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Criteria for Judging the Performance of Capital Markets
John G Gurley
Lawrence S Ritter
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Advance-Decline Line analysis assets assumed assumption banks behavior bonds call-free yields callable cash coefficient common stock companies computed contest corporate corporate bonds correlation costs coupon curve discount dividends economic empirical Equation equilibrium equity error estimate evaluation expected return expected value Figure firms forecast formula future growth rate growth stocks hypothesis income increase indicate industry insider insider trading interest rates investment investors issues loanable funds market average market price market value measure mutual funds normal number of shares NYSE payout percent performance period portfolio post-SEC price changes price-earnings ratio primary securities problem profits purchases random walk rate of return regression relative retained earnings risk premium risky sample selected share prices speculative spot rates standard deviation statistical Stigler stock market stock prices Table term structure tests theory tion trading transactions valuation variables variance wealth ratios York Stock Exchange zero