Abstract: In this talk, we generalize the Equivalent Expectation Measures Theory (Nawalkha and Zhuo, 2022, JF) to obtain analytical solutions of risk measures of contingent claims over a finite horizon date. We show that obtaining these analytical solutions requires construction of parallel universes, which are identical until a given horizon date, and distributionally identical and independent copies of each other after the horizon date. Using this framework, we derive analytical solutions of risk measures, such as variance, covariance, and higher-order moments and co-moments of the returns on equity options and fixed income securities. We also present expected return and risk measures for an affine-jump-diffusion factor pricing model which integrates option pricing and asset pricing in a unified framework.