Multi-time state mean-variance model in continuous time

The objective of the continuous time mean-variance model is to minimize variance (risk) an investment portfolio with a given mean at terminal time. However, investor can stop plan any before To solve this problem, we consider variances in multi-time state. advantage state minimization risk within period. obtain optimal strategy model, introduce sequence Riccati equations, which are connected by jump boundary conditions. In addition, establish relationships between means and model. Furthermore, use example verify that affect average Maximum-Drawdown portfolio.