volume 19 number 4 summer …...volume 19 number 4 summer 1993 the journal of portfolio management...
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VOLUME 19 NUMBER 4 SUMMER 1993www.iijpm.com
The Voices of Influence | iijournals.com
The
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t Pub
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r per
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sion
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The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
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d fr
om w
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.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
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gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
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ctro
nica
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ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.
The
Jour
nal o
f Por
tfolio
Man
agem
ent 1
993.
19.4
:85-
93. D
ownl
oade
d fr
om w
ww
.iijo
urna
ls.c
om b
y D
EWEY
PA
LMIE
RI o
n 09
/11/
15.
It is
ille
gal t
o m
ake
unau
thor
ized
cop
ies o
f thi
s arti
cle,
forw
ard
to a
n un
auth
oriz
ed u
ser o
r to
post
ele
ctro
nica
lly w
ithou
t Pub
lishe
r per
mis
sion
.