The Journal of Finance

DISCUSSION

Published: 05/01/1969   |   DOI: 10.1111/j.1540-6261.1969.tb01686.x

Richard S. Bower

DISCUSSION

Published: 05/01/1980   |   DOI: 10.1111/j.1540-6261.1980.tb02167.x

Richard S. Bower

DISCUSSION

Published: 05/01/1974   |   DOI: 10.1111/j.1540-6261.1974.tb03074.x

RICHARD S. BOWER

TEST OF A STOCK VALUATION MODEL

Published: 05/01/1970   |   DOI: 10.1111/j.1540-6261.1970.tb00672.x

Dorothy H. Bower, Richard S. Bower

Asymmetry of Information, Regulatory Lags and Optimal Incentive Contracts: Theory and Evidence

Published: 05/01/1983   |   DOI: 10.1111/j.1540-6261.1983.tb02245.x

RICHARD S. BOWER, KOSE JOHN, ANTHONY SAUNDERS

Arbitrage Pricing Theory and Utility Stock Returns

Published: 09/01/1984   |   DOI: 10.1111/j.1540-6261.1984.tb03891.x

DOROTHY H. BOWER, RICHARD S. BOWER, DENNIS E. LOGUE

This paper presents some new evidence that Arbitrage Pricing Theory may lead to different and better estimates of expected return than the Capital Asset Pricing Model, particularly in the case of utility stock returns. Results for monthly portfolio returns for 1971–1979 lead to the conclusion that regulators should not adopt the single‐factor risk approach of the CAPM as the principal measure of risk, but give greater weight to APT, whose multiple factors provide a better indication of asset risk and a better estimate of expected return.

AN OPERATIONAL APPROACH TO RISK‐SCREENING

Published: 05/01/1973   |   DOI: 10.1111/j.1540-6261.1973.tb01776.x

Guy E. Noyes, Richard S. Bower, Donald R. Lessard