Scheller Performance of Corporate Acquisitions over the Medium Term in Germany
|
|
- Amy Anthony
- 6 years ago
- Views:
Transcription
1 Scheller Performance of Corporate Acquisitions over the Medium Term in Germany
2 GABLER EDITION WISSENSCHAFT
3 K. Randolf Scheller Performance of Corporate Acquisitions over the Medium Term in Germany With a foreword by Prof. Dr. Gunter Dufey Springer Fachmedien Wiesbaden GmbH
4 Die Deutsche Bibliothek - ClP-Einheitsaufnahme Scheller, K. Randolf: Performance of corporate acquisitions over the medium term in Germany / K. Randolf Scheller. With a foreword by Gunter Dufey. - Wiesbaden: Dt. Univ.-Verl.; Wiesbaden: Gabler, 1999 (Gabler Edition Wissenschaft) lug!.: Koblenz, Wiss. Hochsch. fur Unternehmensfuhrung, Diss., 1998 ISBN ISBN (ebook) DOI / Aile Rechte vorbehalten Springer Fachmedien Wiesbaden1999 Urspriinglich erschienen bei Betriebswirtschaftlicher Verlag Dr. Th. Gabler GmbH, und Deutscher Universitcits-Veriag, Wiesbaden GmbH, Lektorat: Ute Wrasmann / Marcus Weber Das Werk einschliel3lich aller seiner Teile ist urheberrechtlich geschutzt. jede Verwertung auf3erhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne lustimmung des Veri ages unzulcissig und strafbar. Das gilt insbesondere fur Vervielfciltigungen, Ubersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Hochste inhaltliche und technische Qualitcit unserer Werke ist unser lie!. Bei der Produktion und Verbreitung unserer Werke wollen wir die Umwelt schonen. Dieses Buch ist deshalb auf saurefreiem und chlorfrei gebleichtem Papier gedruckt. Die Einschweil3folie besteht aus Polyathylen und damit aus organischen Grundstoffen, die weder bei der Herstellung noch bei der Verbrennung Schadstoffe freisetzen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten waren und daher von jedermann benutzt werden durften.
5 FOREWORD Merger and acquisition (M&A) activities of business firms have provided a challenging subject of research to scholars in economics and business for many years. Dr. K. Randolf Scheller's work presents an interesting contribution to the growing body of research in this area. It's focus is on the market for corporate control in Germany which has become much more active. In part, this happened as a result of phenomena that reflect the globalization of markets, both with regard to increased competition and technological change in markets for goods and services as well as financial assets, particularly for equity (risk) capital. These trends in turn have prompted a number of changes in the German legal and regulatory environment, the most important are the takeover code, a selfregulatory measure aiming primarily at preempting legal provisions protecting minority shareholders. By the same token, a number of related laws have been recently passed in Germany, in part prompted by European harmonization initiatives, that change the legal environment for M&A activities. Studies of the value creating/destroying effects of M&A activities provide important Signals to managers and investors about possible (negative) outcomes of such activities, providing some guidance for managerial action. At the same time, sound empirical results further our understanding of the functioning of markets in general, in this case the market for control rights over corporate assets. v
6 Using event study methods, Dr. Scheller reports empirical findings of abnormal (small but statistically significant) positive returns for the target companies at the announcement date, but (large, significant) negative cumulative abnormal returns over the long run (5 years). While these findings are consistent with those reported in both the US and German literature, the author provides additional results that are of interest: (a) smaller stakes obtained by the acquiring company correlate with higher negative returns; (b) acquisitions by companies in unrelated industries are associated with larger negative returns for target company shareholders over the long-run; (c) smaller acquisition target companies performed worse than larger ones. Scheller's work addresses an important issue in the M&A business. By subjecting a unique data set to rigorous empirical analysis, he arrives at interesting, counter-intuitive results. It has been a pleasure to work with the author in this study; we wish him and his publication much success. G.Oufey Visiting Professor, WHU Koblenz Otto Beisheim Graduate School Chair for International Corporate Financial Management Professor of International Business and Finance University of Michigan Business School, Ann Arbor, MI VI
7 AUTHOR'S FOREWORD The study presented in this book has been accepted as my Ph. D. dissertation bearing the title "The German Market for Corporate Control: Performance of Corporate Acquisitions in the Medium-Term" at the Wissenschaftliche Hochschule fur Unternehmensfiihrung (WHU Koblenz), Otto Beisheim Graduate School of Management, in Koblenz, Germany in November In the process of realization, I benefited from a lot of help and from considerable support from many interlocutors, both from inside and outside the WHU. It is always difficult to express one's feelings in words without loosing meaning; but for all those, who have supported me morally, intellectually or have contributed to this work, I would like to say this little word, perhaps banal, but full of significance: "Thanx". I have learned a great deal from Prof. Dr. Gunter Dufey, my Ph.D. advisor. The insight, knowledge, constructive criticism, and experience that he shared with me has made me look at things differently and, thus, has hopefully helped me become a more versatile researcher. lowe a special "Dankeschon" to Prof. Dr. Arnd Huchzermeier, co-advisor of my Ph.D. committee, who has made me think more rigorously by his critical reading and helpful comments. I also appreciate his overwhelming support and encouragement to conduct the foregoing study besides my job as an investment banker. vii
