Eugene Francis Fama
Eugene Francis Fama, americký ekonom s italskými kořeny, se narodil 14. února 1939 v Bostonu. Je znám svými empirickými i teoretickými pracemi v oblasti teorie portfolia a oceňování aktiv.
Přestože se původně Fama chtěl věnovat výuce románských jazyků a sportu, na soukromé výzkumné Tufts University v Medford-Sommerville ho zaujala ekonomie, a to natolik, že později M.B.A. a Ph.D. získal na University of Chicago Booth School of Business (1964) v oboru ekonomie a financí. Zde také v současnosti působí.
Kromě tzv. Nobelovy ceny (2013) obdržel řadu jiných význačných ocenění, např. Deutsche Bank Prize (2005), Morgan Stanley American Finance Association Award (2008), Onassis Prize (2009) a je držitelem několika čestných doktorátů – např. z Catholic University of Leuven, Tufts University.
Je dále předsedou Center for Research in Security Prices at Chicago Booth.
Eugene F. Fama je ženatý s přítelkyní ze střední školy (Sally Ann Dimeco) a je otcem čtyř potomků (Marybeth, Elizabeth, Eugene, Christopher) a dědou deseti vnoučat.
Ekonom je znám zejména pro Fama-French trojrozměrný model, popisující návratnost kapitálu.
Je zakladatelem teorie efektivních trhů, snažící se o krátkodobý odhad vývoje akciových trhů. Dospěl k názoru, že krátkodobá predikce tohoto vývoje možná není. Tvrdí, že finanční trhy se chovají racionálně a efektivně. Fama razí ve své teorii názor, že ceny finančních aktiv jsou odrazem všech dostupných informací a podle toho se také vyvíjí.
Knihy
FAMA, E. F. Foundations of finance: Portfolio decisions and securities prices. New York: Basic Books, 1976.
FAMA, E. F., MILLER, M. H. The theory of finance. Hinsdale, Ill.: Dryden Press, 1972.
Články
FAMA, E. F., FRENCH, K. R. Size, value and momentum in international stock returns. Journal of Financial Economics, 2012, vol. 105, no. 3, p. 457 – 472.
FAMA, E. F. My life in finance. Annual Review of Financial Economics, 2011, vol. 3, no. 1, p. 1 – 15.
FAMA, E. F. In memory of Lawrence Fischer: Gene Fama’s comments. Review of Quantitative Finance and Accounting, 2010, vol. 35, no. 2, p. 125 – 126.
FAMA, E. F., FRENCH, K. R. Luck versus skill in the cross-section of mutual fund returns. The Journal of Finance, 2010, vol. 65, no. 5, p. 1915 – 1947.
FAMA, E. F., FRENCH, K. R. Average returns, B/M, and share issues. The Journal of Finance, 2008, vol. 63, no. 6, p. 2971 – 2995.
FAMA, E. F., FRENCH, K. R. Dissecting anomalies. The Journal of Finance, 2008, vol. 63, no. 4, p. 1653 – 1678.
FAMA, E. F., FRENCH, K. R. The anatomy of value and growth stock returns. Financial Analysts Journal, 2007, vol. 63, no. 6, p. 44
FAMA, E. F., FRENCH, K. R. Migration. Financial Analysts Journal, 2007, vol. 63, no. 3, p. 48 – 58.
FAMA, E. F., FRENCH, K. R. Disagreement, tastes, and asset prices. Journal of Financial Economics, 2007, vol. 83, no. 3, p. 667 – 689.
FAMA, E. F., FRENCH, K. R. Profitability, investment and average returns. Journal of Financial Economics, 2006, vol. 82, no. 3, p. 491 – 518.
FAMA, E. F., FRENCH, K. R. The value premium and the CAPM. The Journal of Finance, 2006, vol. 61, no. 5, p. 2163 – 2185.
FAMA, E. F. The behavior of interest rates. The Review of Financial Studies, 2006, vol. 19, no. 2, p. 359 – 379.
FAMA, E. F., FRENCH, K. R. Financing decisions: Who issues stock? Journal of Financial Economics, 2005, vol. 76, no. 3, p. 549 – 582.
FAMA, E. F., FRENCH, K. R. The capital asset pricing model: Theory and evidence. Journal of Economic Perspectives, 2004, vol. 18, no. 3, p. 25 – 46.
