smithers

Parents, says Professor Smithers, need to "think about what would be good for the child" , and evaluate schools in that light.

Mr Smithers shows that this conclusion is empirically false: stock markets exhibit "negative serial correlation" .

Prof Smithers says these problems are a reflection of the changing nature of universities.

One of the best explanations is given by Andrew Smithers, the City of London economist, in his report World Liquidity.

One of its two authors, Andrew Smithers, a British economist, has now returned to the theme of stockmarket valuation.

Similar calculations prompt Andrew Smithers of the consultancy Smithers & Co to reckon that Wall Street is only around "fair value" .

As evidence of the industry's lack of competition, Mr Smithers points to its increasing concentration.

"Big investors can't take such a risk, so trade the stock away from the market, " sighs Mr Smithers.

Unless you come clean, Smithers , we shall have to investigate those allegations against you very seriously, indeed.

Andrew Smithers, an independent consultant, makes the case in his latest research paper.

"I should like to invoke my right to remain silent, sir, " Smithers defiantly replied.

Mr Smithers prefers the idea that markets are "imperfectly efficient" , in other words, that they fluctuate around their fair value.

But as economist Andrew Smithers points out, the ageing of the population affects the data.

As Smithers & Co points out, most countries running fiscal deficits are unlikely to become surplus trading nations any time soon.

Yet, for those interested in economic policy, Mr Smithers' arguments have wider significance.

Smithers shows that 'there has been no correlation between U. S. investment and profit margins in the post-war period. '

As Smithers & Co points out this level is too high to allow retained earnings to finance the required growth in corporate equity.

Even so, Mr Smithers argues that central banks should use the valuation data to decide whether stockmarkets are over- extended.

TERRY: Smithers. Good English surname, but I'm not sure about the forename. Terry, No, I don't like that.

Mr Smithers suggests that policymakers should monitor the price of stocks, houses and liquidity.

After the rebound, Andrew Smithers, an economist, reckons the American market is about 20% overvalued on these gauges.

Mr Morgan, you look a great deal like Terry Smithers.

Mr Smithers draws a gloomy contrast with the permanent revolution that reigns in England's schools.

Mr Smithers makes his case convincingly, dismissing alternative indicators of valuation, such as the dividend yield, along the way.

Andrew Smithers of Smithers & Co, a consultancy, produced a timely book in 2000 arguing that Wall Street was in bubble territory.

Dr Smithers says this study reinforces the need to provide children with healthy foods at a crucial, formative time in their lives.

Further evidence comes from Andrew Smithers of Smithers & Co, a consultancy.

Andrew Smithers of Smithers & Co, a firm of consultants, points out another problem.

But one thing could be done straight away, says Mr Smithers: do more teacher training in schools rather than universities.

Professor Alan Smithers, director of the Centre for Education and Employment Research at the University of Buckingham.

By Smithers' analysis, net leverage is nearly 50% of corporate net worth, a modern record.

In practice, argues Mr Smithers, it is more likely that the market is wrong than the investment decisions of companies.

Mr Smithers runs his own firm.

Changshu Smithers-Oasis Floral Foam Co. , Ltd.

Mr Smithers and Prof Wood suggest a 40 per cent increase in capital for the UK.

As Mr Smithers notes, UK fixed investment has been extremely low for years.

Do you remember the gentleman that came down to Audley with me, Smithers ?

Having argued this, Mr Smithers has to demonstrate two things.

Hence the calculation by Smithers & Co that the 2000 valuation peak was a record, based on deviation from the long-run mean.

I want to know, Smithers , whether he has taken a ticket for London since two o'clock to-day.