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46499 results in Management

Page 2165 of 2325

  • Announcements

  • Journal:
    Journal of Financial and Quantitative Analysis / Volume 9 / Issue 4 / September 1974
    Published online by Cambridge University Press:
    19 October 2009, pp. 691-695
    Print publication:
    September 1974
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  • Information, Investment Behavior, and Efficient Portfolios

  • David P. Baron
  • Journal:
    Journal of Financial and Quantitative Analysis / Volume 9 / Issue 4 / September 1974
    Published online by Cambridge University Press:
    19 October 2009, pp. 555-566
    Print publication:
    September 1974

  • The purpose of this paper is to indicate that the opportunity to obtain information regarding the probability distribution of the return on a risky asset, such as a portfolio or a mutual fund, may cause a risk-averse decision maker to accept a single-period actuarially unfair gamble. This behavior is the same as that implied by utility functions that have convex segments, as originally considered by Friedman and Savage [2] and by Markowitz [12], but the utility function derived is not convex on any interval, since it is the envelope of a finite set of strictly increasing, strictly concave functions. Similar utility functions have been obtained, by Fleming [1] because of transactions costs, by Hakansson [4] by imposing a borrowing restriction on an investment-consumption model, and by Masson [14] in the context of an imperfect capital market. In this paper acceptance of single-period actuarially unfair gambles by an individual risk averse with respect to future wealth levels results from the opportunity to acquire information. The acquisition of information creates a set of conditional decisions each of which the individual may treat in an optimal manner, and that set of conditional decisions may induce risk-taking behavior.

  • The Editor's Corner

  • Journal:
    Business History Review / Volume 48 / Issue 2 / Summer 1974
    Published online by Cambridge University Press:
    11 June 2012, pp. 225-226
    Print publication:
    Summer 1974
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  • BHR volume 48 issue 2 Cover and Back matter

  • Journal:
    Business History Review / Volume 48 / Issue 2 / Summer 1974
    Published online by Cambridge University Press:
    11 June 2012, pp. b1-b5
    Print publication:
    Summer 1974
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Page 2165 of 2325