Journal of Political Economy
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Опубликовано на портале: 31-03-2003Hirofumi Shibata Journal of Political Economy. 1973. Vol. 81. No. 1. P. 223-230.
Focuses on the effects of the increasing cost of public goods on the emergence of monopsony problem. Assessment of the behavior of the producers of public goods; Attitude of consumers towards potential monopoly of consumers; Expansion of production of the goods. (Из Ebsco)
Опубликовано на портале: 11-11-2004Eugene F. Fama, James D. MacBeth Journal of Political Economy. 1973. Vol. 81. No. 3. P. 607-636.
This paper tests the relationship between average return and risk for New York Stock Exchange common stocks. The theoretical basis of the tests is the "two-parameter" portfolio model and models of market equilibrium derived from the two-parameter portfolio model. We cannot reject the hypothesis of these models that the pricing of common stocks reflects the attempts of risk-averse investors to hold portfolios that are "efficient" in terms of expected value and dispersion of return. Moreover, the observed "fair game" properties of the coefficients and residuals of the risk-return regressions are consistent with an "efficient capital market"--that is, a market where prices of securities
Опубликовано на портале: 11-11-2004Fisher Black, Myron Scholes Journal of Political Economy. 1973. Vol. 81. No. 3. P. 637-654.
If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks. Using this principle, a theoretical valuation formula for options is derived. Since almost all corporate liabilities can be viewed as combinations of options, the formula and the analysis that led to it are also applicable to corporate liabilities such as common stock, corporate bonds, and warrants. In particular, the formula can be used to derive the discount that should be applied to a corporate bond because of the possibility of default.