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E. Malinvaud, A. Silvey (1972)
Statistical Methods of Econometrics. by E. MalinvaudJournal of the American Statistical Association, 67
Michael Schiff (1966)
ACCOUNTING TACTICS AND THEORY OF FIRMJournal of Accounting Research, 4
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. .. .. where E is an expectation operator. The martingale is a specific case of a submartingale. The sequence {Y,} i a martingale if s E Y + IYo,.,Yt) Yt (,, .. = 663 f o r d t. The Joiimal of Finance smoothing. To our knowledge, no study has addressed the possible futility of alleged smoothing practices. As it is presented in the literature, smoothing is an attempt to reduce the variance of income around its expectation. Income is assumed to be generated by a process whose expectation is constant or is a deterministic function of time? For example, Schiff writes [36, p. 661 : Some years ago, Boulding referred to the âhomeostasis of the balance sheet-that there is some desired quantity of all the various items in the balance sheet, and that any disturbance of this structure immediately sets in motion forces which restore the status quo.â I t can be suggested that we now have a âhomeostasis of earnings per shareâ and that the application of generally accepted accounting principles facilitates the reporting of earnings per share in a constant or rising pattern . . . . Gordon writes [22, p. 2231 : If
The Journal of Finance – Wiley
Published: Jun 1, 1972
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