Manchester Metropolitan University Stock Valuation for AT&T Question

User Generated

Ghgbegvghf

Business Finance

Manchester Metropolitan University

Description

Introduction

The Primary goal of the project is for students to gain comfort in using statistical software packages to conduct an empirical analysis of a particular firm. Specific goals are for students to (1) become familiar with sources of economic and financial information and in particular the Wharton Research Data Services (WRDS) Database, (2) practice their writing skills, (3) develop hands on, statistical estimation and modeling skills using excel (e.g., data analysis, regression analysis). The project is an individual assignment and late submissions will not be accepted. Please provide explanations for answers to all questions.

Background material: Chapter 4, 5 in McGuigan, Moyer and Harris

PLEASE FIRST SELECT PUBLIC COMPANY TO ANALYZE. USING YOUR WEB BROWSER, ANSWER ALL OF THE QUESTIONS THAT FOLLOW FOR THAT PARTICULAR COMPANY. THE CHOICE OF COMPANY IS UP TO YOU. BUT, PLEASE EMAIL ME TO LET ME KNOW OF YOUR SELECTION AND MAKE SURE THAT YOU HAVE ENOUGH DATA TO ANSWER ALL OF THE QUESTIONS. COMPANY SELECTION IS FIRST COME FIRST SERVE. IT IS A GOOD IDEA TO KEEP THREE OR FOUR COMPANIES IN MIND BECAUSE YOU ARE TO FIND A COMPANY THAT HAS ENOUGH PUBLICALLY AVAILABLE DATA TO ANSWER EACH QUESTION. THERE IS NO NEED TO INCLUDE DATA OR SPECIFIC PROGRAMS USED TO ANSWER QUESTIONS, BUT, IN ALL YOUR RESPONSES, PLEASE INCLUDE EXPLANATIONS OF STEPS CARRIED OUT. IT IS OKAY TO WORK WITH OTHER PEOPLE, BUT YOUR EXPLANATIONS SHOULD BE IN YOUR OWN WORDS.

1. Data collection from WRDS database

Using your web browser, please go to the WRDS URL (http://wrds.wharton.upenn.edu) and collect data on the variables for the risk free rate, small minus big, high minus low, and the excess market return for the firm your selected. When you collect the data, please select the monthly frequency and the range spanning from 1980 through 2017. Using your class notes and the descriptions provided by WRDS, please provide a brief description of each variable included in the study. Please save these variables in an excel spreadsheet. Please download and save stock prices for your firm spanning the same period and at the monthly frequency. Please compute stock price returns as the ratio of the change in the stock price for each period with respect to the previous period to the value in the previous period This will serve as the base case from which we will complete the rest of the project.

2. Regression Analysis

For this question, you will need the data analysis tool pack in excel, please download it to your version of excel for your operating system before answering the questions listed below.

a.Please, separately, determine the estimated regression line for a regression with the stock return as the dependent variable and the following list as independent variables:

a.Excess market return

b.Small minus big

c.High minus low

b.Please determine the estimated regression line with the stock return as the dependent variable and the risk free rate, excess market return, small minus big, and high minus low as the independent variables in one single regression model.

c.Which regression coefficients are statistically significant? Is the overall model significant?

d.What is the adjusted R-squared for the model? How does it compare to the adjusted R-squared for each model estimated in a? Is your answer to part b different from your answers to part a? Why or Why not?

3. Forecasting

a.Using only data covering the period 1980 through 2000, please determine the estimated regression line with the stock return as the dependent variable and the risk free rate, excess market return, small minus big, and high minus low as the independent variables in one single regression model.

b.Please use the model to predict stock price return from 2001 to 2017 and compute the root mean squared error using the deviation between the actual stock price return over this period and the model-predicted stock price return over the same period.

4. Discussion

Using

your web browser and your own judgement and your class notes, please

interpret and discuss the strength of the relationship between stock

price returns for your firm and each of the three variables. In

particular, please consider whether or not you think that the three

variables do a good job in explaining and predicting stock returns for

your firm. Please also explain why you think the model produced all

results from questions 2 and 3 that it did

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Explanation & Answer

Finishing in an hr

Introduction
The company choses is AT&T is a telecommunication company that has been in existence since it
was founded in the year 1956. The company stock yield has been rising since then, starting at $5 to
the current $34, the document therefore gives the analysis of AT&T.
a.Please, separately, determine the estimated regression line for a regression with the stock return
as the dependent variable and the following list as independent variables:
a. Excess market return
The regression of the stock return vs the Excess market return is as shown below. The analysis was
done using excel tool pack
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.126864
R Square
0.016095
Adjusted R
0.013641
Square
Standard Error
12.23154
Observations
403
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

SS
1
401
402

981.3653
59993.83
60975.2

Coefficients

Standard
Error
0.698879
0.285851

25.42353
-0.73211

MS

F

981.3653
149.6106

6.559466

Significance
F
0.010798

t Stat

P-value

Lower 95%

36.37759
-2.56115

4.4E-129
0.010798

24.0496
-1.29406

Upper
95%
26.79745
-0.17015

Lower
95.0%
24.0496
-1.29406

Upper
95.0%
26.79745
-0.17015

The graph below shows the negative correlation between the stock prices and the Excess Market return.
The two variables are therefore not correlated.

X Variable 1 Line Fit Plot
70
60
50
40

Y

Y
30

Predicted Y

20

Linear (Predicted Y)

10

-15.000

-10.000

-5.000

0
0.000

5.000

10.000

X Variable 1

b.Small minus big
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.126864
R Square
0.016095
Adjusted R
Square
0.013641
Standard
Error
12.23154
Observation
s
403
ANOVA
df
Regression
Residual
Total

1
401
402
Coefficient
s

SS
981.365
3
59993.8
3
60975.2

Intercept

25.42353

Standard
Error
0.69887
9

X Variable 1

-0.73211

0.28585
1

Significanc
eF

MS
981.365
3
149.610
6

F
6.55946
6

t Stat
36.3775
9

P-value
4.4E-129

24.0496

Upper
95%
26.7974
5

-2.56115

0.01079
8

-1.29406

-0.17015

0.010798

Lower 95%

Lower
95.0%
24.049
6
1.2940
6

Upper
95.0%
26.7974
5

-0.17015

The result of the correlation between small minus big and the stock prices is as shown, since

c.High minus low
b.Please determine the estimated regression line with the stock return as the dependent variable
and the risk free rate, excess market return, small minus big, and high minus low as the independent
variables in one single regression model.
c.Which regression coefficients are statistically significant? Is the overall model significant?
d.What is the adjusted R-squared for the model? How does it compare to the adjusted R-squared for
each model estimated in a? Is your answer to part b different from your answers to part a? Why or
Why not?
3. Forecasting
a.Using only data covering the period 1980 through 2000, please determine the estimated
regression line with the stock return as the dependent variable and the risk free rate, excess market
return, small minus big, and high minus low as the independent variables in one single regression
model.
b.Please use the model to predict stock price return from 2001 to 2017 and compute the root mean
squared error using the deviation between the actual stock price return over this period and the
model-predicted stock price return over the same period.
4. Discussion
Using
your web browser and your own judgement and your class notes, please
interpret and discuss the strength of the relationship between stock
price returns for your firm and each of the three variables. In
particular, please consider whether or not you think that the three
variables do a good job in explaining and predicting stock returns for
your firm. Please also explain why you think the model produced all
results from questions 2 and 3 that it did


