Appendix: Summary of Accounting Standards

Transcription

1 Appendix: Summary of Accounting Standards Financial Accounting Standards FAS 1 Disclosure of Foreign Currency Translation Information, superseded by FAS 8 and FAS 52 FAS 2 Accounting for Research and Development Costs FAS 3 Reporting Accounting Changes in Interim Financial Statements, replaced by FAS 154 FAS 4 Reporting Gains and Losses from Extinguishment of Debt, rescinded by FAS 145 FAS 5 Accounting for Contingencies, amended by FAS 11, 112, and 114 FAS 6 Classification of Short-Term Obligations Expected to Be Refinanced FAS 7 Accounting and Reporting by Development Stage Enterprises FAS 8 Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial, superseded by FAS 52 FAS 9 Accounting for Income Taxes: Oil and Gas Producing Companies, superseded by FAS 19 FAS 10 Extension of Grandfather Provisions for Business Combinations, superseded by FAS 141 FAS 11 Accounting for Contingencies: Transition Method an amendment of FAS 5 FAS 12 Accounting for Certain Marketable Securities, superseded by FAS 115 FAS 13 Accounting for Leases, amended by FAS 17, 22, 23, 26, 27, 28, 29, 91, 98, and 145 FAS 14 Financial Reporting for Segments of a Business Enterprise, superseded by FAS 131 FAS 15 Accounting by Debtors and Creditors for Troubled Debt Restructurings, amended by FAS 114 FAS 16 Prior Period Adjustments FAS 17 Accounting for Leases: Initial Direct Costs, amendment of FAS 13, rescinded by FAS 91 FAS 18 Financial Reporting for Segments of a Business Enterprise: Interim Financial Statements, amendment of FAS 14, superseded by FAS 131 FAS 19 Financial Accounting and Reporting by Oil and Gas Producing Companies, amended by FAS 25 and FAS 69 FAS 20 Accounting for Forward Exchange Contracts, amendment of FAS 8, superseded by FAS 52 FAS 21 Suspension of the Reporting of Earnings per Share and Segment Information by Nonpublic Enterprises, amended by Opinion 15 and FAS 14, superseded by FAS 131 FAS 22 Changes in the Provisions of Lease Agreements Resulting from Refundings of Tax-Exempt Debt, amendment of FAS 13 FAS 23 Inception of the Lease, amendment of FAS 13 FAS 24 Reporting Segment Information in Financial Statements That Are Presented in Another Enterprise s Financial Report, amendment of FAS 14, superseded by FAS 131 FAS 25 Suspension of Certain Accounting Requirements for Oil and Gas Producing Companies, amendment of FAS 19, amended by FAS

