Industry Name Number of Firms Beta Cost of Equity E/(D+E) Std Dev in Stock Cost of Debt Tax Rate After-tax Cost of Debt D/(D+E) Cost of Capital
Advertising 52 1.21 9.35% 71.33% 62.91% 5.29% 5.02% 3.97% 28.67% 7.81%
Aerospace/Defense 79 0.95 8.17% 86.53% 46.45% 5.29% 11.58% 3.97% 13.47% 7.60%
Air Transport 23 1.19 9.24% 52.31% 59.00% 5.29% 8.29% 3.97% 47.69% 6.72%
Apparel 35 0.94 8.12% 76.17% 46.26% 5.29% 9.61% 3.97% 23.83% 7.13%
Auto & Truck 33 1.46 10.45% 83.55% 61.83% 5.29% 3.74% 3.97% 16.45% 9.38%
Auto Parts 35 1.34 9.92% 70.69% 49.87% 5.29% 15.00% 3.97% 29.31% 8.18%
Bank (Money Center) 15 0.76 7.34% 37.85% 22.74% 4.73% 18.43% 3.55% 62.15% 4.98%
Banks (Regional) 568 0.40 5.73% 65.75% 22.68% 4.73% 17.61% 3.55% 34.25% 4.98%
Beverage (Alcoholic) 14 0.81 7.57% 69.76% 55.96% 5.29% 12.35% 3.97% 30.24% 6.48%
Beverage (Soft) 27 0.64 6.81% 82.93% 57.89% 5.29% 6.85% 3.97% 17.07% 6.33%
Broadcasting 24 0.47 6.05% 53.81% 46.62% 5.29% 7.73% 3.97% 46.19% 5.09%
Brokerage & Investment Banking 32 1.17 9.17% 42.45% 36.61% 5.07% 15.27% 3.80% 57.55% 6.08%
Building Materials 41 1.11 8.91% 79.37% 35.28% 5.07% 18.02% 3.80% 20.63% 7.85%
Business & Consumer Services 155 0.89 7.91% 83.53% 41.11% 5.07% 10.38% 3.80% 16.47% 7.23%
Cable TV 9 0.74 7.25% 40.50% 44.04% 5.07% 10.64% 3.80% 59.50% 5.20%
Chemical (Basic) 29 1.01 8.46% 50.16% 45.81% 5.29% 7.68% 3.97% 49.84% 6.22%
Chemical (Diversified) 4 0.85 7.74% 36.22% 39.04% 5.07% 0.00% 3.80% 63.78% 5.23%
Chemical (Specialty) 59 0.97 8.28% 76.99% 42.31% 5.07% 13.68% 3.80% 23.01% 7.25%
Coal & Related Energy 16 1.07 8.73% 93.33% 64.31% 5.29% 3.13% 3.97% 6.67% 8.41%
Computer Services 64 1.09 8.80% 79.94% 53.43% 5.29% 10.53% 3.97% 20.06% 7.83%
Computers/Peripherals 36 1.35 9.97% 95.58% 54.58% 5.29% 5.91% 3.97% 4.42% 9.71%
Construction Supplies 40 1.15 9.08% 85.02% 35.51% 5.07% 16.04% 3.80% 14.98% 8.29%
Diversified 20 0.88 7.88% 86.54% 28.41% 4.73% 2.76% 3.55% 13.46% 7.30%
Drugs (Biotechnology) 496 1.14 9.01% 88.46% 75.68% 6.02% 1.08% 4.51% 11.54% 8.49%
Drugs (Pharmaceutical) 228 0.98 8.33% 87.31% 76.64% 6.02% 2.99% 4.51% 12.69% 7.85%
Education 32 0.78 7.43% 80.40% 47.24% 5.29% 15.54% 3.97% 19.60% 6.75%
Electrical Equipment 112 1.25 9.53% 89.28% 72.71% 6.02% 4.82% 4.51% 10.72% 8.99%
Electronics (Consumer & Office) 8 0.87 7.81% 94.51% 70.18% 6.02% 0.00% 4.51% 5.49% 7.63%
Electronics (General) 114 0.97 8.28% 90.08% 51.84% 5.29% 8.04% 3.97% 9.92% 7.85%
Engineering/Construction 48 1.21 9.35% 87.71% 45.92% 5.29% 13.64% 3.97% 12.29% 8.69%
Entertainment 92 0.83 7.63% 86.27% 48.71% 5.29% 3.30% 3.97% 13.73% 7.13%
