Ameritrade

Charles Schwab Quick & Reilly E*Trade

Date Price Dividend Stock Split Return Price Dividend Stock Split Return Price
Jan-84 17.625
Feb-84 15.000 0.05 -0.14610
Mar-84 14.875 -0.00833
Apr-84 17.125 0.15126
May-84 17.375 0.01460
Jun-84 18.000 0.05 0.03885
Jul-84 14.750 -0.18056
Aug-84 18.000 0.05 0.22373
Sep-84 17.000 -0.05556
Oct-84 17.875 0.05147
Nov-84 15.250 0.05 -0.14406
Dec-84 15.500 0.01639
Jan-85 23.375 0.50806
Feb-85 23.750 0.11 0.02075
Mar-85 23.125 -0.02632
Apr-85 20.625 -0.10811
May-85 22.625 0.06 0.09988
Jun-85 24.000 0.06077
Jul-85 24.125 0.00521
Aug-85 22.875 0.06 -0.04933
Sep-85 20.125 -0.12022
Oct-85 22.250 0.10559
Nov-85 25.500 0.06 0.14876
Dec-85 32.500 0.27451
Jan-86 36.375 0.11923
Feb-86 39.125 0.17 0.08027
Mar-86 39.000 -0.00319
Apr-86 30.375 -0.22115
May-86 33.375 0.07 0.10107
Jun-86 35.500 0.06367
Jul-86 29.000 -0.18310
Aug-86 28.750 0.07 -0.00621
Sep-86 23.875 -0.16957
Oct-86 32.125 0.34555
Nov-86 29.500 0.07 -0.07953
Dec-86 26.750 -0.09322
Jan-87 36.125 0.35047
Feb-87 36.875 0.2 0.02630
Mar-87 36.000 -0.02373
Apr-87 21.375 3 for 2 -0.10938
May-87 21.500 0.055 0.00842
Jun-87 19.250 -0.10465
Jul-87 20.250 0.05195
Aug-87 24.625 0.055 0.21877
Sep-87 15.875 23.000 -0.06599
Oct-87 7.875 -0.50394 12.125 -0.47283
Nov-87 6.625 -0.15873 11.625 0.055 -0.03670
Dec-87 6.000 -0.09434 12.500 0.07527
Jan-88 6.500 0.08333 12.625 0.01000
Feb-88 9.000 0.38462 13.500 0.18 0.08356
Mar-88 7.375 -0.18056 12.250 -0.09259
Apr-88 7.625 0.03390 12.625 0.03061
May-88 6.875 -0.09836 11.500 0.06 -0.08436
Jun-88 7.250 0.05455 11.875 0.03261
Jul-88 7.500 0.03448 11.500 -0.03158
Aug-88 6.750 -0.10000 11.250 0.06 -0.01652
Sep-88 6.750 0.00000 11.750 0.04444
Oct-88 7.500 0.11111 11.750 0.00000
Nov-88 6.750 -0.10000 11.500 0.06 -0.01617
Dec-88 6.750 0.00000 10.875 -0.05435
Jan-89 10.250 0.51852 15.000 0.37931
Feb-89 8.625 -0.15854 13.750 0.06 -0.07933
Mar-89 8.875 0.02899 13.250 -0.03636
Apr-89 10.125 0.14085 13.000 -0.01887
May-89 11.750 0.03 0.16346 16.125 0.06 0.24500
Jun-89 11.000 -0.06383 14.000 -0.13178
Jul-89 16.500 0.03 0.50273 16.500 0.17857
Aug-89 15.750 -0.04545 17.000 0.06 0.03394
Sep-89 14.000 -0.11111 16.750 -0.01471
Oct-89 13.000 0.03 -0.06929 15.750 -0.05970
Nov-89 12.500 -0.03846 14.875 0.06 -0.05175
Dec-89 13.875 0.11000 13.625 -0.08403
Jan-90 13.500 0.03 -0.02486 12.000 -0.11927
Feb-90 15.250 0.12963 13.625 0.13 0.14625
Mar-90 17.000 0.11475 13.250 -0.02752
Apr-90 15.125 0.03 -0.10853 13.000 -0.01887
May-90 15.750 0.04132 15.250 0.07 0.17846
Jun-90 15.250 -0.03175 14.000 -0.08197
Jul-90 13.625 0.03 -0.10459 13.500 -0.03571
Aug-90 12.625 -0.07339 11.375 0.07 -0.15222
Sep-90 11.375 -0.09901 10.375 -0.08791
Oct-90 12.625 0.04 0.11341 9.750 -0.06024
Nov-90 11.875 -0.05941 10.125 0.07 0.04564
Dec-90 11.375 -0.04211 10.250 0.01235
Jan-91 16.000 0.04 0.41011 13.125 0.28049
Feb-91 18.250 0.14063 16.125 0.07 0.23390
Mar-91 20.250 0.10959 18.875 0.17054
Apr-91 18.125 0.04 -0.10296 17.500 -0.07285
May-91 22.500 0.24138 17.750 0.07 0.01829
Jun-91 24.750 0.10000 17.000 -0.04225
Jul-91 27.500 0.05 0.11313 19.625 0.15441
Aug-91 28.375 0.03182 20.625 0.07 0.05452
Sep-91 31.125 0.09692 19.250 -0.06667
