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International Financial Management
16 references·16 citing·25 second hopsampled
International Financial Management (2022)International Financial ManagementOn the Principles of Political Economy, and Taxation (2014)On the Principles of Politica…Investor protection and corporate governance (2000)Investor protection and corpo…A Model of Balance-of-Payments Crises (1979)A Model of Balance-of-Payment…The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Determination of Financia…A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)A critique of the asset prici…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The arbitrage theory of capital asset pricing (1976)The arbitrage theory of capit…Expectations and Exchange Rate Dynamics (1976)Expectations and Exchange Rat…THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)THE VALUATION OF RISK ASSETS …The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…Equilibrium in a Capital Asset Market (1966)Equilibrium in a Capital Asse…The Purchasing-Power Parity Doctrine: A Reappraisal (1964)The Purchasing-Power Parity D…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …A Theory of Optimum Currency Areas (1961)A Theory of Optimum Currency …The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis (2020)Internationalization and the …REAL INTEREST RATE, INFLATION, EXCHANGE RATE, COMPETITIVENESS AND FOREIGN DIRECT INVESTMENT IN KENYA (2018)REAL INTEREST RATE, INFLATION…Export intensity of foreign subsidiaries of multinational enterprises: The role of trade finance availability (2017)Export intensity of foreign s…Deviations from Covered Interest Rate Parity (2017)Deviations from Covered Inter…The Effect of US Stock Market Uncertainty on Emerging Market Returns (2016)The Effect of US Stock Market…Deviations from Covered Interest Rate Parity (2016)Deviations from Covered Inter…How firms use corporate bond markets under financial globalization (2015)How firms use corporate bond …Internal equity financing and the performance of multinational subsidiaries in emerging economies (2014)Internal equity financing and…Corporate diversification, real activities manipulation, and firm value (2014)Corporate diversification, re…VEHICLE CURRENCY* (2013)VEHICLE CURRENCY*External risk management practices of Chinese construction firms in Singapore (2009)External risk management prac…Valuing uncertain asset cash flows when there are no options: A real options approach (2005)Valuing uncertain asset cash …The sovereign ceiling and emerging market corporate bond spreads (2005)The sovereign ceiling and eme…Risk management practices of German firms (2000)Risk management practices of …Noisy Accounting Earnings Signals and Earnings Response Coefficients: The Case of Foreign Currency Accounting* (1993)Noisy Accounting Earnings Sig…Long-run dynamics of black and official exchange rates (1991)Long-run dynamics of black an…The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Financial Intermediation and Delegated Monitoring (1984)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)On Persistence in Mutual Fund Performance (1997)The cost of capital, corporation finance and the theory of investment (2008)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Behavior of Stock-Market Prices (1965)Determinants of corporate borrowing (1977)The Problem of Social Cost (1960)Law and Finance (1998)Corporate Governance and Equity Prices (2003)Earnings management and investor protection: an international comparison (2003)Law, finance, and economic growth in China (2005)The Nature of the Firm (1937)Separation of Ownership and Control (1983)Corporate financing and investment decisions when firms have information that investors do not have (1984)An Intertemporal Capital Asset Pricing Model (1973)Option pricing when underlying stock returns are discontinuous (1976)Empirical exchange rate models of the seventies (1983)Convergence Across States and Regions (1991)The Purchasing Power Parity Puzzle (1996)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 1976The arbitrage theory of capital asset pricing7,081 cited
  • 2000Investor protection and corporate governance6,847 cited
  • 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]6,743 cited
  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 1966Equilibrium in a Capital Asset Market

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4,896 cited
  • 1976Expectations and Exchange Rate Dynamics4,704 cited
  • 1961A Theory of Optimum Currency Areas4,546 cited
  • 1977The Determination of Financial Structure: The Incentive-Signalling Approach4,163 cited
  • 2014On the Principles of Political Economy, and Taxation4,150 cited
  • 1964The Purchasing-Power Parity Doctrine: A Reappraisal3,198 cited
  • 1977A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory3,006 cited
  • 1979A Model of Balance-of-Payments Crises2,927 cited
  • Cited by

    • 2005The sovereign ceiling and emerging market corporate bond spreads173 cited
    • 2016The Effect of US Stock Market Uncertainty on Emerging Market Returns103 cited
    • 2000Risk management practices of German firms102 cited
    • 1993Noisy Accounting Earnings Signals and Earnings Response Coefficients: The Case of Foreign Currency Accounting*102 cited
    • 2005Valuing uncertain asset cash flows when there are no options: A real options approach94 cited
    • 2013VEHICLE CURRENCY*94 cited
    • 2014Internal equity financing and the performance of multinational subsidiaries in emerging economies78 cited
    • 2015How firms use corporate bond markets under financial globalization76 cited
    • 2014Corporate diversification, real activities manipulation, and firm value67 cited
    • 1991Long-run dynamics of black and official exchange rates64 cited
    • 2016Deviations from Covered Interest Rate Parity62 cited
    • 2017Deviations from Covered Interest Rate Parity55 cited
    • 2009External risk management practices of Chinese construction firms in Singapore43 cited
    • 2020Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis40 cited
    • 2017Export intensity of foreign subsidiaries of multinational enterprises: The role of trade finance availability39 cited
    • 2018REAL INTEREST RATE, INFLATION, EXCHANGE RATE, COMPETITIVENESS AND FOREIGN DIRECT INVESTMENT IN KENYA35 cited