Back Matter

Back MatterSource: Financial Management, Vol. 13, No. 1 (Spring, 1984), pp. 53-75Published by: Wiley on behalf of the Financial Management Association InternationalStable URL: http://www.jstor.org/stable/3665124 .

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THE FINANCIAL MANAGEMENT ASSOCIATION The Financial Management Association was founded in 1970 to serve as a vehicle for focusing attention of the academic

community on problems that confront financial managers. Today FMA brings together more than 6,000 members from the business, not-for-profit, government, and academic worlds with common interests in financial analysis and decision making. We seek to develop a continuing relationship among financial practitioners, professors, and financial researchers in order to encourage free exchange of ideas, techniques, and advances in the field. Membership entitles you to receive the quarterly journal, Financial Management. Our authors report on and refine the most advanced academic research and review developments made by practitioners. The organization of the Financial Management Association encourages participatory interaction; association officers and leaders of colloquia in the annual meeting are drawn from both practitioners and academicians to ensure that we actively work toward our objective of a beneficial interface between theory and practice. We encourage you to join and contribute to our growing organization.

MEMBERSHIP AND SUBSCRIPTION CLASSES (check one)

Individual (application below) Institutional

Regular ($25) Corporate, Governmental, Institutional ($100) _ Student ($15) Sustaining ($30) Library ($35)

(faculty sponsor signature for student members)

MEMBERSHIP APPLICATION - INDIVIDUAL

Please make checks in U.S. dollars drawn on a U.S. bank payable to the FINANCIAL MANAGEMENT ASSOCIATION. Postage outside the U.S. $2 additional. Dues include a one-year subscription to the quarterly publication, Financial Management. Back issues are available.

Please fill in your name and mailing address as you would like it to appear. Applicants are encouraged to use their office address to provide information on their professional affiliation.

On lines 2, 3, 4: Provide information on title or position; department, school or division, college, university or company; street address (if required).

If not shown in mailing address, please indicate employer and title below:

FIRST NAME INITIAL LAST NAME

PRIMARY TELEPHONE SECONDARY TELEPHONE

CITY STATE ZIP

PLEASE PROVIDE THE FOLLOWING ADDITIONAL INFORMATION TO ENABLE US TO BETTER IDENTIFY MEMBER INTERESTS. Check the single most appropriate category.

ACADEMICIANS - primary teaching and research area:

Business Finance Investments Financial Institutions Accounting Multiple Areas Administration Other

_(A) (B) (C) (D) (E)

r(F) (G)

PROFESSIONALS - area of employment:

Manufacturing Retailing/Wholesaling/Service Transportation/Distribution Public Utility Commercial Banking Non-bank Financial Government Public Accounting Security Analysis/Portfolio Management Health Care Management Consultant Other

Please mail this form with payment to: Financial Management Association College of Business Administration University of South Florida 4202 Fowler Avenue Tampa, Florida 33620

(H) (I) (J)

(K) _(L) _(M)

(N) (P) (Q)

--(R) (S) (T)



MEMBERSHIP APPLICATION - INSTITUTIONAL

An institutional membership is recorded in the name of the company or agency. Please make checks in U.S. dollars drawn on a U.S. bank payable to the FINANCIAL MANAGEMENT ASSOCIATION. Institutional dues allow 3 individual memberships with all rights and privileges, including one-year subscriptions to the quarterly publication. Fifil( cial Mall(ge- menit. Back issues are available.

Please fill in your institutional name (and the specific address to which annual dues notices should be sent) and the names and addresses of your 3 designated member-representatives.

Full Corporate/Governmental/Institutional Name

Dues: $100 per year. O Payment enclosed. O Please send bill.

Annual dues invoices should be sent to:

FIRSTNAME INITIAL LAST NAME

CITY STATE ZIP

Designated member-representative No. 1

FIRSTNAME INITIAL LAST NAME


CITY STATE ZIP




CITY STATE ZIP




CITY STATE ZIP

NOTE: Additional member-representatives may be added at $15 each. Please attach additional sheet(s).

SUBSCRIPTION APPLICATION - LIBRARY

( Use this form or your regular purchase order or order through your agency.)

Please make checks in U.S. dollars drawn on a U.S. bank payable to the FINANCIAL MANAGEMENT ASSOCI- ATION. Postage outside the U.S. $2 additional.

Subscription: $35 per year. D Payment enclosed. El Please send bill.

Fill in name and mailing address as you would like it to NOTE: Back issues are available. If you would like in- appear. formation regarding availability and cost, indicate below the

name and address to whom correspondence should be ad- dressed:

NAME:

BUSINESS TELEPHONE TITLE:

ADDRESS:

CITY STATF International Standard Serial Number: US ISSN 0046-3892

ZIP CITY STATE



College of Business Administration

lm !rNSA A3 Department of Finance

6C'Ar '~E Calvin Hall T_MNv.w?A&,SI9rY Manhattan, Kansas 66506

913-532-6892 March 10, 1984

FINANCIAL MANAGEMENT ASSOCIATION PLACEMENT CLEARINGHOUSE

RESUME LISTING FORM

The Financial Management Association will assist prospective employers and job seekers by providing a Placement Clearinghouse for doctoral candidates and degree holders desiring positions at academic institutions or in business or government. Candidates who want to include their resumes in the Clearinghouse booklet should fill out this form and mail it, with their check or money order payable to the Finan- cial Management Association, by July 1, 1984 to:

