Co py r i g ht
THECOSTOFCAPI T ALATAM ME ERI TRADE Ha r v a r dBu s i n es sSc h oo lCa s e2 01 0 46( 2 nded i t i o n) CaseSof t war e2201711
Co py r i g ht©2 00 0b yt h ePr es i d en tan dFe l l o wso fHar v a r dCo l l e ge Pr of es s or sMa Mar kMi Mi t c hel l andEr i kSt aff or dpr epar edt hi sc as ewi t ht heas s i s t anc eofRes ear c h As s oc i at esJ os eCamac hoandAl doSes i aast hebas i sf orc l as sdi s c us s i onr at hert hant oi l l us t r at e ei t hereffec t i v eori neffec t i v ehandl i ngofanadmi ni s t r at i v es i t uat i on.
Ex hi bi t1
E x hi b i t 1
Cons ol i dat edAnnualI ncome meSt at eme ment sf ort heFi s cal YearEndi ngi nSept emb mber
1997
NetRev enues Tr ans ac t i onI nc ome NetI nt er es t Ot her Tot al NetRev enues
1996
1995
$51, 936, 902 18, 193, 946 7, 107, 492 77, 238, 340
$36, 469, 561 11, 477, 878 6, 391, 314 54, 338, 753
$23, 977, 481 8, 434, 584 2, 607, 538 35, 019, 603
Ex pe ns esEx c l ud i n gI nt e r e s t Emp l oy eeComp ens at i on Commi s s i onsandCl ear anc e Communi c at i ons Oc c upanc yandEqui pmentCos t Adv er t i s i ngandPr omot i on Pr ov i s i onf orLos s es Amor t i z at i onofGoodwi l l Ot her Tot al Ex pens esEx c l udi ngI nt er es t
19, 290, 808 3, 320, 262 5, 623, 468 5, 422, 839 13, 970, 834 59, 000 363, 002 7, 763, 014 55, 813, 227
14, 049, 642 2, 530, 642 3, 685, 535 2, 889, 654 7, 537, 265 148, 014 363, 002 4, 717, 406 35, 921, 160
8, 481, 977 2, 516, 796 2, 352, 590 1, 626, 725 4, 842, 392 1, 428, 663 94, 152 2, 846, 280 24, 189, 575
I nc omeBef or eI nc omeT ax es
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
Tax es NetI nc ome EPS
Ex hi bi t2
E x hi b i t 2
Co ns o l i da t e dAnnua lBa l a nc eS he e t sf o rt heF i s c a lYe a rEndi ngi nS e pt e mb e r
1997 ASSETS Cas handCas hEqui v al ent s Cas han dI nv es t men t sSegr eg at edi nCompl i an c ewi t hFede r al Reg ul at i on s Rec ei v abl ef r om Br ok er s ,Deal er s ,andCl ear i ngOr gani z at i ons Rec ei v abl ef r om Cus t omer sandCor r es pondent s Fur ni t ur e,Equi pment ,andLeas ehol dI mpr ov ement s Goodwi l l Equi t yI nv es t ment s Ot herI nv es t ment s Def er r edI nc omeT ax es Ot herAs s et s
T ot al As s et s
$53, 522, 447 31 9, 76 3, 92 1 17, 823, 640 325, 407, 147 8, 709, 923 6, 346, 763 7, 597, 972 5, 000, 000 39, 314 13, 145, 616 $757, 356, 743
1996
$15, 767, 170 17 5, 66 8, 49 7 15, 096, 862 166, 075, 055 3, 746, 178 6, 709, 765 7, 157, 783 5, 000, 000 444, 378 6, 013, 544 $401, 679, 232
LI ABI LI TI ESANDSTOCKHOLDERS'EQUI TY Li abi l i t i es : Pay abl et oBr ok er s ,Deal er s ,andCl ear i ngOr gani z at i ons Pay abl et oCus t ome r sandCor r es pondent s Ac c ount sPay abl eandAc c r uedLi abi l i t i es Not esPay abl et oBank I nc omeT ax esPay abl e
1, 404, 999 666, 279, 440 19, 252, 931 3, 430, 279
1, 193, 479 356, 942, 970 7, 221, 008 4, 853, 000 806, 711
T ot al Li abi l i t i es
690, 367, 649
371, 017, 168
131, 534
114, 494
St oc khol der s 'Equi t y : Cl as sACommonSt oc k
Ex hi bi t3
E x hi b i t 3
Ca pi t a lMa r k e tRe t ur nDa t a( Hi s t o r i c a la ndCur r e nt )
Pr e v a i l i n Yi e l d sonU. S.Go v e r n me ntSe c ur i t i e s Au u s t3 1,1 99 7) Annua l i z e dYi e l dt oMa t ur i t y
3Mont hTBi l l s 1YearBonds 5YearBonds 10YearBonds 20YearBonds 30YearBonds
5. 24% 5. 59% 6. 22% 6. 34% 6. 69% 6. 61%
Hi s t o r i cAv e r a geT ot a lAn nu al Re t u r n sonU. S.Go v e r n me ntSe c ur i t i e san dCo mmo n Aver ageAnnual Ret ur n St andar dDevi at i on
TBi l l s I n t e r me di at eBo nd sa Longt er m Bondsb Lar geCompanySt ock sc d Smal l CompanySt ocks
5. 2% 6. 4% 6. 0% 14. 0% 17. 8%
3. 0% 6. 6% 10. 8% 16. 8% 25. 6%
Hi s t o r i cAv e r a geT ot a lAn nu al Re t u r n sonU. S.Go v e r n me ntSe c ur i t i e san dCo mmo n Aver ageAnnual Ret ur n St andar dDevi at i on
Ex hi bi t4
