The decay of profitability: an aspect of industry performance.
The thesis was published by Day, Colin Leslie, in September 2022, University of Stirling.
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.
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