Description
Reproduction of the article Cross-sectional stock returns predictability/database of monthly share prices of companies listed on a European market for 15 years and 4 indicators (book value/market value, market value, sales/market value, book value of debt/market value) will be provided. The database will be available on 9 January. The analysis of the data will be done in gauss programming language which will be given codes and the basic code for the analysis will be sent to you. The analysis is based on the Fama and French model and needs cross sectional analysis.Need only the statistical analysis and the results / need Gauss program i provide the code you have to run the excel and the articles
Unformatted Attachment Preview
Good Evening,
I have sent you the data and coding of the program. On the first page are stock prices
on a monthly basis for 16 years. On the second page are the rest of the variables from
which you will have to make the pointers because I didn’t find them ready. They are
simple divisions and the variables are on an annual basis and are as follows: the
market capitalization ( MV ), book value outstanding shares fiscal ( wco 5491), sales
per shares ( wco 5508), common equity ( wco 3501). The factors that will enter the
model are as follows:
•
•
•
•
market capitalization (mv)
book value outstanding shares fiscal/ market capitalization ( bv / mve )
sales per shares / price ( s / p , p is on the first page and you should get the
price on December 31st)
(book value outstanding shares fiscal- common equity)/ market capitalization
(D/E)
On the third page I have ready the numerator from the last index in case you need to
simplify the procedures, total debt ( wco 3255).
Finally with a cool look there is no error in any variable so you can start normally.
I would like you to inform me about gauss and anything else you need from me.
Thank you very much.
THOMSON FINANCIAL
Worldscope Database
Datatype Definitions Guide
Issue 6: April 2007
Performance MattersSM
www.thomson.com/financial
Notice
This Worldscope Database Datatype Definitions Guide contains confidential and proprietary
information of Thomson Financial and may be used only by a recipient designated by and for
purposes specified by Thomson Financial.
Reproduction of, dissemination of, modifications to, or creation of derivative works from this
Worldscope Database Datatype Definitions Guide, by any means and in any form or manner,
is expressly prohibited, except with the prior written permission of Thomson Financial.
Permitted copies of this document must retain all proprietary notices contained in the original.
The information in this document is subject to change without prior notice. Always confirm
with Thomson Financial that you are using the most current version of this document.
Thomson Financial is free to modify any of its products and services, in any manner and at
any time, notwithstanding the information contained in this document.
Certain information, including images, graphics, numerical or textual data pertaining to assets
or securities may be included in this document to illustrate different types of products and
services of Thomson Financial. Such information may be fictitious or incomplete and should
not be relied upon or considered investment advice.
THE CONTENTS OF THIS DOCUMENT SHALL NOT CONSTITUTE ANY WARRANTY OF
ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND/OR FITNESS FOR A PARTICULAR
PURPOSE OR GIVE RISE TO ANY LIABILITY OF THOMSON FINANCIAL, ITS AFFILIATES
OR ITS SUPPLIERS.
The terms and conditions governing the use of this Worldscope Database Datatype
Definitions Guide shall consist of those set forth in written agreements with Thomson
Financial.
© Copyrights Thomson Financial 2003-2007. This document contains trademarks of Thomson and its affiliated
companies in the United States and other countries and used herein under license. Non-Thomson marks are
trademarks of their respective owners.
Table of Contents
Introduction to Worldscope
………………………………………………………………………………….. 4
Client Support Services ………………………………………………………………………………………. 12
Frequently Asked Questions ……………………………………………………………………………….. 13
Data Templates …………………………………………………………………………………………………… 33
Banks……………………………..33
Industrial………….………………56
Insurance…………………………79
Other Financials…………………101
Security Level……….…………. 124
ADRs…………………………… ..128
Fast Updates…………..………..131
Limited Data Set………………..154
Interim Time Series…………… 183
Alphabetical List of Field Definitions …………………………………………………………………… 199
Field Definitions – Explanation of Format……. 196
Accounting Standards Fields…………………… 197
Alphabetical List of Field Definitions…………. 199
Issue 6
3
Introduction to Worldscope
Introduction to Worldscope
General Description
The Worldscope Global Database is the financial industry’s premier source of detailed
financial statement data and profile data on public companies domiciled outside of the
United States of America. It also contains complete coverage of US companies filing
with the Securities Exchange Commission, with the exception of closed end
investment companies. Using primary source documents and news clippings,
Worldscope data analysts extract the data to global templates that are specific to
industry groups. The templates take into consideration the variety of accounting
conventions and are designed to facilitate comparisons between companies and
industries within and across national boundaries. Please refer to the Database
Methodology overview for more information regarding templated data.
