Stock price movements and portfolio allocations are rather impressive as graphics.

Decision-makers are assumed to make their decisions (such as, for example, portfolio allocations) so as to maximize the expected value of the utility function.

"Optimal portfolio allocation under a probabilistic risk constraint and the incentives for financial innovation."

But if the tax treatment of dividends is changed, portfolio allocations could also change, and a complete analysis has to examine the impact of such adjustments.

Since the late 1970s, Kaufman has published a total of 12 books to contribute to theories in the areas of price forecasting and portfolio allocation.

"Rational portfolio allocation would suggest at this stage of the game to take a very close look at the bond market," he said.

That doesn't bother Mr. Callahan, who said his portfolio allocation still makes sense.

The study should also have the effect of shifting the optimal portfolio allocations among various foreign markets.

I will now move on to the portfolio allocations.

Systematic risk plays an important role in portfolio allocation.