Bachelor of Arts University Wisonsin, 1941. Doctor of Philosophy Harvard University, 1952.
Assistant Professor, CamegieMellon University, Pittsburgh, 1947-1952. Association Professor Massachusetts Institute of Technology, Cambridge, Mass., USA, 1952-1962. Professor,
University Rochester, 1962-1970.
Visiting Professor, University California Berkeley, 1966-1967, Hebrew University, Jerusalem, 1973, University Pennsylvania, 1977. Professor Finance, University Toronto, Toronto, Ontario, Canada, 1970-. Editorial Boards, Accounting Review, Journal of Finance, Finance Managment, Journal of Banking and Finance.
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From 1947- 1960 my research was concerned primarily with two questions in accounting. One was the principles of asset valuation and income measurement
that maximise the value and income of a firm. At that time accounting research was devoted to arriving at the true value and income of a firm.
The question I posed and the answers I found in paper (No. 2. above) and other articles had a considerable impact on subsequent research in accounting. The other question that concerned me was the design of responsibility accounting systems under alternative delegations of authority to subordinate levels of management for the purpose of maintaining top managment control.
Standard costs, overhead budgets and other methods of transfer pricing in the accounts were looked at and developed within this theoretical framework. A number of articles and my textbooks on accounting contributed to the early development of the theory of responsibility accounting systems. During the 1950s I became increasingly interested in the theory of asset valuations under uncertainty and with the investment and financing policies that maximise the value of a corporation. This resulted in my most influential work to date, The Investment Financing and Valuation of the Corporation.
Part of this work was the discounted cash flow measure of share yield which has become widely used in industry and finance as the expected return on a share of stock. During the last five years my interest has turned to the macroimplications of my work on investment, financing, growth and survival. Starting with my presidential address (No. 5. above), a number of papers have been concerned with the cyclical and long-run behaviour of a capitalist system in which person and firms are concerned with the security of their income as well as its expected level.
These macro-objectives have also been served by my work on the non-production activities of large widely-owned corporations that are employed to maintain and increase their rents.