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Bank equity returns are more sensitive to systematic risk near cyclical troughs than they are near the top of the cycle. More specifically, the first column in Table 1 shows the estimates of the interaction terms between the variable depicting the cyclical phases and the three pricing factors. Negative coefficients indicate that bank stocks are more sensitive to the market and size factors in economic downturns. The result is most pronounced in the case of the size factor. The loading on size increases by 15 basis points when GDP growth deteriorates by moving down one quartile. Another way to. | Stock Market Basics Copyright 2004 Learning Seed Suite 301 641 West Lake Street Chicago IL 60661 800.634.4941 info@learningseed.com www.learningseed.com Stock Market Basics Legal Niceties The Video Copyright 2004 Learning Seed. This video program is protected under U.S. copyright law. No part of this video may be reproduced or transmitted by any means electronic or mechanical without the written permission of the Publisher except where permitted by law. This Teaching Guide Copyright 2004 Learning Seed. This teaching guide is copyrighted according to the terms of the Creative Commons non-commercial license http ZZcreativecommons.orgZlicensesZby-ncZ2.5Z . It may be reproduced in its part or its entirety for classroom use. No part of this guide may be reproduced for sale by any party. You are free to copy distribute display and perform the work. to make derivative works. Under the following conditions Attribution. You must attribute the work to Learning Seed. Noncommercial. You may not use this work for commercial purposes. For any reuse or distribution you must make clear to others the license terms of this work. Any of these conditions can be waived if you get permission from the copyright holder. Learning Seed Catalog and ISBN Numbers DVD LS-1278-04-DVD ISBN 0-917159-58-6 VHS LS-1278-04-VHS ISBN 0-917159-88-8 Closed Captioning This program is closed-captioned. Questions or Comments We d love to hear from you whether you d like a catalog want to share your thoughts on one our titles or have a question. Please contact us at Learning Seed Suite 301 641 West Lake Street Chicago IL 60661 800.634.4941 info@learningseed.com 2 learningseed Stock Market Basics Summary Stock Market Basics really is about the basics. This is not a program about puts and calls options short selling and P E ratios. Instead the program explains What is a stock What s the difference between a stock and a bond Why do companies issue stock Do companies have to pay dividends What is a portfolio What
