'The Plan Sponsor's Goal': A Comment

摘要

In a recent letter (FAJ, September/October 2008), Collin Kerwin suggested that the summary placed at the beginning of Fischer Black's "The Plan Sponsor's Goal" (FAJ, July/August 1995) must have been an editorial error. Specifically, Mr. Kerwin objected to the language "minimize the present value of future contributions to the plan." In the editor's reply, Richard Ennis agreed: "Black most likely did not pen the questioned phrase in the abstract: It is exactly contrary to the point of his article. ... We surmise that our then-editors either added the abstract or modified its wording."