2 Appendix 557 FAS 26 Profit Recognition on Sales-Type Leases of Real Estate, amendment of FAS 13, rescinded by FAS 98 FAS 27 Classification of Renewals or Extensions of Existing Sales-Type or Direct Financing Leases, amendment of FAS 13 FAS 28 Accounting for Sales with Leasebacks, amendment of FAS 13 FAS 29 Determining Contingent Rentals, amendment of FAS 13 FAS 30 Disclosure of Information about Major Customers, amendment of FAS 14, superseded by FAS 131 FAS 31 Accounting for Tax Benefits Related to UK. Tax Legislation Concerning Stock Relief, superseded by FAS 96 FAS 32 Specialized Accounting and Reporting Principles and Practices in AICPA Statements of Position and Guides on Accounting and Auditing Matters, amendment of Opinion 20, rescinded by FAS 111 FAS 33 Financial Reporting and Changing Prices September, superseded by FAS 89 FAS 34 Capitalization of Interest Cost October, amended by FAS 42, 58, and 62 FAS 35 Accounting and Reporting by Defined Benefit Pension Plans, amended by FAS 59, 75, and 110 FAS 36 Disclosure of Pension Information, amendment of Opinion 8, superseded by FAS 87 FAS 37 Balance Sheet Classification of Deferred Income Taxes, amendment of Opinion 11 FAS 38 Accounting for Preacquisition Contingencies of Purchased Enterprises, amendment of Opinion 16, superseded by FAS 141 FAS 39 Financial Reporting and Changing Prices: Specialized Assets Mining and Oil and Gas, supplement to FAS 33, superseded by FAS 89 FAS 40 Financial Reporting and Changing Prices: Specialized Assets Timberlands and Growing Timber, supplement to FAS 33, superseded by FAS 89 FAS 41 Financial Reporting and Changing Prices: Specialized Assets Income- Producing Real Estate, supplement to FAS 33, superseded by FAS 89 FAS 42 Determining Materiality for Capitalization of Interest Cost, amendment of FAS 34 FAS 43 Accounting for Compensated Absences FAS 44 Accounting for Intangible Assets of Motor Carriers, rescinded by FAS 145 FAS 45 Accounting for Franchise Fee Revenue, amended by FAS 112 FAS 46 Financial Reporting and Changing Prices: Motion Picture Films, superseded by FAS 89 FAS 47 Disclosure of Long-Term Obligations FAS 48 Revenue Recognition When Right of Return Exists FAS 49 Accounting for Product Financing Arrangements FAS 50 Financial Reporting in the Record and Music Industry FAS 51 Financial Reporting by Cable Television Companies FAS 52 Foreign Currency Translation FAS 53 Financial Reporting by Producers and Distributors of Motion Picture Films, rescinded by FAS 139 FAS 54 Financial Reporting and Changing Prices: Investment Companies, amendment of FAS 33, superseded by FAS 89 FAS 55 Determining whether a Convertible Security is a Common Stock Equivalent, amendment of Opinion 15, superseded by FAS 111 FAS 56 Designation of AICPA Guide and Statement of Position (SOP) 81 1 on Contractor Accounting and SOP 81 2 concerning Hospital-Related Organizations as Preferable for Purposes of Applying APB Opinion 20, amendment of FAS 32, superseded by FAS 111 FAS 57 Related Party Disclosures

3 558 Appendix FAS 58 Capitalization of Interest Cost in Financial Statements That Include Investments Accounted for by the Equity Method an amendment of FAS 34 FAS 59 Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units, amendment of FAS 35, superseded by FAS 75 FAS 60 Accounting and Reporting by Insurance Enterprises, amended by FAS 91 and 120 FAS 61 Accounting for Title Plant FAS 62 Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants, amendment of FAS 34 FAS 63 Financial Reporting by Broadcasters, amended FAS 139 FAS 64 Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements, amendment of FAS 4, rescinded by FAS 145 FAS 65 Accounting for Certain Mortgage Banking Activities, amended by FAS 91, 122, and 134 FAS 66 Accounting for Sales of Real Estate, amended by FAS 98 and 152 FAS 67 Accounting for Costs and Initial Rental Operations of Real Estate Projects, amended by FAS 152 FAS 68 Research and Development Arrangements FAS 69 Disclosures about Oil and Gas Producing Activities, amendment of FAS 19, 25, 33, and 39 FAS 70 Financial Reporting and Changing Prices: Foreign Currency Translation, amendment of FAS 33, superseded by FAS 89 FAS 71 Accounting for the Effects of Certain Types of Regulation, amended by FAS 90 and 92 FAS 72 Accounting for Certain Acquisitions of Banking or Thrift Institutions, amendment of Opinion 17, an interpretation of Opinions 16 and 17, and an amendment of FAS 9, rescinded by FAS 147 FAS 73 Reporting a Change in Accounting for Railroad Track Structures, amendment of Opinion 20, superseded by FAS 154 FAS 74 ccounting for Special Termination Benefits Paid to Employees, superseded by FAS 88 FAS 75 Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units, amendment of FAS 35, rescinded by FAS 135 FAS 76 Extinguishment of Debt, amendment of Opinion 26, superseded by FAS 125 FAS 77 Reporting by Transferors for Transfers of Receivables with Recourse, superseded by FAS 125 FAS 78 Classification of Obligations That Are Callable by the Creditor, an amendment of ARB 43 FAS 79 Elimination of Certain Disclosures for Business Combinations by Nonpublic Enterprises, amendment of Opinion 16, superseded by FAS 141 FAS 80 Accounting for Futures Contracts, superseded by FAS 133 FAS 81 Disclosure of Postretirement Health Care and Life Insurance Benefits, superseded by FAS 106 FAS 82 Financial Reporting and Changing Prices: Elimination of Certain Disclosures, amendment of FAS 33, superseded by FAS 89 FAS 83 Designation of AICPA Guides and Statement of Position on Accounting by Brokers and Dealers in Securities, by Employee Benefit Plans, and by Banks as Preferable for Purposes of Applying APB Opinion 20, amendment FAS 32 and Opinion 30 and a rescission of FAS Interpretation 10, superseded by FAS 111 FAS 84 Induced Conversions of Convertible Debt, amendment Opinion 26

