VARIACIONES DE RENDIMIENTOS ANUALES

Date MSFT IBM BAC WMT S&P 500

12/1/2014 33.5% -12.4% 15.7% 11.9% 11.4%
11/3/2014 28.8% -7.6% 8.2% 10.8% 14.5%
10/1/2014 36.4% -6.2% 23.4% 1.9% 14.9%
9/2/2014 43.3% 4.8% 24.2% 6.0% 17.3%
8/1/2014 39.9% 7.9% 14.2% 6.1% 22.7%
7/1/2014 39.5% 0.4% 4.7% -3.3% 14.5%
6/2/2014 24.3% -3.1% 19.8% 3.3% 22.0%
5/1/2014 20.8% -9.4% 11.1% 5.1% 18.0%
4/1/2014 25.6% -1.0% 23.3% 5.1% 17.9%
3/3/2014 47.5% -7.9% 41.6% 4.6% 19.3%
2/3/2014 41.9% -5.9% 47.5% 8.1% 22.8%
1/2/2014 42.0% -11.3% 48.4% 9.4% 19.0%
12/2/2013 44.3% -0.2% 34.5% 18.2% 29.6%
11/1/2013 47.6% -3.6% 61.0% 15.2% 27.5%
10/1/2013 27.9% -6.2% 50.4% 4.8% 24.4%
9/3/2013 15.3% -9.1% 56.9% 2.7% 16.7%
8/1/2013 11.7% -4.7% 77.4% 3.0% 16.1%
7/1/2013 11.3% 1.3% 99.6% 7.2% 22.2%
6/3/2013 16.4% -0.6% 57.9% 9.4% 17.9%
5/1/2013 23.2% 9.7% 86.3% 16.4% 24.5%
4/1/2013 6.5% -0.5% 52.6% 35.2% 14.3%
3/1/2013 -8.6% 4.0% 27.8% 25.3% 11.4%
2/1/2013 -9.8% 3.8% 41.5% 22.8% 10.9%
1/2/2013 -4.4% 7.2% 59.6% 16.8% 14.1%
12/3/2012 5.8% 5.9% 109.9% 17.0% 13.4%
11/1/2012 7.0% 2.8% 82.0% 25.4% 13.6%
10/1/2012 10.1% 7.1% 37.4% 35.6% 12.7%
9/4/2012 22.8% 20.6% 45.0% 45.8% 27.3%
8/1/2012 19.1% 15.2% -1.7% 40.0% 15.4%
7/2/2012 10.5% 9.6% -23.9% 45.1% 6.7%
6/1/2012 20.9% 15.9% -25.0% 34.8% 3.1%
5/1/2012 19.9% 16.1% -37.0% 22.4% -2.6%
4/2/2012 26.9% 23.4% -33.6% 10.0% 2.5%
3/1/2012 30.5% 30.1% -27.8% 20.8% 6.2%
2/1/2012 22.7% 23.6% -43.9% 16.8% 2.9%
1/3/2012 9.3% 20.9% -47.8% 12.4% 2.0%
12/1/2011 -4.5% 27.4% -58.1% 13.8% 0.0%
11/1/2011 4.0% 35.1% -50.0% 11.8% 5.6%
10/3/2011 2.3% 30.8% -40.2% 7.5% 5.9%
9/1/2011 4.2% 32.6% -53.1% -0.4% -0.9%
8/1/2011 16.2% 42.0% -34.1% 8.9% 16.2%
7/1/2011 8.7% 44.2% -30.7% 5.6% 17.3%
6/1/2011 15.7% 41.4% -23.5% 13.3% 28.1%
5/2/2011 -0.7% 37.3% -25.1% 12.0% 23.5%
4/1/2011 -13.3% 34.7% -30.9% 5.0% 14.9%
3/1/2011 -11.4% 29.5% -25.1% -4.1% 13.4%
2/1/2011 -5.3% 29.7% -13.9% -1.7% 20.2%
1/3/2011 0.4% 34.9% -9.3% 7.4% 19.8%
 PROMEDIO

Rendimiento MSFT: 17.2%

Rendimiento IBM 11.7%

Rendimiento BAC 13.1%

Rendimiento WMT: 13.6%

 DESVIACIÓN ESTÁNDAR:
Permite ver la medida de riesgo.

