document.write('	'
+ ' <p class="heading"><b>Benchmarking</b></p>'
+ '		<p>'
+ '			DeMarche has done important work regarding benchmarking. We separate '
+ '			benchmarking companies from stock benchmarking. The important variables in this' 
+ '			research stem from our <a href="/corpfinance/cfsection/CF_FactorModel.htm" >Factor Model</a> research,'
+ '			<a href="/peerclones/PeerClones_main.htm">Independent Peer Groups &amp; Clones</a>, and' 
+ '			our migration method.</p>'
+ '		<br>'
+ '		<p class="heading"><b>Migration</b></p>'
+ '		<p>Over the past decade, DeMarche has been studying the concept of <b>company '
+ '			change </b>as an added value from our proprietary factor model. We used our' 
+ '			factor model to zero in on nine "fundamental" factors that characterize '
+ '			companies in terms of growth and risk management factors. Stock price is not '
+ '			used in the analysis. We then developed a scoring and ranking system that '
+ '			tracks how the 3,000 largest companies "move" or "migrate" relative to one '
+ '			another with respect to achieving significant growth, while simultaneously '
+ '			mitigating risk.<span style="mso-spacerun: yes"></span> The system scores' 
+ '			companies in nine locations on a diagonal axis, as shown in Exhibit 1.<span style="mso-spacerun: yes"></span> Essentially, '
+ '			small cap value companies (location 1, the bottom right corner) can become high '
+ '			quality growth stocks (location 9, upper left-hand corner) in two ways, by '
+ '			maintaining or continuing above average growth and/or by lowering fundamental '
+ '			risk factors.</p>'
+ '		<p style="text-align:center;"><b>Exhibit 1</b><br/><i>Axis of Company Migration</i><br/>'
+ '			<a href="/images/Migration Axis 24 bit2.gif"><IMG src="/images/Migration Axis 24 bit2.gif" alt="Exhibit 1"'
+ '				width="445" hspace="0" vspace="0" align="default" id="imbExhibit2"/></a></p>'
+ '		<p>Exhibit 2 shows some of the key findings of our study of company '
+ '			migration. It depicts small cap value companies (location 1 on the migration '
+ '			axis) that stayed the same or moved eight other positions along the diagonal '
+ '			axis of migration three years later. The horizontal axis is stock performance '
+ '			during the three-year periods of migration. As can easily be seen, companies '
+ '			that "stayed" small cap value; i.e., stayed in lower locations, during '
+ '			three-year periods from 1982 to 2002 did not perform very well. Conversely, '
+ '			companies that were able to "migrate" to higher quality locations showed '
+ '			uniformly increasing return performance on average.</p>'
+ '		<p style="text-align:center;"><b>Exhibit 2</b><br/><i>Average Returns Per Group of Small Cap Value Companies During Periods of<br/>Subsequent 3-year Migration And Ending Style Rating 1982-2002</i><br/>'
+ '			<a href="/images/AvgRtns%20SCap2.gif"><IMG src="/images/AvgRtns%20SCap2.gif" alt="Exhibit 2"'
+ '				width="425" hspace="0" vspace="0" align="default" id="imbExhibit2"/></a></p>'
+ '		<p >DeMarche\'s <b>migration</b> metric offers a comprehensive and '
+ '			efficient way of understanding how all of a company\'s key financial '
+ '			characteristics are moving together in time to illuminate how the company is '
+ '			evolving through its life cycle.</p>'
+ '		<p >'
+ '			DeMarche has listed the <a href="/CFO/Best/index.htm" target="">Best 100 '
+ '			Companies</a> in terms of migration rank and the '
+ '			100 Most Improved or most migrating companies along with selection criteria.</p>'				
+ '   ');