To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure no-reply@cambridge.org
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
The objectives of this paper are to derive the relationship of the geometric mean of a distribution of positive values to the conventional first four moments — arithmetic mean, variance, absolute skewness, and absolute kurtosis — and to empirically evaluate certain approximations involving these four moments for estimating the geometric means of monthly and annual holding period returns for individual stocks and for portfolios. The geometric mean is shown to be positively related to the arithmetic mean and absolute skewness and negatively related to variance and absolute kurtosis. In the case of a normal distribution a very good approximation to the geometric mean is revealed to be a function of just the arithmetic mean and variance. Additionally, empirical evidence indicates that even though a number of the monthly and annual distributions deviate significantly from normality, the approximation involving only the mean and variance produces quite accurate estimates of the geometric means of these distributions.
Until very recently, in most work on normative models for capital investment planning, it has been assumed that availability of capital is unconstrained; i.e., that money may be freely borrowed or lent at a single market rate of interest, and that no other constraints affect the proper choice of available productive investment projects to be undertaken. Since practical situations almost universally do involve such constraints, the traditional theories have, for the most part, been an unsatisfactory guide to achievement of optimal capital investment behavior in the real world.
Professor McClelland reviews two book on land speculation, a traditional historical study by Malcom J. Rohrbough and another which falls in the category of “new economic history” by Robert Swierenga.
In the manner of the Creole tradesmen of Louisiana, whose lagniappe to their patrons is legendary, the Editor offers a similar bonus to readers of the Review. Instead of trifling presents added to a purchase, however, our lagniappe will he notes and documents illustrative of the evolution of business enterprise.
During the 188's and 1890's, the innovations of James Buchanan Duke first disrupted and then rationalized the American tobacco industry. Duke's career and the early history of his American Tobacco Co. serve as case studies in both the history of business administration and in the coming of “big business” to the United States.