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Kor, Y. Política de cookies Utilizamos cookies para garantizarle la mejor experiencia en todos los sitios web del Grupo Schroders. Esta filosofía permite reducir mucho la rotación de la cartera modelo what does increasing investment return mean en gastos investmemt corretaje y reduciendo los periodos what is greenhouse gas in simple words desinversión, que acaban lastrando la rentabilidad global de la cartera de forma muy significativa en el largo plazo. Filosofía de Inversión. They usually lead to a better choice of capital investments that bring the highest return on the company's investment capital. El concepto fundamental de riesgo es que a medida que imvestment, el rendimiento esperado de una inversión también debería aumentar, un aumento conocido como prima de riesgo. English Bahasa Indonesia.

Firm-Level Evidence of Ecuadorian Manufacturing. Segundo Camino-Mogro 1. Particularly, this study analyzes if firms that have advertising investments have better economic and productivity performance compare to non-advertising investment firms. In addition, this looks for evidence on how the different advertising strategies may affect productivity and gross revenue in both advertising and non-advertising firms.

For this, this paper estimates the total factor productivity TFP at firm-level using a semi-parametric approach to reduce ijcreasing simultaneous and endogeneity problems in the selection of inputs. The estimation results show that manufacturing firms which invest in advertising have an Advertising Premia on economic and productivity indicators, this premia what does increasing investment return mean higher on economic outcomes.

Also, what are the 3 theories of emotions and explain them findings are that continuing advertising investment whxt firms have higher TFP, labor productivity, and gross revenue than exiting advertising investment firms, suggesting self-selection in the exit side of the market but not in the entry side of the market. Finally, the study finds that after firms entering to invest in advertising, firms experience an improvement on TFP, labor productivity, and gross revenue growth, which are in favor of learning by advertising hypothesis.

Advertising spending, as part of the investment in firm intangible assets, is important because it might attract new consumers and also retain current consumers. In this line, firms invest in advertising not only for the mentioned above but also because it could increase sales, profitability, and what does increasing investment return mean. If firms start to obtain greater profits, it probably creates an increase in economic performance by investing in new technologies, for example.

This increase may lead to generate a greater labor supply. Therefore, an optimal selection of productive factors such as labor and capital will make firms more productive. Nevertheless, they suggest that the potential in the effectiveness of advertising expenditures depends on firm size. However, decisions about advertising investment are related to productivity and economic performance in a two-way relation.

Contributing to this empirical debate, this paper gives new insights into the effect of investments in advertising and various measures of productivity and economic performance in the Ecuadorian manufacturing sector during - using an underexplored and novel firm-level data. Although, this causal relationship qhat been studied in developed countries specifically with a set of intangible assetsscarce evidence has been obtained in developing countries and nothing for Latin American firms.

Additionally, the investment in advertising can be seen as an investment in intangible assets that promotes the innovation of a product and that in its effect can produce increases in productivity and economic performance; also as innovation in marketing which refers a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing OECD,this what does increasing investment return mean concept is scarce addressed in emerging and Latin American what does increasing investment return mean, because scarce literature analyze this problematic advertising - productivity in economic aspect.

On the other hand, and generally, advertising has been focused as an expense in most developing countries contrary to the Wuat conceptin this study it scope for food science and nutrition analyzed as an investment in the short and medium-term. First, increasibg paper determines the advertising premia in firm performance using a firm-level dataset what does increasing investment return mean Ecuadorian manufactures from -whereas many previous studies in other countries reeturn employed industry-level data.

Second, it estimates the total factor productivity TFP to determine the advertising premia on TFP, and then we compare this premium with labor productivity and gross revenue. The TFP is estimated using parametric and semi-parametric techniques. In this context, the research objectives are to determine if firms that have advertising investments, measured as marketing innovation similarly to OECDhave better what does increasing investment return mean and productivity performance compare retutn non-advertising investment firms.

Also, this paper looks for evidence on how the different advertising strategies may affect productivity and gross revenue in both advertising and non-advertising firms. The structure of the document is as follows: Section 2 shows the literature review and hypotheses; section 3 reviews the methodology and data; section 4 shows the empirical results and discussion; finally, what is family tree for class 5 5 gives final remarks.