Date
Open
High
Low
Close
11/1/1983
5.083333
5.177083
4.90625
4.916667
12/1/1983
4.927083
4.979167
4.84375
4.90625
1/1/1984
4.916667
5.5
4.916667
5.239583
2/1/1984
5.239583
5.270833
4.916667
5.010417
3/1/1984
5.010417
5.114583
4.729167
4.770833
4/1/1984
4.770833
4.979167
4.625
4.958333
5/1/1984
4.96875
5.041667
4.583333
4.614583
6/1/1984
4.625
4.90625
4.625
4.65625
7/1/1984
4.65625
5.16667
4.625
5.0625
8/1/1984
5.041667
5.40625
5.03125
5.291667
9/1/1984
5.28125
5.5
5.229167
5.385417
10/1/1984
5.385417
5.770833
5.270833
5.458333
11/1/1984
5.4375
5.78125
5.322917
5.552083
12/1/1984
5.5625
5.958333
5.5
5.895833
1/1/1985
5.895833
6.114583
5.697917
6.0625
2/1/1985
6.03125
6.291667
5.979167
6.166667
3/1/1985
6.166667
6.260417
6.03125
6.229167
4/1/1985
6.229167
6.5
6.0625
6.270833
5/1/1985
6.260417
6.6875
6.135417
6.677083
6/1/1985
6.6875
7
6.552083
7
7/1/1985
7.041667
7.375
6.666667
6.78125
8/1/1985
6.78125
6.9375
6.520833
6.833333
9/1/1985
6.822917
6.84375
6.416667
6.5
10/1/1985
6.5
6.614583
6.291667
6.510417
11/1/1985
6.53125
6.8125
6.479167
6.6875
12/1/1985
6.697917
7.177083
6.59375
7.125
1/1/1986
7.145833
7.229167
6.583333
7.114583
2/1/1986
7.114583
7.395833
7.020833
7.354167
3/1/1986
7.375
7.947917
7.333333
7.739583
4/1/1986
7.708333
7.916667
7.354167
7.645833
5/1/1986
7.635417
8.333333
7.552083
8.3125
6/1/1986
8.291667
9.145833
7.916667
9.125
7/1/1986
8.770833
8.802083
8.302083
8.708333
8/1/1986
8.729167
9.697917
8.645833
9.65625
9/1/1986
9.65625
9.6875
8.5
8.833333
10/1/1986
8.864583
9.21875
8.6875
8.9375
11/1/1986
8.916667
9.333333
8.833333
9.322917
12/1/1986
9.302083
9.6875
9.1875
9.354167
1/1/1987
9.364583
10.229167
9.34375
9.71875
2/1/1987
9.739583
9.895833
9.1875
9.6875
3/1/1987
9.6875
9.947917
9.53125
9.760417
4/1/1987
9.739583
9.78125
8.416667
8.958333
5/1/1987
8.9375
9.385417
8.302083
9.3125
6/1/1987
9.375
10.03125
9.125
9.71875

Excess
Market
Return
Small -Big
High -Low
-0.761
-0.270833
0.270833
-0.604
-0.135417
0.135417
-0.251
-0.583333
0.583333
-0.850
-0.354166
0.354166
-0.857
-0.385416
0.385416
-0.415
-0.354167
0.354167
-1.020
-0.458334 …..x
-0.596
-0.28125
0.28125
-0.216
-0.54167
0.54167
-0.391
-0.375
0.375
-0.557
-0.270833
0.270833
-0.582
-0.5
0.5
-0.515
-0.458333
0.458333
-0.306
-0.458333
0.458333
-0.504
-0.416666
0.416666
-0.559
-0.3125
0.3125
-0.669
-0.229167
0.229167
-0.670
-0.4375
0.4375
-0.263
-0.552083
0.552083
-0.367
-0.447917
0.447917
-0.986
-0.708333
0.708333
-0.648
-0.416667
0.416667
-1.030
-0.427083
0.427083
-0.655
-0.322916
0.322916
-0.483
-0.333333
0.333333
-0.193
-0.583333
0.583333
-0.688
-0.645834
0.645834
-0.379
-0.375
0.375
-0.209
-0.614584
0.614584
-0.625
-0.5625
0.5625
0.088
-0.78125
0.78125
0.187
-1.229166
1.229166
-0.703
-0.5
0.5
0.301
-1.052084
1.052084
-1.542
-1.1875
1.1875
-0.586
-0.53125
0.53125
-0.240
-0.5
0.5
-0.609
-0.5
0.5
-0.309
-0.885417
0.885417
-0.758
-0.708333
0.708333
-0.629
-0.416667
0.416667
-1.562
-1.364583
1.364583
-0.395
-1.083334
1.083334
-0.444
-0.90625
0.90625

7/1/1987
8/1/1987
9/1/1987
10/1/1987
11/1/1987
12/1/1987
1/1/1988
2/1/1988
3/1/1988
4/1/1988
5/1/1988
6/1/1988
7/1/1988
8/1/1988
9/1/1988
10/1/1988
11/1/1988
12/1/1988
1/1/1989
2/1/1989
3/1/1989
4/1/1989
5/1/1989
6/1/1989
7/1/1989
8/1/1989
9/1/1989
10/1/1989
11/1/1989
12/1/1989
1/1/1990
2/1/1990
3/1/1990
4/1/1990
5/1/1990
6/1/1990
7/1/1990
8/1/1990
9/1/1990
10/1/1990
11/1/1990
12/1/1990
1/1/1991
2/1/1991
3/1/1991
4/1/1991
5/1/1991

9.75
9.34375
9.96875
11
9.6875
8.53125
8.4375
9.6875
9.46875
8.90625
8.84375
9.59375
9.75
9.59375
9.4375
10.15625
10.34375
10.3125
9.96875
10.90625
10.9375
11.21875
11.90625
12.875
12.84375
14.21875
13.4375
14.1875
13.875
14.1875
15.8125
13.28125
13.625
14.03125
13.75
14.625
13.46875
13.59375
12.09375
13.15625
13.59375
13.78125
13.96875
13.0625
13.40625
14
13.25

9.84375
10.5625
11.375
11.28125
9.9375
8.875
9.625
9.78125
9.78125
9.25
9.5
10.09375
9.8125
9.6875
10.21875
10.5
10.4375
10.65625
10.96875
11.0625
11.5
12.15625
13.46875
13.59375
14.21875
14.46875
14.25
14.65625
14.125
16.09375
16.1875
13.8125
14.5
14.875
14.71875
14.71875
13.625
13.8125
13.125
14.0625
14.0625
14.375
14.125
14.3125
14.09375
14.03125
13.4375

8.71875
9.34375
9.125
6.875
8.1875
8.15625
8.25
9.1875
8.90625
8.65625
8.40625
9.25
9.0625
9.09375
9.3125
9.875
9.875
10.03125
9.71875
10.53125
10.875
10.96875
11.84375
12.40625
12.59375
13.25
13.125
13.34375
13.25
14.15625
12.6875
12.90625
13.5
13.3125
13.4375
13.15625
12.84375
11.8125
11.8125
12.90625
13.03125
13.6875
12.5
13
13.25
13.0625
12.25