FMA Placement Clearinghouse Department of Finance

204 Calvin Hall Kansas State University Manhattan, KS 66506

The resume listing fee for members of the Financial Management Associa- tion is $15. A $30 fee is required for nonmembers. Resumes will be reproduced in a standardized two-page format, bound, and made available to prospective employers by first-class mail on or before September 15, 1984. A copy of each candidate's resume also will be mailed to him or her at that time. Copies of the FMA Placement Clearinghouse Directory of Positions Available and Resume Book will be available for reference by employers and applicants at the Placement Clearinghouse center during the 1984 Financial Management Association meetings in Toronto on October 10-13, 1984.

Name: (first) (middle initial) (last)

Office Address:

Office Telephone: Area Code:

Home Address:

Home Telephone: Area Code:

im, m m a MM& a ? ? m -I



PRIMARY AREA(S) OF INTEREST: (e.g., Business Finance, Investments, Financial Institutions, Money and Capital Markets, etc.)

SECONDARY AREA(S) OF INTEREST:

CAREER OBJECTIVES: Rank position(s) desired by type (academic, government or business): if academic, indicate desired breakdown among teaching, research, and other (specify) activities and types of school desired (e.g., major university, regional university, smaller college; graduate only, graduate/undergraduate, undergraduate only; business school, economics department, liberal arts college); if non-academic, describe types of position(s) desired.

ANTICIPATED AVAILABILITY DATE:

REGIONAL PREFERENCE (If none, so state):

VISA STATUS (If not USA, describe status)

GRADUATE EDUCATION:

School Major

Year Dates Degree

Attended Deqree Granted*

UNDERGRADUATE EDUCATION:

HONORS (Reference applicable honors by school and respective degree program):

* If you currently are working on an advanced degree, indicate in parenthesis the year you expect to receive your degree.

56



EXPERIENCE: (Employment in chronological order beginning with most recent entry; for teaching experience, indicate courses taught)

Institution/Employer Position Title Dates of

Employment

DISSERTATION: (Indicate either no topic yet; topic-state whether proposed or approved topic; and brief description of project)

PUBLICATIONS: (Published Articles, Papers Presented at Professional Meetings, or Working Papers--give adequate citation)

OTHER SCHOLARLY ACTIVITIES: (Brief description of books/monographs authored, teaching/research awards, etc.)

57

Full or Part Time



PROFESSIONAL MEETINGS: Plans to attend the following Fall-Winter meetings.

1. FINANCIAL MANAGEMENT ASSOCIATION: Hotel; Toronto, Canada

October 10-13, 1984; Sheraton Centre

Will Attend: Yes Possibly Unlikely No

SPECIAL NOTE: There will be a placement registration desk for candidates and prospective employers at the FMA meetings.

2. SOUTHERN FINANCE ASSOCIATION: November 14-16, 1984; Atlanta Hilton Hotel; Atlanta, Georgia


3. ALLIED SOCIAL SCIENCE ASSOCIATIONS: December 28-30, 1984; Dallas, Texas


REFERENCES: (Give full address, request" so state)

including zip code; if "available upon

FOR QUESTIONS OR ADDITIONAL INFORMATION, PLEASE CONTACT:

Prof. Verlyn D. Richards FMA Placement Clearinghouse Department of Finance 204 Calvin Hall Kansas State University Manhattan, Kansas 66506 (913) 532-6812

Prof. Randolph A. Pohlman FMA Placement Clearinghouse Department of Finance

-or- 204 Calvin Hall Kansas State University Manhattan, Kansas 66506 (913) 532-6892

58



Financial Management Placement Clearinghouse Positions Available and Appointments Sought

Position Available Listing: Organizations, academic and non-academic, wishing to list a position opening should indicate in about 50 words the position title, description of duties, salary range, starting date, application deadline, and name and mailing address of person or department to be contacted. Academic administrative openings may be listed on either a coded or noncoded basis. A publication fee of $25 payable to the Financial Management Association should accompany the position listing request. Organizations listing a position will receive a copy of the Fall FMA Placement

Clearinghouse Resume Book on a first-come, first served basis to the extent that printed copies are available. Organiza- tions desiring a more extensive position listing announcement should contact the Managing Editor about a display ad.

Position Desired Listing: Persons wishing to list their interest in a new position should describe in about 25 words their field(s) of interest, highest academic degree, relevant experience, type of position and salary (optional) desired, and location preference. Applicant listings will be coded and respondents should refer specifically to the code when writing the Placement Clearinghouse. A publication fee of $25 payable to the Financial Management Association should accompany the positions desired listing for non-FMA members. Listings for FMA members will be published without charge.

Publication Information: Announcements of positions available and positions desired will run for two consecutive issues unless a shorter period is requested. The publication of display ads is subject to arrangements with the Editor. Listing announcements and display ad copy should be sent to: Willard T. Carleton, Editor, Financial Management, School of Business Administration, University of North Carolina, Chapel Hill, NC 27514. Inquiries also may be directed to Professors Verlyn Richards (913/532-6812) and Randolph Pohlman (913/532-6868), Co-Directors, FMA Placement Clearinghouse.

