Several years ago Sharpe suggested a measure for the evaluation of portfolio performance.
The measure was conceptually simple, easily calculated, and applicable to an entire …

All dividend discount models (DDMs) require the analyst to estimate one or several growth
rates of dividends. If the analyst uses an unbiased, expected value of the growth rate, the …

This paper presents a practical approach to the use of Ross's "simple" method for the evaluation
of risky cash flow streams in capital budgeting. The critical problem is finding a portfolio …

IT IS A COMMON notion in finance that return is an increasing function of risk. It is well
known, for example, that an increase in the nondiversifiable risk of a security will cause an …

Using both debt and equity increases the aggregate value of tax options on the firm. Therefore,
firm value may depend on capital structure, even in a Miller equilibrium. A simple two-…

An undated futures market is an alternative to conventional futures markets. In conventional
futures markets contracts mature at selected times during the year. Several contracts with …

Even if the value of the firm is unaffected by its capital structure, managers may have
reasons to choose a particular structure. The prices of the firm's securities reflect the “market's” …

The Federal National Mortgage Association (FNMA) auctions commitments to purchase
mortgages. An examination of the terms of the commitment contract shows that these …

Sarig and Warga [1989] recently analyzed the quality of information in the Center for Research
in Securities Prices and Shearson Lehman Hutton government bond data bases. They …

A Comment by Adam K. Gehr, Jr., and Thomas Berry 1. lntroduction In a recent issue of this
journal Kaufman and Schlagenhauf (KS)[1] report a test of the forecasting ability of FNMA …