Desviación estándar MSFT: 16.7%

Desviación estándar IBM: 16.6%
Desviación estándar BAC: 44.1%
Desviación estándar WMT: 12.0%

MSFT IBM BAC

RENDIMIENTO: 17.2% 11.7% 13.1%
RIESGO: 16.7% 16.6% 44.1%

MÍNIMO -13.3% -12.4% -58.1%

MÁXIMO 47.6% 44.2% 109.9%

RANGO MSFT IBM BAC

-60% 0 0 0
-55% 0 0 1
-50% 0 0 2
-45% 0 0 1
-40% 0 0 2
-35% 0 0 1
-30% 0 0 4
-25% 0 0 3
-20% 0 0 3
-15% 0 0 0
-10% 2 2 1
-5% 3 7 1
0% 3 7 1
5% 4 6 1
10% 5 6 1
15% 4 0 2
20% 6 3 2
25% 6 4 3
30% 4 3 1
35% 2 5 1
40% 3 2 1
45% 4 3 3
50% 2 0 2
 55% 0 0 2
60% 0 0 3
65% 0 0 1
70% 0 0 0
75% 0 0 0
80% 0 0 1
85% 0 0 1
90% 0 0 1
95% 0 0 0
100% 0 0 1
105% 0 0 0
110% 0 0 1
48 48 48

GRÁFICO DE DISPERSIÓN DE FRECUENCIAS

14

12

10

0
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120%
 COEFICIENTE DE CORRELACIÓN

BAC - MSFT
r =
r2 =

DISPERSIÓN DE MSFT Y BAC

120.0%
100.0%
WMT
80.0%
13.6%
12.0% 60.0%
40.0%
f(x) = 0.621564455963735
20.0% x + 0.0235801563012073
R² = 0.0550306114821112
0.0%
-4.1% -20.0%
45.8%
-40.0%
-60.0%
-80.0%
WMT
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.
0
0
0
0
0
0 BETA
0
0 β=
0
0
0 BAC
0 120.0%
4
100.0%
RENDIMIENTO DE LA ACCIÓN (BAC)

7
80.0%
12
60.0%
8 f(x) = 3.0870160509858 x − 0.326787150049494
6 40.0%
R² = 0.311872256616176
3 20.0%
2 0.0%
-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
1 -20.0%
3 -40.0%
0
-60.0%
2
-80.0%
RENDIMIENTO DE MERCADO (S&P 500)
 -20.0%

RENDIMIE
-40.0%
-60.0%
-80.0%
0
RENDIMIENTO DE MERCADO (S&P 500)
0
0
0
0 MSFT IBM
0 COVARIANZA 0.0044 -0.0036
0 VARIANZA 0.0064 0.0064
0 BETA 0.6885 -0.5588
0 BETA (PENDIENTE) 0.6885 -0.5588
0
0
0
48

ENCIAS

MSFT
IBM
BAC
WMT

80% 100% 120%

OEFICIENTE DE CORRELACIÓN

BAC - MSFT
0.23
0.055

ERSIÓN DE MSFT Y BAC

MSFT IBM
MSFT 1
IBM -0.51926072 1
.0235801563012073 BAC 0.234586043 -0.71210108
WMT -0.08795408 0.003653305
S&P 500 0.330009689 -0.26849679

r= -0.71210108
r2 = 0.507087954
0.0% 20.0% 30.0% 40.0% 50.0% 60.0%

BETA

3.0870

BAC

87150049494

0% 15.0% 20.0% 25.0% 30.0% 35.0%

DIMIENTO DE MERCADO (S&P 500)

DIMIENTO DE MERCADO (S&P 500)

BAC WMT
0.0197 -0.0013
0.0064 0.0064
3.0870 -0.2087
3.0870 -0.2087
 BAC WMT S&P 500

1
0.080074975 1
0.558455241 -0.13829651 1
 Rf-Rm

Date updated: 31-Dec-11

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data Historical returns: Stocks, T.Bonds & T.Bills with premiums US companies
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitio http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Customized Geometric risk premium estimator
What is your riskfree rate? LT Estimates of risk premiums from
Enter your starting year 1928 are provided at the bottom of th

Value of stocks in starting year: 100

Value of T.Bills in starting year: 100
Value of T.bonds in starting year: 100
Estimate of risk premium based on your inputs: 4.54%

Annual Returns on Investments in Compounded Value of $ 100

Year S&P 500 3-month T.Bill 10-year T. Bond Stocks T.Bills

1928 43.81% 3.08% 0.84% $ 143.81 $ 103.08
1929 -8.30% 3.16% 4.20% $ 131.88 $ 106.34
1930 -25.12% 4.55% 4.54% $ 98.75 $ 111.18
1931 -43.84% 2.31% -2.56% $ 55.46 $ 113.74
1932 -8.64% 1.07% 8.79% $ 50.66 $ 114.96
1933 49.98% 0.96% 1.86% $ 75.99 $ 116.06
1934 -1.19% 0.32% 7.96% $ 75.09 $ 116.44
1935 46.74% 0.18% 4.47% $ 110.18 $ 116.64
1936 31.94% 0.17% 5.02% $ 145.38 $ 116.84
1937 -35.34% 0.30% 1.38% $ 94.00 $ 117.19
1938 29.28% 0.08% 4.21% $ 121.53 $ 117.29
1939 -1.10% 0.04% 4.41% $ 120.20 $ 117.33
1940 -10.67% 0.03% 5.40% $ 107.37 $ 117.36
1941 -12.77% 0.08% -2.02% $ 93.66 $ 117.46
1942 19.17% 0.34% 2.29% $ 111.61 $ 117.85
1943 25.06% 0.38% 2.49% $ 139.59 $ 118.30
1944 19.03% 0.38% 2.58% $ 166.15 $ 118.75
1945 35.82% 0.38% 3.80% $ 225.67 $ 119.20
1946 -8.43% 0.38% 3.13% $ 206.65 $ 119.65
1947 5.20% 0.57% 0.92% $ 217.39 $ 120.33
1948 5.70% 1.02% 1.95% $ 229.79 $ 121.56