Submission deadlines for listing announcements are: Submission Deadline: Jan. 30 April 30 July 30 Oct. 30 Publication Date: March 30 June 30 Sept. 30 Dec. 30

Listings received after the respective submission deadlines will be published in the current issue at the Editor's discretion.

The Placement Clearinghouse acts solely as a distribution point for forwarding inquiries and takes no responsibility for selecting applicants or following up on results; however, the Co-Directors will appreciate receiving notification of appointments made as a result of this service.

Positions Available

West Virginia College of Graduate Studies. Assistant/Associate/Professor of Finance. Teach MBA finance courses. Salary very competitive, liberal fringe benefits, research support and consulting available. Apply to Bob S. Brown, Chairman, Recruiting Committee; Division of Business and Management; West Virginia College of Graduate Studies, Box B; Institute, West Virginia 25112. An Equal Opportunity/Affirmative Action Employer.

Oklahoma State University. Head of Department of Finance. Department has 10 positions funded. August 1984. Associate or Full Professor. Ph.D. or DBA in Finance or closely related field. Contact James F. Jackson, College of Business Administration, Oklahoma State University, Stillwater, OK 74078. 405/624-5104.

Lafayette College. Endowed Professorship of Business and Finance available in Economics Department. Associate or Full Professor to teach Corporate Finance and interest related courses. EOE. Write H. Maurice Carlson, Search Coordinator, Economics Department, Lafayette College, Easton, PA 18042.

Wake Forest University. Babcock Graduate School of Management. Assistant/Associate Professors in accounting, finance, policy, organizational behavior, marketing and computer skills. Unique teaching, consulting and advancement opportunities. Six hours/semester. Jan. or Aug. 1984. Rick Hesse, Babcock Graduate School of Management, Wake Forest University, 7659 Reynolda Station, Winston-Salem, NC 27109.

59



Eastern Montana College. Assistant, Associate or Full Professor. Tenure track position starting in September 1984 or Summer 1984. Teaching assignment: Finance. Should have teaching interest in managerial finance and one or more of the following areas: investments, insurance, international, real estate, and financial institutions. Qualifications: Ph.D., DBA, or final stages of dissertation. Teaching ability and some evidence of professional and/or research capability. Strong commitment to professional and academic excellence. Application deadline: Open until filled. Send letter of application, resume, and three letters of reference to: Andre Corbeau, Dean, School of Business and Economics, Eastern Montana College, Billings, Montana 59101-0298. EMC is an AA/EO Employer.

Ball State University. Two tenure track positions in Finance available September 1984. Teaching assignment includes a Managerial Finance, Investments, and Financial Institutions. Doctorate preferred but will accept ABD. Interest in research and scholarly publication necessary. The College of Business has over 120 full-time faculty, 20 of whom are in the Department of Finance. Salary is competitive and negotiable. Summer teaching is available. Extensive fringe benefit program is provided. Individual secretarial help and reduced teaching load for research are available. Send resume to Dr. James P. Hoban, Jr., Acting Chairman, Department of Finance, Ball State University, Muncie, Indiana 47306.

Eastern Illinois University. Assistant or Associate Professor of Finance. Tenure track position, Ph.D. in Business with Finance major required. Teaching load reduction possible for those researching and publishing. Class assignments are flexible (depending upon program needs), but real estate, insurance and financial management are primary needs. Salary is dependent upon qualifications and experience with net pay being very competitive since Eastern is not under Social Security and the pension plan is tax-sheltered. For further information contact: David B. Byrd, CPA, Ph.D., Chairman, Department of Accountancy, Data Processing, and Finance; Eastern Illinois University, Charleston, IL 61920; (217) 581-3023. An Affirmative Action/Equal Opportunity Employer.

Ferris State College. Opening in finance for fall 1984. Doctorate with finance emphasis or ABD at dissertation level. Teach undergraduate finance courses, opportunity to develop and teach finance course in M.Acc. program. Tenure track, salary and rank dependent upon background and experience. Applicants should be committed to excellent teaching. Dr. Alex Pomnichowski, School of Business, Ferris State College, Big Rapids, MI 49307. AA/EEO.

St. Lawrence University, Canton, NY: The Department of Economics has a faculty opening at the Assistant Professor level beginning September 1984. This is a three-year term appointment which requires teaching introductory accounting and corporate finance. Three courses per semester (two preparations) and a four-week course every other January. Send a resume and three letters of reference by February 15, 1984 to Chairman, Department of Economics, St. Lawrence University, Canton, NY 13617. St. Lawrence University is an equal opportunity/affirmative action, M, F, V, H, employer.

Stetson University. Assistant/Associate Professor of Finance to teach combination of undergraduate courses in money and banking, monetary theory and fiscal policy, financial institutions, and one graduate course in international finance. Starting date: January/February 84, or September 84. Ph.D./DBA required; teaching, research, and business experience desirable. Tenure track position. Submit resumes, transcripts, references (including telephone numbers) to K. L. Jackson, Chairman, Department of Finance and Quantitative Methods, Stetson University, Box 8398, DeLand, FL 32720. Equal opportunity employer.

