Financial Management Research Project The Financial Management Research Project is DUE MONDAY MONDAY,, MAY 3, 2010. The project is to be done in TEAMS of 4 or 5 individuals. At the end of the project, each team member will rank all team members, including oneself, on contribution to the project. No two team members can have the the same rank. The person gettin getting g the highest rank will get get the project grade +3 points, the person getting the lowest rank will get the project grade -3 points. The optimum strategy is for everyone to work hard and get a high paper grade, then + or – 3 points will have minimal impact on a grade. However if a paper grade is, for example, 77, individual grades will be spread across C, C+ and B. I would be very disappointed if any project scored as low as a 77. 77.
The Research Project must fit within the following criteria: 1. Narrative text must be limited to five pages. I am not impressed with a river of words. Figure out what you need to say and say it. Your writing should be clear, concise, logical and well supported by the facts.
2. Tables, Diagrams, Graphs, Footnotes, References, Statistics. You may have an unlimited number of pages of the foregoing items. They may be interspersed with your writing or at the end. All tables, diagrams and graphs should be well labeled and self explanatory. You may need to write a paragraph on the page with this material explaining what it means and how to read it. Clearly footnote ALL material used.
3. References to Peer Reviewed Journal Articles You must have at least five references to peer reviewed journal articles. Such articles can be searched on-line through the library’s computer. Log onto the library’s computer using your Rutgers email userid and password, click on Complete listing A to Z of databases, click on Business, click on B Business usiness Source Premier, click on Connect and a search screen will appear.
4. Each Project Must Involve at Least 100 Data Points; more is better. All data related to one company is a single data point.
5. The project may be one of those suggested below. If it is anything else, I must approve it Gambling Related, Non-Profit, or Governmen Governmentt projects will be approved approved,, unless they directly relate relate first. No Sports, Gambling Non-profit or Government Government bonds.
A. Compare the theoretical value of a stock using the Gordon Model to the actual market dividends. You can estimate the discount rate, k, of a stock by price of a stock. stock. This only works for stocks that pay dividends. looking at its bond yield and adding 2% to 3%. Value stocks using both +2% and +3% to provide a range. Growth rates can be estimated by looking at the compound annul growth rate of dividends over the last 5 years. finance.yahoo.com provides dividend information.
B. Compare Government Bonds of varying maturities to corporate bonds of same maturities identify the combined default risk and liquidity premium and see how that ties into bond ratings. Bond yields may be computed from information in the Wall Street Journal among other sources. Bond ratings are generally on the Moody’s website among other places.
C. Determine whether there is a Liquidity Premium for stocks. Compare groups of stocks with high medium and low sales volume (this is available in the Wall Street Journal among other places) and a nd compare price as a function of sales, EBITDA, net income. For F or example, a stock trading 100,000 shares per day might have a Price/$10
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million sales ratio of 2.0 whereas a stock trading less than 500 shares per day might have a Price/$10 million of sales ratio of 1.2. This would indicate that more liquid (highly traded stocks) are more valued.
D. Determine whether growth in stock price or total yield (price growth plus dividend yield) is rewarded in stock price. Compare sales growth, EBITDA growth, net income growth over five years to price earnings ratios.
If you are llookin ooking g for other ideas ideas,, look at so some me o off the prin principal cipalss and conc concepts epts we ha have ve covered date in coursesome and determine whether youof can find enough data to test, validate,to refute, orthe generate new insight about one them.
6. Data Display. Data should include both descriptive and statistical information. Descriptive statistics should include: include: n, the number of data points, mean, median, first quarter and third quarter cutoff values. Regression or t-statistics should contain statistical values and a brief not as to significance. For example, *** indicates statistically statistically significant at the 0.01 level, ** indicates statistic statistically ally significant at the 0.05 level, * indicates statistically significant significant at the 0.1 level. Attached is Table 5 Panel A Materiality by Accounting Issue as an example of what a Table might look like. Not all tables need look exactly like this.
7. Data Sources: Consider Mergent On-line available through the library’s computer system, much data is also available free on the web from f rom reliable sources. Also consult with Theo Haynes the librarian designated as the School of Business Specialist. Finally, I will do specific extracts of Compustat a database that contains selected historical financial information on thousands of companies. The attached record layout for Compustat is the “theoretical” data available. One caution with Compustat; not all fields are populated for all a ll companies. If you want me to do an extract, specify: o Years o Fields desired o Sele Select ctio ion n cri crite teri riaa ((gr grea eate terr or or les lesss tha than n a ce cert rtai ain n val value ue). ).
