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The Price Is (Almost) Right

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References

1993Common risk factors in the returns on stocks and bonds26,615 cited
1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
1992The Cross-Section of Expected Stock Returns17,251 cited
1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*15,723 cited
1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
1970Efficient Capital Markets: A Review of Theory and Empirical Work13,616 cited
2008The cost of capital, corporation finance and the theory of investment8,614 cited
1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
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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6,743 cited

1996Multifactor Explanations of Asset Pricing Anomalies6,710 cited

2001The theory and practice of corporate finance: evidence from the field5,947 cited

1998Investor Psychology and Security Market Under‐ and Overreactions5,711 cited

1991Efficient Capital Markets: II5,346 cited

1994Contrarian Investment, Extrapolation, and Risk4,198 cited

2002Market Timing and Capital Structure3,804 cited

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