ALPHA Definition

ALPHA is the measurement of returns from an investment in excess of market returns. It represents the amount expected from fundamental causes, e.g. the growth rate in earnings per share. This contrasts with BETA, which is a measure of risk or volatility.

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UNLEVERED BETA is the beta reflecting a capital structure without debt.

BIR is Bureau of Internal Revenue, Benefit/Investment Ratio, or Best Incremental Return.

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