To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure no-reply@cambridge.org
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
This paper applies a single measure of investment performance to mutual fund portfolios for the 20-year period 1948–1967. It criticizes the efficacy of market indices, at least for the purpose of evaluating aggregate results of managed portfolios; it tests the predictive value of past results in forecasting future performance; and finally, it identifies two factors that are positively related to fund performance during the time period studied.
Individual decisions about investment may be regarded as choices among alternative probability distributions of net returns. It is assumed that these distributions are completely known and independent of initial wealth positions, and that individuals determine the preferred portfolio of investment in accordance with a given, consistent set of preferences.
It is often necessary to estimate a frequency function or certain points on a frequency function from very limited data. A usual procedure for this estimation involves two steps. From the set of “well-known” frequency functions, e.g., the normal, poisson, binomial, etc., one chooses that function which seems likely to best “fit” and then uses the available data to estimate the parameters of the chosen distribution. If no one “well-known” function can be chosen a priori, then perhaps several likely candidates are tried and the one which fits best according to some criterion is chosen. For many purposes, this procedure is quite unobjectionable.
In this paper, a simple model of individual financial decision making is used (1) to construct the market demand curve for common stock, and (2) to question the appropriateness of market value maximization as the objective of corporate financial management.
A useful distinction is sometimes maintained between business risk associated with uncertainty of receipts generated by a firm's assets and financial risk defined as the probability of incurring penalty costs stemming from liability claims on assets and asset yields. In fact, disagreement in recent literature on the exact role of capital structure in market valuation of business firms is easily interpreted once the risk assumptions of the literature such as perfect certainty, business risk, and financial risk have been identified.
The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 9% of the more than 1,000 manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.
Industrial and Organizational Psychology (IOP) is a peer-reviewed scholarly journal published on behalf of the Society for Industrial and Organizational Psychology. Industrial and Organizational Psychology focuses on interactive exchanges on topics of importance to science and practice in our field.The journal features focal articles which present new ideas or different takes on existing ideas that stimulate conversation on an important issue for the field (or potentially a pair of papers taking opposite sides in a debate).
JMO is an international peer-reviewed Gold Open Access journal committed to publishing high quality and influential research to provide in-depth understanding of Management and Organizational issues. JMO invites novel contributions that are empirical in nature or conceptual papers that extend our understanding of existing theory.
This paper analyzes risk-return relationships in regional and national securities markets. Specifically, it presents methods and results of an investigation of simulated portfolios of common stocks traded on the Minnesota over-the-counter (OTC) market and the New York Stock Exchange (NYSE).
Business and Politics is a Gold Open Access Journal. In the 20 years since its founding, Business and Politics has established itself as the premier journal for cutting-edge research on the relationship between private firms and public governance institutions. The journal features articles that use the tools of social science to illuminate contemporary policy issues such as business strategy in weakly institutionalized environments, private regulation and privatization of services, and the relationship between business organizations, nongovernmental organizations, courts, and political parties. It includes articles that offer new insights on bedrock concerns of international trade, industrial policy, lobbying and public policy, regulation, non-market strategy, and firms as both targets of and catalysts for political activity. The journal also publishes selected cases and commentaries on the interaction of politics and corporate strategy. We have an OA option for every author: the costs of open access publication will be covered through agreements between the publisher and the author’s institution, payment of APCs from grant or other funds, or else waived entirely, ensuring every author can publish and enjoy the benefits of OA.
Founded in 1926, Business History Review is a top-tier refereed journal that publishes scholarly research articles, review essays, book reviews, and research notes. The journal prizes primary research, comparative perspectives, and rigorous historical analysis. The journal addresses major topics in business history around the world and frequently publishes articles on entrepreneurs, firms, and business systems, innovation, globalization, regulation, and labor. Recent special issues have included "Business, Capitalism, and Slavery," "Governing Global Capitalism," "Standards and the Global Economy," "The Entertainment Industry," and "Italy and the Origins of Capitalism."