PT - JOURNAL ARTICLE AU - Kevin Dowd TI - A Value at Risk Approach to Risk-Return Analysis AID - 10.3905/jpm.1999.319755 DP - 1999 Jul 31 TA - The Journal of Portfolio Management PG - 60--67 VI - 25 IP - 4 4099 - https://pm-research.com/content/25/4/60.short 4100 - https://pm-research.com/content/25/4/60.full AB - The author's value at risk approach to risk-return analysis highlights the importance of dealing with net rather than gross exposures. A VaR approach can be used for investment, hedging, and general portfolio management decisions. It is particularly useful when making hedge decisions by helping to avoid a number of problems that can easily arise using the traditional approach to hedging.