Hongxin Zhao

Dec 11, 2023 | mdpi.com | Hongxin Zhao |Yilun Jiang |Yizhou Yang

1. IntroductionIn 1952, Harry M. Markowitz [1] published the classic “Portfolio Selection” in The Journal of Finance, which ushered in a new era of financial mathematical analysis. Markowitz pointed out that investors who care about return and risk should hold portfolios located at the efficient boundary of mean-variance, which is the famous mean-variance portfolio (MVP) selection model. Since then, many portfolio selection strategies have been proposed by referring to the MVP and its variants.