The Duration of the Adjustment Process of Financial Ratios: Further Remarks
Harry Zvi Davis and
Yoram C Peles
The Review of Economics and Statistics, 1992, vol. 74, issue 3, 557-59
In a recent paper, Yoram C. Peles and Meir I. Schneller (1989) ignore the sampling autocorrelation bias. A replication of their work that removes the bias changes their results. With the bias removed, there is no evidence that their three long-term ratios follow an adjustment process. Copyright 1992 by MIT Press.
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