The substantial growth of the mutual fund industry during the last few years has attracted the attention of students of finance, economics, and public policy alike. Net assets managed by such funds have grown from approximately $450 million in 1940 to more than $38 billion by June of 1966. During 1965 the mutual fund industry funneled some $5. billion of new (primarily equity) funds into the capital markets; more than twice the $2. billion in new equity raised by all non-financial United States corporations during the year. Growth of the industry has not been uniform, however, but has been concentrated among a relatively small number of highly successful funds.

An economy is considered that has n goods and k types of labor, each of which is growing at the same constant rate. Goods are produced from labor and other goods by a set of specified activities. Given an initial supply of goods and amounts of labor, all possible production programs running from the present time to infinity through discrete time periods are considered. With each program is associated a utility sequence measuring the satisfaction achieved by the program at each period of time. A program is optimal if its utility sequence overtakes all other such sequences. The paper is devoted to proving the existence of optimal programs for a wide class of economies and to deriving the properties of such programs. In particular it is shown that the optimal program approaches a certain balanced program. Essential use is made of the existence of an infinite sequence of optimal prices with respect to which the optimal program is one which maximizes the sum of profit and utility at each time period. (Author)

A Review of Probability Distributions and Their Properties Definition and Characteristics of a Stochastic Process Some Important Classes of Stochastic Processes Stationary Processes The Brownian Motion and the Poisson Process, Levy Processes Renewal Processes and Random Walks Martingales in Discrete Time Branching Processes Regenerative Phenomena Markov Chains Tauberian Theorems.

R. P. Manes, J. M. Samuels, D. J. Smyth, Inventories and Sales: A Cross Section Study, Journal of Accounting Research, Vol. 5, Empirical Research in Accounting: Selected Studies 1967 (1967), pp. 139-156