Search

This publication is a modified version of a paper prepared in 1971 for the Public and Administrative Law Reform Committee, concerning the desirability of enacting a code of procedure for administrative tribunals. On the one hand, such a code would firmly establish principles of fairness and remove existing uncertainties. On the other, the functions and characteristics of tribunals are so various that a single code would either be a Procrustean bed or would be so flexible as to be useless. In this paper, in an effort to get beyond and to develop these generalities, Kenneth Keith considers first the differences between tribunals and certain other factors which cast doubt on the desirability of having a comprehensive, binding code which is not hopelessly vague. Secondly, a discussion of the procedures required by legislatures and courts perhaps redresses the balance by showing that many rules do in fact frequently recur. To conclude the author sums up the possible outcomes.

This paper presented the core part of the then newly-developed theory of agency, which had been independently proposed by Stephen Ross and Barry Mitnick. The paper described a typology of agency relationships based on the nature of the consent between agent and principal, the source of specification of the agent's acts, and the degree of discretion possessed by the agent. Common behaviors and norms of agency are described, including the fiduciary norm. Problems of agency are reviewed, and the policing process examined. Applications are made to the legislative representative and to the ambassadorial relation. This paper reflects continued development of the approach over what appeared in Mitnick's original 1973 paper.

This paper introduces the theory of agency, identifies key concepts, relationships, and logics of agency. Norms of agency are identified and discussed, including the fiduciary norm. Problems of agency are identified and discussed. Applications of agency theory are made to regulation, the legislative representative, and diplomacy.This 1973 paper was the first to identify many of the central concepts and logics associated with the theory of agency and was the first to make applications to social institutions. This paper and Stephen Ross's 1973 paper were the first to explicitly propose agency theory, and this paper was also the first to develop the approach in an extended way. This paper is posted in order to make it generally available to scholars interested in the theory of agency.

I wrote this paper when I was a senior at Brandeis University 48 years ago. The paper relied on the printed edition of the Targum and did not consider manuscript variations. David M. Steg produced a critical edition, “The Text of the Targum of Job,” published by E.J. Brill in 1994, which ought to be consulted before making a further analysis. As it was written, the paper presumes the reader understands the original Hebrew and the Aramaic. I wish I had added more English translations of both. Nonetheless I hope that the paper provides a useful look at the literary style and the midrashic elements of the Targum. The translator had the task of reconciling the conflicting views of the author(s) of Job with rabbinic ideas of reward and punishment and the after-life.

This paper was the basis of the paper entitled "Risk and the Rate of Return on Financial Assets: Some Old Wine in New Bottles," which was published in the Journal of Financial and Quantitative Analysis in December 1975. Differences between the two papers result from the refereeing process. This original working paper version is clearer and more complete. These papers were the first to document the lack of positive relationship between risk and return in the empirical cross-section of stock market returns.

This paper is a study of the legal perimeters delineated by judicial precedent for three widely used security devices in Japan—the joto tampo, the uriwatashi tampo, and the daibutsu bensai no yoyaku or "preliminary contract for substitute performance." They are distinct creations of Japanese case law. Without direct basis in either code or statute, their justification is found in contract law, more properly the law of obligations (saikenho). One can, however, view each as the result of clever manipulation of contract formulas by lenders, judges, or lawyers to create a security device not provided in the Civil Code or supplementary legislation. In any event, they number among the "obligation theory security interests" or the non-code security devices of Japanese law. The purpose of this paper is to gain some insight into the function of Japanese courts and the adaptation of law, Western or other, to needs and demands in Japanese society. The three security devices examined are judicial creations distinct to the Japanese legal system. Their continuing legal development offers concrete illustration of that process so anomalous in theory to the civilian tradition—case law—in the context of basic economic needs, traditional patterns, and social policies. The development of these security devices should quash any notion that Japanese civilian courts play a far less decisive role in the evolution of law than their common law counterparts. What contrast there is in the process of judge-made law between Japan and the United State may lie more in the approach than the result. In 1971, when this LL.M. thesis was written, many people believed that civil law systems like Japan’s gave only the slightest weight to judicial precedent. Since then, comparativists have recognized much more nuance, but this careful study of precedent still makes a contribution to the field.

This working paper is the first draft of our co-authored publication, "An Empirical Evaluation of Accounting Income Numbers," Journal of Accounting Research 6, 1968, pp.159-78. While undated, it subsequently was presented at the November 1967 Seminar on the Analysis of Security Prices organized by the Center for Research in Security Prices (CRSP) at the University of Chicago. It was included in the November 1967 Proceedings of the Seminar on the Analysis of Security Prices. In 1986, the published version received American Accounting Association’s inaugural award for Seminal Contributions to the Accounting Literature. Interest in the historical development of the paper was rekindled by the American Accounting Association appointing the authors as its 2012 co-Presidential Scholars and organizing a Plenary Session entitled “Ball & Brown [1968]: A Seed That Made a Difference” at its 2012 Annual Meeting in Washington, D.C.

