a pattern of betas (ß)

Beta on Stock (December 2001)		Economic Betas (May 2003)
European groups		Industries
Pernod-Ricard	0.34	Tobacco	0.26
Heinecken	0.45	Motorways	0.33
Casino	0.51	Agroalimentary	0.35
Sodexho Alliance	0.61	Real Estate	0.36
Danone	0.70	Consumer goods	0.47
Carrefour	0.72	Large distribution	0.50
Club Med	0.90	Casinos	0.53
Autogrill	0.77	Automobile equipments	0.68
Air France	0.39	All sectors	0.71
Alitalia	0.79	Hotels	0.78
Lufthansa	0.78	Textile distribution	0.89
Deutsche Telekom	0.72	Temporary work	0.97
France Telecom	1.05	Media advertising	0.98
Telecom Ital Mobl.	1.08	Electric engineering	1.01
Telecom Italia	1.13	Life Insurance	1.13
Portugal Telecom	1.29	Assets management	1.24
Telefonica	1.29	Softwares	1.59
Commerzbank	0.78	Source : Business Valuation Team, BNP
Dresdner Bank	1.03
Deutsche Bank	1.24
BNP-Paribas	1.29
Société générale	1.29
Volkswagen	0.86
Fiat	0.96
Peugeot	1.07
Renaud	1.11
Porsche	1.22
Source : www.vernimmen.net