Talent schools found evidence of schools that consistently produce outstanding students even after allowance is made for the different initial endowments of their students and for chance variation.-Methodologically, like many previous studies, this report uses regression analysis of achievement data, but focuses on statistical outliers rather than central tendencies. Three tools of analysis were used to examine the residuals: (1) Histograms of residuals, showing no immediate evidence of eAtreme overachievers. (2) Comparisons, over different grades and years. of the number of schools that consistently over-achieved with the number expected assuming all residual variation was random. Evidence of unusually effective schools was found. (3) Comparisons of background characteristics of the hypothesized over-achieving schools with those of the average school. Outstanding Michigan schools tended to have smaller class sizes, more teachers earning over $11,000, and more teachers with greater than five year's experience. (Author)
Does IPO stand for Instant Profit Opportunity or It’s Probably Over-priced? The conundrum is that both answers are generally correct. The answer appears to depend on the investor’s investment horizon. This realization provides an enigma for the Efficient Market Hypothesis (EMH) proponents. It is widely known that initial public offering (IPO) stocks in the past have typically been underpriced, thereby allowing the fortunate purchaser to buy the shares in the primary market and systematically beat the stock market averages. This phenomenon is evidenced by the average one-day returns on IPOs of 15% and presents a puzzle to efficient market advocates. Behavioral finance posits that the same underpriced IPO stocks will under-perform the market and deliver substandard performance during the ensuing one to three years. At a minimum, the “new-issues puzzle” presents a challenge to the EMH and has given rise to many class-action stockholder lawsuits alleging illegal price manipulation. Why under-pricing systematically happens and why issuing firms/major shareholders choose to leave copious amounts of money on the table is not well explained by traditional financial theory. Behavioral finance melds together investor psychology and normative financial theory in an attempt to explain this market enigma.
First published in 1968, this article examines possible change in the government procurement regulatory framework that could conceivably confer public utility status on the producers of major weapon systems. The author posits that applying public utility regulation could not ameliorate the regulatory problem, and the best solution to procurement regulation is to minimize the need for it.
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