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Submitted to:

Assignment on Beta Calculation & Analysis of Leather Industry

Ms. Sheikh Sharmin Shamaly Course Instructor (FRL 411) Department of Business Administration University of Asia Pacific

Submitted By: Group 4 Name Imroz Mahmud Jesmin Naher Shiuly Nayma Akther Selina Akter Md. Rafiul Islam Asif Shahriar Reg.# 08102069 08102020 08102007 08102044 08102051 08102041

Date of Submission: March 8, 2012

Letter of Transmittal
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March 8, 2012 To Ms. Sheikh Sharmin Shamaly Course Instructor (FRL 411) The Department of Business Administration The University of Asia Pacific Subject: Prayer for acceptance of the assignment on beta calculation and beta analysis of leather industry.

Dear Madam, We had a great experience while doing this assignment. We tried our level best to prepare this assignment on beta calculation and beta analysis of leather industry. But our assignment was not very accurate because of our limited knowledge. Our hard work will result in success if our assignment is able to clarify and satisfy the requirements that were assigned to us. We give a sincere thanks to you for providing your generous help, wherever we felt the needs. Thank you, Sincerely yours, Imroz Mahmud (Group Leader) Regi. No #08102069 On behalf of the members of my group Dept. of Business Administration The University of Asia Pacific

Acknowledgement
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We owe the depth of thanks to UAP administration for providing us with internet and library facility. This helped us for completing our assignment successfully. We want to thank Ms. Sheikh Sharmin Shamaly, our course instructor, for assigning us such a useful assignment and providing us with various information, experiences and knowledge while carrying out the work on the assignment.

Table of Contents
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Serial No 1 1.1 1.2

Topic Risk Definition of risk Types of risk

Page No 5-7 5 5

1.3 2 2.1 2.2 2.3 3 4 5 5.1 5.2 5.3 5.4

Sources of Risk Beta What is Beta History of Beta Estimation of Beta Industrial Overview Industry Analysis Porters Five Forces Threat of New Entrants Threat of Substitutes Bargaining Power of Buyers

7 8-11 8 9 10 11-12 12-15 15-18 16 16 17 17

Bargaining Power of Suppliers

5.5

Intensity of Rivalry Beta Comparison of Five Leather Companies of Bangladesh Bibliography Appendix

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18-19

1.

Risk
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1.1 Definition of 'Risk'

isk is the chance that an investment's actual return will be different than expected return. Risk includes the possibility of losing some or all of the original investment. Different versions of risk are usually measured by calculating the standard deviation of the historical returns or average returns of a specific investment. High standard deviations indicate a high degree of risk. Many companies now allocate large amounts of money and time in developing risk management strategies to help manage risks associated with their business and investment dealings. A key component of the risk management process is risk assessment, which involves the determination of the risks surrounding a business or investment. Investopedia explains 'Risk' A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk that an investor is willing to take on, the greater the potential return. The reason for this is that investors need to be compensated for taking on additional risk. For example, a U.S. Treasury bond is considered to be one of the safest (risk-free) investments and, when compared to a corporate bond, provides a lower rate of return. The reason for this is that a corporation is much more likely to go bankrupt than the U.S. government. Because the risk of investing in a corporate bond is higher, investors are offered a higher rate of return.

1.2 Types of Risk


Systematic

Risk - Systematic risk influences a large number of assets. A significant political event, for example, could affect several of the assets in your portfolio. It is virtually impossible to protect yourself against this type of risk. 5|Page

Unsystematic Risk - Unsystematic risk is sometimes referred to as "specific

risk". This kind of risk affects a very small number of assets. An example is news that affects a specific stock such as a sudden strike by employees. Diversification is the only way to protect you from unsystematic risk. (We will discuss diversification later in this tutorial).

