Fonseca, R. J.; Kuhn, D.; Rustem, B.
We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.
Fonseca, R. J.; Kuhn, D.; Rustem, B.
We present an approach to multi-stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solutions however can become intractable as the number of stages increases. By restricting the space of decision policies to linear rules, we obtain a conservative tractable approximation to the original problem. Local asset prices and foreign exchange rates are modelled separately, which allows for a direct measure of their impact on the final portfolio value.
In this paper, one of the nature-inspired evolutionary algorithms – a Genetic Algorithms (GA) was used in solving the portfolio selection problem (PSP). Based on a real dataset from a popular stock market, the performance of the algorithm in relation to those obtained from one of the popular quadratic programming (QP) ...
This paper investigates the tension between regulation and financial education in explaining one of the major puzzles in international finance, that is the lack of international diversification. We show that both dimensions are relevant: higher investor’s financial education fosters international investment and stronger minority investor protection legislation attracts inward investment. More interestingly, these factors appear to be substitute in enhancing investor’s portfolio diversificatio...
Chen, Xiaoying; Yur-Austin, Jasmine
A rapid integration of financial markets has prevailed during the last three decades. Investors are able to diversify investment beyond national markets to mitigate return volatility of a "pure domestic portfolio." This article discusses a simulation project through which students learn the role of international investment by managing…
Full Text Available This paper applies the mean-variance portfolio optimization (PO approach and the stochastic dominance (SD test to examine preferences for international diversification versus domestic diversification from American investors’ viewpoints. Our PO results imply that the domestic diversification strategy dominates the international diversification strategy at a lower risk level and the reverse is true at a higher risk level. Our SD analysis shows that there is no arbitrage opportunity between international and domestic stock markets; domestically diversified portfolios with smaller risk dominate internationally diversified portfolios with larger risk and vice versa; and at the same risk level, there is no difference between the domestically and internationally diversified portfolios. Nonetheless, we cannot find any domestically diversified portfolios that stochastically dominate all internationally diversified portfolios, but we find some internationally diversified portfolios with small risk that dominate all the domestically diversified portfolios.
These meetings provide an important opportunity for the nuclear community to assess the scope and direction of its wide-ranging activities. Nuclear technology has given us the tools to understand and shape our physical environment in ways which can solve ancient problems of health, food supply, energy, and many others which affect the quality of our lives. International cooperation is necessary to secure the peaceful benefits of nuclear technology. Meeting global energy needs must be high on any priority list of issues for the coming decade and the 21st century. The satisfaction of energy needs is today and will increasingly be a crucial factor in international stability. Hand in hand with the need to assure energy sufficiency is the need to assure the long-term protection of the environment. Three key elements that give a useful framework for approaching the future of nuclear cooperation are technological factors, economic issues, and political acceptability. Technological avenues to greater safety must be vigorously pursued. Economic alternatives must be identified and objectively weighed. Most important of all, the framework of public confidence must be strengthened
Institutions of higher education are increasingly utilizing ePortfolio projects to allow students a space to showcase their work to their instructors, peers, and potential employers, and with the primary audience focusing on instructor or peer, the ePortfolio has worked well over the years. However, as the audience shifted more to potential…
LUCEY, BRIAN MICHAEL
PUBLISHED The paper examines the optimal allocation of assets in well diversified equity based portfolio where the investor is concerned not only with mean and variance but also with the skewness of the returns.
De Coninck, H.C.; Fischer, C.; Newell, R.G.; Ueno, T.
Much discussion has surrounded possible alternatives for international agreements on climate change, particularly post-2012. Among these alternatives, technology-oriented agreements (TOAs) are perhaps the least well defined. We explore what TOAs may consist of, why they might be sensible, which TOAs already exist in international energy and environmental governance, and whether they have the potential to make a valuable contribution to addressing climate change. We conclude that TOAs aimed at knowledge sharing and coordination, research, development, or demonstration could increase the overall efficiency and effectiveness of international climate cooperation, but have limited environmental effectiveness on their own. Technology transfer agreements are likely to have similar properties unless the level of resources expended on them is large, in which case they could be environmentally significant. Technology mandates, standards, or incentives can be environmentally effective, within the applicable sector. However, they are likely to be less cost-effective than broad-based, flexible approaches that place a price on emissions. These results indicate that TOAs have the potential to improve the effectiveness of the global response to climate change. The success of specific TOAs will depend on their design, implementation, and the role they are expected to play relative to other components of the climate policy portfolio
Seki, M.; Christ, R. [Atmosphere Unit, United Nations Environment Programme UNEP, Nairobi (Kenya)
Over the past two decades, concern about human-induced climate change has become an increasingly important item on the environmental and political agenda. The signing of the United Nations Framework Convention on Climate Change and the adoption of Agenda 21 at the United Nations Conference on Environment and Development in Rio de Janeiro in 1992 provided international organizations and the nations of the world with a new focus for climate-related activities. Although there remains considerable scientific uncertainty about the extent, magnitude, and rate of climate change and the impacts of such change, actions to address climate change have been initiated both internationally and nationally. Major international activities include the World Climate Programme, the Intergovernmental Panel on Climate Change, the United Nations Framework Convention on Climate Change. and the United Nations Environment Program me. 16 refs.
Clarke, Ann Højbjerg; Freytag, Per Vagn; Zolkiewski, Judith
Purpose The purpose of this paper is to extend the discussion about customer portfolios beyond simple identification of models and how they can be used for balanced resource allocation to a discussion about how portfolios should take into account views from relationship partners and how they should...... be aligned in internal as well as a relational context. Design/methodology/approach The portfolio literature is reviewed (most recent, seminal, IMP related) and considered in the context of both the sales organization and the customers involved in the portfolio. A conceptual framework is introduced...... that helps improve the understanding of how customer portfolio models can actually be applied from a relational perspective. Findings The key aspects of the conceptual framework relate to how alignment of the relationships in the portfolio is achieved. Critical to this are the interaction spaces...
Dysthe, Olga; Engelsen, Knut Steinar
The point of departure for this article is the "chameleon" aspect of portfolios and the diversity of portfolio models and practices in higher education on the international arena today. Our aim is to investigate the contextual character of this diversity by using Norwegian higher education as an example and to show how macro-level…
Full Text Available In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange or some other internationally recognised reserve asset and are held to permit the country to engage in international transactions. Within recent years, cryptocurrencies have been increasingly utilised for international transactions, and it is possible that the use of these cryptocurrencies might expand in the future. This paper therefore examines the potential role of digital currency balances as part of the portfolio of external assets held by a central bank. Using the case of Barbados, the paper also provides a simulation of the effect holding some proportion of their asset-base would have had on the stability of the foreign reserves as well as the return on the portfolio of assets.
AMO is developing advanced technologies that cut energy use and carbon emissions in some of the most energy-intensive processes within U.S. manufacturing. The brochure describes the AMO R&D projects that address these challenges.
ALIN CRISTIAN ISAC
Lin, Isadora Jung-Hsiu
This paper reports on first year experiences of international students who use English as an additional language (EAL) in higher education in Australia. It examines how valued resources can foster a positive educational experience of these students from sociological perspectives. It draws data from an interview study, exploring narrative accounts…
Schiele, Holger; Harms, Rainer; Banerjee, Shrestho
International firms with multiple business units are dealing with the question of how to balance the international dimension of their business portfolio. Which business units should go international and where should they contract or expand their international activities? Previous research lacks
Cooper, Antony K
Full Text Available Various countries and international organizations have address standards or are developing them. An address is needed for many more applications than just postal delivery, such as: goods delivery; connecting utilities; opening bank accounts; voting...
Cooper, Anthony K
Full Text Available Various countries and international organizations have address standards or are developing them. An address is needed for many more applications than just postal delivery, such as: goods delivery; connecting utilities; opening bank accounts; voting...
Full Text Available Abstract Background In order to determine the type and amount of health systems research being conducted within ICDDR,B (also known as the Centre, a leading research institution in Bangladesh, an internal review of all on-going research protocols was conducted in September 2007. Methods A review of all ongoing research protocols within the Centre was conducted. The names of the investigators and the institutional divisions of the protocols were removed in order to decrease the amount of reviewer bias. The building blocks of the World Health Organization's "Framework for Action" on health systems was used to categorize the protocols considered to be health systems research projects. Several additional items were collected, e.g. the highest level of education completed by the Principal Investigator. A total dollar value was placed on the health systems research portfolio of the institution based on the budgets of the selected protocols. Results As of September 2007 16 out of 118 (13.5% reviewed protocols were considered to be health systems research projects. Results of the six building blocks of the health system categorization demonstrated that a majority of these protocols involved elements of health services delivery. There was very little engagement in more downstream systems and policy research that involved leadership and governance of the health system. Eleven of the HSR studies were local in scope, while there was only one study that has a multinational focus. The Centre's total dollar value for the health systems research project portfolio added up to US$ 3,723,331. Conclusions This internal review can serve as a snap shot of on-going activities, and as a baseline for future assessments against which to monitor progress in the area of health systems research. Further, it can serve as a model for other institutions striving to assess and develop health systems research programmes and capacity.
Juan Carlos Ames Santillán
Full Text Available This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.
Wuyts, S.H.K.; Dutta, S.
The perspective in alliance research has shifted from the individual dyad to alliance portfolios; a key descriptor of a firm’s alliance portfolio is diversity. Focusing on firms that are confronted with emerging technological fields, the authors examine the consequences of their alliance portfolio’s
Varmus, Harold; Kumar, Harpal S
Leaders in cancer research and policy from 15 economically diverse countries met at the U.S. National Institutes of Health in November 2012 to discuss opportunities to reduce cancer incidence and mortality, improve cancer care, and increase our understanding of disease pathophysiology. Here, we present recommendations that the participants believe will enable faster progress in addressing the growing international challenge of cancer.
Frajtova-Michalikova, Katarina; Spuchľakova, Erika; Misankova, Maria
In this paper Portfolio Optimization techniques were used to determine the most favorable investment portfolio. In particular, stock indices of three companies, namely Microsoft Corporation, Christian Dior Fashion House and Shevron Corporation were evaluated. Using this data the amounts invested in each asset when a portfolio is chosen on the efficient frontier were calculated. In addition, the Portfolio with minimum variance, tangency portfolio and optimal Markowitz portfolio are presented.
Cooper, Antony K
Full Text Available ’ international address standard would be to provide the platform for developing more integrative standards. Further, such a standard would be less likely to generate resistance to it, as it would not attempt to impinge on the unique socio-cultural addressing... to an address standard (de facto, industry consortia, inter-governmental agencies and open standards generating bodies). They conclude with several recommendations for an international address standard: • It should not prescribe an universal addressing system...
Full Text Available Finance do not stand on static variables like exact sciences, they are changeable and influenced from human actions. The question where to invest funds, is a crucial task for financial managers. The study aimed at assessing the portfolio risk of different asset managers of the Kosovo Pension and Saving Trust. In general, the assessment has been categorized in two historical perspectives. The first phase is an assessment of the portfolio risk of the fund from 2003 to 2009 and the second phase is from 2003 to 2013. In general, portfolio risk in the second stage has shown a reduction as compared to the first stage. However, the return side shows also a reduction in the second phase than the first one. The overall risk of Kosovo Pension and Saving Trust has been in accepted range. Majority of money have been invested in stocks which automatically exposes huge risk on KPST portfolio, since it is proven that financial markets are not stable and they are prone to asset bubbles.
US Agency for International Development — PfMS is an implementation of WorkLenz. WorkLenz is USAID's portfolio management system tool. It is a commercially available, off-the-shelf (COTS) package that...
Kitt, R.; Kalda, J.
The question of optimal portfolio is addressed. The conventional Markowitz portfolio optimisation is discussed and the shortcomings due to non-Gaussian security returns are outlined. A method is proposed to minimise the likelihood of extreme non-Gaussian drawdowns of the portfolio value. The theory is called Leptokurtic, because it minimises the effects from “fat tails” of returns. The leptokurtic portfolio theory provides an optimal portfolio for investors, who define their risk-aversion as unwillingness to experience sharp drawdowns in asset prices. Two types of risks in asset returns are defined: a fluctuation risk, that has Gaussian distribution, and a drawdown risk, that deals with distribution tails. These risks are quantitatively measured by defining the “noise kernel” — an ellipsoidal cloud of points in the space of asset returns. The size of the ellipse is controlled with the threshold parameter: the larger the threshold parameter, the larger return are accepted for investors as normal fluctuations. The return vectors falling into the kernel are used for calculation of fluctuation risk. Analogously, the data points falling outside the kernel are used for the calculation of drawdown risks. As a result the portfolio optimisation problem becomes three-dimensional: in addition to the return, there are two types of risks involved. Optimal portfolio for drawdown-averse investors is the portfolio minimising variance outside the noise kernel. The theory has been tested with MSCI North America, Europe and Pacific total return stock indices.
Town of Chapel Hill, North Carolina — Point features representing locations of all street addresses in Orange County, NC including Chapel Hill, NC. Data maintained by Orange County, the Town of Chapel...
Wagner Moura Lamounier
Full Text Available In this research, we analyzed the short and long term interdependence and relationship between the stock indices of the major emerging capital markets and the major developed markets for the period 1995-2005. The aim was to verify the existence and the dynamics of the “contagion” between the markets, or if the occurrence of crises and changes in the behavior of a market would have impacts on the behavior of the others. In the development of the work, we applied the methodology of the Vector Error Correction Model (VEC. We found the presence of cointegrating relationships between the markets analyzed, but was able to see that, despite being cointegrated markets, investors could beneﬁt from international diversiﬁcation of portfolios. That’s because the speed of adjustment of the long-term ratio of cointegration between the markets was low for the period analyzed. Accordingly, investors would have the opportunity to reduce risk by diversifying their portfolios.
Bonet García, Francisco J.; Suárez-Muñoz, María; Conchubhair, Diarmuid O.; Dohna, Tina; Lo Bue, Nadia
Human impact on the planet is causing a set of global environmental problems that threaten the wellbeing of current and future generations. Examples of these environmental problems include climate change, decline of biodiversity, alteration of biogeochemical cycles, ocean acidification, etc. These environmental Global Challenges (GCs) are transnational and complex, combining elements of both natural and social factors. Providing solutions for these challenges can be significantly enhanced through the collaboration of various related institutions, governments and stakeholders. A deeper understanding of the causes and consequences of GCs, as well as the processes which control them is required. Environmental Research Infrastructures (DANUBIUS-RI) are key players in this learning process. Covering many fields of research, it is through RIs collaboration that GCs can be more fully addressed. However, the collaboration among environmental RIs is still limited nationally as well as internationally. Although contact is encouraged and interactions are common practice, there are few cases where RI managers initiate and foster transnational collaborations in order to address specific problems. The COOP+ project aims to explore and strengthen cooperation among global RIs by bringing various RIs together and working on the identification of requirements, strengths, knowledge gaps and other relevant items in regard to the selected GCs. For this purpose, 13 GCs have been selected: coral bleaching, marine debris, noise impact on marine fauna, Arctic sea ice melting, pollinators decline, threatened species, agriculture pollutants, nitrogen cycle, carbon and GHG, geohazards and extreme events, estuaries, global urbanization process, and ozone depletion. These GCs are being analysed and described by multidisciplinary teams of experts composed of scientists, RIs operators and other stakeholders. This assessment will derive a list of tasks and requirements to be fulfilled by the
Pedersen, Christian Fischer
The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark.......The present teaching portfolio has been submitted for evaluation in partial fulfillment of the requirements of the teacher training programme for Assistant Professors at Department of Engineering, Aarhus University, Denmark....
Dagavarian, Debra A.
The portfolio assessment process at Thomas A. Edison State College is described in this report. Through portfolio assessment, the school helps students identify and gain credit for college-level skills and knowledge acquired through work, volunteer activities, independent reading, military or corporate training, and life experiences that may be…
... and enhances the problem solving process in the context of international students' identification with an imaginary personality. The defense mechanisms unconsciously applied in the frame of an individual's narration assist in interpreting their emotional state and psychological adaptation levels at a certain point in time.
Kalra, Gurvinder; Bhugra, Dinesh K.; Shah, Nilesh
Objectives: International medical graduates (IMGs), by definition, move from the country in which they received their training to another country in which to train and/or settle down. This process of migration and subsequent adjustment can lead to a number of issues that affect personal functioning and response to the new country. Method: The…
While portfolios have seen an unprecedented surge in popularity, they have also become the subject of controversy: learners often perceive little gain from writing reflections as part of their portfolios; scholars question the ethics of such obligatory reflection; and students, residents, teachers and scholars alike condemn the bureaucracy surrounding portfolio implementation in competency-based education. It could be argued that mass adoption without careful attention to purpose and format may well jeopardize portfolios' viability in health sciences education. This paper explores this proposition by addressing the following three main questions: (1) Why do portfolios meet with such resistance from students and teachers, while educators love them?; (2) Is it ethical to require students to reflect and then grade their reflections?; (3) Does competency-based education empower or hamper the learner during workplace-based learning? Twenty-five years of portfolio reveal a clear story: without mentoring, portfolios have no future and are nothing short of bureaucratic hurdles in our competency-based education programs. Moreover, comprehensive portfolios, which are integrated into the curriculum and much more diverse in content than reflective portfolios, can serve as meaningful patient charts, providing doctor and patient with useful information to discuss well-being and treatment. In this sense, portfolios are also learner charts that comprehensively document progress in a learning trajectory which is lubricated by meaningful dialogue between learner and mentor in a trusting relationship to foster learning. If we are able to make such comprehensive and meaningful use of portfolios, then, yes, portfolios do have a bright future in medical education.
Duncan, Sharon L.
Enterprise Business Information Services Division (EBIS) supports the Laboratory and its functions through the implementation and support of business information systems on behalf of its business community. EBIS Five Strategic Focus Areas: (1) Improve project estimating, planning and delivery capability (2) Improve maintainability and sustainability of EBIS Application Portfolio (3) Leap forward in IT Leadership (4) Comprehensive Talent Management (5) Continuous IT Security Program. Portfolio Management is a strategy in which software applications are managed as assets
Shen, Bo [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Ghatikar, Girish [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Ni, Chun Chun [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Dudley, Junqiao [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Martin, Phil [Enernoc, Inc., Boston, MA (United States); Wikler, Greg
Demand response (DR) is a load management tool which provides a cost-effective alternative to traditional supply-side solutions to address the growing demand during times of peak electrical load. According to the US Department of Energy (DOE), demand response reflects “changes in electric usage by end-use customers from their normal consumption patterns in response to changes in the price of electricity over time, or to incentive payments designed to induce lower electricity use at times of high wholesale market prices or when system reliability is jeopardized.” 1 The California Energy Commission (CEC) defines DR as “a reduction in customers’ electricity consumption over a given time interval relative to what would otherwise occur in response to a price signal, other financial incentives, or a reliability signal.” 2 This latter definition is perhaps most reflective of how DR is understood and implemented today in countries such as the US, Canada, and Australia where DR is primarily a dispatchable resource responding to signals from utilities, grid operators, and/or load aggregators (or DR providers).
Сергей Васильевич РУДЕНКО
Full Text Available The paper discusses an approach to assessing the project's value of the university international activities, based on the method of expert assessments and fuzzy-multiple method. Evaluating the effectiveness of the university-based project approach is a key factor in its competitiveness. The necessity substantiated of projects valuation of the university international activities. The concept is based on the matrices evaluation value product, process, international activities and development. For integral evaluation value of the university international activities project, we propose viewed from the standpoint of efficiency of all its results. These results can be roughly characterized by the following benchmarks: educational, scientific, technical, political, economic and social. In turn, key benchmarks characterized by its parameters, which estimate conducted by experts. Rating value of the university international activities project is to define the integral indicator of the value of the project. The proposed approach to determining the value of the international activities university projects, based on expert assessments and methods of fuzzy set theory will evaluate the effectiveness of these projects and implement the optimal choice.
US Agency for International Development — The E3 Portfolio Review Database houses operational and performance data for all activities that the Bureau funds and/or manages. Activity-level data is collected by...
A constant rebalanced portfolio is an asset allocation algorithm which keeps the same distribution of wealth among a set of assets along a period of time. Recently, there has been work on on-line portfolio selection algorithms which are competitive with the best constant rebalanced portfolio determined in hindsight (Cover, 1991; Helmbold et al., 1996; Cover and Ordentlich, 1996). By their nature, these algorithms employ the assumption that high returns can be achieved using a fixed asset allocation strategy. However, stock markets are far from being stationary and in many cases the wealth achieved by a constant rebalanced portfolio is much smaller than the wealth achieved by an ad hoc investment strategy that adapts to changes in the market. In this paper we present an efficient portfolio selection algorithm that is able to track a changing market. We also describe a simple extension of the algorithm for the case of a general transaction cost, including the transactions cost models recently investigated in (Blum and Kalai, 1997). We provide a simple analysis of the competitiveness of the algorithm and check its performance on real stock data from the New York Stock Exchange accumulated during a 22-year period. On this data, our algorithm outperforms all the algorithms referenced above, with and without transaction costs.
measure. In 1994, Dr. Frank Sortino and Dr. Lee Price set out to update the Sharpe Ratio for use with downside risk optimization models. In 1994...historical data is not available, an industry standard estimate of $28,000 per TEU is substituted ( Kirchner 2006:3). 34 Value at Final Destination Often...3), 285-311. Joint publication 4-09: Distribution Operations(2010). Kirchner , M. (2006). Container Vessels and Risk Aggregation. International
Bjerring, Thomas Trier; Ross, Omri; Weissensteiner, Alex
Most portfolio selection rules based on the sample mean and covariance matrix perform poorly out-of-sample. Moreover, there is a growing body of evidence that such optimization rules are not able to beat simple rules of thumb, such as 1/N. Parameter uncertainty has been identified as one major...... reason for these findings. A strand of literature addresses this problem by improving the parameter estimation and/or by relying on more robust portfolio selection methods. Independent of the chosen portfolio selection rule, we propose using feature selection first in order to reduce the asset menu....... While most of the diversification benefits are preserved, the parameter estimation problem is alleviated. We conduct out-of-sample back-tests to show that in most cases different well-established portfolio selection rules applied on the reduced asset universe are able to improve alpha relative...
Alotaibi, Fawaz S
This paper presents a review to explore the literature focusing on portfolio in postgraduate general practice (GP) training, and to examine the impact of implementation of portfolio on learning process, as well as proposing recommendations for its implementation in postgraduate GP training. An electronic search was carried out on several databases for studies addressing portfolio in postgraduate GP training. Six articles were included to address specifically the effectiveness of portfolio in postgraduate GP training. Five of them described successful experiences of portfolio-based learning implementation. Only one article addressed portfolio-based assessment in postgraduate GP training. The existing evidence provides various benefits of professional portfolio-based learning. It does appear to have advantages of stimulating reflective learning, promoting proactive learning, and bridging the hospital experiences of the learners to GP. Moreover, the challenges to implementation of portfolio-based learning are often based on orientation and training of stakeholders.
Ghosh, Mrinal K.; Goswami, Anindya; Kumar, Suresh K.
We address a portfolio optimization problem in a semi-Markov modulated market. We study both the terminal expected utility optimization on finite time horizon and the risk-sensitive portfolio optimization on finite and infinite time horizon. We obtain optimal portfolios in relevant cases. A numerical procedure is also developed to compute the optimal expected terminal utility for finite horizon problem
Seldin, Peter; And Others
Questions raised frequently by college and university faculty about use of portfolios to document effective teaching are answered. The questions address such issues as how the portfolio is organized, what it should reflect, how and by whom it is used, preparation time, the mentor's role, reliability, subjectivity, maintaining the portfolio's…
Wong, Ting-Kam Leonard
Consider a family of portfolio strategies with the aim of achieving the asymptotic growth rate of the best one. The idea behind Cover's universal portfolio is to build a wealth-weighted average which can be viewed as a buy-and-hold portfolio of portfolios. When an optimal portfolio exists, the wealth-weighted average converges to it by concentration of wealth. Working under a discrete time and pathwise setup, we show under suitable conditions that the distribution of wealth in the family sati...
Full Text Available This article identifies unique mental health problems experienced by Chinese international students in the United States. The uniqueness of these problems suggests the need to address them independently from other Chinese and international student communities. First, an overview of the common sources of mental health problems and specific stressors these students face is provided. This article then develops culturally sensitive programming recommendations to improve collaborative efforts between health providers, mental health social workers, faculty, and academic staff within universities to serve these students more effectively.
Hoffman, Steven J; Røttingen, John-Arne; Frenk, Julio
If an international legal agreement is needed for any of today's global health challenges, it would be antibiotic resistance (ABR). This challenge is transnational, its solution justifies coercion, tangible benefits are likely to be achieved, and other commitment mechanisms have thus far not been successful. Since addressing ABR depends on near-universal and interdependent collective action across sectors, states should utilize an international legal agreement - which formally represents the strongest commitment mechanism available to them. © 2015 American Society of Law, Medicine & Ethics, Inc.
Erdogan, E; Goldfarb, D; Iyengar, G
... on the portfolio beta, and limits on cash and industry exposure. We show that the optimal portfolios can be computed by solving second-order cone programs -- a class of optimization problems with a worst case complexity (i.e...
How investors should allocate assets to their portfolios in the presence of predictable components in asset returns is a question of great importance in finance. While early studies took the return generating process as given, recent studies have addressed issues such as parameter estimation and model uncertainty. My dissertation develops Bayesian methods for portfolio choice - and industry allocation in particular - under parameter and model uncertainty. The first chapter of my dissertation,...
Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi
We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.
Bonet-García, Francisco; Materia, Paola; Kutsch, Werner; de Lucas, Jesús Marco; Tjulin, Anders
During the Anthropocene, mankind will face several global environmental challenges. One of the first and more successful responses provided by Science to these challenges is the collecting of long-term series of biophysical variables in order to improve our knowledge of natural systems. The huge amount of information gathered during the last decades by Research Infrastructures (RIs) has helped to understand the structure and functioning of natural systems at local and regional scales. But how can we address the global cross-scale and cross-disciplinary challenges posed by the global environment change? We believe that it will be necessary to observe, model better and understand the whole biosphere using long term data generated by international RIs. RIs play a key role on many of the last advances and discoveries in science, from the observation of the Higgs Boson at CERN to the exploration of the Universe by the telescopes of the European Southern Observatory in Chile. The scale of complexity, instrumentation, computing resources, technological advances, and also of the investments, and the size of research collaborations, do not have precedents in Science. RIs in environmental field are developing fast, but the corresponding communities need yet to further reflect the need for a wider global collaboration because the challenges to tackle are in essence of global nature. This contribution describes how COOP+ project (EU Horizon 2020 Coordination and Support Action) will promote the cooperation among RIs at a global scale to address global environmental challenges. Our project evolves from the experience of the sucessful FP7 COOPEUS project (see http://www.coopeus.eu), which explored the use and access to data from RIs in environmental research in Europe and USA. The general goal of COOP+ is to strengthen the links and coordination of the ESFRI RIs related to Marine Science (EMSO), Arctic and Atmospheric Research (EISCAT), Carbon Observation (ICOS) and Biodiversity
Kruger, Evonne J.; Holtzman, Diane M.; Dagavarian, Debra A.
There are many types of student portfolios used within academia: the prior learning portfolio, credentialing portfolio, developmental portfolio, capstone portfolio, individual course portfolio, and the comprehensive education portfolio. The comprehensive education portfolio (CEP), as used by the authors, is a student portfolio, developed over…
London, Leslie; Tangwa, Godfrey; Matchaba-Hove, Reginald; Mkhize, Nhlanhla; Nwabueze, Remi; Nyika, Aceme; Westerholm, Peter
International codes of ethics play an important role in guiding professional practice in developing countries. In the occupational health setting, codes developed by international agencies have substantial import on protecting working populations from harm. This is particularly so under globalisation which has transformed processes of production in fundamental ways across the globe. As part of the process of revising the Ethical Code of the International Commission on Occupational Health, an Africa Working Group addressed key challenges for the relevance and cogency of an ethical code in occupational health for an African context through an iterative consultative process. Firstly, even in the absence of strong legal systems of enforcement, and notwithstanding the value of legal institutionalisation of ethical codes, guidelines alone may offer advantageous routes to enhancing ethical practice in occupational health. Secondly, globalisation has particularly impacted on health and safety at workplaces in Africa, challenging occupational health professionals to be sensitive to, and actively redress imbalance of power. Thirdly, the different ways in which vulnerability is exemplified in the workplace in Africa often places the occupational health professional in invidious positions of Dual Loyalty. Fourth, the particular cultural emphasis in traditional African societies on collective responsibilities within the community impacts directly on how consent should be sought in occupational health practice, and how stigma should be dealt with, balancing individual autonomy with ideas of personhood that are more collective as in the African philosophy of ubuntu. To address stigma, practitioners need to be additionally sensitive to how power imbalances at the workplace intersect with traditional cultural norms related to solidarity. Lastly, particularly in the African context, the inseparability of workplace and community means that efforts to address workplace hazards demand
Background International codes of ethics play an important role in guiding professional practice in developing countries. In the occupational health setting, codes developed by international agencies have substantial import on protecting working populations from harm. This is particularly so under globalisation which has transformed processes of production in fundamental ways across the globe. As part of the process of revising the Ethical Code of the International Commission on Occupational Health, an Africa Working Group addressed key challenges for the relevance and cogency of an ethical code in occupational health for an African context through an iterative consultative process. Discussion Firstly, even in the absence of strong legal systems of enforcement, and notwithstanding the value of legal institutionalisation of ethical codes, guidelines alone may offer advantageous routes to enhancing ethical practice in occupational health. Secondly, globalisation has particularly impacted on health and safety at workplaces in Africa, challenging occupational health professionals to be sensitive to, and actively redress imbalance of power. Thirdly, the different ways in which vulnerability is exemplified in the workplace in Africa often places the occupational health professional in invidious positions of Dual Loyalty. Fourth, the particular cultural emphasis in traditional African societies on collective responsibilities within the community impacts directly on how consent should be sought in occupational health practice, and how stigma should be dealt with, balancing individual autonomy with ideas of personhood that are more collective as in the African philosophy of ubuntu. To address stigma, practitioners need to be additionally sensitive to how power imbalances at the workplace intersect with traditional cultural norms related to solidarity. Lastly, particularly in the African context, the inseparability of workplace and community means that efforts to address
Hansen, Lars Kristian; Kræmmergaard, Pernille
As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... on the theory’s distinction between different modes of control five problems in control is identified: (1) weak accountability processes between the political and the administrative level, (2) weak accountability processes between director level and the IT executives, (3) IT projects established on incomplete...... information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase...
Hansen, Lars Kristian; Kræmmergaard, Pernille
information about internal recourses, (4) Lack of operational goals to hold IT projects accountable, (5) No account of actual IT project costs. These results may be used to inform further research into IT PPM and to help managers improve IT PPM practices in public organizations in their effort of increase......As public organizations increasingly rely on IT-enabled development to provide faster cycle times and better services, IT Project Portfolio Management (IT PPM) has become a high priority issue. This research adopts engaged scholarship to investigate IT PPM practices within a large local government...... on the theory’s distinction between different modes of control five problems in control is identified: (1) weak accountability processes between the political and the administrative level, (2) weak accountability processes between director level and the IT executives, (3) IT projects established on incomplete...
Alesbury, Roger J; Bailey, Stephen R
Thirteen member societies of the International Occupational Hygiene Association (IOHA), all 11 national certification bodies, and IOHA itself are now cooperating in a new international training and qualification system. The structure broadens access to occupational hygiene education and training worldwide and complements existing professional accreditation schemes. There are currently 46 Approved Training Providers in the scheme and up to the end of June 2013, approaching 200 courses had been delivered in more than 32 countries, with nearly 2400 examinations taken in 7 languages. This influx of students, particularly in developing countries, is helping to address the worldwide need to combat occupational illness and is creating the foundation for sustainable growth in provision of occupational hygiene globally. The scheme originated in 2006, when the authors were instrumental in bringing together a group of senior hygienists to review the needs of industry. The resulting position paper, reflecting the perspective of major multi-national companies, was subject to widespread consultation with a diverse group of stakeholders from across the world. This led to the formation of the Occupational Hygiene Training Association (OHTA), as a not-for-profit organization, to operate the system. It is accessible through the OHlearning website that provides free downloads of educational materials and details of training events. In this commentary, we outline the needs that brought this about, identify the key stakeholders involved, review what has been done so far, and discuss some plans for the future.
Portfolio insurance, as practiced in 1987, consisted of trading between an underlying stock portfolio and cash, using option theory to place a floor on the value of the position, as if it included a protective put. Constant Proportion Portfolio Insurance (CPPI) is an option-free variation...... on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...
Bonet-García, F.; Järvi, L.; Asmi, A.; Suárez-Muñoz, M.
Humanity must face enormous environmental challenges including biodiversity decline, climate change, ocean acidification, sea level rise and overpopulation. The research infrastructures (RIs) created in the last decades worldwide cover a wide range of spatial and thematic scales and collect information about the functioning of Earth ecosystems. However, we need to go one step forward: understand and simulate the functioning of the Earth as a complex system in a global change scenario. Cooperation among international RIs as well as multidisciplinary work are mandatory to achieve this challenging objective. COOP+ (EU Horizon 2020 project) aims to strengthen the links and coordination of European environmental RIs with their international counterparts. COOP+ will create cooperation threads among international research infrastructures using environmental Global Challenges (GCs) as thematic guidelines. These GCs are polyhedral and sometimes wicked problems that threaten the sustainability of our modern societies from a social and environmental perspective. This contribution describes how COOP+ uses GCs as guidelines to foster cooperation among RIs. First we have created an open survey to collect ideas about GCs within the different scientific communities. We present the structure of this survey as well as the preliminary information that it contains. The survey will be accepting responses during the project life (September 2018). We also describe the structure of a template that will be used to collaboratively characterize some selected GCs under the point of view of RIs. The main idea is to assess how RIs can be useful to address global environmental problems. We encourage all scientists related to RIs communities to participate in this process.
A reasonable assumption for the estimated new build market for the next 25 years is over 340 GWe net. The number of prospect countries is growing almost each day. To address this new build market, AREVA is developing a comprehensive portfolio of reactors intended to meet a wide range of power requirements and of technology choices. The EPR reactor is the flagship of the fleet. Intended for large power requirements, the four first EPRs are being built in Finland, France and China. Other countries and customers are in view, citing just two examples: the Usa where the U.S. EPR has been selected as the technology of choice by several U.S utilities; and the United Kingdom where the Generic Design Acceptance process of the EPR design submitted by AREVA and EDF is well under way, and where there is a strong will to have a plant on line in 2017. For medium power ranges, the AREVA portfolio includes a boiling water reactor and a pressurized water reactor which both offer all of the advantages of an advanced plant design, with excellent safety performance and competitive power generation cost: -) KERENA (1250+ MWe), developed in collaboration with several European utilities, and in particular with Eon; -) ATMEA 1 (1100+ MWe), a 3-loop evolutionary PWR which is being developed by AREVA and Mitsubishi. AREVA is also preparing the future and is deeply involved into Gen IV concepts. It has developed the ANTARES modular HTR reactor (pre-conceptual design completed) and is building upon its vast Sodium Fast Reactor experience to take part into the development of the next prototype. (author)
Lam, W. H.; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi
Risk management is very important in portfolio optimization. The mean-variance model has been used in portfolio optimization to minimize the investment risk. The objective of the mean-variance model is to minimize the portfolio risk and achieve the target rate of return. Variance is used as risk measure in the mean-variance model. The purpose of this study is to compare the portfolio composition as well as performance between the optimal portfolio of mean-variance model and equally weighted portfolio. Equally weighted portfolio means the proportions that are invested in each asset are equal. The results show that the portfolio composition of the mean-variance optimal portfolio and equally weighted portfolio are different. Besides that, the mean-variance optimal portfolio gives better performance because it gives higher performance ratio than the equally weighted portfolio.
Clark, Toni A.
In our day to day lives, the availability of light, with which to see our environment, is often taken for granted. The designers of land based lighting systems use sunlight and artificial light as their toolset. The availability of power, quantity of light sources, and variety of design options are often unlimited. The accessibility of most land based lighting systems makes it easy for the architect and engineer to verify and validate their design ideas. Failures with an implementation, while sometimes costly, can easily be addressed by renovation. Consider now, an architectural facility orbiting in space, 260 miles above the surface of the earth. This human rated architectural facility, the International Space Station (ISS) must maintain operations every day, including life support and appropriate human comforts without fail. The facility must also handle logistics of regular shipments of cargo, including new passengers. The ISS requires accommodations necessary for human control of machine systems. Additionally, the ISS is a research facility and supports investigations performed inside and outside its livable volume. Finally, the facility must support remote operations and observations by ground controllers. All of these architectural needs require a functional, safe, and even an aesthetic lighting environment. At Johnson Space Center, our Habitability and Human Factors team assists our diverse customers with their lighting environment challenges, via physical test and computer based analysis. Because of the complexity of ISS operational environment, our team has learned and developed processes that help ISS operate safely. Because of the dynamic exterior lighting environment, uses computational modeling to predict the lighting environment. The ISS' orbit exposes it to a sunrise every 90 minutes, causing work surfaces to quickly change from direct sunlight to earthshine to total darkness. Proper planning of vehicle approaches, robotics operations, and crewed
The global burden of cancer is growing rapidly with an estimated 15 million new cases per year worldwide in 2015, growing to 19 million by 2025 and 24 million by 2035. The largest component of this growth will occur in low-to-middle income countries (LMICs). About half of these cases will require radiation treatment. The gap for available cancer treatment, including radiation therapy, between high-income countries (HICs) and LMICs is enormous. Accurate data and quantitative models to project the needs and the benefits of cancer treatment are a critical first step in closing the large cancer divide between LMICs and HICs. In this context, the Union for International Cancer Control (UICC) has developed a Global Task Force on Radiotherapy for Cancer Control (GTFRCC) with a charge to answer the question as to what it will take to close the gap between what exists today and reasonable access to radiation therapy globally by 2035 and what the potential clinical and economic benefits are for doing this. The Task Force has determined the projections of cancer incidence and the infrastructure required to provide access to radiation therapy globally. Furthermore it has shown that appropriate investment not only yields improved clinical outcomes for millions of patients but that it also provides an overall economic gain throughout all the income settings where this investment is made. This symposium will summarize the facets associated with this global cancer challenge by reviewing the cancer burden, looking at the requirements for radiation therapy, reviewing the benefits of providing such therapy both from a clinical and economic perspective and finally by looking at what approaches can be used to aid in the alleviation of this global cancer challenge. The speakers are world renowned experts in global public health issues (R. Atun), medical physics (D. Jaffray) and radiation oncology (N. Coleman). Learning Objectives: To describe the global cancer challenge and the
André A.P. Santos
Full Text Available Optimal portfolios with a restriction on the number of assets, also referred to as cardinality-constrained portfolios, have been receiving attention in the literature due to its popularity among market practitioners and retail investors. In most cases, however, the interest is in proposing efficient optimization methods to solve the problem, with little or no attention to the characteristics of the resulting portfolio such as risk-adjusted performance and turnover. We address this question by implementing a tractable reformulation of the cardinality-constrained version of the minimum variance portfolio. We analyze the out-of-sample performance of cardinality-constrained portfolios according to alternative criteria and check the robustness of the results for portfolios with alternative number of assets and under alternative re-balancing frequencies. Our empirical application for the Brazilian equities market shows that cardinality-constrained minimum variance portfolios with very few assets, e.g. 3 stocks, can deliver statistically lower portfolio risk and higher Sharpe ratios in comparison to the market index. Similar results are obtained for constrained portfolios with 5 and 10 assets and under daily, weekly, and monthly re-balancing frequencies. Our evidence indicates that it is possible to obtain better risk-adjusted performance with fewer securities in the portfolio by using an improved allocation scheme.