E x hi b i t 4
Sel ec t edDat af orCompar abl eFi r ms Debt / Val ue
Fi r m Name ( I ndus t r y) a I n v es t me ntSe r v i c es ) AG Edwar ds( I n v es t me ntSe r v i c es ) Be arSt e ar n s( Di s c o un tBr o k er a ge ) Char l esSchwabCor p( Di s c ou ntBr o k er a ge ) E* T r a de( I n v es t me ntSe r v i c es ) LehmanBr ot her s( Meckl er medi a ( I nt er n et ) Me r r i l l L y n ch&Co( I n v es t me ntSe r v i c es ) Mo r g anSt a nl e yDe anWi t t e r( I n v es t men tSer v i c es ) Net scape ( I nt er n et ) ( I n v es t me ntSe r v i c e) Pai neWebber Di s c o un tBr o k er a ge ) Qu i c k&Re i l l yGr o up( RaymondJamesFi nanci al( I n v es t me ntSe r v i c es ) Wa t e r h ou s eI n v es t o rSr v c s ( Di s c ou ntBr o k er a ge ) Yahoo!( I nt er net )
Debt / Capi t al
( Mar ketVal ues) Aver age Cur r ent 1992-1996
0. 00 0. 60 0. 05 0. 00 0. 79 0. 00 0. 57 0. 57 0. 00 0. 51 0. 00 0. 05 NA 0. 00
0. 00 0. 50 0. 08 NA NA 0 . 0 0b 0. 52 0. 53 NA 0. 53 0. 00 0. 04 0. 38 NA
So ur c e : Co mp us t a t ;St a nd ar d&Po or ' s ;c o mp an yp u bl i cfi l i n gs . a
I n v es t me ntSe r v i c e si n c l u de sb r o k e r a ge ,a s s etma na ge me nt ,i n v es t me ntb an k i n g,a ndt r a di n g. I n di c a t e sav e r a geov e r1 99 31 99 6. c I n di c a t e sav e r a geov e r1 99 21 99 5. b
5
( BookVal ues) Aver age Cur r ent 19921996
0. 00 0. 69 0. 25 0. 00 0. 80 0. 00 0. 77 0. 70 0. 00 0. 63 0. 00 0. 07 NA 0. 00
0. 00 0. 60 0. 30 NA 0 . 7 9b 0 . 0 0b 0. 65 0. 63 NA 0. 58 0. 00 0. 06 0 . 7 0c NA
Br oker age Reve nues( %)
57 35 82 95 13 0 37 12 0 46 81 51 99 0
Ex hi bi t5
E x hi b i t 5
Dat e
S t o c kPr i c eDa t af orDi s c o untBr ok er s
Shar es
Ame r i t r a de Pr i ce Di vi dend St ockSpl i t
31Mar 97 30Apr 97 30May 97 30J un97 31J ul 97 29Au g97
13, 153 13, 153 13, 153 14, 518 14, 518 14, 518
15. 625 12. 500 14. 000 15. 750 15. 375 18. 813
Dat e
Char l esSchwab Shar es Pr i ce Di vi dend St ockSpl i t
30Se p87 30Oct 87 30Nov 87 31Dec 87 29J an88 29Feb88 31Mar 88 29Apr 88 31May 88 30J un88 29J ul 88 31Aug88 30Sep88
29, 121 29, 121 29, 121 25, 388 25, 388 25, 388 25, 388 25, 388 25, 388 25, 294 25, 294 25, 294 25328
15. 875 7. 875 6. 625 6. 000 6. 500 9. 000 7. 375 7. 625 6. 875 7. 250 7. 500 6. 750 6750
1. 000 -
-
Ex hi bi t5
29J un90 31J ul 90 31Au g90 28Se p90 31Oc t 90 30Nov 90 31Dec 90 31J an91 28Feb91 28Mar 91 30Apr 91 31May 91 28J un91 31J ul 91 30Au g91 30Se p91 31Oc t 91 29Nov 91 31Dec 91 31J an92 28Feb92 31Mar 92 30Apr 92 29May 92 30J un92 31J ul 92 31Au g92 30Se p92 30Oc t 92 30Nov92
25, 099 25, 099 25, 099 25, 255 25, 255 25, 255 24, 464 24, 464 24, 464 24, 464 24, 464 24, 464 24, 435 24, 435 24, 435 25, 596 25, 596 25, 596 38, 394 38, 394 38, 394 38, 479 38, 479 38, 479 38, 626 38, 626 38, 626 38, 149 38, 149 38149
15. 250 13. 625 12. 625 11. 375 12. 625 11. 875 11. 375 16. 000 18. 250 20. 250 18. 125 22. 500 24. 750 27. 500 28. 375 31. 125 37. 750 32. 750 30. 375 31. 875 33. 250 34. 625 28. 500 28. 875 23. 500 24. 625 22. 500 18. 000 20. 250 24875
0. 030 0. 040 0. 040 0. 040 0. 050 0. 060 0. 040 0. 060 0. 060 0. 060
3f or2
Ex hi bi t5
31Au g94 30Se p94 31Oc t 94 30Nov 94 30Dec 94 31J an95 28Feb95 31Mar 95 28Apr 95 31May 95 30J un95 31J ul 95 31Au g95 29Sep95 31Oc t 95 30Nov 95 29Dec 95 31J an96 29Feb96 29Mar 96 30Apr 96 31May 96 28J un96 31J ul 96 30Aug96 30Sep96 31Oc t 96 29Nov 96 31Dec 96 31J an97
57, 114 56, 829 56, 829 57, 325 57, 325 57, 325 57, 325 85, 988 85, 988 85, 988 85, 896 85, 896 87, 061 174, 122 174, 122 174, 678 174, 678 174, 678 174, 678 174, 678 174, 032 174, 032 174, 989 174, 989 174, 989 175, 166 175, 166 175, 166 175, 173 175173
30. 750 29. 625 35. 375 31. 875 34. 875 40. 000 44. 375 32. 250 34. 250 35. 000 43. 875 46. 125 46. 625 29. 000 22. 875 24. 250 20. 125 25. 125 25. 500 25. 875 24. 500 24. 250 24. 500 24. 125 25. 000 23. 000 25. 000 30. 250 32. 000 37500
