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Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums
16 references·16 citing·20 second hopsampled
Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums (1983)Modern Financial Theory, Corporate Strate…The Theory of the Growth of the Firm (1995)The Theory of the Growth of t…The Concept of Corporate Strategy (1987)The Concept of Corporate Stra…The Contributions of Industrial Organization To Strategic Management, (1981)The Contributions of Industri…Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation (1980)Takeover Bids, The Free-Rider…Financial Theory and Corporate Policy. (1980)Financial Theory and Corporat…Rational Decision-Making in Business Organizations (1979)Rational Decision-Making in B…Patterns in Strategy Formation (1978)Patterns in Strategy FormationThe Visible Hand (1977)The Visible HandTHE 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)THE VALUATION OF RISK ASSETS …Industrial Market Structure and Economic Performance. (1971)Industrial Market Structure a…The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…The Structure of Scientific Revolutions (1963)The Structure of Scientific R…Portfolio Selection: Efficient Diversification of Investments. (1962)Portfolio Selection: Efficien…Portfolio Selection: Efficient Diversification of Investments (1959)Portfolio Selection: Efficien…Liquidity Preference as Behavior Towards Risk (1958)Liquidity Preference as Behav…The vicarious wisdom of crowds: toward a behavioral perspective on investor reactions to acquisition announcements (2012)The vicarious wisdom of crowd…The misapplication of Mr. Michael Jensen: how agency theory brought down the economy and why it might again (2010)The misapplication of Mr. Mic…Uncertainty and the market valuation of R&D within a real options logic (2008)Uncertainty and the market va…Signaling and initial public offerings: The use and impact of the lockup period (2008)Signaling and initial public …Risk Management, Real Options, Corporate Social Responsibility (2005)Risk Management, Real Options…Predictors of Capital Structure in Small Ventures (1996)Predictors of Capital Structu…RESEARCH NOTES. LAYOFF ANNOUNCEMENTS AND STOCKHOLDER WEALTH. (1991)RESEARCH NOTES. LAYOFF ANNOUN…WHY DO FIRMS REDUCE BUSINESS RISK? (1990)WHY DO FIRMS REDUCE BUSINESS …Valuing Market Strategies (1988)Valuing Market StrategiesRESEARCH ON STRATEGIC GROUPS: PROGRESS AND PROGNOSIS[1] (1988)RESEARCH ON STRATEGIC GROUPS:…THE ROLE OF RISK IN EXPLAINING DIFFERENCES IN PROFITABILITY. (1987)THE ROLE OF RISK IN EXPLAININ…MERGER STRATEGIES AND CAPITAL MARKET RISK. (1987)MERGER STRATEGIES AND CAPITAL…Corporate Strategy: Useful Perspective for the Study of Capital Structure? (1987)Corporate Strategy: Useful Pe…Towards Reconciliation of Market Performance Measures to Strategic Management Research (1986)Towards Reconciliation of Mar…Dynamic and risk measurement perspectives on bowman's risk‐return paradox for strategic management: An empirical study (1986)Dynamic and risk measurement …Toward a Contingency Model of Strategic Risk Taking (1985)Toward a Contingency Model of…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)On Persistence in Mutual Fund Performance (1997)The cost of capital, corporation finance and the theory of investment (2008)A resource‐based view of the firm (1984)Dynamic capabilities and strategic management (1997)Firm resources and sustained competitive advantage (2004)Risk, Return, and Equilibrium: Empirical Tests (1973)The Cross-Section of Expected Stock Returns (1992)Multifactor Explanations of Asset Pricing Anomalies (1996)The Pricing of Options and Corporate Liabilities (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Common risk factors in the returns on stocks and bonds (1993)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Social Construction of Reality: A Treatise in the Sociology of Knowledge. (1967)Competing paradigms in qualitative research. (1994)Sample Size in Qualitative Interview Studies (2015)Sectoral patterns of technical change: Towards a taxonomy and a theory (1984)First-mover advantages (1988)Sources, Procedures, and Microeconomic Effects of Innovation (2000)
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References

  • 1963The Structure of Scientific Revolutions35,276 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1995The Theory of the Growth of the Firm13,774 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.]6,743 cited
  • 1971Industrial Market Structure and Economic Performance.6,267 cited
  • 1959Portfolio Selection: Efficient Diversification of Investments5,535 cited
  • 1987The Concept of Corporate Strategy4,092 cited
  • 1958Liquidity Preference as Behavior Towards Risk

Only edges whose both ends are imported exist here. Widen the year window, or show the whole map. Back to the work

3,916 cited
  • 1962Portfolio Selection: Efficient Diversification of Investments.3,621 cited
  • 1978Patterns in Strategy Formation3,533 cited
  • 1980Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation3,093 cited
  • 1979Rational Decision-Making in Business Organizations2,893 cited
  • 1980Financial Theory and Corporate Policy.1,699 cited
  • 1977The Visible Hand1,294 cited
  • 1981The Contributions of Industrial Organization To Strategic Management,972 cited
  • Cited by

    • 1988RESEARCH ON STRATEGIC GROUPS: PROGRESS AND PROGNOSIS[1]324 cited
    • 2005Risk Management, Real Options, Corporate Social Responsibility318 cited
    • 1991RESEARCH NOTES. LAYOFF ANNOUNCEMENTS AND STOCKHOLDER WEALTH.287 cited
    • 1988Valuing Market Strategies275 cited
    • 1986Towards Reconciliation of Market Performance Measures to Strategic Management Research264 cited
    • 2008Uncertainty and the market valuation of R&D within a real options logic255 cited
    • 1986Dynamic and risk measurement perspectives on bowman's risk‐return paradox for strategic management: An empirical study195 cited
    • 1985Toward a Contingency Model of Strategic Risk Taking191 cited
    • 2010The misapplication of Mr. Michael Jensen: how agency theory brought down the economy and why it might again190 cited
    • 1987Corporate Strategy: Useful Perspective for the Study of Capital Structure?190 cited
    • 1996Predictors of Capital Structure in Small Ventures184 cited
    • 1990WHY DO FIRMS REDUCE BUSINESS RISK?180 cited
    • 1987THE ROLE OF RISK IN EXPLAINING DIFFERENCES IN PROFITABILITY.179 cited
    • 2008Signaling and initial public offerings: The use and impact of the lockup period172 cited
    • 2012The vicarious wisdom of crowds: toward a behavioral perspective on investor reactions to acquisition announcements172 cited
    • 1987MERGER STRATEGIES AND CAPITAL MARKET RISK.172 cited