While the IAEA has been a vigorous supporter of the RERTR programme since its inception. RERTR and the related fresh and spent fuel return efforts have gained new momentum with the launching of the Global Threat Reduction Initiative (GTRI) by U.S. Energy Secretary Abraham here in Vienna on May 25, 2004. All of the activities to be be discussed are included within the framework of the GTRI. The international programmes to qualify high density, LEU, dispersion fuels based on U-Mo alloys have run into unexpected technical difficulties that will delay qualification. A number of the presentations address the problems that have been encountered. At the same time, it is encouraging that the international resolve to reduce and eventually eliminate HEU in international commerce appears to have strengthened. In the past year, fresh HEU at research reactors in different countries have been returned to the country of origin. In all these examples, the return of the fresh fuel was accompanied by plans for conversion of existing reactors or design of new reactors to use LEU, as well as for the repatriation of spent research reactor fuel. The IAEA, particularly the Department of Technical Cooperation and my Department of Nuclear Energy has played an important role in implementing these fresh fuel return activities. In addition, several of the reactor conversion projects will be carried out under the auspices of IAEA technical cooperation projects and with important involvement of the Department of Nuclear Energy. The IAEA has also supported the repatriation of spent fuel to the country of original enrichment. The U.S. spent fuel acceptance programme has been operating for more than eight years, and was originally scheduled to terminate in 2006. Important announcements concerning the extension of the U.S. programme are expected. At the same time, the IAEA has been working hard with the U.S. and Russia to initiate the Russian research reactor spent fuel return programme. We are
Cameron, Carrie; Chang, Shine; Pagel, Walter
Within the international research environment, English is indisputably the lingua franca, and thus, the majority of the world's scientists must adapt to a second language. Linguistic barriers in science affect not only researchers' career paths but institutional productivity and efficiency as well. To address these barriers, we designed and piloted a specialized course, Scientific English. The pedagogical approach is based on English for specific purposes methodology in which curriculum and content are driven by the types of daily language used and interactions which occur in the participants' occupation, in this case, cancer research. The 11-week program was organized into three sections: presentation skill, meeting and discussion skills, and writing skills. Effectiveness of the course was measured by the number of participants able to produce the presentations and written products with a score of at least 75 of 100 possible points. From January to December 2008, participant scores averaged 90.4 for presentation and 86.8 for written products. The authors provide insights and recommendations on the development and delivery of the program.
This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch
Cortes, Jordi Magrina; Nizamani, Sarwat; Memon, Nasrullah
In this paper we present a web-based information system which is a portfolio social network (PSN) that provides solutions to the recruiters and job seekers. The proposed system enables users to create portfolio so that he/she can add his specializations with piece of code if any specifically...
Daigneau, William A.
In this article, the author talks about Portfolio Management, a concept used to make allocation decisions in the world of financial investments. While much has been written about Portfolio theory, and the term is widely used in the facilities management industry, little is really understood about the concept and its real-world application. The…
R. Huisman (Ronald); R.J. Mahieu (Ronald); F. Schlichter (Felix)
textabstractElectricity purchasers manage a portfolio of contracts in order to purchase the expected future electricity consumption profile of a company or a pool of clients. This paper proposes a mean-variance framework to address the concept of structuring the portfolio and focuses on how to
Centra, John A.
The teaching portfolio has been promoted as a vehicle for collecting and documenting information about an individual's teaching performance. The problem of how best to assess the information has not yet been addressed adequately. This article describes how a teacher's colleagues can provide assessments of portfolios. (JM)
Ravichandran, Swathi; Kretovics, Mark; Kirby, Kara; Ghosh, Ankita
Since 2000, there has been a 72% increase in the number of international students attending US institutions of higher education. The increase, specifically of international graduate students, has brought to light the writing challenges experienced by this population of students. This study explored specific writing challenges experienced by international graduate students and determined strategies to alleviate these challenges. Interviews were conducted with 15 international...
Kulski, M. M; Radloff, A.
Examines trends in use of teaching portfolios for college-faculty evaluation and development in Australia and the United States, offering a framework for portfolio use to address the diverse purposes, products, and processes of evaluation and the need for both formative and summative evaluation methods. The framework enables portfolio use to be…
Risk control and optimal diversification constitute a major focus in the finance and insurance industries as well as, more or less consciously, in our everyday life. We present a discussion of the characterization of risks and of the optimization of portfolios that starts from a simple illustrative model and ends by a general functional integral formulation. A major item is that risk, usually thought of as one-dimensional in the conventional mean-variance approach, has to be addressed by the full distribution of losses. Furthermore, the time-horizon of the investment is shown to play a major role. We show the importance of accounting for large fluctuations and use the theory of Cramér for large deviations in this context. We first treat a simple model with a single risky asset that exemplifies the distinction between the average return and the typical return and the role of large deviations in multiplicative processes, and the different optimal strategies for the investors depending on their size. We then analyze the case of assets whose price variations are distributed according to exponential laws, a situation that is found to describe daily price variations reasonably well. Several portfolio optimization strategies are presented that aim at controlling large risks. We end by extending the standard mean-variance portfolio optimization theory, first within the quasi-Gaussian approximation and then using a general formulation for non-Gaussian correlated assets in terms of the formalism of functional integrals developed in the field theory of critical phenomena.
The Standard for Portfolio Management – Fourth Edition has been updated to best reflect the current state of portfolio management. It describe the principles that drive accepted good portfolio management practices in today’s organizations. It also expands the description of portfolio management to reflect its relation to organizational project management and the organization.
This paper discusses portfolio analysis as a method to evaluate utility supply decisions. Specifically a utility is assumed to increase the value of its portfolio of assets whenever it invests in a new supply technology. This increase in value occurs because the new asset either enhances the return or diversifies the risks of the firm's portfolio of assets. This evaluation method is applied to two supply innovations in the electric utility industry: jointly-owned generating plants and supply contracts with independent power producers (IPPs)
Saltofte, Margit; Krill, Cecilia
Portfolio i Praksis handler om det konkrete arbejde med portfolio i uddannelser, og hvordan det hænger sammen med læring, refleksion og evaluering. Helt grundlæggende kan portfolier kategoriseres i to hovedtyper med hver sine potentialer: arbejdsportfolier og præsentationsportfolier...... sigte, er arbejdsportfolien i udgangspunktet lukket og privat. Det vil sige at man selv udvælger, hvad der skal ses af fx vejleder eller medstuderende – og hvad, der skal forblive privat. Portfolio i Praksis tilbyder desuden en række håndgribelige øvelser, der kan bruges som hjælp til at understøtte det...... praktiske arbejde med portfolio. Bogen er især tiltænkt studerende, som kan bruge øvelserne og portfoliometoderne gennem hele deres studie....
Ronald Jean Degen
This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.
Spence, William; El-Ansari, Walid
Experience was recognised to be a vital source of learning as long ago as 1762 [Emile, Everyman, London, 1993] and reflection on practice experience may be one way forward in addressing nursing's anxieties concerning the practice theory gap. However, despite the acceptance that subjectivity in the process seems inevitable and potentially important, little is understood of the practitioner's experience of practice assessment. Two questionnaires sought the views of specialist community nursing practitioner (SCNP) programme (United Kingdom Central Council for Nursing, Midwifery and Health Visiting (UKCC) 2001) practice teachers (PTs) on the introduction of the portfolio approach to practice assessment. These were distributed to 62 and 76 PTs and the response rates were 32% and 50%, respectively. Responses of those PTs from the three specialisms participating in the piloting of the portfolio approach were compared with those using an existing approach. An action research method was adopted which attempted to use established theory to explain the challenges presented by the introduction of this approach and ultimately to raise the PT group's awareness of assessment issues. Both qualitative and quantitative data were collected and the findings support the use of the portfolio approach to practice assessment. The PT experience of portfolio use was found to be a largely positive one. PTs reported the utility of the portfolio in prompting student self-evaluation of learning. Concerns were expressed by PTs around the quality of portfolio evidence although many felt that it had promoted students' reflection on practice. Inter-PT reliability in practice assessment was identified as a topic for PT continuing professional development. Many sources of evidence, including patient feedback, were used by PTs in their assessment of students although PTs using the portfolio approach used less first-hand experience of students' practice in their assessments of competence, relying more
Climate change and energy are international issues. Following the maxim, "Think globally, act locally," a now international group first launched in Germany is hosting a panel discussion on the topic, "A Transatlantic Perspective on Climate Change and Energy Policy" on Thursday, Sept. 24, from 10 a.m. to noon at Squires Student Center in Brush Mountain Room A.
Ravichandran, Swathi; Kretovics, Mark; Kirby, Kara; Ghosh, Ankita
Since 2000, there has been a 72% increase in the number of international students attending US institutions of higher education. The increase, specifically of international graduate students, has brought to light the writing challenges experienced by this population of students. This study explored specific writing challenges experienced by…
In his address at the International Conference on Geological Repositories (Denver, 1 November 1999), the Director General of the IAEA gave a general presentation of the problem of disposal of high-level radioactive waste, and described the current situation in the countries using nuclear energy including present and future Agency's activities
Patel, Nitin R; Ankolekar, Suresh; Antonijevic, Zoran; Rajicic, Natasa
We describe a value-driven approach to optimizing pharmaceutical portfolios. Our approach incorporates inputs from research and development and commercial functions by simultaneously addressing internal and external factors. This approach differentiates itself from current practices in that it recognizes the impact of study design parameters, sample size in particular, on the portfolio value. We develop an integer programming (IP) model as the basis for Bayesian decision analysis to optimize phase 3 development portfolios using expected net present value as the criterion. We show how this framework can be used to determine optimal sample sizes and trial schedules to maximize the value of a portfolio under budget constraints. We then illustrate the remarkable flexibility of the IP model to answer a variety of 'what-if' questions that reflect situations that arise in practice. We extend the IP model to a stochastic IP model to incorporate uncertainty in the availability of drugs from earlier development phases for phase 3 development in the future. We show how to use stochastic IP to re-optimize the portfolio development strategy over time as new information accumulates and budget changes occur. Copyright © 2013 John Wiley & Sons, Ltd.
The resignation speeches of West German Chancellor Willy Brandt and United States President Richard Nixon are compared and the rhetorical efficacy of each figure is assessed in this paper. Analog criticism is employed to support the argument that in the particular subgenre of "scandignation" addresses, Brandt came much closer than Nixon…
Fan, Jianqing; Zhang, Jingjin; Yu, Ke
We introduce the large portfolio selection using gross-exposure constraints. We show that with gross-exposure constraint the empirically selected optimal portfolios based on estimated covariance matrices have similar performance to the theoretical optimal ones and there is no error accumulation effect from estimation of vast covariance matrices. This gives theoretical justification to the empirical results in Jagannathan and Ma (2003). We also show that the no-short-sale portfolio can be improved by allowing some short positions. The applications to portfolio selection, tracking, and improvements are also addressed. The utility of our new approach is illustrated by simulation and empirical studies on the 100 Fama-French industrial portfolios and the 600 stocks randomly selected from Russell 3000.
Fan, Jianqing; Zhang, Jingjin; Yu, Ke
We introduce the large portfolio selection using gross-exposure constraints. We show that with gross-exposure constraint the empirically selected optimal portfolios based on estimated covariance matrices have similar performance to the theoretical optimal ones and there is no error accumulation effect from estimation of vast covariance matrices. This gives theoretical justification to the empirical results in Jagannathan and Ma (2003). We also show that the no-short-sale portfolio can be improved by allowing some short positions. The applications to portfolio selection, tracking, and improvements are also addressed. The utility of our new approach is illustrated by simulation and empirical studies on the 100 Fama-French industrial portfolios and the 600 stocks randomly selected from Russell 3000. PMID:23293404
Zhang, Rui; Li, Jingfei; Wu, Shaoyu; Meng, Dabin
The research on service supply chain has attracted more and more focus from both academia and industrial community. In a service supply chain, the selection of supplier portfolio is an important and difficult problem due to the fact that a supplier portfolio may include multiple suppliers from a variety of fields. To address this problem, we propose a novel supplier portfolio selection method based on a well known machine learning approach, i.e., Ranking Neural Network (RankNet). In the proposed method, we regard the problem of supplier portfolio selection as a ranking problem, which integrates a large scale of decision making features into a ranking neural network. Extensive simulation experiments are conducted, which demonstrate the feasibility and effectiveness of the proposed method. The proposed supplier portfolio selection model can be applied in a real corporation easily in the future.
Zhang, Rui; Li, Jingfei; Wu, Shaoyu; Meng, Dabin
The research on service supply chain has attracted more and more focus from both academia and industrial community. In a service supply chain, the selection of supplier portfolio is an important and difficult problem due to the fact that a supplier portfolio may include multiple suppliers from a variety of fields. To address this problem, we propose a novel supplier portfolio selection method based on a well known machine learning approach, i.e., Ranking Neural Network (RankNet). In the proposed method, we regard the problem of supplier portfolio selection as a ranking problem, which integrates a large scale of decision making features into a ranking neural network. Extensive simulation experiments are conducted, which demonstrate the feasibility and effectiveness of the proposed method. The proposed supplier portfolio selection model can be applied in a real corporation easily in the future. PMID:27195756
Full Text Available The research on service supply chain has attracted more and more focus from both academia and industrial community. In a service supply chain, the selection of supplier portfolio is an important and difficult problem due to the fact that a supplier portfolio may include multiple suppliers from a variety of fields. To address this problem, we propose a novel supplier portfolio selection method based on a well known machine learning approach, i.e., Ranking Neural Network (RankNet. In the proposed method, we regard the problem of supplier portfolio selection as a ranking problem, which integrates a large scale of decision making features into a ranking neural network. Extensive simulation experiments are conducted, which demonstrate the feasibility and effectiveness of the proposed method. The proposed supplier portfolio selection model can be applied in a real corporation easily in the future.
This paper theoretically and empirically analyzes backtesting portfolio VaR with estimation risk in an intrinsically multivariate framework. For the first time in the literature, it takes into account the estimation of portfolio weights in forecasting portfolio VaR and its impact on backtesting. It shows that the estimation risk from estimating the portfolio weights as well as that from estimating the multivariate dynamic model of asset returns make the existing methods in a univariate framew...
Benjamin Miranda Tabak
Full Text Available We use a mean-variance model to analyze the problem of decentralized portfolio management. We find the solution for the optimal portfolio allocation for a head trader operating in n different markets, which is called the optimal centralized portfolio. However, as there are many traders specialized in different markets, the solution to the problem of optimal decentralized allocation should be different from the centralized case. In this paper we derive conditions for the solutions to be equivalent. We use multivariate normal returns and a negative exponential function to solve the problem analytically. We generate the equivalence of solutions by assuming that different traders face different interest rates for borrowing and lending. This interest rate is dependent on the ratio of the degrees of risk aversion of the trader and the head trader, on the excess return, and on the correlation between asset returns.
Keiding, Tina Bering
. Portfolios baserer sig altovervejende på skrift-sproglig medieret kommunikation. Dette fokus på sprogligt medierede iagttagelser har uddannelsesmæssige og læringsmæssige implikationer, uanset om de tager form som mundtligt refleksivitet (fx i vejledningssituationer) eller skriftlig refleksivitet (fx i...... logbøger og portfolios). Viden er, hvad angår mennesker, ikke sproglig. I det øjeblik viden gives sproglig form - uanset om det er viden som forholdsvis let udtrykkes i sproglig form eller om det er viden som kun vanskeligt lader sig forme til sproglige udtryk - reduceres denne viden i forhold til dens......-intenderede konsekvenser, og at uddannelse og undervisning - modsat den etablerede portfolio-litteratur - må have blik for begge....
The Center for Global Health, National Cancer Institute, in coordination with the National Institute of Dental and Craniofacial Research , The University of Texas at MD Anderson Cancer Center, Oral Cancer Research Coordinating Center, University of Malaya, Taiwan Health Promotion Administration, Ministry of Health and Welfare, and with the generous support of the Malaysia Ministry of Health, hosted the International Conference on Betel Quid and Areca Nut in Kuala Lumpur Malaysia on April 27-28, 2016.
Michaud, Pierre-André; Berg-Kelly, Kristina; Macfarlane, Aidan; Renteria, Saira-Christine; Wyss, Danielle; Benaroyo, Lazare
This chapter reviews some basic concepts underlying ethical issues in adolescence and provides a step-by-step procedure to address ethical dilemmas involving minor adolescents, based on a deliberative approach. "Deliberation" with the patient, along with involving the opinion of relevant stakeholders if possible, allows for a careful, multidisciplinary examination of all options, the medical and psychosocial consequences, and the moral values stressed by each option. Although the final decision regarding which ethical option should be chosen usually belongs to the health care providers and his or her patient, the deliberative approach provides the ingredients for sound, unbiased decision-making.
Full Text Available This paper describes the design, implementation and evaluation of a course in international service learning and community engagement for pharmacy undergraduate students. The course offered students opportunities to cultivate cultural competency in an international setting foreign to their own—Sub-Saharan Africa. The experience consisted of pre-departure preparation seminars followed by subsequent community immersion to experience, explore and confront personal attitudes and perceptions. A key feature of this course was its emphasis on a continuing cycle of learning, community engagement and reflection. Three students participated, a near-maximum cohort. Their daily self-reflections were qualitatively analyzed to document the impact of their cultural learning and experiences and revealed meaningful learning in the domains of self-assessment and awareness of their personal and professional culture, exposure to a participatory health delivery model involving the patient, the community and a multidisciplinary team and opportunities to engage in patient care in a different cultural setting. This proof-of-concept course provided students with experiences that were life-changing on both personal and professional levels and confirmed the viability and relevance of international service learning for the pharmacy field within its university-wide mandate.
Andersen, Jesper Rank; Riis, Jens Ove; Mikkelsen, Hans
This paper will provide a preliminary introduction to the application of Agile Thinking in management of project portfolio and company development. At any point in time, companies have a crowd of development initiatives spread around the organisation and managed at different levels...... in the managerial hierarchy. They compete for resources and managerial attention, and they often take too long time - and some do not survive in the rapid changing context. Top man¬agers ask for speed, flexibility and effectiveness in the portfolio of development activities (projects). But which competencies...
Woodward, Helen; Nanlohy, Phil
The value of portfolios as an assessment tool is thoroughly researched and their use in education is well documented ( Woodward, 2000). Research on the introduction of digital portfolios is substantially based on general portfolio research; however, additional specific factors and features need to be considered. One of the inherent dangers with…
Kaplan, Samuel R.
Classic stock portfolio analysis provides an applied context for Lagrange multipliers that undergraduate students appreciate. Although modern methods of portfolio analysis are beyond the scope of vector calculus, classic methods reinforce the utility of this material. This paper discusses how to introduce classic stock portfolio analysis in a…
More efficient methodology for assessing the impact of combined exposures to multiple chemicals has been considered in a project of the World Health Organization (WHO) International Programme on Chemical Safety (IPCS). Recommendations regarding terminology and the status of development of the framework, its content, review and application are described. Evolving experience in its application is illustrated by example (polybrominated diphenyls) with special emphasis on the critical content of problem formulation, the role of predictive tools in grouping of chemicals for consideration and the importance of explicit delineation of relative uncertainty and sensitivity for tiered assessment. Priorities in increasing the efficiency of risk assessment not only for combined exposures, but more generally based on experience acquired in developing the framework and its application in case studies are identified and recommendations included
Green, Jamie A; Gonzaga, Alda Maria; Cohen, Elan D; Spagnoletti, Carla L
To develop, pilot, and test the effectiveness of a clear health communication curriculum to improve resident knowledge, attitudes, and skills regarding health literacy. Thirty-one internal medicine residents participated in a small group curriculum that included didactic teaching, practice with a standardized patient, and individualized feedback on videotaped encounters with real patients. Outcomes were assessed using a pre-post survey and a communication skills checklist. Mean knowledge scores increased significantly from 60.3% to 77.6% (pcommunicating with low literacy patients (3.3 vs. 4.1) (all pcommunication improves resident knowledge, attitudes, and skills regarding health literacy. The increased use of clear health communication techniques can significantly improve the care and outcomes of vulnerable patients with limited health literacy. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.
Yamineva, Yulia; Romppanen, Seita
Air pollution is a major global environmental problem, with various adverse effects on health and the environment. This introductory article provides an overview of related global and regional legal instruments. The article evaluates the legal landscape in terms of its coverage, geographic scope and effectiveness, and concludes that the legal measures currently in place fall far short of providing an adequate response to the problem of air pollution. Thus, there is a clear need to strengthen global and regional cooperation to improve air quality. Such cooperation is likely to take non-binding and flexible forms and involve both wider participation among States and broader engagement of various stakeholders. The informal character of cooperation also makes it possible to experiment with new governance approaches that are difficult to implement within the context of traditional international law.
Hansen, Jens Jørgen; Qvortrup, Ane; Christensen, Inger-Marie F.
Denne leder definerer indledningsvist begrebet portfolio og gør rede for anvendelsesmuligheder i en uddannelseskontekst. Dernæst behandles portfoliometodens kvalitet og effekt for læring og undervisning og de centrale begreber refleksion, progression og feedback præsenteres og diskuteres. Herefter...
I. А. Kiseleva
Full Text Available The article notes that the task of the investor's risk management is to, on the one hand, as much as possible to strive to achieve the criterion of risk level, and on the other hand, in any case not exceed it. Since the domestic theory of risk management is under development, the problem of the optimal ratio of "risk-income" becomes now of particular relevance. This article discusses the different distribution areas of the private investor in order to obtain the maximum profit. The analysis showed us the overall economic and political system of the country, as well as the legislative provision of guarantees to the investor. To obtain sufficient income and reduce losses it is important to maintain the optimum value found between the amount of the investor's risk and capital transactions. Model of optimal placement of funds led to the conclusion about inexpediency strong increase in the diversification of the investment portfolio (more than 10 different types of assets in the portfolio, since it increases the complexity of its practical form, while the portfolio characteristics are improved significantly. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The analysis shows that there is no single best asset portfolio. It is impossible to increase revenue without increasing the risk or reduce risk without reducing income. Possible combination of the "riskincome" will depend on the objective function. Most diversified and bringing the best return per unit of risk, is a portfolio that contains the most risky assets.
Nishikawa, Mariko; Niiya, Kiyoka; Okayasu, Masako
When nine million foreigners visited Japan in 2013, the federal government set a goal to attract an additional two and a half million visitors including medical tourists by 2020. This research investigates the attitudes and concerns of Japanese nurses when they are in a situation dealing with foreign patients. The data were collected from March through September 2010, from 114 nurses at three hospitals, in close proximity to popular tourist destinations in Hiroshima. A questionnaire was developed for this research, named Mari Meter, which included a section to write answers to an open question for the nurses to express their opinions. These responses were examined statistically and by word analysis using Text Mining Studio. Japanese nurses expressed greatest concern about payment options, foreign language skills, and issues of informed consent, when dealing with foreigners. The results confirm that, in order to provide a high quality of patient care, extra preparation and a greater knowledge of international workers and visitors are required by nursing professionals in Japan.
Full Text Available When nine million foreigners visited Japan in 2013, the federal government set a goal to attract an additional two and a half million visitors including medical tourists by 2020. This research investigates the attitudes and concerns of Japanese nurses when they are in a situation dealing with foreign patients. The data were collected from March through September 2010, from 114 nurses at three hospitals, in close proximity to popular tourist destinations in Hiroshima. A questionnaire was developed for this research, named Mari Meter, which included a section to write answers to an open question for the nurses to express their opinions. These responses were examined statistically and by word analysis using Text Mining Studio. Japanese nurses expressed greatest concern about payment options, foreign language skills, and issues of informed consent, when dealing with foreigners. The results confirm that, in order to provide a high quality of patient care, extra preparation and a greater knowledge of international workers and visitors are required by nursing professionals in Japan.
Kerai, Sara Moore; Wheeler, Margot
An intervention was conducted, aimed at providing residents in internal medicine with communication skills to address end-of-life issues with patients. Residents participated in two 1-hour educational sessions designed to teach a communication protocol, enhance listening skills, and to provide practice in effective communication in a safe, small-group format. An anonymous on-line survey assessed the effectiveness of the intervention. Twenty-five residents completed the intervention. There was a trend toward increased comfort level in addressing end-of-life issues among residents who completed the intervention, versus a comparison group. Residents who completed the intervention reported that using the words "death" and "dying" with patients and families was an important teaching point.
Pafka, S.; Kondor, I.
According to recent findings [#!bouchaud!#,#!stanley!#], empirical covariance matrices deduced from financial return series contain such a high amount of noise that, apart from a few large eigenvalues and the corresponding eigenvectors, their structure can essentially be regarded as random. In [#!bouchaud!#], e.g., it is reported that about 94% of the spectrum of these matrices can be fitted by that of a random matrix drawn from an appropriately chosen ensemble. In view of the fundamental role of covariance matrices in the theory of portfolio optimization as well as in industry-wide risk management practices, we analyze the possible implications of this effect. Simulation experiments with matrices having a structure such as described in [#!bouchaud!#,#!stanley!#] lead us to the conclusion that in the context of the classical portfolio problem (minimizing the portfolio variance under linear constraints) noise has relatively little effect. To leading order the solutions are determined by the stable, large eigenvalues, and the displacement of the solution (measured in variance) due to noise is rather small: depending on the size of the portfolio and on the length of the time series, it is of the order of 5 to 15%. The picture is completely different, however, if we attempt to minimize the variance under non-linear constraints, like those that arise e.g. in the problem of margin accounts or in international capital adequacy regulation. In these problems the presence of noise leads to a serious instability and a high degree of degeneracy of the solutions.
Full Text Available In knowledge-based economy, strategic innovation portfolio management becomes more and more important and critical factor of enterprise's success. Value creation for all the participants in value chain is more successful if it is based on efficient resource allocation and improvement of innovation performances. Numerous researches have shown that companies with best position on the market found their competitiveness on efficient development and exploitation of innovations. In decision making process, enterprise's management is constantly faced with challenge to allocate resources and capabilities as efficiently as possible, in both short and long term. In this paper authors present preliminary results of realized empirical research related to strategic innovation portfolio management in ten chosen enterprises in Serbia. The structure of the paper includes the following parts: theoretical background, explanation of research purpose and methodology, discussion of the results and concluding remarks, including limitations and directions for further research.
Takada, Hellinton H.; Stern, Julio M.
The first portfolio risk diversification strategy was put into practice by the All Weather fund in 1996. The idea of risk diversification is related to the risk contribution of each available asset class or investment factor to the total portfolio risk. The maximum diversification or the risk parity allocation is achieved when the set of risk contributions is given by a uniform distribution. Meucci (2009) introduced the maximization of the Rényi entropy as part of a leverage constrained optimization problem to achieve such diversified risk contributions when dealing with uncorrelated investment factors. A generalization of the risk parity is the risk budgeting when there is a prior for the distribution of the risk contributions. Our contribution is the generalization of the existent optimization frameworks to be able to solve the risk budgeting problem. In addition, our framework does not possess any leverage constraint.
Elley, Tina Ninka
In Denmark the Biomedical Laboratory Scientist programme lasts for 3½ years, divided into 14 modules of 10 weeks. Every module concludes with an exam, which can be very stressful for the students. A survey was made among the students, confirming this. How can we change some of the exams in order...... to minimize the students' stress level? Then the pedagogical considerations started – where and how to do this? The conclusion was to work with the portfolio format at module 6 and module 7 and make it the exam form, as it was possible to divide the expected learning outcome for the two modules into topics...... from the clinical part. The two topics are weighted according to the distribution of ECTS points between theory and clinic. We implemented the portfolio format in November 2012, and the evaluations from the students have shown that the format is good; the students get less stressed at the exam...
This paper reports that the need to manage U.K. North Sea acreage portfolios arises from fragmentation of holdings and complex partnerships. This management has generated friendly rationalization deals motivated by differences in perception of values and aimed at building up heartlands and balancing cash-flow forecasts. The business process includes identifying, evaluating, and negotiating deals. The economist plays a central role within the evaluation team and supports the negotiators
Villeneuve, Frederic J.; Mavris, Dimitri N.
Technology portfolio selection is a combinatorial optimization problem often faced with a large number of combinations and technology incompatibilities. The main research question addressed in this article is to determine if Ant Colony Optimization (ACO) is better suited than Genetic Algorithms (GAs) and Simulated Annealing (SA) for technology portfolio optimization when incompatibility constraints between technologies are present. Convergence rate, capability to find optima, and efficiency in handling of incompatibilities are the three criteria of comparison. The application problem consists of finding the best technology portfolio from 29 aircraft technologies. The results show that ACO and GAs converge faster and find optima more easily than SA, and that ACO can optimize portfolios with technology incompatibilities without using penalty functions. This latter finding paves the way for more use of ACO when the number of constraints increases, such as in the technology and concept selection for complex engineering systems.
Santos, Raphael A.; Takada, Hellinton H.
Using the concepts from information theory, it is possible to improve the traditional frameworks for long-only asset allocation. In modern portfolio theory, the investor has two basic procedures: the choice of a portfolio that maximizes its risk-adjusted excess return or the mixed allocation between the maximum Sharpe portfolio and the risk-free asset. In the literature, the first procedure was already addressed using information theory. One contribution of this paper is the consideration of the second procedure in the information theory context. The performance of these approaches was compared with three traditional asset allocation methodologies: the Markowitz's mean-variance, the resampled mean-variance and the equally weighted portfolio. Using simulated and real data, the information theory-based methodologies were verified to be more robust when dealing with the estimation errors.
Gupta, Pankaj; Inuiguchi, Masahiro; Chandra, Suresh
This monograph presents a comprehensive study of portfolio optimization, an important area of quantitative finance. Considering that the information available in financial markets is incomplete and that the markets are affected by vagueness and ambiguity, the monograph deals with fuzzy portfolio optimization models. At first, the book makes the reader familiar with basic concepts, including the classical mean–variance portfolio analysis. Then, it introduces advanced optimization techniques and applies them for the development of various multi-criteria portfolio optimization models in an uncertain environment. The models are developed considering both the financial and non-financial criteria of investment decision making, and the inputs from the investment experts. The utility of these models in practice is then demonstrated using numerical illustrations based on real-world data, which were collected from one of the premier stock exchanges in India. The book addresses both academics and professionals pursuin...
Gabriela Victoria ANGHELACHE
Full Text Available In the mid-twentieth century, under an unprecedented growth of the business of trading in securities, the need to provide a modern framework for assessing the performance of portfolios of financial instruments was felt. To that effect, it is noted that over this period, more and more economists have attempted to develop statistical mathematical models that ensure the evaluation of profitability and portfolio risk securities. These models are considered to be part of "the modern portfolio theory".
Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications
Full Text Available Many IT companies are running project simultaneously. In order to achieve the best results, they have to group to the project in portfolios, and to use specific software that helps to manage them. Project portfolio management applications have a high degree of complexity and they are very important for the companies that are using it. This paper focuses on some characteristics of the testing process for project portfolio management applications
Literature concerning the institutional use of options indicates that the main purpose of option trading is to provide investors with the opportunity to create return distributions previously unavailable, considering that options provide the means to manipulate portfolio returns. In such a context, this study intends to analyse the returns of insured portfolios generated by hedging strategies on underlying stock portfolios. Because dynamic hedging is too expensive, we have hedged the stock po...
This paper investigates whether financial advisers add value to individual investors portfolio decisions by comparing portfolios of advised and self-directed (execution-only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these
Cohen, Morrel H.; Natoli, Vincent D.
Modern portfolio theory (MPT) addresses the problem of determining the optimum allocation of investment resources among a set of candidate assets. In the original mean-variance approach of Markowitz, volatility is taken as a proxy for risk, conflating uncertainty with risk. There have been many subsequent attempts to alleviate that weakness which, typically, combine utility and risk. We present here a modification of MPT based on the inclusion of separate risk and utility criteria. We define risk as the probability of failure to meet a pre-established investment goal. We define utility as the expectation of a utility function with positive and decreasing marginal value as a function of yield. The emphasis throughout is on long investment horizons for which risk-free assets do not exist. Analytic results are presented for a Gaussian probability distribution. Risk-utility relations are explored via empirical stock-price data, and an illustrative portfolio is optimized using the empirical data.
Garbers, C. F.
Ladies and gentlemen, it is indeed a great privilege and pleasure for me to present the opening address at this, the 17th International Congress on High Speed Photograpy and Photonics. Before turning to the business of the Congress, I would like to briefly introduce you to South Africa: its scientific past and its research challenges for the future.
Benzley, Steven E
This paper presents an academic project that addresses the issue of international corruption in the engineering and construction industry, in a manner that effectively incorporates several learning experiences. The major objectives of the project are to provide the students a learning activity that will 1) make a meaningful contribution within the disciplines being studied; 2) teach by experience a significant principle that can be valuable in numerous situations during an individual's career, and 3) engage the minds, experiences, and enthusiasm of the participants in a real ethical challenge that is prevalent in all of their chosen professional fields. The paper describes the full details of the project, the actual implementation of it during Winter Semester 2005, the experiences gained during the initial trial, and the modifications and improvements incorporated for future implementation.
Anger, A. [Cambridge University, Cambridge (United Kingdom); Faber, J.; Koopman, M. [CE Delft, Delft (Netherlands); Van Velzen, A. [Transport Analysis and Knowledge Systems TAKS, s.l. (Netherlands); Long, K.; Pollitt, H.; Barker, T. [Cambridge Econometrics, Cambridge (United Kingdom); Comberti, C.; Fazekas, D.; Blachowicz, A. [Climate Strategies, London (United Kingdom)
The greenhouse gas emissions of international aviation and maritime transport are projected to increase rapidly over the coming decades, despite significant improvements in the fuel efficiency of aircraft and ships. In order to address their growth, Market Based Measures (MBMs) have been proposed to complement technical and operational measures. These measures are being discussed in ICAO (the UN organization for civil aviation) and IMO (the UN organization for maritime transport). One of the main issues in the debate has been the impact of MBMs on developing countries and especially on remote economies. This report quantifies the economic impacts of MBMs on ten case study economies and globally. The case study economies have been selected in the expectation that they would be relatively highly impacted because of their remoteness and/or dependence on international aviation or maritime transport. This report shows that the decrease in GDP is less than 0.01% on average and significantly less than 0.1% for all but a few of the case study countries. Countries with a higher dependency on tourism and trade are likely to experience greater economic impacts as market-based measures raise the costs of aviation and maritime transport; they impact economies due to increased prices for passenger travel and exported and imported goods. Some of these countries are small island states that are also vulnerable to climate change impacts. Undesired economic impacts on developing countries can be addressed effectively by a combination of measures such as exemptions of certain routes, lump sum rebates, and investments in infrastructure efficiency and development of more efficient ships and aircraft.
Søberg, Peder Veng
As a result of an inquiry concerning how to evaluate IP (intellectual property) portfolios in order to enable the best possible use of IP resources within organizations, an IP evaluation approach primarily applicable for patents and utility models is developed. The developed approach is useful...... in order to discuss, visualize and align IPR issues with different management functions within the organization. Unlike existing approaches the present approach takes into account such value indicators as remaining lifetime, geographical range, broadness of scope and product strategic considerations...
Banks, J.; Smith, S.
This paper presents a detailed analysis of the composition of household portfolios, usingboth aggregate and micro-data. Among the key findings are that:â€¢ Most household wealth is held in the form of housing and pensions. Over time, there hasbeen a shift away from housing towards financial assets, driven largely by the growth inlife and pension funds.â€¢ Liquid financial wealth (excluding life and pension funds) is not predominantly held inrisky form. By far the most commonly held asset is a...
Eder Oliveira Abensur
Full Text Available The international financial crisis of September 2008 and May 2010 showed the importance of liquidity as an attribute to be considered in portfolio decisions. This study proposes an optimization model based on available public data, using Markov chain and Genetic Algorithms concepts as it considers the classic duality of risk versus return and incorporating liquidity costs. The work intends to propose a multi-criterion non-linear optimization model using liquidity based on a Markov chain. The non-linear model was tested using Genetic Algorithms with twenty five Brazilian stocks from 2007 to 2009. The results suggest that this is an innovative development methodology and useful for developing an efficient and realistic financial portfolio, as it considers many attributes such as risk, return and liquidity.
Tierney, Robert J.; Clark, Caroline; Fenner, Linda; Herter, Roberta J.; Simpson, Carolyn Staunton; Wiser, Bert
Presents a discussion between two educators of the history, assumptions, tensions, and possibilities surrounding the use of portfolios in multiple classroom contexts. Includes illustrative commentaries that offer alternative perspectives from a range of other educators with differing backgrounds and interests in portfolios. (RS)
Hyldahl, Kirsten Kofod; Sams, Pernille; Egelund, Karen Stine
Nærværende artikel præsenterer resultaterne af udviklingsprojektet ”Portfolio og æstetik” på pædagoguddannelsen i Hjørring. Projektet har til formål, gennem æstetisk formsprog, at stilladsere og fastholde de studerendes læreprocesser samt udvikle og implementere portfolio i studieaktiviteter på...
This paper studies the empirical relevance of precautionary and other motives for household portfolio behaviour using recent panel data from the Netherlands, Dutch households' portfolios exhibit low degrees of risk taking and diversification. It is possible that this is the outcome of a rational,
Full Text Available Metamodeling techniques have recently been proposed to address the computational issues related to the valuation of large portfolios of variable annuity contracts. However, it is extremely diffcult, if not impossible, for researchers to obtain real datasets frominsurance companies in order to test their metamodeling techniques on such real datasets and publish the results in academic journals. To facilitate the development and dissemination of research related to the effcient valuation of large variable annuity portfolios, this paper creates a large synthetic portfolio of variable annuity contracts based on the properties of real portfolios of variable annuities and implements a simple Monte Carlo simulation engine for valuing the synthetic portfolio. In addition, this paper presents fair market values and Greeks for the synthetic portfolio of variable annuity contracts that are important quantities for managing the financial risks associated with variable annuities. The resulting datasets can be used by researchers to test and compare the performance of various metamodeling techniques.
U.L. Radkevitch (Uladzimir); H.W.G.M. van Heck (Eric); O.R. Koppius (Otto)
textabstractSmall firms face distinct problems and opportunities when procuring IT resources. Whereas previous work focused at the level of firm or buyer-supplier dyad, we address portfolios of buyer-supplier relationships at an online marketplace for IT services. Using the portfolio approach, we
This thesis explores the application of portfolio theory to the Air Transportation System (ATS) improvement. The ATS relies on complexly related resources and different stakeholder groups. Moreover, demand for air travel is significantly increasing relative to capacity of air transportation. In this environment, improving the ATS is challenging. Many projects, which are defined as technologies or initiatives, for improvement have been proposed and some have been demonstrated in practice. However, there is no clear understanding of how well these projects work in different conditions nor of how they interact with each other or with existing systems. These limitations make it difficult to develop good project combinations, or portfolios that maximize improvement. To help address this gap, a framework for identifying good portfolios is proposed. The framework can be applied to individual projects or portfolios of projects. Projects or portfolios are evaluated using four different groups of factors (effectiveness, time-to-implement, scope of applicability, and stakeholder impacts). Portfolios are also evaluated in terms of interaction-determining factors (prerequisites, co-requisites, limiting factors, and amplifying factors) because, while a given project might work well in isolation, interdependencies between projects or with existing systems could result in lower overall performance in combination. Ways to communicate a portfolio to decision makers are also introduced. The framework is unique because (1) it allows using a variety of available data, and (2) it covers diverse benefit metrics. For demonstrating the framework, an application to ground delay management projects serves as a case study. The portfolio evaluation approach introduced in this thesis can aid decision makers and researchers at universities and aviation agencies such as Federal Aviation Administration (FAA), National Aeronautics and Space Administration (NASA), and Department of Defense (DoD), in
Still, Susanne; Kondor, Imre
The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.