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 Rf-Rm

1949 18.30% 1.10% 4.66% $ 271.85 $ 122.90

1950 30.81% 1.17% 0.43% $ 355.60 $ 124.34
1951 23.68% 1.48% -0.30% $ 439.80 $ 126.18
1952 18.15% 1.67% 2.27% $ 519.62 $ 128.29
1953 -1.21% 1.89% 4.14% $ 513.35 $ 130.72
1954 52.56% 0.96% 3.29% $ 783.18 $ 131.98
1955 32.60% 1.66% -1.34% $ 1,038.47 $ 134.17
1956 7.44% 2.56% -2.26% $ 1,115.73 $ 137.60
1957 -10.46% 3.23% 6.80% $ 999.05 $ 142.04
1958 43.72% 1.78% -2.10% $ 1,435.84 $ 144.57
1959 12.06% 3.25% -2.65% $ 1,608.95 $ 149.27
1960 0.34% 3.05% 11.64% $ 1,614.37 $ 153.82
1961 26.64% 2.27% 2.06% $ 2,044.40 $ 157.30
1962 -8.81% 2.78% 5.69% $ 1,864.26 $ 161.67
1963 22.61% 3.11% 1.68% $ 2,285.80 $ 166.70
1964 16.42% 3.51% 3.73% $ 2,661.02 $ 172.54
1965 12.40% 3.90% 0.72% $ 2,990.97 $ 179.28
1966 -9.97% 4.84% 2.91% $ 2,692.74 $ 187.95
1967 23.80% 4.33% -1.58% $ 3,333.69 $ 196.10
1968 10.81% 5.26% 3.27% $ 3,694.23 $ 206.41
1969 -8.24% 6.56% -5.01% $ 3,389.77 $ 219.96
1970 3.56% 6.69% 16.75% $ 3,510.49 $ 234.66
1971 14.22% 4.54% 9.79% $ 4,009.72 $ 245.32
1972 18.76% 3.95% 2.82% $ 4,761.76 $ 255.01
1973 -14.31% 6.72% 3.66% $ 4,080.44 $ 272.16
1974 -25.90% 7.78% 1.99% $ 3,023.54 $ 293.33
1975 37.00% 5.99% 3.61% $ 4,142.10 $ 310.90
1976 23.83% 4.97% 15.98% $ 5,129.20 $ 326.35
1977 -6.98% 5.13% 1.29% $ 4,771.20 $ 343.09
1978 6.51% 6.93% -0.78% $ 5,081.77 $ 366.87
1979 18.52% 9.94% 0.67% $ 6,022.89 $ 403.33
1980 31.74% 11.22% -2.99% $ 7,934.26 $ 448.58
1981 -4.70% 14.30% 8.20% $ 7,561.16 $ 512.73
1982 20.42% 11.01% 32.81% $ 9,105.08 $ 569.18
1983 22.34% 8.45% 3.20% $ 11,138.90 $ 617.26
1984 6.15% 9.61% 13.73% $ 11,823.51 $ 676.60
1985 31.24% 7.49% 25.71% $ 15,516.60 $ 727.26
1986 18.49% 6.04% 24.28% $ 18,386.33 $ 771.15
1987 5.81% 5.72% -4.96% $ 19,455.08 $ 815.27
1988 16.54% 6.45% 8.22% $ 22,672.40 $ 867.86
1989 31.48% 8.11% 17.69% $ 29,808.58 $ 938.24