University of Texas at Dallas. Tenure track faculty position involving graduate and undergraduate teaching and dissertation supervision. Emphasis in either Financial Management or Investments. Ph.D. with evidence of research and

teaching ability. Send resume and references to Academic Search #457, The University of Texas at Dallas, P.O. Box 830688, Richardson, TX 75083-0688.

University of Wisconsin-Green Bay. Assistant professor of Finance. Doctorate or ABD in Finance required. Nine hour teaching load, competitive salary with attractive fringe benefits. Fall 1984. Michael Troyer, Chairperson, Division of Business Administration, University of Wisconsin, Green Bay, Wl 54301.

60



University of Iowa. Two tenure track positions in Hospital and Health Administration Program beginning in January or July 1984. Teaching at master's and doctoral levels, participation in activities of Center for Health Services Research. Require strong interest in health services research. Salary and rank commensurate with qualifications and experience. Write Search Committee, Graduate Program in Hospital and Health Administration, College of Medicine, University of Iowa, Iowa City, Iowa 52242.

McNeese State University. Assistant/Associate/Full Professor of Finance with Doctorate or DBA, teaching experience, a successful research/publication track record, and business experience desirable. Undergraduate and graduate courses. August 1984. Competitive salary. Dr. Roy P. Patin, Department of Econonmics/Finance, McNeese State University, Lake Charles, LA 70609, 477-2520, Ext. 523.

Eastern Illinois University. Chairperson, Department of Accounting, Data Processing, and Finance. Doctorate in academic area included within the department; minimum of five years' experience in higher education, industry experience desirable. Salary negotiable and competitive, rank dependent upon qualifications. Contact: Ted Ivarie, Dean, School of Business, Eastern Illinois University, Charleston, IL 61920. 217/581-3526 collect.

University of California, Irvine. Associate or Assistant Professor. Finance teaching position in Master's and Ph.D. programs in business and public administration. Opportunity to teach in public sector finance, economics, accounting, operations research or management information systems areas. Expect effective teaching and development of strong research record. Doctorate in finance of closely related field required. Dr. Newton Margulies, Acting Dean; Graduate School of Management. 714/856-5232.

Appointments Sought

To correspond with an applicant with a coded listing, address a letter to the appropriate coded number, c/o Financial ManatlNlgement, Graduate School of Business Administration, University of North Carolina, Chapel Hill, NC 27514, and the letter will be forwarded immediately.

Code 203. Ph.D. with teaching experience in Finance and Managerial Economics and research interest in option pricing and analysts' earnings forecasts. Prefer school with a Ph.D. program in Business Administration. Would like a tenure track position, but would consider a one year appointment.

David Hirshleifer, University of Chicago. Thesis: "Risk, Equilibrium, and Futures Markets." Strong fields: Finance, Price Theory, 1.0. 5535 S. Kimbark Avenue, #2W, Chicago, IL 60637.

Edward Miller. Ph.D. economics MIT 1970, extensive Washington experience, hold endowed chair in business school on a term appointment. 60+ publications in economics and finance (security markets), seek senior post permitting research.

Code 1301. Doctorate in Finance - Corporate/Banking. Four years teaching experience at undergraduate/graduate levels. One paper. Seeking a position with some research emphasis and 9 hour teaching load at a regional school as assistant professor. Summer/Fall 1984.

Code 1302. Ph.D., C.F.A., many years teaching and administration. Areas of Financial Management and Investments. Teaching and/or administrative position. Midwest, Southwest, Southeast, or East.

Code 1303. Certified Public Accountant with five years' experience, will be ABD May 1984. Dissertation in international finance will be completed August 1984. Female, 35, seeking tenure-track teaching position in corporation finance or international finance.

61



1983-84 VENTURE CAPITAL PAPER AWARD

The National Association of Small Business Investment Companies (NASBIC), through its NASBIC Management Institute, has established an award of at least $1 ,000 for the best paper on some aspect of Venture Capital.

Specific topic, type of research, format and length of paper are at the discretion of the writer. Faculty writings, doctoral dissertations, masters degree theses, or other original work may be submitted.

The primary criteria for selecting the winning paper will be the contribution of the work to a better understanding of: (a) the management process involved in successful venture capital investment -(b) the entire venture capital process and its economic contribution.

NASBIC, on request from an author submitting a brief abstract of an intended paper, will assist, where feasible, in obtaining industry data required by paper research. Multi-year projects also will be considered on submission of an abstract.

Judging will be by members of the NASBIC Education Committee, which oversees the NASBIC Management Institute; their decision will be final. At the discretion of NASBIC, the

winning author, or co-authors, may be invited to attend the NASBIC Management Institute to receive their award, and present their paper, or a progress report on multi-year projects. The Institute will be held in early September, 1984. The winning paper, or a synopsis, will be distributed by the Association to those attending the Institute, and otherwise within the venture

industry. NASBIC also will encourage submission of winning papers for publication in other suitable journals.

The National Association of Small Business Investment Companies ("NASBIC") is the nationwide trade/professional association of these Federally licensed investment companies, or "SBICs."

Final papers must be submitted by May 31, 1984 to the Coordinator. Abstracts or other

requests for information are encouraged at any time. Mr. Robert B. Leisy, Coordinator NASBIC Management Institute P. 0. Box 4405 Whittier, California 90607 (213) 698-4862

62



problem: Find a capital budgeting simulation package that doesn't cost a bundle...

solution: New MICRO-SIM Il?'from Decision Tree Software.

