EARNINGS EXPECTATIONS, FIRM SIZE, AND THE INFORMATIVENESS OF STOCK PRICES

The notion that prices impound a wide array of information, including market expectations, has led to earnings forecast models conditioned on prices. Yet, presumably, analysts' forecasts capture both public information and certain private information not previously impounded in prices. Accordingly, price-based models are seemingly an inefficient, and less effective, source of expecta-tions. This article investigates this hypothesis using financial analysts', price-based, and naive forecasts. Results indicate that analysts' forecasts (1) are at least as accurate as price-based and naive models, and (2) yield better expectations for market tests relating returns and earnings. These inferences are robust across different information environments. The evidence suggests that analysts either possess private information or are more effective information processors, or both.     

OPERATOR-SPLITTING METHOD FOR ANALYSIS OF CAVITATION IN LIQUID-LUBRICATED HERRINGBONE GROOVED JOURNAL BEARING

ＮＯＭＥＮＣＬＡＴＵＲＥｃ　ｒａｄｉａｌｃｌｅａｒａｎｃｅｈ　ｆｉｌｍｔｈｉｃｋｎｅｓｓ ｈ　ｄｉｍｅｎｓｉｏｎｌｅｓｓｆｉｌｍｔｈｉｃｋｎｅｓｓ (ｈ/ｃ)Ｌ/Ｄ　ｒａｔｉｏｏｆｌｅｎｇｔｈｔｏｄｉａｍｅｔｅｒｐ　ｆｉｌｍ ｐｒｅｓｓｕｒｅｅ　ｅｃｃｅｎｔｒｉ     

Regional innovation and small high technology firms in peripheral regions

This paper highlights the difficulty of developing HT firms in a peripheral region of Spain. Although the endogenous development of HT firms in these regions is possible, their evolution depends on more central regions. The firm's geographical location and the type of HT production are the most important endogenous factors governing the firm's success.     

A new coincident index of business cycles based on monthly and quarterly series

Popular monthly coincident indices of business cycles, e.g. the composite index and the Stock–Watson coincident index, have two shortcomings. First, they ignore information contained in quarterly indicators such as real GDP. Second, they lack economic interpretation; hence the heights of peaks and the depths of troughs depend on the choice of an index. This paper extends the Stock–Watson coincident index by applying maximum likelihood factor analysis to a mixed‐frequency series of quarterly real GDP and monthly coincident business cycle indicators. The resulting index is related to latent monthly real GDP. Copyright © 2002 John Wiley & Sons, Ltd.     

Increasing the corrosion resistance of equipment due to the use of film-forming amines

Results of a study of tube specimens cut from hot-water boilers show that film-forming octadecyl amine (ODA) used in the process of preservation removes deposition from the surface of the metal. An ODA film is preserved on the surface after repeated washing of the latter with hot water. The concentration of chlorides at the surface of the metal after treatment with ODA is lower than before the treatment. __________ Translated from élektricheskie Stantsii, No. 11, November 2005, pp. 15–18.     

Conservation of water resources problems of small rivers in Russia

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 8, pp. 1–5, August, 1994.