Page 13
 Rf-Rm

1990 -3.06% 7.55% 6.24% $ 28,895.11 $ 1,009.08

1991 30.23% 5.61% 15.00% $ 37,631.51 $ 1,065.69
1992 7.49% 3.41% 9.36% $ 40,451.51 $ 1,101.98
1993 9.97% 2.98% 14.21% $ 44,483.33 $ 1,134.84
1994 1.33% 3.99% -8.04% $ 45,073.14 $ 1,180.07
1995 37.20% 5.52% 23.48% $ 61,838.19 $ 1,245.15
1996 22.68% 5.02% 1.43% $ 75,863.69 $ 1,307.68
1997 33.10% 5.05% 9.94% $ 100,977.34 $ 1,373.76
1998 28.34% 4.73% 14.92% $ 129,592.25 $ 1,438.70
1999 20.89% 4.51% -8.25% $ 156,658.05 $ 1,503.58
2000 -9.03% 5.76% 16.66% $ 142,508.98 $ 1,590.23
2001 -11.85% 3.67% 5.57% $ 125,622.01 $ 1,648.63
2002 -21.97% 1.66% 15.12% $ 98,027.82 $ 1,675.96
2003 28.36% 1.03% 0.38% $ 125,824.39 $ 1,693.22
2004 10.74% 1.23% 4.49% $ 139,341.42 $ 1,714.00
2005 4.83% 3.01% 2.87% $ 146,077.85 $ 1,765.59
2006 15.61% 4.68% 1.96% $ 168,884.34 $ 1,848.18
2007 5.48% 4.64% 10.21% $ 178,147.20 $ 1,933.98
2008 -36.55% 1.59% 20.10% $ 113,030.22 $ 1,964.64
2009 25.94% 0.14% -11.12% $ 142,344.87 $ 1,967.29
2010 14.82% 0.13% 8.46% $ 163,441.94 $ 1,969.84
2011 2.10% 0.03% 16.04% $ 166,871.56 $ 1,970.44
2012 15.89% 0.05% 2.97% $ 193,388.43 $ 1,971.42
2013 32.15% 0.07% -9.10% $ 255,553.31 $ 1,972.72
2014 13.52% 0.05% 10.75% $ 290,115.42 $ 1,973.77
2015 1.36% 0.21% 1.28% $ 294,060.84 $ 1,977.91
Risk Premium
Arithmetic Average Stocks - T.Bil
1928-2015 11.41% 3.49% 5.23% 7.92%
1966-2015 11.01% 4.97% 7.12% 6.05%
2006-2015 9.03% 1.16% 5.16% 7.87%
Risk Premium
Geometric Average Stocks - T.Bil
1928-2015 9.50% 3.45% 4.96% 6.05%
1966-2015 9.61% 4.92% 6.71% 4.69%
2006-2015 7.25% 1.14% 4.71% 6.11%

Page 14
 Rf-Rm

S companies

timates of risk premiums from 1928, over the last 50 years and over the last 10 years
e provided at the bottom of this table.

ed Value of $ 100
Historical risk
T.Bonds Stocks - BillsStocks - Bonds premium
$ 100.84 40.73% 42.98%
$ 105.07 -11.46% -12.50%
$ 109.85 -29.67% -29.66%
$ 107.03 -46.15% -41.28%
$ 116.44 -9.71% -17.43%
$ 118.60 49.02% 48.13%
$ 128.05 -1.51% -9.15%
$ 133.78 46.57% 42.27%
$ 140.49 31.77% 26.93%
$ 142.43 -35.64% -36.72%
$ 148.43 29.21% 25.07%
$ 154.98 -1.14% -5.51%
$ 163.35 -10.70% -16.08%
$ 160.04 -12.85% -10.75%
$ 163.72 18.84% 16.88%
$ 167.79 24.68% 22.57%
$ 172.12 18.65% 16.45%
$ 178.67 35.44% 32.02%
$ 184.26 -8.81% -11.56%
$ 185.95 4.63% 4.28%
$ 189.58 4.68% 3.75%

Page 15
 Rf-Rm

$ 198.42 17.20% 13.64%

$ 199.27 29.63% 30.38%
$ 198.68 22.20% 23.97%
$ 203.19 16.48% 15.88%
$ 211.61 -3.10% -5.35%
$ 218.57 51.60% 49.27%
$ 215.65 30.94% 33.93%
$ 210.79 4.88% 9.70%
$ 225.11 -13.69% -17.25%
$ 220.39 41.94% 45.82%
$ 214.56 8.80% 14.70%
$ 239.53 -2.71% -11.30% 6.11%
$ 244.46 24.37% 24.58% 6.62%
$ 258.38 -11.59% -14.51% 5.97%
$ 262.74 19.50% 20.93% 6.36%
$ 272.53 12.91% 12.69% 6.53%
$ 274.49 8.50% 11.68% 6.66%
$ 282.47 -14.81% -12.88% 6.11%
$ 278.01 19.47% 25.38% 6.57%
$ 287.11 5.55% 7.54% 6.60%
$ 272.71 -14.80% -3.23% 6.33%
$ 318.41 -3.12% -13.19% 5.90%
$ 349.57 9.68% 4.43% 5.87%
$ 359.42 14.80% 15.94% 6.08%
$ 372.57 -21.03% -17.97% 5.50%
$ 379.98 -33.68% -27.89% 4.64%
$ 393.68 31.01% 33.39% 5.17%
$ 456.61 18.86% 7.85% 5.22%
$ 462.50 -12.11% -8.27% 4.93%
$ 458.90 -0.42% 7.29% 4.97%
$ 461.98 8.58% 17.85% 5.21%
$ 448.17 20.52% 34.72% 5.73%
$ 484.91 -19.00% -12.90% 5.37%
$ 644.04 9.41% -12.40% 5.10%
$ 664.65 13.89% 19.14% 5.34%
$ 755.92 -3.47% -7.59% 5.12%
$ 950.29 23.75% 5.52% 5.13%
$ 1,181.06 12.46% -5.79% 4.97%
$ 1,122.47 0.09% 10.77% 5.07%
$ 1,214.78 10.09% 8.31% 5.12%
$ 1,429.72 23.37% 13.78% 5.24%

