Presented at the American Finance Association Meeting, New York, December 1973.

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...

The combination of rising home prices, declining interest rates, and near-frictionless refinancing opportunities can create unintentional synchronization of homeowner leverage, leading to a “ratchet” effect on leverage because homes are indivisible and owner-occupants cannot raise equity to...

Purpose - To find out if the beta from the capital asset pricing model (CAPM) accurately measures the systematic equity risk of a firm's pension funds. Design/methodology/approach -Takes 4,453 observations of equity beta using the market model on weekly return data for up to one year from 1993...