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44.14.24.2.132-22-2-3-14573-1-[1]4.2.258(1989,1506-1)196619684-11966196719681515161802202191()22888.5J.(1966)1()816D.(1966)1()115A.(1967)716H.(1968)8101Here'sHowOurStaffPicks'Em,ChicagoDailyNews,November25,1966(p.43),November24,1967(p.38),andNovember29,1969(p.43).ReprintedbypermissionofChicagoSun-Times,©1995;andW.H.Beaver,FinancialReporting:AnAccountingRevolution,2nd.PrenticeHall©1989.4-115~1636191966459604.2.34.3CAPMSharpe1964Lintner19652-2CAPMRjttjPjtjtDjtjtPj,t1jt3-23-31+Rjt1ttRjt=Pjt+Djt-Pj,t-1Pj,t-1=Pjt+DjtPj,t-1-11+Rjt=Pjt+DjtPj,t-1E(Rjt)=E(Pjt+Djt)Pj,t-1-1(4-1)tt3-23-33-53-6Rf-E(Rjt)=Rf(1j)+jE(RMt)(4-2)jjRMtt4-2ttRf(1j)4.2.2Pj,t1PjtDjtPj,t14-1RjRMtj4-2jjPjt1tPjtDjt4-1Pj,t1CAPM4-1Pj,t1RfE(RMt)CAPMCAPMtRjt=j+jRMt+jtCAPM(j+jRMt)jt[2]CAPMj=Rf(1j)jttRjtE(jt)=0jtRjtj+jRMt(jt)461RjtRMtRMtRMtE(RMt)jRMtj[3]CAPMj(1j)Rf55.7CAPM4.4H.(W.H.Braver)FASB1973APB22[4]624.53.3.251973SFAC11978SFAC21980FASBSFAC1463644.54.2.2Grossman1976SFAC13.8GAAPSECMD&AAmericanInstituteofCertifiedPublicAccountantsAICPA19865MD&A4.8.44.646512-12-2Akerlof19702.6664.7467684.6SEC12[5]4.84.8.1SECS-KMD&AAICPA1986AT200MD&ASECS-KMD&AMD&AAT200124.8.2SECS-KMD&ASECSECS-KMD&AMD&AMD&AMD&AMD&AMD&AMD&AMD&ASECFASBMD&AFASBMD&AMD&AMD&AMD&AMD&AMD&A4-11993MD&A469MD&AMD&A19924-1MD&A961993199352.8199247.71119936.761.1319923.310.1857.519921319931.79.3519921.72199323.78199226.111993166719921705/58.25/19921.64/199319931992,4.65(19921.57)1.55(199214.17)492.5/(1992490.9/)19934.11(19924.51)19937019931.38(19922.54)19935.9719928.4319932519933.3119922.5619915.32199318.73(6.41)19941995203519931151992195349611992705532.83/2.88/3668375128126251992271419791981471721992961991134850701991625312.68/2.83/35753261141342719912619938219928819934619925219932319922219936199271993519922199324581994199319933313199219ExxonCorporation1993AnnualReport.MD&A1993SECS-KMD&AMD&AMD&AMD&AMD&AGAAPFASBSECMD&ASECMD&A4.8.31986AICPAAT200AT200AT200AT200AT200RRA2RRAAT200[6]AT200AT200SFAC1AT200[7][8]4-2(MarkWorkWearhouseLtd.)1991[9]AT200GAAPMD&A473741991[10]1991199212552224199141017831800014065000158450008338000227100021270001798300015067000159800010480001750000019901.11.08259000170000GST750001240001740004600019911261992125/$178318$150787$163832$296$276$300()()(1.0)(6.3)1.931.336.636.3()/$(10787)$359$40312.52.62.8()9.617.718.8/$58882$60504$62683176618971925132113741519()14.014.314.4/$174$226$483()74.577.178.5:Mark'sWorkWearhouseLtd.,1991AnnualReport.Reprintedbypermission.4.9MD&AMD&A197347576MD&A1973MD&A[1][2]2-2P.V.[3]3.7.1b(Rjt)RMt3.7.1[4]AICPAAPB221971[5][6]AT200.67[7]AICPAAT200.464.8.2SECMD&A[8]SECSECS-K477229.303(a)7SEC[9]CICAASBCICA4250CICA4250AICPAAT2000[10]199287590005850001.2.ABALIFOBFIFO3.FIFO4.a.b.150c.d.5.6.7.1993121(GE)19926.213.4,1.5747.35.511992101.615.505.6019921.5082.625a.b.CAPMc.8.(Atlas)9.199322SFAS1062082787075208208199144.519922302087074.4SEC30FASB754720160240208EDSGlobeandMail,ReportonBusiness,Canada'sBusinessNewspaper,™February2,1993.ReprintedbypermissionoftheAssociatedPress.10.19921130a.b.78c.(HP)871830104015-(Harley-Davidson)19911023243149366080(Gap)30505-2590603001/1547911-(Kimberly-Clark)19921991911.4.8.3SEC19855.29199314SECSECSECSECa.b.SEC12.19933419886622842.32.526.715.61815a.b.1815c.80