At last-a microcomputer-based program for capital investment decision making under uncertainty. Just type in "BEST-WORST-MOST LIKELY" probability distributions for any of a wide range of variables that influence an asset's net present value. MICRO-SIM II uses values of randomly-generated numbers to select data from the distributions as it calculates an entire distribution of NPV's for the project. It then provides the expected NPV, the standard deviation of the NPV distribution, the coefficient of variation, and the probability that the project's actual net present value will be positive.

* Available on 51/4" floppy diskette for Apple Il-plus,? Apple lle,? and IBM PC? systems;

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I 63

I

I I



CREDIT RESEARCH FOUNDATION ANNOUNCEMENT OF DOCTORAL DISSERTATION SUPPORT

The Credit Research Foundation Inc. (CRF) is pleased to announce a Doctoral Dissertation Support Program for Ph.D. and DBA candidates writing in credit and receivables management or in related fields. This arrangement will include the following:

CRF's choice of recipients will be guided by the recommendations of their doctoral advisors. CRF will pay for duplication and mailing costs of field-testing preliminary forms of the doctoral

candidate's questionnaire among the 50 members of CRF's Research and Education Committees. When the questionnaire is in final form, CRF will duplicate and mail it to all of the members of the

Foundation at CRF's expense, with a cover letter urging them to respond. (CRF's membership of more than 500 includes most of the major industrials and many of the principal banks.)

CRF will code all questionnaires so individual responses cannot be identified except by CRF. They will be returned to CRF and forwarded to the candidate.

If an interview with a particular respondent would be especially fruitful to the candidate, CRF will contact the respondent to set up an appointment. In that event, CRF will pay for out-of-pocket transportation and lodging expenses in connection with that interview. (In order to maintain fiscal control, CRF should be notified in writing ahead of time whenever the candidate intends to make any particular trip.)

CRF will assist the candidate with costs of typing manuscripts, up to $500. If desired by the university and advisor, CRF will participate on the candidate's dissertation defense

panel. After the dissertation has been successfully defended, CRF will ask recipient to provide CRF with a

copy of the dissertation, as well as two or three short papers based on those sections of the dissertation which the Foundation staff feels will be of special interest and value to its members. CRF will pay nominal author's fees for these papers, and have them printed and distributed at CRF expense, giving appropriate credit to the author. This distribution is not intended to restrict the author's right to publish all or any part of the author's dissertation in other outlets.

CRF has designed this support to provide what CRF feels are the resources most needed by doctoral candidates - a body of sophisticated practitioners who will respond to questionnaires, reimbursement of out-

of-pocket expenses, and an opportunity for early publication of one's work among an important segment of the business and financial community.

Interested doctoral advisors should call (516) 488-1166 or write to:

George N. Christie Executive Vice President Credit Research Foundation, Inc. 3000 Marcus Avenue Lake Success, NY 11042

64



na nce

BLOCK & HI Third Edition

FOUNDATIONS OF FINANCIAL MANAGEMENT

Stanley B. Block Texas Christian University

Published November 1983

Geoffrey A. Hirt DePaul University

Determined to make the concepts of finance enlightening and interesting, Block and Hirt's Third Edition uses a step-by-step approach that encompasses:

* A short introductory essay preceding each section to serve as a guide for the material to follow,

* Textual content supported by a large number of questions and problems, particularly in the financial analysis and capital budgeting areas,

* Problems that begin at a very basic level and increase in complexity with optional comprehensive problems at the end of many chapters.

An extensive Supplementary Package includes: Instructor's Manual, Transparency Masters, Study Guide, Test Bank, Supplementary Transparency Masters and Chapter Outlines, Computerized Test Bank, and TeleTest.

RICHARD D. IRWIN, INC. Homewood, Illinois 60430

Examination copies for adoption consideration available on request. Please indicate course title and text presently used.

65

h) I' I te S t I A p pre IC I1 I

.... IIII I

I I I I I I I I

I I I I I

to >-I



ANNUAL GRANT FOR DOCTORAL DISSERTATION RESEARCH IN INVESTMENTS

The American Association of Individual Investors, an independent nonprofit corporation form-ned to provide educational materials on investments for individuals, has funded an annual grant of $6,000 in support of research in the field of Investments. Doctoral candidates with accepted proposals are encouraged to apply for this grant.

All grant proposals submitted will be reviewed jointly by the FMA and the AAII. The grant will be awarded on the basis of academic rigor and potential for contribution to etffective investment decision making. Investments, for purposes of the grant, is defined to include investment analysis, investor behavior- financial markets, portfolio management and related topics.

Applications for the grant should include a description of the accepted proposal, the name and address of the chairman of the dissertation committee, the estimated completion date, and a statement describing the progress of the research to date. The application should not exceed four pages in length. Send the above information by no later than August 31, 1984 to:

Jack S. Rader, Executive Administrator Financial Management Association College of Business Administration

University of South Florida Tampa, Florida 33620

The grant recipient will be announced at the FMA Doctoral Student Seminar on October 10, 1984 at the Fourteenth FMA Annual Meeting in Toronto.

The 1983 AAII grant recipient was Sue Visscher of Indiana University for 'Institutional Ownership. Market Efficiency and Behavior of Security Returns."

