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Focuses on the move of the author to compute and analyze rate of return. Claim of the author on the lack of attention given to the rate of return; Role of rate of return as basis of determining changed needs of investor and consumer; Use of any rate of return as payment for three services: interest, assumption of risk, and the cost of raising capital; Emphasis of the author of the desirability of a flexible rate of return.

Focuses on issues concerning on rate of returns. Details on general equilibrium models; Assumptions on pricing policies; Relation between aggregate capital and profit rates.

In this paper alternative approaches to intertemporal allocation and prices are considered (Section I) and used to reject some claims and criticisms on the equality of transformation rates and relative prices in an intertemporal framework appeared in recent literature (Section II). It is argued that the extension of conventional results to the intertemporal case is prevented by the nature of intertemporal exchange in a capitalist economy (Section III).
In recent economic literature a number of conflicting views have been expressed about the equality between interest rates, rates of return on investment, and rates of time preference; and about the very notion of internal rate of return. R.M. So-Low regards such equality as a particularly significant result, and treats the notion of the internal rate of return as the very foundation of capital theory (1963, 1966, 1967). L.L. PASINETTI denies that such an equality can hold even within the Fisherian framework (1969). C.R.S. DOUGHERTY vindicates the legitimacy of the Fisherian approach and claims it is 'dynamic', and regards the internal rate of return as an element of a 'search rule' for consumption optimization. In this paper alternative approaches to intertemporal allocation and prices are considered (Section 1) and used to reject these claims and criticisms on the equality of transformation rates and relative prices in an intertemporal framework, while the internal rate of return appears to have neither theoretical nor operational significance (Section 2). It is argued that the extension of conventional results to the intertemporal case is prevented by the nature of intertemporal exchange in a capitalist economy, namely by the absence of markets for future manufactured commodities. Since money is the only forward market extant (with the exception of forward markets for a handful of primary products) interest rates cannot be considered to measure rates of return on or preference rates for anything other than... [ABSTRACT FROM AUTHOR]

This article informs that the Excess Profits Tax Act of 1950 was enacted to help meet the need for revenue by taxing corporate profits considered attributable to current mobilization spending. All corporation net income is made subject to the normal tax and surtax, and, in addition, profits above "normal" are taxed at the "excess" profits rate of thirty percent. The statute permits corporations which come within standards defining an abnormally low base-period earnings record to calculate the tax on a substitute earnings record derived from the base-period rate of return for the taxpayer's industry. The use of an industry rate of return as a substitute for actual earnings by corporations having a subnormal base-period profits record represents a sharp departure from the World War II method of measuring relief.

A major disadvantage of using mail questionnaires to obtain research data is the possibility of a very low rate of return. In a study of hospitalized patients, personal face-to-face contact with respondents by a sponsor of a study before questionnaires were mailed was found to be an effective method for increasing returns. This technique appears suited for research in the health fields where patients may be contacted while they are under medical care, and then later mailed a questionnaire concerning information about their activities and behavior when they are no longer under treatment. [ABSTRACT FROM AUTHOR]

In this article we present some empirical evidence which indicates that attempts to represent the probability distribution of the rates of return on common stocks by a member of the stable Paretian family of distributions, with 1 < alpha < 2, may be misleadingand in fact may not produce an adequate fit to observed rates of return. We offer an alternative probability model for describing rates of return based on the hypothesized phenomenon of a changing variance. We test the "goodness of fit" of our model vis-a-vis a stable Paretian model for several series of rates of return, Finally we propose an extension of the stability test of Fama and Roll [6]. [ABSTRACT FROM AUTHOR]

The article focuses on the progress of the law on no par value stock. The device of stock without par value may be regarded as the result of efforts to mitigate the frauds on investors sometimes attending the sale to the public of par value stock. It has been strongly attacked and warmly defended. Without analyzing in detail the arguments advanced by its opponents or friends, it seems sale to say that it increases the difficulties of selling a piece of paper to the gullible for more than its real worth. From the legal point of view a certificate of no par value stock is closer to truth than one alleging a fixed value.

This article documents the biases in using sample arithmetic or geometric means of one-period returns to assess long-run expected rates ot return. The formulas developed are applicable to other compound growth processes. For types of distributions of one-period returns likely to be encountered for bonds and stocks, numerical values for these biases are given. Four unbiased estimators of long-run expected rates of return are developed and their relative efficiency examined. [ABSTRACT FROM AUTHOR]

This paper examines the intelligibility of conversational speech by excising words from the fluent stream of speech. In a companion study, the paper examines the intelligibility of words removed from prescribed text spoken fluently at different rates. The method of varying the talker's rate of utterance was through instruction and coaching. In conversational speech, however, rate of utterance is varied by the talker for many reasons, such as the emphasis desired, mood, personal habit, and the speed with which the talker can organize what he wants to say.

