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Capital asset pricing model
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An estimation of the CAPM and the security market line (purple) for the Dow Jones Industrial Average over 3 years for monthly data.
In finance, the capital asset pricing model (CAPM) is a model used to determine a theoretically appropriate required rate of return of an asset, to make decisions about adding assets to a well-diversified portfolio.
Contents
[hide]
1 Overview
2 Inventors
3 Formula
4 Modified Betas
5 Security market line
6 Asset pricing
7 Asset-specific required return
8 Risk and diversification
9 Efficient frontier
10 Assumptions
11 Problems
12 See also
13 References
14 Bibliography
Overview[edit]
The model takes into account the asset's sensitivity to non-diversifiable risk (also known as systematic risk or market risk), often represented by the quantity beta (β) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free asset. CAPM assumes a particular form of utility functions (in which only first and second moments matter, that is risk is measured by variance, for example a quadratic utility) or alternatively asset returns whose probability distributions are completely described by the first two moments (for example, the normal distribution) and zero transaction costs (necessary for diversification to get rid of all idiosyncratic risk). Under these conditions, CAPM shows that the cost of equity capital is determined only by beta.[1][2] Despite it failing numerous empirical tests,[3] and the existence of more modern approaches to asset pricing and portfolio selection (such as arbitrage pricing theory and Merton's portfolio problem), the CAPM still remains popular due to its simplicity and utility in a variety of situations.
Inventors[edit]
The CAPM was introduced by Jack Treynor (1961, 1962),[4] William F. Sharpe (1964), John Lintner (1965a,b) and Jan Mossin (1966) independently, building on the earlier work of Harry Markowitz on diversification and modern portfolio theory. Sharpe, Markowitz and Merton Miller jointly received the 1990 Nobel Memorial Prize in Economics for this contribution to the field of financial economics. Fischer Black (1972) developed another version of CAPM, called Black CAPM or zero-beta CAPM, that does not assume the existence of a riskless asset. This version was more robust against empirical testing and was influential in the widespread adoption of the CAPM.
Formula[edit]
The security market line, seen here in a graph, describes a relation between the beta and the asset's expected rate of return.
The CAPM is a model for pricing an individual security or portfolio. For individual securities, we make use of the security market line (SML) and its relation to expected return and systematic risk (beta) to show how the market must price individual securities in relation to their security risk class. The SML enables us to calculate the reward-to-risk ratio for any security in relation to that of the overall market. Therefore, when the expected rate of return for any security is deflated by its beta coefficient, the reward-to-risk ratio for any individual security in the market is equal to the market reward-to-risk ratio, thus:
E ( R i ) − R f β i = E ( R m ) − R f {\displaystyle {\frac {E(R_{i})-R_{f}}{\beta _{i}}}=E(R_{m})-R_{f}}
The market reward-to-risk ratio is effectively the market risk premium and by rearranging the above equation and solving for E ( R i ) {\displaystyle E(R_{i})~~} , we obtain the capital asset pricing model (CAPM).
E ( R i ) = R f + β i ( E ( R m ) − R f ) {\displaystyle E(R_{i})=R_{f}+\beta _{i}(E(R_{m})-R_{f})\,}
where:
E ( R i ) {\displaystyle E(R_{i})~~} is the expected return on the capital asset
R f {\displaystyle R_{f}~} is the risk-free rate of interest such as interest arising from government bonds
β i {\displaystyle \beta _{i}~~} (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also β i = C o v ( R i , R m ) V a r ( R m ) = ρ i , m σ i σ m {\displaystyle \beta _{i}={\frac {\mathrm {Cov} (R_{i},R_{m})}{\mathrm {Var} (R_{m})}}=\rho _{i,m}{\frac {\sigma _{i}}{\sigma _{m}}}}
E ( R m ) {\displaystyle E(R_{m})~} is the expected return of the market
E ( R m ) − R f {\displaystyle E(R_{m})-R_{f}~} is sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).
E ( R i ) − R f {\displaystyle E(R_{i})-R_{f}~} is also known as the risk premium
ρ i , M {\displaystyle \rho _{i,M}} : the correlation coefficient between the investment I and the market
Restated, in terms of risk premium, we find that:
E ( R i ) − R f = β i ( E ( R m ) − R f ) {\displaystyle E(R_{i})-R_{f}=\beta _{i}(E(R_{m})-R_{f})\,}
which states that the individual risk premium equals the market premium times β.
Note 1: the expected market rate of return is usually estimated by measuring the arithmetic average of the historical returns on a market portfolio (e.g. S&P 500).
Note 2: the risk free rate of return used for determining the risk premium is usually the arithmetic average of historical risk free rates of return and not the current risk free rate of return.
For the full derivation see Modern portfolio theory.
Modified Betas[edit]
There has also been research into a mean-reverting beta often referred to as the adjusted beta, as well as the consumption beta. However, in empirical tests the traditional CAPM model has been found to be do as well as or outperform the modified beta models.
Security market line[edit]
The SML essentially graphs the results from the capital asset pricing model (CAPM) formula. The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML.
The relationship between β and required return is plotted on the securities market line (SML), which shows expected return as a function of β. The intercept is the nominal risk-free rate available for the market, while the slope is the market premium, E(Rm)− Rf. The securities market line can be regarded as representing a single-factor model of the asset price, where Beta is exposure to changes in value of the Market. The equation of the SML is thus:
S M L : E ( R i ) = R f + β i ( E ( R M ) − R f ) . {\displaystyle \mathrm {SML} :E(R_{i})=R_{f}+\beta _{i}(E(R_{M})-R_{f}).~}
It is a useful tool in determining if an asset being considered for a portfolio offers a reasonable expected return for risk. Individual securities are plotted on the SML graph. If the security's expected return versus risk is plotted above the SML, it is undervalued since the investor can expect a greater return for the inherent risk. And a security plotted below the SML is overvalued since the investor would be accepting less return for the amount of risk assumed.
