Med hjälp av internpriser kan den offentliga organisationen spåra vart kostnader uppstår och vart resurserna hamnar. När en offentlig verksamhet går mot att styras mer som den privata sektorn uppstår vissa problem. Den offentliga verksamheten som har en stor bredd i sina verksamheter för att tillhandahålla service till medborgarna behöver det att de också hushålla med sina resurser, då dessa finansieras av bland annat skatteintäkter. Det kan uppstå vissa styreffekter till följd till användningen av internpriser, som kan vara av såväl positiv som negativ karaktär. Genom att en offentlig organisation använder sig av internpriser för att styra i organisationen uppstår ytterligare effekter såsom förändringar i resursanvändandet. Syftet med denna uppsats är att undersöka hur offentlig verksamhet använder sig utav internpriser för att styra i organisationen. Med att använda internpriser syftas det på vilken metod som används och hur styreffekterna hanteras i organisationen. Den teoretiska delen av uppsatsen behandlar i först hur styrning i en offentlig organisation kan se ut genom att redogöra för New Public Management. I den andra delen av teorin behandlas internpriser, dess syfte, användbara metoder samt vilka effekter som kan uppstå när en organisation använder internpriser. Teorin avslutas med att redogöra för en prismodell som kan vara användbar vid arbetet kring att etablera internpriser. För att undersöka hur internpriser används till att styra i praktiken har en fallstudie med semistrukturerade, kvalitativa intervjuer genomförts. Intervjuer har genomförts med personer som arbetar med styrningen och internpriser i offentlig verksamhet. Dessa intervjuer har sedan kompletterats med dokumentanalyser, av material som tillhandahållits av respondenterna. Det empiriska materialet har tillsammans med den teoretiska referensramen bidragit till att vi kunnat genomföra en analys av en offentlig organisations användning av internpriser Genom att använda internpriser i offentlig organisation kan vissa förväntade effekter uppstå. Exempel på sådana effekter är bland annat ökad kostnadsmedvetenhet hos medarbetarna, vilket leder till ett minskat slöseri med resurser. Men det kan även uppstå effekter som tenderar till att vara negativa, genom att internpriser kan bidra till att det administrativa arbetet kan upplevas som krävande och tungt. Genom att analysera de problem och svårigheter som finns med internpriser i offentliga organisationer har vi kommit fram till att problemet inte återfinns i prisnivån. Istället går det att härleda svårigheterna med internpriser, till vad som inkluderas i erbjudandena samt hur dessa sedan kommuniceras ut i organisationen. Dock är offentliga organisationer komplexa med stor bredd i sin verksamhet, vilket kan leda till att fler än en prismodell kan behöva användas. Det finns lite teoretisk fakta kring internprissättning överlag, men framförallt kring internprissättning i offentliga organisationer. Att offentliga organisationer arbetar utan vinstsyfte och strävar efter ett noll resultat, kan vara en anledning till att de kostnadsbaserade internpriser att föredra i de fall där den offentliga sektorns tjänster inte kommer i kontakt med marknaden. / This thesis will explore the subject of the difficulties of applying transfer pricing within public organizations, and the effect this practice has on such organizations. There are limited theories that address the issue of transfer pricing in public as well as in private organizations. The lack of theories only makes this problem more pressing and this thesis questioned the recurring use of such a practice in light of this. This thesis sets out to analyze an approach to establish a functional transfer pricing strategy in a specific organization. Data was gathered on the organization’s use of transfer pricing as a means to guide the organization towards tax saving, reduce the waste of recourses and establish awareness of cost effectiveness within the organization. The analysis showed that the problem for this specific organization was not the price level itself but instead what the offer actually included and how well the seller communicated the content of the offer to the other unit of the organization.

This thesis investigates the use of hedonic pricing models to value intangible assets that are owned by firms. This novel approach falls within the neoclassical methodology for the valuation of financial assets, and extends the framework by ordering an alternative methods by which assets may be compared. The firms performance, as measured by reported financial data and embodied in the DuPont ratios of the firm, is used to derive the characteristics of intangible assets. The shadow prices of these characteristics are estimated and used to derive a market-related value for the intangible assets. The empirical results support using this approach to value intangible assets.

