Cover; Half Title; Title Page; Copyright Page; TABLE OF CONTENTS; LIST OF TABLES; LIST OF FIGURES; PREFACE; CHAPTER I. INTRODUCTION; A. Motivating Issues and Objectives of the Study; B. Investors in the U.S. Government Securities Market; C. Organization of the Study; CHAPTER II. MICROECONOMIC FOUNDATIONS OF ASSET DEMAND EQUATIONS; A. Introduction; B. Portfolio Selection Under Uncertainty; 1. The Objective Function; 2. Preferences and Objectives Represented by a Utility Function; 3. Safety-First Analysis; 4. Maximization of the Market Value of Equity
5. Endogenous Assets in the Portfolio Selection Problems of the Categories of Investors Exclusive of Depository Financial Intermediaries6. Portfolio Selection in an Inflationary Environment; 7. Measures of Risk Aversion; C. Expected Utility in Terms of Mean-Variance Analysis; 1. Joint Normally Distributed Asset Rates Quadratic Utility; 2. Lognormally Distributed Portfolio Rate Logarithmic Utility; D. Multiperiod Versus One-Period Optimization; E. Asset Demand Equations; 1. Expected Utility Maximization with Function; 2. Expected Utility Maximization withtial Utility Fuction
3. Expected Utility Maximization with a Logarithmic Utility FunctionF. Summary and Conclusions; CHAPTER III. PROPERTIES OF ASSET DEMAND EQUATIONS DERIVED FROM MEAN-VARIANCE ANALYSIS: SOME GENERAL RESULTS; A. Introduction; B. General Mean-Variance Expected Utility Maximization Problems; 1. Utility of End-of-Period Wealth; 2. Utility of Portfolio Rate of Return; C. Symmetry and Sum Constraints on the Coefficient Matrix; D.A Comparative Statics Analysis of Wealth Effects on Expected Utility; 1. The General Case for the Existence of a Bliss Point
2. Comparative Statics Properties When Portfolio Rate of Return is the Argument of the Utility FunctionE. Implications of Measures of Risk Aversion; 1. Measures of Risk Aversion in the All-Risky Assets Case; F. Summary and Conclusions; CHAPTER IV. THE PORTFOLIO SELECTION PROBLEM OF DEPOSITORY FINANCIAL INTERMEDIARIES, AND THE DEMAND FOR U.S. GOVERNMENT SECURITIES; A. Introduction; B. Determinants of the Demand for U.S. Government Securities by Depository Financial Intermediaries; 1. ""Pure"" Portfolio Selection Motives as Determinants of the Demand for U.S. Government Securities
2. Liquidity Demand from the Composition and Stochastic Nature of Deposits3. Interactions of the Government Securities Portfolio with Other Assets in the Balance Sheet; 4. Institutional Requirements Pertaining to the GovernmentSecurities Portfolio; C. Normative Models for Selecting Government Securities Portfolios; D. One-Period Portfolio Selection Models of Depository Financial Intermediaries Under Uncertainty; 1. The ""Pure"" Portfolio Selection Problem.; 2. The Liquidity Problem; E. Multiperiod Behavioral Models of Depository Financialiv Intermediaries