Still, Susanne; Kondor, Imre
The optimization of large portfolios displays an inherent instability due to estimation error. This poses a fundamental problem, because solutions that are not stable under sample fluctuations may look optimal for a given sample, but are, in effect, very far from optimal with respect to the average risk. In this paper, we approach the problem from the point of view of statistical learning theory. The occurrence of the instability is intimately related to over-fitting, which can be avoided using known regularization methods. We show how regularized portfolio optimization with the expected shortfall as a risk measure is related to support vector regression. The budget constraint dictates a modification. We present the resulting optimization problem and discuss the solution. The L2 norm of the weight vector is used as a regularizer, which corresponds to a diversification 'pressure'. This means that diversification, besides counteracting downward fluctuations in some assets by upward fluctuations in others, is also crucial because it improves the stability of the solution. The approach we provide here allows for the simultaneous treatment of optimization and diversification in one framework that enables the investor to trade off between the two, depending on the size of the available dataset.
An excellent demonstration of how meaningful and valuable conferences devoted to the topic of project and portfolio management in the pharmaceutical industry can be, was given at an event organized in Barcelona, September 2008. Thus, over this 2-day meeting the delegates were updated on the state of the art in this wide-reaching area from speakers representing an array of companies; from small, relatively new players, via mid-sized, to established large and big pharmas. One common theme that emerged was the importance of assessing the value of drug projects as correctly as possible, especially under the current financial climate and the many challenges facing the industry. Furthermore, experiences from constructing portfolios with the aim to minimize risk and maximize return on investment were shared alongside mathematical approaches to obtain the data required for this purpose and accounts of the pleasures and hardships working in a global context and in partnership constellations. Copyright 2009 Prous Science, S.A.U. or its licensors. All rights reserved.
McQuillan, Deirdre; Sharkey Scott, Pamela; Mangematin, Vincent
Traditional theory of firm internationalization assumes all firms are homogeneous in their approach to managing uncertainties and implementing business strategies when internationalizing. A business model portfolio approach articulates a more complex process and suggests that firms adopt a portfolio of business models to balance uncertainties. Combining these two perspectives, this multiple case study research design explores how creative professional service firms (creative PSFs) internation...
This presentation discusses the secondary market for purchase, sale and exchange of licences on the Norwegian Continental Shelf. An efficient secondary market is necessary for the operations on the Shelf to work well. Two examples of major transactions made by Statoil are given, Rubicon and Aasgard. Rubicon is the most comprehensive portfolio operation made on the Norwegian Shelf and probably the largest exchange transaction across national frontiers. Rubicon was undertaken because Statoil wanted to create bigger values in the portfolio by increasing the owner parts in core areas. One effect of Rubicon was its contribution to increasing the extent of the activities in the UK such that there is a basis for achieving Statoil's ambitions for the international core areas, which is that they shall be developed to produce 100.000 barrels of oil equivalents per day within a defined period. Statoil is presently positioned to develop core areas in five regions outside the Norwegian Shelf: the Caspian Sea, Venezuela, Angola, Gulf of Mexico and UK. The Aasgard licence exchange transactions were necessary to achieve a co-ordinated of the relevant licences and balanced owner positions in the fields that were established. The Aasgard field is being developed with a production ship for oil- and condensate production. Production will start in 1998. The gas will be produced from the year 2000, from a floating platform. Finally, there is a discussion of trends in the portfolio market
Juhl, Hans Jørn; Christensen, Michael
Based on an exclusive business-to-business database comprising nearly 1,000 customers, the applicability of portfolio analysis is documented, and it is examined how such an optimization analysis can be used to explore the growth potential of a company. As opposed to any previous analyses, optimal...... customer portfolios are determined, and it is shown how marketing decision-makers can use this information in their marketing strategies to optimize the revenue growth of the company. Finally, our analysis is the first analysis which applies portfolio based methods to measure customer performance......, and it is shown how these performance measures complement the optimization analysis....
containing programs lacking EVM data. Analysis of larger EVM supported portfolios requires significantly more computation (exponential growth ) and...The rule had managers fill their portfolios with technology stocks during a period of rapid technology growth . While this strategy generated...himself points out, “The Rational Man, like the unicorn , does not exist” (Markowitz, 1959). The various investor assumptions presented above break down
Based on the careful analysis of the definition of arbitrage portfolio and its return, the author presents a mean-variance analysis of the return of arbitrage portfolios, which implies that Korkie and Turtle's results ( B. Korkie, H.J. Turtle, A mean-variance analysis of self-financing portfolios, Manage. Sci. 48 (2002) 427-443) are misleading. A practical example is given to show the difference between the arbitrage portfolio frontier and the usual portfolio frontier.
Takano, Y.; Sotirov, R.
We address the multi-period portfolio optimization problem with the constant rebalancing strategy. This problem is formulated as a polynomial optimization problem (POP) by using a mean-variance criterion. In order to solve the POPs of high degree, we develop a cutting-plane algorithm based on
Forte, Marcos; de Souza, Wanderley L; da Silva, Roseli F; do Prado, Antonio F; Rodrigues, Jose F
In nurse and in medicine courses, the use of reflective portfolios as a pedagogical tool is becoming a common practice; in the last years, this practice has gradually migrated from paper-based to electronic-based portfolios. Current approaches for reflective e-portfolios, however, do not widely operate at outdoor sites, where data networks are limited or nonexistent. Considering that many of the activities related to nurse and medicine courses relate to professional practices conducted in such conditions, these network shortcomings restrict the adoption of e-portfolios. The present study describes the requirements specification, design, implementation, and evaluation of the Ubiquitous Reflective E-Portfolio Architecture, a solution proposed to support the development of systems based on mobile and wired access for both online and offline operation. We have implemented a prototype named Professional Practice Module to evaluate the Ubiquitous Reflective E-Portfolio Architecture; the module was based on requirements observed during the professional practice, the paper-based portfolio in use, and related learning meetings in the Medicine Course of a Brazilian University. The evaluation of the system was carried out with a learning group of 2nd year students of the medicine course, who answered to extensive evaluation questionnaires. The prototype proved to be operational in the activities of the professional practice of the Medicine Course object of the study, including homework tasks, patient care, data sharing, and learning meetings. It also demonstrated to be versatile with respect to the availability of the computer network that, many times, was not accessible. Moreover, the students considered the module useful and easy to use, but pointed out difficulties about the keyboard and the display sizes of the netbook devices, and about their operational system. Lastly, most of the students declared preference for the electronic Professional Practice Module in internal
... COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers..., portfolio compression, and swap trading relationship documentation for Swap Dealers and Major Swap...
This dissertation is mainly devoted to the research of two problems - the continuous-time portfolio optimization in different Wishart models and the effects of discrete rebalancing on portfolio wealth distribution and optimal portfolio strategy.
Nielsen, Simon Ellersgaard
’s theory of optimal portfolio selection for wealth maximisingagents. In this paper we present a systematic analysis of the optimal asset allocation in aderivative-free market for the Heston model, the 3/2 model, and a Fong Vasicek type model.Under the assumption that the market price of risk...... market prices, we findonly a very modest improvement in portfolio wealth over the corresponding strategy whichonly trades in bonds and stocks. Optimal Hedge Tracking Portfolios in a Limit Order Book. In this paper we developa control theoretic solution to the manner in which a portfolio manager optimally...... shouldtrack a targeted D, given that he wishes to hedge a short position in European call optionsthe underlying of which is traded in a limit order book. Specifically, we are interested in theinterplay between posting limit and market orders respectively: when should the portfoliomanager do what (and at what...
Širůček, Martin; Křen, Lukáš
ŠIRŮČEK MARTIN, KŘEN LUKÁŠ. 2015. Application of Markowitz Portfolio Theory by Building Optimal Portfolio on the US Stock Market. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(4): 1375–1386. This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT). Derivation based on the Capital Asset Pricing Model (CAPM) is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a po...
techniques that can provide more flexibility and inclusiveness in the decision making process, such as Multi-Criteria Decision Making (MCDM) methods. However, it can be observed that the MCDM literature: 1) is primarily focused on suggesting certain MCDM techniques to specific problems without providing sufficient evidence for their selection, 2) is inadequate in addressing MCDM in E&P portfolio selection and prioritization compared with other fields, and 3) does not address prioritizing brownfields (i.e., developed oilfields). This research study aims at addressing the above drawbacks through combining three MCDM methods (i.e., AHP, PROMETHEE and TOPSIS) into a single decision making tool that can support optimal oilfield portfolio investment decisions by helping determine the share of each oilfield of the total development resources allocated. Selecting these methods is reinforced by a pre-deployment and post-deployment validation framework. In addition, this study proposes a two-dimensional consistency test to verify the output coherence or prioritization stability of the MCDM methods in comparison with an intuitive approach. Nine scenarios representing all possible outcomes of the internal and external consistency tests are further proposed to reach a conclusion. The methodology is applied to a case study of six major oilfields in Iraq to generate percentage shares of each oilfield of a total production target that is in line with Iraq's aspiration to increase oil production. However, the methodology is intended to be applicable to other E&P portfolio investment prioritization scenarios by taking the specific contextual characteristics into consideration.
Chiu, Mei Choi; Pun, Chi Seng; Wong, Hoi Ying
Investors interested in the global financial market must analyze financial securities internationally. Making an optimal global investment decision involves processing a huge amount of data for a high-dimensional portfolio. This article investigates the big data challenges of two mean-variance optimal portfolios: continuous-time precommitment and constant-rebalancing strategies. We show that both optimized portfolios implemented with the traditional sample estimates converge to the worst performing portfolio when the portfolio size becomes large. The crux of the problem is the estimation error accumulated from the huge dimension of stock data. We then propose a linear programming optimal (LPO) portfolio framework, which applies a constrained ℓ 1 minimization to the theoretical optimal control to mitigate the risk associated with the dimensionality issue. The resulting portfolio becomes a sparse portfolio that selects stocks with a data-driven procedure and hence offers a stable mean-variance portfolio in practice. When the number of observations becomes large, the LPO portfolio converges to the oracle optimal portfolio, which is free of estimation error, even though the number of stocks grows faster than the number of observations. Our numerical and empirical studies demonstrate the superiority of the proposed approach. © 2017 Society for Risk Analysis.
By means of this graduation address at the International Institute for Population Sciences (IIPS) in Bombay, the Chancellor of Urdu University voiced his concerns about overpopulation in India. During the speaker's tenure as Health Minister of Maharashtra, he implemented a sterilization incentive program that resulted in the state's having the best family planning (FP) statistics in India for almost 10 years. The incentive program, however, was misused by overenthusiastic officials in other states, with the result that the FP program was renamed the Family Welfare Programme. Population is growing in India because of improvements in health care, but the population education necessary to change fertility will require more time than the seriousness of the population problem allows. In the longterm, poverty and illiteracy must be addressed to control population. In the meanwhile, the graduate program at the IIPS should be expanded to include an undergraduate program, marriage age laws should be enforced, and misconceptions about religious objections to FP must be addressed. India can not afford to use the measures forwarded by developed countries to control population growth. India must integrate population control efforts with the provision of health care because if population continues to grow in the face of reduced infant mortality and longer life expectancy, future generations will be forced to live in a state of poverty and economic degradation.
Douven, W.; Mul, M.L.; Fernandez-Alvarez, B.; Lam Hung, S.; Bakker, N.; Radosevich, G.; Van der Zaag, P.
This paper analyses the design and impact of capacity building programmes aimed at enhancing capacities of riparian professionals to address and resolve transboundary issues in international river basins. The case study is a programme developed by the Mekong River Commission (MRC). A post-training
Hoe, Lam Weng; Siew, Lam Weng
Investors wish to achieve the target rate of return at the minimum level of risk in their investment. Portfolio optimization is an investment strategy that can be used to minimize the portfolio risk and can achieve the target rate of return. The mean-variance model has been proposed in portfolio optimization. The mean-variance model is an optimization model that aims to minimize the portfolio risk which is the portfolio variance. The objective of this study is to construct the optimal portfolio using the mean-variance model. The data of this study consists of weekly returns of 20 component stocks of FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI). The results of this study show that the portfolio composition of the stocks is different. Moreover, investors can get the return at minimum level of risk with the constructed optimal mean-variance portfolio.
Adamchik, Charles F., Jr.
Describes a model for student portfolios that contain goal record sheet, grade record form, test self-evaluation form, chapter summary, and work samples. Includes samples of these items and portfolio conference/assessment guide, and analytic rubrics. (MKR)
... Vol. 77 Tuesday, No. 176 September 11, 2012 Part II Commodity Futures Trading Commission 17 CFR Part 23 Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship... FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC96 Confirmation, Portfolio Reconciliation, Portfolio...
. The research project has partially been carried out at the Massachusetts Institute of Technology (MIT). The results of the dissertation build on research literature and empirical studies. All contributions have been confronted with industrial portfolio management practices or industry professional’s judgement......Product development companies are increasingly confronted with an unforgiving global marketplace, which urges the top management to pursue every product development opportunity that appears on the road. This situation incurs an important question: Which product development opportunities should...... a company choose to pursue in order to maximize the business results? Portfolio management is an essential means to accommodate this paradox. The three major contributions documented in this dissertation are a reference model for portfolio management, and a mindset together with three supporting tools...
Investors often adopt mean-variance efficient portfolios for achieving superior risk-adjusted returns. However, such portfolios are sensitive to estimation errors, which affect portfolio performance. To understand the impact of estimation errors, I develop simple and intuitive formulas of the squared Sharpe ratio that investors should expect from estimated efficient portfolios. The new formulas show that the expected squared Sharpe ratio is a function of the length of the available data, the ...
Hjorth, Anne Charlotte Overgaard; Bruhn, Helle
Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt.......Brugen af portfolio var mangelfuld, men et udviklingsprojekt i samarbejde med den kommunale sygepleje motiverede både sygeplejestuderende og kliniske vejledere til at anvende læringsdelen af portfolio aktivt....
Full Text Available This paper is focused on building investment portfolios by using the Markowitz Portfolio Theory (MPT. Derivation based on the Capital Asset Pricing Model (CAPM is used to calculate the weights of individual securities in portfolios. The calculated portfolios include a portfolio copying the benchmark made using the CAPM model, portfolio with low and high beta coefficients, and a random portfolio. Only stocks were selected for the examined sample from all the asset classes. Stocks in each portfolio are put together according to predefined criteria. All stocks were selected from Dow Jones Industrial Average (DJIA index which serves as a benchmark, too. Portfolios were compared based on their risk and return profiles. The results of this work will provide general recommendations on the optimal approach to choose securities for an investor’s portfolio.
Itani, Kamal M F
The demand for physicians has fluctuated from shortages to oversupply, with reliance on international medical graduates (IMGs) during periods of shortages. Twenty-four percent of the total physician workforce and 20% of general surgeons are IMGs. To address an estimated shortage of 200,000 physicians by 2020 to 2025, a constant and stable supply of IMG physicians, in addition to greater numbers of graduating medical students is needed. General surgery, especially in underserved areas, will be severely affected, and little has been done so far to address this shortage. Over the years, Veteran Affairs hospitals have addressed physician shortages in their facilities by relying on IMGs despite mounting difficulties with visa sponsorship. A sensible solution is presented to address general surgery shortages in the United States while preventing global brain drain.
Eleutério, Samuel; Araújo, Tanya; Vilela Mendes, R.
A geometric analysis of return time series, performed in the past, implied that most of the systematic information in the market is contained in a space of small dimension. Here we have explored subspaces of this space to find out the relative performance of portfolios formed from companies that have the largest projections in each one of the subspaces. As expected, it was found that the best performance portfolios are associated with some of the small eigenvalue subspaces and not to the dominant dimensions. This is found to occur in a systematic fashion over an extended period (1990-2008).
The main goal of the chapter is the presentation of the application project portfolio management approach to support development of e-Municipality and public administration information systems. The models of how people publish and utilize information on the web have been transformed continually. Instead of simply viewing on static web pages, users publish their own content through blogs and photo- and video-sharing slides. Analysed in this chapter, ICT (Information Communication Technology) projects for municipalities cover the mixture of the static web pages, e-Government information systems, and Wikis. So, for the management of the ICT projects' mixtures the portfolio project management approach is proposed.
This is an experience report on automated mass maintenance of a large Cobol software portfolio. A company in the financial services and insurance industry upgraded their database system to a new version, affecting their entire software portfolio. The database system was accessed by the portfolio of
H. Ning (Haikun)
textabstractUnder his own preference, how should an investor coordinate the asset managers such that his aggregated portfolio is optimized? The efficiency of each managed sub portfolio and the aggregation of all the sub portfolios are the 2 main underlying problems considered in this dissertation.
Müller, Heinz H.
This article summarizes some main results in modern portfolio theory. First, the Markowitz approach is presented. Then the capital asset pricing model is derived and its empirical testability is discussed. Afterwards Neumann-Morgenstern utility theory is applied to the portfolio problem. Finally, it is shown how optimal risk allocation in an economy may lead to portfolio insurance
This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment
Poulsen, Bo Klindt; Dimsits, Miriam
of the statements from the students concerning their understanding of ePortfolio processes are fundamentally questions of how to make sense of the ePortfolio tool, both in their professional and personal lives. This calls for a didactical stance with the teachers who use ePortfolios, based on empowerment through...
Bender, Mary, Ed.
The document contains eight lectures addressing a variety of educational trends, issues, and concerns. The objective is to heighten the awareness of educational challenges that must be met and to promote continued professional renewal activities. Lecture I discusses fundamental problems concerning world education, concentrating on hunger and…
Christensen, Michael; Vangsgaard Christensen, Michael; Gamskjaer, Ken
In this article, we investigate whether the application of the mean-variance framework on portfolio manager allocation offers any out-of-sample benefits compared to a naïve strategy of equal weighting. Based on an exclusive data-set of high-net-worth (HNW) investors, we utilize a wide variety...
This paper examines the continuous-time mean-variance optimal portfolio selection problem with random market parameters and random time horizon. Treating this problem as a linearly constrained stochastic linear-quadratic optimal control problem, I explicitly derive the efficient portfolios and efficient frontier in closed forms based on the solutions of two backward stochastic differential equations. Some related issues such as a minimum variance portfolio and a mutual fund theorem are also addressed. All the results are markedly different from those in the problem with deterministic exit time. A key part of my analysis involves proving the global solvability of a stochastic Riccati equation, which is interesting in its own right
Yu, Zhiyong, E-mail: firstname.lastname@example.org [Shandong University, School of Mathematics (China)
This paper examines the continuous-time mean-variance optimal portfolio selection problem with random market parameters and random time horizon. Treating this problem as a linearly constrained stochastic linear-quadratic optimal control problem, I explicitly derive the efficient portfolios and efficient frontier in closed forms based on the solutions of two backward stochastic differential equations. Some related issues such as a minimum variance portfolio and a mutual fund theorem are also addressed. All the results are markedly different from those in the problem with deterministic exit time. A key part of my analysis involves proving the global solvability of a stochastic Riccati equation, which is interesting in its own right.
Chisholm, Carey D; Croskerry, Pat
The Accreditation Council for Graduate Medical Education (ACGME) Practice-Based Learning and Improvement competency incorporates lifelong learning techniques and self-reflection. Resident portfolios have received attention as a useful method for addressing this competency. A recent patient encounter provided an experienced clinical educator with the opportunity to develop a portfolio entry that was distributed to all of the residents and faculty in an emergency medicine residency. This report may assist educators in explaining how one could approach the development of the portfolio as a tool for self-assessment. A candid discussion by a senior faculty member about issues that contributed to medical error has been underreported in the medical literature.
Ek, P.; Wredberg, L.
Full text: Illicit trafficking activities involving nuclear material and equipment are acts of nuclear proliferation. The threat of illicit trafficking is an international concern and the consequences of illicit trafficking, such as war or terrorist attacks using illegally manufactured nuclear weapons, might affect any country. As long as these materials and equipment remain a potential for theft and smuggling due to insufficient security and control conditions, there is a possibility that proliferators or terrorist groups may illegally take possession of such materials and equipment for illicit purposes. A precondition for preventing illicit trafficking is the existence of effective national systems for supervision and control of nuclear material and equipment, including physical protection and export/import control, based on an accurate and complete legislation. In addition thereto, national systems for combating of illicit trafficking, through prevention and detection within a state's territory or across its borders, incorporate such components as: supervision and control of nuclear operations; organisation of operator activities through quality assurance, internal control, security culture, etc.; law enforcement functions (police, intelligence, customs, investigation, prosecution, penalties and sanctions); and procedures for co-ordination and co-operation between supervising and law enforcement authorities. According to a joint Swedish-Norwegian-Latvian study, there are imperfections in many national systems for combating of illicit trafficking, such as: Incomplete legislation on nuclear non-proliferation and safety, physical protection and export/import control; Unclear or overlapping responsibilities between national supervision and law enforcement authorities, leading to poor co-operation and co-ordination of preventing and detecting measures; Incomplete rules and regulations concerning operator functions and responsibilities, including requirements on
Demétrio, C G B
Here we discuss the building of statistical knowledge, mainly in developing countries. We highlight some words from Past IBS Presidents and IBS actions that show the role of IBS in education with an emphasis on developing countries. Some examples show that international exchanges are a well-known way of improving the quality of teaching, learning and research and stress the point that individual initiatives are very important (and fruitful) for education, but we should encourage some more general actions. © 2013, The International Biometric Society.
Full Text Available Characterizing the preferences of a decision maker in a multicriteria decision is a complex task that becomes even harder if the information available is limited. This paper addresses a particular case of project portfolio selection; in this case, the measures of project impacts are not assumed, and the available information is only projects’ ranking and costs. Usually, resource allocation follows the ranking priorities until they are depleted. This action leads to a feasible solution, but not necessarily to a good portfolio. In this paper, a good portfolio is found by solving a multiobjective problem. To effectively address such dimensionality, the decision maker’s preferences in the form of a fuzzy relational system are incorporated in an ant-colony algorithm. The Region of Interest is approached by solving a surrogate triobjective problem. The results show that the reduction of the dimensionality supports the decision maker in choosing the best portfolio.
Braunstein-Minkove, Jessica R.; DeLuca, Jaime R.
Academic programs must constantly evolve in order to ensure that students are best prepared for success in internships and subsequent post-collegiate endeavors within the dynamic, rapidly changing sport industry. Based upon qualitative research, this work assesses and recommends areas of development in sport management curricula using internal and…
Cargill, Margaret; O'Connor, Patrick; Li, Yongyan
As is the worldwide trend, scientists in China face strong and increasing pressure to publish their research in international peer-reviewed journals written in English. There is an acute need for graduate students to develop the required language skills alongside their scientific expertise, in spite of the distinct division currently existing…
Caro, Daniel H.; Kyriakides, Leonidas; Televantou, Ioulia
Omitted prior achievement bias is pervasive in international assessment studies and precludes causal inference. For example, reported negative associations between student-oriented teaching strategies and student performance are against expectations and might actually reflect omitted prior achievement bias. Namely, that these teaching strategies…
Major oil companies sell gasoline through three channels of trade: branded (associated with long-term contracts), unbranded (associated with short-term contracts), and spot market. The branded channel provides them with a long-term secured and sustainable demand source, but requires an inflexible long-term commitment with demand and price risks. The unbranded channel provides a medium level of allocation flexibility. The spot market provides them with the greatest allocation flexibility to the changing market conditions, but the spot market's illiquidity mitigates this benefit. In order to sell the product in a profitable and sustainable way, they need an optimal contract portfolio. This dissertation addresses the contract portfolio optimization problem from different perspectives (retrospective view and forward-looking view) at different levels (strategic level, tactical level and operational level). The objective of the retrospective operational model is to develop a financial case to estimate the business value of having a dynamic optimization model and quantify the opportunity values missed in the past. This model proves the financial significance of the problem and provides top management valuable insights into the business. BP has applied the insights and principles gained from this work and implemented the model to the entire Midwest gasoline supply chain to retrospectively review optimization opportunities. The strategic model is the most parsimonious model that captures the essential economic tradeoffs among different contract types, to demonstrate the need for a contract portfolio and what drives the portfolio. We examine the properties of the optimal contract portfolio and provide a comparative statics analysis by changing the model parameters. As the strategic model encapsulates the business problem at the macroscopic level, the tactical model resolves lower level issues. It considers the time dynamics, the information flow and contracting flow. Using
The presence of outliers in financial asset returns is a frequently occurring phenomenon which may lead to unreliable mean-variance optimized portfolios. This fact is due to the unbounded influence that outliers can have on the mean returns and covariance estimators that are inputs in the optimization procedure. In this paper we present robust estimators of mean and covariance matrix obtained by minimizing an empirical version of a pseudodistance between the assumed model and the true model underlying the data. We prove and discuss theoretical properties of these estimators, such as affine equivariance, B-robustness, asymptotic normality and asymptotic relative efficiency. These estimators can be easily used in place of the classical estimators, thereby providing robust optimized portfolios. A Monte Carlo simulation study and applications to real data show the advantages of the proposed approach. We study both in-sample and out-of-sample performance of the proposed robust portfolios comparing them with some other portfolios known in literature. PMID:26468948
Koijen, R.S.J.; Nijman, T.E.; Werker, B.J.M.
We study the optimal consumption and portfolio choice problem over an individual's life-cycle taking into account annuity risk at retirement. Optimally, the investor allocates wealth at retirement to nominal, inflation-linked, and variable annuities and conditions this choice on the state of the
... conservatorship. One commenter suggested strategies for reengineering the nation's mortgage finance system. In... necessary reforms for the housing finance system or to the question of what form the Enterprises will take... FEDERAL HOUSING FINANCE AGENCY 12 CFR Part 1252 RIN 2590-AA22 Portfolio Holdings AGENCY: Federal...
Wever, R.; Boks, C.B.; Bakker, C.A.
On both a strategic level and a product level a lot is known on how to integrate sustainability aspects. On the intermediate level of product portfolio management this is not true. Here the strategic sustainability goals of a company need to be translated into products. A company wanting to innovate
A company seek to improve the understanding of the organization’s approach to portfolio management and the inherited activities and work patterns. In addition, the company wants to obtain a better picture of challenges within the area as well as concrete suggestions for improvement. The objectives...
Castaldi, Carolina; Milakovic, Mishael
We examine several subsets of the wealthiest individuals in the US and the UK that are compiled by Forbes Magazine and the Sunday Times. Since these are named subsets, we can calculate the returns to wealth portfolios, and calibrate a statistical equilibrium model of wealth distribution that
van Keulen, H.
Utrecht University, a large and fairly traditional (but highly successful) research university in The Netherlands, embraced the concept of personal development and planning portfolios in the aftermath of the Bologna agreements. Five-year HE programmes without much freedom or choice were changed into
Alessie, R.J.M.; Hochgürtel, S.; van Soest, A.H.O.
We describe and analyse the portfolio structure of Dutch households using micro panel data from the CentER Savings Survey, 1993-1998.The data allows for a distinction between many types of assets.Moreover, we have information on mortgage debt, consumer debt, etc.We analyse the composition of
Tan, Choon Peng; Kuang, Kee Seng; Lee, Yap Jia
The universal portfolio is an important investment strategy in a stock market where no stochastic model is assumed for the stock prices. The zero-gradient set of the objective function estimating the next-day portfolio which contains the reverse Kullback-Leibler order-alpha divergence is considered. From the zero-gradient set, the explicit, reverse Helmbold universal portfolio is obtained. The performance of the explicit, reverse Helmbold universal portfolio is studied by running them on some stock-price data sets from the local stock exchange. It is possible to increase the wealth of the investor by using these portfolios in investment.
Full Text Available Portfolio management based on mean-variance portfolio optimization is subject to different sources of uncertainty. In addition to those related to the quality of parameter estimates used in the optimization process, investors face a portfolio implementation risk. The potential temporary discrepancy between target and present portfolios, caused by trading strategies, may expose investors to undesired risks. This study proposes an evolutionary multiobjective optimization algorithm aiming at regions with solutions more tolerant to these deviations and, therefore, more reliable. The proposed approach incorporates a user’s preference and seeks a fine-grained approximation of the most relevant efficient region. The computational experiments performed in this study are based on a cardinality-constrained problem with investment limits for eight broad-category indexes and 15 years of data. The obtained results show the ability of the proposed approach to address the robustness issue and to support decision making by providing a preferred part of the efficient set. The results reveal that the obtained solutions also exhibit a higher tolerance to prediction errors in asset returns and variance–covariance matrix.
This conference creates a good opportunity to discuss the relevant issues relating to the environmental remediation of radioactively contaminated sites. It follows on from the environmental remediation conference that took place 10 years ago in Arlington, USA, and will allow discussion of the achievements, the successes, the failures and the lessons learned, as well as the new challenges that have emerged since that time. The conference will also provide a forum for discussions on: financing mechanisms and support for the international or multilateral organization of environmental remediation programmes; regulatory and safety issues; mature and innovative technologies; life cycle planning; and non-technical issues in environmental remediation. As a result, it is expected that the conference will encourage and assist the establishment of different partnerships, reveal synergies that can help in the full implementation of environmental remediation projects and provide a forum for improved coordination among the international organizations that support environmental remediation programmes, especially in this region. Finally, the conference will allow the IAEA to collect ideas for its programme and for the assistance it gives to its Member States
O'Brien, Celia Laird; Thomas, John X; Green, Marianne M
Medical educators struggle to find effective ways to assess essential competencies such as communication, professionalism, and teamwork. Portfolio-based assessment provides one method of addressing this problem by allowing faculty reviewers to judge performance, as based on a longitudinal record of student behavior. At the Feinberg School of Medicine, the portfolio system measures behavioral competence using multiple assessments collected over time. This study examines whether a preclerkship portfolio review is a valid method of identifying problematic student behavior affecting later performance in clerkships. The authors divided students into two groups based on a summative preclerkship portfolio review in 2014: students who had concerning behavior in one or more competencies and students progressing satisfactorily. They compared how students in these groups later performed on two clerkship outcomes as of October 2015: final grades in required clerkships, and performance on a clerkship clinical composite score. They used Mann-Whitney tests and multiple linear regression to examine the relationship between portfolio review results and clerkship outcomes. They used USMLE Step 1 to control for knowledge acquisition. Students with concerning behavior preclerkship received significantly lower clerkship grades than students progressing satisfactorily (P = .002). They also scored significantly lower on the clinical composite score (P portfolio review can identify behaviors that impact clerkship performance. A comprehensive portfolio system is a valid way to measure behavioral competencies.
Locatelli, Giorgio; Mancini, Mauro
Despite the growing interest in Small Medium sized Power Plants (SMPP) international literature provides only studies related to portfolios of large plants in infinite markets/grids with no particular attention given to base load SMPP. This paper aims to fill this gap, investigating the attractiveness of SMPP portfolios respect to large power plant portfolios. The analysis includes nuclear, coal and combined cycle gas turbines (CCGT) of different plant sizes. The Mean Variance Portfolio theory (MVP) is used to define the best portfolio according to Internal Rate of Return (IRR) and Levelised Unit Electricity Cost (LUEC) considering the life cycle costs of each power plant, Carbon Tax, Electricity Price and grid dimension. The results show how large plants are the best option for large grids, while SMPP are as competitive as large plants in small grids. In fact, in order to achieve the highest profitability with the lowest risk it is necessary to build several types of different plants and, in case of small grids, this is possible only with SMPP. A further result is the application of the framework to European OECD countries and the United States assessing their portfolios. - Highlights: ► The literature about power plant portfolios does not consider small grids and IRR. ► We evaluated Base load portfolios respect to IRR and LUEC. ► We assessed the influence of grid and plant size, CO 2 cost and Electricity Price. ► Large plants are optimal for large markets even if small plants have similar IRR. ► Small plants are suitable to diversify portfolios in small grids reducing the risk.
In his talk about Verification Challenges Dr. Mohamed ElBaradei, Director General of the IAEA, welcomed the participants of the Symposium on International Safeguards. He stated that safeguards is probably the most difficult task entrusted to an international organization and that a major increase in nuclear energy around the globe is expected which means that nuclear know-how is spread to more and more countries and can be applied to both peaceful purposes and also non-peaceful purposes. More and more countries want to go in for the nuclear fuel cycle including sensitive fuel cycle activities like enrichment and reprocessing, they become so-called 'virtual nuclear weapons States. There is the need to develop a new international or multinational approach to the fuel cycle so as to avoid ending up with not just nine nuclear weapon States but another 20 or 30 States which have the capacity to develop nuclear weapons in a very short span of time. He stressed the important linkage between disarmament and non-proliferation and remembered the audience that safeguards, although very much a technical activity, operates in a politically charged environment. The IAEA's job is to make sure that countries with comprehensive safeguards are conducting all their activities exclusively for peaceful purposes. The ability to discover possible undeclared activities is a key challenge the IAEA is facing. He mentioned that the IAEA does not get all the information they would need, for example the IAEA does not get systematic information from the Nuclear Suppliers Group on exports and imports. Without the Additional Protocol the IAEA is also hampered in its ability to detect undeclared activities, e.g in the R and D activities that do not directly involve nuclear material. Another key issue are financial resources. Transparency measures in certain situations are under considerations including interviewing people, having access to documents, things that are not strictly required by the
Galema, Rients; Lensink, Robert; Spierdijk, Laura
International commercial banks, institutional investors, and private investors have become increasingly interested in financing microfinance institutions (MFIs). This paper investigates whether adding microfinance funds to a portfolio of risky international assets yields diversification gains. By
Galema, R.; Lensink, B.W.; Spierdijk, L.
International commercial banks, institutional investors, and private investors have become increasingly interested in financing microfinance institutions (MFIs). This paper investigates whether adding microfinance funds to a portfolio of risky international assets yields diversification gains. By
What are the determinants and economic consequences of cross-border asset positions? I develop a new quantitative portfolio choice model and apply it to emerging market international finance. The model allows for partial default and accommodates trade in a rich set of assets. The latter means I am able to draw distinctions both between debt and equity finance and between gross and net debt. The main contribution is in developing portfolio choice techniques to analyze capital flows and default...
Good evening and thank you - Director Spradling, members of the faculty, alumni, family and friends of this graduating class, and especially the graduates of the American International School Vienna Class of 2003. Let me begin by thanking you for the invitation to share this important occasion with you. In my work, I frequently speak with diplomats and statesmen about how we can make our world a better place for 'future generations' - but I don't often get an opportunity like this one: to speak directly to you - the generation that holds the future in its hands. And I feel particularly fortunate to be speaking to such an international graduating class. As an Egyptian educated in the US, working in Vienna, with my children living in London, and an entire career devoted to international co-operation, I can tell you that I consider myself primarily a global citizen. And for me, thinking globally is now almost a must. This is because the world we live in has become highly interdependent. Many aspects of our modern life - Internet communication, the global marketplace, global warming, even the fights against disease and terrorism - point to the fact that the human race has entered a new era - a global era - and there is no turning back. To members of your generation, this might not seem like news. To your parents, the Internet feels like a new way of life (in fact - speaking for your parents, or perhaps your grandparents, we can still remember when television was a new and awesome thing) - but to you, global interaction and communication is a natural part of life. In fact, you especially are well equipped for this interdependent world - because the development of a global perspective is an essential feature of your educational environment here at the American International School. So you are 'ahead of the curve' in this regard. Yes, you are Brazilian, you are Indian, you are Iranian, you are Austrian, you are Japanese - you are one of the fifty nationalities that make
Full Text Available We estimate the long-run relationships among NAFTA capital market returns and then calculate the weights of a “time-varying minimum variance portfolio” that includes the Canadian, Mexican, and USA capital markets between March 2007 and March 2009, a period of intense turbulence in international markets. Our results suggest that the behavior of NAFTA market investors is not consistent with that of a theoretical “risk-averse” agent during periods of high uncertainty and may be either considered as irrational or attributed to a possible “home country bias”. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.
I evaluate the effect of loyalty on individuals' portfolio choice using a unique dataset of retirement contributions. I exploit the statutory difference that, in 401(k) plans, stand-alone employees can invest directly in their division, while conglomerate employees must invest in the entire firm, including all unrelated divisions. Consistent with loyalty, employees of stand-alone firms invest 10 percentage points (75%) more in company stock than conglomerate employees. Support is also found u...
Liu, Min; Wu, Felix F.
In a competitive electricity market, Generation companies (Gencos) face price risk and delivery risk that affect their profitability. Risk management is an important and essential part in the Genco's decision making. In this paper, risk management through diversification is considered. The problem of energy allocation between spot markets and bilateral contracts is formulated as a general portfolio optimization problem with a risk-free asset and n risky assets. Historical data of the PJM electricity market are used to demonstrate the approach. (author)
Palacios, Alejandro; Giraldo, Marcela; Quintero, O. L.
This paper focuses on the study of an optimal portfolio in the Colombian Energy Market using the Artificial Intelligence techniques specifically, Fuzzy Modeling and Neural Networks. The methodology at first, is implemented using the Matlab Fuzzy Logic Toolbox and with the help of a script the process is automatized. Secondly, a Neural Network is implemented in Matlab and its results are compared with the ones obtained in the Matlab Neural Network Toolbox. The results of the Fuzzy model and th...
Bølviken, Erik; Henriksen, Pål Nicolai
A numerical strategy for solving low-dimensional Bellman equations through the traditional backwards recursion is formulated. A simple error analysis suggests that the approach handles many multi-period portfolio selection problems, and a number of examples confirm this experimentally. Minimum downside risk procedures are studied and it is demonstrated how multi-period efficient frontiers can be calculated for such criteria. A closing example examines the impact of heavy-tailed distributions ...
Bakker, S.; Van der Vooren, A.
In this viewpoint paper we challenge the portfolio perspective that envisions a future in which a wide variety of automotive powertrains and fuels will co-exist. We argue that this perspective is driven by normative ideas and rhetoric and that it is more likely that a very limited set of rather similar technologies will survive as successors to the fossil fuel powered internal combustion engine. Economies of scale of core components and the necessary build-up of infrastructures will eventuall...
Romuladus E. Azuine, DrPH, RN
Full Text Available One year after the birth of the International Journal of MCH and AIDS (IJMA, we continue to share the passion to document, and shine the light on the myriads of global health issues that debilitate developing countries.Although the focus of IJMA is on the social determinants of health and disease as well as on the disparities in the burden of communicable and non-communicable diseases affecting infants, children, women, adults, and families in developing countries, we would like to encourage our fellow researchers and policy makers in both the developing and developed countries to consider submitting work that examines cross-national variations in heath and social inequalities.Such a global focus allows us to identify and understand social, structural, developmental, and health policy determinants underlying health inequalities between nations.Global assessment of health and socioeconomic patterns reaffirms the role of broader societal-level factors such as human development, gender inequality, gross national product, income inequality, and healthcare infrastructure as the fundamental determinants of health inequalities between nations.This is also confirmed by our analysis of the WHO data that shows a strong negative association between levels of human development and infant and maternal mortality rates.Focusing on socioeconomic, demographic, and geographical inequalities within a developing country, on the other hand, should give us a sense of how big the problem of health inequity is within its own borders.Such an assessment, then, could lead to development of policy solutions to tackle health inequalities that are unique to that country.
Martins, Anabela Correia
The International Classification of Functioning, Disability and Health (ICF) was approved by the World Health Assembly in 2001. Ten years later, strong arguments have arisen regarding the added value of ICF to the policies on employment and the outcomes at the workplace. As a conceptual framework, ICF has universality because of its inclusive and comprehensive view of human functioning. At a practical level ICF can be used to quantify the impact of impairment on an individual's ability to act in his/her environment and to assess interventions to minimize the impact of disability and maximize functioning. To explore key indicators of social participation (life habits) of persons with disabilities, particularly related to work, among environmental and personal factors. Data were collected by self-administered questionnaires from a convenience sample of 149 working-age persons with disabilities. Social participation is a construct composed by multiple components and employment domain is the strongest indicator of participation. Correlations between social participation and personal factors, such as self-efficacy and attitudes towards disability were moderate. Those who are employed scored higher quality of life in terms of satisfaction with life, more positive attitudes toward disabilities and higher self-efficacy than the ones who are retired or unemployed. Persons using adapted wheelchair and those who were involved in wheelchair selection scored higher in social participation in general, performance at work, and quality of life. Age and disability duration were not associated with participants' employment status. These findings suggest that rehabilitation and vocational agents, like physiotherapists and other professionals, should have knowledge and understanding of the multiple factors that influence persons with disabilities' participation at work. Programs should provide appropriate wheelchairs, skills training, empowerment and problem-solving strategies in
Joshi, P. S.
