REPORT OF THE PROGRAM CHAIRMAN OF THE 34TH ANNUAL MEETING OF THE AMERICAN FINANCE ASSN
Pages: 197-198 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01880.x | Cited by: 0
Merton H. Miller
A PORTFOLIO THEORY OF THE SOCIAL DISCOUNT RATE AND THE PUBLIC DEBT*
Pages: 199-214 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01881.x | Cited by: 2
Myron J. Gordon
A TRANSACTIONS COST APPROACH TO THE THEORY OF FINANCIAL INTERMEDIATION
Pages: 215-231 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01882.x | Cited by: 47
Myron Scholes, George J. Benston, Clifford W. Smith
RESTRICTIONS ON THE RATE OF INTEREST ON DEMAND DEPOSITS AND A THEORY OF COMPENSATING BALANCES
Pages: 233-252 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01883.x | Cited by: 3
David Wiley Mullins
Pages: 252-255 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01884.x | Cited by: 0
James L. Bicksler
IS THERE A CAPITAL SHORTAGE: THEORY AND RECENT EMPIRICAL EVIDENCE
Pages: 257-268 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01885.x | Cited by: 0
Ernest T. Baughman, Leonall C. Andersen
CAPITAL SHORTAGES: MYTH OR REALITY?
Pages: 269-286 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01886.x | Cited by: 1
Paul Wachtel, Arnold Sametz, Harry Shuford
Pages: 287-308 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01887.x | Cited by: 8
Andrew F. Brimmer, Allen Sinai
Pages: 309-312 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01888.x | Cited by: 0
Benjamin M. Friedman
Pages: 315-318 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00577.x | Cited by: 1
Charles Upton
TAXES AND THE PRICING OF OPTIONS
Pages: 319-332 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01889.x | Cited by: 10
Fischer Black, Myron Scholes
THE IMPACT ON OPTION PRICING OF SPECIFICATION ERROR IN THE UNDERLYING STOCK PRICE RETURNS
Pages: 333-350 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01890.x | Cited by: 82
Robert C. Merton
VALUING CORPORATE SECURITIES: SOME EFFECTS OF BOND INDENTURE PROVISIONS
Pages: 351-367 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01891.x | Cited by: 1336
Fischer Black, John C. Cox
STANDARD DEVIATIONS OF STOCK PRICE RATIOS IMPLIED IN OPTION PRICES
Pages: 369-381 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01892.x | Cited by: 360
Henry A. Latané, Richard J. Rendleman
A SURVEY OF SOME NEW RESULTS IN FINANCIAL OPTION PRICING THEORY
Pages: 383-402 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01893.x | Cited by: 95
John C. Cox, Stephen A. Ross
RECENT RESEARCH ON INDEXATION AND THE HOUSING MARKET
Pages: 403-413 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01894.x | Cited by: 2
Jack Guttentag, Richard A. Cohn, Donald R. Lessard
FINANCIAL INNOVATION AND THE MORTGAGE MARKET: THE POSSIBILITIES FOR LIABILITY MANAGEMENT BY THRIFTS
Pages: 427-437 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01896.x | Cited by: 1
Donald P. Tucker
Pages: 437-446 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01897.x | Cited by: 0
Alan J. Donziger, Richard V. Eastin, Robert H. Edelstein
THE “FISHER EFFECT” FOR RISKY ASSETS: AN EMPIRICAL INVESTIGATION
Pages: 447-458 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01898.x | Cited by: 21
Katherine D. Miller, F. Jaffe Jeffrey, Gershon Mandelker
COMMON STOCKS AS A HEDGE AGAINST INFLATION
Pages: 459-470 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01899.x | Cited by: 335
Zvi Bodie
INFLATION AND RATES OF RETURN ON COMMON STOCKS
Pages: 471-483 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01900.x | Cited by: 268
Charles R. Nelson
Pages: 483-487 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01901.x | Cited by: 1
Donald A. Nichols
THE IMPACT OF OUTSTANDING CONVERTIBLE BONDS ON CORPORATE DIVIDEND POLICY
Pages: 489-506 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01902.x | Cited by: 1
James C. Van Horne, Dileep R. Mehta
SUPER PREMIUM SECURITY PRICES AND OPTIMAL CORPORATE FINANCING DECISIONS
Pages: 507-524 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01903.x | Cited by: 6
David W. Glenn
VALUATION AND ASSET SELECTION UNDER ALTERNATIVE INVESTMENT OPPORTUNITIES
Pages: 525-539 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01904.x | Cited by: 9
Edwin J. Elton, Martin J. Gruber
Pages: 540-543 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01905.x | Cited by: 1
Manak C. Gupta
Pages: 543-546 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00578.x | Cited by: 0
S. Hamada Robert
Pages: 546-549 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00579.x | Cited by: 0
George E. Pinches
Pages: 551-571 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01906.x | Cited by: 12
