By Robert B. Dingle

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6 Robustness of Anomaly Evidence 41 Table 3. Testing the effects of extreme returns: size-adjusted returns to portfolios based on F/P and accruals. Cases deleted Mean hedge return Median hedge return Mean Low F/P Portfolio Mean High F/P Portfolio Panel A: F/P: Returns using original Elgers et al. 2% Notes: Deletion of cases was based on the extremity of a given firm-year’s return within the annual distributions of returns in the highest and lowest portfolios. For example, for the 1% deletion row in Panel A above, 1% of firm-years with the smallest (most negative) size-adjusted returns in the lowest F/P decile are excluded, and 1% of the firm-years with the largest sizeadjusted returns in the highest F/P decile in each year are excluded.

Cutler and Pass, 1971; Schrage, 1986) to obtain a set of unique optimum solutions. The question of how to determine the alternative marketing strategies has important implications for the field of marketing management and marketing managers as well. By accommodating imperfect competition with a decreasing unit profit function, the QPMS model extends and complements its linear version significantly. Many limitations disappear as witnessed in the computer simulations. , allocation of advertising effort and sales force.

The question of how to determine the alternative marketing strategies has important implications for the field of marketing management and marketing managers as well. By accommodating imperfect competition with a decreasing unit profit function, the QPMS model extends and complements its linear version significantly. Many limitations disappear as witnessed in the computer simulations. , allocation of advertising effort and sales force. Furthermore, with such a more generalized QPMS model, the manager can examine the relative importance of the different levels of the variables involved.

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