Forum Archive Index - October 1999

["Brent Wheeler" <brentw@bwcl.co.nz>]

The Yahoo Finance site is good on this. Certainly for other country stocks
(and NZ's listed abroad) and I think down the left hand side of their site
is a list of sites you may have to delve into.  Some brokers periodically
produce them and we run our own too.  Certainly Bridge (ex Dow
Jones/Telerate has betas - but not free I fear!)  Word of warning, getting
into this area, which is what we swim in) involves a lot of considerations
about "asset betas versus leveraged betas" tax etc.  The 6% - 7% on top of
Rf often referred in US texts is NOT comparable to the NZ situation where
imputation applies (vs US tax deductability of interest to the company
rules). One for free, the (and our) current "post investor tax" cost of
equity estimate for the NZ mkt is 8% -9% - so mkt valuation roughly equals:

5% (Rf) + 1 (beta for mkt as a whole) * Rm (8.5% e.g.) = 13.5%

This could help or drive you nutty.

Dr Brent Wheeler
Director
Brent Wheeler & Co. Limited
AUCKLAND


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