Relative accuracy and predictive ability of direct valuation methods, price to aggregate earnings method and a hybrid approach

In this paper, we assess the relative performance of the direct valuation method and industry multiplier models using 41 435 firm-quarter Value Line observations over an 11 year (1990–2000) period. Results from both pricingerror and return-prediction analyses indicate that direct valuation yields lower percentage pricing errors and greater return prediction ability than the forward price to aggregated forecasted earnings multiplier model. However, a simple hybrid combination of these two methods leads to more accurate intrinsic value estimates, compared to either method used in isolation. It would appear that fundamental analysis could benefit from using one approach as a check on the other.

Performance comparisons between greedy and lagrange algorithms in adaptive MIMO MC-CDMA systems

This paper describes two algorithms for adaptive power and bit allocations in a multiple input multiple output multiple-carrier code division multiple access (MIMO MC-CDMA) system. The first is the greedy algorithm, which has already been presented in the literature. The other one, which is proposed by the authors, is based on the use of the Lagrange multiplier method. The performances of the two algorithms are compared via Monte Carlo simulations. At present stage, the simulations are restricted to a single user MIMO MC-CDMA system, which is equivalent to a MIMO OFDM system. It is assumed that the system operates in a frequency selective fading environment. The transmitter has a partial knowledge of the channel whose properties are measured at the receiver. The use of the two algorithms results in similar system performances. The advantage of the Lagrange algorithm is that is much faster than the greedy algorithm. ©2005 IEEE