Now that we've determined the fundamental types of risk, let's look at more specific types of risk, particularly when we talk about stocks and bonds.
Credit or Default Risk - Credit risk is the risk that a company or individual will

be unable to pay the contractual interest or principal on its debt obligations. This type of risk is of particular concern to investors who hold bonds in their portfolios. Government bonds, especially those issued by the federal government, have the least amount of default risk and the lowest returns, while corporate bonds tend to have the highest amount of default risk but also higher interest rates. Bonds with a lower chance of default are considered to be investment grade, while bonds with higher chances are considered to be junk bonds. Bond rating services, such as Moody's, allows investors to determine which bonds are investment-grade, and which bonds are junk. (To read more, see Junk Bonds: Everything You Need to Know, What Is a Corporate Credit Rating and Corporate Bonds: an Introduction To Credit Risk.)
Country Risk - Country risk refers to the risk that a country won't be able to

honor its financial commitments. When a country defaults on its obligations, this can harm the performance of all other financial instruments in that country as well as other countries it has relations with. Country risk applies to stocks, bonds, mutual funds, options and futures that are issued within a particular country. This type of risk is most often seen in emerging markets or countries that have a severe deficit. (For related reading, see: What Is An Emerging Market Economy?)
Foreign-Exchange Risk - When investing in foreign countries you must consider

the fact that currency exchange rates can change the price of the asset as well. Foreign-exchange risk applies to all financial instruments that are in a currency other than your domestic currency. As an example, if you are a resident of America and invest in some Canadian stock in Canadian dollars, even if the share value appreciates, you may lose money if the Canadian dollar depreciates in relation to the American dollar.
Interest Rate Risk - Interest rate risk is the risk that an investment's value will

change as a result of a change in interest rates. This risk affects the value of bonds more directly than stocks. (To learn more, read How Interest Rates Affect The Stock Market.) 6|Page

Political Risk - Political risk represents the financial risk that a country's

government will suddenly change its policies. This is a major reason why developing countries lack foreign investment.
Market Risk - This is the most familiar of all risks. Also referred to as volatility,

market risk is the the day-to-day fluctuations in a stock's price. Market risk applies mainly to stocks and options. As a whole, stocks tend to perform well during a bull market and poorly during a bear market - volatility is not so much a cause but an effect of certain market forces. Volatility is a measure of risk because it refers to the behavior, or "temperament", of your investment rather than the reason for this behavior. Because market movement is the reason why people can make money from stocks, volatility is essential for returns, and the more unstable the investment the more chance there is that it will experience a dramatic change in either direction.

1.3 Sources of Risk


Sources of risk can be organized into categories such as customer risk, technical (product) risk, and delivery risk. Within each category, specific sources of risk can be identified and risk reduction techniques applied.

Customer Risk
Customer risk is related to the customers key success factors for the project. A project is not successful if the customer is not successful with the system. The key success factors are found in both the customers requirements and the context or environment within which the system and its users will function. These will vary from customer to customer, even for similar systems.

Technical Risk
Technical risk arises from the capability of the technical solution to support the requirements of the customer. Until the system is actually constructed and tested every component of the architecture is a potential source of risk.

Delivery Risk

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Delivery risk is related to the ability of the complete team (including vendors and subcontractors) to deliver against the plan at the cost and schedules estimated.

2.Beta
2.1 What is Beta:
In finance, the Beta () of a stock or portfolio is a number describing the relation of its returns with those of the financial market as a whole.[1] An asset has a Beta of zero if its returns change independently of changes in the market's returns. A positive beta means that the asset's returns generally follow the market's returns, in the sense that they both tend to be above their respective averages together, or both tend to be below their respective averages together. A negative beta means that the asset's returns generally move opposite the market's returns: one will tend to be above its average when the other is below its average.[2] The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset's statistical variance that cannot be removed by the diversification provided by the portfolio of many risky assets, because of the correlation of its returns with the returns of the other assets that are in the portfolio. Beta can be estimated for individual companies using regression analysis against a stock market index.

The formula for the beta of an asset within a portfolio is

Where ra measures the rate of return of the asset, rp measures the rate of return of the portfolio, and cov (ra,rp) is the covariance between the rates of return. The portfolio of interest in the CAPM formulation is the market portfolio that contains all risky assets, and so the rp terms in the formula are replaced by rm, the rate of return of the market. Beta is also referred to as financial elasticity or correlated relative volatility, and can be referred to as a measure of the sensitivity of the asset's returns to market 8|Page

returns, its non-diversifiable risk, its systematic risk, or market risk. On an individual asset level, measuring beta can give clues to volatility and liquidity in the marketplace. In fund management, measuring beta is thought to separate a manager's skill from his or her willingness to take risk. The beta coefficient was born out of linear regression analysis. It is linked to a regression analysis of the returns of a portfolio (such as a stock index) (x-axis) in a specific period versus the returns of an individual asset (y-axis) in a specific year. The regression line is then called the Security characteristic Line (SCL).