Oct-91 37.750 0.06 0.21478 20.375 0.05844
Nov-91 32.750 -0.13245 20.000 0.07 -0.01497
Dec-91 30.375 3 for 2 0.39122 27.750 0.38750
Jan-92 31.875 0.04 0.05070 27.500 -0.00901
Feb-92 32.250 0.01176 28.500 0.18 0.04291
Mar-92 34.625 0.07364 28.625 0.00439
Apr-92 28.500 0.06 -0.17516 21.500 -0.24891
May-92 28.875 0.01316 21.500 0.08 0.00372
Jun-92 23.500 -0.18615 21.000 -0.02326
 Jul-92 24.625 0.06 0.05043 20.125 -0.04167
Aug-92 22.500 -0.08629 19.625 0.08 -0.02087
Sep-92 18.000 -0.20000 20.125 0.02548
Oct-92 20.250 0.06 0.12833 21.000 0.04348
Nov-92 24.875 0.22840 25.375 0.08 0.21214
Dec-92 26.125 0.05025 24.750 -0.02463
Jan-93 30.250 0.06 0.16019 27.000 0.09091
Feb-93 32.375 0.07025 26.000 0.22 -0.02889
Mar-93 36.500 0.12741 27.125 0.04327
Apr-93 32.750 0.075 -0.10068 25.125 -0.07373
May-93 35.250 0.07634 26.125 0.1 0.04378
Jun-93 28.500 3 for 2 0.21277 28.875 1.443 0.16050
Jul-93 29.000 0.05 0.01930 30.750 0.06494
Aug-93 32.875 0.13362 35.000 0.1 0.14146
Sep-93 34.500 0.04943 36.250 0.03571
Oct-93 34.625 0.05 0.00507 35.875 -0.01034
Nov-93 31.875 -0.07942 34.250 0.1 -0.04251
Dec-93 32.375 0.01569 35.750 1.788 0.09600
Jan-94 29.500 0.07 -0.08664 35.375 -0.01049
Feb-94 27.500 -0.06780 28.375 0.27 -0.19025
Mar-94 26.875 -0.02273 25.625 -0.09692
Apr-94 28.375 0.07 0.05842 26.375 0.02927
May-94 30.250 0.06608 26.875 0.12 0.02351
Jun-94 24.750 -0.18182 25.375 -0.05581
Jul-94 26.750 0.07 0.08364 24.750 -0.02463
Aug-94 30.750 0.14953 29.250 0.12 0.18667
Sep-94 29.625 -0.03659 25.875 -0.11538
Oct-94 35.375 0.07 0.19646 25.750 -0.00483
Nov-94 31.875 -0.09894 24.750 0.12 -0.03417
Dec-94 34.875 0.09412 28.375 0.14646
Jan-95 40.000 0.09 0.14953 30.875 0.08811
Feb-95 44.375 0.10938 35.000 0.29 0.14300
Mar-95 32.250 3 for 2 0.09014 35.500 0.01429
Apr-95 34.250 0.06 0.06388 40.625 0.14437
May-95 35.000 0.02190 47.000 0.15692
Jun-95 43.875 0.25357 36.625 0.15 3 for 2 0.17367
Jul-95 46.125 0.08 0.05311 38.500 0.05119
Aug-95 46.625 0.01084 37.375 0.1 -0.02662
Sep-95 29.000 2 for 1 0.24397 45.875 0.22742
Oct-95 22.875 0.04 -0.20983 23.750 3 for 2 -0.22343
Nov-95 24.250 0.06011 25.375 0.07 0.07137
Dec-95 20.125 -0.17010 20.500 -0.19212
Jan-96 25.125 0.04 0.25043 23.250 0.13415
Feb-96 25.500 0.01493 26.250 0.08 0.13247
Mar-96 25.875 0.01471 29.500 0.12381
Apr-96 24.500 0.04 -0.05159 30.500 0.03390
May-96 24.250 -0.01020 33.875 0.07 0.11295
Jun-96 24.500 0.01031 32.500 -0.04059
Jul-96 24.125 0.05 -0.01327 28.375 -0.12692
Aug-96 25.000 0.03627 29.250 0.08 0.03366 10.500
Sep-96 23.000 -0.08000 26.500 -0.09402 13.188
Oct-96 25.000 0.05 0.08913 26.250 -0.00943 11.125
Nov-96 30.250 0.21000 28.375 0.08 0.08400 10.938
Dec-96 32.000 0.05785 29.875 0.05286 11.500
Jan-97 37.500 0.17188 36.625 0.22594 17.625
Feb-97 37.500 0.05 0.00133 35.000 0.19 -0.03918 24.000
Mar-97 32.000 -0.14667 20.875 3 for 2 -0.10536 18.000
Apr-97 36.625 0.14453 22.125 0.05988 15.000
May-97 40.625 0.05 0.11058 23.000 0.06 0.04226 17.625
Jun-97 40.500 -0.00308 23.250 0.01087 19.625
Jul-97 47.000 0.16049 26.250 0.12903 30.500
Aug-97 42.750 0.05 -0.08936 34.250 0.06 0.30705 32.125
3.346%
11.527%
 AG Bear
E*Trade Waterhouse Investor Service
Edwards Steams

