Implementing fisher Black's simple discounting rule

We propose a simple implementation of Black’s (1988) elegant rule for discounting uncertain future cash flows. Black’s rule avoids the thorny problem of estimating an appropriate risk-adjusted discount rate. Instead, the rule calls for discounting conditional mean cash flows at appropriate riskless interest rates. Our contribution in this article is to describe and illustrate a method of estimating the conditional mean cash flows called for in Black’s rule. The method is quite flexible with respect to the types of information available concerning the distributions of future cash flows. We argue that this approach to computing present values offers a theoretically sound and generally feasible addition to the toolbox of financial managers.

The Rt. Honble. John George Lambton, Baron Durham [Material gráfico]

Resumen: Descripción: retrato del Barón de Durham de 3/4 de figura, con el torso de frente y mirando hacia la izqda. Viste elegantemente con capa y cuello de piel

Letter from John Ames to Samuel Shuttleworth (fragment), 1822 July 22

Fragments of a one-page handwritten letter from John Ames (1793-1833) in Dedham to his uncle, Samuel Shuttleworth in Windsor, Vermont. The fragments contain some incomplete lines of text, including a note of the church attendance of "Aunt Ames."

Sermon preached by Rev. C. Williams Fisher at the Congregational Church, Stockbridge, Sunday, August 24, 1919.

"Text: 'I have meat to eat that ye know not off.' John 4:32" -- P. [1].

The Interpretation of the scripture passage, the "more sure word of prophesy, &c.," 2 Peter, Chap. i., Verse 19, as given by George Fox, William Penn, Robert Barclay, George Whitehead, Francis Howgill, Samuel Fisher, and James Parnel in reply to opposers : also extracts from the writings of Ambrose Rigge, William Bayly, Charles Marshall, Josiah Coale, Margaret Fox, and Elizabeth Bathurst, on the same subject.

Cover title.

Norway, and her Laplanders, in 1841; with a few hints to the salmon fisher.

Mode of access: Internet.

Descendants of Jaquelin Ambler : with letters from his daughter, Mrs. Col. Ed. Carrington, and extract from his funeral sermon delivered by Rev. John Buchanan /

Mode of access: Internet.

The fisher maiden; a vaudeville, and The lover's caprice; a pastoral play,

Translation of: Die Fischerin and Die Laune des Verliebten.

John Bright: born November 16, 1811, died March 27, 1889. An address delivered at Rochdale on November 16, 1911.

Mode of access: Internet.

Memoirs of the life, writings, and character, literary, professional, and religious, of the late John Mason Good,

Mode of access: Internet.

Brief memoir of Major-Gen. Sir John Geo. Woodford; a paper read to the Keswick Literary and Scientific Society, March 20th, 1880.

Mode of access: Internet.