FAMA, E. F., FRENCH, K. R. New lists: Fundamentals and survival rates. Journal of Financial Economics, 2004, vol. 73, no. 2, p. 229 – 269.
FAMA, E. F., FRENCH, K. R. Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 2002, vol. 15, no. 1, p. 1 – 33.
FAMA, E. F., FRENCH, K. R. The equity premium. Journal of Finance, 2002, vol. 57, no. 2, p. 637 – 659.
FAMA, E. F., FRENCH, K. R. Disappearing dividends: Changing firm characteristics or lower propensity to pay? The Bank of America Journal of Applied Corporate Finance, 2001, vol. 14, no. 1, p. 67.
DAVIS, J. L., FAMA, E. F., FRENCH, K. R. Characteristics, covariances, and average returns: 1929 to 1997. Journal of Finance, 2000, vol. 55, no. 1, p. 389 – 406.
FAMA, E. F., FRENCH, K. R. Forecasting profitability and earnings. Journal of Business, 2000, vol. 73, no. 2, p. 161 – 175.
FAMA, E. F., FRENCH, K. R. The corporate cost of capital and the return on corporate investment. Journal of Finance, 1999, vol. 54, no. 6, p. 1939 – 1967.
FAMA, E. F. Market efficiency, long-term returns, and bahavioral finance. Journal of Financial Economics, 1998, vol. 49, no. 3, p. 283 – 306.
FAMA, E. F., FRENCH, K. R. Taxes, financing decision, and firm value. Journal of Finance, 1998, vol. 53, no. 3, p. 819 – 843.
FAMA, E. F. Determining the number of priced state variables in the ICAPM. Journal of Financial and Quantitative Analysis, 1998, vol. 33, no. 2, p. 217 – 231.
FAMA, E. F., FRENCH, K. R. Value versus growth: The international evidence. Journal of Finance, 1998, vol. 53, no. 6, p. 1975 – 1999.
FAMA, E. F., FRENCH, K. R. Industry costs of equity. Journal of Financial Economics, 1997, vol. 43, no. 2, p. 153 – 193.
FAMA, E. F., FRENCH, K. R. Multifactor explanations of asset pricing anomalies. Journal of Finance, 1996, vol. 51, no. 1, p. 55 – 84.
FAMA, E. F. Discounting under uncertainty. Journal of Business, 1996, vol. 69, no. 4, p. 415 – 428.
FAMA, E. F., FRENCH, K. R. The CAPM is wanted, dead or alive. Journal of Finance, 1996, vol. 51, no. 5, p. 1947 – 1958.
FAMA, E. F. Multifactor portfolio efficiency and multifactor asset pricing. Journal of Financial and Quantitative Analysis, 1996, vol. 31, no. 4, p. 441 – 465.
FAMA, E. F. Random walks in stock market prices. Financial Analysts Journal, 1995, vol. 51, no. 1, p. 75.
FAMA, E. F., FRENCH, K. R. Size and book-to-market factors in earnings and returns. Journal of Finance, 1995, vol. 50, no. 1, p. 131 – 155.
FAMA, E. F., FRENCH, K. R., BOOTH, D. G., SINQUEFIELD, R. Differences in the risks and returns of NYSE and NASD stocks. Financial Analysts Journal, 1993, vol. 49, no. 1, p. 37.
FAMA, E. F., FRENCH, K. R. Common risk factors in the returns on stock and bonds. Journal of Financial Economics, 1993, vol. 33, no. 1, p. 3 – 56.
BOOTH, D. G., FAMA, E. F. Diversification returns and asset contributions. Financial Analysts Journal, 1992, vol. 48, no. 3, p. 26.
FAMA, E. F. Transitory variation in investment and output. Journal of Monetary Economics, 1992, vol. 30, no. 3, p. 467 – 480.
FAMA, E. F., FRENCH, K. R. The cross-section of expected stock returns. Journal of Finance, 1992, vol. 47, no. 2, p. 427 – 465.
FAMA, E. F. Time, salary, and incentive payoffs in labor contracts. Journal of Labor Economics, 1991, vol. 9, no. 1, p. 25 – 44.
FAMA, E. F. Efficient capital markets: II. Journal of Finance, 1991, vol. 46, no. 5, p. 1575 – 1617.
