two other approaches are considered in this paper: the first is stochastic dominance, which is based on a comparison of the complete empirical distributions of returns and the second is based on the traditional Treynor (1965) measure but uses a modified beta as proposed by Leland (1999). This modified beta stems from the intertemporal asset pricing model of Rubinstein (1976) which assumes that investors have power utility functions (i.e., they consider moments of higher order, not only mean and variance)

摘自Isakov, D. and B. Morard (2001) Improving Portfolio Performance with Option Strategies.

想问一下，谁能帮我详细解释一下，为什么在分析股票期货的return distribution时要引入stochastic dominance 和 modified beta 两种方法，两种方法的长处和短处又有什么？

另外还想问一下(i.e., they consider moments of higher order, not only mean and variance)中的moments of higher order具体是指什么？有学金融或者期货的能帮忙详细解答一下吗？越详细越好，谢谢！！

详细的文章内容我已上传在附件里面