Objective
Worldscope provides professional analysts and portfolio managers with the most
comprehensive, accurate and timely data on publicly quoted companies around the
world. Worldscope’s aim is to enhance the comparability of the financial data of
companies from different countries and industries and across time periods.
Information Content
The total universe of companies contained on the database has grown from about
4,000 in 1987, to over 51,100 at March 2007 This includes 33,300 currently active
companies in developed and emerging markets, representing approximately 95% of
global market capitalization. Worldscope contains extinct or inactive companies, i.e.
those which have merged, liquidated or become privately held. History for these
companies remains on the database.
Over 70 countries are represented, and include all countries in targeted global indices
(FTSE All World, Dow Jones Global, MSCI World, MSCI EMF, S&P Global,
S&P/Citigroup).
The base year for the Worldscope Database is 1980, although statistically significant
company and data item representation is best represented from January 1985
forward. The following general types of information are available. The level of detail
available for each company may differ depending on update type and company type:
Company Header Information and CV Profiles
Address
Officers
Business Descriptions
SIC Codes
Product Segments
Investor Relations
Auditors Company
Status
Geographic Segments
Financial Statements
Balance Sheet
Income Statement
Cash Flow Statement
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Introduction to Worldscope
Historical Growth Rates & Valuation Ratios
Growth
Profitability
Asset Utilization
Leverage
Liquidity
Foreign Business
Multiple Share Info
Stock Prices
Stock Performance
SEDOL/ISIN
CUSIP/Ticker
Exchange listing(s)
Global Industry Groups
Key Index Membership
Security and Market Data
Other
Exchange Rates
More details on the types of data contained in a Worldscope company record can be
seen in the Industry Specific Templates
Applications
Database applications include:
Construction and maintenance of global investment portfolios
Global Industry and Sector analysis
Comparison of capital structures and financing strategies of corporations
worldwide
Evaluation and monitoring of the efficiency of capital markets
Style Analysis
Generalized screening, reporting and presentation of corporate data
Existing Worldscope clients include:
Money Management firms: Portfolio managers, research analysts
Investment banks: Corporate finance, mergers & acquisitions departments
Corporations: Strategic planners, librarians, treasurers, controllers, auditors
Academic and Public Sector: Research libraries
Consulting firms: Management consultancies, accounting firms, pension
consultants
Origins and Development
The Worldscope Database originated in the international investment management
activities of Wright Investors’ Service, a U.S. based global money management firm.
In 1987, Worldscope established a second research centre in Shannon, Ireland, to
maintain and develop the database. In 1990, Worldscope/Disclosure Partners was
formed as a joint venture between Wright Investors’ Service and Disclosure Inc., a
division of Primark Corporation (NYSE: PMK). In 1995, Worldscope/Disclosure
established a third major research and data collection centre in Bangalore, India.
Primark acquired the remaining interest in Worldscope in 1999. A fourth major
research and data collection centre in Manila, Philippines was added with Primark’s
1999 acquisition of the Extel company database. In 2000, Primark Corporation was
acquired by Thomson Corporation. Today, the database operations group, which
supports the Worldscope database, employs over 500 people mainly located in 3
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Introduction to Worldscope
collection centres located in Bangalore (India), Shannon (Ireland), and Manila (The
Philippines).
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Introduction to Worldscope
Database Methodology
Available Format
Worldscope is available through a variety of Thomson Financial software products,
including Thomson One products, Datastream, and MarketQA. Worldscope is also
available via direct data feed, FTP. In addition to Thomson Financial software
platforms, Worldscope is available on all the major equity applications serving the
professional finance and investment communities. Please contact your local Thomson
Financial sales office for specific information on Worldscope data delivery options and
documentation.
Diversity in International Financial Reporting
Despite recent advances by major exchanges, FASB, IASB, and other regulatory
bodies, financial accounting practices and company’s presentation of financial
accounts continue to be remarkably diverse around the world, due to differences in
the legal and tax environments in which accounts are prepared. Naturally, linguistic
and cultural diversity is reflected in financial accounts, but their form and content is
additionally influenced by less obvious factors. These include the legal and taxation
systems, transparency of corporate ownership, methods of corporate financing, the
prominence of the accounting and auditing professions, and so on. The enormous
increase in international investment flows in recent decades has highlighted the
difficulties this diversity causes, as accounts prepared in one accounting environment
are employed by users familiar with different practices. It is critically important to the
efficient operation of capital markets that accounting information be mutually
comprehensible to investors in different countries. This has been the impetus behind
attempts to harmonize accounting standards, led by organizations such as the
International Accounting Standards Committee and the Financial Accounting
Standards Board.
