NOTES
1. See D. F. Hawkins and W. J. Campbell, Equity Valuation: Models, Analysis and Implications (New York: Financial Executives Research Foundation, 1978), pp. 31–50.
2. See, for example, R. L. Hagin, Modern Portfolio Theory (Homewood, IL.: Dow Jones-Irwin, 1979), p. 246.
3. A. Rappaport, “Inflation Accounting and Corporate Dividends,” Financial Executive, February 1981, and “Selecting Strategies That Create Shareholder Value,” Harvard Business Review, May-June 1981.
4. See, for example, J. B. Cohen and E. D. Zinbarg, Investment Analysis and Portfolio Management, fourth edition (Homewood, IL.: Richard D. Irwin, 1982), p. 397; Hagin, Modern Portfolio Theory, op. ext., p. 248; Hawkins and Campbell, Equity Valuation, op. cit., p. 42; and J. F. Weston and E. F. Brigham, Essentials of Managerial Finance, sixth edition (Chicago: Dryden Press, 1982), p. 455.
5. See R. Brealey and S. Myers, Principles of Corporate Finance (New York: McGraw-Hill, 1981), pp. 403–405.
a Reprinted from the Financial Analysts Journal (July/August 1986):52–58. When this article was originally published, Alfred Rappaport was Leonard Spacek Professor of Accounting and Information Systems at Northwestern University and chairman at The Alcar Group Inc.
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