4 Appendix 559 FAS 85 Yield Test for Determining whether a Convertible Security is a Common Stock Equivalent, amendment of Opinion 15, superseded by FAS 128 FAS 86 Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed FAS 87 Employers Accounting for Pensions, amended by FAS 132R and 158 FAS 88 Employers Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits, amended by FAS 132R and 158 FAS 89 Financial Reporting and Changing Prices, amended by FAS 139 FAS 90 Regulated Enterprises Accounting for Abandonments and Disallowances of Plant Costs, amendment of FAS 71 FAS 91 Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases, amendment of FAS 13, 60, and 65 and a rescission of FAS 17, amended by FAS 98 FAS 92 Regulated Enterprises Accounting for Phase-in Plans, an amendment of FAS 71 FAS 93 Recognition of Depreciation by Not-for-Profit Organizations, amended by FAS 99 FAS 94 Consolidation of All Majority-owned Subsidiaries, amendment of ARB 51, with related amendments of Opinion 18 and ARB 43 FAS 95 Statement of Cash Flows, amended by FAS 102 and 104 FAS 96 Accounting for Income Taxes, superseded by FAS 109 FAS 97 Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments, amended by FAS 120 FAS 98 Accounting for Leases: Sale-Leaseback Transactions Involving Real Estate, Sales- Type Leases of Real Estate, Definition of the Lease Term, and Initial Direct Costs of Direct Financing Leases, amendment of FAS 13, 66, and 91 and a rescission of FAS 26 FAS 99 Deferral of the Effective Date of Recognition of Depreciation by Not-for-Profit Organizations, amendment of FAS 93 FAS 100 Accounting for Income Taxes-Deferral of the Effective Date of FAS 96, amendment of FAS 96, superseded by FAS 103 FAS 101 Regulated Enterprises Accounting for the Discontinuation of Application of FAS 71 FAS 102 Statement of Cash Flows Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale, amendment of FAS 95 FAS 103 Accounting for Income Taxes Deferral of the Effective Date of FAS 96, amendment of FAS 96, superseded by FAS 108 FAS 104 Statement of Cash Flows Net Reporting of Certain Cash Receipts and Cash Payments and Classification of Cash Flows from Hedging Transactions, amendment of FAS 95 FAS 105 Disclosure of Information about Financial Instruments with Off-Balance- Sheet Risk and Financial Instruments with Concentrations of Credit Risk, March 1990, superseded by FAS 133 FAS 106 Employers Accounting for Postretirement Benefits Other Than Pensions, amended by FAS 132R and 158 FAS 107 Disclosures about Fair Value of Financial Instruments, amended FAS 126 FAS 108 Accounting for Income Taxes Deferral of the Effective Date of FAS 96, amendment of FAS 96, superseded by FAS 109 FAS 109 Accounting for Income Taxes FAS 110 Reporting by Defined Benefit Pension Plans of Investment Contracts, amendment of FAS 35 FAS 111 Rescission of FAS 32 and Technical Corrections