9.46875
9.90625
10.96875
9.78125
8.46875
8.59375
9.625
9.375
9.0625
8.8125
9.5
9.90625
9.5
9.40625
10.09375
10.40625
10.375
10.09375
10.90625
10.90625
11.21875
12.03125
12.90625
12.75
14.21875
13.46875
14.21875
13.875
14.125
15.96875
13.21875
13.6875
14.125
13.65625
14.59375
13.46875
13.59375
12.25
13.09375
13.625
13.78125
14
13.0625
13.4375
14.03125
13.34375
12.9375

-1.105
-0.256
0.061
-2.266
-2.077
-0.704
0.456
-1.108
-1.199
-0.870
-0.148
-0.543
-1.133
-1.076
-0.191
-0.644
-0.896
-1.158
0.031
-1.000
-0.743
-0.217
-0.055
-1.191
0.345
-1.903
-0.319
-1.449
-0.842
0.669
-3.892
-0.719
-0.670
-1.608
-0.361
-2.396
-1.016
-2.533
-0.075
-0.678
-0.953
-0.893
-2.036
-0.650
-0.462
-1.782
-1.382

-1.125
-1.21875
-2.25
-4.40625
-1.75
-0.71875
-1.375
-0.59375
-0.875
-0.59375
-1.09375
-0.84375
-0.75
-0.59375
-0.90625
-0.625
-0.5625
-0.625
-1.25
-0.53125
-0.625
-1.1875
-1.625
-1.1875
-1.625
-1.21875
-1.125
-1.3125
-0.875
-1.9375
-3.5
-0.90625
-1
-1.5625
-1.28125
-1.5625
-0.78125
-2
-1.3125
-1.15625
-1.03125
-0.6875
-1.625
-1.3125
-0.84375
-0.96875
-1.1875

1.125
1.21875
2.25
4.40625
1.75
0.71875
1.375
0.59375
0.875
0.59375
1.09375
0.84375
0.75
0.59375
0.90625
0.625
0.5625
0.625
1.25
0.53125
0.625
1.1875
1.625
1.1875
1.625
1.21875
1.125
1.3125
0.875
1.9375
3.5
0.90625
1
1.5625
1.28125
1.5625
0.78125
2
1.3125
1.15625
1.03125
0.6875
1.625
1.3125
0.84375
0.96875
1.1875

6/1/1991
7/1/1991
8/1/1991
9/1/1991
10/1/1991
11/1/1991
12/1/1991
1/1/1992
2/1/1992
3/1/1992
4/1/1992
5/1/1992
6/1/1992
7/1/1992
8/1/1992
9/1/1992
10/1/1992
11/1/1992
12/1/1992
1/1/1993
2/1/1993
3/1/1993
4/1/1993
5/1/1993
6/1/1993
7/1/1993
8/1/1993
9/1/1993
10/1/1993
11/1/1993
12/1/1993
1/1/1994
2/1/1994
3/1/1994
4/1/1994
5/1/1994
6/1/1994
7/1/1994
8/1/1994
9/1/1994
10/1/1994
11/1/1994
12/1/1994
1/1/1995
2/1/1995
3/1/1995
4/1/1995

12.9375
13.40625
13.46875
13.84375
14
15.09375
14.3125
16.0625
15.0625
15.125
14.34375
15.5625
15.0625
15.25
16.4375
16.625
17.09375
16.6875
17.25
18.3125
17.3125
18.625
19.5
19.28125
19.25
19.5
20.25
22.8125
21.375
22.0625
21.0625
20.75
20.8125
19.5625
19.375
20.6875
20.5
21.6875
20.9375
20.5625
21.125
20.8125
20.6875
20.1875
21.3125
20.875
20.9375

13.40625
13.71875
13.84375
14.4375
15.03125
15.3125
16.46875
16.5
15.4375
15.15625
15.875
15.96875
15.5625
16.59375
17.25
17.125
17.625
17.71875
18.6875
18.90625
18.65625
19.53125
20.375
19.4375
19.75
20.375
22.8125
23.5
22.125
22.125
22.625
21
20.875
20.875
22.1875
20.8125
21.875
22.125
21.875
21.75
21.1875
21.5625
21.25
21.6875
21.9375
21.9375
22.1875

12.375
12.96875
12.875
13.65625
13.4375
14.09375
14.0625
15.0625
14.25
14.25
14.15625
15
14.84375
15.21875
16.21875
16.0625
16.21875
15.875
17.1875
17.1875
17.09375
17.875
18.8125
18.5
18.5625
19.3125
19.8125
20.875
19.8125
19.9375
20.1875
19
18.375
19.25
19.3125
19.25
20.3125
20.9375
20.375
20.125
19.625
20
20.1875
19.875
20.3125
19.8125
20.8125

13.375
13.5
13.75
13.96875
15.03125
14.4375
16.15625
15.09375
15.09375
14.375
15.59375
15.0625
15.25
16.46875
16.625
17.125
16.6875
17.34375
18.5
17.21875
18.625
19.53125
19.3125
19.1875
19.375
20.25
22.75
21.5
22.125
21.25
20.75
20.9375
19.5625
20.1875
20.75
20.5625
21.75
21
20.6875
21.25
20.9375
20.6875
20.1875
21.3125
20.8125
21
22.0625

-0.634
-1.015
-0.783
-0.934
-0.023
-1.776
0.829
-2.098
-1.074
-1.890
0.177
-1.650
-0.906
0.176
-0.896
-0.567
-1.533
-0.490
0.082
-2.302
0.229
-0.208
-1.352
-1.258
-1.022
-0.383
1.350
-2.535
-0.389
-2.074
-1.528
-1.006
-2.493
-0.643
0.025
-1.610
-0.206
-2.271
-1.766
-0.846
-1.823
-1.780
-2.116
-0.446
-2.092
-1.378
-0.353

-1.03125
-0.75
-0.96875
-0.78125
-1.59375
-1.21875
-2.40625
-1.4375
-1.1875
-0.90625
-1.71875
-0.96875
-0.71875
-1.375
-1.03125
-1.0625
-1.40625
-1.84375
-1.5
-1.71875
-1.5625
-1.65625
-1.5625
-0.9375
-1.1875
-1.0625
-3
-2.625
-2.3125
-2.1875
-2.4375
-2
-2.5
-1.625
-2.875
-1.5625
-1.5625
-1.1875
-1.5
-1.625
-1.5625
-1.5625
-1.0625
-1.8125
-1.625
-2.125
-1.375

1.03125
0.75
0.96875
0.78125
1.59375
1.21875
2.40625
1.4375
1.1875
0.90625
1.71875
0.96875
0.71875
1.375
1.03125
1.0625
1.40625
1.84375
1.5
1.71875
1.5625
1.65625
1.5625
0.9375
1.1875
1.0625
3
2.625
2.3125
2.1875
2.4375
2
2.5
1.625
2.875
1.5625
1.5625
1.1875
1.5
1.625
1.5625
1.5625
1.0625
1.8125
1.625
2.125
1.375