0. 070 0. 090 0. 060 0. 080 0. 040 0. 040 0. 040 0. 050 0. 050 -
3f or2
2f or1
Ex hi bi t5
30Apr 97 30May 97 30J un97 31J ul 97 29Au g97
30, 440 30, 440 30, 958 30, 958 30, 958
Dat e
Qui c k&Re i l l y Shar es Pr i ce Di vi dend
31J an84 29Feb84 30Mar 84 30Apr 84 31May 84 29J un84 31J ul 84 31Au g84 28Sep84 31Oct 84 30Nov 84 31Dec 84 31J an85 28Feb85 29Mar 85 30Apr 85 31May 85 28J un85 31J ul 85 30Au g85
6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6, 318 6318
15. 000 17. 625 19. 625 30. 500 32. 125
17. 625 15. 000 14. 875 17. 125 17. 375 18. 000 14. 750 18. 000 17. 000 17. 875 15. 250 15. 500 23. 375 23. 750 23. 125 20. 625 22. 625 24. 000 24. 125 22875
-
0. 050 0. 050 0. 050 0. 050 0. 110 0. 060 0060
St ockSpl i t
Ex hi bi t5
29May 87 30J un87 31J ul 87 31Au g87 30Sep87 30Oct 87 30Nov 87 31Dec 87 29J an88 29Feb88 31Mar 88 29Apr 88 31May 88 30J un88 29J ul 88 31Au g88 30Sep88 31Oct 88 30Nov 88 30Dec 88 31J an89 28Feb89 31Mar 89 28Apr 89 31May 89 30J un89 31J ul 89 31Au g89 29Sep89 31Oct89
16, 724 9, 477 9, 477 9, 477 9, 477 9, 477 9, 477 9, 477 9, 477 9, 477 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9, 452 9452
21. 500 19. 250 20. 250 24. 625 23. 000 12. 125 11. 625 12. 500 12. 625 13. 500 12. 250 12. 625 11. 500 11. 875 11. 500 11. 250 11. 750 11. 750 11. 500 10. 875 15. 000 13. 750 13. 250 13. 000 16. 125 14. 000 16. 500 17. 000 16. 750 15750
0. 055 0. 055 0. 055 0. 180 0. 060 0. 060 0. 060 0. 060 0. 060 0. 060 -
Ex hi bi t5
31J ul 91 30Au g91 30Sep91 31Oct 91 29Nov 91 31Dec 91 31J an92 28Feb92 31Mar 92 30Apr 92 29May 92 30J un92 31J ul 92 31Au g92 30Sep92 30Oct 92 30Nov 92 31Dec 92 29J an93 26Feb93 31Mar 93 30Apr 93 28May 93 30J un93 30J ul 93 31Aug93 30Se p93 29Oct 93 30Nov 93 31Dec93
9, 452 9, 452 9, 210 9, 210 9, 210 9, 220 9, 220 9, 220 9, 292 9, 292 9, 292 9, 292 9, 292 9, 292 9, 884 9, 884 9, 884 9, 884 9, 884 9, 884 9, 824 9, 824 9, 824 10, 315 10, 623 10, 623 10, 643 10, 643 10, 678 11212
19. 625 20. 625 19. 250 20. 375 20. 000 27. 750 27. 500 28. 500 28. 625 21. 500 21. 500 21. 000 20. 125 19. 625 20. 125 21. 000 25. 375 24. 750 27. 000 26. 000 27. 125 25. 125 26. 125 28. 875 30. 750 35. 000 36. 250 35. 875 34. 250 35750
0. 070 0. 070 0. 180 0. 080 0. 080 0. 080 0. 220 0. 100 1. 443 0. 100 0. 100 1788
Ex hi bi t5
29Se p95 31Oc t 95 30Nov 95 29Dec 95 31J an96 29Feb96 29Mar 96 30Apr 96 31May 96 28J un96 31J ul 96 30Aug96 30Se p96 31Oct 96 29Nov 96 31Dec 96 31J an97 28Feb97 31Mar 97 30Apr 97 30May 97 30J un97 31J ul 97 29Aug97
16, 613 24, 920 24, 952 24, 952 25, 056 25, 056 25, 056 25, 056 25, 056 25, 056 25, 178 25, 178 25, 178 25, 178 25, 178 25, 178 25, 173 25, 173 37, 760 37, 760 37, 760 38, 606 38, 664 38, 664
Dat e
Wa t e r hous eI n v es t orSe r v i c e s Shar es Pr i ce Di vi dend
29May87
45. 875 23. 750 25. 375 20. 500 23. 250 26. 250 29. 500 30. 500 33. 875 32. 500 28. 375 29. 250 26. 500 26. 250 28. 375 29. 875 36. 625 35. 000 20. 875 22. 125 23. 000 23. 250 26. 250 34. 250
2572 6938
0. 070 0. 080 0. 070 0. 080 0. 080 0. 190 0. 060 0. 060
3f or2
3f or2
St ockSpl i t
Ex hi bi t5
28Feb89 31Mar 89 28Apr 89 31May 89 30J un89 31J ul 89 31Aug89 29Sep89 31Oc t 89 30No v 89 29De c 89 31J an90 28Feb90 30Mar 90 30Apr 90 31May 90 29J un90 31J ul 90 31Aug90 28Sep90 31Oc t 90 30No v 90 31De c 90 31J an91 28Feb91 28Mar 91 30Apr 91 31May 91 28J un91 31J ul91
2, 472 2, 472 2, 472 2, 420 2, 420 2, 420 2, 419 2, 419 2, 419 2, 417 2, 417 2, 417 2, 420 2, 420 2, 420 2, 572 2, 572 2, 572 2, 377 2, 377 2, 377 2, 370 2, 370 2, 370 2, 320 2, 320 2, 320 2, 320 2, 900 2900
3. 750 4. 750 4. 250 5. 000 6. 000 6. 000 5. 750 5. 625 5. 375 5. 000 4. 500 4. 375 3. 750 4. 250 4. 375 4. 250 4. 750 4. 625 4. 375 4. 250 4. 000 3. 750 3. 625 3. 750 4. 500 6. 125 7. 000 8. 250 8. 000 10375
0. 120 0. 150 -
5f or4
Ex hi bi t5