5 560 Appendix FAS 112 Employers Accounting for Postemployment Benefits, amendment of FAS 5 and 43 FAS 113 Accounting and Reporting for Reinsurance of Short-Duration and Long- Duration Contracts, amended by FAS 120 FAS 114 Accounting by Creditors for Impairment of a Loan, amendment of FAS 5 and 15, amended by FAS 118 FAS 115 Accounting for Certain Investments in Debt and Equity Securities, amended by FAS 159 FAS 116 Accounting for Contributions Received and Contributions Made FAS 117 Financial Statements of Not-for-Profit Organizations June 1993 FAS 118 Accounting by Creditors for Impairment of a Loan-Income Recognition and Disclosures, amendment of FAS 114 FAS 119 Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments, superseded by FAS 133 FAS 120 Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts, amendment of FAS 60, 97, and 113 FAS 121 Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed, superseded by FAS 144 FAS 122 Accounting for Mortgage Servicing Rights, amendment of FAS 65, superseded by FAS 125 FAS 123 Accounting for Stock-Based Compensation FAS 123R Share-Based Payment FAS 124 Accounting for Certain Investments Held by Not-for-Profit Organizations FAS 125 Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, replaced by FAS 140 FAS 126 Exemption from Certain Required Disclosures about Financial Instruments for Certain Nonpublic Entities, amendment to FAS 107 FAS 127 Deferral of the Effective Date of Certain Provisions of FAS 125, superseded by FAS 140 FAS 128 Earnings per Share, amended by FAS 150 and 160 FAS 129 Disclosure of Information about Capital Structure FAS 130 Reporting Comprehensive Income FAS 131 Disclosures about Segments of an Enterprise and Related Information FAS 132 Employers Disclosures about Pensions and Other Postretirement Benefits, amendment of FAS 87, 88, and 106 FAS 132R Employers Disclosures about Pensions and Other Postretirement Benefits, amendment of FAS 87, 88, and 106, amended by FAS 158 FAS 133 Accounting for Derivative Instruments and Hedging Activities, amended by FAS 137, 138, 155, 161, and FAS and FIN 45 4 FAS 134 Accounting for Mortgage-Backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise, amendment of FAS 65 FAS 135 Rescission of FAS 75 and Technical Corrections FAS 136 Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others FAS 137 Accounting for Derivative Instruments and Hedging Activities Deferral of the Effective Date of FAS 133, an amendment of FAS 133 FAS 138 Accounting for Certain Derivative Instruments and Certain Hedging Activities, amendment of FAS 133 FAS 139 Rescission of FAS 53 and amendments to FAS 63, 89, and 121 FAS 140 Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, replacement of FAS 125, amended by FAS 155 and 156

