Hall and Hall (1993) Dataset Documentation
invest1993.RdDetailed financial metrics for U.S. corporations, focusing on investment, financial ratios, and stock performance. Includes essential economic indicators that capture corporate financial health and performance for each year. Data spans multiple years and includes various financial metrics essential for corporate analysis.
Format
A data frame with 27,566 observations and 23 variables:
- cusip
Committee on Uniform Security Identification Procedures (CUSIP) code, identifying each firm. The first six digits represent the firm code number.
- year
The year of the data, represented as a two-digit value.
- pstar
The present discounted value (PDV) of dividends anticipated on a firm's common stock in the future, discounted at the risk-free rate plus an overall risk premium (approximately 4 percent).
- z0
The first term in the linearized expression for z (as outlined in Appendix A of the paper).
- pricef
The actual price of common stock at the end of the fiscal year.
- divf
The dividends paid during the fiscal year.
- rnda
Research and development (R&D) expenditure to assets ratio.
- adva
Advertising expenditure to assets ratio.
- fyr
The month in which the fiscal year ends, ranging from 1 (January) to 12 (December).
- ardsic
A modified 2.5-digit Standard Industrial Classification (SIC) code, roughly similar to those used in Bound, Cummins, Griliches, Hall, and Jaffe (1984) in "Who Does R&D and Who Patents?"
- exityr
The year the firm exited from the sample.
- inva
Investment to assets ratio, reflecting the proportion of investment relative to the company's total assets.
- cfa
Cash flow to assets ratio, indicating the cash-generating efficiency of the assets.
- debta
Long-term debt to assets ratio, a measure of a company's financial leverage.
- sales
Annual sales revenue (in millions of dollars).
- netcap
The adjusted book value of assets, accounting for plant, property, equipment, inventories, and other components, with inflation adjustments as per Brainard, Shoven, and Weiss's approach.
- earnsh
Reported earnings per share (EPS).
- nyseamex
Indicator variable set to 1 if the firm is listed on the New York Stock Exchange (NYSE) or American Stock Exchange (AMEX), otherwise 0.
- h0
Instrumental variable as specified in equation B-5 of the referenced paper.
- h1
Another instrumental variable as specified in equation B-5 of the referenced paper.
- vala
Total market value to assets ratio, often referred to as Tobin's Q.
- oneper
One-period rate of return, adjusted for non-diversifiable discounting.
- sharef
Shares of common stock outstanding, represented in thousands.
Source
Bronwyn H. Hall and Robert E. Hall, "The Value and Performance of U.S. Corporations," Brookings Papers on Economic Activity, 1993 (1), 1-50. Data sourced from https://eml.berkeley.edu/~bhhall/bhdata.html.