Workshop in Financial Engineering “The Stock Game”

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Workshop in Financial Engineering “The Stock Game” Dr. J. René Villalobos, Joel Polanco and Marco A. Gutierrez Industrial Engineering Dept. Arizona State University

description

Workshop in Financial Engineering “The Stock Game”. Dr. J. Ren é Villalobos, Joel Polanco and Marco A. Gutierrez Industrial Engineering Dept. Arizona State University. Introduction. This game was originally prepared for the IIE regional student chapter conference - PowerPoint PPT Presentation

Transcript of Workshop in Financial Engineering “The Stock Game”

  • Workshop in Financial EngineeringThe Stock GameDr. J. Ren Villalobos, Joel Polanco and Marco A. GutierrezIndustrial Engineering Dept.Arizona State University

  • IntroductionThis game was originally prepared for the IIE regional student chapter conferenceWe will use it to start the discussion on stock selection

  • ObjectiveThrough hands-on exercises show the use of classical Industrial Engineering tools in devising Investment Strategies (Financial Engineering)

  • Financial EngineeringFinancial Engineering is becoming a very hot topic in Industrial Engineering ProgramsIt has been established as a specialization area in programs such as: Georgia Tech, Columbia and Michigan

  • What is Financial Engineering?Combining or carving up existing instruments to create new financial products. (http://www.duke.edu/~charvey/Classes/wpg/glossary.htm) Financial engineering is the application of mathematical tools commonly used in physics and engineering to financial problems, especially the pricing and hedging of derivative instruments. (from Neil D. Pearson, Assoc. Prof. UIUC)Financial engineering is the use of financial instruments such as forwards, futures, swaps, options, and related products to restructure or rearrange cash flows in order to achieve particular financial goals, particularly the management of financial risk. (www.stanford.edu/~japrimbs/00-Intro.ppt)

  • Investment GameYou will be given $100,000 of virtual money to invest in 7 stocks and a risk-free alternative which yields an interest of 2% per periodYou can divide up the money any way you want among the 7 stocks and the risk-free investmentYou will have the opportunity to change your original investment two times before the end of the gameAssume that you borrowed the original $100,000 and that you have to repay it by making two payments of $55,000 at the end of rounds 2 and 3.Your job is to apply the IE (or other engineering) tools that you know and your intuition to maximize the value of your investment when the game is over.If you cant meet the scheduled payments your company goes bankrupt and the game is over for your team

  • ExampleFirst Round: You are given in Excel the daily closing quote for two stocks for around two years.The information looks like:

    Chart1

    4.8218.56

    4.7818.83

    4.8518.65

    4.8919.02

    4.9419.2

    5.118.93

    5.2819.02

    5.4919.02

    5.4219.2

    5.4918.93

    5.8318.93

    618.93

    5.7419.61

    5.618.97

    5.7419.43

    5.7719.25

    5.7218.61

    5.9519.34

    5.919.8

    5.9719.71

    6.0419.43

    6.0919.61

    6.3220.07

    6.4820.16

    6.3220.35

    6.4319.98

    6.2920.26

    6.3220.71

    6.2920.9

    6.3620.71

    6.4820.9

    6.5721.17

    6.6620.62

    6.6221.08

    6.5721.08

    6.5520.81

    6.4321.45

    6.2921.26

    6.3221.17

    6.3920.71

    6.3920.53

    6.3420.71

    6.3620.9

    6.3921.36

    6.3421.08

    6.3421.26

    6.2521.54

    6.222

    6.3122

    6.3422

    6.4421.81

    6.3721.36

    6.3420.9

    6.3720.35

    6.3720.99

    6.2720.9

    6.3421.9

    6.3721.63

    6.2721.45

    6.221.54

    6.1320.99

    5.5120.71

    5.2420.53

    5.221.17

    5.3420.81

    5.120.81

    5.2421.17

    5.3121.26

    5.0721.08

    5.2420.81

    5.1721.26

    5.2421.08

    5.220.9

    5.220.99

    5.1720.88

    5.1720.42

    5.220.33

    5.1720.14

    5.1719.96

    5.119.59

    5.119.68

    5.0719.31

    5.4119.68

    5.4419.68

    5.3819.4

    5.3819.5

    5.2419.68

    5.2420.14

    5.2420.14

    5.120.42

    4.9620.79

    5.0720.88

    5.120.6

    5.1321.25

    5.1720.79

    5.1720.6

    5.0720.6

    5.1320.51

    5.1720.51

    5.119.96

    5.220.33

    5.120.51

    5.0720.23

    5.120.05

    5.1720.23

    520.23

    5.0320.23

    520.42

    5.9620.79

    6.0520.97

    6.0120.88

    6.0120.79

    5.9220.6

    5.8820.88

    5.8820.7

    5.9620.6

    5.9220.33

    6.0520.97

    6.0120.7

    6.0120.79

    6.0120.23

    5.9620.23

    5.9620.23

    5.9220.23

    5.9620.05

    6.0120.14

    5.8820.23

    5.8420.42

    5.8420.33

    5.7520.42

    5.7120.14

    5.7519.96

    5.8420.05

    5.8420.05

    5.8419.96

    5.8419.77

    5.7519.96

    5.6720.04

    5.7119.76

    5.6319.76

    5.7519.57

    5.9619.85

    6.1319.94

    6.2219.94

    6.2219.57

    6.1319.76

    6.1319.94

    6.0520.04

    6.0920.04

    6.0520.04

    6.0520.69

    6.0921.15

    6.1320.69

    6.1820.69

    6.1320.5

    6.0920.59

    6.0921.43

    6.0521.15

    6.1821.81

    6.1821.53

    6.0521.53

    6.1821.43

    6.1821.25

    6.1821.71

    6.1821.9

    6.0921.43

    6.0920.97

    6.0921.53

    6.0121.34

    6.0521.71

    6.0921.43

    6.0921.43

    6.0520.78

    6.0520.41

    6.1320.78

    6.0520.78

    6.0521.06

    5.8421.53

    5.9621.62

    6.0121.53

    5.9221.71

    5.8821.71

    5.9621.34

    6.0521.34

    6.0921.25

    6.0521.34

    6.0121.25

    5.9621.71

    6.0121.53

    5.9621.71

    5.9622.09

    5.9222.37

    5.9222.18

    5.7521.99

    5.7521.9

    5.6721.71

    5.821.25

    5.7521.43

    5.8421.9

    5.821.99

    5.7122.27

    5.822.54

    5.6722.26

    5.6322.26

    5.6322.07

    5.6321.69

    5.7122.54

    5.7122.73

    5.7522.44

    5.822.54

    5.822.73

    5.8822.91

    5.8422.44

    6.0922.54

    6.0122.35

    5.9621.98

    5.9621.98

    6.0122.07

    6.0122.07

    5.9621.98

    5.9222.07

    6.0522.07

    6.0921.69

    6.0521.04

    6.0921.6

    6.0521.51

    6.0521.32

    6.0521.32

    6.0521.04

    6.1820.85

    6.1321.6

    6.0121.41

    5.9221.69

    5.6721.98

    5.7522.07

    5.8421.88

    5.9221.69

    5.821.79

    5.9222.16

    6.0522.26

    6.0122.07

    6.0121.98

    6.0122.07

    5.9221.79

    5.821.69

    5.8422.07

    5.7522.07

    5.5821.88

    5.5821.88

    5.8822.07

    5.9222.35

    5.9622.44

    5.9222.63

    5.6722.35

    5.6322.54

    5.7522.16

    5.821.98

    5.6721.79

    5.8422.35

    5.822.26

    5.7522.44

    5.8422.44

    5.822.54

    5.822.71

    5.7522.62