ANNOUNCEMENT AND CALL FOR PAPERS

Third Svymposium on Money, Banking (aII(i Insullranl1l

University of Karlsruhe Karlsruhe, Federal Republic of Germany

December 12-15, 1984

Papers are invited on the following subjects: Monetary Theory -Interest Rate, Exchange Rate and Inflation -Monetary Policy -Central Bank Policy -Public Debt -Financial Theory -Financial Intermediation- Portfolio Theory - Risk Theory and its Application in Insurance - Reinsurance- Bank

Policy -Corporate Planning of Financial Intermediaries -Regulation and Deregulation in Banking and Insurance -International Banking - Risk in International Lending -Loan Syndications.

Information on registration and lodging can be obtained from Prof. Dr. Hermann Goppl Institut fur Entscheidungstheorie und Unternehmensforschung Universitat Karlsruhe (TH) Postfach 6380 D-7500 Karlsruhe 1, West Germany

There is a limited fund for travel grants available. For application send your manuscript no later than June 1, 1984.

66



The Financial Roundup FROM IRWIN

New in 1984

Analysis for Financial Management Robert C. Higgins, University of Washington

The techniques of financial analysis are applied to the vital tasks facing today's managers: interpreting financial statements, financial planning, rais- ing capital, evaluating investment opportunities, and managing growth. The

presentation follows the fortunes of Tektronix, Inc., an electronics company, to illustrate the practical applications of financial management techniques.

paperbound Instructor's Manual

Investments Nancy L. Jacob, University of Washington, and

R. Richardson Pettit, University of Houston Jacob and Pettit explain the operation of securities markets and show how concepts of capital market theory and valuation can be applied to both understanding the way security markets behave and to the way individuals or professional money managers should make investment decisions. A more integrative approach is taken to investment decision-making by making today's theory of investment decisions applicable to today's market structure.

Instructor 's Manual.

Published in 1983

Introduction to Financial Management, 3rd Edition

0. Maurice Joy, University of Kansas Instructor's Manual with Transparency Masters, Study Guide and Workbook, Test Bank.

Fundamentals of Investment Management and Strategy Geoffrey A. Hirt, DePaul University, and Stanley B. Block, Texas Christian University Instructor's Manual

Option Pricing Robert A. Jarrow, Cornell University, and Andrew T. Rudd, BARRA paperbound

Readings in Investment Management Edited by Frank J. Fabozzi, Fordham University paperbound

When requesting examination copies for adoption consideration please indicate course title and text presently used.

R I C H A R D D. I R W IN, INC. Homewood, Illinois 60430

67



-

THE GROUP

The State-of-the-Art in Investment Management

THE INSTITUTE FOR QUANTITATIVE RESEARCH IN FINANCE

is Pleased to Announce the

designation of the Q Group prizes

totaling $10,000

as The ROGER F. MURRAY

Annual Presentation Awards

to be offered to

those Practitioners in the field of

Financial Research and

Investment Management who have

presented the Best Research Papers

at the Q Group

Spring and/or Fall Seminars.

For further information regarding participation in the Annual Presentation Awards contact:

MR. WILLIAM FOUSE, PRIZE CHAIRMAN The Institute for Quantitative Research in Finance

Suite 1550 230 Park Avenue * New York, N.Y. 10169



THE GROUP

The State-of-the-Art in Investment Management

S/Ae ^/4^tdtute/ m44??i^^di?te

5/le^d/w/t i

The ROGER F. MURRAY Annual Presentation Awards

c$ f^O,Ooo ^eS tWmWuled

' *?i fe

se1t sfleA?A SJafeM SPAent1ed altA4e 1983 SPnt4l cnd Jaik SP9eia

FIRST PRIZE D. Don Ezra and

Keith P. Ambachtsheer Pension Finance Associates, Ltd.

Toronto, Canada The Struggle for Pension Fund Wealth

SECOND PRIZE Professor Richard Roll

University of California, Los Angeles The Merits of the Arbitrage Pricing Theory for Portfolio Management

THIRD PRIZE Professor Michael R. Gibbons

Stanford University Empirical Examination of the

Return Generating Process of the Arbitrage Pricing Theory

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FINANCIAL MANAGEMENT ASSOCIATION

Special Announcement on

Student Chapters

The Financial Management Association (FMA) has decided to expand its role of service to the field of financial management by taking steps to encourage the development and stability of collegiate student finance clubs nationwide.

The objectives of FMA's efforts will be: 1. To provide an association for college students actively interested in managerial finance, banking, and

investments; 2. To encourage interaction between business executives, faculty, and college students of managerial

finance, banking, and investments; and, 3. To aid in the professional development of college students and alumni interested in the field of financial

management.

For more information, call or write: Jack S. Rader Executive Administrator Financial Management Association College of Business Administration University of South Florida Tampa, Florida 33620 (813) 974-2084

Applications and nominations are invited for the position of Chairperson of the Department of Man- agerial Policy and Organization in the School of Management of Rensselaer Polytechnic Institute.

