Rödder, Wilhelm; Ricardo, Ivan; Rudolph, Sandra - Fernuniversität <Hagen> / Fachbereich … - 2009
In modern portfolio theory like that of Markowitz or Sharpe the investor follows amean/variance-rationality. Even the founders of this theory observed unsatisfactory resultsbecause of symmetrical risk measures like variance or standard deviation. Post-modern theorythen considers downside risk...