Economic Value Added by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2018

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/EVA.xls

For global datasets: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

can be obtained by clicking here

on which companies are included in each industry


Industry Name Number of Firms Beta ROE Cost of Equity (ROE - COE) BV of Equity (US $ millions) Equity EVA (US $ millions) ROC Cost of Capital (ROC - WACC) BV of Capital (US $ millions)

EVA (US $ millions)

E/(D+E) Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of Debt D/(D+E)
Advertising 40 1.15 -0.88% 8.27% -9.15%  $1,400.49  $(128.14) 77.57% 6.99% 70.58%  $4,448.17  $3,139.40 57.51% 80.95% 6.91% 6.38% 5.25% 42.49%
Aerospace/Defense 87 1.08 29.03% 7.91% 21.12%  $95,003.94  $20,063.83 37.05% 7.14% 29.91%  $105,760.23  $31,633.95 84.42% 49.06% 3.91% 11.59% 2.97% 15.58%
Air Transport 17 1.01 24.78% 7.54% 17.25%  $47,129.21  $8,128.16 13.50% 5.64% 7.86%  $119,224.80  $9,371.93 58.48% 40.20% 3.91% 24.57% 2.97% 41.52%
Apparel 51 1.02 7.62% 7.58% 0.05%  $27,066.17  $13.05 14.18% 6.40% 7.78%  $41,791.38  $3,250.78 74.52% 59.71% 3.91% 10.35% 2.97% 25.48%
Auto & Truck 18 1.20 8.64% 8.49% 0.14%  $82,531.66  $117.98 3.97% 5.06% -1.09%  $337,605.59  $(3,686.32) 40.31% 38.59% 3.61% 8.15% 2.74% 59.69%
Auto Parts 62 1.04 24.14% 7.68% 16.46%  $17,146.96  $2,822.11 23.79% 6.64% 17.14%  $28,922.83  $4,958.41 77.94% 56.74% 3.91% 7.71% 2.97% 22.06%
Bank (Money Center) 11 0.64 9.93% 5.65% 4.28%  $908,094.60  $38,904.94 -0.01% 3.87% -3.88%  $2,549,719.64  $(98,920.29) 38.87% 33.37% 3.61% 27.31% 2.74% 61.13%
Banks (Regional) 612 0.50 9.03% 4.96% 4.07%  $424,856.00  $17,289.88 -0.03% 4.14% -4.17%  $615,308.31  $(25,664.61) 63.02% 32.08% 3.61% 25.57% 2.74% 36.98%
Beverage (Alcoholic) 28 1.33 25.16% 9.15% 16.01%  $19,371.55  $3,101.26 24.32% 7.87% 16.46%  $19,905.14  $3,275.41 79.27% 50.14% 3.91% 10.12% 2.97% 20.73%
Beverage (Soft) 35 0.70 28.39% 5.99% 22.40%  $45,916.07  $10,286.85 24.92% 5.42% 19.49%  $87,135.07  $16,986.83 81.26% 45.33% 3.91% 6.41% 2.97% 18.74%
Broadcasting 27 1.12 18.11% 8.10% 10.01%  $10,963.50  $1,097.18 21.38% 5.39% 15.99%  $44,114.53  $7,054.36 47.13% 52.30% 3.91% 17.18% 2.97% 52.87%
Brokerage & Investment Banking 42 1.24 11.41% 8.70% 2.71%  $185,246.17  $5,027.33 0.02% 4.76% -4.74%  $728,476.17  $(34,555.68) 31.26% 42.48% 3.91% 14.56% 2.97% 68.74%
Building Materials 39 1.11 23.81% 8.04% 15.77%  $16,904.82  $2,665.72 18.27% 7.15% 11.13%  $27,670.93  $3,078.96 82.33% 41.01% 3.91% 23.34% 2.97% 17.67%
