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Benchmarks

 

U.S. Research Returns

 

U.S. Research Breakpoints

 

U.S. Book Equity Data

 

International Research Returns

Consulting Relationship

Fama / French Forum

Contact Information

 

Detail for Operating Profitability Breakpoints

Annual Breakpoints:

 

1964-2016

 

 

 

Construction:

 

We compute Operating Profitability breakpoints at the end of each June. OP for June of year t is annual revenues minus cost of goods sold, interest expense, and selling, general, and administrative expenses divided by book equity for the last fiscal year end in t-1.

 

 

 

Stocks:

 

The breakpoints for year t use all NYSE stocks for which we have (positive) book equity data for t-1, non-missing revenues data for t-1, and non-missing data for at least one of the following: cost of goods sold, selling, general and administrative expenses, or interest expense for t-1.

 

 

 

Percentiles:

 

The file contains every fifth percentile of OP, from 5% to 100%.

 




 

 

 

Copyright Kenneth R. French