...Syed Kumail Abbas Rizvi; Ferhana Ahmad; Bushra Naqvi Purpose The study aims to address the limitations of modern portfolio theory (MPT) in asset selection by developing a risk-centric, multi-criteria decision-making approach. By incorporating additional risks such as fat-tail risk and skewness...

... that there is an objectively optimal portfolio for given probability of returns. Originality/value This paper provides some formulas for optimizing portfolio allocations. Based on the new portfolio theory, this paper also presents a new measure of information value, analyzes the differences and similarities between...