Showing papers on "Stock (geology) published in 1971"
180 citations
Book•
01 Jan 1971
TL;DR: The growth of UK financial institutions and changes in the financial environment 1880-1962 as discussed by the authors, and the growth of the UK Money Stock, Household Encashable Assets and Financial Sector Credits by End Use.
Abstract: 1. The growth of UK financial institutions and Changes in the Financial environment 1880-1962 2. The growth of the UK Money Stock, Household Encashable Assets and Financial-sector Credits by End Use 1880-1962 3. Asset Preferences and the Money Supply in the United Kingdom 1880-1962 4. Estimation of Income Velocity, Asset Preferences and the Supply of Selected Institutional Liabilities in teh UK 1880-1962 5. Money, Encashable Assets, Private Institutional Credites and Private Expenditure in the UK 1880-1962 6. Conclusion: Some Historical Findings and Some Theoretical and Practical Implications
98 citations
60 citations
TL;DR: The AICPA guideline states that distributions below 20% to 25% should be recorded as dividends, while those above this range should be considered as splits as mentioned in this paper, which is based on observations of market price action related to stock dividends and stock splits.
Abstract: In 1968, a record number of 276 companies listed on the New York and American Stock Exchanges split their shares or made a stock distribution of at least 20%. The previous all-time high was 193 in 1966 (compared to only 151 in 1967). The recent decline in economic activity and corporate profits has also motivated some managements to omit their cash dividends and make stock distributions instead. The trend toward greater stock distributions calls attention to the importance of the accounting treatment for such transactions. In chapter 7B of its Accounting Research Bulletin No. 43,1 the AICPA distinguishes common stock distributions which should be considered stock dividends from those which should be considered stock splits. The AICPA guideline is that distributions below 20% to 25% should ordinarily be recorded as dividends, while those above this range should ordinarily be recorded as splits.2 This division supposedly meets the different purposes of stock dividends and stock splits and is based on observations of market price action related to stock dividends and stock splits. The purpose of this paper is to report on one type of statistical test which might be used to verify the 20-25% guideline.
27 citations
TL;DR: A survey of practitioners' stock evaluation methods can be found in this article, with a focus on stock valuation methods and their application in stock market analysis, including the survey of Practitioners' Stock Evaluation Methods.
Abstract: (1971). Survey of Practitioners’ Stock Evaluation Methods. Financial Analysts Journal: Vol. 27, No. 3, pp. 55-60.
19 citations
17 citations
10 citations
TL;DR: A closed underground water supply whose annual recharge is insignificant relative to its annual withdrawal is a stock resource subject to eventual economic exhaustion as mentioned in this paper, and it is a common property resource because its users tap the same reservoir.
Abstract: A closed underground water supply whose annual recharge is insignificant relative to its annual withdrawal is a stock resource subject to eventual economic exhaustion. Furthermore, it is a common property resource because its users tap the same reservoir. Economists have expressed their concern over the intertemporal misallocation of such fugitive resources, arising from a possible divergence between social and private costs [5, 6, 7, 8, 9]. While the practical determination of the marginal social cost of a ground water stock at different points in time is a formidable task, economists have suggested methods of evaluating ground water as a stock resource [5,7,9].
8 citations
TL;DR: In this article, the effect of reported earnings per share (EPS) on stock prices has been discussed, and it has been shown that the reverse effect of stock price upon EPS has been considered.
Abstract: There has been much discussion in past years about the effect of reported earnings per share (EPS) on stock prices.' With the issuance of APB 15, however, the structure of accounting was such that there is now reason to consider the reverse effect of stock price upon earnings per share. That is, for a firm with outstanding warrants or options having an exercise price below the current market price of its stock, use of the "treasury stock" method of computing "primary earnings per share" as required in APB 15 leads to a situation in which stock prices can influence earnings per share. This dependence of the proposed EPS computation upon market data and pro forma information raises the question of how to report the potential dilution effect when stock prices and earnings per share are interdependent.
6 citations
Book•
15 Mar 1971
TL;DR: Brealey's "An Introduction to Risk and Return from Common Stocks" (The MIT Press, 1969) is a sequel to as mentioned in this paper, although it is fully self-contained and can be read independently.
