Traditional academic literature has relied on so-called "limits to arbitrage" theories to explain why investment managers are unable to eliminate the effects of investor "irrational" preferences (either the asset-pricing anomalies or the behavioral finance literature) on asset pricing. We...

ReprintThis article was originally published by Wiley for the American Finance Association (Merton RC, Scholes MS. 1995. Fischer Black. J. Finance 50(5):1359–70). It is reprinted with permission from John Wiley and Sons © 1995. Reference formatting was updated to facilitate linking.

<italic>The Derivatives Sourcebook</italic> is a citation study and classification system that organizes the many strands of the derivatives literature and assigns each citation to a category. Over 1800 research articles are collected and organized into a simple web-based searchable database. We have also...

I was born in Timmins, Ontario, Canada on July 1, 1941. My father had ventured to Timmins, a relatively prosperous gold-mining region, to practice dentistry during the depression. My mother and her uncle established a chain of small department stores in and around Timmins. The death of her uncle...