The Myth of the Earnings Yield Essay written by Sam Vaknin Sam Vaknin's Psychology, Philosophy, Economics and Foreign Affairs Web Sites A very slim minority of firms distribute dividends. This truism has revolutionary implications. In the absence of dividends, the foundation of most - if not all - of the financial theories we employ in order to determine the value of shares, is falsified. These theories rely on a few implicit and explicit assumptions: (a) That the (fundamental) "value"
High Yield-Bonds A bond is debt to whoever sells the bond to an inventor. If you buy an IBM bond, you are loaning money ($1000) to IBM instead of a bank loaning money to them. Just like a bank, you are going to charge IBM interest on your money, as well as a return of principle when the loan is due (ten years later). The company does not go to the bank to borrow the money, because the bank will rate the company as a high risk company. Hence, banks are really tight with their money. High yields
Jim Mannoia found himself stuck in traffic on a Los Angeles freeway, his left leg aching from maneuvering the heavy standard transmission in the stop-and-go traffic, sweltering in the heat because his air conditioner was not working and the vehicle was beginning to overheat at the engine level as well as inside the passenger compartment. Worst of all was that the radio was not working. Feeling rightly miserable, he noticed a BMW in the lane beside him, its windows rolled up tight against the heat
The high yield bond is a bond that features higher returns but with a lower credit rating than typical investment-grade bonds. These bonds can also be referred to as ‘junk bonds’ that are rated as below investment grade by organizations such as Moody’s and Standard and Poor’s. [Appendix #1] Generally, companies that issue high yield bonds may receive their rating due to a few characteristics, such as being less established than typical household brands, showing weak financial performance or they
methyl-3-phenyl-2-propenoate was prepared using a Wittig reaction. Benzaldehyde and methyl (triphenylphosphoranylidene) acetate were used to give a final product. 0.33g of methyl3-phenyl-2-propenoate was found at the end of the experiment therefore the percentage yield of methy-3-phenyl-2-propenoate is 62%. The Rf value of benzaldehyde was found to be 0.85. The Rf value for methyl-3-phenyl-2-propenoate was found to be 0.83, the Rf values are almost the same therefore the product does contain benzaldehyde. The solvent
substances produced are called yields. The amounts calculated according to stoichiometry are called theoretical yields whereas the actual amounts are called actual yields. The actual yields are often expressed in percentage, and they are often called percent yields. In this experiment we combined sulfuric acid and aqueous barium chloride to produce a precipitate, barium sulfate and hydrochloric acid. The precipitation was isolated by filtration and theoretical yield was calculated. We predicted the
Corporate Strategy "Sources of competitive advantage rarely yield added value that can be sustained over time." The following essay is going to attempt to assess the above proposition and try to find if it is possible to add value continually over a period of time. I will first discuss what competitive advantage is and what it means to a firm. Then I will explain the sources of competitive advantage and how the distinctive capabilities of a firm allow it to sustain added value. The discussion is
Relative Reactivity of Anilines Abstract: Various Anilines were tested with Br2/HBr solution, the products were crystallized and melting points attained to verify relative reactivity. My assignment, 2,4-Dibromoanisol, was prepared in a yield of 52% with a melting point of 55-58 C . Reaction: Mechanism: Procedure: Anisole (0.35mL, 0.0378mol) was obtained and placed in a pre-weighed 25 mL round bottom flask, along with 2.5 mL of glacial acetic acid and a magnetic stir bar. Then the
this is the continuation of the third practical and involves distilling the mixture to obtain a reasonably pure sample of ethanoic acid. The final practical is the filtration of ethanoic acid solution; this involves determining the actual % yield of ethanoic acid by titration against 0.05 M sodium hydroxide. Practical one Equation yeast will carry out anaerobic respiration, using the glucose to enable it to grow and multiply. The equation above shows what the yeast will accomplish
present in the contaminated soil; calculating the amount of lead present in the original contaminated sample; filtering out the solid precipitate; and measuring the actual yield of lead (II) nitrate, percent composition of lead, percent error in producing lead (II) nitrate, predicting the limiting reactant and theoretical yield of lead iodide. In order to complete the objectives, the sand and the
