The model used–an extension of the log-linear dividend-price ratio model of Campbell
and Shiller (1988, 1989)–facilitates a straightforward test of these alternatives in a linear
regression with the log price-earnings ratio as dependent variable. The regression results suggest
that the correlation between the price-earnings ratio and expected inflation is the result of both
effects; that is, an increase in expected inflation reduces equity prices because it is associated
with both lower expected real earnings growth and higher required real returns.
I invite you to read this book in its entirety, then to go back
and review each section of the book as you begin to plan and
ultimately to implement your own telemarketing efforts. Virtu-
ally all of the information you’ll need will be found within this
book, however, additional resources are also available from my
Website (www.EllenBendremer.com). No matter what you sell,
you’ll soon discover that the telephone is an extremely power-
ful tool for finding and qualifying leads and closing sales.
After CFA made a random selection of the time frame from which credit files were to be
analyzed, a generic number was assigned to keep the nameless study data from each
study file separated from other study files. No copies or partial copies of any credit
reports, on paper or electronically, were removed from any credit reporting agency
location. Anonymous credit scores and an analysis of the credit data, as reviewed by
credit reporting agency personnel for security and industry knowledge, was supervised
and recorded by the CFA researcher for tabulation.
The feedback from oil prices to economic activity is captured by a reduced-form
production function that allows us to separately specify shocks to the output gap
(transitory shocks to output), shocks to potential output (permanent shocks to the level of
output), and shocks to potential output growth (permanent shocks to the growth rate of
output). The richness of this speciﬁcation helps us to model the complicated interactions
of oil price movements and GDP, where both trend and gap decline if oil prices increase.
In short, the literature still lacks a convincing test of the buﬀer-stock model.
In this paper we use a survey question on precautionary wealth available in the
2002 Bank of Italy Survey on Household Income and Wealth (SHIW) to propose a
direct test of buﬀer stock behavior. The question asks people how much savings
they think they need for future emergencies, and is similar to a question contained
in the 1995 and 1998 Surveys of Consumer Finances described in Kennickell and
For the most part modern theories of economic growth assume population change to be
a determining factor of human welfare. A central tenet of the dominant theory is that although
population growth doesn’t affect the long-run rate of change in living standards in any way, it
affects the long-run standard of living adversely (Solow, 1956).
Recent models of economic growth have been more assertive. They lay stress on new
ideas as a source of progress.
The sample extraction and concentration steps in this method are essentially the same
as in Methods 606, 608, 609, and 612. Thus, a single sample may be extracted to
measure the parameters included in the scope of each of these methods. When
cleanup is required, the concentration levels must be high enough to permit selecting
aliquots, as necessary, to apply appropriate cleanup procedures. The analyst is
allowed the latitude, under Section 12, to select chromatographic conditions
appropriate for the simultaneous measurement of combinations of these parameters....
In order to define as accurately as possible what the ‘ordinary’ Briton has set aside, our study uses median figures
throughout. Our research partners have also used independent data to create a model for the UK savings distribution
at the top end of the scale, which represent the wealthiest five per cent of the population who are systematically
under-represented in all ‘nationally representative’ polling. This allows us to maintain the consistency and accuracy of
the survey sample in order to find the true ‘man in the middle’.
Chris Adcock is Professor of Financial Econometrics in the University of Sheffield. His
career includes several years working in quantitative investment management in the
City and, prior to that, a decade in management science consultancy. His research
interests are in the development of robust and non-standard methods for modelling
expected returns, portfolio selection methods and the properties of optimized portfolios.
He has acted as an advisor to a number of asset management firms. He is the
founding editor of the European Journal of Finance.
Prison policies often overlook the special needs of women and their health. Many women in
prison have high levels of mental illness and drug or alcohol dependence as well as histories of
sexual and physical abuse and violence. Issues arising from gender-specific health care needs
and family responsibilities are also frequently neglected. Although women represent a small
percentage of the total prison population, their numbers are increasing and the rate of increase is
much greater than that of men.