8 Last but not least, I would like to express my gratitude to Eva for all her love, support, and understanding during the long hours which a study like this entails. K. Randolf Scheller viii
9 TABLE OF CONTENTS FOREWORD... V AUTHOR'S FOREWORD... VII LIST OF TABLES, FIGURES, AND GRAPHS... XV LIST OF V ARIABLES... XIX 1. INTRODUCTION AND MOTIVATION THE GERMAN STOCK MARKET, THE GERMAN M&A ENVIRONMENT AND ITS CORPORATE LEGAL AND REGULATORY STRUCTURE Introduction Overview of the German Stock Market Distribution of Ownership of German Public Companies German Corporate Laws as They Pertain to M&A Transactions German Takeover Guidelines Implications ISSUES OF CORPORATE GOVERNANCE Agency Theory The Shareholder-Value-Maximizing Hypothesis ix
10 3.3. The Growth-Maximizing Hypothesis Issues of Corporate Governance related to German M&A Transactions LITERATURE REVIEW Introduction Overview of the Kinds of M&A Research Available Capital Market Oriented Research Sample Analysis Approach Types of M&A Transactions Specifications of Statistical Models The Market Model and Variants thereof The Capital Asset Pricing Model (CAPM) Adjusted Models Multiple Factor Models Problems with Estimating and Interpreting Empirical Results Discussion of Results in M&A Event Study Research Definition of Event Dates Discussion of Results of u.s. M&A Event Study Research Discussion of Results of German M&A Event Study Research Discussion of Results of Long-Run Performance M&A Studies Discussion of Results of Divestitures and Corporate Spin- Offs Event Studies Summary and Conclusion SAMPLE DESIGN AND DESCRIPTION Problem Definition and Selection Criteria Selection Process x
11 5.3. Sample Description Calculations of Daily Discrete Cleaned Returns DATA ANALYSIS... I Introduction Time-Series Plots Testing for Normality Motivation Normal Plots and Shapiro-Wilk Statistic Studentized Range Moment Checking Testing for Independence Motivation Autocorrelation Function Runs Test above and below the Mean Testing for Homoskedasticity of Many Populations Motivation Levene Test Identifying Stationarity Motivation Unit Root Test Testing for Outliers Motivation The Walsh Procedure Testing for Autoregressive Conditional Heteroskedasticity Discussion of Results and Conclusion xi
12 7. METHODOLOGY AND HYPOTHESIS Introduction Methodology: The Use of Abnormal Return Techniques in Event Studies Definition of Event Dates and Periods The Mean Adjusted Return ModeL The Industry Market Model Estimation of Residuals Statistical Tests Standardized Models Hypothesis Evaluation of the Success of the Transaction from the Point of View of the Minority Shareholders Evaluation of the Success of the Transaction from the Point of View of the Majority Shareholders Hypothesis Testing STATISTICAL ANALYSIS AND EMPIRICAL RESULTS Preliminary Findings Results for the MAR and the lam Models Comparative Results Segmented by Percentage Shareholdings Comparative Results Segmented by Related or Unrelated Industries Comparative Results Segmented by Size Composition of Targets' Boards Testing if a Shift in Parameters occurred Implementing Trading Strategies Summary and Conclusion Xll
13 9. DISCUSSION OF RESULTS AND CONCLUSIONS... l71 APPENDICES Appendix 1: Appendix 2: List of Publicly Listed German Companies which have acceded to the German Takeover Code List of Target Companies with the Respective Majority Owner Appendix 3: Summary of the Data Set by Transaction Appendix 4: Selected Time-Series Plots Appendix 5: Selected Normal Plots Appendix 6: Tables for Chapter 6: Data Analysis Appendix 7: Appendix 8: Macros for the Moment Checking Statistics gl (Skewness) and g2 (Kurtosis} Selected Autocorrelation Functions and Partial Autocorrelation Functions Appendix 9: Results of the Runs Test Appendix 10: Macro for the Levene Test Appendix 11: Macro for the Walsh Procedure of Outliers' Detection Appendix 12: Appendix 13: Appendix 14: Graphs of Abnormal Returns for the Mean Adjusted Return Model Graphs of Abnormal Returns for the Industry Adjusted Market Model List of Listed Options on the Deutsche Terminborse AG REFERENCES xiii
14 LIST OF TABLES, FIGURES, AND GRAPHS TABLE 2.1: EVOLUTION OF GERMAN M&A ACTIVITY ( ) TABLE 2.2: OWNERSHIP DISTRIBUTION BY SEGMENT (AS OF DECEMBER 31, 1995)14 TABLE 2.3: CONTRAST BETWEEN THE AMENDED GERMAN AND THE BRITISH TAKEOVER CODES TABLE 3.1: ASSUMED OWNERSHIP PATTERN TABLE 4.1: STATISTICAL MODELS FOR CALCULATING ABNORMAL RETURNS TABLE 4.2 TABLE 4.3 MERGER RESULTS OF EMPIRICAL STUDIES IN THE UNITED STATES- CARs OF THE ACQUIRING AS WELL AS ACQUIRED FIRMS MERGER RESULTS OF EMPIRICAL STUDIES IN GERMANY - CARs OF THE ACQUIRING AS WELL AS ACQUIRED FIRMS TABLE 4.4: EMPIRICAL RESULTS OF LONG-RUN M&A STUDIES TABLE 4.5: TABLE 5.1: EMPIRICAL RESULTS OF DIVESTITURES AND SPIN-OFFS EVENT STUDIES MARKET CAPITALIZATION OF THE SAMPLE (FREQUENCY DISTRIBUTION) FIGURE 7.1: PERFORMANCE SCENARIOS FOR THE DIFFERENT SHAREHOLDER GROUPS FIGURE S.l: NUMBER OF COMPANIES WITH AVERAGE RETURNS BEFORE AND AFTER THE ANNOUNCEMENT DATE TABLE S.l: A VERAGE ABNORMAL RETURNS OF THE CROSS-SECTIONAL PORTFOLIO FOR THE MEAN ADJUSTED RETURN MODEL FROM DAY -60 TO xv
