1. Antoniou, A., I. Garrett, and R. Priestley. 1998. Calculating the equity cost of capital using the APT: The impact of the ERM. Journal of International Money and Finance 14: 949–965.
2. Black, F., and M. Scholes. 1973. The pricing of options and corporate liabilities. Journal of Political Economy 81: 637–654.
3. Black, F., M. Jensen, and M. Scholes. 1972. The capital-asset pricing model: Some empirical tests. In Studies in the theory of capital markets, ed. M. Jensen. New York: Praeger Publishers.
4. Bower, R., and G. Schink. 1994. Application of the Fama–French model to utility stocks. Financial Markets, Institutions and Instruments 3: 74–96.
5. Bower, D., R. Bower, and D. Logue. 1984. Arbitrage pricing and utility stock returns. Journal of Finance 39: 1041–1054.