Outline of the Report

In this Report, Returns and Beta of an industry in two countries has been calculated with respect to their respective stock
exchanges and same has been analyzed to get an overview about the responsiveness of an industry to the market in two
different countries.

Sector Taken for analysis

 Automobile Sector

Years Analyzed

 2007
 2008
 2009

Countries taken for analysis

 India
 United States of America

Stock Exchanges Taken for Analysis

 Bombay Stock Exchange (BSE)

 New York Stock Exchange(NSE)

Companies taken under Bombay Stock Companies Taken Under New York Stock
Exchange Exchange

1. Maruti Suzuki 1. Ford Motors

1. Tata Motors 2. Toyota Motors

3. Mahindra & Mahindra 3. Spartan Motors

 BSE SENSEX RETURNS

Months Closing Value Market Return(%)

Jan, 2007 14090.92  
Feb 12938.09 -8.18
Mar 13072.10 1.04
Apr 13872.37 6.12
May 14544.46 4.84
Jun 14650.51 0.73
Jul 15550.99 6.15
Aug 15318.60 -1.49
Sep 17291.10 12.88
Oct 19837.99 14.73
Nov 19363.19 -2.39
Dec 20286.99 4.77
Jan, 2008 17648.71 -13.00
Feb 17578.72 -0.40
Mar 15644.44 -11.00
Apr 17287.31 10.50
May 16415.57 -5.04
Jun 13461.60 -17.99
Jul 14355.75 6.64
Aug 14564.53 1.45
Sep 12860.43 -11.70
Oct 9788.06 -23.89
Nov 9092.72 -7.10
Dec 9647.31 6.10
Jan , 2009 9424.24 -2.31
Feb 8891.61 -5.65
Mar 9708.50 9.19
Apr 11403.25 17.46
May 14625.25 28.26
Jun 14493.84 -0.90
Jul 15670.31 8.12
Aug 15666.64 -0.02
Sep 17126.84 9.32
Oct 15896.28 -7.18
Nov 16926.22 6.48
Dec 17,464.81 3.18
 Calculation of Returns - Maruti Suzuki (India)

Months Closing prices Return (%)

     
Jan, 2007 936.6 -
Feb 839.7 -10.35
Mar 819.7 -2.38
Apr 803.1 -2.03
May 817.65 1.81
Jun 743.1 -9.12
Jul 843.15 13.46
Aug 868.2 2.97
Sep 999.55 15.13
Oct 1073.55 7.40
Nov 1012.35 -5.70
Dec 990.05 -2.20
Jan,2008 848.7 -14.28
Feb 867.2 2.18
Mar 829.55 -4.34
Apr 741.9 -10.57
May 764.5 3.05
Jun 617.75 -19.20
Jul 574.9 -6.94
Aug 650.4 13.13
Sep 687.15 5.65
Oct 564.45 -17.86
Nov 535.85 -5.07
Dec 520.1 -2.94
Jan, 2009 571 9.79
Feb 677.6 18.67
Mar 775.1 14.39
Apr 815.7 5.24
May 1021.55 25.24
Jun 1065.45 4.30
Jul 1413.25 32.64
Aug 1436.65 1.66
Sep 1698.9 18.25
Oct 1,403.00 -17.42
Nov 1,561.70 11.31
Dec 1,559.65 -0.13
 Calculation Of Beta - Maruti Suzuki ( India)

