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Public Policy Investment: Risk and Return in British Politics
16 references·2 citing·41 second hop
Public Policy Investment: Risk and Return in British Politics (2012)Public Policy Investment: Risk and Return…The Economic Vote (2008)The Economic VoteDemocracy as a Latent Variable (2008)Democracy as a Latent VariablePolitical budget cycles in new versus established democracies (2005)Political budget cycles in ne…On the salience of political issues: The problem with ‘most important problem’ (2005)On the salience of political …The British Regulatory State (2003)The British Regulatory StateDemocracy, Accountability, and Representation (1999)Democracy, Accountability, an…Uninformed Votes: Information Effects in Presidential Elections (1996)Uninformed Votes: Information…Issue Ownership in Presidential Elections, with a 1980 Case Study (1996)Issue Ownership in Presidenti…Dynamic Representation (1995)Dynamic RepresentationThe Rational Public (1992)The Rational PublicMutual Fund Performance Evaluation: A Comparison of Benchmarks and Benchmark Comparisons (1987)Mutual Fund Performance Evalu…Economic Forces and the Stock Market (1986)Economic Forces and the Stock…An Empirical Investigation of the Arbitrage Pricing Theory (1980)An Empirical Investigation of…The arbitrage theory of capital asset pricing (1976)The arbitrage theory of capit…The Political Business Cycle (1975)The Political Business CyclePORTFOLIO SELECTION* (1952)PORTFOLIO SELECTION*How can governments respond to policy bubbles driven by dysfunctional emotions? (2025)How can governments respond t…The Leadership Capital Index (2017)The Leadership Capital IndexCAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)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)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)An Intertemporal Capital Asset Pricing Model (1973)Risk, Return, and Equilibrium: Empirical Tests (1973)Industry costs of equity (1997)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Efficient Capital Markets: II (1991)Fundamentals and Stock Returns in Japan (1991)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Judgment under Uncertainty: Heuristics and Biases (1975)Judgement under Uncertainty: Heuristics and Biases (1983)News that matters : television and American opinion (1987)Does Left/Right Structure Party Positions on European Integration? (2002)Competition Between Unequals: The Role of Mainstream Party Strategy in Niche Party Success (2005)Populist radical Right parties in Europe (2008)Participation and Democratic Theory (1970)The Nature and Origins of Mass Opinion. 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References

  • 1952PORTFOLIO SELECTION*13,480 cited
  • 1976The arbitrage theory of capital asset pricing7,081 cited
  • 1986Economic Forces and the Stock Market5,258 cited
  • 1975The Political Business Cycle3,951 cited
  • 1996Issue Ownership in Presidential Elections, with a 1980 Case Study2,906 cited
  • 1999Democracy, Accountability, and Representation1,799 cited
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  • 1996Uninformed Votes: Information Effects in Presidential Elections1,322 cited
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  • 2003The British Regulatory State740 cited
  • 2008Democracy as a Latent Variable677 cited
  • 2005On the salience of political issues: The problem with ‘most important problem’649 cited
  • 1987Mutual Fund Performance Evaluation: A Comparison of Benchmarks and Benchmark Comparisons581 cited

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Cited by

  • 2017The Leadership Capital Index60 cited
  • 2025How can governments respond to policy bubbles driven by dysfunctional emotions?5 cited