The subject of corporate dividend policy has captivated economists for a long time, resulting
in intensive theoretical modeling and empirical examinations. A number of conflicting …

Present models for selecting portfolios according to the mean-variance criteria do not account
for the simultaneous effect of error in estimating means, variances, and covariances of …

In the natural sciences, anomalies contribute significantly to the development of new and
ultimately more successful theories. The role of anomalies in financial economics, however, …

In this paper we examine the historical evolution of dividend payment patterns, also referred
to as dividend policy. It seems that during the last four centuries, corresponding to the …

Observed dividend behavior is not well explained by models based on the pure economic
rationale of value maximization. Why are economists, after 30 years of extensive model …

The paradigms of modern finance are the result of a type of academic thinking inspired by a
positivist philosophy. Philosophers of science argue that this positivism of Milton Friedman is …

In this paper, we address the conflict between modern finance (the de facto dominant
paradigm of financial economics) and what is usually called “behavioral finance” (BF), also …

In this paper, the Markowitz and Sharpe portfolio selection approaches are viewed as alternative
analytic processes for portfolio selection. By “analytic process,” we mean a process that …

… best described by the following paragraph (reproduced here with his permission) taken from
our private correspondence with Myron Gordon, responding to an earlier draft of Frankfurter …

… Various parts of a large-scale regional blood bank management project have been reported
by Frankfurter et al. [4] and by Pegels and Wallace [9], [10]. This paper is an outgrowth of the …