Single-period portfolio selection deals with the allocation of an investor's initial wealth to a finite number of risky assets according to his preferences over random final wealth. The purpose of this paper is to study chance-constrained portfolio selection from the point of view of utility theory.

The purpose of this article is to produce a conservative estimate of how often traditionally conceived seasonal components are present in prices of individual Dow Jones industrial stocks. A careful estimate is needed to resolve some of the current confusion on the question and to provide basic information along lines suggested by Smidt [27, p. 238]: “… investigations of the random walk hypothesis would be most fruitful if they were conducted in the spirit of attempting to determine the size and extent of systematic tendencies that may exist in price series” (italics added).

This study of the history of a large group of merchants directing Anglo-American commerce from the end of the eighteenth to the middle of the nineteenth century analyzes major long-run changes in the organization and functions of mercantile institutions in that important period.

A survey of insurance records covering eighteenth-century manufactories in three branches of the British textile industry reveals much about the gradual evolution of factory production in the early stages of the Industrial Revolution. Professor Chapman suggests that neither size, power source, nor the supervision of work constitutes a useful criterion by which to identify the modern, Arkwright-type factory. The essential characteristic of that institution was that it was specifically designed for flow production, rather than the batch production methods of earlier modes of manufacturing.

Stable distributions are suggested as being the underlying distributions for many economic variables. Capital market variables, in particular, are said to follow a member of the symmetric stable class.

Robert J. Saunders [4] has demonstrated that, because of the high degree of linear interdependence among many of the variables commonly used in banking studies, it may be necessary to interpret explanatory variables in a cross-sectional regression equation, not as representing individual influences but as representing more general factors. He attempted to demonstrate how principal component analysis might be used to isolate and identify some of these general factors.

Offering a significant revision of prevailing views, Professor Nelson examines the actual implementation of scientific management in industry and finds that it bore only a superficial resemblance to the system described by Taylor and his disciples. Rather than a “partial solution of the labor problem,” the Taylor system was a comprehensive answer to the problems of factory coordination, a refinement and extension of the earlier ideas known as systematic management.

We are grateful for the opportunity which Professors Gressis and Remaley's Comment [1] has afforded us to clarify our analysis of the relationship between Roy's Safety First principle and the Mean-Variance expected utility rule, which unfortunately they find misleading. In our original presentation we did not explicitly analyze situations in which Roy's criterion leads to an extreme corner solution; and G-R are perfectly correct in noting that if a riskless asset exists, a “Safety-Firster” will not invest in risky securities at all if the risk-free interest rate, r, exceeds the disaster level d. The reason for this is straightforward: such an investment strategy minimizes the risk of disaster. In fact in this particular instance the investor can reduce the probability of disaster to zero.