30Apr 93 28May 93 30J un93 30J ul 93 31Au g93 30Sep93 29Oct 93 30Nov 93 31Dec 93 31J an94 28Feb94 31Mar 94 29Apr 94 31May 94 30J un94 29J ul 94 31Au g94 30Sep94 31Oct 94 30Nov 94 30Dec 94 31J an95 28Feb95 31Mar 95 28Apr 95 31May 95 30J un95 31J ul 95 31Au g95 29Sep95
6, 071 6, 071 6, 072 6, 072 6, 072 6, 072 6, 072 9, 108 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 150 9, 154 9, 154 9, 154 9, 154 9, 154 9, 154 9, 154 9, 154 9, 154 11442
18. 500 27. 250 33. 500 33. 000 42. 625 50. 125 47. 250 25. 750 21. 250 21. 250 20. 500 17. 625 16. 000 15. 250 13. 375 13. 000 17. 000 14. 125 16. 125 14. 250 12. 250 14. 500 17. 375 16. 125 15. 625 17. 500 23. 000 27. 625 28. 625 25500
0. 250 0. 200 0. 250
3f or2
5f or4
Ex hi bi t6
E x h i b i t 6
Dat e
31J an84 29Feb84 30Mar 84 30Apr 84 31May 84 29J un84 31J ul 84 31Aug84 28Sep84 31Oc t 84 30Nov 84 31Dec 84 31J an85 28Feb85 29Mar 85 30Apr 85 31May 85 28J un85 31J ul 85 30Aug85 30Sep85 31Oc t 85 29Nov 85 31Dec 85 31J an86 28Feb86 31Mar 86 30Apr 86
S t o c kRe t ur nDa t af o rI n ve s t me ntS e r v i c efir ms , I nt e r n e tF i r ms , a ndt heAg gr e g a t eS t o c kMa r k e t
Bear AG Edwar ds St e a r n s
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. 141800 0. 039710 0. 149310 0. 083990 0. 086830
0. 103450 0. 193590 0. 156760 0. 130840 0. 128720 0. 065640
Lehman Br os.
Meckl er medi a
Mer r i l l Lynch
Mor ganSt anl ey DeanWi t t er Net scape
0. 013280 0. 167330 0. 019140 0. 011710 0. 044780 0. 119790 0. 076280 0. 304570 0. 077820 0. 023630 0. 091290 0. 013700 0. 277780 0. 023190 0. 085820 0. 034290 0. 089360 0. 011720 0. 040930 0. 052240 0. 141730 0. 100920 0. 127500 0. 022300 0. 152730 0. 036590 0. 012230 0. 102720
0. 051150
15
Pai ne Ray mond Webber Ja mes
0. 042860 0. 175370 0. 073300 0. 080510 0. 113730 0. 084960 0. 090160 0. 189190 0. 105300 0. 029790 0. 041320 0. 046550 0. 431820 0. 022220 0. 026620 0. 123810 0. 065220 0. 040140 0. 092530 0. 038430 0. 049180 0. 008620 0. 197440 0. 003580 0. 107140 0. 068390 0. 036360 0. 137430
0. 040000 0. 102560 0. 050000 0. 067670 0. 072580 0. 043480 0. 018180 0. 214290 0. 029410 0. 015150 0. 179100 0. 054550 0. 430770 0. 027030 0. 013160 0. 025970 0. 013330 0. 039470 0. 017720 0. 025000 0. 048780 0. 000000 0. 256410 0. 015920 0. 288890 0. 103450 0. 171880 0. 100000
VW NYSE, EW NYSE, AMEX,and AMEX,and Yahoo! NASDAQ NASDAQ
0. 012910 0. 039170 0. 013450 0. 002730 0. 052350 0. 023590 0. 020350 0. 112570 0. 000390 0. 000130 0. 010620 0. 023790 0. 085730 0. 017000 0. 001930 0. 002180 0. 055870 0. 017190 0. 000540 0. 004800 0. 039650 0. 044570 0. 069270 0. 043060 0. 009860 0. 072840 0. 053880 0. 008060
0. 005760 0. 053810 0. 007100 0. 019420 0. 050770 0. 013800 0. 047450 0. 089620 0. 000270 0. 020890 0. 031410 0. 005050 0. 122760 0. 047140 0. 008530 0. 011290 0. 022930 0. 003470 0. 019510 0. 003410 0. 056140 0. 018960 0. 053270 0. 029130 0. 043400 0. 062360 0. 047720 0. 015840
Ex hi bi t6
Bear Dat e
30May 86 30J un86 31J ul 86 29Aug86 30Sep86 31Oc t 86 28Nov 86 31Dec 86 30J an87 27Feb87 31Mar 87 30Apr 87 29May 87 30J un87 31J ul 87 31Aug87 30Sep87 30Oc t 87 30Nov 87 31Dec 87 29J an88 29Feb88 31Mar 88 29Apr 88 31May 88 30J un88 29J ul 88 31Aug88 30Sep88 31Oc t 88
AG Edwar ds St e a r n s
0. 026070 0. 066370 0. 067630 0. 104660 0. 094340 0. 151040 0. 022620 0. 040740 0. 334950 0. 000000 0. 044950 0. 122380 0. 023900 0. 104650 0. 073390 0. 027180 0. 071130 0. 337840 0. 174420 0. 033330 0. 080650 0. 062390 0. 035460 0. 029410 0. 042860 0. 159400 0. 006490 0. 039220 0. 084080 0. 006330
0. 003620 0. 168520 0. 141920 0. 160310 0. 145530 0. 217050 0. 057320 0. 102160 0. 318180 0. 022990 0. 024650 0. 121020 0. 028990 0. 022090 0. 007350 0. 103700 0. 080270 0. 400000 0. 145830 0. 023900 0. 144580 0. 157890 0. 054550 0. 019420 0. 085710 0. 093750 0. 067310 0. 041240 0. 028670 0. 084210
Lehman Br os.
