Hi Usman,
Would like to thank you for this timely article. In fact, we have a project on "Redefining Risk" where we are reexamining the risk-return paradigms.
In case you are interested in our article, recently presented at the Association of Behavioral Finance and Economics Conference in Chicago:
Redefining Risk: Propositions to Motivate a Re-Examination of the Standard Risk vs. Return Relationship in Common Stock and Bond Portfolio Management