Risk‐return associations: Paradox or artifact? An empirically tested explanation
检验了Fiegenbaum和Thomas的猜想：用方差衡量风险时，数据趋势可能导致Bowman风险-回报悖论。结果发现ROA和ROE的趋势无法解释以往研究中观察到的风险-回报关联模式。
Abstract This study tests Fiegenbaum and Thomas's suggestion that Bowman's risk‐return paradox may be due to measuring risk by variance in data that have trends. Results indicate that trends in ROA and ROE cannot explain the pattern of risk‐return associations found in previous research.