Asset pricing[edit]
Once the expected/required rate of return E ( R i ) {\displaystyle E(R_{i})} is calculated using CAPM, we can compare this required rate of return to the asset's estimated rate of return over a specific investment horizon to determine whether it would be an appropriate investment. To make this comparison, you need an independent estimate of the return outlook for the security based on either fundamental or technical analysis techniques, including P/E, M/B etc.
Assuming that the CAPM is correct, an asset is correctly priced when its estimated price is the same as the present value of future cash flows of the asset, discounted at the rate suggested by CAPM. If the estimated price is higher than the CAPM valuation, then the asset is undervalued (and overvalued when the estimated price is below the CAPM valuation).[5] When the asset does not lie on the SML, this could also suggest mis-pricing. Since the expected return of the asset at time t {\displaystyle t} is E ( R t ) = E ( P t + 1 ) − P t P t {\displaystyle E(R_{t})={\frac {E(P_{t+1})-P_{t}}{P_{t}}}} , a higher expected return than what CAPM suggests indicates that P t {\displaystyle P_{t}} is too low (the asset is currently undervalued), assuming that at time t + 1 {\displaystyle t+1} the asset returns to the CAPM suggested price.[6]
The asset price P 0 {\displaystyle P_{0}} using CAPM, sometimes called the certainty equivalent pricing formula, is a linear relationship given by
P 0 = 1 1 + R f [ E ( P T ) − C o v ( P T , R M ) ( E ( R M ) − R f ) V a r ( R M ) ] {\displaystyle P_{0}={\frac {1}{1+R_{f}}}\left[E(P_{T})-{\frac {\mathrm {Cov} (P_{T},R_{M})(E(R_{M})-R_{f})}{\mathrm {Var} (R_{M})}}\right]}
where P T {\displaystyle P_{T}} is the payoff of the asset or portfolio.[5]
Asset-specific required return[edit]
The CAPM returns the asset-appropriate required return or discount rate—i.e. the rate at which future cash flows produced by the asset should be discounted given that asset's relative riskiness. Betas exceeding one signify more than average "riskiness"; betas below one indicate lower than average. Thus, a more risky stock will have a higher beta and will be discounted at a higher rate; less sensitive stocks will have lower betas and be discounted at a lower rate. Given the accepted concave utility function, the CAPM is consistent with intuition—investors (should) require a higher return for holding a more risky asset.
Since beta reflects asset-specific sensitivity to non-diversifiable, i.e. market risk, the market as a whole, by definition, has a beta of one. Stock market indices are frequently used as local proxies for the market—and in that case (by definition) have a beta of one. An investor in a large, diversified portfolio (such as a mutual fund), therefore, expects performance in line with the market.
Risk and diversification[edit]
The risk of a portfolio comprises systematic risk, also known as undiversifiable risk, and unsystematic risk which is also known as idiosyncratic risk or diversifiable risk. Systematic risk refers to the risk common to all securities—i.e. market risk. Unsystematic risk is the risk associated with individual assets. Unsystematic risk can be diversified away to smaller levels by including a greater number of assets in the portfolio (specific risks "average out"). The same is not possible for systematic risk within one market. Depending on the market, a portfolio of approximately 30–40 securities in developed markets such as the UK or US will render the portfolio sufficiently diversified such that risk exposure is limited to systematic risk only. In developing markets a larger number is required, due to the higher asset volatilities.
A rational investor should not take on any diversifiable risk, as only non-diversifiable risks are rewarded within the scope of this model. Therefore, the required return on an asset, that is, the return that compensates for risk taken, must be linked to its riskiness in a portfolio context—i.e. its contribution to overall portfolio riskiness—as opposed to its "stand alone risk." In the CAPM context, portfolio risk is represented by higher variance i.e. less predictability. In other words, the beta of the portfolio is the defining factor in rewarding the systematic exposure taken by an investor.
Efficient frontier[edit]
Main article: Efficient frontier
The (Markowitz) efficient frontier. CAL stands for the capital allocation line.
The CAPM assumes that the risk-return profile of a portfolio can be optimized—an optimal portfolio displays the lowest possible level of risk for its level of return. Additionally, since each additional asset introduced into a portfolio further diversifies the portfolio, the optimal portfolio must comprise every asset, (assuming no trading costs) with each asset value-weighted to achieve the above (assuming that any asset is infinitely divisible). All such optimal portfolios, i.e., one for each level of return, comprise the efficient frontier.
Because the unsystematic risk is diversifiable, the total risk of a portfolio can be viewed as beta.
Assumptions[edit]
All investors:[7]
Aim to maximize economic utilities (Asset quantities are given and fixed).
Are rational and risk-averse.
Are broadly diversified across a range of investments.
Are price takers, i.e., they cannot influence prices.
Can lend and borrow unlimited amounts under the risk free rate of interest.
Trade without transaction or taxation costs.
Deal with securities that are all highly divisible into small parcels (All assets are perfectly divisible and liquid).
Have homogeneous expectations.
Assume all information is available at the same time to all investors.