is

called

the

asset's alpha and is called the asset's beta coefficient. Both coefficients have an important role in Modern portfolio theory. For an example, in a year where the broad market or benchmark index returns 25% above the risk free rate suppose two managers gain 50% above the risk free rate. Because this higher return is theoretically possible merely by taking a leveraged position in the broad market to double the beta so it is exactly 2.0, we would expect a skilled portfolio manager to have built the outperforming portfolio with a beta somewhat less than 2, such that the excess return not explained by the beta is positive. If one of the managers' portfolios has an average beta of 3.0, and the other's has a beta of only 1.5, then the CAPM simply states that the extra return of the first manager is not sufficient to compensate us for that manager's risk, whereas the second manager has done more than expected given the risk. Whether investors can expect the second manager to duplicate that performance in future periods is of course a different question.

2.2 History of Beta


Beta (uppercase , lowercase ; Greek: ) is the second letter of the Greek alphabet. In Ancient Greek, beta represented the voiced bilabial plosive /b/. In Modern Greek, it represents the voiced labiodental fricative /v/. The letter Beta was derived from the Phoenician letter Beth . Letters that arose from Beta include the Roman letter B and the Cyrillic letters and . In the system of Greek numerals Beta has a value of 2. 9|Page

Name Like the names of most other Greek letters, the name of beta was adopted from the acrophobic name of the corresponding letter in Phoenician, which was the common Semitic word *bayt ('house'). In Greek, the name was bta, pronounced [b ta] in Ancient Greek. It is spelled in the modern monotonic orthography, and pronounced [vita]. In English, the name is pronounced either / bet/ (US) or /bit/ (UK)). Uses The Greek alphabet on an ancient black figure vessel, with the characteristically angular beta of the time. Typography In some high-quality typesetting, especially in the French tradition, a typographic variant of the lowercase letter without a descended is used within a word: is printed .[1] In typesetting technical literature, it is a commonly made mistake to use the German letter (a double-s ligature) as a replacement for . The two letters resemble each other in some fonts, but they are unrelated. Mathematics and science Beta is often used to denote a variable in mathematics and physics, where it often has specific meanings for certain applications, such as representing beta radiation. In regression analysis, B symbolizes non-standardized partial slope coefficients, whereas representsstandardized (standard deviation-score form) coefficients; in both cases, the coefficients reflect the change in the criterion Y per one-unit change in the value of the associated predictor X. Finance Beta is used in finance as a measure of investment portfolio risk. International Phonetic Alphabet In the International Phonetic Alphabet, Greek minuscule beta denotes a voiced bilabial fricative []. Meteorology The name Beta was used as a name during the 2005 Atlantic hurricane season as Hurricane Beta.

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2.3 Estimation of Beta


To estimate beta, one needs a list of returns for the asset and returns for the index; these returns can be daily, weekly or any period. Then one uses standard formulas from linear regression. The slope of the fitted line from the linear leastsquares calculation is the estimated Beta. The y-intercept is the alpha. Myron Scholes and Joseph Williams (1977) provided a model for estimating betas from nonsynchronous data.[5] Beta is commonly misexplained as asset volatility relative to market volatility. If that were the case it should simply be the ratio of these volatilities. In fact, the standard estimation uses the slope of the least squares regression linethis gives a slope which is less than the volatility ratio. Specifically it gives the volatility ratio multiplied by the correlation of the plotted data. To take an extreme example, something may have a beta of zero even though it is highly volatile, provided it is uncorrelated with the market. Tofallis (2008) provides a discussion of this, together with a real example involving AT&T. The graph showing monthly returns from AT&T is visibly more volatile than the index and yet the standard estimate of beta for this is less than one. The relative volatility ratio described above is actually known as Total Beta (at least by appraisers who practice business valuation). Total Beta is equal to the identity: Beta/R or the standard deviation of the stock/standard deviation of the market (note: the relative volatility). Total Beta captures the security's risk as a stand-alone asset (because the correlation coefficient, R, has been removed from Beta), rather than part of a well-diversified portfolio. Because appraisers frequently value closely held companies as stand-alone assets, Total Beta is gaining acceptance in the business valuation industry. Appraisers can now use Total Beta in the following equation: Total Cost of Equity (TCOE) = risk-free rate + Total Beta*Equity Risk Premium. Once appraisers have a number of TCOE benchmarks, they can compare/contrast the risk factors present in these publicly traded benchmarks and the risks in their closely held company to better defend/support their valuations