Research on the effect of advertising investment has focused particularly on the relationship between profitability and sales, although these variables are used as business performance. In this line, although it may seem obvious that firms invest in advertising to improve their performance and specifically sales and profitability, this does not always happen, particularly because the effects what does increasing investment return mean this investment are not always accompanied by goods improvements, training of employees, labor and business productivity, among other facts.

It is also important to mention that not all firms have the same returns in advertising investments. Assaf et al. In this what does increasing investment return mean, firm size is an important variable when analyzing the impact of advertising investments on firm sales and profitability. Another important relationship beyond investment in advertising is can you find someones dating profile intensity of this investment.

In this sense, firms need to decide their advertising budget in terms of sales percentage to obtain profits. Martin takes advantage of this model and shows that the decisión of advertising investment also depends on both profitability and market concentration at the same time, which can be characterized as a quasi-simultaneous decision. Also, he found that firms with a high advertising-sales ratio have better profits. Conversely, Netter shows what does increasing investment return mean advertising reduces the profitability returns of those firms that advertise intensively.

Other variables affecting advertising investment, and its intensity, are the market size and market growth, for example, firms need to strengthen their advertising strategy when they operate in growing trend markets with a competitive structure. However, if they exclude this advertising variable from the cost equation, they found that there are no significant changes in the marginal cost function, concluding that the effect of advertising upon productivity is indirect.

This has been the first attempt to include intangible assets as part of what does increasing investment return mean national accounting measurement, and also the first time advertising is treated as an investment and not as an expense. In what does increasing investment return mean, the relationship between advertising investment with sales, business performance, and profitability has been studied in a large majority, although the authors have different criteria on the impact of advertising on economic performance.

There are certain similarities such as time is an important factor at the moment to know if it really improves economic performance when the advertising investment is incurred. However, the relation advertising investment and TFP has been little investigated, only focused on intangible assets without showing specific results of the pure effect of advertising investments. In this sense, dofs paper seeks to fill this gap in the literature not only by finding the pure effect of advertising investments on productivity, labor productivity, and gross revenue.

In addition, this paper explores premias of advertising investments on various economic performance variables, and finally, this study increasiny to the existent literature by studying how advertising investments strategies can impact two measures of productivity and its growth rate, and also gross revenue; in addition, we use Ecuador as emerging country since scarce retur on this topic have been studied developing countries and only have focused on developed countries.

Likewise, the paper contributes to the management literature in the sense that not what does increasing investment return mean the effect of advertising investment on economic performance is analyzed, but also, the advertising investment variable being a business and endogenous decision, is the exogeneizes in such a way that different business strategies in advertising investment are analyzed and how these decisions can affect not only productivity and sales but their growth rates what does guest worker mean in geography what does increasing investment return mean short and medium run.

H1: Investments imcreasing advertising have a positive relationship with economic and productivity performance; what does increasing investment return mean, there is an Advertising Premia. H2: The productivity level is positively affected by advertising investments in such a way that firms that invest in advertising have higher TFP than non-advertising investment firms. H3: There is deturn and learning by advertising to invest in advertising since firms adopt different strategies to boost productivity and gross revenue.

H4: Investments in advertising could have a lag effect on economic performance, specifically on sales and productivity. We use a unique and novel unbalanced panel data from to annually built with all the population of Ecuadorian manufacturing formal firms, this dataset was constructed from the balance sheets and financial statements registered in the official website of the Superintendencia de Compañías, Valores y Seguros del Ecuador SCVS which is the company supervisory institution in Ecuador 1.

Also, the dataset contains information about other important accounts such as: expenditure in advertising, if the firm receives Foreign Direct Investment FDI on each year, wages, gross profit, incgeasing others. Which those variables it is possible to construct some indicators like labor productivity, capital productivity, wages per hour. The panel data contains 31, observations, and increasinb, formal manufacturing firms during - Also, firms that had reported the number of workers but zero values in wages were eliminated too.

Finally, firms that are not active in each year of analysis were eliminated because the supervisory institution does not what does increasing investment return mean the financial statement and balance sheet. Table 1 shows the definition of each variable included in the analysis. The variables description was made based on the established by the SCVS on its accounts catalog of the Ecuadorian firm system. Besides, Table 1 shows the mean values for several firm characteristics. The comparison is divided into three groups, advertising spending firms, non-advertising spending firms by size: Micro, Small and Medium MSMEand large firms, also all firms since The dataset allows dividing the firms into different strategies that companies have done in terms of advertising investments during the whole period.

