“…most students in market finance would benefit from using it as an introduction to downside risks.” (Journal of the American Statistical Association, December 2005)

“…presents the latest ideas in the field from the ground up…” (Zentralblatt MATH, Vol. 1064 (15), 2005)

Stock market investors have very different reactions to downside versus upside risk. This book begins by explaining the current treatment of stock market risk and methods of lowering that risk. The authors then show that many types of asymmetry of stock returns or investor reactions cause the existing theory to fail. They present the theory of downside risk and utility theory to account for the asymmetry, showing how the previous model can be adjusted for downside risk.

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