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No. of bitstreams: 1 arquivototal.pdf: 2312324 bytes, checksum: bb651f68a0df8d950d036c27e29b0651 (MD5) Previous issue date: 2017-02-17 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / This thesis aimed at analyzing the characteristics, determinants and implications of communality in liquidity for the Brazilian stock market. The analyzed sample consisted of, on average, 130 shares per year, of the companies listed on the São Paulo Stock Exchange - BM&FBOVESPA, from January 2007 to December 2015. Initially, it was sought to investigate the existence of commonality in Liquidity in the Brazilian stock market and to identify the economic-financial characteristics of the companies that made up the sample. With the use of financial volume as a measure of share liquidity, it was verified that commonality is a phenomenon present in the Brazilian stock market and that its highest values were concentrated in periods of international financial crises. In addition, it was verified the existence of a size effect on the commonality, that is, as the size of the company increases, a greater commonality in the liquidity is observed. Next, it was sought to analyze the determinants of commonality in liquidity, based on explanations on the supply side. It has been found that past commonality exerts a positive influence on the concomitant commonality. In addition, the negative influence of the market return and the positive influence of market volatility on the commonality in liquidity, showed that the commonality may be greater in periods of crisis due to capital restriction, however, it was verified that crises and the loss of Brazil's investment grade were not significant in explaining the commonality. In addition, it was sought to verify the influence of the foreign investor on the commonality with the use of five variables. The results showed that the participation of the foreign investor, measured by foreign purchases (CE) and foreign exchange participation (PECB), is significant to reduce the commonality in liquidity and that the output of foreign resources influences directly the increase of commonality. Finally, with the use of portfolios, it was sought to verify if the investors were compensated for dealing with the commonality. A premium of 0.33% per month for liquidity commonality was observed, however, not statistically significant. Regarding the risk factors analyzed, there was a market premium of 0.3% per month, but not significant. In relation to the size factor and the B/M factor, the results obtained disqualify the effect size and the effect value in the Brazilian stock market, since there was a negative premium for the risk factors of 0.005% and 2.516% per month, respectively. As for the moment factor, a monthly premium of 1.24% was obtained, significant at the 5% level. The liquidity factor presented a positive premium, but not statistically significant. Additionally, it was verified that when exposing the premium for commonality to the other risk factors, the market risk factor can capture it. Finally, it was found that commonality in liquidity is a priceless risk factor. / Esta tese teve por objetivo analisar as características, determinantes e implicações da comunalidade na liquidez para o mercado acionário brasileiro. A amostra analisada foi constituída por, em média, 130 ações por ano, das empresas listadas na Bolsa de Valores de São Paulo – BM&FBOVESPA, no período de janeiro de 2007 a dezembro de 2015. Inicialmente, buscou-se investigar a existência da comunalidade na liquidez no mercado acionário brasileiro e identificar as características econômico-financeiras das empresas que compuseram a amostra. Com a utilização do volume financeiro como medida de liquidez acionária, verificou-se que a comunalidade é um fenômeno presente no mercado acionário brasileiro e que os seus maiores valores se concentraram nos períodos das crises financeiras internacionais. Adicionalmente, verificou-se a existência de um efeito tamanho sobre a comunalidade, ou seja, à medida que aumenta o tamanho da empresa, observa-se maior comunalidade na liquidez. Em seguida, buscou-se analisar os determinantes da comunalidade na liquidez com base nas explicações do lado da oferta. Verificou-se que a comunalidade passada exerce uma influência positiva sobre a comunalidade contemporânea. Ademais, a influência negativa do retorno de mercado e a influência positiva da volatilidade de mercado sobre a comunalidade na liquidez demonstraram que a comunalidade poderá ser maior em períodos de crise em virtude da restrição de capital, no entanto, constatou-se que as crises financeiras internacionais e a perda do grau de investimento do Brasil não foram significativas na explicação da comunalidade. Adicionalmente, buscou-se verificar a influência do investidor estrangeiro sobre a comunalidade com a utilização de cinco variáveis. Os resultados demonstraram que a participação do investidor estrangeiro, mensurada pelas compras estrangeiras (CE) e pela participação estrangeira em bolsa (PECB), é significativa para a diminuição da comunalidade na liquidez e que a saída dos recursos estrangeiros influencia diretamente no aumento da comunalidade. Por fim, com a utilização de carteiras, buscou-se verificar se os investidores foram compensados por lidarem com a comunalidade. Observou-se um prêmio de 0,33% ao mês para a comunalidade na liquidez, no entanto, não significativo estatisticamente. Quanto aos fatores de risco analisados, observou-se um prêmio de mercado de 0,3% ao mês, não significativo. Em relação ao fator tamanho e ao fator B/M, os resultados obtidos descaracterizam o efeito tamanho e o efeito valor no mercado acionário brasileiro, uma vez que se verificou um prêmio negativo para os fatores de risco de -0,005% e -2,516% ao mês, respectivamente. Quanto ao fator momento, obteve-se um prêmio mensal de 1,24%, significativo ao nível de 5%. Já o fator liquidez apresentou um prêmio positivo, porém não significativo estatisticamente. Adicionalmente, verificou-se que, ao expor o prêmio para a comunalidade aos demais fatores de risco, o fator de risco de mercado conseguiu parcialmente capturá-lo. Por fim, constatou-se que a comunalidade na liquidez constitui um fator de risco precificável.