Dividend Stock Split Price Dividend Stock Split Return Return Return
0.026040
-0.111680
-0.042290
0.012050
-0.017860
0.100610
0.016670
0.178140
-0.032710
0.024150
-0.066040
-0.017170
0.331610
-0.007780
-0.036860
-0.094260
0.085970
0.102500
-0.064640
-0.036590
-0.132490
0.088240
0.099100 -0.10345
0.141800 0.19359
0.039710 0.15676
0.149310 0.13084
0.083990 0.12872
-0.086830 0.06564
0.026070 0.00362
-0.066370 -0.16852
-0.067630 -0.14192
0.104660 0.16031
-0.094340 -0.14553
0.151040 0.21705
-0.022620 -0.05732
-0.040740 -0.10216
0.334950 0.31818
0.000000 -0.02299
0.044950 -0.02465
-0.122380 -0.12102
6.938 0.023900 -0.02899
8.000 0.15307 -0.104650 0.02209
8.250 0.03125 0.073390 -0.00735
7.500 -0.09091 0.027180 0.10370
8.000 0.06667 -0.071130 0.08027
6.250 -0.21875 -0.337840 -0.40000
6.000 -0.04000 -0.174420 -0.14583
5.250 -0.12500 0.033330 0.02390
 4.500 -0.14286 0.080650 0.14458
4.750 0.05556 0.062390 0.15789
6.000 0.26316 -0.035460 -0.05455
5.875 -0.02083 0.029410 0.01942
6.250 0.06383 -0.042860 -0.08571
5.000 -0.20000 0.159400 0.09375
3.500 -0.30000 -0.006490 -0.06731
3.250 -0.07143 -0.039220 -0.04124
4.000 0.23077 0.084080 0.02867
3.375 -0.15625 -0.006330 0.08421
3.500 0.03704 -0.057320 0.02913
2.750 -0.21429 0.042970 -0.03810
3.750 0.36364 0.169930 0.17822
3.750 0.00000 -0.044690 0.00101
4.750 0.26667 -0.038830 0.02542
4.250 -0.10526 -0.006130 -0.04132
5.000 0.17647 0.154320 0.06871
6.000 0.20000 -0.003420 0.03419
6.000 0.00000 0.178380 0.10744
5.750 0.12 -0.02167 0.087160 0.03485
5.625 -0.02174 0.008270 -0.08397
5.375 -0.04444 -0.148150 -0.07500
5.000 -0.06977 0.103260 -0.03495
4.500 -0.10000 -0.096750 0.00943
4.375 -0.02778 -0.115380 -0.02804
3.750 -0.14286 0.055900 0.06077
4.250 0.13333 0.137410 -0.03846
4.375 0.02941 -0.104170 -0.02000
4.250 -0.02857 0.203490 0.17929
4.750 0.11765 -0.007920 -0.00917
4.625 -0.02632 -0.058820 -0.08333
4.375 0.15 -0.02162 -0.081460 -0.09778
4.250 -0.02857 -0.268570 -0.14286
4.000 -0.05882 0.046880 -0.09722
3.750 -0.06250 0.119400 0.12492
3.625 -0.03333 0.095730 0.12500
3.750 0.03448 0.202450 0.13580
4.500 0.20000 0.168370 0.14261
6.125 0.36111 0.136940 0.12500
7.000 0.14286 0.019310 0.03419
8.250 0.17857 0.075760 0.09463
8.000 5 for 4 0.21212 -0.099720 -0.12800
10.375 0.29688 0.198820 0.11009
10.750 0.16 0.05157 0.025220 -0.01488
14.250 0.32558 0.202900 0.01695
14.000 -0.01754 0.076310 0.05833
15.500 0.10714 -0.126870 -0.03976
27.500 0.77419 0.299660 0.18261
26.500 -0.03636 -0.056110 0.06618
21.750 3 for 2 0.23113 -0.066430 0.08000
25.375 0.16667 -0.088760 -0.07742
20.625 -0.18719 -0.163220 -0.00699
21.750 0.05455 0.098770 0.00669
18.125 -0.16667 -0.078430 -0.02222
18.625 0.02759 -0.006130 -0.04545
13.750 0.2 -0.25101 0.043460 -0.01429
14.375 0.04545 -0.071430 0.01626
15.625 0.08696 0.115380 0.02400
20.750 0.32800 0.166670 0.10039
20.500 -0.01205 -0.063840 0.04511
25.250 0.23171 0.089950 -0.01439
24.375 -0.03465 -0.019420 -0.00584
20.500 5 for 4 0.05128 0.080200 0.08148
18.500 -0.09756 -0.050690 0.08904
27.250 0.47297 -0.052430 0.13333
33.500 0.22936 0.051550 0.05028
33.000 -0.01493 0.063730 0.02660
42.625 0.25 0.29924 0.010140 0.03990
50.125 0.17595 0.082570 0.04211
47.250 -0.05736 0.046610 -0.11110
25.750 3 for 2 -0.18254 -0.032390 0.01818
