Disclosures, CSR, Informational content, Market segment

Dennis W. Draper, James W. Hoag, Financial Intermediation and the Theory of Agency, The Journal of Financial and Quantitative Analysis, Vol. 13, No. 4, Proceedings of Thirteenth Annual Conference of the Western Finance Association, June 20-26, 1978 (Nov., 1978), pp. 595-611

Journal Article Arbitration of Two-party Disputes under Uncertainty Get access Robert W. Rosenthal Robert W. Rosenthal Bell Telephone Laboratories, Inc. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 595–604, https://doi.org/10.2307/2297260 Published: 01 October 1978 Article history Received: 01 September 1976 Accepted: 01 June 1977 Published: 01 October 1978

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This paper is concerned with empirical measurement, analysis, and comparison of the returns expected by investors in U. S., German, French and Japanese equity markets. The expedited return to equity is a pivotal concept in capital market theory because of the concern of this theory with analyzing relationships between expected returns to the general market and expected returns to individual securities. Because the expected equity returns are not directly observable, the approach almost uniformly taken in the empirical testing of capital market theory is to make additional behavioral assumptions beyond those contained in the basic theory that enable it to be translated into an analysis of market relationships among ex-post returns. Empirical tests then become tests of both the basic theory and the appended assumptions. A new approach to the empirical testing of capital market relationships is to develop empirical approximations to the returns expected in the equity market, and to employ these expectational measures to directly test capital market relationships. This paper formulates and examines this approach. Empirical approximations of the expected equity return for a representative group of major international stock exchanges are formulated, estimated, and analyzed, leading to a direct test of the International Asset Pricing model in its original form.

Compensation plans, Uncertainty, Decision making, Cost variance

[Very often, an index number used in an economic model has been constructed in two or more stages. If the two stage procedure gives the same answer as a single stage procedure, then Vartia calls the index number formula "consistent in aggregation." Paasche and Laspeyres indexes have this consistency in aggregation property, but these index number formulae are consistent only with very restrictive functional forms for the underlying aggregator (i.e., utility or production) function. The present paper shows that the class of superlative index number formulae has an approximate consistency in aggregation property, where a superlative index number formula is one which is consistent with a flexible functional form for the underlying aggregator function. The paper also contains some empirical examples which both illustrate the main theorem and also indicate that the chain principle for constructing index numbers is preferable to the fixed base method. Finally, the paper proves some theorems about the class of pseudo-superlative index numbers.]

Donald W. Green, Capital Formation in the USSR, 1959-1974: An Econometric Investigation of Bureaucratic Intervention in the Process of Capital Construction, The Review of Economics and Statistics, Vol. 60, No. 1 (Feb., 1978), pp. 39-46

William R. Russell, Tae Kun Seo; Ordering Uncertain Prospects: The Multivariate Utility Functions Case, The Review of Economic Studies, Volume 45, Issue 3,