Problems[edit]
In their 2004 review, Fama and French argue that "the failure of the CAPM in empirical tests implies that most applications of the model are invalid".[3]
The traditional CAPM using historical data as the inputs to solve for a future return of asset i. However, the history may not be sufficient to use for predicting the future and modern CAPM approaches have used betas that rely on future risk estimates.[8]
Most practitioners and academics agree that risk is of a varying nature (non-constant). A critique of the traditional CAPM is that the risk measured used remains constant( non-varying beta). Recent research has empirically tested time-varying betas to improve the forecast accuracy of the CAPM.[9]
The model assumes that the variance of returns is an adequate measurement of risk. This would be implied by the assumption that returns are normally distributed, or indeed are distributed in any two-parameter way, but for general return distributions other risk measures (like coherent risk measures) will reflect the active and potential shareholders' preferences more adequately. Indeed, risk in financial investments is not variance in itself, rather it is the probability of losing: it is asymmetric in nature. Barclays Wealth have published some research on asset allocation with non-normal returns which shows that investors with very low risk tolerances should hold more cash than CAPM suggests.[10]
The model assumes that all active and potential shareholders have access to the same information and agree about the risk and expected return of all assets (homogeneous expectations assumption).[citation needed]
The model assumes that the probability beliefs of active and potential shareholders match the true distribution of returns. A different possibility is that active and potential shareholders' expectations are biased, causing market prices to be informationally inefficient. This possibility is studied in the field of behavioral finance, which uses psychological assumptions to provide alternatives to the CAPM such as the overconfidence-based asset pricing model of Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam (2001).[11]
The model does not appear to adequately explain the variation in stock returns. Empirical studies show that low beta stocks may offer higher returns than the model would predict. Some data to this effect was presented as early as a 1969 conference in Buffalo, New York in a paper by Fischer Black, Michael Jensen, and Myron Scholes. Either that fact is itself rational (which saves the efficient-market hypothesis but makes CAPM wrong), or it is irrational (which saves CAPM, but makes the EMH wrong – indeed, this possibility makes volatility arbitrage a strategy for reliably beating the market).[12][13]
The model assumes that given a certain expected return, active and potential shareholders will prefer lower risk (lower variance) to higher risk and conversely given a certain level of risk will prefer higher returns to lower ones. It does not allow for active and potential shareholders who will accept lower returns for higher risk. Casino gamblers pay to take on more risk, and it is possible that some stock traders will pay for risk as well.[citation needed]
The model assumes that there are no taxes or transaction costs, although this assumption may be relaxed with more complicated versions of the model.[14]
The market portfolio consists of all assets in all markets, where each asset is weighted by its market capitalization. This assumes no preference between markets and assets for individual active and potential shareholders, and that active and potential shareholders choose assets solely as a function of their risk-return profile. It also assumes that all assets are infinitely divisible as to the amount which may be held or transacted.[citation needed]
The market portfolio should in theory include all types of assets that are held by anyone as an investment (including works of art, real estate, human capital...) In practice, such a market portfolio is unobservable and people usually substitute a stock index as a proxy for the true market portfolio. Unfortunately, it has been shown that this substitution is not innocuous and can lead to false inferences as to the validity of the CAPM, and it has been said that due to the inobservability of the true market portfolio, the CAPM might not be empirically testable. This was presented in greater depth in a paper by Richard Roll in 1977, and is generally referred to as Roll's critique.[15]
The model assumes economic agents optimise over a short-term horizon, and in fact investors with longer-term outlooks would optimally choose long-term inflation-linked bonds instead of short-term rates as this would be more risk-free asset to such an agent.[16][17]
The model assumes just two dates, so that there is no opportunity to consume and rebalance portfolios repeatedly over time. The basic insights of the model are extended and generalized in the intertemporal CAPM (ICAPM) of Robert Merton,[18] and the consumption CAPM (CCAPM) of Douglas Breeden and Mark Rubinstein.[19]
CAPM assumes that all active and potential shareholders will consider all of their assets and optimize one portfolio. This is in sharp contradiction with portfolios that are held by individual shareholders: humans tend to have fragmented portfolios or, rather, multiple portfolios: for each goal one portfolio — see behavioral portfolio theory[20] and Maslowian portfolio theory.[21]
Empirical tests show market anomalies like the size and value effect that cannot be explained by the CAPM.[22] For details see the Fama–French three-factor model.[23]
See also[edit]
Arbitrage pricing theory
Carhart four-factor model
Consumption beta (CCAPM)
Fama–French three-factor model
Intertemporal CAPM (ICAPM)
References[edit]
Jump up ^ https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1990/sharpe-lecture.pdf
Jump up ^ James Chong; Yanbo Jin; Michael Phillips (April 29, 2013). "The Entrepreneur's Cost of Capital: Incorporating Downside Risk in the Buildup Method" (PDF). Retrieved 25 June 2013.
^ Jump up to: a b Fama, Eugene F; French, Kenneth R (Summer 2004). "The Capital Asset Pricing Model: Theory and Evidence". Journal of Economic Perspectives. 18 (3): 25–46. doi:10.1257/0895330042162430.
Jump up ^ French, Craig W. (2003). "The Treynor Capital Asset Pricing Model". Journal of Investment Management. 1 (2): 60–72. SSRN 447580  .
^ Jump up to: a b Luenberger, David (1997). Investment Science. Oxford University Press. ISBN 978-0-19-510809-5.
Jump up ^ Bodie, Z.; Kane, A.; Marcus, A. J. (2008). Investments (7th International ed.). Boston: McGraw-Hill. p. 303. ISBN 0-07-125916-3.
Jump up ^ Arnold, Glen (2005). Corporate financial management (3. ed.). Harlow [u.a.]: Financial Times/Prentice Hall. p. 354.
Jump up ^ French, Jordan. "Back to the Future Betas: Empirical Asset Pricing of US and Southeast Asian Markets". International Journal of Financial Studies. 4 (3): 15. doi:10.3390/ijfs4030015.
Jump up ^ French, Jordan. "Estimating Time-Varying Beta Coefficients: An Empirical Study of US & ASEAN Portfolios". Research in Finance. 32.
Jump up ^ http://www.barclayswealth.com/Images/asset-allocation-february-2013.pdf
Jump up ^ Daniel, Kent D.; Hirshleifer, David; Subrahmanyam, Avanidhar (2001). "Overconfidence, Arbitrage, and Equilibrium Asset Pricing". Journal of Finance. 56 (3): 921–965. doi:10.1111/0022-1082.00350.
Jump up ^ de Silva, Harindra (2012-01-20). "Exploiting the Volatility Anomaly in Financial Markets". CFA Institute Conference Proceedings Quarterly. 29 (1): 47–56. doi:10.2469/cp.v29.n1.2. ISSN 1930-2703.
Jump up ^ Baker, Malcolm; Bradley, Brendan; Wurgler, Jeffrey (2010-12-22). "Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly". Financial Analysts Journal. 67 (1): 40–54. doi:10.2469/faj.v67.n1.4. ISSN 0015-198X.
Jump up ^ Elton, E. J.; Gruber, M. J.; Brown, S. J.; Goetzmann, W. N. (2009). Modern portfolio theory and investment analysis. John Wiley & Sons. p. 347.
