This paper aims to analyse the relation between the returns of companies that participate in mergers as well as the takeover ratios of output-value (Tobin's qs) of each absorbing (henceforth Bidder) and each absorbed (henceforth Target) company for the period 2000?2006. The returns of Targets...

Portfolio managers favor long-term investment horizons. Their performance is usually forecasted using either the arithmetic mean or the geometric mean. The harmonic mean is generally ignored as an instrument of financial and/or portfolio management. We examine the performance of the harmonic...

Estimates of terminal value of long-tern investment horizons are biased. Unbiased estimates exist only for investment horizon of one time-period. The purpose of our paper is to suggest a method based on the arithmetic mean in order to obtain unbiased estimates for the terminal value of long-tern...

During the last decades, several countries worldwide have introduced financial management reforms, as an important part of the New Public Management (NPM) initiative at one or more levels of government sector, by either replacing or transforming their traditional budgetary cash accounting...