15 TABLE 8.2: CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR) OF THE CROSS-SECTIONAL PORTFOLIO FOR THE MEAN ADJUSTED RETURN MODEL FROM DAY TABLE 8.3: AVERAGE ABNORMAL RETURNS OF THE CROSS-SECTIONAL PORTFOLIO FOR THE INDUSTRY ADJUSTED MARKET MODEL FROM DAY- 60 TO TABLE 8.4: CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR) OF THE CROSS-SECTIONAL PORTFOLIO FOR THE INDUSTRY ADJUSTED MARKET MODEL FROM DAY TABLE 8.5: AVERAGE ABNORMAL RETURNS (AAR) AND CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR) FOR THE MEAN ADJUSTED RETURN MODEL FOR DIFFERENT OWNERSHIP STRUCTURES TABLE 8.6: AVERAGE ABNORMAL RETURNS (AAR) AND CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR) FOR THE MEAN ADJUSTED RETURN MODEL FOR TRANSACTIONS BETWEEN RELATED AND UNRELATED INDUSTRIES TABLE 8.7: AVERAGE ABNORMAL RETURNS (AAR) AND CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR) FOR THE INDUSTRY ADJUSTED RETURN MODEL FOR THE SAMPLES SEGMENTED BY SIZE COMPONENTS TABLE AI: LIST OF PUBLICLY LISTED GERMAN COMPANIES WHICH HAVE ACCEDED TO THE PROVISIONS OF THE GERMAN TAKEOVER CODE (AS OF FEBRUARY 26, 1998) TABLE A2: LIST OF TARGET COMPANIES WITH THE RESPECTIVE MAJORITY OWNER TABLE A3: SUMMARY OF THE DATA SET BY TRANSACTION TABLE 6.1: RESULTS OF THE RYAN-JOINER STATISTIC R xvi
16 TABLE 6.2: RESULTS OF THE STUDENTIZED RANGE TEST TABLE 6.3: RESULTS OF THE SKEWNESS TEST TABLE 6.4: RESULTS OF THE KURTOSIS TEST TABLE 6.5: RESULTS OF THE INDEPENDENCE TEST TABLE 6.6: RESULTS OF THE LEVENE TEST TABLE 6.7: RESULTS OF THE LEVENE TEST- SAME TIME PERIOD TABLE 6.8: RESULTS OF THE STATIONARITY TEST TABLE 6.9: RESULTS OF THE FREQUENCY DISTRIBUTION TABLE 6.10: RESULTS OF THE UNIT ROOT TEST TABLE 6.11: RESULTS OF IDENTIFYING OUTLIERS TABLE 6.12: RESULTS OF THE OUTLIERS' TEST TABLE 6.13: ESTIMATES OF THE ARCH PARAMETERS TABLE 6.14: RESULTS OF THE ARCH DIAGNOSIS TABLE A9: RUNS TEST RESULTS GRAPH 8.1: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR CROSS-SECTIONAL PORTFOLIO FOR THE PERIOD HALF A YEAR BEFORE THE ANNOUNCEMENT DATE (FROM DAY -120 TO 0 FOR MEAN ADJUSTED RETURN MODEL) GRAPH 8.2: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR CROSS-SECTIONAL PORTFOLIO FOR ONE YEAR AFTER THE ANNOUNCEMENT DATE (FROM DAY -60 TO +250 FOR MEAN ADJUSTED RETURN MODEL) GRAPH 8.3: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR CROSS-SECTIONAL PORTFOLIO OVER FIVE YEARS AFTER THE ANNOUNCEMENT DATE (MEAN ADJUSTED RETURN MODEL) xvii
17 GRAPH 8.4: AVERAGE ABNORMAL RETURNS OF CROSS-SECTIONAL PORTFOLIO FOR MEAN ADJUSTED RETURN MODEL FROM DAY -60 TO GRAPH 8.5: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR MEAN ADJUSTED RETURN MODEL SEGMENTED BY ANNOUNCEMENT DATE RETURN GRAPH 8.6: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR CROSS-SECTIONAL PORTFOLIO FOR THE PERIOD HALF A YEAR BEFORE THE ANNOUNCEMENT DATE (FROM DAY -120 TO 0 FOR THE INDUSTRY ADJUSTED RETURN MODEL) GRAPH 8.7: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR CROSS-SECTIONAL PORTFOLIO FOR ONE YEAR AFTER THE ANNOUNCEMENT DATE (FROM DAY -60 TO +250 FOR INDUSTRY ADJUSTED RETURN MODEL) GRAPH 8.8: CUMULATIVE AVERAGE ABNORMAL RETURNS FOR CROSS-SECTIONAL PORTFOLIO OVER FIVE YEARS AFTER THE ANNOUNCEMENT DATE (INDUSTRY ADJUSTED RETURN MODEL) GRAPH 8.9: AVERAGE ABNORMAL RETURNS OF CROSS-SECTIONAL PORTFOLIO USING THE INDUSTRY ADJUSTED RETURN MODEL FROM DAY -60 TO TABLE A14: LIST OF PUBLICLY LISTED GERMAN COMPANIES WHICH HAVE OPTIONS TRADED ON THE DEUTSCHE TERMINBORSE AG xviii
18 LIST OF VARIABLES 1. Introduction the stochastic return of the share of company during period t period of the return, here assumed to be a day the expected value of a variable the expected value of the return of a share of company i during period t 4.3. Specifications of Statistical Models the stochastic return of the share of company i during period t the stochastic return of the market portfolio m or the market index m in period t the stochastic return of industry portfolio k or the industry index k in period t the stochastic return of the size portfolio s in period t the unsystematic risk specific to share i the systematic risk specific to share i the systematic industry risk the systematic risk specific to the size factor s systematic risk specific to share i in book-tomarket portfolio s, systematic risk specific to share i in size portfolio s, the residual value or abnormal return specific to share i in period t the risk-free rate the high-min us-low book-to-market portfolio return in period t, the small-minus-large size portfolio return in period t, xix
19 the abnormal return of share i in period t the average return of share i in period t rmt the average return of the market m in period t 4.4. Problems with Estimating and Interpreting Empirical Results CAR cumulative abnormal returns or cumulative average residuals (generic) 5.4 Calculations of Daily Discrete Cleaned Returns r t Pt the simple stochastic return in period t the price of a share at the end of period t Normal Plots and Shapiro-Wilk Statistic n Zj w A z R number of observations an index of values values of the (i/n)th quartile of the empirical distribution function values of the (i/n)th quartiles of the standardized normal distribution function (N(O,l)) sample cumulative (empirical) distribution function the Shapiro-Wilk statistic a vector of tabulated coefficients especially derived to be used in computing the Shapiro-Wilk statistic the vector of ordered Zj'S the usual estimator of 0'2, the standard deviation the Ryan-Joiner statistic Studentized Range 0' the standard deviation of a population mean xx
20 the mean of a population Moment Checking A.I A.z the skewness measure of a distribution the kurtosis measure of a distribution the skewness statistic the kurtosis statistic Autocorrelation Function the kth autocorrelation (or serial correlation) of a time series the estimated autocorrelation coefficient Runs Test above and below the Mean p the number of runs the number of observations above the mean the number of observations below the mean Levene Test L Levene test statistic the absolute differences of I rji - mean(r) I Unit Root Test Ut statistic to find the unit root in a time series classical stochastic error term with zero mean, constant variance 0 2, and non-autocorrelated denominated for an autoregressive regressive process xxi
