RDP 8807: The Cost of Capital: Some Issues Appendix III: The Data

Nigel Dews

August 1988

  Ex ante real pre tax rate of return on equity (annual rate) Ratio of debt to total funds (percent)
 		 Industrial debentures 5 years or less to maturity (annual rate) Company Tax Rate
 		 Expected Change in Prices (annual rate)
Mar-62 0.4 30.0 9.7 0.40 1.7
Jun-62 0.4 31.4 10.5 0.40 1.8
Sep-62 1.1 33.0 11.0 0.40 2.6
Dec-62 −1.7 32.2 8.1 0.40 2.2
Mar-63 −0.9 32.2 8.6 0.40 2.1
Jun-63 0.1 31.9 9.5 0.40 1.8
Sep-63 −0.7 31.4 8.5 0.40 1.0
Dec-63 −0.2 30.5 9.5 0.40 1.2
Mar-64 −0.5 30.4 8.5 0.40 1.2
Jun-64 −1.7 30.2 7.0 0.40 1.0
Sep-64 −1.1 31.1 8.2 0.43 1.8
Dec-64 −2.1 31.3 7.7 0.43 2.2
Mar-65 −1.1 34.2 7.4 0.43 3.6
Jun-65 −0.4 36.4 7.0 0.43 4.2
Sep-65 −0.8 37.1 7.2 0.43 3.9
Dec-65 0.0 35.5 7.6 0.43 4.1
Mar-66 −0.2 36.2 7.7 0.43 3.3
Jun-66 −0.4 35.5 8.2 0.43 3.1
Sep-66 0.0 36.7 7.9 0.43 3.5
Dec-66 −0.7 35.9 7.7 0.43 3.2
Mar-67 −0.6 37.3 7.2 0.43 3.6
Jun-67 −0.2 34.8 7.3 0.43 3.7
Sep-67 −1.4 32.0 7.2 0.43 3.4
Dec-67 −0.3 30.9 8.3 0.43 3.9
Mar-68 −0.4 30.1 7.8 0.43 3.6
Jun-68 −1.5 26.0 7.9 0.43 3.4
Sep-68 −1.1 30.1 7.9 0.45 4.0
Dec-68 −1.7 28.6 7.5 0.45 3.4
Mar-69 −1.9 29.1 7.5 0.45 3.8
Jun-69 −1.1 31.9 7.7 0.45 4.4
Sep-69 −1.3 33.0 8.3 0.45 4.1
Dec-69 −1.4 32.0 7.4 0.45 4.7
Mar-70 −0.9 35.2 9.0 0.45 4.8
Jun-70 −0.2 36.6 9.1 0.45 4.8
Sep-70 −0.9 36.2 8.5 0.48 5.1
Dec-70 0.3 39.3 9.4 0.48 5.2
Mar-71 −0.5 39.6 9.2 0.48 4.9
Jun-71 −1.4 39.7 9.0 0.48 4.9
Sep-71 −1.4 42.4 8.9 0.48 5.4
Dec-71 −1.6 39.1 8.8 0.48 5.7
Mar-72 −2.1 38.0 8.5 0.48 6.5
Jun-72 −2.4 36.3 8.1 0.48 6.8
Sep-72 −2.3 38.2 8.0 0.48 6.7
Dec-72 −2.5 36.4 7.7 0.48 6.5
Mar-73 −2.0 37.1 7.7 0.48 6.3
Jun-73 −3.2 38.2 8.2 0.48 5.9
Sep-73 −3.9 44.8 8.5 0.48 6.5
Dec-73 10.0 46.2 10.0 0.48 7.7
Mar-74 8.0 44.3 10.0 0.48 9.4
Jun-74 13.7 51.8 10.2 0.48 12.3
Sep-74 23.8 62.3 12.6 0.45 14.0
Dec-74 19.3 60.0 14.1 0.45 16.8
Mar-75 15.4 57.6 13.1 0.45 19.5
Jun-75 14.0 56.0 12.4 0.45 20.7
Sep-75 14.4 55.0 12.2 0.43 21.9
Dec-75 12.4 52.5 12.0 0.43 20.4
Mar-76 12.9 53.1 11.4 0.43 18.7
Jun-76 12.3 52.1 11.5 0.43 17.3
Sep-76 14.3 53.7 10.9 0.43 16.4
Dec-76 18.3 56.2 11.0 0.43 15.9
Mar-77 18.0 56.9 11.6 0.43 14.3
Jun-77 18.6 56.6 11.2 0.43 13.3
Sep-77 20.9 58.2 11.3 0.46 11.4
Dec-77 18.2 55.2 11.0 0.46 10.1
Mar-78 21.1 56.6 11.0 0.46 9.9
Jun-78 20.5 55.2 10.5 0.46 8.9
Sep-78 18.8 52.9 10.5 0.46 8.3
Dec-78 20.8 54.5 10.3 0.46 7.6
Mar-79 19.6 53.1 10.5 0.46 7.0
Jun-79 21.0 54.9 10.8 0.46 6.7
Sep-79 17.3 53.1 11.4 0.46 6.7
Dec-79 17.3 53.1 11.6 0.46 7.5
Mar-80 15.7 53.5 11.5 0.46 7.7
Jun-80 11.4 48.8 13.1 0.46 8.8
Sep-80 9.8 46.2 12.7 0.46 9.8
Dec-80 8.3 44.8 13.5 0.46 10.2
Mar-81 8.7 45.9 14.1 0.46 11.3
Jun-81 8.4 46.0 14.1 0.46 11.0
Sep-81 10.9 52.5 16.1 0.46 10.6
Dec-81 10.1 51.8 15.8 0.46 10.6
Mar-82 14.2 56.8 16.3 0.46 10.4
Jun-82 14.2 58.7 17.7 0.46 10.8
Sep-82 13.0 58.0 18.4 0.46 11.7
Dec-82 15.2 59.7 15.7 0.46 12.1
Mar-83 15.6 58.8 14.4 0.46 12.4
Jun-83 12.8 54.6 14.9 0.46 12.2
Sep-83 10.9 51.5 14.6 0.46 11.0
Dec-83 11.1 49.8 12.9 0.46 9.8
Mar-84 11.5 51.7 13.4 0.46 8.4
Jun-84 13.7 55.3 13.9 0.46 7.7
Sep-84 11.5 52.6 14.3 0.46 7.5
Dec-84 13.1 53.1 13.4 0.46 7.5
Mar-85 11.3 51.1 13.8 0.46 7.4
Jun-85 13.1 56.1 14.1 0.46 7.0
Sep-85 8.9 47.8 14.7 0.46 6.5
Dec-85 8.4 49.1 16.1 0.46 6.2
Mar-86 7.8 48.5 16.3 0.46 6.4
Jun-86 9.1 48.5 13.5 0.46 6.7
Sep-86 6.9 48.0 16.6 0.46 7.1
Dec-86 5.2 44.6 15.8 0.46 7.6