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Table 5 Panel A Materiality by Accounting Issue A cohort is the most granular level level at which an underlying study reported data. One cohort reports the mean material materiality ity for one interest group on one accounting issue. Participants is the number of individuals who made materiality decisions. The number of materiality decisions is n. The upper and lower bound are the boundaries for the 90% and 95% confidence interval for each accounting issue respectively. respectiv ely. Caution should be use when interpreting data based on a ffewer ewer than six studies or when one study contributes more than 20% of the data points. As the number of studies decrease decreasess below six and the number of data points from any one study rises above about 20%, the data begin to lose their meta-analytic meta-analytic character. Specifically, peculiarities peculiarities in the methodology for any one study become much less attenuated. This does not mean the data are invalid, just that corroborating data should be sought. ---------------
Accounting Changes & General
Materiali ty ty
---------------
90% Confi d deence
95% Confi d deence
Cohorts
n
Mean
Q1
Median
Q4
Lower bound
Upper bound
Lower bound
Upper bound
107
4,295
8.91%
4.00%
6.20%
11.88%
1.50%
26.37%
0.81%
27.37%
6.43%
6.81%
8.86%
3.97%
12.00%
3.69%
13.00%
5.90%
15.32%
19.69%
5.90%
22.15%
5.90%
28.31%
3.00% 5.83%
3.00%
6.00%
2.00%
9.00%
2.00%
9.00%
12.77%
13.54%
5.83%
21.08%
5.83%
21.08%
3.91%
4.86%
7.54%
2.32%
9.38%
(iv)
(iv)
1.47%
4.73%
12.11%
0.97%
22.70%
0.73%
25.00%
Asset Impairment or write off
59
3,902
7.82%
Bond premium write off
9
202
13.52%
Bribes
7
468
4.32%
Casualty loss
9
193
11.64%
Contingent liability (i)
11
91
5.90%
Expense
50
2,178
Litigation (ii)
11
661
Leases (iii)
8
81
7.87% 12.55% 15.20%
Revenue or gain treatment
33
1,962
8.42%
3.62%
8.57%
9.00%
1.75%
16.77%
1.75%
17.00%
All Accounting Issues
304
14,03 3
8.52%
4.00%
6.78%
11.00 %
1.47 %
21.66 %
1.08%
26.37%
7.00%
10.00%
21.66%
4.00%
22.33%
4.00%
40.56%
10.15%
14.46%
18.92%
5.40%
27.08%
(iv)
(iv)
Notes: (i) Contingent liability liability data was was based on 3 studies studies of which one study study contribute contributed d 41% of the data. (ii) Litigatio Litigation n data was based on 4 studies of which which one study contributed 79% o off the data. (iii) Lease data was based on 4 studies of which one study contributed 40% of the data. (iv) Insufficient data to generate generate 95% confidence interval interval bounds.
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Compustat - Fundamentals Annual Data Query | Documentation | | Data Manuals Manuals June 1950 - July 2009 1950 - 2008 30,960 Annually 08/18/2009
Date Range - datadate: Date Range - fiscal year: Number of Companies: Update Schedule: Last Updated: Variable Name ADD1 ADD2 ADD3 ADD4 ADDZIP BUSDESC CIK CITY CONM CONML COSTAT COUNTY DLDTE DLRSN EIN FAX FIC FYRC GGROUP GIND GSECTOR GSUBIND GVKEY IDBFLAG
Address Line 1 Address Line 2 Address Line 3 Address Line 4 Postal Code S&P Business Description CIK Number City Company Name Company Legal Name Active/Inacti Active/Inactive ve Status Marker County Code Research Company Deletion Date Research Co Reason for Deletion Emplo Employer yer Identification Identificati on Number Fax Number Current ISO Country Code - Incorporation Current Fiscal Year End Month GIC Groups GIC Industries GIC Sectors GIC Sub-Industries Global Company Key - Company International, Domestic, Both Indicator
Char Num Char Char Char Char Char Char Char Num Num Char Char Num Char Num Num Num Char Char Num Num Num Num Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num
Current State/Province State/Provi nce of Incorporation Code Company Initial Public Offering Date Current ISO Country Code - Headquarters North Ame American rican In Industry dustry Cl Classification assification Code Phone Number Current Primary Issue Tag - Canada Primary Issue Tag - Rest of World Current Primary Issue Tag - US Standard Industry Classification Classificati on Code S&P Industry Sector Code S&P Economic Sector Code S&P Quality Ranking - Current State/Provi State/Province nce Stock Ownership Code Web URL Accounting Changes - Cumulative Effect Accrued Liabilities Liabilit ies - Increase/(Decrease) Acceptances Outstanding Adoption of Accounting Changes Accounting Standard Current Assets of Discontinued Operations Current Assets - Other - Total Other Current Assets Excl Discontinued Operations Accumulated Other Comprehensive Income (Loss) Current Assets - Other - Sundry Current Assets - Other - Total As Reported Acquisitions Acquisitio ns and Disposals - Net Cash Flow Acquisitions Acquisitio ns and Disposals - Other Acquisitio Acquisition n Method Current Assets - Total Cumulative Adjustment Factor by Ex-Date - Calendar Cumulative Adjustment Factor by Ex-Date - Fiscal Amortization Amortizatio n of Deferred Policy Acquisition Acquisiti on Costs ADR Ratio Accrued Expenses and Deferred Income Allowance for Funds Used During Construction (Cash Flow) Allowance for Funds Used During Construction (Investing) (Cash Flow) Adjustment Factor (Company) - Cumulative by Ex-Date Adjustment Factor (Company) - Cumulative byPay-Date Long-term Assets of Discontinued Operations Amortization Amortizati on of Intangibles
AMC AMDC AMGW ANO AO AOCIDERGL
Num Num Num Num Num Num
Amortization Amortizatio n (Cash Flow) - Utilit Utility y Amortization Amortizatio n of Deferred Charges Amortization Amortizatio n of Goodwill Assets Netting & Other Adjustments Assets - Other Accum Other Comp Inc - Derivatives Unrealized Gain/Loss
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AOCIOTHER AOCIPEN AOCISECGL AODO AOL2 AOLOCH AOX AP APALCH APB APC APCH APDEDATE APO
Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Accum Other Comp Inc - Other Adjustments Accum Other Comp Inc - Min Pension Liab Adj Accum Other Comp Inc - Unreal G/L Ret Int in Sec Assets Other Assets excluding Discontinued Operations Assets Level2 (Observable) Assets and Liabilities Liabilit ies - Other - Net Change Assets - Other - Sundry Accounts Payable - Trade Accounts Payable and Accrued Liabilities Liabilit ies - Increase/(Decrease) Accounts Payable/Creditors Payable/Credito rs - Brokers, Dealers, and Clearing Organizations Accounts Payable/Creditors Payable/Credito rs - Customer Accounts Payable - Increase (Decrease) Actual Period End date Accounts Payable - Other
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Num Num Num
Accounts Payable/Creditors Payable/Credito rs - Other - FS Acquisition/Merger Acquisitio n/Merger After-tax Acquisitions Acquisitio ns Acquisition/Merger Acquisitio n/Merger Diluted EPS Effect Acquisition/Merger Acquisitio n/Merger Basic EPS Effect Acquisitions Acquisitio ns - Income Contributi Contribution on Acquisition/Merger Acquisitio n/Merger Pretax Assets Level1 (Quoted Prices) Acquisitions Acquisitio ns - Sales Contribution Contributi on Accounts Receivable/Debtors Receivable/Debto rs - Brokers, Dealers, and Clearing Organizations Accounts Receivable/Debtors Receivable/Debto rs - Customer As Reported Core - After-tax As Reported Core - Diluted EPS Effect As Reported Core - Basic EPS Effect Accounts Receivable/Debtors Receivable/Debto rs - Total Associated Undertakings - Disposal Associated Undertakings - Investment Assets - Total Assets - Other - Change Assets Level3 (Unobservable) Appropriations to Untaxed Reserves Benefits Assumed - Life Benefits Assumed - Nonlife Average Short-Term Borrowings Average Short-Term Borrowings Rate Benefits Assumed - Total Brokerage, Clearing and Exchange Fees Benefits Ceded - Life Benefits and Claims - Total (Business Line) Benefits Ceded - Nonlife Benefits and Claims - Reinsurance (Business Line) Benefits and Claims - Total (Insurance) Benefits and Claims - Other (Business Line) Benefits Ceded - Total Book Value Per Share Benefits - Life - Total (Business Line) Balance Sheet Presentation Customers' Acceptance Capitalized Costs Capital Element of Finance Lease Rental Payments Risk-Adjusted Capital Ratio - Tier 1
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Risk-Adjusted Capital Ratio - Tier 2 Risk-Adjusted Capital Ratio - Combined Risk-Adjusted Capital Ratio - Total Capital Surplus/Share Premium Reserve Capital Expenditures Capital Expenditures and Financial Investment - Net Cash Flow Capital Expend Property, Plant and Equipment Schd V Compensating Balance Claims Incurred - Insurance Capitalized Deferred Polcy Acquisition Costs Cash Dividends on Common Stock (Cash Flow) Common/Ordinary Equity - Total Common Equity - Liquidation Liquidatio n Value Common Equity - Tangible Commissions and Fees - (Broker/Dealer) Commissions and Fees - (Real Estate) Cash Flow Adjustments - Other Commissions and Fees - Other Commissions and Fees Paid - Other Capital Gains - After-Tax
CGRI CGTI CGUI CH CHE CHEB
Num Num Num Num Num Num
Capital (Insurance) Capital Gains Gains -- Realized Total (Insurance) Capital Gains - Unrealized (Insurance) Cash Cash and Short-Term Investments Cash and Cash Equivalents at Beginning of Year
Num Num Num Num Num Num Num Char Num Num Num Num Num Num
Cash and Cash Equivalents - Increase/(Decrease) Cash and Cash Equivalents at End of Year Cash/Cash Equivalents/Net Equivalents/ Net Funds - Increase/(Decrease) Cash and Deposits - Segregated Comp Inc - Beginning Net Income Comp Inc - Currency Trans Adj Comp Inc - Derivative Gains/Losses CIK Number Comp Inc - Other Adj Comp Inc - Minimum Pension Adj Comp Inc - Securities Gains/Losses Comprehensive Income - Total Capitalized Leases - Due in 2nd Year Capitalized Leases - Due in 3rd Year
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Char Char Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char
Capitalized Leases - Due in 4th Year Capitalized Leases - Due in 5th Year Contingent Liabilit Liabilities ies - Forward and Future Contracts Contingent Liabilit Liabilities ies - Foreign Exchange Commitments Contingent Liabilit Liabilities ies - Guarantees Contingent Liabilit Liabilities ies - Interest Rate Swaps Contingent Liabilit Liabilities ies - Letters of Credit Contingent Liabilit Liabilities ies - Loan Commitments Contingent Liabilit Liabilities ies - Other Credit Loss Reserve Allocated for LDC Loans Contingent Liabilit Liabilities ies - Total Commercial Paper Claims - Non-Life - Total (Business Line) Cost of Goods Sold Comparability Status Company Name Level of Consolidation Consolidati on - Company Annual Descriptor Active/Inacti Active/Inactive ve Status Marker Commercial Property and Casualty Claims (Business Line) Claims Paid - Other Claims Paid - Non-Life Commercial Property and Casualty Premiums (Business Line) Claims Paid - Reinsurance Consolidation Consolidati on Reserves Reserves for Claims (Losses) - Nonlife (Insurance) Common Shares Used to Calc Earnings Per Share - Fully Diluted Common Shares Issued Common Shares Outstanding Common Shares Used to Calculate Earnings Per Share - Basic Common/Ordinary Shareholders Common Shares Reserved for Conversion - Convertible Debt Common Shares Reserved for Conversion - Preferred Stock Common Shares Reserved for Conversion - Stock Options Common Shares Reserved for Conversion - Total Common Shares Reserved for Conversion - Warrants and Other Common Shares Traded - Annual - Calendar Common Shares Traded - Annual - Fiscal Common/Ordinary Stock (Capital) Common Stock-Carrying Value Common Stock Equivalents - Dollar Savings ISO Currency Code
Char Num Num Char Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num
