Since the ex-ante expected

rates of return are exogenous to CAPM, there is no rationale for using the ex-post systematic risk in Equations (2) and (3) to explain the already existent ex-ante expected excess rate of return.

The latter have decreased recently; therefore it seems logical that the regulatory

rates of return be adjusted downwards.

We have assembled an extremely strong team, one dedicated to a relationship-oriented approach to investing, and one able to execute complex transactions earning above-market leveraged internal

rates of return.

rates of return established and reinforced a "strong dollar" policy.

Having the trust fund invest in private securities most likely would increase its rate of return, although the increase might be less than historical

rates of return would suggest and certainly would be less on a properly risk-adjusted basis.

However, the inescapable (though not directly stated) policy implication of the book: that things would be much better if allowed

rates of return were substantially increased, would probably not generate near unanimous support among regulatory economists.

the standard deviation as a percentage of the mean rate of return) is easily derived from the volatility values given in the article and provides a better measure of the variance in the

rates of return because it is directly related to the magnitude of the return.

1) These alternative measures overcome a major limitation of estimates of

rates of return based on historical costs--the noncomparability of investments that differ considerably in age and therefore in price--by presenting estimates on a consistent valuation basis.

In 1984 the Michigan DNR began a detailed analysis of management costs and projected

rates of return on all principal forest types in the state.

The Mercury had three different sales, so that there are two

rates of return.

The LP technique can be used to derive level interest adjusted costs similar to the IASC and internal

rates of return on equity similar to the Linton rate of return.

The

rates of return on sales among furniture manufacturers were well below those of manufacturers in general throughout most of the 1990s and again in 2003 and 2004.