From jets to cosmos to cosmic censorship P S Joshi Tata Institute of Fundamental Research, Homi Bhabha Road, Colaba, Mumbai 400005, India E-mail: email@example.com 1. Introduction At the outset, I should like to acknowledge that part of the title above, which tries to capture the main flavour of this meeting, and has been borrowed from one of the plenary talks at the conference. When we set out to make the programme for the conference, we thought of beginning with observations on the Universe, but then we certainly wanted to go further and address deeper questions, which were at the very foundations of our inquiry, and understanding on the nature and structure of the Universe. I believe, we succeeded to a good extent, and it is all here for you in the form of these Conference Proceedings, which have been aptly titled as 'Vishwa Mimansa', which could be possibly translated as 'Analysis of the Universe'! It is my great pleasure and privilege to welcome you all to the ICGC-2011 meeting at Goa. The International Conference on Gravitation and Cosmology (ICGC) series of meetings are being organized by the Indian Association for General Relativity and Gravitation (IAGRG), and the first such meeting was planned and conducted in Goa in 1987, with subsequent meetings taking place at a duration of about four years at various locations in India. So, it was thought appropriate to return to Goa to celebrate the 25 years of the ICGC meetings. The recollections from that first meeting have been recorded elsewhere here in these Proceedings. The research and teaching on gravitation and cosmology was initiated quite early in India, by V V Narlikar at the Banares Hindu University, and by N R Sen in Kolkata in the 1930s. In course of time, this activity grew and gained momentum, and in early 1969, at the felicitation held for the 60 years of V V Narlikar at a conference in Ahmedabad, P C Vaidya proposed the formation of the IAGRG society, with V V Narlikar being the first President. This
Gábor, Adrienn; Kondor, I.
In a recent paper Galluccio, Bouchaud and Potters demonstrated that a certain portfolio problem with a nonlinear constraint maps exactly onto finding the ground states of a long-range spin glass, with the concomitant nonuniqueness and instability of the optimal portfolios. Here we put forward geometric arguments that lead to qualitatively similar conclusions, without recourse to the methods of spin glass theory, and give two more examples of portfolio problems with convex nonlinear constraints.
Ritter, Thomas; Andersen, Henrik
The paper develops a three-dimensional portfolio model for business relationships which distinguishes among six different categories. Based on assessments of customer profitability, customer commitment, and growth potential, the positioning of a given customer relationship in the portfolio allows...... managers to determine appropriate customer relationship strategies and appropriate performance indicators. Results from applying the portfolio model are reported and managerial implications and future research are discussed....
Vance, Gillian; Williamson, Alyson; Frearson, Richard; O'Connor, Nicole; Davison, John; Steele, Craig; Burford, Bryan
The trainee-held learning portfolio is integral to the foundation programme in the UK. In the Northern Deanery, portfolio assessment is standardised through the Annual Review of Competence Progression (ARCP) process. In this study we aimed to establish how current trainees evaluate portfolio-based learning and ARCP, and how these attitudes may have changed since the foundation programme was first introduced. Deanery-wide trainee attitudes were surveyed by an electronic questionnaire in 2009 and compared with perceptions recorded during the pilot phase (2004-2005). Many trainees continue to view the e-portfolio negatively. Indeed, significantly fewer trainees in 2009 thought that the e-portfolio was a 'good idea' or a 'worthwhile investment of time' than in 2005. Trainees remain unconvinced about the educational value of the e-portfolio: fewer trainees in 2009 regarded it as a tool that might help focus on training or recognise individual strengths and weaknesses. Issues around unnecessary bureaucracy persist. Current trainees tend to understand how to use the e-portfolio, but many did not know how much, or what evidence to collect. Few supervisors were reported to provide useful guidance on the portfolio. ARCP encouraged portfolio completion but did not give meaningful feedback to drive future learning. Continued support is needed for both trainees and supervisors in portfolio-building skills and in using the e-portfolio as an educational tool. Trainee-tailored feedback is needed to ensure that portfolio-based assessment promotes lifelong, self-directed and reflective learners. © Blackwell Publishing Ltd 2013.
Buraschi, Andrea; Porchia, Paolo; Trojani, Fabio
We develop a new framework for multivariate intertemporal portfolio choice that allows us to derive optimal portfolio implications for economies in which the degree of correlation across industries, countries, or asset classes is stochastic. Optimal portfolios include distinct hedging components against both stochastic volatility and correlation risk. We find that the hedging demand is typically larger than in univariate models, and it includes an economically significant covariance hedging...
Ladies and Gentlemen, It is an honor for me to present my welcome address in the 3rd International Workshop on "State of the Art in Nuclear Cluster Physics"(SOTANCP3), as the president of Kanto Gakuin University. Particularly to those from abroad more than 17 countries, I am very grateful for your participation after long long trips from your home to Yokohama. On the behalf of the Kanto Gakuin University, we certainly welcome your visit to our university and stay in Yokohama. First I would like to introduce Kanto Gakuin University briefly. Kanto Gakuin University, which is called KGU, traces its roots back to the Yokohama Baptist Seminary founded in 1884 in Yamate, Yokohama. The seminary's founder was Albert Arnold Bennett, alumnus of Brown University, who came to Japan from the United States to establish a theological seminary for cultivating and training Japanese missionaries. Now KGU is a major member of the Kanto Gakuin School Corporation, which is composed of two kindergartens, two primary schools, two junior high schools, two senior high schools as well as KGU. In this university, we have eight faculties with graduate school including Humanities, Economics, Law, Sciences and Engineering, Architecture and Environmental Design, Human and Environmental Studies, Nursing, and Law School. Over eleven thousands students are currently learning in our university. By the way, my major is the geotechnical engineering, and I belong to the faculty of Sciences and Engineering in my university. Prof. T. Yamada, here, is my colleague in the same faculty. I know that the nuclear physics is one of the most active academic fields in the world. In fact, about half of the participants, namely, more than 50 scientists, come from abroad in this conference. Moreover, I know that the nuclear physics is related to not only the other fundamental physics such as the elementary particle physics and astrophysics but also chemistry, medical sciences, medical cares, and radiation metrology
Ghatowar, P S
The Union Deputy Minister of Health and Family Welfare in India addressed the 35th convocation of the International Institute for Population Sciences in Bombay in 1993. Officials in developing countries have been concerned about population growth for more than 30 years and have instituted policies to reduce population growth. In the 1960s, population growth in developing countries was around 2.5%, but today it is about 2%. Despite this decline, the world will have 1 billion more individuals by the year 2001. 95% of these new people will be born in developing countries. India's population size is so great that India does not have the time to wait for development to reduce population growth. Population needs to be viewed as an integrated part of overall development, since it is linked to poverty, illiteracy, environmental damage, gender issues, and reproductive health. Despite a large population size, India has made some important advancements in health and family planning. For example, India has reduced population growth (to 2.14% annually between 1981-1991), infant mortality, and its birth rate. It has increased the contraceptive use rate and life expectancy. Its southern states have been more successful at achieving demographic goals than have the northern states. India needs to implement efforts to improve living conditions, to change attitudes and perceptions about small families and contraception, and to promote family planning acceptance earlier among young couples. Improvement of living conditions is especially important in India, since almost 33% of the people live in poverty. India needs to invest in nutrition, health, and education. The mass media and nongovernmental organizations need to create population awareness and demand for family planning services. Improvement in women's status accelerates fertility decline, as has happened in Kerala State. The government needs to facilitate generation of jobs. Community participation is needed for India to achieve
Ergemen, Yunus Emre; Taamouti, Abderrahim
A parametric portfolio policy function is considered that incorporates common stock volatility dynamics to optimally determine portfolio weights. Reducing dimension of the traditional portfolio selection problem significantly, only a number of policy parameters corresponding to first- and second......-order characteristics are estimated based on a standard method-of-moments technique. The method, allowing for the calculation of portfolio weight and return statistics, is illustrated with an empirical application to 30 U.S. industries to study the economic activity before and after the recent financial crisis....
Zhao, Ziping; Palomar, Daniel P.
This paper considers the mean-reverting portfolio design problem arising from statistical arbitrage in the financial markets. We first propose a general problem formulation aimed at finding a portfolio of underlying component assets by optimizing a mean-reversion criterion characterizing the mean-reversion strength, taking into consideration the variance of the portfolio and an investment budget constraint. Then several specific problems are considered based on the general formulation, and efficient algorithms are proposed. Numerical results on both synthetic and market data show that our proposed mean-reverting portfolio design methods can generate consistent profits and outperform the traditional design methods and the benchmark methods in the literature.
Full Text Available n this paper, we provide a description of a CSLP research project that looked at portfolio use within a middle school, the web-based e-portfolio software we have developed within the context of the Quebec educational system, our plans for further development of the tool, and our research plans related to the use of portfolios to support learning. Our aim is to combine research evidence on portfolio use with practical feedback from the field in an attempt to develop easy-to-use, powerful software designed to support active self-regulated student learning in schools.
Rossi, Pier Giuseppe; Magnoler, Patrizia; Giannandrea, Lorella
Purpose: An e-portfolio is a useful tool to increase reflection and awareness in teachers and students. However, benefits of e-portfolio use are weakened by difficulties due to the lack of motivation, the heavy weight of creation and revision of the e-portfolios, the rigid tool structure. The paper aims to answer these emerging issues, showing how…
.... Portfolio compression allows for a reduction in outstanding trade count and outstanding gross notional value... resolving these disputes. Specifically, portfolio reconciliation is a post-execution processing and risk... portfolio reconciliation. In order for the marketplace to realize the full risk reduction benefits of...
Wu, Gang; Wei, Yi-Ming; Fan, Ying; Liu, Lan-Cui
This paper quantifies the diversification index of China's crude oil imports during the period 1996-2004, and explores the relationship between the monthly prices and Brent crude oil cash prices. Accordingly, we calculate the systematic and specific risks using portfolio theory of China's crude oil import over the period 1996-2004. Because China's crude oil import increased rapidly since 1996, we improve upon the traditional portfolio theory and develop a risk index model of portfolio theory for crude oil imports in order to explore objectively the changes in China's crude oil import risks. The results show that China's crude oil import risk is affected extensively by the fluctuation of international oil prices. So the traditional portfolio theory is insufficient to measure China's crude oil import risk. The improved portfolio theory risks index model reflects the effect of international oil prices, diversification, imports, and geopolitics factors etc., on crude oil import risk, and changes in crude oil import risk. Therefore, the risk index model of portfolio theory provides greater theoretical and methodological robustness as an indicator of China's crude oil import security than that offered from the application of traditional measures of dependence. (author)
Full Text Available Antti Jekunen Vaasa Oncology Clinic, Vaasa, Finland Abstract: Decision-making is a core function of any drug development firm. Developing drugs demands a firm to be highly innovative, while at the same time the activity is strictly regulated. Successful drug development offers the right to apply for a long-term patent that confers exclusive marketing rights. This article addresses the issue of what constitutes an adequate portfolio of drugs for a drug development firm and how it might be managed successfully. The paper investigates decision-making in the industry and specifically in the development of oncology drugs from various perspectives: the need for decisions, their timing, decision-making at the project level, the optimal portfolio, tools for portfolio analysis, the evaluation of patents, and finally the importance of the drug portfolio. Drug development decisions as important organizational elements should get more emphasis, and decisions in drug portfolio using modern decision-making methods should be used more widely than what currently happens. Structured, informed decisions would help avoiding late terminations of drugs in Phase III development. An improved research and development pipeline and drug portfolio management are the major elements in the general strategy targeting success. Keywords: decision-making, drug development, clinical oncology, product management, pipeline, portfolio, portfolio analysis, company organization
Walls, Helen L; Ooms, Gorik
Addressing the increasingly globalised determinants of many important problems affecting human health is a complex task requiring collective action. We suggest that part of the solution to addressing intractable global health issues indeed lies with the role of new legal instruments in the form of globally binding treaties, as described in the recent article of Nikogosian and Kickbusch. However, in addition to the use of international law to develop new treaties, another part of the solution may lie in innovative use of existing legal instruments. A 2015 court ruling in The Hague, which ordered the Dutch government to cut greenhouse gas emissions by at least 25% within five years, complements this perspective, suggesting a way forward for addressing global health problems that critically involves civil society and innovative use of existing domestic legal instruments. © 2017 The Author(s); Published by Kerman University of Medical Sciences. This is an open-access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Serhii D. Bushuiev
Full Text Available The current state of project management has been steadily demonstrating a trend toward increasing the role of flexible "soft" management practices. A method for preparing solutions for the formation of a value-oriented portfolio based on a comparison of the level of internal organizational values is proposed. The method formalizes the methodological foundations of value-oriented portfolio management in the development of organizations in the form of approaches, basic terms and technological methods with ICT using, which makes it possible to use them as an integral knowledge system for creating an automated system for managing portfolios of organizations. The result of the study is the deepening of the theoretical provisions for managing the development of organizations through the implementation of a value-oriented portfolio of projects, which allowed formalize the method of recording value memes in the development portfolios of organizations, to disclose its logic, essence, objective basis and rules.
Full text: It is an honour for me to make this opening address on behalf of the European Commission which has cooperated with the International Atomic Energy Agency in organizing this Conference, and in particular on behalf of Hans Forsstroem from the Directorate-General, Research, who will arrive only later this week. Protection of the environment is, and will continue to be, an important consideration in the development and application of soundly based radiation protection standards. Current standards rest largely on the premise that, in protecting man, the environment is afforded an adequate level of protection. While this premise is broadly accepted by the radiation protection profession, it has come under increasing challenge in recent years. This challenge has not arisen because of any observable damage to the environment while operating within current standards. Rather, it has different origins including: - The robustness of the premise that protection of man affords protection of the environment, in particular the extent to which it is based on value judgements as opposed to rigorous scientific argument; - The more explicit inclusion of protection of the environment into national legislation on radiation protection and the need to demonstrate compliance; - A desire to achieve greater comparability between radiation and other pollutants. These trends were recognized by the Commission in the late 1990s and, as a result, the topic of protection of the environment was included as an important element of the European Union's 5th Research Framework Programme. Community support has been given to the FASSET project about which we will hear much during this Conference. This multinational project is providing much of the scientific basis underpinning and informing ongoing discussions on the development of a system of protection for the environment. Much, however, remains to be done to establish a well conceived and practicable system for protection of the environment
Garleanu, Nicolae; Heje Pedersen, Lasse
We show how portfolio choice can be modeled in continuous time with transitory and persistent transaction costs, multiple assets, multiple signals predicting returns, and general signal dynamics. The objective function is derived from the limit of discrete-time models with endogenous transaction...... costs due to optimal dealer behavior. We solve the model explicitly and the intuitive solution is also the limit of the solutions of the corresponding discrete-time models. We show how the optimal high-frequency trading strategy depends on the nature of the trading costs, which in turn depend on dealers...
Full Text Available We consider a one-period portfolio optimization problem under model uncertainty. For this purpose, we introduce a measure of model risk. We derive analytical results for this measure of model risk in the mean-variance problem assuming we have observations drawn from a normal variance mixture model. This model allows for heavy tails, tail dependence and leptokurtosis of marginals. The results show that mean-variance optimization is seriously compromised by model uncertainty, in particular, for non-Gaussian data and small sample sizes. To mitigate these shortcomings, we propose a method to adjust the sample covariance matrix in order to reduce model risk.
James Banks; Tanner, Tanner
This paper presents a detailed analysis of the composition of household portfolios, using both aggregate and micro-data. Among the key findings are that: Most household wealth is held in the form of housing and pensions. Over time, there has been a shift away from housing towards financial assets, driven largely by the growth in life and pension funds. Liquid financial wealth (excluding life and pension funds) is not predominantly held in risky form. By far the most commonly held asset is an ...
Access information on EPA's efforts to address ozone layer depletion through regulations, collaborations with stakeholders, international treaties, partnerships with the private sector, and enforcement actions under Title VI of the Clean Air Act.
Bhargava, Puneet; Patel, Vatsal B; Iyer, Ramesh S; Moshiri, Mariam; Robinson, Tracy J; Lall, Chandana; Heller, Matthew T
The academic portfolio has become an integral part of the promotions process. Creating and maintaining an academic portfolio in paper-based or web-based formats can be a cumbersome and time-consuming task. In this article, we describe an alternative way to efficiently organize an academic portfolio using a reference manager software, and discuss some of the afforded advantages. The reference manager software Papers (Mekentosj, Amsterdam, The Netherlands) was used to create an academic portfolio. The article outlines the key steps in creating and maintaining a digital academic portfolio. Using reference manager software (Papers), we created an academic portfolio that allows the user to digitally organize clinical, teaching, and research accomplishments in an indexed library enabling efficient updating, rapid retrieval, and easy sharing. To our knowledge, this is the first digital portfolio of its kind.
Aug 12, 2016 ... Communities' land and land use need to be fairly valuated for them to receive equitable compensation and a fair share of benefits and risks in land deals. Researchers in some projects are using “participatory valuation” processes with communities to help them appraise their lands' value and strengthening ...
Full Text Available accessibility extension that can be used by people with disabilities to view and navigate web contents, as well as by developers to check the use of structural and styling markup, is the Mozilla/Firefox Accessibility Extension (Accessibility... distribution of information. The Web provides access to information through documents (which can contain text, images and other multi-media formats) as a system of navigable links. The documents are typically presented to the user through a...
Astrup Jensen, Bjarne; Marekwica, Marcel
We analytically solve the portfolio choice problem in the presence of wash sale constraints in a two-period model with one risky asset. Our results show that wash sale constraints can heavily affect portfolio choice of investors with unrealized losses. The trading behavior of such investors...
A.B. Berkelaar (Arjan); R.R.P. Kouwenberg (Roy)
textabstractProspect theory and loss aversion play a dominant role in behavioral finance. In this paper we derive closed-form solutions for optimal portfolio choice under loss aversion. When confronted with gains a loss averse investor behaves similar to a portfolio insurer. When confronted with
Oosterbaan, Anne E.; van der Schaaf, Marieke F.; Baartman, Liesbeth K. J.; Stokking, Karel M.
This study aims to explore the relationship between the occurrence of reflection (and non-reflection) and thinking activities (e.g., orientating, selecting, analysing) during portfolio-based conversations. Analysis of 21 transcripts of portfolio-based conversations revealed that 20% of the segments were made up of reflection (content reflection…
portfolios in the development of students' reflective and critical thinking ... techniques' and 'plan learning needs' emerged while analysing the portfolio ..... Critical incidents. • Educational activities. • Programme objectives. • Response or solutions to issues. • Competencies achieved. • Self growth (e.g. leadership, embracing.
Borodachev, S. M.; Medvedev, M. A.
The theory of efficient portfolios developed by Markowitz is used to optimize the structure of the types of financial operations of a bank (bank portfolio) in order to increase the profit and reduce the risk. The focus of this paper is to check the stability of the model to errors in the original data.
Kraft, Holger; Munk, Claus; Weiss, Farina
In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors who are able to take advantage of all sources of predictability with unskilled...
Cho, Woo Je
This dissertation consists of three chapters. The primary objectives of this dissertation are: (1) to provide a methodological framework of IT (Information Technology) portfolio management, and (2) to identify the effect of IT synergy on IT portfolio selection of a firm. The first chapter presents a methodological framework for IT project…
Henscheid, Jean M.; Brown, Gary; Gordon, Aifang; Chen, Helen L.
The Association for Authentic, Experiential, and Evidence-Based Learning (AAEEBL) annual ePortfolio survey focuses on understanding ePortfolio practitioners' teaching beliefs and practices. The action research reported here extends that survey research to a population of emerging educators (i.e., graduate students in education). In addition to…
Within a delegated portfolio management setting, this paper presents a case study of how the manager selection process can be operationalized in practice. Investors have to pursue a thorough screening of potential portfolio managers in order to discover their quality, and this paper discusses how...... such a screening process can be performed—represented by a case study....
Solar Energy Technologies Office
The 2014 SunShot Initiative Portfolio Book outlines the progress towards the goals outlined in the SunShot Vision Study. Contents include overviews of each of SunShot’s five subprogram areas, as well as a description of every active project in the SunShot’s project portfolio as of May 2014.
N. Hyung (Namwon); C.G. de Vries (Casper)
textabstractRisk managers use portfolios to diversify away the un-priced risk of individual securities. In this paper we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case fat tailed distributed returns. The downside risk of a
Stéphane Mussard; Virginie Terraza
The aim of this paper is to provide an application of the Shapley Value to decompose financial portfolio risk. Decomposing the sample covariance risk measure yields relative measures, which enable securities of a portfolio to be classified according to risk scales.
Thomas A. Edison State Coll., Trenton, NJ.
This handbook gives the adult student information to complete portfolios that are designed to help adult students earn college credits for outside experience. Portfolio assessment is a flexible and efficient way to earn college credit. Nearly any area of learning can be converted into credits as long as it is taught at a regionally accredited…
Cheung, C Ronny
For healthcare professionals, the educational portfolio is the most widely used component of lifelong learning - a vital aspect of modern medical practice. When used effectively, portfolios provide evidence of continuous learning and promote reflective practice. But traditional portfolio models are in danger of becoming outmoded, in the face of changing expectations of healthcare provider competences today. Portfolios in health care have generally focused on competencies in clinical skills. However, many other domains of professional development, such as professionalism and leadership skills, are increasingly important for doctors and health care professionals, and must be addressed in amassing evidence for training and revalidation. There is a need for modern health care learning portfolios to reflect this sea change. A new model for categorising the health care portfolios of professionals is proposed. The ECLIPPx model is based on personal practice, and divides the evidence of ongoing professional learning into four categories: educational development; clinical practice; leadership, innovation and professionalism; and personal experience. The ECLIPPx model offers a new approach for personal reflection and longitudinal learning, one that gives flexibility to the user whilst simultaneously encompassing the many relatively new areas of competence and expertise that are now required of a modern doctor. © Blackwell Publishing Ltd 2011.
Charwand, Mansour; Gitizadeh, Mohsen; Siano, Pierluigi
This paper addresses the deciding under uncertainty of an electricity retailer in order to maximise its total expected rate of return. The developed methodology is based on the modelling of the stochastic evolution of zonal prices that seeks to manage a portfolio of different contracts. Retailer's load and the price at each zone are forecasted using the seasonal autoregressive integrated moving average (SARIMA) model and a clustering technique is used for scenario reduction. Supply sources include the pool, self-production facilities, forward and bilateral contracts. The risk of cost fluctuation due to uncertainties is explicitly modelled using the multi-scenario drawdown methodology. This risk function quantifies in aggregated format the frequency and magnitude of the portfolio drawdowns over planning horizon. In-sample and out-of-sample runs are performed for a portfolio allocation problem. Carried out experimental results on the basis of realistic data, show that imposing risk constraints improve the “real” performance of a portfolio management in out-of-sample runs. - Highlights: • A new drawdown-based method is introduced to retailer deciding under uncertainty. • This tool is used to assess the risk levels regarding retailer midterm strategies. • The methodology is based on the modeling of the stochastic evolution of zonal prices. • The risk function quantifies the frequency and magnitude of the portfolio drawdowns. • In-sample and out-of-sample runs are performed for a portfolio allocation problem.
Murphy, John E; Airey, Tatum C; Bisso, Andrea M; Slack, Marion K
To evaluate pharmacy students' perceived benefits of the portfolio process and to gather suggestions for improving the process. A questionnaire was designed and administered to 250 first-, second-, and third-year pharmacy students at the University of Arizona College of Pharmacy. Although the objectives of the portfolio process were for students to understand the expected outcomes, understand the impact of extracurricular activities on attaining competencies, identify what should be learned, identify their strengths and weaknesses, and modify their approach to learning, overall students perceived the portfolio process as having less than moderate benefit. First-year students wanted more examples of portfolios while second- and third-year students suggested that more time with their advisor would be beneficial. The portfolio process will continue to be refined and efforts made to improve students' perceptions of the process as it is intended to develop the self-assessments skills they will need to improve their knowledge and professional skills throughout their pharmacy careers.
Full Text Available This paper studies the optimal mortgage choice of an investor in a simple bond market with a stochastic interest rate and access to term life insurance. The study is based on advances in stochastic control theory, which provides analytical solutions to portfolio problems with a stochastic interest rate. We derive the optimal portfolio of a mortgagor in a simple framework and formulate stylized versions of mortgage products offered in the market today. This allows us to analyze the optimal investment strategy in terms of optimal mortgage choice. We conclude that certain extreme investors optimally choose either a traditional fixed rate mortgage or an adjustable rate mortgage, while investors with moderate risk aversion and income prefer a mix of the two. By matching specific investor characteristics to existing mortgage products, our study provides a better understanding of the complex and yet restricted mortgage choice faced by many household investors. In addition, the simple analytical framework enables a detailed analysis of how changes to market, income and preference parameters affect the optimal mortgage choice.
Lee, Y. E.; Ha, J. T.; Chang, H. S.; Kam, S. C.; Ryu, Y. H.
As the new entrants in the global nuclear construction market are increasing and the establishment of an effective and sustainable regulatory infrastructure becomes more important, they have requested international assistance from the international nuclear communities with mature nuclear regulatory programmes. It needs to optimize the use of limited resources from regulatory organization providing support to regulatory infrastructure of new comers. This paper suggests the resource portfolio concept like a GE/Mckinsey Matrix used in business management and tries to apply it to the current needs considered in the regulatory support program in Korea as the case study
Douven, W.; Mul, M. L.; Fernández-Álvarez, B.; Hung, S. Lam; Bakker, N.; Radosevich, G.; van der Zaag, P.
This paper analyses the design and impact of capacity building programmes aimed at enhancing capacities of riparian professionals to address and resolve transboundary issues in international river basins. The case study is a programme developed by the Mekong River Commission (MRC). A post-training evaluation was applied to assess its impact in terms of individual capacity enhancement and change (use and application of knowledge, factors hampering application, and change in function and opportunities within the organisation). The design of the Capacity Building Programme of the MRC Flood Management and Mitigation Programme required a well balanced range of subjects (such as IWRM (integrated water resources management), model and decision support systems, and international water law). The post-training evaluation, 6 months after the last training workshop, showed an increase in familiarity with the topics for all 37 respondents, with the highest increase for the respondents with few years of working experience and from training and education institutions. The relevance of the subjects taught was highlighted by 95% of the respondents, and 78% of the participants had already used some of the acquired knowledge in their job. The respondents indicated that they did not have sufficient opportunities to apply all knowledge. The phased implementation and training of lecturers during the training workshops had a good impact, directly through increasing involvement in facilitation and delivery of the capacity building programme and through the use of the knowledge gained in short courses and development of curricula at their institute. For these types of capacity building programmes, a few recommendations can be made. The selection of participants is crucial for the application of the learned knowledge in their work. The integrative nature of transboundary water issues calls for a capacity building programme addressing a wide range of subjects, which can be understood by a
to the Environment crisis'. Much of the formal work in the development of environmental education was spearheaded by international agencies such as the United Nations Educational,. Scientific and Cultural Organisation (UNESCO) and the United Nations Environment. Programme (UNEP) internationally. This formal work ...
Ancel, Ersin; Shih, Ann T.
NASA's Aviation Safety Program (AvSP) develops and advances methodologies and technologies to improve air transportation safety. The Safety Analysis and Integration Team (SAIT) conducts a safety technology portfolio assessment (PA) to analyze the program content, to examine the benefits and risks of products with respect to program goals, and to support programmatic decision making. The PA process includes systematic identification of current and future safety risks as well as tracking several quantitative and qualitative metrics to ensure the program goals are addressing prominent safety risks accurately and effectively. One of the metrics within the PA process involves using quantitative aviation safety models to gauge the impact of the safety products. This paper demonstrates the role of aviation safety modeling by providing model outputs and evaluating a sample of portfolio elements using the Flightdeck Automation Problems (FLAP) model. The model enables not only ranking of the quantitative relative risk reduction impact of all portfolio elements, but also highlighting the areas with high potential impact via sensitivity and gap analyses in support of the program office. Although the model outputs are preliminary and products are notional, the process shown in this paper is essential to a comprehensive PA of NASA's safety products in the current program and future programs/projects.
Li, Philip Kam-Tao; Lui, Sing Leung; Ng, Jack Kit-Chung; Cai, Guan Yan; Chan, Christopher T; Chen, Hung Chun; Cheung, Alfred K; Choi, Koon Shing; Choong, Hui Lin; Fan, Stanley L; Ong, Loke Meng; Yu, Linda Wai Ling; Yu, Xue Qing
To address the issue of heavy dialysis burden due to the rising prevalence of end-stage renal disease around the world, a roundtable discussion on the sustainability of managing dialysis burden around the world was held in Hong Kong during the First International Congress of Chinese Nephrologists in December 2015. The roundtable discussion was attended by experts from Hong Kong, China, Canada, England, Malaysia, Singapore, Taiwan and United States. Potential solutions to cope with the heavy burden on dialysis include the prevention and retardation of the progression of CKD; wider use of home-based dialysis therapy, particularly PD; promotion of kidney transplantation; and the use of renal palliative care service. © 2017 Asian Pacific Society of Nephrology.
Curmei Catalin Valeriu
Full Text Available In recent decades we have witnessed an unseen dynamism among companies, which is explained by their desire to engage in more activities that provide a high level of development and diversification. Thus, as companies are diversifying more and more, their managers confront a number of challenges arising from the management of resources for the product portfolio and the low level of resources with which companies can identify, at a time. Responding to these challenges, over time were developed a series of analytical product portfolio methods through which managers can balance the sources of cash flows from the multiple products and also can identify the place and role of products, in strategic terms, within the product portfolio. In order to identify these methods the authors of the present paper have conducted a desk research in order to analyze the strategic marketing and management literature of the last 2 decades. Widely were studied a series of methods that are presented in the marketing and management literature as the main instruments used within the product portfolio strategic planning process. Among these methods we focused on the Arthur D. Little matrix. Thus the present paper has the purpose to outline the characteristics and strategic implications of the ADL matrix within a company’s product portfolio. After conducting this analysis we have found that restricting the product portfolio analysis to the A.D.L. matrix is not a very wise decision. The A.D.L. matrix among with other marketing tools of product portfolio analysis have some advantages and disadvantages and is trying to provide, at a time, a specific diagnosis of a company’s product portfolio. Therefore, the recommendation for the Romanian managers consists in a combined use of a wide range of tools and techniques for product portfolio analysis. This leads to a better understanding of the whole mix of product markets, included in portfolio analysis, the strategic position
Rassin, M; Silner, D; Ehrenfeld, M
In this paper, we will demonstrate the importance of the departmental portfolio; suggest an execution plan, and present initial impressions from a pilot project of developing the concept of a departmental portfolio. The portfolio is well known in the field of nursing and so far has been used by individuals mainly as a personal tool in furthering one's professional career. In this paper, we will suggest that expanding the use of a portfolio will be also beneficial at a collective level, by creating a departmental portfolio. The main objective of the departmental portfolio is to further the educational and professional development of the department members, by using it as an educating, evaluating, and administrative tool. We argue that a departmental portfolio should consist of several chapters: a professional presentation of the department, including its nursing world view; the work related to the development of the staff and education in service; information that coordinates actions designed to further the nursing treatment for patients, and information that depicts the achievements of the department in fields such as service, education, research, and publication.
... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Enterprise portfolio holding criteria. 1252.1 Section 1252.1 Banks and Banking FEDERAL HOUSING FINANCE AGENCY ENTERPRISES PORTFOLIO HOLDINGS § 1252.1 Enterprise portfolio holding criteria. The Enterprises are required to comply with the portfolio holdings...
Chen, Gwo-Dong; Liu, Chen-Chung; Ou, Kuo-Liang; Lin, Ming-Song
Describes how to design a Web portfolio system that teachers can use in learning assessment. Evaluation of the Web portfolio system by students indicates that the applied technologies help students control their learning processes through developing portfolios. Students also believe Web portfolios serve as an effective communication channel and…
Tan, Choon Peng; Pang, Sook Theng
An upper bound for the ratio of wealths of the best constant -rebalanced portfolio to that of the multinomial universal portfolio is derived. The finite- order multinomial universal portfolios can reduce the implementation time and computer-memory requirements for computation. The improved performance of the finite-order portfolios on some selected local stock-price data sets is observed.
Edgerton, Russell; And Others
This report argues a case for the use of professional teaching portfolios by educators in higher education, advances a point of view about portfolio issues, and offers examples of portfolio entries. A work-sample-plus-reflection model is presented as a guide for what might be included in a portfolio and why it might be used at a particular campus.…
... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Risk portfolios defined. 702.104 Section 702.104 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS PROMPT CORRECTIVE ACTION Net Worth Classification § 702.104 Risk portfolios defined. A risk portfolio is a portfolio...
Killingland, Arild [Statoil, Stavanger (Norway)
This presentation discusses the secondary market for purchase, sale and exchange of licences on the Norwegian Continental Shelf. An efficient secondary market is necessary for the operations on the Shelf to work well. Two examples of major transactions made by Statoil are given, Rubicon and Aasgard. Rubicon is the most comprehensive portfolio operation made on the Norwegian Shelf and probably the largest exchange transaction across national frontiers. Rubicon was undertaken because Statoil wanted to create bigger values in the portfolio by increasing the owner parts in core areas. One effect of Rubicon was its contribution to increasing the extent of the activities in the UK such that there is a basis for achieving Statoil`s ambitions for the international core areas, which is that they shall be developed to produce 100.000 barrels of oil equivalents per day within a defined period. Statoil is presently positioned to develop core areas in five regions outside the Norwegian Shelf: the Caspian Sea, Venezuela, Angola, Gulf of Mexico and UK. The Aasgard licence exchange transactions were necessary to achieve a co-ordinated of the relevant licences and balanced owner positions in the fields that were established. The Aasgard field is being developed with a production ship for oil- and condensate production. Production will start in 1998. The gas will be produced from the year 2000, from a floating platform. Finally, there is a discussion of trends in the portfolio market
Full Text Available Diversification is a method by which we can successfully reduce total risk of created portfolio to the level of market risk, or even lower, depending on which model of diversification investor chooses. At the same time, this was the aim of this reseach - to prove that with properly developed and implemented diversification, portfolio risk can be reduced to the level of systematic risk. Analysing the different examples through this research, that was proven, primarily through the basic hypothesis, in the case od American company IBM and stock index S & P 500. Through the refutation of 1st derivated hypothesis - that diversification across industries can provide advantage over the simple diversification, it was concluded that even with a selection of securities of different sectors of indurstry, systematic risk can not be avoided. In favor of diversification speaks 2nd derivated hypothesis, by which is confirmed that the international diversification is the model of diversification which is the best proved in practice and which largely reduces the risk of created portfolio, even the level of systematic risk can be reduced thanks to investing in securities on the capital markets of different countries.
Full Text Available The study presents a cost effective electricity generation portfolio for six island states for a 20-year period (2015–2035. The underlying concept investigates whether adding sizeable power capacities of renewable energy sources (RES options could decrease the overall costs and contribute to a more sustainable, indigenous electricity generation at the same time. Often, island states rely on fossil fuels which, apart from dependence on foreign resources, also includes an additional, significant transport cost. This is an extra motive to study the extent in which island states represent primary locations for RES technologies. For the aims of the present study an optimization model has been developed and following numerous runs the obtained results show that installing PV and battery capacities can delay-reduce the huge investments in fossil options in early periods. Thus, investment on RES can have a positive, long-term effect on the overall energy mix. This prompt development can happen without adding new subsidies but there is a need to address the existing socio-economic barriers with intelligent design of financing and economic instruments and capacity building as discussed in the conclusions.
Your Excellency. Honoured Guests. Members of the Association. It is my duty and pleasure to thank H.E. Lij. Endalkatchew Makonnen for the fine address with which he has opened this First National Conference of the EAEA. He has pointedly reminded us that though. Engineers and Architects play a key role, develop-.
Hansen, Lars Kristian; Svejvig, Per
the last five years. Utilizing the theoretical lens proposed by Svejvig and Andersen (2015), we apply two complementary analytical perspectives to classify and analyze the stocks. One perspective, denoted as classical project management (CPM), highlights key characteristics of conventional research......Encouraged by resents years’ increased interest in project portfolio management (PPM), this paper conducts a review of two stocks of highly regarded publications on PPM — one stock representing most cited publications of all years, and the second representing the most cited publications from....... A second perspective, denoted as rethinking project management (RPM), highlights characteristics of progressive research. Not surprisingly, characteristics from CPM are very dominant in the stock of most cited publications of all years — instrumentality and controllability in particular. In the newest...
Qvortrup, Ane; Keiding, Tina Bering
Over the last two decades, the education system has witnessed a shift from summative, product-oriented assessment towards formative, process-oriented assessment. Among the different learning and assessment initiatives introduced in the slipstream of this paradigmatic turn, the portfolio seems...... on systems theory, the paper adopts a how-perspective: How does the portfolio re-describe learning? How does it scaffold and organise communication? One conclusion is that systems theory allows us to re-describe the portfolio as a teaching technology, which, by scaffolding both reflection and reflexivity...
Full Text Available The article discusses the features of the technological audit performing in the companies of oil and gas sector of Russian economy. To measure the innovations quality level the scale was developed based on the Theory of Inventive Problem Solving and the theory of technological structures. Figures of the innovations quantity by levels, volume and quality of the innovative portfolio are offered for assessment the innovative portfolio quality. The method was tested on an example of oil and gas transporting enterprises. The results of the comparative analysis of innovative portfolio are shown.
Aslanidis, Nektarios; Casas, Isabel
This article proposes time-varying nonparametric and semiparametric estimators of the conditional cross-correlation matrix in the context of portfolio allocation. Simulations results show that the nonparametric and semiparametric models are best in DGPs with substantial variability or structural...... breaks in correlations. Only when correlations are constant does the parametric DCC model deliver the best outcome. The methodologies are illustrated by evaluating two interesting portfolios. The first portfolio consists of the equity sector SPDRs and the S&P 500, while the second one contains major...
Chatterjee, Samrat; Hora, Stephen C; Rosoff, Heather
Layered defenses are necessary for protecting the public from terrorist attacks. Designing a system of such defensive measures requires consideration of the interaction of these countermeasures. In this article, we present an analysis of a layered security system within the lower Manhattan area. It shows how portfolios of security measures can be evaluated through portfolio decision analysis. Consideration is given to the total benefits and costs of the system. Portfolio diagrams are created that help communicate alternatives among stakeholders who have differing views on the tradeoffs between security and economic activity. © 2014 Society for Risk Analysis.
The classical portfolio optimization problem does not assume asymmetric behavior of relationship among asset returns. The existence of asymmetric response in correlation on the bad news could be important information in portfolio optimization. The paper applies Dynamic conditional correlation model (DCC) and his asymmetric version (ADCC) to propose asymmetric behavior of conditional correlation. We analyse asymmetric correlation among S&P index, bonds index and spot gold price before mortgage crisis in 2008. We evaluate forecast ability of the models during and after mortgage crisis and demonstrate the impact of asymmetric correlation on the reduction of portfolio variance.
Strategic management of LLNL's research effort is addressed. A general framework is established by presenting the McKinsey/BCG Matrix Analysis as it applies to the research portfolio. The framework is used to establish the need for the diversification into new attractive areas of research and for the improvement of the market position of existing research in those attractive areas. With the need for such diversification established, attention is turned to optimizing it. There are limited resources available. It is concluded that LLNL should diversify into only a few areas and try to obtain full market share as soon as possible
Full Text Available In the context of Constraint Programming, a portfolio approach exploits the complementary strengths of a portfolio of different constraint solvers. The goal is to predict and run the best solver(s of the portfolio for solving a new, unseen problem. In this work we reproduce, simulate, and evaluate the performance of different portfolio approaches on extensive benchmarks of Constraint Satisfaction Problems. Empirical results clearly show the benefits of portfolio solvers in terms of both solved instances and solving time.
