By Ilmanen A.
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Additional resources for A Framework for Analyzing Yield Curve Trades. Understanding the Yield Curve: Part 6
This conjecture agrees with the observations by Noda ( 1 966, pp. 235-7) and Caves and Uekusa ( 1 976, p. 1 2) , even though neither presents any statistical evidence to support its argument. 6 The goal of the management: nonpecuniary motives20 It is simplistic to suppose that the level of the utility of management depends only on pecuniary gains. More plausibly, it also depends on nonpecuniary gains, such as economic gains not included in the compensation discussed in the previous section, as well as on psycho logical satisfaction.
4 verify this conjecture. In the United States in 1 974, among the firms with sales of more than a half million dollars, 82 percent were corporations whose sales together accounted for more than 95 percent of the sales of all such firms. Likewise, in Japan in 1 97 5 , almost 99 percent of the firms (excluding proprietorships) with employees of a thousand or more were corporations. The moral of this section is the simple fact: The weight of economic activity is now carried out by corporations that issue shares salable on the stock market, although there are numerous proprietorships and partnerships.
9 were compiled to illustrate this fact. 5 shows that for all industries in the United States in 1 97 4, the 1 ,800 corporations with assets of $250 million or more accounted for less than 0. 1 percent in terms of the number of corporations and yet accounted for more than 60 percent of the total assets. 8 percent of the total. 6 reveals, in which corporations are classified in terms of the number of employees 3 Because the points to be raised in this section are closely related to the discussion of aggregate or overall concentration in the literature on indus trial organization, a brief exposition should suffice: See Scherer ( 1970, Chapter 3); Blair ( 1972, Chapter 4); and Reid ( 1976, Chapter 3).
A Framework for Analyzing Yield Curve Trades. Understanding the Yield Curve: Part 6 by Ilmanen A.