6 Appendix 561 FAS 141 Business Combinations FAS 142 Goodwill and Other Intangible Assets FAS 143 Accounting for Asset Retirement Obligations FAS 144 Accounting for the Impairment or Disposal of Long-Lived Assets FAS 145 Rescission of FAS 4, 44, and 64, Amendment of 13 and Technical Corrections FAS 146 Accounting for Costs Associated with Exit or Disposal Activities FAS 147 Acquisitions of Certain Financial Institutions, amendment of FAS 72 and 144 FAS 148 Accounting for Stock-Based Compensation Transition and Disclosure, amendment of FAS 123, superseded by FAS 123R FAS 149 Amendment of Statement 133 on Derivative Instruments and Hedging Activities FAS 150 Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity FAS 151 Inventory Costs, amendment of ARB 43 FAS 152 Accounting for Real Estate Time-Sharing Transactions, amendment of FAS 66 and 67 FAS 153 Exchanges of Non-monetary Assets, amendment of APB Opinion 29 FAS 154 Accounting Changes and Error Corrections, replacement of APB 20 and FAS 3 FAS 155 Accounting for Certain Hybrid Financial Instruments, amendment of FAS 133 and 140 FAS 156 Accounting for Servicing of Financial Assets, amendment of FAS 140 FAS 157 Fair Value Measurements FAS 158 Employers Accounting for Defined Benefit Pension and Other Postretirement Plans, amendment of FAS 87, 88, 106, and 132R FAS 159 The Fair Value Option for Financial Assets and Financial Liabilities, including amendment of FAS 115 FAS 160 Noncontrolling Interests in Consolidated Financial Statements, amendment of ARB 51 FAS 161 Disclosures about Derivative Instruments and Hedging Activities, amendment of FAS 133 FAS 162 The Hierarchy of Generally Accepted Accounting Principles FAS 163 Accounting for Financial Guarantee Insurance Contracts FAS 164 Not-for-Profit Entities: Mergers and Acquisitions, including amendment of FAS 142 Financial Reporting Standards FRS 1 Cash Flow Statements FRS 2 Accounting for Subsidiary Undertakings FRS 3 Reporting Financial Performance FRS 4 Capital Instruments FRS 5 Reporting the Substance of Transactions FRS 6 Acquisitions and Mergers FRS 7 Fair Values in Acquisition Accounting FRS 8 Related Party Disclosures FRS 9 Associates and Joint Ventures FRS 10 Goodwill and Intangible Assets FRS 11 Impairment of Fixed Assets and Goodwill FRS 12 Provisions, Contingent Liabilities, and Contingent Assets FRS 13 Derivatives and other Financial Instruments: Disclosures FRS 14 Earnings per Share FRS 15 Tangible Fixed Assets

7 562 Appendix FRS 16 Current Tax FRS 17 Retirement Benefits FRS 18 Accounting Policies FRS 19 Deferred Tax FRS 20 (IFRS 2) Share-based Payment FRS 21 (IAS 10) Events after the Balance Sheet Date FRS 22 (IAS 33) Earnings per share FRS 23 (IAS 21) The Effects of Changes in Foreign Exchange Rates FRS 24 (IAS 29) Financial Reporting in Hyperinflationary Economies FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation FRS 26 (IAS 39) Financial Instruments: Recognition and Measurement FRS 27 Life Assurance FRS 28 Corresponding Amounts FRS 29 (IFRS 7) Financial Instruments: Disclosures FRSSE Financial Reporting Standard for Smaller Entities International Financial Reporting Standards IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-Based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Assets IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments FPPFS Framework for the Preparation and Presentation of Financial Statements International Accounting Standards IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 3 Consolidated Financial Statements, superseded by IAS 27 and 28. IAS 4 Depreciation Accounting, replaced by IAS 16, 22, and 38. IAS 5 Information to Be Disclosed in Financial Statements, superseded by IAS 1. IAS 6 Accounting Responses to Changing Prices, superseded by IAS 15, which was ultimately withdrawn. IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 9 Accounting for Research and Development Activities, superseded by IAS 38 IAS 10 Events after the Reporting Period IAS 11 Construction Contracts IAS 12 Income Taxes IAS 13 Presentation of Current Assets and Current Liabilities, superseded by IAS 1 IAS 14 Segment Reporting IAS 15 Information Reflecting the Effects of Changing Prices, ultimately withdrawn. IAS 16 Property, Plant, and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

8 Appendix 563 IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 22 Business Combinations, superseded by IFRS 3. IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 25 Accounting for Investments, superseded by IAS 39 and 40. IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 29 Financial Reporting in Hyperinflationary Economies IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions, superseded by IFRS 7. IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Presentation Disclosure provisions, superseded by IFRS 7 IAS 33 Earnings per Share IAS 34 Interim Financial Reporting IAS 35 Discontinuing Operations, superseded by IFRS 5 IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities, and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement IAS 40 Investment Property IAS 41 Agriculture