21 6.7 Testing for Outliers o = outlier variable 6.8 Testing for Autoregressive Conditional Heteroskedasticity estimated square residuals of an autoregressive process The Mean Adjusted Return Model a constant value for a time series of company i the mean of a time-series, an estimate of the expected return of that series the estimate of abnormal return E it, the abnormal return the covariance Estimation of Residuals AA~ CA~/e = T average abnormal returns or average residuals cumulative average abnormal returns (or cumulative average residuals) starting from period b and ending in period e period over which abnormal returns are cumulated Standardized Models SA~ ASAR t CASARb,e standardized abnormal returns average standardized abnormal returns cumulative average standardized abnormal returns starting from period b and ending in period e xxii
22 8.3 Comparative Results Segmented by Percentage Shareholdings Xa na Calculating the Weir test statistic estimated mean of sub-sample a estimated mean of sub-sample b estimated standard deviation of sub-sample a estimated standard deviation of sub-sample b number of observations of sub-sample a number of observations of sub-sample b xxiii
Stephanie Gross Banks and Shareholder Value
Stephanie Gross Banks and Shareholder Value GABLER EDITION WISSENSCHAFT Stephanie Gross Banks and Shareholder Value An Overview of Bank Valuation and Empirical Evidence on Shareholder Value for Banks With
More informationRomedius Troberg. Smart Beta. Alternative Concepts in Passive Portfolio Management. Anchor Academic Publishing. disseminate knowledge
Romedius Troberg Smart Beta Alternative Concepts in Passive Portfolio Management Anchor Academic Publishing disseminate knowledge Troberg, Romedius: Smart Beta: Alternative Concepts in Passive Portfolio
More informationMarkus Berndt. Global Differences in Corporate Governance Systems
Markus Berndt Global Differences in Corporate Governance Systems GABLER EDITION WISSENSCHAFT Okonomische Analyse des Rechts Herausgegeben von Professor Dr. Peter Behrens Professor Dr. Manfred Holler Professor
More informationMüller Real Option Valuation in Service lndustries
Müller Real Option Valuation in Service lndustries GABLER EDITION WISSENSCHAFT Jürgen Müller Real Option Valuation in Service lndustries With a foreward by Prof. Dr. Hellmuth Milde Springer Fachmedien
More informationPetroleum Fiscal Systems and Contracts
Muhammed Mazeel Petroleum Fiscal Systems and Contracts Diplomica Verlag Muhammed Mazeel Petroleum Fiscal Systems and Contracts ISBN: 978-3-8366-3852-4 Herstellung: Diplomica Verlag GmbH, Hamburg, 2010
More informationDaniel SSrensen. The Automotive Development Process
Daniel SSrensen The Automotive Development Process 6ABLER EDITION WlSSENSCHAFT Daniel SSrensen The Automotive Development Process A Real Options Analysis With a foreword by Prof. Dr. Henry Sch~fer Deutscher
More informationPetroleum Fiscal Systems and Contracts
Muhammed Mazeel Petroleum Fiscal Systems and Contracts Diplomica Verlag Muhammed Mazeel Petroleum Fiscal Systems and Contracts ISBN: 978-3-8366-3852-4 Herstellung: Diplomica Verlag GmbH, Hamburg, 2010
More informationAndreas Schertzinger Creating Value in Insurance Mergers and Acquisitions
Andreas Schertzinger Creating Value in Insurance Mergers and Acquisitions GABLER EDITION WISSENSCHAFT Andreas Schertzinger Creating Value in Insurance Mergers and Acquisitions With a foreword by Prof.
More informationHolle Corporate Governance by Banks in Transition Economies
Holle Corporate Governance by Banks in Transition Economies GABLER EDITION WISSENSCHAFT Arnold Holle Corporate Governance by Banks in Transition Economies The Polish Experience With apreface by Prof. Dr.
More informationPartners. In Collaboration with:
Partners In Collaboration with: Université Libre de Bruxelles / Belgium ESCEM / France ESC Dijon / France Sciences Po / France Freie Universität Berlin / Germany Leibniz Universität Hannover / Germany
More informationContents. An Overview of Statistical Applications CHAPTER 1. Contents (ix) Preface... (vii)
Contents (ix) Contents Preface... (vii) CHAPTER 1 An Overview of Statistical Applications 1.1 Introduction... 1 1. Probability Functions and Statistics... 1..1 Discrete versus Continuous Functions... 1..
More informationIndividual Financial Planning for Retirement
Contributions to Economics Individual Financial Planning for Retirement Empirical Insights from the Affluent Segment in Germany Bearbeitet von Nicole Brunhart 1. Auflage 2008. Buch. xx, 443 S. Hardcover
More informationThe Draft UNCITRAL Digest and Beyond
The Draft UNCITRAL Digest and Beyond Cases, Analysis and Unresolved Issues in the U.N. Sales Convention Bearbeitet von Franco Ferrari, Harry Flechtner, Ronald A Brand, Peter Winship, Ulrich Magnus, Claude
More informationPartners. In Collaboration with:
Partners In Collaboration with: Université Libre de Bruxelles / Belgium ESCEM / France ESC Dijon / France Sciences Po / France Freie Universität Berlin / Germany Leibniz Universität Hannover / Germany
More informationList of tables List of boxes List of screenshots Preface to the third edition Acknowledgements
Table of List of figures List of tables List of boxes List of screenshots Preface to the third edition Acknowledgements page xii xv xvii xix xxi xxv 1 Introduction 1 1.1 What is econometrics? 2 1.2 Is
More informationLimit Theorems for Stochastic Processes
Grundlehren der mathematischen Wissenschaften 288 Limit Theorems for Stochastic Processes Bearbeitet von Jean Jacod, Albert N. Shiryaev Neuausgabe 2002. Buch. xx, 664 S. Hardcover ISBN 978 3 540 43932
More informationMatthias Burghardt. Retail Investor Sentiment and Behavior
Matthias Burghardt Retail Investor Sentiment and Behavior GABLER RESEARCH Matthias Burghardt Retail Investor Sentiment and Behavior An Empirical Analysis RESEARCH Bibliographic information published by
More informationPartners. In Collaboration with:
Partners In Collaboration with: Université Libre de Bruxelles / Belgium ESCEM / France ESC Dijon / France Sciences Po / France Freie Universität Berlin / Germany Leibniz Universität Hannover / Germany
More informationIntroductory Econometrics for Finance
Introductory Econometrics for Finance SECOND EDITION Chris Brooks The ICMA Centre, University of Reading CAMBRIDGE UNIVERSITY PRESS List of figures List of tables List of boxes List of screenshots Preface
More informationHANDBOOK OF. Market Risk CHRISTIAN SZYLAR WILEY
HANDBOOK OF Market Risk CHRISTIAN SZYLAR WILEY Contents FOREWORD ACKNOWLEDGMENTS ABOUT THE AUTHOR INTRODUCTION XV XVII XIX XXI 1 INTRODUCTION TO FINANCIAL MARKETS t 1.1 The Money Market 4 1.2 The Capital
More informationAn Introduction to the Geman Accountancy System
An Introduction to the Geman Accountancy System Bearbeitet von Wolf-Dieter Schellin 1. Auflage 2016. Buch. 168 S. Hardcover ISBN 978 3 7323 7929 3 Format (B x L): 14 x 21 cm Gewicht: 385 g Weitere Fachgebiete
More informationEarnings Accruals and Real Activities Management around Initial Public Offerings
Earnings Accruals and Real Activities Management around Initial Public Offerings Peter Ising Earnings Accruals and Real Activities Management around Initial Public Offerings Evidence from Specific Industries
More informationAndreas Schreiner. Equity Valuation Using Multiples
Andreas Schreiner Equity Valuation Using Multiples GABLER EDITION WISSENSCHAFT Schriften zum eurepaischen Management Herausgegeben von Roland BergerStrategy Consultants - Academic Network Herausgeberrat:
More informationChapter 4 Level of Volatility in the Indian Stock Market
Chapter 4 Level of Volatility in the Indian Stock Market Measurement of volatility is an important issue in financial econometrics. The main reason for the prominent role that volatility plays in financial
More informationTable of Contents. New to the Second Edition... Chapter 1: Introduction : Social Research...
iii Table of Contents Preface... xiii Purpose... xiii Outline of Chapters... xiv New to the Second Edition... xvii Acknowledgements... xviii Chapter 1: Introduction... 1 1.1: Social Research... 1 Introduction...
More informationGrob Capital Budgeting with Financial Plans
Grob Capital Budgeting with Financial Plans Heinz Lothar Grob Capital Budgeting with Financial Plans An lntroduction SPRINGER FACHMEDIEN WIESBADEN GMBH Heinz Lotbar Grob is professor of General Business
More informationA Comparative Study of Various Forecasting Techniques in Predicting. BSE S&P Sensex
NavaJyoti, International Journal of Multi-Disciplinary Research Volume 1, Issue 1, August 2016 A Comparative Study of Various Forecasting Techniques in Predicting BSE S&P Sensex Dr. Jahnavi M 1 Assistant
More informationLecture Notes in Economics and Mathematical Systems 597
Lecture Notes in Economics and Mathematical Systems 597 Founding Editors: M. Beckmann H.P. Künzi Managing Editors: Prof. Dr. G. Fandel Fachbereich Wirtschaftswissenschaften Fernuniversität Hagen Feithstr.
More informationThis homework assignment uses the material on pages ( A moving average ).
Module 2: Time series concepts HW Homework assignment: equally weighted moving average This homework assignment uses the material on pages 14-15 ( A moving average ). 2 Let Y t = 1/5 ( t + t-1 + t-2 +
More informationFinancial Modeling, Actuarial Valuation and Solvency in Insurance
Springer Finance Financial Modeling, Actuarial Valuation and Solvency in Insurance Bearbeitet von Michael Merz, Mario V. Wüthrich 1. Auflage 2013. Buch. xiv, 432 S. Hardcover ISBN 978 3 642 31391 2 Format
More informationCHAPTER III METHODOLOGY
CHAPTER III METHODOLOGY 3.1 Description In this chapter, the calculation steps, which will be done in the analysis section, will be explained. The theoretical foundations and literature reviews are already
More informationCAES Workshop: Risk Management and Commodity Market Analysis
CAES Workshop: Risk Management and Commodity Market Analysis ARE THE EUROPEAN CARBON MARKETS EFFICIENT? -- UPDATED Speaker: Peter Bell April 12, 2010 UBC Robson Square 1 Brief Thanks, Personal Promotion
More informationThe Principle of Indemnity in Marine Insurance Contracts
The Principle of Indemnity in Marine Insurance Contracts A Comparative Approach Bearbeitet von Kyriaki Noussia 1. Auflage 2006. Buch. XIX, 298 S. Hardcover ISBN 978 3 540 49073 9 Format (B x L): 15,5 x
More informationJing Lin. Compliance and Money Laundering Control by Banking Institutions in China
Jing Lin Compliance and Money Laundering Control by Banking Institutions in China Schriftenreihe des Max-Planck-Instituts für ausländisches und internationales Strafrecht Kriminologische Forschungsberichte
More informationCISG vs. Regional Sales Law Unification
CISG vs. Regional Sales Law Unification With a Focus on the New Common European Sales Law Bearbeitet von 1. Auflage 2012. Taschenbuch. X, 237 S. Paperback ISBN 978 3 86653 230 4 Format (B x L): 14,1 x
More informationCOMM 324 INVESTMENTS AND PORTFOLIO MANAGEMENT ASSIGNMENT 2 Due: October 20
COMM 34 INVESTMENTS ND PORTFOLIO MNGEMENT SSIGNMENT Due: October 0 1. In 1998 the rate of return on short term government securities (perceived to be risk-free) was about 4.5%. Suppose the expected rate
More informationGARCH Models. Instructor: G. William Schwert
APS 425 Fall 2015 GARCH Models Instructor: G. William Schwert 585-275-2470 schwert@schwert.ssb.rochester.edu Autocorrelated Heteroskedasticity Suppose you have regression residuals Mean = 0, not autocorrelated
More informationBusiness Taxation and Financial Decisions Master Module (V 2-5) in Business Management
Business Taxation and Financial Decisions Master Module (V 2-5) in Business Management Course outline Last update: January 28th, 201 Lehrstuhl für Betriebswirtschaftslehre II Betriebswirtschaftliche Steuerlehre