5/1/1995
6/1/1995
7/1/1995
8/1/1995
9/1/1995
10/1/1995
11/1/1995
12/1/1995
1/1/1996
2/1/1996
3/1/1996
4/1/1996
5/1/1996
6/1/1996
7/1/1996
8/1/1996
9/1/1996
10/1/1996
11/1/1996
12/1/1996
1/1/1997
2/1/1997
3/1/1997
4/1/1997
5/1/1997
6/1/1997
7/1/1997
8/1/1997
9/1/1997
10/1/1997
11/1/1997
12/1/1997
1/1/1998
2/1/1998
3/1/1998
4/1/1998
5/1/1998
6/1/1998
7/1/1998
8/1/1998
9/1/1998
10/1/1998
11/1/1998
12/1/1998
1/1/1999
2/1/1999
3/1/1999

22.1875
22.375
23.75
24
25
27.3125
27.875
27.125
28.75
28.5625
27.625
25.125
25
24.5625
24.6875
24.3125
23.1875
24
24.375
26.1875
25.9375
27.4375
28.5625
26.125
27.5
29.25
30.78125
29.5625
27.125
30.96875
31.96875
36.5
37
38.96875
37.6875
43.125
41.6875
38.625
39.25
40.4375
38
44.125
46.5
48.25
52.875
54.0625
52.75

23.125
23.9375
24.5
25.4375
27.5625
28.5
28.625
29.25
30.125
30.125
28.125
25.375
25.3125
25.125
24.9375
25.5
24.625
25.1875
26.3125
27.625
27.625
28.8125
29.125
27.8125
29.4375
30.9375
31.125
29.6875
30.75
33.125
36.625
38.0625
39.5
39.5
46.5625
44.9375
43.6875
41.25
43.0625
41.8125
44.875
49.125
51
54.875
59.9375
55
54.0625

21.3125
22.1875
22.75
23.6875
24.75
26.625
26.5625
27.0625
27.3125
27.125
24.875
23.125
24.1875
24
23.625
23.1875
23
23.5
23.8125
24.25
24.8125
26.4375
25.5625
24.625
27.3125
28.0625
27.78125
26.78125
27.0625
30
31.34375
34.78125
35.375
37.15625
37.28125
39.375
37.125
38.375
38.9375
37.875
35
41.125
45.625
47.25
51.125
50.0625
46.0625

22.5
23.8125
24.0625
25.3125
27.5
27.9375
27.0625
28.625
28.3125
27.4375
26.3125
25.0625
24.6875
24.625
24.4375
23.3125
24.0625
24.3125
26.3125
25.9375
27.5
28.75
26.25
27.75
29.25
30.9375
29.59375
27.1875
30.71875
31.8125
36.3125
36.625
38.875
37.8125
43.359375
41.4375
38.875
40
40.9375
38.0625
44.375
46.3125
47.9375
53.625
54
52.875
47.1875

-1.159
0.057
-1.179
-0.245
0.950
-1.025
-2.465
-0.049
-2.062
-2.784
-3.045
-1.698
-1.998
-1.635
-1.946
-2.614
-0.709
-1.255
0.426
-1.900
-0.144
-0.449
-4.223
-0.175
-0.095
-0.211
-3.102
-4.237
1.909
-1.024
2.464
-1.996
-0.175
-3.327
3.543
-4.120
-5.168
-0.749
-0.456
-4.534
4.547
0.189
-0.808
3.136
-1.371
-3.891
-8.321

-1.8125
-1.75
-1.75
-1.75
-2.8125
-1.875
-2.0625
-2.1875
-2.8125
-3
-3.25
-2.25
-1.125
-1.125
-1.3125
-2.3125
-1.625
-1.6875
-2.5
-3.375
-2.8125
-2.375
-3.5625
-3.1875
-2.125
-2.875
-3.34375
-2.90625
-3.6875
-3.125
-5.28125
-3.28125
-4.125
-2.34375
-9.28125
-5.5625
-6.5625
-2.875
-4.125
-3.9375
-9.875
-8
-5.375
-7.625
-8.8125
-4.9375
-8

1.8125
1.75
1.75
1.75
2.8125
1.875
2.0625
2.1875
2.8125
3
3.25
2.25
1.125
1.125
1.3125
2.3125
1.625
1.6875
2.5
3.375
2.8125
2.375
3.5625
3.1875
2.125
2.875
3.34375
2.90625
3.6875
3.125
5.28125
3.28125
4.125
2.34375
9.28125
5.5625
6.5625
2.875
4.125
3.9375
9.875
8
5.375
7.625
8.8125
4.9375
8

4/1/1999
5/1/1999
6/1/1999
7/1/1999
8/1/1999
9/1/1999
10/1/1999
11/1/1999
12/1/1999
1/1/2000
2/1/2000
3/1/2000
4/1/2000
5/1/2000
6/1/2000
7/1/2000
8/1/2000
9/1/2000
10/1/2000
11/1/2000
12/1/2000
1/1/2001
2/1/2001
3/1/2001
4/1/2001
5/1/2001
6/1/2001
7/1/2001
8/1/2001
9/1/2001
10/1/2001
11/1/2001
12/1/2001
1/1/2002
2/1/2002
3/1/2002
4/1/2002
5/1/2002
6/1/2002
7/1/2002
8/1/2002
9/1/2002
10/1/2002
11/1/2002
12/1/2002
1/1/2003
2/1/2003

48.375
55.75
51.375
57.5
57.25
48
51.125
52
52.0625
48.5625
43
40.0625
42.5
44.125
44.125
44.125
42.625
42.8125
49.9375
57.375
54.6875
47.5625
48.799999
48.25
44.630001
41.849998
42.700001
40.060001
45.290001
40.919998
46.650002
38.110001
37.599998
39.25
37.549999
38.349998
37.689999
31
34.540001
30.549999
27.450001
24.25
20.049999
25.67
28.75
27.9
25.049999

57
55.8125
58
59.5
59.875
53.75
54
53.875
55.5
49
43.1875
46.8125
49
46.9375
50.3125
46.8125
44.75
50.1875
59
58.875
55
53.0625
51.240002
48.25
45.049999
45.68
42.75
45.25
45.5
47.5
47.25
40.099998
40.290001
40.990002
38.68
39.560001
38.400002
36.360001
34.669998
31.959999
29.99
26.190001
27.15
28.9
29.1
31.65
26.299999

48
50
50
54.6875
47.5
45.375
44.0625
49.5
47.375
38.5625
34.8125
39.75
40.4375
40.8125
43.234375
42.1875
38.4375
41.75
48.5
53.5
42.625
45.25
46
39.5
38.380001
40.860001
38.200001
39.740002
40.599998
40.709999
37.75
36.5
37.200001
35.119999
34.290001
37.25
30.139999
30.17
27.85
22.200001
23.99
19.57
19.799999
23.950001
24.85
23.4
20.120001

55.75
51.125
58
57.125
48.0625
51.0625
52.75
52.640625
48.75
42.875
37.75
42.125
43.8125
43.6875
44
42.5625
41.765625
49.875
57.6875
54.9375
47.75
48.349998
47.700001
44.630001
41.25
43.049999
40.060001
45.029999
40.91
47.119999
38.110001
37.380001
39.169998
37.450001
37.84
37.439999
31.059999
34.290001
30.5
27.66
24.74
20.1
25.66
28.5
27.110001
24.440001
20.799999