21.250 -0.17476 -0.032970 -0.01685
21.250 0.00000 0.016300 0.11429
20.500 -0.03529 -0.048130 -0.10667
18.625 -0.09146 -0.190340 -0.09827
16.000 -0.14094 -0.013990 0.08333
15.250 -0.04688 0.071770 0.01982
13.375 -0.12295 -0.080000 -0.16564
13.000 -0.02804 0.014490 -0.05147
17.000 0.2 0.32308 0.150000 0.14109
14.125 -0.16912 -0.086210 -0.12329
16.125 0.14159 0.013700 0.01563
14.250 -0.11628 -0.060000 -0.02923
12.250 -0.14035 0.043480 -0.01600
14.500 0.18367 0.020830 0.08130
17.375 0.19828 0.224490 0.13684
16.125 -0.07194 -0.016000 -0.01333
15.625 -0.03101 0.039770 0.11486
17.500 0.12000 -0.010930 0.03818
23.000 0.31429 0.000660 0.05556
27.625 0.20109 0.088890 0.03509
28.625 0.25 0.04525 -0.005100 -0.06102
25.500 5 for 4 0.11354 0.098050 0.04242
19.750 -0.22549 -0.042250 -0.07558
19.750 0.00000 0.065100 0.10189
24.750 0.25316 -0.115740 -0.08621
23.625 -0.04545 0.052360 0.15723
24.625 0.04233 -0.034830 0.06087
33.375 0.35533 0.032370 0.02062
36.250 0.08614 -0.055280 0.01515
36.625 0.01034 0.090430 0.01418
37.125 0.01365 0.064780 -0.02073
37.625 0.01347 0.009220 -0.04762
37.375 0.22 -0.00080 0.022830 0.04556
37.875 0.01338 0.045890 -0.00535
0.025750 0.01613
0.046030 0.17037
0.081120 0.01364
 0.011150 0.07623
0.044120 0.05500
-0.128730 -0.12500
0.138210 0.16190
0.060710 0.07049
0.156360 0.05192
-0.011700 0.19927
-0.059170 -0.03140
 Morgan
Lehman Merrill Paine Raymond
Stanley Netscape Yahoo
Bros Lynch Webber James
Dean Witter
Return Return Return Return Return Return Return
-0.01328 -0.04286 0.040000
-0.16733 -0.17537 -0.010256
-0.01914 0.07330 -0.050000
-0.01171 0.08051 -0.067670
-0.04478 -0.11373 -0.072580
0.11979 0.08496 -0.043480
-0.07628 -0.09016 0.018180
0.30447 0.18919 0.214290
-0.07782 -0.10530 -0.029410
0.02363 0.02979 0.015150
-0.09129 -0.04132 -0.179100
-0.01370 -0.04655 -0.054550
0.27778 0.43182 0.430770
-0.02319 -0.02222 0.027030
-0.08582 0.02662 0.013160
-0.03429 -0.12381 -0.025970
0.08936 0.06522 0.013330
0.01172 -0.04014 0.039470
0.04093 -0.09253 0.017720
-0.05224 -0.03843 0.025000
-0.14173 -0.04918 -0.048780
0.10092 0.00862 0.000000
0.12750 0.19744 0.256410
0.02230 0.00358 0.015920
0.15273 0.10714 0.288890
0.03659 0.06839 0.103450
0.01223 0.03636 0.171880
-0.10272 0.05115 -0.13743 -0.100000
-0.00808 0.01342 0.05153 -0.007410
-0.05461 -0.06291 -0.11650 -0.040600
-0.03971 -0.07067 -0.01099 -0.187500
0.14511 0.14905 0.17593 0.038460
-0.05281 -0.11940 -0.01559 -0.092590
0.19512 0.16083 0.17269 0.081630
-0.07405 -0.03089 -0.07521 -0.056600
-0.07595 -0.12919 -0.06320 -0.026800
0.19863 0.11291 0.17857 0.319590
-0.01543 -0.04861 -0.03354 0.289060
-0.00292 0.03650 -0.00350 0.261940
-0.15205 0.00528 -0.08421 -0.116400
-0.04138 0.02032 -0.06115 -0.101800
0.01087 -0.00344 0.02049 -0.031200
0.10036 0.02349 0.05221 -0.062070
0.03257 0.06937 0.02305 0.169120
-0.03175 0.02373 -0.02996 -0.142640
-0.35738 -0.33756 -0.47490 -0.352940
-0.15306 -0.16393 -0.02176 -0.113640
0.09146 0.14846 -0.12879 -0.038460
 0.07263 -0.01951 0.11304 0.137600
0.06250 0.16866 0.10969 -0.035290
-0.06436 0.05556 -0.07801 0.089270
0.00000 0.10688 -0.03846 -0.067420
0.03175 -0.08624 0.03232 -0.048190
0.11399 0.27510 0.07031 -0.008610
0.01395 0.00472 -0.03650 0.025640
-0.05046 -0.01572 0.03818 -0.050000
0.03902 -0.00319 0.03676 0.017370