The School of Management has an undergraduate enrollment of 165 and a graduate enrollment of 80 full-time and 175 part-time students. Man- agerial Policy and Organization consists of a full- time faculty of 14. Disciplines include: accounting and finance, marketing, organizational behavior and human resources, strategy and policy, managerial economics, law and management of technology. School concentrations are in Manage- ment Science, Management of Technology, Management Information Systems, Manufactur- ing Management, Human Resources, Account- ing, and Health Systems Management. The School of Management offers AACSB accredited degrees of B.S. in Management, Master of Busi- ness Administration, and Ph.D. in Management.

Teaching and research in the management of technologically-intensive companies are empha- sized.

The candidate should have a doctorate in business or a closely related field, a distinguished record of research and teaching, demonstrated lead- ership abilities, and a devotion to excellence in education. Prior administrative experience is desirable. Salary is competitive. Rank is Associ- ate or Full Professor depending on qualifications.

Applications and nominations should be submitted by December 16, 1983 to:

Professor George W. Ulseth School of Management Rensselaer Polytechnic Institute Troy, New York 12181

Rensselaer Polytechnic Institute is an Affirmative Action/Equal Opportunity educational institution.

70



TMPROVE YOUR FINANCIAL

./PROSPECTS... When you're looking for the right text, look first atAddison-Wesley.

i i i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

AN INTRODUCTION TO FINANCIAL MANAGEMENT Glenn V. Henderson, Jr., North Texas State University; Gary L. Trennepohl, the University of Missouri at Columbia; and James E. Wert, the University of Arizona

ntroduce your students to the techniques, theories, and practices used

in the financial management of business today. This new text features clear, detailed examples and a practical orien- tation within the framework of theoret- ical concepts. You are provided with current information on international finance, corporate growth and reor- ganization, and the liquidation of business firms. And examples of the 1983 tax forms are included.

To aid student comprehension, the book is written in a direct, conver- sational style and offers a review of elementary accounting and financial analysis. There are numerous chapter objectives and illustrations and special highlighting of key formulas. A Student Study Guide and Instructor's Resource Manual accompany the text. 10576

International Banking in Theory and Practice Yoon Park, George Washington University, and Jack Zwick, Jack Zwick Associates, Inc. 09625

Improving Capital Budgeting: A Decision Support System Approach Lawrence A. Gordon, University of Maryland George E. Pinches, University of Kansas 04319

Financial Theory and Corporate Policy, Second Edition Thomas E. Copeland and J. Fred Weston, University of California at Los Angeles 10291

Money, The Financial System, and Economic Policy S. Kerry Cooper, Donald R. Fraser, and Gene C. Uselton, Texas A & M University 03994

For complimentary copy consideration, write to Tom Shaffer, Marketing Manager, Business. Be sure to mention course title, enrollment, and text now in use.

A

ADDISON-WESLEY PUBLISHING COMPANY, INC. Reading. Massachusetts ()01867

71

I



CALL FOR PAPERS

The American Association of Individual Investors is accepting manuscripts for review and possible publication in its Journal. The association is an independent non-profit organization that was started to help serious investors learn more about managing their own assets. Its Journal is published ten times a year, has a circulation of over 95,000, and does not accept advertising.

Published articles are written for a well-educated audience, but one that is not necessarily well-versed in finance. While math and statistical materials are presented, they are kept to a minimum and substituted whenever possible with written explanations. Articles run no longer than about 3500 to 4000 words. If you are interested in having a manuscript reviewed, it should be submitted, typewritten and double-spaced to:

Maria Crawford Scott, Editor AAII Journal

612 N. Michigan Avenue Chicago, Illinois 60611

CALL FOR MANUSCRIPTS

The Nigerian Journal of Financial Management

The Nigerian Journal of Financial Management focuses attention on problems and prospects in fin fiancial management in the context of the economic development of developing countries with particular reference to the economy of Nigeria. Articles are contributed by eminent financial management experts on a variety of aspects of financial management. The Journal is published half-yearly (appearing in June and December of every year) by the Centre for Financial Management and Research, Institute of Management and Technol- ogy, Enugu, Nigeria. Articles (including a summary of 300 words) are invited on any aspect bearing on Financial Management from practicing Financial Maalnagers, Economic Planners, Econometricians, Econom- ic Analysts and other professionals in allied fields.

Editorial Policy and Evaluation Process: Keeping track of current trends in a dynamic economy, the Editorial Board decides on the theme of each issue; articles falling within that area are considered for

publication in the current issue of the Journal. To quote examples: (i) The theme for the June 1982 issue was "Nigeria's Overdependence on Oil" -articles dealt with oil

glut, OPEC, development tension, analysis of balance sheet of oil companies, etc; (ii) The theme for the December 1982 issue was "Nigeria Graduates for Soft Loans" - articles pertained

to World Bank's financing operations, cooperative financing, regional development financing, etc; (iii) The theme for the June 1983 issue was "Nigeria's Overdependence on Multinational Corporations"

-articles dealt with transfer of technology, self-reliance, debt-rescheduling, credit worthiness, profit repatriation and currency valuation, etc.

Articles submitted for publication are evaluated by specialists from within the Editorial Board and are sent to concerned experts outside the Editorial Board to maintain objectivity in assessment. The final decision rests with the Editorial Advisor. While sending articles to the assessors, the author's identity will not be revealed to the assessors.

