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Regression analysis is by far the most popular of all the statistical techniques employed in financial research. Almost without exception, the models employed have been additive in both the parameters and the variables (regressors).
In his famous 1964 article, Paul A. Samuelson [1] presents what he calls “the only sensible definition of depreciation,” namely, the period change in the present value of future cash flows expected to be generated by an asset.
A proposition is proved which shows that each member of an important class of investment and financing projects has a unique nonnegative internal rate of return. Nonuniqueness of the internal rate of return is thus shown to occur less frequently than formerly believed. The correspondence between the proposition and previous results on the uniqueness of the internal rate of return is briefly indicated.
The stock market is in the midst of an era of change unparalleled since the Great Depression, long-standing institutions — including the major stock exchanges — are being radically challenged by contemporary developments, and novel approaches to making markets for common stocks are appearing with increasing frequency. In addition, the Martin Report and the recent hearings of the Securities and Exchange Commission on the future structure of the equities market indicate that the regulatory climate surrounding the stock market can be expected to undergo serious change in the near future.
Two differing managerial philosophies competed for the support of American businessmen around the beginning of the twentieth century — the “scientific management” of Frederick W. Taylor and a general set of practices known as “welfare work.” This study examines the experience of a Brandywine River textile firm which tried to employ both approaches at the same time.
During the first two decades of the twentieth century, businessmen and government officials increasingly worked together to strengthen the position of the United States in world markets. Much of the intellectual underpinnings of this organizational drive lay in progressive America's attraction to the gospel of efficiency and in a desire to emulate the nation which seemed to embody that gospel best — Germany.