Page 16
 Rf-Rm

$ 1,518.87 -10.61% -9.30% 5.00%

$ 1,746.77 24.62% 15.23% 5.14%
$ 1,910.30 4.09% -1.87% 5.03%
$ 2,181.77 6.98% -4.24% 4.90%
$ 2,006.43 -2.66% 9.36% 4.97%
$ 2,477.55 31.68% 13.71% 5.08%
$ 2,512.94 17.66% 21.25% 5.30%
$ 2,762.71 28.05% 23.16% 5.53%
$ 3,174.95 23.61% 13.42% 5.63%
$ 2,912.88 16.38% 29.14% 5.96%
$ 3,398.03 -14.79% -25.69% 5.51%
$ 3,587.37 -15.52% -17.42% 5.17%
$ 4,129.65 -23.62% -37.08% 4.53%
$ 4,145.15 27.33% 27.98% 4.82%
$ 4,331.30 9.52% 6.25% 4.84%
$ 4,455.50 1.82% 1.97% 4.80%
$ 4,542.87 10.94% 13.65% 4.91%
$ 5,006.69 0.84% -4.73% 4.79%
$ 6,013.10 -38.14% -56.65% 3.88%
$ 5,344.65 25.80% 37.05% 4.29%
$ 5,796.96 14.69% 6.36% 4.31%
$ 6,726.52 2.07% -13.94% 4.10%
$ 6,926.40 15.84% 12.92% 4.20%
$ 6,295.79 32.08% 41.25% 4.62%
$ 6,972.34 13.47% 2.78% 4.60%
$ 7,061.89 1.15% 0.08% 4.54%
Risk Premium Standard Error
Stocks - T.BonStocks - T.BiStocks - T.Bonds
6.18% 2.15% 2.29%
3.89% 2.42% 2.74%
3.88% 6.06% 8.66%
sk Premium
Stocks - T.Bonds
4.54%
2.90%
2.53%

Page 17
CUADRO 37 INDICADORES DE RIESGO PARA PAÍSES EMERGENTES: Índice de Bonos de Mercados Emergentes (EMBIG) 1/
DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMÉRICA (EUA) 2/ (En puntos básicos) 3/
RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond Index (EMBIG) 1/ Stripped Spread 2/ (In basis points) 3/

Diferencial de rendimientos del índice de bonos de mercados emergentes (EMBIG) / Emerging Market Bond LATIN EMBIG EMBIG Países Tasa de Interés / Interest Rate
Index (EMBIG) Stripped Spread Países Emergentes / Tesoro de EUA Tesoro de EUA Tesoro de EUA 30
Fecha Date
Latinoamericanos Emerging 5 años / USA 10 años / USA años / USA
Perú Argentina Brasil Chile Colombia Ecuador México Venezuela / Latin Countries Countries Treasury 5 years Treasury 10 years Treasury 30 years

2014 162 787 235 143 167 510 183 1336 407 330 1.6 2.5 3.3 2014
Ene. 177 932 256 155 183 571 197 1236 425 347 1.6 2.8 3.8 Jan.
Feb. 183 971 258 159 189 610 196 1387 456 368 1.5 2.7 3.7 Feb.
Mar. 167 880 239 149 177 549 188 1200 408 341 1.6 2.7 3.6 Mar.
Abr. 154 788 225 138 162 455 178 1043 372 316 1.7 2.7 3.5 Apr.
May. 149 798 214 136 154 354 172 1040 365 304 1.6 2.6 3.4 May.
Jun. 145 763 209 122 144 370 160 954 343 282 1.7 2.6 3.4 Jun.
Jul. 147 651 212 124 146 425 163 921 336 282 1.7 2.5 3.3 Jul.
Ago. 157 761 221 130 154 477 169 1069 373 310 1.6 2.4 3.2 Aug.
Set. 150 719 216 126 152 427 168 1297 391 312 1.8 2.5 3.3 Sep.
Oct 170 760 244 150 174 520 190 1604 443 348 1.5 2.3 3.0 Oct
Nov 165 674 252 151 173 549 192 1820 454 349 1.6 2.3 3.0 Nov
Dic 182 747 272 172 200 817 217 2465 516 402 1.6 2.2 2.8 Dec

