This paper tests the hypothesis that members of national securities exchanges have received net benefits from the regulatory activities of the Securities and Exchange Commission. The prices of stock exchange seats are analyzed in time periods of major changes in the regulation of the securities...

Within the context of a mean-variance equilibrium model of the pricing of capital assets, this paper investigates the allocation of investment in new risky opportunities which results from the collective behavior of firms, each of which attempts to maximize the net increase in its market value....

This paper is a review of the foundations and current state of mean-variance capital market theory. This work, whose foundations lie in the mean-variance portfolio model of Markowitz, deals with determination of the prices of capital assets under conditions of uncertainty. The Sharpe-Lintner...