4.869
-7.714
3.594
-3.704
-12.588
0.221
-1.499
-2.495
-6.582
-8.922
-8.054
-0.445
-1.233
-3.279
-2.817
-4.232
-3.344
4.579
4.884
-5.719
-9.803
-1.667
-3.589
-5.979
-5.674
-1.056
-4.895
2.871
-6.631
4.264
-10.672
-2.502
-0.344
-3.778
-1.554
-2.935
-8.594
1.690
-5.743
-4.311
-3.879
-5.088
4.820
1.790
-2.799
-4.590
-5.227

-9
-5.8125
-8
-4.8125
-12.375
-8.375
-9.9375
-4.375
-8.125
-10.4375
-8.375
-7.0625
-8.5625
-6.125
-7.078125
-4.625
-6.3125
-8.4375
-10.5
-5.375
-12.375
-7.8125
-5.240002
-8.75
-6.669998
-4.819999
-4.549999
-5.509998
-4.900002
-6.790001
-9.5
-3.599998
-3.09
-5.870003
-4.389999
-2.310001
-8.260003
-6.190001
-6.819998
-9.759998
-6
-6.620001
-7.350001
-4.949999
-4.25
-8.25
-6.179998

9
5.8125
8
4.8125
12.375
8.375
9.9375
4.375
8.125
10.4375
8.375
7.0625
8.5625
6.125
7.078125
4.625
6.3125
8.4375
10.5
5.375
12.375
7.8125
5.240002
8.75
6.669998
4.819999
4.549999
5.509998
4.900002
6.790001
9.5
3.599998
3.09
5.870003
4.389999
2.310001
8.260003
6.190001
6.819998
9.759998
6
6.620001
7.350001
4.949999
4.25
8.25
6.179998

3/1/2003
4/1/2003
5/1/2003
6/1/2003
7/1/2003
8/1/2003
9/1/2003
10/1/2003
11/1/2003
12/1/2003
1/1/2004
2/1/2004
3/1/2004
4/1/2004
5/1/2004
6/1/2004
7/1/2004
8/1/2004
9/1/2004
10/1/2004
11/1/2004
12/1/2004
1/1/2005
2/1/2005
3/1/2005
4/1/2005
5/1/2005
6/1/2005
7/1/2005
8/1/2005
9/1/2005
10/1/2005
11/1/2005
12/1/2005
1/1/2006
2/1/2006
3/1/2006
4/1/2006
5/1/2006
6/1/2006
7/1/2006
8/1/2006
9/1/2006
10/1/2006
11/1/2006
12/1/2006
1/1/2007

21.200001
20.5
23.360001
25.799999
25.549999
23.6
22.440001
22.370001
23.98
23.299999
26.07
25.6
24.18
24.719999
25.25
23.73
24.4
25.379999
25.870001
26.25
25.35
25.4
25.98
24
24.209999
23.780001
23.950001
23.24
23.879999
24.59
24.030001
23.92
23.860001
25.15
24.49
26
27.6
27.23
26.389999
26.35
28.1
30.200001
31.33
32.560001
34.490002
33.950001
35.669998

23.08
23.700001
25.93
27.35
26.879999
24.309999
24.059999
24
24.25
26.15
27.73
26.76
25.75
25.68
25.59
25.17
25.790001
26.01
26.879999
27.290001
26.700001
26.559999
25.98
24.799999
24.620001
24.33
24.030001
24.190001
24.780001
24.969999
24.360001
24.139999
25.5
25.6
26.209999
28.82
28.389999
27.25
26.459999
28.030001
30.4
31.41
33.759998
35
34.560001
36.209999
37.880001

18.85
19.65
22.59
25.190001
22.469999
22.290001
21.65
21.16
22.83
22.950001
25.09
23.200001
23.66
23.969999
23.5
23.549999
22.98
24.77
25.57
24.549999
25.059999
24.950001
23.299999
23.76
22.99
22.780001
23.030001
23.1
23.200001
23.559999
23.5
21.790001
23.35
24.280001
24.24
25.889999
26.110001
25.15
24.719999
26.15
26.35
29.42
31.09
31.57
31.75
33.740002
31.940001

20.059999
23.360001
25.459999
25.549999
23.360001
22.459999
22.25
23.98
23.280001
26.07
25.5
24.01
24.540001
24.9
23.700001
24.25
25.34
25.790001
25.950001
25.26
25.17
25.77
23.76
24.059999
23.690001
23.799999
23.379999
23.75
24.450001
24.08
23.969999
23.85
24.91
24.49
25.950001
27.59
27.040001
26.209999
26.059999
27.889999
29.99
31.129999
32.560001
34.25
33.91
35.75
37.630001

-1.948
2.048
1.266
-1.109
-3.207
-2.190
-1.148
0.650
-1.731
1.775
-1.652
-2.634
-0.566
-0.895
-2.742
-0.602
-0.158
-0.676
-0.988
-2.066
-1.242
-0.704
-3.316
-0.941
-1.609
-1.012
-1.562
-0.420
-0.428
-1.558
-1.069
-1.137
-0.031
-1.784
0.378
0.402
-1.863
-2.379
-1.679
0.194
0.460
-0.544
-0.249
0.150
-2.167
0.252
0.262

-4.23
-4.050001
-3.34
-2.159999
-4.41
-2.019998
-2.409999
-2.84
-1.42
-3.199999
-2.64
-3.559999
-2.09
-1.710001
-2.09
-1.620001
-2.810001
-1.24
-1.309999
-2.740002
-1.640002
-1.609998
-2.680001
-1.039999
-1.630001
-1.549999
-1
-1.090001
-1.58
-1.41
-0.860001
-2.349998
-2.15
-1.319999
-1.969999
-2.930001
-2.279998
-2.1
-1.74
-1.880001
-4.05
-1.99
-2.669998
-3.43
-2.810001
-2.469997
-5.94

4.23
4.050001
3.34
2.159999
4.41
2.019998
2.409999
2.84
1.42
3.199999
2.64
3.559999
2.09
1.710001
2.09
1.620001
2.810001
1.24
1.309999
2.740002
1.640002
1.609998
2.680001
1.039999
1.630001
1.549999
1
1.090001
1.58
1.41
0.860001
2.349998
2.15
1.319999
1.969999
2.930001
2.279998
2.1
1.74
1.880001
4.05
1.99
2.669998
3.43
2.810001
2.469997
5.94

2/1/2007
3/1/2007
4/1/2007
5/1/2007
6/1/2007
7/1/2007
8/1/2007
9/1/2007
10/1/2007
11/1/2007
12/1/2007
1/1/2008
2/1/2008
3/1/2008
4/1/2008
5/1/2008
6/1/2008
7/1/2008
8/1/2008
9/1/2008
10/1/2008
11/1/2008
12/1/2008
1/1/2009
2/1/2009
3/1/2009
4/1/2009
5/1/2009
6/1/2009
7/1/2009
8/1/2009
9/1/2009
10/1/2009
11/1/2009
12/1/2009
1/1/2010
2/1/2010
3/1/2010
4/1/2010
5/1/2010
6/1/2010
7/1/2010
8/1/2010
9/1/2010
10/1/2010
11/1/2010
12/1/2010