2015 201 590 361 186 250 995 251 2775 541 415 1.5 2.1 2.8 2015
Ene. 202 732 300 186 231 943 242 3088 561 444 1.4 1.9 2.5 Jan.
Feb. 183 684 315 168 208 779 227 2776 539 426 1.5 2.0 2.6 Feb.
Mar. 184 593 339 156 222 801 234 2865 521 411 1.5 2.0 2.6 Mar.
Abr. 177 604 299 153 216 780 225 2475 488 388 1.3 1.9 2.6 Apr.
May. 166 596 285 143 209 667 217 2256 470 369 1.5 2.2 3.0 May.
Jun. 177 593 296 151 225 775 230 2612 504 385 1.7 2.4 3.1 Jun
Jul. 187 603 322 168 243 909 238 2889 527 397 1.6 2.3 3.1 Jul.
Ago. 217 590 353 194 276 1167 261 3191 567 431 1.5 2.2 2.9 Aug
Set. 234 561 439 216 291 1345 276 2970 586 442 1.5 2.2 2.9 Sep.
Oct. 226 555 448 221 283 1330 278 2851 582 437 1.4 2.1 2.9 Oct.
Nov. 219 486 421 221 280 1213 274 2599 553 412 1.7 2.3 3.0 Nov.
Dic. 236 478 512 250 314 1233 311 2731 594 442 1.7 2.2 3.0 Dec.

2016 251 463 499 246 343 1349 338 3344 629 468 1.3 1.9 2.7 2016
Ene. 266 486 542 273 368 1536 353 3400 663 486 1.5 2.1 2.8 Jan.
Feb. 282 471 558 279 392 1564 372 3581 685 506 1.2 1.8 2.6 Feb.
Mar. 227 450 455 217 310 1193 313 3144 588 444 1.4 1.9 2.7 Mar.
Abr. 1-12 229 444 440 216 302 1105 315 3250 582 437 1.2 1.7 2.6 Apr.1-12

Nota: Var. % Note: % chg.

Anual 29.6 -26.5 47.2 41.3 40.2 41.7 40.2 31.3 19.3 12.8 -12.3 -9.5 -0.6 Year-to-Year
Acumulada -3.0 -7.1 -14.1 -13.7 -3.5 -10.4 1.3 19.0 -2.1 -1.1 -30.2 -22.2 -13.3 Cumulative
Mensual 1.1 -1.3 -3.4 -0.4 -2.4 -7.4 0.7 3.3 -1.0 -1.4 -14.6 -8.1 -4.4 Monthly

1/ La información de este cuadro se ha actualizado en la Nota Semanal N° 14 (15 de abril de 2016). Corresponde a datos promedio del mes.
2/ Índice elaborado por el J.P. Morgan que refleja los retornos del portafolio de deuda según sea el caso, es decir, de cada país, de los países latinoamericanos y de los países emer-
gentes en conjunto. Considera como deuda, eurobonos, bonos Brady y en menor medida deudas locales y préstamos. Estos indicadores son promedio para cada período y su
disminución se asocia con una reducción del riesgo país percibido por los inversionistas. Se mide en puntos básicos y corresponde al diferencial de rendimientos con respecto al
bono del Tesoro de EUA de similar duración de la deuda en cuestión.
3/ Cien puntos básicos equivalen a uno por ciento.

Fuente: Bloomberg y Reuters.

