When stock returns are assumed to be lognormally distributed, there are well known formulae for converting the mean and variance of log returns into the mean and variance of proportional returns, and vice versa. We derive an approximation to the mean and variance of proportional returns when log...

Frontmatter -- Contents -- Streetwise -- Introduction -- PART ONE: Market Behavior -- Challenge to Judgment (Fall 1974) -- The Dividend Puzzle (Winter 1976) -- The Capital Asset Pricing Model and the Market Model (Winter 1981) -- Factors in New York Stock Exchange Security Returns, 1931-1979...