37.700001
36.169998
39.720001
38.93
41.400002
41.439999
39.139999
39.91
42.419998
41.650002
38.490002
41.509998
38.580002
34.75
38.700001
39.290001
39.669998
33.41
31.01
32.529999
28.15
26.870001
28
28.74
24.969999
22.799999
24.77
25.879999
24.969999
24.940001
26.700001
25.950001
27
25.9
27.18
28.41
25.67
24.91
26.049999
26.24
24.27
24.26
26.5
27.24
28.85
28.83
28.120001

38.18
39.860001
40.139999
41.5
41.540001
41.93
40.880001
42.970001
42.720001
41.860001
42.790001
41.939999
38.82
38.740002
39.610001
40.700001
39.91
33.59
32.810001
33.150002
29.370001
29.91
30.65
29.459999
26.379999
26.959999
27.09
26.780001
25.27
26.6
26.9
27.690001
27.190001
27.33
28.610001
28.73
25.84
26.57
26.75
26.43
25.66
26.41
27.389999
29.15
29.43
29.49
29.559999

35.189999
35.279999
38.380001
38.439999
38.700001
38.830002
36.529999
38.52
40.34
36.25
37.709999
33.32
32.950001
34.25
37.02
38.299999
32.630001
30.530001
29.719999
27.51
20.9
23.32
26.57
23.9
22.299999
21.440001
24.77
23.379999
23.809999
23.190001
24.91
25.01
25.25
25
26.940001
25.059999
24.610001
24.709999
25.48
23.780001
24.030001
23.879999
26.200001
27.059999
27.860001
27.49
28.030001

36.799999
39.43
38.720001
41.34
41.5
39.16
39.869999
42.310001
41.790001
38.209999
41.560001
38.490002
34.830002
38.299999
38.709999
39.900002
33.689999
30.809999
31.99
27.92
26.77
28.559999
28.5
24.620001
23.77
25.200001
25.620001
24.790001
24.84
26.23
26.049999
27.01
25.67
26.940001
28.030001
25.360001
24.809999
25.84
26.059999
24.299999
24.190001
25.940001
27.030001
28.6
28.52
27.790001
29.379999

-2.679
1.611
-2.863
0.561
-2.011
-4.352
-1.098
0.596
-2.552
-5.168
1.492
-4.572
-5.193
2.330
-1.410
-0.914
-7.606
-3.940
-0.226
-5.810
-2.453
0.741
-0.178
-4.844
-1.917
1.757
0.124
-1.941
-1.059
0.402
-1.609
0.178
-2.245
0.159
-0.126
-4.110
-1.807
0.001
-0.993
-2.837
-0.857
0.950
-0.185
0.638
-1.063
-1.836
0.335

-2.990001
-4.580002
-1.759998
-3.060001
-2.84
-3.099998
-4.350002
-4.450001
-2.380001
-5.610001
-5.080002
-8.619999
-5.869999
-4.490002
-2.590001
-2.400002
-7.279999
-3.059999
-3.090002
-5.640002
-8.470001
-6.59
-4.08
-5.559999
-4.08
-5.519998
-2.32
-3.400002
-1.460001
-3.409999
-1.99
-2.680001
-1.940001
-2.33
-1.67
-3.670001
-1.229999
-1.860001
-1.27
-2.649999
-1.629999
-2.530001
-1.189998
-2.090001
-1.569999
-2
-1.529998

2.990001
4.580002
1.759998
3.060001
2.84
3.099998
4.350002
4.450001
2.380001
5.610001
5.080002
8.619999
5.869999
4.490002
2.590001
2.400002
7.279999
3.059999
3.090002
5.640002
8.470001
6.59
4.08
5.559999
4.08
5.519998
2.32
3.400002
1.460001
3.409999
1.99
2.680001
1.940001
2.33
1.67
3.670001
1.229999
1.860001
1.27
2.649999
1.629999
2.530001
1.189998
2.090001
1.569999
2
1.529998

1/1/2011
2/1/2011
3/1/2011
4/1/2011
5/1/2011
6/1/2011
7/1/2011
8/1/2011
9/1/2011
10/1/2011
11/1/2011
12/1/2011
1/1/2012
2/1/2012
3/1/2012
4/1/2012
5/1/2012
6/1/2012
7/1/2012
8/1/2012
9/1/2012
10/1/2012
11/1/2012
12/1/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/1/2013
7/1/2013
8/1/2013
9/1/2013
10/1/2013
11/1/2013
12/1/2013
1/1/2014
2/1/2014
3/1/2014
4/1/2014
5/1/2014
6/1/2014
7/1/2014
8/1/2014
9/1/2014
10/1/2014
11/1/2014

29.68
27.92
28.450001
30.870001
31.6
31.43
31.42
30.059999
28.59
28.639999
29.030001
28.93
30.459999
29.91
30.540001
31.280001
32.93
34.099998
35.700001
38.139999
36.580002
37.630001
34.84
34.23
34.389999
35.16
35.689999
36.709999
37.459999
34.990002
35.400002
35.650002
34.009998
33.790001
36.5
35.18
35.240002
33.32
31.799999
35.009998
35.75
35.5
35.23
35.779999
34.93
35.09
34.970001

30.1
28.59
30.969999
31.82
31.940001
31.58
31.780001
30.08
29.18
29.799999
29.549999
30.299999
30.68
30.639999
31.969999
32.950001
34.41
36
38.110001
38.279999
38.580002
38.43
35.380001
34.689999
35.5
36.25
36.869999
39
37.970001
36.389999
36.310001
35.849998
35.009998
36.490002
36.799999
35.299999
35.290001
33.5
35.5
36.41
36.860001
35.75
37.48
35.82
35.549999
36.16
36.150002

27.200001
27.559999
27.27
29.91
30.9
30.110001
28.77
27.33
27.290001
27.549999
27.41
28.51
29.02
29.58
30.440001
29.950001
32.470001
33.779999
34.240002
36.43
36.540001
33
32.709999
33.099998
32.759998
35
35.630001
36.630001
34.98
34.099998
34.93
33.189999
33.209999
33.09
34.560001
33.599998
32.009998
31.74
31.76
34.32
35
34.619999
35.029999
34.169998
34.360001
33.099998
34.220001

27.52
28.379999
30.610001
31.120001
31.559999
31.41
29.26
28.48
28.52
29.309999
28.98
30.24
29.41
30.59
31.23
32.91
34.169998
35.66
37.919998
36.639999
37.700001
34.59
34.130001
33.709999
34.790001
35.91
36.689999
37.459999
34.990002
35.400002
35.27
33.830002
33.82
36.200001
35.209999
35.16
33.32
31.93
35.07
35.700001
35.470001
35.360001
35.59
34.959999
35.240002
34.84
35.380001

-3.166
-0.540
1.190
-0.815
-1.042
-0.963
-3.103
-2.271
-0.636
0.054
-0.634
0.737
-1.650
0.091
0.027
0.989
0.647
1.008
1.674
-2.141
0.491
-3.699
-1.285
-1.109
-0.257
0.054
0.300
0.104
-3.193
-0.395
-1.043
-2.797
-1.146
1.525
-2.283
-1.040
-2.928
-2.293
2.405
-0.259
-1.195
-1.063
-0.535
-1.686
-0.574
-1.057
-0.405