9 Selected References Altman, E. (1968) Financial ratios, discriminatory analysis, and the prediction of corporate bankruptcy, Journal of Finance, September, Vol. 23, No. 4, pp Berle, A. and Means, G. (1991) The Modern Corporation and Private Property (rev. edn of 1932 original), New Brunswick, NJ: Transaction. Black, F. and Scholes, M. (1973) The pricing of options and corporate liabilities, Journal of Political Economy, May June, pp Cootner, P. (1964) The Random Character of Stock Market Prices, Boston: MIT Press. Cox, J., Ingersoll, J., and Ross, S. (1981) A re-examination of traditional hypotheses about the term structure of interest rates, Journal of Finance, September, Vol. 36, pp Cox, J., Ross, S., and Rubinstein, M. (1979) Option pricing: a simplified approach, Journal of Financial Economics, Vol. 7, pp Cox, J. and Rubinstein, M. (1985) Options Markets, Englewood Cliffs, NJ: Prentice Hall. Edwards, R. and Magee, J. (2001) Technical Analysis of Stock Trends, 8th edn, Florida: St Lucie Press. Fama, E. (1970) Efficient capital markets: a review of theory and empirical work, Journal of Finance, Vol. 25, pp Friedman, M. and Schwartz, A.J. (1963). Money and Business Cycles, Review of Economics and Statistics, Vol. 45, No. 1, Part 2, Supplement, pp Graham, B. and Dodd, D. (1962) Security Analysis, 4th edn, New York: McGraw-Hill. Hicks, J. (1946) Value and Capital, 2nd edn, Oxford: Oxford University Press. Jensen, M. (1969) Risk, the pricing of capital assets, and the evaluation of investment portfolios, Journal of Business, Vol. 42, No. 2, pp Jensen, M. (1972) Studies in the Theory of Capital Markets, New York: Praeger. Keynes, John Maynard (1936), The General Theory of Employment, Interest and Money, London: Macmillan. Lintner, J. (1956) Distribution of incomes of corporations among dividends, retained earnings, and taxes, American Economic Review, Vol. 46, pp Lutz, F. and Lutz, V. (1951) The Theory of Investment in the Firm, Princeton: Princeton University Press. Markowitz, H. (1952) Portfolio selection, Journal of Finance, March, Vol. 7, pp Meiselman, D. (1962) The Term Structure of Interest Rates, Englewood Cliffs, NJ: Prentice-Hall. Merton, R. (1973) An intertemporal capital asset pricing model, Econometrica, Vol. 41, No. 5, pp Miller, M. and Modigliani, F. (1958) The cost of capital, corporation finance, and the theory of investment, American Economic Review, June, Vol. 48, pp Miller, M. and Modigliani, F. (1961) Dividend policy and growth: the valuation of shares, Journal of Business, October, Vol. 34, pp Rendleman, R. and Bartter, B. (1979) Two state option pricing, Journal of Finance, Vol. 34, No. 5, pp Roll, R. (1977) A critique of the asset pricing theory s tests, Journal of Financial Economics, March, Vol. 4, No. 2, pp Roll. R. and Ross, S. (1980) An empirical investigation of arbitrage pricing theory, Journal of Finance, December, Vol. 35, pp Ross, S. (1976) The arbitrage theory of capital asset pricing, Journal of Economic Theory, Vol. 13, pp

10 Selected References 565 Samuelson, P. (1965) Proof that properly anticipated prices fluctuate randomly, Industrial Management Review, Vol. 6, No. 2, pp Sharpe, W. (1964) Capital asset prices: A theory of market equilibrium, Journal of Finance, September, Vol. 19, No. 3, pp Sharpe, W. (1966) Mutual fund performance, Journal of Business, January, Vol. 39, No. 1, pp Sharpe, W. (1971) Portfolio Theory: Capital Markets, New York: McGraw-Hill. Treynor, J. (1965) How to rate management investment funds, Harvard Business Review, January February, pp