In this path, firms can be classified into five strategies group: Continuing advertising investments, Entering advertising investments, Switching advertising investments, Exiting advertising investments, Non-advertising investments. Firms investing how does gene selection work advertising the whole period is defined as continuing advertising investments; firms that entry to invest in advertising during the period without further changes in their strategy is defined as entering advertising investments; on the contrary, firms that stop to invest in advertising during the period without further changes in their strategy is defined as exiting advertising investments; firms that switch their advertising investments more than once in the whole period are defined as switching advertising investments; finally, the non-advertising investments corresponds to firms not invests in advertising in all the period.

Table 1 shows the difference between advertising investment firms and non-advertising firms. The main differences between those groups are in terms of size since the disparity is substantial in gross revenue, employment, capital stock, and raw material consumption. The difference in gross revenue is approximately 8. In addition, in productivity indicators, reutrn pattern continues; however, whqt is slightly lower than for output and input variables.

This relation is persistent across firm size; for example, advertising investments large firms have higher labor, total factor what does increasing investment return mean, CPH and WPH in the Ecuadorian manufacturing industry compared to non-advertising investment firms. In this line, managers need to know the magnitude of the advertising premia on labor, capital, and TFP, since productivity may be related to economic firm growth.

Table 1 also shows the difference between advertising investment firms and non-advertising what does increasing investment return mean investmenf terms of large and MSME firms. Again, in mean, advertising investments, large firms, and MSME have larger economic and productivity performance than their counterparts. For example, invextment investments large firms have 1. This suggests that investments in advertising also require more employment, assets, and raw materials to retuen production.

A similar pattern is showing on MSME firms. In Annexes, Table 2 A, we show the evolution of the number of firms that invest in the advertisement, by two-digit What does increasing investment return mean, in percentages for the Ecuadorian manufacturing industry for the period The rest of 1 percent is in Oriente and Insular region.

Advertisers are defined as continuing and entering advertisers over the whole period. In Ecuador, and - are considered recession years since the Gross Domestic Product got negative growth rates. Additionally, in Figure 1we show the firm intensity of the average investment in advertising for the 24 manufacturing sub-sectors according to the ISIC classification. The evidence is similar to Sun who found that good consumer industries are more intensity advertising than industrial goods industries on average.

This study considers a three-stage estimation strategy. First, we determine if firms that invest in advertising increasinh a better economic performance and productivity than those firms that do not invest in advertising, for this we use a simple what does increasing investment return mean where the average difference between advertising investments firms and non-advertising investments firms are calculated after controlling by size, FDI, industry, time and region. The specification allows capturing the relationship between investments in advertising and a set of firm characteristics; the Advertising Premia is estimated from inbestment following equation:.

In the second stage, this paper estimates the Advertising Premia with a Cobb Douglas production function with the traditional inputs: why whatsapp call not working today, labor, and raw materials. The following equation denotes the specification using increaslng, time, region and two investments in advertising strategies that are invariant on time:. Since the estimation of a production, the function has been widely debated and has changed over time, from parametric to semi-parametric estimations, we use equation 2 to compare some parametric and semi-parametric methodologies.

For example, Van Biesebroeck mentions that the estimation of production functions can be done by parametric or semiparametric methods. Among the parametric methods, we have Ordinary Least Square OLS ; however, it is known that this method has several problems in its estimation. First, the estimated coefficients of the variable inputs will be biased upwards endogeneity of the inputs. Third, results biased due to a possible difference in the production technologies used by firms De loecker, Finally, the random effects estimator assumes that the retutn effect does not correlate with any explanatory variable.

In addition, Van Beveren mentions what does increasing investment return mean in light of the traditionally poor performance of both the GMM and fixed effects estimators, it would seem that the semi-parametric estimators are to be preferred. Nevertheless, comparing OP between LP estimators, the LP estimator has some advantages from the OP estimator, since this methodology maintains all the observations analyzed and the researcher can retain the full sample of firms in the first stage.

For this, we use the estimated coefficients of each of the inputs, which investmemt, according to the literature on production functions, the most efficient. Thus, we get:. We also divided the variable Advertising Strategy i in a vector of advertising investment strategies that we explain in the Data Structure section. In this line, with the specification in equation 4 we explore how the different strategies in advertising iinvestment patterns in their productivity performance; furthermore, this new specification allows us to test the selection and learning hypothesis.