Native Currency Code Currency Translation Rate US Canadian Translation Rate CUSIP Customer Advances Data Date Data Format Death Benefits - Insurance Debt at Beginning of Year Debt at End of Year Deferred Charges Debt - Capitalized Capitali zed Lease Obligations Deferred Compensation Convertible Debt and Preferred Stock Debt - Consolidate d Subsidiary Current Debt - Source of Funds Current Debt - Use of Funds Debt - Senior Convertible Debt - Subordinated Convertible Debt - Convertible
DD DD1 DD2 DD3 DD4 DD5
Num Num Num Num Num Num
Debt - Debentures Long-Term Debt Due in One Year Debt - Due in 2nd Year Debt - Due in 3rd Year Debt - Due in 4th Year Debt - Due in 5th Year
Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Depreciation and Depletion (Cash Flow) Deferred Policy Acquisitio Acquisition n Costs Debt - Finance Subsidiary Depreciation of Tangible Fixed Assets Dilution Dilutio n Adjustment Dilution Dilutio n Available - Excluding Extraordinary Items Disposals - Other - (Gain) Loss Debt in Current Liabilities Liabilit ies - Total Current Debt - Changes Long-Term Debt - Issuance Other Long-term Debt Long-Term Debt - Tied to Prime Long-Term Debt - Reduction Long-Term Debt - Subordinated
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Long-Term Debt - Total Debt - Mortgages & Other Secured Debt - Notes Discontinued Operations Discontinued Operations (Cash Flow) Nonrecurring Disc Operations Depreciation and Amortization Amortizati on Depreciation (Accumulated) - Buildings Depreciation (Accumulated) - Construction Constructio n in Progress Depreciation (Accumulated) - Land and Improvements Depreciation (Accumulated) - Leases Depreciation (Accumulated) - Machinery and Equipment Depreciation (Accumulated) - Natural Resources Depreciation (Accumulated) - Other Accumulated Depreciatio Depreciation n of RE Property Depreciation, Depletion and Amortization Amortizati on (Accumulated) Depreciation and Amortization Amortizati on (Cash Flow) Deposits - Demand - Customer Deposits - Long-Term Time - Bank Depr/Amort of Property Deposits - Savings - Customer Deposits - Short-Term Demand - Bank Deposits - Total - Banks Deposits - Total - Customer Deposits - Time - Customer Depreciation (Accumulated) - Ending Balance (Schedule VI) Depreciation (Accumulated) - Other Changes (Schedule VI) Depreciation (Accumulated) - Retirements (Schedule VI) Deferred Revenue - Current Deduction From Policy and Claims Reserves for Reinsurance Ceded Deferred Revenue - Long-term Debt-Subordinated Extinguishment of Debt After-tax Extinguishment of Debt Diluted EPS Effect Extinguishment of Debt Basic EPS Effect Extinguishment of Debt Pretax Debt - Unamortized Debt Discount and Other Cash Dividends (Cash Flow) Dividends Common/Ordinary Dividends Declared and Not Provided Dividends - Preferred/Preference
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Preferred Dividends in Arrears Cash Dividends Paid Dividends and Bonuses Paid Policyholders Depreciation (Accumulated) - Beginning Balance (Schedule VI) Dividends per Share - Pay Date - Calendar Dividends per Share - Pay Date - Fiscal Dividends per Share - Ex-Date - Calendar Dividends per Share - Ex-Date - Fiscal Dividends Received (Cash Flow) Dividends Received from Permanent Investments Development Revenue (Real Estate) Dividends - Share Capital - Other Dividends - Total Debt (excl Capitalized Leases) - Due in 2nd Year Debt (excl Capitalized Leases) - Due in 3rd Year Debt (excl Capitalized Leases) - Due in 4th Year Debt (excl Capitalized Leases) - Due in 5th Year Exchange Adjustments (Assets) Earnings Before Interest and Taxes Earnings Before Interest
EIEA EIEAC EMOL EMP EPSFI EPSFX
Num Num Num Num Num Num
Equity Interest in Earnings - After-Tax Equity in Earnings of Associated Companies Directors' Emoluments Employees Earnings Per Share (Diluted) - Including Extraordinary Items Earnings Per Share (Diluted) - Excluding Extraordinary Items
Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Earnings Per Share (Basic) - Including Extraordinary Items Earnings Per Share (Basic) - Excluding Extraordinary Items Equity Dividend Paid Equity Reserves - Other Common ESOP Obligation Obligatio n - Total ESOP Debt - Long Term Preferred ESOP Obligation Obligatio n - Non-Redeemable Preferred ESOP Obligation Obligatio n - Redeemable Preferred ESOP Obligation Obligatio n - Total Equity in Earnings - Unconsolidated Subsidiaries Equity in Net Loss - Earnings Exchange Adjustments (Liabilit ies) Stock Exchange Code Exchange Rate Effect
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char
Exchange Rate Effect - Source of Funds Exchange Rate Effect - Use of Funds Property, Plant, and Equipment - Buildings at Cost Property, Plant, and Equipment - Construction in Progress at Cost Fixed Assets and Investments - Disposals - Gain (Loss) Property, Plant, and Equipment - Machinery and Equipment at Cost Property, Plant, and Equipment - Leases at Cost Property, Plant, and Equipment - Natural Resources at Cost Property, Plant, and Equipment - Other at Cost Property, Plant, and Equipment - Land and Improvements at Cost Foreign Exchange Income (Loss) Final Date Federal Funds Purchased Foreign Exchange Assets Foreign Exchange Liabilities Liabilit ies Funds From Operations (REIT) Federal Funds Sold Financing Activities Activit ies - Other Current ISO Country Code - Incorporation Final Indicator Flag Financing Activities Activit ies - Net Cash Flow Financing Increase - Total Finance Lease Increases Financing Repayments/Reductions Repayments/Reducti ons - Total Funds from Investment and Finance Activities Activit ies - Other Funds from Operations - Other Funds from Operations - Other excluding Option Tax Benefit Funds From Operations - Total Sources