One of these incidents happened at Nikitsky Boulevard, the one that that overlooks Novy Arbat.
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Novy-Marx has been working this theme for a while, and not everybody agrees with him.
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There were no cheering crowds lining up Novy Arbat, a touristy street that leads right to the walls of Kremlin.
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On a freezing December evening, a man with a pistol held up a kiosk on Moscow's prestigious Novy Arbat Avenue.
That is why the government-bond yield is the appropriate measure for discounting public liabilities, as Messrs Rauh and Novy-Marx assert.
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In the U.S. there just isn't enough meunier to go around, says Adam Lee, owner and winemaker at Novy Family Winery in Santa Rosa, Calif.
In the U.S. there just isn't enough meunier to go around, says Adam Lee, owner and winemaker at Novy Family Winery in Santa Rosa, California.
But last year the city got not one, but two new spaces, the Erarta Museum and Galleries of Contemporary Art, and the Novy Muzei (New Museum).
Novy Kapadia, one of India's leading sports commentators, told BBC World Service's Sports International programme that Mirza's "phenomenal achievement" had made her a role model in the country.
Sources: the Bureau of Labor Statistics, the Kaiser Commission on Medicaid and a study of state worker pensions done in 2009 by two academics, Joshua Rauh and Rovert Novy-Marx.
Novy-Marx concludes with a thought experiment where he substitutes GASB accounting with an identical system where future liabilities are discounted at the muni rate (after all, the risk of non-payment to pensioners is no different, or in most case lower, than the risk to bondholders).
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The writeup at the Economic Policy Institute noted above says Novy-Marx averages the returns of stocks and bonds when he should assume that higher-yielding stocks will become a larger proportion of the fund over time and increase the expected return, even if fund managers rebalance periodically.
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