Made available in DSpace on 2015-04-16T14:48:55Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 2663788 bytes, checksum: 9f4b6ec2977840f4b55d2adc8afb8a6e (MD5) Previous issue date: 2012-11-27 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / This dissertation aimed to analyze how investment and ROA are priced and whether them partially explains change stock returns in the Brazilian stock market. Initially, aimed at analyzing whether an investment and ROA premium exists. Secondly, was aimed to compare the performance of alternative three-factor model of Chen, Novy-Marx and Zhang (2010), consisting of a market risk factor, the investment and ROA factors, with the CAPM model and three-factor model of Fama and French (1993), as well as investigate the robustness of the models on commonly known stock market anomalies. To development of the study, it was used stock portfolios and to verify the performance of the model in explaining the changes of stock returns were used a set of time series regression analysis. The population consisted of all non-financial companies with stocks traded on the Bolsa de Valores de São Paulo BM&FBOVESPA, from January 1995 to June 2011.Refering to the risk factors analyzed, it was observed an average market premium of 2,303% per month. With regards to the size and book-to-market factors, it was could not find evidence of them existence in the Brazilian market, since we obtained a negative premium of 0,005% and 2,516% per month, respectively. With regards to the factors based on production, it was found for investment factor a positive and significant premium of 0,698% per month. When it comes to the ROA factor, it was obtained a positive premium of 0,263% per month, however, not statistically significant. In the analysis of portfolios formed by investment and ROA factor, it was expected that stocks with greater investment in assets tend to have lower returns than stocks with the lowest investment. This pattern can be observed, since seven of the nine portfolios formed by stocks lower investment achieved return over the portfolios formed by stocks that performed more investment in the same period, cannot rejected Hypothesis 1. Regarding the expected return, it was expected that the stock portfolios formed by high ROA submit superior returns to the returns of portfolios formed by stocks of low ROA. This pattern was observed in eight of nine portfolios formed, however, the nonexistence of a premium for the factor ROA causes the rejection of the Hypothesis 2. Comparing the three models by the adjusted R2 there was on average a superior model of Fama and French (1993) of 3.6% over the alternative model of three factors and 5.1% over the CAPM. It was observed also that the alternative model of three factors presented behavior similar of the model of Fama and French (1993) when the portfolios are sorted based on volume, momentum, leverage, EBITDA/P and PL. / Esta dissertação teve por objetivo analisar como os fatores investimento e ROA são precificados e se explicam parte das variações dos retornos das ações no mercado acionário Brasileiro. Inicialmente, buscou-se investigar a existência do prêmio para os fatores investimento e ROA. Em seguida, teve-se por objetivo comparar o desempenho do modelo alternativo de três fatores de Chen, Novy-Marx e Zhang (2010), composto pelo fator de risco mercado e os fatores investimento e ROA, com o modelo CAPM e com o de três fatores de Fama e French (1993), bem como investigar a robustez dos modelos baseados nas estratégias de valor. Para o desenvolvimento do estudo, optou-se pelo emprego de emprego de portfólios e, para analisar o desempenho do modelo na explicação das variações dos retornos das ações, foram utilizadas regressões em série de tempo. A população foi composta por todas as empresas não financeiras, com ações negociadas na Bolsa de Valores de São Paulo BM&FBOVESPA, entre 1º de janeiro de 1995 e 30 de junho de 2011. Quanto aos fatores de risco analisados, observou-se um prêmio de mercado de 2,303% ao mês. Em relação ao fator tamanho e ao fator B/M, os resultados obtidos descaracterizam o efeito tamanho e o efeito valor no mercado Brasileiro, uma vez que se verificou um prêmio negativo para os fatores de risco de 0,005% e 2,516 ao mês, respectivamente. Em relação aos fatores baseados na produção, verificou-se para o fator investimento um prêmio positivo e significativo de 0,698% ao mês. Quanto ao fator ROA, verificou-se um prêmio positivo de 0,263% ao mês, no entanto, não significativo estatisticamente. Na análise das carteiras formadas pelo fator investimento e ROA, esperava-se que as ações com maior investimento em ativos tenderiam