Cost variance, Multi-observation models, Investigation costs

Paul H. Cootner, David H. Pyle, Capital Asset Pricing in a General Equilibrium Framework, The Journal of Financial and Quantitative Analysis, Vol. 13, No. 4, Proceedings of Thirteenth Annual Conference of the Western Finance Association, June 20-26, 1978 (Nov., 1978), pp. 613-624

Journal Article Estimation of a Vintage Capital Model for Electricity Generating Get access Hugh R. Wills Hugh R. Wills London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 495–510, https://doi.org/10.2307/2297251 Published: 01 October 1978 Article history Received: 01 October 1976 Accepted: 01 July 1977 Published: 01 October 1978

In this issue of the Journal of Financial and Quantitative Analysis, Beranek [2] has presented a clever but cumbersome analysis showing that, for a simple multiperiod situation, computing a project's net present worth by discounting its cash flows at particular “costs of capital” and accepting the project if that net present worth is positive is completely consistent with raising the net present wealth of stockholders, initial investment from whom provides partial funding for the project.

H. Neudecker, Bounds for the Bias of the LS Estimator of σ 2 in the Case of a First-Order (Positive) Autoregressive Process when the Regression Contains a Constant Term, Econometrica, Vol. 46, No. 5 (Sep., 1978), pp. 1223-1226

[Techniques are described whereby the distribution of completed unemployment spell lengths may be inferred from the distribution of in-process unemployment spell lengths recorded each month in the Current Population Survey. An extension is proposed whereby the complete population joint distribution of labor market transition probabilities can be estimated using only Current Population Survey information.]

STATISTICAL analyses of the structureperformance relationship in manufacturing industries have invariably assumed that an industry's member firms differ only in their market shares. This paper demonstrates that this assumption is often incorrect, and that the complexity of the structure of strategic groups populating an industry exerts a significant influence on its performance. In the following sections we explain the sources and significance of strategic groups, derive hypotheses about their influence on an industry's profitability, and test these hypotheses on a sample of producer-good industries.

We present sufficient conditions for taxable investors to be indifferent to dividends despite tax differentials in favor of capital gains (Strong Invariance Proposition). The conditions include two ‘seemingly unrelated’ provisions of the Internal Revenue Code: (1) the limitation of interest deductions to investment income received and (2) the tax-free accumulation of wealth at the before-tax interest rate on investments in life insurance. Although we use insurance for simplicity in the proof, many tax-equivalent investment vehicles now exist, notably pension funds. Our analysis suggests that the personal income tax is approaching a consumption tax with further drift likely.