One of the greatest diamond exploration success stories of the twentieth century was that of Russia. In the
1930s Russian explorers recognized geological similarities between the ancient bedrock in Siberia and some
diamond-rich parts of southern Africa. They began prospecting in the Sakha region and in 1954 discovered
the first kimberlite pipe in the region, called Zarnitsa (Dawn); more than 500 additional kimberlites were
discovered during the next two years.
This paper discusses a decision-tree approach to the problem of assigning probabilities to words following a given text. In contrast with previous decision-tree language model attempts, an algorithm for selecting nearly optimal questions is considered. The model is to be tested on a standard task, The Wall Street Journal, allowing a fair comparison with the well-known trigram model.
According to government estimates released in August 2008, about
134,000 HIV-positive individuals currently live in Argentina. Of those,
about half are thought to be unaware of their status. Women comprise
approximately one quarter of all people living with HIV, with the majority
of cases among women aged 30 to 39.
Between 1986 and 2007, a total of 3,857 individuals under 14 years
of age were diagnosed with HIV.
Research shows that sensational news stories as well as popular romance novels
often feature themes related to important topics in evolutionary psychology. In the first of
four studies described in this paper we examined the song lyrics from three Billboard
charts: Country, Pop, and R&B. A content analysis of the lyrics revealed 18 reproductive
themes that read like an outline for a course in evolutionary psychology. Approximately
92% of the 174 songs that made it into the Top Ten in 2009 contained one or more
reproductive messages, with an average of 10.49 reproductive...
The groups turn out to be quite distinct. Microfinance banks, and to a lesser extent credit
unions, are likely to have for-profit status. Nongovernmental organizations have non-profit
status. Non-bank financial institutions are in a broad category that includes both for-profits and
non-profits such as nongovernmental organizations that are specially regulated in return for
being allowed to assume additional roles, including, for some, taking deposits.
Over the last several decades, the standards of US GAAP and associated guid-
ance have grown to many thousands of pages. By contrast, IFRS is substantially
shorter in length. The principles-based nature of IFRS standards may facilitate an
enhanced focus on the economic purpose of a company’s business activities
in its financial reports. This may make it possible for businesses to produce
financial reports that are less complex for investors and other users of financial
In addition to the results prepared in accordance with generally accepted accounting principles ("GAAP"), the company uses
adjusted EBITDA, a non-GAAP financial measure, in analyzing and assessing the overall performance of the business. The
company defines adjusted EBITDA as loss from continuing operations before income taxes, interest income and expense,
depreciation and amortization, stock based compensation, restructuring expense, acquisition and integration expenses and
certain other non-cash income and expense items.
Gas supplies and suction
To check the correct function of the oxygen failure alarm involves
disconnecting the oxygen pipeline on some machines, whilst on machines
with a gas supply master switch, the alarm may be operated by turning the
master switch off. As repeated disconnection of gas hoses may lead to
premature failure of the Schrader socket and probe, these guidelines
recommend that the regular pre-session check of equipment includes a ‘tug
test’ to conﬁrmcorrect insertion of each pipeline into the appropriate socket....
Critical infrastructures are certain physical assets, functions, and systems that facilitate the
production and distribution of our nation’s goods and services that we depend on every day,
such as power distribution, water supply, and telecommunications. The Department of
Homeland Security (DHS) has divided our nation’s critical infrastructures and key resources into
As computer technology has advanced, so has the dependence on computerized industrial
control systems to monitor and control equipment that supports modern critical
For the data presented on the Bank’s website, the nominal government spot interest rate for n years
refers to the interest rate applicable today (‘spot’) on an n year risk-free nominal loan. It is the rate at
which an individual nominal cash flow on some future date is discounted to determine its present
value. By definition it would be the yield to maturity of a nominal zero coupon bond3
and can be
considered as an average of single period rates to that maturity.