On Testing Theories of Financial Intermediary Portfolio Selection
扩展了投资组合需求方程系统的随机设定，检验了无自相关约束及理论隐含的其他约束的有效性，提醒研究者注意检验结果可能依赖于维持假设的普遍性和可靠性。
We generalize the stochastic specification to account for first-order vector in the system of portfolio demand equations and test for the validity of the no autocorrelation restrictions, in addition to the restricitions on the demand system implied by theory. When testing for the significance of individual parameters or for the empirical validity of more general theorectical restrictions, one must be aware of the the fact that test results may depend critically on the generality and reliability of the maintained hypothesis.