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From dividend yield to discounted cash flow: a history of UK and US equity valuation techniques
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From dividend yield to discounted cash flow: a history of UK and US equity valuation techniques (2004)From dividend yield to discounted cash fl…The Universal Dictionary of Trade and Commerce (2020)The Universal Dictionary of T…The Finance of British Industry, 1918-1976 (2013)The Finance of British Indust…Irrational Exuberance (2001)Irrational ExuberanceA History of Corporate Finance (1997)A History of Corporate FinanceValuation: Measuring and managing the value of companies (1992)Valuation: Measuring and mana…Valuation: Measuring and Managing the Value of Companies. (1991)Valuation: Measuring and Mana…Lexicon technicum, or, An universal English dictionary of arts and sciences (1990)Lexicon technicum, or, An uni…A History of Financial Accounting. (1990)A History of Financial Accoun…Principles of corporate finance (1982)Principles of corporate finan…SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION* (1965)SECURITY PRICES, RISK, AND MA…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…The Investment, Financing, and Valuation of the Corporation (1963)The Investment, Financing, an…The Theory of Investment Value. (1939)The Theory of Investment Valu…The Theory of Investment Value, by John Burr Williams (1939)The Theory of Investment Valu…The Stock Market Crash--And After. (1930)The Stock Market Crash--And A…The Rate of Interest (1907)The Rate of Interest‘Fair Value’ accounting as the normative Fisherian phase of accounting (2018)‘Fair Value’ accounting as th…Constructing Corporate Identity before the Corporation: Fashioning the Face of the First English Joint Stock Banking Companies through Portraiture (2017)Constructing Corporate Identi…Putting all their eggs in one basket? Portfolio diversification 1870–1902 (2016)Putting all their eggs in one…Financial diversification before modern portfolio theory: UK financial advice documents in the late nineteenth and the beginning of the twentieth century (2016)Financial diversification bef…International taxation and corporate strategy: evidence from British overseas business, circa 1900–1965 (2015)International taxation and co…The Shareholder Voice: British and American Accents, 1890–1965 (2011)The Shareholder Voice: Britis…The collapse of the Railway Mania, the development of capital markets, and the forgotten role of Robert Lucas Nash (2011)The collapse of the Railway M…‘Propositions put forward by quite honest men’: Company prospectuses and their contents, 1856 to 1940 (2011)‘Propositions put forward by …Bank affiliations and corporate dividend policy in pre-World War I Belgium (2010)Bank affiliations and corpora…Learning from one another's mistakes: investment trusts in the UK and the US, 1868–1940 (2009)Learning from one another's m…Accounting for the dissolution of a nation state: Scotland and the Treaty of Union (2009)Accounting for the dissolutio…Transparency and financial reporting in mid-20th century British banking (2008)Transparency and financial re…What counts? Exploring the production of quantitative financial narratives in London's corporate finance industry (2006)What counts? Exploring the pr…The merchant banker, the broker and the company chairman: A new issue case study (2006)The merchant banker, the brok…‘She possessed her own fortune’: Women investors from the late nineteenth century to the early twentieth century (2006)‘She possessed her own fortun…Top-Management Compensation and Capital Structure (1993)Relationship between innovativeness, quality, growth, profitability, and market value (2005)Does Investor Misvaluation Drive the Takeover Market? (2006)Finance for Growth (2001)Financial Innovation and Endogenous Growth (2013)Cost of experimentation and the evolution of venture capital (2018)An Engine, Not a Camera (2006)Does board gender diversity improve the informativeness of stock prices? (2011)… and the Cross-Section of Expected Returns (2015)THE TAX‐ADJUSTED YIELD CURVE (1975)Bulls, bears and market sheep (1990)Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates (2000)The Pricing of Options and Corporate Liabilities (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Common risk factors in the returns on stocks and bonds (1993)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 Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors (1988)Predicting Excess Stock Returns Out of Sample: Can Anything Beat the Historical Average? (2007)Transformative capacity: Continual structuring by intertemporal technology transfer (1994)Is performance driven by industry‐or firm‐specific factors? A new look at the evidence (2002)Does Corporate Social Responsibility Influence Firm Performance of Indian Companies? (2010)Testing the Predictive Power of Dividend Yields (1993)Markowitz's “Portfolio Selection”: A Fifty‐Year Retrospective (2002)Technical Analysis in Financial Markets (2004)The Theory of Economic Growth: A Survey (1965)Complementarity-An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory (1974)The Secondary Circuit of Capital Reconsidered: Globalization and the U.S. Real Estate Sector (2006)
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References

  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1965SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION*2,451 cited
  • 1992Valuation: Measuring and managing the value of companies2,261 cited
  • 1991Valuation: Measuring and Managing the Value of Companies.1,382 cited
  • 1982Principles of corporate finance990 cited
  • 1963The Investment, Financing, and Valuation of the Corporation958 cited
  • 1939The Theory of Investment Value, by John Burr Williams623 cited
  • 1939The Theory of Investment Value.467 cited
  • 1907The Rate of Interest404 cited
  • 1997A History of Corporate Finance382 cited
  • 1990A History of Financial Accounting.337 cited
  • 2001Irrational Exuberance128 cited
  • 2020The Universal Dictionary of Trade and Commerce100 cited
  • 1930The Stock Market Crash--And After.97 cited
  • 1990Lexicon technicum, or, An universal English dictionary of arts and sciences96 cited
  • 2013The Finance of British Industry, 1918-197694 cited

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Cited by

  • 2006‘She possessed her own fortune’: Women investors from the late nineteenth century to the early twentieth century102 cited
  • 2006What counts? Exploring the production of quantitative financial narratives in London's corporate finance industry43 cited
  • 2006The merchant banker, the broker and the company chairman: A new issue case study39 cited
  • 2015International taxation and corporate strategy: evidence from British overseas business, circa 1900–196538 cited
  • 2016Financial diversification before modern portfolio theory: UK financial advice documents in the late nineteenth and the beginning of the twentieth century38 cited
  • 2009Learning from one another's mistakes: investment trusts in the UK and the US, 1868–194036 cited
  • 2011The collapse of the Railway Mania, the development of capital markets, and the forgotten role of Robert Lucas Nash34 cited
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  • 2008Transparency and financial reporting in mid-20th century British banking28 cited
  • 2017Constructing Corporate Identity before the Corporation: Fashioning the Face of the First English Joint Stock Banking Companies through Portraiture28 cited
  • 2011‘Propositions put forward by quite honest men’: Company prospectuses and their contents, 1856 to 194027 cited
  • 2018‘Fair Value’ accounting as the normative Fisherian phase of accounting22 cited
  • 2011The Shareholder Voice: British and American Accents, 1890–196519 cited
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