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Investment management and the computer; limitations and prospects

Publication Date
  • Investments -- Management ( Lcsh )
  • Electronic Data Processing -- Investments ( Lcsh )
  • Finance
  • Insurance
  • And Real Estate Thesis Ph. D
  • Dissertations
  • Academic -- Finance
  • Insurance
  • And Real Estate
  • Computer Science


Investment management and the computer; limitations and prospects INVESTMENT MANAGEMENT AND THE COMPUTER: LIMITATIONS AND PROSPECTS By ALFRED LOUIS KAHL, JR. A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY f f UNIVERSITY OF FLORIDA 1969 ACKNOWLEDGMENTS I wish to express my sincere appreciation to Dr. John B. McFerrin, Mr. James G. Richardson, Dr. Ralph H. Blodgett, and Dr. William V. Wilmot , for their continuing advice , guidance , and constructive comments at various stages in the preparation of this manuscript. They very gener- ously devoted valuable time and effort to counsel me in the preparation and conduct of this study, thus contributing immeasurably to the quality of the final product. Appreciation is also due the Standard Statistics Company, which provided the COMPUSTAT data base used in this study; The International Business Machines Corporation, which provided the major computer programs used in this study; and the University of Georgia Office of General Research, which provided the computer time necessary for the completion of the study. 11 PREFACE The research reported in this dissertation arose out of a desire to investigate the limitations and capabilities of the electronic computer as a tool of investment management. The very nature of this project precludes any hard and fast proofs and must be to some extent the result of my own reasoned judgment, but it is hoped that this research sheds some light on the optimal man-machine relationship in this very important sector of our economy. The research project which formed the basis of this report actually began during my graduate studies at the University of Pittsburgh where I loaned a linear programming program that I had written to a fellow student. I forgot to warn him of a serious limitation of the program (no degeneracy stop) and

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