a apresentar retorno inferior às ações que com menor investimento. Esse padrão pode ser observado, uma vez que sete das nove carteiras formadas por ações de menor investimento obtiveram retorno superior às carteiras formadas por ações que realizaram maior investimento no mesmo período, não se podendo rejeitar a Hipótese 1. Em relação à rentabilidade esperada, esperava-se que as carteiras formadas por ações de alto ROA apresentassem retornos superiores aos retornos das carteiras formadas por ações de baixo ROA. Esse padrão foi observado em oito das noves carteiras formadas, no entanto, a não existência do prêmio para o fator ROA, faz com que a Hipótese 2 seja rejeitada. Comparando-se os três modelos pelo R2 ajustado, observou-se, em média, uma superioridade do modelo de Fama e French (1993) de 3,6% em relação ao modelo alternativo de três fatores e de 5,1% em relação ao CAPM. Observou-se, também, que o modelo alternativo de três fatores apresentou comportamento semelhante ao do modelo de Fama e French (1993) na explicação das anomalias volume e momento, endividamento, EBITDA/P e PL.

This study has a twofold purpose: to demonstrate the use of the Marquardt compromise method in estimating the unknown parameters contained in the probability call-option pricing models and to test empirically the following models: the Boness, the Black-Scholes, the Merton proportional dividend, the Ingersoll differential tax, and the Ingersoll proportional dividend and differential tax.

This dissertation studies the impact of multiple pre-specified sources of risk in the return of three non-overlapping groups of countries, through an Arbitrage Pricing Theory (APT) model. The groups are composed of emerging and developed markets. Emerging markets have become important players in the world economy, especially as capital receptors, but they were not included in the majority of previous related works. Two strategies are used to choose two set of risk factors. The first one is to use macroeconomic variables, as prescribed by most of the literature, such as world excess return, exchange rates, variation in the spread between Eurodollar deposit tax and U.S. Treasury bill (TED spread) and change in the oil price. The second strategy is to extract factors by using a principal component analysis, designated as statistical factors. The first important result is a great resemblance between the first statistical factor and the world excess return. We estimate the APT model using two statistical methodologies: Iterated Nonlinear Seemingly Unrelated Regression (ITNLSUR) by McElroy and Burmeister (1988) and the Generalized Method Moments (GMM) by Hansen (1982). The results from both methods are very similar. With macroeconomic variables, only the world excess of return is priced in the three groups with a premium varying from 4.4% to 6.3% per year and, in the model with statistical variables, only the first statistical factor is priced in all groups with a premium varying from 6.2% to 8.5% per year. / Essa dissertação estuda o impacto de múltiplas fontes de riscos pré-especificados nos retornos de três grupos de países não sobrepostos, através de um modelo de Teoria de Precificação por Arbitragem (APT). Os grupos são compostos por mercados emergentes e desenvolvidos. Mercados emergentes tornaram-se importantes na economia mundial, especialmente como receptores de capital, mas não foram inclusos na maioria dos trabalhos correlatos anteriores. Duas estratégias foram adotadas para a escolha de dois conjuntos de fatores de risco. A primeira foi utilizar variáveis macroeconômicas, descritas na maior parte da literatura, como e excesso de retorno da carteira mundial, taxas de câmbio, variação da diferença entre a taxa de depósito em Eurodólar e a U.S. Treasury Bill (TED Spread) e mudanças no preço do petróleo. A segunda estratégia foi extrair fatores de risco através de uma análise de componentes principais, denominados fatores estatísticos. O primeiro resultado importante é a grande semelhança entre o primeiro fator estatístico e o retorno da carteira mundial. Nós estimamos o modelo APT usando duas metodologias estatísticas: Regressões Aparentemente não Correlacionadas Iteradas (ITNLSUR) de McElroy e Burmeister (1988) e o Método dos Momentos Generalizados (GMM) de Hansen (1982). Os resultados de ambas as metodologias são muito similares. Utilizando variáveis macroeconômicas, apenas o excesso de retorno da carteira mundial é precificado nos três grupos com prêmios variando de 4,4% a 6.3% ao ano e, no modelo com variáveis estatísticas, apenas o primeiro fator estatístico é precificado em todos os grupos com prêmios que variam entre 6,2% a 8,5% ao ano.

