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These factors notwithstanding, Professor French found that the portion of stocks' aggregate market capitalization spent on trying to beat the market has stayed remarkably constant, near 0.67percentt.
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Use proper capitalization.
Genesee has been using its free cash flow (cash from operations minus capital spending) to pay down debt, currently at $330 million, or 32% of capitalization.
As of last summer ADC had spent only 5% of its market capitalization on acquisitions in its history, compared with 37% for JDS Uniphase.
E-Trade, a fast-growing Net broker with a market capitalization of $7 billion, is spending $250 per new customer.
The exact sum depends on individual investor agreements; most investor deals for Broadway shows require money to be returned, even when spent, if the lead producers cannot raise a show's full capitalization.
All told, Armstrong spent well over $100 billion in cash and stock on mergers, more than the $103 billion market capitalization of AT&T.
Their capitalization is insufficient to move from where they are now to something else, says Carl Walter, who spent 20 years manning banking outposts in China for companies like JPMorgan Chase.
And Greeks spent, spent, spent.
They have spent between 400 million euros ($543.7 million ) and 500 million euros ($679.6 million) in the project's early stages, a relatively small amount for Repsol and Gas Natural, which have market capitalizations of 32.3 billion euros ($43.9 billion) and 17.3 billion euros ($23.5 billion) respectively.
With an asset base of over $3 billion and a much larger total market capitalization, Level 3 plans to spend upwards of $1 billion a year on the buildout.
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