While partial moments like semivariance, lower and upper partial moments have seen acceptance by both academics and investment professionals, there are some who consider these measures to be ad hoc measures of investment performance. This paper seeks to provide the academic foundation for the...

Minimizing the classical definition of risk should be a counterintuitive venture as the explanatory nature of historical metrics' construction challenges their ability to serve a predictive purpose on a non-stationary process. We uncover an ill conceived bias in these metrics and discover they...

The utility of an investor should be based on an acceptable loss in the loss region and a target return in the gain region of a set of investment opportunities. The level of these benchmarks will unveil an opportunity cost, break-even effect or indifference when the return of an investment...