Robert Litzenberger, Mark Rubinstein
This paper begins by comparing the available well‐developed micro‐economic models in finance which recognize uncertainty. It is argued that models whose distinctive simplifying assumption restricts utility functions are superior to those which instead restrict probability distributions, both with respect to the realism of their assumptions and richness of their conclusions. In particular, the most successful model, based on generalized logarithmic utility (GLUM), is a multiperiod consumption/portfolio and equilibrium model in discrete‐time which (1) requires decreasing absolute risk aversion; (2) tolerates increasing, constant, or decreasing proportional risk aversion; (3) assumes no exogenous specification of the contemporaneous or intertemporal stochastic process of security prices; (4) tolerates heterogeneity with respect to wealth, lifetime, time‐and risk‐preference and beliefs; (5) results in a complete specification of consumption/portfolio decision and sharing rules which include nontrivial multiperiod separation properties and explains demand for default‐free bonds of various maturities and options; (6) leads to a solution to the aggregation problem; (7) results in a complete specification of the contemporaneous and intertemporal process of security prices which reveals necessary and sufficient conditions for an unbiased term structure and the market portfolio to follow a random walk as a natural outcome of equilibrium; (8) provides an empirically testable aggregate consumption function relating per capita consumption to per capita wealth and the present value of a perpetual default‐free annuity which does not require inferences of ex ante beliefs from ex post data; (9) provides a nontrivial multiperiod extension of popular single‐period security valuation models which is empirically testable; (10) yields a simple multiperiod valuation formula for an uncertain income stream even when this income is serially correlated over time.
ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION
Pages: 573-585 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01907.x | Cited by: 773
Sanford Grossman
Pages: 587-602 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01908.x | Cited by: 5
Niels Christian Nielsen
Pages: 602-604 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01909.x | Cited by: 0
Alan Kraus
Pages: 605-609 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00580.x | Cited by: 1
Frederick L. A. Grauer
THE CAPITAL MARKET, THE MARKET FOR INFORMATION, AND EXTERNAL ACCOUNTING
Pages: 611-630 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01910.x | Cited by: 4
William Beaver, Nicholas J. Gonedes
AN EMPIRICAL ANALYSIS OF DIFFERENTIAL CAPITAL MARKET REACTIONS TO EXTRAORDINARY ACCOUNTING ITEMS1
Pages: 651-674 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01912.x | Cited by: 2
Robert K. Eskew, William F. Wright
Pages: 674-677 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01913.x | Cited by: 0
David H. Downes
Pages: 677-679 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00581.x | Cited by: 0
Ross L. Watts
Pages: 680-684 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00582.x | Cited by: 0
S. Sunder
MEASURING ALLOCATIVE EFFICIENCY WITH TECHNOLOGICAL UNCERTAINTY
Pages: 685-700 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01914.x | Cited by: 0
Stewart Myers, Clement G. Krouse
THE VALUE OF THE FIRM UNDER REGULATION
Pages: 701-713 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01915.x | Cited by: 6
Jeffrey F. Jaffe, Gershon Mandelker
MERGERS, ANTITRUST LAW ENFORCEMENT AND STOCKHOLDER RETURNS
Pages: 715-732 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01916.x | Cited by: 96
James C. Ellert
THE DETERMINANTS OF COMMON STOCK RETURNS VOLATILITY: AN INTERNATIONAL COMPARISON
Pages: 733-740 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01917.x | Cited by: 23
Kalman J. Cohen, Walter L. Ness, Hitoshi Okuda, Robert A. Schwartz, David K. Whitcomb
Pages: 740-743 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01918.x | Cited by: 0
John B. Long
Pages: 743-747 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00583.x | Cited by: 0
J. Fred Weston, Edward M. Rice
Pages: 748-751 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb00584.x | Cited by: 1
Stavros B. Thomadakis, Donald R. Lessard
AMERICAN FINANCE ASSOCIATION BUSINESS PROCEEDINGS
Pages: 753-753 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01919.x | Cited by: 0
Pages: 754-756 | Published: 5/1976 | DOI: 10.1111/j.1540-6261.1976.tb01920.x | Cited by: 0