ABSTRACT takes into account the extra time value between the pre-set time and the earliest proba bilistic target reaching time. The introduced target reaching risk measure can be viewed as a dynamic generalization of Value-at-Risk. Moreover, we consider its application to the multi-period portfolio selection problem and find an efficient method to find the op- timal earliest probabilistic target reaching time. Numerical results show the multi-stage portfolio selection with the target reaching risk measure can help investors reach their investment targets as early as possible KEY WORDS: Multi-period risk measure: Multi-stage portfolio selection; Regime switching; Stochastic programming; Robust optimization TYPE OF DISSERTATION: Applied FundamentalsABSTRACT takes into account the extra time value between the pre-set time and the earliest proba￾bilistic target reaching time. The introduced target reaching risk measure can be viewed as a dynamic generalization of Value-at-Risk. Moreover, we consider its application to the multi-period portfolio selection problem and find an efficient method to find the op￾timal earliest probabilistic target reaching time. Numerical results show the multi-stage portfolio selection with the target reaching risk measure can help investors reach their investment targets as early as possible. KEY WORDS: Multi-period risk measure; Multi-stage portfolio selection; Regime switching; Stochastic programming; Robust optimization TYPE OF DISSERTATION: Applied Fundamentals V