I examine three composite analyst forecast of earnings per share as proxies for expected earnings. The most current forecast weakly dominates the mean and median forecasts in accuracy. This is evidence that forecast dates are more relevant for determining accuracy than individual error. Consistent with previous research, I find analysts more accurate than time-series models. However prior knowledge of forecast errors from a quarterly autoregressive model predicts excess stock returns better than prior knowledge of analysts' errors. This is inconsistent with previous research, and is anomalous given analysts' greater accuracy.

On introduit le concept de processus aleatoire vectoriel presque integre. Ce type de processus aide a travailler vers une theorie asymptotique generale de la regression pour des series temporelles multiples

A framework is presented that helps managers systematically evaluate strategic alternatives. We empirically illustrate how to use the framework, and show how changes in beliefs about environmental factors affect the payoffs of specified strategic alternatives.

A heuristic scheduling policy is introduced for multi-item, single-machine production systems facing stochastic, time-varying demands. The policy, which we term the dynamic cycle lengths heuristic, integrates feedback control based on the monitoring of inventory levels with the maintenance of economic production cycles. The policy is applied time period by time period to make decisions concerning which items to produce in what quantities during the next time period. These quantities reflect production cycles revised each time period in response to differences between projected and actual inventory levels and in response to changes in demand rates. We extend the basic scheduling policy in order to integrate its use with tactical planning. We also discuss the results of simulation tests of the heuristic against other scheduling policies.

HD28 .M414 no.2062-88,

This study is an ex post performance test comparing the accuracy of an American model to a European model for valuing listed options. Specifically, the Geske and Johnson American put valuation model is compared with the Black and Scholes European put model. On average, both models undervalue, relative to market prices, put options. However, the Geske and Johnson model values are significantly closer to market prices than are the Black and Scholes values.

Abstract Differences in performance among established firms diversifying into young industries were investigated, with hypotheses concerning 11 ‘corporate level’ strategic and organizational variables being examined. Performance was found to be associated with firm size and financial strength, time of entry, and the maturity of the firm's markets. The importance of several variables examined also appears to change as an industry evolves.