A major consideration in the application of EVA is the adjustment of a large number of accounting
variables. There is no theory to guide the selection of the most relevant variables. The …

… On the other hand, the results confirm Bey's earlier finding that the total ES efficient set may
serve as a reasonable approximation of the SD efficient sets. The average total ES efficient …

Sharpe's market model [29] is widely used both by academic researchers and practitioners
in finance, but it cannot be accepted with complete confidence until some of its basic …

Master limited partnerships (MLPs) have been suggested as an alternative to the corporation
as a form of ownership. The major factors motivating conversion to an MLP are the …

… However, a recent study by Bey and Pinches [4] on a large group of securities drawn
from the monthly CRSP file indicated that up to one-third of the securities tested were …

Two major problems faced by portfolio managers are estimating the risk and return characteristics
of individual securities and combining individual security risk and return estimates into …

… Two common procedures (Porter and Bey [8] and Porter and Gaumnitz [9]) for forming the
constrained set of … The research by Porter and Bey [8] indicates that this is a serious problem. …

The SD rules have been proposed as alternative selection criteria that are not subject to the
EV criticisms. 3 In particular, the Second Degree Stochastic Dominance (SSD) Rule is …

Recent trends in capital budgeting have been toward more complex decision rules with
increasingly sophisticated treatments of risk. Although they have the virtue of simplicity, …

The objective of this research was to investigate whether the market model is an appropriate
description of the stochastic process generating security returns. In contrast to previous …