Typed articles (in duplicate) meant for publication in The Journal may be sent by air mail to: The Editorial Advisor Nigerian Journal of Financial Management Centre for Financial Management and Research Institute of Management and Technology Enugu, Nigeria

72



Harper & Row texts-for tomorrow's magnates. A comprehensive introduction to today's investment outlets-

Lawrence J. Gitman Wright State Universitv, and

MNichael D. Joehnk Arizona State lniversitv

FUNDAMENTALS OF INVESTING SecondEdition

Features of the second edition include a new chapter on meeting liquidity and retirement needs, with discussion of IRAs...a new chapter on tax-sheltered investments...full coverage of new forms such as stock index options... brief essays on areas of current concern by practicing invest-

ment analysts... introduction to the use of personal computers in investment management... and a new Study Guide byJ. Markham Collins.

3/84. 752 pages/tent. Instructor's Manual. Study Guide.

A balanced, mainstream, intuitive approach George E. Pinches TheUniversit of Kansas

ESSENTIALS OF FINANCIAL MANAGEMENT This text covers essential aspects of financial management in an integrated framework of risk, return, and cash flow. It emphasizes the use and importance of cash flows as core concepts of finance and as the basis for financial decision- making. Students will appreciate the excellent

presentation of working capital and financial planning. Many real-world examples demonstrate text concepts.

3/84. 736 pages/tent. Instructors Manual. Test Bank, also available on MicroTest. Study Guide.

And don't frget..

LawrenceJ. Gitman PRINCIPLES OF MANAGERIAL FINANCE Third Edition

724 pages + Glossar) & Index.

Lawrence Kryzanowski, Devinder K. Gandhi, & LawrenceJ. Gitman PRINCIPLES OF MANAGERIAL FINANCE Canadian Edition

845 pages + Appendix, Glossary, & Index.

Anthony Herbst CAPITAL BUDGETING Theory, Quantitative Methods, and Applications 398 pages.

To request examination copies, write to Harper & Row, Suite 3D, 10 East 53d Street, New York, NY 10022. Please include course title, enrollment, and current text.

WHa 4et6'ow--



OHIO STATE UNIVERSITY PRESS 1050 Carmack Road, Columbus, Ohio 43210

One-year subscription: D $22 Individual D $17 Student D $28 Library Begin subscription with the (month) issue

Postage outside the U.S. $3.50/year, $0.75/single copy. U.S. $ only

Name Address

City State ZIP Country

74

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C) / -- H O T 'H , S -

Clarity,

Accuracy and Style T

Make The

Difference...

Three Outstanding Finance Books By Jerry A. Viscione, Boston College

NEW! * Analyzing Financial Ratios: A Perceptive Approach

123 pages * cloth * 1983 ISBN 0-934914-46-X

* Flow of Funds and Other Financial Concepts 138 pages * cloth * 1981 ISBN 0-934914-40-0

* How to Construct Pro Forma Statements 71 pages * paper * 1980 ISBN 0-934914-30-3

For further information contact James J. Andover, (212) 578-4431

The National Association of Credit Management 475 Park Avenue South, New York, N.Y. 10016

Cas^

75



Style Notes for Prospective Authors

* The purpose of Financial Management is to serve both executives and academicians concerned with financial management of non-financial businesses, financial institutions, and public and private not for profit organizations. Editorial policy is to promote interest and knowledge of issues in management and decision-making at the level of the firm. The principal criteria of publishability are instructiveness and clarity.

* Submit manuscripts to the Editor at the address shown on the masthead of the journal. FOUR copies are required.

* Each paper must be accompanied by a submission fee for manuscript evaluation: $40 for non-FMA members, $20 for members. The journal includes information on joining the FMA. Make checks payable to Financial Management.

* Manuscripts are evaluated anonymously. Names of authors should not appear on the article itself. Attach to only one copy a separate cover page which includes the title, authors, and a short biographical statement about each author. Double-space text with ample margins.

* To each copy attach a short one paragraph abstract of the article on a separate page, headed by the title of the paper.

* Avoid tedious mathematical expression. When algebraic terms do appear in the text, accompany them with a clear prose explanation of the content. Place derivations and proofs in an appendix. Provide supplemental sheets showing all steps of algebraic derivations so that the reviewers do not have to re-generate them.

* Place references in a numbered, alphabetic list at the end of the article in the form currently found in the journal. Cite references in the text by placing the appropriate reference number in brackets, e.g., [6].

* Minimize extensive content footnotes. Such material might be appropriately placed in either the text or an appendix.

* Tables, charts, and graphs should appear on separate pages labeled in numerical order and grouped at the end of the paper. Refer to all as Exhibits, not tables or figures. Include marginal notation in the article for the approximate placement of each of these exhibits.

* Authors of accepted articles must supply camera-ready artwork of all charts or graphs. Camera-ready means a professional drawing on white paper in India ink.

VISITING PROFESSORSHIP CLEARINGHOUSE

The Financial Management Association provides a Visiting Professorship Clearinghouse aimed at facilitating short-term staffings of Finance teaching positions. The length of term can be as short as a summer term or as long as a school year. Arrangements can be made for exchanges of positions as well as one-way placements. Any school or applicant interested in participating in this program should contact Professor Jerome S. Osteryoung, College of Business, The Florida State University, Tallahassee, FL 32306. (904) 644-3087.



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