Article1994

What Every CFO Should Know about Scientific Progress in Financial Economics: What Is Known and What Remains to Be Resolved

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

Editors' Note: Contemporary Issues is a new section created to deal with recent developments and current thinking in finance. Potential topics for this section include (but are not limited to) discussions of recent significant changes in tax law or regulation, descriptions of innovative securities/strategies, brief analyses of major events, interesting descriptive material, comments by major figures in field, and argument and opinions expressed by members of profession. In a sense, this section might be called the Editors' choice. As a consequence, some of material appearing here has not been subjected to a formal refereeing process. This first installment consists of Richard Roll's keynote address at 1993 FMA meeting in Toronto; William Beranek and Steven L. Jones's discussion of recent growth in trading of claims against bankrupt firms, along with some preliminary evidence; and Martin S. Fridson's argument that high-yield bonds do in fact contain an equity component. We hope you find our selections here, and in future issues, interesting.

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1973The Pricing of Options and Corporate Liabilities 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1992The Cross-Section of Expected Stock Returns 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency 1985A Theory of the Term Structure of Interest Rates 1985Does the Stock Market Overreact?1976The arbitrage theory of capital asset pricing 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.]

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