The decay of profitability: an aspect of industry performance.
The thesis was published by
Day, Colin Leslie,
in September 2022,
University of Stirling.
Abstract:
First paragraph:
The raw material of this study is a record for a number of years of the rates of return earned by quoted companies in the United Kingdom, previous authors have identified a systematic component in such data: regression of profitability towards some central value. It is this systematic component in the inter-temporal behaviour of rates of return that is to be isolated, measured and interpreted in the following chapters.