0.05164 0.05128 -0.02837 0.157630
-0.04955 -0.03670 -0.06540 -0.069770
-0.09005 0.05397 0.01575 0.105000
0.27083 0.07831 0.11628 0.193180
-0.03719 0.03240 0.02806 0.051430
-0.04721 0.00611 -0.04762 -0.009090
0.04054 -0.05506 0.01429 0.018350
0.06061 0.13763 0.07070 0.090090
-0.06173 -0.01701 -0.02649 0.069420
0.23246 0.11000 0.25850 0.147290
-0.03943 0.06261 0.01643 -0.013510
-0.10821 -0.06383 -0.16043 0.009590
-0.02510 -0.06958 -0.12012 -0.122450
-0.08658 0.05094 -0.01420 0.015500
-0.00474 -0.07181 0.00000 -0.061070
-0.13330 -0.07737 -0.03704 -0.012360
0.00000 0.02954 0.03877 0.148760
-0.03333 0.00820 0.04478 0.075400
-0.03448 0.02846 -0.04286 -0.013420
0.13855 0.12922 0.11970 0.118910
-0.04762 0.02465 0.01342 -0.036590
0.06111 -0.16323 -0.06623 0.000000
-0.13228 -0.06818 -0.11319 -0.101270
-0.09146 -0.12195 -0.09677 -0.116340
-0.04698 -0.01263 -0.15179 -0.048000
0.10714 0.09278 0.12674 0.084030
0.07097 0.02594 0.03774 0.144500
0.18675 0.10115 0.05455 0.074830
0.17259 0.18487 0.31931 0.219240
0.21834 0.17730 0.19737 0.270830
0.08961 -0.01506 0.05495 0.057380
0.08609 0.08756 -0.04146 0.063950
-0.06402 -0.10311 -0.14208 -0.041090
0.08143 0.16120 0.09554 0.034290
0.01818 0.02997 0.08163 0.038670
0.14881 0.06349 0.11892 0.114260
0.07254 0.08129 0.20290 0.105260
-0.06763 -0.01617 -0.15261 -0.125540
0.23177 0.19718 0.33507 0.217820
-0.03171 -0.110040 -0.016040 0.165530
-0.01965 -0.008850 0.080430 -0.003500
-0.01566 -0.013390 -0.045450 0.128840
-0.10909 -0.110860 -0.142860 -0.135510
-0.00408 0.050690 0.049140 -0.086490
0.04124 -0.024330 0.023670 -0.014910
 0.01980 0.097260 0.069360 0.006020
-0.03058 -0.075180 -0.135350 -0.071860
0.02015 -0.051850 -0.106920 -0.113030
0.09383 0.031250 0.140850 0.116790
0.09571 0.075560 0.197280 0.209150
-0.01449 0.051890 0.010360 -0.032430
0.09874 0.015700 0.035900 0.137650
0.04665 0.022080 -0.054650 -0.137930
0.04587 0.110500 0.089470 0.043660
-0.01053 -0.064450 -0.072460 0.005490
0.07943 0.102300 0.136460 0.038250
0.06931 0.051440 0.073730 0.003370
0.07407 0.019890 0.034330 -0.057890
0.11897 0.179360 0.067220 0.154410
0.01031 0.049770 0.019530 0.087380
-0.00740 -0.096260 -0.099620 -0.035710
-0.06323 -0.084010 -0.088510 -0.027780
-0.07438 -0.013940 0.014080 -0.050000
0.07321 0.121910 0.097220 0.064960
-0.09471 -0.156850 -0.097050 -0.070920
-0.08308 -0.039400 -0.047010 -0.048550
-0.01007 -0.037110 -0.007410 -0.040320
0.06386 -0.025560 -0.007760 -0.003030
-0.16667 -0.10256 -0.048120 -0.053030 -0.016950
0.05000 0.04643 0.065930 0.032000 -0.068970
0.03968 0.11549 0.155460 0.015190 0.185190
-0.09231 -0.14769 -0.109320 -0.115380 -0.026250
0.05085 0.14383 0.052310 0.060870 -0.032260
-0.03710 -0.03492 -0.091010 -0.098690 -0.041670
-0.00840 -0.05921 -0.002110 0.100920 -0.026090
0.15254 0.03091 0.019070 0.000000 0.095710
0.06912 0.11945 0.120580 0.166330 0.163930
-0.00690 0.03659 0.004750 -0.071940 -0.023100
0.08333 0.07059 0.031540 0.062020 0.014490
0.01538 0.03868 0.095320 0.160290 0.050000
0.10759 0.11702 0.077180 -0.044300 0.059320
0.01714 0.05714 0.023720 0.086090 0.122580
0.06404 0.04297 0.038860 -0.055120 0.011490
-0.01587 0.08460 0.116550 0.262630 0.025970 -0.007270
-0.06452 -112.00000 -0.099790 0.408000 0.120250 -0.011490
0.04253 0.00468 -0.008620 0.571020 0.011070 0.052330