Jump up ^ Roll, R. (1977). "A Critique of the Asset Pricing Theory's Tests". Journal of Financial Economics. 4: 129–176. doi:10.1016/0304-405X(77)90009-5.
Jump up ^ http://ciber.fuqua.duke.edu/~charvey/Teaching/BA453_2006/Campbell_Viceira.pdf
Jump up ^ Campbell, J & Vicera, M "Strategic Asset Allocation: Portfolio Choice for Long Term Investors". Clarendon Lectures in Economics, 2002. ISBN 978-0-19-829694-2
Jump up ^ Merton, R.C. (1973). "An Intertemporal Capital Asset Pricing Model". Econometrica. 41 (5): 867–887. doi:10.2307/1913811.
Jump up ^ Breeden, Douglas (September 1979). "An intertemporal asset pricing model with stochastic consumption and investment opportunities". Journal of Financial Economics. 7 (3): 265–296. doi:10.1016/0304-405X(79)90016-3.
Jump up ^ Shefrin, H.; Statman, M. (2000). "Behavioral Portfolio Theory". Journal of Financial and Quantitative Analysis. 35 (2): 127–151. doi:10.2307/2676187.
Jump up ^ De Brouwer, Ph. (2009). "Maslowian Portfolio Theory: An alternative formulation of the Behavioural Portfolio Theory". Journal of Asset Management. 9 (6): 359–365. doi:10.1057/jam.2008.35.
Jump up ^ Fama, Eugene F.; French, Kenneth R. (1993). "Common Risk Factors in the Returns on Stocks and Bonds". Journal of Financial Economics. 33 (1): 3–56. doi:10.1016/0304-405X(93)90023-5.
Jump up ^ Fama, Eugene F.; French, Kenneth R. (1992). "The Cross-Section of Expected Stock Returns". Journal of Finance. 47 (2): 427–465. doi:10.2307/2329112.
Bibliography[edit]
Black, Fischer., Michael C. Jensen, and Myron Scholes (1972). The Capital Asset Pricing Model: Some Empirical Tests, pp. 79–121 in M. Jensen ed., Studies in the Theory of Capital Markets. New York: Praeger Publishers.
Fama, Eugene F. (1968). Risk, Return and Equilibrium: Some Clarifying Comments. Journal of Finance Vol. 23, No. 1, pp. 29–40.
Fama, Eugene F. and Kenneth French (1992). The Cross-Section of Expected Stock Returns. Journal of Finance, June 1992, 427–466.
French, Craig W. (2003). The Treynor Capital Asset Pricing Model, Journal of Investment Management, Vol. 1, No. 2, pp. 60–72. Available at http://www.joim.com/
French, Craig W. (2002). Jack Treynor's 'Toward a Theory of Market Value of Risky Assets' (December). Available at http://ssrn.com/abstract=628187
Lintner, John (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets, Review of Economics and Statistics, 47 (1), 13–37.
Markowitz, Harry M. (1999). The early history of portfolio theory: 1600–1960, Financial Analysts Journal, Vol. 55, No. 4
Mehrling, Perry (2005). Fischer Black and the Revolutionary Idea of Finance. Hoboken: John Wiley & Sons, Inc.
Mossin, Jan. (1966). Equilibrium in a Capital Asset Market, Econometrica, Vol. 34, No. 4, pp. 768–783.
Ross, Stephen A. (1977). The Capital Asset Pricing Model (CAPM), Short-sale Restrictions and Related Issues, Journal of Finance, 32 (177)
Rubinstein, Mark (2006). A History of the Theory of Investments. Hoboken: John Wiley & Sons, Inc.
Sharpe, William F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk, Journal of Finance, 19 (3), 425–442
Stone, Bernell K. (1970) Risk, Return, and Equilibrium: A General Single-Period Theory of Asset Selection and Capital-Market Equilibrium. Cambridge: MIT Press.
Tobin, James (1958). Liquidity preference as behavior towards risk, The Review of Economic Studies, 25
Treynor, Jack L. (1961). Market Value, Time, and Risk. Unpublished manuscript.
Treynor, Jack L. (1962). Toward a Theory of Market Value of Risky Assets. Unpublished manuscript. A final version was published in 1999, in Asset Pricing and Portfolio Performance: Models, Strategy and Performance Metrics. Robert A. Korajczyk (editor) London: Risk Books, pp. 15–22.
Mullins, David W. (1982). Does the capital asset pricing model work?, Harvard Business Review, January–February 1982, 105–113.
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Dunkin' Donuts
From Wikipedia, the free encyclopedia
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Dunkin' Donuts
The original Dunkin' Donuts in Quincy, Massachusetts after its renovation in the 2000s
Type
Subsidiary of Dunkin' Brands
Industry
Food and beverage
Coffeehouse
Founded
1950; 68 years ago (1950)
Quincy, Massachusetts, U.S.
Founder
William Rosenberg
Headquarters
Canton, Massachusetts, U.S.
Number of locations
11,000 shops
Area served
Worldwide
Key people
Nigel Travis (Chairman and CEO)
Products
Baked goods
Hot beverages
Iced beverages
Frozen beverages
Sandwiches
Soft drinks
Revenue
US$828.9 million[1] (2016)
Parent
Dunkin' Brands
Website
DunkinDonuts.com
The Dunkin' Donuts Express located in Midway International Airport.
Dunkin' Donuts is an American global doughnut company and coffeehouse based in Canton, Massachusetts. It was founded in 1950 by William Rosenberg in Quincy, Massachusetts[2] and has become one of the largest coffee and baked goods chains in the world, with more than 12,000 restaurants in 36 countries.[3][4] The chain's products include doughnuts, bagels, other baked goods, and a variety of hot and iced beverages.[5][6]
Dunkin' Donuts' primary competitor was previously Mister Donut, but Dunkin' Donuts' owner Allied-Lyons acquired Mister Donut in February 1990.[7] All Mister Donut stores in North America were offered the chance to change their name to Dunkin' Donuts.[7]
Dunkin' Donuts is owned by Dunkin' Brands Inc., which also owns Baskin-Robbins and previously owned the Togo's chain.
