Optimal trade execution: A mean quadratic variation approach

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Robust Strategies for Optimal Order Execution in the Almgren–Chriss Framework (2012, unknown): “Naturally, this model goes well along with geometric Brownian motion as unaffected price process S0; see also Forsyth (2011) and Forsyth et al. (2012).”
A Hamilton-Jacobi-Bellman approach to optimal trade execution (2011, methodology): “Note that this ill-posedness seems to be a particular property of the pre-comittment mean-variance objective function, and is not seen if alternative objective functions are used, such as a utility function [30] or mean-quadratic variation [ 20 ].”
Optimal Trade Execution under Geometric Brownian Motion in the Almgren and Chriss Framework (2011, unknown): “7) thus appears to contrast with the numerical results of [8] where the risk criterion is variance but is consistent with the numerical results of [9] where the risk criterion is quadratic variation.”