-2.899999
-1.030001
-3.699999
-1.91
-1.040001
-1.469999
-3.010001
-2.75
-1.889999
-2.25
-2.139999
-1.789999
-1.66
-1.059999
-1.529998
-3
-1.939999
-2.220001
-3.869999
-1.849999
-2.040001
-5.43
-2.670002
-1.590001
-2.740002
-1.25
-1.239998
-2.369999
-2.990001
-2.290001
-1.380001
-2.659999
-1.799999
-3.400002
-2.239998
-1.700001
-3.280003
-1.76
-3.74
-2.09
-1.860001
-1.130001
-2.450001
-1.650002
-1.189998
-3.060002
-1.930001

2.899999
1.030001
3.699999
1.91
1.040001
1.469999
3.010001
2.75
1.889999
2.25
2.139999
1.789999
1.66
1.059999
1.529998
3
1.939999
2.220001
3.869999
1.849999
2.040001
5.43
2.670002
1.590001
2.740002
1.25
1.239998
2.369999
2.990001
2.290001
1.380001
2.659999
1.799999
3.400002
2.239998
1.700001
3.280003
1.76
3.74
2.09
1.860001
1.130001
2.450001
1.650002
1.189998
3.060002
1.930001

12/1/2014
35.279999
1/1/2015
33.59
2/1/2015
33.310001
3/1/2015
34.560001
4/1/2015
32.619999
5/1/2015
34.560001
6/1/2015
34.529999
7/1/2015
35.59
8/1/2015
34.950001
9/1/2015
32.599998
10/1/2015
32.48
11/1/2015
33.689999
12/1/2015
33.779999
1/1/2016
34.080002
2/1/2016
36.040001
3/1/2016
37.099998
4/1/2016
38.669998
5/1/2016
38.869999
6/1/2016
39.099998
7/1/2016
43.209999
8/1/2016
43.25
9/1/2016
40.849998
10/1/2016
40.619999
11/1/2016
36.970001
12/1/2016
38.630001
1/1/2017
42.689999
2/1/2017
42.279999
3/1/2017
41.779999
4/1/2017
41.599998
5/1/2017 41.3333787

35.369999
34.23
35.07
34.650002
35.23
35.220001
36.450001
35.93
35.02
33.5
34.740002
33.779999
34.990002
36.060001
37.5
39.720001
39.360001
39.669998
43.419998
43.889999
43.5
41.700001
41.040001
39.669998
42.84
43.029999
42.459999
42.700001
41.77
39.700001

32.07
32.41
32.799999
32.52
32.369999
33.029999
34.240002
33.860001
30.969999
31.85
32.169998
32.220001
33.009998
33.41
35.790001
37.060001
37.73
37.77
38.580002
41.700001
40.549999
39.549999
36.27
36.099998
38.16
40.240002
40.41
41.259998
39.52
37.450001

33.59
32.919998
34.560001
32.650002
34.639999
34.540001
35.52
34.740002
33.439999
32.580002
33.509998
33.669998
34.41
36.060001
36.950001
39.169998
38.82
39.150002
43.209999
43.290001
40.880001
40.610001
36.790001
38.630001
40.380001
42.16
41.790001
41.549999
39.630001
38.529999

-2.470
-3.299999
-1.301
-1.82
0.590
-2.270001
-2.615
-2.130002
1.390
-2.860001
-0.780
-2.190002
0.175
-2.209999
-1.676
-2.069999
-2.268
-4.050001
-0.727
-1.65
0.358
-2.570004
-0.781
-1.559998
-0.127
-1.980004
1.268
-2.650001
0.268
-1.709999
1.369
-2.66
-0.550
-1.630001
-0.424
-1.899998
3.469
-4.839996
-0.568
-2.189998
-3.045
-2.950001
-0.906
-2.150002
-4.545
-4.770001
0.869
-3.57
0.788
-4.68
-1.567
-2.789997
-1.513
-2.049999
-1.266
-1.440003
-2.877
-2.25
-2.063 -3.88337773

3.299999
1.82
2.270001
2.130002
2.860001
2.190002
2.209999
2.069999
4.050001
1.65
2.570004
1.559998
1.980004
2.650001
1.709999
2.66
1.630001
1.899998
4.839996
2.189998
2.950001
2.150002
4.770001
3.57
4.68
2.789997
2.049999
1.440003
2.25
2.25

Risk Free Rate
5.67757463
5.50995692
5.49044204
5.85994963
5.62770037
5.37338921
5.63505938
5.25215
5.278325
5.68296704
5.9424625
6.04028371
6.06661875
6.2021875
6.5667788
6.72544688
6.89803371
6.94116079
6.93967224
7.36695
7.76766287
7.48175313
7.53045349
7.1656
7.17000625
7.31814411
7.80253505
7.73355172
7.948775
8.27104131
8.22410765
8.93841703
9.41110381
9.35504827
10.3756406
9.52322152
9.56312536
9.9634611
10.0275955
10.4457028
10.3898438
10.5206976
9.70701875
10.1625

10.573875
10.1622625
10.9078063
12.0472
10.5458125
9.29820938
9.16903125
10.4828438
10.2612844
9.682875
9.64764688
10.4495125
10.63335
10.4821313
10.2849875
11.05
11.27055
11.2519688
10.8749094
11.9063531
11.96125
12.2486313
12.9611438
13.94105
13.8738188
15.3718906
14.5380313
15.3239188
14.9669625
15.2998
17.1107063
14.4061719
14.7953875
15.2645969
14.9545
15.8652
14.6095531
14.7832031
13.1688844
14.303475
14.7342656
14.8933969
15.0988219
14.0879063
14.4934969
15.1256
14.319275

14.008725
14.5149469
14.5327813
14.9027969
15.0542
16.2137063
15.3272563
17.1916938
16.1680875
16.265425
15.4166625
16.7125688
16.1560375
16.2931
17.5207313
17.692325
18.2202281
17.8339313
18.417825
19.521125
18.3962625
19.738775
20.66415
20.4458375
20.3973
20.63295
21.4002
24.03525
22.5142875
23.324475
22.2778063
21.943125
22.0550063
20.83015
20.7254375
22.1728625
21.9555
23.2706875
22.453375
22.0964625
22.760075
22.4670938
22.3031938
21.7580875
22.9045438
22.378
22.4156875

23.6585313
23.7555375
25.2415
25.5576
26.55
28.962175
29.5279875
28.6738375
30.374375
30.2219813
29.3570875
26.7606375
26.685
26.2597688
26.3835313
25.92685
24.7712063
25.5672
25.88625
27.8373125
27.6441875
29.1989875
30.4733313
27.9250125
29.34525
31.148325
32.6958438
31.4249375
28.8094625
32.8361656
33.8485125
38.62065
39.0498
41.1393094
39.8168438
45.55725
44.0428438
40.749375
41.39305
42.5968625
39.8278
46.1238625
48.74595
50.4888
55.3707
56.765625
55.508825

