(SG + A)
(D + A)
ROE = (NI/EBT) X (EBT/EBIT) X (EBIT/Revenue) X (Revenue/Average Assets) X (Average Assets/Average Equity)
ROE = Tax Burden X Interest Burden X EBIT (Operating Margin) X Total Asset Turnover X Financial Leverage
Backwardation Future price is less than spot price
Contango Future price is greater than spot price
Normal Backwardation Future price is less than spot price
Normal Contango Future price is greater than expected spot price
Fiscal Policy relates to government spending and revenue collection (taxes).
Monetary Policy relates to the supply of money, which is controlled via factors such as interest rates and reserve requirements for banks.