More informationANALYSIS OF THE RELATIONSHIP OF STOCK MARKET WITH EXCHANGE RATE AND SPOT GOLD PRICE OF SRI LANKA
ANALYSIS OF THE RELATIONSHIP OF STOCK MARKET WITH EXCHANGE RATE AND SPOT GOLD PRICE OF SRI LANKA W T N Wickramasinghe (128916 V) Degree of Master of Science Department of Mathematics University of Moratuwa
More informationEquity Carveouts, Agency Costs, and Firm Value
Lukas Junker Equity Carveouts, Agency Costs, and Firm Value With a foreword by Prof. Dr. Malte Brettel Deutscher Universitats-Verlag Table of Contents 1 Introduction 1 1.1 Problem statement ' 1 1.2 Definitions
More informationIslamic Financing Shift from Debt to Equity An analysis of Business Framework
Islamic Financing Shift from Debt to Equity An analysis of Business Framework Muhammad Hanif (FCMA) Assistant Professor NU-FAST Islamabad. i Electronic copy available at: http://ssrn.com/abstract=1690867
More informationChristiane Lorenz. The Impact of Performance Budgeting on Public Spending in Germany s Laender
Christiane Lorenz The Impact of Performance Budgeting on Public Spending in Germany s Laender GABLER RESEARCH Christiane Lorenz The Impact of Performance Budgeting on Public Spending in Germany s Laender
More informationMarket Risk Analysis Volume I
Market Risk Analysis Volume I Quantitative Methods in Finance Carol Alexander John Wiley & Sons, Ltd List of Figures List of Tables List of Examples Foreword Preface to Volume I xiii xvi xvii xix xxiii
More informationFoundations of Asset Pricing
Foundations of Asset Pricing C Preliminaries C Mean-Variance Portfolio Choice C Basic of the Capital Asset Pricing Model C Static Asset Pricing Models C Information and Asset Pricing C Valuation in Complete
More informationFinancial Econometrics Notes. Kevin Sheppard University of Oxford
Financial Econometrics Notes Kevin Sheppard University of Oxford Monday 15 th January, 2018 2 This version: 22:52, Monday 15 th January, 2018 2018 Kevin Sheppard ii Contents 1 Probability, Random Variables
More informationEstimating SMEs Cost of Equity Using a Value at Risk Approach
Estimating SMEs Cost of Equity Using a Value at Risk Approach This page intentionally left blank Estimating SMEs Cost of Equity Using a Value at Risk Approach The Capital at Risk Model Federico Beltrame
More informationLecture 5a: ARCH Models
Lecture 5a: ARCH Models 1 2 Big Picture 1. We use ARMA model for the conditional mean 2. We use ARCH model for the conditional variance 3. ARMA and ARCH model can be used together to describe both conditional
More informationStatistics and Finance
David Ruppert Statistics and Finance An Introduction Springer Notation... xxi 1 Introduction... 1 1.1 References... 5 2 Probability and Statistical Models... 7 2.1 Introduction... 7 2.2 Axioms of Probability...
More informationSmall and Medium Scale Enterprises Development
Berichte aus der Volkswirtschaft Denis M. Sandy Small and Medium Scale Enterprises Development A Strategy for Poverty Alleviation in Sierra Leone D 46 (Diss. Universitat Bremen) Shaker Verlag Aachen 2003
More informationVolatility Models and Their Applications
HANDBOOK OF Volatility Models and Their Applications Edited by Luc BAUWENS CHRISTIAN HAFNER SEBASTIEN LAURENT WILEY A John Wiley & Sons, Inc., Publication PREFACE CONTRIBUTORS XVII XIX [JQ VOLATILITY MODELS
More informationLecture 1: Empirical Properties of Returns
Lecture 1: Empirical Properties of Returns Econ 589 Eric Zivot Spring 2011 Updated: March 29, 2011 Daily CC Returns on MSFT -0.3 r(t) -0.2-0.1 0.1 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
More informationFINANCIAL DISCLOSURE AND SPECULATIVE BUBBLES: AN INTERNATIONAL COMPARISON. Benjamas Jirasakuldech, Ph.D. University of Nebraska, 2002
FINANCIAL DISCLOSURE AND SPECULATIVE BUBBLES: AN INTERNATIONAL COMPARISON Benjamas Jirasakuldech, Ph.D. University of Nebraska, 2002 Advisor: Thomas S. Zorn This dissertation examines whether the quality
More informationKay Müller Investing in Private Equity Partnerships
Kay Müller Investing in Private Equity Partnerships GABLER EDITION WISSENSCHAFT Entrepreneurial and Financial Studies Herausgegeben von Professor Dr. Dr. Ann-Kristin Achleitner und Professor Dr. Christoph
More informationDiesen Termin sollten Sie sich nicht entgehen lassen! Sponsor. Inhalt. NEWSLETTER Juli 2014
NEWSLETTER Juli 214 Diesen Termin sollten Sie sich nicht entgehen lassen! 19. und 2. Mai 215 BAI Alternative Investor Conference (AIC) www.ai-conference.com Ort: IHK, Frankfurt Sponsor Der BAI e.v. dankt
More informationARCH Models and Financial Applications
Christian Gourieroux ARCH Models and Financial Applications With 26 Figures Springer Contents 1 Introduction 1 1.1 The Development of ARCH Models 1 1.2 Book Content 4 2 Linear and Nonlinear Processes 5
More informationStatistical Models and Methods for Financial Markets
Tze Leung Lai/ Haipeng Xing Statistical Models and Methods for Financial Markets B 374756 4Q Springer Preface \ vii Part I Basic Statistical Methods and Financial Applications 1 Linear Regression Models
More informationVariance clustering. Two motivations, volatility clustering, and implied volatility
Variance modelling The simplest assumption for time series is that variance is constant. Unfortunately that assumption is often violated in actual data. In this lecture we look at the implications of time
More informationFE670 Algorithmic Trading Strategies. Stevens Institute of Technology
FE670 Algorithmic Trading Strategies Lecture 4. Cross-Sectional Models and Trading Strategies Steve Yang Stevens Institute of Technology 09/26/2013 Outline 1 Cross-Sectional Methods for Evaluation of Factor
More informationHS 2007: NOTES OF THE TARIFF NOMENCLATURE AND THE ADDITIONAL NOTES OF THE EC
Abstract World Customs Journal HS 2007: NOTES OF THE TARIFF NOMENCLATURE AND THE ADDITIONAL NOTES OF THE EC Carsten Weerth The fundamental rules for the classification of goods into a customs tariff which