Magister Commercii - MCom / A distinctive phenomenon on the JSE Securities Exchange (JSE) is the market segmentation between the resource sector and the financial and industrial sectors. Criticisms also arise from employing a capitalization-weighted (cap-weighted) index such as the ALSI index when the market is less than perfectly efficient. A study conducted by Vardharah and Fabozzi (2007) also suggests that a correlation exists between sector allocation decisions and the investment styles inherent in portfolios. The uniqueness of the South African stock market is that it is dominated by three major sectors, namely, the financial sector, the industrial sector and the resources sector. The goal of this research is to examine the application of sector influences on the JSE over the examination period 1 January 2003 to 31 December 2013. It is the contention that the cap-weighted ALSI index is price-sensitive and potentially mean-variance inefficient. The study therefore attempts to evaluate the relative meanvariance efficiency of alternative sector allocation strategies versus the cap-weighted ALSI as the optimal risky portfolio on the JSE. Two optimal long-only portfolios that maximises the Sharpe ratio are constructed and compared to the market proxy on the JSE over the examination period from 1 January 2003 to 31 December 2013. A longonly portfolio that comprises the JSE tradable sector indices and includes a cash allocation (risk-free proxy) and a long-only portfolio exclusive of the cash allocation are constructed. The research extends to cross-examine the inter-relationship between sector returns and the investment styles on the JSE using the Carhart (1997) four-factor model. The research further reexamines and updates the market segmentation phenomenon over the extended examination period from 1 January 2003 to 31 December 2013. The practicality of two sector-based multifactor APT models are examined and compared to the single-factor CAPM to determine which of the asset pricing models better explain JSE equity returns. A sector-based two-factor APT model proposed by Van Rensburg (2002) using the JSE sector indices FNDI and RESI as the sector proxies is reexamined and a sector-based three-factor APT model using the JSE tradable sector indices FINI, INDI and RESI as the sector proxies is explored. The optimal long-only portfolio with the cash allocation is found to offer the best meanvariance efficient allocation and the ALSI index represents the most mean-variance inefficient portfolio. The resource sector is found to be the worst performing sector and significantly influences the performance of ALSI. In terms of the style risk influences, the financial sector has a strong value bias and the industrial sector has a moderate value bias, small cap bias and a momentum bias. The resource sector, for the most part, is influenced by growth stocks and has a contrarian tilt. It is also found that the market segmentation phenomenon continues to exist on the JSE. Although the explanatory power of the three-factor APT model and the two-factor APT model is similar, the distinct advantage of the three-factor APT model is that systematic risks could be observed more closely by separating FINI and INDI in the asset pricing model.

