Standard & Poor’s Compustat® Pro d u c ts & S e r v i c e s f o r t h e A c a d e mi c C o mmu n i t y
Compustat—Continuing to Set the Standard
Co m pu s tat ® Covering approximately 98% of the world’s market capitalization with timely data on over 88,000 global securities, Compustat has the scope and reputation financial professionals and academic researchers demand. Key restated and un-restated data, unrivaled historical and historical snapshot information, easy-to-use delivery options, and a knowledgeable and responsive support staff have earned Compustat a level of respect and confidence unsurpassed in the financial industry.
What does Compustat mean to investment professionals? Coverage. Fundamental company and market data representing 98% of the world’s total market capitalization. Depth. Unmatched company history, providing key restated and un-restated data for backtesting, Compustat Snapshot, Point-in-Time and Preliminary History databases. Longevity. Compustat has delivered vital company, index and industry information to investment professionals and academic researchers around the world for over 45 years. Ease of Use. From data feeds to analytic packages, delivery options that fit your needs. Reputation. Based on 45 years of providing vital information to investment professionals, business schools, and research houses around the world. Support. Knowledgeable and responsive staff to quickly address your questions.
With Compustat, money managers, hedge funds, and quantitative researchers get the reliability, coverage, and usability they need to meet their business requirements.
Standard & Poor’s Compustat® Data Standard & Poor’s Compustat data provides vital company, index and industry information. Clients can choose from either the North America or Global data subsets, or subscribe to both.
Compustat North American Data Compustat North American Data is standardized according to financial statement presentation and specific data item definitions assuring our customers consistent, comparable data with which to analyze companies and industries. Compustat North American is a database of U.S. and Canadian fundamental and market data.
Compustat Global Data Compustat Global Data is normalized according to country accounting principles, disclosure methods and specific data item definitions. This database provides financial and market data covering publicly traded companies. Hundreds of data items, ratios and concepts are included. In addition, Compustat Global offers data models specific to industrial companies and financial services sectors including: banks, insurance companies, real estate investment trusts and brokers/security dealers.
2
Compustat Data Highlights ÌÌ Covers over 56,000 companies globally ÌÌ Over 45,500 non-North American securities ÌÌ Companies from 112 countries ÌÌ 98% of the world’s total market capitalization
Data S e t s
Compustat Database
Data sets vary by delivery platform, and include: Up to 20 years of annual and 12 years of quarterly history Pre-calculated ratios and concepts Corporate actions and business descriptions
Comprehensive company financial data, extensive balance sheet, income statement, and detailed footnotes
Standard Data Offerings Compustat® North America Data: Active and inactive U.S., Canadian and Level II and Level III ADR’s that trade on a U.S. or Canadian Exchange Compustat® Global Data: Integrated global database with active and inactive fundamental and market data on over 88,000 securities
Add-on Databases* Compustat® Historical: Historical annual and quarterly restated North American data. Annual data available from 1950 and quarterly data from 1962 Compustat Snapshot: A backtest database containing non-North American fundamental financial data. Compustat Snapshot includes originally reported data, restated data and multi-restated data with history back to 1987 for annual data and 1996 for interim data Compustat® Corporate Tracker: Corporate actions database which tracks mergers, acquisitions, CUSIP, ticker and name changes back to 1966 Compustat® ExecuComp: Provides annual data from 1992 forward on the top five executive officers within a company. This database, representing the S&P 1500, contains more than 31,000 executives and includes more than 100 different compensation items Compustat® Point-in-Time: North American monthly historical quarterly fundamental data, includes a 20-quarter rolling history for a particular month from 1987 forward Compustat® Unrestated Quarterly: Standardized quarterly unrestated income statement and balance sheet data from 1987, accompanied by the quarterly restated equivalents Compustat® Preliminary History: Annual and quarterly preliminary North American company data from 1987 Compustat® Industry Specific: Financial, statistical and market information on Airline, Healthcare Facilities, Homebuilding, Managed Care (HMO), Mining, Oil & Gas, Exploration & Production, Oil & Gas Refining & Marketing, and Retail industries GICS® Direct by Standard & Poor’s® and MSCI®: A joint product from Standard & Poor’s and MSCI Barra, provides more than 36,000 company classifications (approximately 40,500 securities) worldwide in accordance with Standard & Poor’s and MSCI Barra’s proprietary Global Industry Classification Standard (GICS). The classifications cover companies in over 100 countries and over 97% of the world’s total market capitalization. Standard & Poor’s GICS History: Historical company-level GICS codes for active and inactive U.S., Canadian and ADR companies that go as far back as June 1985. In conjunction with Standard & Poor’s Compustat data or GICS Direct, it is a valuable tool for statistical analysis, backtesting and historic sector performance attribution Standard & Poor’s Index Alert®: Tracks changes and adjustments that affect the composition and constituent weightings of the S&P indices and reports corporate action news events on all index constituents Standard & Poor’s Ratings: Contains issuer credit ratings on the overall creditworthiness of a company. Long-term, short-term, and subordinate debt ratings are included MSCI: Integrated into the Compustat Database, MSCI global equity benchmark indices includes daily and monthly pricing and total returns data covering 3,800 indices. Access daily and monthly history for developed markets from 1970 in addition to daily and monthly history from 1987 for emerging markets Russell: Provides data on companies in the Russell Constituents, as well as Russell Indices and includes current and historical Russell Constituent data with daily history back to 1990 and Russell Index daily market data back to 1984 covering 12 major Russell indices
* These and additional databases are available. Please contact a sales representative for a complete list.