Meckl er medi a
Mer r i l l
Mor ganSt anl ey
Lynch
DeanWi t t er
0. 008080 0. 054610 0. 039710 0. 145110 0. 052810 0. 195120 0. 074050 0. 075950 0. 198630 0. 015430 0. 002920 0. 152050 0. 041380 0. 010870 0. 100360 0. 032570 0. 031750 0. 357380 0. 153060 0. 091460 0. 072630 0. 062500 0. 064360 0. 000000 0. 031750 0. 113990 0. 013950 0. 050460 0. 039020 0. 051640
0. 013420 0. 062910 0. 070670 0. 149050 0. 119400 0. 160830 0. 030890 0. 129190 0. 112910 0. 048610 0. 036500 0. 005280 0. 020320 0. 003440 0. 023490 0. 069370 0. 023730 0. 337560 0. 163930 0. 148460 0. 019510 0. 168660 0. 055560 0. 106880 0. 086240 0. 275100 0. 004720 0. 015720 0. 003190 0. 051280
16
Net scape
Pai ne
Raymond
Webbe r
Ja mes
0. 051530 0. 116500 0. 010990 0. 175930 0. 015590 0. 172690 0. 075210 0. 063200 0. 178570 0. 033540 0. 003500 0. 084210 0. 061150 0. 020490 0. 052210 0. 023050 0. 029960 0. 474900 0. 021760 0. 128790 0. 113040 0. 109690 0. 078010 0. 038460 0. 032320 0. 070310 0. 036500 0. 038180 0. 036760 0. 028370
0. 007410 0. 040600 0. 187500 0. 038460 0. 092590 0. 081630 0. 056600 0. 026800 0. 319590 0. 289060 0. 261940 0. 116400 0. 101800 0. 031200 0. 062070 0. 169120 0. 142640 0. 352940 0. 113640 0. 038460 0. 137600 0. 035290 0. 089270 0. 067420 0. 048190 0. 008610 0. 025640 0. 050000 0. 017370 0. 157630
VW NYSE, EW NYSE, AMEX,and AMEX,and Yahoo!
NASDAQ
NASDAQ
0. 050810 0. 014300 0. 059690 0. 066390 0. 079140 0. 049440 0. 015170 0. 026540 0. 128370 0. 047630 0. 023240 0. 017130 0. 005220 0. 043830 0. 044050 0. 037230 0. 020740 0. 224870 0. 072900 0. 070410 0. 045340 0. 051610 0. 017060 0. 011000 0. 000940 0. 051390 0. 007180 0. 027940 0. 037280 0. 017650
0. 036630 0. 008960 0. 073610 0. 022110 0. 060490 0. 024620 0. 006280 0. 034530 0. 116820 0. 074950 0. 033090 0. 019610 0. 000710 0. 022010 0. 034700 0. 015590 0. 015510 0. 270850 0. 052300 0. 027940 0. 078110 0. 062010 0. 034370 0. 015250 0. 017020 0. 048480 0. 000550 0. 023710 0. 018700 0. 011780
Ex hi bi t6
Bear Dat e
30Nov 88 30Dec 88 31J an89 28Feb89 31Mar 89 28Apr 89 31May 89 30J un89 31J ul 89 31Aug89 29Sep89 31Oc t 89 30Nov 89 29Dec 89 31J an90 28Feb90 30Mar 90 30Apr 90 31May 90 29J un90 31J ul 90 31Aug90 28Sep90 31Oc t 90 30Nov 90 31Dec 90 31J an91 28Feb91 28Mar 91 30Apr 91
AG Edwar ds St e a r n s
0. 057320 0. 042970 0. 169930 0. 044690 0. 038830 0. 006130 0. 154320 0. 003420 0. 178380 0. 087160 0. 008270 0. 148150 0. 103260 0. 096750 0. 115380 0. 055900 0. 137410 0. 104170 0. 203490 0. 007920 0. 058820 0. 081460 0. 268570 0. 046880 0. 119400 0. 095730 0. 202450 0. 168370 0. 136940 0. 019310
0. 029130 0. 038100 0. 178220 0. 001010 0. 025420 0. 041320 0. 068710 0. 034190 0. 107440 0. 034850 0. 083970 0. 075000 0. 034950 0. 009430 0. 028040 0. 060770 0. 038460 0. 020000 0. 179290 0. 009170 0. 083330 0. 097780 0. 142860 0. 097220 0. 124920 0. 125000 0. 135800 0. 142610 0. 125000 0. 034190
Lehman Br os.