Months Market Return (m) Stock Return (i) (m-M) (i-I) (m-M)(i-I) (m-M)^2
Feb,200
7 -8.18 -10.35 -9.31 -12.51 116.54 86.77
Mar 1.04 -2.38 -0.10 -4.55 0.44 0.01
Apr 6.12 -2.03 4.99 -4.19 -20.90 24.88
May 4.84 1.81 3.71 -0.35 -1.31 13.77
Jun 0.73 -9.12 -0.40 -11.28 4.56 0.16
Jul 6.15 13.46 5.01 11.30 56.64 25.13
Aug -1.49 2.97 -2.63 0.81 -2.12 6.91
Sep 12.88 15.13 11.74 12.96 152.24 137.90
Oct 14.73 7.40 13.60 5.24 71.22 184.85
Nov -2.39 -5.70 -3.53 -7.87 27.74 12.44
Dec 4.77 -2.20 3.64 -4.37 -15.89 13.23
Jan,2008 -13.00 -14.28 -14.14 -16.44 232.46 199.89
Feb -0.40 2.18 -1.53 0.02 -0.02 2.34
Mar -11.00 -4.34 -12.14 -6.51 78.97 147.31
Apr 10.50 -10.57 9.37 -12.73 -119.26 87.76
May -5.04 3.05 -6.18 0.88 -5.44 38.14
Jun -17.99 -19.20 -19.13 -21.36 408.59 365.90
Jul 6.64 -6.94 5.51 -9.10 -50.14 30.35
Aug 1.45 13.13 0.32 10.97 3.52 0.10
Sep -11.70 5.65 -12.83 3.49 -44.73 164.71
Oct -23.89 -17.86 -25.02 -20.02 501.00 626.18
Nov -7.10 -5.07 -8.24 -7.23 59.57 67.86
Dec 6.10 -2.94 4.97 -5.10 -25.35 24.66
Jan,2009 -2.31 9.79 -3.45 7.62 -26.26 11.87
Feb -5.65 18.67 -6.79 16.50 -111.98 46.04
Mar 9.19 14.39 8.05 12.22 98.45 64.86
Apr 17.46 5.24 16.32 3.07 50.16 266.44
May 28.26 25.24 27.12 23.07 625.73 735.58
Jun -0.90 4.30 -2.03 2.13 -4.33 4.13
Jul 8.12 32.64 6.98 30.48 212.85 48.77
Aug -0.02 1.66 -1.16 -0.51 0.59 1.34
Sep 9.32 18.25 8.19 16.09 131.72 67.03
Oct -7.18 -17.42 -8.32 -19.58 162.89 69.20
Nov 6.48 11.31 5.35 9.15 48.89 28.58
Dec 3.18 -0.13 2.05 -2.30 -4.70 4.20
∑(m-M)(i-I) = ∑(m-M)^2=
  M= 1.13 I= 2.16     2612.34 3609.26

β = Cov(i,m) / Variance (m)

Cov(i,m) 76.83
Variance(m) 106.09
Beta 0.72
 Calculation of Returns - Tata Motors

Months Closing Prices Return (%)

     
Jan, 2007 877.75 -
Feb 783.95 -10.69
Mar 727.75 -7.17
Apr 750.45 3.12
May 757.5 0.94
Jun 669.75 -11.58
Jul 699.3 4.41
Aug 701.85 0.36
Sep 778.15 10.87
Oct 757.7 -2.63
Nov 733.35 -3.21
Dec 742.1 1.19
Jan, 2008 706.15 -4.84
Feb 700.25 -0.84
Mar 623.45 -10.97
Apr 662.2 6.22
May 576.9 -12.88
Jun 426.5 -26.07
Jul 403.25 -5.45
Aug 440.35 9.20
Sep 344.2 -21.83
Oct 171.8 -50.09
Nov 136.35 -20.63
Dec 159.05 16.65
Jan, 2009 149.65 -5.91
Feb 149.45 -0.13
Mar 180.3 20.64
Apr 242.35 34.41
May 336.7 38.93
Jun 291.15 -13.53
Jul 421.55 44.79
Aug 489.35 16.08
Sep 591.35 20.84
Oct 565 -4.46
Nov 660.9 16.97
Dec 792.6 19.93
 Calculation of Beta - Tata Motors

