We compute E/P (in
percent) breakpoints at the end of each June. The E used in June of year t
is the earnings for the last fiscal year end in t-1. P (actually ME) is
price times shares outstanding at the end of December of t-1.

Stocks:

The breakpoints for year
t use all NYSE stocks for which we have ME for December of t-1 and
(positive) earnings for the last fiscal year end in t-1.

Percentiles:

The file contains every
fifth percentile of E/P, from 5% to 100%.