-0.06077 -0.08108 -0.065220 0.005420 -0.010112 -0.056570
0.20588 0.12029 0.185740 0.181650 0.037500 0.035290
-0.03220 0.01319 -0.015750 -0.379000 -0.036390 0.005680
0.08081 0.05423 0.109330 -0.186270 0.106920 0.021240
-0.05140 -0.00617 -0.030290 0.469880 -0.051140 0.005560
-0.03251 0.07743 -0.014930 0.115780 0.053650 0.005520 -0.058820
0.01020 0.00579 -0.007580 -0.085400 0.085710 -0.001320 -0.250000
-0.06566 -0.06833 -0.004070 -0.365460 -0.115790 -0.077350 -0.142860
-0.08432 0.01449 -0.020510 -0.104430 -0.012140 0.119760 0.090280
0.22485 0.07551 0.041880 0.310950 0.018180 0.041500 0.082800
-0.02899 0.06641 0.013570 -0.045820 0.119050 0.005150 -0.070590
0.16119 0.14662 0.196520 0.262710 0.154260 0.164100 -0.031650
0.07725 0.01558 -0.049990 0.017900 0.041290 0.065500 -0.111110
 0.00797 0.03221 0.003500 -0.334070 0.280000 0.070540 0.992650
0.06514 0.14473 0.105030 -0.231020 -0.089580 0.034880 -0.107010
-0.13011 -0.10547 -0.069310 0.032190 -0.134100 -0.050040 -0.070250
0.16239 0.11092 0.077870 -0.099790 0.203540 0.108700 0.213330
0.20765 0.11579 0.075250 0.092380 0.048530 0.176470 -0.054950
-0.01220 0.12500 0.048200 0.084570 -0.014080 -0.001640 0.093020
0.23148 0.18134 0.220960 0.144250 0.148210 0.057080 0.602840
-0.12160 -0.12050 -0.082240 0.085180 -0.043550 0.002160 0.053100
 NYSE,
AMEX &
Nasdaq
Return
-0.01291
-0.03917
0.01345
0.00273
-0.05235
0.02359
-0.02035
0.11257
0.00039
0.00013
-0.01062
0.02379
0.08573
0.01700
-0.00193
-0.00218
0.05587
0.01719
-0.00054
-0.00480
-0.03965
0.04457
0.06927
0.04306
0.00986
0.07284
0.05388
-0.00806
0.05081
0.01430
-0.05969
0.06639
-0.07914
0.04944
0.01517
-0.02654
0.12837
0.04763
0.02324
-0.01713
0.00522
0.04383
0.04405
0.03723
-0.02074
-0.22487
-0.07290
0.07041
 0.04534
0.05161
-0.01706
0.01100
0.00094
0.05139
-0.00718
-0.02794
0.03728
0.01765
-0.01640
0.02080
0.06594
-0.01636
0.02155
0.04853
0.03965
-0.00498
0.07772
0.02228
-0.00175
-0.02938
0.01785
0.01828
-0.07005
0.01498
0.02415
-0.02816
0.08887
-0.00430
-0.00938
-0.09173
-0.05387
-0.01242
0.06598
0.02954
0.04904
0.07569
0.02878
0.00335
0.04059
-0.04424
0.04683
0.02691
-0.01106
0.01772
-0.03727
0.10704
-0.00165
0.01329
-0.02368
0.01385
0.00652
-0.01924
 0.03993
-0.02076
0.01242
0.01090
0.04019
0.01754
0.01233
0.00545
0.02501
-0.02551
0.02942
0.00513
-0.00076
0.03934
0.00061
0.01804
-0.01735
0.01945
0.03133
-0.02409
-0.04574
0.00983
0.00950
-0.02738
0.03041
0.04283
-0.01865
0.01487
-0.03707
0.01275
0.02055
0.03962
0.02697
0.02488
0.03416
0.03084
0.04067
0.00934
0.03639
-0.01115
0.04297
0.01540
0.02809
0.01605
0.01120
0.02513
0.02672
-0.00766
-0.05339
0.03222
0.05299
0.01394
0.06573
-0.01135
 0.05304
-0.00088
-0.04439
0.04246
0.07125
0.04420
0.07631
-0.03645
Equity and Asset Betas for Discount Brokers and Investment Service Fi
Debt /Value Asset beta Asset beta
Equity (assuming (assuming
Firm (Market
Beta
Value) b D = 0) b D = 0,25)
Discount Brokers
Charles Schwab 0.08 2.3 2.08 2.10
Quick & Reilly 0 2.2 2.20 2.20
Waterhouse 0.38 3.1 1.92 2.02
2.07 2.11
Investment Service Firms
AG Edwards 0 1.45 1.45 1.45
Bear Steams 0.5 1.69 0.85 0.97
Merrill Lynch 0.52 1.82 0.87 1.00
Morgan Stanley Dean Witter 0.53 2.09 0.98 1.11
Paine Webber 0.53 1.76 0.83 0.96
Raymond James 0.04 1.45 1.39 1.40
1.06 1.15