Environmental & Waste Services 53 0.95 8.17% 82.34% 54.91% 5.29% 4.27% 3.97% 17.66% 7.43%
Farming/Agriculture 35 1.13 8.99% 65.86% 50.79% 5.29% 6.29% 3.97% 34.14% 7.27%
Financial Svcs. (Non-bank & Insurance) 176 0.97 8.27% 26.87% 42.47% 5.07% 12.06% 3.80% 73.13% 5.00%
Food Processing 78 0.61 6.66% 69.57% 43.47% 5.07% 10.37% 3.80% 30.43% 5.79%
Food Wholesalers 13 0.87 7.82% 68.04% 33.98% 5.07% 9.15% 3.80% 31.96% 6.53%
Furn/Home Furnishings 27 0.82 7.62% 70.26% 51.51% 5.29% 11.38% 3.97% 29.74% 6.53%
Green & Renewable Energy 15 0.86 7.77% 46.92% 65.14% 6.02% 0.00% 4.51% 53.08% 6.04%
Healthcare Products 204 0.91 8.00% 88.66% 61.79% 5.29% 4.85% 3.97% 11.34% 7.54%
Healthcare Support Services 104 0.87 7.84% 73.84% 47.24% 5.29% 9.80% 3.97% 26.16% 6.83%
Heathcare Information and Technology 115 1.11 8.89% 86.40% 63.78% 5.29% 6.38% 3.97% 13.60% 8.22%
Homebuilding 30 0.91 8.01% 82.41% 32.79% 5.07% 16.99% 3.80% 17.59% 7.27%
Hospitals/Healthcare Facilities 31 0.80 7.52% 62.53% 56.46% 5.29% 11.35% 3.97% 37.47% 6.19%
Hotel/Gaming 63 1.08 8.77% 71.56% 39.65% 5.07% 8.31% 3.80% 28.44% 7.36%
Household Products 110 0.82 7.59% 84.64% 55.46% 5.29% 6.50% 3.97% 15.36% 7.03%
Information Services 15 0.92 8.06% 75.09% 32.38% 5.07% 18.16% 3.80% 24.91% 7.00%
Insurance (General) 21 0.67 6.95% 79.60% 46.07% 5.29% 12.77% 3.97% 20.40% 6.34%
Insurance (Life) 20 0.64 6.82% 59.58% 35.15% 5.07% 15.19% 3.80% 40.42% 5.60%
Insurance (Prop/Cas.) 57 0.48 6.11% 87.09% 28.70% 4.73% 18.37% 3.55% 12.91% 5.78%
Investments & Asset Management 283 0.66 6.89% 75.36% 30.04% 5.07% 3.53% 3.80% 24.64% 6.13%
Machinery 105 0.96 8.25% 87.19% 45.03% 5.29% 13.37% 3.97% 12.81% 7.70%
Metals & Mining 73 1.04 8.60% 90.10% 77.56% 6.02% 2.52% 4.51% 9.90% 8.20%
Office Equipment & Services 14 1.33 9.90% 67.52% 39.61% 5.07% 12.30% 3.80% 32.48% 7.92%
Oil/Gas (Integrated) 4 0.30 5.29% 87.84% 20.27% 4.73% 28.24% 3.55% 12.16% 5.07%
Oil/Gas (Production and Exploration) 142 0.72 7.17% 72.68% 42.22% 5.07% 6.66% 3.80% 27.32% 6.25%
Oil/Gas Distribution 23 0.67 6.93% 63.08% 42.24% 5.07% 9.17% 3.80% 36.92% 5.78%
Oilfield Svcs/Equip. 97 0.95 8.19% 72.80% 48.32% 5.29% 8.75% 3.97% 27.20% 7.04%
Packaging & Container 19 1.02 8.51% 64.47% 25.45% 4.73% 15.57% 3.55% 35.53% 6.75%
Paper/Forest Products 6 0.96 8.22% 69.60% 56.94% 5.29% 8.60% 3.97% 30.40% 6.93%
Power 46 0.48 6.10% 57.42% 25.38% 4.73% 12.75% 3.55% 42.58% 5.01%
Precious Metals 56 0.84 7.68% 93.21% 69.95% 6.02% 5.97% 4.51% 6.79% 7.47%
Publishing & Newspapers 19 0.56 6.46% 80.68% 35.93% 5.07% 10.21% 3.80% 19.32% 5.95%
R.E.I.T. 190 0.64 6.81% 54.21% 26.37% 4.73% 1.58% 3.55% 45.79% 5.32%