3. Industrial Overview
Leather Industry developed in Bangladesh on a large-scale basis from the 1970s. About 95% of leather and leather products of Bangladesh are marketed abroad, mostly in the form of crushed leather, finished leather, leather garments, and footwear. Most leather and leather goods go to Germany, Italy, France, Netherlands, Spain, Russia, Brazil, Japan, China, Singapore and Taiwan. Value addition in these exports averages 85% local and 15% foreign. About 100 modern tannery units are now in operation in the industry. These are located mostly in the Hazaribagh area of Dhaka city. In 1998, the sector exported 178 million sq ft of leather and earned $160 11 | P a g e

million. The country's share in the world leather market is 2%. The export of finished products such as shoes, slippers, leather jackets, hand gloves, bags, purses, wallets, and belts also earn a sizeable amount of foreign exchange. Bangladesh intends to increase its range of leather products to penetrate new market segments. The country is endowed with luxurious vegetation encouraging a large livestock population. The quality of the raw hide and skin is relatively good, as barbed wire fencing that damage the skins of animals is not used in the natural farms and fields. Black goatskin of kushtia is particularly noted for its finegrain structure and tensile strength. The tradition of humane care of domestic animals also contributes significantly to keeping the leather quality high. About 40% of the supply of hide and skin comes from animals slaughtered during the annual Muslim festival of eid-ul azha. In addition to daily consumption of meat, festivals, Muslim weddings, and other celebrations yield a substantial supply of hide and skin. The tanning industry got a big boost following the government decision to promote more value addition in exports. The installed capacity for crust leather production increased. At present, it is double the domestic supply of raw hide and skin. Investments are also made in installing new finishing capacity. The trends encourage more tanneries to produce finished leather on a commercial basis. The government of Bangladesh provides a support to the leather industry through various steps, including monitoring the export market, evaluating the performance of the sector by a permanent parliamentary committee, and liberal bank credit. During the 1990s, the export market for Bangladeshi leather grew at an average of 10 - 15% per annum. The average yearly exports accounted for $225 million. Finegrain leather of Bangladesh enjoys preferential demand in Western Europe and Japan. Low wage level and the ban on exporting wet blue leather helped the industry receive a new thrust in the country. Environmental concerns arising out of the high concentration of production units in a small area of the older part of Dhaka city are being addressed with plans for their relocation outside the city. Leather goods producers in Bangladesh tend to be associated only with manufacturing and exporting. They do not have much control over downstream operations. However, the success of a number of Bangladeshi firms in attracting such brand names as Puma, Pivolinos and Hugo Boss to source from this country proves that there is ample scope for the industry's upward mobility. 12 | P a g e

4. Industry Analysis
Nature of competition: This is the first growing sector for leather products.Presently; Bangladesh produces between 2 and 3 percent of the worlds leather market. The leather industry in Bangladesh is highly competitive. Bata shoes, Apex tannery, Legacy footwear, Samata leather and Apex Adelchi footwear are renowned companies in Bangladesh. And they are listed in the stock market as well. But there are numerous other small and big manufacturers of leather product. At present there about 15 exports oriented shoe manufacturing units located mostly in and around Dhaka city. There are more than 2000 shoe making units supplying the domestic market. Market share for each company in the industry: In Bangladesh, Bata started its operation in 1962 and now it is the market leader in the leather industry holding 22% of total market share. And the company is one of the largest tax-paying corporate bodies contributing Tk1.2 billion (year 2009) which represents approximately 70% of tax paid by the entire footwear sector of Bangladesh. With 6% of market share Apex Adelchi is in the 2nd position, but Apex Adelchi is a leading export-oriented leather footwear manufacturer in Bangladesh. The export by Apex Adelchi accounts for 45% of the total footwear exports from Bangladesh.

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Next to Apex Adelchi, Apex tannery holds approximately 4% of the market share. Where Legacy footwear and Samata leather accounts for approximately 3% and 2% of total market share respectively.