Months Market Return (m) Stock Return (i) (m-M) (i-I) (m-M)(i-I) (m-M)^2
Feb,2007 -8.18 -10.69 -9.31 -12.19 113.56 86.77
Mar 1.04 -7.17 -0.10 -8.67 0.85 0.01
Apr 6.12 3.12 4.99 1.61 8.06 24.88
May 4.84 0.94 3.71 -0.56 -2.10 13.77
Jun 0.73 -11.58 -0.40 -13.09 5.29 0.16
Jul 6.15 4.41 5.01 2.91 14.58 25.13
Aug -1.49 0.36 -2.63 -1.14 3.00 6.91
Sep 12.88 10.87 11.74 9.37 110.00 137.90
Oct 14.73 -2.63 13.60 -4.13 -56.18 184.85
Nov -2.39 -3.21 -3.53 -4.72 16.64 12.44
Dec 4.77 1.19 3.64 -0.31 -1.13 13.23
Jan,2008 -13.00 -4.84 -14.14 -6.35 89.76 199.89
Feb -0.40 -0.84 -1.53 -2.34 3.58 2.34
Mar -11.00 -10.97 -12.14 -12.47 151.37 147.31
Apr 10.50 6.22 9.37 4.71 44.13 87.76
May -5.04 -12.88 -6.18 -14.39 88.85 38.14
Jun -17.99 -26.07 -19.13 -27.57 527.46 365.90
Jul 6.64 -5.45 5.51 -6.96 -38.32 30.35
Aug 1.45 9.20 0.32 7.70 2.47 0.10
Sep -11.70 -21.83 -12.83 -23.34 299.53 164.71
Oct -23.89 -50.09 -25.02 -51.59 1291.01 626.18
Nov -7.10 -20.63 -8.24 -22.14 182.37 67.86
Dec 6.10 16.65 4.97 15.14 75.20 24.66
Jan,2009 -2.31 -5.91 -3.45 -7.41 25.55 11.87
Feb -5.65 -0.13 -6.79 -1.64 11.11 46.04
Mar 9.19 20.64 8.05 19.14 154.13 64.86
Apr 17.46 34.41 16.32 32.91 537.19 266.44
May 28.26 38.93 27.12 37.43 1015.08 735.58
Jun -0.90 -13.53 -2.03 -15.03 30.55 4.13
Jul 8.12 44.79 6.98 43.28 302.27 48.77
Aug -0.02 16.08 -1.16 14.58 -16.87 1.34
Sep 9.32 20.84 8.19 19.34 158.33 67.03
Oct -7.18 -4.46 -8.32 -5.96 49.58 69.20
Nov 6.48 16.97 5.35 15.47 82.69 28.58
Dec 3.18 19.93 2.05 18.42 37.74 4.20
M= ∑(m-M)(i-I) = ∑(m-M)^2=
  1.13 I= 1.50     5317.32 3609.26

β = Cov(i,m) / Variance (m)

Cov(i,m) 156.39
Variance(m) 106.09
Beta 1.47
Calculation of Returns - Mahindra & Mahindra

Months Closing Prices Return (%)

     
Jan,2007 900.20  
Feb 806.05 -10.46
Mar 780.15 -3.21
Apr 778.85 -0.17
May 758.15 -2.66
Jun 722.85 -4.66
Jul 729.15 0.87
Aug 709.05 -2.76
Sep 751.65 6.01
Oct 754.70 0.41
Nov 731.80 -3.03
Dec 860.80 17.63
Jan, 2008 669.35 -22.24
Feb 692.80 3.50
Mar 695.65 0.41
Apr 670.40 -3.63
May 592.50 -11.62
Jun 485.05 -18.14
Jul 520.55 7.32
Aug 578.05 11.05
Sep 509.25 -11.90
Oct 372.35 -26.88
Nov 281.65 -24.36
Dec 274.85 -2.41
Jan,2009 300.60 9.37
Feb 309.90 3.09
Mar 383.20 23.65
Apr 486.25 26.89
May 675.00 38.82
Jun 692.50 2.59
Jul 856.80 23.73
Aug 860.05 0.38
Sep 881.20 2.46
Oct 921.95 4.62
Nov 1028.25 11.53
Dec 1080.80 5.11
 Calculation of Beta - Mahindra & Mahindra