    5.6722.33

    5.5422.71

    5.5823.09

    5.4622.81

    5.2522.9

    5.3723.19

    5.4623

    5.5423.19

    5.5423.37

    5.522.71

    5.5822.81

    5.4122.81

    5.5823.09

    5.5823.09

    5.5423.28

    5.4623

    5.5823.37

    5.5823.37

    5.6323.28

    5.5423.09

    5.5823.09

    5.522.9

    5.523.85

    5.5823.37

    5.6723.56

    5.6323.37

    5.6723.47

    5.7123.85

    5.8423.94

    5.8823.85

    5.9623.94

    5.9623.85

    5.9223.85

    5.9623.85

    5.9223.37

    5.8823.47

    5.9623.66

    5.9623.85

    5.9623.85

    5.9223.94

    6.0124.51

    5.9624.42

    5.8823.66

    5.8424.51

    5.6724.42

    5.6724.32

    5.7124.32

    5.824.42

    5.7124.32

    5.6324.23

    5.6724.32

    5.5824.04

    5.6324.04

    5.6724.04

    5.7524.04

    5.7524.13

    5.824.23

    5.7123.75

    5.6723.56

    5.7123.37

    5.6323.94

    5.5824.15

    5.6324.34

    5.6323.96

    5.7523.96

    5.8423.77

    5.8823.67

    6.0923.58

    6.0523.38

    6.0123.48

    5.9223.67

    6.0123.58

    5.9623.29

    5.9622.62

    6.0122.53

    6.0122.24

    6.0121.38

    6.0122.05

    6.0522.34

    6.1322.24

    6.3921.09

    6.4321.29

    6.3921.38

    6.4321.76

    6.5121.76

    6.3922.34

    6.2222.34

    6.322.14

    6.2621.95

    6.1821.48

    6.1821.86

    6.1322.14

    6.2221.95

    6.2222.14

    6.3922.43

    6.4322.62

    6.4322.81

    6.3522.81

    6.4323

    6.4723.29

    6.3923.38

    6.3523.29

    6.1822.81

    6.2222.81

    6.2222.62

    6.1322.53

    6.1322.53

    6.2222.91

    6.2222.62

    6.2622.81

    6.2622.91

    6.2623.1

    6.3522.91

    6.3522.72

    6.322.53

    6.1322.72

    6.1322.62

    5.9222.62

    5.9622.91

    5.8822.91

    5.9223

    5.9222.91

    5.8623

    6.0522.72

    5.8422.62

    5.9222.72

    5.9622.83

    6.0122.54

    5.9622.54

    5.9622.44

    5.9222.25

    6.0122.06

    6.0922.44

    6.1322.64

    6.0522.64

    5.9622.73

    5.9623.02

    5.9622.92

    5.9622.92

    5.9222.64

    5.9623.02

    6.0123.02

    5.9223.21

    6.0523.02

    6.0123.31

    5.9624.08

    5.9624.27

    5.9224.56

    5.9224.75

    6.0525.04

    6.1325.43

    6.1824.85

    6.2225.14

    6.1824.85

    6.1325.04

    6.2625.14

    6.325.33

    6.3925.53

    6.4325.53

    6.625.91

    6.5626.1

    6.5126.1

    6.4725.91

    6.5125.91

    6.4326.2

    6.4326.1

    6.3526.3

    6.3526.3

    6.326.1

    6.3526.01

    6.0925.81

    6.0125.14

    6.0925.43

    6.1325.14

    6.0125.62

    6.0525.62

    6.0926.01

    6.0926.1

    6.2226.2

    6.1826.3

    6.325.91

    6.326.58

    6.326.49

    6.3526.39

    6.2226.39

    6.4726.68

    6.5626.3

    6.925.91

    6.8525.91

    6.8125.72

    6.925.34

    6.8525.34

    6.9425.54

    7.1925.25

    7.4925.25

    7.6125.73

    7.425.05

    7.4525.34

    7.6125.05

    7.4525.83

    7.3625.73

    7.8726.32

    8.1226.61

    8.5526.32

    8.526.41

    8.3826.12

    8.1626.32

    8.2524.86

    8.1624.28

    7.8324.18

    7.7823.89

    8.0824.37

    8.4224.76

    8.4224.66

    8.7125.64

    8.7125.25

    8.7125.73

    8.7625.93

    8.7126.02

    8.6725.93

    8.526.12

    8.526.32

    8.4625.93

    8.2926.22

    8.3326.02

    8.3825.44

    8.3825.25

    8.3325.44

    8.3825.44

    8.3825.44

    8.3825.54

    8.5525.64

    Day

    Price

    Daily Closings of Stocks

    First Round

    AB

    3-Jan-004.8218.56

    4-Jan-004.7818.83

    5-Jan-004.8518.65

    6-Jan-004.8919.02

    7-Jan-004.9419.2

    8-Jan-005.118.93

    9-Jan-005.2819.02

    10-Jan-005.4919.02

    11-Jan-005.4219.2

    12-Jan-005.4918.93

    13-Jan-005.8318.93

    14-Jan-00618.93

    15-Jan-005.7419.61

    16-Jan-005.618.97

    17-Jan-005.7419.43

    18-Jan-005.7719.25

    19-Jan-005.7218.61