Meckl er medi a
Mer r i l l
Mor ganSt anl ey
Lynch
DeanWi t t er
0. 049550 0. 090050 0. 270830 0. 037190 0. 047210 0. 040540 0. 060610 0. 061730 0. 232460 0. 039430 0. 108210 0. 025100 0. 086580 0. 004740 0. 133330 0. 000000 0. 033330 0. 034480 0. 138550 0. 047620 0. 061110 0. 132280 0. 091460 0. 046980 0. 107140 0. 070970 0. 186750 0. 172590 0. 218340 0. 089610
0. 036700 0. 053970 0. 078310 0. 032400 0. 006110 0. 055060 0. 137630 0. 017010 0. 110000 0. 062610 0. 063830 0. 069580 0. 050940 0. 071810 0. 077370 0. 029540 0. 008200 0. 028460 0. 129220 0. 024650 0. 163230 0. 068180 0. 121950 0. 012630 0. 092780 0. 025940 0. 101150 0. 184870 0. 177300 0. 015060
17
Net scape
Pai ne
Raymond
Webbe r
Ja mes
0. 065400 0. 015750 0. 116280 0. 028060 0. 047620 0. 014290 0. 070700 0. 026490 0. 258500 0. 016430 0. 160430 0. 121020 0. 014200 0. 000000 0. 037040 0. 038770 0. 044780 0. 042860 0. 119700 0. 013420 0. 066230 0. 113190 0. 096770 0. 151790 0. 126740 0. 037740 0. 054550 0. 319310 0. 197370 0. 054950
0. 069770 0. 105000 0. 193180 0. 051430 0. 009090 0. 018350 0. 090090 0. 069420 0. 147290 0. 013510 0. 009590 0. 122450 0. 015500 0. 061070 0. 012360 0. 148760 0. 075400 0. 013420 0. 118910 0. 036590 0. 000000 0. 101270 0. 116340 0. 048000 0. 084030 0. 144500 0. 074830 0. 219240 0. 270830 0. 057380
VW NYSE, EW NYSE, AMEX,and AMEX,and Yahoo!
NASDAQ
NASDAQ
0. 016400 0. 020800 0. 065940 0. 016360 0. 021550 0. 048530 0. 039650 0. 004980 0. 077720 0. 022280 0. 001750 0. 029380 0. 017850 0. 018280 0. 070050 0. 014980 0. 024150 0. 028160 0. 088870 0. 004300 0. 009380 0. 091730 0. 053870 0. 012420 0. 065980 0. 029540 0. 049040 0. 075690 0. 028780 0. 003350
0. 036700 0. 019540 0. 063130 0. 002790 0. 017030 0. 030680 0. 027370 0. 008330 0. 031610 0. 019290 0. 004470 0. 050950 0. 008220 0. 012170 0. 045810 0. 015750 0. 022040 0. 026720 0. 046650 0. 005380 0. 027290 0. 109790 0. 080490 0. 056330 0. 036650 0. 003870 0. 085250 0. 133650 0. 077820 0. 031020
Ex hi bi t6
Bear Dat e
31May 91 28J un91 31J ul 91 30Aug91 30Sep91 31Oc t 91 29Nov 91 31Dec 91 31J an92 28Feb92 31Mar 92 30Apr 92 29May 92 30J un92 31J ul 92 31Aug92 30Sep92 30Oc t 92 30Nov 92 31Dec 92 29J an93 26Feb93 31Mar 93 30Apr 93 28May 93 30J un93 30J ul 93 31Aug93 30Sep93 29Oc t 93
AG Edwar ds St e a r n s
0. 075760 0. 099720 0. 198820 0. 025220 0. 202900 0. 076310 0. 126870 0. 299660 0. 056110 0. 066430 0. 088760 0. 163220 0. 098770 0. 078430 0. 006130 0. 043460 0. 071430 0. 115380 0. 166670 0. 063840 0. 089950 0. 019420 0. 080200 0. 050690 0. 052430 0. 051550 0. 063730 0. 010140 0. 082570 0. 046610
0. 094630 0. 128000 0. 110090 0. 014880 0. 016950 0. 058330 0. 039760 0. 182610 0. 066180 0. 080000 0. 077420 0. 006990 0. 006690 0. 022220 0. 045450 0. 014290 0. 016260 0. 024000 0. 100390 0. 045110 0. 014390 0. 005840 0. 081480 0. 089040 0. 133330 0. 050280 0. 026600 0. 039900 0. 042110 0. 111110
Lehman Br os.
