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I/B/E/S

Description

I/B/E/S provides powerful insight into the depth of the I/B/E/S quality database of historical estimates, which has been the proving
ground for new, innovative investment strategies for 30 years. The database has a superior reputation for historical data, and is
especially known for its unparalleled quality and depth among both practitioners and academicians.

<Note> I/B/E/S places restrictions on the use of its data. You must state that you have acknowledged and agreed to the conditions
             for use as set by Thomson Financial. Please review the "How to Access" and "Statement of Conditions" on Drive R:\. If
             you plan to use I/B/E/S data for research, send an email with a description of the project that uses the I/B/E/S data to the
             UNT I/B/E/S Research Coordinator. Currently that is Dr. James Conover of the FIREL Department:
             James.Conover@unt.edu.

Features

Breadth of Coverage: The I/B/E/S database includes historical estimates for 35,000 companies around the globe. Forecast
items include earnings, sales, revenue, dividends, net income, EBITDA, and more.
Depth of Coverage: With US coverage back to 1976 and International coverage back to 1987, I/B/E/S data is unique for
providing historical insight across a variety of market conditions.
Data consistency: Data is displayed in the same way that it was presented when originally published. I/B/E/S does not restate
data, estimate, or actual for after-the-fact events. Also, while I/B/E/S will apply error corrections to the historical data when
necessary, I/B/E/S does so only after having thoroughly researched the error and determined its causal factors.
The I/B/E/S Ticker: Each company in the database has a unique identifier. This allows an investor to trace a company’s
historical estimates in spite of changes in other identifiers such as name or CUSIP.
No Survivorship Bias: By maintaining the I/B/E/S ticker as a unique identifier, the database is free from survivorship bias.
Adjusting the Data: All I/B/E/S historical estimates are fully adjusted for splits and other capitalization changes.
Independence of Brokers and Analysts: In I/B/E/S Detail History analysts and brokers are identified individually and
independently, giving users the ability to track an analyst across brokers.

File Format (Detail Earnings Estimate History)

The Daily Detailed Earnings Estimate History is setup in a relational database format. It is comprised of 10 data files. The joining
variable key for most of the files is the I/B/E/S Ticker. The I/B/E/S ticker is a unique identifier assigned to each security that is
consistent throughout the I/B/E/S history (thus no survivorship bias). Most other common identifiers (CUSIP, SEDOL, Official
Ticker, Company Name) are subject to change over time. If one of these variables is your preference each is available in the
Identifier file.

Detail File: contains analyst by analyst estimates for as many as five fiscal year periods and four quarterly forecasts as well as long term
growth estimates for each security followed.

Identifier File: provides ancillary data for informational purposes. It can be linked to the Detail File using the I/B/E/S Ticker. There
are 12 data fields within the file.

Adjustments File: deals primarily with splits. All data in the detail file appears on a split adjusted basis. This means that historical
data appears on the same basis as current data. The data in the file is provided for those clients who wish to "unsplit" the data and
use it as it originally appeared.

Excluded Estimates File: Occasionally estimates on the database will deviate from the accepted standard (as defined by the majority
of analysts covering a particular issue. When this occurs the I/B/E/S Data Center endeavors to contact the analyst for confirmation
of either the estimate itself or the methodology behind it. In the past, estimates were removed from the database if a satisfactory
resolution to the discrepancy could not be reached.

Broker Translations File: is used to convert the codes listed in the Detail File to the appropriate Broker and Analyst names.

SIG Codes File: is provided for informational purposes and to allow the user to create subsets of the data based on individual
company's line of business. The convention used by I/B/E/S to classify companies is loosely based upon the S&P classification system.

Stopped Estimates File: reports when an individual analyst removed his/her earnings forecast from the database. This can result from
several events, eg. a brokerage places a stock on a restricted list due to an underwriting relationship.

Exchange Rate File: in the event that an analyst's forecasts and the I/B/E/S reporting currency disagree, the data is adjusted to conform
to the company level currency.