Months Market Return (m) Stock Return (i) (m-M) (i-I) (m-M)(i-I) (m-M)^2
Feb,200
7 -8.18 -10.46 -9.31 -11.92 111.08 86.77
Mar 1.04 -3.21 -0.10 -4.68 0.46 0.01
Apr 6.12 -0.17 4.99 -1.63 -8.14 24.88
May 4.84 -2.66 3.71 -4.12 -15.30 13.77
Jun 0.73 -4.66 -0.40 -6.12 2.48 0.16
Jul 6.15 0.87 5.01 -0.59 -2.98 25.13
Aug -1.49 -2.76 -2.63 -4.22 11.10 6.91
Sep 12.88 6.01 11.74 4.54 53.34 137.90
Oct 14.73 0.41 13.60 -1.06 -14.42 184.85
Nov -2.39 -3.03 -3.53 -4.50 15.87 12.44
Dec 4.77 17.63 3.64 16.16 58.79 13.23
Jan,2008 -13.00 -22.24 -14.14 -23.71 335.18 199.89
Feb -0.40 3.50 -1.53 2.04 -3.12 2.34
Mar -11.00 0.41 -12.14 -1.05 12.80 147.31
Apr 10.50 -3.63 9.37 -5.10 -47.74 87.76
May -5.04 -11.62 -6.18 -13.09 80.82 38.14
Jun -17.99 -18.14 -19.13 -19.60 374.94 365.90
Jul 6.64 7.32 5.51 5.85 32.24 30.35
Aug 1.45 11.05 0.32 9.58 3.07 0.10
Sep -11.70 -11.90 -12.83 -13.37 171.56 164.71
Oct -23.89 -26.88 -25.02 -28.35 709.39 626.18
Nov -7.10 -24.36 -8.24 -25.82 212.73 67.86
Dec 6.10 -2.41 4.97 -3.88 -19.27 24.66
Jan,2009 -2.31 9.37 -3.45 7.90 -27.23 11.87
Feb -5.65 3.09 -6.79 1.63 -11.04 46.04
Mar 9.19 23.65 8.05 22.19 178.69 64.86
Apr 17.46 26.89 16.32 25.43 415.02 266.44
May 28.26 38.82 27.12 37.35 1013.03 735.58
Jun -0.90 2.59 -2.03 1.13 -2.29 4.13
Jul 8.12 23.73 6.98 22.26 155.45 48.77
Aug -0.02 0.38 -1.16 -1.09 1.26 1.34
Sep 9.32 2.46 8.19 0.99 8.13 67.03
Oct -7.18 4.62 -8.32 3.16 -26.27 69.20
Nov 6.48 11.53 5.35 10.06 53.80 28.58
Dec 3.18 5.11 2.05 3.64 7.47 4.20
∑(m-M)(i-I) ∑(m-M)^2=
  M= 1.13 I= 1.47     = 3840.87 3609.26

β = Cov(i,m) / Variance (m)

Cov(i,m) 112.97
Variance(m) 106.09
Beta 1.06
 Calculation of Returns - NYSE

Months Closing Prices Market Return(%)

Jan,2007 9254.73 -
Feb 9124.54 -1.41
Mar 9261.82 1.50
Apr 9627.73 3.95
May 9978.64 3.64
Jun 9873.02 -1.06
Jul 9554.5 -3.23
Aug 9596.98 0.44
Sep 10039.28 4.61
Oct 10311.61 2.71
Nov 9856.85 -4.41
Dec 9740.32 -1.18
Jan,2008 9126.16 -6.31
Feb 8962.46 -1.79
Mar 8797.29 -1.84
Apr 9299.6 5.71
May 9401.08 1.09
Jun 8660.48 -7.88
Jul 8438.64 -2.56
Aug 8382.08 -0.67
Sep 7532.8 -10.13
Oct 6061.09 -19.54
Nov 5599.3 -7.62
Dec 5757.05 2.82
Jan,2009 5195.79 -9.75
Feb 4617.03 -11.14
Mar 4978.98 7.84
Apr 5513.36 10.73
May 6004.07 8.90
Jun 5905.15 -1.65
Jul 6424.28 8.79
Aug 6643.24 3.41
Sep 6910.88 4.03
Oct 6739.45 -2.48
Nov 7092.36 5.24
Dec 7184.96 1.31
 Calculation of Returns - Ford Motors

Months Closing Prices Return (%)