of Funds - Other Sources of Operating Funds - Other Source of Funds From Operations - Total Sources of Funds - Total Uses of Funds - Other Uses of Funds - Total Data Year - Fiscal Fiscal Year-end Month Group Benefits (Business Line) Goodwill Goodwill Goodwi ll Amortization Amortizatio n Impairments of Goodwill After-tax Impairments of Goodwill Diluted EPS Effect Impairments of Goodwill Basic EPS Effect Impairments of Goodwill Pretax Grants - Equity Reserves Gain/Loss After-tax Gain/Loss on Sale (Core Earnings Adjusted) After-tax Gain/Loss on Sale (Core Earnings Adjusted) Diluted EPS Gain/Loss on Sale (Core Earnings Adjusted) Basic EPS Effect Gain/Loss on Sale (Core Earnings Adjusted) Pretax Gain/Loss Diluted EPS Effect Gain/Loss Basic EPS Effect Gain/Loss Pretax Government Grants Percent of Gov't Owned Gross Profit (Loss) Group Premiums - Health (Business Line) Group Premiums - Life (Business Line) Group Premiums - Other (Business Line) Group Premiums - Retirement Benefits (Business Line) Group Premiums - Total (Business Line) Global Company Key
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Char Num Char
Investment Assets - Total (Insurance) Investment Assets (Insurance) - Securities - Total (Market) Investment Assets (Insurance) - Unlisted Securities - Total Income Before Extraordinary Items Income Before Extraordinary Items - Adjusted for Common Stock Equivalents Individual Benefits (Business Line) Income Before Extraordinary Items (Cash Flow) Income Before Extraordinary Items - Available for Common Investment Banking Income Invested Capital - Total Interest and Dividend Income - Investment Securities Interest and Dividend Income - Loans/Claims /Advances - Banks Interest and Dividend Income - Loans/Claims /Advances - Customers Interest and Dividend Income - Sundry Interest and Dividend Income - Short-Term Investments Interest and Related Income - Total Interest and Dividend Income - Trading Securities Issue ID - Security Investment Income (Real Estate) Industry Format
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Income - Non-interest - Total (Bank) Intangible Assets - Total Intangible Assets - Disposal Other Intangibles Intangible Assets - Purchase Interest Capitali Capitalized zed Interest and Dividend Adjustments - Financing Activiti es Interest Element of Finance Leases Interest and Dividend Adjustments - Investing Activities Activiti es Interest and Dividend Adjustments - Operating Activities Activit ies Interest Paid Interest Paid - Net Interest Received Inventory - Decrease (Increase) Investments - Disposal Inventories - Finished Goods Inventories - Other Inventory/Stock - Other Inventory/Stock - Real Estate Held for Development Inventory/Stock - Real Estate Under Development Inventory/Stock - Real Estate Held for Sale Inventories - Raw Materials Investments and Servicing of Finance - Net Cash Flow Inventories - Total Inventories - Work In Process Income - Other (Broker Dealer) Income - Other (Insurance) Income - Other (Real Estate) Investment Property Individual Premiums - Annuity (Business Line) Investment Property (Cost) Individual Premiums - Health (Business Line) Individual Premiums - Life (Business Line) Individual Premiums - Other (Business Line) Individual Premiums - Total (Business Line) Insurance Premiums - Total (Insurance) Investment Property (Valuation) Interest and Related Income - Reinsurance (Insurance) Rental Income Interest and Related Income (Insurance) Interest and Related Income - Life (Insurance)
IRNLI IRSI ISEQ ISEQC ISEQM ISFI
Num Num Num Num Num Num
Interest and and Related Related Income Income -- Sundry Non-Life (Insurance) Interest (Insurance) Investment Securities - Equity Investment Securities - Equity (Cost) Investment Securities - Equity (Market) Investment Securities - Fixed Income
Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Investment Securities - Fixed Income (Cost) Investment Securities - Fixed Income (Market) Investment Securities - Gain (Loss) - Realized Investment Securities - Gain (Loss) - Total Investment Securities - Gain (Loss) - Unrealized Investment Securities - Local Governments Investment Securities - Local Governments (Cost) Investment Securities - Local Governments (Market) Investment Securities - Listed - Total Income Statement Model Number Investment Securities - National Governments Investment Securities - National Governments (Cost) Investment Securities - National Governments (Market) Invetsment Securities - Other (Cost)
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Short-Term Short-Term Investments Investments -- Total Change Loans/Claims/Advances Loans/Claims/A dvances - Banks and Government - Total Loans/Claims/Advances Loans/Claims/A dvances - Commercial Loans/Claims/Advances Loans/Claims/A dvances - Consumer Loans/Claims/Advances Loans/Claims/A dvances - Government Loans/Claims/Advances Loans/Claims/A dvances - Lease Loans/Claims/Advances Loans/Claims/A dvances - Long-Term (Banks) Loans/Claims/Advances Loans/Claims/A dvances - Mortgage Loans/Claims/Advances Loans/Claims/A dvances - Other Loans/Claims/Advances Loans/Claims/A dvances - Short-Term - Banks Loans/Claims/Advances Loans/Claims/A dvances - Total Current Liabilities Liabilit ies - Other - Total Current Liabilities Liabilit ies - Other - Sundry Current Liabilities Liabilit ies - Other - Total As Reported Current Liabilities Liabilit ies - Other - Excluding Deferred Revenue Current Liabilities Liabilit ies - Total Loans/Claims/Advances Loans/Claims/A dvances - Customer - Total Leasing Income Life Insurance in Force LIFO Reserve Management of Liquid Resources - Net Cash Flow Liquid Resources - Other Movements LDC Loans Outstanding - Medium and Long-Term LDC Loans Outstanding - Other LDC Loans Outstanding - Total Loan Loss Recoveries - Credited to Income Loan Loss Recoveries - Credited to Reserves Loan Loss Written Off - Charged to Income Loan Loss Written Off - Charged to Reserves Loans and Deposits - (Increase) Decrease Loan Increase/Additions Loans (Made)/Repaid Liabilities Liabilit ies Netting & Other Adjustments Loan Repayments/Reductions Repayments/Reductio ns Liabilities Liabilit ies - Other - Total Liabilities Liabilit ies Level2 (Observable) Liabilities Liabilit ies - Other - Excluding Deferred Revenue Liabilities Liabilit ies Level1 (Quoted Prices) Legal Reserves Liabilities Liabilit ies - Other - Sundry