Report Currency File: there are some companies in the Analyst by Analyst History database that have their data in different currencies
at different points in time. Of course, analysts subsequently changed the currency of their earnings forecasts and as such, I/B/E/S
changed the way we carried the company. This file contains a history of the companies in the Analyst by Analyst History database
and their reporting currencies over time.

Actuals File: is a list of actual reported earnings and the date on which they were received by I/B/E/S. Reported earnings are
entered into the database on the same basis as analyst's forecasts. By and large this means operating earnings as opposed to
net income.

I/B/E/S US Edition

I/B/E/S International Edition

Sample Programs to Read I/B/E/S Files

1. U.S. Detail File

Data USdetail;

Infile 'R:\IBES\Data\detfildc.us';

Input Ticker $ 1-6 Broker 8-12 Analyst 14-19 Currency $ 20-21 PD $ 22-23 Indicator $ 24-25 Measure $ 27-29 End 31-34 Value 36-44 .2 Est yymmdd7. Review yymmdd7.;

Format Est yymmdd6. Review yymmdd6.;

Run;

U.S. Detail File Output Screenshot:

2. U.S. Identifier File

Data Identifier;

infile 'R:\IBES\Data\Idfild.us';

input Ticker $ 1-6 cusip $ 8-15 Symbol $ 17-22 Coname $ 24-39 Dilution $ 41-45 PD $ 47 CanCur $ 49 MSCIP $51 Actuals $53 SIG 55-60 Start yymmdd7.;

format Start yymmdd6.;

Run;

U.S. Identifier File Output:

3. U.S. Adjustments File

Data Adjustment;

infile 'R:\IBES\Data\Adjfild.us';

input Ticker $ 1-6 Adjustment 8-14 .2 Split yymmdd7.;;

format Split yymmdd6.;

Run;

U.S. Adjustment File Output:

4. U.S. Excluded Estimates File

Data Excluded;

Infile 'R:\IBES\Data\exlfilat.us';

Input Ticker $ 1-6 Broker 8-12 Analyst 14-19 Indicator $ 21 Measure $ 23-25 End 27-30 Value 32-40 .2 Est yymmdd7. Exclude yymmdd7. Flag $ 56;

Format Est yymmdd6. Exclude yymmdd6.;

Run;

U.S. Excluded File Output:

5. U.S. Broker Translations File

Currently unavailable

6. U.S. S/I/G Codes File

Data SIG;

infile 'R:\IBES\Data\sigfild.us';

input SIG 1-6 Sector_Abbrev $ 8-15 Sector $ 17-40 Industry_Abbrev $ 42-49 Industry $ 51-74 Group_Abbrev $ 76-83 Group $85-108;

Run;

U.S. S/I/G Codes File Output:

7. U.S. Stopped Estimates File

Data Stopped;

infile 'R:\IBES\Data\stpfilat.us';

input Ticker $ 1-6 Broker 8-12 Periodicity $ 14 Measure $ 16-18 End $ 20-23 Stop $ 25-30;

Run;

U.S. Stopped Estimates File Output:

8. U.S. Exchange Rate File

Data FX;

infile 'R:\IBES\Data\canxfild.usc.txt';

input Publication $ 1-6 Rate 8-19 Currency $21-23;

Run;

U.S. Exchange Rate File Output:

9. U.S. Report Currency File

Data Currency;

infile 'R:\IBES\Data\Curfild.us';

input Ticker $ 1-6 Date $ 8-13 Currency $ 15-17;

Run;

U.S. Report Currency File Output:

10. U.S. Actuals Files

Data Actuals;

infile 'R:\IBES\Data\actfildc.us';

input Ticker $ 1-6 Measure $ 8-10 Periodicity $ 12-14 End $ 16-19 Value 21-29 .2 Report $31-36;

Run;

U.S. Actuals File Output:

I/B/E/S Documentations

Sources: THOMSON FINANCIAL FIRST CALL I/B/E/S Online.
I/B/E/S Detail History User's Guide U.S. Edition.
I/B/E/S Detail History User's Guide International Edition.