Before revision:  GIR translates residual covariance information into adjusted alphas and nests alphas and Information Ratio as special cases . Simulation results show that GIR is robust to  model misspecification and produces stable out-of-sample returns.
After revision:  GIR translates residual covariance information into adjusted alphas and nests alphas and Information Ratio as special cases . Simulation results show that GIR is robust to various degrees of model misspecification and produces stable out-of-sample returns.