John B. Long, Jr., Session Topic: Risk, Information and Capital Budgeting: Discussion, The Journal of Finance, Vol. 29, No. 2, Papers and Proceedings of the Thirty-Second Annual Meeting of the American Finance Association, New York, New York, December 28-30, 1973 (May, 1974), pp. 485-488
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J. Bradford De Long (1974) studied this question.