Contents
[hide]
1 History
2 Logo
3 Advertising
3.1 Affiliations
4 Controversy and criticism
5 U.S. locations
5.1 Western U.S. expansion
6 International locations
6.1 "Dunkin' Coffee" in Spain
6.2 Canadian decline
6.3 Japanese decline
6.4 Expansion
7 Notable endorsers
8 See also
9 References
10 External links
History[edit]
William Rosenberg opened Open Kettle in 1948, a restaurant selling doughnuts and coffee in Quincy, Massachusetts, but he changed to name in 1950 to Dunkin' Donuts.[8] He conceived the idea for the restaurant after his experiences selling food in factories and at construction sites, where doughnuts and coffee were the two most popular items. The restaurant was successful, and Rosenberg sold franchises to others starting in 1955.[3]
In 1963, Rosenberg’s son Robert became CEO of the company at age 25, and Dunkin’ Donuts opened its hundredth location that year. Dunkin' Donuts was a subsidiary of Universal Food Systems at the time, a conglomerate of 10 small food-service businesses,[9] and Dunkin' Donuts locations varied greatly, with some selling full breakfasts and others serving only doughnuts and coffee.
In the following years, the other businesses in the Universal Food Systems portfolio were sold or closed, and the company was renamed to Dunkin' Donuts. The menu and shop format were standardized, and various new menu items were introduced. Allied Lyons owned Baskin-Robbins; it purchased Dunkin' Donuts in 1990, and the two restaurants merged operations.[10] By 1998, the brand had grown to 2,500 locations worldwide with $2 billion in annual sales. In 2004, the company's headquarters were relocated to Canton, and in December 2005, Dunkin' Donuts and Baskin-Robbins were sold as Dunkin' Brands to a consortium of three private-equity firms: Bain Capital Partners, the Carlyle Group, and Thomas H. Lee Partners. By 2010, Dunkin' Donuts' global sales were $6 billion.[11]
The Dunkin' Donuts in Natick, Massachusetts launched a program to test the concept of curbside pickup in December 2016.[12][13]
Logo[edit]
A script version of the words Dunkin' Donuts was filed on March 31, 1955, and registered on February 2, 1960. A later logo was for a drawing and word logo depicting a figure with a doughnut for a head and a coffee cup and doughnut body wearing a garrison cap, with Dunkin' emblazoned on both the coffee cup and cap. The design was rendered primarily in yellow and brown. The logo was applied for on June 23, 1958, registered on May 23, 1961, and put into use on July 1, 1964.[14]
In 1961, the company began using a hot pink color for its branding and used a logo showing a stylized coffee cup with the company's name rendered on one line as a circle, evoking a doughnut dunking into the cup. In 1980, bright orange was added to the hot pink. As of 2014, the current logo is a variation of the logo that has been in use since about 1980: an all-capitals rendering of the words Dunkin' Donuts (Dunkin' in orange; Donuts in pink) in a thick, Frankfurter typeface[15] with a coffee cup outlined in brown with a "DD" monogram.[16]
Advertising[edit]
Dunkin' Donuts's current slogan is "America Runs On Dunkin'". In March 2009, the company unveiled the alternate slogan "You 'Kin Do It!" and launched a $100 million ad campaign promotion.[17] Dunkin' Donuts' "It's Worth the Trip" campaign starred sleepy-eyed "Fred the Baker" and featured the catchphrase "Time to make the donuts". It won honors from the Television Bureau of Advertising as one of the five best television advertisements of the 1980s. Fred the Baker was played by actor Michael Vale for 15 years until his retirement in 1997. The catchphrase was used in the title of founder William Rosenberg's autobiography Time to Make the Donuts: The Founder of Dunkin' Donuts Shares an American Journey.
Launch party of the co-branded Saucony X Dunkin’ Kinvara 9 running shoe.
Dunkin' Donuts changed its slogan in March 2006 to "America Runs on Dunkin'". They Might Be Giants songs have been featured in an ongoing series of advertisements of new products to boost summer sales. In 2007, a series of Dunkin' Donuts commercials referred to the fictional language "Fritalian". "Is it French? Or is it Italian?" sings a chorus of customers facing a long menu of non-English terms. "Perhaps Fritalian?" was created by Hill Holliday to "poke fun at pretentious Starbucks-style coffee chains, with patrons attempting to order hard-to-pronounce lattes."[18][19] The commercial was interpreted as a deliberate mocking of Starbucks.[19][20] The commercials' punch line is: "Delicious lattes from Dunkin' Donuts. You order them in English". It has been a point of discussion that latte, cappuccino, and espresso are loanwords from Italian which have no equivalence in English. The commercials, however, refer to the Starbucks ordering language itself, poking fun at words such as grande and venti.[19] Further commercials in 2007 more directly mocked Starbucks, with a customer ordering a "large" and being chastised to use the term "dieci".
Rachael Ray has starred in commercials for Dunkin' Donuts since 2007. In May 2008, Dunkin' Donuts removed a commercial from its website featuring Ray wearing a scarf with a black and white paisley floral design, in response to columnist Michelle Malkin's claims that the scarf resembled the keffiyeh worn by Yasser Arafat and therefore a sign of support for terrorists.[21] Dunkin' Donuts pulled that commercial off the air,[22] leading to criticism of the company's perceived kowtowing to special interests.[23]
Dunkin' Donuts truck
In 2017, Dunkin' Donuts announced that it would begin testing the name of simply "Dunkin'" at some retail locations, as they would like to be thought of as a destination for coffee. The branding would be implemented in other locations in the latter half of 2018 if it is successful.[24]
On April 3. 2018, Dunkin' teamed up with the Massachusetts shoe manufacturer, Saucony to produce a strawberry-frosted donut themed running shoe to commemorate the 122nd running of the Boston Marathon. The Saucony X Dunkin’ Kinvara 9 comes in a donut box and the heel of the shoe is covered in rainbow sprinkles.[25]
Affiliations[edit]
Dunkin' Donuts has a close relationship with the Boston Red Sox and the New England Patriots, making commercials at the start of each team's season for promotions. Dunkin’ Donuts also sponsors other professional sports teams, including the Dallas Cowboys, New York Yankees, New York Mets, Philadelphia Eagles, and Tampa Bay Rays. In January 2014, English football club Liverpool announced a multimillion-pound global partnership with the company.[26] Dunkin' Donuts signed a sponsorship deal with the National Women's Hockey League in December 2015. As part of the multi-year agreement, Dunkin’ Donuts is the official hot, iced and frozen coffee of the NWHL.[27] In 2001, Dunkin' Donuts purchased the naming rights for the former Providence Civic Center, and renamed it the Dunkin' Donuts Center. The center is currently the home court for the NCAA and BigEast Providence Friars men's basketball team from Providence College as well as home ice for the AHL Providence Bruins hockey team. In reference to the Center's long association with local college basketball, it is often known locally as "The Dunk". In 2015, Dunkin' Donuts was announced as the named sponsor of the baseball park in Hartford, Connecticut, new home of the Hartford Yard Goats baseball team. It will be named Dunkin' Donuts Park.