50.880825
58.83855
54.406125
60.82925
60.65065
50.8416
54.2487375
55.1356
55.332025
51.7967625
45.8036
42.5704125
45.04575
46.96665
46.816625
46.7945625
45.1100375
45.295625
52.8039125
60.65685
57.553125
50.016725
51.2887989
50.609425
46.9239831
44.1057129
44.9545611
42.1591451
47.540914
42.8555139
48.7819071
39.882116
39.5138379
41.2282
39.393704
40.3748779
39.6536479
32.5996
36.242823
31.970574
28.619371
25.188475
20.839969
26.709635
29.908625
29.02995
26.026949

22.007721
21.3118
24.193953
26.659139
26.566889
24.6502
23.398189
23.329674
25.01114
24.294909
27.151905
26.64448
25.106094
25.795319
26.4418
24.852429
25.498
26.466263
26.938432
27.32625
26.412165
26.47442
27.076356
25.0008
25.299449
24.812053
24.941531
24.1696
24.878183
25.637534
25.039261
24.986832
24.940859
26.274205
25.572458
27.1882
28.90272
28.588777
27.7385279
27.696485
29.53029
31.673761
32.808776
34.100089
36.0765421
35.498121
37.3678899

39.479441
37.8193499
41.582869
40.779175
43.5114021
43.511999
40.967837
41.713932
44.3416239
43.3784771
40.0680921
43.0624719
40.0228941
35.969725
40.120291
40.814453
41.2964679
34.749741
32.216289
33.730356
29.222515
27.818512
28.6776
29.464248
25.686638
23.442959
25.495761
26.731451
25.898883
25.827865
27.658531
26.832301
27.9153
26.7806
28.155762
29.469693
26.617223
25.839143
27.052924
27.137408
25.04664
24.990226
27.2155
27.96186
29.58279
29.625708
29.045149

30.686152
28.919536
29.420146
31.935016
32.60172
32.3729
32.3626
30.751379
29.156082
29.255759
29.613504
29.502814
31.060061
30.499227
31.202719
31.921241
33.52274
34.652418
36.246211
38.780751
37.209178
38.288526
35.41486
34.818756
35.046848
35.856168
36.389523
37.356095
38.182977
35.794772
36.3133221
36.6268121
34.9656789
34.675299
37.4928
36.20022
36.2478661
34.222972
32.664959
35.9587689
36.6652
36.423
36.124842
36.645875
35.813729
35.89707
35.784802

36.059687
34.221492
33.969539
35.265025
33.249565
35.320321
35.344907
36.415688
35.708416
33.307418
33.152336
34.451393
34.536671
34.792274
36.681513
37.801188
39.369925
39.573546
39.741238
43.858149
43.9247
41.515853
41.334911
37.761159
39.591888
43.727366
43.303175
42.816143
42.506878
40.59264

have a look

Running Head: AT&T STOCK VALUATION

1

Stock Valuation for AT&T
Name

Institution

Stock Valuation

2

Introduction

The company chosen is AT&T is a telecommunication company that has been in existence
since it was founded in the year 1956. The company stock yield has been rising since then, starting
at $5 to the current $34, the document, therefore, gives the analysis of AT&T.

a. Please, separately, determine the estimated regression line for regression with the
stock return as the dependent variable and the following list as independent variables:

a. Excess market return

The regression of the stock return vs the Excess market return is as shown below. The
analysis was done using excel tool pack

SUMMARY
OUTPUT
Regression
Statistics
M
0.
ultiple R
126864
R
0.
Square
016095
Ad
0.
justed R
013641
Square
St
1
andard Error
2.23154
Ob
4
servations
03
A
NOVA
df

S
S

Re

1

Re

4
01
4
02

gression
sidual
To
tal

C
oefficients
Int
ercept

2
5.42353

M

F

S

9
81.3653
5
9993.83
6
0975.2

9
81.3653
1
49.6106

S
tandard
Error
0
.698879

6
.559466

t
Stat
3
6.37759

P
-value
4
.4E-129

Si
gnificance F
0.
010798

L
ower 95%

U
pper 95%

2
4.0496

2
6.79745

L
ower
95.0%
2
4.0496

U
pper
95.0%
2
6.79745

Stock Valuation
X
Variable 1

0.73211

3
0
.285851

2.56115

0
.010798

1.29406

0.17015

1.29406

0.17015

The value of R-Squared gives the result of the goodness of fit. The value shows how many
points are on the regression line. The value of R squared for this data is 0.01 meaning many points
are not on the regression line. The standard error in the result is shown to be 12.8%.

The R-Squared value gives the strength of the regression, R-Squared for the regression is
0.01, this value is approaching zero, meaning that the relationship between the variables is weak.

ANOVA
With 401 observations, when the sum of squared is compared to the Total SS, it means that
the model fits the study data, the significant value of F-Test, given the value of P, of 6.55%, it
shows that there is a little chance that there is a correlation between the two. The Significance F is
less than 0.5, confirms that the model fits the data as shown in the statistics results.

The graph below shows the negative correlation between stock prices and the Excess
Market return. The two variables are therefore not correlated. In this case, the independent variable
is the stock return and the excess market return is the independent variable.

Stock Valuation

4

X Variable 1 Line Fit Plot
70
60
50
40

Y

Y
30

Predicted Y

20

Linear (Predicted Y)

10

-15.000

-10.000

0
0.000

-5.000

5.000

10.000

X Variable 1

b. Small minus big
SUMMARY
OUTPUT
Regression
Statistics
M
0
ultiple R
.69272
R
0
Square
.479862
A
djusted R
0
Square
.478564
St
andard
8
Error
.89332
O
bservation
4
s
03
A
NOVA
d
f

S

Re
gression
Re
sidual
To
tal

S

1
4
01
4
02

2
9259.65
3
1715.55
6
0975.2

M
S
2
9259.65
7
9.09114

Si
gnificance
F
F
3
6.92E69.9485
59

Stock Valuation

5
S

C
oefficients
1
5.96213
3.75705

In
tercept
X
Variable 1

L

tandard
Error

t
Stat

0
.69653
0
.195334

2
2.91664
19.234

P

L
-value
ower 95%
6
1
.78E-75
4.59282
6
.92E-59
4.14106

U
pper 95%
1
7.33144
3.37305

U

ower
95.0%

pper
95.0%

1
4.59282
4.14106

1
7.33144
3.37305

c

X Variable 1 Line Fit Plot
80
60

Y

40

Y

20

Predicted Y

0
-15

-10

-5

0

X Variable 1

c. High minus low

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.691116
R Square
0.477642
Adjusted R
Square
0.476339
Standard
Error
8.912277
Observatio
ns
403
ANOVA
df
Regression
Residual
Total

SS
MS
F
29124.2 29124.2 366.672
1
9
9
3
79.4286
401 31850.9
8
402 60975.2

Coefficien Standar
ts
d Error

t Stat

P-value

Significan
ce F
1.63E-58

Lower
95%

Upper
95%

Lower 95.0%

Upper
95.0%

Stock Valuation

Intercept
X Variable
1

6

0.69750 22.9369
17.3699
6
8 5.54E-75 14.62746
1
0.19579 19.1486
4.13421
3.749291
9
9 1.63E-58 3.36437
1
15.99869

14.62746
3.364
37

17.36
991
4....

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