    20-Jan-005.9519.34

    21-Jan-005.919.8

    22-Jan-005.9719.71

    23-Jan-006.0419.43

    24-Jan-006.0919.61

    25-Jan-006.3220.07

    26-Jan-006.4820.16

    27-Jan-006.3220.35

    28-Jan-006.4319.98

    29-Jan-006.2920.26

    30-Jan-006.3220.71

    31-Jan-006.2920.9

    1-Feb-006.3620.71

    2-Feb-006.4820.9

    3-Feb-006.5721.17

    4-Feb-006.6620.62

    5-Feb-006.6221.08

    6-Feb-006.5721.08

    7-Feb-006.5520.81

    8-Feb-006.4321.45

    9-Feb-006.2921.26

    10-Feb-006.3221.17

    11-Feb-006.3920.71

    12-Feb-006.3920.53

    13-Feb-006.3420.71

    14-Feb-006.3620.9

    15-Feb-006.3921.36

    16-Feb-006.3421.08

    17-Feb-006.3421.26

    18-Feb-006.2521.54

    19-Feb-006.222

    20-Feb-006.3122

    21-Feb-006.3422

    22-Feb-006.4421.81

    23-Feb-006.3721.36

    24-Feb-006.3420.9

    25-Feb-006.3720.35

    26-Feb-006.3720.99

    27-Feb-006.2720.9

    28-Feb-006.3421.9

    29-Feb-006.3721.63

    1-Mar-006.2721.45

    2-Mar-006.221.54

    3-Mar-006.1320.99

    4-Mar-005.5120.71

    5-Mar-005.2420.53

    6-Mar-005.221.17

    7-Mar-005.3420.81

    8-Mar-005.120.81

    9-Mar-005.2421.17

    10-Mar-005.3121.26

    11-Mar-005.0721.08

    12-Mar-005.2420.81

    13-Mar-005.1721.26

    14-Mar-005.2421.08

    15-Mar-005.220.9

    16-Mar-005.220.99

    17-Mar-005.1720.88

    18-Mar-005.1720.42

    19-Mar-005.220.33

    20-Mar-005.1720.14

    21-Mar-005.1719.96

    22-Mar-005.119.59

    23-Mar-005.119.68

    24-Mar-005.0719.31

    25-Mar-005.4119.68

    26-Mar-005.4419.68

    27-Mar-005.3819.4

    28-Mar-005.3819.5

    29-Mar-005.2419.68

    30-Mar-005.2420.14

    31-Mar-005.2420.14

    1-Apr-005.120.42

    2-Apr-004.9620.79

    3-Apr-005.0720.88

    4-Apr-005.120.6

    5-Apr-005.1321.25

    6-Apr-005.1720.79

    7-Apr-005.1720.6

    8-Apr-005.0720.6

    9-Apr-005.1320.51

    10-Apr-005.1720.51

    11-Apr-005.119.96

    12-Apr-005.220.33

    13-Apr-005.120.51

    14-Apr-005.0720.23

    15-Apr-005.120.05

    16-Apr-005.1720.23

    17-Apr-00520.23

    18-Apr-005.0320.23

    19-Apr-00520.42

    20-Apr-005.9620.79

    21-Apr-006.0520.97

    22-Apr-006.0120.88

    23-Apr-006.0120.79

    24-Apr-005.9220.6

    25-Apr-005.8820.88

    26-Apr-005.8820.7

    27-Apr-005.9620.6

    28-Apr-005.9220.33

    29-Apr-006.0520.97

    30-Apr-006.0120.7

    1-May-006.0120.79

    2-May-006.0120.23

    3-May-005.9620.23

    4-May-005.9620.23

    5-May-005.9220.23

    6-May-005.9620.05

    7-May-006.0120.14

    8-May-005.8820.23

    9-May-005.8420.42

    10-May-005.8420.33

    11-May-005.7520.42

    12-May-005.7120.14

    13-May-005.7519.96

    14-May-005.8420.05

    15-May-005.8420.05

    16-May-005.8419.96

    17-May-005.8419.77

    18-May-005.7519.96

    19-May-005.6720.04

    20-May-005.7119.76

    21-May-005.6319.76

    22-May-005.7519.57

    23-May-005.9619.85

    24-May-006.1319.94

    25-May-006.2219.94

    26-May-006.2219.57

    27-May-006.1319.76

    28-May-006.1319.94

    29-May-006.0520.04

    30-May-006.0920.04

    31-May-006.0520.04

    1-Jun-006.0520.69

    2-Jun-006.0921.15

    3-Jun-006.1320.69

    4-Jun-006.1820.69

    5-Jun-006.1320.5

    6-Jun-006.0920.59

    7-Jun-006.0921.43

    8-Jun-006.0521.15

    9-Jun-006.1821.81

    10-Jun-006.1821.53

    11-Jun-006.0521.53

    12-Jun-006.1821.43

    13-Jun-006.1821.25

    14-Jun-006.1821.71

    15-Jun-006.1821.9

    16-Jun-006.0921.43

    17-Jun-006.0920.97

    18-Jun-006.0921.53

    19-Jun-006.0121.34

    20-Jun-006.0521.71

    21-Jun-006.0921.43

    22-Jun-006.0921.43

    23-Jun-006.0520.78

    24-Jun-006.0520.41

    25-Jun-006.1320.78

    26-Jun-006.0520.78

    27-Jun-006.0521.06

    28-Jun-005.8421.53

    29-Jun-005.9621.62

    30-Jun-006.0121.53

    1-Jul-005.9221.71

    2-Jul-005.8821.71

    3-Jul-005.9621.34

    4-Jul-006.0521.34

