999 resultados para Service stock
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v.57=no.107-125 (1956-1958)
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v.84 (1986)
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v.52=no.58-73 (1951-1952)
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v.94 (1996)
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v.102 (2004)
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v.54=no.75-88 (1953-1954)
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1994-1996
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2004
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1992
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The Hausman (1978) test is based on the vector of differences of two estimators. It is usually assumed that one of the estimators is fully efficient, since this simplifies calculation of the test statistic. However, this assumption limits the applicability of the test, since widely used estimators such as the generalized method of moments (GMM) or quasi maximum likelihood (QML) are often not fully efficient. This paper shows that the test may easily be implemented, using well-known methods, when neither estimator is efficient. To illustrate, we present both simulation results as well as empirical results for utilization of health care services.
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In 1749, Jacques de Vaucanson patented his or tour pour tirer la soie or spindle for silk reeling. In that same year he presented his invention to the Academy of the Sciences in Paris, of which he was a member1. Jacques de Vaucanson was born in Grenoble, France, in 1709, and died in Paris in 1782. In 1741 he had been appointed inspector of silk manufactures by Louis XV. He set about reorganizing the silk industry in France, in considerable difficulty at the time due to foreign competition. Given Vaucanson’s position, his invention was intended to replace the traditional Piémontes method, and had an immediate impact upon the silk industry in France and all over Europe.
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Introducing bounded rationality in a standard consumption-based asset pricing model with time separable preferences strongly improves empirical performance. Learning causes momentum and mean reversion of returns and thereby excess volatility, persistence of price-dividend ratios, long-horizon return predictability and a risk premium, as in the habit model of Campbell and Cochrane (1999), but for lower risk aversion. This is obtained, even though our learning scheme introduces just one free parameter and we only consider learning schemes that imply small deviations from full rationality. The findings are robust to the learning rule used and other model features. What is key is that agents forecast future stock prices using past information on prices.