This paper derives necessary and sufficient conditions for the conformity of properly anticipated stock prices to a fair-return process in the framework of a discounted-dividend valuation model when the appropriate fair-return to any given future time period is itself a random variable.

Daily cash forecasting generally requires some method to reflect day-of-month and day-of-week effects. It requires the resolution of multiple seasonals, a problem given scant treatment in the econometrics literature. This paper first presents <italic>multiplticative</italic> and <italic>mixed-effects</italic> specifications of...

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