134 resultados para price drop ratio

em CentAUR: Central Archive University of Reading - UK


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price-earnings ratio;value premium;arbitrage trading rule;UK stock returns;contrarian investment Abstract:  The price-earnings effect has been thoroughly documented and is the subject of numerous academic studies. However, in existing research it has almost exclusively been calculated on the basis of the previous year's earnings. We show that the power of the effect has until now been seriously underestimated due to taking too short-term a view of earnings. Looking at all UK companies since 1975, using the traditional P/E ratio we find the difference in average annual returns between the value and glamour deciles to be 6%. This is similar to other authors' findings. We are able to almost double the value premium by calculating the P/E ratio using earnings averaged over the previous eight years.

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A method to estimate the size and liquid water content of drizzle drops using lidar measurements at two wavelengths is described. The method exploits the differential absorption of infrared light by liquid water at 905 nm and 1.5 μm, which leads to a different backscatter cross section for water drops larger than ≈50 μm. The ratio of backscatter measured from drizzle samples below cloud base at these two wavelengths (the colour ratio) provides a measure of the median volume drop diameter D0. This is a strong effect: for D0=200 μm, a colour ratio of ≈6 dB is predicted. Once D0 is known, the measured backscatter at 905 nm can be used to calculate the liquid water content (LWC) and other moments of the drizzle drop distribution. The method is applied to observations of drizzle falling from stratocumulus and stratus clouds. High resolution (32 s, 36 m) profiles of D0, LWC and precipitation rate R are derived. The main sources of error in the technique are the need to assume a value for the dispersion parameter μ in the drop size spectrum (leading to at most a 35% error in R) and the influence of aerosol returns on the retrieval (≈10% error in R for the cases considered here). Radar reflectivities are also computed from the lidar data, and compared to independent measurements from a colocated cloud radar, offering independent validation of the derived drop size distributions.

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A finite element numerical study has been carried out on the isothermal flow of power law fluids in lid-driven cavities with axial throughflow. The effects of the tangential flow Reynolds number (Re-U), axial flow Reynolds number (Re-W), cavity aspect ratio and shear thinning property of the fluids on tangential and axial velocity distributions and the frictional pressure drop are studied. Where comparison is possible, very good agreement is found between current numerical results and published asymptotic and numerical results. For shear thinning materials in long thin cavities in the tangential flow dominated flow regime, the numerical results show that the frictional pressure drop lies between two extreme conditions, namely the results for duct flow and analytical results from lubrication theory. For shear thinning materials in a lid-driven cavity, the interaction between the tangential flow and axial flow is very complex because the flow is dependent on the flow Reynolds numbers and the ratio of the average axial velocity and the lid velocity. For both Newtonian and shear thinning fluids, the axial velocity peak is shifted and the frictional pressure drop is increased with increasing tangential flow Reynolds number. The results are highly relevant to industrial devices such as screw extruders and scraped surface heat exchangers. (c) 2006 Elsevier Ltd. All rights reserved.

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Gardner's popular model of perfect competition in the marketing sector is extended to a conjectural-variations oligopoly with endogenous entry. Revising Gardner's comparative statics on the "farm-retail price ratio," tests of hypotheses about food industry conduct are derived. Using data from a recent article by Wohlgenant, which employs Gardner's framework, tests are made of the validity of his maintained hypothesis-that the food industries are perfectly competitive. No evidence is found of departures from competition in the output markets of the food industries of eight commodity groups: (a) beef and veal, (b) pork, (c) poultry, (d) eggs, (e) dairy, (f) processed fruits and vegetables, (g) fresh fruit, and (h) fresh vegetables.

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Climate model simulations consistently show that in response to greenhouse gas forcing surface temperatures over land increase more rapidly than over sea. The enhanced warming over land is not simply a transient effect, since it is also present in equilibrium conditions. We examine 20 models from the IPCC AR4 database. The global land/sea warming ratio varies in the range 1.36–1.84, independent of global mean temperature change. In the presence of increasing radiative forcing, the warming ratio for a single model is fairly constant in time, implying that the land/sea temperature difference increases with time. The warming ratio varies with latitude, with a minimum in equatorial latitudes, and maxima in the subtropics. A simple explanation for these findings is provided, and comparisons are made with observations. For the low-latitude (40°S–40°N) mean, the models suggest a warming ratio of 1.51 ± 0.13, while recent observations suggest a ratio of 1.54 ± 0.09.

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By the turn of the twenty-first century, UNDP had embraced a new form of funding based on ‘cost-sharing’, with this source accounting for 51 per cent of the organisation’s total expenditure worldwide in 2000. Unlike the traditional donor - recipient relationship so common with development projects, the new cost-sharing modality has created a situation whereby UNDP local offices become ‘subcontractors’ and agencies of the recipient countries become ‘clients’. This paper explores this transition in the context of Brazil, focusing on how the new modality may have compromised UNDP’s ability to promote Sustainable Human Development, as established in its mandate. The great enthusiasm for this modality within the UN system and its potential application to other developing countries increase the importance of a systematic assessment of its impact and developmental consequences.