FAMA, E. F. Term-structure forecasts of interest rates, inflation, and real returns. Journal of Monetary Economics, 1990, vol. 25, no. 1, p. 59 – 76.
FAMA, E. F. Contract costs and financing decisions. Journal of Business, 1990, vol. 63, no. 1, p. S71 – S91.
FAMA, E. F. Stock returns, expected returns, and real activity. Journal of Finance, 1990, vol. 45, no. 4, p. 1089 – 1108.
FAMA, E. F., FRENCH, K. R. Business conditions and expected returns on stocks and bonds. Journal of Financial Economics, 1989, vol. 25, no. 1, p. 23 – 49.
FAMA, E. F., FRENCH, K. R. Dividend yields and expected stock returns. Journal of Financial Economics, 1988, vol. 22, no. 1, p. 3 – 25.
FAMA, E. F., FRENCH, K. R. Permanent and temporary components of stock prices. Journal of Political Economy, 1988, vol. 96, no. 2, p. 246 – 273.
FAMA, E. F., FRENCH, K. R. Business cycles and the behavior of metals prices. Journal of Finance, 1988, vol. 43, no. 5, p. 1075 – 1093.
FAMA, E. F., FRENCH, K. R. Commodity futures prices: Some evidence on forecast power, premiums, and the theory of storage. Journal of Business, 1987, vol. 60, no. 1, p. 55 – 73.
FAMA, E. F., BLISS, R. R. The information in long-maturity forward rates. American Economic Review, 1987, vol. 77, no. 4, p. 680 – 692.
FAMA, E. F. Term premiums and default premiums in money markets. Journal of Financial Economics, 1986, vol. 17, no. 1, p. 175 – 196.
FAMA, E. F., JENSEN, M. C. Organizational forms and investment decisions. Journal of Financial Economics, 1985, vol. 14, no. 1, p. 101 – 119.
FAMA, E. F. What’s different about banks? Journal of Monetary Economics, 1985, vol. 15, no. 1, p. 29 – 39.
FAMA, E. F. The information in the term structure. Journal of Financial Economics, 1984, vol. 16, no. 4, p. 509 – 528.
FAMA, E. F. Term premiums in bond returns. Journal of Financial Economics, 1984, vol. 13, no. 4, p. 529 – 546.
FAMA, E. F., GIBBONS M. R. A comparison of inflation forecasts. Journal of Monetary Economics, 1984, vol. 13, no. 3, p. 327 – 348.
FAMA, E. F. Forward and spot exchange rates. Journal of Monetary Economics, 1984, vol. 14, no. 3, p. 319 – 338.
FAMA, E. F. Financial intermediation and price level control. Journal of Monetary Economics, 1983, vol. 12, no. 1, p. 7 – 28.
FAMA, E. F. Stock returns, real activity, inflation, and money: Reply. American Economic Review, 1983, vol. 73, no. 3, p. 471 – 472.
FAMA, E. F., JENSEN, M. C. Separation of ownership and control. Journal of Law and Economics, 1983, vol. 26, no. 2, p. 301 – 325.
FAMA, E. F., JENSEN, M. C. Agency problem and residual claims. Journal of Law and Economics, 1983, vol. 26, no. 2, p. 327 – 349.
FAMA, E. F., GIBBONS, M. R. Inflation, real returns and capital investment. Journal of Monetary Economics, 1982, vol. 9, no. 3, p. 297 – 323.
FAMA, E. F. Inflation, output, and money. Journal of Business, 1982, vol. 55, no. 2, p. 201 – 231.
FAMA, E. F. Stock returns, real activity, inflation, and money. American Economic Review, 1981, vol. 71, no. 4, p. 545 – 565.
FAMA, E. F. Banking in the theory of finance. Journal of Monetary Economics, 1980, vol. 6, no. 1, p. 39 – 57.
FAMA, E. F. Agency problems and the theory of the firm. Journal of Political Economy, 1980, vol. 88, no. 2, p. 288 – 307.
FAMA, E. F., SCHWERT, G. W. Inflation, interest, and relative prices. Journal of Business, 1979, vol. 52, no. 2, p. 183 – 209.
FAMA, E. F., FARBER, A. Money, bonds, and foreign exchange. American Economic Review, 1979, vol. 69, no. 4, p. 639 – 649.
