Even fewer of these studies have attempted to ascertain how the subjects implemented their definitions en of prospective strategies. In addition, with few exceptions, this literature does not attempt to ascertain the meanings that might have been assigned by subjects to terms like "risk" and/or the "returns" with which they have been concerned. Discussions of the strategies which subjects used to direct their ex ante evaluations of risks and returns have either been omitted or else have been only indirectly inferred from ex post data. We do not examine this literature here because we have elsewhere reviewed it in detail 1 and because, for the most part, these studies have been confined to ex post data. The pioneering study by Bowman [1980) reawakened interest in risk and return relations in the strategic management literature.
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