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Microsoft Excel LibreOffice Calc

General Mills Inc. (GIS)


Capital Asset Pricing Model (CAPM)

Intermediate level

Capital asset pricing model (CAPM) indicates what should be the expected or required rate of return on risky assets like General Mills Inc.’s common stock.


Rates of Return

General Mills Inc., monthly rates of return

Microsoft Excel LibreOffice Calc
General Mills Inc. (GIS) Standard & Poor’s 500 (S&P 500)
t Date PriceGIS,t1 DividendGIS,t1 RGIS,t2 PriceS&P 500,t RS&P 500,t3
Jun 30, 2013
1. Jul 31, 2013
2. Aug 31, 2013
3. Sep 30, 2013
. . . . . . .
. . . . . . .
. . . . . . .
70. Apr 30, 2019
71. May 31, 2019
Average:
Standard deviation:
General Mills Inc. (GIS) Standard & Poor’s 500 (S&P 500)
t Date PriceGIS,t1 DividendGIS,t1 RGIS,t2 PriceS&P 500,t RS&P 500,t3
Jun 30, 2013
1. Jul 31, 2013
2. Aug 31, 2013
3. Sep 30, 2013
4. Oct 31, 2013
5. Nov 30, 2013
6. Dec 31, 2013
7. Jan 31, 2014
8. Feb 28, 2014
9. Mar 31, 2014
10. Apr 30, 2014
11. May 31, 2014
12. Jun 30, 2014
13. Jul 31, 2014
14. Aug 31, 2014
15. Sep 30, 2014
16. Oct 31, 2014
17. Nov 30, 2014
18. Dec 31, 2014
19. Jan 31, 2015
20. Feb 28, 2015
21. Mar 31, 2015
22. Apr 30, 2015
23. May 31, 2015
24. Jun 30, 2015
25. Jul 31, 2015
26. Aug 31, 2015
27. Sep 30, 2015
28. Oct 31, 2015
29. Nov 30, 2015
30. Dec 31, 2015
31. Jan 31, 2016
32. Feb 29, 2016
33. Mar 31, 2016
34. Apr 30, 2016
35. May 31, 2016
36. Jun 30, 2016
37. Jul 31, 2016
38. Aug 31, 2016
39. Sep 30, 2016
40. Oct 31, 2016
41. Nov 30, 2016
42. Dec 31, 2016
43. Jan 31, 2017
44. Feb 28, 2017
45. Mar 31, 2017
46. Apr 30, 2017
47. May 31, 2017
48. Jun 30, 2017
49. Jul 31, 2017
50. Aug 31, 2017
51. Sep 30, 2017
52. Oct 31, 2017
53. Nov 30, 2017
54. Dec 31, 2017
55. Jan 31, 2018
56. Feb 28, 2018
57. Mar 31, 2018
58. Apr 30, 2018
59. May 31, 2018
60. Jun 30, 2018
61. Jul 31, 2018
62. Aug 31, 2018
63. Sep 30, 2018
64. Oct 31, 2018
65. Nov 30, 2018
66. Dec 31, 2018
67. Jan 31, 2019
68. Feb 28, 2019
69. Mar 31, 2019
70. Apr 30, 2019
71. May 31, 2019
Average:
Standard deviation:

Show all

1 Data in US$ per share of common stock, adjusted for splits and stock dividends.

2 Rate of return on common stock of GIS during period t

3 Rate of return on S&P 500 (the market portfolio proxy) during period t


Systematic Risk (β) Estimation

Microsoft Excel LibreOffice Calc
VarianceGIS
VarianceS&P 500
CovarianceGIS, S&P 500
Correlation coefficientGIS, S&P 5001
βGIS2
αGIS3

Calculations

1 Correlation coefficientGIS, S&P 500
= CovarianceGIS, S&P 500 ÷ (Standard deviationGIS × Standard deviationS&P 500)
= ÷ ( × )

2 βGIS
= CovarianceGIS, S&P 500 ÷ VarianceS&P 500
= ÷

3 αGIS
= AverageGIS – βGIS × AverageS&P 500
= ×


Expected Rate of Return

Microsoft Excel LibreOffice Calc
Assumptions
Rate of return on LT Treasury Composite1 RF
Expected rate of return on market portfolio2 E(RM)
Systematic risk (β) of General Mills Inc.’s common stock βGIS
 
Expected rate of return on General Mills Inc.’s common stock3 E(RGIS)

1 Unweighted average of bid yields on all outstanding fixed-coupon U.S. Treasury bonds neither due or callable in less than 10 years (risk-free rate of return proxy).

2 See details »

3 E(RGIS) = RF + βGIS [E(RM) – RF]
= + []
=