Elaboración: Gerencia de Información y Análisis Económico - Subgerencia de Economía Internacional.
Date updated: 5-Jan-16
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta and other risk measures US companies
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 44 1.08 56.26% 3.90% 0.70 5.18% 0.74 0.6415
Aerospace/Defense 92 1.33 20.50% 13.51% 1.13 5.53% 1.20 0.4706
Air Transport 20 1.27 69.78% 18.34% 0.81 4.42% 0.85 0.4583
Apparel 63 1.06 27.86% 13.84% 0.85 3.43% 0.88 0.5264
Auto & Truck 19 0.96 128.04% 8.01% 0.44 6.94% 0.47 0.5315
Auto Parts 65 1.29 32.91% 9.64% 0.99 8.65% 1.08 0.5060
Bank (Money Center) 9 1.11 216.41% 25.82% 0.43 9.98% 0.47 0.1576
Banks (Regional) 644 0.51 78.59% 24.11% 0.32 11.86% 0.36 0.1768
Beverage (Alcoholic) 22 0.94 18.25% 11.28% 0.81 1.29% 0.82 0.5431
Beverage (Soft) 43 1.15 22.98% 5.97% 0.95 4.20% 0.99 0.6125
Broadcasting 29 1.29 94.73% 21.20% 0.74 1.90% 0.75 0.4036
Brokerage & Investment Banking 42 1.35 285.54% 18.15% 0.40 11.33% 0.46 0.3991
Building Materials 39 1.18 33.15% 22.43% 0.94 4.47% 0.98 0.3619
Business & Consumer Services 159 1.19 35.33% 13.76% 0.91 4.04% 0.95 0.5041
Cable TV 19 1.23 49.61% 17.19% 0.87 1.41% 0.89 0.4384
Chemical (Basic) 42 1.17 61.95% 8.24% 0.74 7.73% 0.81 0.5278
Chemical (Diversified) 9 1.55 38.27% 18.35% 1.18 6.35% 1.27 0.4231
Chemical (Specialty) 104 1.25 31.38% 8.45% 0.97 4.49% 1.01 0.4718
Coal & Related Energy 38 1.49 312.08% 0.95% 0.36 6.03% 0.39 0.7400
Computer Services 118 1.17 28.87% 12.84% 0.94 6.44% 1.00 0.5040
Computers/Peripherals 64 1.33 18.65% 5.48% 1.13 7.38% 1.22 0.4964
Construction Supplies 52 1.65 59.08% 17.00% 1.11 6.14% 1.18 0.4072
Diversified 26 1.01 55.72% 15.20% 0.68 6.92% 0.74 0.3935
Drugs (Biotechnology) 411 1.28 14.29% 1.80% 1.12 5.92% 1.19 0.5788
Drugs (Pharmaceutical) 157 1.02 13.01% 3.90% 0.90 3.71% 0.94 0.5688
Education 40 1.05 46.24% 12.05% 0.75 12.90% 0.86 0.5333
Electrical Equipment 120 1.15 21.91% 6.58% 0.95 7.40% 1.03 0.6246
Electronics (Consumer & Office) 25 1.23 14.81% 9.71% 1.09 6.76% 1.16 0.5600
Electronics (General) 167 1.03 19.79% 9.47% 0.87 11.28% 0.98 0.4592
Engineering/Construction 51 1.32 41.91% 11.63% 0.96 9.84% 1.07 0.5027
Entertainment 84 1.21 29.94% 3.25% 0.94 3.85% 0.98 0.6763
Environmental & Waste Services 97 1.10 38.80% 7.49% 0.81 1.09% 0.82 0.6108
Farming/Agriculture 37 1.25 75.73% 9.28% 0.74 4.30% 0.77 0.5456
Financial Svcs. (Non-bank & Insurance) 272 0.65 1338.71% 18.75% 0.05 2.25% 0.06 0.2686
Food Processing 89 0.89 26.16% 14.09% 0.72 2.46% 0.74 0.4237
Food Wholesalers 14 0.73 24.97% 15.85% 0.60 1.25% 0.61 0.4020
Furn/Home Furnishings 30 1.23 30.94% 15.53% 0.98 2.81% 1.00 0.4213
Green & Renewable Energy 28 1.62 132.92% 0.77% 0.70 16.85% 0.84 0.6692
Healthcare Products 254 1.03 19.50% 6.42% 0.87 5.32% 0.92 0.4977
Healthcare Support Services 127 1.05 28.62% 13.84% 0.84 5.45% 0.89 0.5328
Heathcare Information and Technology 126 1.11 17.70% 6.96% 0.95 3.45% 0.99 0.5641
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Homebuilding 34 1.12 60.86% 21.79% 0.76 6.20% 0.81 0.3352
Hospitals/Healthcare Facilities 58 0.82 98.46% 10.41% 0.44 1.35% 0.44 0.3952
Hotel/Gaming 73 0.97 55.41% 11.34% 0.65 4.09% 0.68 0.4214
Household Products 134 1.05 20.02% 8.86% 0.89 3.21% 0.91 0.5864
Information Services 70 1.00 15.52% 16.46% 0.89 3.49% 0.92 0.3596
Insurance (General) 20 1.04 42.76% 21.73% 0.78 4.76% 0.82 0.2247
Insurance (Life) 25 1.28 79.07% 20.29% 0.79 13.57% 0.91 0.2733
Insurance (Prop/Cas.) 53 0.90 31.39% 21.85% 0.72 4.55% 0.75 0.2212
Investments & Asset Management 145 1.17 76.37% 7.90% 0.69 14.65% 0.81 0.3926
Machinery 130 1.44 27.57% 15.24% 1.16 5.33% 1.23 0.4385
Metals & Mining 114 1.55 85.76% 1.42% 0.84 3.63% 0.87 0.7487
Office Equipment & Services 24 1.82 60.56% 19.14% 1.22 5.83% 1.29 0.3991
Oil/Gas (Integrated) 7 1.54 16.50% 8.14% 1.33 3.11% 1.38 0.5230
Oil/Gas (Production and Exploration) 351 1.63 82.48% 2.91% 0.91 4.47% 0.95 0.6976
Oil/Gas Distribution 79 1.22 94.36% 5.60% 0.65 1.00% 0.65 0.4387
Oilfield Svcs/Equip. 143 1.74 39.08% 9.56% 1.29 8.72% 1.41 0.5552
Packaging & Container 25 1.26 54.73% 21.41% 0.88 2.57% 0.91 0.3542
Paper/Forest Products 20 1.52 89.06% 15.88% 0.87 3.02% 0.89 0.3852