but they have a much lower meat yield on the inside. Most adult lobsters molt from June to September depending upon location and water temperatures. Hard-shell lobster is a lobster with an old shell whose body has completely filled its shell. A hard-shell lobster is a fully meated lobster which is mainly caught during the winter and spring months of the fishing season. During these months, lobsters are at their peak health and condition, and the meat yields are at their highest. Why do consumers
deviation while the other potential investments have lower expected return and consequently a lower standard deviation. 4. a) A portfolio between TECO – Gold Hill’s would yield a expected return of 11.2%, with a standard deviation of 2.9%, and coefficient of variation of 0.26. Compared to TECO, this portfolio yields a lower return because Gold Hill’s expected return is low and that brings the average between the two down. The opposite occurs to Gold Hill’s expected return because TECO’s
Preparing Benzoic Acid from Benzylalcohol Planning (a) Problem The aim of this experiment is to synthesize benzioc acid, with the highest possible yield, by oxidizing benzylalcohol. Hypothesis We expect the percentage yield to be about 50% due to several processes such as cooling and filtering. Possible Variables - Time - Temperature (of water) - Filter Planning (b) Apparatus/ Materials - Round bottomed flask under reflux - benzylalcohol - HCl - Na2O4
some chemicals, but not much. After the seed is purchased, is only the beginning of the process to buy the other materials. Next comes the machinery. Today an average cotton picker sells for three hundred thousand dollars. The average farmer will yield a crop that will make him about thirty-five thousand dollars a year, not including the extra intense labor that he may use on the equipment itself. Chemicals can be quite costly as well, ranging from hundreds to thousands of dollars. With these chemicals
to pay workers reasonable wages, they could not yield a profit. Also, in the South, it was hard, rough work in the hot sun and very few whites were willing to do the work, therefore, most plantation owners purchased slaves to work the land. The plantation owner gave the slaves shelter and a small food allowance as a salary. Thereby, the plantation owner "saved" his money to invest in more land, which of course required more slaves to continue to yield a larger profit. An economic cycle was created
help lower the chance in having the unreacted substances stuck to the sides of the glassware, consequently lowering the yield. Moreover, the addition of Br2 ideally should be from a fresh batch and free of contaminants; this goes the same for trans cinnamic acid. Having all reagents react in optimal conditions is what further increases the probability of obtaining a higher yield in recrystallized product and a melting point closer to that of the expected product.
consist of prophecies ranging in time from his present to the end of the world. In Centuries there were one thousand quatrains, or verses of four lines each. One which was particularly amazing was this: A Captain of great Germany, Shall come to yield himself by stimulating help, To the Kings of Kings with the help of Hungary, So that his revolt shall cause great bloodshed. This quatrain has been interpreted, in modern day, to mean that Hitler shall involve Hungary in a great battle with much
of our unknown concentration (0.317 A) plotted, we estimated a concentration of around 0.84 mg/mL of protein. Our calculations indicated a quantity of 168 mg of protein, which was an approximately 8.96% yield of the projected 1875 mg that was expected. Errors that may have led to this small yield percentage may have stemmed from our previous lab and our initial attempts to extract the desired amount of protein. Introduction: Within this experiment we wish to facilitate a greater understanding
servant. (64) 'You must not be led away by the advice of such citizens as these, nor be angry with me; for the resolution in favour of war was your own as much as mine. What if the enemy has come and done what he was certain to do when you refused to yield? What too if the plague followed? That was an unexpected blow, but we might have foreseen all the rest. I am well aware that your hatred of me is aggravated by it. But how unjustly, unless to me you also ascribe the credit of any extraordinary success
their crop yield. This caused the smaller farmers to be left behind. The small farmers could no longer compete and were forced give up their farms and look for jobs in the cities. The smaller farmers who stayed blamed their troubles on banks and railroads. In the 1890’s western and southern farmers came together to make up the political party called the Populist Party. Their plan was to take control of the White House; then they could solve all their problems. The increase in crop yield caused a change