Search for: [Abstract = "In this paper the dynamie capital asset pricing inodel is extended to the bank management. There were introduced transaction costs, different interest rates on borrowing and leading, which are considered as random entities. The utility function depends not only a These new conditions allows to derive a mutual fund theorem for a noninflationery market which separates doinestic and foreign management decisions according to their degree of correlation. . . . . A model of an international banking activities are considenal in the paper. The model takes into account transaction costs, ciifferent interest rates on borrowing and lending, which are considered as random entities. The utility function depend not only on domestic consumption levels but also on capital investments."]

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