Shifts of Reference Points for Framing of Strategic Decisions and Changing Risk-Return Associations
用均值二次差替代方差衡量风险，复制了前景理论预测的非线性风险-回报关联，发现至少少数企业会转向个体参考水平（以最小风险水平表示），且风险-回报关系在相对位置稳定时保持稳定，比环境变化更能解释风险-回报关系的切换。
Previous results on nonlinear risk-return associations, predicted by prospect theory, are replicated with mean quadratic differences instead of variance as a measure of risk. In contrast to assumptions of these studies, results with a sample from the COMPUSTAT-database provide evidence that at least a minority of firms shift to individual reference levels, which are represented here through levels of minimal risk. Further, changes of environmental conditions as an alternative explanation for switching risk-return relationships are tested against prospect theory predictions. It is shown that risk-return relationships remain stable as long as the relative position to the individual reference level is stable. This explains switching risk-return relationships better than changing environmental conditions.