Abstract: flournal f Glortlo i0 ‘Management SPECIAL ISSUE DECEMBER 1996 A Brief Introduction Peter L. Bernstein The Dividend Puzzle Fischer Black Editing for Fischer Beverly Bell The Constant Elasticity of Variance Option Pricing Model john C. Cox Reflections on Fischer Emanuel Derman Fischer Black: Describing an Elephant Gary L. Gastineau Domestic Grapes frorn Imported Wine Richard C. Grinold Fischer Black: Some Personal Memories Jonathan E. Iugcrsoll,]r. Options and Expectations Hayne E. Leland Hot Spots_TM and Hedges Robert Litterman Assessing Catastrophe Reinsurance-Linked Securities as a New Asset Class Robert H. Litzenberger, David R. Beaglehole, and Craig E. Reynolds Fischer Black and the Derivatives Revolution Todd E. Petzel Remembering Fischer Black jack L. Treynor A PUBLICATION OF INSTITUTIONAL INVESTOR, INC.