VARIABLE TRANSACTIONS COSTS, THE CAPITAL ASSET PRICING MODEL AND THE CORPORATE DIVIDEND DECISION: A REPLY
回应了Schnabel的计量经济学观点，指出其虽正确但不影响原论文的理论目标，原模型仍具实证可行性。
It is argued that Schnabel's econometric point, while correct, has no impact upon the theoretical objectives of the original paper and that the model developed there is still empirically plausible.