Worldscope’s Treatment of Accounting Differences
Worldscope is designed for the user who needs to compare the financial information
of companies from different industries and countries throughout the world. For the
reasons mentioned above, there are limitations to the comparability and thus utility of
raw data as reported in company accounts. Our analysis of financial statements from
around the world leads us to classify two main areas in which differences can arise to
impede such comparisons:
1. Valuation. Companies and accounting systems differ in the cost basis used
in financial statements; in the utilization of accruals and provisions; as well as
in the accounting methods for business combinations, depreciation, research
and development, foreign currency translation, leases, and so on.
2. Disclosure or Presentation. There can be extreme variations, even within
supposedly ‘standard’ accounting systems, in the terminology used in
financial statements, the definitions of individual accounting items, the format
of accounts and the depth of detail contained in the statements themselves
and in the notes to the accounts.
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Introduction to Worldscope
Worldscope does not attempt to standardize data for all valuation differences
between companies. We do not believe this is a feasible or desirable aim, given the
lack of detailed published information and the sheer size and diversity of the
database.
Where differences arise due to disclosure or presentation, however, it is possible to
greatly improve the value of fundamental information to practitioners. In its simplest
manifestation, this could mean that the reported ‘Sales’ of a tobacco company which
include excise taxes should not be compared directly with the reported ‘Sales’ of
another tobacco company which exclude excise taxes. There are numerous examples
of such simple presentation issues which can cloud the usefulness of ‘raw data’, and
of course this multiplies when different countries, industries, accounting systems, and
different languages are involved.
Worldscope analysts use standard data definitions in the coding of financial accounts.
By closely examining the nature and components of financial statements, footnotes
and related disclosures, differences in accounting terminology, presentation, and
language are minimized. These definitions form the last section of this book. Any
variations from our standard definitions are footnoted where it is not possible to
aggregate or disaggregate data accurately. Format variations are overcome by use of
the standard industry templates contained in section four of this book.
Worldscope data analysts carefully examine the terminology used in reported
financial information. Words like ‘short-term’, ‘long-term’, ‘current’, ‘operating’,
’special’, and ‘extraordinary’ can be variously defined from company to company, and
in different industries and accounting systems. Because each Worldscope data item
is precisely defined in a standard way, any reported items which deviate from this
definition are standardized to increase comparability. In the case noted above, for
example, the ‘Sales’ figures contained on Worldscope can be compared, because our
Field 01001 Net Sales or Revenues is always net of excise taxes, which is contained
in a separate supplementary field (Field 18063).
To illustrate with another example, general business practice regards twelve months
as an appropriate dividing line between ‘current’ and ‘non-current’. Yet many
companies include long-term portions in their ‘current’ investments, receivables, and
so on. This is only apparent when one sifts through the notes to the accounts, as our
analysts are required to do. Any such non-current amounts are reclassified to longterm receivables, long-term investments, etc. Thus the utility and comparability of
working capital and other ratios is enhanced. Similarly, when companies report ‘long
term debt’ including the current portion (amounts maturing within one year), we back
out this amount and include it in the item Short Term Debt & Current Portion of Long
Term Debt (Field 03051).
Another example is fixed assets impairment charges. It can be treated by companies
as a non recurring item. Yet other companies may consider it as an operating
expense and include it within cost of goods sold. This is only apparent when one sifts
through the notes as our analysts are required to do. Worldscope treats fixed assets
impairments as non recurring and an adjustment is made to cost of sold and
operating profit when it includes this item. Thus the utility and comparability of
operating profit and ratios such as operating margin is enhanced. A separate field
exists for impairment allowing the customer to add the data back into operating profit
if he would prefer to treat impairment as non recurring.
As a final illustration of Worldscope’s methodology, minority interests may be
separated from shareholders’ equity or included and may or may not be deducted in
arriving at net income. Our analysts reformat the accounts to standardize this for all
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Introduction to Worldscope
countries, thereby improving the information value of such commonly utilized figures
as Book Value (equity) per share and Earnings per share.