LSE LST LT LTDCH LTDLCH LTLO
Num Num Num Num Num Num
Liabilities Liabilit ies and Stockholders Equity - Total Life Insurance Surrenders and Terminations Liabilities - Total Long-Term Debt - Change Long-Term Debt/Liabil ities - Change Long-Term Liabilities Liabilit ies - Other - Increase/(Decrease)
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Financial Management
D. Vance
LUL3 MIB MIC MII MISEQ MKVALT MRC1 MRC2 MRC3 MRC4 MRC5 MRCT MRCTA MSA
Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Liabilities Liabilit ies Level3 (Unobservable) Minority Interest (Balance Sheet) Minority Interest (Cash Flow) Minority Interest (Income Account) Minority Interest In Shareholders' Equity - Change Market Value - Total - Fiscal Rental Commitments - Minimum - 1st Year Rental Commitments - Minimum - 2nd Year Rental Commitments - Minimum - 3rd Year Rental Commitments - Minimum - 4th Year Rental Commitments - Minimum - 5th Year Rental Commitments - Minimum - 5 Year Total Thereafter Portion of Leases Marketable Securities Adjustment
MSVRV MTL NAICSH NAT NCFLIQ NCO NEQMI NFSR NI NIADJ NIECI NIINT NIIT NIM NIO NIT NITS NOASUB NOPI NOPIO
Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Mandatory Securities Valuation Reserve (Statutory) Loans From Securities Finance Companies for Margin Transactions North America America Ind Industrial ustrial Clas Classification sification System - Historical Nonadmitted Nonadmitted Assets - Total (Statutory) (Statutory) Net Cash Flow Before Before Managemen Managementt of Liquid Resources Resources and Financing Financing Net Charge-Off Charge-Offss Non-Equity Non-Equity and M Minority inority IInterest nterest Div Dividends idends Paid Paid Non-Financial Non-Financial Services Services Revenue Revenue Net Income Income (Loss (Loss)) Net Income Income Adjuste Adjusted d for Common/Ordinary Common/Ordinary Stock (Capital) (Capital) Equivalents Equivalents Net Income Income Effe Effect ct Capitalized Capitalized Interest Interest Net Interest Interest Income Income Net Interest Interest Income Income (Tax Equivalent) Equivalent) Net Interest Interest Margin Margin Net Items - Other Net Item - Total Net Income Income - Tota Totall (Statutory) (Statutory) Net Overdrafts Overdrafts Acquired Acquired with Subsidiaries Subsidiaries Nonoperating Nonoperating Inc Income ome (Expe (Expense) nse) Nonoperating Nonoperating Inc Income ome (Expe (Expense) nse) - Other
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Notes Payable Pay able - As Sh Short-Term ort-Term Borrowin Borrowings gs s Nonperforming Nonperf orming Assets sets - Nonaccrual Nonaccru al Loan Loans Nonperforming Nonperforming As Assets sets - Other Real Real Estate Owned Owned Nonperforming Nonperforming As Assets sets - Restructured Restructured Loans Loans Nonperforming Nonperforming As Assets sets - Total Nonrecurring Nonrecurring In Income come Taxe Taxess After-tax After-tax Nonrecurring Nonrecurring In Income come Tax Diluted EPS Effect Nonrecurring Nonrecurring In Income come Tax Basic EPS Effect Operating Activities Activit ies - Net Cash Flow Operating Activities Activit ies - Net Cash Flow - Continuing Continuin g Operations Operating Activities Activit ies - Net Cash Flow - Discontinue d Operations Order Backlog OIL & GAS METHOD Operating Income After Depreciation Operating Income Before Depreciation Other Net Balances at Beginning of Year Other Net Balances at End of Year Earnings Per Share from Operations Operating Income - Life Operating Income - As Reported Operating Income - Non-Life Operating Income - Other Operating Income - Reinsurance Operating Income - Total Operating Profit Earnings Per Share - Diluted - from Operations Operating Revenues - Other Options - Cancelled (-) Dividend Rate - Assumption (%) Options Exercisable (000) Options - Exercised (-) Options - Fair Value of Options Granted Options - Granted Life of Options - Assumption (# yrs) Options Outstanding - Beg of Year Options Outstanding - End of Year Options Outstanding Beg of Year - Price Options Cancelled - Price Options Exercised - Price Options Outstanding End of Year - Price Options Granted - Price
OPTPRCWA OPTRFR OPTVOL PACQP PALR PANLR
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Options Exercisable - Weighted Avg Price Risk Free Rate - Assumption (%) Volatili ty - Assumption (%) Preacquisition Preacquisiti on Profits Premiums Assumed - Life Premiums Assumed - Nonlife
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Premiums Assumed - Total Provision - Credit Losses (Income Account) Premiums Ceded - Life Premiums Ceded - Nonlife Premiums Ceded - Total Preliminary Date Period Duration Cash Dividends on Preferred/Preference Stock (Cash Flow) Pretax Income Pretax Income - Domestic Pretax Income - Foreign Pension Liabilities Liabilit ies - Change Provision for Loan/Asset Losses Premiums - Life - Total (Business Line)