Controversy and criticism[edit]
In 1997, Dunkindonuts.org was established by a customer for disgruntled consumers and employees to lodge complaints about the company. The site appeared ahead of the company's own website in many search engines, and received national media coverage before being purchased by Dunkin' Donuts in 1999.[28]
Dunkin' Donuts was criticized by one of its franchisees for allegedly forcing single-store owners to agree to a buyout at a loss for minor infractions. Dunkin' Donuts sued franchise owners 154 times from 2006 to April 2008. Over the same period, McDonald's was involved in five lawsuits. Subway, a company that has four times the number of locations as Dunkin' Donuts, sued its franchisees 12 times. (These figures do not include arbitrations, which the companies use in pursuing legal claims against their franchisees.) Franchisees allege that the company's business strategy needs predominantly multi-unit franchisees, who have ample capital and are thus able to open new stores rapidly to compete with Starbucks.[29]
In 2009, the company temporarily stopped the sale of two of its products, the Dunkaccino and hot chocolate, after concern of a possible salmonella poisoning at a supplier's facilities. Dunkin' Donuts claims that none of the beverages were contaminated, but the recall was made out of safety for its consumers.[30]
In May 2010, Dunkin' Donuts was criticized for advertising "Free Iced Coffee Day" on its national Facebook page, which only took place in 13 cities.[31] Because of the limited scope of the promotion, many customers became dissatisfied with the lack of free iced coffee and vented their anger on the Dunkin' Donuts Facebook page.[32]
In 2013, the Dunkin' Donuts chain in Thailand used an advertisement that contained a photograph of a woman in black face-paint, in order to promote its new chocolate flavored doughnuts. The company was criticized for the advertisement, with the Human Rights Watch calling the advertisement “bizarre and racist”. The headquarters in the United States apologized for the advertisement.[33]
Nancy Lewis, in Canaan, Connecticut, began a petition in January 2014 to request that Dunkin' Donuts donate their unsold food to local shelters and food banks in her area after seeing her local shop regularly throwing away "large amounts" of unsold food. She said because the company has no corporate policy on the redistribution of its unsold food items to shelters or food banks, and employees are not allowed to take any home,[34] many affiliates throw all of the goods away.[35]
In 2016, consumer class action attorneys Zachary J. Liszka and Carl J. Mayer filed class actions in New York[36] and New Jersey[37] against Dunkin' Donuts and their franchisees on behalf of a class of plaintiffs alleging that the company and its franchisees were unlawfully surcharging customers in the guise of a sales tax on certain items.
In July 2017, two New York City police officers were refused service by an employee at Dunkin' Donuts after the employee told the police "I don't serve cops".[38] Police officers boycotted the chain because of the incident and lack of apology from Dunkin' Donuts at the time.[39] Though the company issued an apology, many considered it weak and some non-police customers joined the boycott, also leaving angry messages on the company's social media pages.[40]
U.S. locations[edit]
Current locations
Military bases only
Planned future locations
Former locations
Co-branded Dunkin' Donuts and Baskin Robins, Thomasville, Georgia
As of December 28, 2013, there were 10,858 Dunkin' Donuts retail locations, including 7,677 in the United States and 3,181 in other countries.[41] This figure compares with the 17,009 stores of coffee chain Starbucks.
As of February 9, 2017, all of Dunkin' Donuts locations are franchisee owned and operated.[42] Within its Northeast home base, Dunkin' Donuts is very popular, and particularly dominant within the six New England states, especially Massachusetts. In addition to its stand-alone shops, Dunkin' Donuts shops can be found within many gas stations, supermarkets, mall and airport food courts, and Walmart stores. Dunkin' Donuts is continuing to grow by adding more locations around the U.S., including the regions where it has been long established. In July 2013, Dunkin' Donuts opened its 500th restaurant in New York City. This location is combined with a Baskin-Robbins restaurant.[43] While the greatest number of shops are located in the Northeastern United States, Dunkin' Donuts has since slowly expanded across to the west coast, with more shops planned for the next few years. In the U.S., there are at least 82 franchisees west of the Mississippi River, mostly in central Iowa, which is expected to have approximately 20 new locations over the next 6 years.[44][45][46][47][48] Arizona, Nevada, New Mexico, and Texas are all expected to see new locations over the next several years as well.
