b. Disaggregate Texaco's 1997- 1999 ROE into its five-compo- nents and analyze the factor(s) responsible for the

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b. Disaggregate Texaco's 1997- 1999 ROE into its five-compo- nents and analyze the factor(s) responsible for the changes in ROE over the period.

c. Using 1997 as your base, estimate the operating leverage ef- fect for

(b) 1998 (il) 1999

d. Based on your answer to part

c, discuss whether the activity component and the operating margin components are distinct or related.

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The Analysis And Use Of Financial Statements

ISBN: 9780471375944

3rd Edition

Authors: Gerald I. White, Ashwinpaul C. Sondhi, Haim D. Fried

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b. Disaggregate Texaco's 1997- 1999 ROE into its five-compo- nents and analyze the factor(s) responsible for the

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The Analysis And Use Of Financial Statements

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