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Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums · Study

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ArticleModern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums

Richard A. Bettis1983

Article1983

Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums

Richard A. Bettis

217 citations·0/0 files stored·Academy of Management Review

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Corporate Finance and Governance Financial Analysis and Corporate Governance Financial Reporting and Valuation Research

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References

1963The Structure of Scientific Revolutions 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1995The Theory of the Growth of the Firm 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.]1971Industrial Market Structure and Economic Performance.1959Portfolio Selection: Efficient Diversification of Investments 1987The Concept of Corporate Strategy

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1968RISK, RETURN AND EQUILIBRIUM: SOME CLARIFYING COMMENTSarticle · 7 shared references 1989Mean—Variance Analysischapter · 7 shared references 2013Game Theory Models in Financechapter · 7 shared references 1969PORTFOLIO ANALYSIS, MARKET EQUILIBRIUM AND CORPORATION FINANCEarticle · 6 shared references 2001Markowitz Revisited: Mean-Variance Models in Financial Portfolio Analysisarticle · 6 shared references 2003Capital Markets: Theory and Evidencepreprint · 6 shared references

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Year1983

Typearticle

Published1983-07-01

VenueAcademy of Management Review

ISSN-L0363-7425

Languageen

Citations217

Files0 public / 0

ShelfCorporate Finance and Governance

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doi10.2307/257829

openalex_workW4243536142

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