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The robustness of the multivariate test of Gibbons, Ross, and Shanken (1986) to nonnormalities in the residual covariance matrix is examined. After considering the relative performance of various tests of normality, simulation techniques are used to determine the effects of nonnormalities on the multivariate test. It is found that, where the sample nonnormalities are severe, the size and/or power of the test can be seriously misstated. However, it is also shown that these extreme sample values may overestimate the population parameters. Hence, we conclude that the multivariate test is reasonably robust with respect to typical levels of nonnormality. 相似文献
13.
In this Briefing Paper we examine the underlying determinants of personal savings behaviour to substantiate our view that the recent fall in savings rates does not imply that it must in future bounce back to some more normal level. On the contrary there are good reasons for believing that savings are more likely to go on falling than to rise.
We argue that consumer behaviour should be related explicitly to personal wealth as well as to disposable income. Personal wealth has risen substantially since 1982: the fall in inflation and long-term interest rates has pushed up gilts' prices; the recovery of profits has sparked off a stock market boom; and the value of the housing stock, which is by far the most important asset held by the personal sector, has started to rise again in real terms. This rise in asset values means that, despite a rise in consumption financed by borrowing, the personal sector balance sheet still in a healthy state, particularly when account is taken of the personal savings now held indirectly via pension funds. These have risen rapidly recently, reducing the need for other long-term savings.
The rise in total wealth has increased savers' tolerance of a fall in net liquid assets (bank and building society deposits etc less borrowing). The willingness to hold a smaller (precautionary) stock of net liquid assets may also reflect a perceived reduction in risk. Financial markets have been much more stable over the period since 1975 than over the preceding eight years, and may now be signalling that the period of adjustment to the shocks and disturbances of the 1970s is drawing to an end. The fall in savings is a worldwide phenomenon. As in the UK it is linked to the fall in inflation and may also be connected with the recovery of the world's major stock markets. 相似文献
We argue that consumer behaviour should be related explicitly to personal wealth as well as to disposable income. Personal wealth has risen substantially since 1982: the fall in inflation and long-term interest rates has pushed up gilts' prices; the recovery of profits has sparked off a stock market boom; and the value of the housing stock, which is by far the most important asset held by the personal sector, has started to rise again in real terms. This rise in asset values means that, despite a rise in consumption financed by borrowing, the personal sector balance sheet still in a healthy state, particularly when account is taken of the personal savings now held indirectly via pension funds. These have risen rapidly recently, reducing the need for other long-term savings.
The rise in total wealth has increased savers' tolerance of a fall in net liquid assets (bank and building society deposits etc less borrowing). The willingness to hold a smaller (precautionary) stock of net liquid assets may also reflect a perceived reduction in risk. Financial markets have been much more stable over the period since 1975 than over the preceding eight years, and may now be signalling that the period of adjustment to the shocks and disturbances of the 1970s is drawing to an end. The fall in savings is a worldwide phenomenon. As in the UK it is linked to the fall in inflation and may also be connected with the recovery of the world's major stock markets. 相似文献
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BILL FREUND ELIZABETH DOWLER HARRIET FRIEDMANN JAMES BRENNAN 《Journal of Agrarian Change》2006,6(1):132-141
Books reviewed:
James C. McCann, Maize and Grace: Africa's Encounter with a New World Crop 1500–2000 .
T. Lang and M. Heasman, Food Wars: The Global Battle for Mouths, Minds and Markets .
Richard A. Walker, The Conquest of Bread: 150 Years of Agribusiness in California .
Paul Nugent, Africa Since Independence: A Comparative History . 相似文献
James C. McCann, Maize and Grace: Africa's Encounter with a New World Crop 1500–2000 .
T. Lang and M. Heasman, Food Wars: The Global Battle for Mouths, Minds and Markets .
Richard A. Walker, The Conquest of Bread: 150 Years of Agribusiness in California .
Paul Nugent, Africa Since Independence: A Comparative History . 相似文献
16.
This paper finds that in a linear Stackelberg duopoly model, the follower is more likely to license a cost-reducing innovation to the leader than the leader is to the follower, regardless of whether licensing is in the form of a fixed fee or royalty per unit of output. Under fixed-fee licensing, the follower gains more from small innovations while the leader gains more from large non-drastic innovations. Under royalty licensing, the follower always gains more than the leader from an innovation. 相似文献
17.
Interwar macroeconomic history is a natural place to look for evidence on the correlation between output growth and inflation or unexpected inflation. We apply time‐series methods to measure unexpected inflation for more than 20 countries using both retail and wholesale prices. There is a significant, positive correlation between output growth and inflation for the entire period. There is little evidence that this correlation is caused by an underlying role for unexpected inflation. For wholesale price inflation in particular, the output declines associated with deflations were larger than the output increases associated with inflations of the same scale. 相似文献
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The consumer protection literature relies for much of its theoretical support upon concepts such as ‘market power’ and ‘inequalities of bargaining power’. This article seeks to fill a perceived gap in the literature by providing examples of market place application of ‘power, will and skill’—concepts drawn from the literature of management strategy. These examples have arisen as side benefits from research into the workings of Fair Trading Act 1973 based codes of practice, the Consumer Credit Act 1974, and the Scottish used car market. The authors seek to demonstrate, for the benefit of those involved in the regulation of the consumer market place, how the effectiveness of regulation in a variety of forms and situations is determined, significantly, by economic muscle and by an associated will on the part of powerful enforcers to exercise meaningful sanctions on trader organizations. 相似文献
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