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Many investment decision models are formulated on the basis of certain assumptions regarding investor's tastes combined with the assumed objective of expected utility maximization. The rules are often expressed in the form of a finite number of moments of the returns distributions, depending on the specific utility function restrictions imposed. For example, mean/variance decisions have been derived using the assumption of a quadratic preference function. Borch (1969) and many others have demonstrated the ambiguity of mean/variance decision rules based on this specific utility functional form. In this note, Borch's findings are extended t o all investment decision rules based on the assumption of any finite order utility function for a general class of risk averters.

Journal of Business Finance & AccountingVolume 6, Issue 1 p. 51-52 GAINS FROM INTERNATIONAL PORTFOLIO DIVERSIFICATION: A REPLY ANTHONY SAUNDERS, ANTHONY SAUNDERSSearch for more papers by this authorRICHARD S. WOODWARD, RICHARD S. WOODWARD The authors are, respectively, Assistant Professor of Finance at the Graduate School of Business Administration, New York University, and Lecturer in Finance at the Business School, City of London Polytechnic. The authors would like to thank Charles Ward for his helpful comments. Search for more papers by this author ANTHONY SAUNDERS, ANTHONY SAUNDERSSearch for more papers by this authorRICHARD S. WOODWARD, RICHARD S. WOODWARD The authors are, respectively, Assistant Professor of Finance at the Graduate School of Business Administration, New York University, and Lecturer in Finance at the Business School, City of London Polytechnic. The authors would like to thank Charles Ward for his helpful comments. Search for more papers by this author First published: March 1979 https://doi.org/10.1111/j.1468-5957.1979.tb01069.xCitations: 1 AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat No abstract is available for this article.Citing Literature Volume6, Issue1March 1979Pages 51-52 RelatedInformation

Journal of Business Finance & AccountingVolume 4, Issue 3 p. 299-307 GAINS FROM INTERNATIONAL PORTFOLIO DIVERSIFICATION: UK EVIDENCE 1971–75 ANTHONY SAUNDERS, ANTHONY SAUNDERS The authors are lecturers in Economics in the Department of Economics and Banking at the City of London Polytechnic.Search for more papers by this authorRICHARD S. WOODWARD, RICHARD S. WOODWARD The authors are lecturers in Economics in the Department of Economics and Banking at the City of London Polytechnic.Search for more papers by this author ANTHONY SAUNDERS, ANTHONY SAUNDERS The authors are lecturers in Economics in the Department of Economics and Banking at the City of London Polytechnic.Search for more papers by this authorRICHARD S. WOODWARD, RICHARD S. WOODWARD The authors are lecturers in Economics in the Department of Economics and Banking at the City of London Polytechnic.Search for more papers by this author First published: September 1977 https://doi.org/10.1111/j.1468-5957.1977.tb00715.xCitations: 8AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Citing Literature Volume4, Issue3September 1977Pages 299-307 RelatedInformation