Stock prices Firm A Firm B Firm C Number of

Stocks
2005 12 18 20 2005
2006 13 19 21 2006
2007 14 20 22 2007
2008 15 21 23 2008

a)
t Firm A Firm B Firm C
I 05
2005 1.00000 1.00000 1.000000
2006 1.08333 1.05556 1.050000
2007 1.16667 1.11111 1.100000
2008 1.25000 1.16667 1.150000

b) Firm A Firm B Firm C

Total growth 25.00% 16.67% 15.00%

d)
pit · qi0 pit · qi0 pit · qi0 pi0 · qit pi0 · qit
(Firm A) (Firm B) (Firm C) (Firm A) (Firm B)
2005 264 180 140 264 180
2006 286 190 147 300 198
2007 308 200 154 336 216
2008 330 210 161 300 234

Lt Pt Ft
2005 100.000% 100.000% 100.000%
2006 106.678% 106.637% 106.658%
2007 113.356% 113.298% 113.327%
2008 120.034% 119.885% 119.959%

e) Lt Pt Ft
2005 - - -
2006 6.678% 6.637% 6.658%
2007 6.260% 6.246% 6.253%
2008 5.891% 5.814% 5.852%

g) Lt Pt Ft
ACGR 6.276% 6.232% 6.254%

c) Stock of firm A has been the most revaluated because of the 25% in increase in prices

f) The value of the portfolio along those yearse decreased approximatelly a 1%, so we could say it was
 Firm A Firm B Firm C

22 10 7
25 11 9
28 12 10
25 13 8

pi0 · qit pit · qit pit · qit pit · qit

(Firm C) (Firm A) (Firm B) (Firm C)
140 264 180 140
180 325 209 189
200 392 240 220
160 375 273 184

in increase in prices

matelly a 1%, so we could say it was an homogeneus decrease

 Variation
Monthly
Petrol Petrol Absolute
Year Month cent. € Nominal CPI2006s,t CPIJan2007s,t c€ Real E2007 Dys-1,t s,t
2007 January 110.76 100.45 100.00% 110.76 -
February 110.56 100.52 100.07% 110.48 - 0.28
March 112.6 101.28 100.83% 111.68 1.19422308105275
April 113.47 102.68 102.22% 111.01 -0.67156821204361
May 119.33 102.96 102.50% 116.42 5.41526237662049
June 124.45 103.15 102.69% 121.19 4.77153683117389
July 126.4 102.4 101.94% 123.99 2.8005063166505
August 120.12 102.54 102.08% 117.67 -6.32128940535401
September 117.88 102.88 102.42% 115.10 -2.5759756121421
October 109.67 104.21 103.74% 105.71 -9.38270593958573
November 95.72 104.96 104.49% 91.61 -14.1059665429182
December 86.96 105.4 104.93% 82.88 -8.73101606973437
2008 January 95.28 104.75 104.28% 91.37 8.49272944980596
February 95.34 104.91 104.44% 91.29 -0.0818987621848208
March 99.83 105.84 105.37% 94.75 3.45921894692803
April 103.76 106.98 106.50% 97.43 2.68048220331943
May 108.1 107.7 107.22% 100.82 3.39652633376919
June 109.28 108.32 107.83% 101.34 0.517177755925232
July 109.04 107.8 107.32% 101.61 0.2652034376259
August 106.14 107.57 107.09% 99.11 -2.49080362047546
September 106.17 107.55 107.07% 99.16 0.0464508881310906
October 106.22 107.92 107.44% 98.87 -0.293431316446004
November 109 107.46 106.98% 101.89 3.02186979739872
December 110.19 106.91 106.43% 103.53 1.64226683342751

ýJan07 Dec08 0.188

Monthly Average Rate Jan07 Dec08 -0.00023
Yearly Average Rate Jan07 Dec08 -0.065
 Variation
Monthly Yearly Cumulated
Rate Absolute Rate Rate
ýs-1,t s,t Dys,t-1 s,t ýs,t-1 s,t ýdic,t-1 s,t

