SELECTED PAPERS: "Optimal Investment and Consumption Strategies Under Risk, an Uncertain Lifetime, and Insurance," International Economic Review, 10, October 1969, 443-466. "An Induced Theory of the Firm Under Risk: The Pure Mutual Fund," Journal of Financial and Quantitative Analysis, V, June 1970, 155-178. "Optimal Investment and Consumption Strategies Under Risk for a Class of Utility Functions," Econometrica, 38, September 1970, 587-607; reprinted in Stochastic Optimization Models in Finance (eds. W. T. Ziemba and R. G. Vickson), Academic Press, 1975, 525-545. "Optimal Entrepreneurial Decisions in a Completely Stochastic Environment," Management Science: Theory, 17, March 1971, 427-449. "Convergence to Isoelastic Utility and Policy in Multiperiod Portfolio Choice," Journal of Financial Economics, 1, September 1974, 201-224. "The Purchasing Power Fund: A New Kind of Financial Intermediary," Financial Analysts Journal, 32, November-December 1976, 49-59. "On the Politics of Accounting Disclosure and Measurement: An Analysis of Economic Incentives," Journal of Accounting Research, 19, Supplement 1981, 1-35. "To Pay or Not to Pay Dividends," The Journal of Finance, XXXVII, May 1982, 415 428; reprinted in summary form in The C.F.A. Digest, 13, Summer 1983, 16-17. "Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation," The Journal of Finance, 37, September 1982, 977-1004. "Sufficient and Necessary Conditions for Information to Have Social Value in Pure Exchange" (with Gregory Kunkel and James Ohlson), The Journal of Finance, 37, December 1982, 1169-1181. "On the Feasibility of Automated Market Making by a Programmed Specialist" (with Avraham Beja and Jivendra Kale), The Journal of Finance, 40, March 1985, 1-20. "Gains From International Diversification: 1968-85 Returns on Portfolios of Stocks and Bonds" (with Robert Grauer), The Journal of Finance, 42, July 1987, 721-739. "Gains from Diversifying into Real Estate: Three Decades of Portfolio Returns Based on the Dynamic Investment Model" (with Robert Grauer), Real Estate Economics, 23, Summer 1995, 117 159. "Capital Growth Theory" (with William Ziemba), Handbooks in Operations Research and Management Science: Finance (eds. Robert Jarrow, Vojislav Maksimovic, and William Ziemba), Vol. 9, Elsevier, 1995, 65 86. "On Timing The Market: The Empirical Probability Assessment Approach With An Inflation Adapter" (with Robert Grauer), Worldwide Asset and Liability Modeling (eds. John Mulvey and William Ziemba), Cambridge University Press, 1998, 149-181. "The Role of a Corporate Bond Market in an Economy--and in Avoiding Crises," China Accounting and Finance Review, 1, No. 1, March 1999, 105-114 (Chinese version 98-104); summary in Japanese by Nomura Research Institute.