FAMA, E. F. The effects of a firm’s investment and financing decisions on the welfare of its security holders. American Economic Review, 1978, vol. 68, no. 3, p. 272 – 284.
FAMA, E. F., SCHWERT, G. W. Asset returns and inflation. Journal of Financial Economics, 1977, vol. 5, no. 2, p. 115 – 146.
FAMA, E. F. Risk-adjusted discount rates and capital budgeting under ucertainty. Journal of Financial Economics, 1977, vol. 5, no. 1, p. 3 – 24.
FAMA, E. F., SCHWERT, G. W. Human capital and capital market equilibrium. Journal of Financial Economics, 1997, vol. 4, no. 1, p. 95 – 125.
FAMA, E. F. Interest rates and inflation: The message in the entrails. American Economic Review, 1977, vol. 67, no. 3, p. 487 – 496.
FAMA, E. F. Forward rates as predictors of future spot rates. Journal of Financial Economics, 1976, vol. 3, no. 4, p. 361 – 377.
FAMA, E. F. Efficient capital markets: Reply. Journal of Finance, 1976, vol. 3, no. 1, p. 143 – 145.
FAMA, E. F. Inflation uncertainty and expected returns on treasury bills. Journal of Political Economy, 1976, vol. 84, no. 3, p. 427 – 448.
FAMA, E. F. Multiperiod consumption-investment decisions: A correction. American Economic Review, 1976, vol. 66, no. 4, p. 723 – 724.
FAMA, E. F. Short-term interest rates as predictors of inflation. American Economic Review, 1975, vol. 65, no. 3, p. 269 – 282.
FAMA, E. F., MacBETH, J. D. Tests of the multiperiod two-parameter model. Journal of Financial Economics, 1974, vol. 1, no. 1, p. 43 – 66.
FAMA, E. F. The empirical relationships between the dividend and investment decisions of firms. American Economic Review, 1974, vol. 64, no. 3, p. 304 – 318.
FAMA, E. F., MacBETH, J. D. Long-term growth in a short-term market. Journal of Finance, 1974, vol. 29, no. 3, p. 857 – 885.
FAMA, E. F., LAFFER, A. B. The number of firms and competition: Reply. American Economic Review, 1974, vol. 64, no. 4, p. 806.
FAMA, E. F. Risk, return, and portfolio analysis: Reply. Journal of Political Economy. 1973, vol. 81, no. 3, p. 753 – 755.
FAMA, E. F., MacBETH, J. D. Risk, return, and equilibrium: Empirical tests. Journal of Political Economy, 1973, vol. 81, no. 3, p. 607 – 636.
FAMA, E. F. A note on the market model and the two-parameter model. Journal of Finance, 1973, vol. 28, no. 5, p. 1181 – 1185.
FAMA, E. F. Components of investment performance. Journal of Finance, 1972, vol. 27, no. 3, p. 551 – 567.
FAMA, E. F., LAFFER, A. B. The number of firms and competition. American Economic Review, 1972, vol. 62, no. 4, p. 670 – 674.
FAMA, E. F. Perfect competition and optimal production decisions under uncertainty. The Bell Journal of Economics and Management Science, 1972, vol. 3, no. 2, p. 509 – 530.
FAMA, E. F., ROLL, R. Parameter estimates for symmetric stable distributions. Journal of the American Statistical Association, 1971, vol. 66, no. 334, p. 331 – 338.
EPPEN, G. D., FAMA, E. F. Three asset cash balance and dynamic portfolio problems. Management Science, 1971, vol. 17, no. 5, Theory Series, p. 311 – 319.
FAMA, E. F. Risk, return, and equilibrium. Journal of Political Economy, 1971, vol. 79, no. 1, p. 30 – 55.
FAMA, E. F., LAFFER, A. B. Information and capital markets. Journal of Business. 1971, vol. 44, no. 3, p. 289 – 298.
FAMA, E. F. Multiperiod consumption-investment decisions. American Economic Review, 1970, vol. 60, no. 1, p. 163 – 174.
FAMA, E. F. Efficient capital markets: A review of theory and empirical work. Journal of Finance, 1970, vol. 25, no. 2, p. 383 – 417.
FAMA, E. F., FISHER, L., JENSEN, M. C., ROLL, R. The adjustment of stock prices to new information. International Economic Review, 1969, vol. 10, no. 1, p. 1 – 21.
