BARRA launched a new risk management software application. It is based on daily return data, in an effort to provide institutional investors with more responsive risk forecasts, according to a news release from the firm. The application, called the Multiple-Horizon Equity Model, is available in a short-term version for hedge fund managers that hold positions for one to six months and a long-term version for asset managers and plan sponsors that hold positions for six months or more. Both versions are available for U.S. equity markets, and the short-term model is also available for Japanese equity markets. Models for other major equity markets are under development.