Power 73 0.80 83.44% 23.38% 0.49 2.51% 0.50 0.2607

Precious Metals 113 1.29 50.03% 1.60% 0.87 16.27% 1.03 0.7030
Publishing & Newspapers 39 1.45 49.57% 13.67% 1.01 5.28% 1.07 0.4452
R.E.I.T. 221 0.76 89.81% 2.17% 0.41 1.44% 0.41 0.2171
Real Estate (Development) 21 1.41 62.89% 1.06% 0.87 6.72% 0.93 0.5535
Real Estate (General/Diversified) 12 1.22 25.47% 9.64% 0.99 3.68% 1.03 0.3518
Real Estate (Operations & Services) 55 1.50 64.54% 11.19% 0.95 4.19% 0.99 0.5382
Recreation 65 0.91 31.61% 11.33% 0.71 4.48% 0.75 0.4801
Reinsurance 3 1.03 39.48% 20.37% 0.78 12.27% 0.89 0.1255
Restaurant/Dining 83 0.76 25.85% 18.54% 0.63 2.12% 0.64 0.4150
Retail (Automotive) 26 1.06 53.16% 21.18% 0.75 1.05% 0.76 0.3211
Retail (Building Supply) 5 1.47 18.73% 23.18% 1.29 1.52% 1.31 0.3598
Retail (Distributors) 83 1.22 60.34% 16.42% 0.81 1.85% 0.83 0.5010
Retail (General) 19 1.16 39.49% 24.75% 0.90 3.12% 0.92 0.2935

Retail (Grocery and Food) 17 1.04 46.89% 23.56% 0.76 1.23% 0.77 0.3836
Retail (Online) 39 1.58 8.49% 11.14% 1.46 4.03% 1.53 0.5392
Retail (Special Lines) 124 1.07 46.68% 19.95% 0.78 3.47% 0.81 0.4567
Rubber& Tires 4 1.66 65.26% 9.60% 1.04 11.26% 1.18 0.5027
Semiconductor 87 1.39 12.57% 9.51% 1.24 5.50% 1.32 0.4118
Semiconductor Equip 46 1.40 37.57% 11.25% 1.05 14.27% 1.22 0.4048
Shipbuilding & Marine 11 1.24 56.95% 11.82% 0.83 1.76% 0.84 0.4948
Shoe 11 0.82 6.79% 18.12% 0.78 3.85% 0.81 0.4392
Software (Entertainment) 17 1.42 10.23% 1.56% 1.29 12.11% 1.46 0.5959
Software (Internet) 308 1.34 4.43% 3.80% 1.28 3.29% 1.33 0.6266
Software (System & Application) 241 1.33 12.18% 6.34% 1.19 4.43% 1.25 0.5048
Steel 36 1.43 91.75% 11.49% 0.79 8.70% 0.86 0.4502
Telecom (Wireless) 19 1.48 150.55% 9.38% 0.62 4.01% 0.65 0.5072
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Telecom. Equipment 121 1.29 20.72% 8.86% 1.09 6.98% 1.17 0.4771
Telecom. Services 65 0.95 78.10% 11.89% 0.56 1.77% 0.57 0.4742
Tobacco 20 1.91 19.84% 11.64% 1.63 2.01% 1.66 0.6963
Transportation 21 1.41 31.12% 18.82% 1.13 5.19% 1.19 0.3969
Transportation (Railroads) 12 1.15 30.49% 15.11% 0.92 1.31% 0.93 0.4147
Trucking 26 1.69 101.22% 31.25% 1.00 3.04% 1.03 0.4031
Unclassified 3 0.23 100.42% 0.00% 0.11 0.35% 0.11 0.4300
Utility (General) 20 0.55 70.51% 26.58% 0.36 0.65% 0.36 0.1581
Utility (Water) 18 0.47 49.00% 14.60% 0.33 0.70% 0.33 0.3123
Total Market 7480 1.13 71.49% 10.95% 0.69 4.81% 0.73 0.4681
Standard deviation of equity
71.03%
46.90%
51.95%
60.62%
33.71%
55.06%
32.77%
28.93%
58.51%
54.55%
47.22%
48.05%
44.27%
50.13%
41.58%
54.20%
40.56%
50.43%
86.78%
51.74%
63.91%
42.41%
27.37%
88.89%
77.30%
59.62%
71.04%
63.42%
59.34%
57.02%
63.16%
65.51%
48.69%
34.97%
38.29%
54.49%
44.49%
62.36%
62.16%
54.32%
60.52%
Standard deviation of equity
41.71%
36.49%
46.75%
62.02%
40.74%
33.57%
35.59%
32.93%
37.84%
46.07%
91.02%
41.58%
50.24%
80.22%
47.82%
69.62%
32.10%
38.53%

29.31%
93.13%
51.60%
25.71%
36.15%
40.76%
43.44%
45.47%
29.15%
40.67%
46.34%
50.34%
52.36%
46.87%

51.57%
50.54%
50.69%
38.00%
51.24%
54.21%
60.89%
39.02%
54.18%
64.71%
59.22%
51.52%
45.11%
Standard deviation of equity
57.78%
52.25%
48.90%
40.03%
31.20%
43.08%
24.61%
25.03%
36.78%
51.65%