VARIABLE TRANSACTIONS COSTS, THE CAPITAL ASSET PRICING MODEL AND THE CORPORATE DIVIDEND DECISION: A COMMENT
评论了Theobald在可变交易成本下的资本市场均衡模型，指出其与Black、Jensen和Scholes的实证结果一致需要更严格的条件，对研究交易成本与资产定价关系的学者有参考价值。
This comment addresses some econometric issues raised by Theobald's model of capital market equilibrium in the presence of variable transactions costs. Theil's results on specification error analysis in the absence of relevant explanatory variables are invoked. It is shown that for Theobald's model to be consistent with the empirical findings of Black, Jensen, and Scholes, more stringent requirements must be satisfied.