In this article we have reviewed ``Modern Portfolio Analysis'' and outlined some important topics for further research. Issues discussed include the history and future of portfolio theory, the key inputs necessary to perform portfolio optimization, speci®c problems in applying portfolio theory to ®nancial institutions, and the methods for evaluating how well portfolios are managed. Emphasis is ...

International asset demands are functions of expected returns. Optimal portfolio theory tells us that the coetlicients in this relationship depend on the variance-covariance matrix of real returns. But previous estimates of the optimal portfolio (1) assume expected returns constant and (2) are not set up to test the hypothesis of mean-variance optimization. We use maximum likelihood estimation ...

This article considered the relationship between wages of carpenters and rice prices construction workers from early modern period to times. The following points will be clarified.

Stakeholders in the science system need to decide where to place their bets. Example questions include: Which areas of research should get more funding? Who should we hire? Which projects should we abandon and which new projects should we start? Making informed choices requires knowledge about these research options. Unfortunately, to date research portfolio options have not been defined in a c...