Meckl er medi a
Mer r i l l
Mor ganSt anl ey
Lynch
DeanWi t t er
0. 086090 0. 064020 0. 081430 0. 018180 0. 148810 0. 072540 0. 067630 0. 231770 0. 031710 0. 019650 0. 015660 0. 109090 0. 004080 0. 041240 0. 019800 0. 030580 0. 020150 0. 093830 0. 095710 0. 014490 0. 098740 0. 046650 0. 045870 0. 010530 0. 079430 0. 069310 0. 074070 0. 118970 0. 010310 0. 007400
0. 087560 0. 103110 0. 161200 0. 029970 0. 063490 0. 081290 0. 016170 0. 197180 0. 110040 0. 008850 0. 013390 0. 110860 0. 050690 0. 024330 0. 097260 0. 075180 0. 051850 0. 031250 0. 075560 0. 051890 0. 015700 0. 022080 0. 110500 0. 064450 0. 102300 0. 051440 0. 019890 0. 179360 0. 049770 0. 096260
18
Net scape
Pai ne
Raymond
Webbe r
Ja mes
0. 041460 0. 142080 0. 095540 0. 081630 0. 118920 0. 202900 0. 152610 0. 335070 0. 016040 0. 080430 0. 045450 0. 142860 0. 049140 0. 023670 0. 069360 0. 135350 0. 106920 0. 140850 0. 197280 0. 010360 0. 035900 0. 054650 0. 089470 0. 072460 0. 136460 0. 073730 0. 034330 0. 067220 0. 019530 0. 099620
0. 063950 0. 041090 0. 034290 0. 038670 0. 114260 0. 105260 0. 125540 0. 217820 0. 165530 0. 003500 0. 128840 0. 135510 0. 086490 0. 014910 0. 006020 0. 071860 0. 113030 0. 116790 0. 209150 0. 032430 0. 137650 0. 137930 0. 043660 0. 005490 0. 038250 0. 003370 0. 057890 0. 154410 0. 087380 0. 035710
VW NYSE, EW NYSE, AMEX,and AMEX,and Yahoo!
NASDAQ
NASDAQ
0. 040590 0. 044240 0. 046830 0. 026910 0. 011060 0. 017720 0. 037270 0. 107040 0. 001650 0. 013290 0. 023680 0. 013850 0. 006520 0. 019240 0. 039930 0. 020760 0. 012420 0. 010900 0. 040190 0. 017540 0. 012330 0. 005450 0. 025010 0. 025510 0. 029420 0. 005130 0. 000760 0. 039340 0. 000610 0. 018040
0. 030340 0. 034500 0. 034920 0. 028570 0. 008670 0. 023860 0. 025390 0. 036450 0. 149480 0. 052010 0. 014120 0. 032890 0. 005500 0. 039700 0. 027280 0. 024440 0. 011930 0. 016320 0. 067730 0. 035650 0. 066740 0. 007910 0. 030880 0. 012760 0. 037950 0. 011970 0. 014100 0. 040400 0. 025790 0. 040090
Ex hi bi t6
Bear Dat e
30Nov 93 31Dec 93 31J an94 28Feb94 31Mar 94 29Apr 94 31May 94 30J un94 29J ul 94 31Aug94 30Sep94 31Oc t 94 30No v 94 30Dec 94 31J an95 28Feb95 31Mar 95 28Apr 95 31Ma y 95 30J un95 31J ul 95 31Aug95 29Sep95 31Oct 95 30No v 95 29Dec 95 31J an96 29Feb96 29Mar 96 30Apr 96
AG Edwar ds St e a r n s
0. 032390 0. 032970 0. 016300 0. 048130 0. 190340 0. 013990 0. 071770 0. 080000 0. 014490 0. 150000 0. 086210 0. 013700 0. 060000 0. 043480 0. 020830 0. 224490 0. 016000 0. 039770 0. 010930 0. 000660 0. 088890 0. 005100 0. 098050 0. 042250 0. 065100 0. 115740 0. 052360 0. 034830 0. 032370 0. 055280
0. 018180 0. 016850 0. 114290 0. 106670 0. 098270 0. 083330 0. 019820 0. 165640 0. 051470 0. 141090 0. 123290 0. 015630 0. 029230 0. 016000 0. 081300 0. 136840 0. 013330 0. 114860 0. 038180 0. 055560 0. 035090 0. 061020 0. 042420 0. 075580 0. 101890 0. 086210 0. 157230 0. 060870 0. 020620 0. 015150
Lehman Br os.
0. 166670 0. 050000 0. 039680 0. 092310 0. 050850 0. 037100 0. 008400 0. 152540 0. 069120 0. 006900 0. 083330 0. 015380 0. 107590 0. 017140 0. 064040 0. 015870 0. 064520 0. 042530 0. 060770 0. 205880 0. 032200 0. 080810 0. 051400
Meckl er medi a
0. 045050 0. 000000 0. 905660 0. 128710 0. 011360 0. 275860 0. 031750 0. 311480 0. 071430 0. 410260 0. 181820 0. 155560 0. 730770 0. 566670 0. 517730 0. 411210 0. 006620 0. 126670 0. 112430 0. 373330 0. 510640 0. 098590 0. 185550 0. 155880 0. 090910 0. 333330
Mer r i l l
Mor ganSt anl ey
Lynch
DeanWi t t er
0. 063230 0. 074380 0. 073210 0. 094710 0. 083080 0. 010070 0. 063860 0. 102560 0. 046430 0. 115490 0. 147690 0. 143830 0. 034920 0. 059210 0. 030910 0. 119450 0. 036590 0. 070590 0. 038680 0. 117020 0. 057140 0. 042970 0. 084600 0. 112000 0. 004680 0. 081080 0. 120290 0. 013190 0. 054230 0. 006170
0. 084010 0. 013940 0. 121910 0. 156850 0. 039400 0. 037110 0. 025560 0. 048120 0. 065930 0. 155460 0. 109320 0. 052310 0. 091010 0. 002110 0. 019070 0. 120580 0. 004750 0. 031540 0. 095320 0. 077180 0. 023720 0. 038860 0. 116550 0. 099790 0. 008620 0. 065220 0. 185740 0. 015750 0. 109330 0. 030290
19
Pai ne
Ray mond
Net scape
Webber
Ja mes
0. 262630 0. 408000 0. 571020 0. 005420 0. 181650 0. 379000 0. 186270 0. 469880
0. 088510 0. 014080 0. 097220 0. 097050 0. 047010 0. 007410 0. 007760 0. 053030 0. 032000 0. 015190 0. 115380 0. 060870 0. 098690 0. 100920 0. 000000 0. 166330 0. 071940 0. 062020 0. 160290 0. 044300 0. 086090 0. 055120 0. 025970 0. 120250 0. 011070 0. 101120 0. 037500 0. 036390 0. 106920 0. 051140
0. 027780 0. 050000 0. 064960 0. 070920 0. 048550 0. 040320 0. 003030 0. 016950 0. 068970 0. 185190 0. 026250 0. 032260 0. 041670 0. 026090 0. 095710 0. 163930 0. 023100 0. 014490 0. 050000 0. 059320 0. 122580 0. 011490 0. 007270 0. 011490 0. 052330 0. 056570 0. 035290 0. 005680 0. 021240 0. 005560
VW NYSE, EW NYSE, AMEX,and AMEX,and Yahoo!