3
so l u ti on s Confidence is knowing that you have the most reliable and authoritative data in the industry. Since 1962, Compustat has been considered the premier source for fundamental and market data coverage. Whether you’re an academic researcher accessing Compustat through Standard & Poor’s Xpressfeed or Research Insight platforms, or through one of our vendor partners, Wharton Research data Services (WRDS), or The Center for Research in Security Prices (CRSP), Compustat provides the solutions that will allow you to conduct the accurate, in-depth analysis you depend on for your unbiased and objective historical research needs.
Academic and Government Researchers Around the world, academic professionals and government officials utilize the reports, financial models, and industry analyses provided by Compustat. With Compustat you can conduct event studies, industry comparisons, backtesting, transfer pricing and valuation. In addition, Compustat offers an extensive portfolio of data, analysis, and advisory services uniquely valuable to researchers and professionals.
Quantitative Researchers / Behavioral Analysts / Econometricians Compustat’s high-quality fundamental and market data allows quantitative researchers to financially engineer statistical trading models and investment strategies designed to achieve alpha. With Compustat data and applications, you can develop strategies for backtesting theories, study the behavior of investment opportunities that generate alpha, develop and manipulate complex portfolio trading models, produce statistical charts and graphs for in-depth scrutiny of investment theories, engage statistical arbitrage models, and monitor M&A candidates.
Investment Managers Money Managers, Asset Managers, Portfolio Managers, Private Wealth Managers, Corporations, Pension Funds and Hedge Funds the world over rely on Compustat data and applications to analyze investment opportunities. Compustat can help you generate complex investment screens, uncover exploitable market opportunities, develop statistical arbitrage models, conduct analysis on emerging market data, manage portfolios, and develop robust backtesting models.
Application Developers Accurate models begin with accurate data. At Compustat, quality means reputation and that is why application developers choose Compustat data. From building internal financial application platforms to integrating various data feeds into proprietary loader systems, Compustat is the only choice for the high-quality and accurate data that enables you to develop and implement the scope of application you require to run comprehensive, realistic simulations.
Investment Bankers Sell-side investment bankers involved in M&A, Corporate Finance, Sales & Trading, Structuring, and Research take advantage of the high-quality fundamental and market data Compustat provides. Assessing risk, managing profitability and return, engaging statistical arbitrage models, developing customized peer reports, analyzing M&A candidates, performing value and cash flow forecasts, and generating pitch books are all made possible with Compustat data at your fingertips.
4
Compustat—Continuing to Set the Standard
prod u c t s & s e r v ices Compustat is committed to offering products and services that contribute to transparent, efficient markets and that give the academic community the independent benchmarks they need to complete relevant financial research and analysis. Through our intellectual integrity, our analytic strength, and our sense of purpose, we continue holding ourselves to the standard we set back in 1860 by bringing a strong, discerning, independent voice to the financial community.
Data Feeds Xpressfeed Highlights ÌÌ Item level transactional updates ÌÌ Fully integrated data sets from multiple third party vendors ÌÌ Flexible object oriented file formats ease the addition of new content
Standard & Poor’s Compustat Xpressfeed® Standard & Poor’s Compustat Xpressfeed® delivers clean, consistent fundamental and market data covering nearly 56,000 active and inactive companies from 112 countries. With Compustat analysts’ notes and transparency, Compustat provides an as reported breakout of Compustat’s standardized and adjusted items. You can tie values back to financial statements in a structured format that shows all components that were included in the adjustment to an item.
