Wagner, Emkin, and Dixon (1984)

Wagner, Wayne, Allen Emkin, and Richard Dixon. “South African Divestment: The Investment Issues.” Financial Analysts Journal, November/December 1984.

LK comment: Cited by Grossman and Sharpe (1986), who describe the paper as proposing a substitution strategy based on an ‘implicit’ risk model, but state that there was no ex-post analysis of performance.