234 THE JOURNAL OF BUSINESS TABLE 2+ NOMINAL ANNUAL RATES OF RETURN BY COMPANY; AVERAGED OVER ALL FILTERS BREAKDOWN OF AVERAGE BUY AND HOLD|PQr工理围 RETURN 等等- llied Chemical 1824148421/2117/21 724 Eastman Kodak 21/22 General motors 03:3382 0179-:1942|-.0731:0843:046710/232/23 Procter gamble Swift Co 0542 Union Carbide Average 185-.1978,0822 0032.09 012.5/2.56.4/2.5 See Notes to Table 2. NOTES TO TABLE 2 he numbers in columns(1),(2),an (5)are average returns per filter under dif R ferent assumptions concerning what is in cluded in computing dollar profits on indi- R vidual transactions, The returns in column (2) are adjusted for both dividends and where S( is the number of filters that re- brokerage fees; those in column(1)are ad- sulted in completed transactions in securi- justed only for dividends; while those in ty j andR " is the return from filter i when olumn(5)are not adjusted for either divi- applied to security j. Rp"=0 for security dends or commissions. The general formula if the ith filter resulted in no completed for computing the average return per filter is transactions. The general procedure used in