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The use of special units for logarithmic ratio quantities is reviewed. The neper is used with a natural logarithm (logarithm to the base e) to express the logarithm of the amplitude ratio of two pure sinusoidal signals, particularly in the context of linear systems where it is desired to represent the gain or loss in amplitude of a single-frequency signal between the input and output. The bel, and its more commonly used submultiple, the decibel, are used with a decadic logarithm (logarithm to the base 10) to measure the ratio of two power-like quantities, such as a mean square signal or a mean square sound pressure in acoustics. Thus two distinctly different quantities are involved. In this review we define the quantities first, without reference to the units, as is standard practice in any system of quantities and units. We show that two different definitions of the quantity power level, or logarithmic power ratio, are possible. We show that this leads to two different interpretations for the meaning and numerical values of the units bel and decibel. We review the question of which of these alternative definitions is actually used, or is used by implication, by workers in the field. Finally, we discuss the relative advantages of the alternative definitions.

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Comparison between observed and calculated infrared band contours has been made to determine the vibrational transition moment ratio |M10/M9| for the Coriolis interacting ν9 and ν10 perpendicular fundamentals of allene-h4. The ratio obtained is appreciably lower than that of a previous estimate and the result obtained by integrated band intensity measurements of Overend and Crawford. From the best estimate of the ratio, the dipole moment derivatives of the two bands are determined; the value for the weaker band ν9 is subject to a large uncertainty.

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Formal and analytical risk models prescribe how risk should be incorporated in construction bids. However, the actual process of how contractors and their clients negotiate and agree on price is complex, and not clearly articulated in the literature. Using participant observation, the entire tender process was shadowed in two leading UK construction firms. This was compared to propositions in analytical models and significant differences were found. 670 hours of work observed in both firms revealed three stages of the bidding process. Bidding activities were categorized and their extent estimated as deskwork (32%), calculations (19%), meetings (14%), documents (13%), off-days (11%), conversations (7%), correspondence (3%) and travel (1%). Risk allowances of 1-2% were priced in some bids and three tiers of risk apportionment in bids were identified. However, priced risks may sometimes be excluded from the final bidding price to enhance competitiveness. Thus, although risk apportionment affects a contractor’s pricing strategy, other complex, microeconomic factors also affect price. Instead of pricing in contingencies, risk was priced mostly through contractual rather than price mechanisms, to reflect commercial imperatives. The findings explain why some assumptions underpinning analytical models may not be sustainable in practice and why what actually happens in practice is important for those who seek to model the pricing of construction bids.

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Recent studies into price transmission have recognized the important role played by transport and transaction costs. Threshold models are one approach to accommodate such costs. We develop a generalized Threshold Error Correction Model to test for the presence and form of threshold behavior in price transmission that is symmetric around equilibrium. We use monthly wheat, maize, and soya prices from the United States, Argentina, and Brazil to demonstrate this model. Classical estimation of these generalized models can present challenges but Bayesian techniques avoid many of these problems. Evidence for thresholds is found in three of the five commodity price pairs investigated.

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It is accepted that an important source of variation in the response of anoestrous ewes, to the introduction of rams, is the intensity of male stimulation. The aim of this study was to investigate strategies capable of increasing the impact and transmission of the ram stimuli. In Experiment 1, two groups of seven ewes (Bluefaced Leicester male x Swaledale female) were individually penned with one ram and for the next 6 h the rams either remained in the pen or were replaced hourly. Blood samples revealed no difference in the pattern of plasma LH secretion. In Experiment 2, three groups of 16 ewes were either introduced to one ram, individually (H) or in groups of 8 (L), or remained isolated. Ram introduction increased the plasma LH pulsatility (P < 0.001). H ewes displayed more (nine versus six) male-induced LH pulses (pulses occurring within the first 45 min) and more pulses per 8 h intervals than the L group of ewes (1.9 +/- 0.3 versus 1.3 +/- 0.3), but these differences were not significant. It was concluded that (i) frequent replacement of rams within a few hours following ram introduction to ewes does not further improve the response of ewes, especially if the ram:ewe ratio is high; (ii) the characterization of the plasma LH secretion parameters during a period of 6-8 h does not seem to be an effective method to detect small differences in the intensity of stimulation received by the ewes when exposed to rams; (iii) North Country Mule ewes (Bluefaced Leicester male x Swaledale female) in the UK respond to the presence of rams in spring (late oestrous/early anoestrous season) with an elevation in plasma LH secretion. (c) 2005 Elsevier B.V. All rights reserved.