More informationDETAILED CONTENTS. Preface...xxi. Part I The Healthcare Environment
DETAILED CONTENTS Preface...xxi Part I The Healthcare Environment Chapter 1. Introduction to Healthcare Financial Management...3 Learning Objectives...3 Introduction...3 How to Use This Book...4 The Role
More informationOn Some Test Statistics for Testing the Population Skewness and Kurtosis: An Empirical Study
Florida International University FIU Digital Commons FIU Electronic Theses and Dissertations University Graduate School 8-26-2016 On Some Test Statistics for Testing the Population Skewness and Kurtosis:
More informationChapter 3. Numerical Descriptive Measures. Copyright 2016 Pearson Education, Ltd. Chapter 3, Slide 1
Chapter 3 Numerical Descriptive Measures Copyright 2016 Pearson Education, Ltd. Chapter 3, Slide 1 Objectives In this chapter, you learn to: Describe the properties of central tendency, variation, and
More informationGermany Adopts Final Version of Regulation on Attribution of Profits to Permanent Establishments
URL: http://www.deloitte-tax-news.de/german-tax-legal-news/germany-adopts-final-version-ofregulation-on-attribution-of-profits-to-permanent-establishments.html 31.10.2014 German Tax and Legal News Germany
More informationCORPORATE FINANCIAL MANAGEMENT
GLEN ARNOLD BSc (E con), PhD CORPORATE FINANCIAL MANAGEMENT FIFTH EDITION PEARSON Harlow, England London New York Boston San Francisco Toronto Sydney * Auckland * Singapore Hong Kong Tokyo Seoul Taipei
More informationLecture 6: Non Normal Distributions
Lecture 6: Non Normal Distributions and their Uses in GARCH Modelling Prof. Massimo Guidolin 20192 Financial Econometrics Spring 2015 Overview Non-normalities in (standardized) residuals from asset return
More informationAnalysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN
Year XVIII No. 20/2018 175 Analysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN Constantin DURAC 1 1 University
More information? World Scientific NEW JERSEY. LONDON SINGAPORE BEIJING SHANGHAI HONG KONG TAIPEI CHENNAI
" u*' ' - Microstructure in Practice Second Edition Editors Charles-Albert Lehalle Capital Fund Management, France Sophie Lamelle Universite Paris-Est Creteil, France? World Scientific NEW JERSEY. LONDON
More informationWeb Science & Technologies University of Koblenz Landau, Germany. Lecture Data Science. Statistics and Probabilities JProf. Dr.
Web Science & Technologies University of Koblenz Landau, Germany Lecture Data Science Statistics and Probabilities JProf. Dr. Claudia Wagner Data Science Open Position @GESIS Student Assistant Job in Data
More informationCFA Level 2 - LOS Changes
CFA Level 2 - LOS s 2014-2015 Ethics Ethics Ethics Ethics Ethics Ethics Topic LOS Level II - 2014 (477 LOS) LOS Level II - 2015 (468 LOS) Compared 1.1.a 1.1.b 1.2.a 1.2.b 1.3.a 1.3.b describe the six components
More informationMutual Fund Performance and Performance Persistence
Peter Luckoff Mutual Fund Performance and Performance Persistence The Impact of Fund Flows and Manager Changes With a foreword by Prof. Dr. Wolfgang Bessler GABLER RESEARCH List of Tables List of Figures
More informationThe University of Chicago, Booth School of Business Business 41202, Spring Quarter 2009, Mr. Ruey S. Tsay. Solutions to Final Exam
The University of Chicago, Booth School of Business Business 41202, Spring Quarter 2009, Mr. Ruey S. Tsay Solutions to Final Exam Problem A: (42 pts) Answer briefly the following questions. 1. Questions
More informationThe Indian Mutual Fund Industry
The Indian Mutual Fund Industry Also by G. V. Satya Sekhar BUSINESS POLICY AND STRATEGIC MANAGEMENT MANAGEMENT INFORMATION SYSTEMS PERFORMANCE APPRAISAL OF MUTUAL FUNDS IN INDIA STRATEGIC FINANCIAL MANAGEMENT
More informationCFA Level II - LOS Changes
CFA Level II - LOS Changes 2018-2019 Topic LOS Level II - 2018 (465 LOS) LOS Level II - 2019 (471 LOS) Compared Ethics 1.1.a describe the six components of the Code of Ethics and the seven Standards of
More informationCFA Level II - LOS Changes
CFA Level II - LOS Changes 2017-2018 Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Topic LOS Level II - 2017 (464 LOS) LOS Level II - 2018 (465 LOS) Compared 1.1.a 1.1.b 1.2.a 1.2.b 1.3.a
More informationAbstract. 1. Introduction
Asia-pacific Journal of Convergent Research Interchange Vol.4, No.1, March (2018), pp. 63-70 http://dx.doi.org/10.14257/apjcri.2018.03.07 Abstract According to Modigliani and Miller(1958), the value of
More information1 Volatility Definition and Estimation
1 Volatility Definition and Estimation 1.1 WHAT IS VOLATILITY? It is useful to start with an explanation of what volatility is, at least for the purpose of clarifying the scope of this book. Volatility
More informationINFORMATION EFFICIENCY HYPOTHESIS THE FINANCIAL VOLATILITY IN THE CZECH REPUBLIC CASE
INFORMATION EFFICIENCY HYPOTHESIS THE FINANCIAL VOLATILITY IN THE CZECH REPUBLIC CASE Abstract Petr Makovský If there is any market which is said to be effective, this is the the FOREX market. Here we
More informationUNIVERSITY OF. ILLINOIS LIBRARY At UrbanA-champaign BOOKSTACKS
UNIVERSITY OF ILLINOIS LIBRARY At UrbanA-champaign BOOKSTACKS Digitized by the Internet Archive in 2011 with funding from University of Illinois Urbana-Champaign http://www.archive.org/details/littlebitofevide1151scot
More informationThe suitability of Beta as a measure of market-related risks for alternative investment funds
The suitability of Beta as a measure of market-related risks for alternative investment funds presented to the Graduate School of Business of the University of Stellenbosch in partial fulfilment of the
More informationApproximate methods for dynamic portfolio allocation under transaction costs
