In a slowing global economy with diminished confidence in the long-term prospects for public financial markets, many institutional investors are looking for innovative, alternative, and often private, investment strategies to meet elevated expected return targets. One source of potential...

The following paper discusses the analysis of some types of economic time series using an altered time scale, or operational time. It is argued that for some series, observations that are ordinarily thought of as equidistant in time are actually irregularly spaced in a more natural time scale....