Investing in the Swedish stock market has over time proven to be an effective way to increase wealth. Nationally speaking, Sweden’s population is also one of the best in the world at investing their savings. Four out of five swedes invest at least some part of their private savings into mutual funds which approximately amounts to 8.4 million people. Consequently, in 2022, the aggregated amount of household wealth invested into fund shares and stocks was a staggering 3.1 trillion Swedish crowns. With such a huge interest in the stock market it is important to understand how risk-adjusted returns should be evaluated. Traditionally there has been a choice between active and passive investment strategies, depending on how the investor views the market's pricing of securities. This study investigates, using the Carhart four-factor model, how asset pricing varies over time depending on different levels of market volatility. The theories that have been used for this study are mainly the efficient market hypothesis and the adaptive market hypothesis. With these as a starting point, various asset pricing models have been tested (Carhart four-factor model & CAPM) and examined with statistical tests to produce reliable results. The results of this study can be used to draw conclusions that both theoretically and practically contribute to the expanding body of knowledge regarding factor models and Smart Beta investment strategies, specifically in the Swedish stock market. The study suggests that the Carhart four-factor is a reliable method to determine risk-adjusted returns in the Swedish stock market, mainly when it’s used during normal market conditions. It also appears that, based on the study’s observation of alpha, the dynamics of asset pricing in the Swedish stock market are more in line with the adaptive market theory rather than the efficient market theory. This insight can be used as an argument for how the Swedish stock market can be assumed to behave. In turn, this can give investors more understanding for which risk factors are considered significant during different times of market volatility, and how their risk premiums should be discounted when valuing securities. By emphasizing the importance of various risks being priced in different ways during different times of market volatility it is possible to manage the risk exposure of security portfolios in a more accurate and desirable way. Finally, it can be stated that the results are both on par with previous research that advocates and opposes factor models. The study found the effectiveness of the Carhart four-factor model in explaining the risk-adjusted returns to vary over time and that it cannot be assumed with statistical certainty to improve upon the CAPM in all market climates.

Die doel van hierdie studie is om `n omvattende prysbepalingsmodel te ontwikkel vir vinnige bewegende voedselsoorte, met spesifieke verwysing na die mieliemeelbedryf. Deur navorsing wat gedoen is het dit aan die lig gekom dat daar nie `n enkele model bestaan wat prysbepaling in totaal aanspreek nie. Die model wat in hierdie verhandeling ontwikkel is, sal kan dien as `n omvattende prysbepalingsmodel en ook diegene wat nie bekend is met die prysbepalingsproses nie, tot voordeel strek. Hoofstuk 2 bied `n literatuurstudie van die faktore of komponente wat tydens prysbepaling verantwoord moet word. Hoofstuk 3 bied `n empiriese oorsig van die prysbepalingsmetodes wat TWK meulens aangewend het om die pryse van hulle klaarprodukte te bepaal, en hoe `n prysbepalingsmodel aangewend is om die winsgewendheid van die meulens te verhoog. Hoofstuk 4 word gewy aan die ontwikkeling van `n omvattende prysbepalingsmodel wat deur die mieliemeulebedryf en ander vervaardigers van vinnig bewegende voedselsoorte aangewend kan word. Hoofstuk 5 verskaf `n samevatting en riglyne vir verdere navorsing. / Business Management / M.Com. (Business Management)

Chapter 1: Intuition suggests that constraint investment strategies will result in losses due to a limited portfolio allocation. Yet prior research has shown that this is not the case for a particular set of constraint mutual funds so-called Socially Responsible Investing, SRI. In this paper I show that such assets do face loses to portfolio efficiency due to their limited asset universe. I contribute to the literature by employing two techniques to estimate asset performance. First, I estimate a DEA based efficiency score that allows for direct comparison between ex-post efficiency rankings and test the ex-ante relevance of such scores by including them into asset pricing models. Second, I further check if these results are consistent when comparing the performance of ethical funds based on the alphas of traditional asset pricing models even after adjusting for coskewness risk. Overall, the results suggest that ethical funds underperform traditional unconstraint investment assets. Chapter 2: Starting after the turn of the millennium, inflation has been persistently higher than the short term T-Bill rate. Following the traditional view, this will imply a negative real rates of return that have become commonplace in the US economy. This paper examines the possibility that if an inflation risk discount contained in nominal rates exist and can explain low or negative real rates, using consumption based asset pricing model. Evidence suggests using the traditional Fisher equation to calculate real rates leads to an overestimate of real rates due to a modest inflation risk premium. To achieve non-negative real rates in a consumption based asset pricing framework the covariance between consumption growth and inflation innovations would have to be at least thirty times larger than empirically found, and in opposite direction, for the Post-Volker era. Still, though the after 2000’s covariance is positive, which suggest a discount on risk free, the magnitude is still too small to explain negativity of real rates. JEL Classification : E21, E31 Key Words : Mutual Funds, Performance, Data Envelop Analysis, Coskewness, Risk Factors, Real Returns, Consumption Bases Asset Pricing Models, Inflation