The Xpressfeed Loader The Xpressfeed Loader allows a quick setup of the Compustat Xpressfeed database into a relational database. With the Xpressfeed suite, the Loader is available without additional programming resources and works with most commonly used environments and databases.
GICS® Direct Investors, research specialists and product developers worldwide have adopted the GICS methodology. GICS Direct enables effective, efficient portfolio analysis and reporting by providing a comprehensive and timely database of companies classified in accordance with the GICS methodology.
GICS Structure Benefits ÌÌ Large, Global Universe ÌÌ ASCII or XML formats
How do you benefit from GICS Direct? The Global Industry Classification Standard was developed to meet the global financial community’s need for one complete, consistent set of global sector and industry definitions. The GICS structure consists of 10 sectors, 24 industry groups, 67 industries and 147 sub-industries.
available ÌÌ Precise, Timely and Relevant
Coverage of over 36,000 companies, 97% world market cap Annual structure reviews ensure a classification structure that is consistent with recent market trends Every classification is reviewed annually to ensure the most accurate classification available
Compustat® Custom Solutions Flexible Options to Suit Your Workflow ÌÌ Custom data sets ÌÌ Data feed management and integration ÌÌ New and existing applications
Compustat® Custom Solutions provides unique capabilities and data integration solutions tailored to meet the specific workflow needs of your organization. You can access custom data sets, calculations, queries, data transformation services and specialized integration tools, such as data loaders configured to fit your technical environment or unique data processing needs. These specialized data loaders can be extended to include data feed management and full integration of content from multiple data providers.
DATA INTEGRATION Compustat Custom Solutions can extend the Xpressfeed Loader to manage multiple data feeds such as Xpressfeed, other Standard & Poor’s feeds, third party data feeds, and user data, allowing the client to configure each data load separately within a single application.
ADDITIONAL SERVICES For quick access to specific data sets or analysis, you can trust Compustat’s Custom Solutions to create specialized analysis and reports on an as-needed basis. Examples include: historical, peer and industry analysis, security and portfolio analysis, GICS studies, research, total return or M&A, studies, executive compensation data and financial modeling.
5
analytical tools Standard & Poor’s Research Insight® Standard & Poor’s Research Insight® is an analytical software interface used to access and screen the Compustat database using a wide range of investment and financial criteria.
How do you benefit from using Research Insight? Our powerful software is fully customizable giving you the flexibility to effectively analyze companies and markets in your own unique way. In seconds, you can access more than 160 pre-defined reports and company performance charts including:
Research Insight Highlights ›› Accessible via Microsoft Excel® ›› Extensive predefined reports and templates library ›› Completely customizable ›› Powerful user database system
Financial statements Price charts Forecasts Total returns Sales growth Ratio analysis
With just a few clicks of the mouse, you can easily create customized reports and charts integrating key financial measures for current or historic time periods. Choose from our extensive library of over 75 Microsoft Excel® templates, use our wizards, or create your own proprietary models. Panel report formats are available which enable users to download time series of data into .txt files to employ in commonly used third party statistical programs.
Standard & Poor’s Research Insight on the WebSM
Research Insight on the Web Highlights ÌÌ ÌÌ ÌÌ ÌÌ ÌÌ
Standard & Poor’s Stock Reports Compustat analysts’ notes Global Reports* Extensive canned report library Current and historical original financial statements
*Additional subscription required
Research Insight on the WebSM delivers integrated Compustat Databases—North American and Global—via the web in a familiar Microsoft Excel spreadsheet. Institutional professionals involved in equity, credit, risk and industry analysis will find Research Insight on the Web ideal for building financial models and performing rigorous company analysis. Functionality Access Compustat’s analytic content direct from the Internet to your desktop. This web-based screening tool allows you to examine the Compustat database to search for peers, or for companies that meet specific financial criteria on a global basis. The database is updated daily for key financial data such as company fundamentals, market prices and corporate actions. The analytical engine provides ratios, expression language for reporting and flexible screening items for S&P Index membership, industry, valuations, profitability and geographic areas.
Working directly through an Excel Add-in, you can perform your analysis by:
6
Creating custom financial models with charts and reports Selecting from an extensive library of templates Accessing ratios, expression language for reporting and screening Identify companies that meet key selection criteria
Standard & Poor’s Backtester™ For quantitative investment/portfolio managers who model portfolio strategies by means of backtesting, understanding underlying factor relationships can present problems. The solution? The Standard & Poor’s Backtester™. This robust and intuitive analysis tool gives you multiple dimensions on which to assess portfolio performance. Multiple regression features can help you understand what factors are significant in predicting returns, the relative weight or significance of each factor to the whole, and the sustainability of the model over time. In addition, Backtester has the capabilities to help you determine the predictive relationships underlying the factors and subsequent returns of the models you construct.