Johnson, Michael; Malcolm, Bill; O'Connor, Ian
Investment in agribusiness assets has grown significantly in recent years. The question of interest is whether including agribusiness assets in investment portfolios provide benefits. The effects of diversification by including agribusiness assets in two investment portfolios, a mixed asset portfolio and a diversified share portfolio was investigated using Markowitzâ€™s (1952) Modern Portfolio Theory (MPT) of mean-variance optimization. To measure the performance of agribusiness assets, an in...
This short talk was the opening remarks to the attendees at this conference, presented by the Scientific Secretary, IWG-LMNPP, of the IAEA. This meeting is an effort to aid research on problems related to the general area of nuclear plant aging and life management. In particular it addresses fracture properties of reactor materials and components, both as installed, and at end of service condition. A major concern is relating measurements made on laboratory samples to properties displayed by actual reactor components
Mihret, Dessalegn Getie; Abayadeera, Nadana; Watty, Kim; McKay, Jade
While teaching auditing using cases is regarded as an effective approach, spatial separation of students and teachers in online contexts can restrict the application of case teaching. This study examines an undergraduate auditing course implemented to address this challenge by integrating case teaching with ePortfolio assessment. Students' written…
Pettijohn, James B.; Ragan, Gay A.; Ragan, Kent P.
Describes an Internet-based project to familiarize students with online investment analysis and stock portfolio management. Outlines a process for writing learning outcomes that address three levels of cognition: knowledge/comprehension, application/analysis, and synthesis/evaluation. (SK)
... of a Portfolio Concern affects the Licensee and the Portfolio Concern. 107.760 Section 107.760... § 107.760 How a change in size or activity of a Portfolio Concern affects the Licensee and the Portfolio Concern. (a) Effect on Licensee of a change in size of a Portfolio Concern. If a Portfolio Concern no...
Валентина Михайловна Андриенко
Full Text Available The article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in B/S-market modelThe article deals with problems of the theory and methods of forming the optimal portfolio of financial markets. The analytical review of methods in their historical development is given. Recommendations on the use of a particular method depends on the specific conditions are formulated. The classical and alternative methods are considered. The main attention is paid to the analysis of the investment portfolio of derivative securities in -market model
Ioana Ancuţa IANCU
Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.
Department of Housing and Urban Development — Multifamily Portfolio datasets (section 8 contracts) - The information has been compiled from multiple data sources within FHA or its contractors. HUD oversees more...
Full Text Available We investigate a continuous-time version of the mean-variance portfolio selection model with jumps under regime switching. The portfolio selection is proposed and analyzed for a market consisting of one bank account and multiple stocks. The random regime switching is assumed to be independent of the underlying Brownian motion and jump processes. A Markov chain modulated diffusion formulation is employed to model the problem.
Christoffersen, Peter; Pan, Xuhui (Nick)
We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....
Diao, Linan; Rieskamp, Jörg
How do people make investment decisions when they receive outcome feedback? We examined how well the standard mean-variance model and two reinforcement models predict people's portfolio decisions. The basic reinforcement model predicts a learning process that relies solely on the portfolio's overall return, whereas the proposed extended reinforcement model also takes the risk and covariance of the investments into account. The experimental results illustrate that people reacted sensitively to...
C.G. Koedijk (Kees); M.A. van Dijk (Mathijs)
textabstractInternational financial markets are becoming integrated. Hence, global risk factor are increasingly important for portfolio selection and asset pricing. The recent empirical finance literature has confirmed that both the global market portfolio and exchange rate risk factors constitute
Good morning ladies and gentlemen. I am truly honored to be your keynote speaker at the first International Oil Spill R ampersand D Forum. This Forum is cosponsored by the Coast Guard, on behalf of the OPA 90 Interagency Coordinating Committee on Oil Spill Research, and the International Maritime Organization. The fact that IMO is jointly sponsoring the Forum truly reflects the global nature of our concerns for the marine environment. I was asked to speak to you today because of my purview over the entire Coast Guard R ampersand D Program, a significant portion of which is oil spill related. Our environmental awareness was renewed on March 24, 1990 when the tankship Exxon Valdez ran aground on Bligh Reef in Prince William Sound, Alaska, and caused the largest vessel related oil spill in U.S. history. During the next 15 months there were three other large oil spills that threatened the U.S. shorelines. The U.S. flag tank vessel American Trader suffered a three foot diameter hole in a cargo tank near Huntington Beach California; the Mega Borg, a Norwegian flag tank vessel, exploded and caught fire off the coast of Texas in the Gulf of Mexico; and the Greek flag tanker World Prodigy ran aground in Narragensett Bay near Rhode Island. Each spill presented a unique set of challenges to our response operations. Despite intense response and cleanup actions, which included excellent international cooperation for the Exxon Valdez spill, it was apparent that existing world-wide catastrophic spill response capabilities could easily be exceeded and that there was no international mechanism which promoted and facilitated cooperations
Reed, P. M.; Kasprzyk, J.; Characklis, G.; Kirsch, B.
This study explores the uncertainty and tradeoffs associated with up to six conflicting water supply portfolio planning objectives. A ten-year Monte Carlo simulation model is used to evaluate water supply portfolios blending permanent rights, adaptive options contracts, and spot leases for a single city in the Lower Rio Grande Valley. Historical records of reservoir mass balance, lease pricing, and demand serve as the source data for the Monte Carlo simulation. Portfolio planning decisions include the initial volume and annual increases of permanent rights, thresholds for an adaptive options contract, and anticipatory decision rules for purchasing leases and exercising options. Our work distinguishes three cases: (1) permanent rights as the sole source of supply, (2) permanent rights and adaptive options, and (3) a combination of permanent rights, adaptive options, and leases. The problems have been formulated such that cases 1 and 2 are sub-spaces of the six objective formulation used for case 3. Our solution sets provide the tradeoff surfaces between portfolios' expected values for cost, cost variability, reliability, frequency of purchasing permanent rights increases, frequency of using leases, and dropped (or unused) transfers of water. The tradeoff surfaces for the three cases show that options and leases have a dramatic impact on the marginal costs associated with improving the efficiency and reliability of urban water supplies. Moreover, our many-objective analysis permits the discovery of a broad range of high quality portfolio strategies. We differentiate the value of adaptive options versus leases by testing a representative subset of optimal portfolios' abilities to effectively address regional increases in demand during drought periods. These results provide insights into the tradeoffs inherent to a more flexible, portfolio-style approach to urban water resources management, an approach that should become increasingly attractive in an environment of
Full Text Available This article reports on student teachers’ attitude towards technology in education and e-portfolio processes. Attitude is closely related to teachers’ beliefs and the later have been defined as second-order barriers. While an important effort has been made to overcome first-order barrier such as resources, training and support, it cannot be observed that technology has been successfully introduced in education. Therefore, second-order barriers such as attitudes and beliefs are being considered nowadays in order to address the lack of innovative use of technology by teachers. It has been argued that the introduction of technology has to be directed towards the empowerment of cognitive and high-level thinking skills and has to be used based on student-centred approaches. Building e-portfolios and helping students which grow and curate their own Personal Learning Environments (PLE are two approaches to go beyond technology-centered models. E-Portfolios are viewed as part of students’ PLE so social media are used to enhance both e-portfolio processes and students’ PLEs. The research is based on a survey in four groups of students at the local branch in Ibiza of the University of the Balearic Islands. The participants have previously built their e-portfolios with Web 2.0 tools during one semester. Students are asked to document their learning weekly and reflect on the change experienced in the way they think about educational issues. Students are also asked to use new tools and social media services to give evidence of their own learning. The survey is based on a Likert scale so as to be able to analyse the students’ attitude and beliefs towards their e-portfolio and technology in education. The results show that a generally positive attitude is developed by students. Conclusions highlight the slight difference in student teachers’ attitude between technology and specific e-portfolio processes.
Wickham, A.J.; Ojovan, M.; O'Sullivan, P.; )
There exists more than 250.000 tonnes of irradiated (and therefore radioactive) nuclear graphite (i-graphite) in the world, primarily as a result of the development of graphite-moderated power-reactor systems, initially for defence and subsequently for commercial purposes. Only a very small number of such plants have been dismantled and, for most cases, the final destiny of the irradiated graphite remains unresolved. Future high-temperature reactor programmes, such as the Chinese HTR-PM development, will produce more graphite and carbonaceous wastes from both structural components and the fuel pebbles (which are approximately 96% carbonaceous), the latter producing a continuous stream of so-called 'operational waste'. The problem of dismantling irradiated graphite reactor stacks, possibly distorted through neutron damage and in some cases degraded further by radiation-chemical attack by gaseous coolants, and then finding the appropriate treatments and final destiny of the material, has exercised both the European Union and the International Atomic Energy Agency for more than 25 years, seeking to address the different issues and available disposal solutions in different IAEA Member States. An IAEA collaborative research programme on treatment options has recently been completed, and an active group of international specialists in this area has now been established as part of the IAEA International Decommissioning Network under the envelope of Project 'GRAPA' (Irradiated Graphite Processing Approaches), which includes representatives from Belgium, China, France, Germany, India, Italy, Lithuania, Rep. of Korea, Romania, Spain, Switzerland, Ukraine and the Russian Federation with direct responsibilities for various parts of the decommissioning and graphite-disposal process in a variety of reactor designs. Interest has also been expressed by colleagues from Sweden and Japan. Work is in progress on a number of topic areas where weaknesses in the
The supply of energy is the most important problem facing mankind today. Energy is necessary for economic development, and it is in the interests of the industrialized nations to ensure that the developing countries reach their economic potential. The need for the increased use of nuclear power is evident, and the CANDU reactor provides a simple, proven energy source; the 950 MW CANDU has potential applications in both industrialized and third world nations. The Canadian nuclear industry has an important role to play in the world, but must be rationalized in order to compete successfully in the international marketplace
Huo, Xiaoguang; Fu, Feng
Sequential portfolio selection has attracted increasing interest in the machine learning and quantitative finance communities in recent years. As a mathematical framework for reinforcement learning policies, the stochastic multi-armed bandit problem addresses the primary difficulty in sequential decision-making under uncertainty, namely the exploration versus exploitation dilemma, and therefore provides a natural connection to portfolio selection. In this paper, we incorporate risk awareness into the classic multi-armed bandit setting and introduce an algorithm to construct portfolio. Through filtering assets based on the topological structure of the financial market and combining the optimal multi-armed bandit policy with the minimization of a coherent risk measure, we achieve a balance between risk and return.
Raquel Sosa Elízaga
Full Text Available The global sociology currently faces one of its greatest challenges: to contribute to the debate about the most serious problem which all societies have faced in recent years. The rising inequality has led to many initiatives for reflection, discussion and evaluation of public policies in order to combat poverty. Particularly, the fact that the Millennium Goals are supposed to accomplish their significance by 2015 provides the International Sociological Association (ISA the unique opportunity to contribute to those goals through their own analyses and proposals. Over many years, the ISA has promoted the integrated debate of its members on issues related to inequalities: from different perspectives such as education, health, social movements, public policies, gender problems and violence, among others. The overlapping and accumulation of inequalities has been, so to speak, the natural environment from which the ISA can take part in this international debate. This article identifies the work lines approved in the Association Program Committee Meeting held in Mexico in 2011, in the process of theAssociation’s Congress in Yokohama in 2014.
Wuetherick, Brad; Dickinson, John
Over the past decade, there has been an increased exploration of ePortfolios in higher education across disciplines at both the undergraduate and graduate level. ePortfolios have been significantly under-explored, however, in the context of non-traditional continuing education environments within higher education. This paper explores students'…
Gregori-Giralt, Eva; Menéndez-Varela, José Luis
Validity is a central issue in portfolio-based assessment. This empirical study used a quantitative approach to analyse the validity of the inferences drawn from a disciplinary course work portfolio assessment comprising profession-specific and learning competencies. The study also examined the problems involved in the development of the…
Zhu, Lei; Fan, Ying
This paper applies portfolio theory to evaluate China's 2020-medium-term plans for generating technologies and its generating portfolio. With reference to the risk of relevant generating-cost streams, the paper discusses China's future development of efficient (Pareto optimal) generating portfolios that enhance energy security in different scenarios, including CO 2 -emission-constrained scenarios. This research has found that the future adjustment of China's planned 2020 generating portfolio can reduce the portfolio's cost risk through appropriate diversification of generating technologies, but a price will be paid in the form of increased generating cost. In the CO 2 -emission-constrained scenarios, the generating-cost risk of China's planned 2020 portfolio is even greater than that of the 2005 portfolio, but increasing the proportion of nuclear power in the generating portfolio can reduce the cost risk effectively. For renewable-power generation, because of relatively high generating costs, it will be necessary to obtain stronger policy support to promote renewable-power development.
Casey, John; Calverley, Gayle; Greller, Wolfgang; Uhomoibhi, James
Casey, J., Calverley, G., Greller, W., & Uhomoibhi, J. (2010, 26-28 May). e-Portfolios for Learning and Development: without constant internet or electrical grid access. Presentation at the 5th International Conference on ICT for Development, Education, and Training - eLearning Africa, Lusaka,
Public policy responses to climate change are discussed from a global viewpoint. The public policy issue is one of unprecedented scope and complexity, and concerns the interaction of two vast and complex systems: the physical planetary system, and the human economic system. Decision making is required in the face of uncertainty, and scientific knowledge is lagging behind policy issues. Continuing world development is going to drastically change the balance of global population, trade, and economic power. Environmental quality performance requirements should be set with a great deal of attention paid to how they will affect the process of innovation, and must encourage demand for emerging technologies, products and services. Effective solutions can come only from effective international agreement. Governments, citizens and industry must become partners in action, and improved education and communication is required. Science, public policy and social consensus must converge, as climate change is not merely a scientific or technical problem, but is also a social and political problem
Stewart, Sarah M
Midwives are required to maintain a professional portfolio as part of their statutory requirements. Some midwives are using open social networking tools and processes to develop an e-portfolio. However, confidentiality of patient and client data and professional reputation have to be taken into consideration when using online public spaces for reflection. There is little evidence about how midwives use social networking tools for ongoing learning. It is uncertain how reflecting in an e-portfolio with an audience impacts on learning outcomes. This paper investigates ways in which reflective midwifery practice be carried out using e-portfolio in open, social networking platforms using collaborative processes. Using an auto-ethnographic approach I explored my e-portfolio and selected posts that had attracted six or more comments. I used thematic analysis to identify themes within the textual conversations in the posts and responses posted by readers. The analysis identified that my collaborative e-portfolio had four themes: to provide commentary and discuss issues; to reflect and process learning; to seek advice, brainstorm and process ideas for practice, projects and research, and provide evidence of professional development. E-portfolio using open social networking tools and processes is a viable option for midwives because it facilitates collaborative reflection and shared learning. However, my experience shows that concerns about what people think, and client confidentiality does impact on the nature of open reflection and learning outcomes. I conclude this paper with a framework for managing midwifery statutory obligations using online public spaces and social networking tools. Copyright © 2013 Australian College of Midwives. Published by Elsevier Ltd. All rights reserved.
K. Kerimov Alexandr
Full Text Available The article considers the problem of the dynamic risk management of the investment portfolio using future con- tracts. The management starts with the concept of effective inhomogeneous portfolios, which contain futures together with underlying asserts. The effective portfolios are defined as the ones of the minimal dispersion with the expected return greater or equal to the specified value. Risk is measured by the probability of losing of a certain part of the portfolio value. The control parameters are the number of futures for each asset of portfolio, which is defined from the condition of effec- tiveness of portfolio and risk acceptability on each step.The effective adaptive strategies of portfolio risk management together with comparative analysis on a concrete example are presented. The proposed approach provides the forecast correction of the expected income and its variance for the assets with the emergence of new data. The financial time series are determined by volatility clustering, i.e. relative or absolute price changes tend to keep high or low magnitude for some time, with the result that clusters are created - periods of high or low volatility. Then adaptive estimate of correlational relationships between asset prices are essential because the degree of correlational relationship also changes in time. So the correlation of future and spot price changes considerably increases while approaching to performance of contracts. For taking into account of data instability of dispersion and correlation simple methods of volatility forecasting and correlation of relative changes of price data based on exponential smoothing are implemented.
Stressed in this address is the crucial stage of the population boom, peeculiar to developing countries. The phenomenal rise in India's population, over the last 10 years, is particularly emphasized as it may thwart attempts for socioeconnomic development. Population and development are congruent concerns which need to be pursued simultaneously, and family planning must be accorded the highest priority in national efforts. In its attempts to curb its population explosion, India has witnessed significant progress in health and family welfare work in its march towards the goal of health for all. Recently, the focus has been on primary health care with its emphasis on prevention against risk of disease. The key element of the goal of health for all is the provision of primary health care to all, especially those who are poor. The new 20-Point Programme of India pinpoints areas of special thrust which show immediate tangible results in health and family welfare and the increase of primary health care facilities. Family planning is discussed as a people's movement in which the government's role is that of educator in contraceptive methodds so the people can be motivated to choose, on their own, anyone of them. Trained government personnel, service facilities and contraceptive supplies are being promoted for that goal. The energies of all social, political, religious and cultural organizations have to be channelled and utilized in the process of educating the people and making them adopt the small family norm. Graduates are urged to utilize their knowledge in the service of their country.
Full Text Available Securities of Slovene companies are listed at the Ljubljana Stock Exchange. Market capitalisation at the Ljubljana Stock Exchange has been growing since 1996 due to new listings of equities. On the basis of financial data time series for listed equities, the financial investor can calculate a risk for each individual security with a selected risk measure and can determine an optimal portfolio, subject to selected constraints. In this paper, we shall consequently determine an optimal portfolio of equities for the financial investor, investing his assets only in selected equities listed at the Ljubljana Stock Exchange. Selecting an appropriate risk measure is especially important for a commercial bank in a risk management process. Commercial banks can use internal models in the risk management process and for the purpose of capital charges as well. An optimal portfolio will be calculated, using a non-linear mathematical model.
Chen, Moon S.
PURPOSE. This paper is based on the author's keynote address given at the Seventh International Conference on the Health Problems of Chinese in North America. METHODS. The author/speaker reviewed the literature related to Chinese American health problems within the context of the broader demographic and aggregated health data reported on Asian Americans and Pacific Islanders. FINDINGS. In addition to background demographic statistics provided on Chinese Americans, the author/speaker focused on two categories of diseases: (1) communicable diseases; and (2) chronic diseases because of the greater availability of data on these categories. Communicable diseases from which Chinese Americans appear to suffer disproportionally are tuberculosis and hepatitis B. Infection with the hepatitis B virus also makes Chinese Americans much more susceptible to chronic liver diseases including cancer. Chinese also suffer disproportionally more from nasopharyngeal cancer; because of higher than average adult male smoking rates, these men can be expected to suffer disproportionally from a future epidemic of lung cancer cases. Unhealthy acculturation patterns in food consumption point towards changing profiles of cardiovascular morbidity and mortality as well as higher rates of dietary related cancers. OBSERVATIONS. Rather than conclusions, observations of the current health status of Chinese Americans were offered. Four measures that organizations such as the Chinese medical societies and Chinese American health professionals can pursue to advance the health status of Chinese Americans, particularly in the area of heaslth policy, are: (1) voting; (2) collecting data on health status; (3) writing for professional journals; and (4) being active in policy development. KEY WORDS. Chinese Americans; health status; tuberculosis; hepatits B; cancer; diet; acculturation; smoking
Full Text Available The aim of this study is to examine the long-term relationship between each pair of the countries separate from those in the Stock Markets of Fragile Five Countries and determine the optimal portfolio options for each of the BIITS countries according to the pieces of evidence obtained. Thus, the reflection of the concertedness among financial markets to the optimal portfolio options has been studied. Accordingly, long term relationships between each pair of BIITS countries have been investigated with monthly price value between June 2006 and July 2015 by means of Maki Cointegration Test. Optimal portfolio options have been established according to the Markowitz Model considering the long-term relationships between the markets. The pieces of evidence obtained show that lower-risk portfolios than the ones in their own national markets can be established in BIITS countries by applying international diversification
DOE biomass R ampersand D programs have the potential to provide America with both plentiful, clean-burning domestic transportation fuels and cost-competitive industrial and utility fuels, benefiting energy security in the United States. Biofuels developed under our programs will also help improve air quality, reduce greenhouse gases, reduce the large daily quantities of waste we produce, and revitalize rural America. These research motivations have been documented in the National Energy Strategy. DOE looks forward to expanding its biofuels research program and to forging a partnership with private sector for cost-shared commercialization of new fuels and vehicle technologies. Many alternative fuels (e.g., ethanol, methanol, compressed natural gas, propane, or electricity) are candidates for gaining market share. Indeed, there may be significant regional variation in the future fuel mix. Alcohol fuels from biomass, particularly ethanol, have the potential to make a major contribution. Currently, ethanol in the United States is almost entirely made from corn; and the limitations of that process are well known (e.g., costly feedstock, end product requiring subsidy to be competitive, use of fossil fuels in renewable feedstock production and processing, and potential adverse impact of corn ethanol production on the price of food). To address these concerns, the DOE biofuels program is pursuing an ambitious research program to develop the technologies needed to convert these crops into alternative transportation fuels, primarily cellulose-based ethanol and methanol. Program R ampersand D has reduced the estimated cost per gallon of cellulose-based ethanol from $3.60 in 1980 to the current $1.35, with a program goal of $0.60 by the year 2000. DOE is also investigating the thermochemical conversion of biomass to methanol. The program goal is to achieve commercial production of methanol (like ethanol) at the gasoline equivalent of $0.90 per gallon by the year 2000. 4 figs
Gore, M S
In India, data from the decennial censuses have been the catalyst that has led researchers to identify social policy needs and craft programs to lower overall mortality rates, infant mortality rates, and fertility rates. A new demographic phenomenon that is being exposed by the data is the increase in life expectancy that will see large numbers of individuals surviving 15-20 years beyond age 60. This increased life expectancy will lead to an increased old age dependency ratio and will require reexamination of the issue of resources to meet the needs of the elderly. These needs are social and psychological as well as physical. Research is needed to predict the initial consequences of population aging within different states. International comparisons within the Asian region will also foster identification of effective policies. Research is also needed to identify whether longevity is tied to higher educational and socioeconomic status in order to improve life expectancy among low-income groups. Another aspect that requires consideration is that most elderly women will likely survive their husbands. This means that they will be available to care for their husbands but will have to depend upon their children to care for them. The possible demographic diversity in the experience of aging among various states and classes and between the genders may be of special interest to researchers.
Griffiths, Jennifer R; Schindler, Daniel E; Armstrong, Jonathan B; Scheuerell, Mark D; Whited, Diane C; Clark, Robert A; Hilborn, Ray; Holt, Carrie A; Lindley, Steven T; Stanford, Jack A; Volk, Eric C
Quantifying the variability in the delivery of ecosystem services across the landscape can be used to set appropriate management targets, evaluate resilience and target conservation efforts. Ecosystem functions and services may exhibit portfolio-type dynamics, whereby diversity within lower levels promotes stability at more aggregated levels. Portfolio theory provides a framework to characterize the relative performance among ecosystems and the processes that drive differences in performance. We assessed Pacific salmon Oncorhynchus spp. portfolio performance across their native latitudinal range focusing on the reliability of salmon returns as a metric with which to assess the function of salmon ecosystems and their services to humans. We used the Sharpe ratio (e.g. the size of the total salmon return to the portfolio relative to its variability (risk)) to evaluate the performance of Chinook and sockeye salmon portfolios across the west coast of North America. We evaluated the effects on portfolio performance from the variance of and covariance among salmon returns within each portfolio, and the association between portfolio performance and watershed attributes. We found a positive latitudinal trend in the risk-adjusted performance of Chinook and sockeye salmon portfolios that also correlated negatively with anthropogenic impact on watersheds (e.g. dams and land-use change). High-latitude Chinook salmon portfolios were on average 2·5 times more reliable, and their portfolio risk was mainly due to low variance in the individual assets. Sockeye salmon portfolios were also more reliable at higher latitudes, but sources of risk varied among the highest performing portfolios. Synthesis and applications. Portfolio theory provides a straightforward method for characterizing the resilience of salmon ecosystems and their services. Natural variability in portfolio performance among undeveloped watersheds provides a benchmark for restoration efforts. Locally and regionally
Lam, Weng Hoe; Jaaman, Saiful Hafizah Hj.; Isa, Zaidi
Mean and variance of return distributions are two important parameters of the mean-variance model in portfolio optimization. However, the mean-variance model will become inadequate if the returns of assets are not normally distributed. Therefore, higher moments such as skewness and kurtosis cannot be ignored. Risk averse investors prefer portfolios with high skewness and low kurtosis so that the probability of getting negative rates of return will be reduced. The objective of this study is to compare the portfolio compositions as well as performances between the mean-variance model and mean-variance-skewness-kurtosis model by using the polynomial goal programming approach. The results show that the incorporation of skewness and kurtosis will change the optimal portfolio compositions. The mean-variance-skewness-kurtosis model outperforms the mean-variance model because the mean-variance-skewness-kurtosis model takes skewness and kurtosis into consideration. Therefore, the mean-variance-skewness-kurtosis model is more appropriate for the investors of Malaysia in portfolio optimization.
Conditions which experience has proved conducive to mental disturbance considered.—Suggestions as to their treatment.—A weakened inhibition, rather than any positive condition, is probably the most important factor in the production of the exhaustion psycho-neuroses or psychoses. This view is supported by the prophylactic value of giving for prolonged periods small doses of bromide to hypersensitive children or to highly-strung persons exposed to stress or tropical climate, etc.—Pavlov's work on the conditioned reflexes in dogs quoted in support of the author's clinical experience: Pavlov states that bromides should not be regarded as sedatives, diminishing the excitability of the central nervous system, but as simply regulating the nervous system by strengthening the intensity of internal inhibition. This agrees with the author's clinical experience, as small doses of bromide taken regularly over a period of many years do not diminish the mental powers but in fact increase them. Question of sleeplessness considered with regard to the way in which sedatives act. Most of these do not act as so-called “sleeping draughts”; research may ultimately show that their action is to strengthen a weakened inhibition and that sleep is only a secondary benefit.—Value of sedatives before and after surgical operation. Importance of toxæmia in the production of mental disorder; insomnia often precedes a toxic process and permits it to become active. The theory of weakened inhibition explains many problems; e.g., why certain brilliant children or adults break down and why at first there is no interference with their normal mental activity which only becomes involved as sleep and other bodily functions become affected; why a toxæmia may affect the nervous system of certain people; why a breakdown may follow over-stimulation or occur with advancing years; why some persons relapse when certain treatment is discontinued; why treatment should at times be continuous, and why
Boey, Janice Yean Mei
Since the late 1980s, when Australian universities witnessed unprecedented growth in the levels of international student enrolments, there has been extensive scholarship and research examining the international student experience in its various dimensions. The more recent research by educators and policy makers reflects a growing recognition of the diversity in the international student population. The cultural, social, ethnic and linguistic backgrounds of international students have been r...
Full Text Available We investigate minimum variance portfolios in the Brazilian equity market using different methods to estimate the covariance matrix, from the simple model of using the sample covariance to multivariate GARCH models. We compare the performance of the minimum variance portfolios to those of the following benchmarks: (i the IBOVESPA equity index, (ii an equally-weighted portfolio, (iii the maximum Sharpe ratio portfolio and (iv the maximum growth portfolio. Our results show that the minimum variance portfolio has higher returns with lower risk compared to the benchmarks. We also consider long-short 130/30 minimum variance portfolios and obtain similar results. The minimum variance portfolio invests in relatively few stocks with low βs measured with respect to the IBOVESPA index, being easily replicable by individual and institutional investors alike.
Doherty, Iain; Sharma, Neel
While the place of portfolios in medical training is established, there are limits to their use. This article discusses the potential use of digital badges to complement portfolios, as these provide a transparent overview of a learner's level of competence.
Shinzato, Takashi; Yasuda, Muneki
The typical behavior of optimal solutions to portfolio optimization problems with absolute deviation and expected shortfall models using replica analysis was pioneeringly estimated by S. Ciliberti et al. [Eur. Phys. B. 57, 175 (2007)]; however, they have not yet developed an approximate derivation method for finding the optimal portfolio with respect to a given return set. In this study, an approximation algorithm based on belief propagation for the portfolio optimization problem is presented using the Bethe free energy formalism, and the consistency of the numerical experimental results of the proposed algorithm with those of replica analysis is confirmed. Furthermore, the conjecture of H. Konno and H. Yamazaki, that the optimal solutions with the absolute deviation model and with the mean-variance model have the same typical behavior, is verified using replica analysis and the belief propagation algorithm.
Lam, W. S.; Hj. Jaaman, Saiful Hafizah; Ismail, Hamizun bin
Enhanced index tracking is a popular form of passive fund management in stock market. It is a dual-objective optimization problem, a trade-off between maximizing the mean return and minimizing the risk. Enhanced index tracking aims to generate excess return over the return achieved by the index without purchasing all of the stocks that make up the index by establishing an optimal portfolio. The objective of this study is to determine the optimal portfolio composition and performance by using weighted model in enhanced index tracking. Weighted model focuses on the trade-off between the excess return and the risk. The results of this study show that the optimal portfolio for the weighted model is able to outperform the Malaysia market index which is Kuala Lumpur Composite Index because of higher mean return and lower risk without purchasing all the stocks in the market index.
Full Text Available We explore a portfolio constructive model, formulated in terms of satisfaction of a given set of technical requirements, with the minimum number of projects and minimum redundancy. An algorithm issued from robust portfolio modeling is adapted to a vector model, modifying the dominance condition as convenient, in order to find the set of nondominated portfolios, as solutions of a bicriteria integer linear programming problem. In order to improve the former algorithm, a process finding an optimal solution of a monocriteria version of this problem is proposed, which is further used as a first feasible solution aiding to find nondominated solutions more rapidly. Next, a sorting process is applied on the input data or information matrix, which is intended to prune nonfeasible solutions early in the constructive algorithm. Numerical examples show that the optimization and sorting processes both improve computational efficiency of the original algorithm. Their limits are also shown on certain complex instances.
Full Text Available In this paper, a new robust model of multi-period portfolio problem has been developed. One of the key concerns in any asset allocation problem is how to cope with uncertainty about future returns. There are some approaches in the literature for this purpose including stochastic programming and robust optimization. Applying these techniques to multi-period portfolio problem may increase the problem size in a way that the resulting model is intractable. In this paper, a novel approach has been proposed to formulate multi-period portfolio problem as an uncertain linear program assuming that asset return follows the single-index factor model. Robust optimization technique has been also used to solve the problem. In order to evaluate the performance of the proposed model, a numerical example has been applied using simulated data.
Ramli, Suhailywati; Jaaman, Saiful Hafizah
Markowitz in 1952 introduced the mean-variance methodology for the portfolio selection problems. His pioneering research has shaped the portfolio risk-return model and become one of the most important research fields in modern finance. This paper extends the classical Markowitz's mean-variance portfolio selection model applying the fuzzy measure to determine the risk and return. In this paper, we apply the original mean-variance model as a benchmark, fuzzy mean-variance model with fuzzy return and the model with return are modeled by specific types of fuzzy number for comparison. The model with fuzzy approach gives better performance as compared to the mean-variance approach. The numerical examples are included to illustrate these models by employing Malaysian share market data.
Christoffersen, Peter; Pan, Xuhui (Nick)
We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta.......We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...
Bolgorian, Meysam; Shirazi, A. H.; Jafari, G. R.
Asset allocation is one of the most important and also challenging issues in finance. In this paper using level crossing analysis we introduce a new approach for portfolio selection. We introduce a portfolio index that is obtained based on minimizing the waiting time to receive known return and risk values. By the waiting time, we mean time that a special level is observed in average. The advantage of this approach is that the investors are able to set their goals based on gaining return and knowing the average waiting time and risk value at the same time. As an example we use our model for forming portfolio of stocks in Tehran Stock Exchange (TSE).
Garnier, Chantal; Marchand, Claire
The portfolio is a new tool that has been introduced for the setting up of a new program concerning the nurse training. It aims at the would-be nurse to improve their self-reliance and make them assess themselves through a critical and reflexive approach. Indeed, the portfolio is mostly made up of sheets that the student has to fill in when describing and analysing several professional conditions. This study is about the assessment of the relevance in the portfolio that each nurse student owns in order to make them improve their reflexive practical. The work will, thus, suggest different ways of thinking and improving the use of the tool. 30 portfolios were chosen randomly among the 2nd year students, because 180 analysis were assessed thanks to a grid. 10 viewpoints from volunteer students were gathered after several semi directive interviews. The qualitative and evaluative analysis shows that the students develop the reflexive practical throughout their trainings. It seems, indeed, relevant to choose the portfolio in order to help the students to develop this way of working. According to them, there are several positive points such as the distance towards an event, an awareness-raising of the acquisition, feedbacks about the quality of the text by the trainer and an ability to assess oneself. Yet, even though it was created 18 months ago, there are some limits such as the too short period of mentoring and feedback, the lack of time for the students to write their analysis, the fact that it is not a practical tool, and the unclear description of assessment criteria. In order to fulfil the needs, some solutions are to be found. The portfolio is clearly helpful for the students who wish to increase/improve gradually their reflexive practice. Thus, the trainer's role is crucial, when he is a supervisor.
We present a method for constructing the log-optimal portfolio using the well-calibrated forecasts of market values. Dawid's notion of calibration and the Blackwell approachability theorem are used for computing well-calibrated forecasts. We select a portfolio using this "artificial" probability distribution of market values. Our portfolio performs asymptotically at least as well as any stationary portfolio that redistributes the investment at each round using a continuous function of side in...
The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-vari...
Decision-making is a core function of any drug development firm. Developing drugs demands a firm to be highly innovative, while at the same time the activity is strictly regulated. Successful drug development offers the right to apply for a long-term patent that confers exclusive marketing rights. This article addresses the issue of what constitutes an adequate portfolio of drugs for a drug development firm and how it might be managed successfully. The paper investigates decision-making in the industry and specifically in the development of oncology drugs from various perspectives: the need for decisions, their timing, decision-making at the project level, the optimal portfolio, tools for portfolio analysis, the evaluation of patents, and finally the importance of the drug portfolio. Drug development decisions as important organizational elements should get more emphasis, and decisions in drug portfolio using modern decision-making methods should be used more widely than what currently happens. Structured, informed decisions would help avoiding late terminations of drugs in Phase III development. An improved research and development pipeline and drug portfolio management are the major elements in the general strategy targeting success. PMID:25364229
Decision-making is a core function of any drug development firm. Developing drugs demands a firm to be highly innovative, while at the same time the activity is strictly regulated. Successful drug development offers the right to apply for a long-term patent that confers exclusive marketing rights. This article addresses the issue of what constitutes an adequate portfolio of drugs for a drug development firm and how it might be managed successfully. The paper investigates decision-making in the industry and specifically in the development of oncology drugs from various perspectives: the need for decisions, their timing, decision-making at the project level, the optimal portfolio, tools for portfolio analysis, the evaluation of patents, and finally the importance of the drug portfolio. Drug development decisions as important organizational elements should get more emphasis, and decisions in drug portfolio using modern decision-making methods should be used more widely than what currently happens. Structured, informed decisions would help avoiding late terminations of drugs in Phase III development. An improved research and development pipeline and drug portfolio management are the major elements in the general strategy targeting success.
Full Text Available This study explored the perceptions of principals involved in the hiring process of K–12 teachers in 11 counties in southeastern North Carolina. Forty-nine principals responded to a survey on ePortfolio use in the hiring process: the pros and cons, desirable artifacts, stage of use, preferred delivery method, and improvements that can increase their usage. We examined each of these questions and whether certain factors (prior use, technology skills, and years as a hiring agent predict principals’ ePortfolio use. Our findings suggest that ePortfolios provide improved and current information about teacher candidates that is easily accessible and organized. Collectively, this allows principals to assess teacher candidates’ suitability for employment. Although there are problems associated with ePortfolio use during hiring, which are detailed below, the results suggest that principals most frequently use ePortfolios during the interview process, prefer delivery via a website address, and that prior use is the best predictor of future ePortfolio use.
Pandit, Purnima K.
Portfolio Optimization (PO) is a problem in Finance, in which investor tries to maximize return and minimize risk by carefully choosing different assets. Expected return and risk are the most important parameters with regard to optimal portfolios. In the simple form PO can be modeled as quadratic programming problem which can be put into equivalent linear form. PO problems with the fuzzy parameters can be solved as multi-objective fuzzy linear programming problem. In this paper we give the solution to such problems with an illustrative example.
小林, 智芳; 東原, 義訓
For this lesson, the students make shared digital portfolio. The students are given an idea and use it to remake their existing portfolios. We decided to give students pictures of people and animals from all over the world. The students pretend to be the person or animal in their picture and write a basic self-introduction. The students think about where this person lives and what kinds of problems, opinions, and desires this person might have. This forces the students to think more deeply an...
Engel Nielsen, Lars; Mahnke, Volker
Many companies in high technology fields engage with alliance partners to reduce risks, create synergies and learn. While the challenges of managing individual alliances are well documented, little is known on how to manage several R&D alliances simultaneously. Multiple alliance strategies can...... be observed in several companies engaged in the cross section of telecommunication and mobile technology where increased complexity magnifies managerial challenges. Drawing on modern portfolio theory, this paper offers a model for managing portfolios of R&D alliances. In particular, an analysis...
Aleksandr Prutchenkov; Tat'jana Novikova; Мarina Pinskaya
The new goals that are emerging in the course of the modernization of education demand changes in the form and content of pedagogical training. One of the tools for the professional training of an educator, very common now in Western higher education, is the teaching portfolio of a student. It enables the student to efficiently plan and evaluate the process and results of his or her studies. The portfolio is an indicator of the readiness of the future teacher to engage in independent professi...
Chong, James T.; Jennings, William P.; Phillips, G. Michael
This paper illustrates how a third statistic from asset pricing models, the R-squared statistic, may have information that can help in portfolio construction. Using a traditional CAPM model in comparison to an 18-factor Arbitrage Pricing Style Model, a portfolio separation test is conducted. Portfolio returns and risk metrics are compared using…
Wildgaard, Lorna Elizabeth
This document gives guidelines for using the ACUMEN Portfolio to evaluate academic researchers. The ACUMEN Portfolio is a way for Portfolio owners to highlight their achievements and to present themselves in the most positive way. It supplements the traditional CV because it highlights key...
Casault, Sébastien; Groen, Arend J.; Linton, J.D.; Linton, Jonathan; Link, A.N.; Vonortas, N.S.
While portfolios of research are increasingly discussed, a portfolio perspective is infrequently taken when selecting two or more projects. Consequently, this chapter considers the current state of knowledge in project and portfolio selection, identifies why we can and cannot apply knowledge from
Dekker, Hanke; Driessen, Erik; Ter Braak, Edith; Scheele, Fedde; Slaets, Joris; Van Der Molen, Thys; Cohen-Schotanus, Janke
Aim: Mentoring is widely acknowledged as being crucial for portfolio learning. The aim of this study is to examine how mentoring portfolio use has been implemented in undergraduate and postgraduate settings. Method: The results of interviews with six key persons involved in setting up portfolio use
Encourages using a portfolio as a means of tracking and assessing a teacher's strengths and achievements. Explains what a portfolio should include: (1) background information; (2) current statement of teaching philosophy; (3) course syllabi and descriptions; (4) course portfolio; (5) sample assignments and handouts; (6) samples of student work;…
Full Text Available A formula for the conditional value-at-risk of classical portfolio insurance is derived and shown to be constant for sufficiently small loss probabilities. As illustrations, we discuss portfolio insurance for an equity market index using empirical data, and analyze the more general multivariate situation of a portfolio of risky assets.
Bucciol, A.; Miniaci, R.
