The School District of Maple’s quarterly newsletter (August, November, March, May) “News of Your Schools” is provided in a paperless format on the District’s web page with only the August issue being mailed to all box holders within the School District of Maple as it contains pertinent information in regards to school opening, registration, and annual notices. The District “News of Your Schools” newsletter provides the public with information on the business aspects of the school district including current educational issues relating to the District and Board of Education including mandatory public post- ings, new policy information, and educational mandates and programs. A link is provided on the District homepage at www.maple.k12.wi.us to access the quarterly newsletter.
training. This observation stems from the understanding of the complexity of the public management having gone through restructuring processes that, besides controlling the asset composition, extends its reach to the items of convergence to the international standards of Bodies and Entities of Public Administration. Bugarim et. al. (2014) analyze the performance of the participants of the Exam of Sufficiency in the various editions held from 2000 to 2004 and in the return of the exam, from 2011 to 2012. The results of the survey show, as a contribution to the study of the Exam of Sufficiency, a quantitative overview on different levels of descriptive analysis of the candidates’ performance. The authors also confirm that passing in the exam of sufficiency is a condition for obtaining professional license issued by the regional council of these professionals. According to the authors, this fact further supports the objective of ensuring to the Brazilian society a qualified professional with ownership of knowledge relevant to the activity and full professional performance.
As stated earlier, August and September of 2008 were not considered due the fact that they behave as outliers. The main reason of this behavior is the fact that the peak of financial crisis of 2008 occurred around this time. However, one should not be concerned with this decision because we have tested the results with and without the outliers and the outcomes were similar. In other words, the analyses obtained in this research reveal that the elimination of outliers did not produce a significant change in the t-statistics between the sample with outliers and the sample with no outliers. Orr, Sackett, and DuBois  and Zimmerman  present arguments in favor of the elimination or adjustment of outliers. Osborne and Overbay  advocate that outliers amplify error variance. Hence, it would be suitable to exclude them . Conclusion and Policy Implications A model’s aptitude to predict future returns is an essential factor in helping managers and investors make wise decisions about their financial investments. This study tested the Reward Beta model in Brazil and in the United States and compared the results to the Sharpe- Litner-Mossin version of the CAPM and the Fama and French three-factor model. The methodology adopted followed Fama and French’s  and Bornholt’s . The tests were applied in two sub-samples of Brazilian and American stocks: the within-sample (1995:07 to 2007:06 in Brazil and 1967:07 to 2007:06 in the United States) and the out-of-sample (2007:07 to 2013:06 in Brazil and in the United States). The results of this study reinforce current perception that the CAPM and the three-factor model fall short to elucidate future returns in both countries. Our results also provide evidence that there exists a systematic relationship