英语翻译Thereadershouldbeawarethatasurveyofthisnatureislikelytosufferfromtheex-postselectionbiasthatplaguesmanyempiricalstudies:itwillconcentrateonwhatturnedouttobesuccessfulandofenduringinterest.Thehistorianof
英语翻译
Thereadershouldbeawarethatasurveyofthisnatureislikelytosufferfromtheex-postselectionbiasthatplaguesmanyempiricalstudies:itwillconcentrateonwhatturnedouttobesuccessfulandofenduringinterest.Thehistorianofscienceislikelytobeasinterestedinthoseavenuesofendeavorthatweresubsequentlyabandonedorbecamemoribund.Itisthereforeworthrecallingthatin1970theterm"financialeconomics"wasnotyetincommonusage,andthebattlebetweenfinanceasasubfieldofmanagementscienceandasasubfieldofeconomicswasnotyetover.Majorresearchtopicsatthattimeincludedtheuseoflinearprogrammingtodesigncapitalbudgets,modelsofcashmanagementbasedoninventorytheory,modelsforaccountsreceivablemanagementbasedoncreditscoring,andMarkovChainmodelsofcreditlosses.Allofthesetopicshavesincebeenabandonedbymostscholarsinfinanceandnowfindonlyoccasionalmentioninthestandardtextbooks.Othertopicssuchasleasing,bondrefunding,andtheestimationofdiscountratesforcapitalbudgeting,oncethefocusofconsiderableresearcheffort,havefallenoutoffashion,eitherbecausetheproblemsaredeemedtohavebeen"solved"ortobeintractablesothatfurtherprogressseemsimpossibleorbecausetheresearchparadigmsthatareofmostinteresttodayhavelittleornothingtosayaboutthem.