Knowledge that Transforms

Significance Tests of the Future and Past Lag Partitions for Regressions Based on Real GNP, Ml, M2, and MB 10 8 8. Tests of the Homogeneity of Coefficients for Regressions Based on Real GNP and Ml, M2, and MB 110 9. Summary of OLS and JLS Regressions Based on the GNP Price Deflator, Ml, M2, and MB ... .Ill 10.Significance Tests of the Future and Past Lag Partitions for Regressions Based on the GNP Price Deflator, Ml, M2, and MB 112 11.Tests of the Homogeneity of Coefficients for Regressions Based on the GNP Price Deflator and Ml, M2, and MB 113 V CHAPTER I

The following explanation of techniques is provided to help you understand markings or patterns which may appear on this reproduction.1.The sign or "target" for pages apparently lacking from the document photographed is "Missing Page(s)".If it was possible to obtain the missing page(s) or section, they are spliced into the film along with adjacent pages.This may have necessitated cutting thru an image and duplicating adjacent pages to insure you complete continuity.2. When an image on the film is obliterated with a large round black mark, it is an indication that the photographer suspected that the copy may have moved during exposure and thus cause a blurred image.You will find a good image of the page in the adjacent frame.3. When a map, drawing or chart, etc., was part of the material being photographed the photographer followed a definite method in "sectioning" the material.It is customary to begin photoing at the upper left hand corner of a large sheet and to continue photoing from left to right in equal sections with a small overlap.If necessary, sectioning is continued again -beginning below the first row and continuing on until complete.4. The majority of users indicate that the textual content is of greatest value, however, a somewhat higher quality reproduction could be made from "photographs" if essential to the understanding of the dissertation.

The following explanation of techniques is provided to help you understand markings or patterns which may appear on this reproduction.1.The sign or "target" for pages apparently lacking from the document photographed is "Missing Page(s)".If it was possible to obtain the missing page(s) or section, they are spliced into the film along with adjacent pages.This may have necessitated cutting thru an image and duplicating adjacent pages to insure you complete continuity.2. When an image on the film is obliterated with a large round black mark, it is an indication that the photographer suspected that the copy may have moved during exposure and thus cause a blurred image.You will find a good image of the page in the adjacent frame.3. When a map, drawing or chart, etc., was part of the material being photographed the photographer followed a definite method in "sectioning" the material.It is customary to begin photoing at the upper left hand corner of a large sheet and to continue photoing from left to right in equal sections with a small overlap.If necessary, sectioning is continued again -beginning below the first row and continuing on until complete.4. The majority of users indicate that the textual content is of greatest value, however, a somewhat higher quality reproduction could be made from "photographs" if essential to the understanding of the dissertation.

The last decade has witnessed significant advancements in capital theory and its application to corporate finance, investment policy, and portfolio analysis. More recently a growing body of empirical work has undertaken the task of systematically testing the positive implications of the theory. The study of risk has occupied a central position in this endeavor as it provides the link between the various branches of finance theory. The purpose of this paper is to investigate the empirical determinants of equity risk through the analysis of the firm's underlying characteristics, specifically, the firm's size, its financial leverage, and its dividend record. Section I summarizes the literature, Section II provides the theoretical framework, Section III describes the empirical model and the data, Section IV presents the statistical results, Section V analyzes the effect of excluded variables, and Section VI provides a summary and conclusions. I. Empirical Literature on Risk The following survey is not exhaustive; it intends to trace the direction