    5-Jul-006.0921.25

    6-Jul-006.0521.34

    7-Jul-006.0121.25

    8-Jul-005.9621.71

    9-Jul-006.0121.53

    10-Jul-005.9621.71

    11-Jul-005.9622.09

    12-Jul-005.9222.37

    13-Jul-005.9222.18

    14-Jul-005.7521.99

    15-Jul-005.7521.9

    16-Jul-005.6721.71

    17-Jul-005.821.25

    18-Jul-005.7521.43

    19-Jul-005.8421.9

    20-Jul-005.821.99

    21-Jul-005.7122.27

    22-Jul-005.822.54

    23-Jul-005.6722.26

    24-Jul-005.6322.26

    25-Jul-005.6322.07

    26-Jul-005.6321.69

    27-Jul-005.7122.54

    28-Jul-005.7122.73

    29-Jul-005.7522.44

    30-Jul-005.822.54

    31-Jul-005.822.73

    1-Aug-005.8822.91

    2-Aug-005.8422.44

    3-Aug-006.0922.54

    4-Aug-006.0122.35

    5-Aug-005.9621.98

    6-Aug-005.9621.98

    7-Aug-006.0122.07

    8-Aug-006.0122.07

    9-Aug-005.9621.98

    10-Aug-005.9222.07

    11-Aug-006.0522.07

    12-Aug-006.0921.69

    13-Aug-006.0521.04

    14-Aug-006.0921.6

    15-Aug-006.0521.51

    16-Aug-006.0521.32

    17-Aug-006.0521.32

    18-Aug-006.0521.04

    19-Aug-006.1820.85

    20-Aug-006.1321.6

    21-Aug-006.0121.41

    22-Aug-005.9221.69

    23-Aug-005.6721.98

    24-Aug-005.7522.07

    25-Aug-005.8421.88

    26-Aug-005.9221.69

    27-Aug-005.821.79

    28-Aug-005.9222.16

    29-Aug-006.0522.26

    30-Aug-006.0122.07

    31-Aug-006.0121.98

    1-Sep-006.0122.07

    2-Sep-005.9221.79

    3-Sep-005.821.69

    4-Sep-005.8422.07

    5-Sep-005.7522.07

    6-Sep-005.5821.88

    7-Sep-005.5821.88

    8-Sep-005.8822.07

    9-Sep-005.9222.35

    10-Sep-005.9622.44

    11-Sep-005.9222.63

    12-Sep-005.6722.35

    13-Sep-005.6322.54

    14-Sep-005.7522.16

    15-Sep-005.821.98

    16-Sep-005.6721.79

    17-Sep-005.8422.35

    18-Sep-005.822.26

    19-Sep-005.7522.44

    20-Sep-005.8422.44

    21-Sep-005.822.54

    22-Sep-005.822.71

    23-Sep-005.7522.62

    24-Sep-005.6722.33

    25-Sep-005.5422.71

    26-Sep-005.5823.09

    27-Sep-005.4622.81

    28-Sep-005.2522.9

    29-Sep-005.3723.19

    30-Sep-005.4623

    1-Oct-005.5423.19

    2-Oct-005.5423.37

    3-Oct-005.522.71

    4-Oct-005.5822.81

    5-Oct-005.4122.81

    6-Oct-005.5823.09

    7-Oct-005.5823.09

    8-Oct-005.5423.28

    9-Oct-005.4623

    10-Oct-005.5823.37

    11-Oct-005.5823.37

    12-Oct-005.6323.28

    13-Oct-005.5423.09

    14-Oct-005.5823.09

    15-Oct-005.522.9

    16-Oct-005.523.85

    17-Oct-005.5823.37

    18-Oct-005.6723.56

    19-Oct-005.6323.37

    20-Oct-005.6723.47

    21-Oct-005.7123.85

    22-Oct-005.8423.94

    23-Oct-005.8823.85

    24-Oct-005.9623.94

    25-Oct-005.9623.85

    26-Oct-005.9223.85

    27-Oct-005.9623.85

    28-Oct-005.9223.37

    29-Oct-005.8823.47

    30-Oct-005.9623.66

    31-Oct-005.9623.85

    1-Nov-005.9623.85

    2-Nov-005.9223.94

    3-Nov-006.0124.51

    4-Nov-005.9624.42

    5-Nov-005.8823.66

    6-Nov-005.8424.51

    7-Nov-005.6724.42

    8-Nov-005.6724.32

    9-Nov-005.7124.32

    10-Nov-005.824.42

    11-Nov-005.7124.32

    12-Nov-005.6324.23

    13-Nov-005.6724.32

    14-Nov-005.5824.04

    15-Nov-005.6324.04

    16-Nov-005.6724.04

    17-Nov-005.7524.04

    18-Nov-005.7524.13

    19-Nov-005.824.23

    20-Nov-005.7123.75

    21-Nov-005.6723.56

    22-Nov-005.7123.37

    23-Nov-005.6323.94

    24-Nov-005.5824.15

    25-Nov-005.6324.34

    26-Nov-005.6323.96

    27-Nov-005.7523.96

    28-Nov-005.8423.77

    29-Nov-005.8823.67

    30-Nov-006.0923.58

    1-Dec-006.0523.38

    2-Dec-006.0123.48

    3-Dec-005.9223.67

    4-Dec-006.0123.58

    5-Dec-005.9623.29

    6-Dec-005.9622.62

    7-Dec-006.0122.53

    8-Dec-006.0122.24

    9-Dec-006.0121.38

    10-Dec-006.0122.05

    11-Dec-006.0522.34

    12-Dec-006.1322.24

    13-Dec-006.3921.09

    14-Dec-006.4321.29

    15-Dec-006.3921.38

    16-Dec-006.4321.76

    17-Dec-006.5121.76

