In this research, efficiency of Iranian forest and rangeland decision making unit was assessed using non-parametric method. Inputs and outputs determined by field research and with applying a Delphi method the final input and output variables selected. Forty five wood-producing units (forestry plans) in three northern Iranian province were studied using Data Envelopment Analysis. The efficiency...

paper studies the impact of the liquidity, underpricing and ownership up on both the short term and long term performance of the initial public offer (ipo) stocks in the equity markets of india. empirical analysis is undertaken to study the impact of liquidity, underpricing and ownership on performance of ipo stocks. multiple regression analysis is undertaken for analyzing the impact. it is fou...

Stock-based compensation puts managers in the position of having, at some point, to sell stock. The prevalence of stock-based compensation in the 1990s allegedly created incentives for managers to hype their companies’ stock price by manipulating earnings before selling stock. Consistent with this conjecture, we find that managers tended to inflate earnings prior to selling stock. Moreover, the...

In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent imp...

The 1990s were remarkably good to U.S. stockholders. Stock returns for the decade averaged 16.1 percent per year, almost twice the historical average of 8.7 percent. The decade began modestly enough, yielding a 5.9 percent annual return to equity from 1990 to 1995, but it f inished exceptionally strong, with an astonishing 26.3 percent average annual return from 1996 to 1999. As returns mounted...

This paper surveys the recent literature on the causal relationship between education and earnings. I focus on four areas of work: C theoretical and econometric advances in modeling the causal effect of education in the presence of heterogeneous returns to schooling. C recent studies that use institutional aspects of the education system to form instrumental variables estimates of the return to...