Business & Consumer Services 169 1.17 18.32% 8.35% 9.97%  $30,263.44  $3,016.91 26.37% 7.19% 19.18%  $37,887.90  $7,265.52 78.47% 49.45% 3.91% 11.09% 2.97% 21.53%
Cable TV 14 0.92 11.05% 7.09% 3.97%  $115,636.60  $4,586.84 12.72% 5.58% 7.14%  $180,984.49  $12,921.94 65.34% 36.33% 3.61% 22.23% 2.74% 34.66%
Chemical (Basic) 38 1.20 18.60% 8.49% 10.11%  $9,958.68  $1,006.64 14.43% 6.88% 7.55%  $21,951.99  $1,657.54 70.78% 59.39% 3.91% 9.76% 2.97% 29.22%
Chemical (Diversified) 7 2.03 14.20% 12.74% 1.46%  $31,957.35  $466.14 16.59% 10.78% 5.81%  $53,163.81  $3,091.36 78.63% 68.62% 4.66% 11.66% 3.54% 21.37%
Chemical (Specialty) 99 1.11 17.00% 8.07% 8.92%  $61,916.02  $5,525.09 16.74% 6.93% 9.81%  $102,324.84  $10,042.88 77.52% 59.69% 3.91% 9.64% 2.97% 22.48%
Coal & Related Energy 30 1.25 -646.39% 8.75% -655.14%  $(295.09)  $1,933.25 8.53% 7.96% 0.57%  $14,661.58  $84.26 68.77% 90.61% 8.16% 4.94% 6.20% 31.23%
Computer Services 111 1.10 28.66% 8.00% 20.66%  $61,052.93  $12,612.06 27.96% 6.82% 21.14%  $79,855.60  $16,883.18 76.43% 48.53% 3.91% 9.40% 2.97% 23.57%
Computers/Peripherals 58 1.01 28.55% 7.54% 21.01%  $184,181.99  $38,697.44 23.86% 6.84% 17.02%  $292,277.47  $49,754.40 84.62% 61.38% 3.91% 5.03% 2.97% 15.38%
Construction Supplies 49 1.12 13.23% 8.10% 5.13%  $51,161.29  $2,624.45 10.59% 6.85% 3.74%  $106,401.94  $3,982.32 75.49% 45.67% 3.91% 17.36% 2.97% 24.51%
Diversified 24 1.19 9.59% 8.48% 1.11%  $402,569.52  $4,472.40 10.98% 7.07% 3.91%  $471,160.11  $18,402.70 75.48% 26.82% 3.61% 12.09% 2.74% 24.52%
Drugs (Biotechnology) 459 1.44 13.45% 9.72% 3.72%  $122,887.04  $4,573.96 11.60% 9.24% 2.36%  $292,892.36  $6,897.66 86.33% 94.78% 8.16% 1.36% 6.20% 13.67%
Drugs (Pharmaceutical) 185 1.21 14.39% 8.55% 5.83%  $220,470.58  $12,861.49 17.68% 8.13% 9.55%  $315,607.14  $30,144.19 87.24% 85.70% 6.91% 2.11% 5.25% 12.76%
Education 34 1.15 2.60% 8.27% -5.67%  $9,437.33  $(535.34) 11.47% 6.79% 4.68%  $11,721.75  $548.55 72.03% 53.59% 3.91% 8.24% 2.97% 27.97%
Electrical Equipment 118 1.08 13.54% 7.92% 5.62%  $26,502.41  $1,489.70 21.88% 7.32% 14.56%  $30,109.12  $4,384.46 86.32% 66.17% 4.66% 5.06% 3.54% 13.68%
Electronics (Consumer & Office) 24 1.09 -29.60% 7.96% -37.56%  $1,234.89  $(463.86) -5.54% 7.67% -13.21%  $2,465.50  $(325.78) 93.51% 70.22% 4.66% 5.98% 3.54% 6.49%
Electronics (General) 167 0.94 11.30% 7.17% 4.12%  $55,955.76  $2,307.63 13.55% 6.63% 6.93%  $63,119.10  $4,371.19 86.98% 60.25% 3.91% 8.34% 2.97% 13.02%
Engineering/Construction 49 1.27 7.71% 8.86% -1.16%  $29,426.31  $(339.91) 18.43% 7.51% 10.92%  $22,954.03  $2,506.89 77.09% 53.02% 3.91% 13.37% 2.97% 22.91%
