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CAPITAL BUDGETING UNDER UNCERTAINTY: A REFORMULATION · Study

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ArticleCAPITAL BUDGETING UNDER UNCERTAINTY: A REFORMULATION

Harold Bierman1973

Article1973

CAPITAL BUDGETING UNDER UNCERTAINTY: A REFORMULATION

Harold Bierman · Jerome E. Hass

48 citations·0/0 files stored·The Journal of Finance

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Capital Investment and Risk Analysis Financial Reporting and Valuation Research Risk and Portfolio Optimization

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 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.]1959Portfolio Selection: Efficient Diversification of Investments 1966Equilibrium in a Capital Asset Market 1958Liquidity Preference as Behavior Towards Risk 1965SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION*1969

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2003Capital Markets: Theory and Evidencepreprint · 9 shared references 1970Corporate Investment Criteria and the Valuation of Risk Assetsarticle · 8 shared references 1969PORTFOLIO ANALYSIS, MARKET EQUILIBRIUM AND CORPORATION FINANCEarticle · 7 shared references 2004The Capital Asset Pricing Modelarticle · 7 shared references 1975PORTFOLIO EFFICIENCY ANALYSIS IN THREE MOMENTS: THE MULTIPERIOD CASE†article · 7 shared references 1978ORDERING UNCERTAIN OPTIONS WITH BORROWING AND LENDINGarticle · 7 shared references

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Year1973

Typearticle

Published1973-03-01

VenueThe Journal of Finance

ISSN-L0022-1082

Languageen

Citations48

Files0 public / 0

ShelfCapital Investment and Risk Analysis

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doi10.1111/j.1540-6261.1973.tb01350.x

openalex_workW2076562816

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PORTFOLIO ANALYSIS, MARKET EQUILIBRIUM AND CORPORATION FINANCE

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1983Capital budgeting for the multinational corporation**This article is reprinted, with permission, from Financial Management (Spring 1978) pp 7–16 2007Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?1976Debt Capacity and the Capital Budgeting Decision 2016Capital depreciation and the underdetermination of rate of return: A unifying perspective