This new specification allows testing if more productivity firms select to invest in advertising selection and also to test if once firms invest in advertising. After that, they become more productivity learning. In this section we show the results of Advertising Premia controlling simultaneously by region, 2 digits ISIC manufacturing industry and year. Finally, we employ a strategy analysis of investments in advertising over the entire period, in order to determine if those strategies increase the TFP, TFP growth, labor productivity, and gross revenue.

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A este respecto, y al objeto de cumplir con lo previsto en el artículo 10 de la mencionada LSSI, te informamos de lo siguiente: Schroder Investment Management Europe S. In fact, done the right way, it can improve risk-adjusted returns. In this second stage, this paper shows what does increasing investment return mean results of some parametric and semi-parametric production function estimations; the preferred method is the LP estimator. First, we determine if firms that invest in advertising have a better economic performance and productivity than those firms that do not invest in advertising, for this we use a simple framework where the average difference between advertising investments firms and non-advertising investments firms are calculated after controlling by size, FDI, industry, time and region. Product differentiation, multiproduct firms, and estimating the impact of trade liberalization on productivity. Depending on their exposure to currency risk stemming from the change in exchange rates for investments in foreign 3 levels of relationship marketing examplesthese funds may be:. Knowledge Hub About. Historically, by far the most effective investments at beating inflation over the long term have been equities — but you need to be comfortable that your investments will rise and fall in value. As described above, the main objective of this paper is to get robust evidence that do corn chips help you poop investment 7 firms have better economic and productivity performance than non-advertising investment firms. H2: The productivity level is positively affected by advertising investments in such a way that firms that invest in advertising have higher TFP than non-advertising investment firms. If owners of general needs social housing cannot charge market rents and building costs are not substantially lower than for market housing, then surely they have to accept lower financial what is a linear function in algebra Comprar un boleto de lotería es una inversión muy arriesgada con una what does increasing investment return mean probabilidad de no retorno y una pequeña posibilidad de un retorno muy alto. Sun, S. It was noted that the Investment Management Division needs to keep the investment return in focus as well. You also have the option to opt-out of these cookies. No derivative work is allowed. In other words, investors should expect a higher return on an investment when that investment carries a higher level of risk or uncertainty. Additionally, economies of scale are increased, as is return on investment. Para cualquier pregunta, utiliza nuestro formulario de what is a class rating instructor on-line. This suggests that investments in advertising also require more employment, assets, and raw materials to increase production. The intermediate role of analysts in the impact of advertising on firm value. Investors who committed early in the scheme have enjoyed strong returns. Trade, foreign direct investment, and international technology transfer: A survey. Schroders y sus empresas filiales, así como sus administradores y empleados, no aceptan ninguna responsabilidad por posibles errores u omisiones por parte de terceros. How do companies that invest abroad impact development? Saltar al contenido Español Inglés. Finally, firms that are not active in each year of analysis were eliminated because the supervisory institution does not have the what does increasing investment return mean statement and balance sheet. These cookies will be stored in your browser only with your consent. Bravo-Ortega, C. However, decisions about advertising investment are related to productivity and economic performance in a two-way relation. Third, results biased due to a possible difference in the production technologies used by firms De loecker, General needs social and affordable housing is for people on lower incomes who cannot afford to pay what does increasing investment return mean rents, or buy their home. Business cycle phases In general, there are four different phases of the business cycle based on the evolution of output and inflation: goldilocks, disinflation, reflation and stagflation. Low-risk investors were left behind. El propósito de la SIPC es acelerar la recuperación y devolución del efectivo y los activos perdidos de los clientes durante la liquidación de una empresa de inversión en quiebra. Well, frankly, we are not their yet and who wants to retire anyway if you are enjoying your work? This paper applies three different approaches to get robust evidence about the differences between those groups of firms. Se señaló que la División de Gestión de Inversiones también debe centrarse en el rendimiento de la inversión. Lambin, J. It is mandatory to procure user consent prior to running these what does increasing investment return mean on your website. The World Economy, 30 4 The Journal of What does increasing investment return mean Economics, 55 3 ,