Entertainment 90 1.15 18.99% 8.26% 10.72%  $95,309.20  $10,221.22 31.11% 6.93% 24.18%  $99,100.54  $23,964.07 74.77% 54.94% 3.91% 5.45% 2.97% 25.23%
Environmental & Waste Services 87 0.88 9.47% 6.87% 2.60%  $22,212.45  $578.57 21.28% 6.01% 15.28%  $26,878.44  $4,105.89 74.15% 65.74% 4.66% 4.45% 3.54% 25.85%
Farming/Agriculture 34 0.74 12.10% 6.19% 5.90%  $41,356.18  $2,440.40 7.14% 5.04% 2.10%  $94,648.26  $1,983.03 64.29% 42.57% 3.91% 7.69% 2.97% 35.71%
Financial Svcs. (Non-bank & Insurance) 264 0.61 -0.29% 5.49% -5.78%  $16,363.82  $(945.80) 0.21% 2.99% -2.78%  $5,860,843.48  $(162,991.85) 8.83% 36.63% 3.61% 19.89% 2.74% 91.17%
Food Processing 87 0.68 11.54% 5.84% 5.70%  $146,721.32  $8,359.22 19.71% 5.17% 14.54%  $140,548.87  $20,441.06 76.44% 41.18% 3.91% 15.13% 2.97% 23.56%
Food Wholesalers 15 1.79 16.64% 11.48% 5.16%  $9,648.77  $498.22 19.96% 9.16% 10.80%  $15,712.82  $1,697.19 72.75% 55.42% 3.91% 11.91% 2.97% 27.25%
Furn/Home Furnishings 31 0.79 17.62% 6.42% 11.20%  $15,128.25  $1,693.78 17.56% 5.67% 11.89%  $21,369.19  $2,540.68 78.21% 51.26% 3.91% 12.56% 2.97% 21.79%
Green & Renewable Energy 22 1.20 0.66% 8.51% -7.86%  $3,373.78  $(265.12) 1.94% 5.77% -3.83%  $10,292.29  $(394.33) 50.45% 60.29% 3.91% 2.41% 2.97% 49.55%
Healthcare Products 251 0.94 9.51% 7.19% 2.32%  $132,482.64  $3,070.12 16.30% 6.66% 9.64%  $138,322.99  $13,333.43 85.41% 66.92% 4.66% 4.79% 3.54% 14.59%
Healthcare Support Services 115 0.90 17.40% 6.97% 10.43%  $179,507.74  $18,724.02 50.54% 6.17% 44.37%  $96,478.54  $42,803.01 80.11% 57.44% 3.91% 13.69% 2.97% 19.89%
Heathcare Information and Technology 112 0.98 10.80% 7.38% 3.41%  $52,934.88  $1,805.96 15.73% 6.67% 9.06%  $57,513.80  $5,212.10 83.83% 58.64% 3.91% 5.96% 2.97% 16.17%
Homebuilding 32 1.11 12.49% 8.04% 4.45%  $43,920.59  $1,952.30 9.31% 6.60% 2.71%  $75,867.26  $2,053.65 71.61% 44.70% 3.91% 23.86% 2.97% 28.39%
Hospitals/Healthcare Facilities 35 1.18 8.21% 8.40% -0.19%  $9,824.10  $(18.28) 11.84% 4.93% 6.90%  $87,430.76  $6,035.59 36.16% 60.63% 3.91% 10.57% 2.97% 63.84%
Hotel/Gaming 70 0.94 12.94% 7.18% 5.76%  $68,629.08  $3,955.92 11.33% 5.98% 5.35%  $160,151.80  $8,570.86 71.48% 45.51% 3.91% 14.01% 2.97% 28.52%
Household Products 131 1.00 29.25% 7.47% 21.78%  $82,828.45  $18,042.49 29.52% 6.69% 22.83%  $100,106.62  $22,853.18 82.63% 56.30% 3.91% 7.35% 2.97% 17.37%
Information Services 61 0.88 20.91% 6.89% 14.02%  $99,347.84  $13,929.14 33.51% 6.36% 27.15%  $98,935.67  $26,865.13 86.42% 41.35% 3.91% 15.90% 2.97% 13.58%
