Best, M.J. and Grauer, R.R. (1991) On the Sensitivity of Mean-Variance-Efficient Portfolios to Changes in Asset Means: Some Analytical and Computational Results. The Review of Financial Studies, 4, 315-342.
https://doi.org/10.1093/rfs/4.2.315

has been cited by the following article:

• TITLE: Risk Return Relationship in the Portfolio Selection Models

  AUTHORS: Ken Hung, C. W. Yang, Yifan Zhao, Kuo-Hao Lee

  KEYWORDS: Arithmetic Mean, Geometric Mean, Golden Mean, Harmonic Mean, Marko-witz Risk Minimization, Sharpe’s Angle Maximization

  JOURNAL NAME: Theoretical Economics Letters, Vol.8 No.3, February 12, 2018

  ABSTRACT: In this paper, we calculate four different kinds of means—AM, GM, HM, and GDM—to investigate the risk-return contour using Markowitz risk minimization and Sharpe’s angle maximization models. For a given value (target portfolio return), the rank order of risk or variance-covariance (υ) can change. In the vertical segment of an efficient frontier curve, we observed v(GDM) > v(HM) > v(GM) > v(AM). At higher kvalues, the rank changes to v(GDM) > v(HM) > v(AM) > v(GM). That is to say, ranking a portfolio using different kinds of means may well give different rankings depending on what k value one is evaluating. It is also shown the harmonic mean should not be used in the case of a small negative growth rate in stock prices.