We exploit the US Survey of Consumer Finances (SCF) from 1998 to 2007 to provide new insights on the evolution of US households’ willingness to undertake portfolio risk. Specifically, we consider four alternative measures of portfolio risk, based on two definitions of portfolio - a narrow one,
An e-portfolio is an organized collection of professional work (artifacts), selected and reflected upon by the author, that represents a person's best efforts. Over time, an e-portfolio will reflect professional changes and growth. This article discusses some of the reasons for a school librarian to create an e-portfolio. Before creating an…
Enhanced index tracking in portfolio optimization with two-stage mixed integer programming model. ... Journal of Fundamental and Applied Sciences ... The optimal portfolio performance of both models are determined and compared in terms of portfolio mean return, tracking error, excess return and information ratio.
Vachon, Brigitte; Foucault, Marie-Lyse; Giguère, Charles-Édouard; Rochette, Annie; Thomas, Aliki; Morel, Martine
The use of ePortfolios has been implemented in several regulatory organizations to encourage clinicians' engagement in continuing professional development (CPD). However, their use has achieved mixed success, and multiple personal and contextual factors can influence their impacts on practice change. The aim of this study was to identify which factors influence the acceptability and perceived impacts of an ePortfolio implemented by an occupational therapy regulatory organization in one Canadian province. A cross-sectional online survey design was used. The survey was sent to registered occupational therapists in Quebec. Multiple regression analyses were conducted to identify factors influencing acceptability and outcomes: ease of use, satisfaction, impact on implementation of the CPD plan, and competence improvement. The survey was fully completed by 546 participants. Factors significantly influencing the ePortfolio acceptability and perceived impacts were attitude toward and familiarity with the portfolio, confidence in reflective skills, engagement in the CPD plan, and desire for feedback. Time spent completing the ePortfolio and the fact of completing it in teams were negatively associated with the outcomes. Shaping more favorable user attitudes, helping users recognize and experience the tool's benefits for their practice, and fostering confidence in their reflective skills are important factors that can be addressed to improve ePortfolio acceptability and outcomes. Contextual factors, such as time spent completing the ePortfolio and completing it in teams, seem to reflect greater difficulty with using the tool. Study findings can contribute to improving ePortfolio implementation in the CPD context.
Full Text Available The paper develops a comprehensive framework for market risk stress testing in internationally active financial institutions. We begin by defining the scope and type of the stress test and explaining how to select risk factors and the stress time horizon. We then address challenges related to data gathering, followed by in-depth discussion of techniques for developing realistic shock scenarios. Next the process of shock application to a particular portfolio is described, followed by determination of portfolio profit and loss. We conclude by briefly discussing the issue of assigning probability to stress scenarios. We illustrate the framework by considering the development of a ‘worst case’ scenario using global financial market data from Thomson Reuters Datastream.
Hall, Pippa; Byszewski, Anna; Sutherland, Stephanie; Stodel, Emma J
The University of Ottawa (uOttawa) Faculty of Medicine in 2008 launched a revised undergraduate medical education (UGME) curriculum that was based on the seven CanMEDS roles (medical expert, communicator, collaborator, health advocate, manager, scholar, and professional) and added an eighth role of person to incorporate the dimension of mindfulness and personal well-being. In this article, the authors describe the development of an electronic Portfolio (ePortfolio) program that enables uOttawa medical students to document their activities and to demonstrate their development of competence in each of the eight roles. The ePortfolio program supports reflective practice, an important component of professional competence, and provides a means for addressing the "hidden curriculum." It is bilingual, mandatory, and spans the four years of UGME. It includes both an online component for students to document their personal development and for student-coach dialogue, as well as twice-yearly, small-group meetings in which students engage in reflective discussions and learn to give and receive feedback.The authors reflect on the challenges they faced in the development and implementation of the ePortfolio program and share the lessons they have learned along the way to a successful and sustainable program. These lessons include switching from a complex information technology system to a user-friendly, Web-based blog platform; rethinking orientation sessions to ensure that faculty and students understand the value of the ePortfolio program; soliciting student input to improve the program and increase student buy-in; and providing faculty development opportunities and recognition.
Full text: I have the high honour of addressing you in order to express on behalf of the Nuclear Energy Commission of Chile (CCHEN), and also on my own behalf, our pleasure in having the opportunity to welcome to our country this select group of authorities and professionals of the IAEA, and more than 100 representatives of nuclear institutions from some 50 countries. We are certain that this conference will facilitate a valuable exchange of knowledge in areas as important as the use of research reactors, safety related aspects of such use, the fuel cycle, and dismantling and management of radioactive waste. We also value the opportunity provided by this forum to share experi- ences, exchange opinions, and discuss options and priorities during the five technical sessions scheduled as part of the conference and, moreover, to deepen existing and create new bonds of international cooperation. I would like to mention the fact that our country has experience in the operation of its experimental reactors and has managed to make contributions to major applications in various fields including medicine, agriculture, industry and mining, and environment and metrology. Health applications have been given priority among the CCHEN's activities, and this is why the use of the reactor at La Reina Nuclear Studies Center has focused on the production of radioisotopes and radio-pharmaceu- tical applications which have short half-lives and are used in the diagnosis of the dynamic functioning of various organs and as therapeutic agents in some types of cancer. In agriculture, various isotope techniques have been investigated and fine tuned in areas such as soil fertility, fertilizing sources, optimum use of nutrients, rationalization and economy in the use of water, quantification of the degree of soil erosion, and irrigation with fertilizers. More recently, a study of residuality and mobility of agro-chemicals in soil and water was initiated through a project developed jointly with
Ashraf Shady's paper provides a first-hand reflection on how a foreign teacher used cogens as culturally adaptive pedagogy to address cultural misalignments with students. In this paper, Shady drew on several cogen sessions to showcase his journey of using different forms of cogens with his students. To improve the quality of cogens, one strategy he used was to adjust the number of participants in cogens. As a result, some cogens worked and others did not. During the course of reading his paper, I was impressed by his creative and flexible use of cogens and at the same time was intrigued by the question of why some cogens work and not others. In searching for an answer, I found that Mikhail Bakhtin's dialogism, especially the concept of addressivity, provides a comprehensive framework to address this question. In this commentary, I reanalyze the cogen episodes described in Shady's paper in the light of dialogism. My analysis suggests that addressivity plays an important role in mediating the success of cogens. Cogens with high addressivity function as internally persuasive discourse that allows diverse consciousnesses to coexist and so likely affords productive dialogues. The implications of addressivity in teaching and learning are further discussed.
Full Text Available The article discusses the adoption of the new Optional Protocol to the International Covenant on Economic, Social and Cultural Rights as a means to obtain redress for violations against economic, social and cultural rights in the international sphere – including its potential use for the consideration of the violation of extraterritorial obligations. Keywords: Human rights. Social rights. Violations. Optinal protocol.
Problems of Assessing the New Curricula Being Introduced in African Countries. Keynote address for the Annual Meeting of the International Association for Educational Assessment (9th, Malawi, Blantyre, June 13-17, 1983).
Boma, A. N.
The state of the art of assessment is viewed in light of practical and realistic options. The classical terminologies of achievement, validity, reliability, internal and external assessment, prediction, and formative and summative evaluation, are often referred to in the address, with the realization that those presenting later papers would not be…
Fagnan, David E; Yang, N Nora; McKew, John C; Lo, Andrew W
The portfolio of the National Center for Advancing Translational Sciences (NCATS) rare-diseases therapeutic development program comprises 28 research projects initiated at the preclinical stage. Historical data reveal substantially lower costs and higher success rates but longer preclinical timelines for the NCATS projects relative to the industry averages for early-stage translational medical research and development (R&D) typically cited in literature. Here, we evaluate the potential risks and rewards of investing in a portfolio of rare-disease therapeutics. Using a "megafund" financing structure, NCATS data, and valuation estimates from a panel of industry experts, we simulate a hypothetical megafund in which senior and junior debt yielded 5 and 8%, respectively. The simulated expected return to equity was 14.7%, corresponding to a modified internal rate of return of 21.6%. These returns and the likelihood of private-sector funding can be enhanced through third-party funding guarantees from philanthropies, patient advocacy groups, and government agencies. Copyright © 2015, American Association for the Advancement of Science.
Matoussi, Anis; Mezghani, Hanen; Mnif, Mohamed
We study a robust maximization problem from terminal wealth and consumption under a convex constraints on the portfolio. We state the existence and the uniqueness of the consumption–investment strategy by studying the associated quadratic backward stochastic differential equation. We characterize the optimal control by using the duality method and deriving a dynamic maximum principle
Full Text Available Purpose of this paper was to research portfolio optimization problem on Croatian capital market using Markowitz theory. Research systematically investigated the selection of securities, and defined the importance of using fundamental analysis when selecting the best combination of securities. Since fundamental analysis involves a large number of indicators, this paper selected key indicators that enable a complete and quick securities review on the market. This paper clarifies diversification effect and influence of the correlation coefficient on diversification. Two basic types of assets (stocks and cash funds have been chosen to build the optimal portfolio. Cash funds were selected because they represent a form of risk-free investment, while stocks were chosen because of the high level of return which they achieve. At the end of paper, optimal portfolio was calculated with an excellent yield of 1.82% and deviation of 5.77% on a monthly basis which corresponds to the minimum deviation of the selected stocks. Calculated optimal portfolio achieves better expected value than investing in stock index CROBEX, which for the same period achieves the expected result of -0.02%.
Matoussi, Anis, E-mail: firstname.lastname@example.org [Université du Maine, Risk and Insurance institut of Le Mans Laboratoire Manceau de Mathématiques (France); Mezghani, Hanen, E-mail: email@example.com; Mnif, Mohamed, E-mail: firstname.lastname@example.org [University of Tunis El Manar, Laboratoire de Modélisation Mathématique et Numérique dans les Sciences de l’Ingénieur, ENIT (Tunisia)
We study a robust maximization problem from terminal wealth and consumption under a convex constraints on the portfolio. We state the existence and the uniqueness of the consumption–investment strategy by studying the associated quadratic backward stochastic differential equation. We characterize the optimal control by using the duality method and deriving a dynamic maximum principle.
Roberts, Laura B.
Portfolio analysis is a simple yet powerful management tool. Programs and activities are placed on a grid with mission along one axis and financial return on the other. The four boxes of the grid (low mission, low return; high mission, low return; high return, low mission; high return, high mission) help managers identify which programs might be…
de Visser, Matthias; Miao, Shengfa; Englebienne, Gwenn; Sools, Anna Maria; Visscher, Klaasjan
Machine learning techniques show a great promise for improving innovation portfolio management. In this paper we experiment with different methods to classify innovation projects of a high-tech firm as either explorative or exploitative, and compare the results with a manual, theory-based mapping of
Y. Wang (Yu)
textabstractAcademic financial economists have been keenly interested in the value of active portfolio management since the seminal paper of Jensen (1968). This book examines the information advantages that active mutual fund managers attain in financial markets through an analysis of disclosed fund
Jacobsen, Ditte; Bahrenscheer, Jesper Glarborg
studerende og øget transfer mellem teori og praksis. Artiklen tager afsæt i erfaringerne fra udvikling, anvendelse og evaluering af den digitale portfolio og peer to peer feedback. Portfolien er digital og tilknyttet Metropols Learning Management System. De studerende uploader individuelt ugentligt deres...
Qvortrup, Ane; Keiding, Tina Bering
Over the last two decades, the education system has witnessed a shift from summative, product-oriented assessment towards formative, process-oriented assessment. Among the different learning and assessment initiatives introduced in the slipstream of this paradigmatic turn, the portfolio seems to have become one of the most popular. By redescribing…
Wan Mohd, Wan Rosanisah; Mohamad, Daud; Mohamed, Zulkifli
Optimization models have been applied in many decision-making problems particularly in portfolio selection. Since the introduction of Markowitz's theory of portfolio selection, various approaches based on mathematical programming have been introduced such as mean-variance, mean-absolute deviation, mean-variance-skewness and conditional value-at-risk (CVaR) mainly to maximize return and minimize risk. However most of the approaches assume that the distribution of data is normal and this is not generally true. As an alternative, in this paper, we employ the median-variance approach to improve the portfolio optimization. This approach has successfully catered both types of normal and non-normal distribution of data. With this actual representation, we analyze and compare the rate of return and risk between the mean-variance and the median-variance based portfolio which consist of 30 stocks from Bursa Malaysia. The results in this study show that the median-variance approach is capable to produce a lower risk for each return earning as compared to the mean-variance approach.
the portfolio selection problem in continuous time, in order to obtain optimal strategies. The financial market is assumed .... An agent invests according to an investment strategy that can be described by the (n+1)- dimensional ... We have adopted the incomplete market asset pricing setting of He and Pearson . To eliminate ...
Conclusion. Portfolios are an under-utilised assessment and self-development tool in postgraduate training. They allow students to self-assess their attainment of personal learning needs, professional growth and competency achievement and provide faculty with useful feedback on curriculum content, educational activities ...
International policies to address the greenhouse effect. An evaluation of international mechanisms to encourage developing country participation in global greenhouse gas control strategies, especially through the formulation of national programmes
Gupta, J.; Van der Wurff, R.; Junne, G.
The political feasibility of strategies for North-South cooperation on climate change within individual countries is analyzed. The conditions under which developing countries would be willing to take action to address climate change and industrialised countries would be willing to support these actions are discussed. Unfortunately, the study indicates that at present there is very limited common ground between developing and industrialised countries. Perceptions of actors and interest groups within seven countries (USA, Germany, UK, India, Indonesia, Brazil and Kenya) on climate change and international climate change policies (instruments and mechanisms) are compared, applying regime theory, and building upon a qualitative content analysis of interviews and documents, and on interviews with experts. The study concludes that developing countries distrust the position of industrialised countries, that is bases upon clearly distinguishing global from local problems and causes of climate change, climate, environmental, economic, and social problems in developing countries. In emphasising distinctions, that in the view of developing countries are incorrect, misleading and detrimental, industrialised countries increase the political costs of North-South cooperation. A more practical approach is recommended, based upon a 'four wheel drive strategy' in which capacity building, Joint Implementation, 'traditional' development cooperation, and strategies to actualize 'dormant' interest groups can all play a role. The additional costs of such a strategy should be balanced against the additional benefits in terms of a relative decline in costs of global change policies. 352 refs
Gerrein, Betsy T; Williams, Christina E; von Allmen, Daniel
Formal quality-improvement (QI) projects require that participants are educated in QI methods to provide them with the capability to carry out successful, meaningful work. However, orchestrating a portfolio of projects that addresses the strategic mission of the institution requires an extension of basic QI training to provide the division or business unit with the capacity to successfully develop and manage the portfolio. Advanced Improvement Leadership Systems is a program to help units create a meaningful portfolio. This program, used by the Division of Pediatric General and Thoracic Surgery at Cincinnati Children’s Hospital Medical Center, helped establish a portfolio of targeted QI projects designed to achieve outstanding outcomes at competitive costs in multiple clinical areas aligned with the institution’s strategic goals (improve disease-based outcomes, patient safety, flow, and patient and family experience). These objectives are addressed in an institutional strategic plan built around 5 core areas: Safety, Productivity, Care Coordination and Outcomes, Patient and Family Experience, and Value. By combining the portfolio of QI projects with improvements in the divisional infrastructure, effective improvement efforts were realized throughout the division. In the 9 months following the program, divisional capability resulted in a 16.5% increase (5.7% to 22.2%) of formally trained staff working on 10 QI teams. Concurrently, a leadership team, designed to coordinate projects, remove barriers, and provide technical support, provided the capacity to pursue this ongoing effort. The Advanced Improvement Leadership Systems program increased the Division’s efficiency and effectiveness in pursing the QI mission that is integral at our hospital. PMID:24361020
Gerrein, Betsy T; Williams, Christina E; Von Allmen, Daniel
Formal quality-improvement (QI) projects require that participants are educated in QI methods to provide them with the capability to carry out successful, meaningful work. However, orchestrating a portfolio of projects that addresses the strategic mission of the institution requires an extension of basic QI training to provide the division or business unit with the capacity to successfully develop and manage the portfolio. Advanced Improvement Leadership Systems is a program to help units create a meaningful portfolio. This program, used by the Division of Pediatric General and Thoracic Surgery at Cincinnati Children's Hospital Medical Center, helped establish a portfolio of targeted QI projects designed to achieve outstanding outcomes at competitive costs in multiple clinical areas aligned with the institution's strategic goals (improve disease-based outcomes, patient safety, flow, and patient and family experience). These objectives are addressed in an institutional strategic plan built around 5 core areas: Safety, Productivity, Care Coordination and Outcomes, Patient and Family Experience, and Value. By combining the portfolio of QI projects with improvements in the divisional infrastructure, effective improvement efforts were realized throughout the division. In the 9 months following the program, divisional capability resulted in a 16.5% increase (5.7% to 22.2%) of formally trained staff working on 10 QI teams. Concurrently, a leadership team, designed to coordinate projects, remove barriers, and provide technical support, provided the capacity to pursue this ongoing effort. The Advanced Improvement Leadership Systems program increased the Division's efficiency and effectiveness in pursing the QI mission that is integral at our hospital.
Full Text Available Teachers have to work with e-portfolio with theirstudents. This is a very demanding task because they neverwere educated with e-portfolio themselves. Therefore aEuropean Comenius project was submitted in 2005. In thisapproved project a whole week formation (april 2007 wasoffered to nineteen teachers from all over Europe. A yearlater they will meet again to see in what way the course hashad effects on their work with e-portfolio and students.Most interesting to notice was that the basic ICT-skills ofteachers are nowadays realized. However teachers are stillbusy with text and text-files. Rarely they uploadedmultimedia, like e.g. photo’s, video’s, youtube-movies, … intheir e-portfolio. The essential element of an e-portfolio, thepersonal and professional development plan, that forms thebackbone of the e-portfolio and offers the possibility tomake the e-portfolio an effective learning instrument wasunknown.
EDITORIAL: Dialog on Science and Policy to Address the Climate Crisis to conclude the International Association of Research Universities Climate Congress, Copenhagen, Denmark Dialog on Science and Policy to Address the Climate Crisis to conclude the International Association of Research Universities Climate Congress, Copenhagen, Denmark
Baer, Paul; Kammen, Daniel M.
This is not the usual Editor-in-Chief letter, namely one that focuses on the accomplishments of the journal—and for ERL they have been numerous this year—but a recognition of the critical time that we are now in when it comes to addressing not only global climate change, but also the dialog between science and politics. In recognition of the many 'tipping points' that we now confront—ideally some of them positive social moments—as well as the clear scientific conclusion that environmental tipping points are points of long-lasting disruption, this paper takes a different form than I might have otherwise written. While the scientific body of knowledge around global environmental change mounts, so too, do the hopeful signs that change can happen. The election of Barack Obama is unquestionably one such sign, witnessed by the exceptional interest that his story has brought not only to US politics, but also to global views of the potential of the United States, as well as to the potential role of science and investigation in addressing pressing issues. In light of these inter-related issues, reproduced here—largely due to the efforts of Paul Baer to transcribe a remarkable conversation—is a dialog not only on the science of global warming and the potential set of means to address this issue, but also on the interaction between research, science and the political process. The dialog itself is sufficiently important that I will dispense with the usual discussion of the exciting recognition that ERL has received with an ISI rating (a factor rapidly increasing), the high levels of downloads of our papers (for some articles over 5000 and counting), and the many news and scientific publications picking up ERL articles (in recent days alone Science, Environmental Science and Technology, and The Economist). This conversation was the concluding plenary session of the 10-12 March International Association of Research Universities (IARU) Conference on Climate Change
The US Department of Energy has selected three sites, from five nominated, to characterize for a nuclear repository to permanently dispose of nuclear waste. This decision was made without the benefit of an analysis of this portfolio problem. This paper analyzes different portfolios of three sites for simultaneous characterization and strategies for sequential characterization. Characterization of each site, which involves significant subsurface excavation, is now estimated to cost $1 billion. Mainly because of the high characterization costs, sequential characterization strategies are identified which are the equivalent of $1.7-2.0 billion less expensive than the selected DOE simultaneous characterization of the three sites. If three sites are simultaneously characterized, one portfolio is estimated to be the equivalent of $100-400 million better than the selected DOE portfolio. Because of these potential savings and several other complicating factors that may influence the relative desirability of characterization strategies, a thorough analysis of characterization strategies that addresses the likelihood of finding disqualifying conditions during site characterization, uncertainties, and dependencies in forecast site repository costs, preclosure and postclosure health and safety impacts, potential delays of both sequential and simultaneous characterization strategies, and the environmental, socioeconomic, and health and safety impacts of characterization activities is recommended
In his address at the Diplomatic Academy Conference (Lima, Peru, 20 October 1999), the Director General of the IAEA described the role of the IAEA and its contribution to peace and development, focussing in four areas: technology transfer, nuclear power and sustainable energy development, nuclear safety, and the Agency's verification system
O Raifeartaigh, T.
This conference address touches on a variety of issues in second language learning and underlines points that the speaker considers areas for thought and discussion. Initial remarks concern second language learning in Ireland. In his statements concerning second language learning in general, the speaker emphasizes the importance of contact between…
Teague, Adele; Smith, Gareth Dylan
Musicians are acknowledged to lead complex working lives, often characterised as portfolio careers. The higher music education research literature has tended to focus on preparing students for rich working lives and multiple identity realisations across potential roles. Extant literature does not address the area of work-life balance, which this…
Full Text Available VaR has become the standard measure that financial analysts use to quantify market risk. VaR measures can have many applications, such as in risk management, to evaluate the performance of risk takers and for regulatory requirements, and hence it is very important to develop methodologies that provide accurate estimates. In particular, the Basel Committee on Banking Supervision at the Bank for International Settlements imposes to financial institutions such as banks and investment firms to meet capital requirements based on VaR estimates. In this paper we determine VaR for a banking currency portfolio and respect rules of National Bank of Romania regarding VaR report.
Castillo, J.; Caruana, C.J.; Morgan, P.S.; Westbrook, C.
Purpose: As high quality CPD courses become increasingly expensive and time off for radiographers progressively limited, it is important that CPD content be aligned to forecasted service portfolio development. When such a portfolio has not been developed locally the CPD planner should carry out an own forecasting exercise. The purpose of the study was to develop a 2020 MRI service portfolio using a Delphi study. Methods and materials: MRI stakeholder experts participated in a first Delphi round based on semi-structured interviews. The interviews were analysed thematically leading to a series of statements for a second Delphi round. Level of agreement was assessed as the median value on a 6 point Likert scale ranging from 1 (complete disagreement) to 6 (complete agreement), the level of consensus was assessed using the interquartile range (IQR). Consensus was defined as IQR ≤ 1. Results: Very strong agreement and consensus (median 6, IQR ≤ 1) was obtained for maintaining current service catalogue and introduction of breast biopsies, cardiac studies, ISO standards, referral guidelines, and departmental policies aligned to EU regulations. Strong agreement and consensus (median 5, IQR ≤ 1) was obtained for introduction of tumour assessment, tractography, elastography, enterography. The level of consensus was low (IQR ≥ 1) regarding research, 3T MRI, outsourcing, prostate screening and certification for MRI referral privileges. Conclusion: The multi stakeholder approach adopted ensured that the proposed service portfolio would be suitable for local healthcare needs. Although the methodology has been applied to MRI it could easily be adapted to any imaging modality. - Highlights: • A Delphi study was successfully used to forecast MRI service portfolio for year 2020. • The service portfolio determines the competences required by radiographers. • The service portfolio has helped in decision making to introduce waiting list initiatives. • Protocols
Full Text Available Previous research has focused on the importance of modeling the multivariate distribution for optimal portfolio allocation and active risk management. However, existing dynamic models are not easily applied to high-dimensional problems due to the curse of dimensionality. In this paper, we extend the framework of the Dynamic Conditional Correlation/Equicorrelation and an extreme value approach into a series of Dynamic Conditional Elliptical Copulas. We investigate risk measures such as Value at Risk (VaR and Expected Shortfall (ES for passive portfolios and dynamic optimal portfolios using Mean-Variance and ES criteria for a sample of US stocks over a period of 10 years. Our results suggest that (1 Modeling the marginal distribution is important for dynamic high-dimensional multivariate models. (2 Neglecting the dynamic dependence in the copula causes over-aggressive risk management. (3 The DCC/DECO Gaussian copula and t-copula work very well for both VaR and ES. (4 Grouped t-copulas and t-copulas with dynamic degrees of freedom further match the fat tail. (5 Correctly modeling the dependence structure makes an improvement in portfolio optimization with respect to tail risk. (6 Models driven by multivariate t innovations with exogenously given degrees of freedom provide a flexible and applicable alternative for optimal portfolio risk management.
Ayyagari, Padmaja; He, Daifeng
This study evaluates the impact of medical expenditure risk on portfolio choice among the elderly. The risk of large medical expenditures can be substantial for elderly individuals and is only partially mitigated by access to health insurance. The presence of deductibles, copayments, and other cost-sharing mechanisms implies that medical spending risk can be viewed as an undiversifiable background risk. Economic theory suggests that increases in background risk reduce the optimal financial risk that an individual or household is willing to bear (Pratt and Zeckhauser 1987; Elmendorf and Kimball 2000). In this study, we evaluate this hypothesis by estimating the impact of the introduction of the Medicare Part D program, which significantly reduced prescription drug spending risk for seniors, on portfolio choice.
Adriana J. Berlanga
Full Text Available This article argues that the TENCompetence ePortfolio definition should integrate rhetorical, pedagogical, social, and technical perspectives. The rhetorical perspective is needed to show the learnerÃ¢Â€Â™s competences, achievements and history; the pedagogical perspective aims at supporting learnerÃ¢Â€Â™s self-reflection, through the definition of competences mastered, review and creation of (new competence development plans, and assessment of competences; the social perspective aims at fostering interaction and social help support; and the technical perspective aims at supporting the other three perspectives. Guiding principles for the design of the TENCompetence ePortfolio are provided, and the aforementioned perspectives detailed.
Full Text Available The cornerstone of modern portfolio theory was established by pioneer work of Harry Markowitz. Based on his mean-variance framework, Sharpe formulated his well-known Sharpe ratio aiming to measure the performance of mutual funds. The contemporary development in computer’s computational power allowed to apply more complex performance ratios, which take into account also higher moments of return probability distribution. Although these ratios were proposed to help the investors to improve the results of portfolio optimization, we empirically demonstrated in our paper that this may not necessarily be true. On the historical dataset of DJIA components we empirically showed that both Sharpe ratio and MAD ratio outperformed Rachev ratio. However, for Rachev ratio we assumed only one level of parameters value. Different set-ups of parameters may provide different results and thus further analysis is certainly required.
Myrodia, Anna; Moseley, A.; Hvam, Lars
The development of production capabilities has led to proliferation of the product variety offered to the customer. Yet this fact does not directly imply increase of manufacturers' profitability, nor customers' satisfaction. Consequently, recent research focuses on portfolio optimization through...... substitution and standardization techniques. However when re-defining the strategic market decisions are characterized by uncertainty due to several parameters. In this study, by using a GAMS optimization model we present a method for supporting strategic decisions on substitution, by quantifying the impact...
We study optimal portfolios for defined contribution (possibly mandatory) pension systems, which maximize expected pensions subject to a risk level. By explicitly considering the present value of future individual contributions and changing the risk-return numeraire to future pension units we obtain interesting insights, consistent with the literature, in a simpler context. Results naturally imply that the local indexed (inflation-adjusted) currency is the benchmark and that the investment ho...
Hsuan, Juliana; Hansen, Poul H. Kyvsgård
" The challenge of implementing industrial platforms in practice can be described as a configuration problem caused by a considerable number of variables, which often have contradictory influences on the total performance of the firm. Consequently, the specific platform decisions become extremely...... a framework, based on the portfolio management thinking to evaluate the degree of modularity embedded in a given platform and to which extent it is aligned with other platforms."...
Zvi Bodie; William Samuelson
This paper develops a model showing that people who have flexibility in choosing how much to work will prefer to invest substantially more of their money in risky assets than if they had no such flexibility. Viewed in this way, labor supply flexibility offers insurance against adverse investment outcomes. The model provides support for the conventional wisdom that the young can tolerate more risk in their investment portfolios than the old. The model has other implications for the study of ho...
Fiedler, John L; Lividini, Keith
Micronutrient deficiencies continue to constitute a major burden of disease, particularly in Africa and South Asia. Programs to address micronutrient deficiencies have been increasing in number, type, and scale in recent years, creating an ever-growing need to understand their combined coverage levels, costs, and impacts so as to more effectively combat deficiencies, avoid putting individuals at risk for excess intakes, and ensure the efficient use of public health resources. To analyze combinations of the two current programs--sugar fortification and Child Health Week (CHW)--together with four prospective programs--vegetable oil fortification, wheat flour fortification, maize meal fortification, and biofortified vitamin A maize--to identify Zambia's optimal vitamin A portfolio. Combining program cost estimates and 30-year Zambian food demand projections, together with the Zambian 2005 Living Conditions Monitoring Survey, the annual costs, coverage, impact, and cost-effectiveness of 62 Zambian portfolios were modeled for the period from 2013 to 2042. Optimal portfolios are identified for each of five alternative criteria: average cost-effectiveness, incremental cost-effectiveness, coverage maximization, health impact maximization, and affordability. The most likely scenario is identified to be one that starts with the current portfolio and takes into account all five criteria. Starting with CHW and sugar fortification, it phases in vitamin A maize, oil, wheat flour, and maize meal (in that order) to eventually include all six individual interventions. Combining cost and Household Consumption and Expenditure Survey (HCES) data provides a powerful evidence-generating tool with which to understand how individual micronutrient programs interact and to quantify the tradeoffs involved in selecting alternative program portfolios.
Water-related hazards including flooding due to extreme rainfall, persistent drought and pollution, either due to industrial operations themselves, or to the failure of infrastructure have emerged as a potential risk for industrial operations. Most companies have risk management plans at each operational location to address these risks to a certain design level. The residual risk may or may not be managed, and is typically not quantified at a portfolio scale, i.e. across many sites. Given that climate is the driver of many of these extreme events, and there is evidence of quasi-periodic climate regimes at inter-annual and decadal timescales, it is possible that a portfolio is subject to persistent, multi-year exceedances of the design level. It is thus likely that there is correlation in the climate-induced portfolio water risk across its operational sites as multiple sites may experience a hazard beyond the design level in a given year. Therefore, a need exists for water risk indexes that allow for an exploration of the possible space and/or time clustering in exposure across many sites contained in a portfolio. Focusing on extreme daily rainfall amounts and monthly to yearly drought, and using examples from major mining companies, we illustrate how such indexes can be developed using reanalysis products as well as gridded datasets of drought indices based on climate data records. For the examples of mining companies provided, we note that the actual exposure is substantially higher than would be expected in the absence of space and time correlation of risk as is often tacitly assumed within the industry. We also find evidence for the increasing exposure to climate-induced risk, and for decadal variability in exposure. The relative vulnerability of different portfolios to multiple extreme events in a given year is also demonstrated.
Full Text Available With a strong commercial incentive driving the increase in game ranching in Southern Africa the need has come for more advanced management tools. In this paper the potential of Portfolio Selection Theory to determine the optimal mix of species on game ranches is explored. Land, or the food it produces, is a resource available to invest. We consider species as investment choices. Each species has its own return and risk profile. The question arises as to what proportion of the resource available should be invested in each species. We show that if the objective is to minimise risk for a given return, then the problem is analogous to the Portfolio Selection Problem. The method is then implemented for a typical game ranch. We show that besides risk and return objectives, it is necessary to include an additional objective so as to ensure sufficient species to maintain the character of a game ranch. Some other points of difference from the classical Portfolio Selection problem are also highlighted and discussed.
A. Thillai Rajan
Full Text Available Venture Capital (VC has emerged as the dominant source of finance for entrepreneurial and early stage businesses, and the Indian VC industry in particular has clocked the fastest growth rate globally. Academic literature reveals that VC funded companies show superior performance to non VC funded companies. However, given that venture capitalists (VCs select and fund only the best companies, how much credit can they take for the performance of the companies they fund? Do the inherent characteristics of the firm result in superior performance or do VCs contribute to the performance of the portfolio company after they have entered the firm? A panel that comprised VCs, an entrepreneur and an academic debated these and other research questions on the inter-relationships between VC funding and portfolio firm performance. Most empirical literature indicates that the value addition effect dominates the selection effect in accounting for the superior performance of VC funded companies. The panel discussion indicates that the context as well as the experience of the General Partners in the VC firms can influence the way VCs contribute to the efficiency of their portfolio companies.
Full Text Available One of the major issues investors are facing with in capital markets is decision making about select an appropriate stock exchange for investing and selecting an optimal portfolio. This process is done through the risk and expected return assessment. On the other hand in portfolio selection problem if the assets expected returns are normally distributed, variance and standard deviation are used as a risk measure. But, the expected returns on assets are not necessarily normal and sometimes have dramatic differences from normal distribution. This paper with the introduction of conditional value at risk ( CVaR, as a measure of risk in a nonparametric framework, for a given expected return, offers the optimal portfolio and this method is compared with the linear programming method. The data used in this study consists of monthly returns of 15 companies selected from the top 50 companies in Tehran Stock Exchange during the winter of 1392 which is considered from April of 1388 to June of 1393. The results of this study show the superiority of nonparametric method over the linear programming method and the nonparametric method is much faster than the linear programming method.
Guillaumet Olives, Montserrat
The Learning Portfolio is a methodological tool recommended by the educational authorities who comes to the fore as a strategy to acquire and/or assess learning. The process of preparing and serving content to a paradigm reflective, self-learning, student-centered. During 2008-9, the project started its implementation in the Therapeutic Relationship, Course for the baccalaureate Nursing in order to consolidate its future use in the new Degree at European Space of Higher Education. The results of the first experience were analyzed at the end of the course, made modifications to the design and development in 2009-10. This article describes, first the experience of the implementation and development of the instrument and secondly the perception of learning and experience of students and teacher at the end of second year The result of the experience shows a high perception of learning and satisfaction with the use of the portfolio in the subject. Despite resistance to paradigmatic change, difficulty and effort in the development and monitoring of the portfolio, the advantages outweigh the disadvantages. It is important to note the limitations to make adjustments depending on the characteristics of the group and contents Programme.
Vallat, B; Mallet, E
As an effect of increased globalisation, animal diseases, in particular those transmissible to man, have an immediate global economic and social impact. This fact, dramatically illustrated by the current avian influenza epizootic in South-East Asia and Eastern Europe, clearly demonstrates the crucial importance of the national Veterinary Services (VS) for the prevention, early detection and response for the efficient control of animal diseases. Complying with this mission for the VS presupposes the existence of appropriate governance and legislation and of an official system to control their quality and reliability- an obvious weakness in many developing and in transition countries. The World Organisation for Animal Health (OIE) has therefore developed a project aiming at strengthening the VS in those countries facing the greatest animal health threats and to bring them into line with OIE international standards already adopted by the same countries. Based on the evaluation of the VS and subsequent actions at the global, regional and national levels, the project will have a significant beneficial impact on the targeted countries as well as the international community as a whole, not only in the fields of agriculture, food security and production, and food safety, but also for the local and global prevention of emerging and re-emerging diseases of veterinary and public health importance. The project will be implemented in strong collaboration with the Food and Agriculture Organization. The actions proposed must be considered eligible for the concept of International Public Good.
Garrido, José; Jeanblanc, Monique
Developed from the Second International Congress on Actuarial Science and Quantitative Finance, this volume showcases the latest progress in all theoretical and empirical aspects of actuarial science and quantitative finance. Held at the Universidad de Cartagena in Cartegena, Colombia in June 2016, the conference emphasized relations between industry and academia and provided a platform for practitioners to discuss problems arising from the financial and insurance industries in the Andean and Caribbean regions. Based on invited lectures as well as carefully selected papers, these proceedings address topics such as statistical techniques in finance and actuarial science, portfolio management, risk theory, derivative valuation and economics of insurance.
Garrido, José; Hernández-Hernández, Daniel; ICASQF
Featuring contributions from industry and academia, this volume includes chapters covering a diverse range of theoretical and empirical aspects of actuarial science and quantitative finance, including portfolio management, derivative valuation, risk theory and the economics of insurance. Developed from the First International Congress on Actuarial Science and Quantitative Finance, held at the Universidad Nacional de Colombia in Bogotá in June 2014, this volume highlights different approaches to issues arising from industries in the Andean and Carribean regions. Contributions address topics such as Reverse mortgage schemes and urban dynamics, modeling spot price dynamics in the electricity market, and optimizing calibration and pricing with SABR models.
Aloini, Davide; Dulmin, Riccardo; Mininno, Valeria
Part VI: Services, Supply Chains and Operations; International audience; This work presents a decision support system (DSS) enhancing users to effectively integrate classical purchasing portfolio approaches with additional strategic oriented priorities and information in order to effectively support the definition of purchasing directions and action plans.With these aims, a fuzzy-based DSS is designed and implemented. The decision process gets inputs from the Kraljic (K) matrix and draws dire...
Full Text Available International portfolio diversification is often advocated as a way of enhancing portfolio performance particularly through the reduction of portfolio risk. Portfolio managers in Europe have for decades routinely invested a substantial portion of their portfolios in securities that were issued in other countries. During the last decade US investors have held a significant amount of foreign securities with over a trillion dollars invested in foreign assets by 1994. South African institutions have been allowed some freedom to diversify internationally since mid 1995 and individual investors since July 1997. In this paper the potential diversification benefits for South African investors are considered. The stability over time of the correlation structure is investigated and simple ex-ante investment strategies are formulated and evaluated.
Helen L. Walls
Full Text Available Addressing the increasingly globalised determinants of many important problems affecting human health is a complex task requiring collective action. We suggest that part of the solution to addressing intractable global health issues indeed lies with the role of new legal instruments in the form of globally binding treaties, as described in the recent article of Nikogosian and Kickbusch. However, in addition to the use of international law to develop new treaties, another part of the solution may lie in innovative use of existing legal instruments. A 2015 court ruling in The Hague, which ordered the Dutch government to cut greenhouse gas emissions by at least 25% within five years, complements this perspective, suggesting a way forward for addressing global health problems that critically involves civil society and innovative use of existing domestic legal instruments.
Tonn, Bruce [University of Tennessee, Knoxville 37831-6038 (United States)], E-mail: email@example.com; Healy, K.C. [Deloitte Touche (United States); Gibson, Amy [University of Tennessee, Knoxville 37831-6038 (United States); Ashish, Ashutosh [Independent Consultant (United States); Cody, Preston; Beres, Drew [Deloitte Touche (United States); Lulla, Sam; Mazur, Jim [Independent Consultant (United States); Ritter, A.J. [Deloitte Touche (United States)
This paper presents United States energy portfolios for the year 2030, developed from seven different Perspectives. The Perspectives are characterized by different weights placed on fourteen defining values (e.g., cost, social acceptance). The portfolios were constructed to achieve three primary goals, energy independence, energy security, and greenhouse gas reductions. The portfolios are also evaluated over a comprehensive set of secondary criteria (e.g., economic growth, technical feasibility). It is found that very different portfolios based on very different defining values can achieve the three primary goals. Commonalities among the portfolios include reliance upon cellulosic ethanol, nuclear power, and energy efficiency to meet year 2030 energy demands. It is concluded that the US energy portfolio must be diverse and to achieve national energy goals will require an explicit statement of goals, a strong role for government, and coordinated action across society.