Insurance (General) 21 0.78 1.97% 6.39% -4.43%  $158,162.00  $(6,999.21) 2.82% 5.38% -2.55%  $198,699.12  $(5,075.39) 72.20% 37.21% 3.61% 14.71% 2.74% 27.80%
Insurance (Life) 25 1.01 4.17% 7.53% -3.36%  $245,528.08  $(8,242.95) 4.40% 5.79% -1.39%  $333,470.40  $(4,635.70) 63.67% 37.34% 3.61% 15.32% 2.74% 36.33%
Insurance (Prop/Cas.) 50 0.84 7.29% 6.67% 0.62%  $126,739.50  $786.58 8.32% 5.85% 2.47%  $162,647.52  $4,022.12 79.10% 34.65% 3.61% 18.50% 2.74% 20.90%
Investments & Asset Management 165 0.99 13.75% 7.43% 6.33%  $148,072.01  $9,370.41 9.89% 6.11% 3.78%  $167,460.23  $6,331.90 70.38% 41.00% 3.91% 8.30% 2.97% 29.62%
Machinery 126 1.15 19.08% 8.25% 10.83%  $60,839.91  $6,591.39 25.89% 7.38% 18.51%  $63,858.62  $11,820.07 83.51% 43.17% 3.91% 14.05% 2.97% 16.49%
Metals & Mining 102 1.10 10.78% 8.01% 2.76%  $22,161.35  $612.44 14.34% 7.37% 6.98%  $48,660.98  $3,395.06 76.61% 82.33% 6.91% 1.66% 5.25% 23.39%
Office Equipment & Services 24 1.37 8.70% 9.39% -0.69%  $5,859.50  $(40.16) 17.72% 7.20% 10.51%  $8,975.66  $943.69 65.94% 49.66% 3.91% 18.37% 2.97% 34.06%
Oil/Gas (Integrated) 5 1.37 5.90% 9.38% -3.48%  $339,693.00  $(11,818.29) 2.15% 8.45% -6.30%  $430,952.39  $(27,147.56) 86.74% 20.21% 3.11% 10.96% 2.36% 13.26%
Oil/Gas (Production and Exploration) 311 1.26 -4.87% 8.80% -13.67%  $214,948.43  $(29,385.37) 0.09% 7.76% -7.67%  $416,641.99  $(31,952.17) 70.47% 78.88% 6.91% 2.18% 5.25% 29.53%
Oil/Gas Distribution 16 1.21 1.97% 8.54% -6.57%  $49,863.45  $(3,274.28) 6.13% 5.85% 0.28%  $133,143.42  $370.87 51.70% 62.79% 3.91% 4.84% 2.97% 48.30%
Oilfield Svcs/Equip. 130 1.23 1.97% 8.64% -6.67%  $166,611.25  $(11,118.39) 6.42% 7.44% -1.02%  $212,256.52  $(2,167.63) 76.35% 73.29% 4.66% 5.27% 3.54% 23.65%
Packaging & Container 25 0.74 20.54% 6.16% 14.38%  $29,254.92  $4,205.70 14.58% 5.02% 9.56%  $60,945.51  $5,824.68 66.57% 27.67% 3.61% 22.37% 2.74% 33.43%
Paper/Forest Products 21 1.20 6.15% 8.50% -2.35%  $8,560.00  $(201.49) 8.48% 6.92% 1.56%  $12,841.39  $200.02 71.42% 56.81% 3.91% 14.18% 2.97% 28.58%
Power 61 0.50 15.55% 4.97% 10.57%  $282,132.92  $29,829.19 6.43% 4.01% 2.42%  $699,127.91  $16,906.46 56.70% 31.23% 3.61% 20.31% 2.74% 43.30%
Precious Metals 111 0.96 1.89% 7.30% -5.42%  $19,875.07  $(1,076.41) 7.53% 7.14% 0.40%  $23,887.39  $95.09 84.85% 91.35% 8.16% 2.16% 6.20% 15.15%
Publishing & Newspapers 41 1.02 -2.51% 7.59% -10.10%  $22,199.49  $(2,241.30) 13.48% 6.17% 7.32%  $22,934.38  $1,678.10 69.21% 54.14% 3.91% 11.92% 2.97% 30.79%
R.E.I.T. 244 0.66 9.54% 5.76% 3.78%  $446,683.64  $16,875.50 3.08% 4.43% -1.35%  $1,237,891.21  $(16,750.43) 56.02% 32.14% 3.61% 1.96% 2.74% 43.98%