    18-Dec-006.3922.34

    19-Dec-006.2222.34

    20-Dec-006.322.14

    21-Dec-006.2621.95

    22-Dec-006.1821.48

    23-Dec-006.1821.86

    24-Dec-006.1322.14

    25-Dec-006.2221.95

    26-Dec-006.2222.14

    27-Dec-006.3922.43

    28-Dec-006.4322.62

    29-Dec-006.4322.81

    30-Dec-006.3522.81

    31-Dec-006.4323

    1-Jan-016.4723.29

    2-Jan-016.3923.38

    3-Jan-016.3523.29

    4-Jan-016.1822.81

    5-Jan-016.2222.81

    6-Jan-016.2222.62

    7-Jan-016.1322.53

    8-Jan-016.1322.53

    9-Jan-016.2222.91

    10-Jan-016.2222.62

    11-Jan-016.2622.81

    12-Jan-016.2622.91

    13-Jan-016.2623.1

    14-Jan-016.3522.91

    15-Jan-016.3522.72

    16-Jan-016.322.53

    17-Jan-016.1322.72

    18-Jan-016.1322.62

    19-Jan-015.9222.62

    20-Jan-015.9622.91

    21-Jan-015.8822.91

    22-Jan-015.9223

    23-Jan-015.9222.91

    24-Jan-015.8623

    25-Jan-016.0522.72

    26-Jan-015.8422.62

    27-Jan-015.9222.72

    28-Jan-015.9622.83

    29-Jan-016.0122.54

    30-Jan-015.9622.54

    31-Jan-015.9622.44

    1-Feb-015.9222.25

    2-Feb-016.0122.06

    3-Feb-016.0922.44

    4-Feb-016.1322.64

    5-Feb-016.0522.64

    6-Feb-015.9622.73

    7-Feb-015.9623.02

    8-Feb-015.9622.92

    9-Feb-015.9622.92

    10-Feb-015.9222.64

    11-Feb-015.9623.02

    12-Feb-016.0123.02

    13-Feb-015.9223.21

    14-Feb-016.0523.02

    15-Feb-016.0123.31

    16-Feb-015.9624.08

    17-Feb-015.9624.27

    18-Feb-015.9224.56

    19-Feb-015.9224.75

    20-Feb-016.0525.04

    21-Feb-016.1325.43

    22-Feb-016.1824.85

    23-Feb-016.2225.14

    24-Feb-016.1824.85

    25-Feb-016.1325.04

    26-Feb-016.2625.14

    27-Feb-016.325.33

    28-Feb-016.3925.53

    1-Mar-016.4325.53

    2-Mar-016.625.91

    3-Mar-016.5626.1

    4-Mar-016.5126.1

    5-Mar-016.4725.91

    6-Mar-016.5125.91

    7-Mar-016.4326.2

    8-Mar-016.4326.1

    9-Mar-016.3526.3

    10-Mar-016.3526.3

    11-Mar-016.326.1

    12-Mar-016.3526.01

    13-Mar-016.0925.81

    14-Mar-016.0125.14

    15-Mar-016.0925.43

    16-Mar-016.1325.14

    17-Mar-016.0125.62

    18-Mar-016.0525.62

    19-Mar-016.0926.01

    20-Mar-016.0926.1

    21-Mar-016.2226.2

    22-Mar-016.1826.3

    23-Mar-016.325.91

    24-Mar-016.326.58

    25-Mar-016.326.49

    26-Mar-016.3526.39

    27-Mar-016.2226.39

    28-Mar-016.4726.68

    29-Mar-016.5626.3

    30-Mar-016.925.91

    31-Mar-016.8525.91

    1-Apr-016.8125.72

    2-Apr-016.925.34

    3-Apr-016.8525.34

    4-Apr-016.9425.54

    5-Apr-017.1925.25

    6-Apr-017.4925.25

    7-Apr-017.6125.73

    8-Apr-017.425.05

    9-Apr-017.4525.34

    10-Apr-017.6125.05

    11-Apr-017.4525.83

    12-Apr-017.3625.73

    13-Apr-017.8726.32

    14-Apr-018.1226.61

    15-Apr-018.5526.32

    16-Apr-018.526.41

    17-Apr-018.3826.12

    18-Apr-018.1626.32

    19-Apr-018.2524.86

    20-Apr-018.1624.28

    21-Apr-017.8324.18

    22-Apr-017.7823.89

    23-Apr-018.0824.37

    24-Apr-018.4224.76

    25-Apr-018.4224.66

    26-Apr-018.7125.64

    27-Apr-018.7125.25

    28-Apr-018.7125.73

    29-Apr-018.7625.93

    30-Apr-018.7126.02

    1-May-018.6725.93

    2-May-018.526.12

    3-May-018.526.32

    4-May-018.4625.93

    5-May-018.2926.22

    6-May-018.3326.02

    7-May-018.3825.44

    8-May-018.3825.25

    9-May-018.3325.44

    10-May-018.3825.44

    11-May-018.3825.44

    12-May-018.3825.54

    13-May-018.5525.64

    First Round

    Day

    Price

    Daily Closings of Stocks

    Southernunion_Stock

    DateSUGABSaverageRsugRabs

    3-Jan-944.8218.5611.69-0.00836820080.0143388210.0097416349Column 1Column 2Column 3

    4-Jan-944.7818.8311.8050.0144329897-0.0096514745-0.0046808511Column 11

    5-Jan-944.8518.6511.750.00817995910.01945320720.017147637Column 20.13517975551

    6-Jan-944.8919.0211.9550.01012145750.0093750.0095277548Column 30.55479966030.88885032811