Labor condition: The labor intensive leather is well suited to Bangladesh having cheap and abundant labor. Almost all the goods services required to produce leather goods come from the local market. Bangladesh has a domestic supply of good quality raw material, as hides and skins are a by product of large livestock industry but the industry lacks domestic technology and expertise and local support industries such as chemicals are still under-developed. Most of the companys workforces are unionized. Sometimes clash of interest occurs between the employers and employees (workers). Regulatory condition: Those companies that are formed in accordance with the company Act of 1994 are regulated by the Act. But most of the leather goods producers are either formed as sole-propetorship on partnership business. The regulations for these forms of organizations are not as strict as company. The leather industry of Bangladesh is subject to many other rules and regulations. Environmental Regulations: The Environmental Conservation Act 1995 (ECA) and the Environmental Conservation Rules 1997 (ECR) provide for regulatory measures concerning industrial waste and pollution. Besides, the Factory Act 1965 and the Factory rules 1979 are directed to regulate industry related environmental problems. The Department of Environment (DoE) headed by the Director General (DG) under the Ministry of Environment and Forest is the regulatory Body responsible for enforcing the ECA95 and ECR97. As per provisions of the ECA95 and ECR97 all new and existing industrial units are obliged to apply for an Environment Clearance Certificate (ECC) from the DoE. For the purpose of granting ECC, industrials units are classified into four categories depending upon their environmental impact. The four Categories requiring a gradually higher level of regulations are: Green Orange A Orange B 14 | P a g e

Red

Leather processing (tannery) is classified in the red category and requires detailed Environmental Impact Assessment (EIA) including Effluent Treatment Plant (ETP) and Environment Management Plan (EMP) for ECC from the DoE. The regulatory body, DoE, however, lacks the institutional and technical capabilities to deal with the tannery related environmental problems. Price Elasticity: Price elasticity of demand is a measure used in economies to show the responsiveness, or elasticity, of the quality demanded of a good or service to a change in its price. More precisely, it gives the percentage change in quality demanded in response to a one percent change in price (holding constant all the other determinants of demand, such as income). The demand of finished leather has higher degrees of price elasticity than the demand for raw hides and skins by tanneries. Leather is principally used by footwear, leather goods, upholstery and leather garments manufacturing industries. The primary factors that determine the use of leather in leather products are; availability of leather of sufficient quality and type; prevailing price of leather; and the traditional preferences of specific markets for the products. Typical leather products like luggage, small leather goods, briefcase, handbag, travel goods, etc., in many cases, are manufactured from non-leather materials or leather substitutes depending on market demands. In the footwear sector, many components are being produced from alternative materials. Soles and lining, for instance are made of leather, textile fabric, plastic, or other synthetic material. Many shoes and sandals today are manufactured from synthetic materials. About 35% of the footwear made in developed countries is from non-leather materials, which is as high as about 85% in developing countries. However, leather substitutes are more common among lower-end products rather than in higher end costly items. The price elasticity of demand are supply is elastic. Moreover, we can see a seasonal demand and supply trend for our leather industry. During the winter season the leather industry experiences a higher demand for its product. Most of the supply of major raw materials i.e. hides of livestock comes during the Eidul-Azha.

Sensitivity of demand to economic conditions: The demand for leather good is sensitive to economic condition. When the economic condition is good the income of people is also higher as well. This results in a higher demand for leather products. 15 | P a g e

5. Porters Five Forces


Defining an industry An industry is a group of firms that market products which are close substitutes for each other (e.g. the car industry, the travel industry). Some industries are more profitable than others. Why? The answer lies in understanding the dynamics of competitive structure in an industry. The most influential analytical model for assessing the nature of competition in an industry is Michael Porter's Five Forces Model, which is described below:

Porter explains that there are five forces that determine industry attractiveness and long-run industry profitability. These five "competitive forces" are 16 | P a g e

The threat of entry of new competitors (new entrants) The threat of substitutes The bargaining power of buyers The bargaining power of suppliers The degree of rivalry between existing competitors

5.1 Threat of New Entrants New entrants to an industry can raise the level of competition, thereby reducing its attractiveness. The threat of new entrants largely depends on the barriers to entry. High entry barriers exist in some industries (e.g. shipbuilding, Telecommunication) but in leather industry it is easy to enter, key barriers to entry include The threat of new entrants in leather industry is highest because economies of scale are low. Most of the leather products are undifferentiated. The capital requirement required to enter in leather industry are very low. In leather industry the customer switching cost are low. The industry distribution channel is easily accessible.

