"... In PAGE 24: ...Table9 shows the results of the cross-sectional regressions. We observe that all coefficients are significant indicating that each of them can explain a portion of the pricing error.... ..."

"... In PAGE 33: ...correlation coefficients between the regressors are low. Table9 shows the results of the cross-sectional regressions. We observe that all coefficients are significant indicating that each of them can explain a portion of the pricing error.... ..."

"... In PAGE 7: ... We briefly recall that in the Milan Stock Ex- change the minimum transaction lot, directly fixed by the Stock Exchange Board for each security, is worked out by using as reference the number of securities for stocks and the nominal value for bonds and Government securities. Table1 reports the percent weight of taxes on the total amount of money invested. Taxes repre- sent an additional proportional cost which varies according to the type of traders involved and the kind of operation realized.... In PAGE 7: ...5% while his taxation on the agreement will be equal to 0.05% (see cell A; 2 of Table1 ) for a total proportional cost of 0.55%.... ..."

"... In PAGE 16: ...2. Results for the Cross-Section of Portfolio Managers Table5 provides summary statistics on the performance of the recommended portfolios of money managers reporting data on a regular basis. In order to compare, we report the Jobson-Korkie test statistic with the optimal portfolios as benchmark on the asset allocation and security markets level.... In PAGE 16: ... In the data description section we indicated that the wide range in the allocations between investment bankers distinctly reveals high cross-sectional variation in the recommended portfolio weights. Table5 looks into the dispersion of performance results in more detail. As expected, there are indeed quite large differences both on the level of ... ..."

"... In PAGE 14: ...5 The second period of the available sample, which consists of 333 weeks for apos;WMF apos; and 227 weeks for apos;Dyckerhoff apos;, has not been used for the calculation of the estimates and test statistics shown in Table 2. Table4 displays the total returns for four trading strategies over this second period. Here, the strategy presented above is called the 10% strategy, because the distance between the two trading thresholds is 0.... In PAGE 14: ... Table4 : Total returns of four trading strategies for apos;WMF apos; and apos;Dyckerhoff apos; in the presence of transaction costs. 5 The relevant missing values occur in the last week of 1989 (WMF) and the last week of 1991... ..."

"... In PAGE 11: ...2 The University Management View University management are interested in an assessment of e-learning from the viewpoint of course usage. Indices shown in Table3 characterise course usage for the management view. These indices can be compared to the financing for WebCT purchase and maintenance and the amount of money invested in course development.... ..."

"... In PAGE 11: ... Households who answered in the affirmative were then asked whether they would contribute labor and/or money for the initial investment and/or for operations and maintenance. The responses are summarized in Table3 . In this paper we are only concerned with the overall participation decision.... ..."

"... In PAGE 18: ...(b) How significant is the role played by the banking system as well as the curb financial markets in intersectoral financial flows in developing economies? (c) To what extent can a shortfall in flows fr om the foreign sector to the business sector be alleviated by the establishment and/or revitalisation of emerging stock markets? (d) In general, what are the obstacles to efficient intersectoral financial flows in developing economies; and what policy alternatives are available for policy makers in these economies? 5.2 A stock-flow accounting structure for a developing economy It is useful to construct a simple accounting framework for a low-income developing economy, as presented in Table1 below. In part 1 of the table, rows represent income- expenditure flow variables, namely taxes ( T ), consumption ( C ), investment ( I ); while in part 2 of the same table, rows represent stocks of assets and liabilities, namely physical capital ( K ), loans ( L ), domestic money ( M ) and foreign money ( F ).... In PAGE 18: ... Thus a single row distributes the stock or flow of a variable or asset over the supplying and demanding sectors; while a single column represents a sector apos;s sources and uses of funds (flows) or a sector apos;s balance- sheet (stocks). The horizontal sums and vertical sums of the flows as well as the stocks of the accounting structure presented in Table1 can be written out to explain how financial resources flow from one sector to another. The framework also offers us a set of identities that demonstrate the sectoral balances that are consistent with financial flows.... In PAGE 19: ... Financial constraints, such as the government budget constraint and the foreign exchange constraint, can also be carefully captured using the framework. 3 Basing on Table1 , Murinde (1996, Ch. 2) uses country specific data, from published national accounts, to construct empirical intersectoral financial flow tables for a number of developing countries including Kenya for 1991 4 and Zimbabwe for 1987.... In PAGE 20: ... 5 For flow of funds analysis, like in most applied work in national accounting economics, two components of the SNA are particularly relevant. The first is the capital 4 For particular aspects of financial development, Table1 is more helpful than the analysis in IMF (1981) for Kenya; however, IMF (1981) is more useful in incorporating fiscal aspects of the economy. 5 Dawson (1991) carefully shows the conceptual relation of flow of funds accounts to the SNA.... In PAGE 21: ... It provides a breakdown of net lending (or the balancing item of the capital accumulation account). Nevertheless, in some detail, the SNA differs from the accounting framework in Table1 . The main difference between the two frameworks is that the former clearly distinguishes between its two component account while these accounts are not explicit in Table 1.... In PAGE 21: ... Nevertheless, in some detail, the SNA differs from the accounting framework in Table 1. The main difference between the two frameworks is that the former clearly distinguishes between its two component account while these accounts are not explicit in Table1 . SNA data may therefore allow extra mileage in capturing intersectoral financial flows.... ..."