Source Data

1. Data Sources

To compile these averages, I am indebted to the following data sources. I do have to splice the data and the industry definitions are different in each database.

	Data Source
U.S.	Value Line Database: tracks all publicly traded US firms and provides accounting and market data on them. Morningstar: follows all trades US stocks and has information on 8000+ companies. Any mutual fund data is also obtained from Morningstar. For operating lease and R&D data, I draw on Capital IQ which has a very rich and updated database.
Europe	I used to get the raw data from Bloomberg but I have started using Capital IQ with this update. You will notice that two big changes as a consequence. First, the data is all reported in US dollars for all compannies making comparisons across markets simpler. Second, I have modified the Capital IQ industry categorization and created one of my own (based on the Value Line industry categoriztion).
Emerging Markets
Japan

2. Data Timeliness

I update the data roughly once every six months. The market data (stock prices, market capitalization, beta) reflect the date of the update. In other words, if the update is on July 25, the market data is within a day or two of the update. The accounting data is messier since it reflects the most recent financial statements.

	Data Source
U.S.	Most of the accounting data reflects the most recent annual annual report or 10K. The trailing 12 month net income and sales reflect the numbers as of the last four quarters.
Europe	The data for most companies reflects the most recent trailing twelve month data, where that data is available. In countries where quarterly reports are not the norm, the most recent numbers come from the most recent annual report. Since annual reports do not get filed until a few months after the fiscal year, the January updates will reflect the previous year fiscal year end. In other words, the January 2010 update will reflect the fiscal year ended December 2008. The stock price and market cap data should be as of the month of the update.
Emerging Markets
Japan