Compustat Global data

A short while ago I tried to download data using a file of (ISIN) codes. The data I was interested in were BKVLPS, CEQL and CSHO. The search I did was done in the database Compustat Global Fundamentals Annual. A download using this ISIN code file and several other files gave no results for these variables. I send an email to the Wharton helpdesk because I thought this was a software problem and I expected the database to be in order.

Surprisingly enough the helpdesk replied that the variables (BKVLPS, CEQL and CSHO) in Compustat Global are not updated by Compustat, and that explained the missing data. Compustat may update the data for these variables in the future, but at the moment there are no data available for these three variables.

Note on Compustat variables:
BKVLPS = Book Value Per Share
CEQL = Common Equity - Liquidation Value
CSHO = Common Shares Outstanding

Author information: LinkedIn

09:47 AM - 18 December 2009

Accessing databases through Wharton 2

In the last post on this blog I mentioned the change in access method which has been applied by the Wharton company. It has now become clear why the change has been made. The reasons for changing the access method have primarily to do with preventing unauthorized use of subscribed databases. Wharton has given three main reasons for the change:

• "First, our data vendor partners are asking for increased assurances that the data is not being used by unauthorized Users or for commercial, non-research uses. We have had several incidences where Users who had left WRDS Subscriber institutions continued to use IP-authenticated resources to inappropriately access data. Open, unmonitored terminals with access to your contractually licensed data have been a potential legal liability which has been ignored historically in the interest of User convenience. In today’s more litigious environment, additional security is required.
• Second, we are experiencing more and more instances of very high usage from within libraries.
• Third, and most importantly, our only other alternative to meet these goals is to eliminate wide access, and  require all WRDS Users to have their own login. This would put a prohibitive load on the WRDS Representatives and is not a viable solution."

If I read between the lines, the most important reason is probably the first. High usage of databases in libraries (usually university libraries) should, however, (in my view) not by definition be a problem. This is only a problem if it can be established that there is unauthorized use for commercial purposes from within or oustide libraries by users who have left the university. I have yet to hear examples of this where I work.

At first I thought that accessing databases through the new website/interface would always require a login. This login+password would have to be requested by email each time you want to use the subscribed databases. This does not appear to be the exact situation. Access seems to work as follows:

"The method by which [users] would access through IP has been modified to allow for the entry of a valid email address. This is not a login which will need approval from your local WRDS Representative, but simply a valid email account. When [using] WRDS, Users will be asked to enter an email account with your institution’s domain. WRDS will then send an email message to that email account to verify that the account is valid. This email will contain an “Access Pass” link which the User can click on to get direct access into WRDS. The default for this Access Pass is 1 day."

I still hope something can be done to change this access method to the situation which exists for the current WRDS interface or to allow for easier use by extending the time period of the Access Pass. I am definitely not happy about this change.

Author information: LinkedIn

02:49 PM - 11 November 2009

New Wharton interface

The past year a lot of work has been done by the University of Pennsylvania to create a new interface with improvements. These improvements will make searching in databases through Wharton even better. One of the improvements is that it has become easier to get additional help on elements of the search screen. Below you can see a an example of the new interface.

Some features and even some database content has since July of 2009 been moved to the new interface. In case of the Compustat database ExecuComp you are warned in the old interface with the message:

"Compustat Executive Compensation Notice to WRDS Execucomp users:
Starting in July 2009, all Execucomp updates will be made on the new

WRDS website, which can be accessed via the link http://wrds-web.wharton.upenn.edu/wrds/. The previous update can

still be accessed on this site."

At the moment, however, it seems that the use of the new interface is limited to people who use Wharton accounts or request (similar?) accounts by email. This is less than ideal for regular users who want to do uncomplicated searches through the web interface. I have requested to be notified when the new interface be made available to subscribing organisations based on ip/network-recognition. This is the way many organisations offer access to their customers. As soon as I hear anything about this I will post a new message on the blog.

In the meantime, if you do not want to give your personal email address to Wharton you can of course create and use a new gmail or other free email account to request access.

Author information: LinkedIn

10:43 AM - 29 October 2009

Matching old and new Compustat variable names

A few years ago several Compustat databases were changed to Xpressfeed versions. Through wharton you can currently access both the older Legacy (FTP) version and the Xpressfeed version. The Legacy versions are no longer updated and contain non-scaled data. the Wharton website says:

 "When using this FTP Legacy version, please remember that due to variation in company size and reporting currency, Financial Data items are not stored in a single scale. Some data may be reported in Thousands, some in Millions, some in Billions, and some in Trillions. Therefore, when using the FTP Legacy Version, you must refer to the Scaling Factor when extracting and analyzing data."

If you want to reproduce research from articles you may encounter the old names of the variables in a Compustat Legacy database. The names of the variables have been changed in the Xpressfeed editions. You can match the old names with the new names using the Excel file you can download here.

Author information: LinkedIn

07:36 PM - 8 October 2009

Compustat & financial statements

If you are searching in a Compustat database (Global or North America) Step two allows you two filter the search result and search for data that is a certain level of consolidation. Depending in which Compustat database you are searching there are more filtering options. Mark the options you want to get the type of data you need:

The variable that inidcates the level of consolidation is: CONSOL. You can use this variable also for a conditional statement in Wharton. The consolidation levels in the Compustat databases are:

CONSOL         Meaning                                   Company Population
C                           Consolidated                              International and North 
                                                                                                   America companies

I                            Issue-Level Fundamentals  International companies
N                           Non-Consolidated                   International companies
P                           Pre-FASB                                     North America companies
D                           Pre-Divestiture                         North America companies
E                           Post-Divestiture                       North America companies
R                           Pro-Forma                                  North America companies

12:00 AM - 8 August 2009