• Jack Garber: Jack, you are the historian here.
  • You may want to comment on when the three factor dividend formula came in to dividend practice but my guess is it sure was not there in the first five years of participating business and that had some group such as ourselves set down the acceptable methods at that point, then we may never have seen the three factor dividend formula.
• Ernest J Moorhead (Jack) - EJM: I believe that the history of this is of more than just trivial interest.
• [Bonk: Jack Garber = Society Committee on Theory of Dividends and Other Non-Guaranteed Elements]

1984 - SOA - Dividend Philosophy, Society of Actuaries - 14p