Real Estate (Development) 14 0.84 7.71% 49.55% 52.10% 5.29% 4.91% 3.97% 50.45% 5.82%
Real Estate (General/Diversified) 12 0.81 7.56% 65.12% 31.21% 5.07% 4.65% 3.80% 34.88% 6.25%
Real Estate (Operations & Services) 54 0.97 8.26% 80.23% 50.56% 5.29% 8.70% 3.97% 19.77% 7.41%
Recreation 49 1.02 8.51% 61.35% 48.31% 5.29% 11.45% 3.97% 38.65% 6.76%
Reinsurance 1 0.58 6.54% 69.70% 19.21% 4.73% 30.36% 3.55% 30.30% 5.64%
Restaurant/Dining 64 0.92 8.07% 78.60% 41.15% 5.07% 9.92% 3.80% 21.40% 7.16%
Retail (Automotive) 34 0.94 8.12% 68.80% 44.58% 5.07% 10.77% 3.80% 31.20% 6.78%
Retail (Building Supply) 14 1.54 10.80% 81.11% 45.88% 5.29% 11.84% 3.97% 18.89% 9.51%
Retail (Distributors) 62 0.95 8.18% 77.98% 39.29% 5.07% 14.59% 3.80% 22.02% 7.22%
Retail (General) 23 0.81 7.54% 92.64% 43.34% 5.07% 19.10% 3.80% 7.36% 7.27%
Retail (Grocery and Food) 15 1.12 8.94% 65.81% 49.42% 5.29% 12.22% 3.97% 34.19% 7.24%
Retail (REITs) 26 0.62 6.72% 63.93% 18.77% 4.73% 1.60% 3.55% 36.07% 5.57%
Retail (Special Lines) 94 1.09 8.81% 83.50% 53.25% 5.29% 10.07% 3.97% 16.50% 8.01%
Rubber& Tires 3 0.53 6.31% 21.81% 50.77% 5.29% 0.00% 3.97% 78.19% 4.48%
Semiconductor 66 1.52 10.72% 97.47% 55.83% 5.29% 5.11% 3.97% 2.53% 10.55%
Semiconductor Equip 31 1.40 10.18% 95.36% 50.08% 5.29% 9.96% 3.97% 4.64% 9.89%
Shipbuilding & Marine 8 0.75 7.31% 81.60% 50.09% 5.29% 5.26% 3.97% 18.40% 6.69%
Shoe 11 1.02 8.49% 89.33% 50.08% 5.29% 11.86% 3.97% 10.67% 8.01%
Software (Entertainment) 77 1.03 8.54% 98.00% 57.06% 5.29% 5.29% 3.97% 2.00% 8.44%
Software (Internet) 29 1.69 11.48% 89.05% 52.61% 5.29% 3.05% 3.97% 10.95% 10.66%
Software (System & Application) 309 1.28 9.64% 94.72% 56.79% 5.29% 5.51% 3.97% 5.28% 9.34%
Steel 19 1.06 8.69% 80.96% 38.51% 5.07% 9.28% 3.80% 19.04% 7.76%
Telecom (Wireless) 12 0.54 6.35% 65.81% 40.18% 5.07% 4.02% 3.80% 34.19% 5.48%
Telecom. Equipment 57 0.92 8.07% 91.56% 55.26% 5.29% 7.06% 3.97% 8.44% 7.72%
Telecom. Services 39 0.63 6.75% 51.00% 60.29% 5.29% 3.40% 3.97% 49.00% 5.39%
Tobacco 10 0.79 7.49% 81.32% 65.96% 6.02% 14.77% 4.51% 18.68% 6.94%
Transportation 19 0.86 7.79% 73.29% 38.13% 5.07% 8.54% 3.80% 26.71% 6.72%
Transportation (Railroads) 4 0.98 8.30% 78.25% 23.90% 4.73% 16.98% 3.55% 21.75% 7.27%
Trucking 26 1.01 8.46% 79.85% 35.29% 5.07% 12.60% 3.80% 20.15% 7.52%
Utility (General) 14 0.24 5.02% 55.10% 14.96% 4.73% 12.77% 3.55% 44.90% 4.36%
Utility (Water) 14 0.41 5.79% 61.59% 29.60% 4.73% 11.19% 3.55% 38.41% 4.93%
Total Market 5994 0.91 8.02% 73.98% 48.07% 5.29% 8.30% 3.97% 26.02% 6.96%
Total Market (without financials) 4822 0.99 8.37% 85.26% 52.76% 5.29% 7.10% 3.97% 14.74% 7.72%