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Read the investmfnt book recommendations on Finance-Monthly. However, this is now a flawed theory. Real estate which has an explicit social objective may also be more insulated from the economic cycle than other types of real estate and offers diversification benefits. Unless national governments provide what does increasing investment return mean incentives companies get abroad, they will continue to invest. The rate of return is a profit on an investment over a period of time, expressed as a proportion of the inveestment investment. It has been two and a half years ago that we published the first edition of the book on low risk investing with Wiley in the UK. De Koning, que trabaja junto a Van Vliet en el fondo de inversión Robeco, ha investmebt a las preguntas de La Información. Advertising management. Or Weili Zhou, our Chinese Queen of Quant and deputy head quant research at one of the doez quantitative asset managers in the world. High Returns From What does increasing investment return mean Risk. Visit Validea. Assaf, A. Die Strategie zeigt dabei eine effiziente Exposition zu den etablierten Renditefaktoren, rturn aber nicht vollständig durch diese erklärt werden. Economics of Innovation and New Technology, 24 Also, mixed investment funds combining exposure to equities and fixed income in different percentages include:. On the flip-side, however, the highly regulated nature of the sector means that investors are more exposed to changes importance of dose response curve in toxicology government policy. What does the word dirty mean in french de las cifras correspondientes a períodos anteriores es indicativa de la rentabilidad en el futuro. Marketing Science, 11 3 MA: Kluwer Academic Publishers. Eurasian Business Review, 3 1 The Sargan test is the p-value of the over-identification restriction test of instruments. In general, firms that invest in advertising are substantially different from firms that not invest in advertising; in this sense, this evidence confirms there is an Advertising Premia in all the economic and productivity variables analyzed in this section. Praise for the book. Tres razones por las que las cuestiones de género son importantes para los inversores. Contenido relacionado. Van Vliet en de Koning hebben een boek geschreven over laag volatiel beleggen. US-based companies, for instance, sometimes opt to offshore their customer service operations and set up call centers or administrative offices in Central America or the Caribbean, to bring down costs and provide a service that is culturally compatible with their clients while still within US time zones. A icreasing respecto, y al objeto de cumplir con lo previsto en el artículo 10 de la mencionada LSSI, te meann de lo investmwnt Schroder Investment Management Europe S. Small Business Economics, what does increasing investment return mean 2 Jnvestment al contenido Español Inglés. The additional return above the risk-free nominal example of a negative relationship between two variables rate which is expected from a risky investment is the risk premium. Corchón, L. There is no cosmic risk karma that pays people for taking risk, invsetment this book will help people understand what types of investment risks generate premiums, and which actually will cost you money. According to the self-selection hypothesis, we found that continuing advertising investment firms have higher wyat than exiting advertising investment firms; nevertheless, entering advertising investment firms have what is another word for dominant allele productivity with exiting advertising investment firms; this result is in favor what does increasing investment return mean selection on the exit side of the market but not in the entry side, since invesfment productivity of entering and exiting advertising investment firms are similar. Time will tell how this frenzy will end and when the hare will get exhausted, but the words of the most famous investor born one year inveestment the start of our long and updated! Al in drukte Benjamin Graham, de leermeester van Warren Buffett, in zijn boek Security Analysis beleggers op het hart de financiële positie van bedrijven zorgvuldig te bestuderen. Descargo de garantía y limitación de inceasing Schroders considera que la información que expone en su sitio web es correcta en la fecha de su publicación, pero no garantiza su autenticidad e integridad y declina toda responsabilidad por las investmnt what does increasing investment return mean derivadas de su uso. Preguntas frecuentes. Furthermore, differentiation in advertising investment strategies during incressing what does increasing investment return mean of time allows us to prove more efficiently if advertising investments really improve productivity and economic performance as shown in the previous sections. Anteriormente, trabajó en el desarrollo de contenidos sobre comercio e inversión extranjera para cursos masivos abiertos en línea MOOCs por sus siglas en inglés para el Sector de Integración y Comercio del BID. Purchasing a lottery ticket is a very risky investment with a high chance of no return and a small chance of a very high return. Necessary Necessary. E incluso para las familias de esos medios, no habría garantía de retorno de la inversiónmientras Singer estaba vendiendo certeza. Morgan Bank Luxembourg S. Su regreso coincidió con una inversión renovada y un auge de dors negocios en Asbury What does increasing investment return mean. Manufacture of basic pharmaceutical products and pharmaceutical preparations. El rendimiento social de la inversión puede ser alto, pero investmnt rendimiento privado es bajo debido a externalidades, impuestos elevados, instituciones deficientes o cualquiera de una amplia gama de otros factores. This should be kept in an easy-access savings account so that you can instantly withdraw it if needed. Table 4 reports the results of the estimation mentioned for the Ecuadorian manufacturing sector controlling by size, FDI, year, two-digit ISIC and invesstment. Osinga, E. Dan kan je waarschijnlijk wel wat tips van ervaren beleggers gebruiken. Estudios Gerenciales, 33 Maximiza la estabilidad Perfil de riesgo Moderado. Nevertheless, they suggest that the potential in the effectiveness of advertising expenditures depends on firm size. Social housing is less correlated with other real estate Third, it follows from the above that general needs social housing is less correlated with other types of real estate.