It is important to stress that Worldscope does not “change” the valuation of data
reported by the company in its accounts. We simply scrutinize exactly what
components each reported figure is made up of, and if necessary, rebuild the
accounts using the same components the company originally used, to arrive at more
uniform reporting templates. Our purpose is to help financial fiduciaries better deploy
their time and efforts in analyzing financial statements around the world.
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Introduction to Worldscope
Data Quality
Analyst Training
At Worldscope, quality assurance begins with the recruitment of multilingual corporate
data analysts, generally with accounting or financial academic qualifications. About
twenty-five major languages are represented within Worldscope, either by native
speakers or fluent non-native speakers. Worldscope analysts undergo extensive and
detailed training before being allowed to make any meaningful contribution to the
updating and analysis process. A further period of three to six months is spent in onthe-job training under supervision. Detailed country-specific accounting and financial
practices documentation has been developed to assist Worldscope data analysts in
their understanding of international accounting and reporting practices. These
manuals define each discrete database item in considerable detail, so that
information is interpreted accurately and consistently throughout all countries across
all analysts.
Automated Testing
Every piece of information entered into the database is subjected to a rigorous series
of 2,300 computerized balance, magnitude, correlation and alpha tests, many of
which are industry or country specific.
1. Balance tests check that formulas which should theoretically add up actually
do. e.g. Total Assets (Field 02999) = Total Liabilities & Shareholders’ Equity
(Field 03999), or Operating Income (Field 01250) = Net Sales or Revenues
(Field 01001) – Operating Expenses (Field 01249).
2. Magnitude tests compare data items in the current fiscal period with the
same items for prior periods, and query items which exceed predetermined
variances, e.g. Net Sales or Revenues (Field 01001) in the current year
should be within a range of 100% to 125% of the prior year’s figure.
3. Correlation tests are similar, but examine the relationships between
appropriate data items in the same period, e.g. profitability and leverage
ratios, for apparent outliers.
4. Alpha tests check the validity of alphanumeric (textual) data, e.g. checks for
correct date formats, valid industry codes and correct field lengths.
Where these tests fail, analysts must recheck and if necessary make corrections. No
information is allowed onto the database if any failed tests remain unresolved.
Supervision and Auditing
When data for any company is updated, the computer automatically generates a
report for that company, listing the last five years of historical information, including
the year that has just been updated. This is reviewed by the analyst’s group leader for
consistency and accuracy. The group leader must be satisfied that errors have been
corrected before ‘signing-off’ on that company.
All quality is monitored and controlled by a team of auditors. This department is
charged with the task of examining and rechecking in great detail a random sample of
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Introduction to Worldscope
each analyst’s and country group’s work, generating regular performance and quality
reports for management, supervisors and analysts.
Timeliness
Timeliness is always one of Worldscope’s key concerns and we strive to reduce the
delay between publication of information and its availability to Worldscope users.
Timeliness involves issues such as filing requirements, the publication delay allowed
to companies in various jurisdictions, and the speed with which Worldscope acquires
any published documentation from the company or the local stock exchange.
Worldscope prioritizes the collection, analysis, and input of company information
based on two key criteria.
First, priority is given to companies within a country with membership in one of a set
of major global benchmark indices or local key indices.
Second, all companies within a country are prioritized by market capitalization or
indicators of investor interest with the largest companies or companies having more
than 5 individual broker forecasts updated first.
To ensure robust screening and sampling during peak reporting periods, preliminary
data is updated from news sources. All companies also have Fast Update fields
(approximately 100 key statement items) updated prior to the input of full Annual
reports. Interim data is supported by both news and stock exchange sources and
fuller interim documents where available
These issues are discussed further in the section Frequently Asked Questions.
The provision of support to clients in the use of our information is a major part of a
Worldscope subscription, and is available in many forms.
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Client Support Services
Data Support Helplines
Worldscope is a large and complex database, with a dynamic company population
that is evolving daily. Thus, we maintain a dedicated and knowledgeable client
support group to work directly with our clients to help them understand and utilize
Worldscope data in their fiduciary roles. Worldscope client support services are
considered an integral part of your annual Worldscope subscription fee and clients
are encouraged to contact us directly by e-mail or phone whenever any questions
arise with regard to Worldscope data or its use.
Client Services
Email: [email protected]
Phone:
+1 800.228.3220 (from USA only)
Phone:
+353 61 771240
Fax:
+353 61 771201
Sales/Vendor Support
For questions regarding data delivery and technical support, please contact
Theresa Doran, Database Administrator & Vendor Services
Phone:
+1 203 551 7348
Email:
[email protected]
Worldscope Product Information
Please visit our website at http://www.thomson.com/financial or contact your local
Thomson Financial office.