5.2 Threat of Substitutes The presence of substitute products can lower industry attractiveness and profitability because they limit price levels. The threat of substitute products depends on: Buyers willingness to substitute. For example: In the footwear industry, leather is not only the major raw material. These days we can see the shoes and other footwears are made of rubber, cloth, plastic. In manufacturing Wallet, ladies bag, belt etc. use of plastic and rubber these increasing day by day.

The relative price and performance of substitute product. For example: The Price of substitutes like rubber and plastic is very low-compared to leather. These products are also very long lasting, convenient and safe from affect of water.

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The cost of switching to substitutes is very low. 5.3 Bargaining Power of Buyers Buyers are the people / organizations who create demand in an industry In the leather industry buyers are concentrated and buy in high volume. The leather products are undifferentiated. Buyers have the power to integrate backward. Buyers have the knowledge about the production cost. Product has little impact on quality of the buyers final product.

5.4 Bargaining Power of Suppliers Suppliers are the businesses that supply materials & other products into the industry. The cost of items bought from suppliers (e.g. raw materials, components) can have a significant impact on a company's profitability. If suppliers have high bargaining power over a company, then in theory the company's industry is less attractive. In our leather industry there are many buyers and few dominant suppliers.

The products are undifferentiated.

There is a threat that the suppliers can integrate forward in to the industry.

The industry is not a key customer group to the suppliers.

5.5 Intensity of Rivalry

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The intensity of rivalry between competitors in an industry will depend on: - The structure of competition - for example, rivalry is more intense where there are many small or equally sized competitors; rivalry is less when an industry has a clear market leader. In our country Bata Shoes is the clear market leader with 22% market share, but there are numerous companies and rivalry among them is very intense. - The structure of industry costs - for example, industries with high fixed costs encourage competitors to fill unused capacity by price cutting. But the leather industry requires average or often low fixed costs. - Degree of differentiation - industries where products are commodities (e.g. steel, coal) have greater rivalry; industries where competitors can differentiate their products have less rivalry. Although companies try to differentiate the products, but most of the products are undifferentiated. - Switching costs - rivalry is reduced where buyers have high switching costs i.e. there is a significant cost associated with the decision to buy a product from an alternative supplier. But it is not seen in our leather industry, because the switching cost is not so high. - Strategic objectives - when competitors are pursuing aggressive growth strategies, rivalry is more intense. Where competitors are "milking" profits in a mature industry, the degree of rivalry is less - Exit barriers - when barriers to leaving an industry are high (e.g. the cost of closing down factories) - then competitors tend to exhibit greater rivalry. But the barriers are at moderate condition for our leather industry.

6. Beta Comparison Bangladesh

of

Five

Leather

Companies

of

For better comparison of beta among five listed leather companies we have drawn those companies beta in the following graph. From our calculations (see Appendix) we have found that, Samata Leather has the highest beta among the five companies. Its beta is 2.097775, which means that security returns of Samata Leather is 2.097775 times as volatile as market return. Legacy Footwears beta also shows that its security return is 1.83983 times volatile than the market return.

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The market leader Bata has a beta of 0.829409, which is less than the 1.0 (market beta). This indicates that on average, Batas stock returns have less volatility than the market return. Apex Tanary has a beta of 1.450982, as it is higher than the market beta, i.e. 1, that means the security returns of Apex Tanary is 1.450982 times volatile than the market return. The leading export oriented footwear company, Apex Adelchi Footwear has the smallest beta of 0.771178; the security return from this industry is least volatile among the other companies.

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Bibliography
Book
Investment Analysis and Management
-By Charles P. Jones (10th Edition), Published by John Wiley & Sons

Web
www.bdsdf.org www.banglapedia.org/httpdocs/HT/L_0084.HTM www.unctad.org/trade_env/test1/meetings/dhaka/tanning.pdf www.batabd.com/about-us.html http://www.thedailystar.net/newDesign/news-details.php?nid=11447 www.apexadelchi.com www.bdstock.com/ www.businessdictionary.com/definition/industry-analysis.html www.alibaba.com/countrysearch/BD/leather.htm 21 | P a g e

http://en.wikipedia.org/wiki/Bangladesh_College_of_Leather_Engineering_and_Technol ogy www.investopedia.com/terms/r/risk.asp www.investopedia.com/terms/b/beta.asp www.coursework4you.co.uk/essays-and.../porter-5-forces .php

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