DISCUSSION.

The article presents commentary and criticism on the financial reports "The Effect of Leverage on the Cost of Equity Capital of Electric Utility Firms," by Alexander A. Robichek, Robert C. Higgins, and Michael Kinsman; "Corporate Financial Strategies and Market Measures of Risk and Return," by William J. Breen and Eugene M. Lerner; and "An Operational Approach to Risk-Screening," by Richard S. Bower and Donald R. Lessard, all included within the issue and addressing risk analysis within various corporate financial contexts. Criticism is given regarding certain conclusions and methodologies used by the reports.