Dr. Johnson is Assistant Professor of Finance at the University of Cincinnati and received his PhD from the University of Illinois. His teaching and research have been in the areas of corporate finance and investments, and he is the author of several articles and books in the area of financial management. Mr. Schmitt is manager of Inventory and Production Controlfor The G. A. Gray Company, a division of Warner and Swasey.
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Johnson et al. (1974) studied this question.