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Further evaluation of conglomerate performance
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Further evaluation of conglomerate performance (1977)Further evaluation of conglomerate perfor…Procedures for capital budgeting under uncertainty (2011)Procedures for capital budget…The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…Risk and return: The case of merging firms (1974)Risk and return: The case of …Theory of Financial Markets. (1973)Theory of Financial Markets.Theory of Financial Markets. (1973)Theory of Financial Markets.THE PERFORMANCE OF CONGLOMERATE FIRMS: RECENT RISK AND RETURN EXPERIENCE (1973)THE PERFORMANCE OF CONGLOMERA…Studies in the Theory of Capital Markets. (1973)Studies in the Theory of Capi…Empirical Estimates of the Amount and Distribution of Gains to Companies in Mergers (1973)Empirical Estimates of the Am…The capital asset pricing model: Some empirical tests (1972)The capital asset pricing mod…Asset Valuation, Firm Investment, and Firm Diversification (1972)Asset Valuation, Firm Investm…TESTS OF THE EFFICIENCY PERFORMANCE OF CONGLOMERATE FIRMS (1971)TESTS OF THE EFFICIENCY PERFO…A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER (1971)A PURE FINANCIAL RATIONALE FO…Measurement of Portfolio Performance Under Uncertainty (1970)Measurement of Portfolio Perf…DIVERSIFICATION, PORTFOLIO ANALYSIS AND THE UNEASY CASE FOR CONGLOMERATE MERGERS (1970)DIVERSIFICATION, PORTFOLIO AN…Mergers, Managers and the Economy. (1969)Mergers, Managers and the Eco…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Portfolio Selection: Efficient Diversification of Investments (1959)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 (1968)Components of Investment Performance (1972)Differential Information and Performance Measurement Using a Security Market Line (1985)Equilibrium in an Imperfect Market: A Constraint on the Number of Securities in the Portfolio (2016)An Intertemporal Capital Asset Pricing Model (1973)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 Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)PORTFOLIO SELECTION* (1952)Dividend Policy, Growth, and the Valuation of Shares (1961)Strategy and Structure in the Multiproduct Firm (1987)Wealth creation versus wealth redistributions in pure stock-for-stock mergers1We are grateful to Tom Arnold, Sanjai Bhagat, James Bicksler, David Blackwell, Ekkehart Boehmer, Ted Bos, Robert Brokaw, Bill Carleton, Bob Comment, Chris Cornwell, Mary Dehner, Bob Eisenbeis, Jimmy Hilliard, Randy Howard, Steve Jones, Ed Kane, Josef Lakonishok, Larry Lang, Bill Lewellen, Marc Lipson, Paul Malatesta, Jeff Netter, Cathy Niden, Volker Pollmann, Annette Poulsen, Jay Ritter, Richard Ruback, Louis Scott, Joe Sinkey, Bill Schwert (the editor), Ralph Walkling (the referee), Ron Warren, J. Fred Weston, Karen Wruck, and seminar participants at the University of Arizona, the University of Delaware, the University of Illinois, the University of Georgia, the University of Miami, Seattle University, the 1995 European Finance Association, the 1996 Financial Management Association, and the 1996 American Finance Association meetings for their helpful comments and recommendations. We also gratefully acknowledge the financial support provided for this project by the University of Georgia Research Foundation. Finally, Steve Henry, Rick McKinney, David Quillian, and Ryan Vaughn provided vital assistance with data collection and assisted with data input.1 (1998)Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions (2017)Liquidity Preference as Behavior Towards Risk (1958)SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION* (1965)Strategies for diversification (1972)A Strategic Model of the U.S. Brewing Industry: 1952-1971 (1978)Assessing international diversification of West German corporations (1987)Corporate Diversification, Value Maximization, and Organizational Capabilities (2001)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Pricing of Options and Corporate Liabilities (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Law and Finance (1998)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Risk, Return, and Equilibrium: Empirical Tests (1973)Measuring security price performance (1980)Strategic Factor Markets: Expectations, Luck, and Business Strategy (1986)Efficient Capital Markets: II (1991)Risk Management and the Theory of the Firm (1976)Investment Policy, Optimality, and the Mean-Variance Model (1979)The Limits of Investor Behavior (2006)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)The option pricing model and the risk factor of stock (1976)Corporate focus and stock returns (1995)Curvilinearity in the diversification-performance linkage: an examination of over three decades of research (2000)Empirical Tests of the Consumption‐Oriented CAPM (1989)Idiosyncratic Volatility and the Cross Section of Expected Returns (2008)Taming the Factor Zoo: A Test of New Factors (2020)
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  • 2008The cost of capital, corporation finance and the theory of investment8,614 cited
  • 1972The capital asset pricing model: Some empirical tests2,705 cited
  • 1971A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER1,189 cited
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  • 1971TESTS OF THE EFFICIENCY PERFORMANCE OF CONGLOMERATE FIRMS210 cited
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  • 1969Mergers, Managers and the Economy.131 cited
  • 1973Theory of Financial Markets.130 cited
  • 1972Asset Valuation, Firm Investment, and Firm Diversification123 cited
  • 1973THE PERFORMANCE OF CONGLOMERATE FIRMS: RECENT RISK AND RETURN EXPERIENCE95 cited
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Procedures for capital budgeting under uncertainty
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