Real Estate (Development) 20 0.75 4.62% 6.22% -1.60%  $4,222.98  $(67.66) 2.27% 5.21% -2.93%  $6,959.69  $(204.19) 68.82% 44.27% 3.91% 5.80% 2.97% 31.18%
Real Estate (General/Diversified) 10 0.75 4.17% 6.20% -2.03%  $1,465.84  $(29.73) 4.32% 5.58% -1.26%  $2,011.07  $(25.43) 80.90% 41.07% 3.91% 12.77% 2.97% 19.10%
Real Estate (Operations & Services) 60 1.02 15.06% 7.60% 7.45%  $11,271.03  $840.20 11.05% 6.13% 4.92%  $20,500.77  $1,008.44 68.16% 54.01% 3.91% 8.82% 2.97% 31.84%
Recreation 70 0.85 5.26% 6.73% -1.47%  $14,826.59  $(217.23) 14.59% 5.87% 8.72%  $25,131.23  $2,191.35 77.17% 50.85% 3.91% 10.16% 2.97% 22.83%
Reinsurance 3 0.52 6.05% 5.06% 0.99%  $16,156.70  $159.61 5.97% 4.47% 1.50%  $20,229.07  $303.39 78.29% 18.99% 3.11% 10.92% 2.36% 21.71%
Restaurant/Dining 81 0.85 95.67% 6.73% 88.94%  $12,779.52  $11,366.22 17.01% 5.81% 11.20%  $89,035.77  $9,967.87 75.64% 48.41% 3.91% 14.99% 2.97% 24.36%
Retail (Automotive) 25 1.01 34.26% 7.55% 26.71%  $14,226.63  $3,800.38 10.38% 5.57% 4.81%  $62,720.40  $3,015.20 56.83% 42.62% 3.91% 19.04% 2.97% 43.17%
Retail (Building Supply) 8 0.86 91.26% 6.76% 84.50%  $13,238.05  $11,186.00 30.30% 6.19% 24.11%  $56,075.14  $13,521.51 84.85% 53.44% 3.91% 15.36% 2.97% 15.15%
Retail (Distributors) 92 1.15 16.05% 8.25% 7.81%  $36,230.57  $2,828.06 13.18% 6.59% 6.59%  $76,798.73  $5,059.61 68.69% 49.24% 3.91% 14.20% 2.97% 31.31%
Retail (General) 18 1.05 16.10% 7.74% 8.35%  $122,708.93  $10,247.47 11.90% 6.61% 5.29%  $232,201.67  $12,288.49 76.25% 49.94% 3.91% 22.96% 2.97% 23.75%
Retail (Grocery and Food) 14 0.71 24.43% 6.00% 18.43%  $10,557.72  $1,946.03 8.75% 4.62% 4.13%  $33,460.93  $1,381.14 54.44% 45.73% 3.91% 21.04% 2.97% 45.56%
Retail (Online) 61 1.18 18.72% 8.41% 10.30%  $47,766.03  $4,921.76 13.40% 7.86% 5.54%  $69,252.20  $3,836.62 89.76% 60.64% 3.91% 7.57% 2.97% 10.24%
Retail (Special Lines) 106 1.11 16.59% 8.05% 8.53%  $119,065.96  $10,160.21 11.69% 6.29% 5.40%  $241,725.33  $13,047.94 65.36% 59.68% 3.91% 22.01% 2.97% 34.64%
Rubber& Tires 4 0.95 21.44% 7.25% 14.19%  $5,565.44  $789.59 13.96% 5.38% 8.58%  $12,257.49  $1,051.95 56.18% 56.24% 3.91% 7.91% 2.97% 43.82%
Semiconductor 72 1.17 19.87% 8.37% 11.51%  $170,176.91  $19,580.34 16.13% 7.74% 8.39%  $278,697.46  $23,374.40 88.42% 52.68% 3.91% 8.04% 2.97% 11.58%
Semiconductor Equip 45 0.98 33.63% 7.40% 26.23%  $24,908.73  $6,533.61 29.06% 6.94% 22.12%  $33,452.51  $7,398.30 89.66% 61.04% 3.91% 8.51% 2.97% 10.34%
