measures of risk on stocks listed on the South Pacific Stock Exchange, Fiji. We document key market characteristics and … relatively higher expected returns with lower risk. Moreover, well-diversified portfolios perform better than the naïve and … maximum portfolios in terms of risk. Moreover, we find that both the mean-variance and the semi-variance measures of risk …

. In a semi-variance analysis (where we account for downside risk only), equally weighted portfolio yields superior returns …