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.     

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.     

Evaluating the stabilisation degree of digested sewage sludge: investigations at four municipal wastewater treatment plants.

Further reduction of volatile suspended solids (VSS) during a post-stabilisation step was applied to evaluate the stabilisation degree of digested sewage sludge. For this purpose digested sludge was collected at four municipal wastewater treatment plants (WWTPs) and further stabilised in lab-scale chemostat reactors either under anaerobic or aerobic conditions. Experimental results showed that even in adequately digested sludge a consistent amount of VSS was degraded during aerobic post-stabilisation. It seems that aerobic conditions play a significant role during degradation of residual VSS. Additionally, specific VSS production (gVSS/peCOD110.d) as well as specific oxygen uptake rate were shown to be suitable parameters to assess the degree of sludge stabilisation at WWTPs. Fourier transform infrared spectroscopy was used to reveal changes in the sludge composition. Spectra of treated and untreated sludge samples indicated that the major component of residual VSS in stabilised sludge for instance consisted of biomass, while cellulose was absent.     

Conservation of water resources problems of small rivers in Russia

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

Ecological problems of the Amu Darya delta

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 3, pp. 6–8, March, 1992.     

Borda's method applied — the right to make a proposal

Borda's vote method was used by the French Academy from 1796 to 1803 when Napoleon got it abolished. In the laws and regulations of the Academy there are stipulations regarding the election of new members. The practice is demonstrated by some examples from the protocols. In fact, Borda presented two vote methods which he showed would give the same conclusion. The method which has not been in the limelight proves to be the same one as is used for selecting the best player in chess tournaments.     

Determining the reliability of concrete dams through diagnosis of their bedrock

Power Technology and Engineering -