Estimates of the cost of equity for public utilities, 1961–1976

Using a simple version of the dividend cash flow (DCF) model of stock valuation, the cost of equity for public utilities is often inferred to be equal to the sum of the dividend yield and the expected rate of growth in dividends. Witnesses who employ this approach generally extrapolate past growth patterns into the future and then assume that investors expect these trends to continue; no effort is made to actually assess the expectations of investors. This approach to estimating the cost of equity for public utilities is criticized for the failure to develop testable hypotheses as an inferential basis for testing the statistical reliability of estimates of the cost of equity. This article demonstrates an alternative to the traditional approach, based on the premise that reliable estimates of the cost of equity are derived only within a methodological framework that produces testable hypotheses. The Gordon model of share valuation is formulated in such a way as to show that there is a systematic and predictable relationship between the ratio of market price to book value of common stock and a firm's normal or expected return on equity. This relationship suggests an econometric model that not only tests the Gordon model of share valuation but produces at the same time, inferences concerning the cost of equity. Using this approach, year-end estimates of the cost of equity for electric utilities are determined for the 16-yr period from 1961 to 1976.     

Dorian＇ s Love ——the analysis of the true love in the novel The Picture of Dorian Gray

Oscar Wilde is one of the most important authors in the 19thcentury of Europe. This paper mainly analyses the hero Dorian Grays lovein Wildes novel The Picture of Dorian Gray -the love between Dorian Gray and Basil Hallward, Dorian Gray and Lord Henry, Dorian Gray and SibylVane. then at last. I get a conclusion that Basil Hallward is Dorian Grays true love.     

The making of the modern retail market: economic theory,business interests and economic policy in the passage of the 1964 Resale Prices Act

This article makes a critical examination of the economic case made for the prohibition of individual resale price maintenance (IRPM) in 1964. The Resale Prices Act had major implications for the future structure of British retailing and was lobbied for by multiple grocery retailers. This article demonstrates how a government enquiry which preceded the legislation privileged one side of the debate and marginalised other – arguably more rigorous – analysis. The article endorses a central role for the Institute of Economic Affairs (IEA) and is a case study of the role of economic theory in business–government relations and the development of economic policy.