Appendix III

From (22) we have

(III1)

Substituting (22) in the above we have

(III2)

Rearranging we have

(III3)

Comparing (III3) with (21) it is easy to see that (20) and thus (18) holds.

Applying (18) we have

(III4)


Goto: The next section (Appendix IV)
Goto: The previous section (Appendix II)
Goto: The contents section of Salmi and Luoma (1981)
Goto: Other scientific publications by Timo Salmi in WWW format

Department of Accounting and Finance, University of Vaasa,
Finland

mjl@uwasa.fi
[ts@uwasa.fi] [Photo] [Programs] [Research] [Lectures] [Department] [Faculty] [University]