Yu, Jiayang; Chang, Kuo-Chu - In: International Journal of Financial Studies : open … 14 (2026) 3, pp. 1-41
This study proposes a hierarchical signal-to-policy learning framework for risk-aware portfolio optimization that integrates model-based return forecasting, explainable machine learning, and deep reinforcement learning (DRL) within a unified architecture. In the first stage, next-period returns...
