L-RLeft to Right
L-RLenoir-Rhyne College (Hickory, NC)
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L-R Systems now offers water filters with 1-psi pressure drop as well as automatic water-treatment systems, heat exchangers, and centrifugal separators.
Hot-oil units newly available from L-R Systems heat up to 500 F with 12 to 48 kw.
Table 1 presents results of ten yearly OLS regressions between q values obtained from both the L-R and the approximate q formulas for the years from 1978 to 1987 (the last full year for which the Manufacturing Sector Master File has been compiled and released).
one similar to, but not identical to, our approximate q) and the L-R q and the Lang and Litzenberger (1989) exact q are 0.
The very high degree of observed consistency between the L-R and the approximate q formulas over the 1978 to 1987 time period strongly suggests that financial analysts wishing to employ approximate q values in day-to-day business decisions may do so with considerable confidence.
4) For these 40 randomly selected firms,the deviation between the L-R q and approximate q does not exceed 18% (AST Research, 1985).
Comparison of Lindenberg-Ross q with Approximate q for 40 Randomly Selected Firms This table presents a comparison of the L-R and approximate q values for forty randomly selected firms, four from each year over the time period from 1978 to 1987.
From the standpoint of academic research, the very high observed correlation between the q values obtained via the approximate q formula and the more theoretically correct Lindenberg and Ross (L-R) (1981) technique suggests that approximate q values may be safely employed whenever the data necessary to perform the more exhaustive L-R calculations prove unavailable.
2 In addition to the COMPUSTAT data, the L-R procedures also utilize selected interest rate and inflation data.
Indeed, these authors employ the L-R procedure for firms whose data are not available from the above sources.