(Revised 4/29/15, with minor edits by Craig William French)Abstract by Craig William FrenchThis paper reprints a slightly edited version of Jack L. Treynor's 1961 CAPM manuscript, which has previously been unavailable to the public. The author's facsimile of the original was obtained thanks to the kind generosity of Mr. and Mrs. Treynor. Edits in the present version, which differ from the original, include minor typographical corrections and minor notation differences for some variables in the formulae. Pagination is as in the original. In 1958, Jack Treynor was employed by Arthur D. Little. That summer he took a three-week vacation to Evergreen, Colorado, during which he produced forty-four pages of mathematical notes on capital asset pricing and capital budgeting. Over the next two years, Treynor refined his notes into what is in all likelihood the first CAPM. Treynor gave a copy of this early model to John Lintner at Harvard in 1960. While in business school at Harvard from 1953 through 1955, Mr. Treynor had taken nearly every finance course offered, and though he signed up for Lintner’s economics course he was forced to cancel due to a schedule conflict. In 1960, John Lintner was the only economist he knew even slightly. Treynor refined his 1960 model into the 45-page “Market Value, Time, and Risk” [the present paper]. This paper, Treynor (1961), develops the CAPM using the concept of experiment space to quantify risk and risk relations. Without his knowledge or encouragement, one of Mr. Treynor’s colleagues sent the draft to Merton Miller in 1961, after Miller had moved to the University of Chicago from Carnegie Institute of Technology. Miller sent the paper to Franco Modigliani at MIT in the spring of 1962, and Modigliani invited Treynor to embark on a program of graduate work at MIT under his supervision. Treynor did so during the 1962-1963 academic year; in addition to Modigliani’s course, he took Bob Bishop’s price theory and Ed Kuh’s econometrics courses, among others. By the fall of 1962, Treynor had consolidated the first part of Treynor (1961), on the single-period model, into “Toward a Theory of Market Value of Risky Assets,” and presented it to the MIT finance faculty.A more complete description of the development of the Treynor CAPM may be found in French, Craig W., The Treynor Capital Asset Pricing Model. Journal of Investment Management, Vol. 1, No. 2, pp. 60-72, 2003. Available at SSRN: http://ssrn.com/abstract=447580.A reprint of Treynor's 1962 paper, “Toward a Theory of Market Value of Risky Assets,” may be found in French, Craig W., Jack Treynor's 'Toward a Theory of Market Value of Risky Assets' (December 28, 2002). Available at SSRN: http://ssrn.com/abstract=628187.

This paper is an empirical investigation into the validity of some theses posed in [5]. There it is stated (1) that the individual is able to evaluate his income level on a zero-one scale in a cardinal way, and (2) that the resulting evaluation U(y) of a steady income system at a level y under specific assumptions is approximately equal to A (y: uo2) where A is a lognormal distribution function with parameters u, o2. In this paper these statements are empirically investigated on the basis of a consumer survey conducted by the Belgian Consumer Union. Moreover, approximate relationships between the values of u, o2 and several variables, such as income, family size, age, job, stability of income, etc., have been derived. It turns out that o2 is an individual constant, but that u can be explained for a considerable part by the variables family size and income level. Most notable is the dependence of the individual's welfare evaluation or income, a phenomenon that is called "preference drift." It might lead to major changes in parts of the existing economic theory on consumer behavior and social welfare.

Among the many issues facing newly independent states is the attitude that they should adopt towards the treaties that became applicable to their territory before independence. That issue is the focus of this paper. Taking Papua New Guinea as an example, the author first briefly describes the range of treaties usually applicable to a state about to become independent. He then looks at the current views of the law and current state practice. The traditional rule that succeeding states start life with a "clean slate" so far as treaty obligations are concerned is not wholly supported by state practice. The author therefore concludes by outlining the various factors that can be used, in a highly contextual analysis, to determine whether treaties will continue to apply after independence.

The central theme of this paper is the minimax approximation of a function rotated by an angle about the origin and the study of the optimal angle of rotation of least minimax error. Existence theorems indicate validity for any choice of norm. In the following formulation of the problem we will include, with obvious modifications, the cases when the function is either single-valued or multi-valued and defined on a subset of [0,1]. Computation with parameter search linear programming techniques demonstrated significant improvements often possible with the rotational procedure. While not always convergent a new algorithm was developed that proved very fast and accurate in many cases.

This pamphlet is concerned with the attempts being made in New Zealand and internationally to eliminate racial discrimination. The introduction rapidly traces the development, especially since the horrors of Hitler’s ‘final solution’ and the decolonisation of many of the world’s peoples, of international concern with human rights and particularly with racial discrimination. The author discusses the International Convention on the Elimination of All Forms of Racial Discrimination and the enforcement methods it establishes. The third section concerns the Race Relations Act 1971 – legislation enacted to give effect to that Convention, by which New Zealand is bound. Finally, the paper looks at certain special legislation and the measures relating to Maori and other Polynesian groups in the light of the obligations arising from the Convention.