EPPEN, G. D., FAMA, E. F. Cash balance and simple dynamic portfolio problems with proportional costs. International Economic Review, 1969, vol. 10, no. 2, p. 119 – 123.
FAMA, E. F., ROLL, R. Some properties of symmetric stable distributions. Journal of the American Statistical Association, 1968, vol. 63, no. 323, p. 817.
FAMA, E. F., BABIAK, H. Dividend policy: An empirical analysis. Journal of the American Statistical Association, 1968, vol. 63, no. 324, p. 1132.
EPPEN, G. D., FAMA, E. F. Solutions for cash-balance and simple dynamic-portfolio problems. Journal of Business, 1968, vol. 41, no. 1, p. 94 – 112.
FAMA, E. F. Risk, return and equilibrium: Some clarifying comments. Journal of Finance, 1968, vol. 23, no. 1, p. 29 – 40.
FAMA, E. F., BLUME, M. E. Filter rules and stock-market trading. Journal of Business, 1966, vol. 39, no. 1, Part 2: Supplement on Security Prices, p. 226 – 241.
FAMA, E. F. The behavior of stock-market prices. Journal of Business, 1965, vol. 38, no. 1, p. 34 – 105.
FAMA, E. F. Portfolio analysis in a stable paretian market. Management Science, 1965, vol. 11, no. 3, Series A, Sciences, p. 404 – 419.
FAMA, E. F. Tomorrow on the New York Stock Exchange. Journal of Business, 1965, vol. 38, no. 3, p. 285 – 299.
DOPUCH, N., FAMA, E. F. Review of „Topics in cost accounting and decisions“. Accounting Review, 1964, vol. 39, no. 2, p. 521.
FAMA, E. F. Mandelbrot and the stable paretian hypothesis. Journal of Business, 1963, vol. 36, no. 4, p. 420 – 429.
Working papers, proceedings, přednášky, aj.
FAMA, E. F., FRENCH, K. R. Disappearing dividends: Changing firm characteristics of lower propensity to pay. Center for Research in Security Prices, Working paper series no. 509, Graduate School of Business, The University of Chicago, 2000.
FAMA, E. F., FRENCH, K. R. Testing tradeoff and pecking order predictions about dividends and debt. Center for Research in Security Prices, Working paper series no. 506, Graduate School of Business, The University of Chicago, 2000.
FAMA, E. F., FRENCH, K. R. The corporate cost of capital and the return on corporate investment. Center for Research in Security Prices, Working paper series no. 469, Graduate School of Business, The University of Chicago, 1998.
FAMA, E. F., FRENCH, K. R. Taxes, financing decisions, and firm value. Center for Research in Security Prices, Working paper series W.P. 334, Graduate School of Business, The University of Chicago, 1997.
FAMA, E. F., FRENCH, K. R. Value versus growth: The international evidence. Center for Research in Security Prices, Working paper series no. 341, Graduate School of Business, The University of Chicago, 1997.
FAMA, E. F., FRENCH, K. R. Forecasting profitability and earnings. Center for Research in Security Prices, Working paper series no. 456, Graduate School of Business, The University of Chicago, 1997.
FAMA, E. F., FRENCH, K. R. Dividends, debt, investment, and earnings. Center for Research in Security Prices, Working paper series no. 454, Graduate School of Business, The University of Chicago, 1997.
FAMA, E. F. Multifactor portfolio efficiency and multifactor asset pricing. Center for Research in Security Prices, Working paper series no. 375, Graduate School of Business, The University of Chicago, 1993.
FAMA, E. F., FRENCH, K. R. The cross-section of expected stock returns. Center for Research in Security Prices, Working paper series no. 333, Graduate School of Business, The University of Chicago, 1992.
FAMA, E. F., FRENCH, K. R. Common risk factors in the returns on bonds and stocks. Center for Research in Security Prices, Working paper series no. 360, Graduate School of Business, The University of Chicago, 1992.
FAMA, E. F. Efficient capital markets, II. Center for Research in Security Prices, Working paper series no. 303, Graduate School of Business, The University of Chicago, 1990.
FAMA, E. F. Transitory variations in investment and output. Center for Research in Security Prices, Working paper series no. 285, Graduate School of Business, The University of Chicago, 1990.
FAMA, E. F. Time, salary and incentive payoffs in labor contracts. Center for Research in Security Prices, Working paper series no. 259, Graduate School of Business, The University of Chicago, 1989.
