The Fantastic World of Finance: Progress and the Free Lunch

Theory of the firm: Managerial behavior, agency costs and ownership structure

1976 • 62,465 citations

The Pricing of Options and Corporate Liabilities

1973 • 29,036 citations

The Market for "Lemons": Quality Uncertainty and the Market Mechanism

1970 • 21,732 citations

CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*

1964 • 15,720 citations

The Cost of Capital, Corporation Finance and the Theory of Investment

1958 • 15,488 citations

Risk, Return, and Equilibrium: Empirical Tests

1973 • 14,580 citations

Theory of rational option pricing

2005 • 7,870 citations

THE 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…

1975 • 7,346 citations

Optimum consumption and portfolio rules in a continuous-time model

1971 • 6,065 citations

Option pricing when underlying stock returns are discontinuous

1976 • 5,962 citations

Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case

1969 • 5,148 citations

Equilibrium in a Capital Asset Market

1966 • 4,832 citations

The Economic Theory of Agency: The Principal's Problem.

1973 • 4,084 citations

The Determination of Financial Structure: The Incentive-Signalling Approach

1977 • 3,814 citations

Incentives in Teams

1973 • 3,301 citations

The Adjustment of Stock Prices to New Information

2003 • 3,268 citations

A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory

1977 • 3,099 citations

DEBT AND TAXES*

1977 • 3,086 citations

An intertemporal asset pricing model with stochastic consumption and investment opportunities

1979 • 2,786 citations

Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy

1979 • 2,777 citations

Asset returns and inflation

1977 • 2,770 citations

The Valuation of Uncertain Income Streams and the Pricing of Options

1976 • 1,727 citations

The Private and Social Value of Information and the Reward to Inventive Activity

1971 • 1,459 citations

The effect of personal taxes and dividends on capital asset prices

1979 • 1,248 citations

The valuation of compound options

1979 • 1,130 citations

Studies in the Theory of Capital Markets.

1973 • 1,060 citations

The effects of dividend yield and dividend policy on common stock prices and returns

1974 • 1,034 citations

Short- Term Interest Rates as Predictors of Inflation

2021 • 937 citations

Marginal Stockholder Tax Rates and the Clientele Effect

1970 • 922 citations

Information and Competitive Price Systems

1976 • 902 citations

Options and Efficiency

1976 • 851 citations

On the optimality of equilibrium when the market structure is incomplete

1975 • 769 citations

Dividends and taxes

1978 • 760 citations

STANDARD DEVIATIONS OF STOCK PRICE RATIOS IMPLIED IN OPTION PRICES

1976 • 643 citations

The Pricing of Contingent Claims in Discrete Time Models

1979 • 571 citations

THE VALUATION OF AMERICAN PUT OPTIONS

1977 • 539 citations

THE ROLE OF A STOCK MARKET IN A GENERAL EQUILIBRIUM MODEL WITH TECHNOLOGICAL UNCERTAINTY

1978 • 515 citations

An aggregation theorem for securities markets

1974 • 507 citations

A contingent-claims valuation of convertible securities

1977 • 499 citations

Option pricing

1976 • 486 citations

CONVERTIBLE BONDS: VALUATION AND OPTIMAL STRATEGIES FOR CALL AND CONVERSION

1977 • 470 citations

Multiperiod Consumption-Investment Decisions

1970 • 449 citations

Some results on incentive contracts with applications to education and employment, health insurance, and law enforcement.

1978 • 344 citations

Risk and return in finance

1977 • 275 citations

The valuation of warrants: Implementing a new approach

1977 • 257 citations

Prices for State-Contingent Claims: Some Estimates and Applications

1978 • 253 citations

Savings bonds, retractable bonds and callable bonds

1977 • 240 citations

Option Pricing: The American Put

1977 • 217 citations

On the Theory of the Firm in an Economy with Incomplete Markets

1974 • 211 citations

Informational Economies of Scale

1975 • 176 citations

On the Optimality of the Stock Market Allocation of Investment

1972 • 167 citations

A SURVEY OF SOME NEW RESULTS IN FINANCIAL OPTION PRICING THEORY

1976 • 165 citations

Production Theory and the Stock Market

1974 • 149 citations

THE ACCUMULATION OF RISKY CAPITAL: A SEQUENTIAL UTILITY ANALYSIS

1980 • 135 citations

Measuring portfolio performance and the empirical content of asset pricing models

1979 • 125 citations

A Multiperiod Equilibrium Asset Pricing Model

1978 • 114 citations

A Note on Unanimity of Stockholders' Preferences among Alternative Production Plans: A Reformulation of the Ekern-Wilson Model

1974 • 104 citations

A Theory of Linear Profit-Sharing Incentives

1971 • 77 citations

WELFARE ASPECTS OF OPTIONS AND SUPERSHARES

1978 • 77 citations

Research in Finance

1980 • 50 citations

Market Prices vs. Equilibrium Prices: Returns' Variance, Serial Correlation, and the Role of the Specialist

1979 • 49 citations

Financial Decision Making under Uncertainty.

1979 • 42 citations

Multiperiod consumption-investment decisions and risk preference

1971 • 37 citations

The Purchasing Power Fund: A New Kind of Financial Intermediary

1976 • 35 citations

DYNAMIC PORTFOLIO THEORY*

1969 • 32 citations

DYNAMIC MARKET PROCESSES AND THE REWARDS TO UP-TO-DATE INFORMATION

1977 • 31 citations

ON THE USE OF PUBLIC INFORMATION IN FINANCIAL MARKETS

1975 • 29 citations

The Limits of Price Information in Market Processes.

1977 • 22 citations

OPTIMAL INVESTMENT AND CONSUMPTION STRATEGIES FOR A CLASS OF UTILITY FUNCTIONS*

1968 • 19 citations

Impending Changes for Securities Markets: What Role for the Exchanges?

1980 • 17 citations

The sufficiency of existing financial instruments for Pareto-optimal risk allocation

1973 • 9 citations

The Yield/Beta/Residual Risk Tradeoff

1978 • 7 citations