In the past decade, Dunkin' Donuts has opened many locations in the Dallas/Fort Worth, Phoenix, and Las Vegas metropolitan areas. In 2013, Dunkin' Donuts opened their first eight locations in the Salt Lake City area, bringing the brand to Utah for the first time. Shop locations also opened in the Denver and Omaha regions. 2014 saw the return of Dunkin' Donuts to the state of Minnesota after nearly a decade's absence, with a new shop opened inside the Kahler Grand Hotel in Rochester.[49]
In the United States, Dunkin' Donuts is sometimes paired with Baskin-Robbins ice cream in a single multibranded store. While such locations usually maintain separate counters for each chain (much like co-branded Wendy's–Tim Hortons locations in Canada), depending on business that day, both chains' products can be bought at a single counter (usually Dunkin' Donuts').[citation needed] The practice of single-counter service is similar to that of multibranded Yum! Brands stores such as KFC–Taco Bell, which share a single kitchen and cashier line.[50]
Western U.S. expansion[edit]
Since 2014, an increasing number of Dunkin' Donuts shops have begun appearing in California. Traditionally, California has been the stronghold of sister brand Baskin-Robbins, which was founded in Glendale. Dunkin' Donuts signed agreements to open 18 shops in Orange County, along with eight more shops planned for the North Inland Empire, including the first location in that region that opened in Upland in early 2015.[51] By December 2015, more than 20 California shops were opened, including locations in Barstow (at Barstow Station), Downey, Irvine, Laguna Hills, Long Beach, Modesto, Ramona, San Diego (at Embassy Suites), Santa Monica, Upland, and Whittier; along with a shop on the Camp Pendleton military base and a location inside the LAX Airport. The San Diego Embassy Suites shop, shared with Baskin-Robbins, was the company's first co-branded location in California when it opened in March 2014, while the Santa Monica shop was the first to open in the Los Angeles area in September 2014. Going forward from 2015, the company expects to begin opening what could eventually total more than 1,000 shops in California.[52][53]
On January 16, 2013, Nigel Travis, Dunkin' Donuts' CEO, announced that the Dunkin' Donuts franchises would be available in California beginning in 2015.[54] In July 2013, Dunkin’ Donuts announced that it has signed its first Southern California multi-unit store development agreements with four franchise groups for a total commitment of 45 new restaurants. The first standalone restaurants were expected to open in 2015 in Orange and Los Angeles counties.[53] The chain also planned to expand into more stores in Texas by 2015.[55] On March 10, 2014, the first Dunkin' Donuts/Baskin-Robbins combination store in Southern California opened in Ramona.[56] This is Dunkin' Donuts's third California shop to open, following shops in Barstow and on Camp Pendleton. Since March 2014, Dunkin' Donuts has opened several additional locations throughout California, including the Los Angeles area. In 2016, Dunkin' Donuts shops opened in the San Francisco Bay Area in Walnut Creek and Half Moon Bay.[57] Dunkin' Donuts shops opened in the San Francisco Bay Area in Walnut Creek, Half Moon Bay, and American Canyon in 2016, as well as South San Francisco and Fremont, in 2017.[57][58][59]
International locations[edit]
By March 2014, Dunkin' Donuts' largest international market was South Korea, representing nearly 40 percent of all international sales. With over 900 outlets in the country, it had three times as many as McDonald's, and about a third more than Starbucks. South Korea is home to Dunkin Donuts's only coffee roasting plant outside the U.S. Still, the company sees China and its vastly larger population as the more lucrative opportunity. In 2008, Dunkin' Donuts opened its first restaurant in Shanghai, representing the first step in its China expansion strategy. By March 2014, it had about 50 stores in the country and an agreement to open 100 more over the next five years.[60][61]
In Brazil, Dunkin' Donuts opened its first building in 1980.[62] In 2013, it planned to open 25 franchises in the country.[63]
One of the last remaining Dunkin' Donuts locations (closed in 2017) in Canada at Montreal's Place Ville-Marie
In Colombia, Dunkin' Donuts opened its first store in Bogota in 1983. By 2015, DD operated more than 100 stores only in the capital city of the country.[64] Currently it operates more than 150 stores around the country including locations in the cities of Medellin, Cali, Ibague, Pereira, Manizales and Barranquilla.[65]
In January 2014, Dunkin' Donuts relaunched in the UK 20 years after it exited the country with its first store opening in Harrow, London.[66]
In December 5, 2014, Dunkin' Donuts opened their first location in the Nordic region, at the Täby Centrum shopping mall in the outskirts of Stockholm, Sweden.[67][68][69] On April 1, 2015, the first store in Denmark opened on Copenhagen Central Station and by May 5, 2015 one opened at Roskilde station. There is still one in construction in Odense.[70]
In early December 2015, Dunkin' Donuts opened their first cafe in 13 years in Warsaw, Poland. The opening of a second location in Warsaw is announced for January 2016.
On January 21, 2016, Dunkin' Brands announced a master franchise agreement with Grand Parade Investments Ltd. that calls for developing 250 Dunkin' Donuts and 70 Baskin-Robbins outlets throughout South Africa.[71] The first stores opened in the end of 2016 in the Cape Town area.
"Dunkin' Coffee" in Spain[edit]
The term "Donuts" was already trademarked by one of the largest Spanish bakery firms, Panrico,[72] so the company was born as a joint venture between Dunkin' Donuts' then-parent Allied Domecq and Panrico (only Spanish shareholders, representing 50%) in order to use the brand name "Dunkin' Donuts". In 2007, after Dunkin' Donuts bought out Panrico's 50% share, the stores were rebranded to "Dunkin' Coffee".[73] As of 2017, there are 59 Dunkin' Coffee locations in Spain, the majority of which are in Barcelona, Madrid, and Málaga. Their slogan, "Juntos es mejor", translates to "Together is better".
Canadian decline[edit]
In Canada, Dunkin' Donuts and its market share have all but vanished. In the late 1990s to early 2000s, the chain began disappearing from all regions of Canada, with its last foothold in the province of Quebec. However its decline is most apparent in Quebec, where the chain once had 210 stores but by 2018 had only 3—the last franchisees in the country.[74] Only one Canadian store has the facilities to make doughnuts fresh on site; the other two are merely shopping-mall food-court stands, dependent on the delivery of baked goods from the main store. One of the main reasons for Dunkin' Donuts's decline was competition with Tim Hortons, similar to Tim Hortons' own decline in the northeastern United States due to heavy competition from Dunkin' Donuts. A group of Dunkin' Donuts franchisees won a C$16.4 million civil court judgement against the parent company for failing to adequately promote the brand in Canada. Its subsidiary, Baskin-Robbins, has stores across Canada.[75]
Japanese decline[edit]
In 1970, Japan became the first Asian country to open Dunkin' Donuts stores. The Japanese chain was owned by a joint venture between the Saison Group, Yoshinoya, and the Japanese subsidiary of the Compass Group named Seiyo Food Systems. After 28 years of operating in Japan, Dunkin' Donuts ceased business there in 1998 due to declining sales and poor performance. All of the non-military base locations were either closed or converted to Mister Donut locations. Dunkin' Donuts still has locations in United States military bases, which are open only to military personnel.