     
Jan,2007 8.13 -
Feb 7.91 -2.71
Mar 7.89 -0.25
Apr 8.04 1.90
May 8.34 3.73
Jun 9.42 12.95
Jul 8.51 -9.66
Aug 7.81 -8.23
Sep 8.49 8.71
Oct 8.87 4.48
Nov 7.51 -15.33
Dec 6.73 -10.39
Jan,2008 6.64 -1.34
Feb 6.53 -1.66
Mar 5.72 -12.40
Apr 8.26 44.41
May 6.8 -17.68
Jun 4.81 -29.26
Jul 4.8 -0.21
Aug 4.46 -7.08
Sep 5.2 16.59
Oct 2.19 -57.88
Nov 2.69 22.83
Dec 2.29 -14.87
jan,2009 1.87 -18.34
Feb 2 6.95
Mar 2.63 31.50
Apr 5.98 127.38
May 5.75 -3.85
Jun 6.07 5.57
Jul 8 31.80
Aug 7.6 -5.00
Sep 7.21 -5.13
Oct 7 -2.91
Nov 8.89 27.00
Dec 10 12.49
 Calculation of Beta - Ford motors

Months Market Return (m) Stock Return (i) (m-M) (i-I) (m-M)(i-I) (m-M)^2
Feb,2007 -1.41 -2.71 -0.89 -6.54 5.85 0.80
Mar 1.50 -0.25 2.02 -4.08 -8.23 4.07
Apr 3.95 1.90 4.46 -1.93 -8.61 19.91
May 3.64 3.73 4.16 -0.10 -0.41 17.28
Jun -1.06 12.95 -0.55 9.12 -4.98 0.30
Jul -3.23 -9.66 -2.71 -13.49 36.62 7.37
Aug 0.44 -8.23 0.96 -12.06 -11.53 0.91
Sep 4.61 8.71 5.12 4.88 24.97 26.22
Oct 2.71 4.48 3.22 0.64 2.08 10.40
Nov -4.41 -15.33 -3.90 -19.16 74.71 15.20
Dec -1.18 -10.39 -0.67 -14.22 9.53 0.45
Jan,2008 -6.31 -1.34 -5.79 -5.17 29.94 33.57
Feb -1.79 -1.66 -1.28 -5.49 7.04 1.64
Mar -1.84 -12.40 -1.33 -16.24 21.61 1.77
Apr 5.71 44.41 6.22 40.57 252.44 38.71
May 1.09 -17.68 1.60 -21.51 -34.48 2.57
Jun -7.88 -29.26 -7.37 -33.10 243.78 54.26
Jul -2.56 -0.21 -2.05 -4.04 8.28 4.20
Aug -0.67 -7.08 -0.16 -10.91 1.73 0.03
Sep -10.13 16.59 -9.62 12.76 -122.76 92.55
Oct -19.54 -57.88 -19.03 -61.72 1174.18 361.97
Nov -7.62 22.83 -7.11 19.00 -135.03 50.51
Dec 2.82 -14.87 3.33 -18.70 -62.26 11.08
Jan,2009 -9.75 -18.34 -9.24 -22.17 204.81 85.33
Feb -11.14 6.95 -10.63 3.12 -33.16 112.94
Mar 7.84 31.50 8.35 27.67 231.07 69.74
Apr 10.73 127.38 11.24 123.55 1389.21 126.44
May 8.90 -3.85 9.41 -7.68 -72.26 88.59
Jun -1.65 5.57 -1.14 1.73 -1.97 1.29
Jul 8.79 31.80 9.30 27.96 260.15 86.54
Aug 3.41 -5.00 3.92 -8.83 -34.62 15.37
Sep 4.03 -5.13 4.54 -8.96 -40.70 20.62
Oct -2.48 -2.91 -1.97 -6.74 13.28 3.88
Nov 5.24 27.00 5.75 23.17 133.18 33.04
Dec 1.31 12.49 1.82 8.65 15.73 3.30
∑(m-M)(i-I) ∑(m-M)^2=
  M= -0.51 I = 3.83     = 3569.16 1402.84

β = Cov(i,m) / Variance (m)

 Cov(i,m) 104.98
Variance(m) 41.22
Beta 2.54

Calculation of Returns - Spartan Motors

Months Closing prices Return (%)