Documentation
In addition to the Worldscope Data Definitions Guide several pieces of technical
support materials are available to assist you in using and understanding Worldscope.
A monthly status report is also available.
In addition, many of our third party software vendors also provide documentation on
their implementation of the Worldscope Database. Please call your vendor to obtain
copies of these.
Client Visits
Worldscope representatives will be happy to meet with clients by arrangement, to
discuss any issues related to their use of the data.
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Frequently Asked Questions
Some Notes on this Section
The following section is organized alphabetically by topic. To see the full list of topics
and questions, a Quick Reference List follows.
In the following section, reference may be made to data, collected and distributed by
Worldscope, but not available on the particular software platform you are using to
access the database, or available in a format different to that described below. For
example, many CD-Rom applications of Worldscope no longer contain sufficient
storage space to house the entire company universe contained in Worldscope Global.
Any queries should be referred to your data software vendor, or to the Worldscope
client support desk(s) whose details have been supplied in the introductory section
entitled, ‘Client Support Services’.
Worldscope data items are identified below by a five-digit field number and a field
name as contained in this book. These may not, in all cases, match the field names or
numbers used by your data vendor.
In answering some of the questions in this section, Worldscope footnotes are
mentioned. Footnotes are linked by our analysts to specific data fields, and may
describe corporate actions (e.g., acquisitions, capital actions) and changes year to
year (e.g., name changes, year end changes, comparability of accounts) or provide
explanatory notes to data items (e.g., the exclusion of a long-term portion from a
current asset item).
Quick Reference List
Acquisitions
Is information on acquisitions available on Worldscope? (Question 1)
ADRs: American Depository Receipts (See also ADR Frequently Asked Questions)
How can I tell if a company trades ADRs? (2)
Does Worldscope Coverage include ADRs? (39)
Brazil: Share Data
How does Worldscope present share data for Brazilian companies? (4)
Consolidation
How do I know if the company accounts are consolidated or unconsolidated in a
particular year? (5)
Is parent company data available on Worldscope? (6)
Corporate Actions
Does Worldscope adjust data for corporate actions such as stock splits, stock
dividends, etc.? (7)
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Frequently Asked Questions
Coverage
What companies are included on Worldscope and what are the selection criteria? (8)
Does Worldscope have full Western European Coverage? (8(a))
Does Worldscope have full US coverage? (8(b))
What is a Limited Data Set Company? (38)
What data is available for IPOs, e.g. newly listed companies? (37)
Currency
What currency is used to update Worldscope data? (9)
If a country has a currency revaluation, what does Worldscope do? (10)
Earnings per Share
Can I determine how earnings per share is calculated? (11)
Extraordinary Items
Can I see the impact of extraordinary items on earnings per share? (12)
EURO
How has Worldscope handled the EURO? (41)
Fast Update
What is a Fast Update and what benefit does it have for Timeliness? (35)
How can I identify Full and Fast Updates On Worldscope? (36)
Fiscal versus Calendar
Is per share data presented on a fiscal or calendar basis? (40)
Fiscal Year End
How does Worldscope treat different fiscal year ends? (13)
How are fiscal year end changes treated on Worldscope? (14)
Formats
In what formats is Worldscope available? (15)
History
How much history is available for companies on Worldscope? (16)
Inactive Companies/Securities
Does Worldscope provide information on inactive or dead companies and securities?
(17)
How can I determine if a company is inactive? (18)
How can I determine if a security is inactive? (19)
Industry Changes
How can I determine whether a company has changed industry? (20)
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Frequently Asked Questions
Industry Classification
What industry classifications are available within the Worldscope database? (21)
Interim/Time Series data
Is interim financial statement data available on Worldscope? (34)
Limited Data Set
What is a Limited Data Set Company? (38)
Multiple Share Classes
How can I determine if a company currently has more than one type of share? (25)
What does Worldscope do if a company has more than one type of share? (22)
What is the difference in the data shown at the company level and data shown at the
security level? (23)
If a company has more than one type of share, how does Worldscope select the
share for the main company record? (24)
Name Changes
How does Worldscope handle company name changes? (26)
Non-traded Companies and Securities
How can I determine which companies or securities are not traded? (27)
Preliminary Data (see also Fast Update)
How do I know if information on Worldscope is preliminary? (28)
Pro forma Data
Does Worldscope carry pro forma data? (29)
Restated Data
Does Worldscope carry restated data? (30)
Selection Criteria
What companies are included on Worldscope and what are the selection criteria? (8)
Sources
What are the sources of Worldscope data? (31)
Timeliness
How soon after the fiscal year end/fiscal period end of a company can I expect to see
the annual data on Worldscope? (32)
What is a Fast Update and what benefit does it have for Timeliness? (35)
What data is available for IPOs, e.g. newly listed companies? (37)
Time series (See Interim Time Series)
Vendors
In what formats is Worldscope available? (15)
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Frequently Asked Questions
Worldscope Identifiers
Is a unique identifier available for each record on the Worldscope database? (33)
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Frequently Asked Questions
1.