-0.25%
1.08%
-0.60%
4.88%
4.10%
2.31%
-5.10%
-2.19%
-8.15%
-13.34%
-9.53%
10.25% -19.39 -17.51% 10.25%
-0.09% -19.20 -17.37% 10.15%
3.79% -16.93 -15.16% 14.32%
2.83% -13.58 -12.23% 17.56%
3.49% -15.60 -13.40% 21.66%
0.51% -19.85 -16.38% 22.28%
0.26% -22.39 -18.06% 22.60%
-2.45% -18.56 -15.77% 19.59%
0.05% -15.93 -13.84% 19.65%
-0.30% -6.85 -6.48% 19.30%
3.06% 10.28 11.22% 22.94%
1.61% 20.66 24.92% 24.92%
 2005 2006 2007 2008
Q1 4.7 5 4.9 5.1
Q2 6.2 6.6 6.7 7
Q3 6.7 7.2 7.4 7.5
Q4 5.1 5.3 5.1 5.8

Year t yt yt+1-yt yt+1/yt MA4,1 MA2,2

2005 Q1 4.7
Q2 6.2
Q3 6.7
Q4 5.1
2006 Q1 5
Q2 6.6
Q3 7.2
Q4 5.3
2007 Q1 4.9
Q2 6.7
Q3 7.4
Q4 5.1
2008 Q1 5.1
Q2 7
Q3 7.5
Q4 5.8

Mean
S. Dev.
CV
 2005 2006 2007 2008
4MP1 180 181 184 185
4MP2 200 220 215 250
4MP3 190 190 197 195

a)
t yt Y/Y-1 Y-Y-1 MA1 MA2
2005 4MP1 180
4MP2 200 1.111111111 20 190
4MP3 190 0.95 -10 190.3333333 190.1666667
2006 4MP1 181 0.952631579 -9 197 193.6666667
4MP2 220 1.215469613 39 197 197
4MP3 190 0.863636364 -30 198 197.5
2007 4MP1 184 0.968421053 -6 196.3333333 197.1666667
4MP2 215 1.168478261 31 198.6666667 197.5
4MP3 197 0.91627907 -18 199 198.8333333
2008 4MP1 185 0.939086294 -12 210.6666667 204.8333333
4MP2 250 1.351351351 65 210 210.3333333
4MP3 195 0.78 -55

Year t yt Trend
2005 1 190 189.6666667
2006 2 197 195.8333333
2007 3 198.6666667 202
2008 4 210 208.1666667
Means 2.50 198.92 R2
Variances 1.25 51.52083333
Covariance 7.70833333333333 0.922631082
a 183.50 Trend
b 6.17 Y=183,5+6,17X

b) t= 5.00 214.33
 TREND
215

210

205

200

195

190

185

180

175
2005 2006 2007 2008
yt Trend
 Price Volume
A B C A B C
2006 1 1,5 2 500 300 100
2007 1,5 1,5 2 520 250 120
2008 2 2 3 540 250 130

a,b,c)

pit · qi0 pit · qi0 pit · qi0 pi0 · qit pi0 · qit pi0 · qit
(Model A) (Model B) (Model C) (Model A) (Model B) (Model C)
2006 500 #VALUE! 200 500 #VALUE! 200
2007 #VALUE! #VALUE! 200 #VALUE! #VALUE! 240
2008 1000 600 300 1080 500 390

Lt Pt Ft
2006 #VALUE!
2007 #VALUE!
2008 #VALUE!
pit · qit pit · qit pit · qit
(Model A) (Model B) (Model C)
500 #VALUE! 200
#VALUE! #VALUE! 240
1080 500 390
 4-months Period/Year 2005 2006 2007 2008
1º 29.39 37.91 37.64 38.2
2º 28.92 38.91 40 46.08
3º 31.95 40.68 34.78 45.59

a) Year t yt yt+1-yt yt+1/yt MA3,1

T1 29.39
2005 T2 28.92
T3 31.95
T1 37.91
2006 T2 38.91
T3 40.68
T1 37.64
2007 T2 40
T3 34.78
T1 38.2
2008 T2 46.08
T3 45.59

Mean
S. Deviv.
CV
 a)
Base 2000 2003 2006
2001 131
2002 152
2003 208 100
2004 125
2005 173
2006 261 100
2007 112
2008 125

b) ACGR