Shipbuilding & Marine 9 1.34 -1.88% 9.22% -11.10%  $4,666.93  $(517.87) 4.88% 8.26% -3.38%  $6,752.59  $(228.17) 68.05% 94.40% 8.16% 8.31% 6.20% 31.95%
Shoe 11 0.88 25.32% 6.89% 18.44%  $17,117.54  $3,155.84 20.40% 6.54% 13.86%  $21,309.77  $2,954.28 91.20% 44.39% 3.91% 16.75% 2.97% 8.80%
Software (Entertainment) 13 0.89 16.33% 6.94% 9.40%  $14,655.52  $1,377.29 27.79% 6.70% 21.10%  $11,650.06  $2,457.91 93.94% 49.61% 3.91% 2.21% 2.97% 6.06%
Software (Internet) 305 1.20 18.52% 8.52% 9.99%  $249,584.55  $24,944.76 16.63% 8.36% 8.27%  $296,483.26  $24,523.96 96.79% 65.60% 4.66% 2.50% 3.54% 3.21%
Software (System & Application) 255 1.09 17.08% 7.93% 9.15%  $190,315.94  $17,411.16 14.82% 7.32% 7.50%  $305,570.92  $22,928.23 87.61% 53.27% 3.91% 3.98% 2.97% 12.39%
Steel 37 1.82 12.23% 11.64% 0.59%  $24,741.56  $146.80 15.67% 9.49% 6.18%  $37,326.06  $2,306.92 73.41% 70.40% 4.66% 7.05% 3.54% 26.59%
Telecom (Wireless) 18 1.30 1.87% 9.02% -7.15%  $45,730.70  $(3,271.94) 5.43% 5.72% -0.29%  $125,359.05  $(361.15) 45.46% 54.46% 3.91% 7.95% 2.97% 54.54%
Telecom. Equipment 104 1.03 15.31% 7.67% 7.65%  $96,350.56  $7,366.36 13.59% 6.86% 6.73%  $134,237.71  $9,031.64 82.83% 57.87% 3.91% 8.12% 2.97% 17.17%
Telecom. Services 66 1.08 16.34% 7.91% 8.42%  $168,306.31  $14,177.30 15.97% 5.72% 10.24%  $332,297.97  $34,039.84 55.70% 52.57% 3.91% 8.05% 2.97% 44.30%
Tobacco 24 1.26 -282.12% 8.82% -290.94%  $(8,061.16)  $23,453.40 95.59% 7.97% 87.63%  $21,112.51  $18,500.49 85.37% 45.16% 3.91% 5.25% 2.97% 14.63%
Transportation 18 0.95 28.97% 7.23% 21.74%  $26,504.97  $5,762.10 17.61% 6.25% 11.36%  $59,185.14  $6,722.28 76.91% 46.36% 3.91% 21.92% 2.97% 23.09%
Transportation (Railroads) 8 1.01 17.41% 7.52% 9.89%  $51,061.50  $5,048.64 13.55% 6.64% 6.92%  $91,812.98  $6,351.38 81.52% 29.77% 3.61% 23.82% 2.74% 18.48%
Trucking 30 1.20 7.87% 8.50% -0.62%  $16,201.85  $(100.99) 7.07% 6.23% 0.84%  $55,256.22  $466.71 58.89% 54.25% 3.91% 20.56% 2.97% 41.11%
Utility (General) 18 0.29 9.95% 3.90% 6.05%  $110,121.40  $6,658.93 6.21% 3.28% 2.93%  $249,266.99  $7,305.09 59.79% 20.67% 3.11% 30.89% 2.36% 40.21%
Utility (Water) 23 0.34 13.63% 4.15% 9.48%  $9,582.27  $908.26 6.53% 3.76% 2.76%  $20,026.67  $553.58 72.39% 34.50% 3.61% 15.09% 2.74% 27.61%
Total Market 7247 1.00 13.63% 7.49% 6.14%  $8,304,769.82  $509,804.58 6.53% 5.81% 0.71%  $21,156,374.88  $150,779.12 62.89% 53.52% 3.91% 10.04% 2.97% 37.11%
Total Market (without financials) 6057 1.07 14.54% 7.84% 6.70%  $6,091,707.64  $407,939.08 12.76% 6.69% 6.07%  $10,539,750.03  $639,611.87 76.49% 57.16% 3.91% 7.92% 2.97% 23.51%

Updated in January 2018
Aswath Damodaran