Expansion[edit]
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Dunkin' Donuts plans to expand its number of American locations to 15,000 by 2020.[76]
The company announced plans to open 100 stores in Taiwan over the next ten years.
Dunkin' Donuts was expected to re-enter the Australian market in 2013.[77] There were stores in Australia since the 1980s, however all of them were closed by the late 2000s.
Dunkin' Donuts planned to open ten additional stores in New Delhi, India, by March 31, 2013, and expects to open 80–100 stores nationwide by 2017.
In June 2013, Dunkin' Donuts unveiled a new store design, the brand's first in nearly seven years.[78]
Dunkin’ Donuts returned to the UK market in January 2014, opening a restaurant in Harrow, a borough in north-west London, England.[79][80]
In May 2014, Dunkin' Donuts revealed plans to open 20–25 stores in Denmark,[81] 20–25 stores in Finland[82] and 30 stores in Sweden.[83]
On September 30, 2014, Dunkin' Donuts announced plans to open 25 stores in Austria over the next 5 years through a master franchise agreement with M&D Restaurant Development GmbH.[84]
In November 2014, Dunkin' Donuts opened its first store at Kanpur, India inside Z Square Mall.[85]
In April 2015, Dunkin' Donuts revealed plans to open 16 stores in Iceland over the next 5 years through a franchise agreement with Drangasker ehf., a subsidiary owned by 10–11.[86]
In July 2015, Dunkin' Donuts announced plans to open more than 40 stores in Poland over the coming years through a master franchise agreement with Varsovia Food Company.[87]
In September 2015, Roland Zanelli, the owner of the Dunkin' Donuts license in Switzerland, announced the opening of the first two stores in Basel, Switzerland in Fall 2015, followed by the opening of up to 60 stores in the whole country.[88] The first Basel store opened on March 1, 2016.
In February 2017, Dunkin' announced plans for a return to the Netherlands, after a previous stint that lasted between 1997 and 2000. The first new location opened in Amsterdam on March 23, 2017 to be followed by one in Utrecht on 12 October 2017 7:00.[89] [90]
Notable endorsers[edit]
South Korea: Yoon Shi-yoon (actor born 1986)
Philippines: Joey de Leon, Derek Ramsay, Kakai Bautista, Jennylyn Mercado and Piolo Pascual
United States: David Ortiz,[citation needed] Rob Gronkowski[91] and Meghan Duggan[92]
See also[edit]
List of coffeehouse chains
List of doughnut shops
Coffee portal
Boston portal
Companies portal
Food portal
References[edit]
Jump up ^ "DunkinBrands.com". Dunkin' Brand Group Form 10-K.
Jump up ^ "Dunkin' Donuts: About Us". Dunkindonuts.com. 2006-07-27. Retrieved 2010-12-30.
^ Jump up to: a b "William Rosenberg, 86, Founder of Dunkin' Donuts". The New York Times. 2002-09-23. Retrieved 2013-10-05.
Jump up ^ "Company Snapshot".
Jump up ^ Kowitt, Beth (May 24, 2010). "Dunkin' Brands' Kitchen Crew". Fortune. 161 (7).
Jump up ^ "Menu | Dunkin' Donuts". Dunkindonuts.com. 2011-02-24. Retrieved 2013-03-03.
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Jump up ^ "Dunkin' Donuts adds more California franchisees". QSRweb.com. 2010-10-07. Retrieved 2010-10-07.
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Jump up ^ "Spain: Dunkin' Donuts Changes Name to Dunkin' Coffee". FLEXNEWS. 2007-09-21. Retrieved 2014-10-06.
Jump up ^ "The rise and fall of Dunkin’ Donuts in Canada", The Statesman, January 19, 2013 Archived January 23, 2013, at the Wayback Machine.
Jump up ^ "Underestimating Tim Hortons: Dunkin Donuts' $16-million mistake". Yahoo Finance Canada. June 27, 2012.
Jump up ^ "JetBlue Airways to serve Dunkin' Donuts coffee". USA Today. 2006-01-24. Retrieved 2010-05-01.
Jump up ^ Rich Smith (March 7, 2013). "Dunkin' Brands Expanding in Australia". fool.com.
Jump up ^ "Dunkin' Donuts Adds Jazz to Get Less Pit and More Stop". Archived from the original on June 9, 2013.
Jump up ^ "Dunkin' Donuts Returns to UK with First Store in Harrow".
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Jump up ^ Maria Trustrup Hansen. "Kæmpe donut-kæde åbner i Danmark". epn.dk.
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Jump up ^ "Dunkin' Donuts Announces Entry into Austria" (Press release). Canton, MA: Dunkin' Donuts. 2014-09-30. Retrieved 2014-10-06.
Jump up ^ http://www.jubilantfoodworks.com/wp-content/uploads/2014/11/Dunkin27-Donuts_Kanpur-launch-PR_-28Nov14.pdf
Jump up ^ "Dunkin´ Donuts til Íslands".
Jump up ^ "Dunkin' Donuts announces upcoming entry into Poland".
Jump up ^ "Erster Dunkin' Donuts der Schweiz wird in Basel eröffnet".
Jump up ^ "Eerste Dunkin' Donuts komt op Nieuwendijk". Parool.nl (Dutch).
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Jump up ^ "Rob Gronkowski moonlights at Dunkin' Donuts". Retrieved April 4, 2017.
Jump up ^ "Dunkin' Donuts Scores First Corporate Sponsorship With National Women's Hockey League". Retrieved April 4, 2017.
External links[edit]
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Official website
The secret world of the Dunkin’ Donuts franchise kings—The Boston Globe profile
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Retrieved from "https://en.wikipedia.org/w/index.php?title=Dunkin%27_Donuts&oldid=835128534"
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