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Second, annual meeting dates were a
Second, annual meeting dates were also obtained from the Moody’s Manuals. For each company the mean price ratio five months, four months, three months, two months and one month before the annual meeting was compared with the mean price ratio one month and two months after the annual meeting. Again the results were inconclusive.
Third, the month-end price ratios were examined for the twelve months preceding the retirement of the two classes of shares. For six companies in categories 1 and 2 our price data included the month immediately preceding the retirement of the two classes of shares. In all six cases the explicit payoffs to both classes at(retirement were identical. Twelve months prior to
retirement the average month-end price ratto of the six firms was 1.028. Six months prior to
retirement the average ratio was 1.014. During the month immediately preceding retirement the
average price ratio was 1.005. At that time the largest of the six price ratios was 1.015 and three of the six ratios were 1.000. The decline in average price ratios over the twelve months prior to retirement suggests that the present value of incremental benefits decreases after the
announcement that the two classes of shares are to be retired on identical terms. These average
ratios do not identify the source of the price differences twelve months prior to retirement, but the general decline in the average ratio prior to retirement suggests that the differences between the valuations of the classes represent the present value of a stream of incremental benefits into the future.
Third, the month-end price ratios were examined for the twelve months preceding the retirement of the two classes of shares. For six companies in categories 1 and 2 our price data included the month immediately preceding the retirement of the two classes of shares. In all six cases the explicit payoffs to both classes at(retirement were identical. Twelve months prior to
retirement the average month-end price ratto of the six firms was 1.028. Six months prior to
retirement the average ratio was 1.014. During the month immediately preceding retirement the
average price ratio was 1.005. At that time the largest of the six price ratios was 1.015 and three of the six ratios were 1.000. The decline in average price ratios over the twelve months prior to retirement suggests that the present value of incremental benefits decreases after the
announcement that the two classes of shares are to be retired on identical terms. These average
ratios do not identify the source of the price differences twelve months prior to retirement, but the general decline in the average ratio prior to retirement suggests that the differences between the valuations of the classes represent the present value of a stream of incremental benefits into the future.
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Ngày thứ hai, hàng năm cuộc họp cũng đã thu được từ Moody's hướng dẫn sử dụng. Cho mỗi công ty có nghĩa là giá tỷ lệ năm tháng, bốn tháng, ba tháng, hai tháng và một tháng trước khi cuộc họp thường niên được so sánh với tỷ lệ giá có nghĩa là một tháng và hai tháng sau khi hội nghị thường niên. Một lần nữa các kết quả đã không quyết định.Thứ ba, kết thúc tháng giá tỷ lệ đã được kiểm tra trong 12 tháng ngay trước sự nghỉ hưu của các lớp học hai cổ phiếu. Cho các công ty sáu ở thể loại 1 và 2 dữ liệu giá của chúng tôi bao gồm tháng ngay trước sự nghỉ hưu của các lớp học hai cổ phiếu. Trong tất cả sáu trường hợp kết quả rõ ràng để cả hai lớp học tại (quỹ hưu trí là giống hệt nhau. 12 tháng trướcnghỉ hưu vào cuối tháng trung bình giá ratto của công ty sáu là 1.028. Sáu tháng trướcnghỉ hưu tỷ lệ trung bình toàn là 1.014. Trong tháng ngay trước quỹ hưu trí cácgiá trung bình tỷ lệ là 1.005. Tại thời điểm đó lớn nhất của các tỷ lệ sáu giá là 1.015 và ba trong số sáu tỷ lệ là 1.000. Sự suy giảm trong tỷ lệ giá trung bình trong tháng mười hai trước khi nghỉ hưu cho thấy rằng giá trị hiện tại của các lợi ích gia tăng giảm sau khi cácthông báo rằng hai lớp học của cổ phiếu phải được nghỉ hưu vào ngày điều khoản giống hệt nhau. Làtỷ lệ không xác định nguồn gốc của sự khác biệt giá mười hai tháng trước khi nghỉ hưu, nhưng sự suy giảm chung trong tỷ lệ trung bình toàn trước khi nghỉ hưu cho thấy rằng sự khác biệt giữa các giá trị của các lớp học đại diện cho giá trị hiện tại của một dòng của các lợi ích gia tăng trong tương lai.
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Second, annual meeting dates were also obtained from the Moody’s Manuals. For each company the mean price ratio five months, four months, three months, two months and one month before the annual meeting was compared with the mean price ratio one month and two months after the annual meeting. Again the results were inconclusive.
Third, the month-end price ratios were examined for the twelve months preceding the retirement of the two classes of shares. For six companies in categories 1 and 2 our price data included the month immediately preceding the retirement of the two classes of shares. In all six cases the explicit payoffs to both classes at(retirement were identical. Twelve months prior to
retirement the average month-end price ratto of the six firms was 1.028. Six months prior to
retirement the average ratio was 1.014. During the month immediately preceding retirement the
average price ratio was 1.005. At that time the largest of the six price ratios was 1.015 and three of the six ratios were 1.000. The decline in average price ratios over the twelve months prior to retirement suggests that the present value of incremental benefits decreases after the
announcement that the two classes of shares are to be retired on identical terms. These average
ratios do not identify the source of the price differences twelve months prior to retirement, but the general decline in the average ratio prior to retirement suggests that the differences between the valuations of the classes represent the present value of a stream of incremental benefits into the future.
Third, the month-end price ratios were examined for the twelve months preceding the retirement of the two classes of shares. For six companies in categories 1 and 2 our price data included the month immediately preceding the retirement of the two classes of shares. In all six cases the explicit payoffs to both classes at(retirement were identical. Twelve months prior to
retirement the average month-end price ratto of the six firms was 1.028. Six months prior to
retirement the average ratio was 1.014. During the month immediately preceding retirement the
average price ratio was 1.005. At that time the largest of the six price ratios was 1.015 and three of the six ratios were 1.000. The decline in average price ratios over the twelve months prior to retirement suggests that the present value of incremental benefits decreases after the
announcement that the two classes of shares are to be retired on identical terms. These average
ratios do not identify the source of the price differences twelve months prior to retirement, but the general decline in the average ratio prior to retirement suggests that the differences between the valuations of the classes represent the present value of a stream of incremental benefits into the future.
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- ฉันจะรวย
- I dont Care
- Amusement ParkWorke* Morey’s Piers is wi
- لا مستحيل
- Fell
- การเป็นนักบินเป็นงานที่น่าสนใจและได้เงิน
- 閉じる
- A final caveat is in order. Although our
- There may, of course, be other ways in w
- A final caveat is in order. Although our
- 閉じる
- การเป็นนักบิน
- Pigeons don’t care if you are hit band K
- the6th Research Framework of the Europea
- 干脆
- argue
- ฉันเป็นห่วงคุณ
- * Morey’s Piers is within a 3.5-hour dri
- There may, of course, be other ways in w
- Results (Thai) 2:ฉันจะทำอย่างไรที่จะแก้ไ
- while A. L. B., H. M. M. andA. M. G. had
- Care
- ตกหลุมรัก
- การเป็นนักบินเป็นงานที่น่าสนใจและได้เงิน