NASDAQ
NASDAQ
0. 017350 0. 019450 0. 031330 0. 024090 0. 045740 0. 009830 0. 009500 0. 027380 0. 030410 0. 042830 0. 018650 0. 014870 0. 037070 0. 012750 0. 020550 0. 039620 0. 026970 0. 024880 0. 034160 0. 030840 0. 040670 0. 009340 0. 036390 0. 011150 0. 042970 0. 015400 0. 028090 0. 016050 0. 011200 0. 025130
0. 024370 0. 016120 0. 048920 0. 009490 0. 046020 0. 010820 0. 000270 0. 026570 0. 015470 0. 036790 0. 004500 0. 002400 0. 040570 0. 012860 0. 027710 0. 027990 0. 018740 0. 025980 0. 020500 0. 048690 0. 055180 0. 030380 0. 025990 0. 040580 0. 017200 0. 009780 0. 033290 0. 031540 0. 024120 0. 057330
Ex hi bi t6
Bear Dat e
31May 96 28J un96 31J ul 96 30Au g96 30Se p96 31Oct 96 29Nov 96 31Dec 96 31J an97 28Feb97 31Mar 97 30Ap r 97 30May 97 30J un97 31J ul 97 29Au g97
AG Edwar ds St e a r n s
0. 090430 0. 064780 0. 009220 0. 022830 0. 045890 0. 025750 0. 046030 0. 081120 0. 011150 0. 044120 0. 128730 0. 138210 0. 060710 0. 156360 0. 011700 0. 059170
0. 014180 0. 020730 0. 047620 0. 045560 0. 005350 0. 016130 0. 170370 0. 013640 0. 076230 0. 055000 0. 125000 0. 161900 0. 070490 0. 051920 0. 199270 0. 031400
Lehman Br os.
0. 032510 0. 010200 0. 065660 0. 084320 0. 224850 0. 028990 0. 161190 0. 077250 0. 007970 0. 065140 0. 130110 0. 162390 0. 207650 0. 012200 0. 231480 0. 121600
Meckl er medi a
0. 156250 0. 094590 0. 172840 0. 044780 0. 028570 0. 034720 0. 165470 0. 024690 0. 050630 0. 337350 0. 135140 0. 062500 0. 245100 0. 012990 0. 065790 0. 006170
Mer r i l l
Mor ganSt anl ey
Lynch
DeanWi t t er
0. 077430 0. 005790 0. 068330 0. 014490 0. 075510 0. 066410 0. 146620 0. 015580 0. 032210 0. 144730 0. 105470 0. 110920 0. 115790 0. 125000 0. 181340 0. 124050
0. 014930 0. 007580 0. 004070 0. 020510 0. 041880 0. 013570 0. 196520 0. 049900 0. 003500 0. 105030 0. 069310 0. 077870 0. 075250 0. 046820 0. 220960 0. 082240
So ur c e: Ce nt e rf o rRes ea r c ho nSe cur i t yPr i c es ,Un i v er s i t yo fCh i c ag o.
20
Pai ne
Raymond
Net scape
Webbe r
Ja mes
0. 115780 0. 085400 0. 365460 0. 104430 0. 310950 0. 045820 0. 262710 0. 017900 0. 334070 0. 231020 0. 032190 0. 099790 0. 092380 0. 084570 0. 144250 0. 085180
0. 053650 0. 085710 0. 115790 0. 012140 0. 018180 0. 119050 0. 154260 0. 041290 0. 280000 0. 089580 0. 134100 0. 203540 0. 048530 0. 014080 0. 148210 0. 043550
0. 005520 0. 001320 0. 077350 0. 119760 0. 041500 0. 005150 0. 164100 0. 065550 0. 070540 0. 034880 0. 050040 0. 108700 0. 176470 0. 001640 0. 057080 0. 002160
VW NYSE, EW NYSE, AMEX,and AMEX,and Yahoo!
0. 058820 0. 250000 0. 142860 0. 090280 0. 082800 0. 070590 0. 031650 0. 111110 0. 992650 0. 107010 0. 070250 0. 213330 0. 054950 0. 093020 0. 602840 0. 053100
NASDAQ
NASDAQ
0. 026720 0. 007660 0. 053390 0. 032220 0. 052990 0. 013940 0. 065730 0. 011350 0. 053040 0. 000880 0. 044390 0. 042460 0. 071250 0. 044200 0. 076310 0. 036450
0. 061050 0. 030600 0. 078620 0. 044770 0. 028970 0. 019970 0. 024770 0. 001420 0. 061720 0. 010430 0. 047880 0. 021390 0. 085170 0. 044240 0. 048620 0. 027020