     
Jan,2007 16.74 -
Feb 22.17 32.44
Mar 23.21 4.69
Apr 28.48 22.71
May 35.06 23.10
Jun 17.02 -51.45
Jul 12.21 -28.26
Aug 14.8 21.21
Sep 16.83 13.72
Oct 14.04 -16.58
Nov 9.98 -28.92
Dec 7.64 -23.45
Jan,2008 8.97 17.41
Feb 8.13 -9.36
Mar 8.46 4.06
Apr 9.39 10.99
May 9.03 -3.83
Jun 7.47 -17.28
Jul 5.42 -27.44
Aug 4.73 -12.73
Sep 3.18 -32.77
Oct 4.59 44.34
Nov 2.98 -35.08
Dec 4.73 58.72
Jan,2009 4.34 -8.25
Feb 2.28 -47.47
Mar 4.02 76.32
Apr 8.07 100.75
May 9.44 16.98
Jun 11.33 20.02
Jul 7 -38.22
Aug 5.43 -22.43
Sep 5.14 -5.34
Oct 4.99 -2.92
Nov 5.18 3.81
Dec 5.63 8.69
 Calculation of Beta - Spartan Motors

Market Return (m-

Months (m) Stock Return (i) M) (i-I) (m-M)(i-I) (m-M)^2
Feb,200
7 -1.41 32.44 -0.89 30.49 -27.29 0.80
Mar 1.50 4.69 2.02 2.74 5.53 4.07
Apr 3.95 22.71 4.46 20.76 92.63 19.91
May 3.64 23.10 4.16 21.16 87.94 17.28
Jun -1.06 -51.45 -0.55 -53.40 29.19 0.30
Jul -3.23 -28.26 -2.71 -30.21 82.00 7.37
Aug 0.44 21.21 0.96 19.26 18.42 0.91
Sep 4.61 13.72 5.12 11.77 60.26 26.22
Oct 2.71 -16.58 3.22 -18.53 -59.73 10.40
Nov -4.41 -28.92 -3.90 -30.87 120.33 15.20
Dec -1.18 -23.45 -0.67 -25.39 17.03 0.45
Jan,2008 -6.31 17.41 -5.79 15.46 -89.57 33.57
Feb -1.79 -9.36 -1.28 -11.31 14.50 1.64
Mar -1.84 4.06 -1.33 2.11 -2.81 1.77
Apr 5.71 10.99 6.22 9.04 56.27 38.71
May 1.09 -3.83 1.60 -5.78 -9.27 2.57
Jun -7.88 -17.28 -7.37 -19.22 141.60 54.26
Jul -2.56 -27.44 -2.05 -29.39 60.24 4.20
Aug -0.67 -12.73 -0.16 -14.68 2.33 0.03
Sep -10.13 -32.77 -9.62 -34.72 333.99 92.55
-
Oct -19.54 44.34 19.03 42.39 -806.53 361.97
Nov -7.62 -35.08 -7.11 -37.02 263.14 50.51
Dec 2.82 58.72 3.33 56.78 189.02 11.08
Jan,2009 -9.75 -8.25 -9.24 -10.19 94.16 85.33
-
Feb -11.14 -47.47 10.63 -49.41 525.13 112.94
Mar 7.84 76.32 8.35 74.37 621.06 69.74
Apr 10.73 100.75 11.24 98.80 1110.94 126.44
May 8.90 16.98 9.41 15.03 141.45 88.59
Jun -1.65 20.02 -1.14 18.07 -20.53 1.29
Jul 8.79 -38.22 9.30 -40.17 -373.65 86.54
Aug 3.41 -22.43 3.92 -24.38 -95.56 15.37
Sep 4.03 -5.34 4.54 -7.29 -33.09 20.62
Oct -2.48 -2.92 -1.97 -4.87 9.58 3.88
Nov 5.24 3.81 5.75 1.86 10.69 33.04
Dec 1.31 8.69 1.82 6.74 12.25 3.30
β= ∑(m-M)(i-I) ∑(m-M)^2= Cov(i,m) /
Variance   M= -0.51 I= 1.95     = 2581.65 1402.84 (m)

Cov(i,m) 75.93
Variance(m) 41.22
Beta 1.84
 Calculation of Returns - Toyota Motors

Months Closing Prices Return (%)

