macroeconomic descriptors, in the Lagged Variable Beta Model, model explanatory power increases. Findings suggest that the lagged beta model is more likely to satisfy the ordinary least squares assumptions of serially independent error terms. INTRODUCTION Beta as a measure of priced risk is again under attack. Fama and French's [10,11] finding that the single index market model (SIMM) does not describe the last 50 years of average stock returns has been widely reported. Such a finding has widespread
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RELEVANCE LOST (DISCUSSIE EN ONTWIKKELINGEN) Relevance lost is a title of the book written by Johnson and Kaplan, where they were complaining that management accounting techniques emerged centuries ago, are still used, but they no longer relevant in today’s highly competitive environment. CHAPTER 5 - CONTROLLING THE MULTI DIVISIONAL ORGANIZATION 64. What are the two major obstacles to the success of the integrated firm? 1. Complexity - or the bureaucratic paralysis caused by complexity
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admit different expectations of equity cash flows, most authors look for a unique discount rate. It seems as if the expectations of equity cash flows are formed in a democratic regime, while the discount rate is determined in a dictatorship. 1. Introduction 2. Historical Equity Premium (HEP) 3. Expected Equity Premium (EEP) 2.1. First studies of the historical equity return. 2.2. Estimates of the historical equity premium of the US. 2.3. A closer look at the historical data. 2.4. Estimates of
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For Students Solutions to Odd-Numbered End-of-Chapter Exercises * Chapter 2 Review of Probability 2.1. (a) Probability distribution function for Y Outcome (number of heads) | Y 0 | Y 1 | Y 2 | Probability | 0.25 | 0.50 | 0.25 | (b) Cumulative probability distribution function for Y Outcome (number of heads) | Y 0 | 0 Y 1 | 1 Y 2 | Y 2 | Probability | 0 | 0.25 | 0.75 | 1.0 | (c) . Using Key Concept 2.3: and so that 2.3. For the two new random
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NH 03755; tel. (603) 646-0642, fax. (603) 646-2122, email chris.snyder@dartmouth.edu. Acknowledgments: The authors are grateful to Hongkai Zhang for superb research assistance and to Glenn Ellison for a number of useful conversations. 1. Introduction There is a vast and rich theoretical literature on the dynamics of repeated games. One conclusion of this literature is that many different market outcomes are possible. Full collusion, collusion on a focal price, cyclical markup patterns, and
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Commodity * Public economics * Labour economics * Development economics * International economics * Mixed economy * Planned economy * Econometrics * Environmental economics * Open economy * Market economy * Knowledge economy * Microeconomics * Macroeconomics * Economic development * Economic statistics | Corporate law * Commercial law * Constitutional documents * Contract * Corporate crime * Corporate liability * Insolvency law * International trade law * Mergers
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Financial Crises: Theory and Evidence Franklin Allen University of Pennsylvania Ana Babus Cambridge University Elena Carletti European University Institute June 8, 2009 1. Introduction Financial crises have been pervasive phenomena throughout history. Bordo et al. (2001) find that their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the Great Depression. Nevertheless, the financial
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concert tickets. Inelastic goods show little or no change in demand when the price changes. Examples include electricity and gas. Firm Behavior * The goal of a firm is to maximize profit. William McEachern explains in the book, "Microeconomics: A Contemporary Introduction" that perfectly-competitive firms maximize profit when the marginal cost equals the marginal revenue. When this equilibrium is reached, the firm can stay competitive and profitable. When marginal cost exceeds the
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colgate Meg Carey Max Jayapaul Julie Longmuir Kate Lynch Rani Marom Liz Sansone Marketing 9703 Dr. Chattalas Colgate-Palmolive Case Analysis April 10, 2002 COLGATE-PALMOLIVE COMPANY: THE PRECISION TOOTHBRUSH SWOT Strengths ColgateColgate-Palmolive is recognized as the world’s leader in personal care sales which included oral hygiene products like toothbrushes and toothpastes. In 1991
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It is perhaps too early to judge the effects of these initiatives on their financial performance. While the slow pace of the reform can be perceived as an opportunity, there is perhaps merit in carefully reviewing the policy in light of economic theory, and comparative experience. As the bulk of the public investments are in industries with economies of scale and scope (with externalities that in principle invite considerable regulation), this study suggests an alternative institutional arrangement
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