    7-Jan-944.9419.212.070.031372549-0.0142630745-0.0045776113

    10-Jan-945.118.9312.0150.03409090910.00473186120.0111111111

    11-Jan-945.2819.0212.150.038251366100.0085679315

    12-Jan-945.4919.0212.255-0.01291512920.0093750.0044679123

    13-Jan-945.4219.212.310.0127504554-0.0142630745-0.0081900082

    14-Jan-945.4918.9312.210.058319039500.0137318255

    17-Jan-945.8318.9312.380.028333333300.0068190935

    18-Jan-94618.9312.465-0.04529616720.03467618560.0165680473

    19-Jan-945.7419.6112.675-0.025-0.0337374802-0.0317460317

    20-Jan-945.618.9712.2850.02439024390.02367472980.0238379023

    21-Jan-945.7419.4312.5850.0051993068-0.0093506494-0.0059952038

    24-Jan-945.7719.2512.51-0.0087412587-0.0343901128-0.0283600493

    25-Jan-945.7218.6112.1650.03865546220.0377456050.0379596679

    26-Jan-945.9519.3412.645-0.00847457630.02323232320.0159533074

    27-Jan-945.919.812.850.0117252931-0.00456621-0.0007788162

    28-Jan-945.9719.7112.840.011589404-0.0144107051-0.0082449941

    31-Jan-946.0419.4312.7350.00821018060.00917899030.0089494163

    1-Feb-946.0919.6112.850.03639240510.02291978080.0261462675

    2-Feb-946.3220.0713.1950.0246913580.00446428570.0093843844

    3-Feb-946.4820.1613.32-0.02531645570.00933660930.0011248594

    4-Feb-946.3220.3513.3350.0171073095-0.0185185185-0.0098447558

    7-Feb-946.4319.9813.205-0.02225755170.01382033560.0052730697

    8-Feb-946.2920.2613.2750.00474683540.02172863350.0177580466

    9-Feb-946.3220.7113.515-0.00476947540.00909090910.0058845164

    10-Feb-946.2920.913.5950.0110062893-0.0091743119-0.0044329516

    11-Feb-946.3620.7113.5350.01851851850.00909090910.0113221329

    14-Feb-946.4820.913.690.01369863010.0127538970.0129776496

    15-Feb-946.5721.1713.870.0135135135-0.0266731329-0.0168621701

    16-Feb-946.6620.6213.64-0.00604229610.02182163190.0151624549

    17-Feb-946.6221.0813.85-0.00761035010-0.0018083183

    18-Feb-946.5721.0813.825-0.0030534351-0.0129745315-0.0105994152

    22-Feb-946.5520.8113.68-0.01866251940.02983682980.018651363

    23-Feb-946.4321.4513.94-0.0222575517-0.0089369708-0.0119782214

    24-Feb-946.2921.2613.7750.0047468354-0.004251299-0.0021826119

    25-Feb-946.3221.1713.7450.0109546166-0.022211492-0.0143911439

    28-Feb-946.3920.7113.550-0.0087676571-0.0066864785

    1-Mar-946.3920.5313.46-0.00788643530.00869145340.004805915

    2-Mar-946.3420.7113.5250.00314465410.00909090910.007703595

    3-Mar-946.3620.913.630.00469483570.02153558050.0176576577

    4-Mar-946.3921.3613.875-0.0078864353-0.0132827324-0.0120350109

    7-Mar-946.3421.0813.7100.0084666040.0065217391

    8-Mar-946.3421.2613.8-0.01440.01299907150.0068369917

    9-Mar-946.2521.5413.895-0.00806451610.02090909090.0145390071

    10-Mar-946.22214.10.017432646600.0038855528

    11-Mar-946.312214.1550.004731861200.0010585745

    14-Mar-946.342214.170.0155279503-0.0087116002-0.0031858407

    15-Mar-946.4421.8114.125-0.010989011-0.0210674157-0.0187522539

    16-Mar-946.3721.3613.865-0.0047318612-0.0220095694-0.0179882526

    17-Mar-946.3420.913.620.0047095761-0.027027027-0.0194610778

    18-Mar-946.3720.3513.3600.03049070990.0233918129

    21-Mar-946.3720.9913.68-0.0159489633-0.0043062201-0.006993007

    22-Mar-946.2720.913.5850.01104100950.04566210050.0378895184

    23-Mar-946.3421.914.120.0047095761-0.012482663-0.0085714286

    24-Mar-946.3721.6314-0.0159489633-0.0083916084-0.0101010101

    25-Mar-946.2721.4513.86-0.01129032260.0041782730.0007209805

    28-Mar-946.221.5413.87-0.0114192496-0.0262029538-0.0228613569

    29-Mar-946.1320.9913.56-0.112522686-0.0135200386-0.0343249428

    30-Mar-945.5120.7113.11-0.0515267176-0.0087676571-0.0174621653

    31-Mar-945.2420.5312.885-0.00769230770.03023145960.0227531286

    4-Apr-945.221.1713.1850.0262172285-0.0172993753-0.0084130019

    5-Apr-945.3420.8113.075-0.04705882350-0.0092628329

    6-Apr-945.120.8112.9550.02671755730.0170051960.0189322226

    7-Apr-945.2421.1713.2050.01318267420.0042333020.0060218291

    8-Apr-945.3121.2613.285-0.0473372781-0.0085388994-0.0160611855

    11-Apr-945.0721.0813.0750.0324427481-0.0129745315-0.0038387716

    12-Apr-945.2420.8113.025-0.01353965180.02116650990.0143776012

    13-Apr-945.1721.2613.2150.0133587786-0.0085388994-0.0041793313

    14-Apr-945.2421.0813.16-0.0076923077-0.0086124402-0.0084291188