Backtester Highlights ÌÌ Multiple regression capabilities ÌÌ Powerful factor test algorithm ÌÌ Portfolio comparison report ÌÌ Robust entry rules / trading rules
With Standard & Poor’s Backtester you can:
Develop powerful portfolio simulations to test investment ideas Test the power of factors through time using multiple regression capabilities Develop blended strategies such as 130/30 Review a series of transparent analysis tools to investigate results and detect problems Simulate the impact of real world problems such as taxes, trading costs, and management fees Enhance your strategies with a series of rules and constraints to minimize risk and maximize return
Back testers want the ability to create proprietary factors and with Backtester this functionality comes standard leading to a more customized way to trade your portfolio. Backtester also includes the ability to vary the factor weighting over time, allowing you to use market signals or optimal weights generated in other tools and dynamically change the factor model over the life of your simulation. With Standard & Poor’s Compustat® Historical and Unrestated Quarterly Database and the Research Insight analytical engine as the foundation, the Backtester tool gives you the knowledge to gauge the effectiveness of your investment strategy while filtering out restatements, avoiding lookahead bias, handling corporate actions and preventing survivorship bias.
Standard & Poor’s Compustat® ExecuComp You need transparent compensation data that reflects new and existing SEC rules. You need Compustat® ExecuComp. Focusing on the most important factors underlying each company’s compensation policies and decisions enables investors to use compensation data to identify trends in an industry, within the company, or among peers within an industry. Investors also have the ability to tie a company’s performance to actual compensation levels. ExecuComp encompasses:
ExecuComp Highlights ÌÌ Available in downloadable Microsoft Access® database, a SAS® dataset and also available through our vendor partner Wharton Research data Services (WRDS) ÌÌ Updated four times per year ÌÌ Comprehensive executive compensation data on the top officers for the S&P 1500 Index
Annual data from 1992 forward, on the top five executive officers within a company Contains more than 29,600 executives Executive compensation data on the top officers of over 2,500 companies More than 100 compensation items
Benefits to Your Analysis ExecuComp offers executive compensation data, including current, historical, total compensation, executive options and compensation of industry peers. In addition to offering summary compensation data, selected company financial information is included which allows you to compare executive pay versus company performance, providing you with previously hard-to-find information. The ExecuComp database also includes detailed breakouts of compensation data under the old reporting rules for those who are researching historical compensation trends.
Preview of Compensation Data Included
Company descriptive data Executive pension plans Deferred compensation plan information Stock option grants data
Long-term incentive awards data and other plan based awards data
Outstanding option and restricted stock awards data
7
MK-APBGU_908
Standard & Poor’s Compustat Client Services Standard & Poor’s is committed to total client satisfaction by providing a wide range of services from initial product training, to the ongoing support of products. We believe each client should experience the full benefits of our products by receiving optimum support solutions. To meet our customer expectations, our client support services provide both in-depth customer support and customized training options. Client Support At Standard & Poor’s Compustat, we have a knowledgeable and responsive staff to quickly address your questions. We are here to support you from 8:00 a.m. to 8:00 p.m. (ET) to help maximize your productivity. Contact us by calling the Client Services number for your region or email us at
[email protected]. Product Education and Training Our Product Education and Training team is dedicated to providing a variety of training alternatives, creating solutions for those with even the busiest of schedules all from the comfort of your office. Standard & Poor’s offers live, interactive training via the Internet for topics including:
Compustat Xpressfeed Research Insight Standard & Poor’s Backtester Research Insight on the Web Compustat Data
Class schedules are published in the monthly product Communiqués and on the Compustat Resources web site, www.compustatresources.com. Compustat Resources Web site The Compustat Resources web site provides you with everything you need to make the most of your subscription. On the Compustat Resources site you can access:
Product releases Data guides White papers Production calendars Training schedules
For more information on Compustat, call your Standard & Poor’s representative. You can also visit us at www.standardandpoors.com. North America U.S. and Canada 800.357.0769 Mexico 01.800.288.2872; then dial 800.523.4534 Europe London 44.20.7176.8580, 1.800.523.4534 Asia Hong Kong 852.2532.8030 Japan 813.4550.8711 Analytic services and products provided by Standard & Poor’s are the result of separate activities designed to preserve the independence and objectivity of each analytic process. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process. All marks are owned and/or registered to the McGraw-Hill Companies, Inc. MSCI is a registered trademark of Morgan Stanley Capital International, Inc.
