MEASURING ORGANIZATIONAL DOWNSIDE RISK
从行为决策理论、金融学和管理学出发，提出用下行风险替代传统波动性指标来衡量组织风险，并基于低阶偏矩概念介绍了三类下行风险度量方法，最后讨论了操作化考量并进行了实证比较。
Despite widespread incorporation of risk measures in strategy research, there is little consensus regarding the meaning and measurement of risk. In contrast to the variability measures widely used in strategy studies, this paper draws from behavioral decision theory, finance, and management theory to present an alternative perspective on organizational risk—downside risk. The paper explains three categories of organizational downside risk measures based on the concept of lower partial moments. The latter sections of the paper present considerations involved in specifying operational measures of downside risk and an empirical comparison of alternative downside risk measures.