FAMA, E. F. Stock returns, expected returns, and real activity. Center for Research in Security Prices, Working paper series W.P. 272, Graduate School of Business, The University of Chicago, 1989.
FAMA, E. F. Term structure forecasts of interest rates, inflation, and real returns. Center for Research in Security Prices, Working paper series no. 233, Graduate School of Business, The University of Chicago, 1988.
FAMA, E. F. Perspectives on October 1987, or, what did we learn from the crash? Center for Research in Security Prices, Working paper series no. 232, Graduate School of Business, The University of Chicago, 1988.
FAMA, E. F., FRENCH, K. R. Forecasting returns on corporate bonds and common stocks. Center for Research in Security Prices, Working paper series no. 220, Graduate School of Business, The University of Chicago, 1987.
FAMA, E. F., BLISS, R. R. The information in long-maturity forward rates. Center for Research in Security Prices, Working paper series no. 170, Graduate School of Business, The University of Chicago, 1987.
FAMA, E. F., FRENCH, K. R. Permanent and temporary components of stock prices. Center for Research in Security Prices, Working paper series no. 178, Graduate School of Business, The University of Chicago, 1987.
FAMA, E. F., FRENCH, K. R. Business cycles and the behavior of metals prices. Center for Research in Security Prices, Working paper series no. 169, Graduate School of Business, The University of Chicago, 1986.
FAMA, E. F. Common factors in the correlation of stock returns. Center for Research in Security Prices, Working paper series W.P. no. 200, Graduate School of Business, The University of Chicago, 1986.
FAMA, E. F. Contract costs and financing decisions. Center for Research in Security Prices, Working paper series no. 145, Graduate School of Business, The University of Chicago, 1985.
FAMA, E. F., FRENCH, K. R. Commodity futures prices: Some evidence on forecast power, premiums and the theory of storage. Center for Research in Security Prices, Working paper series W.P. no. 128, Graduate School of Business, The University of Chicago, 1985.
FAMA, E. F. Term premiums and default premiums in money markets. Center for Research in Security Prices, Working paper series W.P. no. 135, Graduate School of Business, The University of Chicago, 1984.
FAMA, E. F. Who pays for reserve requirements? Center for Research in Security Prices, Working paper series no. 100, Graduate School of Business, The University of Chicago, 1983.
FAMA, E. F. Term premiums in bond returns. Center for Research in Security Prices, Working paper series no. 113, Graduate School of Business, The University of Chicago, 1983.
FAMA, E. F., GIBBONS, M. R. A comparison of inflation forecasts. Center for Research in Security Prices, Working paper series W.P. no 86, Graduate School of Business, The University of Chicago, 1983.
FAMA, E. F. Forward and spot exchange rates. Center for Research in Security Prices, Working paper series no. 112, Graduate School of Business, The University of Chicago, 1983.
FAMA, E. F. The information in the term structure. Center for Research in Security Prices, Working paper series no. 111, Graduate School of Business, The University of Chicago, 1983.
FAMA, E. F., JENSEN, M. C. Agency problems and residual claims. Center for Research in Security Prices, Working paper series W.P. no. 88, Graduate School of Business, The University of Chicago, 1982.
FAMA, E. F. Fiduciary currency and commodity standards. Center for Research in Security Prices, Working paper series W.P. no. 77, Graduate School of Business, The University of Chicago, 1982.
FAMA, E. F., JENSEN, M. C. Separation of ownership and control. Center for Research in Security Prices, Working paper series no. W.P. no. 89, Graduate School of Business, The University of Chicago, 1982.
FAMA, E. F., JENSEN, M. C. Residual claims and investment decisions. Center for Research in Security Prices, Working paper series W.P. no. 90, Graduate School of Business, The University of Chicago, 1982.
FAMA, E. F. Short-term inflation and money growth. Center for Research in Security Prices, Working paper series W.P. 30, Graduate School of Business, The University of Chicago, 1979.
FAMA, E. F. Banking in the theory of finance. Center for Research in Security Prices, Working paper series no. 3, Graduate School of Business, The University of Chicago, 1979.
FAMA, E. F. Annual inflation and money growth. Center for Research in Security Prices, Working paper series W.P. 31, Graduate School of Business, The University of Chicago, 1979.