Western University Scholarship@Western Electronic Thesis and Dissertation Repository November 2012 Approximate methods for dynamic portfolio allocation under transaction costs Nabeel Butt The University
More informationEssays in Real Estate Research
Essays in Real Estate Research Band 14 Edited by N. B. Rottke, Eschborn, Germany J. Mutl, Wiesbaden, Germany Die Reihe Essays in Real Estate Research, herausgegeben von Professor Dr. Nico B. Rottke FRICS
More information1998 Semi-annual Report
1998 Semi-annual Report Profit Net profit for the first six months of 1998 was PLN 8.6 million, with an end-of-year net profit forecast of PLN 18 million. The bank can contribute results to efficient allocation
More informationEmpirical Analysis of Stock Return Volatility with Regime Change: The Case of Vietnam Stock Market
7/8/1 1 Empirical Analysis of Stock Return Volatility with Regime Change: The Case of Vietnam Stock Market Vietnam Development Forum Tokyo Presentation By Vuong Thanh Long Dept. of Economic Development
More informationGGraph. Males Only. Premium. Experience. GGraph. Gender. 1 0: R 2 Linear = : R 2 Linear = Page 1
GGraph 9 Gender : R Linear =.43 : R Linear =.769 8 7 6 5 4 3 5 5 Males Only GGraph Page R Linear =.43 R Loess 9 8 7 6 5 4 5 5 Explore Case Processing Summary Cases Valid Missing Total N Percent N Percent
More informationThe Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods
The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods Conference Uses of Central Balance Sheet Data Offices Information IFC / ECCBSO / CBRT Özdere-Izmir, September
More informationExample 1 of econometric analysis: the Market Model
Example 1 of econometric analysis: the Market Model IGIDR, Bombay 14 November, 2008 The Market Model Investors want an equation predicting the return from investing in alternative securities. Return is
More informationAnna Quitt. Measuring Supply Management s Budget Effects
Anna Quitt Measuring Supply Management s Budget Effects GABLER RESEARCH Einkauf, Logistik und Supply Chain Management Herausgegeben von Univ.-Prof. Dr. Christopher Jahns Die Schriftenreihe stellt den State-of-the-Art
More informationMARKET REACTION TO & ANTICIPATION OF ACCOUNTING NUMBERS
MARKET REACTION TO & ANTICIPATION OF ACCOUNTING NUMBERS One way in which accounting numbers can be assessed is to see how they relate to stock returns. Accounting numbers which update the market s beliefs
More informationPension Fund Engagement as a Sustainability Driver
HWZ Schriftenreihe für Betriebs- und Bildungsökonomie 4 Pension Fund Engagement as a Sustainability Driver A Stakeholder-Theory-Based Legitimation of Sustainable Pension Fund Engagement in a Swiss Context
More informationMidterm 2 Review. ECON 30020: Intermediate Macroeconomics Professor Sims University of Notre Dame, Spring 2018
Midterm 2 Review ECON 30020: Intermediate Macroeconomics Professor Sims University of Notre Dame, Spring 2018 The second midterm will take place on Thursday, March 29. In terms of the order of coverage,
More informationBusiness Sale Checklist
Business Sale Checklist This form is intended as a mechanism to heighten awareness of potential issues with your company and your personal finances as they pertain to the sale of your business. This form
More informationCapital Structure and Financial Performance: Analysis of Selected Business Companies in Bombay Stock Exchange
IOSR Journal of Economic & Finance (IOSR-JEF) e-issn: 2278-0661, p- ISSN: 2278-8727Volume 2, Issue 1 (Nov. - Dec. 2013), PP 59-63 Capital Structure and Financial Performance: Analysis of Selected Business
More informationModeling Volatility of Price of Some Selected Agricultural Products in Ethiopia: ARIMA-GARCH Applications
Modeling Volatility of Price of Some Selected Agricultural Products in Ethiopia: ARIMA-GARCH Applications Background: Agricultural products market policies in Ethiopia have undergone dramatic changes over
More informationFitting financial time series returns distributions: a mixture normality approach
Fitting financial time series returns distributions: a mixture normality approach Riccardo Bramante and Diego Zappa * Abstract Value at Risk has emerged as a useful tool to risk management. A relevant
More informationA Non-Random Walk Down Wall Street
A Non-Random Walk Down Wall Street Andrew W. Lo A. Craig MacKinlay Princeton University Press Princeton, New Jersey list of Figures List of Tables Preface xiii xv xxi 1 Introduction 3 1.1 The Random Walk
More informationMOHAMED SHIKH ABUBAKER ALBAITY
A COMPARTIVE STUDY OF THE PERFORMANCE, MACROECONOMIC VARIABLES, AND FIRM S SPECIFIC DETERMINANTS OF ISLMAIC AND NON-ISLAMIC INDICES: THE MALAYSIAN EVIDENCE MOHAMED SHIKH ABUBAKER ALBAITY FACULTY OF BUSINESS
More informationBIS working paper No. 271 February 2009 joint with M. Loretan, J. Gyntelberg and E. Chan of the BIS
2 Private information, stock markets, and exchange rates BIS working paper No. 271 February 2009 joint with M. Loretan, J. Gyntelberg and E. Chan of the BIS Tientip Subhanij 24 April 2009 Bank of Thailand
More informationEmpirical Research on the German Capital Market
Empirical Research on the German Capital Market Contributions to Management Science Harald DyckhofflUte Finke Cutting and Packing in Production and Distribution 1992. ISBN 3-7908-0630-7 Richard Flavell
More informationGHANA REVENUE AUTHORITY ANNUAL RETURN ON TRANSFER PRICING TRANSACTIONS YEAR OF ASSESSMENT
GHANA REVENUE AUTHORITY I V ANNUAL RETURN ON TRANSFER PRICING TRANSACTIONS YEAR OF ASSESSMENT GHANA REVENUE AUTHORITY ANNUAL RETURN ON TRANSFER PRICING TRANSACTIONS This return forms part of Form 22A &
More informationChapter 6 Simple Correlation and
Contents Chapter 1 Introduction to Statistics Meaning of Statistics... 1 Definition of Statistics... 2 Importance and Scope of Statistics... 2 Application of Statistics... 3 Characteristics of Statistics...
More information