     
Jan,2007 131.78  
Feb 133.6 1.38
Mar 128.16 -4.07
Apr 121.42 -5.26
May 120.76 -0.54
Jun 125.88 4.24
Jul 120.63 -4.17
Aug 115.68 -4.10
Sep 116.86 1.02
Oct 114.44 -2.07
Nov 112.45 -1.74
Dec 106.17 -5.58
Jan, 2008 108.32 2.03
Feb 108.55 0.21
Mar 100.89 -7.06
Apr 101.5 0.60
May 102.05 0.54
Jun 94 -7.89
Jul 86.05 -8.46
Aug 89.59 4.11
Sep 85.8 -4.23
Oct 76.09 -11.32
Nov 63.1 -17.07
Dec 65.44 3.71
Jan,2009 63.51 -2.95
Feb 63.14 -0.58
Mar 63.3 0.25
Apr 79.16 25.06
May 80.15 1.25
Jun 75.53 -5.76
Jul 84.18 11.45
Aug 85.19 1.20
Sep 78.57 -7.77
Oct 78.89 0.41
Nov 78.54 -0.44
Dec 84.16 7.16
 Calculation of Beta - Toyota Motors

Market Return
Months (m) Stock Return (i) (m-M) (i-I) (m-M)(i-I) (m-M)^2
Feb,200
7 -1.41 1.38 -0.89 2.42 -2.17 0.80
Mar 1.50 -4.07 2.02 -3.03 -6.11 4.07
Apr 3.95 -5.26 4.46 -4.22 -18.82 19.91
May 3.64 -0.54 4.16 0.50 2.07 17.28
Jun -1.06 4.24 -0.55 5.28 -2.89 0.30
Jul -3.23 -4.17 -2.71 -3.13 8.49 7.37
Aug 0.44 -4.10 0.96 -3.06 -2.93 0.91
Sep 4.61 1.02 5.12 2.06 10.56 26.22
Oct 2.71 -2.07 3.22 -1.03 -3.32 10.40
Nov -4.41 -1.74 -3.90 -0.70 2.72 15.20
Dec -1.18 -5.58 -0.67 -4.54 3.05 0.45
Jan,2008 -6.31 2.03 -5.79 3.07 -17.77 33.57
Feb -1.79 0.21 -1.28 1.25 -1.61 1.64
Mar -1.84 -7.06 -1.33 -6.02 8.01 1.77
Apr 5.71 0.60 6.22 1.65 10.24 38.71
May 1.09 0.54 1.60 1.58 2.54 2.57
Jun -7.88 -7.89 -7.37 -6.85 50.43 54.26
Jul -2.56 -8.46 -2.05 -7.42 15.20 4.20
Aug -0.67 4.11 -0.16 5.16 -0.82 0.03
Sep -10.13 -4.23 -9.62 -3.19 30.68 92.55
Oct -19.54 -11.32 -19.03 -10.28 195.50 361.97
Nov -7.62 -17.07 -7.11 -16.03 113.93 50.51
Dec 2.82 3.71 3.33 4.75 15.81 11.08
Jan,2009 -9.75 -2.95 -9.24 -1.91 17.62 85.33
Feb -11.14 -0.58 -10.63 0.46 -4.88 112.94
Mar 7.84 0.25 8.35 1.29 10.81 69.74
Apr 10.73 25.06 11.24 26.10 293.45 126.44
May 8.90 1.25 9.41 2.29 21.57 88.59
Jun -1.65 -5.76 -1.14 -4.72 5.36 1.29
Jul 8.79 11.45 9.30 12.49 116.23 86.54
Aug 3.41 1.20 3.92 2.24 8.79 15.37
Sep 4.03 -7.77 4.54 -6.73 -30.55 20.62
Oct -2.48 0.41 -1.97 1.45 -2.85 3.88
Nov 5.24 -0.44 5.75 0.60 3.44 33.04
Dec 1.31 7.16 1.82 8.20 14.90 3.30
             
∑(m-M)(i-I) ∑(m-M)^2=
  M= -0.51 I= -1.04     = 866.69 1402.84
β= Cov(i,m) /
Variance (m)

Cov(i,m) 25.49
Variance(m) 41.22
Beta 0.62