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Property, Plant, Plant, and and Equipment Equipment -- Leases Land and Improvements (Net) Property, (Net) Property, Plant, and Equipment - Machinery and Equipment (Net) Property, Plant, and Equipment - Natural Resources (Net) Property, Plant, and Equipment - Other (Net) Property, Plant and Equipment - Total (Net) Property, Plant and Equipment - Beginning Balance (Schedule V) Property, Plant, and Equipment - Ending Balance (Schedule V) Property, Plant, and Equipment - Other Changes (Schedule V) Property, Plant and Equipment - Retirements (Schedule V) Personal Property and Casualty Premiums - Automobile (Business Line) Personal Property and Casualty Premiums - Homeowners (Business Line) Personal Property and Casualty Premiums - Other (Business Line) Personal Property & Casualty Premiums - Total (Business Line) Participation Part icipation Rights Certificates Core Post Retirement Adjustment Core Post Retirement Adjustment Diluted EPS Effect Core Post Retirement Adjustment Basic EPS Effect Price Close - Annual - Calendar Price Close - Annual - Fiscal Price High - Annual - Calendar Price High - Annual - Fiscal Price Low - Annual - Calendar Price Low - Annual - Fiscal Premiums - Reinsurance (Business Line) Premiums Written - Reinsurance Proposed Dividends Proceeds From Sale of Fixed Assets and Sale of Investments Redeem Pfd Shares Outs (000) Purchase of Common and Preferred Stock Purchase of Common Stock (Cash Flow) Purchase of Preferred/Preference Stock (Cash Flow) Provisions (Cash Flow) Policy Reserves - Total (Statutory) Proceeds From Sale of Fixed Assets Preferred/Preference Stock (Capital) - Total Preferred Stock - Convertible Preferred Stock - Liquidating Liquidati ng Value Preferred/Preference Stock - Nonredeemable Preferred/Preference Stock - Redeemable Preferred Stock - Redemption Value
PTBL PTRAN PURTSHR PVCL PVO PVON
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Premiums - Total (Business Line) Principal Transactions Purchase of Treasury Shares Provision - Credit Losses (Balance Sheet) Provision - Other Provisions - Other (Net)
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Provision - Pension Liabilities Liabiliti es Provisions - Total Premiums Written - Other Reinsurance Assets - Deposits and Other (Insurance) Resale Agreements Reinsurance Assets - Receivable/Debtor s (Insurance) Reinsurance Assets - Total (Insurance) Raw Materials, Supplies, and Merchandise Restructuring Costs After-tax Restructuring Costs Diluted EPS Effect Restructuring Costs Basic EPS Effect Reserves for Credit Losses (Assets) Res tructuring Costs Pretax In Process R&D Expense
RDIPA RDIPD RDIPEPS RDP RE REA REAJO RECCH RECCO RECD RECT RECTA RECTR RECUB RET REUNA REUNR REVT RIS RLL
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In Process R&D Expense After-tax In Process R&D Expense Diluted EPS Effect In Process R&D Expense Basic EPS Effect Regulatory Deposits Retained Earnings Retained Earnings - Restatement Retained Earnings - Other Adjustments Accounts Receivable - Decrease (Increase) Receivables - Current - Other Receivables - Estimated Doubtful Receivables - Total Retained Earnings - Cumulative Translation Adjustment Receivables - Trade Unbilled Receivables Total RE Property Retained Earnings - Unadjusted Retained Earnings - Unrestricted Revenue - Total Revenue/Income - Sundry Reserve for Loan/Asset Losses
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Reinsurance Liabilities Liabilities Liabiliti es es -- Payables/Creditors Other Reinsurance Liabiliti Payables/Credit ors Reinsurers' Liability Liabilit y for Reserves (Insurance) Reinsurance Liabilities Liabiliti es - Total Auditors' Remuneraton Repurchase Agreements Reversal - Restructruring/Acquisition Restructruring/ Acquisition Aftertax Reversal - Restructuring/Acq Restructuring/ Acq Diluted EPS Effect Reversal - Restructuring/Acq Restructuring/ Acq Basic EPS Effect Reversal - Restructruring/Acquisition Restructruring/ Acquisition Pretax Reserves Reserves for Benefits - Life - Claims (Insurance) Reserves for Benefits - Life - Policy (Insurance) Reserves for Benefits - Life - Total (Insurance) Reserves - Distributable Distribut able - Other Reserves - Distributable Distribut able - Total Equity Reserves - Total Revaluation Reserve Reserves - Nondistributable Nondistribut able - Other Reserves - Nondistributable Nondistribut able - Total Reserves - Reinsurance (Insurance) Reserves - Sundry (Insurance) Reserves - Total Reserves - Tax-Regulated Reserves for Unearned Premiums (Insurance) Reserves - Untaxed Separate Account Assets Separ ate Account Liabilities Liabilit ies Sales/Turnover (Net) Securities Borrowed and Deposited by Customers Securities In Custody Cas h Flow Format Share Capital - Other Sale of Common Stock (Cash Flow) Securities Gains (Losses) - Unrealized Stockholders' Equity - Total Other Stockholders- Equity Adjustments Settlement (Litigati on/Insurance) After-tax Settlement (Litigati on/Insurance) Diluted EPS Effect Settlement (Litigati on/Insurance) Basic EPS Effect Settlement (Litigati on/Insurance) Pretax
SHRCAP SICH SIV SPCE SPCED SPCEEPS
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Share Capital Transactions - Other Standard Industrial Classificat Classification ion - Historical Sale of Investments S&P Core Earnings S&P Core Earnings EPS Diluted S&P Core Earnings EPS Basic
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Special Items Other Special Items Diluted EPS Effect Other Special Items Basic EPS Effect Other Special Items After-tax Other Special Items Pretax Sale of Fixed Assets - (Gain) Loss Sale of Property Sale of Property, Plant and Equipment and Investments - Gain (Loss) Sale of Preferred/Preference Stock (Cash Flow) Source Document Gain/Loss on Sale of Property Surplus - Total (Statutory) Securities Sold Not Yet Purchased Sale of Common and Preferred Stock
Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Status Alert Short-Term Borrowings - Other Sale of Tangible Fixed Assets Short Term Investments - (Increase)/Decrease Short-Term Investments - Other Change in Stocks Stock Compensation Expense After-tax stock compensation Subsidiary Undertakings - Disposal Subsidiary Undertakings - Purchase Deferred Income Taxes - Net (Cash Flow) Trading/Dealing Trading/Dealin g Account Securities - Corporate Debt Trading/Dealing Trading/Dealin g Account Securities - Corporate Equity Trading/Dealing Trading/Dealin g Securities - Gain (Loss) Trading/Dealing Trading/Dealin g Account Securities - Local Governments Trading/Dealing Trading/Dealin g Account Securities - Money Market Trading/Dealing Trading/Dealin g Account Securities - National Governments Trading/Dealing Trading/Dealin g Account Securities - Other Trading/Dealing Trading/Dealin g Account Securities - Sundry Trading/Dealing Trading/Dealin g Account Securities - Total
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Trust Total Fees Fair Value Assets Total Fair Value Changes including Earnings Total Fair Value Liabili Liabilities ties Ticker Symbol Interest Expense - Total (Financial Services) Interest Income - Total (Financial Services) Tax Loss Carry Forward Cumulative Translation Adjustment Treasury Stock (Assets) Total Sources/Applications Sources/Applicat ions of Funds (Cash Flow) Treasury Stock (Current Asset) Treasury Stock - Other Share Capital Treasury Stock - Total (All Capital) Treasury Stock - Common Treasury Stock Book Value - Memo Entry Treasury Stock - Number of Common Shares Treasury Stock - Preferrred Treasury Stock (Long-Term Asset) Taxation Income Taxes - Accrued - Increase/(Decrease) Excess Tax Benefit Stock Options - Cash Flow Operating Excess Tax Benefit of Stock Options - Cash Flow Financing Income Taxes - Current Deferred Taxes (Balance Sheet) Deferred Tax Asset - Long Term Deferred Tax Asset - Current Deferred Tax Liability Liabilit y - Current Deferred Taxes (Cash Flow) Deferred Taxes-Federal Deferred Taxes-Foreign Income Taxes - Deferred Deferred Taxes and Investment Tax Credit Deferred Taxes-State Tax - Equivalent Adjustment Tax - Equivalent Interest Income (Gross) Income Taxes - Federal Income Taxes - Foreign Net Deferred Tax Asset (Liab) - Total Net Deferred Tax Asset Net Deferred Tax Liability Liabilit y
TXNDBR TXO TXOP TXP TXPD TXR
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Deferred Tax Residual Income Taxes - Other Taxation - Operating Activiti es Income Taxes Payable Income Taxes Paid Income Tax Refund
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Income Taxes - State Income Taxes - Total Value Added Taxes Excise Taxes Other Assets and Liabilities Liabilit ies - Net Change (Statement of Cash Flows) Other Assets - Utility Utilit y Accounts Payable - Utility Utilit y Paid in Capital - Other Contributions Contributio ns in Aid of Construction Common Equity Total - Utility Utilit y Customer Advances for Construction Deferred Credits and Operating Reserves - Other Debt (Debentures) Deferred Fuel - Increase (Decrease) (Statement of Cash Flows)
Num Num Num Num Char Num Num Num Num Num Num Num Num Num Num Num Num Num Num Num
Debt (Mortgage Bonds) - Utility Utilit y Debt (Other Long-Term) - Utility Utilit y Debt (Pollutio (Pollution n Control Obligations) Obligati ons) - Utility Utilit y Depreciation of Fixed Assets Utilit Utility y - Liberalized Depreciation Code Preferred Dividend Requirements Funds for Retirement of Securities and Short-Term Debt (Cash Flow) Gross Income (Income Before Interest Charges) Unearned Income Inventories - Utilit Utility y Current Liabilities Liabilit ies - Miscellaneous Current Liabilities Liabilit ies - Other - Utility Utilit y Net Income before Extraordinary Items and after Minority Interest Unappropriated Net Loss Unappropriated Net Profit (Stockholders' Equity) Unappropriated Net Profit Nonoperating Income (Net) - Other Working Capital (Use) - Increase (Decrease) (Cash Flow) Other Internal Sources - Net (Cash Flow) Operating Income - Total - Utility Utilit y
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Operating Reserves Update Code Preference Dividend Requirements* Premium on Common Stock* Premium on Preferred Stock* Premium on Preference Stock* Premium on Subsidiary Preferred Stock* Preferred Stock at Carrying Value Preference Stock at Carrying Value* Preferred/Preference Stock Sinking Fund Requirement Receivables (Net) Accounts Receivable - Trade - Utility Utilit y Accrued Unbilled Revenues (Balance Sheet) Special Items Short-Term Debt - Decrease (Increase) (Cash Flow) Subsidiary Preferred Dividends Subsidiary Preferred Stock at Carrying Value Total Funds From Operations (Cash Flow) Total Funds from Outside Sources (Cash Flow) Maintenance Expense - Total Current Taxes - Federal (Operating) Working Capital (Source) - Decrease (Increase) (Cash Flow) Interest On Short-Term Debt - Utility Utilit y Interest on Long-Term Debt* Investments - Permanent - Associated Companies Investments - Permanent - Other Working Capital (Balance Sheet) Working Capital Change - Other - Increase/(Decrease) Working Capital Change - Total Working Capital - Change Working Capital/Net Operating Assets - Change Working Capital Change - Source of Funds Working Capital Change (Separate Account) Source and Use of Funds/Working Capital Adjustments - Other Working Capital/Cas h/Net Funds Change - Total Working Capital Change - Use of Funds Writedowns After-tax Writedowns Diluted EPS Effect Writedowns Basic EPS Effect Writedowns Pretax Accrued Expenses
XAD XAGO XAGT XCOM XCOMI XDEPL
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Advertising Expense Administrative Administrati ve and General Expense - Other Administrative Administrati ve and General Expense - Total Communications Expense Commissions Expense (Insurance) Depletion Expense (Schedule VI)