Tonn, Bruce; Gibson, Amy [University of Tennessee, Knoxville 37831-6038 (United States); Healy, K.C.; Cody, Preston; Beres, Drew; Ritter, A.J. [Deloitte Touche (United States); Ashish, Ashutosh; Lulla, Sam; Mazur, Jim [Independent Consultant (United States)
This paper presents United States energy portfolios for the year 2030, developed from seven different Perspectives. The Perspectives are characterized by different weights placed on fourteen defining values (e.g., cost, social acceptance). The portfolios were constructed to achieve three primary goals, energy independence, energy security, and greenhouse gas reductions. The portfolios are also evaluated over a comprehensive set of secondary criteria (e.g., economic growth, technical feasibility). It is found that very different portfolios based on very different defining values can achieve the three primary goals. Commonalities among the portfolios include reliance upon cellulosic ethanol, nuclear power, and energy efficiency to meet year 2030 energy demands. It is concluded that the US energy portfolio must be diverse and to achieve national energy goals will require an explicit statement of goals, a strong role for government, and coordinated action across society. (author)
Full Text Available The use of electronic language portfolios has been preferable to the use of common paper portfolios for ease of application – there is no need for accumulating a number of files of written papers, which solves the problem of storing space and, to some extent, helps reduce students’ and teachers’ workload.The study investigated learners’ perceptions of employing electronic language portfolios for conducting various assignments in English for Specific Purposes. The research involved university students of different specializations. Learners’ experience of employing portfolios and opinions on their benefits for improving language skills have been analyzed and statistically treated using SPSS software. The results show that students are positive about application of electronic portfolios in ESP classes. The use of online portfolios for various assignments helps teachers foster students’ learning, encourages critical thinking, develops creativity, motivates learners to use digital technology, encourages collaboration of learners, and in the long run, leads to lifelong learning.
Ramirez S, J. R.; Alonso V, G.; Esquivel E, J.
The planning of electricity generation systems considers several factors that must be taken into account in order to design systems that are economical, reliable and sustainable. For this purpose, the Financial Portfolio Theory is applicable to the energy portfolio or the diversification of electricity generation technologies, such as is the combined cycle, wind, thermoelectric and nuclear. This paper presents an application of the Portfolio Theory to the national energy system, based on the total generation costs for each technology, which allows determining the average variance portfolio and the respective share of each of the electricity generation technologies considered, obtaining a portfolio of electricity generation with the maximum possible return for the risk taken in the investments. This paper describes the basic aspects of the Portfolio Theory and its methodology, in which matrices are implemented for the solution of the resulting Lagrange system. (Author)
Pafka, Szilárd; Kondor, Imre
Recent studies inspired by results from random matrix theory (Galluccio et al.: Physica A 259 (1998) 449; Laloux et al.: Phys. Rev. Lett. 83 (1999) 1467; Risk 12 (3) (1999) 69; Plerou et al.: Phys. Rev. Lett. 83 (1999) 1471) found that covariance matrices determined from empirical financial time series appear to contain such a high amount of noise that their structure can essentially be regarded as random. This seems, however, to be in contradiction with the fundamental role played by covariance matrices in finance, which constitute the pillars of modern investment theory and have also gained industry-wide applications in risk management. Our paper is an attempt to resolve this embarrassing paradox. The key observation is that the effect of noise strongly depends on the ratio r= n/ T, where n is the size of the portfolio and T the length of the available time series. On the basis of numerical experiments and analytic results for some toy portfolio models we show that for relatively large values of r (e.g. 0.6) noise does, indeed, have the pronounced effect suggested by Galluccio et al. (1998), Laloux et al. (1999) and Plerou et al. (1999) and illustrated later by Laloux et al. (Int. J. Theor. Appl. Finance 3 (2000) 391), Plerou et al. (Phys. Rev. E, e-print cond-mat/0108023) and Rosenow et al. (Europhys. Lett., e-print cond-mat/0111537) in a portfolio optimization context, while for smaller r (around 0.2 or below), the error due to noise drops to acceptable levels. Since the length of available time series is for obvious reasons limited in any practical application, any bound imposed on the noise-induced error translates into a bound on the size of the portfolio. In a related set of experiments we find that the effect of noise depends also on whether the problem arises in asset allocation or in a risk measurement context: if covariance matrices are used simply for measuring the risk of portfolios with a fixed composition rather than as inputs to optimization, the
Full Text Available Credit portfolio management means the totality of financial and economic decisions realization aimed at achieving optimal ratio of performance indicators of loan portfolio. If low-quality loans increase, the reduction of productive assets volume and, respectively, profitability from banking lending. In extreme cases a such situation could lead to bank bankruptcy. At present bank loan portfolio quality assessment is an important component of bank management.
The mean-variance approach was first proposed by Markowitz (1952), and laid the foundation of the modern portfolio theory. Despite its theoretical appeal, the practical implementation of optimized portfolios is strongly restricted by the fact that the two inputs, the means and the covariance matrix of asset returns, are unknown and have to be estimated by available historical information. Due to the estimation risk inherited from inputs, desired properties of estimated optimal portfolios are ...
Full Text Available Purpose: The Catalonian Government has the intention of introducing the digital portfolio before 2017, an initiative related to new approaches for learning. Taking in consideration the increasing interest for digital portfolio as a new communication channel for education, the article aims are: on the one hand to describe how the digital portfolio works and on the other hand, to identify a list of criteria that should be useful for educative centers to select the best application to create the digital portfolio according to their needs.Design/methodology/approach: Firstly, a theoretical framework for portfolio functioning is described. After, applications to support the digital portfolio are classified. Next, a requirement analysis on an ideal application to support the portfolio is made, according to those phases for the portfolio creation identified in the theoretical framework. Lastly, a list of criteria is established to select the application for creating the digital portfolio.Findings and Originality/value: The article contributes to structure the portfolio creation process in some stages and phases in a wider way that it is described in the literature. In addition, a list of criteria is defined to help educative centers to select the application for managing the portfolio that fits better with their objectives. These criteria have been obtained with an exhaustive methodology.Research limitations/implications: In order to put in practice the identified criteria it is proposed to complete the multi-criteria decision model in a new study. It should include processes to weigh criteria and define normalizations. Afterwards it would be able to analyze the value of the model studying the satisfaction for using it by a sample of educative centers.Practical implications: The list of criteria identified should facilitate the selection of the more adequate application to create the learning portfolio to the educative centers, according to their
Jakšić Milena; Leković Miljan
Investment risk is the principal threat to the assets side of the balance sheets of financial institutions. It is evident that investors who concentrate their wealth on one type of securities can rarely be found. Instead, they tend to invest diversified portfolio of securities. This reduces the degree of risk of the expected return, which depends both on the absolute risk of each investment in the portfolio, and the relationship that exists between individual investments within the portfolio....
Implementing an e-Portfolio system to enhance educational processes and outcomes has been becoming a hot issue among the Japanese universities that are ambitious in resetting their mission statements. In such universities, defining purposes, clearly stating what to be focused, learning processes, and expected outcomes are the critical issues in the development of their original e-Portfolio system. However, not all institutions are aware that e-Portfolio has advantages and disadvantages. One o...
Egorova, Yu E.; Yazenin, A. V.
In this paper, we investigate a minimum risk portfolio model under hybrid uncertainty when the profitability of financial assets is described by fuzzy random variables. According to Feng, the variance of a portfolio is defined as a crisp value. To aggregate fuzzy information the weakest (drastic) t-norm is used. We construct an equivalent stochastic problem of the minimum risk portfolio model and specify the stochastic penalty method for solving it.
Background: In today’s highly volatile and unpredictable market conditions, there are very few investment strategies that may offer a certain form of capital protection. The concept of portfolio insurance strategies presents an attractive investment opportunity. Objectives: The main objective of this article is to test the use of portfolio insurance strategies in Southeast European (SEE) markets. A special attention is given to modelling non-risky assets of the portfolio. Methods/Approach: Mo...
Alessandro Bucciol; Raffaele Miniaci
We exploit the US Survey of Consumer Finances from 1998 to 2007 to study households’ portfolio risk bearing. We compare four alternative measures of risk, two based on a financial portfolio and two based on a broader portfolio also including – as illiquid assets – human capital, real estate, business wealth and related debt. The measures provide a different ranking of household risk bearing, but they consistently show that risk bearing fell after 2001, and it positively correlates with wealth...
Modern portfolio theory is a statistical framework to allocate investment assets properly, with the aim of reducing risk by diversification. In the past decades, a variety of index and group models (with different covariance assumption) have been proposed to optimize the portfolio, including Single Index Model, Constant Correlation Model, Multi-Group Model, and Multi-Index Model. An R package "stockPortfolio" is developed by Drs. Christou and Diez, and fully implemented Single Index Model, Co...
Samy A. Azer
Full Text Available Portfolios have been used in the medical curriculum to evaluate difficult-to-assess areas such as students' attitudes, professionalism and teamwork. However, their use early in a problem-based learning (PBL course to foster deep learning and enhance students' self-directed learning has not been adequately studied. The aims of this paper are to: (1 understand the uses of portfolios and the rationale for using reflection in the early years of a PBL curriculum; (2 discuss how to introduce portfolios and encourage students' critical thinking skills, not just reflection; and (3 provide students with tips that could enhance their skills in constructing good portfolios.
Nikonov, Oleg; Medvedeva, Marina
In the paper we consider economically motivated problems, which are treated with the help of methods of portfolio theory that goes back to the papers by H. Markowitz  and J. Tobin . We show that the portfolio theory initially developed for risky securities (stocks) could be applied to other objects. In the present paper we consider several situations where such an application is reasonable and seems to be fruitful. Namely, we consider the problems of constructing the efficient portfolio of banking services and the portfolio of counteragents of a firm.
Kin Keung Lai
Full Text Available In the increasingly globalized economy these days, the major crude oil markets worldwide are seeing higher level of integration, which results in higher level of dependency and transmission of risks among different markets. Thus the risk of the typical multi-asset crude oil portfolio is influenced by dynamic correlation among different assets, which has both normal and transient behaviors. This paper proposes a novel multivariate wavelet denoising based approach for estimating Portfolio Value at Risk (PVaR. The multivariate wavelet analysis is introduced to analyze the multi-scale behaviors of the correlation among different markets and the portfolio volatility behavior in the higher dimensional time scale domain. The heterogeneous data and noise behavior are addressed in the proposed multi-scale denoising based PVaR estimation algorithm, which also incorporatesthe mainstream time series to address other well known data features such as autocorrelation and volatility clustering. Empirical studies suggest that the proposed algorithm outperforms the benchmark ExponentialWeighted Moving Average (EWMA and DCC-GARCH model, in terms of conventional performance evaluation criteria for the model reliability.
Kester, L.; Hultink, H.J.; Griffin, A.
The manuscript first combines theory and previous empirical findings to build a model of new product development portfolio success. Because relationships between product development portfolio decision-making effectiveness, portfolio success and firm-level success have not previously been
... 7 Agriculture 15 2010-01-01 2010-01-01 false How a change in size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. 4290.760 Section 4290.760 Agriculture Regulations of... size or activity of a Portfolio Concern affects the RBIC and the Portfolio Concern. (a) Effect on RBIC...
Ruiz-Casares, Mónica; Rousseau, Cécile; Derluyn, Ilse; Watters, Charles; Crépeau, François
Limited access to healthcare for vulnerable immigrant children in Europe and North America is increasingly worrisome as immigration policies harden. This paper analyzes the gap between States' obligations under international human rights law and the disparate local implementations in diverse countries. Studies that are both multidisciplinary and incorporate micro and macro level indicators are needed to reveal discrepancies between entitlements and access. It is argued that the lack of available data on the magnitude of the problem and on its individual and public health consequences stems from the conflicting situation faced by health institutions required to simultaneously protect the best interest of each child and allocate limited resources. Collaboration in research is urgently needed to assist policy-makers and institutions make informed decisions. Copyright 2009 Elsevier Ltd. All rights reserved.
Dolin, Jens; Kobayashi, Sofie
as a need for a common language and reference. Main barriers are scepticism towards the teaching portfolio for assessment of competencies, fear of extra work load, possible use as control measures, and fear that standards will narrow teaching development. In a research intensive university it is very......The University of Copenhagen has decided to introduce teaching portfolios and a competence framework as initiatives aimed to address the relatively low status of teaching compared to research. The two measures have been designed in a bottom-up process and are also backed by university leadership....... This paper analyses drivers and barriers in achieving successful implementation of the two initiatives through an organisational action research project. Main drivers are recognition for the need to increase the status of teaching and needs for tools and space for reflecting on one’s teaching, as well...
Sergi, Brian; Davis, Alex; Azevedo, Inês
Support for addressing climate change and air pollution may depend on the type of information provided to the public. We conduct a discrete choice survey assessing preferences for combinations of electricity generation portfolios, electricity bills, and emissions reductions. We test how participants’ preferences change when emissions information is explicitly provided to them. We find that support for climate mitigation increases when mitigation is accompanied by improvements to air quality and human health. We estimate that an average respondent would accept an increase of 19%-27% in their electricity bill if shown information stating that either CO2 or SO2 emissions are reduced by 30%. Furthermore, an average respondent is willing to pay an increase of 30%-40% in electricity bills when shown information stating that both pollutants are reduced by 30% simultaneously. Our findings suggest that the type of emissions information provided to the public will affect their support for different electricity portfolios.
Hansen, Lars Kristian
Purpose – As public organizations strive for higher e-government maturity, information technology (IT) Project Portfolio Management (IT PPM) has become a high priority issue. Assuming control is central in IT PPM, the purpose of this paper is to investigate how a Danish local government conducts...... to understand how local governments can improve IT PPM. Keywords IT project portfolio management, E-government, Control theory, Control problems, Formal mechanisms, Informal mechanisms, Local government, Denmark...... control in IT PPM. The authors identify control problems and formulate recommendations to address these. Design/methodology/approach – Adopting principles from Engaged Scholarship, the authors have conducted a case study using a wide variety of data collection methods, including 29 interviews, one...
Peters, Elizabeth Dipuo
Nuclear energy is seen by many countries as providing a sustainable solution to energy security challenges. In this context, many developing countries are considering the establishment of nuclear power build programmes, while countries with mature nuclear programmes are considering the possibility of further expansion. The challenges facing countries that are embarking on this new venture include, inter alia, the development of policies, legislation as well as the establishment of appropriate institutions such as regulatory bodies with effective independence to take regulatory decisions. Regional and international cooperation and coordination are therefore of critical importance. Accordingly, the establishment of the Forum of Regulatory Bodies in Africa is a welcome initiative. We are pleased that the national nuclear programme in post-apartheid South Africa places us in a position to become active global participants in the safe use of nuclear energy for peaceful purposes. However, we all have an obligation to ensure that the presence of a plethora of cooperation mechanisms such as this body are as inclusive and as supportive as possible. This will help the global community of nations in reaping maximum benefits that surely should arise from these initiatives to ensure security of energy supply. We do not have the luxury to duplicate such bodies. The role of the International Atomic Energy Agency in nuclear safety and security cannot be over-emphasized. That alone is the reason that drove the liberation movement of the people of our country, and now the ruling party, fully to conform to all the treaties and conventions that have been drafted by this reputable institution of the peoples of the world. The same goes for the facilitation of cooperation and the sharing of knowledge and experience. The IAEA is invariably trusted to provide independent views and advice in order to strengthen safety and security while preserving the sovereignty, authority and
Full Text Available This article compares learning e-portfolios with profiles in social software environments (like Facebook, MySpace and LinkedIn. The similarities are that both are forums for self representation. The difference between the two is that the self will be represented for different purposes. In the social profile the purpose is to be one among a crowd (whether this crowd is a group of friends or a group of professionals. You can express yourself only through the ways the software deems important. In e-portfolios the purpose is to “show and tell” competences and growth – and to express this in free text and visual fashioning. This is difficult in existing social software. In an e-portfolio the way you represent yourself shows a communicative competence. Should educational institutions then ignore or even ban the use of profiles? The article suggests a way in which they might benefit from a double strategy: Firstly through employment of a programme of learning e-portfolios (Qvortrup, Lund, Ellmin to enable and empower the pupils/students as learners. In the literature on e-portfolios one of the main conclusions is that reflecting on learning enables the learner to understand and appreciate own competences. Secondly, the strategy is to enable the student to benefit from social software ability to establish relations – and to focus on the competence of creating and maintaining professional relationships. This strategy is beneficial because it addresses a problem often encountered when employing a program of e-portfolios. The students feel no “inner need” to fill them out. They do not view the e-portfolio as a means of persuading their readers – possibly because they are, through the e-portfolio, talking to an unknown audience. The e-portfolio is here discussed as rhetorical discourse focusing of Lhoyd Bitzer’s concept of the rhetorical situation. The one thing lacking in establishing a true rhetorical situation in Bitzer’s sense is the
NSGIC Education | GIS Inventory — This dataset contains Address Points in Allegheny County. The Address Points were created by GDR for the Allegheny County CAD project, October 2008. Data is updated...
Full Text Available The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-variance optimization strategy. Results of the portfolio dynamics clearly show that a significant amount of value was created by alpha-beta separation. The typical alpha ranges from 4% to 5.7%. The most aggressive portfolio strategies that allow short positions in the satellite portfolio work best with frequent rebalancing and benefit from the active bets. Smoothing technique that was introduced to decrease the portfolio turnover and stabilize its composition works better when active bets are less efficient, particularly with less frequent rebalancing. The best risk-return combinations are achieved with modest (3% to 10% allocation of the total portfolio to the satellite, and the remaining part (90% to 97% being managed in order to minimize the tracking error. Practical implications. The alpha-beta separation framework suggested in this paper can be used to enhance the portfolio management techniques for the hedge funds that operate under tight restrictions, particularly under the Islamic finance principles. The mathematical models developed in this paper allow practical implementation of the alphabeta separation concept. Originality/value. While the idea of alpha-beta separation existed in hedge fund management before, there was no comprehensive mathematical model under it, so its implementation was based on the ad hoc approach. This paper introduces such a mathematical model and demonstrates how portfolio managers can create value for their clients using it.
Thomas, John V; Sanyal, Rupan; O'Malley, Janis P; Singh, Satinder P; Morgan, Desiree E; Canon, Cheri L
The academic educator's portfolio is a collection of materials that document academic performance and achievements, supplementing the curriculum vitae, in order to showcase a faculty member's most significant accomplishments. A decade ago, a survey of medical schools revealed frustration in the nonuniform methods of measuring faculty's medical education productivity. A proposed solution was the use of an academic educator's portfolio. In the academic medical community, compiling an academic portfolio is always a challenge because teaching has never been confined to the traditional classroom setting and often involves active participation of the medical student, resident, or fellow in the ongoing care of the patient. Diagnostic radiology in addition requires a knowledge base that encompasses basic sciences, imaging physics, technology, and traditional and molecular medicine. Teaching and performing research that involves this complex mix, while providing patient care that is often behind the scenes, provides unique challenges in the documentation of teaching, research, and clinical service for diagnostic radiology faculty. An academic portfolio is seen as a way to explain why relevant academic activities are significant to promotions committee members who may have backgrounds in unrelated academic areas and may not be familiar with a faculty member's work. The academic portfolio consists of teaching, research, and service portfolios. The teaching portfolio is a collection of materials that document teaching performance and documents the educator's transition to a more effective educator. A research portfolio showcases the most significant research accomplishments. The service portfolio documents service responsibilities and highlight any service excellence. All portfolios should briefly discuss the educator's philosophy, activities, methods used to implement activities, leadership, mentoring, or committee roles in these respective areas. Recognizing that academic
Report of the international workshop on safety measures to address the year 2000 issue at radioactive waste management and nuclear fuel cycle facilities. (Supplement to IAEA-TECDOC-1073 and IAEA-TECDOC-1087)
In resolution GC(42)/RES/11 on 'Measures to address the Year 2000 (Y2K) issue', adopted on 25 September 1998, the General Conference of the International Atomic Energy Agency (IAEA) - inter alia - urged Member States 'to share information with the Secretariat regarding diagnostic and corrective actions being planned or implemented by operating and regulatory organizations at ... fuel cycle facilities ... to make those facilities Year 2000 ready', encouraged the Secretariat, 'within existing resources, to act as a clearinghouse and central point of contact for Member States to exchange information regarding diagnostic and remediation actions being taken at ... fuel cycle facilities ... to make these facilities Year 2000 ready', urged the Secretariat 'to handle the information provided by Member States carefully' and requested the Director General to report to it at its next (1999) regular session on the implementation of that resolution. In response to resolution GC(42)/RES/11, the Secretariat convened: a group of consultants who met in Vienna from 20 to 22 January 1999 and produced a technical document (IAEA-TECDOC-1073) entitled Safety Measures to Address the Year 2000 Issue at Radioactive Waste Management Facilities; and a specialists meeting in Vienna from 24 to 26 March 1999, which produced a technical document (IAEA-TECDOC-1087) entitled Potential Vulnerabilities of Nuclear Fuel Cycle Facilities to the Year 2000 (Y2K) Issue and Measures to Address Them. To foster information exchange and share existing experience the IAEA held an International Workshop on Safety Measures to Address the Year 2000 Issue at Radioactive Waste Management and Nuclear Fuel Cycle Facilities in Vienna on 1-2 July 1999. Whereas the focus of TECDOC-1073 and TECDOC-1087 had been on identifying relevant safety issues in relation to Y2K computer problems and on proposing methods to address them, the focus of the International Workshop was on sharing experience, setting priorities
Leslie, Paul; Camargo-Borges, Celiane
This paper will explore how a portfolio approach to teaching and learning can help the educator incorporate unique forms of reflective practice into his or her daily work. By being able to express ideas more clearly to himself, the educator can better promote the relational construction of knowledge in his educational communities. This paper, as…
B.E. Depecik (Baris)
markdownabstractHow should consumer products manufacturers and retailers keep their portfolio of brand offerings relevant and energetic when large numbers of new brands are continuously launched into a world of increasingly nonloyal customers with evolving needs? The harsh reality is, at a time when
Raymond, J; Guillemin, F; Proust, F; Molyneux, A J; Fox, A J; Claiborne, J S; Meder, J F; Rouleau, I
The preventive treatment of unruptured aneurysms has been performed for decades despite the lack of evidence of a clinical benefit. Reports of observational studies such as the International Study of Unruptured Intracranial Aneurysms (ISUIA) suggest that preventive treatments are rarely justified. Are these reports compelling enough to guide clinical practice? The ISUIA methods and data are reviewed and analysed in a more conventional manner. The design of the appropriate clinical research program is approached by steps, reviewing potential problems, from the formulation of the precise research question to the interpretation of subgroup analyses, including sample size, representativity, duration of observation period, blinding, definition of outcome events, analysis of cross-overs, losses to follow-up, and data reporting. Unruptured intracranial aneurysms observed in ISUIA ruptured at a minimal annual rate of 0.8% (0.5-1%), despite multiple methodological difficulties biased in favour of a benign natural history. Available registries do not have the power or the design capable of providing normative guidelines for clinical decisions. The appropriate method to solve the clinical dilemma is a multicentric trial comparing the incidence of a hard clinical outcome events in approximately 2000 patients randomly allocated to a treatment group and a deferred treatment group, all followed for ten years or more. Observational studies have failed to provide reliable evidence in favour or against the preventive treatment of unruptured aneurysms. A randomized trial is in order to clarify what is the role of prevention in this common clinical problem.
Al-Abri, Seif S; Abdel-Hady, Doaa M; Al-Abaidani, Idris S
Although the majority of travel-associated communicable diseases can be prevented, the public health burden of these diseases remains significant. Relatively little is known about how travelers know and perceive the health risks associated with travel and how they utilize preventive measures before and while traveling abroad. This study was conducted to determine the level of the knowledge, attitudes, and practices (KAP) of Muscat International Airport travelers about travel health in order to assess the knowledge gap and the need for travel health services in Oman. A cross-sectional study was conducted over a period of 1week using a self-administered questionnaire. The overall level of knowledge about vaccine-preventable diseases, food safety, and preventive measures against insect bites of the participants was inadequate. The practice concerning preventive travel health measures, such as the use of specific immunizations and antimalarial prophylaxis, was very limited, and influenced by some personal and travel-related factors. The inadequate level of travelers' knowledge and poor utilization of travel medicine services highlights the need for the provisions of specialized travel medicine services at the national level and to develop educational materials promoting the importance of pre-travel health advice. Copyright © 2016 Ministry of Health, Saudi Arabia. Published by Elsevier Ltd. All rights reserved.
Seif S. Al-Abri
Full Text Available Although the majority of travel-associated communicable diseases can be prevented, the public health burden of these diseases remains significant. Relatively little is known about how travelers know and perceive the health risks associated with travel and how they utilize preventive measures before and while traveling abroad. This study was conducted to determine the level of the knowledge, attitudes, and practices (KAP of Muscat International Airport travelers about travel health in order to assess the knowledge gap and the need for travel health services in Oman. A cross-sectional study was conducted over a period of 1 week using a self-administered questionnaire. The overall level of knowledge about vaccine-preventable diseases, food safety, and preventive measures against insect bites of the participants was inadequate. The practice concerning preventive travel health measures, such as the use of specific immunizations and antimalarial prophylaxis, was very limited, and influenced by some personal and travel-related factors. The inadequate level of travelers’ knowledge and poor utilization of travel medicine services highlights the need for the provisions of specialized travel medicine services at the national level and to develop educational materials promoting the importance of pre-travel health advice.
none,; Rose, Kelly [NETL; Hakala, Alexandra [NETL; Guthrie, George [NETL
This report summarizes FY13 research activities performed by the National Energy Technology Laboratory (NETL), Office of Research and Development (ORD), along with its partners in the Regional University Alliance (RUA) to fulfill research needs under the Energy Policy Act of 2005 (EPAct) Section 999's Complementary Program. Title IX, Subtitle J, Section 999A(d) of EPAct 2005 authorizes $50 million per year of federal oil and gas royalties, rents and bonus payments for an oil and natural gas research and development effort, the Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Resources Research Program. Section 999 further prescribes four program elements for the effort, one of which is the Complementary Research Program that is to be performed by NETL. This document lays out the plan for the research portfolio for the Complementary Research Program, with an emphasis on the 2013 funding. The Complementary Program consists of two research portfolios focused on domestic resources: (1) the Deepwater and Ultra-Deepwater Portfolio (UDW) (focused on hydrocarbons in reservoirs in extreme environments) and (2) the Unconventional Resources Portfolio (UCR) (focused on hydrocarbons in shale reservoirs). These two portfolios address the science base that enables these domestic resources to be produced responsibly, informing both regulators and operators. NETL is relying on a core Department of Energy-National Energy Technology Laboratory (DOE-NETL) competency in engineered-natural systems to develop this science base, allowing leveraging of decades of investment. NETL's Complementary Research Program research portfolios support the development of unbiased research and information for policymakers and the public, performing rapid predictions of possible outcomes associated with unexpected events, and carrying out quantitative assessments for energy policy stakeholders that accurately integrate the risks of safety and environmental impacts. The
Namolosu Simona Mihaela
Full Text Available The Small and Medium Enterprises (SMEs represent an important target market for commercial Banks. In this respect, finding the best methods for designing and implementing the optimal marketing strategies (for this target are a continuous concern for the marketing specialists and researchers from the banking system; the purpose is to find the most suitable service model for these companies. SME portfolio of a bank is not homogeneous, different characteristics and behaviours being identified. The current paper reveals empirical evidence about SME portfolio characteristics and segmentation methods used in banking system. Its purpose is to identify if segmentation has an impact in finding the optimal marketing strategies and service model and if this hypothesis might be applicable for any commercial bank, irrespective of country/ region. Some banks are segmenting the SME portfolio by a single criterion: the annual company (official turnover; others are considering also profitability and other financial indicators of the company. In some cases, even the banking behaviour becomes a criterion. For all cases, creating scenarios with different thresholds and estimating the impact in profitability and volumes are two mandatory steps in establishing the final segmentation (criteria matrix. Details about each of these segmentation methods may be found in the paper. Testing the final matrix of criteria is also detailed, with the purpose of making realistic estimations. Example for lending products is provided; the product offer is presented as responding to needs of targeted sub segment and therefore being correlated with the sub segment characteristics. Identifying key issues and trends leads to further action plan proposal. Depending on overall strategy and commercial target of the bank, the focus may shift, one or more sub segments becoming high priority (for acquisition/ activation/ retention/ cross sell/ up sell/ increase profitability etc., while
Kraft, Holger; Steffensen, Mogens
This paper studies constrained portfolio problems that may involve constraints on the probability or the expected size of a shortfall of wealth or consumption. Our first contribution is that we solve the problems by dynamic programming, which is in contrast to the existing literature that applies...... the martingale method. More precisely, we construct the non-separable value function by formalizing the optimal constrained terminal wealth to be a (conjectured) contingent claim on the optimal non-constrained terminal wealth. This is relevant by itself, but also opens up the opportunity to derive new solutions...
Moeller, Christoph; Rachev, Svetlozar T.; Fabozzi, Frank J.
Traditional management of electricity portfolios is focused on the day-ahead market and futures of longer maturity. Within limits, market participants can however also resort to the balancing energy market to close their positions. In this paper, we determine strategic positions in the balancing energy market and identify corresponding economic incentives in an analysis of the German balancing energy demand. We find that those strategies allow an economically optimal starting point for real-time balancing and create a marketplace for flexible capacity that is more open than alternative marketplaces. The strategies we proffer in this paper we believe will contribute to an effective functioning of the electricity market. (author)
Biegel, Benjamin; Andersen, Palle; Pedersen, Tom S.
, the aggregator is able to place upward and downward regulating bids in the regulating power market based on the consumption flexibility. A simulation is carried out based on data from a Danish domestic heat pump project, historical spot prices, regulating power prices, and spot price predictions. The simulations......We consider a portfolio of domestic heat pumps controlled by an aggregator. The aggregator is able to adjust the consumption of the heat pumps without affecting the comfort in the houses and uses this ability to shift the main consumption to hours with low electricity prices. Further...
Bridges, Benjamin; Gesumaria, Robert; Leonesio, Michael V
This article examines the performance of four life-cycle portfolio allocation strategies through stochastic simulation based on observed U.S. asset returns during 1926-2008. Annual worker contributions to retirement savings accounts are based on the actual lifetime earnings histories maintained by the Social Security Administration for 12,871 workers born during 1915-1942. Each strategy's performance is evaluated primarily on the basis of the distributions of internal rates of return on investments calculated at the time of retirement. Comparisons are made with the performance of four other investment strategies that vary in terms of their exposure to stock and bond market risk. Life-cycle plans with larger portfolio weights assigned to equities have higher average returns, but those gains come at the cost of increased risk of infrequent bad outcomes.
Full Text Available High school students across the United States and internationally take Advanced Placement exams in May each year. These students also spend their school year enrolled in an Advanced Placement (AP class in preparation for the exam. There is a lack of research on any correlation between a student’s performance in class and performance on the exam. This study aims to compare the difference in correlation between traditional AP classes and portfolio AP classes. Second-semester grades and exam scores were collected from 2015 and 2016 from Norman High School students. Traditional classes had weak, if any, correlation, and portfolio classes presented no correlation. This lack of a relationship between class grade and exam score implies that students are unable to gauge their future exam performance based on class performance. Future researchers should compare data for a greater sample of students as well as regional samples.
Assessment determines what students regard as important: if a teacher wants to change students' learning, he/she should change the methods of assessment. This article describes the use of portfolio assessment on five courses dealing with chemical reactor and process design during the years 1999-2001. Although the use of portfolio was a new…
Rasmussen, Kourosh Marjani; Clausen, Jens
reduction and LP relaxation are used to obtain near optimal solutions for large problem instances. Our results show that the standard Danish mortgagor should hold a more diversified portfolio of mortgage loans, and that he should rebalance the portfolio more frequently than current practice....
Roques, Fabien; Hiroux, Celine; Saguan, Marcelo
Geographic diversification of wind farms can smooth out the fluctuations in wind power generation and reduce the associated system balancing and reliability costs. The paper uses historical wind production data from five European countries (Austria, Denmark, France, Germany, and Spain) and applies the Mean-Variance Portfolio theory to identify cross-country portfolios that minimise the total variance of wind production for a given level of production. Theoretical unconstrained portfolios show that countries (Spain and Denmark) with the best wind resource or whose size contributes to smoothing out the country output variability dominate optimal portfolios. The methodology is then elaborated to derive optimal constrained portfolios taking into account national wind resource potential and transmission constraints and compare them with the projected portfolios for 2020. Such constraints limit the theoretical potential efficiency gains from geographical diversification, but there is still considerable room to improve performance from actual or projected portfolios. These results highlight the need for more cross-border interconnection capacity, for greater coordination of European renewable support policies, and for renewable support mechanisms and electricity market designs providing locational incentives. Under these conditions, a mechanism for renewables credits trading could help aligning wind power portfolios with the theoretically efficient geographic dispersion.
The objective of this paper is to construct the optimal portfolio that will minimize the portfolio risk and can achieve the investors target rate of return by using the mean-semi absolute deviation model. The data of this study comprises 20 construction sector companies that listed in Malaysia stock market from July 2011 until ...
Meek, Brad; Buckley, Philippa
The use of portfolios in teacher education has grown in popularity over the last decade. Attempts to harness the potential of portfolios as a means to enhance learning and reflection have sometimes led to a complex or document-driven process that appears several steps removed from the act of teaching. In response this paper describes the…
Johnson, Esko; Hynynen, Nina
This research paper deals with intercultural knowledge and knowing as displayed in higher education student portfolios. The portfolios were written by student pairs taking a global education course at Centria University of Applied Sciences, Finland, during seven academic years. Conceptual metaphor theory and metaphor analysis were utilised to…
Price, Kenneth R.
Portfolios have long been a staple in professional writing courses: both in employment materials assignments and in entire classes that ask students to reflect on their experiential learning. Portfolios may also be used effectively in business communication teaching methods courses. This article details the justification and methodology for having…
Portfolio selection theory and wildlife management. ... With a strong commercial incentive driving the increase in game ranching in Southern Africa the need has come for more advanced management tools. ... Some other points of difference from the classical Portfolio Selection problem are also highlighted and discussed.
Y. Adema (Yvonne); J. Bonenkamp (Jan); L. Meijdam (Lex)
textabstractThis paper explores the interaction between retirement flexibility and portfolio choice in an overlapping-generations model of a closed economy. Retirement flexibility is often seen as a hedge against capital market risks which justifies more risky asset portfolios. We show, however,
Describes a survey of faculty members at the University of Witwatersrand (South Africa) which investigated the extent of support for use of teaching portfolios, in addition to student evaluations, as a method for evaluating faculty for promotion, and based on responses, development of a profile of portfolio content and procedures for its review.…
S. van Bekkum (Sjoerd); H.P.G. Pennings (Enrico); J.T.J. Smit (Han)
textabstractThis paper shows that the conditionality of investment decisions in R&D has a critical impact on portfolio risk, and implies that traditional diversification strategies should be reevaluated when a portfolio is constructed. Real option theory argues that research projects have
Dekker, Hanke; Driessen, Erik; Ter Braak, Edith; Scheele, Fedde; Slaets, Joris; Van Der Molen, Thys; Cohen-Schotanus, Janke
Mentoring is widely acknowledged as being crucial for portfolio learning. The aim of this study is to examine how mentoring portfolio use has been implemented in undergraduate and postgraduate settings. The results of interviews with six key persons involved in setting up portfolio use in medical education programmes were used to develop a questionnaire, which was administered to 30 coordinators of undergraduate and postgraduate portfolio programmes in the Netherlands and Flanders. The interviews yielded four main aspects of the portfolio mentoring process--educational aims, individual meetings, small group sessions and mentor characteristics. Based on the questionnaire data, 16 undergraduate and 14 postgraduate programmes were described. Providing feedback and stimulating reflection were the main objectives of the mentoring process. Individual meetings were the favourite method for mentoring (26 programmes). Small group sessions to support the use of portfolios were held in 16 programmes, mostly in the undergraduate setting. In general, portfolio mentors were clinically qualified academic staff trained for their mentoring tasks. This study provides a variety of practical insights into implementing mentoring processes in portfolio programmes.
adjunktpædagogikum og underviserkvalificeringsforløb ved andre uddannelser. Af Lone Krogh Indførelse af portfolio som pædagogisk redskab og som struktur for dokumentation af kompetence i kandidatuddannelse - potentialer og udfordringer. Af Annette Lorentsen og Birthe Lund. Et organisatorisk perspektiv på portfolio...
Toft, Hanne; Luplau Schnefeld, Mette
Artiklen præsenterer erfaringer med digital portfolio som didaktik og metode. Fokus er på kobling mellem didaktiske læreprocesser på en grunduddannelse og så understøttelse af disse via brug af en digital portfolio. Portfolioen adskiller en række forskellige dokumentsamlinger i privat og offentlig...
Wilson, Mark; Hallam, P. J.; Pecheone, Raymond; Moss, Pamela A.
This study examines one part of a validity argument for portfolio assessments of teaching practice used as an indicator of teaching quality to inform a licensure decision. We investigate the relationship among portfolio assessment scores, a test of teacher knowledge (ETS's Praxis I and II), and changes in student achievement (on…
Morales, Lucia; Soler-Dominguez, Amparo
This article aims to look at the value that ePortfolios can add to business studies, specifically in the financial field. In order to answer the question, "Do ePortfolios contribute to the development and enhancement of responsible feedback in the classroom?", the study analyzed the work done by postgraduate students pursuing a Master's…
Portfolio allocation under the vendor managed inventory: A Markov decision process. ... Journal of Applied Sciences and Environmental Management ... a review of Markov decision processes and investigates its suitability for solutions to portfolio allocation problems under vendor managed inventory in an uncertain market ...
Toppila, Antti; Salo, Ahti
A central problem in risk management is that of identifying the optimal combination (or portfolio) of improvements that enhance the reliability of the system most through reducing failure event probabilities, subject to the availability of resources. This optimal portfolio can be sensitive with regard to epistemic uncertainties about the failure events' probabilities. In this paper, we develop an optimization model to support the allocation of resources to improvements that mitigate risks in coherent systems in which interval-valued probabilities defined by lower and upper bounds are employed to capture epistemic uncertainties. Decision recommendations are based on portfolio dominance: a resource allocation portfolio is dominated if there exists another portfolio that improves system reliability (i) at least as much for all feasible failure probabilities and (ii) strictly more for some feasible probabilities. Based on non-dominated portfolios, recommendations about improvements to implement are derived by inspecting in how many non-dominated portfolios a given improvement is contained. We present an exact method for computing the non-dominated portfolios. We also present an approximate method that simplifies the reliability function using total order interactions so that larger problem instances can be solved with reasonable computational effort. - Highlights: • Reliability allocation under epistemic uncertainty about probabilities. • Comparison of alternatives using dominance. • Computational methods for generating the non-dominated alternatives. • Deriving decision recommendations that are robust with respect to epistemic uncertainty.
H.J.W.G. Kole (Erik); T.D. Markwat (Thijs); A. Opschoor (Anne); D.J.C. van Dijk (Dick)
textabstractWe examine the impact of temporal and portfolio aggregation on the quality of Value-at-Risk (VaR) forecasts over a horizon of ten trading days for a well-diversified portfolio of stocks, bonds and alternative investments. The VaR forecasts are constructed based on daily, weekly or
Full Text Available Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limited capital. There are numerous studies and mathematical models that deal with portfolio investment strategies. These strategies take advantage of diversification by spreading risk over several financial assets. Modern portfolio theory seeks to find the optimal model with the best results. This paper tries to identify relationships between returns of companies traded in South-East European equity markets. A Markowitz mean-variance (MV portfolio optimization method is used to identify possibilities for diversification among these markets and world leading capital markets. This research also offers insight into to the level of integration of South-East European equity markets. Principal component analysis (PCA is used to determine components that describe the strong patterns and co-movements of the dataset. Finally, we combined MV efficient frontier and equity, which represent PCA components, to draw conclusions. Our findings show that PC analysis substantially simplifies asset selection process in portfolio management. The results of the paper have practical applications for portfolio investors.
Michael, Emmerich T. M.; Deutz, A.H.; Li, L.; Asep, Maulana A.; Yevseyeva, I.
This paper deals with a scenario of decision making where a moderator selects a (sub)set (aka portfolio) of decision alternatives from a larger set. The larger the number of decision makers who agree on a solution in the portfolio the more successful the moderator is. We assume that decision makers
Sircar, Sumit; Fetzer, Ronald C.; Patterson, James; McKee, Heidi A.
