Suppose funds managers are differentiated by intrinsic or innate ability at some origin point in time. Using formal theoretical propositions, and with risk continuously increasing, the continuum of assets available to funds managers is endogenously segmented into continuums of `safe', and...

It is no secret that the rational expectations framework has endured what many consider to be a well deserved bashing. From problems, such as, ad hoc specifications of functional forms for utility functions, to adoption of utility functions as units of modeling, to absence of equilibriums that...

This study provides formal theoretical evidence that value maximization is a rational behavioral, as opposed to rational expectations valuation rubric. Rational behavioral character of the value maximization rubric is evident in the axiomatic finding that, absent arrival of any unanticipated...

This study unambiguously demonstrates that, absent independent establishment of boundary rationality conditions for stock prices, behavioral axioms, such as overconfidence, overreaction, underreaction, and attribution bias cannot be robustly applied to rationalization of market phenomena that...

The formal theoretical model in this study enables segmentation of countries with respect to three factors, namely, the extent to which income inequality is adopted as a policy variable; the extent to which there is focus on generation of either of `incremental', or `disruptive' innovations; and...

The formal theoretical model in this study provides general equilibrium evidence that a country's ranking with respect to either of income inequality (αr), or GDP Per Capita (Gr) each are better statistics for a country's `placement' in the cross-section of countries than either of actual...

This study provides formal theoretical evidence that, in of itself, and subsequent to the first day of trading, applications of the Gordon Growth Model to pricing of publicly traded equity incorporate informational `noise' and/or `shading of information' that, theoretically, are unbounded....