Several banking law changes have been proposed "to increase" competition between commercial banks ("CB"), mutual savings banks ("MSB"), and savings and loan associations ("SLA"). This paper will examine the empirical evidence concerning thrift institutions' effects on financial conditions generally, and particularly on CB activity, to determine the results of existing interindustry competition.

This paper presents a general theoretical model of individual bank balance sheet management under conditions of uncertainty.

In this paper the consumer problem is considered as a decision problem. At first consumer behaviour is described by the usual standard model, well-known in economic theory. The main criticism of this model is that it presumes a consumer acting rationally in the sense that he can choose simultaneously from a multitude of commodities, whereas ordinary intuition tells us that even the choice from a small set of alternatives is very difficult. Things are becoming even more difficult if goods available at different times are considered as different options, and when randomness is introduced in terms of 'contingent claims'. We call this the assumption of 'irrational rationality'. Things become more natural if the ordinal utility concept is replaced by a cardinal concept. This is introduced as a normed measure W on the service space of commodities Ω. Then it becomes possible to fragment consumer behaviour into several consecutive stages. At the first stage the consumer decides on how much is consumed and how much is saved, at the second stage a broad distribution is made over a few subgroups of expenditures, while in later stages money is gradually 'differentiated' up to the point where it is actually spend and transformed into purchases. If the consumer acts in this way, he most probably will reach a suboptimal solution when compared to the 'master plan' where everything is planned in one stroke. However, it is the more realistic description, since it is rational for the consumer to consider one decision at a time. We call this feature 'rational irrationality'. Probability and time preference are introduced by introducing new coordinate spaces. The Cartesian product of the state space S, the commodity space Ω and the time space T, with their corresponding marginal measures P, W, T, becomes the natural space to describe consumer behaviour.

Lacking computers, financial analysis of investments prior to the sixties was seldom quantitative. Toward the end of the sixties, time-sharing computers with limited memory were available. Basic statistical analysis was feasible, and a few financial analysts with quantitative training began to try to gain an advantage over their colleagues by extracting what they viewed as private information from public data. This paper presents an example from 1969, an analysis of catastrophic insurance losses. Following Hurricane Betsy, that devastated Florida in 1965, many professional investors were fearful of catastrophic losses adversely impacting insurance stocks. This analysis allowed one buy-side boutique research firm to put Hurricane Betsy in perspective.

Should a person aggrieved by a decision of an administrative tribunal have a right of appeal to the courts? The purpose of this paper is, first, to canvass some of the existing experiences of such appeals, secondly, to compare that experience with the existing system of non-statutory judicial review of the decisions of administrative tribunals, and finally, to make suggestions. This discussion is deliberately limited to review of the merits of the tribunal’s decision; this article does not consider claims of usurpation of power or of procedural error as they might arise on appeal.

An invited High Table Address given before the students and faculty of Raymond College, University of the Pacific, Stockton, California, December 10, 1969. An impressionistic and idealistic paper from the author’s youth suggesting how his de-projective approach to phenomenology could lead to an actual, lived, worldview.

Turkish Abstract: Bu calisma uzun zaman once yazilmis olmasina ragmen bugun dahi onemini korumaktadir. Her seyden once geleneksel olmayan bir ulke finansmanini konu almaktadir. 1959 yilindan basliyarak OECD, bugunku ulke politikalarina yon vermek kaydiyla calisan IMF gibi kuruluslardan biri olmamasina karsin bir ulkeye yardim etmeyi denemistir. Bu finansmana karar verilirken, bu kurulusun yeterli olcude ekonomileri analiz edebilme gucune sahip olmadigi dusunulmektedir. Daha cok siyasal bir guduyle yapilan bu yardim, bugun IMF gibi kuruluslara yapilan ‘insansiz cozumler uretme’ elestirisine konu olmamistir. Bilindigi gibi IMF ve benzeri kuruluslar, ulkenin gelecekteki politikalarini yonlendirmek kosulu ile ulkeye ‘yardim’ yapmaktdirlar. Cogu kez, populist olmayan bu politikalar uluslar ve yoneticiler tarafindan sikca elestirilmektedir. Bu calisma, bu geleneksel olmayan finansmani ve sonuclarini incelemektedir. English Abstract: This working paper was written long ago. However, the study is a very interesting one even today as it displays an unusual debt refinancing and funding of a country through OECD. Today, more developed agencies like IMF are the prime leaders in any country debt restructuring cases. Nevertheless most of them are criticized because their solutions are so mathematical and often results in non-populist policies. The case under examination was an exception to this and OECD members were acting more politically to help out a member country rather than economical motives. The OECD normally didn’t have such detailed analysis capacity of economy and prescribe the policies. Thus, they put at work whatever knowledge they have. This study examines this case and the results of this funding.

Fundamental stock analysts covering the insurance industry may be overly influenced by infrequent large scale catastrophes, such as unusually strong hurricanes. It is important for these analysts to be able to put catastrophes in financial perspective in order to set an appropriate fair value on an insurance company's stock. This paper presents an analysis of insurance industry losses due to catastrophes and shows how they can be put in perspective with respect to frequency and size.