Abstract: This book is a sequel to "An Introduction to Risk and Return from Common Stocks" (The MIT Press, 1969), although it is fully self-contained and can be read independently. Both books describe in non-technical language the behavior of common stock prices as revealed by formal statistical work. In the process they offer a broad survey of recent quantitative academic research on the subject, much of which is currently in an inaccessible form.The earlier book, which the "New York Times" says "rates high as reading for every professional investor," was concerned with the basic factors affecting risk and return from common stocks. The present work is concerned primarily with unusual factors that may influence the value of an investment. It is divided into three parts: the first considers various company decisions that may affect the price of its stock (decisions on capital structure, dividend policy, and acquisitions); the second looks at particular types of activity in the stock (insider trading, short selling, and secondary distributions); while the third considers securities that are convertible to common stock.Richard Brealey continues to cover new ground. Little of the material in this book can be found in existing investments texts, and like his first book, it should provide an invaluable source of information for the professional investor and may well be received in the same spirit.
01 Jan 1971
TL;DR: In this paper, a disaggregative model of a stationary state with a von Neumann type technology is discussed, which allows for scarce primary inputs, and for consumption good outputs that enter into a utility function.
Abstract: The paper discusses a disaggregative model of a stationary state with a von Neumann type technology The model allows for scarce primary inputs, and for consumption good outputs that enter into a utility function The stationary state results from maximization of the sum of all future utilities discounted by a given annual discount factor α, either in a sufficiently distant future regardless of the initial capital stock, or at all times if the initial stock is just right The dependence of the self-preserving capital stock on α is discussed
01 Jan 1971
Posted Content•
TL;DR: Stallman investigated the effect of allocating or not allocating common costs as these allocations are reflected in divisional income calculations as mentioned in this paper, and reported that statistically significant differences in stock valuation esti-
Abstract: Stallman investigated the effect of allocating or not allocating common costs as these allocations are reflected in divisional income calculations. Questionnaire packets, containing two sets of corporate data and a request for numerous judgments, were sent to a random sample of members on the rosters of the Financial Analysts Federation and the Institute of Chartered Financial Analysts. A total of 121 respondents provided analytically usable data (for a response rate of 11.33 percent). With regards to the sample, McDonald suggested that, "if the experiment is repeated, some less sophisticated inventors should be included." 2 The reported results were based on the respondents' judgments of an estimated long-run investment value for a share of stock. Analysis revealed that statistically significant differences in stock valuation esti-
01 Jan 1971
TL;DR: In this article, the authors compared the relative importance of proximate determinants for causing changes in bank liabilities over a period in which the money stock decreased at a very slow rate and banking crises were prevalent and serious.
Posted Content•
TL;DR: In this article, it is argued that this possibility of stock disequilibrium is in fact the crucial point of departure from the neoclassical scenario, and by considering the implications of stock-disequilibrium on the demand behavior of the economic agents, the KW and NE approaches are more easily reconcilable.
Abstract: Keynes-Wicksell models are one of the approaches to monetary growth theory. The essential features of the KW models are independent investment savings decisions, and the explicit representation of a price equation in which prices rise only in response to excess demand in the goods market. Then, from Walras' law, corresponding to the excess demand in the goods market there must be excess flow supply in the money market. Jerome Stein then treats the special case where the flow excess supply of money corresponds to a stock excess supply of money, and hence prices move in response to stock disequilibrium in the asset markets. It is argued here that this possibility of stock disequilibrium is in fact the crucial point of departure from the neoclassical scenario, and by considering the implications of stock disequilibrium on the demand behavior of the economic agents, the KW and neoclassical approaches are more easily reconcilable. Specifically,adjustment costs are explicitly introduced to explain the stock disequilibrium, and wealth holders act to adjust their asset holdings in an optimum manner along an equilibrium path. That is, the flows dominate in the short run, and flow equilibrium is sustained. Long run equilibrium is characterized by stock equilibrium in addition to flow equilibrium. It is the purpose of this note to explicitly analyse the flow aspects of a simple model which reflects the essential details of that used by Stein and to derive simple dynamics of price change consistent with possible stock disequilibrium.
TL;DR: In the traditional economic theory of the firm, the shape and position of the market demand curve for any commodity is determined by the consumption decisions of individual consumers as discussed by the authors, in which consumers have to make comparisons and selections from many different commodities.
Abstract: In the traditional economic theory of the firm the shape and position of the market demand curve for any commodity is determined by the consumption decisions of individual consumers. In making these decisions, consumers have to make comparisons and selections from many different commodities. It is assumed that they use a utility function for this purpose: a function which indi cates the amount of satisfaction that a consumer receives from various amounts of different commodities.
01 Jan 1971