IS INFORMATION ON ACQUISITIONS AVAILABLE ON WORLDSCOPE?
Yes. Footnote K to Field 01001, Net Sales or Revenues details the companies in
which a holding of more than 50% was directly acquired during the financial year.
This footnote is always in the format “Acq’d n% of [company] in [year]”.
2.
HOW CAN I TELL IF A COMPANY TRADES ADRs?
An “X” in Field 11496, Indicator – Trades ADR indicates that the company trades
ADRs (American Depository Receipts).
3.
DOES WORLDSCOPE SUPPLY SECTOR-LEVEL OR COUNTRY AVERAGES?
No, sector-level and/or country data is not currently supported. .
4.
HOW DOES WORLDSCOPE PRESENT SHARE DATA FOR COUNTRIES WHERE STOCKS TRADE
PER THOUSAND SHARES?
For all Brazilian and Turkish companies on Worldscope all per share data (EPS,
market prices, etc.) are shown per 1,000 shares. The actual number of shares,
however, is not adjusted to reflect per 1,000 shares.
5.
HOW DO I KNOW IF THE COMPANY ACCOUNTS ARE CONSOLIDATED OR UNCONSOLIDATED
IN A PARTICULAR YEAR?
Worldscope utilizes consolidated account data when it is disclosed. In other cases,
where there are no subsidiaries or no requirement to consolidate, only parent
company accounts are available. Information on whether the company accounts are
consolidated or unconsolidated in a particular year is given in the Accounting Practice
Field 07531 Accounting Method for Long Term Investment > 50%. This field contains
standard texts, such as: “All subsidiaries are consolidated”, “No consolidation, cost
basis” and “Consolidation for significant subsidiaries, others are on equity basis”.
If a company changes its consolidation practice in a particular year, a standard
footnote is attached to Field 01001 Net Sales or Revenues to describe the change in
reporting that has occurred (e.g. Footnote BB reads “Change from unconsolidated to
consolidated reports”).
6.
IS UNCONSOLIDATED/PARENT COMPANY DATA AVAILABLE ON WORLDSCOPE?
The following key parent company fields are available on Worldscope where annual
data is available on a consolidated basis but interim data is only reported on an
unconsolidated/parent basis, or preliminary data is only available on an
unconsolidated basis. Additional Parent company data fields are available for Japan,
Korea, and Taiwan.
Field 18169 Unconsolidated/Parent Company Depreciation
Field 18170 Unconsolidated/Parent Company Sales
Field 18171 Unconsolidated/Parent Company Pre-tax Earnings
Field 18172 Unconsolidated/Parent Company Net Profit
Field 18173 Unconsolidated/Parent Company Earnings per Share
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Frequently Asked Questions
7.
DOES WORLDSCOPE ADJUST DATA FOR CORPORATE ACTIONS SUCH AS STOCK SPLITS,
STOCK DIVIDENDS, ETC.?
Yes. Worldscope adjusts all stock data for capital actions. Thus, share-related fields
such as Common Shares Outstanding, Earnings Per Share, Book Value Per Share,
Dividends Per Share, market prices and so on, all appear after adjustment for stock
splits, stock dividends and rights issues. The adjustment factor is cumulative and is
used to adjust the previous years to make them comparable with the most current
year of reporting.
For example, a stock split of 2:1 in 2006 and a stock dividend of 50% in 2003 would
result in an adjustment factor of 0.5 being applied to all stock data in 2005 back
through 2003, and a cumulative adjustment factor of 0.33333 (that is, 0.66666*0.5)
being applied to all stock data prior to 2003. The number of shares is divided by the
factor, while per share data is m
