Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 8, 2008 erstellt
Description:
The Black-Litterman and related approaches modify the return distribution of a normally distributed market according to views or stress-test scenarios. We discuss how to broaden the range of applications of these approaches significantly by letting them act on the risk factors underlying the market, instead of the returns of the securities