Typical Firm 0.35 1 0.65 0.74

stment Service Firms
Cost of Capital Estimates for Discount Brokers and Investments Service
CC Estimate
CC Estimate
Type of Business ( bD =
( b D = 0)
0,25)
Discount Brokerage 21.5% 21.8%
Investment Services 14.3% 14.9%
Typical Firm (Equity beta = 1, D/V = 0,35) 11.3% 11.9%

Rf 0.0661
MRP 0.072
Investments Service Firms
Charles Schwab

Estadsticas de la regresin
Coeficiente de 0.48640066
Coeficiente d 0.23658561
R^2 ajustado 0.22342329
Error tpico 0.10158095
Observacione 60

ANLISIS DE VARIANZA
Grados de libertad
Suma de cuadrados
Promedio de los cuadradosF Valor crtico de F
Regresin 1 0.18547291 0.18547291 17.9744648 8.1379E-05
Residuos 58 0.59848394 0.01031869
Total 59 0.78395685

Coeficientes Error tpico Estadstico t Probabilidad Inferior 95% Superior 95%Inferior 95,0%
Intercepcin 0.00669618 0.0145547 0.46006957 0.6471864 -0.0224382 0.03583055 -0.0224382
Variable X 1 2.26402645 0.53401507 4.23963026 8.1379E-05 1.19507995 3.33297295 1.19507995
Superior 95,0%
0.03583055
3.33297295
Quick & Reilly

Estadsticas de la regresin
Coeficiente de 0.52503075
Coeficiente d 0.27565729
R^2 ajustado 0.26316862
Error tpico 0.08924622
Observacione 60

ANLISIS DE VARIANZA
Grados de libertad
Suma de cuadrados
Promedio de los cuadradosF Valor crtico de F
Regresin 1 0.17580572 0.17580572 22.0725943 1.6566E-05
Residuos 58 0.46196345 0.00796489
Total 59 0.63776917

Coeficientes Error tpico Estadstico t Probabilidad Inferior 95% Superior 95%Inferior 95,0%
Intercepcin -0.00267227 0.01278736 -0.20897752 0.83519802 -0.02826893 0.02292439 -0.02826893
Variable X 1 2.20423431 0.4691709 4.69814796 1.6566E-05 1.26508742 3.14338121 1.26508742
Superior 95,0%
0.02292439
3.14338121
Waterhouse

Estadsticas de la regresin
Coeficiente de 0.4586936
Coeficiente d 0.21039982
R^2 ajustado 0.19604345
Error tpico 0.14667804
Observacione 57

ANLISIS DE VARIANZA
Grados de libertad
Suma de cuadrados
Promedio de los cuadradosF Valor crtico de F
Regresin 1 0.31530511 0.31530511 14.6555059 0.00033259
Residuos 55 1.18329462 0.02151445
Total 56 1.49859973

Coeficientes Error tpico Estadstico t Probabilidad Inferior 95% Superior 95%Inferior 95,0%
Intercepcin 0.00628618 0.02146204 0.29289742 0.77070279 -0.03672471 0.04929706 -0.03672471
Variable X 1 3.10437477 0.81091202 3.82825103 0.00033259 1.47927117 4.72947837 1.47927117
Superior 95,0%
0.04929706
4.72947837
ANEXO 1 Cuadro de Resultados anual consolidado
Ingresos Netos
Ingresos por Transacciones
Intereses Netos
Otros
Total Ingresos Netos
Gastos excluyendo intereses
Compensaciones a los empleados
Comisiones y Clearing
Comunicaciones
Costo de ocupacin y equipo
Promocin y Publicidad
Provisin por prdidas
Amortizacin del fondo de comercio
Otros
Total de gastos excluyendo intereses
Beneficio antes de impuestos
Impuestos
Beneficio Neto
BPA
Acciones en circulacin
Fuente: Reporte anual de Ameritrade 1997
1997 1996 1995
51,936,902 36,469,561 23,977,481
18,193,946 11,477,878 8,434,584
7,107,492 6,391,314 2,607,538
77,238,340 54,338,753 35,019,603
19,290,808 14,049,642 8,481,977
3,320,262 2,530,642 2,516,796
5,623,468 3,685,535 2,352,590
5,422,839 2,889,654 1,626,725
13,970,834 7,537,265 4,842,392
59,000 148,014 1,428,663
363,002 363,002 94,152
7,763,014 4,717,406 2,846,280
55,813,227 35,921,160 24,189,575
21,425,113 18,417,593 10,830,028
7,602,964 7,259,248 3,798,881
13,822,149 11,158,345 7,031,147
1.00 0.87 0.55
13,768,889 12,813,823 12,813,823
ANEXO 2 Balance Anual Consolidado

