GOAL PROGRAMMING AND THE SELECTION OF PORTFOLIOS BY DUAL-PURPOSE FUNDS

Study is given to the problem of goal conflicts in the standard portfolio selection of Dual-Purpose Funds. An extension of standard methodology is proposed in terms of the development of a Goal Programming model in conceptual form, which can be applied for the resolution of inherent clash of interes...

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Bibliographic Details
Published in:The Journal of finance (New York) 1978-03, Vol.33 (1), p.303-310
Main Authors: Kumar, P. C., Philippatos, George C., Ezzell, John R.
Format: Article
Language:English
Subjects:
Capital gains
Capital income
Capital structure
Closed end
Dividends
Economic models
Financial portfolios
Goal programming
Income shares
Investment companies
Investment risk
Objectives
Portfolio management
Security portfolios
Shareholders
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Summary:Study is given to the problem of goal conflicts in the standard portfolio selection of Dual-Purpose Funds. An extension of standard methodology is proposed in terms of the development of a Goal Programming model in conceptual form, which can be applied for the resolution of inherent clash of interests. The organizational structure of Dual-Purpose Funds, their performance record, and the potential conflict of interests are noted. By suitable changes in the priority structure of the model, the impact of various policies may be evaluated. Sensitivity of the allocation to the environmental constraints may be obtained by variations of the cash-level targets.
ISSN:0022-1082
1540-6261
DOI:10.1111/j.1540-6261.1978.tb03408.x