In the world of practical finance, the management of working capital—cash, marketable securities, receivables, and inventories is, perhaps, the most pressing and most frequently encountered problem for financial managers. Yet, in the realm of theoretical finance, and even at the level of “textbook” finance, working capital is given minimal attention.

This paper considers the short run adjustment of money holdings towards their desired levels. A rationale for short run money holdings is given, which allows for uncertainty in cash flows, and it is shown how the adjustment to desired money balances will occur following a change in some of the economic variables. The model generates a particular form for the short run demand for money function, which is shown to be econometrically superior to the standard ad hoc formulation. The chief theoretical novelty is the derivation of the appropriate transient probability density of money holdings.

The purpose of this article is to provide a deeper empirical insight into the structural change of an industry which is more relevant than that obtained by an analysis based on the traditionally estimated average production function. The main contribution is a long run analysis of technical progress and structural change by means of the short run industry production function introduced by Johansen [13], and based on micro data for individual production units. For that purpose we have developed Johansen’s approach into an operational framework for discrete capacity distributions including a special algorithm for the computation of the short-run industry production function. (This abstract was borrowed from another version of this item.)

Also, I investigated various proxies for labor intensity other than average work-week, compared three methods of deseasonalization, tested the model with monthly and quarterly data, and tested the ability to forecast using models A and B. results of each of these inquiries are available from the author upon request. (Palo Alto, California: Stanford University Press, 1959). Berndt, Ernst R., Melvyn A. Fuss, and Leonard Waverman, Dynamic Adjustment Models of Industrial Energy Demands: Empirical A nalysis for U. S. Manufacturing 1947-1974 (Palo Alto, California: Electric Power Research Institute, 1980). Morrison, Catherine J., and Ernst R. Berndt, Short-Run Labor Productivity in a Dynamic Model, Journal of Econometrics 16 (Aug. 1981), 339-365. Nadiri, M. Ishaq, and Sherwin Rosen, Interrelated Factor Demand Functions, American Economic Review 59 (Sept. 1969), 457-471. , A Disequilibrium Model of Demand for Factors of Production (New York: National Bureau of Economic Research, 1974). Tinsley, P. A., An Application of Variable Weight Distributed Lags, Journal of the American Statistical Association 62 (Dec. 1967), 1277-1289. Treadway, Arthur B., The Globally Optimal Flexible Accelerator, Journal of Economic Theory 7 (1974), 17-39.

This paper presents the results of a study undertaken to determine the comprehensiveness of library collections of accounting periodicals at universities offering programs leading to an accounting degree. A questionnaire was sent to reference librarians at 231 American universities, divided equally among: (1) universities offering a doctoral degree in accounting; (2) non-doctoral universities having schools of business and/or accounting programs accredited by the AACSB; (3) non-doctoral, non-AACSB-accredited universities offering an accounting degree. The results revealed significant differences in the periodical collections of the three university groups. More important is the potential for the results to serve as useful guidelines to facilitate an orderly and efficient improvement in library resources.

This paper seeks to cast some light on the importance of adverse selection in competitive markets by examining the market for the sale of slaves in pre-Civil War New Orleans. Estimates of the degree of adverse selection in the New Orleans market are obtained by examining the relative prices of slaves from different regions of origin. These estimates indicate that slaves brought to market may on average have been of 20 percent to 40 percent lower quality than the slave population in general, and that good slaves were perhaps three times less likely to be sold than low quality ones.

Internal control systems, Individual judgement, Group judgment, Decision making

For a general paramnetric model we consider the problem of consistently estimating that permissible subset of the parameter space that contains the true parameter point and has smallest dimension. The subset selection is done by means of a model selection criterion of