    15-Apr-945.220.913.0500.00428775610.0034364261

    18-Apr-945.220.9913.095-0.0058027079-0.0052681992-0.0053742802

    19-Apr-945.1720.8813.0250-0.0225269344-0.0179757718

    20-Apr-945.1720.4212.7950.0057692308-0.0044269552-0.0023501763

    21-Apr-945.220.3312.765-0.0058027079-0.0094339623-0.0086922165

    22-Apr-945.1720.1412.6550-0.0090180361-0.0071627537

    25-Apr-945.1719.9612.565-0.0137254902-0.0188871873-0.0178209802

    26-Apr-945.119.5912.34500.00457317070.0036319613

    28-Apr-945.119.6812.39-0.0059171598-0.0191610564-0.0164068909

    29-Apr-945.0719.3112.190.06284658040.0188008130.0282981267

    2-May-945.4119.6812.5450.005514705900.0011942675

    3-May-945.4419.6812.56-0.0111524164-0.0144329897-0.0137207425

    4-May-945.3819.412.3900.00512820510.0040192926

    5-May-945.3819.512.44-0.02671755730.00914634150.0016051364

    6-May-945.2419.6812.4600.02284011920.0181245075

    9-May-945.2420.1412.69000

    10-May-945.2420.1412.69-0.02745098040.0137120470.0054858934

    11-May-945.120.4212.76-0.02822580650.01779701780.0089320388

    12-May-944.9620.7912.8750.02169625250.00431034480.0077071291

    13-May-945.0720.8812.9750.0058823529-0.013592233-0.0097276265

    16-May-945.120.612.850.00584795320.03058823530.0257771039

    17-May-945.1321.2513.190.0077369439-0.0221260221-0.0161787365

    18-May-945.1720.7912.980-0.009223301-0.0073729142

    19-May-945.1720.612.885-0.01972386590-0.003895598

    20-May-945.0720.612.8350.0116959064-0.0043881034-0.0011700468

    23-May-945.1320.5112.820.007736943900.0015576324

    24-May-945.1720.5112.84-0.0137254902-0.0275551102-0.0247406225

    25-May-945.119.9612.530.01923076920.01819970490.0184097141

    26-May-945.220.3312.765-0.01960784310.00877620670.0031237798

    27-May-945.120.5112.805-0.0059171598-0.0138408304-0.0122529644

    31-May-945.0720.2312.650.0058823529-0.0089775561-0.0059642147

    1-Jun-945.120.0512.5750.01353965180.00889767670.0098425197

    2-Jun-945.1720.2312.7-0.0340-0.0067380103

    3-Jun-94520.2312.6150.005964214700.0011876485

    6-Jun-945.0320.2312.63-0.0060.00930460330.0062942565

    7-Jun-94520.4212.710.16107382550.01779701780.0497196262

    8-Jun-945.9620.7913.3750.01487603310.0085836910.0099925981

    9-Jun-946.0520.9713.51-0.006655574-0.0043103448-0.004834511

    10-Jun-946.0120.8813.4450-0.0043290043-0.003358209

    13-Jun-946.0120.7913.4-0.0152027027-0.009223301-0.0105580694

    14-Jun-945.9220.613.26-0.00680272110.01340996170.0089686099

    15-Jun-945.8820.8813.380-0.0086956522-0.006772009

    16-Jun-945.8820.713.290.0134228188-0.0048543689-0.000753012

    17-Jun-945.9620.613.28-0.0067567568-0.0132808657-0.0118095238

    20-Jun-945.9220.3313.1250.02148760330.03051979020.0284974093

    21-Jun-946.0520.9713.51-0.006655574-0.0130434783-0.01160614

    22-Jun-946.0120.713.35500.00432900430.003358209

    23-Jun-946.0120.7913.40-0.0276816609-0.0213414634

    24-Jun-946.0120.2313.12-0.00838926170-0.0019091256

    27-Jun-945.9620.2313.095000

    28-Jun-945.9620.2313.095-0.00675675680-0.0015296367

    29-Jun-945.9220.2313.0750.0067114094-0.0089775561-0.0053825452

    30-Jun-945.9620.0513.0050.00831946760.0044687190.0053537285

    1-Jul-946.0120.1413.075-0.02210884350.0044488384-0.0015319801

    5-Jul-945.8820.2313.055-0.00684931510.00930460330.0057121097

    6-Jul-945.8420.4213.130-0.0044269552-0.0034390524

    7-Jul-945.8420.3313.085-0.01565217390.00440744370

    8-Jul-945.7520.4213.085-0.0070052539-0.0139026812-0.0123791103

    11-Jul-945.7120.1412.9250.0069565217-0.0090180361-0.005445352

    12-Jul-945.7519.9612.8550.01541095890.00448877810.0069524913

    13-Jul-945.8420.0512.945000

    14-Jul-945.8420.0512.9450-0.004509018-0.0034883721

    15-Jul-945.8419.9612.90-0.009610521-0.007418977

    18-Jul-945.8419.7712.805-0.01565217390.00951903810.0038895371

    19-Jul-945.7519.9612.855-0.01410934740.0039920160

    20-Jul-945.6720.0412.8550.0070052539-0.0141700405-0.0094228504

    21-Jul-945.7119.7612.735-0.01420959150-0.0031508468

    22-Jul-945.6319.7612.6950.0208695652-0.0097087379-0.002764613

    25-Jul-945.7519.5712.660.03523489930.01410579350.0189848896

    26-Jul-945.9619.8512.9050.02773246330.00451354060.0099731492

    27-Jul-946.1319.9413.0350.014469453400.003440367

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