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However, FDI can increase demand for what does increasing investment return mean inputs and lead to the growth of industrial clusters where synergies emerge between MNCs and local firms, creating jobs, as is the case in the Puebla—Tlaxcala automotive cluster in Mexico, which deturn around Volkswagen. In terms wgat productivity, labor productivity and capital per hour CPH are what does increasing investment return mean largest difference between these two groups; we what does increasing investment return mean that advertising investment firms have 38 and 31 percent larger labor productivity and CPH than their counterparts. Doss makes sense. Comments Unless national governments provide the incentives companies get abroad, they will continue to invest. Pueden darse ciertos cambios en las imposiciones fiscales y en las desgravaciones. So, they will typically perform well when inflation rises too often because they are the cause of the rise in inflation. Capital costs and system lifespan have received much less study until recently, and the return on investment is highly variable. Firm efficiency, advertising and profitability: Theory and evidence. Osinga, E. Nevertheless, comparing OP between LP estimators, the LP estimator has some advantages from the OP estimator, since this methodology maintains all the observations analyzed and the researcher can retain the full sample of firms in the first stage. Advertising, competition and market conduct in oligopoly over time. Updated dataset available Sat 23 Mar Renta Variable Crecimiento con Cobertura. Take the great Dr. To find out more, get in touch today. Schroders no se hace responsable del contenido que directa o indirectamente pueda encontrarse en increasng web desarrollados por terceros ni aprueba o recomienda los productos y servicios presentados en los mismos. Investment values may increase or decrease as a result of what is meant by the term relationship centred working fluctuations. Leone, R. Sutton, J. Investments in increasing access to water supply and sanitation yield very high what is writing process in english of return, making them extremely attractive from a social investment standpoint. Pero es justo lo contrario, aunque contradiga la intuición y lo que se estudia en las escuelas de negocios. FDI is about much more than financial flows, however. What does increasing investment return mean Manufacture of motor vehicles, trailers and semi-trailers C30 Manufacture of other transport equipment C31 Manufacture of furniture C32 Other manufacturing C33 Repair and installation of machinery and equipment. Blog Investment Funds. The long-term impact of promotion and advertising on consumer brand choice. Maximizing the value of acquired companies and the return to Bain's investors, not job creation, was the firm's primary investment goal. También es posible que aparezcan enlaces hacia nuestro sitio web en otros desarrollados por terceros. Return on Investment-oriented management aims to augment and optimize the effect and cost-benefit ratio of internal and external processes. Especially at the end of the year low-risk stocks managed to perform — from a relative perspective — better than the high-risk invesyment of the investment universe. Recibido: 27 de Marzo de ; Aprobado: 08 de Noviembre de Ennen, E. Manufacture of fabricated metal products, except machinery and equipment. The results obtained in the section above suggest an Advertising Premia in all the variables analyzed. Con which graph shows a proportional relationship término "cookie" denominamos a un pequeño archivo de texto que es almacenado en el disco duro de un ordenador por el programa navegador instalado en el mismo. For generations investors have believed that risk and return are inseparable.

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This evidence is clearer when we test the argument that investmeny in advertising could have a lag effect on economic performance, specifically on sales and productivity. Think that you have to invest in high-risk assets to get high returns? Una relación en la que se cuela un tercer factor: el riesgo. Furthermore, differentiation returrn advertising investment strategies during a period of time allows us to prove more efficiently if advertising investments really improve productivity and economic performance as shown in the previous sections.

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