El Llano is the southwestern quarter of the State of Aguascalientes in Mexico. Its economy in 1962 and 1963 was based upon three major activities: corn and bean farming, dairying, and export of labor services to the United States. The low levels of per family income found in the region were caused by low levels of productivity of corn and bean agriculture, for two reasons. First, income from corn and beans formed nearly half the gross regional income. Second, several of the other sources of regional income were technically tied to the level of harvest of corn and beans owing to the use of the harvest and its by-products as inputs to the other activities. The level of productivity in the cultivation of corn and beans was very low primarily owing to two causes. El Llano is located on the arid margin of corn and bean agriculture in Mexico. Also, the level of traditional technology is primitive. Moreover, El Llano's farmers were cultivating their land so intensively that the marginal productivity of labor was zero and the marginal productivity of capital was equal to its marginal cost. A market for fluid milk developed just prior to the period of the study (1962-1963) through construction of farm-to-market roads and the opening of a powdered milk plant by the Nestle Corporation in the vicinity. The rate of return to investment in dairying was more than four times the rate of return to an equivalent investment in corn and bean cultivation. Investment funds were obtained by many of the region's families by performing contract labor services in the United States. The rate of growth of income from dairying as a proportion of gross regional income was less than optimal given the high rates of return to investment in dairying. The United States terminated the large scale importation of Mexican farm laborers in 1965, so this source of investment funds has been eliminated. The general future of El Llano's economy is bleak unless the process of conversion from corn and bean agriculture to some form of animal husbandry is continued. [ABSTRACT FROM AUTHOR]

The article discusses on the effect of the recent decisions of the supreme court on reproduction cost as a test of value. The recent Supreme Court cases would appear to have settled one important question of constitutional law, and to have raised without settling one equally, perhaps more, important question of evidence. Unless the Supreme Court sees fit to substitute the views so forcibly expressed in the minority opinion in the South-Western Telephone case for the less skillfully presented majority opinion, that they must assume that the present value of the company's property, rather than the capital invested in the business, is to be taken as the base value in a rate case.

Returns and findings from three strategies of data collection are compared. Each strategy contains personal interviews, telephone interviews, and mail questionnaires in different combinations--one mainly personal, one mainly telephone, and one mainly mail. All three strategies are based on area probability samples of households in Alameda County, California. The test was made on two separate studies, with identical questionnaires used in all strategies within each study. The responses from the three strategies were found to be highly comparable. Rate of return and rate of completeness of questionnaires were high for all three; substantive findings were virtually interchangeable; and there was little difference in validity. The only important difference was cost per interview which varied considerably by strategy. [ABSTRACT FROM AUTHOR]

The article presents an analysis of changes in the relative importance of member bank loan and security income in the United States. Prior to 1943, member banks in the United States relied upon interest and discount on loans for, the largest portion of their total current operating earnings. Since 1943, however, interest and dividends on securities have contributed the largest, percentage of total current earnings. The major reasons for this decline in the importance of loan income are well known. The sharp decline in security values following the stock market crash in 1929 forced the liquidation of many loans for purchasing or carrying securities. As a result of these developments, income from loans has declined significantly in importance as an income factor for banks. Although loan income declined in importance from 65.2 percent of total current earnings in 1929 to 30.1 percent in 1944, the trend was not, steadily downward throughout the entire period. The decline in the relative importance of loan income is the result of several causes. The relative importance of loans to total earning assets has declined. Likewise, there has been a consistent downward pressure on the rate of return on loans, particularly agricultural loans.

The Lockheed Airline System Simulation is discussed as a step-by- step evaluation of the economics of different ways of routing passenger travel demand. Interacting items that are discussed include forecast passenger traffic demand, persistence of demand, purpose of travel, passenger preferences toward fare and speed, aircraft characteristics, flight frequency, route interaction, and competitive and regulatory influences. Also discussed are specific uses of the simulation program during the design of the supersonic transport. The first use is in determining the optimum SIST size, speed and sonic boom characteristics. The impact of a refined SST on the air transport environment is then discussed. This latter subject is presented in terms of airplane requirements, load factors, airline earnings and airline return on investment. [ABSTRACT FROM AUTHOR]