文章基本信息

标题：Computing Bottom-Up Betas For Companies In The Soft Drink Industry
本地全文：下载
作者：V. Reddy Dondeti ; Carl B. McGowan ; Susan E. Moeller 等
期刊名称：Journal of Business Case Studies
印刷版ISSN：1555-3353
电子版ISSN：2157-8826
出版年度：2014
卷号：10
期号：4
页码：357-362
DOI：10.19030/jbcs.v10i4.8824
语种：English
出版社：The Clute Institute for Academic Research
摘要：In this paper, we decompose the CAPM equity beta for Coca-Cola and Pepsi (KOPEP) to show the industry component and the operating leverage and the financial leverage components for the period from 2004 to 2012. We compute the CAPM equity betas using a standard five year, sixty month, regression between returns for KOPEP using the S&P500 as the market index. We adjust for financial leverage using the Hamada (1969) methodology and we adjust for operating leverage using the degree of operating leverage (DOL). The average business beta for Coca-Cola is 0.1882 and the average business beta for Pepsico is 0.1369. Over the period of this analysis, Coca-Cola has had a business beta slightly higher than the business beta for Pepsico.
关键词：CAPM;Bottom-Up Beta;Equity Beta;Unlevered Beta;Business Beta;Coca-Cola;Pepsi
其他关键词：CAPM;Bottom-Up Beta;Equity Beta;Unlevered Beta;Business Beta;Coca-Cola;Pepsi