abril
Mayo
Junio
Julio
Agosto
Septiembre
Octubre
Noviembre
Diciembre
ENERO
FEBRERO
MARZO
ABRIL
MAYO
JUNIO
Ao
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2013
2013
2013
2013
2013
2013
BNB
BUN
BME
BIS
BCR
BGA
BEC
2%
1%
1%
0%
2%
2%
1%
4%
3%
1%
3%
4%
3%
3%
6%
3%
3%
7%
6%
4%
6%
7%
3%
5%
8%
8%
6%
7%
8%
3%
7%
9%
8%
7%
8%
11%
4%
8%
10%
9%
9%
9%
12%
5%
10%
10%
10%
11%
10%
13%
6%
11%
11%
12%
12%
12%
15%
7%
12%
11%
13%
14%
13%
16%
8%
14%
11%
15%
14%
15%
18%
9%
15%
12%
15%
15%
16%
17%
17%
18%
14%
16%
17%
18%
2%
1%
1%
1%
1%
2%
2%
4%
2%
1%
2%
2%
3%
3%
6%
3%
3%
3%
4%
5%
4%
7%
4%
4%
4%
5%
7%
5%
9%
5%
6%
4%
6%
8%
6%
10%
7%
8%
5%
7%
9%
8%
12%
5%
10%
6%
8%
11%
10%
14%
6%
12%
7%
10%
12%
11%
15%
7%
12%
8%
12%
14%
12%
17%
10%
14%
13%
14%
14%
13%
15%
7%
12%
8%
12%
14%
12%
17%
10%
14%
13%
14%
14%
13%
44%
11%
5%
24%
33%
28%
12%
5%
2%
1%
3%
3%
4%
2%
7%
4%
2%
4%
5%
6%
3%
7%
4%
2%
5%
6%
7%
4%
8%
6%
2%
5%
7%
9%
5%
10%
9%
3%
6%
9%
10%
6%
11%
10%
5%
7%
10%
11%
7%
13%
13%
6%
8%
12%
12%
7%
14%
15%
8%
9%
13%
13%
8%
16%
16%
10%
10%
14%
14%
9%
17%
18%
11%
11%
15%
16%
11%
17%
21%
15%
14%
16%
17%
9%
1%
2%
0%
0%
1%
2%
1%
2%
2%
1%
1%
2%
3%
2%
3%
3%
1%
2%
3%
4%
3%
4%
4%
2%
3%
4%
5%
5%
5%
5%
2%
4%
4%
6%
7%
6%
6%
3%
4%
5%
8%
8%
JULIO
AGOSTO
SEPTIEMBRE
OCTUBRE
NOVIEMBRE
DICIEMBRE
ENERO
FEBRERO
MARZO
ABRIL
MAYO
JUNIO
JULIO
AGOSTO
SEPTIEMBRE
OCTUBRE
NOVIEMBRE
DICIEMBRE
2013
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
7%
6%
4%
5%
6%
9%
10%
9%
7%
5%
6%
7%
10%
11%
10%
8%
7%
7%
8%
11%
13%
12%
8%
8%
9%
9%
13%
14%
14%
9%
9%
10%
8%
14%
15%
14%
9%
14%
14%
9%
16%
16%
2%
1%
1%
1%
2%
0%
2%
4%
1%
3%
1%
3%
2%
3%
6%
3%
3%
2%
5%
3%
4%
7%
4%
5%
3%
6%
4%
6%
8%
5%
6%
4%
8%
6%
8%
10%
6%
7%
5%
9%
7%
9%
11%
8%
8%
6%
11%
8%
10%
13%
8%
9%
8%
12%
9%
12%
14%
10%
10%
10%
13%
11%
13%
16%
10%
11%
11%
14%
12%
14%
17%
11%
12%
13%
15%
13%
16%
18%
12%
17%
19%
15%
15%
18%

02 - Re + Portfolio

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T.

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Unlevered beta corrected for cash

Date updated: 4-Jan-11

10-year T. Bond Stocks

COSTO DE CAPITAL INCLUI

Bolivia: Indice de Precios al Consumidor por Ao segn Mes (Base 2007),

FUENTE: INSTITUTO NACIONAL DE ESTADSTICA

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