Electronic portfolios can enhance student reflection and the in- tegration of learned concepts as well as demonstrate their overall proficiency to peers, teachers, and potential employers. The authors administered pre- and post-questionnaires in several classes among diverse disciplines to gauge students' perceptions of e-portfolios and…
A digital portfolio is a powerful marketing tool for young people searching for employment in the communication or interactive media fields. With a digital portfolio, students can demonstrate their skills at working with software tools, demonstrate appropriate use of materials, explain technical procedures, show an understanding of processes and…
The RERTR meetings, of course, have a special role among our activities. They are important not only for what is presented in the formal technical sessions, but also for what takes place in the informal gatherings, side meetings, and personal encounters. The IAEA also has participated as an observer in the International Fuel Development Working Group, a highly important effort that is overseeing the multinational cooperative research and development effort for very high density LEU fuel. Remarkable achievements of GTRI are the conversion to LEU or final shutdown prior to conversion of 62 research reactors, the return to the United States of more than 1100 kg of spent HEU fuel and more than 1800 kg of spent LEU fuel and the return to Russia of more than 600 kg of spent and fresh HEU fuel. But while much has been achieved so far, vulnerabilities remain. HEU continues to be used for military purposes in a number of States; about 150 civilian and military research reactors are still using HEU and important quantities of fresh; and spent HEU fuel continues to be stored in different countries. All this calls for continued efforts, with a sense of urgency and more coherent global action. Some of the measures that might be taken are as follows: The countries involved should join forces to step up their efforts towards minimizing and eventually eliminating the civilian and in due course the military use of HEU. Financing and other incentives should be made available where needed to assist countries with conversion operations. All countries should agree to stop producing fissile material for use in nuclear weapons. The elements are already in place for such an agreement, in the form of the proposed Fissile Material Cut-off Treaty. It is high time to negotiate and conclude such a treaty. To build confidence, countries with civilian and military HEU stockpiles should declare the size of those stockpiles and publish a schedule under which the remaining HEU will be verifiably
Ten years ago, the IAEA invited us to Malaga to discuss radiation protection in medicine. The outcome of that conference was the adoption of an Action Plan, which has guided international efforts on protecting patients from ionizing radiation ever since. Since then, developments in medicine have progressed at a rapid pace. New diagnosis and treatment techniques using ionizing radiation and radioactive substances have become well established. At the same time, there is also a growing awareness of both the benefits and risks of using ionizing radiation on humans. In the face of such rapid progress, and all opportunities currently available for using ionizing radiation, we should continue to be guided by the following three pillars of radiation protection: (1) Justification — weighing up the benefits and risks, i.e. the benefits of treatment must outweigh the risks. The increasing use of ionizing radiation in medicine worldwide (4 billion diagnostic procedures in 2008) is an indication of its benefits. However, it must benefit all countries. Radiation supported health services (e.g. for cancer diagnosis and treatment) must also be made accessible to developing countries. Conversely, with the wide range of diagnostic techniques using ionizing radiation, we must never lose sight of the associated risks. This is particularly true of early detection screening. Clear framework conditions on the admissibility of such screening must be drawn up. (2) Optimization — achieving the treatment objectives with the lowest possible dose. Whichever diagnostic method or treatment is chosen, it should always be performed with the lowest possible radiation dose for both the patient and the medical personnel. We have a social and an ethical responsibility to control exposure appropriately. The protection and safe treatment of children is particularly key in this regard. Optimizing exposure is an ongoing challenge. (3) Risk minimization — limiting the risk (for example, when setting
Risco soberano brasileiro, crises internacionais e fluxos de investimentos estrangeiros em carteiras de ações El riesgo soberano de brasil, crisis internacionales y flujos de inversión extranjera en cartera Brazilian sovereign risk, international crises and foreign portfolio investment flows
Antônio André Cunha Callado
econometricamente a través de regresiones con variables explicativas, tales como, IBOVESPA, tasa de interés SELIC de corto plazo, reservas internacionales brasileñas, tasa de cambio del Real en relación al dólar americano y los flujos de inversiones extranjeras para carteras de acciones y renta fija. Las primeras cuatro variables son usadas para construir un índice de presión del mercado de cambio para identificar y mensurar períodos de crisis financiera internacional y modelar sus influencias sobre el riesgo soberano. Otro modelo explica las mudanzas en el riesgo soberano debido al índice de presión del mercado de cambio y a los flujos de inversiones extranjeras en carteras de acciones y obtuvo buenos resultados en una proyección dinámica sobre la variable dependiente riesgo soberano brasileño. Datos mensuales fueron usados en un test de casualidad de Granger para identificar relaciones rezagadas. Los resultados mostraron que las variables de mercado son determinadas simultáneamente, mientras la tasa de interés SELIC reacciona con algún retraso corto, mostrando que políticas monetarias reaccionan más a las crisis financieras que se antecipan a ellas. El test de casualidad de Granger ha sido usado para datos diarios y obtuvo el mismo resultado.The objective of this paper is to describe the behavior of Brazilian sovereign risk from 1995 to 2005 and evaluate the influence of international financial crises on the Brazilian sovereign risk in this period. The influence of international financial crises on the sovereign risk is analysed by econometric methods. The sovereign risk can econometrically be modelled ad hoc by regressing on explaining variables like the IBOVESPA, the short-term interest rate SELIC, the Brazilian international reserves, the exchange rate to the US$ and the foreign portfolio investment flows in equity and fixed income. The first four variables are used to construct an exchange market pressure index to identify and measure periods of
In resolution GC(42)/RES/11 on 'Measures to Address the Year 2000 (Y2K) Issue', adopted on 25 September 1998, the General Conference of the International Atomic Energy Agency (IAEA) - inter alia - urged Member States 'to share information with the Secretariat regarding diagnostic and corrective actions being planned or implemented by operating and regulatory organizations at their ... medical facilities which use radioactive materials to make those facilities Year 2000 ready', encouraged the Secretariat 'within existing resources to act as a clearing-house and central point of contact for Member States to exchange information regarding diagnostic and remediation actions being taken at ... medical facilities which use radioactive materials to make these facilities Year 2000 ready', urged the Secretariat 'to handle the information provided by Member States carefully' and requested the Director General to report to it at its next (1999) regular session on the implementation of that resolution. To foster exchange of information and experience and to develop more specific advice based on this experience, the IAEA, in co-operation with the World Health Organization, conducted an International Workshop on Safety Measures to Address the Year 2000 Issue at Medical Facilities Which Use Radiation Generators and Radioactive Materials, held in Vienna, 28-30 June 1999. Whereas the focus in IAEA-TECDOC-1074 had been on identifying what might go wrong as a result of Y2K problems and on proposing methods to address them, the focus of the International Workshop was on sharing the experience gained in implementing the proposed methods - an approach consistent with the role of the Secretariat as 'a clearing-house and central point of contact for Member States to exchange information regarding diagnostic and remediation actions'
Green, Michael L; Reddy, Siddharta G; Holmboe, Eric
Diplomates in the American Board of Internal Medicine (ABIM) Maintenance of Certification (MOC) program satisfy the self-evaluation of medical knowledge requirement by completing open-book multiple-choice exams. However, this method remains unlikely to affect practice change and often covers content areas not relevant to diplomates' practices. We developed and evaluated an Internet-based point of care (POC) learning portfolio to serve as an alternative. Participants enter information about their clinical questions, including characteristics, information pursuit, application, and practice change. After documenting 20 questions, they reflect upon a summary report and write commitment-to-change statements about their learning strategies. They can link to help screens and medical information resources. We report on the beta test evaluation of the module, completed by 23 internists and 4 internal medicine residents. Participants found the instructions clear and navigated the module without difficulty. The majority preferred the POC portfolio to multiple-choice examinations, citing greater relevance to their practice, guidance in expanding their palette of information resources, opportunity to reflect on their learning needs, and "credit" for self-directed learning related to their patients. Participants entered a total of 543 clinical questions, of which 250 (46%) resulted in a planned practice change. After completing the module, 14 of 27 (52%) participants committed to at least 1 change in their POC learning strategies. Internists found the portfolio valuable, preferred it to multiple-choice examinations, often changed their practice after pursuing clinical questions, and productively reflected on their learning strategies. The ABIM will offer this portfolio as an elective option in MOC.
Juelsgaard, Morten; Wisniewski, Rafal; Bendtsen, Jan Dimon
optimization scheme for power balancing, where communication is allowed only between units that are linked in the graph. We include consumers with controllable consumption as an active part of the portfolio. We show that a suboptimal, but arbitrarily good power balancing can be obtained in an uncoordinated......, distributed optimization framework, and argue that the scheme will work even if the computation time is limited. We further show that our approach can tolerate changes in the portfolio, in the sense that increasing or reducing the number of units in the portfolio requires only local updates. This ensures......This work considers a portfolio of units for electrical power production and the problem of utilizing it to maintain power balance in the electrical grid. We treat the portfolio as a graph in which the nodes are distributed generators and the links are communication paths. We present a distributed...
We discuss the portfolio optimization problem with the obligatory deposits constraint. Recently it has been shown that as a consequence of this nonlinear constraint, the solution consists of an exponentially large number of optimal portfolios, completely different from each other, and extremely sensitive to any changes in the input parameters of the problem, making the concept of rational decision making questionable. Here we reformulate the problem using a quadratic obligatory deposits constraint, and we show that from the physics point of view, finding an optimal portfolio amounts to calculating the mean-field magnetizations of a random Ising model with the constraint of a constant magnetization norm. We show that the model reduces to an eigenproblem, with 2N solutions, where N is the number of assets defining the portfolio. Also, in order to illustrate our results, we present a detailed numerical example of a portfolio of several risky common stocks traded on the Nasdaq Market.
Full Text Available This study has three objectives. First, we investigate whether Modern Portfolio Theory can be applied on the financial decisions that made by investors or individual in order to increase their wealth through investment activities. Second, we examine the real behavior of each asset in terms of capital assets pricing models. Third, we determine whether our portfolio is the best model to produce a higher return in a given level of risk or a lowest risk in a particular level of return. It is found that three different stocks listed in the Indonesia Stock Exchange have a positive relationship with market returns. The reactions of the investor regarding these stocks are not influenced by each other. Lastly, the minimum variance portfolio (MVP point which represents the single portfolio with the lowest possible level of standard deviation, occurs when the expected return of portfolio is approximately 2.2 percent at a standard deviation of 8.8 percent.
Siew, Lam Weng; Jaaman, Saiful Hafizah; Ismail, Hamizun
Index tracking is an investment strategy in portfolio management which aims to construct an optimal portfolio to generate similar mean return with the stock market index mean return without purchasing all of the stocks that make up the index. The objective of this paper is to construct an optimal portfolio using the optimization model which adopts regression approach in tracking the benchmark stock market index return. In this study, the data consists of weekly price of stocks in Malaysia market index which is FTSE Bursa Malaysia Kuala Lumpur Composite Index from January 2010 until December 2013. The results of this study show that the optimal portfolio is able to track FBMKLCI Index at minimum tracking error of 1.0027% with 0.0290% excess mean return over the mean return of FBMKLCI Index. The significance of this study is to construct the optimal portfolio using optimization model which adopts regression approach in tracking the stock market index without purchasing all index components.
Thomsen, Bente Dahl; Ovesen, Nis
Students that primarily study design through team-based projects often struggle to develop presentation portfolios that differentiate from the ones of other students. In the industry, design managers experience this as a problem, as they often receive job applications with presentation portfolios...... that look very much alike. This raises doubts about the competences of the individual applicant. A solution to this problem could be to systematically generate more individual content in the form of learning portfolios throughout the design education. Based on limited knowledge about the implementation...... of the portfolio method in engineering design educations, this research project has investigated the method as part of a course programme. The preliminary experiments and results show that learning portfolio templates are effective in strengthening certain activities. On the other hand, the method risks draining...
Munk, Claus; Rubtsov, Alexey Vladimirovich
We solve, in closed form, a stock-bond-cash portfolio problem of a risk- and ambiguity-averse investor when interest rates and the inflation rate are stochastic. The expected inflation rate is unobservable, but the investor can learn about it from observing realized inflation and stock and bond...... prices. The investor is ambiguous about the inflation model and prefers a portfolio strategy which is robust to model misspecification. Ambiguity about the inflation dynamics is shown to affect the optimal portfolio fundamentally different than ambiguity about the price dynamics of traded assets......, for example the optimal portfolio weights can be increasing in the degree of ambiguity aversion. In a numerical example, the optimal portfolio is significantly affected by the learning about expected inflation and somewhat affected by ambiguity aversion. The welfare loss from ignoring learning or ambiguity...
Richards, Allison; Deprizio, Jodi; Anderson, Kate; DiOrio, Nick; Elgqvist, Emma; Simpkins, Travis
Time Warner Cable (TWC), now Charter Communications (CC), partnered with the National Renewable Energy Laboratory (NREL) to assess the technical and economic potential for solar photovoltaic (PV), wind, and ground-source heat-pump systems at 696 TWC facilities. NREL identified 306 sites where adding a renewable energy system would provide cost savings over the project life-cycle. In general, the top sites have some combination of high electricity rates ($0.16-$0.29/kWh), significant state incentives, and favorable net-metering policies. If all projects were implemented via third-party power purchase agreements, TWC/CC would save $37 million over 25 years and meet 10.5% of their energy consumption with renewable energy. This paper describes the portfolio screening methodology used to identify and prioritize renewable energy opportunities across the TWC sites, as well as a summary of the potential cost savings that may be realized by implementing these projects. This may provide a template for other companies interested in identifying and prioritizing renewable energy opportunities across a large number of geographically dispersed sites. Following this initial portfolio analysis, NREL will be conducting in-depth analysis of project development opportunities at ten sites and evaluating off-grid solutions that may enable carbon emission reduction and grid independence at select facilities.
Skandalis, Dean A.
MPEG LA, LLC offers a joint patent license for the AVC (a/k/a H.264) Standard (ISO/IEC IS 14496-10:2004). Like MPEG LA's other licenses, the AVC Patent Portfolio License is offered for the convenience of the marketplace as an alternative enabling users to access essential intellectual property owned by many patent holders under a single license rather than negotiating licenses with each of them individually. The AVC Patent Portfolio License includes essential patents owned by DAEWOO Electronics Corporation; Electronics and Telecommunications Research Institute (ETRI); France Telecom, societe anonyme; Fujitsu Limited; Hitachi, Ltd.; Koninklijke Philips Electronics N.V.; LG Electronics Inc.; Matsushita Electric Industrial Co., Ltd.; Microsoft Corporation; Mitsubishi Electric Corporation; Robert Bosch GmbH; Samsung Electronics Co., Ltd.; Sedna Patent Services, LLC; Sharp Kabushiki Kaisha; Siemens AG; Sony Corporation; The Trustees of Columbia University in the City of New York; Toshiba Corporation; UB Video Inc.; and Victor Company of Japan, Limited. Another is expected also to join as of August 1, 2006. MPEG LA's objective is to provide worldwide access to as much AVC essential intellectual property as possible for the benefit of AVC users. Therefore, any party that believes it has essential patents is welcome to submit them for evaluation of their essentiality and inclusion in the License if found essential.
The question of how to stabilize financial systems has attracted considerable attention since the global financial crisis of 2007-2009. Recently, Beale et al. [Proc. Natl. Acad. Sci. USA 108, 12647 (2011)] demonstrated that higher portfolio diversity among banks would reduce systemic risk by decreasing the risk of simultaneous defaults at the expense of a higher likelihood of individual defaults. In practice, however, a bank default has an externality in that it undermines other banks’ balance sheets. This paper explores how each of these different sources of risk, simultaneity risk and externality, contributes to systemic risk. The results show that the allocation of external assets that minimizes systemic risk varies with the topology of the financial network as long as asset returns have negative correlations. In the model, a well-known centrality measure, PageRank, reflects an appropriately defined “infectiveness” of a bank. An important result is that the most infective bank needs not always to be the safest bank. Under certain circumstances, the most infective node should act as a firewall to prevent large-scale collective defaults. The introduction of a counteractive portfolio structure will significantly reduce systemic risk.
Cherrstrom, Catherine A.; Raisor, Cindy; Fowler, Debra
Engineering educators and employers value and prioritize communication skills, but developing and assessing such skills in engineering programs is challenging. Reflective ePortfolios provide opportunities to enhance communication skills. The purpose of this three-year qualitative case study was to investigate the use of reflective ePortfolios in…
Huizer, C.G.; Ouwehand, G.M.; Van der Zanden, A.H.W.
Op eenvoudige wijze wordt de theorie en praktijk behandeld van het E-Portfolio in algemene zin. Praktijkervaringen van diverse docenten worden uitgewerkt en beschreven. Het laat zien dat het E-Portfolio een effectief instrument is, waarmee de begeleiding, beoordeling en presentatie van de
Klein, Richard J. T.; Eriksen, S.E.H.; O'Brien, K.L.; Naess, L.O.; Hammill, A.; Tanner, T.M.; Robledo, C.
The need to mainstream adaptation to climate change into development planning and ongoing sectoral decision-making is increasingly recognised, and several bilateral and multilateral development agencies are starting to take an interest. Over the past years at least six development agencies have screened their project portfolios, generally with two goals in mind: (1) to ascertain the extent to which existing development projects already consider climate risks or address vulnerability to climate variability and change, and (2) to identify opportunities for incorporating climate change explicitly into future projects. As each portfolio screening was conducted independently, the broader lessons emerging from the screenings have not been systematically analysed. In this paper we assess the screening activities to date, focusing on both the results and the methods applied. Based on this assessment we identify opportunities for development agencies to expand their current focus on the links between climate and development. Most agencies already consider climate change as a real but uncertain threat to future development, but they have given less thought to how different development patterns might affect vulnerability to climate change. The screenings undertaken have shown the need to take a comprehensive approach to adaptation and its integration into development planning and sectoral decision-making, and a number of policy initiatives have been taken to promote such integration. We provide some initial guidance as to how portfolio screening can be carried out in a way that would allow agencies to assess systematically the relevance of climate change to their ongoing and planned development projects
Allegheny County / City of Pittsburgh / Western PA Regional Data Center — This dataset contains address points which represent physical address locations assigned by the Allegheny County addressing authority. Data is updated by County...
Allegheny County / City of Pittsburgh / Western PA Regional Data Center — This dataset contains address points which represent physical address locations assigned by the Allegheny County addressing authority. Data is updated by County...
Manuel Sousa Gabrie
Full Text Available This study analyzed market risk of an international investment portfolio by means of a new methodological proposal based on Value-at- Risk, using the covariance matrix of multivariate GARCH-type models and the extreme value theory to realize if an international diversification strategy minimizes market risk, and to determine if the VaR methodology adequately captures market risk, by applying Backtesting tests. To this end, we considered twelve international stock indexes, accounting for about 62% of the world stock market capitalization, and chose the period from the Dot-Com crisis to the current global financial crisis. Results show that the proposed methodology is a good alternative to accommodate the high market turbulence and can be considered as an adequate portfolio risk management instrument.
Full Text Available In this study we are trying with the help of portfolio in teacher training and the diagnosis of the learning group concerning their skills in translation from German to Turkish, to show the documentation of the learning process. The portfolio provides a good overview about the performance of the students and it also prepares a basis for assessment. A growing self-awareness of students can be achieved through implementing the portfolio-method. The students should collect and reflect the most important materials and practices leading to key terms of the seminar. It is more than an assessment method it is a surrounding of learning. The work with portfolio has an influence on teaching, learning and assessing. As in detail, this is dependent on the aims and other characteristics of the models which take the portfolio work as a basis. The portfolio provides us a big advantage for the support of the cultural reflection. We can observe the process of the growth of knowledge step by step, because the measurement of the development in a determined period allows us either a written work or a Multiple Choice Test. In this sense we can look at the portfolio as an assessment instrument of a process.
Lewis, Catherine E; Tillou, Areti; Yeh, Michael W; Quach, Chi; Hiatt, Jonathan R; Hines, O Joe
Our residency program developed and implemented an online portfolio system. In the present communication, we describe this system and provide an early analysis of its effect on competency-based performance and acceptance of the system by the residents. To measure competency-based performance, end-of-rotation global evaluations of residents by faculty completed before (n = 1488) and after (n = 697) implementation of the portfolio were compared. To assess acceptance, residents completed a 20-question survey. Practice-based learning and improvement improved following implementation of the portfolio system (P = 0.002). There was also a trend toward improvement in the remaining competencies. In the survey tool (response rate 69%), 95% of the residents agreed that the purpose and functions of the system had been explained to them, and 82% affirmed understanding of ways in which the system could help them, although fewer than half reported that their portfolio had aided in their development of the competencies. All residents appreciated the system's organizational capabilities, and 87% agreed that the portfolio was a useful educational tool. This web portfolio program is a valuable new instrument for both residents and administrators. Early analysis of its impact demonstrates a positive effect across all competencies, and survey analysis revealed that residents have a positive view of this new system. As the portfolio is further incorporated into the educational program, we believe that our residents will discover new tools to craft a career of genuine self-directed learning. Copyright (c) 2010 Elsevier Inc. All rights reserved.
Daly, J.; Crane, M.; Ruskin, H. J.
Random matrix theory (RMT) filters have recently been shown to improve the optimisation of financial portfolios. This paper studies the effect of three RMT filters on realised portfolio risk, using bootstrap analysis and out-of-sample testing. We considered the case of a foreign exchange and commodity portfolio, weighted towards foreign exchange, and consisting of 39 assets. This was intended to test the limits of RMT filtering, which is more obviously applicable to portfolios with larger numbers of assets. We considered both equally and exponentially weighted covariance matrices, and observed that, despite the small number of assets involved, RMT filters reduced risk in a way that was consistent with a much larger S&P 500 portfolio. The exponential weightings indicated showed good consistency with the value suggested by Riskmetrics, in contrast to previous results involving stocks. This decay factor, along with the low number of past moves preferred in the filtered, equally weighted case, displayed a trend towards models which were reactive to recent market changes. On testing portfolios with fewer assets, RMT filtering provided less or no overall risk reduction. In particular, no long term out-of-sample risk reduction was observed for a portfolio consisting of 15 major currencies and commodities.
Balaban, Igor; Mu, Enrique; Divjak, Blazenka
This research has two main goals: to develop an instrument for assessing Electronic Portfolio (ePortfolio) success and to build a corresponding ePortfolio success model using DeLone and McLean's information systems success model as the theoretical framework. For this purpose, we developed an ePortfolio success measurement instrument and structural…
Murray, John P.
While the concept of the teaching portfolio is variously defined, portfolios generally provide the opportunity to display teaching abilities and accomplishments, as well as reflect on one's teaching. In using teaching portfolios, the departmental chairperson must create a climate in which faculty understand that putting together a portfolio will…
This book examines the teaching portfolio approach to evaluating classroom performance of college instructors. It identifies key issues, warnings, and benchmarks for success. It differentiates between portfolios for personnel decisions and portfolios for teaching improvement. It describes how 10 different institutions use portfolios. It lists 30…
Polbennikov, S.Y.; Melenberg, B.
We empirically analyze the implementation of coherent risk measures in portfolio selection.First, we compare optimal portfolios obtained through mean-coherent risk optimization with corresponding mean-variance portfolios.We find that, even for a typical portfolio of equities, the outcomes can be
Chertoff, Jason; Wright, Ashleigh; Novak, Maureen; Fantone, Joseph; Fleming, Amy; Ahmed, Toufeeq; Green, Marianne M; Kalet, Adina; Linsenmeyer, Machelle; Jacobs, Joshua; Dokter, Christina; Zaidi, Zareen
We sought to investigate the number of US medical schools utilizing portfolios, the format of portfolios, information technology (IT) innovations, purpose of portfolios and their ability to engage faculty and students. A 21-question survey regarding portfolios was sent to the 141 LCME-accredited, US medical schools. The response rate was 50% (71/141); 47% of respondents (33/71) reported that their medical school used portfolios in some form. Of those, 7% reported the use of paper-based portfolios and 76% use electronic portfolios. Forty-five percent reported portfolio use for formative evaluation only; 48% for both formative and summative evaluation, and 3% for summative evaluation alone. Seventy-two percent developed a longitudinal, competency-based portfolio. The most common feature of portfolios was reflective writing (79%). Seventy-three percent allow access to the portfolio off-campus, 58% allow usage of tablets and mobile devices, and 9% involve social media within the portfolio. Eighty percent and 69% agreed that the portfolio engaged students and faculty, respectively. Ninety-seven percent reported that the portfolios used at their institution have room for improvement. While there is significant variation in the purpose and structure of portfolios in the medical schools surveyed, most schools using portfolios reported a high level of engagement with students and faculty.
Barrot, Jessie S.
In English as a second language (ESL) writing pedagogy, much attention has been given to electronic portfolio (e-portfolio) assessment via social networking sites. However, little is known about how Facebook can be used as an e-portfolio platform. Hence, this paper describes the impact of Facebook-based e-portfolio on ESL students' writing…
Full Text Available Introduction. The active development of integration processes causes the necessity of applying high-level approaches to management of the banking system, which is an essential part of the financial sector. Due to the importance of credit operations in the portfolio of banking assets, development of efficient and flexible credit management system is the basis for financial and market stability of banks. Purpose. Analyze the condition of the credit portfolio of banking institutions under the influence of economic processes and make conclusions and recommendations about the effectiveness of managing the bank’s credit portfolio and generalize ways of improving the structure and quality of the bank’s credit portfolio. Results. Over the last six years, the quality of the credit portfolio has become worse because of the bad debts growing and, as a result, decreasing in revenues. The calculated coefficient of management efficiency of a credit portfolio shows the dependence of this indicator on the value of risk and yield. In order to confirm the dependence and determine the degree of influence of these indicators on the efficiency of management of a loan portfolio, an economic-mathematical model was constructed on the example of both individual banks and the banking system as a whole. Detected dependence of factors is quite logical, therefore, the model can be recommended for practical use. Conclusion. Using this method of determining the management efficiency of a credit portfolio will allow the management of the bank to make reasonable decisions. It will allow the possibility of forming a more justified credit portfolio, taking into account not only the profitability, but also the real level of risk of credit operations.
This will enable you to obtain a comprehensive picture of the goals and policies of all nations striving towards a common vision of space research,being made available for the bene ﬁt of all mankind.Indeed this augurs well for progress towards universal peace and harmony that is a cherished goal of the people of the world ...
Kohli, Rajiv; Fishman, Julianna; Hyatt, Mark
The NASA Dust Management Project (DMP) was established to provide technologies (to TRL 6 development level) required to address adverse effects of lunar dust to humans and to exploration systems and equipment, which will reduce life cycle cost and risk, and will increase the probability of sustainable and successful lunar missions. The technology portfolio of DMP consisted of different categories of technologies whose final product is either a technology solution in itself, or one that contributes toward a dust mitigation strategy for a particular application. A Decision Gate Process (DGP) was developed to assess and validate the achievement and priority of the dust mitigation technologies as the technologies progress through the development cycle. The DGP was part of continuous technology assessment and was a critical element of DMP risk management. At the core of the process were technology-specific criteria developed to measure the success of each DMP technology in attaining the technology readiness levels assigned to each decision gate. The DGP accounts for both categories of technologies and qualifies the technology progression from technology development tasks to application areas. The process provided opportunities to validate performance, as well as to identify non-performance in time to adjust resources and direction. This paper describes the overall philosophy of the DGP and the methodology for implementation for DMP, and describes the method for defining the technology evaluation criteria. The process is illustrated by example of an application to a specific DMP technology.
Bhattacharya, Anindya; Kojima, Satoshi
The conventional pricing mechanism used for electricity systematically hides huge investment risks which are embedded in the overall cost of production. Although consumers are often unaware of these risks, they present a large financial burden on the economy. This study applies the portfolio optimization concepts from the field of finance to demonstrate the scope of greater utilization of renewable energies (RE) while reducing the embedded investment risk in the conventional electricity sector and its related financial burden. This study demonstrates that RE investment can compensate for the risks associated with the total input costs; such costs being external volatilities of fossil fuel prices, capital costs, operating and maintenance costs and the carbon costs. By means of example, this case study shows that Japan could in theory obtain up to 9% of its electricity supply from green sources, as compared to the present 1.37%, based on the utilization of a portfolio risk-analysis evaluation. Explicit comparison of the monetary values of the investment risks of conventional and renewable energy sources shows that renewable energies have high market competitiveness. The study concludes with a recommendation that, as a business objective, investors would benefit by focusing on electricity supply portfolio risk minimization instead of cost. This could also inherently increase the supply of renewable energy in the market. - Research highlights: ►Energy sector investors should not be bothered only about the absolute cost figures of the input factors like fossil fuels but should also be careful about the fluctuation of their costs while making the investment decisions. ►Inclusion of renewable energy in the investment portfolio can increase the cost apparently but can reduce the risk hedging costs, too. ►International carbon price may not be a good factor to encourage renewable energy investment in the market.
Mehlawat Mukesh Kumar
Full Text Available In this paper, behavioral construct of suitability is used to develop a multicriteria decision making framework for portfolio selection. To achieve this purpose, we rely on multiple methodologies. Analytical hierarchy process technique is used to model the suitability considerations with a view to obtaining the suitability performance score in respect of each asset. A fuzzy multiple criteria decision making method is used to obtain the financial quality score of each asset based upon investor's rating on the financial criteria. Two optimization models are developed for optimal asset allocation considering simultaneously financial and suitability criteria. An empirical study is conducted on randomly selected assets from National Stock Exchange, Mumbai, India to demonstrate the effectiveness of the proposed methodology.
Ma Jin; Song Qingshuo; Xu Jing; Zhang Jianfeng
In this paper we study an optimal portfolio selection problem under instantaneous price impact. Based on some empirical analysis in the literature, we model such impact as a concave function of the trading size when the trading size is small. The price impact can be thought of as either a liquidity cost or a transaction cost, but the concavity nature of the cost leads to some fundamental difference from those in the existing literature. We show that the problem can be reduced to an impulse control problem, but without fixed cost, and that the value function is a viscosity solution to a special type of Quasi-Variational Inequality (QVI). We also prove directly (without using the solution to the QVI) that the optimal strategy exists and more importantly, despite the absence of a fixed cost, it is still in a “piecewise constant” form, reflecting a more practical perspective.
Cesar Buaes Dal Maso
Full Text Available Aligning project management to the strategy of a big company is a difficult job. Through Imagineering (the business department and project management program, The Walt Disney Company has done this alignment in an exemplary way. Using a theoretical investigation, this study analyzed the Imagineering as a reference in strategic management of global projects through Disney´s business portfolio, a global benchmarking and with Malmberg et al. (2010 as a company guide. As the main results of the correlations carried out, it was noted that the Imagineers who work in project teams apply tools and techniques with a strategic vision focused on differentiation, generating value, and mixing imagination with technical capacity. The Blue Sky department and its integrated units make possible the creation and deployment of the attractions, the theme parks, hotels, resorts and the Disney sea cruises, demonstrating in this way, to be a highly effective project management office.
Nystrup, Peter; Madsen, Henrik; Lindström, Erik
Regime-based asset allocation has been shown to add value over rebalancing to static weights and, in particular, reduce potential drawdowns by reacting to changes in market conditions. The predominant approach in previous studies has been to specify in advance a static decision rule for changing...... the allocation based on the state of financial markets or the economy. In this article, model predictive control (MPC) is used to dynamically optimize a portfolio based on forecasts of the mean and variance of financial returns from a hidden Markov model with time-varying parameters. There are computational...... advantages to using MPC when estimates of future returns are updated every time a new observation becomes available, since the optimal control actions are reconsidered anyway. MPC outperforms a static decision rule for changing the allocation and realizes both a higher return and a significantly lower risk...
Rogerio de Deus Oliveira
Full Text Available Credit Risk is an important dimension to be considered in the risk management procedures of financial institutions. Is a particularly useful in emerging markets where default rates on bank loan products are usually high. It is usually calculated through highly costly Monte Carlo simulations which consider different stochastic factors driving the uncertainly associated to the borrowers liabilities. In this paper, under some restrictions, we drive closed form formulas for the probability distributions of default rates of bank loans products involving a big number of clients. This allows us to quickly obtain the credit risk of such products. Moreover, using these probability distributions, we solve the problem of optimal portfolio allocation under default risk.
Full Text Available We consider a portfolio problem when a Tail Conditional Expectation constraint is imposed. The financial market is composed of n risky assets driven by geometric Brownian motion and one risk-free asset. The Tail Conditional Expectation is calculated for short intervals of time and imposed as risk constraint dynamically. The method of Lagrange multipliers is combined with the Hamilton-Jacobi-Bellman equation to insert the constraint into the resolution framework. A numerical method is applied to obtain an approximate solution to the problem. We find that the imposition of the Tail Conditional Expectation constraint when risky assets evolve following a log-normal distribution, curbs investment in the risky assets and diverts the wealth to consumption.
Full Text Available We impose dynamically, a shortfall constraint in terms of Tail Conditional Expectation on the portfolio selection problem in continuous time, in order to obtain optimal strategies. The financial market is assumed to comprise n risky assets driven by geometric Brownian motion and one risk-free asset. The method of Lagrange multipliers is combined with the Hamilton-Jacobi-Bellman equation to insert the constraint into the resolution framework. The constraint is re-calculated at short intervals of time throughout the investment horizon. A numerical method is applied to obtain an approximate solution to the problem. It is found that the imposition of the constraint curbs investment in the risky assets.
Kloppenborg, Timothy J
As an executive in today's economy, your organization may have limited resources and bench strength. How can you and other leaders make the most of your company's assets? This book will instruct you and your leadership teams on implementing strategy through identifying, selecting, prioritizing, resourcing, and governing an optimal combination of projects and other work. Inside, you'll learn how to sponsor every project stage, as well as instruct your project managers and direct reports to follow your lead. Detailed advice is given for project management competency on utilizing input from customers, employees, and processes. Much of your organization's work is probably dependent on information technology and understanding and using information technology as a strategic weapon, and with this book, you'll learn how your organization can become competitive and how to effectively implement smart business strategies. This book outlines how these portfolio and project decisions have to be made based on both qualitat...
In a world transitioning to a low-carbon economy, it is crucial that investors and asset managers are equipped with strategies and tools to choose the financial assets most likely to thrive. Carbon Impact Analytics is an answer to this pressing yet unfulfilled need. This methodology was developed by Carbone 4 in collaboration with Mirova, Natixis Asset Management subsidiary dedicated to responsible investment. MAIF, a mutual insurance company, is also an early sponsor of the methodology. Carbon Impact Analytics (CIA) intends to measure and compare the contribution of financial assets and portfolios to the low-carbon economy. In this first version, the methodology covers corporate equities and bonds, with an international scope. This guide details the methodological principles of Carbon Impact Analytics. It is aimed at portfolio managers and asset owners interested in implementing Carbon Impact Analytics, and more broadly, to anyone seeking details on the methodology. Analysis of the carbon impact of a portfolio begins with an in-depth assessment of each underlying firm, followed by aggregation at the portfolio level. This allows for differentiation between companies in the same business sector, and enables recognition of companies' efforts in integrating climate and energy-related issues in their strategic decisions and reporting. Challenges regarding the low-carbon transition vary depending on the characteristics of each economic sector. Therefore, Carbon Impact Analytics differentiates 'high stakes' and 'low stakes' sectors, and provides specific insights for 'high stakes' sectors with tailored calculation principles for each sector. 'High stakes' sectors for which a detailed Carbon Impact analysis is performed are detailed. Aggregation at portfolio level eliminates emissions double-counting. Double-counting of GHG emissions arises when the same ton of GHG emissions is counted more than once within a portfolio due to
The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)
Ankirchner, Stefan; Dermoune, Azzouz
The problem of finding the mean variance optimal portfolio in a multiperiod model can not be solved directly by means of dynamic programming. In order to find a solution we therefore first introduce independent market clones having the same distributional properties as the original market, and we replace the portfolio mean and variance by their empirical counterparts. We then use dynamic programming to derive portfolios maximizing a weighted sum of the empirical mean and variance. By letting the number of market clones converge to infinity we are able to solve the original mean variance problem.
Full Text Available This paper employs fuzzy set theory to solve the unintuitive problem of the Markowitz mean-variance (MV portfolio model and extend it to a fuzzy investment portfolio selection model. Our model establishes intervals for expected returns and risk preference, which can take into account investors' different investment appetite and thus can find the optimal resolution for each interval. In the empirical part, we test this model in Chinese stocks investment and find that this model can fulfill different kinds of investors’ objectives. Finally, investment risk can be decreased when we add investment limit to each stock in the portfolio, which indicates our model is useful in practice.
Pedersen, Keld; Agger Nielsen, Jeppe
Maximizing the outcome of IT project investments has been a major concern for years. Several approaches have been suggested one of them being Project Portfolio Management (PPM). Even though PPM offers valuable techniques for aligning IT project portfolios with organizational needs and maximizing...... the outcome of project portfolios, practitioners find it difficult to implement. Our research suggests one of the reasons being the fact that PPM builds upon classic rational ideals about decision-making in organizations that are hard to realize and in some aspects counterproductive for non-routine decision...
Mădălina Antoaneta RĂDOI
Full Text Available The priority in portfolio management is a good risk assessment and management. Of great importance is the margin that an asset portfolio guarantor must use with specific expertise in certain areas of market temporal inefficiency in order to improve its management performance. The relevant validity of the financial market and the emphasis laid on risk management carried along the development of financial instruments tailored to risk management. New derivative financial instruments have revolutionized the methods of portfolio management, of corporate treasury management, of banking management and, more generally, all financial strategies.
Little-Wienert, Kim; Mazziotti, Mark
An academic teaching portfolio is not only a requirement at many academic teaching institutions, but it is also important in a medical educator's growth and development through documentation, reflection, evaluation, and change. Creating an academic portfolio may appear daunting at first but with careful advanced preparation, organized evidence collection of your educational work, proof of scholarship, and thorough documentation of self-reflection and change, you can produce a successful product that accurately represents your educational beliefs, accomplishments, and growth throughout your career. This article provides medical educators with twelve steps for creating a successful academic teaching portfolio.
Full Text Available Using high-frequency data, we decompose the time-varying beta for stocks into beta for continuous systematic risk and beta for discontinuous systematic risk. Estimated discontinuous betas for S&P500 constituents between 2003 and 2011 generally exceed the corresponding continuous betas. We demonstrate how continuous and discontinuous betas decrease with portfolio diversification. Using an equiweighted broad market index, we assess the speed of convergence of continuous and discontinuous betas in portfolios of stocks as the number of holdings increase. We show that discontinuous risk dissipates faster with fewer stocks in a portfolio compared to its continuous counterpart.
The aim of this paper is to explore the concept of portfolio management for product development at company level. Departing from a combination of explorative interviews with industry professionals and a literature review a proposal for a reference model for portfolio management is developed....... The model consists of a set of defined and interrelated concepts which forms a coherent and consistent reference model that explicate the totality of the portfolio management concept at company level in terms of structure, processes and elements. The model simultaneously pinpoints, positions and integrates...
Slamet, Isnandar; Mardiana Putri Carissa, Siska; Pratiwi, Hasih
Investors always seek an efficient portfolio which is a portfolio that has a maximum return on specific risk or minimal risk on specific return. Almost marginal conditional stochastic dominance (AMCSD) criteria can be used to form the efficient portfolio. The aim of this research is to apply the AMCSD criteria to form an efficient portfolio of bank shares listed in the LQ-45. This criteria is used when there are areas that do not meet the criteria of marginal conditional stochastic dominance (MCSD). On the other words, this criteria can be derived from quotient of areas that violate the MCSD criteria with the area that violate and not violate the MCSD criteria. Based on the data bank stocks listed on LQ-45, it can be stated that there are 38 efficient portfolios of 420 portfolios where each portfolio comprises of 4 stocks and 315 efficient portfolios of 1710 portfolios with each of portfolio has 3 stocks.