1997 1996
ACTIVO
Caja y Bancos 53,522,447 15,767,170
Caja e inversiones discriminadas de acuerdo con regulaciones federeales 319,763,921 175,668,497
Cuentas de Brokers, Dealers y organizaciones de Clearing 17,823,640 15,096,862
Cuentas de clientes y otras empresas financieras 325,407,147 166,075,055
Muebles equipamientos y mejoras en la propiedad 8,709,923 3,746,178
Fondo de Comercio 6,346,763 6,709,765
Inversiones en acciones 7,597,972 7,157,783
Otras Inversiones 5,000,000 5,000,000
Impuesto a las ganancias diferido 39,314 444,378
Otros Activos 13,145,616 6,013,544
Total Activo 757,356,743 401,679,232

PASIVO
Deuda a Brokers, Dealers y organizaciones de Clearing 1,404,999 1,193,479
Deuda a clientes y otras empresas financieras 666,279,440 356,942,970
Cuentas a pagar y pasivos acumulados 19,252,931 7,221,008
Pagars al banco 4,853,000
Impuestos a las ganancias a pagar 3,430,279 806,711
Total Pasivo 690,367,649 371,017,168

PATRIMONIO NETO
Acciones ordinarias Clase A 131,534 114,494
Acciones ordinarias Clase B 13,644 13,644
Primas de Emisin 23,297,506 809,665
Beneficios retenidos 43,546,410 29,724,261
Total Patrimonio Neto 66,989,094 30,662,064

Total Pasivo y Patrimonio Neto 757,356,743 401,679,232

Fuente: Reporte anual de Ameritrade 1997
ANEXO 3 Datos del retorno del Mercado de Capitales

Retorno de los ttulos del Gobierno de Estados Unidos (a agosto de 1997)

YTM Anual
3-month T-Bills 5.24%
Bonos a 1 ao 5.59%
Bonos a 5 aos 6.22%
Bonos a 10 aos 6.34%
Bonos a 20 aos 6.69%
Bonos a 30 aos 6.61%

Promedio histrico de retornos en Ttulos del Gobierno Americano y acciones ordinarias (1950-1996)

Promedio anual del retorno Desvio estndar

T-Bills 5.20% 3.00%
Bonos Intermediosa 6.40% 6.60%
Bonos a Largo Plazob 6.00% 10.80%
Acciones de Compaas grandesc 14.00% 16.80%
Acciones de Compaas pequeas 17.80% 25.60%

Promedio histrico de retornos en Ttulos del Gobierno Americano y acciones ordinarias (1929-1996)

Promedio anual del retorno Desvio estndar

T-Bills 3.80% 3.30%
Bonos Intermediosa 5.40% 5.80%
Bonos a Largo Plazob 5.50% 9.20%
Acciones de Compaas grandesc 12.70% 20.30%
Acciones de Compaas pequeas 17.70% 34.10%

Fuente: Datastream. La informacin histrica proviene de Ibbotson Associates Anuario SBBI, 2000
(a) Portfolio de bonos del Gobierno de Estados Unidos con vencimiento a 5 aos
(b) Portfolio de bonos del Gobierno de Estados Unidos con vencimiento a 20 aos
(c) Indice S&P 500 de Standard and Poor's
ANEXO 4 Estructura de capital de las firmas (1992-1996)

Debt/Value (Market Debt/Value (Book

Values) Values) Brokerage
Firm Name (Industry) Revenues
Average Average (%)
Current Current
1992-1996 1992-1996
AG Edwards (Investment service) 0 0 0 0 57%
Bear Steams (Investment service) 0.6 0.5 0.69 0.6 35%
Charles Schwab (Dicount Brokerage) 0.05 0.08 0.25 0.3 82%
E*Trade (Dicount Brokerage) 0 NA 0 NA 95%
Lehman Brothers (Investment service) 0.79 NA 0.8 0.79 13%
Merrill Lynch & Co. (Investment service) 0.57 0.52 0.77 0.65 37%
Morgan Stanley Dean Witter (Investment service) 0.57 0.53 0.7 0.63 12%
Netscape (Internet) 0 NA 0 NA 0%
Paine Webber (Investment service) 0.51 0.53 0.63 0.58 46%
Quick & Reilly (Dicount Brokerage) 0 0 0 0 81%
Raymond James Financial (Investment service) 0.05 0.04 0.07 0.06 51%
Waterhouse Investor Service (Dicount Brokerage) NA 0.38 NA 0.7 99%
Yahoo (Internet) 0 NA 0 NA 0%
Source: Compustat; Standard & Poor's