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  _____    _    _    _    _     _____    _____    
 /  ___|| | || | || | |  | ||  |  ___|| |  __ \\  
| // __   | || | || | |/\| ||  | ||__   | |  \ || 
| \\_\ || | \\_/ || |  /\  ||  | ||__   | |__/ || 
 \____//   \____//  |_// \_||  |_____|| |_____//  
  `---`     `---`   `-`   `-`  `-----`   -----`

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Text this: MEAN-VaR. PORTOFOLIO OPTIMIZATION UNDER CAPM WITH LAGGED, NON CONSTANT VOLATILTY AND THE LONG MEMORY EFFECT